It has been about a month since the last earnings report for Pfizer (PFE Quick QuotePFE - Free Report) . Shares have lost about 4.5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Pfizer due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Pfizer Inc. before we dive into how investors and analysts have reacted as of late.

Q1 Earnings & Sales Beat Estimates

Pfizer 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.

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. Higher revenues for Padcev, Eliquis, oncology biosimilars and others made up for the decline in sales of COVID products, Comirnaty and Paxlovid.

Sales of non-COVID products rose 7% in the quarter on an operational basis. Pfizer’s newly launched and acquired products delivered revenues of $3.1 billion in the first quarter, rising 22% operationally.

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

Adjusted selling, informational and administrative (SI&A) expenses declined 5% (operationally) in the quarter to $2.92 billion due to ongoing productivity improvements, which led to lower marketing and promotional spend for various products. Adjusted R&D expenses rose 11% to $2.43 billion due to higher spending on oncology and obesity pipeline.

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.

Primary Care

In Primary Care, alliance revenues and direct sales from 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 due to lower vaccination rates in the pediatric and adult indications and market share erosion for the adult indication. Sales rose 21% in international markets due to higher demand and favorable timing of shipments.

Direct sales and alliance revenues from partner BioNTech for 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, driven by strong demand and launches in some international markets. 

Among the new products, Pfizer’s RSV vaccine, Abrysvo, recorded sales of $180 million, up 31% on an operational basis. Sales rose in the United States, mainly driven by lower product returns, despite weaker vaccination rates, while international growth came from strong launch uptake in some markets, partly offset by delayed maternal vaccine deliveries in certain countries.

Specialty Care

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. International sales rose on strong demand, more patient diagnoses and better market access, while U.S. sales declined due to lower pricing from new payer contracts, partly offset by market expansion.

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

Cibinqo recorded revenues of $76 million in the quarter, up 27% year over year.

Oncology

In Oncology, Ibrance revenues declined 1% year over year to $1 billion due to lower prices in the United States and unfavorable buying patterns. 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.

Tukysa sales were $122.0 million, up 16%, while sales of Tivdak were $33 million, down 1%.

Lorbrena sales rose 32% to $305 million, driven by market share gains in the first-line ALK-positive metastatic NSCLC treatment setting in the United States, China, and some other international countries. 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%.

Braftovi/Mektovi revenues were $174.0 million, up 28% year over year. New drug, Elrexfio, generated sales of $80 million in thequarter, up 32% year over year.

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

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.
 
Paxlovid demand is expected to remain under pressure in the coming months due to low COVID infection levels. Meanwhile, most sales of Comirnaty are expected later in the year, in line with the seasonal vaccination period.

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 gross margin is expected to be in the mid-70s range, similar to the past several years. 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. The adjusted effective tax rate is expected to be approximately 15% in 2026. 

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended downward during the past month.

VGM Scores

At this time, Pfizer has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Pfizer has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Pfizer is part of the Zacks Large Cap Pharmaceuticals industry. Over the past month, Merck (MRK Quick QuoteMRK - Free Report) , a stock from the same industry, has gained 1%. The company reported its results for the quarter ended March 2026 more than a month ago.

Merck reported revenues of $16.29 billion in the last reported quarter, representing a year-over-year change of +4.9%. EPS of -$1.28 for the same period compares with $2.22 a year ago.

For the current quarter, Merck is expected to post earnings of $2.10 per share, indicating a change of -1.4% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.1% over the last 30 days.

Merck has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.