Pfizer Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, United States was 59% and Developed Markets was 26% of revenue; United States rose from 47% in the fiscal year to Dec 2023.

Quarters: Pfizer Inc.'s SEC filings, named by the month they end. Fiscal years: Pfizer Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $12.4 ends up as net income. Net margin fell from 31.3% to 12.4% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Pfizer Inc.'s annual reports to the SEC.

How much goes into research?

Pfizer spent $11.5B on research and development in the four quarters to Sep 2026, 18.1% of its revenue, against 16.4% a year earlier. Over the year its research spending rose 12.2% and its revenue rose 1.3%.

From Pfizer Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report Pfizer buys from BMS; sells to McKesson, Cencora, Cardinal Health.

Their suppliers

SkyWaterto D-Wave Quantum

Wakefield Researchto D-Wave Quantum

Show 2

Suppliers

BMS BMY

D-Wave Quantum QBTS

 

PFEPfizer

Customers

Cardinal Health CAH 13%

Cencora COR

McKesson MCK

Pfizer's 10-K for the year to Dec 2025 gives three customers' shares of its revenue: Mc Kesson Inc. (25%), Cencora Inc. (16%) and Cardinal Health Inc. (13%).

From Pfizer Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

AAbingworthProvides development funding for contingent paymentsUp to $120 million approval milestone; up to $280 million sales milestones; mid-single digit royalties

3SBio 1530.HKPfizer invested in it · Equity investment and SSGJ-707 licensing$100 million equity investment in 2025

BMS BMYDevelops and commercializes EliquisPfizer funds 50%–60% of development costs

Astellas 4503.TDevelops and commercializes Xtandi

Genmab GMABCommercializes Tivdak

Zai Lab ZLABCommercializes Tivdak in specified Asian territories

OnoCommercializes Braftovi and Mektovi

MMedison PharmaCommercializes Braftovi and Mektovi in Israel

Pierre FabreCommercializes Braftovi and Mektovi

OPKO Health OPKLicenses Ngenla to Pfizer

AArvinas ARVNDevelops vepdegestrant

Valneva VALNDevelops VLA15

RRemeGenDevelops disitamab vedotin

VViiVResearches, develops and commercializes HIV medicinesPfizer owns approximately 11.7%

GSK GSKCo-created ViiV for HIV medicines

YYaoPharmaLicenses products or technology to Pfizer

BioNTech BNTXCollaborates on Comirnaty supply

CureVac (now BioNTech) BNTXComirnaty patent settlement and license agreement

Changes since the previous annual report (10-K filed Feb 27, 2025)

3SBioNamed for the first time, as a partner$100 million equity investment in 2025

AAbingworthNamed for the first time, as a partnerUp to $120 million approval milestone; up to $280 million sales milestones; mid-single digit royalties

YYaoPharmaNamed for the first time, as a partner

EExosNo longer named (was a supplier)

KKeproNo longer named (was a supplier)

TTHRIVENo longer named (was a supplier)

Blackstone BXNo longer named (was a partner)

Cardinal Health CAHCustomer, share of revenue14% → 13%

Named in other companies’ filings

AbbVie ABBVlicensing deal with it · Licenses patent rights for pipeline compoundsUp to $1.6 billion in regulatory and commercial milestone paymentsAbCellera Biologics ABCLco-develops with it · Membrane protein antibody discovery and developmentMerck MRKco-develops with it · Collaborates on Keytruda combination clinical trial

Only the companies Pfizer names in its 10-K filed Feb 26, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Pfizer. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 41.2x, in line with the peer median of 46.3x, with earnings still growing.

In line with the peer median of 46.3x.

At 41.2× trailing earnings PFE is above most of its five-year range; the five-year median is 15.0×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $30.26, 5% above the current price; 32% of 28 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 9 analysts (32%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $29.33 to $30.36 (+4%), while PFE went from $25.79 to $28.83 (+12%). In the past three months targets were raised 10 times and never cut. 2 upgrades and 1 downgrade over the year; the latest: HSBC moved it to Hold from Buy on Jul 6, 2026.

The day after each of these reports the stock moved +0.5% (Dec 2025, beat); +0.9% (Mar 2026, beat); +3.1% (Jun 2026, beat); +0.4% (Sep 2026, beat).

For the quarter ending Dec 2026 (Pfizer reports on Feb 2, 2027), analysts expect adjusted earnings of $0.69 a share, 4% more than the $0.66 of a year earlier, and revenue of $17.2B, down 2% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $60.7B, down 4% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $11.8B in free cash flow over the year, of which $9.8B went back to shareholders (dividends plus buybacks), leaving $2.0B in the company.

Pfizer had 5.75B diluted shares in the quarter ended Sep 2026, 0.6% more than a year earlier, and 0.3% more each year on average since Mar 2021. Over the last four quarters its earnings per share fell 59.3% and its net income fell 59.0%: more shares took about 0 points off.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.7, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

1 portfolio Hunch tracks holds PFE. It is 6.7% of Nan Shan Life Insurance's portfolio (2.5% as filed).

• FundNan Shan Life InsuranceTaiwanese life insurerPFE is 7% of this portfolio2% as filed+29.2%2-year backtest

PFE's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 13 held PFE at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 4 cut and 3 bought new. The largest of them is Fisher Asset Management, 112.12M shares worth $3.2B at Sep 30, 2026, 2.8% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PFE at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $3.0M and sold $135K of PFE on the open market in the 12 months to Nov 12, 2026. The largest was Albert Bourla (Chairman & CEO; director), who bought $1.0M in 1 purchase.

From the Form 4s filed with the SEC about Pfizer Inc. (87 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 28 other transactions (grants, option exercises and shares withheld for tax).

Insights that mention PFE