Pfizer reported second-quarter revenue of $15 billion, up 3% year over year, and raised its 2026 revenue guidance to between $60.5 billion and $62.5 billion. However, investors showed limited enthusiasm. The pharmaceutical giant's anticoagulant Eliquis, shared with Bristol Myers Squibb, generated $2.4 billion in quarterly revenue, up 21% year over year. The drug is now Pfizer's best-selling product. The concern is that Eliquis will lose patent exclusivity by the end of the decade. Pfizer's increased reliance on a drug facing imminent generic competition may signal it has yet to identify a suitable replacement. The company is expanding its pipeline, particularly in the GLP-1 market, where its candidate berobenatide is undergoing phase 3 trials after posting strong phase 2 results.

Pfizer and BioNTech reported contrasting second-quarter 2026 results as their post-pandemic strategies diverge. While the European Commission authorised their updated COVID-19 vaccine on 29 July, the former partners now face different financial realities. Pfizer posted revenues of $15 billion, up 1% operationally year-over-year. Excluding COVID products, revenue grew 5%, driven by strong performance from Eliquis, Padcev, and other non-COVID products. The company raised full-year revenue guidance by $500 million to $60.5–$62.5 billion and announced productivity initiatives expected to deliver $2.5 billion in additional savings between 2027 and 2029. BioNTech revenues fell 59.5% to €105.6 million as COVID vaccine demand declined. The company reported a net loss of €820.8 million and reduced full-year revenue guidance to €1.6–€1.9 billion. BioNTech maintains €16.6 billion in cash reserves.

Pfizer reported a 58% decline in net income for the first half of 2024, falling to $2.4 billion from $5.9 billion year-over-year. The decline was largely driven by $3.8 billion in non-cash impairment charges related to in-process research and development assets. Despite the earnings drop, the dividend appears sustainable. Over the past four quarters, Pfizer generated $11 billion in free cash flow, exceeding the approximately $9.8 billion paid in dividends. The company has struggled with growth whilst managing restructuring costs and integrating recent acquisitions. Its second quarter ended 30 June with a $248 million net loss. Pfizer's stock has fallen 44% over five years, though it's up 9% year-to-date. The dividend currently yields 6.4%.