Did Pfizer change its 2026 financial outlook?

No. Pfizer reaffirmed all components of its full-year 2026 guidance, including revenues of $59.5–$62.5 billion, Adjusted SI&A of $12.5–$13.5 billion, Adjusted R&D of $10.5–$11.5 billion, an effective tax rate of about 15%, and Adjusted diluted EPS of $2.80–$3.00. The guidance includes an expected roughly $1.5 billion revenue headwind from generic and biosimilar competition.

Why did Adjusted EPS fall 18% despite revenue growth?

Reported revenue rose 5%, but Adjusted cost of sales rose 31% (20% operationally), largely because a favorable royalty accrual revision in Q1 2025 did not recur. Adjusted R&D rose 12%, Adjusted other expense rose 58%, and the Adjusted effective tax rate increased to 16.9% from 7.8%. These were only partly offset by a 3% decline in Adjusted SI&A expenses.

How is Pfizer returning capital to shareholders?

Pfizer paid $2.4 billion in dividends ($0.43 per share) in Q1 2026 and made no share repurchases during the quarter or year to date. About $3.3 billion remains under the existing repurchase authorization, but guidance assumes no buybacks in 2026. Management says buybacks could resume only after the balance sheet is de-levered.

What is the impact of the Vyndamax patent settlements?

Settlements with Dexcel, Hikma and Cipla extend the effective U.S. patent expiry for Vyndamax to June 1, 2031, subject to outcomes in other litigation. Pfizer had previously expected a significant U.S. revenue decline beginning in 2029, and now expects revenues to remain relatively stable from 2028 through mid-2031.

What are the key pipeline risks following the Q1 readouts?

The Lyme disease vaccine candidate (LB6V/VLA15) reported efficacy of about 73–75%, but its lower confidence-interval bound did not meet the pre-specified threshold of above 20% in the first primary analysis, because fewer cases than expected accrued. Pfizer still plans to file with regulators. Investors should also watch the Hympavzi PDUFA date in Q2 2026 and the Padcev MIBC PDUFA date of August 17, 2026.

PFE 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Pfizer (PFE) reported first-quarter 2026 results on May 5, 2026, with total revenues of $14.5 billion^a, 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^b, 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^c 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^d 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.

02—Key points

Key Highlights

Q1 2026 total revenues of $14.5 billion, up 5% reported and 2% operationally; up 7% operationally excluding Comirnaty and Paxlovid.
Revenues from Launched and Acquired Products grew 22% operationally, led by Padcev (+39%), Lorbrena (+32%), Nurtec ODT/Vydura (+41%) and oncology biosimilars (+52%).
Reported diluted EPS of $0.47 (down 10%) and Adjusted diluted EPS of $0.75 (down 18%), reflecting higher cost of sales, higher R&D spending and a higher effective tax rate.
Full-year 2026 guidance reaffirmed: revenues of $59.5–$62.5 billion and Adjusted diluted EPS of $2.80–$3.00, with no share repurchases assumed.
Vyndamax U.S. patent settlements extend effective exclusivity to June 1, 2031, stabilizing expected revenues through mid-2031 versus a previously anticipated 2029 decline.
ViiV Healthcare stake exit completed for $1.875 billion in proceeds (about $1.65 billion net cash), to be recorded in Q2 2026.
Mixed pipeline news: positive Phase 3 data for Braftovi, Elrexfio and Talzenna, but the Lyme disease vaccine candidate (LB6V) missed its first pre-specified statistical criterion.

03—Questions

Frequently Asked Questions

Did Pfizer change its 2026 financial outlook?
No. Pfizer reaffirmed all components of its full-year 2026 guidance, including revenues of $59.5–$62.5 billion, Adjusted SI&A of $12.5–$13.5 billion, Adjusted R&D of $10.5–$11.5 billion, an effective tax rate of about 15%, and Adjusted diluted EPS of $2.80–$3.00. The guidance includes an expected roughly $1.5 billion revenue headwind from generic and biosimilar competition.
Why did Adjusted EPS fall 18% despite revenue growth?
Reported revenue rose 5%, but Adjusted cost of sales rose 31% (20% operationally), largely because a favorable royalty accrual revision in Q1 2025 did not recur. Adjusted R&D rose 12%, Adjusted other expense rose 58%, and the Adjusted effective tax rate increased to 16.9% from 7.8%. These were only partly offset by a 3% decline in Adjusted SI&A expenses.
How is Pfizer returning capital to shareholders?
Pfizer paid $2.4 billion in dividends ($0.43 per share) in Q1 2026 and made no share repurchases during the quarter or year to date. About $3.3 billion remains under the existing repurchase authorization, but guidance assumes no buybacks in 2026. Management says buybacks could resume only after the balance sheet is de-levered.
What is the impact of the Vyndamax patent settlements?
Settlements with Dexcel, Hikma and Cipla extend the effective U.S. patent expiry for Vyndamax to June 1, 2031, subject to outcomes in other litigation. Pfizer had previously expected a significant U.S. revenue decline beginning in 2029, and now expects revenues to remain relatively stable from 2028 through mid-2031.
What are the key pipeline risks following the Q1 readouts?
The Lyme disease vaccine candidate (LB6V/VLA15) reported efficacy of about 73–75%, but its lower confidence-interval bound did not meet the pre-specified threshold of above 20% in the first primary analysis, because fewer cases than expected accrued. Pfizer still plans to file with regulators. Investors should also watch the Hympavzi PDUFA date in Q2 2026 and the Padcev MIBC PDUFA date of August 17, 2026.

04—Continue

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