As of late trading on Tuesday, December 2, 2025, Pfizer (NYSE: PFE) shares change hands around $25.10, down roughly 0.7% on the day and sitting in the middle of their 52‑week range of $20.92–$27.69. [1]
The stock carries a dividend yield close to 7%, reflecting a generous payout but also lingering skepticism about the pharma giant’s growth post‑COVID. [2]
Today’s price is being shaped by a dense mix of headlines: a fresh FDA push to tighten vaccine oversight, a legal setback for Pfizer’s Seagen unit, the completion of a $10 billion obesity-drug acquisition, and earlier this quarter, upgraded 2025 profit guidance and new oncology approvals. [3]
Below is a deep dive into where Pfizer stock stands on December 2, 2025, and what the latest news and forecasts suggest for 2026 and beyond.
Pfizer Stock Today: Price, Valuation and Recent Performance
- Share price: ~$25.10
- Market cap: about $144 billion
- 52‑week range: $20.92 (low) to $27.69 (high) [4]
- 1‑year total return: roughly ‑1%
- 3‑year change: around ‑49%, reflecting the long slide since the COVID boom. [5]
Pfizer’s stock remains less than half of its late‑2021 peak above $50, when COVID‑19 vaccine and antiviral sales were surging. [6] While the shares have bounced from 2024 lows and are up about 11% since June, they’ve still lagged both the S&P 500 and the healthcare sector over that period. [7]
On traditional valuation metrics, PFE looks inexpensive:
- Trailing P/E: ~14.8x
- Price‑to‑sales (TTM): ~2.3x vs ~3.7x for the sector
- Free‑cash‑flow yield: around 7%
- Dividend yield: about 6.7–7% at current prices. [8]
Based on 2025 adjusted EPS guidance of $3.00–$3.15, Pfizer trades at roughly 8x forward earnings, a notable discount to the broader market and many large‑cap pharma peers. [9]
What’s Moving Pfizer Stock in Early December 2025?
1. Obesity Push: $10 Billion Metsera Deal
The single biggest strategic move this year is Pfizer’s acquisition of Metsera, a private obesity and cardiometabolic biotech, in a deal worth up to $10 billion. [10]
Key points:
- Pfizer is paying $65.60 per share in cash, plus up to $20.65 per share in contingent value rights, valuing Metsera at as much as $86.25 per share. [11]
- Metsera’s lead candidate, MET‑097i, is a once‑monthly GLP‑1 injection that produced up to 14.1% weight loss in mid‑stage trials and is moving into late‑stage development. [12]
- Pfizer expects Metsera’s products to launch around 2028–2029 and help offset looming patent expirations later in the decade. [13]
The acquisition follows Pfizer’s April decision to abandon its own oral GLP‑1 candidate, danuglipron, after a potential liver‑injury signal, leaving a major hole in its obesity strategy. [14]
With global demand for GLP‑1 obesity drugs like Wegovy and Zepbound far outstripping supply—and the WHO warning that shortages may slow the fight against obesity—Pfizer is betting that Metsera’s less‑frequent dosing and cardiometabolic focus will carve out a meaningful share of a multibillion‑dollar market. [15]
In the short term, management and outside analysts expect the deal to be a drag on earnings as R&D spending ramps, but it is central to the long‑term growth story that could matter most for investors holding beyond the patent cliff. [16]
2. Drug Pricing Pact with the Trump Administration
Another watershed event in 2025: Pfizer reached a “landmark” voluntary agreement with the Trump administration to lower U.S. drug prices in exchange for tariff relief and investment commitments. [17]
Under the deal:
- Pfizer will offer “most‑favored‑nation” (MFN) pricing—essentially matching the lowest prices it charges in other developed countries—for drugs sold to state Medicaid programs and, over time, via a new direct‑to‑consumer platform. [18]
- The company secured a three‑year exemption from 100% tariffs the administration had threatened to impose on imported drugs. [19]
- In return, Pfizer pledged about $70 billion in U.S. R&D and manufacturing investment over the coming years. [20]
Investors initially cheered the removal of tariff risk—Pfizer’s stock jumped double digits around the announcement—but the long‑term earnings impact will depend on how lower per‑unit prices balance against higher volume, new distribution channels, and tax benefits. [21]
The agreement also sets a precedent that could pressure other pharma companies to accept similar MFN deals, adding to an already intense global pricing and reimbursement debate.
3. Q3 2025 Earnings: COVID Hangover vs Non‑COVID Growth
On November 4, Pfizer reported third‑quarter 2025 results that beat profit expectations but showed the ongoing drag from falling COVID revenues. [22]
Highlights:
- Revenue: $16.7 billion, down 6% year‑over‑year (7% on an operational basis).
- Reported EPS: $0.62; adjusted EPS: $0.87, down 18% vs. Q3 2024 but ahead of consensus. [23]
- Non‑COVID portfolio delivered 4% operational growth, led by Eliquis, Vyndaqel, and migraine drug Nurtec/Vydura. [24]
- COVID products (Comirnaty and Paxlovid) continued to decline sharply, as infection rates fell and vaccine recommendations narrowed. [25]
Despite softer revenue, Pfizer reaffirmed its 2025 revenue outlook of $61–64 billion and raised adjusted EPS guidance to $3.00–$3.15 from $2.90–$3.10, citing cost savings, a better tax rate, and improving mix. [26]
The company now expects about $7.2 billion in net cost savings by 2027, largely from streamlining its manufacturing network, SG&A, and R&D footprint—a program expanded earlier in the year after a soft Q1. [27]
At the product level, the Q3 report painted a mixed picture:
- Prevnar, Abrysvo, and Comirnaty all saw sales declines in a tougher U.S. vaccine market. [28]
- Cardiovascular and rare‑disease franchises—especially Eliquis and Vyndaqel/Vyndamax—remained strong, supported by demographic tailwinds and IRA‑related changes in Medicare Part D. [29]
4. Legal and Regulatory Headlines: Vaccine Scrutiny and Seagen Patent Setback
FDA memo and tighter vaccine oversight
A newly surfaced internal memo from Vinay Prasad, the FDA’s recently appointed head of the Center for Biologics Evaluation and Research, has rattled vaccine stocks. The memo links COVID‑19 vaccination to a small number of myocarditis‑related deaths in children and calls for tougher approval standards and more outcome‑focused trials. [30]
Reports that FDA may tighten vaccine approval rules sent shares of Moderna, BioNTech, Novavax, and Pfizer lower; Pfizer was down around 2% on the headlines. [31]
Regulators and many experts continue to stress that, overall, the benefits of vaccination outweigh the risks, especially relative to COVID infection itself. But the episode highlights ongoing regulatory and reputational risk for Pfizer’s vaccine portfolio, including Comirnaty and RSV shot Abrysvo. [32]
Appeals court overturns Seagen’s Enhertu verdict
Separately, a U.S. appeals court today overturned a $41.8 million jury verdict previously awarded to Pfizer’s Seagen unit in a patent case related to AstraZeneca and Daiichi Sankyo’s cancer drug Enhertu. The court ruled that the Seagen patent was invalid for inadequate description, wiping out the damages award and clouding Seagen’s ability to assert this particular antibody‑drug conjugate (ADC) patent. [33]
Enhertu generated about $3.75 billion in sales last year, so any long‑term royalty or leverage Seagen might have hoped to extract is now off the table for this patent family. [34] While not a thesis‑breaking blow to Pfizer’s oncology ambitions, it’s a reminder that IP risk cuts both ways.
5. Oncology Wins: Game‑Changing Padcev + Keytruda Regimen
Balancing the legal setback, Pfizer’s oncology franchise—bolstered by the $43 billion Seagen acquisition—is scoring important wins. [35]
On November 21, the FDA approved Padcev (enfortumab vedotin‑ejfv) plus Keytruda (pembrolizumab) as a perioperative treatment for adults with muscle‑invasive bladder cancer who can’t receive cisplatin‑based chemotherapy. [36]
Analysts and oncologists have described the combo as “practice‑changing” and potentially a new standard of care, opening a sizable new patient population for Seagen’s ADC. [37]
This approval:
- Expands Padcev’s addressable market beyond metastatic disease.
- Reinforces the strategic logic behind the Seagen acquisition.
- Adds another high‑margin, innovation‑driven growth pillar for Pfizer heading into the second half of the decade.
Wall Street View: Analyst Ratings and Price Targets
Despite the volatility and headline risk, Wall Street’s stance on Pfizer is cautiously constructive but far from euphoric.
Consensus ratings
- MarketBeat: 19 analysts with a “Hold” to “Neutral” tilt; average 12‑month price target $28.39 (about 13% upside from ~$25.12). [38]
- Public.com: 8 analysts, consensus rating Hold, with a 2025 price prediction near $28.62. [39]
- Benzinga analyst tracker: around 25 analysts, average target $33.04, with a high of $50 and a low of $24—still framed as a Neutral overall view. [40]
Very recent actions include:
- Citigroup reinstating a Neutral rating with a $26 target.
- BofA Securities maintaining Neutral but nudging its target from $27 to $28.
- Morgan Stanley keeping an Equal‑Weight rating while lifting its target from $32 to $33. [41]
Taken together, the Street generally sees modest upside over the next year, with most targets clustering in the high‑20s to low‑30s.
Valuation models hint at deeper upside
Several independent valuation platforms argue that Pfizer is significantly undervalued:
- Multiple discounted cash flow (DCF) analyses from Simply Wall St and affiliated outlets suggest Pfizer’s intrinsic value could be ~60% above today’s share price, implying a substantial margin of safety if earnings and cash flows stabilize. [42]
- A Trefis breakdown highlights strong cash generation (LTM operating margin ~25%, free‑cash‑flow margin ~17%), low valuation multiples versus both peers and the S&P 500, and a total yield (earnings plus dividend) above 13%. [43]
On the more qualitative side, outlets like Nasdaq and Forbes have described Pfizer as a potential “steal” or “better 2025 story”, highlighting the combination of high yield, rising EPS guidance, and a still‑underappreciated pipeline—while also warning about the overhang from patent expirations and sluggish top‑line growth. [44]
Fundamentals: Earnings, Cash Flow, Dividend and Pipeline
Earnings and cost program
Between Q2 and Q3, Pfizer twice raised its 2025 profit forecast, now guiding to:
- Revenue: $61–64 billion
- Adjusted diluted EPS: $3.00–$3.15
- Effective tax rate on adjusted income: about 11% (cut from 13%). [45]
The company is executing a multi‑year cost‑reduction plan targeting roughly $7.2 billion in cumulative net savings by 2027, through site closures, portfolio pruning, and overhead cuts. [46]
Dividend and capital allocation
Pfizer remains a dividend stalwart:
- The board declared a Q4 2025 dividend of $0.43 per share, payable December 1, marking the 348th consecutive quarterly dividend. [47]
- Annualized, that’s $1.72 per share, translating to a high‑single‑digit yield at current prices. [48]
- In the first nine months of 2025 alone, Pfizer returned $7.3 billion to shareholders via cash dividends, with no share repurchases as it focuses on deleveraging after Seagen and funding deals like Metsera. [49]
For income‑oriented investors, the combination of yield + low payout ratio relative to adjusted EPS guidance is a core part of the bull case—but it also signals that the market is pricing in meaningful fundamental risk.
R&D engine and pipeline depth
According to Pfizer’s latest Q3 2025 pipeline update, the company now counts 108 R&D projects, including: [50]
- 46 in Phase 1
- 30 in Phase 2
- 28 in Phase 3
- 4 in registration
Investor materials outline 2025 priorities of about 13 Phase 3 starts, 8 late‑stage readouts, and 4 regulatory decisions, spanning oncology, immunology, vaccines, and internal medicine. [51]
Combined with Seagen’s ADC franchise and Metsera’s obesity program, this breadth is intended to backfill an estimated $17–18 billion of annual revenue at risk from patent expirations between 2026 and 2028. [52]
Key Risks: Patent Cliff, Pricing and Regulatory Uncertainty
Even bullish analysts acknowledge that Pfizer’s high yield and low earnings multiple reflect some real and sizable headwinds.
1. Patent expirations (“patent cloud”)
Several blockbuster products are approaching loss of exclusivity (LOE):
- Eliquis (anticoagulant, co‑marketed with BMS): key patents expiring around 2027. [53]
- Ibrance (breast cancer): U.S. patent expiry expected in 2027; one of Pfizer’s best‑selling oncology drugs. [54]
- Prevnar 13 and Xtandi also face earlier or overlapping expiries. [55]
Analysts estimate that the 2026–2028 LOE wave could shave $17–18 billion off annual revenue before new launches backfill the gap. [56]
2. Pricing and political risk
The MFN drug‑pricing deal with the U.S. government, while avoiding punishing tariffs, locks Pfizer into lower U.S. price ceilings and could compress margins if volume growth doesn’t keep pace. [57]
On top of that, Medicare price negotiations under the Inflation Reduction Act are ramping up, with big discounts already being extracted from high‑cost drugs across the industry. [58]
3. Vaccine sentiment and regulation
The combination of an FDA leadership push for stricter vaccine approvals and continued political scrutiny—particularly around COVID‑19 vaccines—adds uncertainty for Pfizer’s vaccines segment, which still accounts for about one‑fifth of revenue. [59]
Any prolonged decline in uptake of boosters or adult RSV vaccines could weigh on growth and make Pfizer more dependent on oncology and obesity outcomes.
4. Execution on Metsera and the broader pipeline
Finally, Pfizer must prove that Metsera’s GLP‑1 assets and its broader late‑stage pipeline can deliver:
- The company already scrapped danuglipron over safety concerns, showing how fragile obesity bets can be. [60]
- Metsera’s lead candidate is still in development; setbacks in Phase 3 or commercial roll‑out could undermine the rationale for paying up to $10 billion. [61]
2026 Outlook: What to Watch Next
Pfizer has flagged several near‑term catalysts:
- A December 16, 2025 analyst call where it will provide full‑year 2026 financial guidance. [62]
- Q4 and full‑year 2025 results in early February 2026 (current estimates: revenue around $17 billion and EPS ~$0.64 for Q4). [63]
- Ongoing integration of Seagen and Metsera, additional oncology readouts, and the ramp of updated Comirnaty and other vaccine formulations. [64]
Broadly, the bull case into 2026 is that:
- Cost cuts plus normalized post‑COVID demand keep earnings stable even as revenue dips slightly. [65]
- The pipeline—particularly oncology and obesity—starts to show clearer commercial traction. [66]
- The market re‑rates Pfizer closer to peer multiples, unlocking upside from today’s discounted valuation. [67]
The bear case is that:
- Vaccine and pricing headwinds hit harder than expected. [68]
- The patent cliff bites before new launches scale. [69]
- Big‑ticket deals like Seagen and Metsera fail to earn their cost of capital. [70]
Bottom Line: Is Pfizer Stock a Buy Right Now?
From a news and fundamentals standpoint, Pfizer on December 2, 2025, is a classic high‑yield, high‑uncertainty value stock:
- Pros:
- Near‑7% dividend yield with a long payout record
- Low earnings and cash‑flow multiples versus history and peers
- Strengthening oncology portfolio and a fresh obesity bet via Metsera
- Significant cost‑savings program and tariff relief from its U.S. pricing deal
- Cons:
- A sizeable patent cliff later this decade
- Ongoing pricing and political pressure on drugs and vaccines
- Execution risk around late‑stage pipeline and integrations
- Revenue growth expected to be flat to slightly negative over the next few years. [71]
Whether Pfizer fits your portfolio depends on your risk tolerance, time horizon and income needs. For long‑term investors comfortable with regulatory and pipeline risk, the current valuation and yield could be attractive. For those seeking clear near‑term growth, the stock may still feel like a “show me” story going into 2026.
Important: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Always do your own research or consult a qualified financial advisor before making investment decisions.
References
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