Pfizer 1Q Revenue Rises But Profit Falls Amid Boosted R&D Spending

Published: 2026-05-05 07:33:50 ET PFE

Published on 05/05/2026 at 07:33 am EDT

By Nicholas G. Miller

Pfizer posted higher first-quarter revenue but lower profit that was weighed down partially by higher research and development spending.

The company posted net income of $2.69 billion, or 47 cents a share, compared with $2.97 billion, or 52 cents a share, the year prior.

Adjusted earnings were 75 cents a share. Analysts polled by FactSet expected 72 cents a share.

The company said its research and development expenses rose 12% due to higher spending in certain oncology and obesity product candidates. Cost of sales also increased on the unfavorable impact of foreign exchange and the favorable revision of the company's estimate of accrued royalties in the first quarter of 2025.

Revenue rose 5% to $14.45 billion. Wall Street expected $13.84 billion. The gains were driven by growth for its Padcev cancer drug, its Eliquis blood thinner, Oncology biosimilars and its Nurtec migraine treatment and were partially offset by declines in COVID-19 product revenues.

Demand for Pfizer's Covid-19 pharmaceuticals has fallen precipitously since the peak of the pandemic and the company has been looking for new drugs to make up for the drop-off in sales.

As part of its strategy to beef up its pipeline, Pfizer agreed to acquire weight-loss drug startup Metsera last year in a deal that could be worth more than $10 billion.

The company reiterated its full-year guidance for revenue of $59.5 billion to $62.5 billion and adjusted earnings of $2.80 to $3 a share. Analysts see full-year sales of $61.38 billion and adjusted earnings of $2.96 a share.

Write to Nicholas G. Miller at [email protected].

(END) Dow Jones Newswires

05-05-26 0731ET