Outlook
Pfizer Reports Second-Quarter Results And Raises Midpoint of 2026 Revenue GuidanceGuidance raised
Results
■ Focused Execution Drove 18% Operational Revenue Growth of Launched and Acquired Products (1)
Management commentary
■ Advancing Robust Late-Stage Pipeline, with Several Key Pivotal Readouts Expected Over Next 12 Months
Corporate events
■ Announces Expansion of Productivity Enhancement Initiatives
Outlook
1NEW YORK, Tuesday, August 4, 2026 — Pfizer Inc. (NYSE: PFE) reported financial results for the second quarter of 2026 and raised its full-year 2026 Revenue guidance by $500 million at the midpoint while reaffirming guidance (2) for Adjusted (3) diluted EPS, which absorbs an impact of approximately $0.10 related to the Innovent Biologics, Inc. transaction.Guidance raised
Management commentary
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and CEO of Pfizer:
“Pfizer had another strong quarter, delivering on our financial commitments and advancing our strategy.
Our launched and acquired products (1) performed well, our obesity program is advancing with meaningful momentum and our oncology portfolio remains a source of strength.
I am confident we will create substantial future value for patients and shareholders.”
Corporate events
Cecile Guegan, Incoming Interim CFO and EVP of Pfizer:
Management commentary
“Our second-quarter results are attributable to our solid commercial performance globally as well as our ongoing focus on operational efficiency.
This quarter, I’m particularly pleased with the 18% year-over-year operational revenue growth from our launched and acquired products (1) .
Our updated full-year 2026 guidance reflects the continued strength of and confidence in our business.”
Results
OVERALL RESULTS
■ Second-Quarter 2026 Revenues of $15.0 Billion, Representing 1% Year-over-Year Operational Growth
– Excluding Contributions from Comirnaty and Paxlovid, Revenues Grew 5% Operationally
– Revenues of Launched and Acquired Products (1) Grew 18% Operationally
■ Second-Quarter 2026 Reported (4) Loss Per Share of $(0.04), and Adjusted (3) Diluted EPS of $0.77
8– Reported (4) Loss Per Share Reflects $4.3 Billion in Non-Cash Intangible Asset Impairments
Outlook
2■ Announces Additional Anticipated Productivity Enhancement Savings of $2.5 Billion (5) Associated with Ongoing Initiatives, Expected to be Realized From 2027 Through 2029Guidance raised
3■ Raises Full-Year 2026 Revenue Guidance (2) by $500 Million at the Midpoint to a Range of $60.5 to $62.5 BillionGuidance raised
■ Reaffirms Full-Year 2026 Adjusted (3) Diluted EPS Guidance in a Range of $2.80 to $3.00, which Absorbs an Impact of Approximately $0.10 Related to the Innovent Biologics, Inc. TransactionGuidance reaffirmed
Results
Results for the second quarter and first six months of 2026 and 2025 (7) are summarized below.
REVENUES
Outlook
2026 FINANCIAL GUIDANCE (2)
4■ Raises full-year 2026 Revenue guidance (2) by $500 million at the midpoint to a range of $60.5 to $62.5 billion, from $59.5 to $62.5 billion previously.Guidance raised
5– The 2026 full-year Revenue guidance reflects better than expected performance of the non-COVID products by approximately $1.5 billion and the revised revenue expectation for our COVID-19 products, down to approximately $4 billion from approximately $5 billion previously.Guidance lowered
■ Reaffirms full-year 2026 Adjusted (3) diluted EPS guidance (2) in a range of $2.80 to $3.00.Guidance reaffirmed
– The 2026 Adjusted (3) diluted EPS guidance takes into consideration our strong year-to-date performance, continued confidence in our business and progress with ongoing cost improvement initiatives.
– Absorbs a $650 million Acquired In-Process R&D charge related to the completed licensing agreement with Innovent Biologics, Inc. that will be recorded in the third quarter of 2026 with an expected unfavorable impact of approximately $0.10.
CAPITAL ALLOCATION
Capital return
During the first six months of 2026, Pfizer deployed its capital in a variety of ways, which primarily included:
Management commentary
■ Reinvesting capital into initiatives intended to enhance the future growth prospects of the company, including:
Results
– $5.3 billion invested in internal research and development projects, and
Corporate events
– Approximately $170 million invested in business development transactions.
In addition, on July 10, 2026, we completed the Innovent Biologics, Inc. transaction, which will be recorded in the third quarter of 2026.
Capital return
■ Returning capital directly to shareholders through $4.9 billion of cash dividends, or $0.86 per share of common stock.
Management commentary
Our capital allocation framework is designed to enhance long-term shareholder value, and is based on three core pillars: (i) reinvesting in the business, including maintaining the flexibility to deploy capital towards potential value-
Capital return
creating business development transactions, (ii) maintaining and, over the long term, growing our dividend, and (iii) in the future, the potential to resume the return of capital to shareholders through value-enhancing share repurchases after de-levering our balance sheet.
The company expects to continue to de-lever over the longer term in a prudent manner in order to maintain a balanced capital allocation strategy.
No share repurchases have been completed to date in 2026.
As of August 4, 2026, Pfizer’s remaining share repurchase authorization is $3.3 billion.
Current financial guidance does not anticipate any share repurchases in 2026.
Results
QUARTERLY FINANCIAL HIGHLIGHTS (Second-Quarter 2026 vs. Second-Quarter 2025)
Second-quarter 2026 revenues totaled $15.0 billion, an increase of $381 million, or 3%, compared to the prior-year quarter, reflecting an operational increase of $164 million, or 1%, and a favorable impact of foreign exchange of $217 million.
The operational increase was driven by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Lorbrena and several other products across categories, partially offset by a decline in COVID-19 product revenues and several other products across categories.
Excluding contributions from Comirnaty and Paxlovid, revenues for the second quarter grew 5% operationally.
Additionally, second-quarter revenues of our Launched and Acquired Products (1) grew 18% operationally.
Second-quarter 2026 operational revenue growth was driven primarily by:
■ Eliquis globally, up 19% operationally, driven primarily by higher net price in the U.S. primarily due to pricing dynamics, including lower rebates and channel mix favorability, as well as higher demand globally; partially offset by declines due to generic entry and price erosion in certain international markets;
■ Padcev globally, up 23% operationally, driven primarily by increased market share in first-line locally advanced or metastatic urothelial cancer (la/mUC), as well as launch uptake in the cisplatin-ineligible indication for muscle-invasive bladder cancer; partially offset by a one-time favorable impact associated with transition to a wholesaler distribution model in the U.S. in the prior-year quarter;
■ Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 8% operationally.
International growth was primarily driven by strong demand with continuing uptake in patient diagnosis across international markets, as well as improved access in certain international markets.
In the U.S., growth was primarily driven by continued market expansion, partially offset by net price erosion as a result of new payer contracts; and
■ Lorbrena globally, up 37% operationally, driven primarily by increased patient share in the first-line ALK-positive metastatic non-small cell lung cancer (ALK+ mNSCLC) treatment setting in the U.S., China, and certain other international markets;
partially offset primarily by lower revenues for:
■ Paxlovid globally, down 95% operationally, driven primarily by lower COVID-19 infections across the U.S. and international markets and lower government purchases in certain international markets; and
■ Comirnaty globally, down 34% operationally, driven primarily by a lower favorable adjustment to the returns provision, as well as lower utilization in the U.S. primarily resulting from a narrower recommendation for vaccination.
GAAP Reported (4) Statement of Operations Highlights
SELECTED REPORTED (4) COSTS AND EXPENSES
Second-quarter 2026 Cost of Sales (4) as a percentage of revenues increased by 1.4 percentage points compared to the prior-year quarter, primarily driven by an unfavorable change in sales mix and higher amortization of the fair value step-up of acquired inventory, primarily driven by the Oxbryta impairment.
Second-quarter 2026 SI&A Expenses (4) decreased 1% operationally compared to the prior-year quarter, primarily reflecting lower spending in corporate enabling functions, largely offset by an increase in implementation costs associated with our cost realignment program.
Second-quarter 2026 R&D Expenses (4) increased 13% operationally compared to the prior-year quarter, driven primarily by an increase in spending in certain oncology and obesity product candidates, which was anticipated.
Other (income)/deductions—net (4) was $3.7 billion for the second quarter of 2026.
The increase compared to the prior-year quarter is primarily the result of intangible asset impairment charges, and to a lesser extent, charges for certain legal matters, partially offset by a net gain in 2026 from the sale of our previous investment in ViiV Healthcare Limited.
Pfizer’s higher effective tax rate on Reported (4) loss for the second quarter of 2026 reflects a tax benefit on the pre-tax loss resulting from changes in jurisdictional mix of earnings, primarily due to intangible asset impairments.
Adjusted (3) Statement of Operations Highlights
SELECTED ADJUSTED (3) COSTS AND EXPENSES
Corporate events
RECENT NOTABLE DEVELOPMENTS (Since May 5, 2026)
Product Developments
Product/ProjectMilestoneRecent DevelopmentLink
Results
Braftovi (encorafenib)Phase 3 ResultsMay 2026.
Announced detailed progression-free survival (PFS) and overall survival (OS) results from Cohort 3, a randomized cohort of the Phase 3 BREAKWATER trial, evaluating Braftovi in combination with cetuximab and FOLFIRI (fluorouracil, leucovorin, and irinotecan) versus FOLFIRI with or without bevacizumab in patients with previously untreated mCRC with a BRAF V600E mutation.
Results for the key secondary endpoint of PFS by blinded independent central review showed a clinically meaningful and statistically significant 56% reduction in the risk of disease progression or death was observed for patients treated with the Braftovi combination regimen versus the comparator (Hazard Ratio [HR] of 0.44; 95% Confidence Interval [CI], 0.27–0.70; p=0.0002).
Updated OS, a descriptive secondary endpoint, showed a 44% reduction in the risk of death for patients treated with the Braftovi combination regimen versus the comparator (HR of 0.56; 95% CI, 0.34–0.94) with a median follow-up of approximately 20 months for both arms.
The safety profile of Braftovi in combination with cetuximab and FOLFIRI in the Cohort 3 analysis continued to be consistent with the known safety profile of each respective agent in the regimen, and no new safety signals were identified.Full Release
Corporate events
Product/ProjectMilestoneRecent DevelopmentLink
Comirnaty (COVID-19 Vaccine, mRNA)RegulatoryJuly 2026 .
Pfizer and BioNTech announced the European Commission (EC) granted marketing authorization for the companies’ 2026-2027 COVID-19 vaccine formula, targeting the XFG variant, for active immunization to prevent COVID-19 caused by SARS-CoV-2 in individuals 6 months of age and older.
Pfizer and BioNTech have already initiated manufacturing of the monovalent XFG-adapted COVID-19 vaccine at risk to ensure supply readiness in anticipation of the respiratory disease season, when the demand for COVID-19 vaccination is expected to increase.Full Release
RegulatoryMay 2026.
Pfizer and BioNTech announced the European Commission approved an update to the marketing authorization for the companies’ COVID-19 vaccine for children aged 6 months through 4 years.
With this authorization, the vaccine will be administered as a 10-μg dose for all children aged 6 months through 11 years and reduces the primary vaccination series in this age group to two doses.Full Release
Hympavzi (marstacimab)RegulatoryJune 2026.
Announced the U.S. Food and Drug Administration (FDA) approved an expanded indication for Hympavzi to include the treatment of patients with hemophilia A or B 12 years and older with inhibitors and pediatric patients (ages 6 to 11 years) with or without inhibitors.
Hympavzi is now indicated in the U.S. for routine prophylaxis to prevent or reduce the frequency of bleeding episodes in adults and pediatric patients 6 years of age and older with hemophilia A (congenital factor VIII deficiency) with or without factor VIII inhibitors, or hemophilia B (congenital factor IX deficiency) with or without factor IX inhibitors.Full Release
RegulatoryMay 2026.
Announced the European Commission granted marketing authorization to expand the approved indication for Hympavzi to include patients 12 years of age and older weighing at least 35 kg with hemophilia A (congenital factor VIII [FVIII] deficiency) with FVIII inhibitors or hemophilia B (congenital factor IX [FIX] deficiency) with FIX inhibitors.
Hympavzi is the only once-weekly subcutaneous treatment approved in the European Union for both people living with hemophilia A or B, with or without inhibitors.Full Release
Ibrance (palbociclib)RegulatoryJune 2026.
Announced FDA approval of Ibrance in combination with trastuzumab, with or without pertuzumab, and endocrine therapy for the maintenance treatment of adult patients with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-positive (HER2+) locally advanced or metastatic breast cancer (MBC) following induction treatment based on data from the collaborative Phase 3 PATINA trial.
With this approval, Ibrance is the first and only CDK 4/6 inhibitor approved for HR+ metastatic disease regardless of HER2 status.Full Release
Product/ProjectMilestoneRecent DevelopmentLink
Litfulo (ritlecitinib)Phase 3 ResultsJuly 2026.
Announced positive topline results from two Phase 3 trials evaluating the efficacy and safety of Litfulo once daily in patients with both active and stable nonsegmental vitiligo (NSV) and who had a broad range of disease severity.
The TRANQUILLO study included patients aged 12 years and older, while TRANQUILLO 2 enrolled adults only.
Across the studies, both the 50 and 100 milligram doses of Litfulo delivered significant, clinically meaningful improvements over placebo on co-primary endpoints for the facial and total body Vitiligo Area Scoring Index, or VASI.
The safety profile of Litfulo in NSV was consistent with the established safety profile in alopecia areata.
No new safety signals were observed.
Based on these results, Pfizer intends to submit global regulatory filings for Litfulo as a potential new oral systemic therapy for NSV for adults.Full Release
Lorbrena (lorlatinib)Phase 3 7-Year AnalysisMay 2026.
Announced unprecedented seven-year follow-up results from the Phase 3 CROWN trial evaluating Lorbrena versus Xalkori in people with previously untreated, anaplastic lymphoma kinase (ALK)-positive advanced or metastatic non-small cell lung cancer (NSCLC).
At seven years, patients treated with Lorbrena had a 55% likelihood of remaining alive without disease progression (95% CI, 46-63) compared to 3% (95% CI, 1-8) in the Xalkori treatment arm.
An updated analysis at seven years of median follow-up showed that investigator-assessed median PFS had not been reached with Lorbrena, with an estimated HR of 0.19 (95% CI, 0.13-0.26), representing an 81% reduction in the risk of disease progression or death compared to Xalkori.
The safety profiles of Lorbrena and Xalkori were consistent with previous findings, with no new safety signals observed.Full Release
Product/ProjectMilestoneRecent DevelopmentLink
Padcev (enfortumab vedotin)RegulatoryJuly 2026.
Pfizer and Astellas Pharma Inc. announced FDA approval of Padcev plus pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph as neoadjuvant and adjuvant (before and after surgery) treatment for adult patients with muscle-invasive bladder cancer (MIBC) regardless of cisplatin eligibility.
Approval was based on results from the pivotal Phase 3 EV-304 clinical trial (also known as KEYNOTE-B15) and marks the first platinum-free regimen approved for adult patients with MIBC, regardless of cisplatin eligibility.Full Release
Talzenna (talazoparib)RegulatoryJuly 2026 .
Announced the FDA accepted for priority review a supplemental New Drug Application (sNDA) for Talzenna in combination with Xtandi which aims to expand use to men with homologous recombination repair (HRR) gene-altered metastatic castration-sensitive prostate cancer (mCSPC), also known as metastatic hormone-sensitive prostate cancer (mHSPC).
The application is supported by data from the TALAPRO-3 study.
The FDA has set a Prescription Drug User Fee Act (PDUFA) action date in the last quarter of 2026.Full Release
Results
Phase 3 ResultsMay 2026.
Announced detailed results from the pivotal, investigational Phase 3 TALAPRO-3 study of Talzenna in combination with Xtandi in men with HRR gene-mutated mCSPC, also known as mHSPC.
Talzenna plus Xtandi demonstrated a 52% reduction in the risk of radiographic progression or death compared to placebo plus Xtandi (HR of 0.48; 95% CI, 0.36–0.65; p ˂ 0.0001).
At three years, radiographic progression-free survival (rPFS) rates were estimated at 77% in patients treated with Talzenna plus Xtandi versus 56% in patients treated with placebo plus Xtandi.
The safety profile of Talzenna plus Xtandi in TALAPRO-3 was consistent with the known profiles of each medicine, and no new safety signals were identified.Full Release
Corporate events
Pipeline Developments
Results
berobenatide (PF’3944)Phase 2 ResultsJune 2026.
Presented detailed results from multiple Phase 2b studies of berobenatide (PF’3944), an investigational, potential first-in-class monthly GLP-1 receptor agonist (GLP-1 RA) peptide.
Across both weekly and monthly dosing in participants with obesity or overweight, with and without type 2 diabetes, the data from the Phase 2b VESPER-1, 2 and 3 studies provided proof of concept for berobenatide as a potential first-in-class monthly GLP-1 RA peptide that can deliver competitive weight loss; showed favorable tolerability for berobenatide, including low gastrointestinal adverse events and discontinuations despite rapid dose escalation and no allowed step-down; and highlighted the potential for monthly delivery in a patient-friendly presentation with a very low 0.5 mL injection volume that provides convenience and scalability advantages.
These data support Pfizer’s plans to advance 10 Phase 3 studies for berobenatide in 2026 for chronic weight management and obesity-related comorbidities including knee osteoarthritis and obstructive sleep apnea, as part of a broader program of 20+ obesity trials.Full Release
PF-07872412 (25-valent pneumococcal conjugate vaccine candidate)Phase 2 ResultsMay 2026.
Announced data from the Phase 2 study (NCT06524414) evaluating the safety, tolerability and immunogenicity of a four-dose series of an investigational 25-valent pneumococcal conjugate vaccine candidate PF-07872412 (25vPnC) in infants compared to four doses of Prevnar 20 at months 2, 4, 6 and 12-15.
The Phase 2 data demonstrated robust immunogenicity with 25vPnC, including enhanced response against serotype 3, alongside expanded protection across 25 serotypes and was well-tolerated with no safety concerns identified.
Based on the results from the Phase 2 program and discussions with regulatory authorities, a pivotal Phase 3 pediatric program began in May 2026.
Also announced a fifth generation 35-valent vaccine adult candidate is expected to enter clinical development by the end of 2026, pending alignment with regulatory authorities.Full Release
sigvotatug vedotinPhase 3 ResultsJune 2026.
Announced topline results from the Phase 3 SigVie-002 study (previously known as Be6A Lung-01) evaluating sigvotatug vedotin, an investigational, potential first-in-class integrin beta-6 (IB6) directed antibody-drug conjugate (ADC).
The study enrolled adults with locally advanced, unresectable or metastatic non-squamous NSCLC who had received one or more lines of prior therapy.
In the overall population, sigvotatug vedotin did not show a statistically significant improvement in the primary endpoint of OS compared to docetaxel.
The safety profile of sigvotatug vedotin was manageable and consistent with prior studies.
In patients who received only one prior line of systemic therapy, which represents two-thirds of the study population, a stronger trend was observed for OS and PFS for sigvotatug vedotin over docetaxel.
In the exploratory analysis, no clear IB6 expression-response relationship was observed.
Pfizer is evaluating sigvotatug vedotin in several ongoing studies across multiple stages and patient populations in NSCLC and other solid tumors.Full Release
Corporate events
Corporate Developments
TopicRecent DevelopmentLink
Outlook
Expansion of Ongoing Cost Savings Programs (5)Announced at Q2-2026 Earnings.
6Pfizer announced $1.0 billion of additional anticipated net cost savings associated with its ongoing cost realignment program (the “Realigning Our Cost Base Program”) driven by further productivity enhancements from technology and simplification efforts across our commercial, R&D and enabling functions.Guidance raised
These additional net savings are expected to further reduce costs in SI&A and be realized from 2027 through 2029.
Pfizer expects one-time costs to achieve the additional savings to be incurred through 2029 and to total approximately $2.0 billion, primarily representing cash expenditures for digital enablement, implementation and severance.
7Pfizer previously announced that it remains on track to deliver anticipated net cost savings of approximately $5.7 billion by the end of 2026 and, with the additional anticipated savings, Pfizer now expects total net cost savings of approximately $6.7 billion from the Realigning our Cost Base Program through 2029.Guidance raised
The estimate of costs that Pfizer expects to incur and savings that Pfizer expects to achieve, and the timing thereof, are subject to a number of assumptions and actual results may differ from current expectations.
Pfizer may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Realigning our Cost Base Program.N/A
Announced at Q2-2026 Earnings.
Pfizer announced the next phase of its multi-year program designed to reduce our cost of goods sold.
This phase of the cost reduction program (the "program”) is focused on network structure changes, product portfolio enhancements and additional operational efficiencies and is expected to deliver additional anticipated savings of approximately $1.5 billion through 2029, some of which is expected to begin being realized in 2027.
The one-time costs to achieve the savings associated with this phase of the program are expected to be approximately $4.0 billion, with approximately 60% of non-cash expenditures for accelerated depreciation and asset write-downs and 40% of cash expenditures for severance, implementation and exit costs.
10 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.