About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Fourth Quarter 2025 Earnings 2 Fourth Quarter 2025 Earnings Teleconference February 3, 2026 1 Introduction Forward-Looking Statements and Non-GAAP Financial Information Fourth Quarter 2025 Earnings 3 • Our discussions during this conference call will include forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such s ...

（责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每经AI快讯，2月3日，辉瑞股价下跌4%。 每日经济新闻 ...

辉瑞(PFE.N)跌4%，其业绩前景展望和减肥药数据令市场失望。 本文源自：金融界AI电报 ...

分组1 - Pfizer reported quarterly earnings of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.57 per share, and showing an increase from $0.63 per share a year ago, resulting in an earnings surprise of +16.81% [1] - The company achieved revenues of $17.56 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.26%, although this represents a decline from year-ago revenues of $17.76 billion [2] - Pfizer has surpassed consensus EPS estimates in all four of the last quarters and has topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has gained approximately 7.1% since the beginning of the year, outperforming the S&P 500, which has gained 1.9% [3] - The future performance of Pfizer's stock will largely depend on management's commentary during the earnings call and the outlook for earnings estimates [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.75 on revenues of $13.9 billion, and for the current fiscal year, it is $2.97 on revenues of $60.81 billion [7] 分组3 - The Large Cap Pharmaceuticals industry, to which Pfizer belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The Zacks Rank for Pfizer is currently 5 (Strong Sell), suggesting that the stock is expected to underperform the market in the near future [6]

Core Insights - Pfizer Inc. reported positive topline data from a mid-stage study for its weight loss drug PF'3944 and exceeded fourth-quarter earnings expectations [1][6] Weight Loss Data - The Phase 2b VESPER-3 study showed a mean placebo-adjusted weight loss of up to 12.3% at week 28 for adults with obesity or overweight [2] - At week 28, Arms 1 and 3 achieved 10% and 12.3% placebo-adjusted weight loss, respectively, indicating robust weight loss without a plateau [3] - PF'3944 maintained a favorable safety profile, with mostly mild or moderate gastrointestinal adverse events reported [4] Clinical Development - Pfizer plans to initiate ten Phase 3 trials for PF'3944 in 2026, as part of a broader clinical development program with over 20 studies planned or ongoing [5] Fourth Quarter Earnings Snapshot - Adjusted earnings for Q4 2025 were 66 cents, up from 63 cents year-over-year, surpassing the consensus estimate of 57 cents [6] - Q4 sales decreased by 1% year-over-year to $17.56 billion, exceeding the consensus of $16.96 billion, reflecting a 3% operational decline [6] Revenue Drivers - The operational decline was mainly due to reduced COVID-19 product revenues, partially offset by increases in sales of Abrysvo, oncology biosimilars, and other products [7] - Comirnaty sales fell 35% to $2.27 billion, while Paxlovid sales dropped 70% to $218 million due to lower COVID-19 infections [8] Core Drugs Performance - Sales of the heart drug Vyndaqel family increased by 7% to $1.69 billion, while cancer drug Ibrance sales decreased by 5% to $1.04 billion [9] - Blood thinner Eliquis revenues rose by 8% to approximately $2.02 billion, and Prevnar sales also increased by 8% to $1.71 billion [10] Outlook - Pfizer reaffirmed its fiscal 2026 adjusted earnings guidance of $2.80-$3.00 per share, compared to the consensus of $2.97 [11] - The company expects approximately $5 billion in revenues from COVID-19 products and anticipates a negative revenue impact of about $1.5 billion due to loss of exclusivity for certain products [12] Stock Performance - Pfizer's stock was down 5.10% at $25.30 during the premarket session [13]

Group 1: Merck & Co. - Merck's Q4 worldwide sales increased by 5% to $16.4 billion, with a full-year revenue exceeding $65 billion, driven primarily by oncology sales [2] - Keytruda, a major oncology drug, saw sales rise by 7% to nearly $32 billion, constituting almost half of Merck's total annual revenue [2] - New therapies are contributing to sales growth, with Winrevair generating $1.4 billion and Capvaxix bringing in just under $800 million in their first year [3] - Merck's guidance for 2026 revenue is around $66 billion, indicating a flat outlook compared to the current year [3] Group 2: Pfizer - Pfizer's full-year 2025 revenue decreased by 2% to approximately $63 billion, but oncology drugs like Padcev and Lorbrena showed growth [4] - Adjusted EPS for Pfizer rose by 4% to $3.22, supported by expanded margins and stable costs [4] - For 2026, Pfizer forecasts revenue between $59.5 billion and $62.5 billion, with adjusted EPS expected to be between $2.80 and $3.00 [5] - Pfizer's management is optimistic about a busy pipeline with around 20 pivotal study starts planned for the year, aiming to restore growth despite ongoing challenges from patent expirations and pricing pressures [5]

Pfizer reported fourth-quarter results that beat expectations, offering a steadier earnings picture as the company moves further away from the Covid-driven revenue surge of recent years. While demand ... ...

Core Viewpoint - Pfizer's Q4 earnings report exceeded market expectations despite declining demand for COVID-related products, and the company reaffirmed its moderate guidance for 2026, which had previously raised investor concerns [1][2]. Financial Performance - Pfizer reported Q4 revenue of $17.56 billion, a slight year-over-year decline of approximately 1%, primarily due to decreased demand for COVID vaccines and the oral drug Paxlovid [1]. - COVID vaccine sales were $2.3 billion, down one-third year-over-year but above the $2 billion expectation; Paxlovid sales were $218 million, significantly below the $589 million forecast and down over two-thirds year-over-year [1]. - The company recorded a net loss of $1.65 billion for the quarter, translating to a loss of $0.29 per share, compared to a net profit of $410 million or $0.07 per share in the same period last year [2]. - Adjusted EPS for Q4 was $0.66, exceeding the market expectation of $0.57 [2]. Future Guidance - Pfizer maintained its 2026 guidance, projecting adjusted EPS between $2.80 and $3.00 and revenue of $59.5 billion to $62.5 billion, roughly flat compared to 2025 [2]. - The company anticipates a decline of approximately $1.5 billion in revenue from COVID products, expecting total sales for these products to drop to $5 billion [2]. - Loss of market exclusivity for several products, including Prevnar, is expected to contribute to an additional revenue decline of about $1.5 billion [2]. Market Competition and Pricing Strategy - Pfizer's CFO indicated that the 2026 guidance accounts for price compression and narrowing profit margins, as part of a drug pricing agreement with the U.S. government [2][3]. - Under this agreement, Pfizer will supply existing drugs to Medicaid patients at the lowest prices in other developed countries and provide equal "most favored nation" pricing for Medicare and commercial insurers [3]. New Product Development - To offset declining sales from COVID products and established drugs, Pfizer is investing in pipeline products, including a $10 billion acquisition of obesity biotech company Metsera [4]. - Initial data from Metsera's obesity injection showed significant weight loss effects, with participants losing up to 12.3% of their weight after 28 weeks [4]. - However, investor skepticism remains regarding whether this acquisition can compensate for the revenue shortfall from COVID vaccine and oral drug sales, especially in a market dominated by established players [4].

专题：聚焦美股2025年第四季度财报 辉瑞于周二公布四季度业绩，公司利润超华尔街预期，业绩增长得益于阿哌沙班、维达全这类经典药物 的需求持续走高。 据伦敦证券交易所集团汇总的数据，经调整后，辉瑞四季度每股收益为 66 美分，高于分析师此前 57 美 分的预期。 责任编辑：郭明煜 专题：聚焦美股2025年第四季度财报 辉瑞于周二公布四季度业绩，公司利润超华尔街预期，业绩增长得益于阿哌沙班、维达全这类经典药物 的需求持续走高。 据伦敦证券交易所集团汇总的数据，经调整后，辉瑞四季度每股收益为 66 美分，高于分析师此前 57 美 分的预期。 责任编辑：郭明煜 ...