Pfizer (PFE) investor relations material

Executive summary

• Q1 2026 revenues reached $14.5 billion, up 5% year-over-year, driven by strong growth in launched/acquired products such as Padcev, Eliquis, oncology biosimilars, and Nurtec ODT/Vydura, partially offset by declines in COVID-19 product revenues.

• Adjusted diluted EPS was $0.75 and reported diluted EPS was $0.47, both above expectations, though adjusted EPS declined year-over-year due to higher R&D spend and tax rate.

• Achieved three positive Phase 3 readouts and advanced approximately 20 pivotal studies planned for 2026, with significant progress in oncology and obesity pipelines.

• Legal settlements, including VYNDAMAX patent extension and favorable Belgium court ruling on Comirnaty, improved post-2028 growth profile and cash flow visibility.

• Completed Metsera acquisition for $8.0 billion and entered a strategic collaboration with Sciwind Biosciences for GLP-1 commercialization in China.

Financial highlights

• Q1 2026 revenues were $14.5 billion, up 2–5% year-over-year; excluding COVID products, underlying business grew 7%.

• Adjusted diluted EPS was $0.75, reported diluted EPS $0.47; adjusted income (non-GAAP) was $4.3 billion.

• Launched/acquired products generated $3.1 billion, up 22% operationally.

• Adjusted gross margin was 76%, with cost of sales as a percentage of revenue rising to 23.6%.

• Operating cash flow was $2.6 billion; long-term debt stood at $60.6 billion.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: revenues of $59.5–$62.5 billion and adjusted diluted EPS of $2.80–$3.00.

• Expects a $1.5 billion revenue impact from generic/biosimilar competition in 2026.

• No share repurchases anticipated in 2026; focus remains on R&D and smaller tuck-in deals.

• Realigning cost base and manufacturing optimization programs are on track to deliver $5.7 billion and $1.5 billion in net cost savings by 2026–2027.

• High single-digit five-year revenue CAGR targeted for 2028–2033, supported by pipeline and delayed VYNDAMAX LOE.