Pfizer Inc

Latest Results (04.06.2026):

Pfizer Inc. reported results for the first quarter of 2026, with total revenues of $14.5 billion (5% year‑over‑year increase; 2% operational growth) and reported diluted EPS of $0.47 (adjusted diluted EPS $0.75). The company highlighted strong operational momentum from launched and acquired products (22% operational growth) and reaffirmed full‑year 2026 guidance: revenues $59.5–$62.5 billion and adjusted diluted EPS $2.80–$3.00. Management emphasized pipeline and late‑stage progress alongside ongoing efficiency actions.

Revenues

First‑quarter 2026 revenues were $14.451B (+5% year‑over‑year; +2% operational). Excluding Comirnaty and Paxlovid, revenues grew 7% operationally. Revenues from Launched and Acquired Products rose 22% operationally.

Earnings

Reported diluted EPS was $0.47 (down 10% vs. Q1 2025); adjusted diluted EPS was $0.75 (down 18% vs. Q1 2025). Adjusted income was $4.29B versus $5.24B in prior-year quarter.

Product performance

Key product drivers: Padcev +39% op, Nurtec ODT/Vydura +41% op, Oncology biosimilars +52% op, Lorbrena +32% op, Eliquis +8% op, Vyndaqel family +4% op, Xeljanz +34% op, Abrysvo +31% op. By contrast, Comirnaty fell 59% op and Paxlovid fell 63% op year‑over‑year.

Costs, margins and taxes

Cost of sales rose (24.6% of revenues vs. 20.7% in Q1 2025), driven in part by the non‑recurrence of a favorable royalty accrual and FX; adjusted cost of sales similarly increased. R&D expense increased ~12% operationally; SI&A expenses declined ~4% operationally. Reported effective tax rate was 14.6% (vs. (6.8)% prior year); adjusted effective tax rate ~16.9%.

Guidance

Pfizer reaffirmed full‑year 2026 guidance: revenues $59.5–$62.5B and adjusted diluted EPS $2.80–$3.00. Guidance assumes ~5.74B diluted shares outstanding, no share repurchases in 2026, and an estimated ~$1.5B unfavorable revenue impact from anticipated generic/biosimilar competition.

Capital allocation

In Q1 2026 Pfizer reinvested $2.5B in internal R&D and ~$110M in business development, paid $2.4B in dividends ($0.43 per share), and reported $3.3B remaining share repurchase authorization; current guidance assumes no repurchases in 2026 while the company focuses on de‑leveraging.

R&D and pipeline momentum

Pfizer reported multiple positive readouts and regulatory milestones (e.g., Phase 3 wins or positive toplines for Braftovi in mCRC, Elrexfio in RRMM, Padcev perioperative outcomes, Talzenna in HRR‑mutated mCSPC) and said it is on track to start ~20 key pivotal studies in 2026, highlighting strength in oncology and obesity areas.

Other corporate items

Notable items: completion of exit from ViiV stake (proceeds ~$1.875B), strategic China commercialization agreement for ecnoglutide, settlements extending Vyndamax U.S. patent protection to June 1, 2031, and continuation of the TrumpRx participation program to offer discounted medicines.