Company Reports

Pfizer sees steady cash flows from a basket of diverse drugs, and the company's large size confers significant competitive advantages in developing new drugs. This heft, combined with a broad portfolio of patent-protected drugs, has helped Pfizer build an economic moat around its business. In addition, Pfizer's 2020 divestment of its off-patent division Upjohn to create a new company (Viatris) in combination with Mylan, as well as its consumer business spinoff (Haleon) in 2022, should help focus the remaining innovative business. However, we think high price tags for acquisitions have kept ROICs at Pfizer lower than at many large-pharma peers.

Pfizer reported 3% revenue growth in the second quarter and flat adjusted diluted EPS. Management raised the midpoint of revenue guidance for 2026 by $500 million to $61.5 billion and maintained adjusted diluted EPS guidance of $2.80-$3.00. Shares rose 2% intra-day on Aug. 4.

Pfizer reported 5% top-line growth but an 18% decline in adjusted diluted EPS, mostly due to royalty expenses weighing on its gross margin. Management maintained its full-year guidance for $59.5 billion-$62.5 billion in revenue and adjusted diluted EPS of $2.80-$3.00. Shares rose 1% intraday May 5.

Pfizer reported a 2% decline in revenue and 4% increase in adjusted EPS in 2025, and management maintained 2026 revenue guidance for $59.5 billion-$62.5 billion (between flat and a 5% decline) and adjusted diluted EPS of $2.80-$3.00 that it first released in December. Shares fell 3% intraday Feb. 3.

Pfizer's foundation remains solid, based on steady cash flows generated from a basket of diverse drugs. The company's large size confers significant competitive advantages in developing new drugs. This heft, combined with a broad portfolio of patent-protected drugs, has helped Pfizer build an economic moat around its business. In addition, Pfizer's 2020 divestment of its off-patent division Upjohn to create a new company (Viatris) in combination with Mylan, as well as its consumer business spinoff (Haleon) in 2022, should help focus the remaining innovative business.

Pfizer reaffirmed its 2025 adjusted diluted EPS guidance of $3.00-$3.15, adding that revenue would land at roughly $62 billion (within the prior $61 billion-$64 billion range). Initial 2026 bottom-line guidance of $2.80-$3.00 is below $3.05 FactSet consensus. Shares fell more than 3% on Dec. 16.

Pfizer's foundation remains solid, based on steady cash flows generated from a basket of diverse drugs. The company's large size confers significant competitive advantages in developing new drugs. This heft, combined with a broad portfolio of patent-protected drugs, has helped Pfizer build an economic moat around its business. In addition, Pfizer's 2020 divestment of its off-patent division Upjohn to create a new company (Viatris) in combination with Mylan, as well as its consumer business spinoff (Haleon) in 2022, should help focus the remaining innovative business.

Pfizer's third-quarter revenue fell 6%, as acquisition charges outweighed cost efficiencies and pushed adjusted diluted EPS down 18%. In the battle for Metsera's obesity pipeline, Pfizer announced two lawsuits in the past week against challenger Novo Nordisk and Metsera and a revised bid on Nov 4.

The Trump administration and Pfizer announced an agreement on Sept. 30 that includes most-favored-nation pricing for Pfizer's drugs in Medicaid programs, discounts for direct sales of Pfizer drugs, and pricing parity with developed markets for new drug launches. Pfizer shares rose more than 6%.

Pfizer announced on Sept. 22 that it plans to acquire Metsera and its obesity drug candidates for $4.9 billion upfront and up to $2.4 billion in contingent payments based on pipeline progress.

At a Sept. 19 meeting, the Centers for Disease Control and Prevention's Advisory Committee on Immunization Practices voted to recommend healthcare provider consultation prior to covid vaccination for individuals six months and older but voted against requiring a prescription.

Pfizer's foundation remains solid, based on steady cash flows generated from a basket of diverse drugs. The company's large size confers significant competitive advantages in developing new drugs. This heft, combined with a broad portfolio of patent-protected drugs, has helped Pfizer build an economic moat around its business.

The US Food and Drug Administration's Vinay Prasad issued a memo on Aug. 25 detailing the agency's evolving thoughts on the coadministration of vaccines and approval requirements. A meeting of the Advisory Committee on Immunization Practices is scheduled for Sept. 18-19.

The latest versions of covid vaccines were approved by the US Food and Drug Administration on Aug. 27, including Pfizer and BioNTech's mRNA-based Comirnaty, Moderna's mRNA-based mNexspike and Spikevax, and Novavax and Sanofi's protein-based Nuvaxovid.

Pfizer's second-quarter 10% revenue growth and adjusted EPS of $0.78 were ahead of consensus expectations. Management maintained full-year revenue guidance of $61 billion-$64 billion and raised adjusted EPS guidance by $0.10 at the midpoint (after absorbing a $0.20 licensing payment to 3SBio).

Pfizer faces patent expirations amounting to more than one quarter of 2024 revenue by 2028, and the 2023 acquisition of oncology-focused biotech Seagen boosted the firm's invested capital base, lowering adjusted returns on invested capital to 7.3% in 2024.

Pfizer's foundation remains solid, based on steady cash flows generated from a basket of diverse drugs. The company's large size confers significant competitive advantages in developing new drugs. This heft, combined with a broad portfolio of patent-protected drugs, has helped Pfizer build an economic moat around its business.

President Trump released an executive order on May 12 calling for a 30-day negotiation period between the Department of Health and Human Services and the biopharma industry, with the threat of a rule from the Centers for Medicare and Medicaid Services to lower US drug prices if no deal is reached.

Pfizer's $13.7 billion in revenue (an 8% decline) and adjusted diluted EPS of $0.92 (12% growth) allowed the firm to maintain its full-year guidance of $61 billion-$64 billion in revenue and $2.80-$3.00 in adjusted diluted EPS, which does not include a placeholder for potential new tariffs.

President Donald Trump issued an executive order on April 15 listing several potential policy changes aimed at lowering US drug prices.