Pfizer’s Solid Q3 2025 Performance

November 4, 2025

Pfizer achieved another quarter of solid financial performance in the third quarter of 2025 – demonstrating disciplined operational execution while achieving a series of pivotal strategic milestones.

As a result, we raised and narrowed our full-year 2025 Adjusted¹ earnings per share (EPS) guidance², reflecting confidence in our ability to continue raising the bar across our business.

We are relentlessly focused on delivering better outcomes for patients and accelerating growth and value for our shareholders, driven by our improved productivity, enhanced commercial excellence, and strengthened R&D pipeline.

Strategic Highlights

In Q3, Pfizer demonstrated significant capacity to take on major strategic initiatives intended to advance innovation and drive growth in line with our stated business priorities on behalf of our shareholders.

Agreement with U.S. government: Announced in September, this industry-first voluntary agreement strengthens our ability to expand investment in U.S.-based innovation and growth, ensures American patients have access to lower-priced prescription medicines, and provides a three-year grace period from certain U.S. tariffs.

Proposed acquisition of Metsera: An ideal fit for our scientific and commercial strengths, the proposed acquisition provides Pfizer the opportunity to accelerate and expand our presence in the high-growth therapeutic area of obesity³.

Oncology licensing agreement: Our in-licensing agreement with 3SBio, finalized in July, strategically enhances our Oncology portfolio with the addition of a promising cancer immunotherapy. Recent Phase 2 data for the asset are encouraging, and we remain focused on unlocking its full potential with a robust clinical development program.

Financial Updates

With disciplined execution, Q3 marked a continuation of solid results that gave us confidence in raising and narrowing our full-year 2025 Adjusted¹ diluted EPS guidance².

Strong top-line and bottom line performance: Reported $16.7 billion in Q3 revenue, including meaningful growth from recent launches and acquired products, and Reported diluted EPS of $0.62 (Adjusted¹ diluted EPS of $0.87), ahead of expectations.
Delivering operating margin expansion: Executing on our cost management programs and on track to deliver on our goal of at least $4.5 billion in net cost savings from our Cost Realignment Program by the end of 2025.
Driving shareholder returns: Through Q3, returned $7.3 billion directly to our shareholders through our quarterly dividend, as part of a balanced capital allocation strategy that includes re-investment in growth.
Increased 2025 guidance: Raised and narrowed our full-year 2025 Adjusted¹ diluted EPS guidance to a range of $3.00 to $3.15, while reaffirming full-year 2025 revenue guidance².

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

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

Pipeline Momentum with Potentially Practice-Changing Therapies in Oncology

New pivotal results underscore the compelling opportunities for growth in our R&D pipeline – particularly in Oncology, a key therapeutic area for Pfizer⁴.

Padcev⁵: Positive Phase 3 trial results showed unprecedented survival outcomes in patients with muscle invasive bladder cancer who are ineligible for chemotherapy – creating the potential to more than double the U.S. addressable population for this therapy.

Braftovi + Mektovi⁶: Updated Phase 2 trial results in advanced lung cancer with a specific mutation, which strengthen our growing lung cancer portfolio and support our aim to deliver treatments across a lung cancer market expected to reach $70 billion by 2030.

Xtandi⁷: Final Phase 3 trial results demonstrated unprecedented survival outcomes – potentially strengthening our position among the approximately 30,000 U.S. patients with a certain form of prostate cancer.

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

Driving a Balanced Capital Allocation Strategy

Pfizer continues to prudently allocate capital for the benefit of our shareholders:

Maintaining and growing our dividend: $7.3 billion returned to shareholders year-to-date
Reinvesting in our business: $7.2 billion dedicated to internal R&D year-to-date
Strengthening our balance sheet: Continuing to prioritize our target gross leverage of 2.7x

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 third quarter and the first nine months of 2025 and 2024 accompanying Pfizer’s earnings release. 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. 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 accompanying Pfizer’s earnings release furnished with Pfizer’s Current Report on Form 8-K dated November 4, 2025 for a definition of each component of Adjusted income as well as other relevant information.

²Please reference Pfizer’s third quarter 2025 earnings release for additional information regarding the company’s quarterly results and financial guidance details and assumptions.

³The proposed acquisition of Metsera is subject to the satisfaction of customary closing conditions, including receipt of approval by Metsera's shareholders.

⁴Oncology pipeline spotlights included represent new data and uses for approved products.

⁵Results pertain to the evaluation of PADCEV (enfortumab vedotin), in combination with pembrolizumab, in patients with muscle-invasive bladder cancer (MIBC) who are not eligible for or declined cisplatin-based chemotherapy. PADCEV + pembrolizumab has not been approved for this use, and its safety and efficacy have not been established.

⁶Results pertain to updated results from the single-arm Phase 2 PHAROS trial evaluating BRAFTOVI (encorafenib) and MEKTOVI (binimetinib) combination for the treatment of patients with metastatic non-small cell lung cancer (mNSCLC) with a BRAF V600E mutation.

⁷Results pertain to the evaluation of XTANDI in combination with leuprolide and as a monotherapy, in patients with non-metastatic hormone-sensitive prostate cancer with biochemical recurrence (BCR) at high risk for metastasis. Improvement in overall survival (OS) was a key secondary endpoint of the Phase 3 EMBARK study evaluating XTANDI; the “unprecedented” characterization applies only to the combination of XTANDI + leuprolide.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, including our financial guidance, our research and development strategy and productivity, our product and pipeline advancements and candidates, our strategic initiatives, our proposed acquisition of Metsera, our cost realignment program and our capital allocation strategy and dividend, speak only as of the original date they were made and 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 third 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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