Pfizer Stock Slides Despite Q4 Earnings Beat and New Obesity Drug Data

Pfizer PFE reported fourth-quarter 2025 adjusted earnings per share of 66 cents, which comprehensively beat the Zacks Consensus Estimate of 57 cents per share. Earnings rose 5% year over year.Revenues came in at $17.6 billion, down 1% from the year-ago quarter on a reported basis and 3% on an operational basis due to a decline in revenues from its COVID-19 products, BioNTech BNTX-partnered Comirnaty vaccine and antiviral pill, Paxlovid. Total revenues, however, beat the Zacks Consensus Estimate of $16.93 billion.International revenues declined 4% on an operational basis to $8.44 billion. U.S. revenues declined 1% to $9.1 billion.PFE’s Segment DiscussionPfizer 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 13% operationally to $7.94 billion. The Specialty Care unit recorded sales of $4.77 billion, up 6%. Sales of Oncology rose 8% to $4.44 billion.PFE Primary Care SalesIn Primary Care, alliance revenues and direct sales from Eliquis rose 8% to $2.02 billion as higher demand trends globally and favorable net pricing in the United States were partially offset by inventory impact and price and generic erosion in some ex-U.S. markets. Alliance revenues missed the Zacks Consensus Estimate of $2.14 billion.Global Prevnar family revenues rose 8% to $1.71 billion due to higher revenues in the United States as well as ex-U.S. markets. Prevnar revenues beat the Zacks Consensus Estimate of $1.65 billion. Prevnar sales rose 2% in the United States and 18% in international markets.Direct sales and alliance revenues from partner BioNTech for Comirnaty were $2.27 billion in the quarter, down 35% year over year due to narrower COVID-19 vaccine recommendations in the United States that reduced Comirnaty’s eligible patient population and lower contractual deliveries and vaccination rates in international markets. Comirnaty sales beat the Zacks Consensus Estimate of $2.0 billion.Paxlovid revenues were $218 million in the quarter, down 70% year over year due to lower infection rates, which hurt demand trends. Paxlovid revenues missed the Zacks Consensus Estimate of $289 million.Nurtec ODT/Vydura contributed $405 million in the quarter, up 3% year over year.Among the new products, Pfizer’s RSV vaccine, Abrysvo, recorded sales of $481.0 million, up 136% on an operational basis.PFE’s Specialty Care SalesGlobal Vyndaqel family revenues of $1.69 billion rose 7% year over year, driven by continued demand growth. The Vyndaqel family includes global revenues from Vyndaqel as well as revenues from Vyndamax in the United States and Vynmac in Japan. Vyndaqel family sales beat the Zacks Consensus Estimate of $1.66 billion.Xeljanz sales declined 8% to $324 million. Enbrel revenues declined 5% to $180 million.PFE’s Oncology SalesIn Oncology, Ibrance revenues declined 7% year over year to $1.04 billion. Ibrance revenues slightly missed the Zacks Consensus Estimate of $1.03 billion.Among the antibody-drug conjugates or ADCs added from the 2023 acquisition of Seagen, Adcetris sales of $220 million declined 23% year over year due to competitive pressure in the United States. Padcev rose 15% to $508 million, driven by strong demand trends mainly due to market share gains in first-line metastatic urothelial cancer. Padcev sales missed the Zacks Consensus Estimate of $527.0 million.Xtandi recorded alliance revenues of $592 million in the quarter, up 5% year over year. Inlyta revenues were $235 million in the quarter, down 4%. Lorbrena sales rose 45% to $282 million.Sales of oncology biosimilars rose 76% to $369 million in the quarter.PFE's Full-Year 2025 ResultsFull-year 2025 sales declined 2% both on a reported and operational basis to $62.6 billion but beat the Zacks Consensus Estimate of $61.94 billion. Sales were slightly higher than the guided figure of around $62 billion.Adjusted earnings for 2025 were $3.22 per share, up 4% year over year. Earnings per share beat the Zacks Consensus Estimate of $3.13 as well as the guided range of $3.00 and $3.15.PFE Maintains 2026 GuidanceIn December, Pfizer issued its financial guidance for 2026. The company maintained the guidance along with the fourth-quarter results.Pfizer expects total revenues for 2026 to be between $59.5 billion and $62.5 billion. The range represents a decline from 2025 revenues of $62.6 billion due to lower revenues from COVID products, Comirnaty and Paxlovid, and loss of revenues from the upcoming patent cliff. Pfizer faces an escalating patent cliff in the 2026-2030 period as several of its key products, including Eliquis, Vyndaqel, Ibrance, Xeljanz and Xtandi, face patent expirations. The LOE cliff is expected to hurt sales by approximately $1.5 billion in 2026.COVID sales are expected to be approximately $5 billion in 2026, representing a decline from 2025 COVID sales of around $6.7 billion.In 2026, Pfizer expects adjusted earnings per share in the range of $2.80-$3.00, which represents a decline from the 2025 EPS of $3.22 due to the dilutive impact of 3SBio and Metsera deals, lower COVID revenues and higher taxes.Adjusted R&D expenses are expected to be in the range of $10.5 to $11.5 billion in 2026, while adjusted SI&A spending is targeted between $12.5 billion and $13.5 billion. The adjusted effective tax rate is expected to be approximately 15% in 2026.Top-Line Data from PFE's Phase III Study on Ultra-Long-Acting GLP-1In a separate press release, Pfizer announced positive top-line data from a phase IIb VESPER-3 study evaluating monthly maintenance dosing of its ultra-long-acting injectable GLP-1 receptor-agonist (RA) called PF-08653944 (PF’3944) in adults with obesity or overweight without type II diabetes. PF’3944 was added to Pfizer’s obesity portfolio with the November 2025 acquisition of obesity drugmaker, Metsera.The study showed a statistically significant weight reduction at 28 weeks, thereby meeting the primary endpoint. Patients treated with PF’3944 lost up to 12.3% of their body weight after 28 weeks, compared with placebo. In addition, the weight loss continued even after switching from weekly injections to monthly injections, with no sign of slowing down by week 28.The currently available weight loss GLP therapies, Eli Lilly’s LLY Zepbound and Novo Nordisk’s NVO Wegovy, are weekly injections. On the other hand, Pfizer’s PF’3944 starts off as a weekly injection and then switches to a monthly injection. Data from the VESPER-3 study shows that the monthly GLP-1 injection significantly cuts injection frequency while continuing to deliver strong and ongoing weight loss. This positions Pfizer as a serious contender against NVO and LLY.Our Take on PFE’s Q4 ResultsPfizer’s fourth-quarter results were strong as it beat estimates for both earnings and sales. However, its top-line performance was somewhat mixed in the quarter. While sales of Vyndaqel, Prevnar and Comirnaty beat estimates, sales of some other key drugs, Eliquis, Paxlovid and Padcev missed estimates. Lower demand for Comirnaty and Paxlovid resulted in a decline in total revenues. Sales of Pfizer’s non-COVID products rose 9% in the quarter and 6% in the year on an operational basis. Pfizer reaffirmed its outlook for 2026.Despite the better-than-expected quarterly results, shares were down around 4% in pre-market trading. Investors probably were not impressed with the weight loss seen in the ultra-long-acting GLP-1 study or were expecting Pfizer to raise its guidance.In the past year, Pfizer’s stock has risen 1.8% compared with an increase of 17.6% for the industry.Image Source: Zacks Investment ResearchPfizer said it plans to start 20 pivotal studies in 2026, which include 10 pivotal studies for the ultra-long-acting obesity candidates added from the Metsera acquisition and four forPF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in July last year. Pfizer’s chief executive officer said in an interview with Bloomberg that 2026 is a catalyst-rich year for the company, with some key data-readouts expected in the obesity and oncology programs.PFE’s Zacks RankPfizer has a Zacks Rank #5 (Strong Sell) currently.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. 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(PFE): Free Stock Analysis Report Novo Nordisk A/S (NVO): Free Stock Analysis Report Eli Lilly and Company (LLY): Free Stock Analysis Report BioNTech SE Sponsored ADR (BNTX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks