New York, January 21, 2026, 14:11 EST — Regular session
Pfizer shares gained roughly 0.8%, hitting $25.73 by Wednesday afternoon. The Health Care Select Sector SPDR ETF climbed around 1.2%, while the S&P 500 tracker SPY edged up about 0.5%.
The move is modest, but investors are eager for clearer signals about Pfizer’s 2026 outlook after a rough patch for major drugmakers that benefited from pandemic-driven demand before facing a reset. Pfizer’s guidance continues to highlight cost controls, new product launches, and whether its pipeline can carry more weight. 1
Tuesday brought two deal headlines stirring the market. One cuts down a legacy stake connected to HIV drugs. The other hands Pfizer a new vaccine development option—without a major gamble.
GSK and Shionogi announced that Pfizer will exit ViiV Healthcare, with Shionogi taking over Pfizer’s 11.7% stake and boosting its share to 21.7%, while GSK holds steady at 78.3%. ViiV plans to issue new shares to Shionogi for $2.125 billion, cancel Pfizer’s stake, and pay Pfizer $1.875 billion. ViiV Chair David Redfern described the deal as one that “simplifies ViiV’s shareholder structure.” The transaction is expected to close in Q1, pending regulatory approval. 2
Novavax announced it has inked a non-exclusive deal giving Pfizer rights to its Matrix-M adjuvant, which enhances immune response, for vaccines targeting up to two infectious diseases. The agreement includes a $30 million upfront payment set for Q1 2026. Novavax could also rake in up to $500 million in milestone payments plus tiered royalties. CEO John Jacobs noted partner interest has surged “multiples more,” while executive Elaine O’Hara highlighted Matrix-M’s non-aluminum formula amid ongoing debates over aluminum-based adjuvants. Shares of Novavax climbed nearly 7% on Tuesday. 3
For Pfizer, the Novavax deal feels more like a strategic option than a near-term revenue boost. Still, it provides a resource the company can tap for future vaccine projects if needed, while giving Pfizer the reins on development and commercialization decisions under the terms.
There’s a catch. The ViiV deal still requires regulatory approval, and neither transaction promises new products or a quick boost to earnings; investors have grown wary after watching numerous partnerships falter in development or get tangled in pricing disputes.
Traders are zeroing in on Feb. 3, when Pfizer is set to report on its fourth-quarter 2025 results. That earnings call could shift focus from smaller deal chatter to the bigger issue: whether Pfizer can deliver a more consistent performance throughout 2026. 4
