Pfizer Is Still Struggling to Replace Its COVID Revenue. Here's What We Could See From the Pharmaceutical Giant in 2026.

Core Viewpoint - Pfizer has seen a significant decline in its coronavirus vaccine market, which previously contributed to over $100 billion in annual sales, and faces challenges in replacing this revenue stream moving forward [1][2]. Vaccine Development - Pfizer is developing new mRNA vaccines, including one for influenza, which could improve efficacy compared to traditional flu vaccines that have variable effectiveness [4][5]. - In a phase 3 clinical trial, Pfizer's mRNA influenza candidate showed significantly fewer flu-like illnesses compared to a leading competitor, with potential regulatory submissions expected next year [6]. Cancer and Weight Loss Candidates - Pfizer is advancing two promising candidates: PF-4404, an investigational cancer medicine with a dual mechanism of action, and MET-097i, a weight loss medicine acquired through Metsera [7][9]. - PF-4404 is set to initiate seven new clinical trials and target 10 new indications by the end of next year, which could be a long-term growth driver if approved [8]. - MET-097i has shown competitive weight loss potential and favorable tolerability, with phase 3 studies anticipated to start in 2026 [10]. Financial Outlook - Pfizer is facing patent cliffs, particularly with the immunosuppressant Xeljanz losing exclusivity, which may hinder sales growth in the near term [11]. - Despite a 2% year-over-year revenue decline to approximately $45 billion in the first nine months of 2025, net income has benefited from cost-cutting measures [13]. - The stock is currently undervalued at 8.7 times forward earnings compared to the healthcare sector average of 18.3, and offers a forward dividend yield of 6.6%, making it attractive for long-term investors [14].