# Pfizer Inc. (PFE)

> Source: Nexqual · https://nexqual.com/PFE · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Pfizer Inc. (PFE), nexqual.com/PFE" · informational, not investment advice.

**Price:** USD 30.42 (+1.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 29.85 · day 29.88–30.44 · 52w 23.62–30.44 · market cap $173B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $63.7B, net income $4.33B (6.8% margin), free cash flow $11.0B (SEC filings).
- Valuation: P/E 40.0x (avg 38.2x at the last 3 fiscal year-ends), net debt $54.8B.
- Earnings quality: non-operating income -$9.61B (gains on equity investments $182M) vs operating income null over the last four quarters; P/E excluding non-operating income ≈12.4x (estimate: non-operating income taxed at the company's 0% effective rate).
- 10 of 80 tracked superinvestors hold PFE (13F, Q2 2026): 1 new, 5 added, 3 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $135K; 2 not under a Rule 10b5-1 plan ($135K); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $3.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +32.0% vs S&P 500 +14.9%; 5Y -8.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.73, revenue estimate $15.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $81.3B | $101B | $59.6B | $63.6B | $62.6B | $63.7B |
| Gross profit | $50.5B | $66.8B | $34.6B | $45.8B | $46.5B | — |
| Net income | $22.0B | $31.4B | $2.12B | $8.03B | $7.77B | $4.33B |
| EPS (diluted) | $3.85 | $5.47 | $0.37 | $1.41 | $1.36 | — |
| Free cash flow | $29.9B | $26.0B | $4.79B | $9.84B | $9.07B | $11.0B |
| Gross margin | 62.1% | 66.1% | 58.1% | 71.9% | 74.3% | — |
| Net margin | 27.0% | 31.0% | 3.6% | 12.6% | 12.4% | 6.8% |
| Revenue growth | +95.2% | +24.5% | -41.1% | +6.8% | -1.6% | — |
| Cash + short-term investments | $24.0B | $19.2B | $7.25B | $11.9B | $10.3B | — |
| Total debt | $37.8B | $35.4B | $63.8B | $61.2B | $64.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 40.0x · P/E ex non-operating (est.) ≈12.4x · P/S 2.7x · EV/Sales 3.6x · P/FCF 15.8x · P/B 2.0x · FCF yield 6.34% · Earnings yield 2.50% · Net debt $54.8B · EV $228B
P/E at fiscal year-ends: Dec 2025 18.3x, Dec 2024 18.8x, Dec 2023 77.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold PFE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 3.04% | $4.2M | Reduced -7.1% |
| Harry Burn | Sound Shore | 2.83% | $92.0M | Added +33.1% |
| Torray Funds |  | 2.79% | $20.7M | Added +10.7% |
| Kahn Brothers | Kahn Brothers Group | 2.41% | $13.6M | Unchanged |
| Prem Watsa | Fairfax Financial Holdings | 0.95% | $25.1M | Added +5.3% |
| Sarah Ketterer | Causeway Capital Management | 0.50% | $46.2M | Added +0.1% |
| Richard Pzena | Pzena Investment Management | 0.42% | $143M | Added +0.6% |
| Bruce Berkowitz | Fairholme Capital | 0.37% | $5.6M | New position |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.6M | Reduced -5.8% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $2.1M | Reduced -0.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Damico Jennifer B. | SVP & Controller | 3,278 | $83K | 10.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Damico Jennifer B. | SVP & Controller | 2,000 | $51K | 6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $3.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-12 | Bourla Albert | Chairman & CEO | 38,000 | $1.0M | 26.34 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Blaylock Ronald E | Director | 39,231 | $999K | 25.46 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-05 | Buckley Mortimer J | Director | 37,632 | $960K | 25.52 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | JP Morgan | Target raised | Neutral | $28 → $30 |
| 2026-10-08 | Cantor Fitzgerald | Target raised | Neutral | $27 → $28 |
| 2026-10-06 | Scotiabank | Target raised | Sector Outperform | $30 → $33 |
| 2026-09-10 | HSBC | Target raised | Hold | $28 → $30 |
| 2026-08-07 | Guggenheim | Target lowered | Buy | $35 → $31 |
| 2026-07-13 | BMO Capital | Target lowered | Outperform | $34 → $30 |
| 2026-07-13 | Guggenheim | Target lowered | Buy | $36 → $35 |
| 2026-07-10 | B of A Securities | Target lowered | Neutral | $27 → $26 |
| 2026-07-08 | JP Morgan | Target lowered | Neutral | $30 → $28 |
| 2026-07-06 | Cantor Fitzgerald | Reiterated | Neutral | $27 |
| 2026-07-06 | HSBC | Downgrade | Buy → Hold | $32 → $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +32.0% | -8.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +32.1% | -1.7% |
| Volatility (annualized) | 21.1% | 25.0% |
| Max drawdown | -15.7% (Apr 2026→Jun 2026) | -57.1% (Dec 2021→Apr 2025) |

## Peers (Drug Manufacturers - General)
NVO (Novo Nordisk A/S) USD 39.43 +0.95% · GILD (Gilead Sciences, Inc.) USD 157.19 +2.36% · BMY (Bristol-Myers Squibb Company) USD 63 +3.08% · AMGN (Amgen Inc.) USD 447.28 +2.04% · AZN (AstraZeneca PLC) USD 172.57 +2.45% · GSK (GSK plc) USD 51.21 +2.38%

## More
Full page: https://nexqual.com/PFE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PFE's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AbbVie (ABBV) | "(b)Emblaveo is being developed in collaboration with AbbVie." |

Other companies that name PFE in their own reports (relationship from PFE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Neuphoria Therapeutics Inc. (NEUP) | 10-K 2026-09-18 | "Each CVR represents a contractual right to receive a pro rata share of CVR payments, if any, equal to 100% of the net proceeds actually received by Parent or its affiliates (i) under the Company's res…" |
| competitor | iBio, Inc. (IBIO) | 10-K 2026-08-28 | "Our most significant competitors, among others, are fully integrated pharmaceutical companies such as Eli Lilly and Company, Novo Nordisk A/S, Amgen Inc., Bristol-Myers Squibb Company, Merck & Co., In…" |
| partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F 2026-06-17 | "•ADCETRIS: We entered into a Collaboration Agreement with Pfizer Inc. ("Pfizer") (as successor in interest to Seagen, Inc., which was acquired by Pfizer in December 2023) in 2009 for the global co-dev…" |
| partner | Roivant Sciences Ltd. (ROIV) | 10-K 2026-05-20 | "License and Collaboration Agreement with Pfizer, Inc." |
| partner | ASCENTAGE PHARMA GROUP INTERNATIONAL (AAPG) | 20-F 2026-04-29 | "a collaboration and license agreement with Innovent and clinical collaboration agreements with AstraZeneca, Merck, and Pfizer, and research" |
| competitor | GeoVax Labs, Inc. (GOVX) | 10-K 2026-04-15 | "We face general market competition from several subsectors of the vaccine development field, including large, multinational pharmaceutical companies including Sanofi, GSK, Merck, Mitsubishi Tanabe, Ta…" |
| competitor | IRIDEX CORP (IRIX) | 10-K 2026-04-02 | "Some of our principal pharmaceutical competitors are Alcon, Inc., Allergan, Inc., Astellas Pharma Inc., Pfizer Inc., Regeneron Pharmaceuticals, Inc., and Roche Holding Ltd. (Genentech)." |
| partner | MANGOCEUTICALS, INC. (MGRX) | 10-K 2026-04-01 | "branded drugs like Viagra (Pfizer) and Cialis (marketed by Lilly ICOS LLC, a joint venture between Eli Lilly and Company and ICOS Corporation)" |
| competitor | Alaunos Therapeutics, Inc. (TCRT) | 10-K 2026-03-31 | "Key competitors in the obesity space include (but are not limited to) companies such as Novo Nordisk, Eli Lilly, Amgen, Pfizer, Viking Therapeutics, Structure Therapeutics, and others." |
| competitor | Alvotech (ALVO) | 20-F 2026-03-31 | "For example, in the market for AVT02, our biosimilar to Humira (adalimumab), we compete against AbbVie (the originator), Amgen, Boehringer Ingelheim GmbH, Biocon, Celltrion, Fresenius Kabi, Pfizer, Sa…" |
| partner | LeonaBio, Inc. (LONA) | 10-K 2026-03-31 | "Lasofoxifene was discovered through a research collaboration between Pfizer Inc. ("Pfizer") and Ligand Pharmaceuticals ("Ligand")." |
| supplier | TOMI Environmental Solutions, Inc. (TOMZ) | 10-K 2026-03-31 | "On August 12, 2025, we announced a major new customer in the eye health sector, comparable in scale to Pfizer and Merck, who implemented SteraMist iHP at two facilities in under four months and placed…" |
| competitor | Curanex Pharmaceuticals Inc (CURX) | 10-K 2026-03-30 | "of our competitors have far greater marketing and research capabilities than us, such as Regeneron/Sanofi, Pfizer, LEO Pharma, Eli Lilly," |
| partner | Allarity Therapeutics, Inc. (ALLR) | 10-K 2026-03-30 | "There are many other companies that have commercialized and/or are developing such treatments for cancer including large pharmaceutical and biotechnology companies, such as AstraZeneca plc, Bristol-My…" |
| partner | HYPERION DEFI, INC. (HYPD) | 10-K 2026-03-30 | "Bringing to DRL her legacy of creating transformative partnerships with leading sports and technology brands, Ms. Jacobson forged groundbreaking partnerships with organizations including Algorand, Goo…" |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $11.86B | 78.9% | -0.8% |
| Royalty | $474.0M | 3.2% | +11.3% |
| Pfizer CentreOne | $373.0M | 2.5% | +7.2% |
| Total revenue | $15.03B | 100% | — |
The lines above cover 84.5% of total revenue.

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $8.86B | 58.9% | -0.4% |
| International Developed Markets | $3.74B | 24.9% | +10.3% |
| International Emerging Markets | $2.43B | 16.2% | +2.9% |
| Total revenue | $15.03B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 25%, 16%, 13% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.82 | -10.7% | $15.88B | 19 |
| Next quarter (ends 2026-12-31) | $0.71 | $0.70 | +0.8% | $16.89B | 17 |
| Current fiscal year (ends 2026-12-31) | $2.96 | $2.95 | +0.3% | $62.22B | 24 |
| Next fiscal year (ends 2027-12-31) | $2.88 | $2.83 | +2.0% | $59.89B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±5.8%; earnings reaction alone ±3.3%; last 8 reports averaged ±1.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 25.0% | ±3.0% |
| 2026-11-06 | 14 | 31.7% | ±5.8% |
| 2026-11-13 | 21 | 28.3% | ±5.9% |
| 2026-11-20 | 28 | 26.1% | ±6.1% |
| 2026-11-27 | 35 | 26.1% | ±6.6% |
| 2026-12-04 | 42 | 25.9% | ±7.1% |
| 2026-12-18 | 56 | 26.0% | ±8.1% |
| 2027-01-15 | 84 | 24.8% | ±9.5% |