“We will continue to drive cost improvements going forward across our manufacturing network.”

In context

“yond. Looking ahead, Pfizer Inc. is approaching an exciting phase where recently launched and acquired products and a strong pipeline are anticipated to spur growth towards the end of this decade. With that said, this morning, I'll provide our full year and fourth quarter 2025 results, then I'll touch on our cost improvement initiatives as well as our capital allocation priorities. I'll finish with a few comments on our 2026 guidance, which we are reaffirming today. For the full year 2025, we recorded revenues of $62.6 billion versus $63.6 billion last year, representing a 2% operational decline. Importantly, our operational revenue growth, when excluding contributions from our COVID-19 products, was 6%. Full year 2025 adjusted gross margins expanded to 76%, in line with our expectations. We will continue to drive cost improvements going forward across our manufacturing network. And on the bottom line, we reported full year 2025 diluted EPS of $1.36 versus $1.41 last year, and adjusted diluted earnings per share of $3.22 versus $3.11 last year, ahead of expectations. Pfizer Inc.'s recently launched and acquired set of products delivered $10.2 billion in revenues for the full year of 2025 while growing approximately 14% operationally versus last year. We plan to continue to invest behind these two product groups to drive their future performance to enable the company to partially offset our LOEs over the next several years. Now turning to the fourth quarter, we recorded revenues of $17.6 billion, a decrease of 3% operationally versus the same period of last year, largely driven by an approximate 40% operational year-over-year decline in our COVID products. The dec”