Pfizer's 2026 pipeline calendar frames the buy case as shares close near the 52-week high
A buy call on Pfizer (NYSE: PFE) from 24/7 Wall St. sets a $32.72 price target over 12 months, implying 13.84% upside from the September 3 midday print of $28.77, rated at 90% confidence. The call lands as shares sit…
Key takeaways
- 24/7 Wall St. issued a buy call on Pfizer with a $32.72 12-month price target, implying 13.84% upside from the September 3 midday price of $28.77, at 90% confidence.
- Pfizer shares trade near their 52-week high of $29.09, up 22.6% year to date and 15.94% over the past month.
- Q2 2026 revenue was $15 billion with adjusted diluted EPS of 77 cents, and management raised full-year revenue guidance to a range of $60.5 to $62.5 billion.
- Pfizer's 2026 pipeline calendar includes five regulatory decisions, eight key readouts, and 19 late-stage study starts.
- 24/7 Wall St. projects PFE at $32.55 in 2027 and $36.09 in 2028, contingent on execution across the Metsera obesity program and cost savings.
A buy call on Pfizer (NYSE: PFE) from 24/7 Wall St. sets a $32.72 price target over 12 months, implying 13.84% upside from the September 3 midday print of $28.77, rated at 90% confidence. The call lands as shares sit near the 52-week high of $29.09, up 22.6% year to date and 15.94% over the past month. Five regulatory decisions, eight key readouts, and 19 late-stage study starts make up the 2026 pipeline calendar that anchors the setup.
The numbers behind the call
Q2 2026 revenue landed at $15 billion with adjusted diluted EPS of 77 cents. Pfizer has beaten adjusted EPS in each of the past ten quarters. Management raised the full-year revenue guidance midpoint by $500 million, moving the range to $60.5 to $62.5 billion. CEO Albert Bourla described the current period as the "defining period" for the company.
The bull scenario from 24/7 Wall St. points to $36.62, a 27.42% total return from current levels. Padcev, Pfizer's bladder cancer therapy, grew revenue more than 20% in Q2. The addressable U.S. population for muscle-invasive bladder cancer is above 42,000 patients, per 24/7 Wall St. The Metsera-derived GLP-1 candidate verubenotide showed approximately 16% mean weight loss over 32 weeks in Phase 2b extension data, entering a GLP-1 obesity market 24/7 Wall St. sizes at $150 billion. The company targets $9.7 billion in cumulative net cost savings through 2029.
The bear case sits near $28.85. A $1.5 billion generic and biosimilar headwind runs through 2026, COVID revenue from Comirnaty and Paxlovid is tracking toward approximately $4 billion, and the adjusted tax rate steps to 16.9%. Bulls point to $2.5 billion in internal R&D spend in Q1 alone and roughly 20 key pipeline assets as the offset.
What to watch
At a forward price-to-earnings ratio of roughly 9x, Pfizer trades at a discount to Bristol-Myers Squibb (NYSE: BMY), which 24/7 Wall St. puts near 11x on 2026 non-GAAP EPS guidance of $6.05 to $6.35. Merck (NYSE: MRK) guides 2026 non-GAAP EPS of $5.04 to $5.16 on revenue of $65.8 to $67 billion, managing its own KEYTRUDA loss of exclusivity. Pfizer's 5.91% dividend yield, nearly double BMY's by 24/7 Wall St.'s measure, adds to the total return case.
24/7 Wall St. projects PFE at $32.55 in 2027 and $36.09 in 2028, with both figures contingent on execution across the Metsera obesity program and cost savings. Most-Favored-Nation pricing actions and Section 232 tariffs are the scenario in which those projections do not hold. The five regulatory decisions on the 2026 calendar are the first concrete test.