Here’s What Analysts Asked About Pfizer’s Outlook on Its Full-Year 2026 Guidance Call

December 19, 2025

Earlier this week, Pfizer’s Chairman and Chief Executive Officer, Dr. Albert Bourla, and Chief Financial Officer, David Denton, discussed the company’s full-year 2026 guidance. Following their remarks, the team answered questions from analysts, addressing, among other topics, Pfizer’s strategy and positioning in obesity, operational levers to drive performance in the year ahead, and anticipated upcoming clinical trials readouts.

Here is a recap of several of the questions on the call and the responses from the Pfizer team, as well as certain additional background and context on each topic:

Asad Haider of Goldman Sachs asked about Pfizer’s obesity strategy given the evolving market landscape.

Albert Bourla discussed the company’s obesity strategy, through which the company aims to become a significant leader in the next generation of therapies for chronic weight management. Upcoming efforts will build on our recent Metsera acquisition, our new exclusive global collaboration and licensing agreement with YaoPharma, and other Pfizer internal development programs that include our GIPR antagonist candidate.

Earlier in the call, Dr. Bourla explained, “With Pfizer's proven scientific,commercial, and manufacturing capabilities, we believe we are in a strong position to help address substantial unmet patient need in obesity and many adjacent cardiometabolic conditions.”

With respect to market dynamics and the significant growth of the international cash-based segment, Dr. Bourla noted that Pfizer’s global commercial footprint and established relationships with healthcare authorities and physicians position the company to capitalize on this demand across markets. In addition, our robust and diverse obesity portfolio supports the potential for best-in-class efficacy and flexible dosing options.

Evan Seigerman of BMO Capital Markets asked about key levers expected to support performance in 2026.

David Denton emphasized Pfizer’s continued focus on cost improvement programs, noting that we remain on track to deliver about $7.2 billion in total combined net cost savings, with the majority now expected by the end of 2026.

Looking ahead, we expect our disciplined financial approach, ongoing productivity enhancements, and newly launched and acquired products to partially offset Pfizer’s future LOEs, which are primarily anticipated to occur in 2026 through 2028.

Denton added that this approach also supports the potential for strong growth by the end of the decade, stating, “Once '28 is behind us, the vast majority of those LOEs are done, and the growth drivers that we invest in over the next several years will be maintained, and that should allow us to begin to accelerate the top line.”

Chris LoBianco of TD Cowen asked about important upcoming clinical readouts that Pfizer expects.

David Denton noted that key upcoming readouts are expected for several assets, including:

PADCEV, for which Pfizer earlier this week announced positive topline results in combination with a PD-1 inhibitor highlighting significant improvements in survival for patients with muscle-invasive bladder cancer who are eligible for cisplatin-based regimens.
Met-097i, an injectable GLP-1 receptor agonist acquired in the Metsera deal with potential for both weekly and monthly dosing.
ELREXFIO, which is approved to treat certain patients with triple class exposed relapsed or refractory multiple myeloma and is being studied for additional indications.
Sigvotatug vedotin, which is being developed to potentially address unmet needs in non-small cell lung cancer.
Lyme disease vaccine candidate, which, if successful in clinical trials and approved, may become the only vaccine available to help protect against Lyme disease.

Denton added that Pfizer expects to have more details to share as we head into 2026. Explore the latest milestones for certain of our current pipeline candidates on our Key Pipeline Milestones page.

Carter Gould of Cantor Fitzgerald asked about Pfizer’s dividend strategy.

David Denton explained that the dividend remains a critical component of our capital allocation strategy, with a continued focus on maintaining – and over time, growing – the dividend.

As Denton noted, “We believe the current dividend level ensures an attractive dividend yield for our shareholders while preserving financial flexibility to continue to invest in the business as well as enhance long-term shareholder value.”

A transcript and webcast replay of Pfizer’s Full-Year 2026 Financial Guidance conference call is available on the company’s Investor Relations website. You can also see the press release for additional information regarding the company’s financial guidance details and assumptions.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, including our financial guidance, our product and pipeline advancements, our strategic priorities, our dividend strategy and our efforts to enhanced shareholder value, speak only as of the original date they were made and are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC's website.

Forward-looking statements included herein are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC’s website.

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