Pfizer (PFE) — Company Research

Last Updated: 16 Oct 2026

Pfizer (NYSE: PFE) is one of the world’s largest biopharmaceutical companies, selling medicines and vaccines across primary care, specialty care, oncology and hospital markets. The investment story in 2026 is a race between new growth drivers (Seagen oncology assets, the Metsera obesity programme, a PD-1xVEGF bispecific and a string of new launches) and a heavy loss-of-exclusivity cliff for Eliquis, Ibrance, Xtandi and other blockbusters, while COVID revenue keeps shrinking. This refreshed report covers results through Q2 2026, the balance sheet at 28 Jun 2026, valuation and risks, using company releases and SEC filings only.

1. Company Snapshot

Field	Value
Ticker / Exchange	PFE / NYSE
Headquarters	66 Hudson Boulevard East, New York, NY, USA
CEO / Leadership	Dr. Albert Bourla, Chairman & CEO; Cecile Guegan, Interim CFO since 16 Aug 2026 (Dave Denton left 15 Aug 2026)
Sector	Healthcare — biopharmaceuticals and vaccines
Employees	~75,000 at 31 Dec 2025 (FY2025 10-K)
Market cap	~$167.8bn ($29.44 at 15 Oct 2026 close × ~5.70bn shares)
FY2025 Revenue	$62,579m (−1.6%; +6% operationally excluding Comirnaty and Paxlovid)
FY2025 GAAP net income	$7,771m ($1.36 per diluted share)
FY2025 adjusted EPS	$3.22
2026 guidance	Revenue $60.5–$62.5bn (raised 04 Aug 2026); adjusted EPS $2.80–$3.00 (reaffirmed)
Dividend	$0.43 per quarter ($1.72 annualised; yield ~5.8%)

2. Bull & Bear Case

Bull Case

• Insiders buying the dip: CEO Albert Bourla bought 38,000 shares (~$1.0m) on 12 Aug 2026, and directors Mortimer Buckley and Ronald Blaylock each bought close to $1.0m of stock on 05 Aug 2026 after the Q2 report.
• Non-COVID growth is real: Excluding Comirnaty and Paxlovid, Q2 2026 revenue grew 5% operationally, launched and acquired products grew 18%, and full-year revenue guidance was raised to $60.5–$62.5bn.
• Oncology launches landing: Padcev sales rose 23% in Q2 2026 after its July 2026 muscle-invasive bladder cancer approval, and Tukysa won FDA approval as first-line HER2+ maintenance therapy on 07 Oct 2026.
• Large obesity and bispecific bets: Pfizer plans 10 Phase 3 studies in 2026 for monthly GLP-1 berobenatide (from Metsera) and is running pivotal trials of PD-1xVEGF bispecific tivunatamig in lung, colorectal and endometrial cancer.
• Dividend backed by cash flow: Trailing-twelve-month free cash flow of ~$11.0bn to 28 Jun 2026 exceeds the ~$9.8bn annual dividend bill, and the 06 Oct 2026 declaration was Pfizer’s 352nd consecutive quarterly dividend.

Bear Case

• Patent cliff: US basic patents for Xeljanz, Prevnar 13 and Adcetris expire in 2026 and Ibrance and Xtandi in 2027, while settled Eliquis generic entry is 01 Apr 2028; 2026 guidance already absorbs about $1.1bn of LOE revenue loss.
• COVID franchise fading: Paxlovid sales fell 95% and Comirnaty 34% in Q2 2026, and COVID revenue guidance was cut to about $4bn from about $5bn.
• Write-downs hit GAAP earnings: Q2 2026 carried $4.3bn of impairments ($3.8bn for sigvotatug vedotin after its Phase 3 overall-survival miss, $525m for Oxbryta), leaving trailing GAAP EPS at about $0.76.
• Heavy debt, no buybacks: Total debt was about $63.2bn at 28 Jun 2026, and guidance assumes no share repurchases in 2026.
• US price controls: Medicare negotiated prices apply to Eliquis from 2026 and to Ibrance and Xtandi from 01 Jan 2027, on top of the voluntary most-favoured-nation pricing agreement signed in Sep 2025.

3. Business Segments

Pfizer’s only reportable segment is Biopharma (97.8% of FY2025 revenue); Pfizer CentreOne contract manufacturing and the wind-down Pfizer Ignite unit make up the rest. Inside Biopharma, revenue is disclosed by customer category. Percentages use FY2025 revenue of $62,579m from the Q4 2025 earnings release. From 01 Jan 2026 a separate Hospital & Biosimilars category is also reported.

Segment / category	% of revenue	What it is
Biopharma — Primary Care	42.9% ($26,820m)	Eliquis ($7,961m), the Prevnar pneumococcal vaccine family ($6,494m), Comirnaty ($4,367m), Paxlovid ($2,362m), Nurtec ODT/Vydura and Abrysvo.
Biopharma — Specialty Care	28.0% ($17,546m)	The Vyndaqel ATTR-CM family ($6,380m), Xeljanz ($1,087m), inflammation, immunology, rare-disease and hospital products.
Biopharma — Oncology	26.9% ($16,834m)	Ibrance ($4,122m), Xtandi ($2,194m), Padcev ($1,940m) and the wider Seagen antibody-drug conjugate portfolio.
Pfizer CentreOne	2.1% ($1,338m)	Contract development and manufacturing for third parties.
Pfizer Ignite	0.1% ($41m)	Biotech R&D services unit, now being wound down.

4. Business Model & Moat

How it makes money. Pfizer discovers, develops, licenses and acquires patented medicines and vaccines, then sells them to wholesalers, hospitals, governments and pharmacies worldwide. Gross margins on patented drugs are high, and the cash funds R&D (adjusted R&D guidance $10.5–$11.5bn for 2026), deal-making and one of the sector’s largest dividend bills.

Replacing lost revenue by deal. Pfizer has bought growth to refill the LOE gap: Seagen in 2023 (funded by about $31bn of notes), Metsera in Nov 2025 (up to about $10bn including a CVR), the 3SBio PD-1xVEGF licence in 2025 and an Innovent oncology licence that closed on 10 Jul 2026 ($650m upfront, up to $9.85bn in milestones).

Moat. Patents, regulatory exclusivity, global manufacturing scale and vaccine know-how protect pricing until each product’s exclusivity ends. Prevnar 20 is protected to 2035 in the US, and a settlement puts effective Vyndamax US expiry at 01 Jun 2031. The moat is product-by-product, so it has to be rebuilt continually through the pipeline.

Cost discipline. Cost programmes now target $6.7bn of net savings through 2029 plus $3.0bn of manufacturing savings, and a further $2.5bn of productivity savings for 2027–2029 was announced with Q2 2026 results.

5. Financial Health

Annual figures are from Pfizer’s Q4 earnings releases and SEC XBRL filings. Long-term debt is the non-current balance-sheet amount at year end.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$81,288m	+95.2%	$3.85	$4.42†	$1.57	$36,195m
FY2022	$100,330m	+23.4%	$5.47	$6.58	$1.61	$32,884m
FY2023	$58,496m	−41.7%	$0.37	$1.84	$1.65	$61,538m
FY2024	$63,627m	+8.8%	$1.41	$3.11	$1.69	$57,405m
FY2025	$62,579m	−1.6%	$1.36	$3.22	$1.72	$61,641m

† FY2021 adjusted EPS as originally reported; the FY2022 release restated it to $4.06. FY2021 and FY2022 revenue were inflated by Comirnaty and Paxlovid. The FY2023 debt step-up reflects about $31bn of notes issued for Seagen. Dividends are declared per share.

Quarterly progression, most recent first, with the FY2025 total in bold:

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	$15,034m	$0.77	−$0.04
Q1 2026	$14,451m	$0.75	$0.47
Q4 2025	$17,557m	$0.66	−$0.29
Q3 2025	$16,654m	$0.87	$0.62
FY2025 total	$62,579m	$3.22	$1.36

Q2 2026 GAAP EPS absorbed $4.3bn of intangible impairments; Q3 2025 GAAP EPS absorbed a $1.35bn acquired IPR&D charge for the 3SBio licence. Over the four quarters to 28 Jun 2026, revenue was about $63,696m, GAAP EPS about $0.76 and adjusted EPS about $3.05.

Cash flow and balance sheet. All figures are from SEC XBRL filings (FY2025 10-K and Q2 2026 10-Q).

• Operating cash flow: $11.70bn in FY2025; ~$13.40bn trailing twelve months to 28 Jun 2026.
• Capital expenditure: $2.63bn in FY2025; ~$2.42bn trailing twelve months.
• Depreciation & amortisation: $6.59bn in FY2025 (total D&A including $4.87bn of intangible amortisation); ~$6.58bn trailing twelve months.
• Debt at 28 Jun 2026: non-current long-term debt $60,495m and short-term borrowings including current maturities $2,699m, about $63.2bn in total. No new long-term debt was issued in H1 2026 and $1.25bn was repaid.
• Cash at 28 Jun 2026: cash $976m plus short-term investments $10,723m.

6. Valuation

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$167.8bn (price $29.44 at 15 Oct 2026 close × ~5.70bn shares)
Enterprise value	~$219.3bn (market cap ~$167.8bn + total debt ~$63.2bn − cash and short-term investments ~$11.7bn per 28 Jun 2026 balance sheet; total debt = long-term debt $60.50bn + short-term borrowings $2.70bn)
Trailing P/E (GAAP)	~38.7x ($29.44 / ~$0.76 TTM GAAP EPS, Q3 2025–Q2 2026, depressed by impairments and IPR&D charges); on TTM adjusted EPS of ~$3.05 the multiple is ~9.7x
P/E (forward)	~10.2x ($29.44 / $2.90, the midpoint of 2026 adjusted EPS guidance of $2.80–$3.00)
P/S (TTM)	~2.6x ($167.8bn / ~$63.70bn TTM revenue)
EV/EBITDA (TTM)	~10.5x (EV ~$219.3bn / EBITDA ~$20.84bn; EBITDA = FY2025 operating income ~$14.24bn, derived as revenue less cost of sales, SI&A, R&D, acquired IPR&D, amortisation and restructuring, + total D&A $6.59bn; latest full year used because Pfizer does not report an operating-income line)
P/FCF	~15.3x (market cap ~$167.8bn / TTM FCF ~$10.99bn; FCF = operating CF $13.40bn − capex $2.42bn); on FY2025 FCF of ~$9.08bn ($11.70bn − $2.63bn) it is ~18.5x
Dividend yield	~5.8% ($1.72 annualised / $29.44)
52-week high	$29.88 (15 Oct 2026)
52-week low	$23.62
Short interest (% of float)	~2.65% (~150.2m shares short at 30 Sep 2026 settlement, MarketBeat)
Days to cover	~4.4 days

7. What Are They Building

Pfizer’s pipeline is built to replace roughly the revenue it loses to generics and price controls between 2026 and 2028.

• Obesity: Berobenatide (PF’3944, formerly MET-097i), a monthly injectable GLP-1 from Metsera, reported Phase 2b VESPER data in Jun 2026. Pfizer plans 10 Phase 3 studies in 2026 within a programme of more than 20 obesity trials, and has also in-licensed YaoPharma’s oral GLP-1 YP05002.
• PD-1xVEGF bispecific: Tivunatamig (PF-08634404), licensed from 3SBio, is in pivotal studies in first-line non-small cell lung, colorectal and endometrial cancer, with updated lung data due at ESMO 2026.
• Antibody-drug conjugates: Padcev and Tukysa label expansions in 2026; sigvotatug vedotin continues in a first-line Phase 3 with pembrolizumab despite the second-line miss; 12 Innovent oncology programmes added in Jul 2026.
• Breast and prostate cancer: Atirmociclib (CDK4 inhibitor) is in a first-line Phase 3; Talzenna plus Xtandi in HRR-mutated mCSPC has a priority-review FDA decision due in Q4 2026; mevrometostat is in prostate cancer studies.
• Immunology and vaccines: Tilrekimig (IL-4/IL-13/TSLP trispecific) is moving to Phase 3 in atopic dermatitis and asthma; Litfulo filings are planned in vitiligo; a 25-valent pneumococcal vaccine began paediatric Phase 3 in May 2026; and the Lyme vaccine with Valneva is under EMA review.

8. Competitive Landscape

Pfizer competes with the other global large-cap pharmaceutical groups. Market caps are at the 15 Oct 2026 close. Metrics come from each company’s FY2025 results release.

Peer	Market cap (Oct 2026)	Key 2025 metric
Eli Lilly (LLY)	~$1,116bn	FY2025 revenue ~$65.2bn, +45%, per Lilly Q4 2025 release
Johnson & Johnson (JNJ)	~$610bn	FY2025 sales ~$94.2bn, +6.0%, per J&J Q4 2025 release
AbbVie (ABBV)	~$501bn	FY2025 net revenue $61,160m, +8.6%, per AbbVie Q4 2025 release
Merck & Co. (MRK)	~$358bn	FY2025 sales $65,011m, +1%, per Merck Q4 2025 release
AstraZeneca (AZN)	~$259bn	FY2025 total revenue $58,739m, +8% at constant exchange rates, per AstraZeneca FY2025 results
Bristol-Myers Squibb (BMY)	~$124bn	FY2025 revenue ~$48.2bn, roughly flat, per BMS Q4 2025 release

9. Leadership & Insider Activity

Dr. Albert Bourla is Chairman and CEO. Cecile Guegan became Interim CFO on 16 Aug 2026 after Dave Denton left; a permanent CFO search is ongoing. In 2026 Form 4 filings show open-market purchases by the CEO and two directors after the Q2 results, and two small sales by the Controller. Bourla’s purchase left him with 429,173 shares held directly. Other Sep–Oct 2026 filings were routine director deferred-stock awards and phantom-unit credits.

Name	Date	Type	Shares	Price	Value	Plan Type
Albert Bourla (Chairman & CEO)	12 Aug 2026	Purchase	38,000	$26.34	~$1.00m	Open market; no 10b5-1 indication
Mortimer J. Buckley (Director)	05 Aug 2026	Purchase	37,632	$25.52	~$0.96m	Open market; new position
Ronald E. Blaylock (Director)	05 Aug 2026	Purchase	39,231	$25.46	~$1.00m	Open market
Jennifer B. Damico (SVP & Controller)	05 Aug 2026	Sale	3,278	$25.40	~$0.08m	Open market; no 10b5-1 indication
Jennifer B. Damico (SVP & Controller)	09 Jun 2026	Sale	2,000	$25.70	~$0.05m	Open market; plan status not stated

10. Key Risks

• Loss of exclusivity (Commercial): Xeljanz, Prevnar 13, Adcetris and the Vyndaqel family face 2026 US expiries, Ibrance and Xtandi 2027, and Eliquis generics are settled for 01 Apr 2028. If the Eliquis formulation patent were invalidated, generics could launch as early as 21 Nov 2026.
• US drug pricing (Regulatory): IRA negotiated prices cover Eliquis (2026), Ibrance and Xtandi (2027) and Xeljanz (2028). The voluntary most-favoured-nation agreement and TrumpRx participation trade price concessions for a three-year Section 232 tariff grace period tied to about $70bn of US investment.
• Pipeline and impairment (Operational): The $3.8bn sigvotatug vedotin write-down shows how acquired assets can fail. The obesity programme must compete against established GLP-1 incumbents in a costly Phase 3 build-out.
• Leverage (Financial): Total debt of about $63.2bn and H1 2026 interest expense of $1,336m limit flexibility; the ~$9.8bn dividend absorbs most free cash flow and no buybacks are planned.
• Litigation (Legal): The Depo-Provera meningioma MDL 3140 heads to a first bellwether trial in Dec 2026, and Q2 2026 legal charges were $842m.
• COVID revenue run-off (Commercial): COVID products are guided to about $4bn in 2026 after the cut from about $5bn, with Paxlovid nearly gone in Q2.
• Leadership transition (Operational): The CFO role has been held on an interim basis since 16 Aug 2026 during a large cost-cutting and restructuring programme, including about 330 job cuts in Catania, Italy.

11. Recent Developments

• 15 Oct 2026 — New 52-week high. The shares reached $29.88 in a sector-wide rally, closing at $29.44, after setting a new 12-month high the day before.
• 14 Oct 2026 — IDWeek line-up. Pfizer said it will present more than 50 abstracts at IDWeek on 21–24 Oct, including Phase 3 VALOR results for its Lyme disease vaccine and RSV data.
• 07 Oct 2026 — FDA approves Tukysa regimen. Tukysa with trastuzumab and pertuzumab was approved as first-line maintenance for HER2+ metastatic breast cancer; median progression-free survival was 24.9 months against 16.3 months in HER2CLIMB-05.
• 07 Oct 2026 — Catania job cuts confirmed. Talks at Italy’s Industry Ministry ended with about 330 of 550 job cuts and the closure of the penicillin unit confirmed; further talks are set for 10 Nov.
• 06 Oct 2026 — Q4 dividend declared. The board declared $0.43 per share, Pfizer’s 352nd consecutive quarterly dividend, payable 07 Dec 2026 to holders of record on 06 Nov 2026.
• 02 Oct 2026 — Litfulo vitiligo data. Detailed Phase 3 results showed Litfulo significantly improved facial and total-body repigmentation in nonsegmental vitiligo.
• 01 Oct 2026 — Tilrekimig Phase 2. The IL-4/IL-13/TSLP trispecific showed significant skin clearance in a Phase 2 atopic dermatitis study.
• 28 Sep 2026 — ESMO preview. Pfizer will present 45 abstracts at ESMO, including late-breaking SigVie-002 overall-survival data for sigvotatug vedotin and updated tivunatamig lung data.
• 22 Sep 2026 — Q3 date set. Pfizer will publish Q3 2026 results and hold its call on 03 Nov 2026.
• 04 Aug 2026 — Q2 2026 results. Revenue was $15,034m (+3%), adjusted EPS $0.77 and GAAP EPS −$0.04 after $4.3bn of impairments. Revenue guidance was raised and adjusted EPS guidance of $2.80–$3.00 reaffirmed.

12. Key Dates

• 21 Oct 2026 — IDWeek opens (to 24 Oct), with Phase 3 Lyme vaccine data
• 23 Oct 2026 — ESMO 2026 opens in Madrid (to 27 Oct); SigVie-002 late-breaker on 25 Oct
• 03 Nov 2026 — Q3 2026 results and conference call (10:00am ET)
• 06 Nov 2026 — record date for the $0.43 quarterly dividend
• 10 Nov 2026 — next round of Catania labour talks
• 21 Nov 2026 — Eliquis US composition patent expires (settled generic entry 01 Apr 2028)
• Expected Dec 2026 — FDA decision on Talzenna plus Xtandi in HRR-mutated mCSPC (Q4 2026 PDUFA) and first Depo-Provera bellwether trial
• 07 Dec 2026 — quarterly dividend payment date
• 01 Jan 2027 — Medicare negotiated prices for Ibrance and Xtandi take effect

The date for Q4 2026 results and 2027 guidance has not yet been announced.

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