Pfizer (PFE) Q3 2025 earnings

Pfizer On Thursday, it reported third-quarter earnings and revenue that beat estimates and raised full-year earnings guidance, as cost cuts helped offset declining sales for the period.

The pharmaceutical giant now expects its full-year adjusted earnings to be between $3 and $3.15 per share, up from previous guidance of $2.90 to $3.10 per share. Pfizer said this reflects its “strong” performance for the year, “continued confidence in our business” and progress on cost reduction, among other factors.

It also includes a one-time charge of $1.35 billion associated with a licensing agreement with Chinese biotechnology company 3SBio, which generated earnings of about 20 cents per share, Pfizer said. The company said its 2025 guidance also takes into account President Donald Trump’s existing tariffs on China, Canada and Mexico, but not the pharmaceutical tariffs.

Pfizer maintained its full-year revenue guidance of $61 billion to $64 billion.

Here’s what the company reported for the third quarter compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG:

• EPS: 87 cents were revised versus 63 cents expected
• profit: $16.65 billion versus $16.58 billion expected

These results come weeks after Pfizer became the first pharmaceutical company to conclude a deal with Trump to voluntarily sell its drugs at a lower price, as his administration seeks to link American drug prices to cheaper prices abroad.

Under the deal, Pfizer agreed to a three-year grace period during which the company’s products would not face Trump’s drug tariffs — as long as the drugmaker invests more in American manufacturing. The company plans to invest $70 billion to restore local drug manufacturing and research facilities.

The results also come as Pfizer escalates its bidding war Novo Nordisk Obesity Biotech Metsera. On Monday, Pfizer filed a second lawsuit against the two companies, alleging that Novo Nordisk’s attempt to outbid Pfizer to acquire Mitsira was anticompetitive.