← Who reports today · Health Care
PFE · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A paper loss over a healthy core — the $248M GAAP loss is entirely non-cash impairments ($3.8B for a failed lung-cancer Phase 3 plus $525M for Oxbryta), while underlying revenue grew 5% operationally ex-COVID, adjusted EPS held at $0.77, and full-year revenue guidance was raised by $500M.
- Total Revenues +3% — a favorable foreign exchange impact of $217 million and operational growth of $164 million
Source
«Second-quarter 2026 revenues totaled $15.0 billion, an increase of $381 million, or 3%, compared to the prior-year quarter, reflecting an operational increase of $164 million, or 1%, and a favorable impact of foreign exchange of $217 million.»
press release, 8-K
All figures in $M.
| Line item | Amount and change |
|---|---|
| Product Revenues | $11,863 · -1% |
| Alliance Revenues | $2,697 · +19% |
| Royalty Revenues | $474 · +11% |
| Total Revenues | $15,034 · +3% · +1% operational · ex-COVID +5% |
| Tax Benefit | $407 · ETR 62.4% on pretax loss |
| Discontinued Ops | $8 |
| Net Loss (GAAP) | $248 · vs +$2,910 · Diluted LPS −$0.04 · Adjusted EPS $0.77 |
| Cost of Sales | $4,092 · +8% · 27.2% of revenues |
| Selling, Info & Admin | $3,411 · flat |
| R&D | $2,809 · +13% · Oncology & obesity candidates |
| Acquired IPR&D | $16 |
| Amortization of Intangibles* | $1,185 · -2% |
| Restructuring & Acq. Costs | $457 · vs −$18 |
| Other Deductions, net* | $3,716 · vs $739 · Impairments $4.3B less ViiV gain |
| Noncontrolling Interests | $10 |
Verdict: a paper loss over a healthy core — the $248M GAAP loss is entirely non-cash impairments ($3.8B for a failed lung-cancer Phase 3 plus $525M for Oxbryta), while underlying revenue grew 5% operationally ex-COVID, adjusted EPS held at $0.77, and full-year revenue guidance was raised by $500M.
Loss quarter (mirror layout): left side shows where the money came from — revenue, tax benefit and the net loss itself; right side shows what it covered. Adjusted diluted EPS $0.77 (vs $0.78) · FY26 guidance: revenue raised $500M at midpoint, adj. EPS $2.80–3.00 reaffirmed.
Source and notation
* marks non-cash / ≈ estimated. Source: Pfizer press release, 8-K EX-99 (SEC EDGAR).
Open as an image: PFE, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “PFE Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/pfe/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/pfe/q2-2026"><img src="https://whoreportstoday.com/t/pfe/q2-2026/sankey.png" alt="PFE Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/pfe/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/pfe/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/pfe/q2-2026">PFE Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- The GAAP loss is manufactured by one line: Other deductions of $3.7B (vs $0.7B a year ago), dominated by a $3.8B in-process R&D impairment for sigvotatug vedotin after unfavorable Phase 3 results in lung cancer, plus $525M for Oxbryta rights after the FDA left no viable path back to the U.S. market — partially offset by a net gain on selling the ViiV Healthcare stake.
- The tax line is a $407M BENEFIT (effective rate 62.4% on the pretax loss) because the impairments fell in high-tax jurisdictions — it funds part of the expense side in the mirror layout.
- Revenue rose 3% reported but only 1% operationally; excluding Comirnaty and Paxlovid it grew 5% operationally, and 'launched & acquired products' grew 18% — the post-COVID portfolio is doing the work.
- Growth drivers: Eliquis +19% (U.S. pricing dynamics and global demand), Padcev +23%, Vyndaqel family +8%, Lorbrena +37%; drags: Paxlovid −95% and Comirnaty −34% on lower COVID infections and narrower vaccination recommendations.
- R&D spending rose 13% operationally on oncology and obesity candidates — the strategic pivot is visible in the cost base; SI&A was held flat.
- Restructuring swung to a $457M charge (vs an $18M credit a year ago) on the enterprise-wide cost realignment program.
- Full-year 2026: revenue guidance raised by $500M at the midpoint; adjusted EPS of $2.80–3.00 reaffirmed while absorbing ≈$0.10 of impact from the Innovent Biologics transaction.
What distorts the picture in this report and what to watch beyond the headlines.
PFE — Pfizer is a pharmaceutical company developing and manufacturing medicines and vaccines for various therapeutic areas.
It is based in New York City and operates worldwide.
Heads-up
- a net loss in Q2 2026 ($248 · vs +$2,910)
Net loss for Q2 2026: $248M. In the report's figures: costs grew faster than revenue: r&d +13% y/y. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗More reports: PODD · Q2 2026 · REGN · Q3 2026 · RMD · Q1 FY2027 · RVTY · Q3 2026 · SOLV · Q2 2026 · STE · Q1 FY2027 · SYK · Q3 2026 · TECH · Q4 FY2026 · TMO · Q3 2026 · UHS · Q3 2026 · all reports