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Pfizer Slashes Guidance, Faces Patent Cliff—Is the Worst Yet to Come?

Pfizer is navigating one of the most complex chapters in its recent history. On December 16, 2025, CEO Albert Bourla forcefully defended the pharmaceutical giant’s vaccine business amid rising political skepticism and regulatory headwinds. His remarks came as the company issued 2026 financial guidance that fell short of Wall Street expectations, projecting adjusted EPS of $2.80 to $3.00—below the $3.06 consensus—and revenues of $59.5 billion to $62.5 billion. Compounding investor concerns is the sharp decline in Covid-19-related sales, now forecasted to drop to $5 billion in 2026 from $6.5 billion in 2025, as well as looming patent cliffs threatening $17 billion in annual revenue by 2030. Despite recent multi-billion-dollar acquisitions aimed at reinvigorating the pipeline—including Seagen for $43 billion and Metsera for $7 billion—investors remain unconvinced. Management’s commitment to cost discipline, with $7.