Pfizer Delivers a Strong Q2 2025 and Raises Full Year EPS Guidance

August 5, 2025

Pfizer delivered strong performance in the second quarter of 2025, reflecting progress in improving R&D productivity, higher margins from disciplined cost management, and commercial success.

Looking ahead, we remain focused on maximizing the value of our product portfolio, driving further innovation to strengthen our pipeline, and pursuing new growth opportunities – all to create further value for patients and our shareholders.

Q2 Highlights

Delivering strong topline growth: Reported revenues of $14.7 billion, an operational year-over-year increase of 10%, including strong revenue growth from recently launched and acquired products.

Maintaining disciplined cost management: Achieved an 8% improvement in Adjusted operating expenses¹versus the prior year, reflecting greater operational efficiency as we execute on our cost improvement programs.

Ahead of our expectations on EPS: Generated Adjusted diluted earnings per share (EPS) of $0.78, an operational increase of 31% compared to the second quarter of 2024.

Returning capital directly to shareholders: Returned $4.9 billion to shareholders in the first half of 2025 through our quarterly dividend, a key component of our capital allocation strategy.

Raising full-year EPS guidance: Raising Adjusted diluted EPS guidance to a range of $2.90 to $3.10, reflecting our strong performance in 2025 to date and continued confidence in our business outlook.

Please reference Pfizer’s second quarter 2025 earnings release for additional information regarding the company’s quarterly results and financial guidance details and assumptions.

Read more about the key developments and progress we achieved across our business in the second quarter below.

Strengthening Our Oncology Portfolio

Oncology represents one of Pfizer’s most significant opportunities to provide for patients in need and create value for shareholders. During the quarter, we further strengthened our Oncology portfolio with an exclusive global, ex-China, licensing agreement with 3SBio, which closed in July. This agreement:

Provides rights to develop, manufacture, and commercialize a promising cancer immunotherapy candidate that combines two powerful, established cancer-fighting approaches into one treatment candidate.

Bolsters our portfolio with a potential backbone therapy to deliver potentially transformative treatments for some of the world’s most common cancers.

Offers an opportunity for further innovation in combination with Pfizer’s industry-leading portfolio of antibody drug conjugates.

Allocating Capital to Enhance Long-Term Value

Pfizer continued its plans to deploy capital to fuel future growth and return capital to shareholders.

Pfizer’s capital allocation strategy is designed to enhance long-term shareholder value and consists of:

Maintaining and growing the dividend over time;

Reinvesting in the business; and

Conducting opportunistic share repurchases.

In the first six months of 2025, we continued to target a more balanced allocation of capital as we returned $4.9 billion directly to shareholders through our quarterly cash dividend and invested $4.7 billion in internal R&D.

Advancing Our R&D Pipeline with Positive Phase 3 Data

We showcased multiple positive Phase 3 read-outs, including the following pivotal results:

Braftovi²: Showed a significant improvement in survival compared to the current standard of care for patients with a certain type of metastatic colon cancer³.

Hympavzi: Showed potential to expand the use to patients who stop responding to traditional therapies.

Xtandi: Demonstrated an improvement in overall survival for men with non-metastatic hormone-sensitive prostate cancer⁴.

Looking ahead, we expect to continue advancing innovative assets in our pipeline, as well as initiate multiple pivotal programs in 2025, including for several experimental cancer drugs and vaccines to fight bacterial infections.

For a comprehensive overview of Pfizer’s R&D pipeline, see the company’s latest pipeline snapshot.

¹Adjusted income and Adjusted diluted earnings per share (EPS) are defined as U.S. GAAP net income attributable to Pfizer Inc. common shareholders and U.S. GAAP diluted EPS attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items. See the reconciliations of certain GAAP Reported to Non-GAAP Adjusted information for the second quarter and the first six months of 2025 and 2024. Adjusted income and its components and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS(3). See the Non-GAAP Financial Measure: Adjusted Income section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2024 Annual Report on Form 10-K and the Non-GAAP Financial Measure: Adjusted Income section in Pfizer’s earnings release furnished with Pfizer’s Current Report on Form 8-K dated August 5, 2025 for a definition of each component of Adjusted income as well as other relevant information.

²Braftovi+cetuximab+FOLFOX6 currently has an accelerated approval for BRAF V600E mCRC.

³Median overall survival (OS) was a key secondary endpoint of the Phase 3 BREAKWATER trial evaluating BRAFTOVI.

⁴Improvement in overall survival (OS) was a key secondary endpoint of the Phase 3 EMBARK study evaluating XTANDI.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, our research and development strategy and productivityincluding our financial guidance, our product and pipeline advancements and candidates, and , our capital allocation strategy and dividendstrategic priorities, our cost realignment program and our efforts to return value to shareholders, are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC’s website. Also reference Pfizer’s second quarter 2025 earnings release for additional information regarding our financial guidance details and assumptions.

Forward-looking statements included herein are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC’s website.

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