Freedom Broker analysts maintained their “Buy” recommendation on shares of Pfizer Inc. (PFE) and a target price of $33. In their view, strong momentum in the company’s core business offsets the ongoing decline in sales of COVID products, while a promising pipeline of new drugs creates conditions for further growth. At the current price of $26.2, the upside to the target level is about 26%.
A major pharmaceutical manufacturer with a focus on new drugs
Pfizer is one of the world’s largest pharmaceutical companies, operating in oncology, immunology, cardiology, and vaccines. The company’s portfolio includes drugs for various diseases: the anticoagulant blood thinner Eliquis, the cancer therapies Ibrance and Padcev, the amyloidosis drug Vyndaqel, as well as the COVID vaccines Comirnaty and Paxlovid.
According to Freedom Broker analysts, a key positive factor for Pfizer is the resilience of its core business. Sales growth of new and already launched drugs enables the company to offset the decline in COVID revenue while simultaneously increasing investments in promising areas, including oncology and obesity treatment.
Pfizer revenue beats expectations
In Q2 2026, Pfizer’s revenue totaled $15 bn, up 3% year over year. The result exceeded Freedom Broker analysts’ estimate of $14.2 bn and the consensus forecast of $14.45 bn. The main positive surprise was sales of the anticoagulant Eliquis, which exceeded analysts’ forecast by $300 mln. Adjusted earnings per share came to $0.77 versus $0.78 a year earlier, but were above the consensus forecast of $0.68.
Eliquis and oncology support results
One of the main drivers of the quarter was Eliquis. Global sales of the drug rose to $2.43 bn, and on an operational basis increased by 19%. The result was driven by a higher net price in the U.S. and steady international demand. However, analysts note an important risk: at the end of 2026, Eliquis will lose patent protection in the U.S., which could significantly increase pressure on sales.
In the oncology drugs segment, revenue grew 3% year over year. Sales of Padcev (used for bladder and urinary tract cancer) increased by 23%, and Lorbrena (used to treat non-small cell lung cancer) by 37%. Padcev’s growth is supported by the drug’s increased share in first-line therapy for urothelial cancer, while new indications expand its potential audience.
The COVID business continues to shrink
The main factor constraining Pfizer’s overall performance remains the Comirnaty and Paxlovid vaccines. Sales of these products in Q2 were $282 mln versus $808 mln a year earlier. The company cut its 2026 revenue forecast for COVID products to about $4 bn from the previous $5 bn.
Pfizer raised the lower end of its full-year revenue outlook: the company now expects $60.5–62.5 bn versus the prior $59.5–62.5 bn. The adjusted EPS forecast was kept in the range of $2.80–3.00.
What’s happening with Pfizer’s drugs
In March, China approved Pfizer’s drug “Xianweiying” for long-term weight management in adults who are overweight or obese. The drug belongs to the GLP-1 class and was developed jointly with Sciwind Biosciences. In April, the UK expanded its vaccination program with Abrysvo against respiratory syncytial virus: around 3 mln more elderly people became eligible for vaccination.
In the first quarter, Pfizer’s revenue rose to $14.45 bn, beating expectations. The main drivers at that time were also Eliquis and the oncology portfolio, while sales of Comirnaty and Paxlovid continued to decline. In May 2026, Freedom Broker analysts recommended the company’s shares as a buy.
Not an individual investment recommendation.