PFIZER (PFE) Company Report

On November 21, 2025, Pfizer closed a public offering of $6.0 billion in senior notes, including $500 million of floating-rate notes due 2027 and fixed-rate notes with coupons from 3.875% to 5.700% maturing between 2027 and 2065.
The transaction was split into seven tranches: $1 billion of 3.875% notes due 2027; $1 billion of 4.200% notes due 2030; $1.25 billion of 4.500% notes due 2032; $1.25 billion of 4.875% notes due 2035; $500 million of 5.600% notes due 2055; and $500 million of 5.700% notes due 2065.
The offering was conducted under Pfizer’s shelf registration on Form S-3 (No. 333-277323), as amended, with notes issued under the Base Indenture dated September 7, 2018, and a sixth supplemental indenture dated November 21, 2025.
Joint book-running managers were Citigroup Global Markets, Deutsche Bank Securities, J.P. Morgan Securities and Mizuho Securities; The Bank of New York Mellon serves as trustee.

Nov 21, 2025, 9:16 PM

8-K

Pfizer outlines growth and efficiency plans

PFE

M&A

New Projects/Investments

Guidance Update

Pfizer targets $7.7 billion in cost savings by end of the decade, with $4.5 billion realized by year-end and further manufacturing productivity gains boosting gross margins.
R&D reorganized under Chris Boshoff into oncology, vaccines, internal medicine, and I&I; recent BD deals include acquiring 3SBio for oncology and Metsera for a minimally capex-intensive, monthly-dosed obesity platform combining GLP-1 and Amylin.
Unexpected Medicare coverage for obesity treatments and MFN Medicaid pricing under the Trump Rx deal will modestly compress 2026 EPS but establish a pricing parity framework across U.S. and ex-U.S. markets.
Of the $15 billion M&A budget for 2025, about $5 billion remains after Metsera; oncology BD is now opportunistic, vaccines are internally sourced, internal medicine is largely funded, and I&I is the primary focus for further assets.
Working capital optimization improved 2025 free cash flow by $3–4 billion, and one-time severance and asset-sale outflows of $3–5 billion will dissipate, further enhancing cash generation.

Nov 19, 2025, 9:00 AM

Transcript

Pfizer outlines cost cuts and BD deals at Jefferies London Healthcare Conference 2025

PFE

M&A

CFO Dave Denton said Pfizer has identified $7.7 billion of cost improvements through 2029, with $4.5 billion realized by end-2025 via productivity gains in manufacturing and operations.
The company completed acquisitions of 3SBio to bolster oncology and Metsera to enter the obesity market with a monthly-dosed GLP-1/Amylin platform, leveraging Pfizer’s global primary-care sales force and manufacturing footprint.
Under a US government agreement, Pfizer will offer MFN pricing discounts on Medicaid products (approximately 5% of US volume, 2.5–3% of global volume), creating a modest headwind to 2026 EPS while providing pricing clarity.
With about $17 billion of product facing patent expirations in 2026–2028, Pfizer is refocusing R&D under Chris Boshoff on oncology, vaccines, internal medicine, and I&I, targeting a return to growth in 2029–2030.

Nov 19, 2025, 9:00 AM

Transcript

Pfizer outlines cost cuts and BD strategy at Jefferies London Healthcare Conference

PFE

M&A

New Projects/Investments

Pfizer has identified $7.7 billion of cost improvements through 2028, expecting to realize $4.5 billion by year-end and capture further manufacturing productivity gains that will enhance gross margins.
The company acquired Metsera to establish a differentiated obesity platform—featuring potential monthly GLP-1/Amylin dosing—and 3SBio to bolster its oncology pipeline, leveraging Pfizer’s global commercial and manufacturing footprint.
Facing $17 billion of patent expirations between 2026–28, Pfizer is focused on returning to growth in 2029–30, without committing to a trough EPS target, by investing in late-stage R&D and recent BD deals.
Pfizer remains disciplined on external capital deployment, maintaining a $15 billion M&A budget with approximately $5 billion capacity remaining, prioritizing opportunistic oncology and strengthening its I&I pipeline.
The company improved free cash flow by $3–4 billion in 2025 through working capital optimization across its 600 SKUs and 170 country supply network.

Nov 19, 2025, 9:00 AM

Transcript

Pfizer plans $5B bond offering for Metsera buyout

PFE

Debt Issuance

M&A

New Projects/Investments

$5 billion bond issuance in up to seven tranches to fund the $10 billion acquisition of Metsera and refinance existing debt
Longest (40-year) tranche priced at +1.25 percentage points over U.S. Treasuries, reflecting strong investor interest
Acquisition terms include up to $20.65 per share in contingent value rights amid a global obesity drug market projected to exceed $100 billion by 2030
Pfizer’s stock carries a Hold consensus with a 15.26% upside target and an Altman Z-Score of 2.1, suggesting moderate financial stress alongside growth initiatives

Nov 18, 2025, 2:36 PM

Bloomberg

Beyond Air reports Q2 FY2026 financial results

PFE

Earnings

Guidance Update

Management Change

Revenue increased 128% YoY to $1.8 million in Q2 FY2026, driven by LungFit PH demand
Net loss narrowed to $7.9 million (–$1.25/share) vs $13.4 million (–$5.67/share) in Q2 FY2025
Raised $12.0 million in debt financing, resulting in proforma cash and equivalents of $22.9 million as of September 30, 2025
Updated FY2026 revenue guidance to $8 – $10 million
Appointed Bob Goodman as Interim Chief Commercial Officer to lead commercial strategy

Nov 10, 2025, 9:05 PM

Press Release

Pfizer updates PF’4404 clinical development strategy

PFE

PF’4404 is a PD-1 × VEGF bispecific antibody designed to enhance PD-1 binding 100× in the presence of VEGF and combine anti-angiogenic and immuno-oncology mechanisms.
Pfizer plans 7 near-term trial starts across thoracic, genitourinary, and gastrointestinal cancers, leveraging over 500 selected clinical sites in >25 countries and 5 new INDs since July 2025.
Two global Phase 3 trials are underway: a double-blind study in 1L squamous and non-squamous NSCLC (N≈1,500; dual PFS/OS endpoints) , and a similar design in 1L metastatic colorectal cancer (N≈800; dual PFS/OS endpoints).
Early Phase 2 data show a 58.6% confirmed ORR with PF’4404 + chemo in 1L non-squamous NSCLC versus 38.7% with tislelizumab + chemo , and a 57.1% ORR in 1L mCRC (n=21).

Nov 10, 2025, 1:30 PM

Presentation

Pfizer unveils clinical development strategy for PD-1/VEGF bispecific 4-404

PFE

New Projects/Investments

Pfizer licensed the PD-1/VEGF bispecific antibody 4-404 from 3SBio in July to establish a backbone therapy across multiple tumor types.
The company plans 7 near-term clinical trials, including Phase III pivotal studies in first-line non-small cell lung cancer (NSCLC) and metastatic colorectal cancer (mCRC).
Development is driven by a three-pronged strategy—speed (rapid regulatory filings), breadth (multiple tumor types), and depth (combinations with Pfizer’s ADC portfolio).
Phase II data from China showed a 57% confirmed objective response rate and 95% disease control rate with the planned Phase III regimen, and no grade ≥3 immune-related adverse events.
Global Phase III trials will use dual primary endpoints (overall and progression-free survival), include ≥20% U.S. patients, leverage FDA’s Project OPTIMAS dose optimization, and involve pre-Phase III regulatory engagement.

Nov 10, 2025, 1:30 PM

Transcript

Pfizer wins $10B battle for obesity drug developer Metsera

PFE

M&A

Pfizer agreed to acquire development-stage obesity drugmaker Metsera for $10 billion, offering $65.60 per share upfront plus up to $20.65 in contingent value rights, after a competitive bidding war with Novo Nordisk.
Novo Nordisk withdrew its $10 billion bid due to antitrust concerns raised by the U.S. Federal Trade Commission over its deal structure.
Metsera’s board selected Pfizer’s proposal for its best value and certainty of closing, influenced by an FTC warning about regulatory risks of Novo Nordisk’s offer.
The acquisition marks Pfizer’s renewed entry into the obesity drug market after halting development of a potential oral obesity treatment earlier in the year.

Nov 8, 2025, 4:50 PM

Bloomberg

Ligand reports third quarter 2025 results and raises guidance

PFE

Earnings

Guidance Update

Total revenues for Q3 2025 were $115.5 million, up 123% YoY, driven by higher royalty revenues and income from Pelthos transactions.
GAAP net income was $117.3 million ( $5.68 diluted EPS), compared with a loss of $7.2 million a year earlier.
Adjusted net income rose to $63.8 million ( $3.09 diluted EPS) from $35.3 million in Q3 2024.
2025 full-year guidance increased to $225 million–$235 million in core revenues and $7.40–$7.65 in core adjusted EPS.

Nov 6, 2025, 12:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for PFIZER.

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