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$29.58
Market Capi
$168B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
2.0x
P/S 26Ei
2.7x
P/S 28Ei
3.0x
EV/EBIT 26Ei
10x
EV/EBIT 28Ei
11x
P/E 26Ei
19x
P/E 28Ei
17x
P/S 26Ei
2.7x
EV/EBIT 26Ei
10x
P/E 26Ei
19x
P/S 28Ei
3.0x
EV/EBIT 28Ei
11x
P/E 28Ei
17x
Revenue
2026E
$62B
Gross Margini
76%
Hist. CAGRi
-14%
Proj. CAGRi
-4.2%
EBIT
2026E
$21B
Op. Margini
31%
Hist. CAGRi
-21%
Proj. CAGRi
-2.0%
Net profit
2026E
$8.9B
Net Margini
12%
Hist. CAGRi
-37%
Proj. CAGRi
8.4%
Business Model
Recent Developments
Average Targeti
$28.91+4%
Consensusi
Outperform
27 analysts covering
Net debti
$48B
Div. Yieldi
5.9%
Dilutioni
0.3%
Market Capi
$168B
P/E 26Ei
19x
Adj. P/E (fwd.)i
2.0x
Revenue 26E
$62B
Proj. CAGRi
-4.2%
Gross Margini
76%
EBIT 26E
$21B
Proj. CAGRi
-2.0%
Op. Margini
31%
Net Profit 26E
$8.9B
Proj. CAGRi
8.4%
Net Margini
12%
Average Targeti
$28.91+4%
Consensusi
Outperform
27 analysts covering
Profile
Pfizer is one of the world's largest pharmaceutical companies, generating revenue through the discovery, development, manufacture, and commercialization of medicines and vaccines. Its portfolio is organized into four broad therapeutic groupings:
Industry
Pfizer sells primarily to wholesale distributors, hospital systems, pharmacy benefit managers, and government health agencies across more than 125 countries. The United States accounts for roughly 60% of net sales, with Europe and emerging markets making up most of the remainder. The pharmaceutical industry features high fixed R&D costs, long development cycles, and significant regulatory barriers — but successful drugs command durable pricing power and high gross margins. Patent cliffs create periodic revenue disruption, offset by pipeline replenishment through internal R&D and acquisitions.
Key metrics
Economic moat
Pfizer's primary moat is its patent-protected drug portfolio and proprietary manufacturing scale — including one of the world's largest vaccine and mRNA production infrastructures, built out during COVID. The Seagen acquisition added a differentiated ADC technology platform that is expensive and complex to replicate, giving Pfizer a durable oncology engine, and the 2025 Metsera acquisition extends that model into next-generation obesity therapeutics. Regulatory expertise, global distribution relationships, and the scale to run simultaneous Phase 3 trials across dozens of indications create meaningful barriers to entry that smaller biotechs cannot match.
Albert Bourla
Bourla has served as CEO since January 2019 and became Chairman at the end of that year, consolidating operational and board leadership. A veterinarian by training with over three decades at Pfizer, he oversaw the development and global rollout of the COVID-19 mRNA vaccine, which briefly made Pfizer the most commercially valuable pharmaceutical company in the world. Since 2023 his focus has shifted to executing the $43 billion Seagen acquisition, the 2025 Metsera obesity-platform acquisition, and repositioning the company around oncology and obesity ahead of an approaching patent-expiry wave.
Cecile Guegan
Guegan was named Interim Chief Financial Officer effective August 16, 2026, after predecessor Dave Denton departed for a role outside the pharmaceutical industry. She joined Pfizer in 2005 and most recently led finance for the Global Biopharmaceutical Business, having previously held finance leadership roles across Oncology and Research & Development, including a role integrating the 2024 Seagen deal. Pfizer has said it is running a broader internal and external search for a permanent successor.
Chris Boshoff
Boshoff was promoted from Chief Oncology Officer to Chief Scientific Officer and President, Research & Development effective January 1, 2025, succeeding Mikael Dolsten and taking responsibility for all of Pfizer's R&D functions across therapeutic areas, not oncology alone. A medical oncologist by training and founding director of the UCL Cancer Institute, he reports directly to Bourla and now oversees the obesity and immunology pipelines alongside oncology, making the role central to Pfizer's post-patent-cliff growth thesis.
Patrizia Cavazzoni
Cavazzoni joined in February 2025 as Chief Medical Officer, bringing regulatory expertise from her prior role as director of the FDA's Center for Drug Evaluation and Research (CDER). Her FDA background is directly relevant as Pfizer navigates a dense regulatory calendar with roughly 19-20 pivotal study starts planned for 2026 across oncology, obesity, and immunology; she reports to Boshoff.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Pfizer reported Q2 2026 revenue of $15.0 billion, up 2.6% year-over-year and ahead of analyst expectations, though operational growth excluding currency effects was closer to 1% as COVID-19 product revenue continued to fade.
Adjusted diluted EPS of $0.77 beat consensus estimates near $0.68, helped by expense discipline even as COVID-related sales declined further.
The standout was the launched-and-acquired product cohort, which grew 18% operationally and generated $3.2 billion in quarterly revenue, led by Eliquis (+19%) and Padcev (+23% operationally) on expanding bladder-cancer share.
Management raised full-year 2026 revenue guidance to $60.5-$62.5 billion while reaffirming adjusted EPS guidance of $2.80-$3.00, a range that now absorbs an in-process R&D charge tied to a licensing deal with Innovent Biologics.
Recent developments
On June 18, 2026, Pfizer announced that CFO Dave Denton would depart on August 15 for a role outside the pharmaceutical industry; Cecile Guegan became interim CFO on August 16 while a permanent search continues.
The FDA approved Padcev plus Keytruda on July 10, 2026 as neoadjuvant and adjuvant treatment for muscle-invasive bladder cancer regardless of cisplatin eligibility, broadening the ADC franchise's addressable population.
Pfizer and BioNTech received U.S. FDA approval for an XFG-adapted COVID-19 vaccine on August 27, 2026, following EU authorization on July 29.
The FDA granted priority review on July 22, 2026 for Talzenna plus Xtandi in metastatic prostate cancer, and Pfizer reported positive Phase 3 results for Litfulo in nonsegmental vitiligo on July 30, 2026.
Debate & sentiment
Bulls point to the obesity platform built around the 2025 Metsera acquisition — an ultra-long-acting GLP-1 and a GLP-1/amylin combination in mid-stage trials — as a credible new growth vector alongside oncology, with roughly 19-20 pivotal study starts planned for 2026.
Bears focus on the patent-cliff wave through 2028, when several blockbuster products lose exclusivity, and question whether pipeline and deal-driven revenue can fully offset the resulting erosion.
The abrupt CFO transition adds a layer of near-term uncertainty around capital allocation and cost-program execution during a period when the expanded ~$9.7 billion savings target through 2029 is central to the margin story.
Analyst sentiment remains constructive, with an OUTPERFORM consensus, though coverage is split on how much credit to give obesity-pipeline optionality versus near-term COVID-revenue decay and elevated short interest.
Consensusi
Outperform
Average targeti
$28.91+4%
Highest targeti
$35.75+29%
Lowest targeti
$25.00-10%
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