Pfizer has reported full-year 2025 revenue of USD 62.6 billion, a 2% decline from the previous year. Excluding the impact of COVID-19 products Comirnaty and Paxlovid, revenue grew by 6%. The company's primary care segment, which includes the anticoagulant Eliquis and the pneumococcal vaccine Prevnar family, remains a core revenue driver. Pfizer's R&D investment for the year totalled USD 10.4 billion, a 4% decrease, with a strategic focus on oncology and metabolic diseases.

The company highlighted a busy 2026 pipeline calendar, expecting four regulatory decisions, eight key clinical data readouts, and the initiation of approximately 20 pivotal studies. A key focus is the advancement of its GLP-1 receptor agonist, PF-3944, following positive Phase II results. Pfizer plans to initiate 10 Phase III trials for this candidate in 2026. The company forecasts 2026 revenue in the range of USD 59.5 to 62.5 billion and plans to increase its adjusted R&D spend to between USD 10.5 and 11.5 billion to fuel this next growth cycle.

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