Pfizer Q2 2026: adjusted EPS beat, revenue guidance midpoint raised
Pfizer's second quarter looks ugly on the GAAP line — a $248 million net loss and $(0.04) per share — but that red ink is almost entirely a $4.3 billion non-cash impairment charge. Adjusted EPS of $0.77 beat the $0.6914 consensus, revenue rose 3.0% to $15.03 billion, and Pfizer raised the midpoint of its 2026 revenue guidance. Read the quarter as a beat-and-raise wrapped in an accounting loss.
1 · Expected vs. Actual
Free preview belowGAAP showed a net loss of $248 million and $(0.04) per share, while adjusted EPS was $0.77 against a $0.6914 consensus — roughly 11.4% above the Street. The gap between the two lines is mostly $4.3 billion of certain asset impairments, partly offset by a $1.87 billion gain on the sale of the ViiV Healthcare stake. Adjusted EPS was effectively flat versus $0.78 a year ago.
Revenue came in at $15.03 billion, up 3.0% reported and 1.0% operationally from $14.65 billion a year earlier. Strip out Comirnaty and Paxlovid and growth is 5.0%; launched and acquired products grew 18.0% operationally. Gross margin slipped to 72.8% from 74.2%, which Pfizer attributes to an unfavorable sales mix and higher amortization of acquired inventory.
Log in to read 5 analyses a week for free
Create a free account to read 5 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.