olivLaw · US equity research
PFE PFE
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Pfizer is a research-based global biopharmaceutical company with total revenues of 62.6 billion USD in fiscal 2025. In the first six months of 2026, revenues rose 4% to 29.5 billion USD, and full-year 2026 revenue guidance was raised to a range of 60.5 to 62.5 billion USD. Patent and exclusivity expiries, with generic competition, could significantly reduce revenues from 2026 through 2030.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PFE (PFE) stock was 30.79 USD (+2.63% on the day), with market capitalisation 175.5 bn USD, P/E 43.9 on diluted EPS of 0.70 USD over the last 12 months, dividend yield 5.59%, beta 0.38, 52-week range 23.67–30.79 USD. Latest reported quarter (Q3 2026): revenue of 16.6 bn USD (−0.4% YoY), net income of 3.2 bn USD (−8.4% YoY), diluted EPS 0.56 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.5
- strong (55–70)
- Bollinger (20, 2)
- 27.98 – 31.21
- in the upper half of the band · %B 0.87 · band width 10.9%
- SMA 50 / 200
- 28.68 / 26.87
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.58 / 0.54
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.3% | −5.9% | +18.3 pp | — |
| 3 months | +19.3% | −4.6% | +23.9 pp | — |
| 6 months | +16.1% | +0.2% | +15.8 pp | — |
| Year to date | +23.7% | +7.4% | +16.2 pp | — |
| 1 year | +26.7% | +8.2% | +18.5 pp | +29.5% |
| 3 years | −1.5% | +68.4% | −69.9 pp | +78.7% |
| 5 years | −36.7% | +56.5% | −93.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.8 bn | 13.7 bn | 14.7 bn | 16.7 bn | 17.6 bn | 14.5 bn | 15.0 bn | 16.6 bn |
| Cost of revenue | 5.9 bn | 2.8 bn | 3.8 bn | 4.2 bn | 5.3 bn | 3.5 bn | 4.1 bn | 4.0 bn |
| SG&A | 4.3 bn | 3.0 bn | 3.4 bn | 3.2 bn | 4.2 bn | 3.0 bn | 3.4 bn | 3.3 bn |
| Depreciation & amortisation | 1.8 bn | 1.6 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.6 bn | 1.6 bn | 1.6 bn |
| Interest expense | 739.0 m | 654.0 m | 654.0 m | 652.0 m | 711.0 m | 668.0 m | 667.0 m | 662.0 m |
| Pre-tax income | -10.0 m | 2.8 bn | 3.0 bn | 3.3 bn | -1.6 bn | 3.2 bn | -653.0 m | 3.4 bn |
| Income tax | -421.0 m | -189.0 m | 141.0 m | -216.0 m | -2.0 m | 461.0 m | -407.0 m | 134.0 m |
| Net income | 410.0 m | 3.0 bn | 2.9 bn | 3.5 bn | -1.6 bn | 2.7 bn | -248.0 m | 3.2 bn |
| Diluted EPS | 0.07 ≈ | 0.52 | 0.51 | 0.62 | -0.29 ≈ | 0.47 | -0.04 | 0.56 |
| Operating cash flow | 6.7 bn | 2.3 bn | -582.0 m ≈ | 4.6 bn ≈ | 5.3 bn | 2.6 bn | 835.0 m ≈ | 5.4 bn ≈ |
| Capex | 917.0 m | 564.0 m | 618.0 m ≈ | 602.0 m ≈ | 845.0 m | 436.0 m | 533.0 m ≈ | 573.0 m ≈ |
| Dividends paid | 2.4 bn | 2.4 bn | 2.4 bn ≈ | 2.4 bn ≈ | 2.4 bn | 2.4 bn | 2.5 bn ≈ | 2.5 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 98 percentile of its own 42-quarter history (min 8.0, median 18.3, max 78.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40.8 bn | 40.9 bn | 41.7 bn | 81.3 bn | 101.2 bn | 59.6 bn | 63.6 bn | 62.6 bn |
| Revenue YoY | −22.3% | +0.2% | +1.8% | +95.2% | +24.5% | −41.1% | +6.8% | −1.6% |
| Net income | 11.2 bn | 16.0 bn | 9.2 bn | 22.0 bn | 31.4 bn | 2.1 bn | 8.0 bn | 7.8 bn |
| Net income YoY | −47.7% | +43.7% | −42.8% | +140.0% | +42.7% | −93.2% | +279.0% | −3.2% |
| Diluted EPS | 1.87 | 2.82 | 1.63 | 3.85 | 5.47 | 0.37 | 1.41 | 1.36 |
| Diluted EPS YoY | −46.9% | +50.8% | −42.2% | +136.2% | +42.1% | −93.2% | +281.1% | −3.5% |
| net % | 27.3% | 39.2% | 22.0% | 27.0% | 31.0% | 3.6% | 12.6% | 12.4% |
| Free cash flow | 13.8 bn | 10.5 bn | 12.2 bn | 29.9 bn | 26.0 bn | 4.8 bn | 9.8 bn | 9.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- 64.8 bn USD
- Net debt
- 63.7 bn USD
- Equity
- 86.8 bn USD
- Total assets
- 208.2 bn USD
- Debt / equity
- 0.75x
- Current ratio
- 1.16x
- ROE
- 8.9%
- ROA
- 3.7%
- FCF margin
- 14.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 41.7 bn | 81.3 bn | 101.2 bn | 59.6 bn | 63.6 bn | 62.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 8.5 bn | 30.8 bn | 34.3 bn | 25.0 bn | 17.9 bn | 16.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 33.2 bn ≈ | 50.5 bn ≈ | 66.8 bn ≈ | 34.6 bn ≈ | 45.8 bn ≈ | 46.5 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| SG&A | 11.6 bn | 12.7 bn | 13.7 bn | 14.8 bn | 14.7 bn | 13.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 4.7 bn | 5.2 bn | 5.1 bn | 6.3 bn | 7.0 bn | 6.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 1.4 bn | 1.3 bn | 1.2 bn | 2.2 bn | 3.1 bn | 2.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 7.0 bn | 24.3 bn | 34.7 bn | 1.1 bn | 8.0 bn | 7.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 370.0 m | 1.9 bn | 3.3 bn | -1.1 bn | -28.0 m | -266.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 9.2 bn | 22.0 bn | 31.4 bn | 2.1 bn | 8.0 bn | 7.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.63 | 3.85 | 5.47 | 0.37 | 1.41 | 1.36 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 5.6 bn | 5.7 bn | 5.7 bn | 5.7 bn | 5.7 bn | 5.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 1.53 | 1.57 | 1.61 | 1.65 | 1.69 | 1.72 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 bn | 1.9 bn | 416.0 m | 2.9 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 7.9 bn | 11.5 bn | 11.0 bn | 11.6 bn | 11.5 bn | 11.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 8.0 bn | 9.1 bn | 9.0 bn | 10.2 bn | 10.9 bn | 10.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 35.1 bn | 59.7 bn | 51.3 bn | 43.3 bn | 50.4 bn | 42.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 13.7 bn | 14.9 bn | 16.3 bn | 18.9 bn | 18.4 bn | 19.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 49.6 bn | 49.2 bn | 51.4 bn | 67.8 bn | 68.5 bn | 71.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 28.3 bn | 25.1 bn | 43.4 bn | 64.9 bn | 55.4 bn | 53.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 154.2 bn | 181.5 bn | 197.2 bn | 226.5 bn | 213.4 bn | 208.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 4.3 bn | 5.6 bn | 6.8 bn | 6.7 bn | 5.6 bn | 5.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 2.7 bn | 2.2 bn | 2.9 bn | 10.4 bn | 6.9 bn | 3.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 37.1 bn | 36.2 bn | 32.9 bn | 61.5 bn | 57.4 bn | 61.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 25.9 bn | 42.7 bn | 42.1 bn | 47.8 bn | 43.0 bn | 37.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 90.8 bn | 104.0 bn | 101.3 bn | 137.2 bn | 124.9 bn | 121.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 63.5 bn | 77.5 bn | 95.9 bn | 89.3 bn | 88.5 bn | 86.8 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 14.4 bn | 32.6 bn | 29.3 bn | 8.7 bn | 12.7 bn | 11.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 2.2 bn | 2.7 bn | 3.2 bn | 3.9 bn | 2.9 bn | 2.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 12.2 bn ≈ | 29.9 bn ≈ | 26.0 bn ≈ | 4.8 bn ≈ | 9.8 bn ≈ | 9.1 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -4.3 bn | -22.5 bn | -15.8 bn | -32.3 bn | 2.7 bn | -1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -9.6 bn | -9.8 bn | -14.8 bn | 26.1 bn | -17.1 bn | -10.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 8.4 bn | 8.7 bn | 9.0 bn | 9.2 bn | 9.5 bn | 9.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 0 | 0 | 2.0 bn | 0 | 0 | — | SEC (XBRL)· 27 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 175.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth0
- Returns69
- Balance sheet52
- Valuation61
- Quality60
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.37 – 37.94 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)19.27 – 37.94 (Mid 26.23)WACC 8.4% · starting FCFF 14.4 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -0.1%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E12.37 – 31.24 (Mid 24.80)11 companies used · median multiple 35.3x · quartiles 17.6x – 44.5xABBV, ABT, ALNY, BMY, JNJ, LLY, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)22.60 – 30.40 (Mid 25.93)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.3% | 20 (vs peers) | 10% |
| FCF conversion · Quality | 292.2% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -14.8% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -37.1% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 43.9x | 43 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.7% | 84 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.6% | 80 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 83.1% | 53 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial52/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality60/100 · 2/3 factors with a value
- Returns69/100 · 2/2 factors with a value
- Valuation61/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PFIZER INC (PFE). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 62.6 bn USD in 2025; YoY growth -1.6%; net margin 6.3%; ROE 4.4%.
The estimated value range is 19.27–31.24 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 25.93 USD, the price of 30.79 USD leaves a potential of -15.8% (value / price − 1) and a margin of safety of -18.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 292.2%
- FCF yield: 6.7%
- Shareholder yield (distributions): 5.6%
What contradicts it
- Net margin: 6.3%
- Revenue CAGR 3Y: -14.8%
- EPS CAGR 3Y: -37.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 15 companies
Only companies with a capitalisation between 21.7 bn and 1,387.1 bn (within 8× of the company's); 360 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +27% / −2% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| REGNRegeneron Pharmaceuticals, Inc. | — | 20.6 | 14.9% | 28.5% | +1.0% | +19% / +13% |
1- and 3-year price returns: for PFE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16.59 Total return -44% · Per year -44% | 29.48 Total return -2% · Per year -2% | 44.61 Total return 48% · Per year 48% |
| 3 years | 13.18 Total return -53% · Per year -22% | 26.61 Total return -7% · Per year -3% | 44.61 Total return 53% · Per year 15% |
| 5 years | 10.46 Total return -59% · Per year -17% | 24.01 Total return -12% · Per year -3% | 44.61 Total return 58% · Per year 10% |
- Exit P/E± 6.65
- Net margin± 4.66
- Annual revenue growth± 4.21
- Annual dilution± 0.39
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
Pfizer is a research-based global biopharmaceutical company with total revenues of 62.6 billion USD in fiscal 2025 1. In the first six months of 2026, revenues rose 4% to 29.5 billion USD 2, and full-year 2026 revenue guidance was raised to a range of 60.5 to 62.5 billion USD 3. Patent and exclusivity expiries, with generic competition, could significantly reduce revenues from 2026 through 2030 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Product concentrationhigh
A small number of products generate a major share of revenues, and loss of exclusivity or safety issues could have a significant impact 1.
- Patent expirieshigh
Loss of patent protection between 2026 and 2030 could significantly reduce revenues, and legal challenges could accelerate losses 12.
- Asset impairmentsmedium
Intangible asset impairments produced reported losses in the second quarter of 2026, and further impairments could follow if product expectations change 3.
- U.S. pricing pressuremedium
Pharmacy benefit managers and government policy could push prices lower, and voluntary agreements could reduce margins 1.
- Research and developmentmedium
Clinical trial outcomes are uncertain, and development setbacks could affect long-term growth 13.
Investment thesis
What would need to be true (bull case)
- Growth in launched and acquired products and raised revenue guidance could indicate solid commercial execution 3.
- An extensive pipeline in oncology and obesity could produce new products if clinical results are favorable 13.
- Cost reduction programs could support profitability during a period of changing revenues 23.
What would break the thesis
- Patent expiries could reduce revenues faster than expected, especially if accelerating generic competition is confirmed 12.
- Pressure from payers and U.S. regulation could limit margins and price increases 1.
- Losses and asset impairments in the second quarter of 2026 could point to problems in recent acquisitions 3.
What to watch
- Delivery of 2026 revenue and adjusted EPS guidanceQ3 2026
- Results of key pipeline studies expected over the next 12 months2027
- Realization of savings from productivity and manufacturing optimization programs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).
The business
Pfizer Inc. is a research-based global biopharmaceutical company that discovers, develops, manufactures, markets and distributes medicines and vaccines, incorporated in Delaware in 1942 1. Its commercial activity is organized into the Biopharma segment, the only reportable one, alongside PC1, a contract development and manufacturing organization and supplier of specialty active pharmaceutical ingredients 12. Products are supplied to about 200 countries and territories, and revenues from outside the U.S. were 41% of total revenues in 2025 1.
Priorities for 2026 are maximizing the value of key transactions, delivering critical R&D milestones, investing to maximize growth after 2028 and scaling AI across the business 1. Pfizer builds its portfolio through acquisitions, such as Metsera in November 2025, and through licensing with Chinese partners, including an agreement with Innovent in May 2026 12.
The company has announced cost programs, including the realigning cost base program and the manufacturing optimization program, aiming for additional savings realized between 2027 and 2029 23. Pfizer Ignite, a service offering for biotech companies, is being wound down 1.
Segments
Market context
The U.S. pharmaceutical market is the largest for biopharmaceutical products, and managed care organizations and pharmacy benefit managers exert growing pressure on prices 1. Revenues from outside the U.S. were 41% of the total in 2025, with China the largest external market at 5% of revenues 1.
Revenue growth depends on a concentrated portfolio in which 12 products each earn over one billion USD and together make up 65% of the total in 2025 1. Loss of patent protection or regulatory exclusivity could significantly reduce revenues 1.
Trends
- Patent expiriesheadwind
Loss of exclusivity across several products, including through generic and biosimilar competition, could reduce revenues from 2026 through 2030 12. The estimated 2026 impact was revised to about 1.1 billion USD 2.
- Growth in launched and acquired productstailwind
Revenues from launched and acquired products grew 18% operationally in the second quarter of 2026, supported by Eliquis, Padcev and Lorbrena 3. If this trend holds, it could partly offset losses from patent expiries 3.
- U.S. pricing pressuremixed
The voluntary agreement with the U.S. administration from September 2025 and payer pressure could lower U.S. prices, although a tariff grace period applies if U.S. manufacturing investment continues 1. The effect on revenues could be mixed 1.
Competitive position
Pfizer competes with pharmaceutical and biotechnology companies developing similar therapies, and with generic and biosimilar manufacturers, including from China 1. Competition is intense in oncology and obesity, areas where the company has expanded through acquisitions 1.
Competitive pressure shows up as lower prices, rebates and exclusionary contracts, and vaccine discounts are rising 1. Consolidation of pharmacy chains and wholesalers adds pressure on prices 1.
- Bristol-Myers SquibbBMY
partner on Eliquis, a major revenue product, and also a competitor in certain therapies 1.
- MerckMRK
competitor in oncology and vaccines, with products in similar therapeutic areas 1.
- Innovent Biologics
Chinese biopharmaceutical company, licensing and co-development partner in oncology and also a potential competitor 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Stocks making the biggest moves premarket: Pfizer, Apple, Palantir, Zebra Technologies & moreCNBC — Top News · 03 Nov 2026 · EN
- Pfizer hikes full-year outlook, taps company veteran as new CFOCNBC — Top News · 03 Nov 2026 · EN
- Урсула фон дер Ляйен не дала показания по делу о закупке вакцин PfizerRBC News (RU business+politics) · 28 Oct 2026 · RU
- Instanța de la Bruxelles a rămas în pronunțare în procesul prin care ROMATSA a contestat poprirea asupra încasărilor, cerută de Pfizer. Declarațiile directorului general Adrian CojocMediafax · 26 Oct 2026 · RO
- Cazul ROMATSA - Pfizer, pe masa judecătorilor din Bruxelles: contestațiile privind ridicarea popririi se discută aziAdevărul · 26 Oct 2026 · RO
- Dosarele prin care ROMATSA contestă poprirea asupra conturilor sale de către Pfizer se judecă astăzi la BruxellesDigi24 · 26 Oct 2026 · RO
- Tribunalul din Bruxelles decide astăzi dacă ridică proprirea asupra conturilor ROMATSA. Banii de zboruri ai României, blocați după procesul cu PfizerLibertatea.ro · 26 Oct 2026 · RO
- Moderna Sinks 4 % After 18 % Plunge as Melanoma Vaccine Selloff Extends ; Merck and Pfizer SlipSurge — GDELT DOC · 23 Oct 2026 · RO
- Guvernul este acuzat de FACIAS că vrea să pună factura Pfizer de 600 de milioane de euro pe umerii românilorAntena 3 CNN · 23 Oct 2026 · RO
- STAT+: Vaxcyte claims success in bid to beat Pfizer and Merck in lucrative vaccine marketSTAT News · 05 Oct 2026 · EN
- BioNTech, compania din spatele vaccinului anti-COVID dezvoltat cu Pfizer, închide trei fabrici în GermaniaMediafax · 28 Sept 2026 · RO
- Pfizer's Bourla among tech, bank CEOs set for Trump's state dinner for XiThe Straits Times — Asia · 22 Sept 2026 · EN
- Should Dividend Investors Buy Pfizer Stock for Its High Yield or Invest in Eli Lilly for Its Dividend Growth?Yahoo Finance — News · 22 Sept 2026 · EN
- Pfizer Refocuses Growth Strategy as New Products Offset COVID DeclineYahoo Finance — News · 22 Sept 2026 · EN
- AbbVie vs. Pfizer: Which Dividend Stock Is the Better Buy in September?Yahoo Finance — News · 22 Sept 2026 · EN
- What Would It Take For Pfizer To Cut Its Dividend?Yahoo Finance — News · 21 Sept 2026 · EN
- Pfizer Says Its Biggest Headwinds Are Finally Easing. Does That Change the Story for This Ultra-High-Yield Dividend Stock?Yahoo Finance — News · 20 Sept 2026 · EN
- Pfizer’s Dividend Yield Is Enormous. But Is the Payout Still Growing?Yahoo Finance — News · 18 Sept 2026 · EN
- Pfizer's Dividend Faces Big Questions. Here Are 3 Reasons It Should Survive.Yahoo Finance — News · 17 Sept 2026 · EN
- Is Pfizer's New Business Big Enough To Carry The Old One?Yahoo Finance — News · 16 Sept 2026 · EN
SEC filings
- Current report03 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 Jun 2026Regulation FD disclosure
- Current report18 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report27 Apr 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PFE · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / PFE · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PFE · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.