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PFIZER INCPFE

Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
NYSE

Stock Price $PFE

Latest filings

You are here#10 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K146

PFE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 146 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Restructuring8-K · Apr ’25Apr ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $62.58B
YoY changeLargest recent move+95.2%in FY21Latest −1.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PFE Financial Metrics59 metrics

Income Statement14

Balance Sheet26

Cash Flow14

Per Share5

02—Overview

PFIZER INC Financial Overview 2021–2025

Updated Jul 10, 2026

Pfizer’s top line underwent a historic compression, shedding $41.8 billiona in total revenue between FY2022 and FY2023 as pandemic-era sales evaporated. The core investment case now hinges on the company's ability to replace this massive COVID-19 revenue deficit through aggressive oncology acquisitions and deep cost-cutting before major patent cliffs erode its legacy portfolio.

The total revenue arc highlights this stark transition, falling from $81.3 billion in FY2021 to $62.6 billionb in FY2025. However, this top-line decline masks a steady rotation in the core business. While the Comirnaty vaccine accounted for 45% of total revenues in FY2021, Pfizer’s non-COVID portfolio delivered 6% operational growth during FY2025, fueled by expanding cardiovascular and oncology assets like the Vyndaqel family and Padcev. To accelerate this shift, management deployed capital aggressively, executing a $43 billion buyout of Seagen while expanding an enterprise-wide cost realignment program to target $5.7 billion in net savings by 2027.

The market has severely repriced the stock to reflect these transitional risks and upcoming exclusivity losses. After generating $5.47 in EPSc during its pandemic peak in FY2022, profitability normalized to an EPS of $1.41 by FY2024. By the close of FY2025, Pfizer traded at just $24.90, reflecting heavy investor skepticism as the company braces for an estimated $1.5 billion revenue impact from patent expirations in 2026.

Recent Developments (Q4 2025 and Q1 2026)

Pfizer offset COVID-19 product declines in Q1 2026 by executing an $8.0 billiond acquisition of Metsera to enter the obesity market. Total revenues for the quarter rose 5% year-over-year to $14.45 billion, led by a 41% jump in Nurtec ODT. Profitability contracted as net income dropped 9% to $2.69 billion. This bottom-line compression stemmed from a 25% spike in cost of sales and a 13% increase in research and development expenses.

Management reaffirmed full-year revenue guidance of $59.5 billion to $62.5 billione, alongside the resignation of Chief Financial Officer Dave Denton, effective August 2026. Bulls argue the stock is attractively priced at 18.8x earnings as of the May 5, 2026 reporting date, driven by top-line growth in core therapeutics. Bears warn that escalating operating costs and the 59% and 63% respective drops in Comirnaty and Paxlovid sales will continue pressuring margins.

What to watch: the search for a permanent Chief Financial Officer; pipeline progress from the Metsera assets.

03—Filings

Recent SEC Filings

  1. 8-KPFIZER INC 8-K Report, Financial Results (Aug 4, 2026)Pfizer reported second-quarter 2026 results on August 4, 2026, showing revenues of $15.0 billion, up 3% reported and 1% operationally, with Adjusted diluted EPS of $0.77 (flat year over year). Growth was narrow: excluding Comirnaty and Paxlovid, revenues rose 5% operationally, and products the company classifies as Launched and Acquired grew 18%. Reported results were a loss of $(0.04) per share, driven by $4.3 billion in non-cash intangible asset impairments (chiefly $3.8 billion on sigvotatug vedotin's Phase 3 lung cancer IPR&D asset after unfavorable trial results, and $525 million on Oxbryta) and a $1.9 billion gain from selling the ViiV Healthcare stake, which was offset by higher legal charges. Management raised the midpoint of full-year 2026 revenue guidance by $500 million to $60.5-$62.5 billion, citing about $1.5 billion of better-than-expected non-COVID performance, partly offset by a cut in COVID-19 product revenue expectations to about $4 billion from $5 billion. Adjusted diluted EPS guidance of $2.80-$3.00 was reaffirmed, but it absorbs roughly $0.10 from a $650 million acquired IPR&D charge tied to the Innovent Biologics licensing deal, which closed July 10, 2026 and will be recorded in Q3 2026. The company also expanded its cost programs with about $2.5 billion of additional net savings expected from 2027 through 2029, against roughly $2.0 billion of one-time costs for the cost realignment initiative, and an additional $1.5 billion of COGS savings with about $4.0 billion in one-time costs. Total net savings targets now reach about $6.7 billion (cost realignment) and $3.0 billion (manufacturing optimization). Leadership changes and capital allocation are also in focus. CFO Dave Denton departs August 15, 2026, and Cecile Guegan becomes Interim CFO on August 16 during a search for a permanent successor. Pfizer paid $4.9 billion in dividends ($0.86 per share) in the first half and made no share repurchases in 2026, with $3.3 billion of authorization remaining. Management said it is prioritizing reinvestment and de-leveraging, and the guidance assumes no buybacks.
  2. 8-KPFIZER INC 8-K Report, Executive Changes (Jun 18, 2026)Pfizer Inc. (PFE) disclosed in an 8-K filed June 18, 2026 that Chief Financial Officer Dave Denton will step down effective August 15, 2026 to take a consumer goods role outside the pharmaceutical industry. The company states the departure is not related to its financial or operating results, or to any disagreements over financial, operational, accounting, or reporting policies or practices. This is a leadership transition rather than a change in reported financial performance, and the filing contains no financial results, guidance changes, or quantitative disclosures. Cecile Guegan, Senior Vice President, Finance, Global Biopharmaceutical Business, will serve as Interim Chief Financial Officer from August 16, 2026, while Pfizer conducts a comprehensive internal and external search for a permanent successor. Ms. Guegan, 55, joined Pfizer in 2005 and has held her current role since 2022, with prior finance leadership positions including Vice President, Finance, Research & Development and Business Office from 2020 to 2022. She is directly responsible for the financial operations and reporting of Pfizer's biopharmaceutical business, and she led finance integration of Seagen in 2024. Mr. Denton and Ms. Guegan will work together to ensure a seamless handover, which mitigates near-term execution risk. For investors, the key items to monitor are the timing and profile of the permanent CFO hire, any change in capital allocation or guidance tone under new leadership, and whether the transition affects the integration of recent large transactions the CEO cited, including Seagen, Biohaven, and Metsera. The filing describes the change as orderly and unrelated to accounting or performance concerns, but a CFO vacancy during an ongoing search carries some uncertainty until a permanent appointment is made.
  3. 8-KPFIZER INC 8-K Report, Regulation FD Disclosure (Jun 18, 2026)Pfizer Inc. (PFE) filed an 8-K on June 18, 2026, primarily to reaffirm its previously issued fiscal year 2026 financial guidance following the announcement of a Chief Financial Officer transition. The company reiterated its revenue guidance of $59.5 billion to $62.5 billion and its Adjusted Diluted Earnings Per Share (EPS) guidance of $2.80 to $3.00. This reaffirmation suggests that despite the executive change, Pfizer's management remains confident in the company's operational and financial outlook for the remainder of the fiscal year. Investors should note that this filing does not introduce new financial targets but rather confirms existing ones, providing a degree of stability amidst organizational adjustments. The extensive risk factors included in the filing underscore the inherent volatility and uncertainties associated with the pharmaceutical industry.
  4. 8-KPFIZER INC 8-K Report, Financial Results (May 5, 2026)Pfizer (PFE) reported first-quarter 2026 results on May 5, 2026, with total revenues of $14.5 billion, up 5% reported and 2% operationally. Excluding the steep declines in COVID-19 products Comirnaty and Paxlovid, revenue grew 7% operationally, and revenues from the company's Launched and Acquired Products rose 22%. Reported diluted EPS was $0.47, down 10% year over year, while Adjusted diluted EPS was $0.75, down 18% from $0.92. The earnings decline was driven by higher cost of sales (reflecting the non-recurrence of a prior-year royalty accrual revision), higher R&D spending, a higher effective tax rate, and a sharp drop in Adjusted EPS relative to the prior year, partly offset by lower SI&A expenses. Pfizer reaffirmed all components of its full-year 2026 guidance, including revenues of $59.5 to $62.5 billion and Adjusted diluted EPS of $2.80 to $3.00. Guidance embeds an anticipated approximately $1.5 billion unfavorable revenue impact from generic and biosimilar competition and assumes no share repurchases in 2026. Management highlighted strong growth in Padcev, Eliquis, Nurtec, Lorbrena and oncology biosimilars, and pipeline momentum including positive Phase 3 readouts for Braftovi, Elrexfio and Talzenna, a Phase 2 readout for atirmociclib, and an encouraging Phase 2 result for tilrekimig. The Lyme disease vaccine candidate missed its first pre-specified statistical criterion, a notable setback. Capital allocation remained focused on reinvestment and the dividend: Pfizer invested $2.5 billion in internal R&D, paid $2.4 billion in dividends ($0.43 per share), and completed no share buybacks in the quarter. Additional items of note include the completed exit of its ViiV Healthcare stake for $1.875 billion (about $1.65 billion net cash, to be recognized in Q2 2026), and April settlements extending U.S. Vyndamax patent protection to June 1, 2031, which management says should keep revenues relatively stable through mid-2031 rather than declining from 2029.
  5. 8-KPFIZER INC 8-K Report, Shareholder Vote Results (Apr 27, 2026)Pfizer Inc. (PFE) held its Annual Meeting of Shareholders on April 23, 2026, with the key outcomes being the election of its Board of Directors and the ratification of its independent auditor. All nominated directors received a substantial majority of "For" votes, indicating strong shareholder confidence in the current leadership. Additionally, the selection of KPMG LLP as the independent registered public accounting firm for fiscal year 2026 was overwhelmingly approved. Shareholders also approved the amended Pfizer Inc. 2019 Stock Plan and, on an advisory basis, the compensation of the Named Executive Officers. However, a shareholder proposal to adopt an Independent Chair Policy was not approved, signaling that the majority of shareholders prefer the current board structure. These outcomes reflect a generally supportive shareholder base for Pfizer's governance and executive compensation practices.
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04—See also

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