Pfizer (PFE) · Pharmaceuticals
Pfizer Q2 2026 earnings: summary, key numbers & outlook
Results filed 4 Aug 2026 · Quarter ended 28 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Pfizer reported second-quarter 2026 revenues of $15.0 Billion, a Reported Loss Per Share of $(0.04) and Adjusted(3) Diluted EPS of $0.77.
Pfizer's second-quarter revenue was $15.0 billion, up 3% from a year ago and 1% excluding currency effects. Launched and acquired products grew 18% operationally, led by Eliquis, Padcev and Lorbrena. COVID products fell sharply. A $4.3 billion non-cash intangible asset impairment pushed reported results to a loss of $(0.04) per share. Adjusted diluted EPS was $0.77, versus $0.78 a year ago.
Pfizer raised full-year revenue guidance to $60.5 to $62.5 billion because non-COVID products are doing better than expected. It reaffirmed adjusted EPS of $2.80 to $3.00, which absorbs about $0.10 from the Innovent deal. It also announced more cost-saving programs. The main tension is that COVID revenue expectations fell to about $4 billion while R&D spending on oncology and obesity keeps rising. The company is also changing CFOs.
Key numbers
- Second-quarter revenues · GAAP
- $15.0 Billion
- Reported net income/(loss) attributable to Pfizer common shareholders · GAAP
- -$248.0M
- Reported loss per share · GAAP
- $(0.04)
- Adjusted diluted EPS · non-GAAP
- $0.77
- Adjusted income · non-GAAP
- $4.4B
up 3% from a year ago (1% operational growth)
compared with $2,910 million in the prior-year quarter
compared with $0.51 in the prior-year quarter
compared with $0.78 in the prior-year quarter
compared with 4,434 in the prior-year quarter
| Segment or metric | Value | Change |
|---|---|---|
| Launched and Acquired Products | 18% | grew 18% operationally |
| Global Biopharmaceuticals Business | $14.7B | up 2% in total and 1% operationally |
| Eliquis | 19% | up 19% operationally |
| Padcev | 23% | up 23% operationally |
| Vyndaqel family | 8% | up 8% operationally |
| Lorbrena | 37% | up 37% operationally |
| Paxlovid | 95% | down 95% operationally |
| Comirnaty | 34% | down 34% operationally |
Where each number comes from
- Second-quarter revenues: “Second-Quarter 2026 Revenues of $15.0 Billion, Representing 1% Year-over-Year Operational Growth”
- Reported net income/(loss) attributable to Pfizer common shareholders: “Net income/(loss) attributable to Pfizer Inc. common shareholders | $(248) | $2,910 | * | $2,440 | $5,877 | (58)”
- Reported loss per share: “Second-Quarter 2026 Reported(4) Loss Per Share of $(0.04), and Adjusted(3) Diluted EPS of $0.77”
- Adjusted diluted EPS: “Second-Quarter 2026 Reported(4) Loss Per Share of $(0.04), and Adjusted(3) Diluted EPS of $0.77”
- Adjusted income: “Adjusted(3) Income | 4,440 | 4,434 | —% | 8,730 | 9,671 | (10%)”
- Launched and Acquired Products: “Excluding Contributions from Comirnaty and Paxlovid, Revenues Grew 5% Operationally –Revenues of Launched and Acquired Products(1) Grew 18% Operationally”
- Global Biopharmaceuticals Business: “Global Biopharmaceuticals Business (Biopharma) | $ 14,661 | $ 14,305 | 2% | 1% | $ 28,822 | $ 27,746 | 4% | 2%”
- Eliquis: “Eliquis globally, up 19% operationally, driven primarily by higher net price in the U.S. primarily due to pricing dynamics”
- Padcev: “Padcev globally, up 23% operationally, driven primarily by increased market share in first-line locally advanced or metastatic urothelial cancer”
- Vyndaqel family: “Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 8% operationally. International growth was primarily driven by strong demand with continuing uptake”
- Lorbrena: “Lorbrena globally, up 37% operationally, driven primarily by increased patient share in the first-line ALK-positive metastatic non-small cell lung cancer (ALK+ mNSCLC)”
- Paxlovid: “Paxlovid globally, down 95% operationally, driven primarily by lower COVID-19 infections across the U.S. and international markets”
- Comirnaty: “Comirnaty globally, down 34% operationally, driven primarily by a lower favorable adjustment to the returns provision, as well as lower utilization in the U.S.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $15.0B | +2.6% | +4.0% |
| Net income | -$248.0M | — | — |
| Diluted EPS | -$0.04 | — | — |
| Free cash flow | $302.0M | — | −86.1% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenues | full-year 2026 | $60.5 to $62.5 Billion |
| Adjusted diluted EPS | full-year 2026 | $2.80 to $3.00 |
| Adjusted SI&A expenses ($ in billions) | full-year 2026 | $12.5 to $13.5 |
| Adjusted R&D expenses ($ in billions) | full-year 2026 | $10.5 to $11.5 |
| Effective tax rate on adjusted income | full-year 2026 | ~15.0% |
| COVID-19 product revenue expectation | full-year 2026 | approximately $4 billion |
| Acquired IPR&D charge for Innovent Biologics transaction | third quarter of 2026 | $650 million |
| Additional anticipated productivity enhancement savings | 2027 through 2029 | $2.5 Billion |
Key takeaways
Launched and acquired products drove growth
Revenues of Launched and Acquired Products grew 18% operationally. Excluding Comirnaty and Paxlovid, total revenues grew 5% operationally.
Impairments turned GAAP results into a loss
Reported loss per share was $(0.04) and reflects $4.3 billion in non-cash intangible asset impairments. Adjusted diluted EPS was $0.77, compared with $0.78 a year ago.
Revenue guidance rose despite weaker COVID outlook
Full-year revenue guidance is now $60.5 to $62.5 billion, from $59.5 to $62.5 billion. Non-COVID products added about $1.5 billion while COVID-19 products fell to approximately $4 billion from approximately $5 billion.
EPS guidance holds while absorbing Innovent charge
Adjusted diluted EPS guidance stays at $2.80 to $3.00 and absorbs about $0.10 from a $650 million Acquired In-Process R&D charge in the third quarter of 2026.
Pfizer expanded cost-savings programs and changed CFO
Pfizer announced $2.5 billion of additional anticipated savings, to be realized from 2027 through 2029. Dave Denton leaves on August 15 and Cecile Guegan becomes Interim CFO effective August 16.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $17.8B * |
| Q1 2025 | $13.7B |
| Q2 2025 | $14.7B |
| Q3 2025 | $16.7B |
| Q4 2025 | $17.6B * |
| Q1 2026 | $14.5B |
| Q2 2026 | $15.0B |
| Q3 2026 | $16.6B |
Data
| Q1 2025 | $0.52 |
| Q2 2025 | $0.51 |
| Q3 2025 | $0.62 |
| Q1 2026 | $0.47 |
| Q2 2026 | -$0.04 |
| Q3 2026 | $0.56 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | $5.8B |
| Q1 2025 | $1.8B |
| Q2 2025 | -$1.2B |
| Q3 2025 | $4.0B |
| Q4 2025 | $4.5B |
| Q1 2026 | $2.2B |
| Q2 2026 | $302.0M |
| Q3 2026 | $4.8B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Pfizer's second-quarter 2026 results?
Revenues were $15.0 billion, up 3% from a year ago and 1% operationally. Reported loss per share was $(0.04), and adjusted diluted EPS was $0.77 versus $0.78 a year ago.
Why did Pfizer report a GAAP loss?
The reported loss reflects $4.3 billion in non-cash intangible asset impairments, which raised other (income)/deductions—net to $3.7 billion. Charges for certain legal matters also contributed, partly offset by a gain from selling the ViiV Healthcare investment.
Did Pfizer change its 2026 guidance?
Yes. It raised full-year revenue guidance to $60.5 to $62.5 billion from $59.5 to $62.5 billion, a $500 million increase at the midpoint. It reaffirmed adjusted diluted EPS of $2.80 to $3.00.
Which products drove growth and which declined?
Eliquis rose 19% operationally, Padcev 23%, Lorbrena 37% and the Vyndaqel family 8%. Paxlovid fell 95% and Comirnaty fell 34%.
What cost-savings and leadership changes did Pfizer announce?
Pfizer announced $2.5 billion of additional anticipated savings, realized from 2027 through 2029. That is $1.0 billion in SI&A and about $1.5 billion in cost of goods sold. CFO Dave Denton will leave on August 15, and Cecile Guegan becomes Interim CFO on August 16.
Documents
SEC filing