The big US drugmaker pointed to 20 planned trials in 2026 for pharmaceuticals under development and said it achieved sales growth in several leading products, including blood thinner Eliquis, in spite of competition from generics in some markets.

The fourth-quarter loss compared with profits of US$410 million in the fourth quarter of 2024. Revenues fell 2% to US$62.6 billion.

The results were dented by US$4.4 billion in asset impairments that were needed “due to changes in development plans and updated long-range commercial forecasts,” Pfizer said in its press release.

The drugmaker experienced a 35% drop in revenues from Covid-19 vaccine Comirnaty and a 75% decline in sales tied to therapeutic Paxlovid.

Since the pandemic, Pfizer has completed acquisitions of oncology drug specialist Seagen and Metsera, which is known for weight loss products.

Pfizer said half of the 20 trials in 2026 are for “ultra-long-acting obesity assets” acquired from Metsera.

While Pfizer continued to pay a dividend in 2025, it did not undertake any share repurchases, in line with its plan to pay off debt “in a prudent manner,” the company said.

“Current financial guidance does not anticipate any share repurchases in 2026,” said Pfizer, which anticipates research and development expenses of between US$10.5 billion and US$11.5 billion in 2026.

Pfizer spent US$10.4 billion on R&D in 2025.

Pfizer projected 2026 revenues of US$59.5 to US$62.5 billion, a bit below the US$62.6 billion last year. The company’s overall outlook for 2026 was in line with Pfizer’s December projections.

Shares dropped 4% in pre-market trading.