Pfizer posts $248 million loss on clinical setbacks

Pfizer reported a second-quarter loss of $248 million on Tuesday after writedowns linked to unfavorable clinical results, even as overall sales rose.

The US drugmaker's loss compared with a profit of $2.9 billion in the same quarter a year earlier. Revenue rose 3 percent to $15.0 billion.

Pfizer said revenue growth came from blood thinner Eliquis, cancer treatment Padcev and heart drug Vyndaqel. But results were hit by $3.8 billion in impairments, including an unfavorable clinical trial for a lung cancer treatment and a decision not to return Oxbryta to the US market.

Pfizer said that after discussions with the US Food and Drug Administration in July 2026, it determined there was no viable path to bring Oxbryta back to the US market. An FDA notice says Pfizer withdrew Oxbryta from the US market in September 2024 because the medication showed higher rates of severe pain in the sickle cell patient population.

The company raised research and development spending by 13 percent from the 2025 quarter. It confirmed its full-year profit forecast and lifted its 2026 revenue guidance by $500 million to between $60.5 billion and $62.6 billion.

Chief Executive Albert Bourla cited acquisitions of other pharmaceutical companies and said Pfizer's obesity program had “meaningful momentum” and oncology “remains a source of strength.” Pfizer said legacy Seagen products in the United States rose 21 percent after its 2023 acquisition of oncology specialist Seagen.

Pfizer shares rose 0.2 percent in pre-market trading.