Pfizer (PFE)
Market Price (11/5/2026): $30.9 | Market Cap: $176.1 BilInvestor Relations Sector: Health Care | Industry: Pharmaceuticals
Pfizer (PFE)
Market Price (11/5/2026): $30.9Market Cap: $176.1 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 5.6%, FCF Yield is 6.7% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 14 Bil, FCF LTM is 12 Bil Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include mRNA Technology, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -6.6%, 3Y Excs Rtn is -59% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 44x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -0.4% Key risksPFE key risks include [1] a significant "patent cliff" threatening blockbuster drugs like Eliquis and Ibrance, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 5.6%, FCF Yield is 6.7% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 14 Bil, FCF LTM is 12 Bil |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include mRNA Technology, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -6.6%, 3Y Excs Rtn is -59% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 44x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -0.4% |
| Key risksPFE key risks include [1] a significant "patent cliff" threatening blockbuster drugs like Eliquis and Ibrance, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Pfizer (PFE) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Pfizer reported stronger-than-expected fiscal Q3 2026 earnings and raised its full-year guidance. The company announced its third-quarter results on November 3, 2026, with adjusted earnings per share (EPS) of $0.87, exceeding the Wall Street consensus estimate of $0.73 to $0.735. Revenue also beat expectations, reaching $16.6 billion compared to the $16 billion consensus. Furthermore, Pfizer increased its full-year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62.0 billion to $64.0 billion (from $60.5 billion to $62.5 billion previously) and lifted its adjusted diluted EPS guidance to $2.95-$3.05 (from $2.80-$3.00).
2. Robust operational growth in Pfizer's non-COVID product portfolio, particularly from recently launched and acquired products, countered declines in pandemic-related sales. While overall revenue remained relatively flat year-over-year due to a 63% drop in Paxlovid revenue and a 29% decline in Comirnaty sales, the company's non-COVID products achieved 7% operational revenue growth in fiscal Q3 2026. Significantly, revenue from launched and acquired products surged 32% operationally year-over-year, contributing $3.8 billion to the quarter's revenue. Key growth drivers included Eliquis, which saw a 25% operational revenue increase, and Padcev, with a 55% operational revenue increase.
Show more
Pfizer (PFE) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Pfizer reported stronger-than-expected fiscal Q3 2026 earnings and raised its full-year guidance. The company announced its third-quarter results on November 3, 2026, with adjusted earnings per share (EPS) of $0.87, exceeding the Wall Street consensus estimate of $0.73 to $0.735. Revenue also beat expectations, reaching $16.6 billion compared to the $16 billion consensus. Furthermore, Pfizer increased its full-year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62.0 billion to $64.0 billion (from $60.5 billion to $62.5 billion previously) and lifted its adjusted diluted EPS guidance to $2.95-$3.05 (from $2.80-$3.00).
2. Robust operational growth in Pfizer's non-COVID product portfolio, particularly from recently launched and acquired products, countered declines in pandemic-related sales. While overall revenue remained relatively flat year-over-year due to a 63% drop in Paxlovid revenue and a 29% decline in Comirnaty sales, the company's non-COVID products achieved 7% operational revenue growth in fiscal Q3 2026. Significantly, revenue from launched and acquired products surged 32% operationally year-over-year, contributing $3.8 billion to the quarter's revenue. Key growth drivers included Eliquis, which saw a 25% operational revenue increase, and Padcev, with a 55% operational revenue increase.
3. Key regulatory approvals and pipeline advancements in oncology and vaccines during the period signaled future growth potential. Pfizer received several notable regulatory approvals since July 31, 2026. The U.S. Food and Drug Administration (FDA) expanded the approval of Talzenna in combination with Xtandi on October 26, 2026, for metastatic prostate cancer with homologous recombination repair (HRR) gene mutations, allowing for an earlier treatment setting. Additionally, the FDA approved Tukysa on October 7, 2026, in combination with trastuzumab and pertuzumab for the maintenance treatment of HER2-positive breast cancer, expanding its use to frontline therapy. Furthermore, the FDA approved the 2026-2027 COVID-19 vaccine formula (Comirnaty XFG) for specific high-risk populations. The company also initiated 8 new Phase 3 studies since August 4, 2026, advancing its pipeline in areas like oncology, immunology, and obesity.
Show less
Stock Movement Drivers
Fundamental Drivers
The 23.1% change in PFE stock from 7/31/2026 to 11/4/2026 was primarily driven by a 129.0% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.01 | 30.79 | 23.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 63,314 | 63,624 | 0.5% |
| Net Income Margin (%) | 11.8% | 6.3% | -46.4% |
| P/E Multiple | 19.0 | 43.5 | 129.0% |
| Shares Outstanding (Mil) | 5,691 | 5,700 | -0.2% |
| Cumulative Contribution | 23.1% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| PFE | 23.1% | |
| Market (SPY) | 2.6% | 1.9% |
| Sector (XLV) | 16.7% | 74.4% |
Fundamental Drivers
The 19.3% change in PFE stock from 4/30/2026 to 11/4/2026 was primarily driven by a 130.4% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.81 | 30.79 | 19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 62,579 | 63,624 | 1.7% |
| Net Income Margin (%) | 12.4% | 6.3% | -48.9% |
| P/E Multiple | 18.9 | 43.5 | 130.4% |
| Shares Outstanding (Mil) | 5,686 | 5,700 | -0.2% |
| Cumulative Contribution | 19.3% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| PFE | 19.3% | |
| Market (SPY) | 7.0% | -3.8% |
| Sector (XLV) | 30.5% | 64.9% |
Fundamental Drivers
The 33.7% change in PFE stock from 10/31/2025 to 11/4/2026 was primarily driven by a 257.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.03 | 30.79 | 33.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 63,833 | 63,624 | -0.3% |
| Net Income Margin (%) | 16.8% | 6.3% | -62.4% |
| P/E Multiple | 12.2 | 43.5 | 257.3% |
| Shares Outstanding (Mil) | 5,685 | 5,700 | -0.3% |
| Cumulative Contribution | 33.7% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| PFE | 33.7% | |
| Market (SPY) | 13.4% | 13.6% |
| Sector (XLV) | 33.2% | 59.2% |
Fundamental Drivers
The 22.2% change in PFE stock from 10/31/2023 to 11/4/2026 was primarily driven by a 556.8% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.20 | 30.79 | 22.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 79,264 | 63,624 | -19.7% |
| Net Income Margin (%) | 27.1% | 6.3% | -76.6% |
| P/E Multiple | 6.6 | 43.5 | 556.8% |
| Shares Outstanding (Mil) | 5,646 | 5,700 | -0.9% |
| Cumulative Contribution | 22.2% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| PFE | 22.2% | |
| Market (SPY) | 89.7% | 21.2% |
| Sector (XLV) | 59.5% | 56.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PFE Return | 67% | -10% | -41% | -2% | 1% | 30% | 12% |
| Peers Return | 23% | 27% | 5% | 11% | 26% | 34% | 209% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| PFE Win Rate | 75% | 42% | 17% | 33% | 42% | 73% | |
| Peers Win Rate | 55% | 68% | 45% | 53% | 63% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| PFE Max Drawdown | -18% | -28% | -47% | -20% | -20% | -16% | |
| Peers Max Drawdown | -17% | -15% | -20% | -22% | -25% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, MRK, ABBV, LLY, BMY. See PFE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)
How Low Can It Go
| Event | PFE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.6% | -18.8% |
| % Gain to Breakeven | 19.9% | 23.1% |
| Time to Breakeven | 89 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.3% | -9.5% |
| % Gain to Breakeven | 35.6% | 10.5% |
| Time to Breakeven | 1044 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.4% | -33.7% |
| % Gain to Breakeven | 27.2% | 50.9% |
| Time to Breakeven | 22 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.1% | -3.7% |
| % Gain to Breakeven | 13.7% | 3.9% |
| Time to Breakeven | 104 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -18.1% | -12.2% |
| % Gain to Breakeven | 22.1% | 13.9% |
| Time to Breakeven | 109 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -16.1% | -17.9% |
| % Gain to Breakeven | 19.1% | 21.8% |
| Time to Breakeven | 87 days | 123 days |
In The Past
Pfizer's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | PFE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.3% | -9.5% |
| % Gain to Breakeven | 35.6% | 10.5% |
| Time to Breakeven | 1044 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.4% | -33.7% |
| % Gain to Breakeven | 27.2% | 50.9% |
| Time to Breakeven | 22 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.3% | -53.4% |
| % Gain to Breakeven | 82.8% | 114.4% |
| Time to Breakeven | 731 days | 1085 days |
In The Past
Pfizer's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Pfizer (PFE)
Pfizer Inc. (PFE) is a global biopharmaceutical company primarily engaged in the discovery, development, manufacturing, marketing, and distribution of a wide range of medicines and vaccines. The company focuses on creating innovative healthcare solutions across various therapeutic areas to address diverse medical needs worldwide.
Pfizer’s extensive product portfolio encompasses treatments for cardiovascular, metabolic, and women's health (e.g., Eliquis), oncology (e.g., Ibrance, Xtandi), and infectious diseases, including a notable oral COVID-19 treatment (Paxlovid). It is a major developer and provider of vaccines, with offerings for diseases such as pneumococcal disease (Prevnar family), meningococcal disease, and COVID-19 (Comirnaty). The company also develops biosimilars for chronic immune and inflammatory diseases (e.g., Xeljanz) and specialized medicines for rare conditions like amyloidosis and hemophilia (e.g., Vyndaqel/Vyndamax). Additionally, Pfizer operates a contract manufacturing business.
Pfizer serves a broad customer base that includes wholesalers, retailers, hospitals, clinics, government agencies, pharmacies, and individual healthcare provider offices. This comprehensive distribution network ensures its biopharmaceutical products are accessible through various channels to patients globally, often reaching disease control and prevention centers as well.
AI Analysis | Feedback
- Johnson & Johnson for prescription drugs and vaccines.
- The Procter & Gamble of medical treatments.
AI Analysis | Feedback
- Premarin family: A group of hormone therapies primarily for menopausal symptoms and other related conditions.
- Eliquis: An anticoagulant medication used to prevent and treat blood clots.
- Ibrance: A prescription medicine primarily used to treat certain types of breast cancer.
- Xtandi: A medication specifically used to treat prostate cancer.
- Paxlovid: An oral antiviral treatment developed for COVID-19.
- Comirnaty/BNT162b2: Pfizer's mRNA vaccine providing protection against COVID-19, developed with BioNTech.
- Prevnar family: A series of vaccines designed to protect against pneumococcal disease.
- Xeljanz: An oral medication used for various chronic immune and inflammatory diseases like rheumatoid arthritis and ulcerative colitis.
- Vyndaqel/Vyndamax: A treatment indicated for transthyretin amyloid cardiomyopathy.
- BeneFIX: A coagulation factor IX treatment used for hemophilia B.
- Genotropin: A recombinant human growth hormone prescribed for growth hormone deficiency.
- Inflectra: A biosimilar medication used to treat several inflammatory conditions such as rheumatoid arthritis and Crohn's disease.
- Contract Manufacturing: Pfizer provides manufacturing services to other pharmaceutical companies.
AI Analysis | Feedback
Pfizer (PFE) primarily sells its biopharmaceutical products to other companies and organizations. Based on the provided description, its major customers fall into the following categories:
- Wholesalers
- Retailers
- Hospitals
- Clinics
- Government agencies
- Pharmacies
- Individual provider offices
- Disease control and prevention centers
The provided background information describes categories of customers rather than specific named companies, therefore no public company symbols can be provided for individual customers.
AI Analysis | Feedback
BioNTech SE (BNTX)
AI Analysis | Feedback
Albert Bourla, Chairman and Chief Executive Officer
Albert Bourla joined Pfizer in 1993 and has held several executive roles across the company's divisions, including Chief Operating Officer, before becoming Chief Executive Officer in January 2019. He is credited with leading Pfizer's transformation to become a more science-driven and innovative business. Dr. Bourla earned a doctorate in the biotechnology of reproduction from Aristotle University of Thessaloniki's Veterinary School in Greece. His career at Pfizer has included leadership positions in the animal health unit, established products, and global vaccines, oncology, and consumer healthcare. He was instrumental in the development and global distribution of the Pfizer-BioNTech COVID-19 vaccine.
David M. Denton, Chief Financial Officer and Executive Vice President
David M. Denton was appointed as Pfizer's Chief Financial Officer and Executive Vice President effective May 2, 2022. Before joining Pfizer, he served as CFO and Executive Vice President at Lowe's Companies, Inc. from 2018 to 2022. Prior to Lowe's, he had an extensive career at CVS Health, serving as CFO and Executive Vice President, and holding various leadership roles in finance and accounting for nearly two decades. At CVS, Mr. Denton played a key role in the company's transformation and was instrumental in structuring and negotiating the financing for CVS's acquisition of Aetna, which was considered one of the largest healthcare deals in history. He also led the integration of Caremark into CVS.
Chris Boshoff, MD, PhD, Chief Scientific Officer and President, Research and Development
Dr. Chris Boshoff serves as Pfizer's Chief Scientific Officer and President, Research and Development, and is also the Chief Oncology Officer.
Mike McDermott, Chief Global Supply Officer, Executive Vice President
Mike McDermott leads all of Pfizer's internal and external manufacturing and supply chain activities, ensuring the uninterrupted supply of hundreds of Pfizer's medicines and vaccines, which includes more than 38 billion doses annually. The Pfizer Global Supply (PGS) network, under his leadership, comprises approximately 30,000 colleagues and contractors and 39 Pfizer global manufacturing sites. He played a crucial role in the manufacturing and global distribution of the Pfizer-BioNTech COVID-19 vaccine.
Aamir Malik, Chief U.S. Commercial Officer, Executive Vice President
Aamir Malik is Pfizer's Chief U.S. Commercial Officer and Executive Vice President, overseeing strategy, business development, portfolio management, new commercial initiatives, and innovative access relationships with payers and governments worldwide. Before joining Pfizer, Mr. Malik spent 25 years at McKinsey, where he led the firm's Global Pharmaceutical and Medical Products Practice.
AI Analysis | Feedback
Here are the key risks to Pfizer's business:
- Patent Cliff / Loss of Exclusivity (LOE): Pfizer faces a significant "patent cliff" from 2026 to 2028, with key blockbuster drugs like Eliquis, Ibrance, and Xtandi losing patent protection. This is projected to result in a substantial decline in annual revenues, with estimates indicating a risk of $17-18 billion annually or approximately $29 billion through 2030. The loss of exclusivity could lead to rapid erosion of market share as generic and biosimilar competitors enter the market.
- Declining COVID-19 Product Sales: Revenue generated from Pfizer's COVID-19 vaccine, Comirnaty, and antiviral treatment, Paxlovid, is experiencing a steep decline. This decline is due to waning demand, lower vaccination rates, and the transition from government contracts to commercial market sales. This has already led to significant revenue drops and is expected to continue impacting Pfizer's top-line performance.
- Pipeline Execution and Competition: To offset the anticipated revenue declines from patent expirations and reduced COVID-19 product sales, Pfizer is heavily reliant on the successful development and commercialization of new products from its pipeline and recent acquisitions, particularly in areas like oncology and the competitive obesity market. There is a risk that these new drugs may not achieve the projected blockbuster status or may face intense competition, which could hinder the company's ability to replace lost revenues.
AI Analysis | Feedback
AI Analysis | Feedback
Pfizer Inc. (PFE) operates in several significant addressable markets across its diverse product portfolio. The market sizes for its main products and services vary by therapeutic area and geographic region.
Vaccines
- Pneumococcal Vaccines (Prevnar family): The global pneumococcal vaccine market was estimated at approximately USD 8.07 billion in 2023. This market is projected to reach USD 12.19 billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030. North America held the largest revenue share in 2023.
- Meningococcal Vaccines (Nimenrix, Trumenba): The global meningococcal vaccines market was estimated at USD 4.05 billion in 2025. It is projected to reach USD 5.96 billion by 2033, with a CAGR of 4.5% from 2026 to 2033. North America held the largest market share in 2025.
Oncology
- Global Oncology Market: The global oncology market size was estimated at USD 320.3 billion in 2024. This market is projected to grow to USD 866.1 billion by 2034, at a CAGR of 10.8% from 2025 to 2034. North America held approximately a 43% share in the global oncology market in 2024.
- Breast Cancer (Ibrance): The global breast cancer market size was estimated at USD 26.23 billion in 2025. The global breast cancer drugs market size was estimated at USD 36.62 billion in 2024. North America dominated the global breast cancer market with a 42% share in 2025.
- Prostate Cancer (Xtandi, Sutent): The global prostate cancer market size was estimated at USD 12.88 billion in 2025. It is predicted to reach approximately USD 28.83 billion by 2035. North America leads the prostate cancer drug market, holding a 40.1% share in 2024.
- Non-Small Cell Lung Cancer (Lorbrena, Sutent, Inlyta): The global non-small cell lung cancer market was estimated at USD 20.2 billion in 2024. The non-small cell lung cancer (NSCLC) therapeutics market size was valued at USD 38.49 billion in 2025. North America dominated the non-small cell lung cancer therapeutics market with a market share of 44.55% in 2025.
Sterile Injectable and Anti-infective Medicines
- Sterile Injectables: The global sterile injectable market size was valued at USD 36.44 billion in 2025. North America dominated this market with approximately 42.5% revenue share in 2025.
- Oral COVID-19 Treatment (Paxlovid): The global oral COVID-19 antiviral medicine market is projected to reach USD 14.07 billion by 2025. The global COVID-19 therapeutics market size will be USD 32.54 billion in 2025.
Rare Diseases
- Amyloidosis (Vyndaqel/Vyndamax): The global amyloidosis treatment market size was estimated at USD 5.80 billion in 2024. It is projected to reach USD 11.13 billion by 2033. North America held the largest share of 39.36% of the global market in 2024.
- Hemophilia (BeneFIX): The global hemophilia market size was valued at USD 14.33 billion in 2024. It is estimated to reach USD 33.42 billion by 2033. North America dominates the market, holding over 49.7% of the total market share in 2024.
- Endocrine Diseases (Genotropin - Human Growth Hormone): The global human growth hormone market size was valued at USD 5.4 billion in 2023. This market is projected to grow to USD 9.5 billion by 2032, exhibiting a CAGR of 6.7% from 2024 to 2032. North America dominated the market with a share of over 42% in 2023.
Cardiovascular Metabolic and Women's Health
- Cardiovascular Metabolic and Women's Health (Eliquis, Premarin family):
- Global Cardiovascular Drugs Market: The global cardiovascular drugs market size was valued at USD 54.43 billion in 2022 and is projected to reach USD 75.90 billion by 2032. North America accounted for the largest market share in 2022.
- Global Women's Health Market: The global women's health market size was valued at USD 37.8 billion in 2022 and is expected to reach USD 64.6 billion by 2032, with a CAGR of 5.5% from 2023 to 2032. North America held the largest share in this market in 2022.
- Eliquis (Apixaban): The global apixaban market size was valued at USD 18.0 billion in 2022 and is projected to reach USD 31.9 billion by 2032. North America dominated the apixaban market in 2022.
AI Analysis | Feedback
Pfizer (PFE) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from its robust pipeline of newly launched products and strategic acquisitions, aiming to offset declines in COVID-19 product sales and upcoming patent expirations.
- Growth of Recently Launched Non-COVID Products: Pfizer is focused on a wave of new product launches and indications (excluding COVID-19 related offerings). The company expects these launches, many with blockbuster potential, to generate substantial sales by 2030. Specific examples contributing to this growth include the RSV vaccine Abrysvo, Velsipity for ulcerative colitis, the pentavalent meningococcal vaccine Penbraya, and the migraine nasal spray Zavzpret.
- Expansion of Oncology Portfolio through Seagen Acquisition: The acquisition of Seagen, which closed in late 2023 or early 2024, significantly bolstered Pfizer's oncology capabilities. This strategic move added four antibody-drug conjugates (ADCs)—Adcetris, Padcev, Tukysa, and Tivdak—which are expected to contribute meaningfully to Pfizer's revenues. Pfizer aims to introduce at least eight new oncology medicines to the market by 2030, effectively doubling the number of cancer patients it treats.
- Entry into Metabolic Therapies with Metsera Acquisition: Pfizer's strategic investment in metabolic therapies, exemplified by its acquisition of obesity specialist Metsera in 2025, positions the company for growth in the expanding market for next-generation weight management treatments. This acquisition signifies a new therapeutic area focus designed to drive future revenue.
- Continued Performance of Key In-line Non-COVID Products: Several of Pfizer's established non-COVID products continue to provide significant revenue support. Strong performers include the Vyndaqel/Vyndamax family and the Prevnar family of vaccines. Additionally, products acquired in 2022, such as Nurtec ODT/Vydura and Oxbryta, are also contributing to the top line.
AI Analysis | Feedback
Share Repurchases
- Pfizer had a remaining share repurchase authorization of $3.3 billion as of August 5, 2025.
- The company did not complete any share repurchases in 2025 and does not anticipate any in 2025 or 2026, as per current financial guidance.
- In the first quarter of 2022, Pfizer purchased $2 billion of common stock under an existing $10 billion share repurchase authorization program established in 2018.
Share Issuance
- Pfizer issued $31 billion in senior unsecured notes in May 2023, primarily to fund the acquisition of Seagen.
- The acquisition of Seagen in March 2023 did not involve the issuance of new Pfizer shares.
- Diluted weighted-average shares outstanding were approximately 5.69 billion in Q3 2025, with guidance assuming about 5.71 billion in 2025 and 5.74 billion in 2026.
Outbound Investments
- Acquired Seagen for $43 billion in March 2023, significantly bolstering its oncology segment with antibody-drug conjugate (ADC) technology.
- Acquired Biohaven Pharmaceutical Holdings for $11.6 billion in May 2022, focusing on migraine therapies, including the drug Nurtec ODT.
- Acquired Global Blood Therapeutics (GBT) for approximately $5.4 billion in August 2022, expanding its capabilities in hematology, particularly for treatments addressing rare blood disorders like sickle cell disease.
Capital Expenditures
- Pfizer's capital expenditures were $2.91 billion in 2024, a decrease from a peak of $3.907 billion in December 2023.
- Expected capital expenditures for the upcoming fiscal year (2026) are $2.724 billion, with an average forecast of $2.566 billion over the next five fiscal years.
- These investments primarily focus on research and development, new equipment, and technology to enhance manufacturing processes and R&D capabilities in therapeutic areas such as oncology, vaccines, and rare diseases.
Peer Outperformance in Pharmaceuticals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PFE | Pfizer | -2.9% | 43.5x | 35.6% | 19.5% | -9.3% | — |
| VTRS | Viatris | -1.8% | -54.4x | 89.7% | 135.2% | 73.4% | +83pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 13.4% | 63.7% | 103.3% | CAH 490% · MCK 391% · COR 194% |
| Health Care Services | 20 | 44.0% | 33.3% | 11.6% | HIMS 220% · RDNT 148% · DGX 96% |
| Managed Health Care | 8 | 44.6% | 5.6% | 0.6% | OSCR 107% · HQY 59% · ELV 11% |
| Health Care Facilities | 25 | 16.9% | 18.4% | -3.0% | THC 302% · NHC 241% · EHC 202% |
| Health Care Equipment | 50 | 14.4% | 18.7% | -15.0% | UFPT 408% · GKOS 348% · PLSE 147% |
| Pharmaceuticals ← | 60 | -5.1% | 8.2% | -35.2% | LQDA 999% · KNSA 546% · LLY 448% |
| Health Care Supplies | 11 | 34.9% | 23.0% | -36.1% | LNTH 267% · HAE 76% · MMSI 33% |
| Life Sciences Tools & Services | 108 | -6.2% | -10.3% | -74.1% | AXGN 288% · NTRA 253% · MEDP 189% |
| Biotechnology | 364 | -21.1% | -31.5% | -81.7% | ELVN 1112% · TRVI 1046% · DNTH 930% |
| Health Care Technology | 21 | -23.4% | -56.5% | -82.3% | VEEV -3% · DOCS -52% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Pfizer Stock's Next Chapter Might Be Hiding in Plain Sight | 08/20/2026 | |
| Pfizer Stock Pays Out $49 Bil - Investors Take Note | 08/11/2026 | |
| Pfizer Earnings Notes | 05/02/2026 | |
| Now Is Not The Time To Buy Pfizer Stock | 04/29/2026 | |
| Where Could The Next Breakout for Pfizer Stock Come From | 03/03/2026 | |
| Can Pfizer Stock Withstand These Pressures? | 02/11/2026 | |
| What Could Rocket Pfizer Stock to New Heights | 01/09/2026 | |
| Pfizer Stock on the Edge: 3 Threats You Need to Know | 12/17/2025 | |
| ARTICLES | ||
| Why Should Pfizer Stock Holders Watch This One Number? | 10/28/2026 | |
| Can Pfizer Stock Get Back To Where It Was? | 10/26/2026 | |
| 21 Large Cap Stocks Just Made New 52-Week Highs | 10/21/2026 | |
| What Have Pfizer Stock Holders Really Earned? | 10/20/2026 | |
| Should You Buy Pfizer Stock For Its Cash? | 10/19/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 213.53 |
| Mkt Cap | 447.0 |
| Rev LTM | 66,696 |
| Op Inc LTM | 20,186 |
| FCF LTM | 13,266 |
| FCF 3Y Avg | 13,504 |
| CFO LTM | 19,396 |
| CFO 3Y Avg | 17,795 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.3% |
| Rev Chg 3Y Avg | 5.1% |
| Rev Chg Q | 6.4% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 17.9% |
| Op Inc Chg 3Y Avg | 18.8% |
| Op Mgn LTM | 27.7% |
| Op Mgn 3Y Avg | 24.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 27.0% |
| CFO/Rev 3Y Avg | 27.4% |
| FCF/Rev LTM | 19.1% |
| FCF/Rev 3Y Avg | 21.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 447.0 |
| P/S | 6.1 |
| P/Op Inc | 24.0 |
| P/EBIT | 30.8 |
| P/E | 44.8 |
| P/CFO | 22.7 |
| Total Yield | 4.3% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.5% |
| 3M Rtn | 18.9% |
| 6M Rtn | 29.4% |
| 12M Rtn | 49.1% |
| 3Y Rtn | 79.3% |
| 1M Excs Rtn | 13.1% |
| 3M Excs Rtn | 19.8% |
| 6M Excs Rtn | 26.6% |
| 12M Excs Rtn | 38.2% |
| 3Y Excs Rtn | 1.0% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| BLA761369 | HYMPAVZI | marstacimab-hncq | injectable | 10112024 | -6.9% | -22.4% | -9.1% | 11.1% | 20.9% |
| NDA217439 | TALZENNA | talazoparib tosylate | capsule | 3072024 | 9.1% | 9.6% | 6.0% | 15.1% | 35.5% |
| NDA216956 | VELSIPITY | etrasimod arginine | tablet | 10122023 | -12.6% | -17.7% | -6.2% | -14.7% | 13.4% |
| BLA761345 | ELREXFIO | elranatamab | solution | 8142023 | -18.6% | -21.1% | -15.3% | -20.9% | 3.5% |
| NDA215830 | LITFULO | ritlecitinib tosylate | capsule | 6232023 | -13.7% | -24.0% | -23.5% | -29.5% | -1.4% |
| NDA217188 | PAXLOVID (COPACKAGED) | nirmatrelvir | tablet | 5252023 | -3.3% | -17.9% | -19.4% | -30.6% | -0.2% |
| NDA216386 | ZAVZPRET | zavegepant hydrochloride | spray, metered | 3092023 | 0.1% | -11.2% | -27.5% | -24.3% | -3.3% |
| NDA213871 | CIBINQO | abrocitinib | tablet | 1142022 | -2.6% | -4.3% | -10.1% | -43.6% | -27.6% |
| NDA213082 | XELJANZ | tofacitinib citrate | solution | 9252020 | 4.4% | 2.7% | 26.8% | 31.4% | 15.8% |
| NDA212728 | NURTEC ODT | rimegepant sulfate | tablet, orally disintegrating | 2272020 | 13.1% | 13.2% | 2.3% | 51.0% | 24.9% |
| ... | |||||||||
| Post-Approval Fwd Returns | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FDA BLA # | Brand Name | Generic Name | License Type | First Approval | Latest Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| 125264 | Xyntha | antihemophilic factor (recombinant), plasma/albumin free | 351(a) | 8/6/2010 | 8/6/2010 | 6.9% | 21.3% | 12.3% | 62.1% | 271.1% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| BLA761369 | HYMPAVZI | marstacimab-hncq | injectable | 10112024 | -6.9% | -22.4% | -9.1% | 11.1% | 20.9% |
| NDA217439 | TALZENNA | talazoparib tosylate | capsule | 3072024 | 9.1% | 9.6% | 6.0% | 15.1% | 35.5% |
| NDA216956 | VELSIPITY | etrasimod arginine | tablet | 10122023 | -12.6% | -17.7% | -6.2% | -14.7% | 13.4% |
| BLA761345 | ELREXFIO | elranatamab | solution | 8142023 | -18.6% | -21.1% | -15.3% | -20.9% | 3.5% |
| NDA215830 | LITFULO | ritlecitinib tosylate | capsule | 6232023 | -13.7% | -24.0% | -23.5% | -29.5% | -1.4% |
| NDA217188 | PAXLOVID (COPACKAGED) | nirmatrelvir | tablet | 5252023 | -3.3% | -17.9% | -19.4% | -30.6% | -0.2% |
| NDA216386 | ZAVZPRET | zavegepant hydrochloride | spray, metered | 3092023 | 0.1% | -11.2% | -27.5% | -24.3% | -3.3% |
| NDA213871 | CIBINQO | abrocitinib | tablet | 1142022 | -2.6% | -4.3% | -10.1% | -43.6% | -27.6% |
| NDA213082 | XELJANZ | tofacitinib citrate | solution | 9252020 | 4.4% | 2.7% | 26.8% | 31.4% | 15.8% |
| NDA212728 | NURTEC ODT | rimegepant sulfate | tablet, orally disintegrating | 2272020 | 13.1% | 13.2% | 2.3% | 51.0% | 24.9% |
| BLA761118 | ABRILADA | adalimumab-afzb | injectable | 11152019 | -1.1% | 3.3% | 7.8% | 44.3% | 15.4% |
| NDA212436 | IBRANCE | palbociclib | tablet | 11012019 | -1.1% | 0.0% | -3.9% | 23.3% | 13.1% |
| BLA761103 | RUXIENCE | rituximab-pvvr | injectable | 7232019 | -14.7% | -4.6% | -7.0% | 4.2% | 1.7% |
| BLA761099 | ZIRABEV | bevacizumab-bvzr | injectable | 6272019 | -16.8% | -7.6% | -23.3% | -2.8% | 0.9% |
| BLA761081 | TRAZIMERA | trastuzumab-qyyp | injectable | 3112019 | 4.7% | -9.6% | -13.4% | -8.9% | 6.6% |
| NDA210656 | DAURISMO | glasdegib maleate | tablet | 11212018 | -1.2% | -0.9% | -9.2% | -8.1% | 3.5% |
| NDA210868 | LORBRENA | lorlatinib | tablet | 11022018 | 1.5% | -2.0% | -7.4% | -11.0% | 4.7% |
| NDA211651 | TALZENNA | talazoparib tosylate | capsule | 10162018 | -2.0% | -5.3% | -14.4% | -10.4% | 2.3% |
| NDA211288 | VIZIMPRO | dacomitinib | tablet | 9272018 | -1.6% | -2.1% | -14.6% | -11.6% | 2.4% |
| BLA761072 | IXIFI | infliximab-qbtx | injectable | 12132017 | 0.1% | 0.7% | 26.0% | 12.4% | 26.1% |
| NDA207621 | TROXYCA ER | naltrexone hydrochloride | capsule, extended release | 8192016 | -9.1% | -1.9% | -2.8% | 29.8% | 38.6% |
| NDA208246 | XELJANZ XR | tofacitinib citrate | tablet, extended release | 2232016 | 14.8% | 19.2% | 16.4% | 28.6% | 64.7% |
| NDA207103 | IBRANCE | palbociclib | capsule | 2032015 | 7.5% | 14.7% | -3.3% | 7.4% | 60.8% |
| BLA022458 | ELELYSO | taliglucerase alfa | powder | 5012012 | 6.6% | 13.8% | 31.6% | 46.5% | 148.7% |
| NDA201370 | HEPARIN SODIUM | heparin sodium | injectable | 7212011 | -5.8% | 11.0% | 22.9% | 56.2% | 190.9% |
| NDA022030 | TOVIAZ | fesoterodine fumarate | tablet, extended release | 10312008 | -16.2% | -20.3% | 2.1% | 8.7% | 276.3% |
| NDA021483 | GEODON | ziprasidone hydrochloride | suspension | 3292006 | -8.4% | 14.7% | 4.6% | -11.4% | 197.5% |
| NDA021948 | ERAXIS | anidulafungin | injectable | 2172006 | -6.9% | 6.7% | 5.8% | -5.6% | 190.8% |
| Post-Approval Fwd Returns | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FDA BLA # | Brand Name | Generic Name | License Type | First Approval | Latest Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| 125264 | Xyntha | antihemophilic factor (recombinant), plasma/albumin free | 351(a) | 8/6/2010 | 8/6/2010 | 6.9% | 21.3% | 12.3% | 62.1% | 271.1% |
Clinical Pipeline
| Drug Candidate | Indication | Phase 3 Trials | Est. Primary Completion |
|---|---|---|---|
| Elranatamab | Multiple myeloma | 4 | Aug 2026 |
| RSV Vaccine (RSVpreF) | Prevention of respiratory syncytial virus infection | 4 | Aug 2026 |
| Rimegepant (PF-07899801) | Treatment and prevention of migraine | 5 | Nov 2026 |
| Ritlecitinib | Alopecia areata and vitiligo | 6 | Dec 2026 |
| Mevrometostat (PF-06821497) | Prostate cancer | 3 | Dec 2026 |
| Lyme Disease Vaccine (VLA15) | Prevention of Lyme disease | 2 | Dec 2026 |
| Vepdegestrant (ARV-471 / PF-07850327) | Advanced breast cancer | 2 | Dec 2026 |
| Avelumab | Advanced malignancies | 1 | Dec 2026 |
| Tofacitinib | Ulcerative colitis | 1 | Mar 2027 |
| Abrocitinib | Atopic dermatitis and eczema | 2 | May 2027 |
| ... |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Biopharma | 61,199 | 62,400 | 58,237 | 99,826 | 79,557 |
| Other business activities | 1,380 | 1,228 | 1,316 | 1,349 | 1,731 |
| Total | 62,579 | 63,628 | 59,553 | 101,175 | 81,288 |
| $ Mil | 2004 | 2003 | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|
| Pharmaceuticals | 21,510 | 6,837 | 12,920 | 10,936 | 8,859 |
| Consumer Healthcare | 667 | 571 | |||
| Animal Health | 353 | 100 | |||
| Other | -8,523 | -4,245 | |||
| Consumer Products | 546 | 787 | 813 | ||
| Total | 14,007 | 3,263 | 13,466 | 11,723 | 9,672 |
| $ Mil | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|
| Biopharmaceutical | 123,560 | 120,789 | |||
| Corporate/Other | 52,638 | 74,980 | |||
| Diversified | 18,255 | 16,684 | |||
| Discontinued operations/Held for sale | 561 | 496 | |||
| Animal Health | 2,075 | 2,043 | 1,951 | ||
| Corporate/other | 148 | ||||
| Pharmaceutical | 60,591 | 67,431 | 72,497 | ||
| Total | 195,014 | 212,949 | 62,814 | 69,474 | 74,448 |
Price Behavior
| Market Price | $30.79 | |
| Market Cap ($ Bil) | 175.5 | |
| First Trading Date | 06/01/1972 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $28.68 | $26.42 |
| DMA Trend | up | up |
| Distance from DMA | 7.3% | 16.6% |
| 3M | 1YR | |
| Volatility | 20.7% | 21.5% |
| Downside Capture | -38.02 | 12.69 |
| Upside Capture | 46.84 | 42.83 |
| Correlation (S&P 500) | -8.7% | 13.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.99 | -0.37 | -0.06 | -0.10 | 0.21 | 0.33 |
| Up Beta | -1.16 | -0.08 | 0.05 | -0.03 | 0.28 | 0.27 |
| Down Beta | -1.11 | -1.11 | -0.69 | -0.24 | 0.09 | 0.47 |
| Up Capture | -37% | 6% | 53% | 12% | 30% | 9% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 23 | 36 | 65 | 131 | 376 |
| Down Capture | -143% | -53% | -69% | -44% | 7% | 53% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 18 | 26 | 58 | 115 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFE | |
|---|---|---|---|---|
| PFE | 33.8% | 21.5% | 1.25 | - |
| Sector ETF (XLV) | 33.1% | 16.7% | 1.53 | 59.2% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 13.6% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | 9.5% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | -10.2% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | 36.2% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | 3.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFE | |
|---|---|---|---|---|
| PFE | -1.4% | 25.4% | -0.08 | - |
| Sector ETF (XLV) | 9.3% | 15.3% | 0.40 | 54.3% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 25.9% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 5.4% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -3.4% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 32.7% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFE | |
|---|---|---|---|---|
| PFE | 4.2% | 24.1% | 0.17 | - |
| Sector ETF (XLV) | 12.5% | 16.8% | 0.61 | 63.1% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 41.3% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 3.8% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 6.8% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 38.6% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 6.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | -2.2% | ||
| 8/4/2026 | 1.5% | 8.1% | 14.1% |
| 5/5/2026 | 0.6% | -0.2% | -2.1% |
| 2/3/2026 | -3.3% | 1.5% | -0.2% |
| 11/4/2025 | -1.5% | 0.6% | 6.1% |
| 8/5/2025 | 5.2% | 4.5% | 5.4% |
| 4/29/2025 | 3.2% | 3.6% | 2.5% |
| 2/4/2025 | -1.3% | -1.3% | -1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 12 | 11 | 13 |
| Median Positive | 3.1% | 3.6% | 8.6% |
| Median Negative | -1.6% | -3.2% | -3.9% |
| Max Positive | 6.1% | 11.7% | 26.4% |
| Max Negative | -3.3% | -6.4% | -9.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | -2.2% | ||
| 8/4/2026 | 1.5% | 8.1% | 14.1% |
| 5/5/2026 | 0.6% | -0.2% | -2.1% |
| 2/3/2026 | -3.3% | 1.5% | -0.2% |
| 11/4/2025 | -1.5% | 0.6% | 6.1% |
| 8/5/2025 | 5.2% | 4.5% | 5.4% |
| 4/29/2025 | 3.2% | 3.6% | 2.5% |
| 2/4/2025 | -1.3% | -1.3% | -1.0% |
| 10/29/2024 | -1.4% | -3.8% | -9.3% |
| 7/30/2024 | 2.2% | -3.2% | -6.2% |
| 5/1/2024 | 6.1% | 8.4% | 11.7% |
| 1/30/2024 | -1.7% | -3.3% | -1.6% |
| 12/14/2023 | -2.0% | 3.6% | 6.2% |
| 10/13/2023 | 3.6% | -4.5% | -8.5% |
| 8/1/2023 | -1.2% | -1.1% | 0.2% |
| 5/2/2023 | -0.4% | -1.4% | -2.0% |
| 1/31/2023 | 1.4% | 0.5% | -7.7% |
| 11/1/2022 | 3.1% | 2.0% | 8.6% |
| 7/28/2022 | -1.6% | -3.3% | -7.1% |
| 5/3/2022 | 2.0% | 0.6% | 9.2% |
| 2/8/2022 | -2.8% | -6.4% | -8.4% |
| 11/2/2021 | 4.1% | 11.7% | 26.4% |
| 7/28/2021 | 3.2% | 9.5% | 13.9% |
| 5/4/2021 | 0.3% | 1.1% | -1.7% |
| 2/2/2021 | -2.3% | -2.7% | -3.9% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 12 | 11 | 13 |
| Median Positive | 3.1% | 3.6% | 8.6% |
| Median Negative | -1.6% | -3.2% | -3.9% |
| Max Positive | 6.1% | 11.7% | 26.4% |
| Max Negative | -3.3% | -6.4% | -9.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Recent Forward Guidance
Updated 11/4/2026Latest: Q3 2026 Earnings Reported 11/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted SI&A Expenses | Reported | 12.50 Bil | 13.00 Bil | 13.50 Bil | 0.0% | Affirmed | Guidance: 13.00 Bil for 2026 | |
| 2026 Adjusted R&D Expenses | Reported | 10.80 Bil | 11.30 Bil | 11.80 Bil | 2.7% | Raised | Guidance: 11.00 Bil for 2026 | |
| 2026 Revenues | Reported | 62.00 Bil | 63.00 Bil | 64.00 Bil | 2.4% | Raised | Guidance: 61.50 Bil for 2026 | |
| 2026 Effective Tax Rate on Adjusted Income | Reported | 15.0% | 0.0% | Affirmed | Guidance: 15.0% for 2026 | |||
| 2026 Adjusted Diluted EPS | Reported | 2.95 | 3 | 3.05 | 3.4% | Raised | Guidance: 2.9 for 2026 | |
| 2026 Diluted Weighted-Average Shares Outstanding | Reported | 5.74 Bil | ||||||
| 2026 Share Repurchases | Reported | 0 | ||||||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted SI&A Expenses | Reported | 12.50 Bil | 13.00 Bil | 13.50 Bil | 0 | Affirmed | Guidance: 13.00 Bil for 2026 | |
| 2026 Adjusted R&D Expenses | Reported | 10.50 Bil | 11.00 Bil | 11.50 Bil | 0 | Affirmed | Guidance: 11.00 Bil for 2026 | |
| 2026 Revenue | Reported | 59.50 Bil | 61.00 Bil | 62.50 Bil | 0 | Affirmed | Guidance: 61.00 Bil for 2026 | |
| 2026 Effective Tax Rate on Adjusted Income | Reported | 15.0% | 0 | Affirmed | Guidance: 15.0% for 2026 | |||
| 2026 Adjusted Diluted EPS | Reported | 2.8 | 2.9 | 3 | 0 | Affirmed | Guidance: 2.9 for 2026 | |
Q4 2025 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted SI&A Expenses | Reported | 12.50 Bil | 13.00 Bil | 13.50 Bil | -4.4% | Lower New | Guidance: 13.60 Bil for 2025 | |
| 2026 Adjusted R&D Expenses | Reported | 10.50 Bil | 11.00 Bil | 11.50 Bil | 4.8% | Higher New | Guidance: 10.50 Bil for 2025 | |
| 2026 Revenue | Reported | 59.50 Bil | 61.00 Bil | 62.50 Bil | -2.4% | Lower New | Guidance: 62.50 Bil for 2025 | |
| 2026 Effective Tax Rate on Adjusted Income | Reported | 15.0% | 4.0% | Higher New | Guidance: 11.0% for 2025 | |||
| 2026 Adjusted Diluted EPS | Reported | 2.8 | 2.9 | 3 | -5.7% | Lower New | Guidance: 3.08 for 2025 | |
Insider Activity
Updated 11/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bourla, Albert | Chairman & CEO | Direct | Buy | 8122026 | 26.34 | 38,000 | 1,000,920 | 11,304,417 | Form |
| 2 | Blaylock, Ronald E | Direct | Buy | 8052026 | 25.46 | 39,231 | 998,821 | 1,704,241 | Form | |
| 3 | Buckley, Mortimer J | Direct | Buy | 8052026 | 25.52 | 37,632 | 960,369 | 960,369 | Form | |
| 4 | Damico, Jennifer B | SVP & Controller | Direct | Sell | 6102026 | 25.70 | 2,000 | 51,400 | 806,903 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bourla, Albert | Chairman & CEO | Direct | Buy | 8122026 | 26.34 | 38,000 | 1,000,920 | 11,304,417 | Form |
| 2 | Blaylock, Ronald E | Direct | Buy | 8052026 | 25.46 | 39,231 | 998,821 | 1,704,241 | Form | |
| 3 | Buckley, Mortimer J | Direct | Buy | 8052026 | 25.52 | 37,632 | 960,369 | 960,369 | Form | |
| 4 | Damico, Jennifer B | SVP & Controller | Direct | Sell | 6102026 | 25.70 | 2,000 | 51,400 | 806,903 | Form |
Investor Activity (13F)
Updated Nov 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Davern Capital Partners, LP | $44.8 Mil | 12.3% | 17 | TRIM -22.0% | 13F |
| Talaria Asset Management Pty Ltd | $50.0 Mil | 10.1% | 12 | Hold | 13F |
| Sector Gamma AS | $30.6 Mil | 7.2% | 42 | ADD +27.0% | 13F |
| Allen Holding Inc /Ny | $56.2 Mil | 5.6% | 9 | ADD +31.6% | 13F |
| Wilsey Asset Management Inc | $33.3 Mil | 5.2% | 25 | Hold | 13F |
| America First Investment Advisors, LLC | $25.2 Mil | 4.7% | 41 | ADD +7.6% | 13F |
| Coerente Capital Management | $19.7 Mil | 3.7% | 47 | ADD +5.1% | 13F |
| Minneapolis Portfolio Management Group, LLC | $33.9 Mil | 3.6% | 33 | New | 13F |
| Unisphere Establishment | $411.4 Mil | 3.5% | 50 | Hold | 13F |
| Boothe Investment Group, Inc. | $9.9 Mil | 3.2% | 40 | Hold | 13F |
| Defilade Capital Management, L.P. | $19.4 Mil | 2.7% | 31 | TRIM -33.6% | 13F |
| Sound Shore Management Inc /CT/ | $80.6 Mil | 2.7% | 40 | New | 13F |
| Kahn Brothers Group Inc | $13.6 Mil | 2.4% | 48 | TRIM -12.5% | 13F |
| Bruce & Co., Inc. | $7.6 Mil | 2.2% | 41 | Hold | 13F |
| Schwerin Boyle Capital Management Inc | $15.3 Mil | 1.9% | 47 | TRIM -7.0% | 13F |
| Keystone Financial Planning, Inc. | $6.9 Mil | 1.8% | 40 | Hold | 13F |
| Westchester Capital Management, Inc. | $7.9 Mil | 1.6% | 45 | Hold | 13F |
| Fairfax Financial Holdings LTD/ Can | $27.8 Mil | 1.4% | 29 | ADD +11.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sound Shore Management Inc /CT/ | $80.6 Mil | 2.7% | 40 | New | 13F |
| Minneapolis Portfolio Management Group, LLC | $33.9 Mil | 3.6% | 33 | New | 13F |
| Allen Holding Inc /Ny | $56.2 Mil | 5.6% | 9 | ADD +31.6% | 13F |
| Sector Gamma AS | $30.6 Mil | 7.2% | 42 | ADD +27.0% | 13F |
| Fairfax Financial Holdings LTD/ Can | $27.8 Mil | 1.4% | 29 | ADD +11.2% | 13F |
| America First Investment Advisors, LLC | $25.2 Mil | 4.7% | 41 | ADD +7.6% | 13F |
| Coerente Capital Management | $19.7 Mil | 3.7% | 47 | ADD +5.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Avidity Partners Management LP | $5.1 Mil | 1.5% | 39 | Exited | Dec 31, 2025 | 13F |
| Defilade Capital Management, L.P. | $19.4 Mil | 2.7% | 31 | TRIM -33.6% | Mar 31, 2026 | 13F |
| Davern Capital Partners, LP | $44.8 Mil | 12.3% | 17 | TRIM -22.0% | Mar 31, 2026 | 13F |
| Kahn Brothers Group Inc | $13.6 Mil | 2.4% | 48 | TRIM -12.5% | Mar 31, 2026 | 13F |
| Schwerin Boyle Capital Management Inc | $15.3 Mil | 1.9% | 47 | TRIM -7.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Unisphere Establishment | $411.4 Mil | 3.5% | 50 | Hold | 13F |
| Sound Shore Management Inc /CT/ | $80.6 Mil | 2.7% | 40 | New | 13F |
| Allen Holding Inc /Ny | $56.2 Mil | 5.6% | 9 | ADD +31.6% | 13F |
| Talaria Asset Management Pty Ltd | $50.0 Mil | 10.1% | 12 | Hold | 13F |
| Davern Capital Partners, LP | $44.8 Mil | 12.3% | 17 | TRIM -22.0% | 13F |
| Minneapolis Portfolio Management Group, LLC | $33.9 Mil | 3.6% | 33 | New | 13F |
| Wilsey Asset Management Inc | $33.3 Mil | 5.2% | 25 | Hold | 13F |
| Sector Gamma AS | $30.6 Mil | 7.2% | 42 | ADD +27.0% | 13F |
| Fairfax Financial Holdings LTD/ Can | $27.8 Mil | 1.4% | 29 | ADD +11.2% | 13F |
| America First Investment Advisors, LLC | $25.2 Mil | 4.7% | 41 | ADD +7.6% | 13F |
| Coerente Capital Management | $19.7 Mil | 3.7% | 47 | ADD +5.1% | 13F |
| Defilade Capital Management, L.P. | $19.4 Mil | 2.7% | 31 | TRIM -33.6% | 13F |
| Schwerin Boyle Capital Management Inc | $15.3 Mil | 1.9% | 47 | TRIM -7.0% | 13F |
| Kahn Brothers Group Inc | $13.6 Mil | 2.4% | 48 | TRIM -12.5% | 13F |
| Boothe Investment Group, Inc. | $9.9 Mil | 3.2% | 40 | Hold | 13F |
| Westchester Capital Management, Inc. | $7.9 Mil | 1.6% | 45 | Hold | 13F |
| Bruce & Co., Inc. | $7.6 Mil | 2.2% | 41 | Hold | 13F |
| Keystone Financial Planning, Inc. | $6.9 Mil | 1.8% | 40 | Hold | 13F |
PFE Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive based on accelerating execution against a clear strategy. The new product portfolio grew 32% operationally, a significant step-up that shows the plan to outrun patent expiries has traction. While the 2026-2030 revenue cliff is a major headwind, management's consistent guidance raises and pipeline progress provide confidence in their ability to navigate it.
STOCK ARCHETYPE
Patent-Protected Franchise(Volume of prescriptions for key in-patent drugs) x (Net Price after rebates) + (New Product Launch Uptake) - (Revenue Erosion from Loss of Exclusivity) The mix shift from mature products facing pricing pressure and patent cliffs to new, patent-protected specialty drugs in high-value therapeutic areas like oncology and rare diseases, which can command higher net prices.
INVESTMENT THESIS
Current evidence suggests the strategy is working, with the new growth engine showing significant acceleration.
- Launched and acquired products revenue grew 32% operationally in Q3 2026.
- The core non-COVID business grew operationally in Q3 2026.
- Full-year 2026 revenue guidance was raised by $1.5 billion at the midpoint.
- Full-year 2026 adjusted EPS guidance was raised to a range of $2.95 to $3.05.
- The company recently achieved 8 key pivotal study starts for its pipeline.
PRIMARY RISK
The company faces a 'significant reduction of revenue' from 2026 through 2030 as multiple blockbusters lose exclusivity, a headwind potentially too large for new products to offset in time.
- The company anticipates a significant revenue reduction from expiries through 2030.
- The rate of this revenue reduction is expected to 'significantly accelerate'.
- Key drugs Eliquis, Ibrance, and Xtandi face government-set prices.
- Net debt has risen to $48.4 billion, limiting financial flexibility.
- Interest coverage is low at 2.6 times.
| KPI | Status | Rationale |
|---|---|---|
| Launched and Acquired Products Revenue Growth | 32% operational growth in Q3 2026 - Accelerating | The growth rate for this critical cohort, which is key to offsetting future patent expirations, is accelerating. While Q2's 18% growth was a sequential dip, management noted at the time it was tempered by onetime items. The latest quarter's 32% growth marks a significant step-up and a return to an accelerating trajectory. |
| Non-COVID Products Revenue Growth | 7% operational growth in Q3 2026 - Stable | Growth in the core non-COVID business, which excludes the volatile COVID-19 franchise, has been stable. The rate returned to 7% in the latest quarter after a slight dip to 5% in Q2 2026, indicating resilient underlying demand. |
| Pivotal Study Starts | 8 key pivotal study starts (In recent months as of the Q3 2026 earnings call) | Indicates progress in advancing the late-stage R&D pipeline, which is the source of future revenue growth. Management highlights this as a measure of R&D execution and prioritization of high-value opportunities. |
New Product Acceleration vs. Patent Cliff Gravity
BULL VIEW
Bulls believe the 32% operational growth in new products is sustainable and proves management's acquisition and launch strategy can successfully navigate the upcoming losses of exclusivity.
CORE TENSION
Can the accelerating 32% growth from new products offset the 'significant' revenue reduction from the 2026-2030 patent cliff, a risk the market's flat reaction to a guidance raise suggests is underestimated?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The 32% growth in Q3 was a material acceleration from Q2, showing strengthening momentum in the company's designated growth engine.
BEAR VIEW
Bears argue the new product growth is a temporary surge from recent acquisitions that will fade, leaving the company exposed to the full force of the patent cliff and regulatory pricing pressure.
| Timeline | Event & Metric To Watch |
|---|---|
later this year | Oral STAT6 Program Update Watch: Company to provide an update on its oral STAT6 program. |
end of this year | Amylin/GLP-1 Combo Update Watch: Company to provide an update on the Phase 1/2a study of its amylin and GLP-1 combination. |
1/26/2027 | Intensifying Peer Competition Watch: Peer earnings calls reporting outperformance in oncology, vaccines, or immunology, suggesting market share pressure on Pfizer's growth drivers. |
2/1/2027 | COVID Guidance Miss Watch: Q4 results showing Comirnaty or Paxlovid sales below the implied quarterly run-rate needed to meet the $4 billion annual target. |
2/1/2027 | Quarterly Earnings Report Watch: Company to report Q4 2026 earnings. |
2/2/2027 | Peer MRK Earnings Watch: Peer Merck (MRK) is scheduled to report earnings. |
around middle of December | Weak 2027 Guidance Watch: Revenue and EPS guidance that implies significant margin compression or revenue decline due to LOE and IRA impacts. |
end of this year | Negative Pipeline Readouts Watch: Company press releases announcing trial failures, delays, or negative regulatory feedback for STAT6, amylin/GLP-1, or the Lyme vaccine. |
around middle of December | Full-Year 2027 Guidance Watch: Company to provide 2027 financial guidance. |
| Date | Event | Stock Impact |
|---|---|---|
2026-11-03 | Q3 Results and Guidance Raise Details: Pfizer reported strong Q3 2026 results and raised its full-year 2026 guidance for both revenues and adjusted diluted EPS. | +0.4% $30.67 -> $30.79 |
2026-10-27 | Positive Elrexfio Phase 3 Data Details: The Phase 3 MagnetisMM-32 study of Elrexfio in relapsed or refractory multiple myeloma met its primary endpoint of progression-free survival at a pre-specified interim analysis. | -1.1% $29.79 -> $29.45 |
2026-08-27 | New COVID Vaccine Approved Details: The European Commission and U.S. FDA authorized and approved, respectively, the 2026-2027 COVID-19 vaccine formula targeting the XFG variant. | -1.2% $28.30 -> $27.96 |
2026-08-04 | Q2 Results and Guidance Raise Details: Pfizer reported Q2 results and raised its full-year 2026 revenue guidance by $500 million at the midpoint, while reaffirming adjusted EPS guidance. | +3.1% $25.03 -> $25.81 |
2026-06-24 | CFO Departure Announced Details: Press reports in June noted the departure of CFO David Denton for Nike, which a market commentary piece suggested tested confidence in the company's 2026 outlook. | -4.2% $24.30 -> $23.26 |
2026-05-28 | Innovent Oncology Collaboration Details: Pfizer and Innovent Biologics entered a strategic global licensing and collaboration agreement to research and develop 12 new early-stage and de novo cancer medicines. | -0.1% $25.76 -> $25.73 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: PFE trades at roughly 20% annualized realized (three-month) volatility versus about 10% for the S&P 500 (2.0x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
LLY - Eli Lilly
Pure-Play Innovation GrowthEli Lilly offers exposure to breakthrough therapies with much higher growth and superior 83.6% gross margins, avoiding Pfizer's near-term patent cliff issues.
JNJ - Johnson & Johnson
Diversified Scale and StabilityWith revenues 1.6 times larger than Pfizer's, Johnson & Johnson provides greater scale and diversification, offering a more stable profile for investors seeking exposure to large-cap pharma with less transition-specific risk.
Pfizer is a battleship navigating a massive patent cliff by aggressively acquiring and launching new assets in high-growth areas like oncology and obesity to rebuild its revenue base before key blockbusters go generic.
After a massive revenue surge from COVID-19 products, Pfizer is now focused on a major portfolio transition. The company faces a significant revenue reduction from patent expiries for several blockbuster drugs between 2026 and 2030. The core investment thesis hinges on whether its newly acquired and launched products, combined with a promising late-stage pipeline, can scale quickly enough to offset these losses and return the company to a high single-digit growth trajectory post-2028.
Strong uptake and continued double-digit growth in 'launched and acquired products'; positive pivotal data readouts for key pipeline assets like mevrometostat (prostate cancer) and tilrekimig (I&I); successful label expansions for new oncology drugs.
Failures in late-stage clinical trials; faster-than-expected revenue erosion for products losing exclusivity; intensified pricing pressure from regulators or payors on new launches.
Early-stage pipeline announcements, minor patent litigation outside of core products, and quarterly fluctuations in COVID-19 product sales.
Repricing Catalyst
The market's re-evaluation of Pfizer's post-2028 growth prospects, driven by the cadence of pivotal trial readouts and the revenue trajectory of its new product launches over the next 12-24 months.
Biopharma
$62.2B TTM (98% of Total)What It Is
Sells a portfolio of innovative medicines and vaccines to wholesalers, retailers, hospitals, clinics, and government agencies worldwide. Key product areas include Primary Care (e.g., Eliquis, Prevnar family, Comirnaty, Paxlovid, Nurtec), Specialty Care (e.g., Xeljanz, Vyndaqel family), and Oncology (e.g., Ibrance, Xtandi, Padcev).
Who Pays & How
Wholesalers and governments are the direct purchasers, but payment is ultimately funded by government programs and private insurers. They pay to provide patients with therapies that treat diseases and improve health, with formulary access often dependent on negotiated rebates.
Competition
Other business activities
$1.4B TTM (2% of Total)What It Is
This includes PC1, a contract development and manufacturing organization (CDMO) that supplies specialty active pharmaceutical ingredients, and Pfizer Ignite, which provides R&D services to biotech companies (this business is being wound down).
Who Pays & How
Other pharmaceutical and biotech companies pay for manufacturing services and R&D expertise to support their own product development and supply chains.
Competition
Pfizer — Investor Video Playlist
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.