Pfizer Inc. provided its full-year 2025 financial guidance, projecting revenues in the range of $61.0 billion to $64.0 billion. This guidance anticipates that revenues from COVID-19 products in 2025 will be largely consistent with 2024, excluding approximately $1.2 billion of non-recurring Paxlovid revenue from 2024.
The company expects full-year 2025 adjusted diluted earnings per share (EPS) to be in the range of $2.80 to $3.00, reflecting expected operational growth of 10% to 18% from the midpoint of its 2024 baseline guidance. This EPS outlook primarily reflects anticipated revenues, improved operating margins from continued cost management, and the non-recurrence of certain favorable items from 2024.
Pfizer's 2025 revenue guidance incorporates an estimated net unfavorable impact of approximately $1 billion year-over-year due to the Inflation Reduction Act (IRA) Part D Redesign changes taking effect in 2025. The company also expects total adjusted selling, informational, and administrative (SI&A) and research and development (R&D) expenses to be between $24.0 billion and $26.0 billion, reflecting $4.0 billion in net operating expense savings achieved through 2024 and an additional $500 million expected in 2025.
The company reaffirmed its full-year 2024 revenue guidance of $61.0 billion to $64.0 billion and adjusted diluted EPS guidance of $2.75 to $2.95. Chairman and CEO Dr. Albert Bourla expressed confidence in Pfizer's ability to deliver on financial commitments, improve operating margins, and advance its pipeline to create shareholder value.
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