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PFE Stock Slides Following CFO Exit, 2026 Guidance Reaffirmed
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Key Takeaways
Pfizer shares fell nearly 3% after CFO Dave Denton announced he will leave on Aug. 15.
PFE reaffirmed 2026 guidance, expecting $59.5B-$62.5B in revenue and $2.80-$3.00 adjusted EPS.
Pfizer named Cecile Guega interim CFO and said Denton will support the transition.
Shares of Pfizer (PFE - Free Report) declined nearly 3% on Thursday after the company announced the departure of its chief financial officer (CFO), Dave Denton.
Denton will step down from his current role on Aug. 15 for “a professional opportunity outside of the pharmaceutical industry in consumer goods.” The company has initiated a comprehensive internal and external search for a permanent successor. Cecile Guega, currently senior vice president of finance for Pfizer’s global biopharmaceutical business, will serve as interim CFO beginning Aug.16. Guega will work alongside Denton during the transition period to ensure continuity across the company’s financial operations.
Denton’s resignation comes as a surprise, particularly as Pfizer continues to execute its post-pandemic transformation strategy. Since joining the company in May 2022, Denton has overseen several key initiatives, including cost realignment efforts, business development transactions (which include Seagen and Metsera deals) and capital allocation decisions aimed at stabilizing earnings following the sharp decline in COVID-related revenues.
Despite the leadership change, Pfizer reaffirmed its previously issued 2026 financial guidance, signaling that the transition is not expected to alter its near-term strategic priorities or operational outlook.
PFE Stock Performance
Year to date, the company’s shares have gained over 1% compared with the industry’s 3% growth.
Image Source: Zacks Investment Research
Pfizer’s 2026 Guidance
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 adjusted EPS for the year 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 last year’s acquisition and licensing deals, lower COVID revenues and higher taxes.
Adjusted gross margin is expected to be in the mid-70% 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.
Over the past 60 days, estimates for Immunocore’s 2026 bottom line have improved from a loss per share of 88 cents to earnings of 6 cents. Over the same period, estimates for 2027 EPS have risen from 24 cents to 87 cents. IMCR’s shares have lost nearly 18% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters but missed the mark on one occasion, delivering an average surprise of 46.66%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 EPS have increased from $3.33 to $4.05. Over the same period, EPS estimates for 2027 have risen from $3.66 to $4.27. INDV’s shares are up nearly 7% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 65.44%.
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PFE Stock Slides Following CFO Exit, 2026 Guidance Reaffirmed
Key Takeaways
Shares of Pfizer (PFE - Free Report) declined nearly 3% on Thursday after the company announced the departure of its chief financial officer (CFO), Dave Denton.
Denton will step down from his current role on Aug. 15 for “a professional opportunity outside of the pharmaceutical industry in consumer goods.” The company has initiated a comprehensive internal and external search for a permanent successor. Cecile Guega, currently senior vice president of finance for Pfizer’s global biopharmaceutical business, will serve as interim CFO beginning Aug.16. Guega will work alongside Denton during the transition period to ensure continuity across the company’s financial operations.
Denton’s resignation comes as a surprise, particularly as Pfizer continues to execute its post-pandemic transformation strategy. Since joining the company in May 2022, Denton has overseen several key initiatives, including cost realignment efforts, business development transactions (which include Seagen and Metsera deals) and capital allocation decisions aimed at stabilizing earnings following the sharp decline in COVID-related revenues.
Despite the leadership change, Pfizer reaffirmed its previously issued 2026 financial guidance, signaling that the transition is not expected to alter its near-term strategic priorities or operational outlook.
PFE Stock Performance
Year to date, the company’s shares have gained over 1% compared with the industry’s 3% growth.
Image Source: Zacks Investment Research
Pfizer’s 2026 Guidance
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 adjusted EPS for the year 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 last year’s acquisition and licensing deals, lower COVID revenues and higher taxes.
Adjusted gross margin is expected to be in the mid-70% 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.
PFE’s Zacks Ranks
Pfizer currently carries a Zacks Rank #3 (Hold).
Pfizer Inc. Price
Pfizer Inc. price | Pfizer Inc. Quote
Key Picks Among Biotech Stocks
Some better-ranked stocks from the sector are Immunocore (IMCR - Free Report) and Indivior Pharmaceuticals (INDV - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Immunocore’s 2026 bottom line have improved from a loss per share of 88 cents to earnings of 6 cents. Over the same period, estimates for 2027 EPS have risen from 24 cents to 87 cents. IMCR’s shares have lost nearly 18% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters but missed the mark on one occasion, delivering an average surprise of 46.66%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 EPS have increased from $3.33 to $4.05. Over the same period, EPS estimates for 2027 have risen from $3.66 to $4.27. INDV’s shares are up nearly 7% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 65.44%.