NEW YORK, August 8, 2026, 16:08 EDT — U.S. markets have closed for the weekend.
- Pfizer ended the session at $26.76 following six consecutive advances, climbing 7.0% over the last week.
- Four non-COVID franchises generated $797 million, offsetting the COVID drop by 1.5 times.
- Analysts’ average price target suggests just 7.0% more upside.
The quarter delivered clear sales support for Pfizer’s weekly upward trend. Four non-COVID segments generated an additional $797 million compared to the previous year. This amount was 1.5 times greater than the total decline seen in Comirnaty and Paxlovid.
This shift is significant, indicating Pfizer is offsetting lost pandemic income rather than just reducing costs. Shares closed at $26.76 on Friday, rising for a sixth consecutive session. The stock is still down 6.9% from its April peak.
Management’s updated guidance aligns with this trend. Non-COVID projections climbed $1.5 billion, while COVID-related forecasts dropped $1 billion. The revenue midpoint was revised up by $500 million to $61.5 billion.
The divergence among peers signals more than just an overall market boost. The weekly shifts below are calculated using closing prices from July 31 and August 7.
| Security | July 31 close | August 7 close | Weekly move |
|---|---|---|---|
| Pfizer Inc. NYSE:PFE | $25.01 | $26.76 | +7.0% |
| Bristol Myers Squibb Co. NYSE:BMY | $65.31 | $64.72 | -0.9% |
| Merck & Co. Inc. NYSE:MRK | $130.20 | $128.58 | -1.2% |
| S&P 500 Index | 7,489.72 | 7,757.64 | +3.6% |
Pfizer outpaced the S&P 500’s weekly increase, almost doubling it. Major pharmaceutical peers posted declines.
The sales bridge showed concentration. Eliquis accounted for $422 million, making up 53% of the four-franchise rise. This subtotal is derived from Pfizer’s unaudited product data.
| Q2 sales bridge | 2025, $mln | 2026, $mln | Dollar change | Reported change |
|---|---|---|---|---|
| Eliquis | 2,003 | 2,425 | +422 | +21% |
| Padcev | 542 | 667 | +125 | +23% |
| Lorbrena | 251 | 354 | +103 | +41% |
| Vyndaqel family | 1,615 | 1,762 | +147 | +9% |
| Subtotal for four franchises | 4,411 | 5,208 | +797 | +18.1% |
| Comirnaty and Paxlovid | 808 | 282 | -526 | -65.1% |
The quarter surpassed expectations ahead of the results. Revenue came in roughly $630 million above consensus estimates. Adjusted earnings were nine cents higher than projected. However, the reported earnings were in the red.
| Financial measure | Reported or current | Comparator | Difference |
|---|---|---|---|
| Q2 revenue | $15.03 bln | $14.40 bln consensus | +$0.63 bln |
| Q2 adjusted EPS | $0.77 | $0.68 consensus | +$0.09 |
| Q2 reported EPS | -$0.04 | $0.51 year earlier | -$0.55 |
| 2026 revenue midpoint | $61.5 bln | $61.0 bln previously | +$0.5 bln |
| 2026 adjusted EPS midpoint | $2.90 | $2.90 previously | No change |
The GAAP loss included $4.3 billion in non-cash impairments. Of that, $3.8 billion was tied to sigvotatug vedotin, which came through the Seagen acquisition. This charge offsets sales gains.
Chief Executive Albert Bourla stated, “We are creating efficiencies … and we reinvest in R&D.” Operationally, adjusted research and development expenses increased by 11% in the first half. Adjusted selling, informational and administrative expenses declined by 4%. Reuters
Pfizer distributed $4.9 billion in dividends over the first half and does not intend to conduct share buybacks in 2026. As of Friday’s close, the indicated yield stood at 6.43%. The dividend continues to be Pfizer’s primary direct shareholder return.
Analysts were divided in their post-earnings calls. The average price target from 28 analysts stood at $28.64, representing a 7.0% premium to Friday’s close. Price targets ranged from $25 to $35.75.
| Firm or consensus | Date | Recommendation | Target | Implied move |
|---|---|---|---|---|
| Guggenheim | Aug. 7 | Buy reiterated | $31 cut from $35 | +15.8% |
| Bernstein Research / AllianceBernstein Holding L.P. NYSE:AB | Aug. 7 | Market Perform reiterated | $29 trimmed from $30 | +8.4% |
| Goldman Sachs Group Inc. NYSE:GS | Aug. 6 | Neutral | $26 | -2.8% |
| Rothschild & Co Redburn | Aug. 5 | Neutral | $25 up from $24 | -6.6% |
| 28-analyst consensus | Aug. 7 | Outperform | $28.64 | +7.0% |
Trung Huynh at RBC Capital, part of Royal Bank of Canada NYSE:RY, described the outperformance as broad-based. He noted that investors would require important catalysts in 2026 before assigning a growth-company label again.
Markets reopen on Monday. Upcoming inflation data is the next major focus, with July CPI set for release on Wednesday, PPI on Thursday, and retail sales on Friday.
| Date | U.S. release | Time, EDT | Preliminary estimate |
|---|---|---|---|
| Wednesday, Aug. 12 | July CPI | 08:30 | Headline rises 3.4% year-on-year; core up 2.5% |
| Thursday, Aug. 13 | July PPI | 08:30 | No consensus available |
| Friday, Aug. 14 | July retail sales | 08:30 | No consensus available |
Should the CPI come in stronger, Treasury yields might rise, possibly making Pfizer’s 6.43% yield less attractive in comparison. Conversely, a weaker reading may have the opposite effect.
Risks: Pfizer continues to contend with looming patent cliffs, key pipeline updates, and a potential acceleration in the decline of COVID-related sales. The $3.8 billion write-down highlights the risk that purchased assets may underperform. Consensus price targets give scant space for a further 7% rise in the shares this week.
Related articles: NYSE:PFE
