Pfizer (PFE) · Q3 2026 results and valuation

At −14.8% growth a year (3-year revenue growth), the model's fair value is $0.23 a share — the stock trades 12765% above it. Today's price assumes 9.4% growth a year.

1. Guidance ↑

   Pfizer is raising its guidance for full year 2026 revenue and adjusted earnings per serve.

2. Guidance

   Pfizer is reaffirming its expectation of approximately four billion dollars for the COVID products with the majority of the cumulative revenues expected in the fourth quarter consistent with the vaccination season.

3. Figure

   As you know, over the last few years, Pfizer has invested close to $80 billion in transactions that have equipped us with key products...

4. Fading

   Pfizer started 9 trials, including 2 Phase III studies

   Source quote

   “Since in-licensing from 3SBio about a year ago, we started 9 trials, including 2 Phase III studies. Of note, the ongoing Phase I dose escalation study of 4404 in combination with SV is showing early and encouraging response rates. We have expanded the program's global reach with approximately 230 patients dosed outside of China to date and are encouraged that the safety profile has remained consistent.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“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.”

“Revenues from our non-COVID product delivered solid growth, while product mix, productivity and cost management supported margin expansion and enabled continuous investment across a robust pipeline.”

“Our pipeline strategy is grounded in discipline prioritization and accelerated execution, and we are confident that we are advancing our most significant opportunities for future patient impact and growth.”