EarningsQ2 2026 Earnings Report
MX:PFE Q2 2026 EPS Results
Actual EPS$13.20
Consensus EPS$11.69
Beat/MissBeat by +$1.51
One Year Ago EPS$13.37
MX:PFE Q2 2026 Revenue Results
Actual Revenue$257.75B
Expected Revenue$246.87B
Beat/MissBeat by +$10.88B
YoY Revenue Growth+2.60%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:PFE Upcoming Earnings
Pfizer's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PFE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive operational and strategic narrative: management beat Q2 revenue and adjusted EPS expectations, raised full-year revenue guidance, highlighted strong growth across launched and acquired products (notably Seagen assets, Padcev, NURTEC, and Eliquis), and outlined robust R&D progress (numerous readouts, pivotal starts and promising clinical data across obesity, oncology and immunology). At the same time, material near-term setbacks were disclosed: a Phase III SV miss that drove a $4.3 billion impairment and a GAAP loss, lower-than-expected COVID revenues (notably Paxlovid), removal of Oxbryta revenue from forecasts, and elevated near-term R&D spend. Management emphasized cost-savings initiatives (now targeting ~ $9.7B through 2029), maintained dividend commitments, and raised confidence in returning to growth by the end of the decade. Overall, positives (revenue/EPS beats, guidance raise, strong launched/acquired product growth, and significant pipeline progress) outweigh the material but specific negatives tied largely to one clinical readout and COVID variability.Company Guidance
Quarterly Revenue and Underlying Growth
Total Q2 2026 revenue of $15.0 billion, a 1% year-over-year operational increase. Excluding COVID products, the underlying business grew 5% operationally.
Adjusted EPS Outperformance
Second quarter adjusted diluted EPS of $0.77, exceeding expectations; full-year adjusted diluted EPS guidance reaffirmed at $2.80 to $3.00.
Raised Full-Year Revenue Guidance
Raised midpoint of full-year 2026 revenue guidance by $500 million to $60.5 billion–$62.5 billion (from $59.5 billion–$60.5 billion).
Strong Performance of Launched & Acquired Products
Launched and acquired products generated $3.2 billion in Q2 revenue and grew 18% operationally in the quarter; management notes a 27% growth rate when excluding certain one-time items from Q2 2025. Acquired/legacy Seagen portfolio delivered strong growth (management cited ~21% U.S. YoY growth excluding a one-time stocking benefit and ~25% operational growth for acquired products when excluding certain one-time items).
Commercial Drivers — Padcev, NURTEC, Eliquis and Others
Key brands fueled growth: Padcev grew >20% in Q2 and had a label expansion to muscle invasive bladder cancer (35% reduction in risk of death vs standard of care in supporting data); NURTEC delivered strong year-over-year growth and led the oral CGRP class in total prescriptions; Eliquis contributed meaningfully to non-COVID upside.
R&D Momentum and Pipeline Milestones
Productivity in R&D: 3 regulatory approvals, 6 key data readouts and 8 pivotal study starts in H1 2026. Management provided a 12‑month outlook including 5 regulatory decisions, 8 key readouts and 19 pivotal study starts. Notable programs advancing: berobenatide (obesity), mevrometostat (EZH2 inhibitor), 4404 (PD-1 VEGF bispecific), Litfulo (vitiligo), multiple ADCs from Seagen.
Berobenatide (Metsera) Clinical Progress
Berobenatide Phase IIb ADA data showed placebo‑corrected weight loss up to 12.3% at the medium monthly dose (VESPER‑3); extension data after switching showed ~16% mean weight loss over 32 weeks. Company targets first approval in 2028 and plans ~10 Phase III studies in 2026 for chronic weight management and related indications.
Manufacturing & Productivity Savings Upside
Expanded productivity and manufacturing programs: management expects additional savings, citing net cost savings targets including ~$6.7 billion from ongoing cost realignment programs and an updated expectation of total net cost savings of approximately $9.7 billion through 2029 (including manufacturing optimization additions). Q2 realized $175 million of $700 million expected Phase 1 manufacturing savings for the year.
Healthy Margins and Expense Discipline
Adjusted gross margin of 76% and adjusted operating margin of 35% in Q2. Adjusted SG&A decreased ~3% operationally while adjusted R&D increased ~12% operationally reflecting stepped-up investment behind oncology and obesity candidates. Total adjusted operating expenses were $6.1 billion (up ~4% operationally).
Capital Allocation and Balance Sheet Actions
H1 2026 investments included $5.5 billion in R&D and $4.9 billion returned to shareholders via dividends. Operating cash flow for Q2 was $3.45 billion and leverage ended the quarter at ~2.7x. BD capacity after recent deals is stated around $6 billion, and management reaffirmed commitment to maintain (and over time grow) the dividend.
MX:PFE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed