Pfizer Q3 2025 Earnings: Oncology Growth Offsets Steep COVID Sales Decline
Pfizer's Q3 revenue fell from a year ago as COVID-19 product sales tumbled, but strong oncology growth and cost cuts led it to raise full-year profit guidance.
| Q3 2025 | Reported |
|---|---|
| EPS | $0.62 |
| Revenue | $16.65B |
Figures as reported by the company to the SEC for the quarter ended September 28, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Pfizer reported $16.65 billion in revenue for the quarter and GAAP diluted earnings per share of $0.62. The company separately raised its full-year adjusted profit outlook, a sign management feels more confident about the rest of the year than it did three months ago.
- The biggest drag on revenue was Pfizer’s COVID-19 business: Comirnaty vaccine sales fell 19% to $1.2 billion after the U.S. narrowed who is recommended to get the shot, and Paxlovid treatment revenue plunged 55% to $1.23 billion as global infection rates stayed low.
- Offsetting that decline, Pfizer’s oncology (cancer drug) business grew 31% year-over-year to $4 billion, which the company pointed to as evidence it is becoming one of the largest cancer-drug makers by revenue.
- Pfizer raised and narrowed its full-year 2025 adjusted earnings-per-share guidance to a range of $3.00 to $3.15, up from $2.90 to $3.10 previously, while keeping its full-year revenue guidance unchanged at $61 billion to $64 billion.
- Management said cost-cutting is a key reason profit guidance improved despite falling COVID sales: Pfizer reiterated it remains on track for about $7.2 billion in annual net cost savings by the end of 2027 from an ongoing efficiency program.
- Pfizer said it received early antitrust clearance from the FTC for its proposed acquisition of Metsera, a deal aimed at expanding the company into obesity treatments, a fast-growing area of the drug industry.
- The company also cited a new long-term agreement with the U.S. government that it said provides added clarity for its business going forward.
- Looking at the trailing twelve months, Pfizer’s net profit margin stands at 6.8% and per-share earnings are down nearly 60% versus a year earlier, reflecting the broader unwinding of pandemic-era COVID vaccine and treatment sales; gross margin, however, remains high at roughly 75%, indicating the core drug portfolio itself is still solidly profitable even as one-time and COVID-related costs have squeezed overall bottom-line results.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $16.7B | $17.7B | -5.9% |
| Net income | $3.5B | $4.5B | -20.7% |
| Free cash flow | $4.0B | $6.1B | -34.0% |
| Diluted EPS | $0.62 | $0.78 | -20.5% |
| Gross margin | 74.9% | 70.3% | +4.7 pts |
| Net margin | 21.3% | 25.2% | -4.0 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
Pfizer Inc closed at $24.66 on Nov 3, 2025, the last session before the report, and at $24.61 on Nov 5, 2025, the first session after it — -0.2% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call