Key Moments
- Pfizer’s fourth-quarter revenue reached $17.56 billion, topping analyst projections of $16.95 billion.
- Adjusted earnings were 66 cents per share, ahead of Wall Street expectations of 57 cents per share.
- Demand for Eliquis and RSV vaccine Abrysvo helped offset weaker sales of COVID products, while Pfizer reaffirmed its 2026 forecast.
Quarterly Performance and Strategic Backdrop
Pfizer on Tuesday reported fourth-quarter earnings that exceeded Wall Street forecasts, as steady demand for several established therapies helped counterbalance reduced sales from its COVID franchise.
The company is contending with waning demand for its COVID-19 offerings and looming patent expirations on a number of older products. Pfizer has previously cautioned that it anticipates a challenging period over the coming years and has indicated it does not expect a return to revenue growth until 2029.
To bridge that gap, Pfizer is placing significant emphasis on building a new slate of large-scale revenue drivers, with a particular focus on obesity treatments obtained through recent transactions.
Obesity Pipeline and Future Catalysts
As part of that strategy, Pfizer last year paid $10 billion to acquire obesity drug developer Metsera, prevailing in a competitive bidding contest with Novo Nordisk and gaining a position in the growing weight-loss treatment segment.
“2026 will be an important year rich in key catalysts, including our expectation for approximately 20 key pivotal study starts,” CEO Albert Bourla said.
The company is aiming for a series of potential obesity-related regulatory approvals in 2028.
Legacy Products Drive Q4 Revenue
For the reported quarter, Pfizer’s revenue rose to $17.56 billion, supported in part by strong demand for the blood thinner Eliquis and for its RSV vaccine Abrysvo. Analysts had been looking for $16.95 billion in revenue, according to data compiled by LSEG.
| Product / Metric | Period | Reported Result | Analyst Estimate |
|---|---|---|---|
| Total Sales | Q4 | $17.56 billion | $16.95 billion |
| Abrysvo (RSV vaccine) | Full year | $1.03 billion | $764.40 million |
| Eliquis (blood thinner) | Q4 | $2.02 billion | $2.1 billion |
| Adjusted EPS | Q4 | $0.66 | $0.57 |
Full-year Abrysvo revenue totaled $1.03 billion, surpassing expectations of $764.40 million. Fourth-quarter sales of Eliquis came in at $2.02 billion, slightly below estimates of $2.1 billion.
On an adjusted basis, Pfizer posted earnings of 66 cents per share for the quarter, ahead of consensus expectations of 57 cents per share.
Outlook and Policy Headwinds
Pfizer reaffirmed its forecast for 2026 and noted that this outlook incorporates the expected negative effects of Most-Favored-Nation drug pricing and TrumpRx.
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