Pfizer 8-K
EarningsGuidance reaffirmedLegal / investigation
Launched and acquired products drive growth despite steep Comirnaty and Paxlovid declines.
Filed 2026-05-05 07:01 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with FY2026 guidance reaffirmed. Revenue rose 5% reported and 2% operationally; growth from launched and acquired products was partly offset by lower COVID-19 product revenue. Pfizer also expects to start ≈20 key pivotal studies in 2026.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $14.5B | $13.7B | 5% |
| Net income attributable to Pfizer Inc. common shareholders | $2.69B | $2.97B | -9% |
| Adjusted income, non-GAAP | $4.29B | $5.24B | -18% |
| Diluted EPS attributable to Pfizer Inc. common shareholders | $0.47 | $0.52 | -10% |
| Adjusted diluted EPS, non-GAAP | $0.75 | $0.92 | -18% |
- Operational revenue growth was 2%; excluding Comirnaty and Paxlovid, it was 7%. Launched and acquired products grew 22% operationally, while Comirnaty and Paxlovid fell 59% and 63% operationally, respectively.
- Shareholder dividends were $2.4B, or $0.43 per share. No share repurchases have occurred in 2026; guidance assumes none, and $3.3B remains authorized.
- Settlements with Dexcel Pharma, Hikma Pharmaceuticals and Cipla extend Vyndamax’s effective U.S. patent expiry to 6/1/2031, subject to other litigation. Pfizer now expects Vyndamax revenue to remain relatively stable from 2028 through mid-2031, rather than declining significantly beginning in 2029.
Guidance
All components of FY2026 guidance were reaffirmed. The outlook includes an anticipated ≈$1.5B unfavorable revenue impact from recent and expected generic and biosimilar competition.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue (GAAP) | FY2026 | $59.5B-$62.5B | — | Reaffirmed |
| Selling, informational and administrative expenses (non-GAAP) | FY2026 | $12.5B-$13.5B | — | Reaffirmed |
| R&D expenses (non-GAAP) | FY2026 | $10.5B-$11.5B | — | Reaffirmed |
| Effective tax rate on adjusted income (non-GAAP) | FY2026 | ≈15.0% | — | Reaffirmed |
| Diluted EPS (non-GAAP) | FY2026 | $2.80-$3.00 | — | Reaffirmed |
Investor Takeaways
- Watch whether operational growth in launched and acquired products can offset continued COVID-19 product declines and the expected generic and biosimilar headwind.
- Progress toward the planned start of ≈20 pivotal studies in 2026, alongside upcoming clinical and regulatory decisions, will indicate the pace of pipeline advancement.
The summary is written by an AI model reading the filing.
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