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(Filed on May 5, 2026)
+5.4%
75.4%
$1.7B
Pfizer completed its $8.0 billion acquisition of Metsera (Nov 2025), a clinical-stage obesity/cardiometabolic company, with contingent value rights of up to $2.3 billion tied to Phase 3 start of the MET-097i+MET-233i combination, FDA approval of monthly MET-097i monotherapy, and FDA approval of the monthly combination. The Metsera contingent consideration liability rose $295 million in Q1 2026 to $2.0 billion, reflecting updated probability-weighted valuations. Pfizer also announced in February 2026 an in-licensing deal with Sciwind Biosciences granting Pfizer exclusive commercialization rights for the GLP-1 agonist ecnoglutide in Mainland China, with Sciwind eligible for up to $495 million in upfront, regulatory, and sales milestones. Pfizer targets ~$600 million in annual cost synergies from the Metsera integration by end-2026, with ~$700 million in one-time integration costs primarily through 2027.
Effective January 1, 2026, Pfizer reorganized its commercial operations into two operating segments (Biopharma and PC1, following the 2025 wind-down of Pfizer Ignite) and created a new Global Hospital and Biosimilars Division within Biopharma, transitioning off-patent branded and generic sterile injectables and biosimilars out of the Specialty Care and Oncology portfolios. The Biopharma segment now comprises a U.S. Commercial Division, an International Commercial Division, and the new Hospital and Biosimilars Division. Goodwill reallocation among reporting units under the new structure is in progress and expected to be completed in fiscal 2026.
Q1 2026 total revenues rose 5% to $14.5 billion (operational +2%, FX +3%); excluding Comirnaty and Paxlovid, revenues grew 7% operationally. Key operational drivers included Padcev (+39% to $591M on la/mUC market share gains and MIBC launch momentum), Nurtec ODT/Vydura (+41% to $353M), Lorbrena (+32% to $305M on first-line ALK+ NSCLC uptake), Eliquis (+8% operationally to $2,166M), and Abrysvo (+31% to $180M). COVID-19 product revenues declined sharply: Comirnaty fell 59% to $232M and Paxlovid fell 63% to $186M, driven by lower contractual deliveries, narrower U.S. vaccination recommendations, and reduced infection rates. Remaining performance obligations for Comirnaty and Paxlovid supply contracts were ~$2.1 billion and ~$948 million respectively, with expected delivery primarily 2026–2028.
In product development, Veppanu (vepdegestrant, in collaboration with Arvinas) received FDA approval in May 2026 for ER+/HER2- ESR1-mutated advanced/metastatic breast cancer; Pfizer and Arvinas are seeking a third-party commercialization partner. Regulatory filings were submitted for Tukysa (maintenance in HER2+ breast cancer with trastuzumab/pertuzumab; U.S. Feb 2026, EU Apr 2026) and Padcev (perioperative muscle-invasive bladder cancer with pembrolizumab; U.S. Apr 2026). Enrollment in the PF-07872412 (osivelotor) next-generation pneumococcal conjugate vaccine program resumed in Q1 2026 after the FDA lifted a partial clinical hold in 2025, permitting enrollment outside sub-Saharan Africa.
Pfizer's enterprise-wide Realigning Our Cost Base Program (total expected cost ~$5.3 billion) had incurred $4.3 billion through Q1 2026, with Q1 restructuring charges of $49 million (vs. $621 million in Q1 2025). The program is on track for ~$5.7 billion in cumulative net savings through 2026. The Manufacturing Optimization Program (~$1.4 billion total cost, $1.1 billion incurred) is on track for ~$1.5 billion in net cost savings by end-2027. Separately, on April 2, 2026, the U.S. announced Section 232 tariffs of up to 100% on imported patented pharmaceuticals, phasing in July 31, 2026, with exemptions for U.S. manufacturing commitments; Pfizer's application remains subject to final negotiation of its tariff agreement with the U.S. Government. On March 31, 2026 (Q2 2026), Pfizer completed the exit of its 11.7% ViiV investment for $1.875 billion in cash (carrying value zero).
(Filed on February 26, 2026)
-1.2%
70.0%
$1.1B
Completed the Metsera acquisition on November 13, 2025 for a total fair value of $8.0 billion ($65.60/share cash plus a CVR of up to $20.65/share tied to Phase 3 start, FDA approval of monthly MET-097i monotherapy, and FDA approval of the MET-097i+MET-233i combination in obesity/cardiometabolic diseases). Provisionally recorded $8.0 billion of IPR&D and $2.2 billion of goodwill; expects ~$600 million in annual cost synergies by end of 2026 with ~$700 million in one-time integration costs through 2027.
Announced a voluntary agreement with the Trump Administration in September 2025 to implement MFN-style drug pricing for U.S. patients, participate on the TrumpRx.gov platform (offering discounts up to 85%, averaging ~50%, on the large majority of primary care and select specialty brands), and receive a three-year grace period from Section 232 tariffs conditional on further U.S. manufacturing investment; Pfizer stated it was in the process of entering binding final agreements as of the filing date.
In October 2025, the EMA adopted a negative benefit-risk opinion on Oxbryta (voxelotor) for hemolytic anemia due to sickle cell disease, recommending the marketing authorization remain suspended following the September 2024 voluntary global withdrawal; Pfizer's engagement with the FDA in the U.S. remained ongoing.
In December 2025, entered an exclusive global in-licensing agreement with YaoPharma for YP05002, a Phase 1 GLP-1 receptor agonist for chronic weight management, with a $150 million upfront payment, up to $1.935 billion in development/regulatory/commercial milestones, and tiered royalties; also in December 2025, withdrew the U.S. filing for sasanlimab (high-risk non-muscle invasive bladder cancer) to allow additional data collection and analyses.
The FDA approved Padcev (enfortumab vedotin) in combination with pembrolizumab in November 2025 as perioperative treatment for adult patients with cisplatin-ineligible muscle-invasive bladder cancer; the filing also notes that in November 2025, Pfizer and BMS filed a patent infringement action against Azurity Pharmaceuticals over a proposed generic Eliquis, asserting a formulation patent expiring in 2031.
In December 2025, the European Council and European Parliament reached agreement on the EU Pharma Package, the most significant reform of EU pharmaceutical legislation in 20 years (covering regulatory exclusivity, microbial resistance incentives, IP exemptions for generics, and marketing authorization procedures); most provisions are expected to apply from 2028 following a two-year transition. Separately, effective January 1, 2026, Pfizer restructured its Biopharma commercial organization to create a new Global Hospital and Biosimilars division consolidating off-patent sterile injectables and biosimilars previously housed in Specialty Care and Oncology portfolios.
(Filed on November 4, 2025)
-5.9%
74.9%
$1.3B
Pfizer announced in September 2025 a definitive agreement to acquire Metsera (obesity/cardiometabolic pipeline) at $47.50 per share in cash (~$4.9B enterprise value) plus a contingent value right of up to $22.50/share tied to Phase 3 start and FDA approvals of its GLP-1/amylin programs. The FTC granted early termination of the HSR waiting period in October 2025, and all required regulatory approvals have been obtained. In October and November 2025, Pfizer filed lawsuits in Delaware against Metsera and Novo Nordisk over a competing Metsera acquisition proposal announced by Novo Nordisk on October 25, seeking a temporary restraining order to block termination of the merger agreement and alleging breach of contract, breach of fiduciary duty, tortious interference, and antitrust-related claims.
In July 2025, Pfizer completed an exclusive global ex-China in-licensing agreement with 3SBio for SSGJ-707, a PD-1/VEGF bispecific antibody in clinical trials for NSCLC, mCRC, and gynecological tumors in China. Pfizer paid a $1.25 billion upfront fee, is eligible for up to $4.8 billion in development/regulatory/commercial milestones and tiered double-digit royalties, and recorded a $1.35 billion charge in Q3 2025 acquired IPR&D. Pfizer also paid $100 million for an option to extend exclusive rights to China (plus up to $50 million exercise fee) and made a $100 million equity investment in 3SBio.
In September 2025, Pfizer announced preliminary agreements with the U.S. government to implement voluntary drug-price measures aligning U.S. prices with other developed countries, participate in the TrumpRx.gov direct-purchasing platform offering patients discounts of up to 85% (average 50%) on the large majority of primary care and select specialty brands, and receive a three-year grace period on Section 232 tariffs conditional on further U.S. manufacturing investment. Definitive agreements remain under negotiation as of the filing date.
Pfizer's enterprise-wide cost programs continue: the Realigning Our Cost Base Program (expanded in Q1 2025 for R&D reorganization and Q2 2025 for additional SI&A digital/AI-driven productivity) now carries expected total costs of ~$5.3 billion through 2027, of which $3.7 billion had been incurred through September 28, 2025, and is projected to deliver ~$5.7 billion in net cost savings by end-2027; the Manufacturing Optimization Program has incurred ~$1.0 billion of ~$1.4 billion first-phase costs and is on track for ~$1.5 billion in net savings by end-2027. Effective January 1, 2025, Pfizer dissolved its Oncology Division, folding U.S. Oncology commercial and global Oncology marketing into the Pfizer U.S. Commercial Division and combining global Oncology R&D with Pfizer R&D into a single R&D organization; Pfizer also decided in 2025 to discontinue and wind down the Pfizer Ignite business.
Several late-stage SCD and oncology programs faced material setbacks: the Phase 3 THRIVE-131 study of inclacumab (P-selectin inhibitor) for SCD missed its primary endpoint of reducing vaso-occlusive crises in August 2025, resulting in a $260 million IPR&D impairment in Q3 and removal of the program from the pipeline; the EMA adopted a negative benefit-risk opinion on Oxbryta (voxelotor) in October 2025, recommending the marketing authorization remain suspended following Pfizer's September 2024 voluntary global withdrawal, while FDA engagement remains ongoing; and the FDA partially lifted its December 2024 clinical hold on osivelotor, permitting enrollment outside sub-Saharan Africa. In oncology, a $210 million impairment was recorded for a KRAS G12D Phase 2 out-licensed asset discontinued by the partner, and Arvinas and Pfizer jointly agreed in September 2025 to out-license commercialization rights to vepdegestrant (ER+/HER2- breast cancer) to a third party.
Key regulatory and commercial milestones in the quarter included FDA approval in August 2025 of the Comirnaty 2025-2026 Formula (LP.8.1) for adults 65+ and ages 5-64 with underlying conditions, with prior EUAs revoked; a September 2025 ACIP vote to recommend 'shared clinical decision making' for all FDA-approved COVID-19 vaccines, narrowing the U.S. eligible population for Comirnaty (Q3 Comirnaty revenues declined 20% operationally to $1.15 billion); an October 2025 NDA filing for Padcev (enfortumab vedotin) in combination with pembrolizumab for cisplatin-ineligible muscle-invasive bladder cancer; and Japan approval of Nurtec ODT/Vydura (rimegepant) for acute and preventive migraine. Q3 Paxlovid revenues declined 55% operationally to $1.23 billion driven by lower infection rates and the non-recurrence of a prior-year U.S. stockpile purchase.
