Pfizer (PFE Quick QuotePFE - Free Report)  reported first-quarter 2026 adjusted earnings per share of 75 cents, which beat the Zacks Consensus Estimate of 71 cents per share. Earnings declined 18% year over year.

Revenues came in at $14.45 billion, up 5% from the year-ago quarter on a reported basis and 2% on an operational basis. Total revenues beat the Zacks Consensus Estimate of $13.82 billion.

International revenues declined 1% on an operational basis to $5.72 billion. U.S. revenues rose 4% to $8.73 billion.

PFE’s Segment Discussion

Pfizer reports its revenues under three broad sub-segments of its Biopharma operating segment — Primary Care, Specialty Care and Oncology. In first-quarter 2026, Pfizer created a new Hospital and Biosimilars Division within its Biopharma segment, moving certain off-patent brands, generic sterile injectables, and biosimilars out of Specialty Care and Oncology.

Sales of the Primary Care segment declined 6% operationally to $5.54 billion. The Specialty Care unit recorded sales of $2.94 billion, up 8%. Sales of Oncology rose 7% to $3.83 billion. Sales in the Hospital and Biosimilars segment rose 10% to $1.85 billion in the first quarter.

PFE Primary Care Sales

In Primary Care, alliance revenues and direct sales from partner Bristol-Myers (BMY Quick QuoteBMY - Free Report) for Eliquis rose 8% to $2.17 billion as higher demand trends globally were partially offset by price and generic erosion in some ex-U.S. markets. Alliance revenues beat the Zacks Consensus Estimate of $1.85 billion.

Global Prevnar family revenues declined 1% to $1.69 billion. Prevnar revenues beat the Zacks Consensus Estimate of $1.63 billion. Prevnar sales declined 10% in the United States but rose 21% in international markets.

Direct sales and alliance revenues from partner BioNTech (BNTX Quick QuoteBNTX - Free Report) for the COVID vaccine, Comirnaty, were $232 million in the quarter, down 59% year over year due to narrower COVID-19 vaccine recommendations in the United States that reduced Comirnaty’s eligible patient population and lower contractual deliveries and vaccination rates in international markets. Comirnaty sales missed the Zacks Consensus Estimate of $411 million.

Paxlovid revenues were $186 million in the quarter, down 63% year over year due to lower infection rates, which hurt demand trends globally and lower international government purchases. Paxlovid revenues also missed the Zacks Consensus Estimate of $296 million.

Nurtec ODT/Vydura contributed $353 million in the quarter, up 41% year over year.

Among the new products, Pfizer’s RSV vaccine, Abrysvo, recorded sales of $180 million, up 31% on an operational basis.

PFE’s Specialty Care Sales

Global Vyndaqel family revenues of $1.6 billion rose 4% year over year, as higher sales in international markets offset lower revenues in the United States. The Vyndaqel family includes global revenues from Vyndaqel as well as revenues from Vyndamax in the United States and Vynmac in Japan. Vyndaqel family sales slightly missed the Zacks Consensus Estimate of $1.66 billion.

Xeljanz sales rose 34% to $180 million. Enbrel revenues declined 8% to $138 million.

PFE’s Oncology Sales

In Oncology, Ibrance revenues declined 1% year over year to $1 billion. Ibrance revenues beat the Zacks Consensus Estimate of $944 million.

Among the antibody-drug conjugates or ADCs added from the 2023 acquisition of Seagen, Padcev rose 39% to $591 million, driven by strong demand trends mainly due to market share gains in first-line metastatic urothelial cancer and launch momentum from the new muscle-invasive bladder cancer indication. Padcev sales beat the Zacks Consensus Estimate of $535.0 million. Adcetris sales of $190 million declined 13% year over year.

Lorbrena sales rose 32% to $305 million. Xtandi recorded alliance revenues of $444 million in the quarter, down 3% year over year. Inlyta revenues were $214 million in the quarter, down 5%.

In the newly created Hospital and Biosimilars product portfolio, sales of oncology biosimilars rose 52% to $409 million in the quarter.

PFE Maintains 2026 Guidance

Pfizer maintained its financial guidance for 2026. The company expects total revenues for 2026 to be between $59.5 billion and $62.5 billion. The range indicates a decline from 2025 revenues of $62.6 billion due to lower revenues from COVID products and loss of revenues from the upcoming patent cliff.

Pfizer expects a significant negative impact on revenues from the loss of exclusivity (“LOE”) in the 2026-2030 period as several of its key products, including Eliquis, Vyndaqel, Ibrance, Xeljanz and Xtandi, face patent expirations.

In 2026, Pfizer expects adjusted earnings per share in the range of $2.80-$3.00, which represents a decline from the 2025 EPS of $3.22 due to the dilutive impact of 2025 3SBio and Metsera deals, lower COVID revenues and higher taxes.

Adjusted R&D expenses are expected to be in the range of $10.5 billion to $11.5 billion in 2026, while adjusted SI&A spending is targeted between $12.5 billion and $13.5 billion.

Our Take on PFE’s Q1 Results

Pfizer’s first-quarter results were strong as it beat estimates for both earnings and sales. Sales of some key products like Bristol-Myers–partnered Eliquis, Prevnar and Padcev beat estimates while sales of Vyndaqel, Comirnaty and Paxlovid missed estimates.

Higher revenues for Padcev, Eliquis, oncology biosimilars and others made up for the decline in sales of COVID products, BioNTech-partnered Comirnaty and Paxlovid. Sales of Pfizer’s non-COVID products rose 7% in the quarter on an operational basis.

Pfizer’s new launches and newly acquired products have played a key role in improving its revenues in the recent quarters. Sales of newly launched and acquired products grew 22% operationally in the first quarter. Pfizer reaffirmed its outlook for 2026.

Shares rose more than 2% in pre-market trading in response to the better-than-expected quarterly performance.

In the past year, Pfizer’s stock has risen 14.9% compared with an increase of 18.4% for the industry.

Image Source: Zacks Investment Research

After taking a hit over the past three years largely due to a sharp decline in sales of its COVID-related products, Pfizer’s stock is now showing signs of a gradual recovery. This rebound is being supported by better-than-expected quarterly results, ongoing cost-cutting initiatives, pipeline successes and recent M&A activity. However, Pfizer’s revenue and earnings guidance for 2026 indicates mostly flat to slightly negative growth and it continues to face notable challenges, including upcoming patent expirations.

Nonetheless, the company is rebuilding its pipeline in oncology and obesity, which it believes can drive growth in 2028 and beyond. Pfizer said it is on track to start 20 pivotal studies in 2026, including 10 pivotal studies for the ultra-long-acting obesity candidates added from last year’s Metsera acquisition and four for PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio last year. Pfizer expects 2026 to be a catalyst-rich year, with some key data-readouts expected in the obesity and oncology programs.

PFE’s Zacks Rank & Stock to Consider

Pfizer has a Zacks Rank #3 (Hold) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A better-ranked biotech is Agenus (AGEN Quick QuoteAGEN - Free Report) , which has a Zacks Rank #1.  

Agenus’ shares have risen 35.4% in the past one year. Estimates for its 2026 earnings per share have increased from 54 cents to $1.30 over the past 60 days.

Agenus’ earnings beat estimates in two of the trailing four quarters while missing in the other two, with the average surprise being 31.42%.