PFE · Earnings call · 2026Q3T · Full report

Gross Margin Drivers

PFIZER INC · 2026-11-03 · Importance 31 · Surprise 6

Third-quarter adjusted gross margin was 77%, supported primarily by favorable product mix and continued cost management. Adjusted operating margin was 36%, reflecting strong non-COVID revenue, effective cost management, and higher investment. The $650 million Innovent in-process R&D charge tempered adjusted operating margin.

Key facts

• Pfizer's adjusted gross margin was 77% in Q3 2026, primarily reflecting favorable product mix and continued cost management.
• Pfizer's Q3 2026 adjusted operating margin was 36%, reflecting cost management, non-COVID revenue performance, increased investment, and the Innovent in-process R&D charge.