New York, January 23, 2026, 14:26 EST — Regular session
- Pfizer shares dropped roughly 1.9% as they went ex-dividend, nearly matching the $0.43 payout.
- Big vaccine makers are again focused on Washington’s shift in vaccine policy.
- Pfizer’s next catalyst: quarterly results and webcast set for Feb. 3.
Pfizer (PFE.N) shares dropped roughly 1.9% to $25.62 Friday afternoon, underperforming the health-care sector as the stock went ex-dividend. The Health Care Select Sector SPDR Fund (XLV) dipped about 0.5%, while the SPDR S&P 500 ETF Trust (SPY) inched up around 0.1%. Merck (MRK.N) slipped about 1%, and Moderna (MRNA.O) tumbled over 7%. Trading volume for Pfizer hit roughly 24.8 million shares.
The timing is largely mechanical. The ex-dividend date marks the first trading day when a stock no longer includes the upcoming dividend — if you buy the stock on or after that day, the dividend goes to the seller, not the buyer.
The timing is key given what’s wrapped up in that calendar quirk. Reuters reported Thursday that sweeping policy shifts under Health Secretary Robert F. Kennedy Jr. are rattling vaccine makers. “Vaccines will not be a growth area under the current administration,” said Stephen Farrelly, ING’s global pharma and healthcare lead. Pfizer CEO Albert Bourla expressed he was “seriously frustrated” after the administration moved to overhaul vaccine recommendations and schedules. 1
Pfizer plans a $0.43 dividend per quarter, with both the ex-dividend and record dates landing on Jan. 23. The payout is set for March 6. Based on Friday’s closing price, that works out to an annualized yield near 6.7%. 2
The dividend calculation sheds light on the move. Friday’s drop, about 49 cents, barely edges past the actual cash dividend.
Investors are looking beyond the dividend, keeping an eye on whether policy noise actually depresses demand. While big pharma has more resilience than pure-play vaccine companies, a prolonged slump in immunizations would still hurt—and it would probably surface first in the companies’ commentary rather than their income statements.
Pfizer is entering the upcoming earnings season grappling with a post-pandemic growth slowdown. Back in December, it projected adjusted profits for 2026 that fell short of Wall Street forecasts. The company pointed to fading COVID-19 vaccine sales and patent expirations as key headwinds, while targeting over $7 billion in cost cuts through 2027. 3
The trade isn’t risk-free. Should vaccine demand continue to drop or the Feb. 3 guidance falls short, that dividend might stop feeling like a safety net and instead raise doubts—especially if investors conclude the policy overhang isn’t just a passing phase.
Pfizer’s next major date is Feb. 3, when it will release fourth-quarter and full-year results, followed by a corporate performance webcast at 10 a.m. ET. Investors will focus on vaccine demand and any revisions to the company’s 2026 outlook. 4
