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                                    <figcaption>Pfizer and investors alike look forward to further developments within the pharma’s newly acquired obesity portfolio. Image credit: ShU studio via ShutterStock.com. </figcaption>
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<p>New York-based pharma giant Pfizer has met targets for its fiscal year 2025 (FY25) financials, which come as the company looks to refresh its portfolio amid looming patent losses and waning Covid vaccine sales.</p>



<p>In FY25, Pfizer generated full-year revenues of $62.6bn. While this meets the company’s previously adjusted FY25 profit forecast of $62bn, it represents a 2% operational decline compared to FY24. Earnings per share (EPS) were in line with Citi analyst consensus, standing at $1.36, although they were lower than the 2024 rate of $1.41.</p><div>
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<p>The company also reaffirmed its 2026 financial guidance, with revenues between $59.5bn and $62.5bn expected, with a diluted EPS range of $2.80 to $3.00.</p><div id="slot-one"></div><div id="Sgpollsputhere"></div>



<p>The results follow a tough 2025 for Pfizer, in which the company has battled with declining Covid-19 vaccine sales and the upcoming loss of exclusivity impacting several key drugs in its portfolio, including Janus kinase (JAK) inhibitor, Xeljanz (tofacitinib). Currently, Pfizer forecasts that patent expiries will result in $1.5bn of revenue losses in FY26.</p>



<p>Despite this overall loss, 2025 revenues were looking more favourable when Covid-19 vaccines Paxlovid (nirmatrelvir/ritonavir) and Comirnaty (Covid-19 vaccine, mRNA) were discounted from the equation – with the rest of the company’s pipeline achieving operational growth of 6%.</p>



<p>Within its wider primary care portfolio, Pfizer’s respiratory syncytial virus (RSV) vaccine, Abrysvo was a strong driver of growth, bringing in $1bn across the global market – up 37% from the $755m in total sales achieved in FY24. This offset the 9% total revenue decline observed in the US, which comes amid the Trump administration’s continued efforts to alter vaccine policy. Sanofi’s RSV jab, Beyfortus (nirsevimab), experienced a similar, but steeper decline in US sales during FY2025.</p><div> 
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<p>Pfizer and Bristol Myers Squibb’s (BMS) best-selling blood thinner, Eliquis (apixaban), also had a good year, posting an 8% sales increase compared to 2024, with $7.96bn in total sales for 2025. However, this may be one of the last years of consistent growth for the factor Xa blocker, as its key patents are set to expire between 2027 and 2029.</p>



<p>Within its oncology portfolio, Pfizer touted positive financial results from its antibody-drug conjugate (ADC) Padcev (enfortumab vedotin), which made 22% more than 2024 by generating global sales of $1.94bn. It was a similar story for anaplastic lymphoma kinase (ALK) inhibitor Lorbrena (lorlatinib), which hit blockbuster status while demonstrating YoY growth of 40%.</p><div id="slot-two"></div>



<p>Despite these wins, investors do not appear to be best pleased with Pfizer’s overall FY25 sales outcome, as the pharma’s stock value dropped by 4.9% from $26.66 at market close on 2 February to $25.36 at market open on 3 February after the results debuted. The New York-based pharma has a market cap of $144.4bn.</p>



<h2 id="h-pfizer-focuses-on-r-amp-d-to-foster-future-growth">Pfizer focuses on R&amp;D to foster future growth</h2>



<p>In an investor call held on 3 February, Pfizer’s CEO, Albert Bourla, touted 2026 as a “key catalyst” for the company’s future growth up to 2030, noting that the initiation of 20 key pivotal studies will help “maximise opportunities” for the company.</p>



<p>At the recent 2026 J.P. Morgan Healthcare Conference in San Francisco, Bourla shared Pfizer’s plans to deliver a “catalyst-rich R&amp;D agenda,” while maximising the value of its recent transactions – including its $10bn buyout of obesity biotech, Metsera.</p>



<p>This deal already appears to be reaping benefits for Pfizer, as its newly acquired, once-monthly glucagon-like peptide 1 receptor agonist (GLP-1RA), PF3994, met its primary trial endpoint of significant weight reduction at 28 weeks during the Phase IIb VESPER-3 study (NCT06973720).</p>



<p>The therapy, which was previously known as MET-097i, is now expected to enter 10 Phase III trials in 2026 across the obesity space.</p>



<p>In a research note, Citi analysts noted that they were most compelled by the successful transition to a monthly dosing schedule, as well as the continued weight loss trajectory with no observed plateau, which they say could “reinforce confidence in the asset’s potential”.</p>



<p>To help fund studies on its clinical pipeline, Bourla noted that Pfizer has been, and will continue to create cost savings within R&amp;D and across the wider business through the deployment of artificial intelligence (AI). Adding to Bourla’s point, Chris Boshoff, CSO and president of R&amp;D, says the company is “recruiting and embedding AI engineers” across discovery, medical regulatory, safety, pharmacovigilance and clinical trial execution to “measure success, productivity, speed and costs”.</p>
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<p>Pfizer's FY25 results show a mixed performance with revenues of $62.6bn, meeting forecasts but reflecting a 2% decline from FY24. The company is focusing on R&D, particularly its newly acquired obesity assets from Metsera, to drive future growth. Despite challenges from declining Covid vaccine sales and patent expirations, Pfizer's CEO highlighted 2026 as a pivotal year with plans for 20 key studies. The stock fell 4.9% following the results, indicating investor concerns over the overall sales outcome.</p>

- Pfizer reported FY25 revenues of $62.6 billion, meeting expectations but reflecting a 2% operational decline from FY24, primarily due to reduced Covid vaccine sales and impending patent expirations.  
- The company expects FY26 revenues between $59.5 billion and $62.5 billion and is focusing on R&D, including a promising new obesity therapy that met key trial endpoints.  
- Despite positive developments, Pfizer's stock value fell by 4.9% post-results, as investors reacted to overall sales performance amid competitive pressures.

Pfizer sets sights on R&D strategy amid modest FY25 results