Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Pfizer's Q2 FY2026 results featured modest revenue growth overshadowed by a swing to a net loss, driven by a $3 billion charge from intangible asset impairments and legal matters. Top-line gains were led by Eliquis, Padcev, and the Vyndaqel family, but these were offset by sharp declines in COVID-19 product revenues and significant non-cash expenses. Operating cash flow nearly doubled year-over-year, highlighting underlying operational resilience, while new product approvals and strategic collaborations signaled continued pipeline progress.
Revenue
$15.03B
+2.60% YoY
EPS (Diluted)
-$0.04
-107.84% YoY
Source: SEC XBRL
Pfizer (PFE) reported Q2 FY2026 revenue of $15.03B, up 2.6% year over year. PFE's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | 0.75 | 0.72 | Beat +3.5% |
| Dec 2025 | 0.66 | 0.58 | Beat +14.3% |
| Sep 2025 | 0.87 | 0.64 | Beat +36.0% |
| Jun 2025 | 0.78 | 0.59 | Beat +32.9% |
Compiled by AI from 10-Q Item 2 of this filing
Total revenues increased 3% operationally in Q2 2026, driven by Eliquis (+19% operational), Padcev (+23%), and Vyndaqel family (+8%), offset by COVID-19 product declines. Excluding Comirnaty and Paxlovid, revenues rose 5% operationally.
Source: 10-Q Item 2 MD&A
Pfizer announced expansions to its Realigning Our Cost Base program, adding $1.0 billion in net cost savings to reach $6.7 billion through 2029, and its Manufacturing Optimization program, adding $1.5 billion in savings to reach $3.0 billion through 2029.
Source: 10-Q Item 2 MD&A
In May 2026, Pfizer entered a strategic licensing and collaboration agreement with Innovent for 12 cancer medicines, including a $650 million upfront payment and up to $9.85 billion in milestone payments, closing in July 2026.
Source: 10-Q Item 2 MD&A
Pfizer finalized binding agreements with the U.S. Government to avoid the April 2, 2026 Section 232 pharmaceutical tariffs until January 20, 2029, in exchange for drug pricing adjustments and U.S. manufacturing investments.
Source: 10-Q Item 2 MD&A
Other (income)/deductions—net worsened by $3.0 billion in Q2 2026, mainly from intangible asset impairments and legal charges, pushing the company to a pre-tax loss from continuing operations of $653 million.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
Pfizer faces a significant revenue headwind from patent expirations, with an expected unfavorable impact of approximately $1.1 billion in 2026, and the rate of revenue reduction is expected to accelerate through 2030.
Source: 10-Q Item 2 MD&A
Government and payor actions, including the IRA's Medicare Drug Price Negotiation Program (MDPNP) which set a Maximum Fair Price for Eliquis in 2026 and will affect Ibrance and Xtandi in 2027, continue to pressure drug pricing and access globally.
Source: 10-Q Item 2 MD&A
A substantial portion of revenue comes from a few key products like Eliquis, Padcev, and the Vyndaqel family; any adverse developments, patent challenges, or competitive entries could materially impact financial results.
Source: 10-Q Income Statement (XBRL) and MD&A
Comirnaty and Paxlovid revenues fell 34% and 95% operationally, respectively, due to lower vaccination rates and infections, and future revenues may continue to decline with evolving public health policies and demand.
Source: 10-Q Item 2 MD&A
Recent acquisitions and collaborations, such as Metsera and Innovent, carry integration and execution risks, including achieving expected cost synergies of $600 million by end of 2026 and managing upfront and milestone payments.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 15.03 $B | 14.65 $B | +2.60% |
Cost of Revenue $B | 4.09 $B | 3.78 $B | +8.31% |
Net Income $B | -0.25 $B | 2.91 $B | -108.52% |
EPS (Basic) $ | -0.04 $ | 0.51 $ | -107.84% |
EPS (Diluted) $ | -0.04 $ | 0.51 $ | -107.84% |
SG&A Expense $B | 3.41 $B | 3.42 $B | -0.12% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
Pfizer reported Q1 2026 revenue of $14.45B (+5.4% YoY), but net income declined 9.4% to $2.69B as cost of revenue surged 24.7%, compressing margins despite improved operating cash flow of $2.62B.
Pfizer's FY2025 10-K shows a modest revenue decline of 1.6% to $62.6B alongside improved cost discipline, resulting in net income of $7.8B and solid operating cash flow of $11.7B, though rising long-term debt warrants attention.
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