Form 10-Q · Quarterly report
Pfizer 10-Q, filed Aug 4, 2026
- Filed
- CIK
- 0000078003
- Accession no.
- 0000078003-26-000095
Summary
Pfizer reported second-quarter 2026 revenues of $15.0 billion, up 3% from a year earlier, alongside a $653 million loss from continuing operations before taxes compared with $3.0 billion of income in the prior-year quarter, which it attributed to intangible asset impairments, legal charges, and higher restructuring, R&D and cost-of-sales expenses, partly offset by a gain on the sale of its ViiV investment. Pfizer also announced roughly $2.5 billion in additional anticipated cost savings across two restructuring programs and disclosed a May 2026 licensing and collaboration agreement with Innovent for 12 early-stage and de novo cancer medicines, closed on July 10, 2026.
Key points
- Second-quarter 2026 revenues rose 3% to $15.0 billion and first-half revenues rose 4% to $29.5 billion; excluding Comirnaty and Paxlovid, total revenues increased 5% and 6% operationally, respectively.
- Pfizer announced $1.0 billion of additional net cost savings from its Realigning Our Cost Base program and about $1.5 billion from the next phase of its Manufacturing Optimization Program, to be realized through 2029, with one-time costs of approximately $2.0 billion and $4.0 billion respectively.
- Under the Innovent agreement, Innovent received a $650 million upfront payment and is eligible for up to $9.85 billion in development, regulatory and commercial milestone payments plus up to double-digit royalties.
- Pfizer now expects an unfavorable 2026 revenue impact of approximately $1.1 billion from patent-based or regulatory exclusivity expiries, and said the Maximum Fair Price under Medicare negotiation took effect for Eliquis on January 1, 2026, with negotiated prices for Ibrance and Xtandi effective in 2027.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The following MD&A is intended to assist the reader in understanding our financial condition and results of operations, including an evaluation of the amounts and certainty of cash flows from operations and from outside sources, and is provided as a supplement to and should be read in conjunction with the condensed consolidated financial statements and related notes in Item 1. Financial Statements in this Form 10-Q. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates. …
An excerpt of the text as filed with the SEC, cut for length.
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