Pfizer Inc. PFE
NYSEPharmaceuticalsFinancials to Sep 27, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Sep 27 |
|---|---|---|
| Cash | 1.1 | 1.8 |
| Securities | 11.5 | 11.0 |
| Long-term securities | 0.0 | 0.1 |
| Restricted cash | 0.9 | 1.5 |
| Debt | 64.8 | 62.7 |
| Net cash | -52.1 | -49.7 |
| Equity | 86.5 | 89.0 |
- Debt / EBITDA
- 3.11×
- Debt / equity
- 0.70×
- Leases (12/31/25)
- $2.6B
- Diluted shares
- 5,751M
- Book value / share
- $15.48
- Price / book
- 1.9×
- Net cash / share
- −$8.65
- Market cap
- $167.3B
- Enterprise value
- $217.1B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | -0.4% | +5.5 pts | |
| Operating margin | 22.1% | -1.0 pts | |
| FCF margin | 29.0% | +4.9 pts | |
| Capex / revenue | 3.5% | -0.2 pts | |
| Eliquis revenue (quarter) | $2.5B | +25% | |
| Prevnar family revenue (quarter) | $1.6B | -10% | |
| Nurtec ODT/Vydura revenue (quarter) | $547M | +33% | |
| Vyndaqel family revenue (quarter) | $1.8B | +11% | |
| Xeljanz revenue (quarter) | $213M | -32% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About PFE
Pfizer develops, manufactures and sells prescription medicines and vaccines. Biopharma is its sole reportable segment; the sheet follows its five product groups, including competitive hospital medicines and contract manufacturing.
- IP Choke Point
Primary Care economics rely on patent portfolios and (where applicable) regulatory exclusivity that delay generic entry for key brands (e.g., Eliquis, Prevnar, Nurtec, Abrysvo, Comirnaty, Paxlovid).
- IP Choke Point
Specialty Care franchises (e.g., rare disease and immunology biologics/small molecules) depend on patents and regulatory exclusivity to protect pricing and volume from rapid generic/biosimilar entry.
- IP Choke Point
Approved oncology assets are protected by patents/exclusivity, which support high gross margins until loss of exclusivity; however, patent cliffs and biosimilar competition can compress value over time.
- Nov 1, 2026
Cecile Guegan was appointed permanent CFO and Executive Vice President effective November 1, after serving as interim CFO. Source: https://www.sec.gov/Archives/edgar/data/78003/000007800326000132/pfe-20261030.htm (November 3, 2026).
- Oct 7, 2026
FDA approved the TUKYSA front-line maintenance regimen in HER2-positive metastatic breast cancer, expanding its market while retaining a severe liver-toxicity warning.
- Oct 6, 2026
Pfizer declared a $0.43 fourth-quarter dividend payable December 7, 2026, maintaining its cash return while the pipeline requires investment.
- Oct 2, 2026
LITFULO met repigmentation endpoints in vitiligo trials, supporting a potential new indication that still needs regulatory approval.
- Oct 1, 2026
Tilrekimig met Phase 2 eczema endpoints; Pfizer plans Phase 3 testing before any potential commercial launch.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 8.58 | 8.67 | 6.83 | 7.21 | 7.40 | 14.24 | 17.65 | 10.43 | 11.16 | 10.95 | 11.06 | +2.8%/yr | |
| Cash flow | 2.63 | 2.77 | 1.48 | 1.24 | 1.87 | 5.77 | 5.11 | 1.52 | 2.24 | 2.05 | 2.46 | -2.7%/yr | |
| Earnings | 1.17 | 3.52 | 0.64 | 1.89 | 1.18 | 3.93 | 5.47 | 0.37 | 1.41 | 1.36 | 0.70 | +1.7%/yr | |
| Free cash flow | 2.30 | 2.41 | 1.13 | 0.80 | 1.38 | 5.29 | 4.54 | 0.84 | 1.73 | 1.59 | 2.05 | -4.0%/yr | |
| Capex | 0.32 | 0.37 | 0.36 | 0.43 | 0.49 | 0.47 | 0.56 | 0.68 | 0.51 | 0.46 | 0.42 | +4.0%/yr | |
| Dividends | 1.19 | 1.26 | 1.33 | 1.42 | 1.50 | 1.53 | 1.57 | 1.62 | 1.67 | 1.71 | 1.70 | +4.1%/yr | |
| Book value | 9.67 | 11.77 | 10.61 | 11.13 | 11.23 | 13.53 | 16.69 | 15.59 | 15.47 | 15.14 | 15.48 | +5.1%/yr | |
| Diluted shares (M) | 6,159 | 6,058 | 5,977 | 5,675 | 5,632 | 5,708 | 5,733 | 5,709 | 5,700 | 5,713 | 5,751 | -0.8%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 52.8 | 52.5 | 40.8 | 40.9 | 41.7 | 81.3 | 101.2 | 59.6 | 63.6 | 62.6 | 63.6 | +1.9%/yr | |
| Operating income | 12.1 | 13.7 | 5.7 | 6.7 | 8.3 | 19.4 | 35.8 | 1.3 | 12.4 | 14.2 | 13.6 | +1.8%/yr | |
| Net income | 7.2 | 21.3 | 3.8 | 10.7 | 6.6 | 22.4 | 31.4 | 2.1 | 8.0 | 7.7 | 4.0 | +0.8%/yr | |
| Free cash flow | 14.2 | 14.6 | 6.7 | 4.6 | 7.8 | 30.2 | 26.0 | 4.8 | 9.8 | 9.1 | 11.8 | -4.8%/yr | |
| Buybacks | 5.0 | 5.0 | 12.2 | 8.9 | 0.0 | 0.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Dividends | 7.3 | 7.7 | 8.0 | 8.0 | 8.4 | 8.7 | 9.0 | 9.2 | 9.5 | 9.8 | 9.8 | +3.3%/yr | |
| Net cash | -19.1 | -18.8 | -22.9 | -42.6 | -28.3 | -7.2 | -13.6 | -59.8 | -44.5 | -52.1 | -49.7 | −$33.0B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 76.7 | 78.6 | 78.0 | 80.3 | 79.6 | 62.1 | 66.1 | 58.1 | 71.9 | 74.3 | 73.4 | -2.3 pts | |
| Operating margin | 23.0 | 26.1 | 13.9 | 16.4 | 19.8 | 23.9 | 35.4 | 2.1 | 19.5 | 22.8 | 21.4 | -0.2 pts | |
| Net margin | 13.6 | 40.5 | 9.4 | 26.2 | 15.9 | 27.6 | 31.0 | 3.6 | 12.6 | 12.4 | 6.3 | -1.2 pts | |
| FCF margin | 26.9 | 27.8 | 16.5 | 11.1 | 18.7 | 37.2 | 25.7 | 8.0 | 15.5 | 14.5 | 18.5 | -12.4 pts | |
| ROIC | 10.6 | 10.7 | 4.8 | 4.7 | 6.7 | 17.0 | 24.2 | 0.6 | 6.9 | 7.6 | 7.3 | -3.0 pts | |
| Return on equity | 12.1 | 29.9 | 6.0 | 17.0 | 10.5 | 29.0 | 32.8 | 2.4 | 9.1 | 9.0 | 4.5 | -3.1 pts | |
| R&D % of revenue | 14.9 | 14.6 | 19.0 | 20.5 | 22.6 | 17.0 | 12.2 | 18.3 | 17.2 | 19.3 | 19.7 | +4.3 pts | |
| Stock pay % of revenue | 1.3 | 1.6 | 2.3 | 1.7 | 1.8 | 1.5 | 0.9 | 0.9 | 1.4 | 1.3 | 1.7 | -0.0 pts | |
| Capex % of revenue | 3.8 | 4.2 | 5.2 | 6.0 | 6.6 | 3.3 | 3.2 | 6.6 | 4.6 | 4.2 | 3.8 | +0.4 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- narrowing
- Pricing power
- moderate
- Primary Care37.5%1 claim
- Specialty Care21.3%1 claim
- Oncology27.1%1 claim
- Hospital and Biosimilars11.9%No moat
- Pfizer CentreOne2.2%No moat
Moat claims
- Applies to
- Primary Care
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 7, 2026
Primary Care economics rely on patent portfolios and (where applicable) regulatory exclusivity that delay generic entry for key brands (e.g., Eliquis, Prevnar, Nurtec, Abrysvo, Comirnaty, Paxlovid).
Eliquis Medicare negotiated pricing started in 2026 and approaching product exclusivity expiries constrain the mature portfolio. Prevnar and Nurtec remain protected, but Pfizer estimates about $1.1 billion of company-wide expiry pressure in 2026. New labels have yet to replace that revenue.
- Eliquis revenue (annual)$8.0B+8%
- Eliquis revenue (quarter)$2.5B+25%
- Prevnar family revenue (annual)$6.5B+1%
- Prevnar family revenue (quarter)$1.6B-10%
- Nurtec ODT/Vydura revenue (annual)$1.4B+13%
- Nurtec ODT/Vydura revenue (quarter)$547M+33%
- Primary Care revenue (half year)$11.0B-2%
- Launched and acquired non-COVID product revenue growth+32%
- Forecast exclusivity expiry revenue impact~$1.1B
- Asset impairment charges$4.9B+50%
- Loss of exclusivity and generic/biosimilar entry
- Patent litigation outcomes shortening exclusivity
- Therapeutic substitution from new branded entrants
- Government price negotiation/price controls
- The Comirnaty XFG approval is limited to people 65 and older or younger people with a risk condition; eligibility and seasonal demand can limit uptake.
- The Monsanto vaccine patent case survived dismissal on September 28, 2026; any liability remains unresolved.
- Conditional tariff relief trades against lower US prices and further domestic manufacturing investment; protection from patents does not ensure stable net prices.
- FilingPfizer Inc. Form 10-K (FY ended Dec 31, 2025) - Patents and Other Intellectual Property RightsFeb 26, 2026
- FilingPfizer Inc. Form 10-Q (H1 ended June 28, 2026) - Exclusivity expiry outlookAug 4, 2026
- SourceCMS selected drugs and negotiated prices; updated September 22, 2026Sep 22, 2026
- CourtUS District Court: Monsanto/Pfizer patent complaint survives dismissalSep 28, 2026
- Applies to
- Specialty Care
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 7, 2026
Specialty Care franchises (e.g., rare disease and immunology biologics/small molecules) depend on patents and regulatory exclusivity to protect pricing and volume from rapid generic/biosimilar entry.
Vyndaqel family revenue was $3.364 billion in H1 2026 and remains a major protected franchise, but rival ATTR treatments and the decline of older Xeljanz restrict portfolio-wide gains. Positive LITFULO and tilrekimig trial results still require approval and commercial adoption.
- Vyndaqel family revenue (annual)$6.4B+17%
- Vyndaqel family revenue (quarter)$1.8B+11%
- Xeljanz revenue (annual)$1.1B-7%
- Xeljanz revenue (quarter)$213M-32%
- Specialty Care revenue (half year)$6.3B+10%
- Launched and acquired non-COVID product revenue growth+32%
- Forecast exclusivity expiry revenue impact~$1.1B
- Asset impairment charges$4.9B+50%
- Biosimilar competition and price erosion post-LOE
- Safety warnings or label restrictions reducing demand
- Payer step therapy and utilization management
- Manufacturing quality issues disrupting supply
- FilingPfizer Inc. Form 10-K (FY ended Dec 31, 2025) - Patents and Other Intellectual Property RightsFeb 26, 2026
- FilingPfizer Inc. Form 10-K (FY ended Dec 31, 2025) - Generic competition after loss of exclusivityFeb 26, 2026
- SourceCMS selected drugs and negotiated prices; updated September 22, 2026Sep 22, 2026
- SourceAlnylam Q2 2026 results: AMVUTTRA sales and revised TTR outlookJul 30, 2026
- Applies to
- Oncology
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 7, 2026
Approved oncology assets are protected by patents/exclusivity, which support high gross margins until loss of exclusivity; however, patent cliffs and biosimilar competition can compress value over time.
Padcev and Lorbrena expand the commercial oncology base, and the October 7 TUKYSA maintenance approval extends a protected product into earlier treatment. The benefit remains conditional on uptake and safety, while Ibrance and Xtandi face price and competitive pressure.
- Ibrance revenue (annual)$4.1B-6%
- Ibrance revenue (quarter)$1.1B+2%
- Padcev revenue (annual)$1.9B+22%
- Padcev revenue (quarter)$720M+55%
- Lorbrena revenue (annual)$1.0B+40%
- Lorbrena revenue (quarter)$387M+44%
- Tukysa revenue (annual)$463M-4%
- Tukysa revenue (quarter)$142M+29%
- Oncology revenue (half year)$8.0B+6%
- Launched and acquired non-COVID product revenue growth+32%
- Forecast exclusivity expiry revenue impact~$1.1B
- Asset impairment charges$4.9B+50%
- Patent expiry and generic entry
- New mechanisms of action outcompeting older standards
- Biosimilar adoption for oncology biologics
- The new TUKYSA maintenance label has a boxed warning for severe hepatotoxicity; safety and treatment discontinuation can limit use.
- Sigvotatug vedotin failed its survival endpoint in June 2026 and led to USD 3.8bn impairment; pipeline expansion can lose capital before producing sales.
- FilingPfizer Inc. Form 10-K (FY ended Dec 31, 2025) - Patents and Other Intellectual Property RightsFeb 26, 2026
- FilingPfizer Inc. Form 10-Q (H1 ended June 28, 2026) - Exclusivity expiry outlookAug 4, 2026
- SourceCMS selected drugs and negotiated prices; updated September 22, 2026Sep 22, 2026
- SourceFDA TUKYSA maintenance approval: efficacy, immature survival data and boxed hepatotoxicity warningOct 7, 2026
Profile change log
- Nov 11, 2026 · business change
Cecile Guegan was appointed permanent CFO and Executive Vice President effective November 1, after serving as interim CFO. Source: https://www.sec.gov/Archives/edgar/data/78003/000007800326000132/pfe-20261030.htm (November 3, 2026).
- Oct 7, 2026 · analyst revision
The prescription-market leader list no longer treats association membership as a sales ranking. The contract-manufacturing market now uses a common global study for size and leaders, with forecasts kept explicit. Annual impairments and partner funding are reported as operating tests, without reversing recurring development losses. Management is checked against the current proxy; its less-than-one-percent insider ownership disclosure is not converted into an exact voting fraction.
- Oct 7, 2026 · analyst revision
Quarter-four share counts now use the reported quarterly GAAP denominators, and insider filings cover the full calendar year. FDA confirmation, Metsera obligations, specific trial failures and partner funding sharpen the capital-risk case. The duplicate dividend event is removed from the timeline; existing moat scores and directions remain unchanged.
- Oct 7, 2026 · business change
Pfizer notified FDA that it was withdrawing Oxbryta drug applications after no viable US return-to-market pathway was identified, eliminating that route to recover the acquired product investment.
- Oct 7, 2026 · business change
Pfizer closed the Innovent collaboration, starting the licensed and jointly developed oncology programs agreed in May; approval and commercial returns remain to be proven.
- Oct 7, 2026 · business change
Sigvotatug vedotin failed the Phase 3 SigVie-002 overall-survival endpoint, leading to USD 3.8bn impairment and showing the capital risk within the expanding oncology pipeline.
- Oct 7, 2026 · business change
Pfizer entered Abingworth development co-funding of up to USD 300m, sharing trial risk in exchange for potential approval milestones, sales milestones and royalties.
- Oct 7, 2026 · business change
Pfizer licensed ecnoglutide commercialization rights in Mainland China from Sciwind, with up to USD 495m combined upfront and milestones; Sciwind retains manufacturing and development responsibilities.
- Oct 7, 2026 · business change
Pfizer acquired Metsera, adding clinical-stage obesity candidates and conditional milestone obligations. The later purchase allocation reports USD 8.0bn fair-value consideration; successful development and cash returns remain uncertain.
- Oct 7, 2026 · business change
Pfizer agreed lower US drug prices in exchange for a conditional three-year Section 232 tariff grace period, tying pricing relief to further US manufacturing investment.
- Oct 7, 2026 · business change
FDA approved the TUKYSA front-line maintenance regimen in HER2-positive metastatic breast cancer, expanding its market while retaining a severe liver-toxicity warning.
- Oct 7, 2026 · business change
Pfizer declared a $0.43 fourth-quarter dividend payable December 7, 2026, maintaining its cash return while the pipeline requires investment.
- Oct 7, 2026 · business change
LITFULO met repigmentation endpoints in vitiligo trials, supporting a potential new indication that still needs regulatory approval.
- Oct 7, 2026 · business change
Tilrekimig met Phase 2 eczema endpoints; Pfizer plans Phase 3 testing before any potential commercial launch.
- Oct 7, 2026 · business change
A US court denied Pfizer’s motion to dismiss the Monsanto vaccine patent claim, leaving the case active without deciding liability.
- Oct 7, 2026 · business change
FDA approved XFG-adapted Comirnaty for older people and younger people with underlying risk, supporting autumn supply within restricted eligibility.
- Oct 7, 2026 · business change
EMA validated the Lyme vaccine application from Pfizer and Valneva, starting review without granting approval.
- Oct 7, 2026 · business change
Pfizer raised 2026 revenue guidance to $60.5–62.5 billion and kept adjusted EPS guidance at $2.80–3.00, including the Innovent deal impact.
- Oct 7, 2026 · business change
Pfizer agreed a 12-program oncology collaboration with Innovent for $650 million upfront and contingent milestones; approval and commercial returns remain uncertain.
- Oct 7, 2026 · business change
Pfizer exited its ViiV investment for $1.875 billion, producing a $1.870 billion gain and removing a future dividend source.
- Oct 7, 2026 · business change
Pfizer completed the Seagen acquisition, adding antibody-drug conjugates and a larger oncology portfolio; earlier Seagen sales are outside Pfizer consolidation.
- Oct 7, 2026 · business change
Pfizer spun off Upjohn and combined it with Mylan as Viatris, leaving a more focused innovative medicines business.
- Oct 7, 2026 · business change
Pfizer combined Consumer Healthcare with GSK in a venture, removing the business from consolidated sales and changing comparability.
- Oct 7, 2026 · analyst revision
Added distinct moat directions, product revenue histories, investment and borrowing detail, disposal and tax normalization, management, and the investment debate. Linked the branded portfolios to the prescription market and CentreOne to contract manufacturing.
- Oct 7, 2026 · analyst revision
Corrected all five H1 2026 product-group revenue shares to use reported consolidated revenue of $29.484 billion; the group rows total $1 million more because of rounding. Moat strengths and the two verified-no-moat classifications are unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global prescription pharmaceuticals
Prescription medicines sold through retail and hospital channels at manufacturer prices worldwide, including originator brands, generics and biosimilars. Roche and CSL Vifor compete in specialty medicines, with each serving only part of this market. This broad market excludes diagnostics, medical devices and over-the-counter medicines; it is not a company-addressable revenue forecast.
- Eli Lilly
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| PFE | 58 | 73.4% | 21.4% | |
| Industry median | 17 | 69 | 73.1% | 21.8% |
| Sector median | 55 | 76 | 61.5% | 17.3% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Aging populations and long treatment periods support demand for cancer, immune and neurological medicines. Patient need is less sensitive to the economic cycle than discretionary spending.
- New indications and better clinical outcomes expand treated populations; a successful launch can replace revenue lost when an older product loses exclusivity.
- Biologics and convenient formulations can improve care and adoption, but convenience must remain valuable against new treatments.
- Insurance coverage and healthcare access expand demand in emerging markets; reimbursement inclusion can increase volume while lowering price.
- Growing cancer treatment options and diagnostic testing can increase eligible patients; commercial value still depends on better outcomes and reimbursement.
- Patent expiry and biosimilar entry remove product protection. Clinical superiority can also take share before patents expire.
- US Medicare negotiation and international reference pricing, European reimbursement reviews and Chinese tenders constrain price. Voluntary agreements can exchange tariff relief for price concessions and change the timing of launches across countries.
- Trials, safety findings, manufacturing control failures and failed acquired drug programmes can destroy invested capital or restrict supply. Pipeline size and patents alone do not establish commercial success.
- Higher interest rates raise acquisition and financing costs. Tariffs, local production rules and biologic manufacturing requirements increase the cash needed to launch and supply products.
- Exchange-rate moves change reported sales and profit for global manufacturers. Merck reported Q2 2026 sales growth of 5% in USD and 4% excluding currency, while Roche's Swiss-franc reporting faced translation pressure.
- Vaccine eligibility, uptake and public procurement can change quickly. Pfizer’s XFG-adapted Comirnaty approval covers older people and younger people with a risk condition, constraining the eligible market.
Bulls & bears
Can new protected medicines produce enough recurring sales and cash to replace expiring brands and pay for the capital spent on acquisitions?
Arguments
What to watch
- 1Eliquis and Ibrance revenue and realized pricing after Medicare negotiation
- 2Padcev, Lorbrena, TUKYSA and Vyndaqel family revenue against rival treatments
- 3Operational revenue change excluding Comirnaty and Paxlovid
- 4Operating cash flow, dividends, acquisition cash payments and debt
- 5Pipeline impairments, approvals, safety restrictions and patent-case outcomes
- 6Metsera development milestones, conditional acquisition payments and clinical failure versus launch sales
Next check: Read Q4 and FY2026 results when announced; check exclusivity losses, acquired-drug returns and cash dividends against debt and pipeline spending.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 58/100 by <a href="https://www.findmymoat.com/stocks/XNYS:PFE">Find My Moat</a> (as of September 2026)Curation & Accuracy
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