Pfizer posts quarterly loss despite higher revenue after clinical setbacks

Global pharmaceutical company Pfizer reported a second-quarter net loss after recording significant one-time impairment charges linked to unsuccessful clinical trials and the discontinuation of one of its medicines in the United States.

The company posted a net loss of $248 million for the quarter, compared with a profit of $2.9 billion during the same period last year. Despite the loss, quarterly revenue increased by 3 per cent to $15 billion, driven by strong sales of several key products.

Pfizer said revenue growth was supported by its blood thinner Eliquis, cancer treatment Padcev, and heart disease medication Vyndaqel.

However, the company recorded $3.8 billion in impairment charges after disappointing clinical trial results for a lung cancer treatment and its decision not to seek the return of Oxbryta to the U.S. market.

Oxbryta, a treatment for sickle cell disease, was withdrawn from the U.S. market in September 2024 after safety concerns emerged, including reports of increased episodes of severe pain among patients. Pfizer said discussions with the U.S. Food and Drug Administration (FDA) confirmed there was no practical path to reintroducing the drug.

The pharmaceutical giant also increased its investment in research and development, with spending rising 13 per cent compared with the same quarter in 2025, reflecting its continued focus on developing new medicines.

Despite the quarterly loss, Pfizer maintained its full-year profit forecast and raised its 2026 revenue guidance by $500 million. The company now expects annual revenue to range between $60.5 billion and $62.6 billion.

Chief Executive Officer Albert Bourla said recent acquisitions continued to strengthen the company’s portfolio, highlighting positive progress in its obesity treatment programme and continued growth in its oncology business.

Pfizer also reported strong performance from products acquired through its 2023 purchase of cancer drug developer Seagen, with legacy Seagen products recording a 21 per cent increase in U.S. sales.

Investors responded positively to the updated outlook, with Pfizer shares edging higher in pre-market trading.