Pfizer's Q4 Preview: Beat Likely, but Upside Hinges on Drug Updates and US Pricing Policy

Pfizer is set to report Q4 earnings before the open, with expectations for EPS of $0.57 on about $16.85 billion in revenue, continuing its streak of beating earnings in 15 of the last 16 quarters. Yet upside looks limited given 2026 guidance, so focus may shift to new drug data (VESPER-3 obesity study, Lyme vaccine, prostate cancer treatment, NSCLC therapy) and potential US pricing pressure from Medicare negotiations starting in 2028. Options imply roughly a 3.6% move post-earnings, and Wall Street holds a Moderate Buy with a around $28.5 average target (AI target about $29).