Pfizer (NYSE: PFE) finished Wednesday’s session lower and traded only modestly in the after-hours market—an indication that investors are still digesting the company’s newly issued 2026 outlook while weighing fresh pipeline headlines and looming U.S. policy risk around drug pricing.
Below is a detailed look at where Pfizer stock stands after the bell on Dec. 17, 2025, what news moved the narrative today, where Wall Street’s forecasts are landing, and what to watch before the opening bell Thursday, Dec. 18, 2025.
Pfizer stock after the bell: the numbers investors are watching
Pfizer shares closed at $25.04 on Wednesday, down about 1.9% on the day, and ended the regular session at the low of the day after trading as high as roughly $25.68. [1]
In extended trading, PFE ticked slightly higher to about $25.07 (roughly +0.12% vs. the close) as of the early evening update—muted movement that suggests no single post-close headline dominated trading. [2]
Quick snapshot (end of day / after hours):
- Regular-session close: $25.04 [3]
- After-hours trade (early evening): ~$25.07 [4]
- Day’s range: ~$25.04 to ~$25.68
- Volume: ~61 million shares
Why Pfizer stock slipped again today: “guidance digestion” meets a risk-off tape
While Pfizer had important clinical news today (more on that below), the stock’s day-to-day direction remains anchored to a broader debate that erupted after the company issued its full-year 2026 financial guidance (released Dec. 16).
Pfizer’s official guidance calls for:
- 2026 revenue:$59.5B to $62.5B
- 2026 adjusted diluted EPS:$2.80 to $3.00
- A ~$1.5B year-over-year expected decline in COVID-19 product revenue vs. 2025 expectations
- A ~$1.5B negative revenue impact from certain loss-of-exclusivity (LOE) products
- ~4% operational revenue growth at the midpoint excluding COVID and LOE products [5]
The company also guided to:
- 2026 adjusted SI&A:$12.5B–$13.5B
- 2026 adjusted R&D:$10.5B–$11.5B
- 2026 effective tax rate on adjusted income:~15% [6]
Investors and analysts have framed this as a “trough year” setup: the near-term headwinds (COVID normalization and LOE pressure) are colliding with Pfizer’s plan to fund pipeline development and acquired assets intended to support growth later in the decade. [7]
Wednesday’s decline also came on a day when U.S. equities broadly weakened, which can limit the usual defensive appeal of large-cap pharma. Reuters described markets being sensitive to inflation worries ahead of Thursday’s U.S. inflation data. [8]
The biggest Pfizer-specific headline today: PADCEV + KEYTRUDA posts Phase 3 win in earlier bladder cancer
Pfizer investors also had a major pipeline datapoint to process on Dec. 17: Astellas and Pfizer announced positive topline results from the Phase 3 KEYNOTE-B15 / EV-304 trial evaluating PADCEV (enfortumab vedotin-ejfv) + KEYTRUDA (pembrolizumab) as perioperative treatment for muscle-invasive bladder cancer (MIBC).
According to the companies’ announcements, the trial met key endpoints, including event-free survival and overall survival, versus chemotherapy—an important signal because perioperative (before/after surgery) treatment is a high-impact setting for changing standards of care. [9]
Why this matters for Pfizer stock:
- It reinforces the strategic logic of Pfizer’s oncology buildout (including the assets it has accumulated through deals).
- It highlights a clearer route to offsetting longer-cycle headwinds like LOE—though monetization depends on regulatory timelines and label expansion.
That said, one day of stock performance doesn’t always reflect one clinical headline—especially when the market is still focused on near-term earnings power and macro data risk.
Drug pricing policy remains a live overhang: Reuters reports MFN agreements are coming, with Pfizer already in
Another major theme today: U.S. drug pricing risk.
Reuters reported that several large pharmaceutical companies are nearing claims of agreements with the U.S. government tied to President Donald Trump’s most-favored-nation (MFN) pricing initiative, with an announcement anticipated Friday. Reuters also reported that Pfizer is among the companies that have already agreed, alongside other large drugmakers. [10]
The key investor takeaway is less about the politics and more about uncertainty: policy clarity can reduce the “headline discount” large pharma sometimes trades with when pricing reform risk feels open-ended.
Pfizer’s own 2026 guidance materials also explicitly point to a voluntary agreement providing “greater clarity” and reducing uncertainty around tariffs/pricing—language that underscores how central policy visibility has become to the equity story. [11]
Analyst forecasts and price targets moved today: $30 bulls vs. $24 bears
Today’s analyst notes showed the Street splitting into two camps: those treating the 2026 outlook as conservative and manageable, and those focused on credibility/visibility and a longer recovery timeline.
BMO: reiterates Outperform, keeps $30 target
Investing.com reported that BMO Capital reiterated an Outperform rating and maintained a $30 price target, describing Pfizer’s 2026 guidance as conservative and pointing to COVID-related caution as a major driver. The note also referenced Street expectations that Pfizer’s 2026 COVID business declines versus 2025. [12]
Wolfe Research: maintains Underperform, cuts target to $24
MarketScreener reported Wolfe Research maintained Underperform and lowered its price target to $24 from $25, arguing there was no “fundamental” change in outlook after the guidance discussion, while also citing issues such as investor trust/credibility and pointing to Pfizer’s high dividend yield and long dividend streak as part of the valuation debate. [13]
Where consensus sits
A separate MarketBeat snapshot put the average analyst price target around $28.28 and flagged a “Moderate Buy” consensus label (based on its compiled analyst set). [14]
How to read these mixed signals going into Thursday:
- The range of targets matters more than any single one right now: Pfizer is trading in a zone where bulls point to valuation/dividend support while bears point to earnings power compression and the multi-year patent/LOE slope.
- That’s why macro and policy headlines can move PFE more than usual: when company-specific visibility is limited, the market tends to lean harder on “outside” catalysts.
A small but notable filing today: CEO Form 4 shows phantom stock units (not an open-market buy)
Also on Wednesday, a Form 4 filing showed Pfizer CEO Albert Bourla acquired 23 phantom stock units on Dec. 15, 2025 under a deferred compensation/supplemental savings plan; the filing indicates these units are cash-settled following separation from service. This is generally compensation-plan activity rather than a discretionary open-market purchase. [15]
What to know before the market opens tomorrow (Thursday, Dec. 18, 2025)
Here’s the practical pre-market checklist for Pfizer stock and the broader tape.
1) Thursday’s CPI is a real pre-market catalyst
The Bureau of Labor Statistics schedule shows the Consumer Price Index (CPI) for November 2025 is scheduled for release on Dec. 18, 2025 at 8:30 a.m. ET. [16]
Why Pfizer investors should care: higher-than-expected inflation can move rates and shift sector leadership, and high-dividend, defensive names can trade differently depending on bond yield direction.
Reuters’ morning market preview also flagged Thursday inflation data as a potential disruptor to sentiment. [17]
2) Jobless claims also hit before the open
Weekly Initial Jobless Claims are scheduled for Thursday as well (another market-moving data point, especially in a rate-sensitive environment). [18]
3) Drug pricing headlines could leak ahead of Friday
Because Reuters reported an MFN-related announcement could come Friday—and that Pfizer is already among the firms that have agreed—any Thursday developments, confirmations, or clarifications could affect sentiment. [19]
4) Watch whether “pipeline good news” starts to matter again
If the market stabilizes after inflation data, investors may rotate back toward company fundamentals. That could bring today’s PADCEV + KEYTRUDA results back into focus—particularly among healthcare-focused funds and oncology watchers. [20]
5) Near-term “levels” traders will talk about
Pfizer closed right around the $25 handle—an obvious psychological zone given the stock’s recent guidance-driven slide. If volatility spikes around CPI, that level may act as a near-term reference point for both bulls and bears.
6) Next scheduled company catalyst: earnings season (early February)
Nasdaq’s earnings page lists Pfizer’s next earnings date as estimated around Feb. 3, 2026 (algorithm-based estimate). [21]
That means Thursday’s price action is likely to remain dominated by macro data + policy headlines + follow-through on guidance framing, rather than a new scheduled Pfizer event.
Bottom line for Pfizer stock heading into Thursday
Pfizer stock ended Dec. 17 lower and was little changed after hours, with the market still treating 2026 guidance as the primary anchor for valuation. [22]
But the newsflow is active: Pfizer had meaningful oncology pipeline updates today, and Reuters’ MFN pricing reporting suggests policy clarity may be getting closer—both of which can reshape sentiment if the macro backdrop cooperates. [23]
References
1. finviz.com, 2. www.marketbeat.com, 3. finviz.com, 4. www.marketbeat.com, 5. s206.q4cdn.com, 6. s206.q4cdn.com, 7. s206.q4cdn.com, 8. www.reuters.com, 9. www.pfizer.com, 10. www.reuters.com, 11. s206.q4cdn.com, 12. in.investing.com, 13. www.investing.com, 14. www.marketbeat.com, 15. www.sec.gov, 16. www.bls.gov, 17. www.reuters.com, 18. www.fxstreet.com, 19. www.reuters.com, 20. www.pfizer.com, 21. www.nasdaq.com, 22. s206.q4cdn.com, 23. www.pfizer.com
