# Pfizer (PFE) Q2 2026 earnings

Results filed 2026-08-04 for the quarter ended 2026-06-28. Source page: https://earnings.opennash.com/companies/pfe/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/78003/000007800326000094/0000078003-26-000094-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Second-quarter revenues | $15.0 Billion | up 3% from a year ago (1% operational growth) | GAAP |
| Reported net income/(loss) attributable to Pfizer common shareholders | $(248) | compared with $2,910 million in the prior-year quarter | GAAP |
| Reported loss per share | $(0.04) | compared with $0.51 in the prior-year quarter | GAAP |
| Adjusted diluted EPS | $0.77 | compared with $0.78 in the prior-year quarter | non-GAAP |
| Adjusted income | 4,440 | compared with 4,434 in the prior-year quarter | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Launched and Acquired Products | 18% | grew 18% operationally |
| Global Biopharmaceuticals Business | $ 14,661 | 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 |

## 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

1. **Launched and acquired products drove growth** Revenues of Launched and Acquired Products grew 18% operationally. Excluding Comirnaty and Paxlovid, total revenues grew 5% operationally.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.