This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

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.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

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.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

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.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

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

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

F500 2022-Pfizer

Pfizer’s role in responding to COVID-19 has returned it to the forefront of the pharmaceutical industry—and helped it climb 34 spots on the Fortune 500 this year. As of April 2022, approximately 3.3 billion Pfizer-BioNTech COVID-19 vaccines had been shipped to 179 countries, and some 338 million doses had been administered in the U.S. alone. From 2020 to 2021 its revenue nearly doubled, to $81.3 billion, with the vaccine accounting for the bulk of that gain. Pfizer’s oral antiviral pill, Paxlovid, which has been shown to reduce the risk of hospitalization or death from COVID by about 90%, is likely to join the vaccine in boosting its bottom line: As of April 2022, the Biden administration has committed to purchasing 20 million treatment courses of Paxlovid.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

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.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

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

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

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.

Q3 2026

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

legacy

Pfizer

pfizer

Good day, everyone, and welcome to Pfizer's Third 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, and 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 third quarter 2026 via a press release that is available on our website at pfizer.com. I'm joined today by Dr. Albert Bourla, our Chairman and CEO, Cecile Guegan, our CFO, and Chris Boshoff, our Chief Scientific Officer. After their prepared remarks, we will 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 uncertainty, 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, and thank you for joining our call. I'm pleased with another strong quarter for Pfizer. Our excellent commercial execution, including 32% operational revenue growth in the quarter for our launched and acquired products, shows the underlying strength of our business. Financial discipline and ongoing productivity improvement are driving efficiency and contributing favorably toward our margins. With continued progress of our high-value R&D programs, we believe that we are on a pathway to the next stage of meaningful growth. Before going further, I want to welcome Cecile Guegan as our Chief Financial Officer. Cecile brings more than 25 years of finance leadership and the proven ability to deliver new sources of growth.

She stood out in a global search for her expertise, her deep knowledge of Pfizer and our industry, and the strategic vision that I believe will help Pfizer unlock sustained long-term value for patients and shareholders. I'm looking forward to Cecile's partnership, and I'm confident she will help us execute with the discipline and ambition this next chapter requires. Now, let me cover several highlights of our progress in this quarter. As you know, over the last few years, we have invested close to $80 billion in transactions that have equipped us with key products, contributing to current commercial momentum and platforms with transformative potential. About 80% of this investment was for Seagen, Metsera, and Biohaven, and we are making good progress in maximizing the value of each one. We are pleased with the overall performance of our acquired products, which grew 37% operationally in this quarter.

Our legacy Seagen portfolio grew 39% year over year in the U.S. in the quarter, driven by the strong performance of Padcev. Bringing Seagen's medicines together with the strength and reach of our commercial organization has deepened our presence in the oncology community. We now offer physicians and care teams a broader set of options and more expertise, helping patients and driving growth for Pfizer. Seagen did more than strengthen our commercial position. It also expanded our ability to discover oncology breakthroughs, doubling the size of our early-stage pipeline at the time we closed the acquisition. In our late-stage development programs, we are advancing potential antibody drug conjugates that could bring meaningful improvements for patients with cancer. I'm pleased with the pace of progress over the past year with our expansive clinical development program across our obesity portfolio.

We plan to advance 10 active and planned phase III trials in 2026, including one evaluating a switch from approved weekly therapies to our investigational monthly GLP-1 peptide, berobenatide. We have made significant progress with enrollment across our pivotal berobenatide program, as well as our amylin combination program, where our phase IIb study is now fully enrolled. We are working toward the first in a series of potential approvals for berobenatide in 2028, with planning of our go-to-market strategy well underway. Biohaven also has been a strategically important addition for Pfizer. In the quarter, Nurtec grew by 33% operationally, driven by underlying demand and excellent commercial execution. We see real opportunity to help patients with migraine and for the oral CGRP class to be a key growth driver, even as we manage market dynamics in a competitive field.

We are leading the oral CGRP class in the U.S. and are working to extend that position internationally. We are seeing international growth as more patients can now get this treatment in key countries, including the U.K., Italy, and Japan. We are also encouraged by strong adoption when we are able to expand access. 2026 execution in R&D has been strong, and we continue to prioritize the highest value opportunities for patients and future growth across our four therapeutic focus areas. Our excellent progress showcases our momentum in advancing our strategy. In recent months, we achieved two key regulatory decisions, one key pivotal readout, and eight key pivotal study starts, alongside strong data we presented at several recent medical congresses. We are excited by the pipeline opportunities in areas of strategic focus and commercial strength.

This includes late-stage programs across tumor types in oncology, including multiple myeloma, breast cancer, and lung cancer, within inflammation and immunology, and of course, in pneumococcal vaccines. Chris will share more detail about our recent advancement in the recent months. Our pipeline strategy is grounded in disciplined prioritization and accelerated execution, and we are confident that we are advancing our most significant opportunities for future patient impact and growth. Today, we are raising our guidance for full year 2026 revenue and adjusted earnings per share. This reflects our strong performance through the third quarter and confidence in our ability to execute our strategy. Along with our financial discipline and the progress we continue to make with our R&D pipeline, we believe Pfizer is well-positioned to drive growth toward the end of the decade and create sustained value for patients and shareholders over the long term.

We have deployed AI in our business with the goal of improving efficiency in manufacturing and sharpening how we engage physicians and patients. In R&D, we are working to accelerate innovation with faster target validation and better molecule and biomarker selection. The recent launch of GENESIS, a new pharmacovigilance platform, shows our commitment to harnessing advanced AI and intelligent automation for global safety monitoring. This typically involves a lengthy manual process for more than 600 products in over 120 countries. GENESIS takes on the administrative burden so our safety scientists can spend their time where it matters most: assessing causality, detecting safety signals, and protecting patients. With that, I will turn it over to Cecile.

Thank you, Albert, and good morning. I am proud to speak to you today as Pfizer's CFO. I am looking forward to continuing to work alongside the executive leadership team and lead our world-class finance organization. I am genuinely excited about what we can achieve together, and I will approach this role with financial discipline and a focus on translating Pfizer's scientific and commercial progress into durable shareholder value. I am confident in our strategy and that as a team, we can deliver durable long-term value for our shareholders with rigorous capital allocation and disciplined execution. Now, I am pleased to share our third quarter results, which demonstrate continuous commercial execution and financial discipline. Revenues from our non-COVID product delivered solid growth, while product mix, productivity, and cost management supported margin expansion and enabled continuous investment across our robust pipeline.

This year performance gives us the confidence to raise our full year 2026 revenue guidance, as well as raise and narrow our adjusted diluted EPS guidance. Now, onto the results. Third quarter 2026 revenue of $16.6 billion came in ahead of our expectation, with strong 7% operational revenue growth of our non-COVID products, driven by key brands in the U.S. and select international markets, offset by lower revenues from our COVID-19 products. On the bottom line, third quarter 2026 reported diluted EPS was $0.56. In addition, adjusted diluted EPS of $0.87 exceeded our expectation and includes the $0.10 charge related to the Innovent transaction. This outperformance reflects cost discipline and improved productivity across the organization, even as we increase investment towards future growth drivers and advance several phase III study starts.

We saw solid revenue contributions in the quarter from Eliquis, Paxlovid, the Vyndaqel family, Nurtec, and Lorbrena. While our COVID-19 products and the Prevnar family declined in the quarter. Our launched and acquired product contributed $3.8 billion in revenues and grew 32% operationally in the quarter, primarily driven by Padcev, up $255 million, Nurtec, up $175 million, and Lorbrena, up $114 million. We continue to invest behind this group of products to mitigate LOE headwinds over the next several years. In addition, this quarter's performance demonstrates clear progress against our objective of returning to growth towards the end of the decade. Cost discipline and continued optimization across the company, including our manufacturing footprint, remain priorities.

We are making meaningful progress with our productivity initiatives and remain on track to deliver nearly all of the anticipated $7.2 billion of net savings by the end of 2026 for our ongoing cost improvement programs. As we announced last quarter, we are initiating the next phase of these programs to deliver an anticipated additional $2.5 billion of net cost savings from 2027 through 2029. These savings support increased operating efficiency and contribute favorably to our margins. At the same time, we continue to prioritize investment in pipeline programs that we believe have the greatest potential to deliver meaningful breakthroughs for patients and create long-term value for our shareholders. Adjusted gross margin for the third quarter was 77%, primarily reflecting favorable product mix and continued cost management.

When we look at the components of adjusted operating expenses of $6.8 billion, adjusted SI&A expenses increased 2% operationally, reflecting in part an increase due to a lower favorable adjustment of U.S. healthcare reform fees year-over-year, offset partially by lower and targeted marketing and promotional investments toward growth drivers and ongoing cost productivity and improvements. Adjusted R&D expenses increased 18% operationally, which includes planned investment in priority oncology and obesity programs, including several phase III study starts. Acquired in-progress R&D decreased 52% operationally, primarily reflecting a $650 million charge related to the Innovent transaction this quarter, compared to $1.35 billion charge in the prior year quarter related to the 3SBio transaction.

Third quarter 2026 adjusted operating margin was 36%, reflecting effective cost management, strong non-COVID revenue performance, higher investment in the business, and I will note, was tempered by the AIPR&D charge related to the Innovent transaction. As I mentioned earlier, third quarter adjusted diluted EPS was $0.87. Based on our year-to-date performance, including continued growth across our non-COVID product and disciplined execution, we are raising our full year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62 billion-$64 billion. We are reaffirming our expectation of approximately $4 billion for the COVID products, with the majority of the COMIRNATY revenues expected in the fourth quarter, consistent with the vaccination season. Paxlovid utilization will continue to be influenced by infection rates and treatment demand.

In addition, we now expect full year 2026 R&D expense to be in the range of $10.8 billion-$11.8 billion. We are raising and narrowing our full year 2026 adjusted diluted EPS guidance to a range of $2.95-$3.05. This represents an increase of $0.10 at the midpoint while absorbing the $0.10 per share impact of the Innovent transaction. We are reaffirming all other components of our financial guidance. Our updated outlook reflects our confidence in the non-COVID product progress across our cost improvement initiative, an expectation of full year adjusted gross margin in the mid-70% range, and continued investment in our priority pipeline programs. Turning to capital allocation. Our capital allocation priorities remain unchanged. We invest in the business at appropriate returns, maintain and over time grow our dividend and deliver shareholder returns while preserving flexibility for future value-enhancing actions, including share repurchases.

Following the Innovent transaction, which closed in the third quarter, our current BD capacity is approximately $6 billion. In the first nine months of 2026, we invested $9.2 billion in internal and external R&D and returned $7.3 billion to shareholders through our quarterly dividend. Our third quarter year-to-date 2026 operating cash flow was $8.8 billion, and leverage ended the quarter at 2.6x, slightly below our 2026 target of 2.7x. Given the impact of upcoming LOEs, we expect leverage to remain around current levels or modestly higher during the LOE transition period. We remain focused on maintaining a strong financial position while continuing to invest in innovation and support shareholder returns. In conclusion, I want to leave you with two key takeaways. First, operational excellence.

The non-COVID products continue to perform well, growing 7% operationally, and our launched and acquired products grew 32% operationally, providing further evidence of our strong capabilities and consistent execution. Second, financial discipline. We are improving operating efficiency while enabling increased pipeline investment in programs we believe offers the greatest potential for patients and shareholders. Together, this performance demonstrates that we are executing our strategy, managing the upcoming LOE transition, and strengthening the foundation for a return to growth towards the end of the decade. With that, I'll turn it over to Chris.

Thanks, Cecile. Across our four therapeutic areas, we made strong progress last quarter. I'll provide color on recent developments for some of these programs, starting with Elrexfio, our internally discovered BCMA bispecific, which has now delivered two positive phase III readouts in double-class exposed multiple myeloma. Most recently, in MagnetisMM-32, Elrexfio monotherapy demonstrated a statistically significant and clinically meaningful improvement in progression-free survival versus investigator's choice of three established standard of care regimens. This is important because the choice of three standard of care regimens provides a robust representation of how CD38 refractory multiple myeloma is treated today in a patient population that is growing as anti-CD38 therapy moves in the first-line setting. The results themselves were strong.

At the time of the interim analysis, more than 75% of patients receiving Elrexfio had not experienced disease progression or death from any cause, and the estimated 18-month progression-free survival rate was approximately 68%. Safety in MagnetisMM-32 was consistent with Elrexfio's known profile and also potentially differentiated. With infection prophylaxis measures incorporated from the start of MagnetisMM-32, rates of grade 3 or higher infections were lower than those observed in MagnetisMM-5, Elrexfio's first positive pivotal trial in double-class exposed multiple myeloma. For context, such infection prophylaxis measures were not in place at the start of MagnetisMM-5. These were instituted following early deaths due to infections that were concentrated in China and two other countries during a COVID wave, impacting the overall hazard ratio of MagnetisMM-5. MagnetisMM-5 data are expected at a medical meeting before year-end and will provide further information on efficacy and safety.

Taken together, these positive phase III results from MagnetisMM-32 and MagnetisMM-5 strengthen our confidence in moving Elrexfio into earlier lines of treatment. We are building a compelling case of fixed-dose Elrexfio monotherapy from first relapse, regardless of prior CD38 exposure. With additional pivotal studies in newly diagnosed multiple myeloma underway, Elrexfio's eligible patient population could grow approximately fivefold, pending clinical and regulatory success. Moving next to atirmociclib, our potential first-in-class, highly selective CDK4 inhibitor. Building on the leadership we established with Ibrance, we are advancing atirmociclib as a potential next-generation backbone for first-line and early HR-positive breast cancer. Our KAT6 inhibitor, prifetrastat, is being developed in later-line settings. Atirmociclib was designed in-house to improve upon CDK4/6 inhibitors, the current standard of care backbone for HR-positive breast cancer. A key limitation of this class is safety and tolerability, with CDK6 inhibition being a key contributor to adverse events.

We designed atirmociclib to maximize efficacy through greater CDK4 inhibition while improving tolerability by minimizing CDK6 engagement. Atirmociclib is 33x more selective for CDK4 versus CDK6, comparing favorably versus the standard of care. Here are two datasets fueling enthusiasm for atirmociclib. On the left are data presented at ESMO from the phase II FOURLIGHT-1 study of atirmociclib plus fulvestrant in patients with HR-positive, HER2-negative breast cancer. All participants had previously received a CDK4/6 inhibitor, and notably, 92% of atirmociclib participants were randomized within three months of discontinuing a CDK4/6 inhibitor. The atirmociclib regimen reduced the risk of disease progression or death by 40% compared to investigator's choice of fulvestrant or everolimus plus exemestane. These results in a population with highly refractory or resistant disease increase our confidence in our ongoing phase III trial of atirmociclib versus investigator's choice of CDK4/6 inhibitor in the first-line setting.

On the right are data for atirmociclib's phase II study in early breast cancer. With a combination of atirmociclib plus letrozole, 88% of participants' tumors demonstrated complete cell cycle arrest compared to only 18% versus letrozole alone. These results support our plan to combine atirmociclib with the selective estrogen receptor degrader giredestrant in a phase III early breast cancer trial expected to initiate within the next few months. This study design has been aligned with regulators, building on the expected approval for giredestrant in this setting. This slide shows FOURLIGHT-1 safety and tolerability data alongside results from pivotal studies of the three approved CDK4/6 inhibitors plus fulvestrant. These are cross-trial comparisons. Therefore, definitive conclusions cannot be drawn. These data further suggest that high CDK4 selectivity drives improved safety and tolerability, enabling continuous dosing, excellent adherence, and potentially greater efficacy.

Grade 3 or higher neutropenia was numerically lower with atirmociclib than with any of the approved agents, with no grade 4 or 5 neutropenia reported. Any grade diarrhea was lower than with abemaciclib and comparable to palbociclib and ribociclib. Dose reductions due to adverse events were 14% with atirmociclib compared to 32%-43% with the approved agents. Turning to tivunatamig, we are advancing an extensive program for this potentially best-in-class PD-1/VEGF bispecific antibody, with over 1,200 patients treated globally and a consistent safety profile. This includes two ongoing phase III trials, with two additional phase III trials expected to begin this year. Updated results at ESMO strengthen our confidence as we expand tivunatamig's development.

Since SITC 2025, confirmed response rate for the pivotal dose of tivunatamig plus doublet chemotherapy from the ongoing phase II study have risen by roughly 20 percentage points in non-squamous and squamous first-line non-small cell lung cancer. They now stand at approximately 80%, exceeding those of tislelizumab plus chemotherapy in this study. Median progression-free survival was nearly 14 months for both histologies, an improvement of roughly four to five months versus the comparators. Notably, tislelizumab's efficacy was consistent with historical phase III results for the leading PD-1 antibody pembrolizumab, which supports the relevance of the control arms. We are also encouraged by how tivunatamig efficacy and safety results compare with phase III data for the PD-1/VEGF bispecific antibody ivonescimab, while recognizing the limitations of cross-trial comparisons. Now for I&I, tilrekimig, a potential first-in-class trispecific antibody.

Tilrekimig was designed in-house to simultaneously target multiple complementary drivers of type 2 inflammation IL-4, IL-13, and TSLP. Phase II results in atopic dermatitis provide compelling proof of concept. At the top monthly doses, tilrekimig treatment led to placebo-adjusted response rate of about 50% for EASI75 to find a 75% or greater improvement in the eczema area and severity index. While cross-trial comparisons have limitations, these phase II data suggest the potential for superiority over dupilumab, the current standard of care biologic. These secondary endpoints in our ongoing phase III program are powered to test this hypothesis in a head-to-head setting. For safety, tilrekimig demonstrated a favorable profile. At subcutaneous doses up to 400 milligrams once every four weeks, the observed frequency of conjunctivitis and injection site reactions were lower than rates reported with dupilumab and comparable to placebo.

Beyond atopic dermatitis, tilrekimig offers a pipeline and a product opportunity, targeting pathways that are validated by approved therapies across nine different diseases. Late-stage studies are underway in severe asthma and moderate to severe COPD. Moving to our potential best-in-class pneumococcal conjugate vaccine program, building on Prevnar's 25+ year legacy of effectiveness and safety, we're advancing next-generation candidates designed for leading serotype and invasive disease coverage. In pediatrics, PCV25 delivered strong phase II results. All 20 serotypes shared with Prevnar 20 met the twofold post-dose four IgG criterion historically used to establish non-inferiority. Since the pediatric licensure of Prevnar 20 in 2023, the FDA established an updated, more stringent 1.5-fold non-inferiority criterion that is incorporated into our phase III design.

Given the phase II results and tighter confidence intervals expected with a much larger sample size in phase III, modeling predicts this criterion will be met for at least 22 of 25 serotypes in our pivotal study. Taken together with seroresponse data, functional OPA titers, and the totality of evidence approach to licensure, these results provide confidence as we aim to deliver a best-in-class pediatric pneumococcal vaccine protecting against serotypes that collectively cause an estimated 84% of invasive disease cases in U.S. children under five. This would represent an incremental increase of approximately 25 percentage points versus Prevnar 20. Our phase III program is well underway with the phase III lot-to-lot consistency study already fully enrolled. In adults, PCV35 extends the enhanced serotype three technology we validated with PCV25 to other key ser jobotypes, with a phase I start expected this year.

Looking ahead, we expect a strong cadence of regulatory decisions, data readouts, and pivotal study starts over the next 12 months. These include a readout from MEVPRO-1, which, based on the current event rate, is now expected in the first quarter of 2027. If successful, MEVPRO-1 could support approval for mevrometostat, our in-house discovered potential first-in-class EZH2 inhibitor for prostate cancer, expanding our franchise. With that, I'll hand it back to Albert.

Thank you, Chris. In closing, operational excellence is driving a commercial momentum across our key growth brands, and I would say importantly, with our launched and acquired products. Our capital allocation strategy, on the other hand, is designed to create long-term shareholder value. Our late-stage pipeline progress, with a significant number of pivotal readouts expected near term, is strengthening our opportunity to extend our leadership in key areas and make a difference for patients. I'm confident Pfizer is well-positioned for growth towards the end of this decade and for long-term shareholder value creation. We have line of sight to our aim of delivering a risk-adjusted high single-digit revenue CAGR from year-end 2028 through year-end 2033. Now we will move to Q&A, and operator, please assemble the queue.

Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star one to ask a question. Our first question today will come from Chris Schott with JPMorgan. Your line is now open.

Great. Thanks so much for the questions. I just had two pipeline ones. Maybe first on the trispecific, tilrekimig. How are you thinking about the positioning of this one in atopic derm as we consider, I guess, first-line versus second-line usage as we just think about the very strong data you presented versus a very well-entrenched standard of care? Maybe just a second part of that, could you just talk about the timelines for the indications beyond AD that you're pursuing? The second question was then just pivoting over to the upcoming phase I/IIa amylin and berobenatide combo data that we're going to see. Here, can you just help set some expectations about how you're thinking about that data and then the type of titration schedule that's being used in that study, just to help us kind of frame out what we're going to see with that readout?

No, thank you. Chris, would you like to cover the timelines of trispecific and, of course, the amylin and berobenatide questions? Then maybe, Alexandre, you can speak a little bit about the commercial positioning.

Thank you very much for the question. So, as you know, we've now started the phase III program for tilrekimig in atopic dermatitis, two studies. One of those studies include a head-to-head against dupilumab, and we also started the phase II/III study, a continuous design for COPD, and phase III studies for severe asthma, with expected readouts in 2028 and 2029. Regarding amylin GLP-1, as you're aware, the SOLIS-1 study has now completely recruited. That is the robustly designed phase IIb study for amylin single agent and amylin plus berobenatide in different doses and different titrations. We expect the readout for that study for efficacy the second half of 2027. The ongoing phase I/IIa study, we'll give an update at the end of this year, recognizing that study was designed for safety and PK, clinical pharmacology, not for efficacy.

Thank you. What about the positioning of the trispecifics? How do you think about it?

Yes, Chris, thanks for the questions. I think we all know that this is a very large category. What we have learned with our Cibinqo and overall dermatology franchise is there is a lot of patient profile that requires different type of therapy, and we see that very much with the JAK versus the mAb, and we see that there are some patients that actually move from one to the other, the drop-offs. There is a lot of circulation of those patients. We are building capabilities across U.S. and internationals, and we see that we are making good progress. For instance, as you saw in this quarter, in international, we reached $100 million combined between our two assets in dermatology for the quarter. So, we start having a nice phase.

As I said, as we move into the result of the study, we will be able to actually capture some of those lapsed patients and naive patients with a very specific profile that we are defining. So, first in class, strong efficacy, and clearly unmet medical need in this category.

Thank you very much. Next question, please.

Our next question comes from Dave Risinger with Leerink Partners. Please go ahead.

Yes, thanks very much. I wanted to say congratulations to Cecile Guegan on your new role as CFO of Pfizer, and look forward to working with you. My question is on U.S. net price in the third quarter and going forward. Could you comment on any gross-to-net benefits to net sales in the third quarter, including from any 340B scrubbing, and discuss U.S. net price prospects looking forward in the near term? Thank you.

Thanks very much, first, for your good wishes. I think related to the pricing in Q3, with the exception of, as we were expecting, the impact on Eliquis, which started in Q3, of the January price decrease, I would say there is not really any very material change into our gross-to-net dynamics during the third quarter. The performance that we are seeing is, for the most part, driven by strong market performance and volume, rather than dynamics around the gross-to-net.

As we are looking into the future, obviously, I'm not commenting today on 2027, but we will obviously reflect into our guidance for 2027 the various dynamics that we are seeing, being IRA, with two of our products entering into the MFP in 2027, and any of the dynamics around the 340B impact and changes, including the credit rebate model implemented starting in January, and also, obviously, some of the MFN impacts that we have following the agreement we have with the government. But as a summary, the performance into Q3 is really a reflection of the strong execution rather than dynamics around gross-to-net that we don't see.

Very well. Thank you very much. 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. Albert, there's clearly been a lot of progress on SG&A improvements over the last couple of years, and I acknowledge that. It's not step function, but there's been improvement. I recall Dave, before he moved on, had mentioned that majority of the total net cost savings of $7.2 billion will be delivered by the end of 2026. When I look now back at the Pfizer P&L, I'm seeing SG&A and R&D was about $24.5 billion back in 2022. It's about the same in 2026 as well. I acknowledge R&D's gone up a bit, SG&A has come back a bit, but the broader dynamics on OPEX are still broadly in that $24 billion-$25 billion camp. I guess, how do you think about that heading into the dividend integrity, the cost lever heading into patent expiries? Thank you.

Cecile, why don't you take this question?

Yeah. As I mentioned earlier, we are on track to delivering the $7.2 billion of savings that we had implemented as part of our first phase of the cost improvement programs. Those savings were in different places. It is one, in our manufacturing footprint or cost. Two, in R&D, but reinvested. We are indeed increasing our R&D investment in order to support the pipeline product and programs that we have, in addition to, obviously, the acquisition that we made. Then on the SI&A side, mostly coming from the commercial and marketing expenses, as well as G&A. What we are seeing today in our operating expenses, and I would then relate to just the third quarter, which had some one-time dynamics that drove the SI&A up. We are still expecting, based on guidance, to see a decline in SI&A versus last year.

That is the first piece that I would say. Going forward, we have announced our second phase of the program with a $2.5 billion of savings, both in SG&A and in our cost of manufacturing. Those will translate into savings. We are expecting to see those translating and mitigating the margin erosion as part of the LOE transition in 2027 to 2029.

Thank you very, very much, Cecile. Next question.

We will go next to Akash Tewari with Jefferies. Your line is now open.

Hey, thanks so much. Just a couple. I know in the spring, you had a kind of 45, 50 patient biomarker analysis on your STAT6, and you were going to make a decision on whether to go from stage one to stage two. Is there an update on that program, and really, how do you think about TARC reduction and biomarker reduction to what we've seen with some of the degraders? Then, on your GLP-1 amylin, I think your phase I/II, you just updated on ClinicalTrials.gov to 201 patients. I think it was originally planned to be closer to 400. Any color on what drove that decision with the amylin GLP-1 combo with Metsera? Thank you.

Okay. Thank you very much. So the first on STAT6, potentially first-in-class on STAT6 programs. Thanks for the question. This is an area very important for us for the I&I portfolio. As we previously stated, we've adapted the program to incorporate some additional DDI studies, so we should give you a readout for the STAT6 later this year. Regarding the amylin and berobenatide, as I stated earlier, the SOLIS-1 study is fully recruited. That study is for efficacy reading of end of next year, and the phase I/IIa study was adapted for the additional PK studies we are doing, but there's nothing really, nothing material changed to the trial.

We'll go next to Vamil Divan with Guggenheim. Your line is now open.

Great. Thanks for taking my questions. Again, maybe on the pipeline. One, we noticed that you posted a new phase I trial for your PI3K inhibitor on clinicaltrials.gov last week. Heard what you said around atirmociclib and your CDK6. Curious if you can maybe just talk about how you see that asset fitting into your broader breast cancer strategy. Then the other question maybe coming from ESMO, we saw the VOLGA data that AstraZeneca released that could suggest maybe less need for the use of fewer cycles of Padcev in patients with bladder cancer. Curious if you have any sort of reactions to that data set or how it might impact how you think the use of Padcev may play out in the future. Thanks.

Yes. So firstly on the PI3K, we started a phase I study on an internally discovered PI3Kα inhibitor. Reminder that mevrometostat with enzalutamide is also Pfizer-discovered medicine. We have an ongoing clinical trial with Relay with the PI3Kα alpha, pan-alpha isoform-selected inhibitor called zovegalisib, also in combination with atirmociclib. The advantage of atirmociclib is we do not see DDIs, which has been experienced with all the other CDK4/6 inhibitors combining with the PI3Kα. So it's a potentially significant advantage, to your point, up to 40% of breast cancer, ER-positive breast cancer, up to 20%-25% of HER2-positive breast cancer will harbor a PI3Kα mutation. So it's an important area for us. The second question was on the VOLGA data. I'll start briefly. Firstly, this reinforces the use of Padcev for muscle-invasive bladder cancer. It reinforces the use of Padcev in combination with the PD-1 for muscle-invasive bladder cancer.

It also reinforces the confidence we have in the study we've just started, EV-309, which is bladder-sparing Padcev, pembrolizumab in a bladder-sparing setting, as well as the ongoing planned phase III trial with Padcev plus cabozantinib, which should also start later this year. I just want to remind on the VOLGA study, this was a no-cisplatin-eligible population. Pathological complete remission was lower than what we've seen with pembro plus Padcev, which is important, including slightly lower event-free survival. Most importantly, this is a curative intent setting, so we're not clear yet which patients can be de-escalated. So that's important for physicians, who can you actually give less therapy to? Thank you.

We'll go next to Evan Seigerman with BMO Capital Markets. Your line is now open.

Okay. Hi, guys. Thank you so much for taking my question. Cecile, as you inherit the capital allocation framework established by your predecessor, how do you think about the marginal dollars that you can invest from here between internal R&D and other bolt-on? You talked about BD capacity, deleveraging, and eventually restarting buybacks. Where do you currently see the highest prospective return for shareholders?

Thanks, Evan. Our priorities are clear, and they are not changing versus what was in place. I think we have a solid plan to get us through LOE and post-LOE. Our priorities, invest for growth, maintain and grow our dividend over time, and then keep a strong balance sheet. Through the LOE period, our operating cash flow, financial asset, and access to capital market will give us the ability to continue to invest and maintain the dividend. As we go post-LOE period, our operating cash flow grows with the levers, and we have other options to continue to increase shareholder value. In that situation, share repurchases become, again, one of the levers that we have in order to be able to continue and enhance that shareholder right.

We'll go next to Steve Scala with TD Cowen. Please go ahead.

Oh, thank you. Two questions. Given the pushout of MEVPRO-1, were there any changes to MEVPRO-2 and -3 timelines? That's the first question. Second question is for Cecile. You started at Pfizer when Warner-Lambert was being consolidated, have been through the acquisitions of Pharmacia, Wyeth, and Seagen, and many BD deals, including that for Eliquis. I think it could be argued that Pfizer's most successful products have come through deals. In each of those years, as it is now, Pfizer viewed its pipeline as very good. Given this history, why doesn't Pfizer make another big deal its primary focus? Or would you say that the pipeline is significantly better now than at any time in the last 25 years? Thank you.

Good question. Cecile, what do you think?

Thank you. Just for the record, I came with Wyeth. I do not have the history on all the deals, but I think Wyeth was one of the best acquisition that we did, and I have seen since then a transformation of Pfizer and the strengthening definitely of our pipeline over the last 25 years. What I would say is, in terms of our priorities, Albert reiterated earlier, we have invested very significantly over the past few years in a key transaction and key acquisition that are today already driving success. We are talking about Padcev, we are talking about Nurtec, and we see a lot of opportunities that still remains in the pipeline in Seagen, in Metsera. So we have a lot to execute both commercially and on an R&D side and on the commercial side.

Really, as we look at BD going forward and considering our capital allocation priorities, our focus is really on more bolt-on acquisitions that are going to complement the large and rich portfolios that we have in the four therapeutic areas that we are adding. Looking at a BD acquisition is obviously strategically aligned, building upon our expertise, and then obviously providing the financial returns, appropriate returns that we would be expecting.

Thank you, Cecile. Chris, you want to comment a little bit on the timelines of MEVPRO, and given the interest on the product, maybe Aamir also you say a few things about the potential.

Thank you very much. I'll be brief. Since we last spoke about it, the timelines have been updated for MEVPRO-1 and MEVPRO-2. A reminder, these are event-driven studies, so it's based on when we expect events to happen. So MEVPRO-1 will now read out Q1 2027, and MEVPRO-2, Q3 2027. As you've seen at ESMO, we've got additional data, including compelling 8.9 months PFS. Just to correct, MEVPRO-2 is actually Q4 2027, the updated in clinicaltrials.gov. Thank you.

Yeah. I think MEVPRO-1 you expect around February.

The readouts. This is the projections right now based on the way that events are accruing. Aamir, why are we so excited about MEVPRO in terms of the commercial opportunity?

I think three things are probably why we're excited. One, I would just remind everybody that our current commercial footprint is anchored in the U.S. alongside Astellas, but MEVPRO for us is a fully global opportunity in the U.S. and outside the U.S. So that is very significant and exciting. Second, as Chris mentioned, MEVPRO-2 and 3, across MEVPRO-1, 2, and 3, I think we have the potential to position MEVPRO as a multi-indication franchise. That gives us lots of surface area to compete in. And finally, if we just think of the total patient populations, we're talking about over 50,000 in the U.S., close to 50,000 in the EU4 and U.K., another 14,000 in Japan, and 30% of that population could be addressed even with MEVPRO-1. So there's a significant patient population, a global opportunity, and clearly an area that we have deep commercial expertise.

Those are the things that get us excited about it.

Thank you, Aamir. And sometimes people forget that Xtandi, which is one of our very big and strong products, we basically have half of the Xtandi in the U.S., and that's it. Here, we are going to have the whole U.S. and the whole global international market. Next question, please.

We'll go next to Geoff Meacham with Citi. Please go ahead.

Great. Morning, everyone. Thanks so much for the question. Just had two. The first bigger picture, Albert, from a policy perspective, I know obviously hard to have certainty on, especially given today, but as you look to 2027, what are your thoughts on the potential risks of changes to MFN or perhaps greater scrutiny on the prior OUS agreements? The second question for Chris on berobenatide. You guys have started a lot of studies across metabolic indications and beyond obesity, diabetes. Want to get your thoughts on expanding berobenatide as a combo strategy into inflammation or neuroscience or even oncology, for example. Obviously, the science is really evolving here on GLP-1 synergies. Thank you.

Thank you, Geoff. On the policy perspectives, clearly policy affects a lot our industry, and we are monitoring it very carefully. We are waiting to see what will happen today in the elections. I think that in any case, it looks like we will have a split government. I do not think that many things can move legislation-wise. I do not expect any changes in MFN. I think the agreements are signed and are going until the end of the term of this government. I expect that there will be a renewed interest in the Congress to investigate several things. I do not expect policy changes, frankly. It is a very big contrast vis-a-vis what I was telling you a year ago. In 2025, I was really scared about the implications that either tariffs or MFN could have.

I think through the successful navigation of those issues, we brought the stability that it is now projected to last, and has brought, I think, this confidence back to the investors to invest in the industry in our sector. Now, with that, I will turn it to Chris to comment on the GLP-1 and other things.

Yeah, I will just quickly start. Our goal is initially to establish berobenatide as a potentially best-in-class monthly subcutaneous GLP-1 for obesity, and this is globally. We are starting, as you have seen, additional studies now for knee osteoarthritis, as well as for obstructive sleep apnea with or without PAP. We also will announce additional phase III studies in the coming months. In 2027, you are absolutely correct, we hope to announce some additional studies looking at the backbone of our portfolio, including I&I, potential in oncology, you are right, this is an interesting area. You will also see the acceleration of phase I programs and current programs that is pre-clinically that is highly differentiated in this space. Thank you.

We'll go next to Alex Hammond with Wolfe Research. Your line is open.

Thank you. Two from me. As you look at Sciwind Biosciences' GLP-1 launch in China, how are both the obesity and the diabetes markets playing out so far, and how is that shaping your thoughts on the commercial opportunity for berobenatide OUS? On the Lyme disease vaccine, can you update us on the regulatory path forward following the recent submission in Europe? How are your discussions with the FDA progressing, and are there any meaningful differences between the FDA and EMA? Thank you.

I'm not sure I understood the second question.

Pfizer (PFE) Q3 2026 Earnings Call Transcript

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