Pfizer (PFE) Q1 FY26 earnings call: guidance and Q&A

What specific GLP-1 data should investors expect to see from Pfizer at the upcoming ADA meeting, including details on Vest, BSP1, and Vespa II?

Pfizer will share detailed Phase III data from Vest, data from BSP1's open-label extension, and data from Vespa II (weekly bemarituzumab with or without titration in type 2 diabetes). Data on Amlan mono will be shared in the second half of the year.

“Detailed Phase III -- detailed data from Vest will be shared the top line data we presented last time, I think 4Q '25 earnings. Data from BSP1, the open-label extension will be shared as well as data from Vespa II which is weekly better Benoit, our new name for our GLP-1 with or without titration in participants with type 2 diabetes will be shared.”

asked by Vamil Divan (Guggenheim) · answered by Chris Boshoff

What are the expectations for the SB and MEBRO pivotal readouts this year, and can you provide an update on the corporate restructuring of strategy and business development operations?

The second-line SB study in non-squamous lung cancer is statistically powered for overall survival and should read out mid-to-second half this year. The METRO 1 study for MEBROmetostat in post-abiraterone/enzalutamide patients should also read out mid-to-second half this year. Corporate restructuring involved moving BD under R&D, commercial development under global marketing, portfolio management under Alexander, and strategy under the Chief of Staff, aiming for simplification.

“The second line study, just a reminder is focused on non-squamous based on the signals we've seen Phase III study against docetaxel. The study statistically powered. Should it be positive for overall survival. It will also be clinically meaningful -- just a reminder, we also have an ongoing Phase III trial in the TPS high, TPS more than 50. Data will be shared at ASCO from the Phase I experience.”

asked by David Risinger (Leerink Partners) · answered by Chris Boshoff

Given the solid Q1 performance, why was full-year guidance not raised, and with $7 billion in BD capacity and VYNDAMAX clarity, would Pfizer consider larger transactions?

Q1 was a solid start, exceeding expectations, but guidance was not raised due to the philosophy of not adjusting in Q1 and the back-half weighting of the COVID franchise. The $7 billion BD capacity, combined with increased confidence in cash flow from legal developments, means share repurchases will be given greater consideration, and larger strategic BD opportunities are always evaluated, though not a current top priority for transformative M&A.

“As you well know, Chris, I have a philosophy of not really adjusting in Q1. I think as you well know, if you look at our COVID franchise, it will always be back half weighted because of the seasonality of the -- and so we are, if anything, have derisked delivery on that without raising guidance. So absent that, we probably would be raising guidance, how is that again, strong performance.”

asked by Christopher Schott (JPMorgan) · answered by David Denton

What are the expected vaccination rates for COMIRNATY in the U.S. and international regions, and how does the recent Belgian court decision impact the evolution of ex-U.S. sales?

Q1 COMIRNATY decline was due to the absence of the UK contract from the prior year, not vaccination rates, which were stable in Europe in 2025. The Belgian court judgment on April 1, 2026, is clear, and Pfizer is working with Poland and Romania to implement it. In the U.S., vaccination rates vary by segment, but Pfizer maintains market-leading positions for its vaccines (COMIRNATY >60%, Prevnar pediatric 84%, Prevnar adult 70%).

“The court judgment is very clear, and we've started to work with the governments in Poland and Romania to actually execute the judgment, and we're discussing the best path forward to implement that jet.”

asked by Kerry Holford (Berenberg) · answered by Alexandre de Germay

What is the likelihood of Pfizer pursuing transformative M&A in the near to medium term that could impact the dividend, and how is the Board thinking about the CEO's tenure in relation to dividend integrity?

While Pfizer is open to all business combinations that create shareholder value, transformative M&A is not a high priority currently, as the focus is on executing the AI transformation of the organization, which requires avoiding the disruption of mega-mergers. The CEO stated his tenure is continuing, aiming to replicate past successes, and is confident in the company's ability to maintain dividend integrity.

“No, we think that right now, in the next years, it is the time to execute on AI transformation of these organizations. And that requires not the disruption of mega merge. So I would say that open to everything, and we are looking at letting that can create shareholder value, but it is not right now very high in our list to find something like that.”

asked by Umer Raffat (Evercore ISI) · answered by Albert Bourla

With clarity on VYNDAMAX and the post-2028 CAGR, what further conditions are needed for Pfizer to begin share repurchases, especially at current stock levels?

Pfizer continuously evaluates its capital allocation strategy, balancing R&D investment, business development, and shareholder returns. The recent legal developments, including VYNDAMAX clarity, provide more confidence in future cash flow, making share repurchases a greater consideration going forward. The company aims to do what is best for long-term shareholder value.

“With the development in these court cases, -- that does give us a bit more confidence in our cash flow over time. So you'll see us the capital allocation, share repurchase lever will come back into greater consideration going forward.”

asked by Evan Seigerman (BMO Capital Markets) · answered by David Denton

Which key products will drive growth reacceleration in 2029 and beyond, and what has been learned from the international launch of the GLP-1 (Euglutide)?

Growth will be driven by existing products with significant upside like Padcev (upside in MIBC) and Nurtec (headroom in oral CGRP), as well as large franchises like VYNDAMAX with extended exclusivity. New growth areas include oncology assets and the Metsera obesity portfolio. The international launch of Euglutide in China, a collaboration with Win Bioscience, is in early days but targets a large chronic weight management market (15% incidence) with a product showing 1.1% weight loss at 48 weeks and leveraging Pfizer's primary care capabilities.

“what is really interesting is actually the incidence of chronic weight in China is quite high, 15% of the Chinese population. And considering the size of the China population that makes it 1 of the larger market for chronic weight management.”

asked by Louise Chen (Scotiabank) · answered by Alexandre de Germay