Pfizer's Q4 revenue beats expectations, reaffirms guidance

Overview

• Pharmaceutical giant's Q4 revenue beat analyst expectations despite a 1% yr/yr decline

• Adjusted EPS for Q4 beat analyst expectations

• Company reaffirms full-year 2026 financial guidance

Outlook

• Pfizer reaffirms 2026 revenue guidance of $59.5 bln to $62.5 bln

• Company expects $5 bln in 2026 revenues from COVID-19 products

• Pfizer plans approximately 20 pivotal trials in 2026

Result Drivers

• COVID-19 PRODUCT DECLINE - Pfizer's Q4 revenue decline was primarily driven by a decrease in COVID-19 product revenues, including Comirnaty and Paxlovid

• NON-COVID GROWTH - Excluding COVID-19 products, Pfizer's Q4 revenues grew 9% operationally, driven by products like Abrysvo, Eliquis, and oncology biosimilars

• STRATEGIC INVESTMENTS - Pfizer advanced 11 key pivotal study starts in 2025 and plans approximately 20 for 2026, focusing on strategic growth areas

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 12 "strong buy" or "buy", 16 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy."

• Wall Street's median 12-month price target for Pfizer Inc is $28.00, about 5% above its February 2 closing price of $26.66

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nBwJxb0Ha

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