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Focused Execution Delivers Strong EPS Performance
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Landmark Agreement Reached with U.S. Government Provides Longer-Term Business Clarity
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Secured Early FTC Clearance for Proposed Metsera Acquisition to Meaningfully Compete in Obesity
NEW YORK, Tuesday, November 4, 2025 — Pfizer Inc. (NYSE: PFE) reported financial results for the thirdquarter of 2025 and reaffirmed its 2025 Revenue guidance(1) while raising and narrowing guidance for Adjusted(2)diluted EPS.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and CEO of Pfizer:
“I am proud of Pfizer’s leadership as the first in our industry to reach an agreement with the U.S. Government,which we believe provides greater clarity for our business. Additionally, our recent strategic actions havestrengthened opportunities to advance innovation that could address significant medical needs in high growthmarkets, helping us deliver value for patients and shareholders.”
David Denton, CFO and EVP of Pfizer:
“Our third-quarter performance demonstrates our continued focus on execution and financial discipline. Weraised and narrowed our full-year 2025 Adjusted diluted EPS guidance, underscoring confidence in our abilityto deliver strong results for our shareholders.”
OVERALL RESULTS
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Third-Quarter 2025 Revenues of $16.7 Billion, Representing a 7% Year-over-Year Operational Decline– Strengthened Commercial Execution Drives 4% Operational Revenue Growth of Non-COVID Portfolio
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Third-Quarter 2025 Reported(3) Diluted EPS of $0.62, and Adjusted(2) Diluted EPS of $0.87
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Reaffirms Full-Year 2025 Revenue Guidance(1) in a Range of $61.0 to $64.0 Billion
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Raises and narrows Full-Year 2025 Adjusted(2) Diluted EPS Guidance(1) to a Range of $3.00 to $3.15
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On Track to Deliver Approximately $7.2 Billion in Overall Anticipated Net Cost Savings from PreviouslyAnnounced Cost Improvement Initiatives(4) by End of 2027, Driving Productivity Gains and Operating MarginExpansion
Some amounts in this press release may not add due to rounding. All percentages have been calculated usingunrounded amounts. References to operational variances pertain to period-over-period changes that exclude theimpact of foreign exchange rates(5).
Results for the third quarter and first nine months of 2025 and 2024(6) are summarized below
2025 FINANCIAL GUIDANCE(1)
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Reaffirms full-year 2025 Revenue guidance of $61.0 to $64.0 billion.
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Raises and narrows Adjusted(2) diluted EPS guidance(1) to a range of $3.00 to $3.15 from $2.90 to $3.10previously.
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The updated 2025 Adjusted(2) diluted EPS guidance takes into consideration our solid year-to-dateperformance, continued confidence in our business, progress with ongoing cost improvement initiatives, andimprovement in our effective tax rate.–
Includes a one-time $1.35 billion Acquired In-Process R&D charge related to the in-licensing agreementwith 3SBio, Inc. recorded in the third quarter of 2025 with an unfavorable impact of approximately $0.20.
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The company’s guidance absorbs the impact of the currently imposed tariffs from China, Canada, andMexico.
