Q1 26 EPS
$0.75
BEAT +44.23%
Est. $0.52
Q1 26 Revenue
$14.45B
BEAT +4.70%
Est. $13.80B
vs S&P Since Q1 26
-7.7%
TRAILING MARKET
PFE -6.3% vs S&P +1.4%
Market Reaction
Did PFE Beat Earnings? Q1 2026 Results
Pfizer delivered a broad beat to open fiscal 2026, with first-quarter revenue of $14.45 billion coming in 4.70% above the $13.80 billion consensus and climbing 5.4% from a year ago, while adjusted diluted EPS of $0.75 cleared the $0.72 estimate by 3.… Read more Pfizer delivered a broad beat to open fiscal 2026, with first-quarter revenue of $14.45 billion coming in 4.70% above the $13.80 billion consensus and climbing 5.4% from a year ago, while adjusted diluted EPS of $0.75 cleared the $0.72 estimate by 3.92%, extending the company's streak of consensus EPS beats to five consecutive quarters. The outperformance was driven in large part by the strength of Pfizer's launched and acquired products, which grew 22% operationally, with standouts including Padcev rising 39% on expanding market share in first-line urothelial cancer and Nurtec ODT/Vydura climbing 41% on robust demand. Those gains more than offset continued pressure from COVID-19 products, where Comirnaty fell 59% and Paxlovid dropped 63% operationally. A Vyndamax patent settlement extending effective U.S. Exclusivity to June 2031 added a meaningful layer of revenue visibility, reducing a previously anticipated cliff. Against that backdrop, Pfizer reaffirmed its full-year 2026 guidance, projecting revenues of $59.50 billion to $62.50 billion and adjusted diluted EPS of $2.80 to $3.00.
Key Takeaways
- • Launched and acquired products grew 22% operationally year-over-year
- • Padcev growth driven by increased market share in first-line urothelial cancer and cisplatin-ineligible MIBC launch momentum
- • Eliquis growth driven by higher global demand, partially offset by generic entry in certain international markets
- • Oncology biosimilars growth driven by favorable U.S. net pricing and supply recovery with partially one-time impacts
- • Nurtec ODT/Vydura growth driven by strong demand and one-time net price favorability in the U.S.
- • Lorbrena growth driven by increased patient share in first-line ALK+ mNSCLC
- • Lower COVID-19 product revenues offset gains, with Comirnaty down 59% and Paxlovid down 63% operationally
- • Ongoing productivity improvements and targeted marketing investments reduced SI&A expenses 4% operationally
PFE Forward Guidance & Outlook
Pfizer reaffirmed all components of its full-year 2026 financial guidance, including revenues in a range of $59.5 to $62.5 billion, Adjusted SI&A expenses of $12.5 to $13.5 billion, Adjusted R&D expenses of $10.5 to $11.5 billion, an effective tax rate on Adjusted income of approximately 15.0%, and Adjusted diluted EPS in a range of $2.80 to $3.00. Guidance assumes approximately 5.74 billion diluted weighted-average shares outstanding and no share repurchases in 2026. The company anticipates an unfavorable revenue impact of approximately $1.5 billion due to recent and expected generic and biosimilar competition. The Vyndamax patent settlement extends effective U.S. patent expiry to June 2031, with revenues now expected to remain relatively stable from 2028 through mid-2031.
PFE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PFE Revenue by Segment
With YoY comparisons, source: SEC Filings
PFE Revenue by Geography
With YoY comparisons, source: SEC Filings
“We're off to a strong start in 2026, and it reinforces our confidence that we will successfully navigate this defining period for Pfizer. Our R&D pipeline is advancing on multiple fronts – with positive Phase 3 readouts and encouraging mid-stage results building meaningful momentum – and I'm particularly encouraged by what we're seeing in oncology and obesity, two areas where I believe Pfizer is positioned to lead.”
— Albert Bourla, Q1 2026 Earnings Press Release
PFE Earnings Trends
PFE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PFE EPS Trend
Earnings per share: estimate vs actual
PFE Revenue Trend
Quarterly revenue: estimate vs actual
PFE Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.52 | $0.75 | +44.23% | $14.45B | +4.70% |
| Q4 25 BEAT FY | $0.57 | $0.66 | +15.79% | $17.56B | +4.09% |
| FY Full Year | $3.12 | $3.22 | +3.08% | $62.58B | +1.11% |
| Q3 25 BEAT | $0.63 | $0.87 | +38.10% | $16.65B | +0.92% |
| Q2 25 BEAT | $0.57 | $0.78 | +36.84% | $14.65B | +8.29% |
| Q1 25 BEAT | $0.67 | $0.92 | +37.31% | $13.72B | -2.69% |
| Q4 22 BEAT FY | $1.04 | $1.14 | +9.62% | $24.29B | +0.02% |
| FY Full Year | — | $6.58 | — | $100.33B | — |