Pfizer Past Earnings Performance
Past criteria checks 0/6
Pfizer's earnings have been declining at an average annual rate of -31.8%, while the Pharmaceuticals industry saw earnings growing at 13.5% annually. Revenues have been declining at an average rate of 7.5% per year. Pfizer's return on equity is 5.1%, and it has net margins of 6.8%.
Key information
-31.84%
Earnings growth rate
-32.14%
EPS growth rate
| Pharmaceuticals Industry Growth | 5.95% |
| Revenue growth rate | -7.50% |
| Return on equity | 5.12% |
| Net Margin | 6.81% |
| Last Earnings Update | 28 Jun 2026 |
Recent past performance updates
Recent updates
Narrative Update • Sep 18
PFE: Acquired Growth Supports The Case, Pipeline Execution Still Sets The Ceiling
The Pfizer thesis has been reviewed and reaffirmed, with the updated narrative shifting the focus toward the contribution of acquired portfolios, cost savings programs, and the emerging obesity franchise as the key drivers of the story from here. What's Changed Focus previously sat on broad late stage pipeline expansion in oncology, rare disease and vaccines as the main growth driver.Seeking Alpha • Sep 10
Pfizer: Firing On All Cylinders
Summary Pfizer remains a strong buy as guidance is reaffirmed and raised, with acquired assets compounding at 18% operationally. PFE's pipeline strength is evident, especially in obesity (berobenatide) and Vyndamax, providing a bridge over the 2028 LOE trough. Valuation is highly attractive: P/E of 9.11, EV/EBITDA of 8.29, and a 6.19% dividend yield, with disciplined capital allocation. Key risks include margin pressure and Eliquis pricing reversals, but cost programs and pipeline momentum support the bullish thesis. Read the full article on Seeking Alpha
Narrative Update • Aug 05
PFE: Pipeline Readouts And Legal Overhang Will Shape Post Covid Earnings Trajectory
The analyst fair value estimate for Pfizer has risen from $24.00 to $25.00 as analysts factor in updated pipeline expectations, modestly stronger profit margin assumptions, and recent Street price target moves that cluster in the mid to high $20s per share. Analyst Commentary Recent Street views on Pfizer sit in a fairly tight range in the mid to high US$20s, with most price targets clustered between US$25 and US$35.
Narrative Update • Jul 13
PFE: Oncology And Obesity Pipeline Will Drive Post Patent Cliff Repricing
Pfizer's analyst price target has edged lower by about $0.80, reflecting updated models that factor in softer revenue expectations, slightly higher long term margin assumptions, and a reset of near term enthusiasm following multiple target cuts and a downgrade to Hold from several firms ahead of upcoming earnings catalysts. Analyst Commentary Recent research on Pfizer points to a mix of caution and optimism, with several firms trimming price targets while still seeing room for the stock to re-rate as execution on the core portfolio, business development and upcoming data readouts play through.Narrative Update • Jun 22
PFE: Oncology And Obesity Pipeline Progress Will Balance Patent Cliff Risks
Pfizer's analyst price target edges up by $1 to $26, as analysts point to a more balanced risk and reward profile supported by recent guidance commentary, oncology pipeline milestones, and updated views on longer term revenue and margin assumptions. Analyst Commentary Recent research coverage around Pfizer highlights a mix of upgraded ratings, modest price target increases and ongoing questions around specific product exposures and partnership choices.Analysis Article • Jun 20
Pfizer (PFE) Stock Could Be 10% Undervalued After CFO Exit Raises Execution Questions
Pfizer (PFE) is back in focus after the company said Chief Financial Officer Dave Denton will leave in August, with long-time finance executive Cecile Guegan stepping in as interim CFO during the search for a successor. See our latest analysis for Pfizer. The CFO announcement comes as Pfizer shares trade at US$25.21, with the stock down over the past quarter but posting a 12.52% total shareholder return over the last year. This suggests that shorter term momentum has cooled even as income and...Narrative Update • Jun 08
PFE: Oncology And Obesity Pipeline Will Support Post Patent Cliff Repricing
Narrative update Pfizer's analyst price targets have inched higher, with a recent move such as Wolfe Research lifting its view to $26 from $25 as analysts factor in elements like the five-year sales outlook and extended Vyndamax exclusivity, while also accounting for COVID-related uncertainty in their updated assumptions. Analyst Commentary Recent Street commentary on Pfizer centers on two themes investors should keep in mind: how analysts are framing post COVID revenue visibility and how legal and partnership developments may affect long term cash flow and valuation support.Narrative Update • May 25
PFE: Obesity And Oncology Pipeline Progress Will Drive Long-Term Upside Potential
Analysts have nudged Pfizer's implied fair value slightly higher to about $29.19 per share, reflecting a series of mostly modest price target increases, including Wolfe Research's move to $26. This comes alongside updated views on long term sales, COVID uncertainty, patent settlements around Vyndamax, and the recent Veppanu licensing, as well as GLP-1 and oncology pipeline commentary.Narrative Update • May 03
PFE: Patent Cliff And GLP 1 Pipeline Will Shape Post Settlement Outlook
Pfizer's updated analyst price target has shifted slightly lower to $24.00 from $25.00 as analysts factor in a steeper projected revenue decline, a modestly higher profit margin outlook, and mixed views on the post-settlement pipeline and patent overhang. Analyst Commentary Recent research on Pfizer highlights a split view.Narrative Update • Apr 19
PFE: GLP-1 And Oncology Advancements Will Support Post LOE Repricing
Pfizer's analyst fair value estimate has been adjusted modestly higher to $35.96 from $35.33, as analysts factor in recent price target raises and mixed views on the post-2028 pipeline, loss of exclusivity risks, and evolving expectations for the GLP-1 and oncology portfolios. Analyst Commentary Recent Street research on Pfizer reflects a split view, with some firms expressing caution around patent expiries and near term visibility, while other bullish analysts focus on the potential in GLP-1 and oncology programs, along with broader sector appeal in healthcare.Narrative Update • Apr 05
PFE: Obesity And Oncology Pipeline Progress Will Drive Post LOE Rerating
Analysts have nudged Pfizer's implied fair value modestly higher to about $35.33 per share, citing recent price target increases of around $1 to $3 and research that highlights contributions from its GLP-1, oncology, and hematology pipelines, while also noting the long-term patent cliff and revenue uncertainty. Analyst Commentary Recent research on Pfizer shows a split view, with some firms highlighting long term headwinds from loss of exclusivity while others point to pipeline depth and business development as potential offsets.Narrative Update • Mar 22
PFE: Patent Cliff And GLP 1 Pipeline Will Shape Post 2028 Outlook
Pfizer's updated analyst narrative keeps fair value steady at $25.00, with recent Street research showing price targets clustering from $25.00 to $35.00 as analysts weigh concerns about a post-2028 patent cliff against interest in the GLP-1, oncology, and collaboration pipelines, as well as healthcare's perceived appeal in a riskier macro backdrop. Analyst Commentary Recent Street research around Pfizer reflects a split view, with some firms pointing to potential in GLP-1, oncology, hematology, and collaborations, while others emphasize the scale and timing of the expected revenue cliff and limited visibility on offsets.Narrative Update • Mar 08
PFE: Patent Cliff And GLP 1 Pipeline Will Shape Next Decade
Analysts lifted their fair value estimate for Pfizer from $23.00 to $25.00 per share, reflecting updated views that weigh a stronger GLP 1 and oncology pipeline against ongoing concerns about the patent cliff and near term revenue visibility. Analyst Commentary Recent Street research on Pfizer presents a mixed picture, with more cautious voices focusing on patent expirations, limited near term pipeline visibility, and questions around how quickly new therapies can support growth.Narrative Update • Feb 21
PFE: Obesity Pipeline Progress Will Drive Post LOE Re Rating
Pfizer's updated analyst price target edges lower to about $35 per share. This reflects analysts' focus on ongoing losses of exclusivity, a slightly softer revenue and margin outlook, and tempered expectations for future P/E as some firms initiate or assume coverage with more cautious views around the next few years.Narrative Update • Feb 07
PFE: Obesity Pipeline And LOE Headwinds Will Shape Future Re Rating
Narrative Update Analysts have trimmed their fair value estimate for Pfizer from $36.16 to $35.46, reflecting more cautious assumptions on revenue trends and profit margins, even as some on the Street highlight new assets and deals that they believe could support a higher future P/E multiple. Analyst Commentary Recent Street research on Pfizer highlights a mix of caution and optimism, with several firms reassessing how the pipeline and recent deals might offset upcoming patent expiries and support the valuation over time.Narrative Update • Jan 24
PFE: Loss Of Exclusivity And Obesity Deal Costs Will Pressure Shares
Analysts have reduced their fair value estimate for Pfizer from $24.00 to $23.00 per share, citing lower revenue and margin assumptions, a slightly higher discount rate, and cautious views on patent expiries, while still noting ongoing interest in its pipeline and licensing deals. Analyst Commentary Recent Street research around Pfizer has been mixed, with some firms highlighting long term opportunities in areas like obesity and licensing, while others are stressing near term execution and patent expiry risks.Narrative Update • Jan 10
PFE: Obesity Deal And LOE Overhang Will Shape Re Rating Potential
Analysts have trimmed their price expectations for Pfizer, citing ongoing revenue uncertainty around an expected US$15b to US$20b loss of exclusivity over the next few years, even as some see support from the obesity deal and a broader positive stance on large cap biopharma. Analyst Commentary Recent research highlights a split view on Pfizer, with some caution around the expected US$15b to US$20b loss of exclusivity over the next few years and others pointing to potential upside linked to obesity treatments and a broader positive stance on large cap biopharma.Analysis Article • Jan 08
Pfizer (NYSE:PFE) Has Announced A Dividend Of $0.43
Pfizer Inc. ( NYSE:PFE ) will pay a dividend of $0.43 on the 6th of March. This makes the dividend yield 6.8%, which...Narrative Update • Dec 25
PFE: Obesity Bid And Margin Outlook May Drive Re-Rating Ahead
Analysts have nudged their price target on Pfizer higher by $2 to $30, citing improving margin expectations and a more constructive sector backdrop, despite tempered revenue growth assumptions. Analyst Commentary Bullish analysts highlight that the latest price target increase reinforces a gradually improving sentiment toward Pfizer, with investors starting to look past the near term revenue slowdown and focus more on medium term cash flow durability and pipeline execution.Analysis Article • Dec 18
Pfizer (NYSE:PFE) Has Affirmed Its Dividend Of $0.43
The board of Pfizer Inc. ( NYSE:PFE ) has announced that it will pay a dividend of $0.43 per share on the 6th of March...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Pfizer makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 28 Jun 26 | 63,696 | 4,339 | 12,915 | 11,011 |
| 29 Mar 26 | 63,315 | 7,479 | 12,894 | 10,710 |
| 31 Dec 25 | 62,579 | 7,746 | 12,964 | 10,437 |
| 28 Sep 25 | 62,784 | 9,796 | 13,974 | 10,216 |
| 29 Jun 25 | 63,832 | 10,728 | 14,005 | 10,289 |
| 30 Mar 25 | 62,464 | 7,867 | 14,333 | 10,521 |
| 31 Dec 24 | 63,627 | 8,020 | 14,771 | 10,822 |
| 29 Sep 24 | 60,433 | 4,274 | 14,155 | 10,494 |
| 30 Jun 24 | 56,223 | -2,593 | 14,139 | 10,611 |
| 31 Mar 24 | 55,946 | -288 | 13,908 | 10,564 |
| 31 Dec 23 | 59,554 | 2,134 | 13,836 | 10,679 |
| 01 Oct 23 | 69,274 | 10,469 | 13,561 | 11,420 |
| 02 Jul 23 | 78,420 | 21,494 | 13,394 | 11,435 |
| 02 Apr 23 | 93,154 | 29,035 | 13,258 | 11,621 |
| 31 Dec 22 | 101,175 | 31,366 | 12,200 | 11,426 |
| 02 Oct 22 | 99,878 | 29,953 | 11,325 | 11,260 |
| 03 Jul 22 | 101,275 | 29,481 | 10,038 | 11,243 |
| 03 Apr 22 | 92,433 | 25,410 | 9,400 | 10,667 |
| 31 Dec 21 | 81,288 | 22,413 | 9,562 | 10,360 |
| 03 Oct 21 | 68,877 | 19,485 | 9,714 | 9,972 |
| 04 Jul 21 | 55,119 | 12,236 | 11,676 | 9,589 |
| 04 Apr 21 | 46,084 | 9,032 | 11,454 | 9,184 |
| 31 Dec 20 | 41,651 | 6,630 | 11,418 | 8,709 |
| 27 Sep 20 | 32,334 | 212 | 11,006 | 8,084 |
| 28 Jun 20 | 34,737 | 6,977 | 10,565 | 7,727 |
| 29 Mar 20 | 38,137 | 9,427 | 11,637 | 7,716 |
| 31 Dec 19 | 40,905 | 10,707 | 12,766 | 7,721 |
| 29 Sep 19 | 53,039 | 16,211 | 13,755 | 7,891 |
| 30 Jun 19 | 53,656 | 12,638 | 14,050 | 7,948 |
| 31 Mar 19 | 53,859 | 11,464 | 14,004 | 7,914 |
| 31 Dec 18 | 40,825 | 3,824 | 12,149 | 7,713 |
| 30 Sep 18 | 53,373 | 23,808 | 14,481 | 7,827 |
| 01 Jul 18 | 53,244 | 22,545 | 14,492 | 7,686 |
| 01 Apr 18 | 52,673 | 21,746 | 14,509 | 7,673 |
| 31 Dec 17 | 52,546 | 21,305 | 14,606 | 7,645 |
| 01 Oct 17 | 52,471 | 9,791 | 14,546 | 7,843 |
| 02 Jul 17 | 52,347 | 8,308 | 14,608 | 7,861 |
| 02 Apr 17 | 52,598 | 7,281 | 14,959 | 7,826 |
| 31 Dec 16 | 52,824 | 7,198 | 14,894 | 7,858 |
| 02 Oct 16 | 53,243 | 6,270 | 14,956 | 7,652 |
| 03 Jul 16 | 52,286 | 7,036 | 14,697 | 7,797 |
| 03 Apr 16 | 50,992 | 7,615 | 14,339 | 7,787 |
| 31 Dec 15 | 48,851 | 6,948 | 14,325 | 7,646 |
| 27 Sep 15 | 47,922 | 8,366 | 13,640 | 7,366 |
Quality Earnings: PFE has a large one-off loss of $14.9B impacting its last 12 months of financial results to 28th June, 2026.
Growing Profit Margin: PFE's current net profit margins (6.8%) are lower than last year (16.8%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: PFE's earnings have declined by 31.8% per year over the past 5 years.
Accelerating Growth: PFE's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: PFE had negative earnings growth (-59.4%) over the past year, making it difficult to compare to the Pharmaceuticals industry average (1%).
Return on Equity
High ROE: PFE's Return on Equity (5.1%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/20 07:49 |
| End of Day Share Price | 2026/09/18 00:00 |
| Earnings | 2026/06/28 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Pfizer Inc. is covered by 45 analysts. 25 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| David Toung | Argus Research Company |
| Emily Field | Barclays |
| "Emily Field | Barclays |