Pfizer $PFE ( ▼ 3.34% ) delivered a solid earnings beat and reaffirmed its full-year outlook, but investors still hit the sell button. Shares slid in premarket trading even after the pharma giant topped expectations and shared fresh data on its new obesity drug candidate.
The numbers were good. The reaction? Not so much.
Quarterly Results Show Stability
For Q4, Pfizer reported adjusted earnings per share of $0.66, ahead of the $0.57 analysts expected. Revenue came in at $17.6 billion, topping the $16.8 billion Wall Street had penciled in.
That performance suggests the company is finding some footing after the sharp drop in COVID-related sales that weighed heavily on recent results. Core operations appear steadier, but investors are clearly focused on what comes next.
Weight Loss Push Enters the Chat
Pfizer also released mid-stage trial data for its monthly GLP-1 weight loss shot, acquired through its $10 billion purchase of Metsera. Patients in the study lost more than 12.3% of their body weight over 28 weeks.
While that level of weight loss is broadly in line with existing drugs on the market, the big angle is dosing frequency. A monthly injection could be more convenient than weekly options, potentially giving Pfizer $PFE a way to stand out in the crowded obesity drug race.
Guidance Is Steady, But Questions Remain
Pfizer maintained its full-year 2026 guidance, projecting adjusted EPS between $2.80 and $3.00 and revenue between $59.5 billion and $62.5 billion. Both ranges are roughly in line with analyst expectations, but not strong enough to spark excitement.
With COVID demand fading and key drugs approaching patent cliffs, Pfizer is under pressure to prove its next growth wave, including obesity and other pipeline bets, can carry the business forward. Right now, the market seems to be waiting for stronger proof.