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Fortune AIQ 75

The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

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The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

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The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are insurance and managed care, medical products and facilities, pharmacy services, and pharmaceutical companies.

Fortune Sector Leaders: Health Care

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

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WMA-2024-Pfizer

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

WMAC 2023-Pfizer

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

The 300 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-038-Pfizer

The pharmaceutical giant rode its groundbreaking mRNA COVID-19 vaccine and antiviral pill Paxlovid to record revenue in 2022; the $100.3 billion it raked in (up from $81.3 billion in 2021) catapulted the company 40 spots on this year’s Fortune 500 list. 
<ul> 
 	<li>Pfizer is planning to sell its COVID-19 vaccine commercially in 2023, rather than contracting with the U.S. government, with a target price between $110 and $130 per dose.</li> 
 	<li>Still, it expects revenue to drop as the demand for COVID vaccines eases in 2023. Pfizer has a slate of other new drugs in its pipeline, such as the Respiratory Syncytial Virus (RSV) vaccine and medication for migraines.</li> 
 	<li>The company is expected to lose patent protections for some key drugs, including Ibrance, used for breast cancer treatment, between 2025 and 2030.</li> 
 	<li>It has acquired other biotech or smaller pharma companies to bolster its pipeline in the future. Key 2022 deals include the $5.4 billion purchase of Global Blood Therapeutics and the $11.6 billion acquisition of Biohaven.</li> 
</ul>

Industrials came out on top this year, with 22 companies featured on the list.

100 Fastest-Growing Companies

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

WMAC-2022-04-Pfizer

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F500 2022-Pfizer

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Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;How do you balance being one of the world’s saviors during a pandemic without being perceived as gloating or, more important, gouging a global population in need? That’s the tricky needle Pfizer has had to thread, given the company’s status as one of the most effective coronavirus vaccine manufacturers in the world. Pfizer recorded 2020 revenues of about $42 billion—but that largely excludes the post-winter period, when Pfizer’s COVID vaccine was granted emergency use authorization by the FDA. The company expects to bring in $26 billion in COVID vaccine sales alone this year, about 60% of its total 2020 revenues, thanks to its sprawling relationships with governments and pandemic-focused organizations across the globe. An added benefit? Via its partnership with Germany’s BioNTech, the maker of the “little blue pill” is now synonymous with mRNA vaccine technology that could feed its pipeline in infectious disease treatments and other therapeutics for years to come.&quot;}" data-sheets-userformat="{&quot;2&quot;:12673,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:2,&quot;11&quot;:4,&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:11}">How do you balance being one of the world’s saviors during a pandemic without being perceived as gloating or, more important, gouging a global population in need? That’s the tricky needle Pfizer has had to thread, given the company’s status as one of the most effective coronavirus vaccine manufacturers in the world. Pfizer recorded 2020 revenues of about $42 billion—but that largely excludes the post-winter period, when Pfizer’s COVID vaccine was granted emergency use authorization by the FDA. The company expects to bring in $26 billion in COVID vaccine sales alone this year, about 60% of its total 2020 revenues, thanks to its sprawling relationships with governments and pandemic-focused organizations across the globe. An added benefit? Via its partnership with Germany’s BioNTech, the maker of the “little blue pill” is now synonymous with mRNA vaccine technology that could feed its pipeline in infectious disease treatments and other therapeutics for years to come.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-77-Pfizer

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-215-Pfizer

Pfizer slips 17 spots this year, in large part because of the expiration last year of one of its more lucrative patents, for the fibromyalgia drug Lyrica. That eroded the drugmaker's revenue, which fell 4% overall in 2019. But Pfizer also made some big moves: After years of rumors that it would split up, Pfizer finally slimmed down, announcing over the summer that it would merge Upjohn, its off-patent drug division, with general drug company Mylan. Meanwhile, the pharmaceutical giant found some significant efficiencies in its operations: profits surged some 46%. The company, which is developing a promising COVID-19 vaccine in partnership with German drug company BioNTech, in July announced the U.S. government had ordered $1.95 billion worth of doses of the new treatment—to provide it to Americans for free, if the FDA approves the vaccine.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-064-Pfizer

Pfizer slipped a few spots, in large part because of the expiration last year of one of its more lucrative patents, for the fibromyalgia drug Lyrica. That eroded the drugmaker's revenue, which fell 4% overall in 2019. But Pfizer also made some big moves: After years of rumors that it would split up, Pfizer finally slimmed down, announcing over the summer that it would merge Upjohn, its off-patent drug division, with general drug company Mylan. Meanwhile, the pharmaceutical giant found some significant efficiencies in its operations: profits surged some 46%.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

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This year's Fortune 500 marks the 63rd running of the list.

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The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Fastest-growing Companies

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Pfizer is known for developing medications and vaccines, and for manufacturing them at dozens of factories around the world. Its treatments span a broad range of areas including oncology, rare diseases, inflammation and immunology, and vaccines. Oncology has become the company's primary strategic focus, with CEO Albert Bourla committing more than 40% of annual R&amp;D spending to cancer research. Pfizer significantly expanded its cancer portfolio through its 2023 acquisition of Seagen, gaining a suite of antibody-drug conjugate therapies including Padcev for bladder cancer and Adcetris for lymphoma. The company is also making a major push into the obesity market: its late 2025 acquisition of Metsera brought Pfizer back into the obesity space after an earlier internal program was scrapped, positioning it to compete against dominant players Novo Nordisk and Eli Lilly. During the COVID-19 pandemic, Pfizer developed a landmark and highly profitable vaccine in collaboration with the startup BioNTech; it also developed a treatment for COVID infections sold as Paxlovid. Pfizer was founded in 1849 by immigrants in New York City, which remains the site of its global headquarters.

Q2 2026

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Pfizer (PFE): Company Profile, Stock Price, News, Rankings

legacy

Pfizer

pfizer

Good day, everyone, and welcome to Pfizer's first quarter 2026 earnings conference call. Today's call is being recorded. At this time, I would like to turn the call over to Francesca DeMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead, ma'am.

Good morning, welcome to Pfizer's earnings call. I'm Francesca DeMartino, Chief Investor Relations Officer. On behalf of the Pfizer team, thank you for joining us. This call is being made available via audio webcast at pfizer.com. Earlier this morning, we released our results for the first quarter 2026 via press release that is available on our website at pfizer.com. I'm joined today by Dr. Albert Bourla, our Chairman and CEO, and Dave Denton, our CFO. Albert and Dave have some prepared remarks, we will then open the call for questions. Members of our leadership team will be available for the Q&A session. Before we get started, I want to remind you that we will be making forward-looking statements and discussing certain non-GAAP financial measures.

I encourage you to read the disclaimers in our slide presentation, the press release we issued this morning, and the disclosures in our SEC filings, which are all available on the IR website on pfizer.com. Forward-looking statements on the call are subject to substantial risks and uncertainties, speak only as of the call's original date, and we undertake no obligation to update or revise any of the statements. With that, I will turn the call over to Albert.

Thank you, Francesca. Good morning, everyone. Thank you for joining our call. It's a wonderful day here in New York. We've had a strong start to the year. Our business continues to perform well, and we are making strategic progress. One of our great strengths is the ability to execute, and we are delivering on our financial commitments while we also invest to strengthen Pfizer for future growth and impact. In the first quarter, we exceeded expectations for both total revenues and adjusted diluted earnings per share. We have made progress so far this year in delivering our 2026 critical R&D milestones, including three positive phase III readouts and encouraging mixed data readouts for both approved and investigational medicines. We are keeping pace with our robust agenda of approximately 20 planned pivotal study starts this year.

We also had two significant legal developments that improve our growth profile post 2028, and of course, our cash flow outlook. Our recent settlement agreements resolving infringement of patent related to VYNDAMAX have the potential to change the growth profile of the company significant post 2028. This gives us greater confidence that starting in 2029, we will enter a five-year period of high single-digit revenue CAGR. Additionally, we view the recent Belgium court ruling regarding COMIRNATY contracts with EU member countries as a positive for future EPS and cash flow. The improved visibility into our cash flow provide is a positive for our longer-term capital allocation priorities, including, of course, our ability to preserve and support the dividend. As we look to the rest of the year, we are clearly focused on our most impactful opportunities to create value for patients and our shareholders.

We previously shared our strategic priorities for 2026, and I will walk you through the progress we are making on all four. Our launched and acquired products had a tremendous start to the year with 22% growth. Three of our business development transactions represent about 8% of the invested capital in recent years, and they are all progressing very well. Oncology represents our most advanced and concentrated area of research and commercial focus, and our Seagen acquisition is a central reason why. Since bringing the company to Pfizer, we have transformed our oncology organization, unifying our team, expanding our commercial portfolio, and advancing a leading ADC platform. The 20% year-over-year operational revenue growth in the quarter of our Seagen products shows that we have made good progress in deepening our presence within the oncology community.

We continue to strengthen physician engagement and drive greater recognition of the clinical value of our medicines. We are also executing with focus to maximize the value of our Metsera acquisition. This underpins the strategy intended to position Pfizer as a leader in the next generation of obesity therapies. We intend to advance 10 phase III studies this year. We are targeting a first approval in 2028 from a portfolio that includes ultra-long-acting peptides with the potential, if successful, developed and approved for competitive efficacy and tolerability with a differentiated monthly maintenance dosing schedule. The success we have achieved with NURTEC since our Biohaven acquisition shows the power of our leading field force and commercial capabilities at work. NURTEC contributed in the first quarter with 41% operational growth driven by robust demand for both acute and preventive migraine treatments.

We continue to see a meaningful growth opportunity in the oral CGRP class of medicines for patients with migraine. Of course, 2026 is a pivotal year for R&D, and I'm pleased with our early progress this quarter. While we have a large active pipeline, we rely on a rigorous and disciplined approach to focus resources where we see the greatest potential. We are targeting approximately 20 pivotal study starts, eight key data readouts, and four regulatory decisions this year. Our critical R&D milestones reinforce how we are concentrating investment in key areas such as oncology, metabolic disease, and vaccines, where we have existing commercial infrastructure, scientific expertise, and significant opportunity for competitive differentiation. Roughly half our anticipated key data readouts and regulatory decision in 2026 are expected to come from oncology, where we are advancing multiple programs across areas such as breast, genitourinary, thoracic, gastrointestinal, and blood cancer.

During the quarter, we presented notable EV-304 study findings for PADCEV at ASCO GU. The results show that PADCEV and pembrolizumab reduces the risk of recurrence or death by nearly 50% in patients with cisplatin-eligible muscle-invasive bladder cancer. Combined with the recent compelling data from the EV-303 trial, this highlights the potential for this regimen to become the new standard of care for patients with muscle-invasive bladder cancer, regardless of cisplatin eligibility. Bladder cancer is diagnosed in more than 600,000 patients each year globally, including an estimated 85,000 in the U.S. MIBC represents approximately 30% of all these bladder cancer cases.

The positive top-line results we saw last week from the phase III MagnetisMM-5 study of ELREXFIO present a meaningful step towards our goal of reaching more patients earlier in the course of their disease. In this study, ELREXFIO significantly improved progression-free survival for double class-exposed patients with relapsed or refractory multiple myeloma who received at least one prior line of treatment. This is a significant opportunity to address patient need. Multiple myeloma, an aggressive and currently incurable blood cancer, is the second most common type of blood cancer worldwide, with over 36,000 new cases each year in the U.S. and over 187,000 new cases globally. During the quarter, we also saw randomized phase II data for atirmociclib, our potential first-in-class CDK4 inhibitor in patients with HR+/HER2- breast cancer who received prior CDK4/6 inhibitor-based treatment

This data suggests atirmociclib has the potential to differentiate from the CDK4/6 inhibitor class with improved efficacy and tolerability, reinforcing our confidence in the molecule. Looking ahead, we remain focused on accelerating this investigational medicine's development in first-line and early breast cancer, where it may provide even greater impact for patients. We view this as an important opportunity to deliver a next-generation backbone therapy building on Pfizer's long commitment to patients with breast cancer. In vaccines, we have been working with regulators on the pathway for expanding coverage through our next-generation pneumococcal conjugate vaccine to extend our leadership in this competitive space. Yesterday, we initiated our phase III program for our 25-valent pediatric vaccine candidate with increased valency and next-generation serotype 3 technology. I am also pleased to provide an update on our strategy in the adult market.

We have decided to advance directly to our fifth-generation adult vaccine candidate. Today, I am proud to share for the first time that it includes coverage for 35 serotypes. We believe this gives us the strongest opportunity to maintain our current market leadership in the adult market over the long term, and we expect to enter clinical development this year. In I&I, we announced a positive readout in March from a phase II trial of tilrekimig, our investigational trispecific antibody in atopic dermatitis. We intend to advance a broad clinical development program for this investigational medicine, which was discovered in-house at Pfizer and is currently being evaluated in atopic dermatitis and also in asthma and COPD. We remain on track with our commitment and our continued focus on what matters most, maximizing the long-term value of our pipeline for patients as a whole.

We are investing with strategic discipline and focus to build the foundational supporting our aim of high single-digit five-year revenue CAGR. It's vital that our R&D organization has the resources to advance our robust pipeline, including both internally discovered programs and opportunities we have added through strategic moves, such as our acquisition of Metsera and our in-licensing agreements with 3SBio and YaoPharma. Our commercial teams are leaders in translating scientific progress into real-world impact. We are furthering investments to provide them with capabilities, technology, and support, helping our medicines reach the right patients at the right time, so we can deliver sustained value. We also remain deeply committed to our shareholders. We intend to maintain and, over time, grow our dividend as we continue to deliver and build long-term value.

Embedding the use of artificial intelligence across our company is a key strategic priority, and we are driving continued progress in R&D, commercial, manufacturing, and core enterprise functions. We are empowering our colleagues to accelerate innovation by pairing frontier AI tools tailored to function and role with comprehensive and continuously updated training. One of the areas where we see the most substantial promise is the discovery, development, and delivery of new medicines and vaccines. Leveraging the power of AI to compress timelines and improve decision-making is central to our innovation strategies. We are embedding AI into each functional line of R&D. Pfizer has a vast repository of small and large molecule translational and clinical data, and AI is creating the opportunity to unlock insights that could drive a significant impact on how we discover and develop medicines and vaccines.

With that, now I will turn it over to Dave to speak about the financial performance of the company.

Great. Thank you, Albert. Good morning. Let me begin by highlighting that our strong first-quarter performance reflects the continued disciplined execution across our strategic priorities and, importantly, continued progress in repositioning the company for sustainable growth. We are making targeted investments today to drive revenue growth later in the decade and beyond. Looking ahead, Pfizer is entering a new phase. Our launched and acquired products, combined with a strengthening pipeline, are positioning the company with the ability to deliver growth towards the end of the decade. While we remain focused on managing near-term LOE headwinds, we are actively building the foundation for durable long-term value creation. With that as context, I'll review our first quarter results, discuss our capital allocation priorities, and conclude with an update on our 2026 guidance, which we are reaffirming today.

In the first quarter of 2026, revenues were $14.5 billion, exceeding our expectations and representing an operational increase of 2%. Excluding our COVID products, the underlying business delivered approximately 7% operational revenue growth, reflecting solid demand across key brands and continued strong commercial execution. On the bottom line, first quarter reported diluted earnings per share was $0.47, and adjusted diluted earnings per share was $0.75, also exceeding our expectations. In addition to our strong revenue, this outperformance also reflects our ongoing commitment to managing our cost base and to drive productivity across the organization. Our results this quarter demonstrate the effectiveness of our refined commercial strategy. We saw solid contributions across our product portfolio, primarily driven by PADCEV, ELIQUIS, NURTEC, LORBRENA, and the VYNDAQEL family, each reflecting focused execution in our key therapeutic areas.

Our launched and acquired products delivered $3.1 billion in the first quarter, and revenues grew by approximately 22% operationally. These results demonstrate the early impact of our portfolio transition and our investment strategies. We continue to invest behind these product groups to support their growth, which we expect will enable the company to partially offset upcoming LOE headwinds over the next several years. Adjusted gross margin for the first quarter was approximately 76%, primarily the result of product mix during the quarter and ongoing cost control measures. I do wanna note, accrued royalty expense was higher in this quarter and dampened gross margin compared to the first quarter of last year. With that said, strong cost management across our manufacturing footprint remains a top priority.

As a reminder, over the past several years, our adjusted gross margins have generally remained in the mid to upper seventies when excluding COMIRNATY, which has a 50/50 profit split with our partner BioNTech. We continue to expect approximately $700 million in savings from our phase I of our manufacturing optimization program this year, with approximately $175 million realized in this quarter. Total adjusted operating expenses were $5.5 billion for the first quarter of 2026, an increase of 4% operationally versus the first quarter of last year. Now looking at the components, adjusted SI&A expenses decreased 5% operationally, primarily reflecting lower marketing and promotional spending on various products from more targeted investments and ongoing productivity improvements, as well as lower spending in corporate enabling functions.

Adjusted R&D expenses increased 11% operationally, primarily driven by an increase in spending in certain oncology and obesity product candidates. First quarter of 2026 adjusted operating margin was strong at 38% and above pre-pandemic levels, demonstrating effective cost management as well as revenue performance. We have already made meaningful progress on our productivity initiatives and remain on track to deliver the majority of the anticipated $7.2 billion in total net cost savings by the end of 2026. Looking ahead, we will continue to identify opportunities to further enhance efficiencies while prioritizing investments that support future growth. Turning to the bottom line, Q1 reported diluted earnings per share again was $0.47, and our adjusted diluted earnings per share was $0.75, which benefited from our strong non-COVID revenue and efficient operating structure. With that, let me turn to our capital allocation strategy.

Our strategy is designed to enhance long-term shareholder value while preserving flexibility. It includes reinvesting in the business at appropriate returns, maintaining and over time growing our dividend, and preserving optionality for future value-enhancing actions, including share repurchases. In Q1, we invested $2.5 billion in internal R&D, returned $2.4 billion to shareholders via the quarterly dividend, and our completed business development activity was minimal. We closed on the sale of our stake in ViiV in the second quarter, providing us with approximately $1.65 billion in net proceeds after taxes and customary closing costs. Our BD capacity, when including the ViiV proceeds, is approximately $7 billion. First quarter 2026 operating cash flow was $2.6 billion, and leverage ended the quarter at approximately 2.8x.

As just a reminder, given the LOE headwinds over the next few years, we expect leverage to remain around the current levels or even slightly higher through the transition period. I will also mention that we made our final TCJA repatriation tax payment of approximately $2.6 billion in April. Based on our performance to date and continued execution, we are reaffirming our full-year 2026 guidance today. We continue to expect total company revenues in the range of $59.5 billion-$62.5 billion and adjusted diluted earnings per share in the range of $2.80-$3.00 a share. This outlook reflects our expectation of strong contributions across our product portfolio, adjusted gross margins in the mid-70s range, disciplined cost management, and continued investments to support growth by the end of this decade.

As a reminder, sustained low disease levels of COVID will likely continue to weigh on PAXLOVID utilization over the next several months. Additionally, our plan assumes that the majority of COMIRNATY sales will occur towards the end of the year and consistent with the vaccination season. As always, we continue to monitor current currency fluctuation as the year progresses. In closing, over the next several years, our focus remains on investing in key assets while managing upcoming LOE events, primarily from this year through 2028. As we look towards the end of the decade, growth is expected to be driven by our advancing R&D pipeline and the continued progress of our launched and acquired products. Following the VYNDAMAX settlement, we now have a clear line of sight to a high single-digit five-year revenue CAGR post 2028.

Furthermore, this event, combined with our legal win in the Belgium court regarding the EU COMIRNATY contract, will enhance our cash flow post 2028. We continue to position Pfizer for durable long-term growth and shareholder value. With that, I'll now turn the call back over to Albert to begin the Q&A session.

Thanks, Dave. Nice quarter. Now, operator, please assemble the queue.

Thank you. Our first question today comes from Vamil Divan with Guggenheim. Your line is now open.

Great. Thanks for taking the question, so I'll keep it to one. I think a lot of focus on the upcoming ADA meeting. I'm just curious if you can just kind of clarify exactly what we should expect to see there. I know a lot of us will see VESPER-3, but any other data that we should expect from a Pfizer perspective? I think you're going to be hosting an investor event in conjunction with the meeting, so curious if there's any other details you can share around that as well. Thanks.

Chris, the question is for you. How much of the data you're going to disclose in the ADA?

Thank you very much for the question. It's obviously a very important program. We're excited with the progress. Since the close of Metsera, as you know, we had exceptional execution, not only the clinical development, but also on the commercial development, side and as well as CMC and on the pharmaceutical sciences, as well as the devices. Detailed phase III data from VESPER-3 will be shared. The top-line data we presented last time at I think, full Q 25 earnings. Data from VESPER-1, the open-label extension, will be shared, as well as data from VESPER-2, which is weekly berobenatide, our new name for GLP-1, with or without titration in participants with type 2 diabetes will be shared. We will not share yet at ADA data on amylin mono.

We expect 24 weeks monotherapy and 28 weeks combination with the amylin and GLP-1. That will be shared in the second half of this year.

Our next question comes from Dave Risinger with Leerink Partners. Your line is now open.

Yes. Thanks very much. My questions are on your oncology readouts this year, that could move the needle for the company. Could you comment on your expectations for SV and mevro pivotal readouts this year? Separately, if you could just please provide an update on your restructuring of corporate strategy and business development operations at the company? Thank you.

Thank you very much, Dave. Let me take the second one, and then Chris will address the SV and the mevro. We did some changes in our organizational structure that are aligned with our constant effort to simplify. We have reduced the members of my executive team by four over the next couple of years. Last year, or the last two years. The business development moved under Chris Boshoff because most of the business development are right now related with R&D pipeline and choices. We see significant improvement in the any friction that could exist and how smooth things could work by doing that.

We also moved the commercial development, which is all the commercial strategies that were sitting in that group, into the global marketing of the organization. That creates also significant amount of synergies by having global and the new product. Global market, they deal with new products and with our old products. That went under Aamir. Alexandre took over the responsibility to manage the portfolio management team. He's the new chair. He is focusing on prioritizing the pipeline. The strategy group moved to my chief of staff, so in the office of the CEO, where I can have also better supervision. This is the changes that happen into our organization.

We feel that they are consistent with everything we were planning, which is simplification of our business. Chris.

Thank you very much. To start with SV, important program for us. Integrin beta-6 is a highly differentiated target, overexpressed in 90% of lung cancers and little expression normal tissue in the lung. We were encouraged by the first-line data, which we, I mean the phase I data, which we shared, albeit a single arm experience with a median overall survival approximately 16.3 months. The second line study, just a reminder, is focused on non-squamous, based on the signals we've seen. Phase III study against docetaxel. The study statistically powered should it be positive for overall survival, it will also be clinically meaningful. Just a reminder, we also have an ongoing phase III trial in the TPS high, TPS more than 50. Data will be shared at ASCO from the phase I experience.

This is pembro versus pembro plus SV. A reminder that last year we shared data for that combination of PD-L1 high. Handful of patients, everyone responded in that population, so it was a 100% response rate in a small population. For mevrometostat, again, an important differentiated, highly specific differentiated EZH2. The first study that we'll read out is MEVPRO-1, which is in patients post-abiraterone of significant unmet need, of enzalutamide versus enzalutamide plus EZH2 versus physician's choice of enzalutamide or docetaxel. That should read out middle or second half of this year. Thank you.

Thank you, Chris. Operator, next question.

Our next question comes from Chris Schott with JPMorgan. Your line is now open.

Great, thanks so much for the questions. Maybe just two for me. First, maybe for Dave or the broader team. I know you typically don't raise guidance with 1Q, but does seem like a very solid start to the year from a revenue perspective. Can you just talk generally about the business trends versus your expectations and just the, you know, how you're thinking about the year progressing from here? A second question for me was on BD capacity. You mentioned $7 billion. I guess, just given the VYNDAMAX clarity, could the company look at larger transactions if the right deal were to present itself, or is the focus still much more on the internal pipeline and then maybe smaller tuck-ins from here? Thank you.

Chris, Dave here. Thank you. I think to your first question, company's off to a really solid start in Q1. If you look kind of up and down and across the board from a product perspective, we exceeded expectations on top line and bottom line and really strong cost control and cost management in very disciplined execution. Yes, setting ourselves up really well for delivery for the balance of the year. As you well know, Chris, I have a philosophy of not really adjusting in Q1. I think, as you well know, if you look at our COVID franchise, it will always be back half weighted because of the seasonality of this. We are, if anything, have de-risked delivery on that without raising guidance. Absent that, we probably would be raising guidance.

How's that? Again, strong performance. Secondly, as I said, we do have $7 billion in BD capacity. Obviously, this development from a legal perspective actually gives us more confidence in our cash flow delivery over the next several years, and we constantly look at BD and understand what is appropriate strategically to do from a BD perspective to support the needs of the company and deliver long-term value.

Thank you. Our next question comes from Kerry Holford with Berenberg. Your line is now open.

Thank you for taking my question. Just on COMIRNATY, I wonder if you can just talk a little bit more about the vaccination rates you're expecting this year within the U.S. and international regions. Then, just coming back to the international region, can you talk a little bit more about the existing European contracts, reminders for those existing phase payments? In the context of that recent Belgian court decision, the two items read together, how should we think about the evolution of ex-U.S. sales for that vaccine?

Okay, let's start with international, and then we move with Alexandre, and then Aamir will speak about the vaccination rates in the U.S.

Yes. No, good question, though. Just to put context, the decline that you see in Q1 on COMIRNATY has nothing to do with vaccination. It's really the effect of last year. We shipped our last contract elements of our contract with the U.K.; we don't have that contract anymore in 2026, that's why you have a reduction. It doesn't really talk about the vaccination rate. Actually, we went through the vaccinations, the numbers in Europe in 2025, mostly stable versus 2024. Of course, you have differences. For instance, in France, the vaccination rate is around 25% of the adults. In Spain, it's gonna be around 35%.

Those rates are stable, and we see governments' willingness to continue to invest and increase awareness of their older and at-risk population to get vaccination. In 2026, we will work with those government across the European Union to actually continue to execute our contract, the same way we did in previous years. Now, with regard to the legal case and the court judgment on April 1, 2026, the court judgment is very clear, and we've started to work with the governments in Poland and Romania to actually execute the judgment, and we're discussing the best path forwards to implement that judgment.

Thank you, Alexandre. Aamir, what about the U.S.?

Vaccination rates in the U.S. obviously is very different for every segment. In COVID, with COMIRNATY, there was a narrowing of the label, so we did see a shrinking of the market a bit. In the case of RSV, we obviously now going past our third seasons with a tougher to activate adult population, but growing on the maternal space, and there's population dynamics with Prevnar, both with kids and adults. We see ups and downs in the vaccination rates as a result of those dynamics. What I feel very good and very confident about is the way that we're executing in that market. If you look at every single one of our MITs, we have market-leading positions.

[audio distortion] at more than 60%, COMIRNATY more than 60%, Prevnar kids now at 84%, and Prevnar adult, even after many months of competition from market, holding share steady at 70%. I feel very good about the way that we're executing in a slightly turbulent market.

Thank you for the confidence, Aamir. I share it with you. Next question, please.

Our next question comes from Umer Raffat with Evercore ISI. Your line is now open.

Hi, guys. Thanks for taking my question. I appreciate some of the comments you made around maintaining the dividend. I just thought I would approach it from two different angles, if I may. First, what's the likelihood that Pfizer entertains a transformative M&A in near or medium term, which could end up impacting dividend as we've seen in history? Secondly, Albert, how are you personally, but also the board, thinking about your tenure at Pfizer and how it ties to dividend integrity beyond? Thank you very much.

Look, I, we never say never, and we always look at every business, possible business combination for an M&A. If you are asking me if right now we think that we are going to go for something very big, a big merger, no. We think that right now, in the next two years, it is the time to execute on AI transformation of these organizations. That requires not the disruption of a mega merger. I would say that we are open to everything, and we are looking at everything that can create shareholder value, but it is not right now very high in our list to find something like that. The second question, how I see my tenure, I see it like continuing.

I said multiple times that I was very proud for what we were able to achieve with COVID, but then if you are spoiled with this feeling of satisfaction, you want to do it again. I'm planning to do it again, and hopefully with cancer and obesity and vaccines this time. Next question.

Our next question comes from Asad Haider with Goldman Sachs. Your line is now open.

Great. Thanks for taking the question. Albert, just going back to last December's guidance call, you highlighted $17 billion of annual revenue impacted by LOEs by 2030, and now with the tafamidis patent settlement extending that to mid-2031, your comments that you are aiming to achieve high single-digit, five-year revenue growth, starting in 2029. Just if you could double-click on that a little bit more, just looking at the pipeline and the current BD aperture that you just described, just level set us on any updated thoughts on bridging the gap around how we should be thinking about the levers to drive this growth against the stacked LOEs. Just related, embedded in this high single-digit CAGR, what are the assumptions around your base business, such as COVID and the current oncology products? Thank you.

Yes, it is easier, of course, to forecast the base business because, you know, it's a constant. That it is following the normal trends that we expect based on product by product. The LOEs also are easy to predict because they have the certainty of occurrence. Right now, you're right, with this 2.5 years delay of the LOE of a product that is $6 billion+, it is providing significant, as you can understand, opportunity for cash flows, EPS, and changes the growth profile. That's why we spoke now, because with this uncertainty going, about our projections about the growth profile, which we said it is starting in 2029. It's a five-year high single-digit CAGR.

How that is built, is built with the current portfolio, with the decline through the LOEs, and with the additions of pipeline that they are heavily risk-adjusted. It's not that we are having binary events. The pipeline are multiple, as you know. We have a series of readouts right now that will affect the revenues in 2029. I think when I feel confident about that, because when it is a large number of pipeline assets risk-adjusted, statistic usually work. Those that will fail, will fail, and those that will succeed, will succeed, but the risk adjustment takes into consideration about that. Very confident about the growth trajectory of the company, starting in 2029, and I'm also very confident that we navigate the LOEs, as you saw right now, very well.

Started already this year, the LOEs. I also want to emphasize that always the strategy for LOEs was new and acquired products to do well because they were launched and acquired to offset the LOEs. They are growing 22% this year. They are already on $3.1 billion in a quarter. If you, without saying that that's the guidance, but if you multiply by four, just to give you, we are talking about over $12 billion this year and growing, and you know, the $17 billion of LOEs now after VYNDA, they are more $14 billion-$15 billion rather than $17 billion. I think it's looks good. Looks good. Thank you. Next question.

Our next question comes from Evan Seigerman with BMO Capital Markets. Your line is now open.

Hi, guys. Thank you so much for taking my question. I really want to touch on capital deployment, specifically when it comes to share repurchases. Dave, I know that that's been, you know, a method that you've wanted to employ. Now with clarity on VYNDAMAX and the CAGR post-2028, what other, what else do you need to see to potentially start buying back shares, especially at these levels? Thank you so much.

Yeah, Evan, great question. We always look at our capital allocation strategy and balancing between the three options that we have. At the moment, our focus is really on investing in our R&D platform and in business development to drive long-term value. With the development in these court cases, that does give us a bit more confidence in our cash flow over time. You'll see as the capital allocation, share repurchase lever will come back into greater consideration going forward. Great question, something we always work at, and we're always looking to do what's best for the company and shareholders long term.

Thank you, Dave. Very clear. Next question, please.

Our next question comes from Courtney Breen with Bernstein. Your line is now open.

Hi, Pfizer team. Thanks for taking the question today. I just wanted to probe a little bit more on sigvotatug vedotin and positioning in that frontline setting, allcomers relative to the Symbiotic-Lung-01 study that you've already started with the PD-1/VEGF. I also note that you've got kind of a phase I/II running, combining these two assets. Can you help contextualize that new phase III allcomers that you intend to start this year for SV first line, and how that may be positioned relative to Symbiotic-Lung-01? Thank you so much.

Thank you very much for the question. Lung cancer is obviously a very significant unmet need, and having a number of shots on goal now with a very differentiated portfolio gives us confidence that we can continue to play important role in lung cancer beyond just in the targeted therapies like lorlatinib. For SV, we are very encouraged by the data we've seen for the combination of pembrolizumab plus PADCEV in the PD-1, PD-L1 high population, where we previously showed in a small cohort of patients that they all responded in the PD-L1 high to that combination. The phase III study that's ongoing for pembrolizumab versus pembrolizumab for SV, that study is recruiting well in the first-line setting, and we're confident for the readout for that study.

Ongoing also is the second-line study, which is against docetaxel. Which was encouraged by the previous data we've seen, albeit in a single-arm experience, with a median overall survival of 16.3 months. That study should read out mid-year. That's docetaxel versus SV second line, powered for, obviously for overall survival. If it's positive, I said, as I said earlier, it will be clinically meaningful. Ongoing studies being planned also for the broader population in combination with chemo plus pembrolizumab, and we will share some of the data later this year for the early data for that combination. In terms of 4404, at ASCO we will share the phase II data of 4404 monotherapy in first-line PD-L1 expressing non-small cell lung cancer.

As you know, we recently shared data at AACR, where we repeated the preclinical and early data generated by 3SBio in China. We're really confident that this is a differentiated molecule. The binding against VEGF is, we've shown at AACR, is better; it is higher affinity than what's seen with bevacizumab, or that's seen with competitive VEGF, PD-1 molecules. Confident in the molecule. We'll share more data later this year with a broad program starting, including in combination with chemo. Just a reminder, ASCO will also share data with 4401 plus chemo in first-line advanced recurrent endometrial cancer, another program that we plan to start a phase III program in.

Thank you, Chris. The next question. The last question.

Thank you. Our final question comes from Louise Chen with Scotiabank. Your line is now open.

Hi, thanks for taking my question. I wanted to ask you which key products do you think will drive the re-acceleration of your growth in 2029 and beyond? Regarding the international obesity opportunity, just curious what you learned from the launch of your GLP-1 in China. Thank you.

Yeah. Alexandre, let's start with you again this time because the obesity in international has, of course, the Lilly numbers have surprised how big the international market is. Also, speak about key products that will drive your growth.

in 2029. Aamir, U.S. key products that will drive growth in 2029.

A good question on the ecnoglutide launch in China. Of course, it's very, very early day. We really launched the product Monday last week, so I mean, it's only a week, so I can't really talk to you about the penetration of ecnoglutide in China. What is really interesting here is actually the incidence of chronic weight in China is quite high. It's 15% of the Chinese population, and considering the size of the China population, that makes it one of the larger market for chronic weight management. That's the reason why we decided on February of this year to actually do this collaboration with Sciwind Biosciences for the commercialization of ecnoglutide in China. Since then, we got the approval and commercialized this asset.

Ecnoglutide has a very interesting profile, and actually, it's demonstrating in a placebo-controlled study a 15.1% weight loss at 48 weeks, which is on par with the best GLP-1. With this dual mechanism of action of GLP-1, we think that we are bringing to market a very effective asset with a good tolerability profile. Of course, we're gonna leverage our very strong primary care skills and capabilities in China that puts Pfizer China as one of the leaders in primary care. The combination of a very attractive clinical profile plus our knowledge in this area will, we believe, make us a leader in this category.

We're not coming very late into the market because remember, Lilly really introduced their asset in at the beginning of last year. It's not like we're coming many years after the introduction of those assets. As I said, I'm very optimistic, both due to the profile of this asset and the capability that we have developed in China. When it comes into the growth engine of the international, I just want to step back one second. If you look at the quarter and the fact that our non-COVID primary care grew double-digit growth, we delivered $2 billion this quarter. Remember, we closed last year with a double-digit growth on primary care.

If you look at the specialty care, it's about $1.5 billion this quarter. We're delivering a double-digit growth again. That was on the back of a double-digit growth last year. There are assets in those different areas that will continue to power our growth. If I come back to primary care, our vaccines are growing very strongly. The reason why we are growing very strongly on vaccines is because both on pneumococcal and on RSV, we have a large population. If you look at, as you know, in pneumococcal, this is a very large population, and two-thirds of our vaccine business come from pediatric. Of course, we have a large pediatric population to continue to grow, so both in maternal immunization and of pneumococcal.

The vaccines have a potential to grow in pediatric and in adults. Of course, a big growth in the, at the end of the decades will come from the Metsera asset in chronic weight management because there are two elements of that. One. It's an underserved category with a large epidemic across the world, right? In some of the emerging market, we have a very high prevalence in Saudi, in Brazil, in Mexico of obesity. Our presence in those market will, with a strong primary care, will allow us to actually unpack this potential.

Also, it is a cash market, which also is a big advantage in Europe, in Japan and other developed market where right after approval we can introduce those product, which is not the case today in many of our category because it takes a lot of time for reimbursement negotiation with the payer. You see, we have an inline asset that will continue to power the growth, and we are bringing assets like the PADCEV that will go straight to market. Of course, the oncology asset will come, but it will take longer for reimbursement negotiation.

Thank you, Alexandre. Aamir, now excite us for U.S.

Pfizer (PFE) Q1 2026 Earnings Call Transcript

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