Pfizer Inc. (PFE): 2Q26 Earnings Preview: Expecting In-Line Results with Soft COVID Franchise, Amidst Cautious Broader Outlook

Research evidence excerpt

Pfizer Inc. (PFE): 2Q26 Earnings Preview: Expecting In-Line Results with Soft COVID Franchise, Amidst Cautious Broader Outlook

Equity Research

24 July 2026 | 6:00AM EDT

Pfizer Inc. (PFE): 2Q26 Earnings Preview: Expecting In-Line Results with

Soft COVID Franchise, Amidst Cautious Broader Outlook

Despite its relatively low valuation (8.75x 2027 P/E vs pharma peer mean/median Asad Haider, CFA

+1(212)902-0691 | asad.haider@gs.com

14.5x/14x) PFE shares have continued to lag peers YTD (+0.4% vs DRG +10%) with Goldman Sachs & Co. LLC

recent newsflow (announcement of the CFO departure followed by a notable Nick Jennings

pipeline setback) weighing further on sentiment with growing debates on the +1(415)249-7412nick.jennings@gs.com|

prospects for capital allocation, the dividend, and the pipeline. Goldman Sachs & Co. LLC

Jeff Su

It is in this backdrop that company will be reporting its 2Q26 earnings (Aug 4th) +1(212)357-9930Goldman Sachs & Co.| jeff.su@gs.comLLC

where we expect a generally in-line set of results (aside from a widely expected

Paxlovid miss given COVID trends — see key variances within). We note some

investors are likely anticipating a potential guidance raise given management’s

framing on the 1Q earnings call of upside convexity to 2026 revenue guidance with

the commercial progress noted in 1Q across parts of the portfolio, although the

prospects for a raise this quarter could be offset by the COVID headwinds and

leadership transition.

More so than quarterly performance, delivering on upcoming 2H26 clinical readouts

(mevrometostat, GLP-1/amylin combo) now seems increasingly important to regain

investor confidence in the pipeline, given low investor tolerance/increasingly less

flexibility for any additional disappointments. We’ve recently fielded growing interest