The EPS beat and revenue upside are modest and guidance was reaffirmed, not raised, limiting upside. The sharp decline in COVID-19 product sales (-59% to -63%) continues to pressure headline growth, though the non-COVID portfolio is expanding. The Vyndamax patent settlement adds revenue stability through 2031. Watch for the PDUFA date on Padcev's expanded MIBC indication (Aug 17, 2026) and the Hympavzi priority review decision in Q2 2026 as potential catalysts.
Price Chart
Executive Summary
Pfizer reported Q1 2026 Adjusted diluted EPS of $0.75, beating the $0.72 consensus by 4.2%, on revenue of $14.45B, which also exceeded the $13.80B estimate. Total revenue grew 5% YoY (2% operationally), driven by 22% operational growth in launched and acquired products, though GAAP net income fell 9% YoY to $2.69B due to higher costs and an unfavorable tax rate. Full-year 2026 guidance was reaffirmed, including revenue of $59.5-$62.5B and Adjusted EPS of $2.80-$3.00.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $14.45B, up 5% YoY (2% operationally), vs consensus of $13.80B
- Adjusted diluted EPS of $0.75 beat consensus of $0.72 by 4.2%
- GAAP reported diluted EPS of $0.47, down 10% YoY from $0.52
- Full-year 2026 guidance reaffirmed: revenue $59.5-$62.5B, Adjusted EPS $2.80-$3.00
- Launched and acquired products revenue grew 22% operationally YoY
- COVID-19 product revenue declined sharply: Comirnaty -59%, Paxlovid -63% operationally
- Non-COVID portfolio grew 7% operationally, excluding Comirnaty and Paxlovid
- Completed exit of ViiV Healthcare investment, receiving $1.875B in proceeds
- Vyndamax patent settlements extend U.S. patent expiry to June 1, 2031
- No share repurchases in Q1 2026; $3.3B remaining authorization
Financial Impact
Q1 revenue beat consensus by ~$650M; EPS beat by $0.03; guidance unchanged
Risk Factors
- Continued decline in COVID-19 product revenue may pressure total revenue growth
- GAAP net income declined 9% YoY due to higher costs and unfavorable tax rate
- Adjusted cost of sales rose 31% YoY, compressing adjusted gross margin
- R&D expenses increased 12% operationally, reflecting heavy pipeline investment
- Tariff and drug pricing policy uncertainty (TrumpRx, MFN) could impact future revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000078003-26-000053 |
| Document: pfe-20260505.htm | 0000078003-26-000053 |
| Document: 0000078003-26-000053-index-headers.html | 0000078003-26-000053 |
| Document: 0000078003-26-000053-index.html | 0000078003-26-000053 |
| Document: 0000078003-26-000053.txt | 0000078003-26-000053 |
| 8-K Data (Synthetic) | 0000078003-26-000053 |
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