Pfizer

Pfizer is one of the largest drug companies in the world, based in New York. It sells medicines and vaccines in many areas: cancer (Padcev, Lorbrena, Ibrance and Xtandi), heart disease (Eliquis and the Vyndaqel family), vaccines (Prevnar, Abrysvo and Comirnaty) and others. In November 2025, Pfizer bought Metsera, a company that develops obesity medicines, for $65.60 per share in cash plus a contingent value right of up to $20.65 per share. Pfizer expects 2026 revenue of $60.5 billion to $62.5 billion.

The market prices Pfizer for a large loss of revenue as patents on major medicines expire in the next few years, and for lower drug prices in the United States. Revenue from COVID-19 products also continues to fall: Pfizer now expects about $4 billion in 2026, down from about $5 billion in its earlier guidance. In Q2 2026, Pfizer recorded $4.3 billion of impairments on intangible assets, which shows that some past purchases earn less than planned. To replace the lost revenue, Pfizer depends on its newer medicines and its pipeline.

Its launched and acquired products grew 18% in Q2 2026, and it plans 10 Phase 3 studies of its monthly obesity medicine berobenatide in 2026. For the gap to close, three things must be true. Pfizer must keep 2026 adjusted EPS within its $2.80 to $3.00 guidance. Its guidance for 2027, which it may give in December 2026 as it did for 2026, must show that cost savings and new medicines can offset the patent losses.

The obesity program must produce positive Phase 3 data on schedule. Pfizer reports Q3 2026 results on November 3, 2026, which is the next test. If these checks pass, the gap can close over several years, as the new medicines grow. The main reason it may not close is a faster revenue decline after the patent losses than the new medicines can replace.

1. Nov 3, 2026Pending

   Q3 2026 earnings: guidance and new productsAdjusted EPS on track for the $2.80 to $3.00 guidance with continued growth of launched and acquired products passes; a guidance cut fails.
2. Q4 2026 · est.Due this quarter

   FDA decision on Talzenna with Xtandi in prostate cancerFDA approval for HRR gene-altered metastatic castration-sensitive prostate cancer passes; a rejection or a delay fails.
3. Dec 2026 · est.Pending

   2027 guidance2027 guidance that shows stable adjusted EPS despite the patent losses passes; guidance for a large drop in EPS fails.

Every passed and failed checkpoint across all picks

Pfizer is reducing the debt that it took on for large purchases. At June 28, 2026, total debt was $63.19 billion: long-term debt of $60.50 billion and short-term borrowings, including the current part of long-term debt, of $2.70 billion. Read more

• Several large medicines lose patent protection in the next few years. Generic and biosimilar competition already lowers 2026 revenue by about $1.1 billion, and the loss grows as larger products lose protection.
• The US government wants lower drug prices, including prices linked to other countries. New price rules or negotiated prices can lower the revenue of Pfizer's main medicines.
• The pipeline must replace the lost revenue. The obesity market has strong competitors, and a failed trial, such as the Phase 3 sigvotatug vedotin study in June 2026, removes expected revenue.
• Pfizer recorded $4.3 billion of impairments in Q2 2026. More impairments are possible if acquired medicines sell less than planned, and high debt limits share buybacks.

• October 6, 2026Pfizer declared a fourth-quarter 2026 dividend of $0.43 per share, payable on December 7, 2026.
• September 22, 2026Pfizer said that it will report Q3 2026 results on November 3, 2026.
• August 4, 2026Pfizer reported Q2 2026 results. Revenue was $15.0 billion, up 3% (1% at constant exchange rates). It had a reported loss of $0.04 per share because of $4.3 billion of impairments, and adjusted EPS was $0.77. Pfizer raised its 2026 revenue guidance to $60.5 billion to $62.5 billion and kept its adjusted EPS guidance of $2.80 to $3.00. It also announced $2.5 billion of additional cost savings, expected from 2027 through 2029.