$PFE · PFIZER INC
Pfizer filed its Q3 FY2026 10-Q, reporting $16.583B in total revenue (down 0.4% YoY) and diluted EPS of $0.56 versus $0.62 a year ago. For the nine months ended September 27, 2026, net income attributable to common shareholders collapsed to $5.681B from $9.419B — a 40% decline — driven largely by a $4.866B "Other (income)/deductions—net" line that more than doubled from $2.210B. R&D spending increased 18.5% in the quarter to $3.016B.
- Q3 revenue $16.583B, down 0.4% YoY from $16.654B
- Q3 diluted EPS $0.56 vs $0.62 a year ago — a 9.7% decline
- Nine-month net income attributable to Pfizer common shareholders fell to $5.681B from $9.419B, a 40% drop
- Other (income)/deductions—net surged to $4.866B for nine months vs $2.210B last year, more than doubling
- R&D expenses rose 18.5% YoY in Q3 to $3.016B, while acquired IPR&D dropped to $669M from $1.390B
Extended-hours last trade at $30.55, down 0.39% vs regular close of $30.67. The modest after-hours dip suggests the 40% nine-month earnings collapse was largely anticipated, though the $4.87B other deductions line warrants scrutiny.
A 40% nine-month profit collapse at a $175B pharma giant, driven by a doubling of opaque "other deductions," demands investor attention on what's buried in that line.
Pfizer's flat Biopharma revenue ($16.283B vs $16.310B) contrasts with peers showing post-COVID pipeline-driven growth. Alliance revenues jumped 24% to $2.851B, partially offsetting product revenue declines, reflecting the industry-wide shift toward partnered portfolios.
Other (income)/deductions—net ballooned to $4.866B for the nine months (vs $2.210B prior year), signaling potential asset impairments, litigation charges, or restructuring costs that could persist. Restructuring charges and acquisition-related costs also rose sharply to $1.347B from $945M.