Pfizer Inc. has provided its full-year 2025 guidance and reaffirmed its full-year 2024 guidance. The company expects full-year 2025 revenues to be in the range of $61.0 to $64.0 billion, including the expectation of revenues from its COVID-19 products in 2025 being largely consistent with 2024 after excluding approximately $1.2 billion of non-recurring revenue for Paxlovid in 2024.
The adjusted diluted earnings per share (EPS) guidance for full-year 2025 is expected to be in the range of $2.80 to $3.00, reflecting expected operational growth of 10% to 18% from the midpoint of the 2024 baseline guidance, which excludes 2024 non-recurring items.
Pfizer achieved its goal of $4.0 billion in net cost savings through 2024 and anticipates an additional $500 million in savings in 2025 from an ongoing cost realignment program. The company's first phase of the manufacturing optimization program is on track to deliver initial net cost savings in the latter part of 2025, toward the goal of improving gross margin performance.
A comparison of Pfizer’s 2024 financial guidance to its 2025 financial guidance shows the following changes: Revenues for 2024 were expected to be in the range of $61.0 to $64.0 billion, while revenues for 2025 are expected to be in the same range. The adjusted selling, informational, and administrative (SI&A) expenses for 2024 were projected to be between $13.8 and $14.8 billion, which has been adjusted to between $13.3 and $14.3 billion for 2025. The adjusted research and development (R&D) expenses for 2024 were estimated to be between $11.0 and $12.0 billion, and this has been adjusted to between $10.7 and $11.7 billion for 2025. The effective tax rate on adjusted income is expected to increase from approximately 13% in 2024 to around 15% in 2025. * The adjusted diluted EPS for 2024 was projected to be between $2.75 and $2.95, excluding non-recurring items, and this has been adjusted to between $2.80 and $3.00 for 2025, reflecting an increase in the range.
As a result of these announcements, the company's shares have moved 4.0% on the market, and are now trading at a price of $26.27. For more information, read the company's full 8-K submission here.
