Pfizer has reported a decline in first-quarter profit but maintained its full-year guidance, citing progress in expanding its pipeline for cancer and obesity treatments.
The pharmaceutical giant posted first-quarter profit of $2.7 billion, representing a nine per cent decline from the same period last year.
Despite the drop in earnings, revenue increased five per cent to $14.5 billion, supported by stronger sales from key non-Covid products.
Pfizer said higher sales of Eliquis and Padcev helped offset a sharp decline in revenue from Covid-19-related products.
Chief Executive Officer Albert Bourla said the company is making steady progress in advancing treatments from its oncology portfolio, particularly following its acquisition of Seagen.
Bourla noted that Pfizer is progressing clinical work on therapies targeting multiple myeloma, breast cancer, and other forms of cancer.
He also highlighted developments linked to Pfizer’s acquisition of Metsera, completed in November 2025, as part of its push into obesity treatments.
“The work underpins our strategy intended to position Pfizer as a leader in the next generation of obesity therapies,” Bourla said in prepared remarks released ahead of the company’s earnings call.
Research and development spending rose 12 per cent during the quarter, reflecting increased investment in oncology and obesity drug development.
While Pfizer continues to reward shareholders through dividend payments, the company confirmed it does not plan to repurchase shares in 2026.
Chief Financial Officer David Denton said recent product launches and investments in the company’s drug pipeline are positioning the business for long-term growth.
“Our product launches and pipeline initiatives are positioning the company with the ability to deliver growth toward the end of the decade,” Denton stated.
Investor sentiment appeared positive following the results, with Pfizer shares rising 0.6 per cent in pre-market trading.
The latest performance reflects Pfizer’s ongoing transition away from pandemic-driven revenues toward a strategy focused on oncology, obesity, and other high-growth therapeutic areas.
