“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.”

In context

“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 decline was primarily due to commodities receiving a narrow recommendation for vaccines in the US, and Paxlovid, which experienced reduced demand for lower infection rates. Having said that, our non-COVID product performance was solid, growing 9% operationally versus the same period of last year. Our results demonstrate the effectiveness of a refined commercial strategy. We saw solid contributions across our product portfolio, primarily driven by Abrisvo, Eliquis, Prevnar, and the Vyndaqel family. Adjusted gross margin for the fourth quarter was approx”