🔹 Revenue: $13.72B (Est. $14.01B) 🔴; -8% YoY
🔹 Adj EPS: $0.92; +12% YoY
🔹 Adj Net Income: $5.24B; +12% YoY
FY25 Guidance (Reaffirmed)
🔹 Revenue: $61.0B–$64.0B
🔹 Adj EPS: $2.80–$3.00
🔹 Adj SI&A Expenses: $13.3B–$14.3B
🔹 Adj R&D Expenses: $10.7B–$11.7B
🔹 Effective Tax Rate (Adj.): ~15%
🔸 Guidance excludes any impact from future tariffs
Segment Revenue
🔹 Global Biopharmaceuticals Business: $13.44B; DOWN -8% YoY
🔹 Pfizer CentreOne (PC1): $257M; Flat YoY
🔹 Pfizer Ignite: $17M; DOWN -3% YoY
Operational Revenue Highlights
🔹 Vyndaqel Family: UP +33% YoY
🔹 Comirnaty (COVID-19 Vaccine): UP +62% YoY
🔹 Padcev: UP +25% YoY
🔹 Nurtec ODT/Vydura: UP +40% YoY
🔹 Lorbrena: UP +39% YoY
🔹 Paxlovid: DOWN -75% YoY
🔹 Eliquis: DOWN -4% YoY
🔹 Xeljanz: DOWN -31% YoY
🔹 Ibrance: DOWN -6% YoY
Cost and Margin Highlights
🔹 Adjusted Cost of Sales: $2.59B; DOWN -15% YoY
🔹 Adjusted SI&A Expenses: $3.01B; DOWN -13% YoY
🔹 Adjusted R&D Expenses: $2.17B; DOWN -12% YoY
🔹 Adjusted Other (Income)/Deductions: $246M; DOWN -17% YoY
🔹 Effective Tax Rate (Adjusted): 7.8% (vs. 16.6% last year)
CEO Albert Bourla’s Commentary:
"We continued to execute with focus and discipline against our strategic priorities, including strengthening our R&D organization and driving improved productivity. With the underlying strength of our business, we believe we can be agile in navigating an uncertain and volatile external environment."
CFO David Denton's Commentary:
“Our overall solid Q1 performance demonstrates our continued focus on commercial execution amid U.S. Medicare Part D headwinds. We are currently trending towards the upper end of our 2025 Adjusted EPS guidance.”
Strategic & Operational Highlights
🔸 On track to exceed $4.5B net cost savings by end of 2025
🔸 Announced additional $1.2B productivity savings by end of 2027
🔸 $1.5B expected in savings from manufacturing optimization by 2027
🔸 Expanded R&D restructuring to save ~$500M by end of 2026
🔸 No share buybacks in Q1 2025; $2.4B returned via dividends
🔸 Fully exited Haleon stake with ~$6.3B in total proceeds YTD
🔸 R&D leadership strengthened with multiple senior hires
Product/Clinical Pipeline Developments
🔸 Abrysvo: EC expanded approval for RSV in adults 18–59; CDC ACIP recommended use in adults 50–59 at risk
🔸 Adcetris: FDA approved expanded combo use for relapsed/refractory LBCL
🔸 Padcev: Phase 3 results show sustained survival benefit in mUC
🔸 Talzenna + Xtandi: Positive OS benefit in mCRPC Phase 3
🔸 Sasanlimab: Phase 3 showed 32% event risk reduction in NMIBC
🔸 Vepdegestrant: Met PFS endpoint in ESR1m breast cancer subgroup in Phase 3
🔸 Danuglipron: Development discontinued for weight loss treatment