10-Q · May 5, 2026
Pfizer reported a Q1 2026 revenue of $14.5 billion, a 5% increase year-over-year, falling short of estimated revenue of $13.8 billion. Earnings per share (EPS) came in at $0.47, missing expectations of $0.72 per share.…
Earnings analysis · 10-Q
PFE earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Pfizer delivered 3% second-quarter revenue growth to $15.034 billion, supported by Eliquis, Padcev, Lorbrena and other non-COVID products, but GAAP diluted EPS fell to a $0.04 loss from $0.51 due largely to $4.325…
Read full summary
Pfizer delivered 3% second-quarter revenue growth to $15.034 billion, supported by Eliquis, Padcev, Lorbrena and other non-COVID products, but GAAP diluted EPS fell to a $0.04 loss from $0.51 due largely to $4.325 billion of impairments and other significant items. Implied gross margin declined to 72.8% from 74.2% a year earlier, while implied operating margin fell to 20.4% from 25.8%, reflecting higher cost of sales and R&D. First-half operating cash flow improved to $3.450 billion, and management expanded long-term cost-savings targets, though patent expiries, COVID declines, legal charges and restructuring execution remain material offsets.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.04
What stood out
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Revenue growth excluding COVID products
Second-quarter revenue rose $381 million, or 3%, year over year to $15.034 billion; excluding Comirnaty and Paxlovid, revenue increased 5% operationally.
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Key growth brands expanded strongly
Eliquis revenue increased 21% to $2.425 billion, while Padcev rose 23% to $667 million and Lorbrena grew 41% to $354 million.
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Adjusted earnings remained resilient
Adjusted diluted EPS was $0.77, compared with $0.78 in the prior-year quarter, despite $4.325 billion of asset-impairment charges in GAAP results.
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Operating cash generation improved
First-half operating cash flow rose to $3.450 billion from $1.753 billion in the prior-year period, an increase of $1.697 billion.
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Cost program expanded
Pfizer targets total Realigning Our Cost Base Program net savings of approximately $6.7 billion through 2029, including $1.0 billion of newly announced anticipated savings.
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Manufacturing savings target increased
The Manufacturing Optimization Program now targets approximately $3.0 billion of total savings through 2029, including $1.5 billion from its newly announced phase.
What to watch
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Impairments drove GAAP loss
GAAP diluted EPS moved to a $0.04 loss from $0.51 earnings per share a year earlier, driven in part by $4.325 billion of intangible-asset impairment charges.
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COVID franchise remains a sharp drag
COVID-product revenue continued to contract: Paxlovid revenue fell 95% to $21 million and Comirnaty revenue fell 32% to $261 million in the quarter.
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Patent-expiry pressure is increasing
Management now expects approximately $1.1 billion of unfavorable 2026 revenue impact from patent-based or regulatory-exclusivity expiries, with the rate of revenue reduction expected to accelerate over coming years.
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Gross margin contracted
Cost of sales increased 8% to $4.092 billion, raising cost of sales to 27.2% of revenue from 25.8% a year earlier and reducing gross margin by 140 basis points.
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Savings require substantial upfront costs
New restructuring phases require approximately $2.0 billion of one-time cost-base-program expenses and approximately $4.0 billion of manufacturing-optimization costs through 2029.
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Tariff protection is time-limited
Section 232 pharmaceutical tariffs became effective for Pfizer on July 31, 2026; Pfizer's applicable tariff rate is zero only until January 20, 2029 under its U.S. government agreements.
Management's outlook
The 10-Q discusses financial guidance and forward-looking cost-savings targets but does not provide a quantitative revenue or adjusted-EPS guidance range in the filing text.
Earlier filings 4
10-Q · November 4, 2025
Pfizer reported Q3 revenue of $16,654 million and diluted EPS of $0.62 for the quarter ended September 28, 2025. Revenue declined versus the prior-year quarter ($17,702 million) and income before taxes fell to $3,334…
10-Q · August 5, 2025
Pfizer reported Q2 revenue of $14.653B, up from $13.283B a year ago (+$1.370B, +10.3%), and swung to operating profit before taxes of $3.044B from a loss of $103M in Q2 2024. Net income attributable to Pfizer common…
10-Q · May 5, 2025
Pfizer reported Q1 revenues of $13,715 million, down $1,164 million from Q1 2024 ($14,879 million), and GAAP diluted EPS of $0.52 versus $0.55 a year ago. Gross margin remained strong at ~79.3% (revenues $13,715M less…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.