NEW YORK, August 31, 2026, 05:26 EDT
- Pfizer ended Friday’s session at $27.96, falling 0.2%, with 27.2 million shares traded.
- Revenue for the second quarter increased by 3% to reach $15.0 billion.
- Operational revenue increased by 5% when excluding Comirnaty and Paxlovid.
- Pfizer lowered its forecast for 2026 COVID-related product sales to approximately $4 billion.
Pfizer Inc. (NYSE: PFE) edged down 0.2% on Friday, closing at $27.96. The modest change belies a more pronounced battle between expanding sales from key drugs and falling COVID revenues.
Revenue for the second quarter rose 3% to $15.0 billion. On a currency-neutral basis, growth was limited to 1%. However, when excluding Comirnaty and Paxlovid, revenue increased by 5%.
Pfizer increased the midpoint of its full-year revenue outlook by $500 million. The guidance now stands between $60.5 billion and $62.5 billion Pfizer results.
The increase was solely due to non-COVID products. Pfizer raised its projected contribution by $1.5 billion, while cutting its COVID outlook by $1 billion.
Products that were launched and acquired increased by 18% on an operational basis. Eliquis, Padcev, Vyndaqel and Lorbrena accounted for much of the growth.
| Company | Price | Market value | Trailing P/E | Latest move |
|---|---|---|---|---|
| Pfizer | $27.96 | $159.3bn | 36.8x | -0.2% |
| Johnson & Johnson (NYSE: JNJ) | $268.04 | $654.0bn | 31.1x | +0.8% |
| Merck (NYSE: MRK) | $148.35 | $366.0bn | 118.7x | -0.8% |
| Eli Lilly (NYSE: LLY) | $1,174.61 | $1.05tn | 39.4x | -0.2% |
Pfizer reported adjusted earnings of $0.77 per share and reaffirmed its full-year outlook, projecting between $2.80 and $3.00 per share.
Shares are priced at approximately 9.6 times adjusted earnings at the midpoint of guidance. The stated dividend yield stood at roughly 6.2% as of Friday’s market close investor relations.
Cash priorities stay cautious. Pfizer distributed $4.9 billion in dividends in the first half and did not repurchase shares.
The company spent $5.3 billion on internal research. Executives anticipate share repurchases will resume following additional balance-sheet deleveraging.
The reported results showed a $248 million loss, primarily due to a $4.3 billion non-cash impairment that accounted for the difference from adjusted profit.
Upcoming product developments provide a boost. U.S. regulators have authorized the revised Pfizer-BioNTech COVID vaccine for the 2026-27 season, although access and insurance coverage are still more restricted compared to the pandemic period FDA approval report.
Risks: COVID-related demand might decline more rapidly than anticipated. Earnings recovery could also be delayed by patent expirations, drug-pricing regulations, and costs tied to integration.
Investors are looking for proof that core growth can consistently hold at 5%. In the absence of such evidence, the elevated dividend could continue to serve as compensation for lack of growth, rather than act as a trigger for a rerating.
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