**Pfizer Inc. Reports Fiscal Year 2025 Results**

Pfizer Inc. (PFE) has released its Form 10-K filing for the fiscal year ended December 31, 2025, reporting total revenues of $62.6 billion, a 2% decrease compared to the $63.6 billion reported in 2024. The operational decrease, excluding the impact of foreign exchange, was also 2%, primarily driven by declines in COVID-19 product revenues, partially offset by increases from products such as the Vyndaqel family, Eliquis, Padcev, Lorbrena, and Abrysvo. Net income attributable to Pfizer Inc. common shareholders was $7.8 billion, or $1.36 per diluted share, compared to $8.0 billion, or $1.41 per diluted share, in the previous year.

The company's financial performance saw significant shifts in revenue drivers. While COVID-19 vaccine Comirnaty and treatment Paxlovid experienced declines, other key products demonstrated growth. Eliquis revenues increased by 7% operationally, reaching $8.0 billion, driven by higher demand globally, but partially offset by lower net prices in the U.S. and generic entry in certain international markets. The Vyndaqel family saw a 16% operational increase, reaching $6.4 billion, driven by strong demand and improved patient affordability in the U.S. and certain international developed markets.

Strategic developments included the November 2025 acquisition of Metsera, a clinical-stage biopharmaceutical company focused on obesity and cardiometabolic diseases, for an upfront payment of $6.9 billion, net of cash acquired, plus potential milestone payments. Pfizer also entered into in-licensing agreements with 3SBio and YaoPharma in the oncology and cardiometabolic therapeutic areas, respectively. These agreements involved upfront payments and potential milestone payments contingent on future development, regulatory, and commercial achievements. Pfizer also made changes in its commercial structure, including the transition of certain off-patent branded and generic sterile injectables and biosimilars from the Specialty Care and Oncology product portfolios to a new Global Hospital and Biosimilars organization within its Biopharma reportable segment.

Looking ahead, Pfizer is focused on maximizing the value of key transactions, delivering on critical R&D milestones, investing to maximize post-2028 growth, and scaling artificial intelligence across its business. The company anticipates a significant reduction of revenue from patent-based or regulatory exclusivity expiries in 2026 through 2030, with the rate of reduction expected to accelerate over the next few years. Pfizer is also implementing cost realignment and manufacturing optimization programs to improve efficiency and reduce costs. The company expects a $1.5 billion impact from patent-based or regulatory exclusivity expiries in 2026.

About PFIZER INC

Pfizer Inc. is a global biopharmaceutical company focused on discovering, developing, manufacturing, and marketing medicines and vaccines across therapeutic areas such as oncology, immunology, cardiology, and infectious diseases. It collaborates with partners worldwide, offers a broad portfolio including COVID-19 vaccines and treatments, and serves developed and emerging markets. Its core value lies in science-driven innovation to improve health outcomes and expand access to healthcare globally.

This description was generated via AI from an annual report. Updated 9 months ago.

About 10-K Filings

A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.

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    • Management's Discussion and Analysis (MD&A) of financial condition and results
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