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Company Research20 Mar 2024
Companies That Had Their IPO in 1987: From Optimism to Black Monday
An overview of 1987's IPO landscape and stock market sentiment, as conditions turned from unabridged optimism to panic in the wake of Black Monday.
Pfizer
Pfizer (PFE) investor relations material
Pfizer Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Exceeded 2025 financial commitments, with revenues of $62.6B and adjusted diluted EPS of $3.22, driven by strong non-COVID product growth and double-digit gains from recent launches and acquisitions.
Operational revenue excluding COVID-19 products grew 6%, with robust performance in oncology, obesity, and migraine portfolios.
Strategic actions resolved pricing/tariff uncertainties and demonstrated resilience despite the lowest-ever COVID-19 season.
Pipeline strengthened by four key approvals, eight critical data readouts, and 11 pivotal studies initiated, supported by major acquisitions and collaborations.
Integration of Seagen, Biohaven, and Metsera assets progressed well, enhancing migraine and oncology portfolios.
Financial highlights
2025 revenues: $62.6B, down 2% operationally; excluding COVID-19 products, operational revenue grew 6%.
Adjusted gross margin for 2025: 76%; Q4 adjusted gross margin: 71%.
Full-year 2025 adjusted diluted EPS: $3.22; Q4 adjusted diluted EPS: $0.66.
Recently launched/acquired products delivered $10.2B in 2025 revenue, up 14% operationally.
Adjusted SI&A expenses decreased 5–7% year-over-year; adjusted R&D expenses increased 4% or decreased 5% depending on reporting.
Outlook and guidance
2026 revenue guidance: $59.5B–$62.5B; adjusted diluted EPS: $2.80–$3.00.
COVID-19 product revenues projected to decline to ~$5B; $1.5B revenue compression from generic entry expected.
No share repurchases anticipated in 2026; focus on investing in key assets and managing LOEs.
Excluding COVID and LOE products, 2026 revenues expected to grow ~4% operationally.
Post-2028 growth expected from pipeline advancement, business development, and new launches.
What drove the $3.6B IPR&D impairments in Q4?
How to offset $1.5B 2026 LOE revenue impact?
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Latest summaries
- TimeTickerHeadlineOpen
- RYM
Refreshed strategy targets NZD 150m cash flow uplift, NZD 500m release, and resumed dividends by FY 2028. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed. - 8303
Profit and comprehensive income surged, with public funds fully repaid and TSE Prime listing completed. - EMR
Q1 2026 saw 4% sales growth, 6% EPS growth, and raised guidance, driven by automation demand. - ENPH
Q4 2025 revenue was $343.3M, down sequentially, with Q1 2026 guidance at $270–$300M. - CMG
2025 revenue up 5.4% to $11.9B, net income $1.54B, with new growth strategy launched. - SMCI
Q2 revenue up 123% year-over-year to $12.7B; FY26 guidance raised to at least $40B. - PNI
Record inflows and global expansion drive growth, with major international acquisitions completed.
Next Pfizer earnings date
Q1 202628 Apr, 2026
Pfizer
Next Pfizer earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
A Pharmaceutical Powerhouse
Pfizer is a global pharmaceutical corporation headquartered in New York City. Founded in 1849, it is one of the largest pharmaceutical companies in the world. The company is known for the development and distribution of healthcare solutions across a broad range of therapeutic areas. Pfizer's portfolio includes medicines, vaccines, and consumer health products aimed at improving patient health and well-being.
From Chemicals to Combatting Covid
Founded in 1849 by Charles Pfizer and Charles Erhart in Brooklyn, New York, Pfizer began as a manufacturer of fine chemicals. The company expanded over the decades, becoming a multinational corporation that now stands as one of the world's largest pharmaceutical companies. It has introduced a number of notable drugs to the market, including Lipitor, Viagra, and Zoloft. In 2020, in response to the global COVID-19 pandemic, Pfizer collaborated with BioNTech and developed a vaccine that became one of the first to receive emergency use authorization worldwide.
From Serious Conditions to Minor Issues
Pfizer's product portfolio encompasses a wide range of medical needs, from treating serious illnesses to addressing minor health conditions. For life-threatening diseases such as cancer, Pfizer offers oncology drugs designed to improve survival rates and quality of life. On the other end of the spectrum, the company also provides over-the-counter consumer healthcare products for everyday ailments like pain, colds, and digestive issues.
Serving Patients Worldwide
Like many other pharmaceutical companies, with Eli Lilly being a good example, Pfizer's operations are widespread, extending to more than 125 countries across the globe. The company maintains a robust distribution network that ensures a wide reach for its products. Its global operations encompass research and development, manufacturing, marketing, and distribution of a broad range of pharmaceuticals and health solutions. This means that patients located in different countries have access to more or less the same offerings of medications, local regulations permitting.
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