Pfizer Inc Q3 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: David Risinger - Leerink Partners LLC - Analyst : Congrats on the performance in the quarter. So my question is on Metsera. Could you just comment on the legal process ahead? I know that Pfizer is arguing that Novo's acquisition of Metsera would be anticompetitive. And even if the FTC doesn't allow it, it could be anticompetitive. So could you just talk us through the clock and the process for courts to hear Pfizer's arguments? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 3:00PM, PFE.N - Q3 2025 Pfizer Inc Earnings Call

Question: Asad Haider - Goldman Sachs Group Inc - Analyst : I guess just for Albert and Dave, just a quick high-level question on BD. What's the plan if Metsera doesn't work out for some reason? And then second, on 2026, any early framing on guidance pushes and pulls, specifically on how we should think about OpEx with and without Metsera? And then any additional color on how to think about the dilution you mentioned from your recent MFN deal with the Administration?

Question: Geoffrey Meacham - Citibank Cameroon SA - Analyst : I guess one for Albert or Dave. When you look at the manufacturing investments you're making as part of the MFN agreement, relative to the operational cost efficiencies, how would you rank those as priorities? I guess, both seem to have three-year time frames. I'm just trying to get a sense of the incremental dollar and the strategy there.

Question: Terence Flynn - Morgan Stanley - Analyst : Maybe two for me. You've previously talked about ELREXFIO being a key driver for you over the long term. We noticed that MagnetisMM 5 trial was pushed out data into 2026. We know J&J had a similar trial in a similar patient population that just read out. So maybe REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 3:00PM, PFE.N - Q3 2025 Pfizer Inc Earnings Call you could just remind us of any potential differences here in terms of your trial versus their trial and why there might be a difference in timing given they started around the same time? And the second question is just a clarification on Paxlovid dynamics for the quarter. It looks like by our math, price per script went up over last quarter. So just wondering if there's any onetime items that we need to think about here as we think about the trends in the fourth quarter?

Question: Akash Tewari - Jefferies LLC - Analyst : I had a question on your upcoming Phase 3 EZH2 readout in CRPC. I'm surprised the study isn't more prominently flagged given the potential to extend the Xtandi franchise. What drives your confidence that you're getting adequate target exposure after examining some of your food effect studies? And also, what's your expectations around overall survival? Could we see a 20% to 30% benefit here?

Question: Kerry Holford - Joh Berenberg Gossler & Co KG - Analyst : Just on the guidance for this year, you've clearly reiterated the total revenue range of $61 billion to $64 billion. And when you first set out the guidance, you spoke of total COVID-19 sales of around $9 billion for the year. Seeing that you booked just only around -- just over $4 billion year-to-date, just interested in your comments on whether that $9 billion is still achievable for the full year? And if not, what other assets would you call out as likely to fill that gap and give you confidence to reiterate the total sales guidance?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Just wanted to understand the thought process around the pricing of the GLP-1 and this class of medicines, given that, I mean, even today, there's a news article out there suggesting the price could be $150 or so. So it seems like the price is only going in one direction. In that case, I mean, how do you justify the price that you're paying to Metsera? And in general, the obesity landscape over time, how do you think about that with this pricing decline for the class?

Question: Christopher Schott - JPMorgan Chase & Co - Analyst : Just maybe two MFN questions. First one is bigger picture. As you think about MFN on new launches over time, what are you thinking about this suggesting for international revenues? Is this -- I guess, I could read this as a net positive that you get higher price? I can read as net negative because reimbursement hurdle is going to be tougher at these higher prices? It could be neutral. Just how you envisioned what plays out with international as you signed that deal? And then the second one is just trying to get a little bit more color on the MFN impact for 2026. I think you mentioned some dilution there. But just any more quantitative metrics you could provide just like how much of a headwind is that for next year?

Question: Steve Scala - Cowen and Company LLC - Analyst : Two questions. What does the drug pricing deal with Trump allow Pfizer to do that other companies will not be able to do other than, of course, AstraZeneca? And secondly, on Metsera, so the data looks more similar than different than competitors and Metsera disclosures haven't been completely transparent raising serious questions. Many other big cap pharmas have passed over Metsera when pursuing other products validating the me-too point. Nothing and all this justifies a bidding war or even a protracted legal battle. Is Pfizer's determination to persist underpinned by substantial confidentiality data -- confidential data or simply the desire to be a player in obesity? Or does Pfizer agree with the points that I just said and could it just walk away?

Question: Evan Seigerman - Bank of Montreal - Analyst : Assuming Metsera closes, what near-term factors must you consider to continue growing the dividend and then delevering, Dave, as you had said? When do you think you may be able to also start to repurchase shares? Or is that less of a priority with all this BD? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 3:00PM, PFE.N - Q3 2025 Pfizer Inc Earnings Call

Question: Rajesh Kumar - Hsbc International - Analyst : Two questions, if I may. I appreciate you cannot say a lot about Metsera at this junction. Just from a modeling perspective, if we are thinking of additional balance sheet capacity for deal making, how much capacity would you assume, assuming that you are keeping some capacity away from Metsera at the moment, in 2026 on your own internal budgeting? That would be really helpful. And just on the 3SBio, I appreciate the deal has just closed and some of the trials have just started. When can we expect to see data news flow come out of that deal? Is it more a 2027 event? Or do we have any interim readout or update in '26?