Pfizer beats expectations and still reports a loss per share

Pfizer generated revenue of 15.03 billion dollars in the second quarter of 2026 and therefore clearly beat expectations of 14.4 billion dollars. Adjusted earnings came in at 77 cents per share against an estimate of 68 cents.

Under the full accounting rules the group by contrast reported a loss of four cents per share. The reason is write downs on intangible assets of 4.3 billion dollars, against which no cash outflow stands.

Such write downs arise when a company finds that acquired rights or compounds are worth less than assumed at purchase. The loss appears in the profit statement, but the money already flowed in earlier years.

The figures were published on 4 August.

The short version

• Revenue in the second quarter of 2026 was 15.03 billion dollars, and adjusted earnings 77 cents per share against an estimate of 68 cents.
• Under the full accounting rules there was a loss of four cents per share, caused by write downs of 4.3 billion dollars.
• The midpoint of revenue guidance for 2026 was raised by 500 million dollars to 60.5 to 62.5 billion dollars.

Guidance raised by 500 million dollars

The group raised the midpoint of its revenue guidance for 2026 by 500 million dollars. It now expects 60.5 to 62.5 billion dollars, after 59.5 to 62.5 billion previously.

What was raised is therefore the lower end, not the upper. Guidance for adjusted earnings per share stays at around 2.90 dollars at the midpoint.

Two opposing movements sit behind the increase. From the business outside the coronavirus products come around 1.5 billion dollars in addition. At the same time Pfizer lowered its expectation for the coronavirus treatments to about four billion dollars, after around five billion previously.

The coronavirus business keeps falling away

The individual figures show how fast that decline runs. The coronavirus medicine Paxlovid fell 95 percent operationally, and the vaccine Comirnaty 34 percent. As the reason the group names lower infection figures.

Stripping out both products, revenue grew five percent operationally. Newly launched and acquired products gained 18 percent.

From the cancer business Pfizer names the treatment Lorbrena with operational growth of 37 percent. The Vyndaqel product family grew eight percent.

The group therefore faces a task that has shaped its valuation for several years. The extraordinary earnings from the pandemic period have to be replaced by new business.

A further 2.5 billion dollars of savings

The savings programme was widened in parallel. Between 2027 and 2029 a further 2.5 billion dollars net are to be saved. One billion falls on the running cost adjustment programme and 1.5 billion on the next stage of manufacturing optimisation.

In the first six months the group invested 5.3 billion dollars in its own research and development and around 170 million dollars in acquisitions.

There were no share buybacks in 2026 so far. The remaining authorisation is 3.3 billion dollars, and no buybacks are planned for this year.

Obesity and cancer as the hopes

Chief executive Albert Bourla pointed to two areas. The programme against obesity is advancing with noticeable momentum, and the cancer business remains a strength.

The market for treatments against obesity is estimated at around 100 billion dollars by 2030. It is currently dominated by Eli Lilly, which in the first quarter of 2026 generated around 12.8 billion dollars from two products alone and whose market value stands at around 1.16 trillion dollars.

For the coming twelve months Pfizer announces several decisive late stage trial results. On 10 July a transaction with the Chinese company Innovent Biologics was also completed, which weighs on adjusted earnings per share by around ten cents.

The share count stood at 5,699 million basic and 5,734 million diluted.

Frequently asked questions

Why is there a loss in the accounts

The reason is write downs on intangible assets of 4.3 billion dollars, against which no cash outflow stands. Such write downs arise when a company finds that acquired rights or compounds are worth less than assumed at purchase.

How fast is the coronavirus business shrinking

The coronavirus medicine Paxlovid fell 95 percent operationally and the vaccine Comirnaty 34 percent. Stripping out both products, revenue grew five percent operationally, and newly launched and acquired products gained 18 percent.

What savings are planned

Between 2027 and 2029 a further 2.5 billion dollars net are to be saved. One billion falls on the running cost adjustment programme and 1.5 billion on the next stage of manufacturing optimisation.

This analysis is for information only and is not investment advice.