PFE · Earnings call · 2026Q3T · Full report

Operating Expense Trends

PFIZER INC · 2026-11-03 · Importance 54 · Surprise 40 · From source text

Third-quarter adjusted operating expenses were $6.8 billion. Adjusted SI&A expense rose 2% operationally, partly because of a smaller favorable U.S. healthcare reform fee adjustment, while lower targeted marketing and productivity savings partly offset the increase. Adjusted R&D expense increased 18% operationally with planned investment in priority oncology and obesity programs, including Phase 3 starts. Acquired in-process R&D decreased 52% operationally, as the $650 million Innovent charge compared with a $1.35 billion 3SBio charge in the prior-year quarter.

Key facts

• Pfizer's acquired in-process R&D expense decreased 52% operationally in Q3 2026, primarily reflecting a $650 million Innovent charge versus a $1.35 billion 3SBio charge in the prior-year quarter.
• Pfizer's Q3 2026 adjusted operating expenses were $6.8 billion.
• Pfizer expected a decline in SI&A versus the prior year based on its guidance.
• Pfizer's adjusted R&D expenses increased 18% operationally in Q3 2026, including planned investment in priority oncology and obesity programs and Phase 3 study starts.
• Pfizer's adjusted SI&A expenses increased 2% operationally in Q3 2026.

Impact estimates