Pfizer ( PFE ) – Q3 2025 Review

DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Read our full disclaimer, here.

Too Big to Pivot? Pfizer After the Pandemic

by Nathan Brinkman for Cestrian Capital Research, Inc

Pfizer is one of the world’s largest pharmaceutical companies, with a portfolio spanning vaccines, oncology, immunology, rare disease, inflammation, and internal medicine. For much of the last several decades, Pfizer has been defined by scale, balance-sheet strength, and an ability to refresh its portfolio through acquisitions and business development rather than internal discovery alone.

That model was dramatically amplified during the COVID-19 pandemic, when Pfizer, through its partnership with BioNTech (BNTX), generated unprecedented revenues and cash flow from Comirnaty® (Covid-19 vaccine). However, the post-pandemic period has exposed the structural challenge facing Pfizer today: how to transition from a COVID-era revenue peak into a sustainable growth model while absorbing the consequences of a historically large acquisition cycle and multiple looming patent expirations.

Unlike Novo Nordisk, where risk centers on execution and competition within a single dominant franchise, or Regeneron, where diversification is driven organically through platform science, Pfizer’s current investment thesis is a reset story. The company is simultaneously managing COVID revenue erosion, integrating the Seagen acquisition, rationalizing its cost base, and attempting to rebuild investor confidence in its long-term growth trajectory.

Let’s dig in.

If you want our biotech coverage and you don’t yet get it, join our Inner Circle service today!