PFE · Q2 FY2026
PFIZER INC Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $15.03B | $14.65B (yr ago) | Beat |
| EPS | -$0.04 | $0.51 (yr ago) | Miss |
| Free Cash Flow | $0.30B | -$1.20B (yr ago) | Beat |
| Gross Margin | N/M | N/M (yr ago) | Miss |
| Operating Margin | -4.3% (pre-tax proxy) | 20.8% (yr ago) | Miss |
What changed
Revenue increased 3.0% year over year to $15.03 billion, and Pfizer raised the midpoint of 2026 revenue guidance by $500 million as non-COVID products outperformed. Reported EPS fell to a $0.04 loss and the pre-tax margin turned negative because $4.3 billion of non-cash intangible-asset impairments overwhelmed otherwise stable adjusted earnings.
Impact on the investment thesis
With no prior SageNoodle valuation, we establish fair value at $29 per share rather than record a change. The higher revenue outlook and additional cost savings support normalized earnings, but the impairments, elevated debt and unchanged adjusted EPS guidance prevent a more constructive valuation.