Pfizer Inc. is a global biopharmaceutical company focused on discovering, developing, manufacturing, and selling innovative medicines and vaccines. The company aims to extend and improve lives by advancing wellness, prevention, treatments, and cures for various diseases across developed and emerging markets.
Its main products include a wide range of biopharmaceutical therapies.
Business segments
10-K
Biopharma
Recent News
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Earnings call: Q1 2026 2026
Intel
Free
May 05, 2026Cautious
● Full transcript on file
Albert Bourla (Chairman and Chief Executive Officer), David M. Denton (Chief Financial Officer and Executive Vice President), Angela Hwang (Chief Commercial Officer and President, Global Biopharmaceuticals Business), Mikael Dolsten (Chief Scientific Officer and President, Worldwide Research, Development and Medical)
Key metrics
Pfizer reported Q1 2026 revenues of approximately $14.5 billion with an operational increase of about 2% year over year.[1] Adjusted diluted EPS was slightly above consensus expectations, supported by stronger performance in key therapeutic areas including vaccines, oncology, and cardiovascular/metabolic. COVID-related product revenue declined sign
Forward guidance
Management guided to full-year 2026 revenues in the mid-teens billions, reflecting low-single-digit operational growth excluding COVID-19 products, and reiterated confidence in achieving its 2026 revenue target range supported by the core biopharma portfolio and new launches. They maintained full-year adjusted EPS guidance, citing continued cost di
Notable Q&A
One notable Q&A exchange involved an analyst asking about the trajectory of the COVID-19 franchise and how waning demand might affect 2026–2027 earnings; management responded that while COVID revenues would continue to decline, the impact was already embedded in guidance and that the company’s growt
Surprise items
The call highlighted that core revenues excluding COVID products grew modestly despite broader industry pricing pressures, which was a mild positive surprise relative to some expectations for flat performance. Conversely, management’s commentary on a steeper-than-expected decline in COVID revenues a
Q4 2025 (Feb 03, 2026) · Cautious
Fundamentals
Signal
52-week high / low
$28.75 / $23.11
Forward P/E
8.6×
Trailing 18.5×
Dividend
$1.72 / share
Yield 7.03%
Analysts covering
26
Avg target $28.79
Beta
0.31
vs. S&P 500
Short interest
2.9%
Float shorted
Buy
36%
Hold
57%
Sell
7%
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$62,579 million
-2% YoY
Operating margin
12.0%
Net income
$7,771 million
Free cash flow
$9,075 million
Dividend / share
$1.72
Total debt
$64,795 million
Cash: $1,142 million
CapEx guidance
$2.5 billion
Earnings quality:HIGH
Recurring revenue:100%
Cash conversion:1.5x
Non-recurring items: Amortization of intangible assets: $4,874 million, Acquisition-related items (including transaction, integration, restructuring charges): $1,285 million, Restructuring charges, inventory write-offs, implementation costs, and additional depreciation for asset restructuring: $1,554 million, Certain asset impairments: $4,940 million
PFE sits in a valuation no-man's land — TTM P/E of 18.5x is roughly fair vs. the pharma industry average of ~15x, but the forward P/E of ~8.5x reflects a steep earnings cliff as COVID product revenues decline and LOE headwinds intensify in 2026. With Q2 earnings not until August 4 and BofA cutting its price target to $26 just this week alongside HSBC downgrading to Hold, there is no clear near-term re-rating catalyst in the 5-day window. The 7%+ dividend yield provides a floor, but the stock has underperformed its pharma peers by ~15% over the past month, signaling persistent institutional skepticism.
Strongest bull case
A 7.07% dividend yield (with the ex-date approaching July 24) provides near-term income support, and the IBRANCE label expansion plus PADCEV/Keytruda FDA approval in MIBC are concrete commercial wins that modestly expand the addressable market. AstraZeneca's ATTR-CM trial failure also clears competitive space for Pfizer's existing franchise in that indication.
Strongest bear case
EPS is tracking -12.8% YoY for Q2 2026, full-year revenue guidance of $59.5–$62.5B implies a ~$2–3B top-line step-down vs. 2025, the CFO is departing on August 15, BofA just lowered its price target to $26, HSBC downgraded to Hold this week, and the sigvotatug vedotin Phase 3 NSCLC trial missed its primary OS endpoint — all compounding into a pre-earnings overhang with no identifiable 5-day catalyst to reverse the trend.
What the market may be missing
The market may be underweighting the asymmetric optionality of Pfizer's obesity pipeline: berobenatide's Phase 2b data showed up to 15.9% weight loss with monthly dosing — a meaningfully differentiated profile vs. weekly injectables. If Phase 3 VESPER data accelerates the timeline toward 2028 approval and the GLP-1 market re-rates the asset, PFE's forward multiple could compress sharply from its current deep discount. Near-term, this is not a 5-day catalyst, but the market appears to be pricing zero probability on Pfizer becoming a serious GLP-1 competitor.
CEO Albert Bourla kicked off Pfizer's 175th anniversary with a video on the company's journey and a LinkedIn message. He welcomed the celebration of 175 years at the forefront of medical and pharmaceutical breakthroughs. Bourla noted how these innova
“For 175 years, Pfizer has been at the forefront of medical and pharmaceutical breakthroughs that have not only changed patient lives but have impacted the world.”
Dr. Albert Bourla D.V.M., Ph.D. (CEO) · Pfizer Inc.
CEO Albert Bourla showcased Pfizer's recent highlights and accomplishments in the 2024 Annual Review. He highlighted the company's recognition as one of Fast Company’s Most Innovative Companies. Bourla emphasized Pfizer's commitment to advancing inno
CEO letter to shareholders
Signal
No shareholder letter on file for PFE
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Executive compensation
Signal
Name
Title
Total compensation
Dr. Albert Bourla
Chairman and Chief Executive Officer
$27,585,301
David M. Denton
Chief Financial Officer, EVP
$9,670,182
Dr. Chris Boshoff
Chief Scientific Officer and President, Research & Development
Risk increasing — Competitive Product Launches and Pricing Pressures
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Buy — targets stable
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
NEUTRAL
6.1/10
100%
PFE sits in a valuation no-man's land — TTM P/E of 18.5x is roughly fair vs. the pharma industry ave...
$24.17
Sched.
Jul 11, 2026
NEUTRAL
5.9/10
100%
Pfizer screens inexpensive on forward earnings and trades close to its 52-week low, but that discoun...
$24.17
Sched.
Jun 07, 2026
NEUTRAL
6.0/10
75%
PFE's Q1 2026 earnings beat and guidance reaffirmation provide near-term earnings stability, but the...
$26.04
Sched.
May 31, 2026
NEUTRAL
6.0/10
75%
PFE trades at ~9x forward P/E against a 2026 adjusted EPS guidance of $2.80–$3.00, making it statist...
$26.18
Sched.
May 24, 2026
NEUTRAL
5.7/10
100%
PFE trades at ~9x forward earnings with a ~6.8% dividend yield, which screens as cheap, but the disc...
$25.90
Sched.
May 17, 2026
NEUTRAL
6.0/10
100%
PFE trades at ~9x forward earnings with a ~6.8% dividend yield, offering genuine value optically, bu...
$25.33
Sched.
May 10, 2026
NEUTRAL
6.4/10
100%
Pfizer screens optically inexpensive on forward earnings and trades below analyst target, but the ma...
$25.68
Sched.
May 03, 2026
NEUTRAL
6.1/10
100%
PFE trades at 26.33 with Q1 2026 earnings due May 5 — a binary near-term event. The forward P/E of ~...
$26.33
Sched.
Apr 12, 2026
NEUTRAL
5.2/10
100%
PFE is range-bound in the $24–$29 band with limited near-term breakout catalysts in the next 5 tradi...
$26.92
Sched.
Showing last 9 signals
PFEPfizer Inc.
Signal
FY2026 annual report (10-K filed 2026-02-26)
INCOME STATEMENT
?Revenue
$62,579 million-2% YoY
Total sales from drugs, medical devices, insurance premiums, and healthcare services. Down 2% from last year. Management has guided capital spending of $2.5 billion.
?Operating income
$7,520 million
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 12.0%, meaning 12 cents of every dollar of revenue becomes operating profit.
?Net income
$7,771 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 18.6%. Note: results include non-recurring items (amortization of intangible assets: $4,874 million, acquisition-related items (including transaction, integration, restructuring charges): $1,285 million) that may not repeat.
?Free cash flow
$9,075 million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$0.47
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$1.72
Cash paid to shareholders each year for every share they own. Healthcare dividends are often funded by patent-protected drug revenue with predictable cash flows.
BALANCE SHEET
?Total assets
$207.6B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes drug patents, manufacturing facilities, clinical trial data, and acquired pharmaceutical portfolios.
?Cash & equivalents
$1,142 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$64,795 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $1,142 million in cash against this debt.
?Shares outstanding
5,713 million
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
?Debt-to-equity ratio
0.7%
How much debt the company uses for every dollar of shareholder equity. Under 100% means more equity than debt (conservative). Over 200% means heavy leverage. Banks and utilities naturally run higher ratios.
CASH FLOW
?Operating cash flow
$2.6B
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Capital expenditure
$436M
Money spent on long-term assets — manufacturing plants, research labs, and clinical trial infrastructure. This is the cost of maintaining and growing the business. Management has guided $2.5 billion for capital spending.
?Free cash flow
$2.2B
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of a company's financial health.
?Interest expense
$668M
The cost of borrowing money — interest payments on bonds, loans, and credit facilities. Higher interest expense means more of the company's earnings go to lenders instead of shareholders.
?Interest coverage
7.2x
EBITDA divided by interest expense — how many times over the company can pay its interest bill from earnings. At 7.2x, coverage is healthy. Lenders typically want to see at least 3-4x.
?Depreciation & amortization
$1.6B
A non-cash expense that spreads the cost of pharmaceutical manufacturing equipment and acquired drug patents over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
HIGH
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Recurring revenue
100%
100% of revenue comes from repeat sources — ongoing contracts, subscriptions, or regular customer purchasing patterns rather than one-time sales. Higher recurring revenue means more predictable future earnings.
?Cash conversion
1.5x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 1.5x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
7 identified
One-time items that affect the bottom line but won't repeat: amortization of intangible assets: $4,874 million, acquisition-related items (including transaction, integration, restructuring charges): $1,285 million, restructuring charges, inventory write-offs, implementation costs, and additional depreciation for asset restructuring: $1,554 million, certain asset impairments: $4,940 million. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Competitive Product Launches and Pricing Pressures Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
4.38%
WACC
4.33%
🟡 NEUTRAL — EVA Spread: 0.05%
?WACC
4.33%
Weighted Average Cost of Capital — the minimum return Pfizer Inc. must earn on its investments to satisfy both debt holders and shareholders. Computed from a 68.21% equity / 31.79% debt capital structure. If the company earns less than 4.33% on its invested capital, it is destroying shareholder value.
?Cost of equity
5.94%
The return shareholders demand for holding PFE stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (0.31) × Equity Risk Premium (5.50%). A beta of 0.31 means PFE is less volatile than the overall market.
?Cost of debt (after-tax)
0.88%
What Pfizer Inc. effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 15.24%.
?Capital structure
E: 68.21% / D: 31.79%
How Pfizer Inc. finances its operations — the split between equity (stock market value: $138.2B) and debt (total borrowings: $64.4B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
4.38%
Return on Invested Capital — how efficiently Pfizer Inc. turns its total invested capital into after-tax operating profit. NOPAT ($6.7B) ÷ Invested Capital ($152.8B). This exceeds WACC, meaning the company creates value for shareholders.
?EVA
$83M
Economic Value Added — the dollar amount of value Pfizer Inc. created (or destroyed) above its cost of capital. NOPAT ($6.7B) minus the capital charge (Invested Capital × WACC = $6.6B). Positive EVA means every dollar of capital is earning more than it costs.
?NOPAT
$6.7B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($7.9B) × (1 - Tax Rate 15.24%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.