New York, Feb 2, 2026, 15:27 EST — Regular session.
- Investors are gearing up for Pfizer’s fourth-quarter and full-year 2025 results, set for release on Feb. 3.
- Shifts in obesity drug pricing are prompting a fresh look at long-term market projections.
- A UK watchdog’s decision in an RSV marketing dispute introduces fresh headline risk.
Pfizer Inc (PFE.N) shares edged up roughly 0.3% to $26.51 by mid-afternoon Monday, ahead of its quarterly earnings report set for Feb. 3. The stock fluctuated between $26.34 and $26.58, with volume hitting around 34.4 million shares.
Tuesday’s report will be a crucial test for Pfizer as demand for its COVID products wanes and a wave of older drugs nears patent expiration. The looming “patent cliff”—when generics can start to chip away at sales—is weighing heavily on investors. Pfizer plans to review the results during a conference call on Feb. 3 at 10:00 a.m. ET. Pfizer Investor Relations
Analysts expect Pfizer’s adjusted earnings to land between 57 and 58 cents per share, on revenue of about $16.7 billion to $16.9 billion for the December quarter. The previous quarter saw Pfizer deliver adjusted earnings of 87 cents a share, excluding certain one-time charges, and it also boosted its profit outlook for 2025.
Obesity is proving to be a wild card. A Reuters analysis on Monday revealed that U.S. prices for GLP-1 drugs from Novo Nordisk and Eli Lilly—medications that mimic a gut hormone—are dropping, squeezing predictions in the cash-pay market where patients cover costs themselves. Jefferies analyst Michael Leuchten bluntly said the “$150 billion pie is gone,” while HSBC’s Rajesh Kumar noted “prices have come down quite sharply.” Still, Pfizer CEO Albert Bourla remains bullish, expecting a $150 billion obesity market by 2030, underscored by Pfizer’s $10 billion Metsera deal. Reuters
Britain’s Prescription Medicines Code of Practice Authority has ruled that Sanofi violated the pharma code by making unproven claims that its RSV antibody Beyfortus outperforms Pfizer’s Abrysvo vaccine. The panel noted a lack of head-to-head studies backing the “more effective” statement and criticized Sanofi for promoting a prescription-only drug to the public. Sanofi accepted the ruling and reaffirmed its commitment to “ethical conduct” after CEO Paul Hudson told The Observer in 2024 that “you would choose Beyfortus” for clinical benefit. Reuters
Pfizer’s December outlook projects 2026 revenue between $59.5 billion and $62.5 billion, with adjusted earnings per share of $2.80 to $3.00. The company factors in a $1.5 billion revenue drop from COVID-19 products compared to 2025, plus another $1.5 billion loss tied to patent expirations and generic competition.
There’s barely any margin for error this quarter. Investors will push management on the speed of cost reductions and if the pipeline can compensate for revenue lost as older drugs expire.
A cautious outlook for 2026—or weaker-than-anticipated vaccine demand—could push shares back into recent trading ranges. On top of that, if obesity drug prices continue to fall, the returns from upcoming launches might end up lower than many projections have baked in.
Pfizer plans to unveil its Q4 and full-year 2025 results on Feb. 3, followed by a 10 a.m. ET call with analysts. Investors will be watching closely for details on the full-year 2026 forecast, as well as updates on its obesity treatments and RSV franchise.
