Pfizer

Pfizer is one of the largest drug companies in the world, based in New York. It sells medicines and vaccines in many areas: cancer (Padcev, Lorbrena, Ibrance and Xtandi), heart disease (Eliquis and the Vyndaqel family), vaccines (Prevnar, Abrysvo and Comirnaty) and others. In November 2025, Pfizer bought Metsera, a company that develops obesity medicines, for $65.60 per share in cash plus a contingent value right of up to $20.65 per share. Pfizer expects 2026 revenue of $62.0 billion to $64.0 billion.

The market prices Pfizer for a large loss of revenue as patents on major medicines expire in the next few years, and for lower drug prices in the United States. Revenue from COVID-19 products also continues to fall: in Q3 2026, Paxlovid revenue fell 63% and Comirnaty revenue fell 29% at constant exchange rates. In Q2 2026, Pfizer recorded $4.3 billion of impairments on intangible assets, which shows that some past purchases earn less than planned. To replace the lost revenue, Pfizer depends on its newer medicines and its pipeline.

Its launched and acquired products grew 32% in Q3 2026, and it plans 10 Phase 3 studies of its monthly obesity medicine berobenatide in 2026. For the gap to close, three things must be true. Pfizer must keep 2026 adjusted EPS within its guidance, which it raised on November 3, 2026 to $2.95 to $3.05. Its guidance for 2027, which it may give in December 2026 as it did for 2026, must show that cost savings and new medicines can offset the patent losses.

The obesity program must produce positive Phase 3 data on schedule. The 2027 guidance in December 2026 is the next test. If these checks pass, the gap can close over several years, as the new medicines grow. The main reason it may not close is a faster revenue decline after the patent losses than the new medicines can replace.

1. Nov 3, 2026Passed

   Q3 2026 earnings: guidance and new productsAdjusted EPS on track for the $2.80 to $3.00 guidance with continued growth of launched and acquired products passes; a guidance cut fails.Outcome: Launched and acquired products grew 32%, and Pfizer raised its 2026 adjusted EPS guidance to $2.95 to $3.05.
2. Q4 2026 · est.Passed

   FDA decision on Talzenna with Xtandi in prostate cancerFDA approval for HRR gene-altered metastatic castration-sensitive prostate cancer passes; a rejection or a delay fails.Outcome: In October 2026, the FDA approved Talzenna with Xtandi for men with HRR gene-mutated metastatic prostate cancer that is naive or sensitive to hormone therapy.
3. Dec 2026 · est.Pending

   2027 guidance2027 guidance that shows stable adjusted EPS despite the patent losses passes; guidance for a large drop in EPS fails.
4. Feb 3, 2027 · est.Pending

   Q4 2026 earnings: 2026 results against guidance2026 adjusted EPS within the $2.95 to $3.05 guidance and continued growth of launched and acquired products pass; a miss of the guidance fails.

Every passed and failed checkpoint across all picks

• November 3, 2026Pfizer's board named Cecile Guegan Chief Financial Officer and Executive Vice President, from November 1, 2026. She had been Interim CFO since August 16, 2026, and has worked in Pfizer finance roles since 2009.
• November 3, 2026Pfizer reported Q3 2026 results. Revenue was $16.6 billion, flat at constant exchange rates, and revenue without Comirnaty and Paxlovid grew 7%. Launched and acquired products grew 32%. Reported EPS was $0.56 and adjusted EPS was $0.87, the same as a year earlier, after a $650 million charge for the Innovent license. Pfizer raised its 2026 guidance to revenue of $62.0 billion to $64.0 billion and adjusted EPS of $2.95 to $3.05. It also named Cecile Guegan as CFO from November 1, 2026. The release lists October 2026 news: the FDA approved Talzenna with Xtandi for men with metastatic prostate cancer with HRR gene mutations and Tukysa as a first-line maintenance treatment in HER2-positive breast cancer, and the Phase 3 MagnetisMM-32 study of Elrexfio in multiple myeloma met its main goal.
• October 6, 2026Pfizer declared a fourth-quarter 2026 dividend of $0.43 per share, payable on December 7, 2026.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 8-KChange of directors or officersFiled November 3, 2026 · pfe-20261030
• 10-QQuarterly report for the period ended Sep 27, 2026Filed November 3, 2026 · pfe-20260927
• 8-KEarnings releaseFiled November 3, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 28, 2026Filed August 4, 2026 · pfe-20260628
• 8-KEarnings releaseFiled August 4, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 18, 2026 · pfe-20260618
• 8-KChange of directors or officersFiled June 18, 2026 · pfe-20260618
• 10-QQuarterly report for the period ended Mar 29, 2026Filed May 5, 2026 · pfe-20260329
• 8-KEarnings releaseFiled May 5, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 27, 2026 · pfe-20260423

Every filing on SEC EDGAR (CIK 78003)

• Several large medicines lose patent protection in the next few years. Generic and biosimilar competition already lowers 2026 revenue by about $1.1 billion, and the loss grows as larger products lose protection.
• The US government wants lower drug prices, including prices linked to other countries. New price rules or negotiated prices can lower the revenue of Pfizer's main medicines.
• The pipeline must replace the lost revenue. The obesity market has strong competitors, and a failed trial, such as the Phase 3 sigvotatug vedotin study in June 2026, removes expected revenue.
• Pfizer recorded $4.3 billion of impairments in Q2 2026. More impairments are possible if acquired medicines sell less than planned. Debt was about $62.7 billion at September 27, 2026, and Pfizer plans no share buybacks in 2026.

Pfizer is reducing the debt that it took on for large purchases. At September 27, 2026, total debt was $62.67 billion: long-term debt of $60.00 billion and short-term borrowings, including $2.60 billion of current long-term debt, of $2.67 billion. Read more

Yield at the current rate

5.8% (current annual rate, at today’s price)

Dividend yield

5.8% (last 12 months, at today’s price of $29.45)

Paid per share

$1.72 in the last 12 months (4 payments)

Current annual rate

$1.72 ($0.43 × 4 a year)

Payout ratio

126% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 6, 2026, $0.43 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 3.6% a year. From 2015 to 2025, the dividend grew by about 4.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.