Pfizer (PFE) Stock: Wall Street Says Buy, But the Valuation Debate Is Real
TLDR
- PFE trades at a 9.43x non-GAAP P/E for 2026, well below the S&P 500’s 21.2x forward multiple
- 2026 revenue guidance of $60.5–$62.5 billion sits roughly 39% below its 2022 peak of $100.3 billion
- Pfizer raised R&D spending by about 13% in H1 2026 despite expecting a 2% revenue decline
- Cost-cutting programs target $9.7 billion in total net savings through 2029
- Wall Street gives PFE a Moderate Buy with an average price target of $28.46
Pfizer stock currently trades around $28.07, reflecting a 9.43x non-GAAP P/E multiple on 2026 expected earnings of $2.98 per share. That is a steep discount to the broader market’s 21.2x forward multiple.
The stock has returned 16.1% over the past year, putting it modestly ahead of the S&P 500 in 2026. But zoom out five years and the picture changes. PFE is still down 21.5% over that stretch, meaning longer-term holders are still waiting to get back to even.
The revenue story is not pretty right now. Pfizer’s updated 2026 guidance of $60.5–$62.5 billion is roughly 39% below its 2022 peak of $100.3 billion, when COVID vaccine and treatment sales were booming.
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