> **来源：[研报客](https://pc.yanbaoke.cn)** # Pfizer Inc. (PFE US) Summary ## Core Content Pfizer Inc. (PFE US) reported strong performance in the second quarter of 2026 (2Q26), with revenue reaching **US$15.0bn** and adjusted diluted EPS of **US$0.77**. In the first half of 2026 (1H26), the company achieved **US$29.5bn** in revenue, representing a **+4% YoY growth** and aligning with expectations. Ex-COVID revenue grew by **9% YoY**, driven by key products such as **Eliquis**, **Padcev**, the **Vyndaqel family**, and **Lorbrena**. However, continued weakness in **COVID-related products** slightly offset this growth. Pfizer raised the **lower end of its FY26 revenue guidance** to **US$60.5–62.5bn** (midpoint of **US$61.5bn**, a **-2% YoY** decline), and reaffirmed its **adjusted EPS guidance** at **US$2.80–3.00**. The company has set a long-term target for **high single-digit 5-year revenue CAGR** beyond 2028. ## Key Assets and Pipeline - **Berobenatide (PF'3944)**: One of Pfizer's most important near-term assets, currently in **Phase 3 trials**. The **VESPER-3 trial** showed a **~12% placebo-corrected weight loss** at the **4.8mg monthly dose**. **VESPER-4** and **VESPER-5** are fully enrolled, while **VESPER-6** is ongoing and will test up to **9.6mg monthly**. The company plans to start **10 pivotal studies** for the asset in 2026. - **Combination with PF'3945 (monthly Amylin)**: Data expected in **2H26**, which could significantly enhance the **obesity franchise**. - **PF'4404 (PD-1xVEGF)**: A core oncology asset, with **Phase 3 trials** underway in **1L mCRC**, **1L NSCLC**, and **1L endometrial cancer**. Additional trials in **1L mUC** are planned. It is being combined with the **ADC platform** to enhance its therapeutic potential. - **Padcev**: Continued to be a major commercial growth driver, with **23% YoY revenue growth** in 2Q26 to **US$667mn**. It now covers the **full bladder cancer spectrum**, including **1L la/mUC** and **perioperative MIBC** in both **cisplatin-eligible** and **ineligible settings**. **EV-309** could expand its use into **bladder-sparing MIBC**. A **Phase 3 study** of **Padcev + PF'4404** in **1L mUC** is planned, which could further strengthen the **long-term franchise positioning**. ## Financial Highlights | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |--------|------|------|------|------|------| | Revenue (US$ mn) | 63,627 | 62,579 | 61,581 | 61,057 | 56,546 | | YoY growth (%) | 6.8 | (1.6) | (1.6) | (0.9) | (7.4) | | Adjusted net profit (US$ mn) | 13,096.9 | 17,915.0 | 16,404.9 | 16,886.9 | 15,644.6 | | YoY growth (%) | 87.0 | 36.8 | (8.4) | 2.9 | (7.4) | | P/E (Adjusted) (x) | 11.3 | 8.3 | 9.1 | 8.8 | 9.5 | | ROE (%) | 9.1 | 8.9 | 12.4 | 14.0 | 13.0 | ## Analyst Ratings and Valuation - **Rating**: **BUY** (Maintained) - **Target Price**: **US$35.75** (Previously: **US$35.46**) - **Price Performance**: - **1-mth**: **8.8%** - **3-mth**: **-1.1%** - **6-mth**: **-3.7%** - **DCF Valuation**: - **2026E**: **US$203,148bn** - **Terminal Value**: **US$330,896bn** - **Terminal Growth Rate**: **2.0%** - **WACC**: **9.95%** - **Valuation Range (Sensitivity Analysis)**: - **Terminal Growth Rate**: - 3.0%: **47.55** - 2.5%: **44.81** - 2.0%: **42.47** - 1.5%: **40.45** - 1.0%: **38.68** ## Shareholding and Market Data - **Market Cap**: **US$148,894.6mn** - **Average 3-month turnover (US$ mn)**: **427.4** - **52-week High/Low (US$)**: **28.55/23.60** - **Total Issued Shares (mn)**: **5,683.0** ## Shareholding Structure - **Vanguard**: **9.6%** - **Blackrock**: **8.7%** ## Key Financial Metrics - **Gross Margin**: **76.00% (2026E)**, up by **+0.70 ppt** - **Operating Margin**: **30.8% (2026E)**, up by **+0.70 ppt** - **Net Margin**: **26.6% (2026E)**, down by **-0.14 ppt** - **ROE**: **12.4% (2026E)**, up by **+3.3%** ## Analyst Recommendations - **BUY**: Stock with potential return of over **15%** over the next **12 months** - **HOLD**: Stock with potential return of **+15% to -10%** over the next **12 months** - **SELL**: Stock with potential loss of over **10%** over the next **12 months** - **NOT RATED**: Stock not rated by CMBIGM - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark - **UNDERPERFORM**: Industry expected to underperform the relevant broad market benchmark ## Conclusion Pfizer is positioned to benefit from strong **pipeline execution**, especially in the **obesity** and **oncology** sectors. The **revised earnings forecasts** and **target price** reflect the company's potential for future growth and the analysts' confidence in its **long-term strategic initiatives**. Despite short-term **revenue declines**, the company's **adjusted EPS** and **profitability metrics** remain robust, with a **focus on improving the efficacy/tolerability balance** of its key assets. The **BUY rating** indicates that the stock is expected to deliver significant returns in the coming year, driven by the **pipeline progress** and **commercial success** of its **key products**.