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Pfizer plans 10 Phase III studies for berobenatide, targeting its first potential approvals in 2028.
Pfizer expects 2026 revenue to dip slightly, while patent losses are projected to hurt sales by $1.1B.
Pfizer (PFE - Free Report) stock has risen 8.6% in the past three months as investors have gained confidence in the company’s ability to stabilize earnings and offset the continued decline in COVID-19 product sales. A key catalyst has been a solid second-quarter performance, which showed that higher revenue from non-COVID products more than offset declining sales of its COVID products –Comirnaty (COVID-19 vaccine - in partnership with BioNTech [(BNTX - Free Report) ]) and Paxlovid (oral antiviral). Excluding sales from BioNTech-partnered Comirnaty and Paxlovid, revenues increased 5% operationally. Pfizer also raised the lower end of its 2026 revenue guidance, backed by continued strong performance of its new and acquired products.
The shares hit a fresh 52-week high on Sept. 3, 2026, reflecting a meaningful improvement in sentiment after years of pressure. Investors are increasingly looking beyond the COVID revenue decline toward Pfizer’s newer growth drivers, including oncology and other acquired assets and the company's pipeline and cost-cutting efforts.
However, to make an informed decision on whether to buy, sell or hold the stock, it is important to assess Pfizer’s fundamentals by weighing its key strengths against the risks and challenges it faces.
Pfizer’s Non-COVID Products Fueling Its Next Growth Phase
Pfizer's business mix has changed significantly over the past few years. During the pandemic, the company became heavily dependent on COVID-19 products. However, the company is gradually diversifying its portfolio through a combination of internal product launches like Abrysvo, Zavzpret, Elrexfio, Hympavzi, Litfulo and others, strategic acquisitions like Seagen, Metsera and Biohaven and the continued growth of several established brands like Vyndaqel, Padcev and Eliquis.
Pfizer expects its recently launched and acquired products to record continued double-digit growth. Reflecting this trend, sales from these products increased 22% operationally in the first quarter of 2026 and 18% in the second quarter.
Pfizer’s Oncology Portfolio Poised for Continued Growth
Pfizer is one of the world’s leading oncology drugmakers with a broad portfolio of marketed cancer therapies as well as a deep oncology pipeline spanning multiple treatment modalities, including small molecules, antibody-drug conjugates (ADCs) and immuno-oncology biologics.
Oncology sales comprise around 27% of its total revenues. Its oncology revenues grew 5% in the first half of 2026, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. Pfizer considers Padcev to be a potential growth driver in the oncology segment and plans to invest in this asset.
Pfizer has ventured into the oncology biosimilars space and markets six biosimilars for cancer. It is also advancing its oncology clinical pipeline across areas such as breast, thoracic, gastrointestinal and blood cancers. Several oncology candidates have entered late-stage development, such as atirmociclib (a selective CDK4 inhibitor for HR-positive/HER2-negative breast cancer), sigvotatug vedotin (an antibody-drug conjugate for first-line metastatic non-small cell lung cancer) and mevrometostat (an EZH2 inhibitor being developed in combination with enzalutamide for prostate cancer).
A key candidate in its oncology pipeline is PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer has initiated nine studies, including two pivotal phase III studies for PF-08634404 in first-line metastatic colorectal cancer and first-line NSCLC. Pfizer aims to establish PF-08634404 as a potential backbone therapy across multiple tumor types. By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio.
PFE Targets Obesity Market With Ambitious Phase III Program
The company is rebuilding its pipeline in oncology and obesity, which it believes can drive growth in 2028 and beyond. Pfizer plans an extensive phase III program for berobenatide, its monthly GLP-1 receptor agonist added from last year’s Metsera acquisition. In 2026. Pfizer plans 10 phase III studies for berobenatide for obesity and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnea. Three phase III studies on berobenatide have already begun. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028. Pfizer is also evaluating berobenatide in combination with an amylin-based therapy, PF'3945, in phase II studies. However, in the obesity space, Pfizer lags far behind leaders like Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) .
PFE’s COVID Business Faces Continued Revenue Declines
During the pandemic, Pfizer generated extraordinary COVID-related sales from Comirnaty and Paxlovid. Those revenues have fallen sharply as the pandemic faded.
Sales of Pfizer’s COVID products, Comirnaty and Paxlovid, came down to around $11 billion in 2024 and $6.7 billion in 2025 from $56.7 billion in 2022. Sales of Comirnaty are declining due to a narrow recommendation for COVID vaccines in the United States, while Paxlovid is experiencing reduced demand from lower infection rates.
In 2026, Pfizer expects COVID-related revenues of approximately $4 billion, down from its previous forecast of $5 billion and below $6.7 billion generated in 2025. The decline reflects the continued normalization of COVID-19 infection rates and lower demand for COVID products. Consistent with this trend, sales of both Comirnaty and Paxlovid declined significantly during the first half of 2026.
PFE’s LOE Headwinds
Pfizer faces a significant patent cliff later this decade. Pfizer expects a significant negative impact on revenues from the loss of exclusivity (LOE) cliff in the 2026-2030 period as several of its key products, including Eliquis, Ibrance, Xeljanz and Xtandi, face patent expirations. The LOE cliff is expected to hurt sales by approximately $1.1 billion in 2026.
Pfizer’s 2026 Guidance Points to Sluggish Growth
Pfizer’s revenue guidance for 2026 indicates mostly flat to slightly negative year-over-year growth.
Pfizer expects total revenues for 2026 to be between $60.5 billion and $62.5 billion. The range represents a slight decline from 2025 revenues of $62.6 billion due to lower revenues from COVID products, Comirnaty and Paxlovid, and loss of revenues from the upcoming patent cliff.
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 3SBio and Metsera deals, lower COVID revenues and higher taxes.
PFE Stock’s Price, Estimates & Valuation
The stock has risen 11.6% so far this year compared with an increase of 14.5% for the industry.
PFE Stock Underperforms Industry
Image Source: Zacks Investment Research
From a valuation standpoint, Pfizer appears attractive relative to the industry. Going by the price/earnings ratio, Pfizer’s shares currently trade at 9.42 forward earnings, significantly lower than 18.70 for the industry but slightly above the stock’s five-year mean of 9.25. The stock is also trading below most large drugmakers like Lilly, Novo Nordisk, AstraZeneca, AbbVie, J&J and others.
PFE Stock Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.97 to $2.98, while that for 2027 has risen from $2.86 to $2.94 over the past 60 days.
PFE Estimate Movement
Image Source: Zacks Investment Research
Stay Invested in PFE Stock
Pfizer is navigating a difficult transition following the sharp decline in COVID-related sales from Comirnaty and Paxlovid. The market is concerned about Pfizer’s ability to replace declining COVID-related revenues and offset upcoming patent expirations through new product launches, pipeline development and contributions from acquisitions.
Although Pfizer’s 2026 sales guidance indicates minimal growth, the company expects a high single-digit revenue CAGR for five years, starting from year-end 2028. Pfizer expects its recently launched and acquired products, along with a strong pipeline, to help it return to growth from 2029 onward.
Pfizer's valuation is relatively inexpensive compared with many large pharmaceutical peers, and the stock offers one of the highest dividend yields in the sector. Pfizer’s dividend yield stands at around 6.2%
Pfizer’s significant cost reduction and efforts to improve R&D productivity measures are also driving profit growth. Pfizer expects approximately $9.7 billion in total net savings from its productivity enhancement initiative through 2029.
Long-term investors may consider retaining this Zacks Rank #3 (Hold) stock and can wait and see if Pfizer can successfully execute on its strategy and generate meaningful growth from its newer assets and restore revenue growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
View the Zacks #1 Rank List
Image: Bigstock
Pfizer Stock Rises Almost 9% in 3 Months: Time to Buy, Hold or Exit?
Key Takeaways
Pfizer (PFE - Free Report) stock has risen 8.6% in the past three months as investors have gained confidence in the company’s ability to stabilize earnings and offset the continued decline in COVID-19 product sales. A key catalyst has been a solid second-quarter performance, which showed that higher revenue from non-COVID products more than offset declining sales of its COVID products –Comirnaty (COVID-19 vaccine - in partnership with BioNTech [(BNTX - Free Report) ]) and Paxlovid (oral antiviral). Excluding sales from BioNTech-partnered Comirnaty and Paxlovid, revenues increased 5% operationally. Pfizer also raised the lower end of its 2026 revenue guidance, backed by continued strong performance of its new and acquired products.
The shares hit a fresh 52-week high on Sept. 3, 2026, reflecting a meaningful improvement in sentiment after years of pressure. Investors are increasingly looking beyond the COVID revenue decline toward Pfizer’s newer growth drivers, including oncology and other acquired assets and the company's pipeline and cost-cutting efforts.
However, to make an informed decision on whether to buy, sell or hold the stock, it is important to assess Pfizer’s fundamentals by weighing its key strengths against the risks and challenges it faces.
Pfizer’s Non-COVID Products Fueling Its Next Growth Phase
Pfizer's business mix has changed significantly over the past few years. During the pandemic, the company became heavily dependent on COVID-19 products. However, the company is gradually diversifying its portfolio through a combination of internal product launches like Abrysvo, Zavzpret, Elrexfio, Hympavzi, Litfulo and others, strategic acquisitions like Seagen, Metsera and Biohaven and the continued growth of several established brands like Vyndaqel, Padcev and Eliquis.
Pfizer expects its recently launched and acquired products to record continued double-digit growth. Reflecting this trend, sales from these products increased 22% operationally in the first quarter of 2026 and 18% in the second quarter.
Pfizer’s Oncology Portfolio Poised for Continued Growth
Pfizer is one of the world’s leading oncology drugmakers with a broad portfolio of marketed cancer therapies as well as a deep oncology pipeline spanning multiple treatment modalities, including small molecules, antibody-drug conjugates (ADCs) and immuno-oncology biologics.
Oncology sales comprise around 27% of its total revenues. Its oncology revenues grew 5% in the first half of 2026, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. Pfizer considers Padcev to be a potential growth driver in the oncology segment and plans to invest in this asset.
Pfizer has ventured into the oncology biosimilars space and markets six biosimilars for cancer. It is also advancing its oncology clinical pipeline across areas such as breast, thoracic, gastrointestinal and blood cancers. Several oncology candidates have entered late-stage development, such as atirmociclib (a selective CDK4 inhibitor for HR-positive/HER2-negative breast cancer), sigvotatug vedotin (an antibody-drug conjugate for first-line metastatic non-small cell lung cancer) and mevrometostat (an EZH2 inhibitor being developed in combination with enzalutamide for prostate cancer).
A key candidate in its oncology pipeline is PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer has initiated nine studies, including two pivotal phase III studies for PF-08634404 in first-line metastatic colorectal cancer and first-line NSCLC. Pfizer aims to establish PF-08634404 as a potential backbone therapy across multiple tumor types. By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio.
PFE Targets Obesity Market With Ambitious Phase III Program
The company is rebuilding its pipeline in oncology and obesity, which it believes can drive growth in 2028 and beyond. Pfizer plans an extensive phase III program for berobenatide, its monthly GLP-1 receptor agonist added from last year’s Metsera acquisition. In 2026. Pfizer plans 10 phase III studies for berobenatide for obesity and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnea. Three phase III studies on berobenatide have already begun. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028. Pfizer is also evaluating berobenatide in combination with an amylin-based therapy, PF'3945, in phase II studies. However, in the obesity space, Pfizer lags far behind leaders like Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) .
PFE’s COVID Business Faces Continued Revenue Declines
During the pandemic, Pfizer generated extraordinary COVID-related sales from Comirnaty and Paxlovid. Those revenues have fallen sharply as the pandemic faded.
Sales of Pfizer’s COVID products, Comirnaty and Paxlovid, came down to around $11 billion in 2024 and $6.7 billion in 2025 from $56.7 billion in 2022. Sales of Comirnaty are declining due to a narrow recommendation for COVID vaccines in the United States, while Paxlovid is experiencing reduced demand from lower infection rates.
In 2026, Pfizer expects COVID-related revenues of approximately $4 billion, down from its previous forecast of $5 billion and below $6.7 billion generated in 2025. The decline reflects the continued normalization of COVID-19 infection rates and lower demand for COVID products. Consistent with this trend, sales of both Comirnaty and Paxlovid declined significantly during the first half of 2026.
PFE’s LOE Headwinds
Pfizer faces a significant patent cliff later this decade. Pfizer expects a significant negative impact on revenues from the loss of exclusivity (LOE) cliff in the 2026-2030 period as several of its key products, including Eliquis, Ibrance, Xeljanz and Xtandi, face patent expirations. The LOE cliff is expected to hurt sales by approximately $1.1 billion in 2026.
Pfizer’s 2026 Guidance Points to Sluggish Growth
Pfizer’s revenue guidance for 2026 indicates mostly flat to slightly negative year-over-year growth.
Pfizer expects total revenues for 2026 to be between $60.5 billion and $62.5 billion. The range represents a slight decline from 2025 revenues of $62.6 billion due to lower revenues from COVID products, Comirnaty and Paxlovid, and loss of revenues from the upcoming patent cliff.
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 3SBio and Metsera deals, lower COVID revenues and higher taxes.
PFE Stock’s Price, Estimates & Valuation
The stock has risen 11.6% so far this year compared with an increase of 14.5% for the industry.
PFE Stock Underperforms Industry
From a valuation standpoint, Pfizer appears attractive relative to the industry. Going by the price/earnings ratio, Pfizer’s shares currently trade at 9.42 forward earnings, significantly lower than 18.70 for the industry but slightly above the stock’s five-year mean of 9.25. The stock is also trading below most large drugmakers like Lilly, Novo Nordisk, AstraZeneca, AbbVie, J&J and others.
PFE Stock Valuation
The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.97 to $2.98, while that for 2027 has risen from $2.86 to $2.94 over the past 60 days.
PFE Estimate Movement
Stay Invested in PFE Stock
Pfizer is navigating a difficult transition following the sharp decline in COVID-related sales from Comirnaty and Paxlovid. The market is concerned about Pfizer’s ability to replace declining COVID-related revenues and offset upcoming patent expirations through new product launches, pipeline development and contributions from acquisitions.
Although Pfizer’s 2026 sales guidance indicates minimal growth, the company expects a high single-digit revenue CAGR for five years, starting from year-end 2028. Pfizer expects its recently launched and acquired products, along with a strong pipeline, to help it return to growth from 2029 onward.
Pfizer's valuation is relatively inexpensive compared with many large pharmaceutical peers, and the stock offers one of the highest dividend yields in the sector. Pfizer’s dividend yield stands at around 6.2%
Pfizer’s significant cost reduction and efforts to improve R&D productivity measures are also driving profit growth. Pfizer expects approximately $9.7 billion in total net savings from its productivity enhancement initiative through 2029.
Long-term investors may consider retaining this Zacks Rank #3 (Hold) stock and can wait and see if Pfizer can successfully execute on its strategy and generate meaningful growth from its newer assets and restore revenue growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.