Pfizer (PFE) Up 3.9% Since Last Earnings Report: Can It Continue?

A month has gone by since the last earnings report for Pfizer (PFE). Shares have added about 3.9% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Pfizer due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

Q3 Earnings Beat Estimates, Sales Decline as COVID Demand Cools

Pfizer reported third-quarter 2025 adjusted earnings per share of 87 cents, which comprehensively beat the Zacks Consensus Estimate of 66 cents per share. Earnings declined 18% year over year due to lower revenues.

Adjusted EPS includes an acquired in-process R&D charge of 20 cents per share related to Pfizer’s licensing agreement with Chinese biotech, 3SBio. 

Revenues came in at $16.7 billion, down 6% from the year-ago quarter on a reported basis and 7% on an operational basis due to a decline in revenues from its COVID-19 products, Comirnaty vaccine and antiviral pill, Paxlovid. Total revenues beat the Zacks Consensus Estimate of $16.60 billion by a slight margin. Sales of non-COVID products rose 4% in the third quarter, primarily driven by Eliquis, the Vyndaqel family and Nurtec.

International revenues rose 2% on an operational basis to $5.96 billion. U.S. revenues declined 11% to $10.69 billion.

Pfizer's recently launched and acquired products delivered $7.3 billion in revenues through the first nine months of 2025, while growing approximately 9% operationally versus last year.
 
The growth rate in the third quarter was lower than in the second quarter due to the unfavorable timing of pediatric CDC shipments of Prevnar and a one-time benefit from a transition to a wholesale distribution model for Seagen products in the United States.

Adjusted selling, informational and administrative (SI&A) expenses declined 3% (operationally) in the quarter to $3.16 billion due to ongoing productivity improvements, which led to lower marketing and promotional spend for various products. Adjusted R&D expenses declined 3% to $2.49 billion due to pipeline optimization (including the expansion of digital capabilities) and lower compensation-related costs.

Segment Discussion

Pfizer reports its revenues under three broad sub-segments of its Biopharma operating segment — Primary Care, Specialty Care and Oncology. Sales of the Primary Care segment declined 16% operationally to $7.65 billion. The Specialty Care unit recorded sales of $4.41 billion, up 1%. Sales of Oncology rose 4% to $4.25 billion.

Primary Care

In Primary Care, alliance revenues and direct sales from Eliquis rose 22% to $2.02 billion as higher demand trends globally and favorable net pricing in the United States were partially offset by price and generic erosion in some ex-U.S. markets. Alliance revenues from Eliquis beat the Zacks Consensus Estimate of $1.94 billion as well as our model estimate of $1.89 billion.

Global Prevnar family revenues declined 4% to $1.74 billion due to lower revenues in the United States, partially offset by higher sales in ex-U.S. markets. The Prevnar family includes revenues from Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20 (adult and pediatric). Prevnar revenues missed the Zacks Consensus Estimate of $1.79 billion as well as our model estimate of $1.77 billion. Prevnar sales declined 12% in the United States due to lower demand and unfavorable timing of a government bulk order for the pediatric indication, partially offsetting the continued uptake of the adult indication. Sales rose 17% in international markets driven by launches in key international markets.

Direct sales and alliance revenues from partner BioNTech for Comirnaty were $1.15 billion in the quarter, down 20% year over year due to narrower COVID-19 vaccine recommendations in the United States that reduced Comirnaty’s eligible patient population and delayed approval of the new variant vaccine. Comirnaty sales beat the Zacks Consensus Estimate of $1.14 billion but missed our estimate of $1.19 billion.

Paxlovid revenues were $1.23 billion in the quarter, down 55% year over year due to lower infection rates, which hurt demand trends. A one-time Paxlovid government stockpiling recorded in the year-ago quarter also hurt revenues. Paxlovid revenues beat the Zacks Consensus Estimate of $1.17 billion.

Nurtec ODT/Vydura contributed $412 million in the quarter, up 22% year over year, driven by strong demand in the United States and recent launches in certain international markets, partially offset by the impact of the IRA Medical Part D redesign and the 340B program. 

Among the new products, Pfizer’s RSV vaccine, Abrysvo, recorded sales of $279.0 million, down 22% year over year. Abrysvo U.S. sales are being hurt due to limited recommendations for RSV vaccinations issued by the US Advisory Committee on Immunization Practices. Sales rose 75% in international markets.

Specialty Care

Global Vyndaqel family revenues of $1.59 billion rose 7% year over year, driven by continued demand growth due to increases in diagnosis and treatment rates, primarily in the United States and developed Europe and improving affordability dynamics in the United States. However, sales declined sequentially due to lower net price in the United States resulting from higher manufacturer discounts from the IRA Medicare Part D redesign and new payer contracts. Pfizer expects that these two factors may continue to hurt sales in the fourth quarter. The Vyndaqel family includes global revenues from Vyndaqel as well as revenues for Vyndamax in the United States and Vynmac in Japan. Vyndaqel family sales missed the Zacks Consensus Estimate of $1.63 billion as well as our model estimate of $1.64 billion.

Xeljanz sales declined 4% to $313 million. Enbrel revenues declined 12% to $154 million.

Cibinqo recorded revenues of $79 million in the quarter, up 24% year over year.

Oncology

In Oncology, Ibrance revenues declined 5% year over year to $1.06 billion due to the IRA impact in the United States and generic entry in certain international markets. Ibrance revenues beat the Zacks Consensus Estimate of $988 million as well as our estimate of $937.8 million.

Among the antibody-drug conjugates or ADCs added from the 2023 acquisition of Seagen, Adcetris sales of $215 million declined 20% year over year due to competitive pressure in the United States. Padcev rose 13% to $464 million, driven by strong demand trends mainly due to market share gains in first-line metastatic urothelial cancer. However, sales declined sequentially as the second-quarter results included a one-time benefit from a transition to a wholesale distribution model for Seagen products. Padcev sales missed the Zacks Consensus Estimate of $530.0 million and our model estimate of $541.3 million. Tukysa sales were $110.0 million, down 12%, while sales of Tivdak were $37 million, up 8%.

Xtandi recorded alliance revenues of $578 million in the quarter, up 3% year over year, driven by demand growth, partially offset by the impact of Medicare Part D redesign and unfavorable buying patterns. Inlyta revenues were $226 million in the quarter, down 9%. Lorbrena sales rose 28% to $268 million, driven by market share gains in the first-line ALK-positive metastatic NSCLC treatment setting in the United States, China, and some other international countries, partially offset by lower prices due to the Medicare Part D Redesign impact. Braftovi/Mektovi revenues were $202 million, up 17% year over year, driven by an increase in new patient starts. New drug, Elrexfio, generated sales of $85 million in the third quarter, same as in the previous quarter.

Revenues from oncology biosimilars were $315 million, up 10% year over year.

2025 Guidance Reaffirmed

Pfizer maintained its 2025 guidance for total revenues but raised its EPS guidance range for the year.

Pfizer projects total revenues between $61.0 billion and $64.0 billion.

Adjusted earnings per share are expected in the range of $3.00 to $3.15, up from the prior expectations of $2.90 to $3.10. The company raised the EPS guidance to account for a strong performance so far this year, cost savings and a lower-than-previously expected tax rate.

The guidance includes the impact of currently imposed tariffs from China, Canada and Mexico.

Research and development expense is expected to be in the range of $10.0 to $11.0 billion versus the prior expectation of $10.4 to $11.4 billion. SI&A guidance was maintained in the range of $13.1 to $14.1 billion. The adjusted tax rate is expected to be approximately 11% in 2025 (previously approximately 13.0%).

Pfizer continues to expect approximately $7.7 billion in savings by the end of 2027.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended downward during the past month.

The consensus estimate has shifted -12.11% due to these changes.

VGM Scores

Currently, Pfizer has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Pfizer has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Pfizer belongs to the Zacks Large Cap Pharmaceuticals industry. Another stock from the same industry, AbbVie (ABBV), has gained 6.2% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

AbbVie reported revenues of $15.78 billion in the last reported quarter, representing a year-over-year change of +9.1%. EPS of $1.86 for the same period compares with $3.00 a year ago.

AbbVie is expected to post earnings of $3.37 per share for the current quarter, representing a year-over-year change of +56%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for AbbVie. Also, the stock has a VGM Score of D.

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This article originally published on Zacks Investment Research (zacks.com).

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