PFE · Earnings call · 2026Q3T · Full report

Liquidity and Debt Position

PFIZER INC · 2026-11-03 · Importance 37 · Surprise 6

Third-quarter year-to-date 2026 operating cash flow was $8.8 billion. Leverage ended the quarter at 2.6 times, slightly below Pfizer’s 2026 target of 2.7 times. Management expects leverage to remain around current levels or modestly higher during the LOE transition period, while operating cash flow, financial assets, and capital-market access are intended to support investment and the dividend.

Key facts

• Pfizer's year-to-date 2026 operating cash flow was $8.8 billion and quarter-end leverage was 2.6 times, below its 2026 target of 2.7 times.
• Pfizer expects leverage to remain around current levels or modestly higher during the LOE transition period.