NEW YORK, December 30, 2025, 13:50 ET — Regular session
Pfizer Inc (NYSE:PFE) shares were up about 0.1% at $25.03 in afternoon trading on Tuesday, after moving between $24.92 and $25.10. TD Cowen reiterated its Hold rating and kept a $30 price target, pointing to negative trends in its model through 2030 despite the stock’s dividend yield near 7%. 1
The call lands as investors weigh Pfizer’s latest 2026 targets after the drugmaker projected revenue of $59.5 billion to $62.5 billion next year and adjusted earnings of $2.80 to $3.00 a share. “Adjusted” earnings strip out certain items the company says can obscure the underlying business, such as acquisition-related charges. 2
Pfizer has warned the next few years will be “bumpy,” citing fading COVID demand, margin pressure tied to Medicaid pricing concessions and the expiry of patents on key drugs. Shares have dropped more than 50% since early 2023, and Bernstein analyst Courtney Breen said the stock was unlikely to move out of the mid-$20s until investors see a clearer growth trajectory. 3
The broader market was subdued in choppy, year-end trading, with declines in technology and financial stocks offsetting gains elsewhere. Investors were also awaiting minutes from the Federal Reserve’s December policy meeting later in the day for clues on the path of interest rates. 4
Other large healthcare names were mixed, with Merck and Johnson & Johnson down modestly and Eli Lilly little changed, while Moderna slipped about 1%.
A Hold rating generally signals the analyst expects the stock to perform in line with the sector or the market, rather than stand out as a near-term winner. A price target is typically a 12-month estimate, and it can shift quickly with changes in guidance, pipeline news or the outlook for drug pricing.
Pfizer’s December guidance also flagged a patent “loss of exclusivity” drag — the point when patent protection ends and cheaper copies, such as generics or biosimilars, can enter. That competition can pressure both prices and volumes, especially in big primary-care medicines.
With year-end trading volumes light, single-stock moves in big drugmakers can also get amplified by portfolio rebalancing and dividend-focused flows. Pfizer has become a common “income” proxy for some investors given its payout and depressed share price.
The next major company checkpoint is Feb. 3, when Pfizer plans to release its fourth-quarter and full-year 2025 performance report and hold a conference call with analysts at 10 a.m. ET, the company said. 5
Investors will listen for any reset to 2026 assumptions, including how fast COVID-related sales are eroding and whether launches in other areas are closing the gap. Comments on margins, cost controls and the timing of competition for key products are also likely to drive the next leg in the stock.
For now, Pfizer remains anchored around $25 and Tuesday’s small gain did little to change the near-term debate. Traders are watching the Fed minutes and fresh analyst calls for signs that sentiment is shifting.
