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$25.05
Market Capi
$143B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
2.1x
P/S 26Ei
2.3x
P/S 28Ei
2.6x
EV/EBIT 26Ei
8.9x
EV/EBIT 28Ei
10x
P/E 26Ei
13x
P/E 28Ei
16x
P/S 26Ei
2.3x
EV/EBIT 26Ei
8.9x
P/E 26Ei
13x
P/S 28Ei
2.6x
EV/EBIT 28Ei
10x
P/E 28Ei
16x
Revenue
2026E
$62B
Gross Margini
76%
Hist. CAGRi
-14%
Proj. CAGRi
-4.0%
EBIT
2026E
$21B
Op. Margini
31%
Hist. CAGRi
-21%
Proj. CAGRi
-2.9%
Net profit
2026E
$11B
Net Margini
12%
Hist. CAGRi
-37%
Proj. CAGRi
7.4%
Business Model
Recent Developments
Average Targeti
$29.15+20%
Consensusi
Outperform
28 analysts covering
Net debti
$49B
Div. Yieldi
6.9%
Dilutioni
0.3%
Market Capi
$143B
P/E 26Ei
13x
Adj. P/E (fwd.)i
2.1x
Revenue 26E
$62B
Proj. CAGRi
-4.0%
Gross Margini
76%
EBIT 26E
$21B
Proj. CAGRi
-2.9%
Op. Margini
31%
Net Profit 26E
$11B
Proj. CAGRi
7.4%
Net Margini
12%
Average Targeti
$29.15+20%
Consensusi
Outperform
28 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. 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, managing the post-COVID revenue reset, and repositioning the company around oncology and obesity.
David Denton
Denton joined as CFO in May 2022, stepping in during a period of peak COVID revenue and the beginning of the post-pandemic normalization. He previously served as CFO at CVS Health, bringing significant experience in large-cap healthcare finance and capital allocation. His tenure has been defined by managing the Seagen integration costs, a $7B+ restructuring program, and maintaining the dividend while free cash flow compressed from its 2022–2023 peak.
Chris Boshoff
Boshoff joined Pfizer's senior leadership team at the end of 2024 to lead the oncology division, which now represents roughly a quarter of total revenue following the Seagen deal. His appointment signals the internal importance Pfizer assigns to the ADC and broader cancer portfolio. Oncology is the primary growth vehicle for the company through 2028 and beyond, making this role central to the investment 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 approximately 20 pivotal study starts planned for 2026 across oncology, obesity, and vaccines.
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 Q1 2026 results on May 5, 2026, with revenue of $14.5 billion — beating consensus estimates by roughly 5% — driven by 7% operational growth in its non-COVID core business and a 22% operational surge in its launched and acquired product portfolio.
Adjusted EPS also cleared estimates, with management reaffirming full-year 2026 revenue guidance of $59.5–$62.5 billion and adjusted EPS guidance of $2.80–$3.00. The guidance hold was notable given ongoing LOE headwinds and COVID normalization.
Oncology was the standout segment, with Padcev and other Seagen-derived ADC assets contributing meaningfully to the launched-products surge. The stock rose modestly in pre-market trading following the report.
Recent developments
In early 2026, Pfizer outlined a pivot toward oncology and obesity as the two strategic growth pillars, with CEO Albert Bourla committing more than 40% of R&D spend to oncology and announcing roughly 20 key pivotal study starts in 2026.
The Metsera acquisition (closed in late 2025) added a GLP-1 obesity pipeline including MET-097i, an injectable receptor agonist targeting monthly dosing, plus oral GLP-1 and amylin candidates. Pfizer plans to initiate approximately 15 obesity-related Phase 3 trials in 2026, making obesity a second major late-stage bet alongside Seagen-anchored oncology.
In late 2025, the company axed 11 pipeline programs — including several Seagen and BioNTech-linked candidates — as part of a cost restructuring targeting more than $7 billion in savings by 2027, with most savings expected by end of 2026.
Debate & sentiment
Bulls point to the combination of a depressed valuation, a high dividend yield, and a pipeline reaching meaningful inflection points: oncology ADC momentum from Seagen remains intact, and a GLP-1 obesity portfolio could deliver a multi-billion revenue opportunity by the end of the decade if Phase 3 data holds.
Bears focus on the post-COVID revenue cliff: forward revenue estimates reflect a meaningful step-down from the 2025 base, and the Seagen integration cost structure has weighed on margins. Pipeline cuts in late 2025 raised questions about how much of the $43 billion acquisition price translates into durable growth.
The swing factor is the 2026–2027 clinical readout calendar: approximately 20 pivotal studies starting this year means a dense catalyst window that could rapidly re-rate the stock in either direction. Analyst consensus sits at Outperform, but conviction is spread across a wide price target range.
Consensusi
Outperform
Average targeti
$29.15+20%
Highest targeti
$36.00+48%
Lowest targeti
$24.00-1%
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