Pfizer facing lower revenues as sales of covid vaccines fall

Drugmaker expects revenue for the year in the range of $59.5bn (€50.5bn) to $62.5bn (€53.1bn)

Tue, 16 Dec, 2025 - 12:02

Pfizer on Tuesday forecast 2026 profit below Wall Street estimates as it expects a steep drop in sales of its covid products and a revenue hit from the loss of exclusivity on some drugs.

Investors were keenly awaiting Pfizer's forecast to see if CEO Albert Bourla's cost-cutting measures, new product launches and steady demand for older drugs were helping offset a decline in COVID-related sales.

Pfizer is an imprortant employer in Ireland, with more than 4,500 people working at sites at Ringaskiddy in Co Cork, Grange Castle, Newbridge, and Dublin.

Pfizer has rolled out a sweeping cost reduction program in response to the drop in COVID-19 sales. The company targets more than $7.7bn (€6.5bn) in total savings through 2027.

The drugmaker expects adjusted profit of between $2.80 and $3 per share for the coming year, below analysts' average estimate of $3.05 per share, according to data compiled by LSEG.

It expects revenue for the year in the range of $59.5bn (€50.5bn) to $62.5bn (€53.1bn), compared with estimates of $61.59bn (€52.3bn). The projection includes a revenue shortfall of about $1.5bn (€1.2bn) from covid products, compared with 2025.

The company also sees a revenue impact of about $1.5bn due to the loss of exclusivity on certain products in 2026.

Pfizer also revised its annual 2025 revenue forecast to about $62bn from a range of $61bn to $64bn expected previously. It maintained its adjusted profit outlook for the year.

The company expects full-year 2026 adjusted R&D expenses to be in the range of $10.5bn to $11.5bn - $500m higher at either end than the 2025 estimate - due to development of an antibody in-licensed from 3SBio as well as multiple clinical programs from Metsera.

Pfizer last month closed its up to $10bn (€8.5bn) acquisition of Metsera after winning shareholder approval, gaining a foothold in the fast-growing obesity market following a fierce bidding war with Novo Nordisk.

Shares of the company were up marginally in premarket trading.

“2025 was a year of strong execution and strategic progress for Pfizer. We’ve strengthened our foundation, advanced our R&D pipeline and positioned our company for sustainable growth in the post-LOE (loss of exclusivity) period," said Pfizer chief executive Albert Bourla.

"As we move into 2026, we’re focused on serving patients with innovative medicines and vaccines while creating long-term value for our shareholders.”

Reuters