Pfizer posts better-than-expected Q4, though shares slide on outlook
By Josh White
Date: Tuesday 03 Feb 2026
(Sharecast News) - Pfizer posted better-than-expected fourth-quarter results on Tuesday, helped by steady demand for established medicines that offset a sharp slide in Covid-related sales, but the drugmaker's reaffirmed 2026 outlook remained below some Wall Street forecasts, weighing on the shares in early trading.
Chairman and chief executive officer Albert Bourla said 2026 would be "an important year" for pipeline catalysts as the group accelerates late-stage development, while chief financial officer David Denton reiterated that commercial execution and cost discipline underpinned 2025 earnings performance.
Revenue in the December quarter fell 3% on an operational basis to $17.6bn, while adjusted earnings were 66 cents a share, ahead of consensus expectations of $16.95bn in sales and 57 cents per share, according to LSEG.
Pfizer swung to a reported net loss of $1.65bn, or a loss of 29 cents a share, reflecting a range of charges that included $4.4bn of non-cash intangible-asset impairment taken in the quarter, while adjusted income rose and adjusted earnings per share increased 5% year-on-year.
Management reaffirmed its full-year 2026 guidance, calling for revenue of $59.5bn to $62.5bn and adjusted EPS of $2.80 to $3.00, with the company again flagging a roughly $5bn contribution from Covid products and a further headwind from products losing exclusivity.
The outlook also factors in the anticipated impact of Most-Favored-Nation pricing and 'TrumpRx', as well as tariffs, and Pfizer said it did not plan share buybacks in 2026 despite having $3.3bn remaining under authorisation as of 3 February.
Within the quarter, growth in several newer and core franchises partly cushioned the Covid drag, with management highlighting strength across Eliquis, the Prevnar franchise, and the Abrysvo RSV vaccine, alongside oncology brands such as Padcev and Lorbrena.
Meanwhile, Comirnaty and Paxlovid extended their decline as demand normalised and vaccination recommendations narrowed, leaving Pfizer leaning more heavily on its non-Covid portfolio for growth.
Pfizer also sought to underline its longer-term strategy in obesity and cardiometabolic disease following its acquisition of Metsera, which it completed for $65.60 a share in cash, valuing the business at about $7bn plus a contingent value right.
The company released mid-stage results for an ultra-long-acting injectable GLP-1 candidate acquired through that deal, reporting up to 12.3% weight loss at 28 weeks in adults with obesity or overweight without type-2 diabetes, with detailed data due at the American Diabetes Association scientific sessions on 6 June.
At 0801 ET (1301 GMT), shares in Pfizer were down 5.18% in premarket trading in New York at $25.28.
Reporting by Josh White for Sharecast.com.
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