Pfizer (PFE) Stock Premarket Today, Dec. 11, 2025: Marshall Wace Exit, Obesity Drug Deals and 2026 Guidance in Focus

Pfizer (NYSE: PFE) heads into Thursday’s session with its share price hovering around yesterday’s close, as investors digest a flurry of news on cost cuts, obesity drug deals, and a big hedge fund trimming its stake.

As of around 6:05 a.m. ET on Thursday, December 11, real‑time feeds put Pfizer stock near $25.78, roughly flat versus Wednesday’s close of $25.78 after a 1.78% gain in the prior session. ^[1] The stock has traded between $20.92 and $27.69 over the past 12 months, and daily volume on Wednesday was around 43–44 million shares, close to its recent average. ^[2]

Despite its recent rebound, Pfizer remains more than 50% below its December 2021 all‑time high of $61.71, underscoring how much sentiment has shifted since the COVID‑vaccine boom. ^[3]

Below is a structured look at what’s moving PFE this morning and how Wall Street is thinking about the stock.

Premarket Snapshot for Pfizer (PFE) on December 11, 2025

Key numbers as the market prepares to open:

Premarket indication: Around $25.78 per share shortly after 6:00 a.m. ET, roughly unchanged from Wednesday’s close. ^[4]
Previous close (Dec. 10): $25.78, after trading in a $25.22–$25.79 intraday range on volume of roughly 43.5 million shares. ^[5]
52‑week range: $20.92 (low) to $27.69 (high). ^[6]
Valuation: Trailing P/E around 15 and market cap near $146–147 billion. ^[7]
Dividend: Quarterly dividend of $0.43 per share (annualized $1.72), implying a dividend yield of about 6.6–6.7% at current prices, with a payout ratio around 100% of reported earnings. ^[8]

Performance-wise, PFE has rallied in recent weeks: one recent analysis notes a gain of about 3.7% over the past month after a roughly 9.9% jump the month before, though the stock is still down about 4% year‑to‑date and roughly flat over the last 12 months. ^[9]

Fresh News Driving PFE’s Story This Week

1. Marshall Wace Slashes Pfizer Stake

The headline specific to today is a new 13F‑based report showing that hedge fund Marshall Wace LLP has cut its Pfizer position by 96.8%. ^[10]

The fund sold about 13.6 million PFE shares in Q2, leaving 447,911 shares worth roughly $10.9 million at the end of the reporting period. ^[11]
Even after such selling, around 68% of Pfizer’s stock remains in the hands of hedge funds and other institutional investors, according to the same report. ^[12]

This type of disclosure doesn’t necessarily reflect a new fundamental view today—it covers activity from Q2—but it is hitting the newswire now and can influence premarket sentiment as traders interpret hedge fund positioning.

2. Cost‑Cutting Accelerates: Swiss Job Cuts and Multi‑Year Savings

Pfizer continues to lean heavily on cost reductions to support margins as COVID‑related revenues fade and key drugs move toward patent expiry.

A Reuters report published this week says Pfizer plans to cut more than 200 jobs in Switzerland, reducing its Swiss workforce from about 300 to roughly 70 employees by the end of 2025 as part of a broader multi‑year cost‑reduction strategy. ^[13]
Earlier updates from management and filings indicate Pfizer is targeting approximately $7–7.7 billion in net cost savings by 2027, with about $4.5 billion expected by the end of 2025, primarily from selling, general & administrative (SI&A) and R&D efficiencies and manufacturing optimization. ^[14]

Several analyses point out that part of these R&D savings will be reinvested back into high‑priority programs, particularly in obesity, oncology, vaccines and immunology, rather than simply dropped to the bottom line. ^[15]

For shareholders, these initiatives are central to Pfizer’s thesis: if management delivers the promised savings without damaging the pipeline, earnings per share can grow even if topline revenue is pressured by pricing and patent headwinds.

3. Obesity Pipeline: YaoPharma GLP‑1 Deal and Metsera Acquisition

Arguably the biggest strategic narrative for Pfizer right now is its push into obesity and broader cardiometabolic disease.

YaoPharma Licensing Deal (Announced December 9)

Pfizer has just signed an exclusive global collaboration and license agreement with YaoPharma, a subsidiary of China’s Fosun Pharma, for YP05002, an oral GLP‑1 receptor agonist in Phase 1 development for chronic weight management. ^[16]

Key terms and implications:

Upfront payment:$150 million, with up to about $1.9+ billion in milestone payments plus tiered royalties if the drug is approved and commercialized. ^[17]
YaoPharma will complete the current early‑stage trial; Pfizer gets exclusive worldwide rights outside China to develop, manufacture and commercialize the therapy. ^[18]
Pfizer has signaled plans to combine YP05002 with its internal GIPR antagonist PF‑07976016 and other candidates, potentially building a portfolio approach to obesity treatment rather than a single blockbuster dependency. ^[19]

This deal matters because Pfizer had to pull two prior GLP‑1 candidates (lotiglipron and danuglipron) over liver safety concerns, leaving it behind rivals such as Novo Nordisk and Eli Lilly in the obesity race. ^[20] The YaoPharma agreement, combined with the Metsera acquisition, re‑anchors Pfizer as a serious contender in this market.

Metsera Acquisition (Completed November 13)

Pfizer recently completed its $10 billion acquisition of Metsera, an obesity‑focused biotech, after winning a bidding war in which Novo Nordisk reportedly dropped out. ^[21]

The deal brings injectable assets aimed at weight loss and metabolic disease, including long‑acting peptide therapies that could support monthly dosing regimens. ^[22]
Company and media commentary suggest a multi‑billion‑dollar peak sales opportunity if the pipeline delivers—and if Pfizer can differentiate its offerings in an increasingly crowded GLP‑1 landscape. ^[23]

Analysts note that these obesity moves are critical to offset expected $17 billion in revenue at risk from loss of exclusivity by 2030, much of it concentrated between 2026 and 2028. ^[24]

4. HYMPAVZI®: Strong Phase 3 Data in Hemophilia

Beyond obesity, Pfizer is spotlighting progress in rare disease and hematology.

This week, Pfizer released detailed Phase 3 results from the BASIS study of HYMPAVZI® (marstacimab) in adults and adolescents with hemophilia A or B who have inhibitors—a particularly hard‑to‑treat segment. ^[25]

Highlights from the study:

HYMPAVZI, given as a once‑weekly subcutaneous injection, achieved a 93% reduction in mean annualized treated bleeding rate compared with on‑demand intravenous therapy using bypassing agents (1.39 vs. 19.78). ^[26]
Median treated bleeding rate fell to 0 with HYMPAVZI vs. 16.42 on prior therapy, and superiority was seen across spontaneous, joint, and target joint bleeds. ^[27]
Patients reported meaningful improvements in health‑related quality of life, and the drug was generally well tolerated, with no deaths or thromboembolic events reported in the safety population. ^[28]
Pfizer has submitted these data to the U.S. FDA and the European Medicines Agency, aiming to expand HYMPAVZI’s use beyond its current approvals (mostly patients without inhibitors). ^[29]

The read‑out adds to the narrative that Pfizer’s non‑COVID pipeline is maturing, supporting long‑term growth arguments for the stock.

5. Divesting BioNTech Stake, But Partnership Continues

On November 13, Pfizer made waves by announcing it plans to sell its remaining stake in BioNTech (BNTX) through an overnight block trade of roughly 4.55 million ADRs, potentially raising up to $508 million. ^[30]

BioNTech ADRs fell about 5% in premarket trading on the news, but the article emphasized that the COVID‑vaccine partnership remains intact despite the equity sale. ^[31]

For Pfizer shareholders, the divestment looks like capital recycling: crystallizing gains from the pandemic‑era partnership while redeploying cash into obesity and other growth platforms.

6. TrumpRx Drug‑Pricing Agreement: More Certainty, But Lower Prices

Another structural development shaping Pfizer’s outlook is the landmark U.S. drug‑pricing agreement tied to the Trump administration’s TrumpRx initiative.

On September 30, 2025, Pfizer and the U.S. government announced a deal that gives every state Medicaid program access to “most favored nation” (MFN) pricing on Pfizer products and commits Pfizer to offering certain medicines at deep discounts directly to patients via a new government site, TrumpRx.gov. ^[32]
A company press release and a White House fact sheet describe patient discounts averaging around 50%, with savings up to 85% for some drugs, in exchange for volume and longer‑term policy clarity. ^[33]

Investors are still debating how this trade‑off will impact Pfizer’s profit pool, but several commentaries note that it reduces pricing uncertainty and may be supportive for valuation multiples if the company executes on its pipeline. ^[34]

Earnings, Guidance and Cost‑Savings: What Q3 2025 Told Us

Pfizer’s Q3 2025 report, released on November 4, remains the anchor for current earnings expectations.

The company reported Q3 revenue of about $16.65–16.7 billion, a 7% operational decline year over year as COVID‑related sales continued to normalize. ^[35]
Adjusted diluted EPS came in at $0.87, beating consensus estimates and reflecting the early impact of cost‑saving measures. ^[36]
Pfizer raised and narrowed its full‑year 2025 adjusted EPS guidance to a range of $3.00–$3.15 while reaffirming 2025 revenue guidance of $61–$64 billion. ^[37]
Through the first nine months of 2025, Pfizer returned $7.3 billion to shareholders via dividends, invested $7.2 billion in internal R&D and around $1.6 billion in business development, highlighting a capital allocation mix of shareholder returns plus reinvestment. ^[38]

From a high level, Q3 reinforced three points that matter for today’s premarket tape:

Earnings are currently growing faster than revenue thanks to cost savings and mix.
Management appears confident enough to raise EPS guidance despite pricing and LOE pressure.
The company is simultaneously cutting costs and spending aggressively on pipeline and deals, especially in obesity and oncology.

Wall Street’s Pfizer (PFE) Stock Forecasts and Ratings

Analyst and independent research coverage of Pfizer remains cautiously constructive, but not euphoric.

Consensus Price Targets

24/7 Wall St. recently reported that the consensus 12‑month price target for PFE is about $28.92, implying roughly 13% upside from current levels. That consensus is based on 4 “Buy,” 11 “Hold” and 1 “Sell” ratings, for an overall “Hold” recommendation. ^[39]
MarketBeat’s forecast page shows a similar picture: an average target around $28.56, with most recent data citing a range from $23 (low) to $35 (high)—about 10–11% upside based on a spot price near $25.77–25.78. ^[40]
TradingView’s aggregated analyst data highlights a target range roughly $24 to $36.16, underscoring how divided the Street is on Pfizer’s long‑term earnings power. ^[41]

Notable Analyst Moves

On November 24, 2025, analyst firm Guggenheim reiterated its “Buy” rating on PFE and raised its price target from $33 to $35, reflecting growing confidence in the pipeline and cost‑saving plan. ^[42]
Several analyst notes and stock‑screening pieces highlight PFE’s high dividend yield (around 6.6%), positioning the stock as a value‑oriented income play within healthcare. ^[43]

Independent and Retail‑Facing Analyses

A Seeking Alpha article titled “Pfizer: The Market Is Still Wrong About It” argues that Pfizer’s non‑COVID franchises and deep pipeline could deliver roughly 30% upside from current levels if cost savings and new launches materialize as planned. ^[44]
Another Seeking Alpha piece calls Pfizer’s R&D engine “the most powerful pipeline in pharma” and emphasizes that the multi‑billion‑dollar cost‑cutting program is designed to fund that pipeline rather than hollow it out. ^[45]
Multiple stock‑analysis sites (including DirectorsTalk and various blogs summarized by Yahoo Finance) point to risk‑adjusted upside in the low‑double‑digit range when combining dividend yield and modest price appreciation assumptions. ^[46]

Together, these perspectives paint a picture of guarded optimism: the Street largely sees PFE as undervalued but not risk‑free, with the obesity strategy and cost execution acting as key swing factors.

How Attractive Is Pfizer’s Valuation Today?

From a pure numbers standpoint, Pfizer looks like a high‑yield, moderate‑growth large‑cap pharma:

P/E ratio: About 15x trailing earnings, versus higher multiples for peers like some diversified big pharmas and much loftier valuations for GLP‑1 pure plays. ^[47]
Dividend yield: Roughly 6.6–6.7%, one of the higher yields in the Dow‑adjacent pharma universe, though payout ratios around 100% of recent earnings mean dividend growth will rely on EPS expansion, not simple cash hoarding. ^[48]
Balance sheet: Debt‑to‑equity around 0.62, with current and quick ratios of 1.28 and 0.97, respectively—levered, but not dangerously so for a company of Pfizer’s scale. ^[49]
Risk metrics: A beta below 0.6 and modest Sharpe ratios (1‑year ~0.31) position Pfizer as a relatively low‑volatility defensive holding rather than a high‑beta growth story. ^[50]

On the other hand, longer‑term returns have been weak: PFE’s five‑year total price performance is down more than 35%, and the stock is still over 50% below its late‑2021 peak despite the recent bounce. ^[51]

For investors, that raises the question: is Pfizer a value trap or an undervalued turnaround?

Key Themes for PFE Investors Watching the Tape Today

Going into Thursday’s session, several themes are likely to guide how traders interpret each tick in PFE:

Execution on Cost Savings
The fresh Swiss job cuts underscore that Pfizer is serious about hitting its $4.5 billion cost‑savings target by 2025 and roughly $7+ billion by 2027, but investors will watch closely to ensure these cuts don’t undercut R&D productivity. ^[52]
Obesity and Cardiometabolic Strategy
The Metsera acquisition and YaoPharma GLP‑1 license give Pfizer new shots on goal in the booming obesity market after earlier program setbacks. The question is whether these assets can catch up to entrenched leaders and carve out meaningful market share. ^[53]
Regulatory and Pricing Overhang
The TrumpRx MFN drug‑pricing deal provides longer‑term visibility but also caps how aggressively Pfizer can price certain medicines, placing even more pressure on volume growth and pipeline success. ^[54]
Upcoming 2026 Guidance Call (December 16)
Pfizer has invited investors to a December 16, 2025 webcast at 8:00 a.m. ET to provide full‑year 2026 guidance. ^[55] This is likely the next major catalyst, where management can update the Street on the Metsera integration, YaoPharma GLP‑1 plans, cost savings, and the TrumpRx impact.
Pipeline Depth Beyond COVID
Recent data for HYMPAVZI® in hemophilia, plus ongoing work in oncology and vaccines, help support long‑term bulls who argue Pfizer’s pipeline and R&D scale are underappreciated at today’s valuation. ^[56]

Bottom Line: What Today’s Premarket Action Suggests for PFE

At around $25.78 in premarket trading, Pfizer stock is quiet but loaded with narrative, poised between:

Supportive forces: a rich dividend, raised 2025 EPS guidance, aggressive cost‑cutting, and new obesity and hemophilia assets; and
Headwinds: drug‑pricing concessions, looming patent cliffs, and investor skepticism after years of underperformance post‑COVID boom.

Short‑term traders will be watching whether the Marshall Wace stake cut headline triggers any renewed selling pressure or whether the market instead focuses on pipeline wins and cost‑savings traction as reasons to keep buying dips.

Long‑term investors, meanwhile, are likely to frame today as another checkpoint: does new information shift the balance between high yield + pipeline optionality and the risks of regulation, competition and execution?

For now, most analysts see modest upside over the next 12 months, with consensus targets only 10–13% above current levels, but some bullish research suggests 30%+ potential if Pfizer’s obesity and specialty‑care strategies deliver. ^[57]

As always, anyone considering an investment in Pfizer should weigh these factors against their own risk tolerance, time horizon and portfolio needs. This article is for information only and does not constitute financial advice.