Pfizer Reports $14.45 Billion Revenue in Q1 2026, Acquires Metsera for $8 Billion

Pfizer Inc. reported a total revenue of $14.45 billion for the first quarter of 2026, marking a 5% increase from $13.72 billion in the same period last year. This growth was driven by a $304 million operational increase, alongside a favorable foreign exchange impact of $431 million. Notably, product revenues rose to $11.72 billion, up from $11.29 billion, while alliance revenues also saw an increase to $2.34 billion from $2.11 billion. However, the company experienced a decline in COVID-19 product revenues, particularly from its vaccines and treatments, which contributed to a 63% drop in Paxlovid sales compared to the previous year.

In terms of profitability, Pfizer's net income attributable to common shareholders was $2.69 billion, down from $2.97 billion in the prior year. Earnings per share (EPS) decreased to $0.47 from $0.52, reflecting the impact of increased costs, including a 25% rise in cost of sales, which reached $3.55 billion. The company also reported a decrease in selling, informational, and administrative expenses, which fell to $2.96 billion from $3.03 billion, and a 13% increase in research and development expenses, totaling $2.49 billion.

Strategically, Pfizer has made significant moves, including the acquisition of Metsera, a clinical-stage biopharmaceutical company focused on obesity and cardiometabolic diseases, for a total consideration of $8 billion. This acquisition is expected to enhance Pfizer's product pipeline and generate annual cost synergies of approximately $600 million by the end of 2026. Additionally, Pfizer entered into a commercialization collaboration with Sciwind Biosciences for the exclusive rights to a GLP-1 receptor agonist in Mainland China, further expanding its market presence.

Operationally, Pfizer's total assets stood at $207.62 billion as of March 29, 2026, with a slight decrease from $208.16 billion at the end of 2025. The company reported a total employee headcount of approximately 78,000, reflecting ongoing efforts to streamline operations and enhance productivity. The restructuring initiatives, including the Realigning Our Cost Base Program, are expected to yield total net cost savings of about $5.7 billion through 2026, with a focus on digital enablement and operational efficiencies.

Looking ahead, Pfizer anticipates continued revenue growth driven by its diverse product portfolio, despite challenges from patent expirations and pricing pressures. The company expects to navigate these challenges while capitalizing on new product launches and strategic collaborations. Pfizer's management remains optimistic about its ability to deliver value to shareholders and maintain a strong market position in the biopharmaceutical industry.