On Tuesday, Pfizer Inc. (NYSE:PFE) reported third-quarter 2025 adjusted earnings of 87 cents, compared to $1.06 a year ago, beating the consensus of 63 cents.
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Pfizer's third-quarter sales fell 6% year over year to $16.65 billion, beating the consensus of $16.59 billion. The revenue reflected an operational decline of 7%.
The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues, mainly due to lower infection rates.
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It impacted Paxlovid demand, as well as a narrower vaccine recommendation for COVID-19 in the U.S. that reduced the eligible population for Comirnaty.
Core Drugs
Heart drug Vyndaqel family sales increased 7% operationally, to $1.59 billion. The growth was driven largely by strong demand and continued uptake in patient diagnoses, primarily in the U.S. and certain international developed markets, as well as improved patient affordability in the U.S.
Cancer drug Ibrance sales fell 5% to $1.06 billion.
Blood thinner Eliquis revenues increased 22% operationally to around $2.02 billion, driven primarily by higher demand globally and favorable net price in the U.S. The growth was partially offset by generic entry and price erosion in certain international markets.
Comirnaty sales were $1.15 billion, down 20% operationally. The decline was mainly due to a narrower recommendation for vaccination in the U.S., as well as delayed approval of the new variant vaccine.
Paxlovid sales were down 55% operationally to $1.23 billion, primarily driven by lower COVID-19 infections across U.S. and international markets, as well as lower international government purchases.
Outlook
Pfizer raises fiscal 2025 adjusted earnings guidance from $2.90-$3.10 per share to $3.00-$3.15, versus consensus of $3.04.
The U.S. drug giant reaffirms its fiscal 2025 sales guidance of $61 billion to $64 billion, versus the consensus of $62.88 billion.
The company's guidance absorbs the impact of the currently imposed tariffs from China, Canada, and Mexico.
PFE Price Action: Pfizer shares were down 1.05% at $24.40 at the time of publication on Tuesday, according to Benzinga Pro data.
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