Jun 2026 (Q2 FY26) — Aug 4, 2026
Pfizer Inc. Q2 FY26 — Strong Non-COVID Performance and Raised Revenue Guidance
Read the full callPfizer (PFE) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Pfizer earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 15,034 | +2.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | -248 | −108.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Lyme disease vaccine (VALOR) Phase III readout / regulatory submission path | submit for approval next year (2026), following completed Phase III dosing | Jun 2025 | Pending | |
| Cost realignment program cumulative net savings (FY26 goal) | $5.7 billion total net savings by end of 2026 | Dec 2025 | We now expect an additional $1 billion in savings from our ongoing cost realignment program. Powered in part by rapid advancements of technology, net cost savings from these programs are now expected to total $6.7 billion through 2029. | Revised Up |
| ELREXFIO Phase III readout in double-class exposed relapsed/refractory multiple myeloma (MagnetisMM-5) | readout early next year or during 2025 | Jun 2024 | The positive top line results we saved last week from the Phase III MagnetisMM-5 study of ELREXFIO represent a meaningful step towards our goal of reaching more patients earlier in the course of their disease. In this study, ELREXFIO significantly improved progression-free survival for double-class exposed patients with relapsed or refractory multiple myeloma | Achieved |
14 of PFIZER INC's 30 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Q2 FY26 revenues of $15 billion exceeded expectations, representing a 1% operational increase year-over-year.
- Excluding COVID products, the underlying business delivered 5% operational revenue growth.
- Launched and acquired products delivered $3.2 billion in revenue, growing 18% operationally (27% excluding prior year one-time impact).
- Adjusted diluted EPS of $0.77 exceeded expectations, reflecting cost discipline and strong non-COVID revenue.
- Midpoint of full-year 2026 revenue guidance raised by $500 million to $60.5 billion - $62.5 billion.
Qualified
- Lower-than-expected COVID revenues, with full-year 2026 COVID-19 revenue expectations revised down to $4 billion from $5 billion.
- Q2 GAAP results included a $4.3 billion noncash intangible asset impairment due to SV Phase III readout failure and Oxbryta revenue forecast removal.
- Adjusted diluted EPS guidance of $2.80 - $3.00 now absorbs an unfavorable $0.10 impact from the Innovent Biologics transaction's Acquired IPR&D charge.
- Leverage ended the quarter at 2.7x and is expected to remain around current or modestly higher levels through the LOE transition period.
- Phase III trial for sigvotatug vedotin (SV) in non-small cell lung cancer did not meet its primary overall survival endpoint.
Price
$29.44 −0.47% · −$0.14
Performance +20.1% 1Y
1Y: $24.51 on 17 Oct 2025 → $29.44. High $29.58 (16 Oct 2026), low $23.67 (25 Jun 2026).
- Previous close
- $29.58
- 52-week range
- $23.67 – $29.58
- One year
- +19.24%
Overview
- Symbol
- PFE
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Lyme disease vaccine (VALOR) Phase III readout / regulatory submission path | submit for approval next year (2026), following completed Phase III dosing | Jun 2025 | Pending | |
| Cost realignment program cumulative net savings (FY26 goal) | $5.7 billion total net savings by end of 2026 | Dec 2025 | We now expect an additional $1 billion in savings from our ongoing cost realignment program. Powered in part by rapid advancements of technology, net cost savings from these programs are now expected to total $6.7 billion through 2029. | Revised Up |
| ELREXFIO Phase III readout in double-class exposed relapsed/refractory multiple myeloma (MagnetisMM-5) | readout early next year or during 2025 | Jun 2024 | The positive top line results we saved last week from the Phase III MagnetisMM-5 study of ELREXFIO represent a meaningful step towards our goal of reaching more patients earlier in the course of their disease. In this study, ELREXFIO significantly improved progression-free survival for double-class exposed patients with relapsed or refractory multiple myeloma | Achieved |
Claimed
- Q2 FY26 revenues of $15 billion exceeded expectations, representing a 1% operational increase year-over-year.
- Excluding COVID products, the underlying business delivered 5% operational revenue growth.
- Launched and acquired products delivered $3.2 billion in revenue, growing 18% operationally (27% excluding prior year one-time impact).
- Adjusted diluted EPS of $0.77 exceeded expectations, reflecting cost discipline and strong non-COVID revenue.
- Midpoint of full-year 2026 revenue guidance raised by $500 million to $60.5 billion - $62.5 billion.
Qualified
- Lower-than-expected COVID revenues, with full-year 2026 COVID-19 revenue expectations revised down to $4 billion from $5 billion.
- Q2 GAAP results included a $4.3 billion noncash intangible asset impairment due to SV Phase III readout failure and Oxbryta revenue forecast removal.
- Adjusted diluted EPS guidance of $2.80 - $3.00 now absorbs an unfavorable $0.10 impact from the Innovent Biologics transaction's Acquired IPR&D charge.
- Leverage ended the quarter at 2.7x and is expected to remain around current or modestly higher levels through the LOE transition period.
- Phase III trial for sigvotatug vedotin (SV) in non-small cell lung cancer did not meet its primary overall survival endpoint.
The full ledger
Open PFIZER INC’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Pfizer Q1 FY26 — Strong Start with Pipeline Progress and Post-2028 Growth Clarity
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Pfizer Q4 FY25 — Strong Execution and GLP-1 Progress
Read the full callEvery analysed call
Pfizer earnings calls (PFE)
Financials
What the filings say
Net profit, year on year: −109% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 17,702 | 17,763 | 13,715 | 14,653 | 16,654 | 17,557 | 14,451 | 15,034 |
| Interest | 783 | 740 | 654 | 654 | 652 | 711 | 668 | 667 |
| Profit before tax | 4,715 | -10 | 2,785 | 3,044 | 3,334 | -1,643 | 3,170 | -653 |
| Tax rate | 5.0% | 4210.0% | −6.8% | 4.6% | −6.5% | 0.1% | 14.5% | 62.3% |
| Net profit | 4,465 | 410 | 2,967 | 2,910 | 3,541 | -1,647 | 2,687 | -248 |
| EPS ($ per share) | 0.79 | — | 0.52 | 0.51 | 0.62 | — | 0.47 | -0.04 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 467 | 468 | 470 | 473 | 476 | 478 | 480 | 481 |
| Reserves | 89,554 | 97,670 | 90,392 | 103,394 | 125,656 | 118,353 | 116,725 | 114,610 |
| Total liabilities | 95,664 | 104,148 | 90,756 | 104,013 | 101,288 | 137,213 | 124,899 | 121,385 |
| Fixed assets | 13,385 | 12,969 | 13,745 | 14,882 | 16,274 | 18,940 | 18,393 | 19,317 |
| Investments | 17,694 | 8,525 | 10,437 | — | — | — | — | — |
| Total assets | 159,422 | 167,594 | 154,229 | 181,476 | 197,205 | 226,501 | 213,396 | 208,160 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 15,827 | 12,588 | 14,403 | 32,580 | 29,267 | 8,700 | 12,744 | 11,704 |
| Cash from investing | 4,525 | -3,945 | -4,271 | -22,546 | -15,783 | -32,278 | 2,652 | -1,351 |
| Cash from financing | -20,441 | -8,485 | -9,649 | -9,816 | -14,834 | 26,066 | -17,140 | -10,304 |
| Net cash flow | -205 | 125 | 475 | 159 | -1,515 | 2,448 | -1,810 | 91 |
| Capital expenditure | -1,984 | -2,046 | -2,226 | -2,711 | -3,236 | -3,907 | -2,909 | -2,629 |
| Free cash flow | 13,843 | 10,542 | 12,177 | 29,869 | 26,031 | 4,793 | 9,835 | 9,075 |
PFE revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Biopharma | — | 98% | 98% | 98% | 98% | 98% | 98% | 98% | +2.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 59% ↓ 9 pt
- International Developed Markets 25% ↑ 6 pt
- International Emerging Markets 16% ↑ 4 pt
As PFE cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
33 filings between Jan 30, 2026 and Aug 12, 2026.
Open market
decisions to buy or sellPurchases
$2.96M
3 purchases by 3 insiders
Sales
$134.7K
2 sales by 1 insider
Compensation
not trading decisions- 3
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 19
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BOURLA ALBERT | $1.00M | — | Aug 12, 2026 |
| BLAYLOCK RONALD E | $998.8K | — | Aug 5, 2026 |
| Buckley Mortimer J | $960.4K | — | Aug 5, 2026 |
| DAMICO JENNIFER B. | — | $134.7K | Aug 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 12, 2026 | BOURLA ALBERT Chairman & CEO | Purchase | 38,000 | $1.00M |
| Aug 5, 2026 | DAMICO JENNIFER B. SVP & Controller | Sale | 3,278 | $83.3K |
| Aug 5, 2026 | Buckley Mortimer J Director | Purchase | 37,632 | $960.4K |
| Aug 5, 2026 | BLAYLOCK RONALD E Director | Purchase | 39,231 | $998.8K |
| Jun 9, 2026 | DAMICO JENNIFER B. SVP & Controller | Sale | 2,000 | $51.4K |
| Mar 4, 2026 | DAMICO JENNIFER B. SVP & Controller | Tax withheld | 826 | $22.0K |
| Mar 3, 2026 | DAMICO JENNIFER B. SVP & Controller | Award | 5,408 | $0 |
| Mar 3, 2026 | DAMICO JENNIFER B. SVP & Controller | Award | 16,311 | $0 |
| Feb 27, 2026 | DAMICO JENNIFER B. SVP & Controller | Tax withheld | 655 | $18.1K |
| Feb 26, 2026 | McDermott Michael Executive Vice President | Tax withheld | 3,503 | $94.9K |
| Feb 25, 2026 | BOURLA ALBERT Chairman & CEO | Tax withheld | 467,241 | $12.58M |
| Feb 25, 2026 | DAMICO JENNIFER B. SVP & Controller | Option exercise | 17,558 | $593.8K |
| Feb 25, 2026 | DAMICO JENNIFER B. SVP & Controller | Tax withheld | 361 | $9.8K |
| Feb 25, 2026 | DAMICO JENNIFER B. SVP & Controller | Tax withheld | 16,687 | $449.2K |
| Feb 25, 2026 | LANKLER DOUGLAS M Executive Vice President | Option exercise | 122,907 | $4.16M |
| Feb 25, 2026 | LANKLER DOUGLAS M Executive Vice President | Tax withheld | 2,198 | $59.5K |
| Feb 25, 2026 | LANKLER DOUGLAS M Executive Vice President | Tax withheld | 116,811 | $3.14M |
| Feb 25, 2026 | SAHNI PAYAL Executive Vice President | Option exercise | 56,888 | $1.92M |
| Feb 25, 2026 | SAHNI PAYAL Executive Vice President | Tax withheld | 1,083 | $29.3K |
| Feb 25, 2026 | SAHNI PAYAL Executive Vice President | Tax withheld | 54,066 | $1.46M |
| Feb 25, 2026 | BOURLA ALBERT Chairman & CEO | Tax withheld | 8,303 | $224.9K |
| Feb 25, 2026 | BOSHOFF CHRISTOFFEL President, R&D | Award | 13,383 | $0 |
| Feb 25, 2026 | BOSHOFF CHRISTOFFEL President, R&D | Tax withheld | 6,833 | $185.1K |
| Feb 25, 2026 | McDermott Michael Executive Vice President | Option exercise | 37,925 | $1.28M |
| Feb 25, 2026 | McDermott Michael Executive Vice President | Tax withheld | 679 | $18.4K |
| Feb 25, 2026 | McDermott Michael Executive Vice President | Tax withheld | 36,044 | $970.3K |
| Feb 25, 2026 | Fonseca Lidia Executive Vice President | Option exercise | 56,888 | $1.92M |
| Feb 25, 2026 | Fonseca Lidia Executive Vice President | Tax withheld | 1,058 | $28.7K |
| Feb 25, 2026 | Fonseca Lidia Executive Vice President | Tax withheld | 54,066 | $1.46M |
| Feb 25, 2026 | BOURLA ALBERT Chairman & CEO | Option exercise | 491,626 | $16.63M |
| Feb 23, 2026 | DAMICO JENNIFER B. SVP & Controller | Tax withheld | 419 | $11.3K |
| Feb 23, 2026 | BOSHOFF CHRISTOFFEL President, R&D | Tax withheld | 816 | $22.1K |
| Jan 30, 2026 | BOSHOFF CHRISTOFFEL President, R&D | Tax withheld | 12,887 | $340.7K |
| Mar 4, 2025 | DAMICO JENNIFER B. SVP & Controller | Award | 5,583 | $0 |
| Mar 4, 2025 | DAMICO JENNIFER B. SVP & Controller | Sale | 2,500 | $64.8K |
| Feb 27, 2025 | DAMICO JENNIFER B. SVP & Controller | Tax withheld | 749 | $19.5K |
| Feb 27, 2025 | DAMICO JENNIFER B. SVP & Controller | Option exercise | 22,416 | $701.8K |
| Feb 27, 2025 | Fonseca Lidia Executive Vice President | Tax withheld | 1,683 | $43.9K |
| Feb 27, 2025 | BOURLA ALBERT Chairman & CEO | Option exercise | 582,823 | $18.25M |
| Feb 27, 2025 | BOURLA ALBERT Chairman & CEO | Tax withheld | 18,300 | $477.6K |
| Feb 27, 2025 | BOURLA ALBERT Chairman & CEO | Tax withheld | 545,855 | $14.22M |
| Feb 27, 2025 | Fonseca Lidia Executive Vice President | Option exercise | 72,629 | $2.27M |
| Feb 27, 2025 | Fonseca Lidia Executive Vice President | Tax withheld | 68,022 | $1.77M |
| Feb 27, 2025 | LANKLER DOUGLAS M Executive Vice President | Option exercise | 156,914 | $4.91M |
| Feb 27, 2025 | LANKLER DOUGLAS M Executive Vice President | Tax withheld | 3,589 | $93.7K |
| Feb 27, 2025 | LANKLER DOUGLAS M Executive Vice President | Tax withheld | 146,961 | $3.83M |
| Feb 27, 2025 | McDermott Michael Executive Vice President | Option exercise | 48,419 | $1.52M |
| Feb 27, 2025 | McDermott Michael Executive Vice President | Tax withheld | 1,108 | $28.9K |
| Feb 27, 2025 | McDermott Michael Executive Vice President | Tax withheld | 45,347 | $1.18M |
| Feb 27, 2025 | SAHNI PAYAL Executive Vice President | Option exercise | 19,054 | $596.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for PFIZER INC
Free account. Everything above stays public.
Write why you follow PFIZER INC and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Health Care
Nearest to Pfizer by market cap among the sector's top 20 companies at Q2 2026.