$Pfizer (PFE.US)$ Pfizer Inc. (NYSE:PFE) today provided its ...
Pfizer Inc. (NYSE:PFE) today provided its full-year 2025 guidance(1) and reaffirmed its October 29, 2024 full-year 2024 guidance(1) . The accompanying presentation can be found at .
Full-Year 2025 Revenue Guidance(1)
Pfizer anticipates full-year 2025 revenues to be in the range of $61.0 to $64.0 billion, which includes the expectation of revenues from our COVID-19 products in 2025 being largely consistent with 2024 after excluding approximately $1.2 billion of non-recurring revenue for Paxlovid in 2024. Pfizer expects full-year 2025 operational(3) revenue growth, year-over-year, in a range of approximately flat to 5% from the midpoint of 2024 baseline guidance(4) , which excludes 2024 non-recurring items(4) .
2025 Revenue guidance takes into consideration the anticipated net unfavorable impact to revenue of approximately $1 billion, year-over-year, related to the Inflation Reduction Act (IRA) Part D Redesign changes that take effect in 2025. The IRA makes significant changes to the Medicare Part D benefit design, which will impact Pfizer revenue in 2025, including: an expected favorable impact from the $2,000 annual out-of-pocket cap and new Prescription Payment Plan, more than offset by an expected unfavorable impact from the sunsetting of the Coverage Gap Discount Program and the addition of new manufacturer discounts in the initial and catastrophic coverage phases.
Full-Year 2025 Adjusted(2) SI&A and Adjusted(2) R&D Guidance(1)
Pfizer anticipates full-year 2025 Adjusted(2) SI&A expenses to be in the range of $13.3 to $14.3 billion and full-year 2025 Adjusted(2) R&D expenses to be in the range of $10.7 to $11.7 billion. Consequently, total 2025 Adjusted(2) SI&A and R&D expenses are expected to be in the range of $24.0 to $26.0 billion. This range reflects approximately $4.0 billion in net operating expense savings from our cost realignment program achieved through the end of 2024 and anticipates an additional $500 million of savings in 2025.
Full-Year 2025 Adjusted(2) Diluted EPS Guidance(1)
Pfizer anticipates full-year 2025 Adjusted(2) diluted EPS to be in a range of $2.80 to $3.00, reflecting expected operational(3) growth of 10% to 18%, year-over-year, from the midpoint of our 2024 baseline guidance(4) , which excludes 2024 non-recurring items(4) . 2025 Adjusted(2) diluted EPS guidance primarily reflects our expected revenues, anticipated operating margin improvement from continued cost management, and the non-recurrence of the following items that are expected to favorably impact 2024 Adjusted(2) diluted EPS by approximately $0.30:
Full-Year 2025 Revenue Guidance(1)
Pfizer anticipates full-year 2025 revenues to be in the range of $61.0 to $64.0 billion, which includes the expectation of revenues from our COVID-19 products in 2025 being largely consistent with 2024 after excluding approximately $1.2 billion of non-recurring revenue for Paxlovid in 2024. Pfizer expects full-year 2025 operational(3) revenue growth, year-over-year, in a range of approximately flat to 5% from the midpoint of 2024 baseline guidance(4) , which excludes 2024 non-recurring items(4) .
2025 Revenue guidance takes into consideration the anticipated net unfavorable impact to revenue of approximately $1 billion, year-over-year, related to the Inflation Reduction Act (IRA) Part D Redesign changes that take effect in 2025. The IRA makes significant changes to the Medicare Part D benefit design, which will impact Pfizer revenue in 2025, including: an expected favorable impact from the $2,000 annual out-of-pocket cap and new Prescription Payment Plan, more than offset by an expected unfavorable impact from the sunsetting of the Coverage Gap Discount Program and the addition of new manufacturer discounts in the initial and catastrophic coverage phases.
Full-Year 2025 Adjusted(2) SI&A and Adjusted(2) R&D Guidance(1)
Pfizer anticipates full-year 2025 Adjusted(2) SI&A expenses to be in the range of $13.3 to $14.3 billion and full-year 2025 Adjusted(2) R&D expenses to be in the range of $10.7 to $11.7 billion. Consequently, total 2025 Adjusted(2) SI&A and R&D expenses are expected to be in the range of $24.0 to $26.0 billion. This range reflects approximately $4.0 billion in net operating expense savings from our cost realignment program achieved through the end of 2024 and anticipates an additional $500 million of savings in 2025.
Full-Year 2025 Adjusted(2) Diluted EPS Guidance(1)
Pfizer anticipates full-year 2025 Adjusted(2) diluted EPS to be in a range of $2.80 to $3.00, reflecting expected operational(3) growth of 10% to 18%, year-over-year, from the midpoint of our 2024 baseline guidance(4) , which excludes 2024 non-recurring items(4) . 2025 Adjusted(2) diluted EPS guidance primarily reflects our expected revenues, anticipated operating margin improvement from continued cost management, and the non-recurrence of the following items that are expected to favorably impact 2024 Adjusted(2) diluted EPS by approximately $0.30:
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