Pfizer 8-K
EarningsGuidance reaffirmedImpairment / charge
Non-COVID strength lifts revenue outlook despite weaker COVID-19 sales; sigvotatug vedotin and Oxbryta impairments drive GAAP loss.
Filed 2026-08-04 07:02 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with higher FY2026 revenue guidance and reaffirmed adjusted EPS guidance. Revenue grew 1% operationally, led by launched and acquired products, while non-cash intangible impairments drove a GAAP loss. The revenue outlook midpoint rose $500M: stronger non-COVID products more than offset a lower COVID-19 product forecast.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $15.0B | $14.7B | 3% |
| Net income (loss) attributable to Pfizer Inc. common shareholders, GAAP | $(248)M | $2.91B | n/m |
| Adjusted income, non-GAAP | $4.44B | $4.43B | —% |
| Diluted EPS (loss per share), GAAP | $(0.04) | $0.51 | n/m |
| Diluted EPS, non-GAAP adjusted | $0.77 | $0.78 | —% |
- Revenue grew 1% operationally; launched and acquired products grew 18% operationally, and revenue excluding Comirnaty and Paxlovid grew 5% operationally. Eliquis, Padcev, Vyndaqel and Lorbrena gains were partly offset by Paxlovid revenue down 95% and Comirnaty down 34% operationally.
- The GAAP loss included $4.33B of non-cash intangible impairments: $3.8B for sigvotatug vedotin after unfavorable Phase 3 results and $525M for Oxbryta after Pfizer determined there was no viable U.S. return-to-market path. A $1.87B gain from the ViiV investment sale partly offset other deductions.
- Expanded cost programs target an additional $1.0B in net savings through 2029, with ≈$2.0B in primarily cash costs, and an additional $1.5B in manufacturing savings through 2029, with ≈$4.0B in costs (60% non-cash, 40% cash). Pfizer reported $4.9B in dividends for the first six months ($0.86 per share); it expects no 2026 repurchases and had $3.3B of authorization remaining as of 8/4/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue, GAAP | FY2026 | $60.5B-$62.5B | $59.5B-$62.5B | Raised |
| Adjusted selling, informational and administrative expenses, non-GAAP | FY2026 | $12.5B-$13.5B | $12.5B-$13.5B | Reaffirmed |
| Adjusted research and development expenses, non-GAAP | FY2026 | $10.5B-$11.5B | $10.5B-$11.5B | Reaffirmed |
| Effective tax rate on adjusted income, non-GAAP | FY2026 | ≈15.0% | ≈15.0% | Reaffirmed |
| Adjusted diluted EPS, non-GAAP | FY2026 | $2.80-$3.00 | $2.80-$3.00 | Reaffirmed |
The revised revenue outlook reflects ≈$1.5B better-than-expected non-COVID product performance and COVID-19 product revenue of ≈$4B, down from ≈$5B previously. Adjusted EPS guidance includes a $650M acquired in-process R&D charge for the completed Innovent licensing transaction, expected in Q3 2026, with an unfavorable impact of ≈$0.10.
Investor Takeaways
- Track revenue and adjusted EPS against the FY2026 ranges, particularly as lower COVID-19 sales are offset by non-COVID product performance.
- Watch for delivery of the announced cost savings and associated charges through 2029.
- Pfizer expects several pivotal pipeline readouts over the next 12 months; sigvotatug vedotin’s ongoing studies follow a Phase 3 trial that did not meet its overall-survival endpoint.
The summary is written by an AI model reading the filing.
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