Pfizer Inc. (NYSE: PFE) reported a decline in fourth-quarter revenue due to sharply lower demand for its COVID-19 products, though stronger-than-expected vaccine and oncology performance helped earnings exceed analyst forecasts.

Shares of the pharmaceutical company fell more than 3% intraday following the results.

Revenue from Pfizer's COVID-19 vaccine declined 35% year over year, while sales of its antiviral COVID treatment dropped 70%, reflecting reduced infection rates and lower utilization in the U.S.

These declines were partially offset by strong growth in Abrysvo, Pfizer's respiratory syncytial virus vaccine for adults aged 18 to 59 at risk, with global sales surging 136% driven by international demand and pricing. However, updated U.S. vaccination guidance led to reduced uptake among older adults.

Oncology biosimilars also performed well, with sales rising 76% year over year.

Operational revenue for the quarter ended December 31 declined 3% to $17.6 billion, but exceeded Bloomberg consensus estimates of $16.94 billion. Adjusted earnings per share came in at $0.66, above expectations of $0.57.

Pfizer reaffirmed its full-year guidance, projecting revenue of $59.5 billion to $62.5 billion and adjusted diluted EPS of $2.80 to $3.00. The outlook reflected continued prioritization of key therapeutic areas and plans to initiate approximately 20 pivotal clinical trials in 2026.

Separately, Pfizer said its experimental obesity treatment demonstrated up to 12.3% weight loss in non-diabetic patients during a mid-stage clinical trial.