# Pfizer Inc. (PFE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PFE/thesis · /stocks/PFE/memo

## Financial Snapshot

---
ticker: PFE
step: 04
generated: 2026-05-12
source: quick-research
---

### Pfizer Inc. (PFE) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $58.5B | $63.6B | $62.6B | -2% |
| Revenue ex-COVID (operational) | n/a | +12% | +6% | normalizing |
| Adj. Gross Margin | 71% | 74% | 75% | +1pp |
| Adj. Operating Margin | 21% | 26% | 27% | +1pp |
| Adj. Net Income | $6.8B | $11.0B | $11.5B | +5% |
| Adj. EPS | $1.84 | $3.11 | $3.20 | +3% |
| Free Cash Flow | $4.7B | $11.0B | $10.5B | -5% |

#### Top Products (FY2024)

| Product | FY2024 Sales | YoY |
|---------|--------------|-----|
| Eliquis | $7.3B | +9% (but IRA 2026) |
| Prevnar 20 | $6.4B | +5% |
| Vyndaqel/Vyndamax | $5.4B | +60%+ |
| Ibrance | $4.3B | -5% (CDK4/6 competition) |
| Comirnaty (COVID) | $5.4B | declining |
| Paxlovid | $5.7B | declining |
| Xtandi | $5.5B | +12% |
| Padcev (Seagen) | growing | first-line bladder |

#### 2026 Guidance

| Metric | 2026 Guide |
|--------|------------|
| Revenue | $59.5-62.5B |
| IRA Eliquis Impact | -$1B (-1.6% drag) |
| LOE Headwind (cumulative 2025-2027) | $1.5B 2025 → $4.5B 2027 |

#### Patent Cliff Detail

| Year | LOE Impact |
|------|-----------|
| 2025 | $1.5B headwind |
| 2026 | Cumulative growing |
| 2027 | $4.5B annual headwind |
| 2028 | MET097 obesity launch (potential offset) |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$12.5B |
| Capital Expenditures | ~$2.0B |
| Free Cash Flow | $10.5B |
| Cash & Investments | ~$11B |
| Total Debt | ~$60B (post-Seagen) |
| Net Debt/EBITDA | ~2.7x |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~10x | EV/EBITDA: ~9x | Dividend Yield: ~6.3%
- ROIC: ~9% (pre-Metsera)
- FCF Yield: ~7%

#### Growth Profile
FY25 revenue $62.6B (-2%) — COVID franchise headwind continues. Ex-COVID operational +6%. Eliquis +9% in 2024 but facing IRA Medicare negotiated price in 2026 = -$1B headwind. Seagen integration progressing. Patent cliff: $21.4B of 2024 revenue at risk through 2028. Obesity gap until MET097 in 2028. Pfizer reaffirmed 2026 guidance of $59.5-62.5B.

#### Forward Estimates
- **FY2026E Revenue:** $59.5-62.5B (mgmt guide; flat to -3%)
- **FY2026E Adj EPS:** ~$3.20-3.30
- **FY2027E EPS:** ~$3.00 (LOE peak headwind)
- **FY2028E EPS:** ~$3.50+ (MET097 launch potential)
- **2030+ Obesity Revenue (bull case):** $5-10B+

#### Capital Return
- Dividend $1.72 annual (~$9.7B paid) — 6.3% yield
- 15+ consecutive years of dividend growth
- Buybacks suspended for Seagen deleveraging
- Dividend coverage tight but management committed

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PFE/fundamental

## Navigation

- Overview: /stocks/PFE
- Financials (this page): /stocks/PFE/financials
- Thesis: /stocks/PFE/thesis
- Investment Memo: /stocks/PFE/memo
- Coverage universe: /stocks