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Corporate events
Filed after the FY2026 Q1 call day (May 5, 2026) through the next call day (Aug 4, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q1
Macro Signals
→Consumer Spending↑AI & Tech→FX
Pfizer delivered Q1 revenues of $14.5 billion, exceeding expectations with 2% operational growth, and adjusted EPS of $0.75. Excluding COVID products, the underlying business delivered approximately 7% operational growth. The Vyndamax patent settlement extended exclusivity, and oncology pipeline readouts were positive. R&D investment increased 11% to support the pipeline. Full-year 2026 guidance was reaffirmed at $59.5-62.5 billion revenue and $2.80-$3.00 adjusted EPS. LOE headwinds through 2028 preceded a growth inflection.
Key Themes7
positive📊 company
Q1 Revenue And EPS Exceeded Expectations
Revenues of $14.5 billion exceeded expectations with operational increase of 2%, and adjusted diluted EPS of $0.75 also beat expectations driven by strong cost management.
Revenue GrowthMargin
positive📊 company
Launched And Acquired Products Growing 22%
Launched and acquired products delivered $3.1 billion in Q1 revenues growing approximately 22% operationally, led by Padcev, Nurtec, Lorbrena and Vyndaqel.
Revenue GrowthProduct Launch
positive📊 company
Vyndamax Patent Settlement Extends Exclusivity
Settlement agreements resolving infringement patents related to Vyndamax provide 2.5 years of additional exclusivity to mid-2031, enabling high single-digit 5-year revenue CAGR starting 2029.
Capital AllocationCompetitive Dynamics
positive📊 company
Oncology Pipeline Advancing With Positive Readouts
Three positive Phase III readouts in Q1 including MagnetisMM-5 for Elrexfio and EV-304 for Padcev showing nearly 50% reduction in risk of recurrence or death in bladder cancer.
Innovation & R&DProduct Launch
mixed📊 company
R&D Investment Increasing 11% For Pipeline
Adjusted R&D expenses increased 11% operationally driven by oncology and obesity candidates, compressing operating margins while targeting approximately 20 pivotal study starts in 2026.
Capex InvestmentInnovation & R&D
negative📊 company
COVID Franchise Headwinds Persist
Sustained low disease levels continue to weigh on Paxlovid utilization, and Comirnaty revenue remains back-half weighted with vaccination season seasonality.
DemandRevenue Growth
mixed📊 company
LOE Headwinds Through 2028 Ahead Of Growth Inflection
Management acknowledges LOE headwinds from this year through 2028, with approximately $14 billion to $15 billion in LOE exposure after Vyndamax settlement, before growth inflection in 2029.
just level set us on any updated thoughts on bridging the gap around how we should be thinking about the levers to drive this growth against the stacked LOEs?
I just wanted to probe a little bit more on [ sigtolimod vedotin ] and positioning in that frontline setting, all comers relative to the Symbiotic-Lung-01 study
what's the likelihood that Pfizer entertains a transformative M&A in near or medium term, which could end up impacting dividend as we've seen in history?
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Net margin
FCF
FY2024 Q4
$17.76B
+21.9%
$0.07
+112.1%
2.3%
$5.80B
FY2025 Q1
$13.71B
-7.8%
$0.52
-5.1%
21.6%
$1.77B
FY2025 Q2
$14.65B
+10.3%
$0.51
—
19.9%
$-1.20B
FY2025 Q3
$16.65B
-5.9%
$0.62
-20.9%
21.3%
$4.00B
FY2025 Q4
$17.56B
-1.2%
$-0.29
-503.3%
-9.4%
$4.50B
FY2026 Q1Selected
$14.45B
+5.4%
$0.47
-9.5%
18.6%
$2.18B
FY2026 Q2
$15.03B
+2.6%
$-0.04
-108.5%
-1.6%
$302M
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“first quarter reported diluted earnings per share was $0.47, and adjusted diluted earnings per share was $0.75”
Revenue
“revenues were $14.5 billion, exceeding our expectations and representing an operational increase of 2%”
Guidance
“we are reaffirming our full year '26 guidance today”
Key metric
“Excluding our COVID products, the underlying business delivered approximately 7% operational revenue growth”
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
16%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Pfizer (PFE), FY2026 Q1: 5/10. Scores: Pfizer’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: PFE daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
GAAP revenue YoY +5.37% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base6Base 6GAAP revenue YoY +5.37% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. COVID product decline drags headline growth but represents real lost revenue, not a GAAP accounting distortion.+EPS-1EPS -1GAAP EPS YoY -9.55% vs revenue YoY +5.37%, spread -14.92 percentage points (outside -5 percentage points), direction negative. PFE files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts), so the vendor OI cross-check (operating income YoY -12.80%, operating income spread -18.17 percentage points) is a reconstruction, not a reported figure; it is dropped as an anchor. The -1 rests on the admissible filed GAAP EPS-vs-revenue spread and is confirmed by filed net income -9.40% vs revenue +5.37% = -14.77 percentage points, with diluted shares roughly flat YoY (5,710M to 5,731M), so the EPS decline is a real earnings decline, not a buyback artifact. Corroborated by management-stated operating measures on the call (CFO David Denton): adjusted operating margin 38% (down ~5 percentage points from ~43% implied in Q1 2025), adjusted gross margin ~76% (down from ~81%, explicitly dampened vs the prior-year first quarter by higher royalty expense), total adjusted operating expenses +4% operationally against revenue +2% operationally = negative operating leverage, and adjusted diluted EPS $0.92 to $0.75. Every operating measure deteriorated relative to revenue; direction robust to dropping the OI.+Guidance0Guidance 0Full year 2026 guidance reaffirmed at $59.5-62.5B revenue and $2.80-3.00 adjusted EPS. Maintained with no change.=Final5
How this score was built
Base6Base 6GAAP revenue YoY +5.37% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. COVID product decline drags headline growth but represents real lost revenue, not a GAAP accounting distortion.+
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
What PFE and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the recently announced Pfizer settlement for Vyndamax impacts how you think about the TTR cardiomyopathy landscape”
An analyst asks about Pfizer's Vyndamax settlement (affecting stabilizer-class generic timing); Alnylam says its growth outlook is not dependent on stabilizer generic entry.
“Pfizer and IQVIA Holdings Inc. entered into a strategic regional promotion agreement covering selected Pfizer products across 23 countries in Europe.”
Pfizer signed a strategic regional promotion agreement with IQVIA covering selected products across 23 European countries, a commercial-services win that expands IQVIA's partnership with Pfizer.
Companies PFE discussed
7 mentions
YaoPharmanot trackedFY2026 Q1Partner
“including both internally discovered programs and opportunities we have added through strategic moves such as our acquisition of Metsera and our in-licensing agreements with 3SBio and YaoPharma.”
Pfizer added pipeline assets via an in-licensing agreement with YaoPharma.
3SBionot trackedFY2026 Q1Partner
“including both internally discovered programs and opportunities we have added through strategic moves such as our acquisition of Metsera and our in-licensing agreements with 3SBio and YaoPharma.”
Pfizer added pipeline assets via an in-licensing agreement with 3SBio.
ViiVnot trackedFY2026 Q1
EPS
-1
EPS -1GAAP EPS YoY -9.55% vs revenue YoY +5.37%, spread -14.92 percentage points (outside -5 percentage points), direction negative. PFE files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts), so the vendor OI cross-check (operating income YoY -12.80%, operating income spread -18.17 percentage points) is a reconstruction, not a reported figure; it is dropped as an anchor. The -1 rests on the admissible filed GAAP EPS-vs-revenue spread and is confirmed by filed net income -9.40% vs revenue +5.37% = -14.77 percentage points, with diluted shares roughly flat YoY (5,710M to 5,731M), so the EPS decline is a real earnings decline, not a buyback artifact. Corroborated by management-stated operating measures on the call (CFO David Denton): adjusted operating margin 38% (down ~5 percentage points from ~43% implied in Q1 2025), adjusted gross margin ~76% (down from ~81%, explicitly dampened vs the prior-year first quarter by higher royalty expense), total adjusted operating expenses +4% operationally against revenue +2% operationally = negative operating leverage, and adjusted diluted EPS $0.92 to $0.75. Every operating measure deteriorated relative to revenue; direction robust to dropping the OI.
+
Guidance0Guidance 0Full year 2026 guidance reaffirmed at $59.5-62.5B revenue and $2.80-3.00 adjusted EPS. Maintained with no change.
=
Final5
Investment
“We closed on the sale of our stake in ViiV in the second quarter, providing us with approximately $1.65 billion in net proceeds, after taxes and customary closing costs.”
Pfizer divested its minority stake in ViiV Healthcare for roughly $1.65 billion net, adding to its business-development capacity.
“that's the reason why we decided on March -- on February this year to actually do this collaboration with Hangzhou Sciwind Biosciences for the commercialization of ecnoglutide in China.”
Pfizer entered a collaboration with Hangzhou Sciwind Biosciences to commercialize the GLP-1 ecnoglutide in China's large obesity market.
“we're not coming very late into the market because remember, Lilly really introduced their asset in -- at the beginning of last year.”
Pfizer references Lilly as the incumbent in the China/international obesity (GLP-1) market as Pfizer launches ecnoglutide, noting it is not far behind Lilly's entry.
“even after many months of competition from Merck holding share steady at 70%.”
Pfizer says its Prevnar adult pneumococcal vaccine is holding 70% share despite competition from Merck's rival adult pneumococcal vaccine.
BioNTechnot trackedFY2026 Q1Partner
“our adjusted gross margins have generally remained in the mid-to-upper 70s when excluding Comirnaty, which is a 50-50 profit split with our partner BioNTech.”
BioNTech is Pfizer's Comirnaty COVID vaccine partner under a 50-50 profit split, which weighs on Pfizer's reported gross margin.
Amgen grew product sales 4% in Q1 as growth drivers including Repatha, EVENITY, TEZSPIRE, and BLINCYTO offset ongoing loss-of-exclusivity headwinds, with Repatha momentum accelerating on the VESALIUS primary prevention data
Bristol-Myers Squibb started FY2026 with revenue up 2.6% as growth portfolio momentum continued while Eliquis volume strength was offset by the pricing reset
Product sales grew 5% to $6.9 billion with non-GAAP EPS of $2.03 up 12% as the HIV treatment franchise sustained market leadership and YES2GO PrEP launch exceeded expectations
Johnson & Johnson posted Q1 2026 worldwide sales of $24.1 billion, up 6.4%, though adjusted EPS of $2.70 declined 2.5% versus Q1 2025 (adjusted net earnings of $6.6 billion declined 1.4%) due to front-loaded launch investments for ICOTYDE and margin pressure
Revenue surged 56% year-over-year with non-GAAP EPS of $8.55 as the GLP-1 portfolio drove massive growth and Foundayo, the oral GLP-1, launched to a strong start
Merck delivered total revenue of $16.3 billion, up 5% (3% ex-FX), led by the KEYTRUDA family at $8 billion (+8%, including roughly $250 million of favorable U.S