Summary
Pfizer Inc. reported total revenues of $14.45 billion for the first quarter of 2026, an increase of 5% compared to the prior year, driven by operational growth of 2% and a favorable foreign exchange impact of 3%. While overall revenue showed positive momentum, the company experienced a significant decline in COVID-19 product revenues (Comirnaty and Paxlovid), down 59% and 63% respectively. However, this was largely offset by strong performance in key therapeutic areas, including Eliquis (up 8% operationally), Vyndaqel family (up 4%), Ibrance (down 1% operationally, but with positive demand drivers), and Padcev (up 39%). Profitability saw a mixed picture. Net income attributable to Pfizer Inc. common shareholders was $2.69 billion, a decrease from $2.97 billion in the prior year. This was impacted by a substantial increase in the cost of sales, up 25%, largely due to the non-recurrence of a favorable royalty estimate revision from the prior year and unfavorable foreign exchange. Research and development expenses also increased by 13%, reflecting investments in oncology and obesity candidates. Despite these pressures, the company's strategic cost management initiatives and strong operational execution in key growth areas position it for continued development. The company also announced a significant acquisition of Metsera, a biopharmaceutical company focused on obesity and cardiometabolic diseases, for $8.0 billion.
Key Highlights
- 1Total revenues increased by 5% to $14.45 billion, driven by both operational growth and favorable foreign exchange.
- 2COVID-19 product revenues (Comirnaty and Paxlovid) saw significant declines, down 59% and 63% respectively, indicating a shift away from pandemic-related sales.
- 3Key growth drivers included Eliquis (up 8%), Vyndaqel family (up 4%), Nurtec ODT/Vydura (up 41%), and Padcev (up 39%), demonstrating strength in core therapeutic areas.
- 4Cost of sales increased significantly by 25%, impacting profitability, primarily due to the non-recurrence of a prior year favorable royalty estimate and foreign exchange impacts.
- 5Research and development expenses rose by 13%, reflecting continued investment in pipeline development, particularly in oncology and obesity.
- 6Pfizer announced a major acquisition of Metsera for $8.0 billion, signaling a strategic focus on the growing obesity and cardiometabolic disease market.
- 7Net income attributable to Pfizer Inc. common shareholders decreased by 9% to $2.69 billion, reflecting increased costs and the decline in COVID-19 product sales.