J.P. Morgan 2026: Pfizer’s Pivot from Covid to Pipeline Execution
Pfizer CEO and chairman Albert Bourla used the 44th annual J.P. Morgan Healthcare Conference stage to announce the company’s decisive move beyond its Covid chapter, positioning itself to exit the looming patent cycle with renewed growth momentum. According to Bourla, the company plans to enter 2026 with a close on the Covid-era volatility, shifting focus for growth driven by pipeline execution and strategic acquisitions.1Bourla spoke at the conference in San Francisco, on Monday, January 12th, where he outlined 2025 as a year defined by execution, noting that Pfizer delivered three consecutive quarterly earnings beats on both revenue and profitability, while also removing $5.6 billion in operating expenses across 2024 and 2025. Bourla noted that the company achieved these cost reductions while simultaneously exceeding market expectations, calling it a “testament to Pfizer’s operational discipline.”During his address, Bourla noted several uncertainties weighing on Pfizer’s valuation in recent years, including industry-wide concerns surrounding tariffs and pricing pressures being eased, along with the company’s fears of declining Covid revenue proving less consequential than anticipated. Bourla highlighted that Covid-related sales declined from an estimated $11 billion in 2024 to an expected $6.5 billion in 2025, emphasizing that growth in additional areas of the business, coupled with cost savings, enabled Pfizer to exceed earnings expectations and raise guidance despite the downturn.1Another key uncertainty entering 2025 was Pfizer’s position in obesity following setbacks with its early oral GLP-1 programs. According to Bourla, that concern was addressed through the Metsera acquisition along with the in-licensing of YP05002, an oral GLP-1 candidate acquired from YaoPharama. Bourla believes these moves have placed Pfizer in a competitive position within the obesity market.Bourla laid out four priorities that are expected to define Pfizer’s focus in 2026, including maximizing the value of key transactions (such as Seagen, Biohaven, and Metsera), delivering on critical R&D milestones, investing to drive growth in 2028 and beyond, and scaling the use of artificial intelligence across the organization.1 Bourla highlighted 2026 as a catalyst-rich year for Pfizer, with multiple regulatory decisions and late-stage data readouts expected across rare disease, immunology, oncology, vaccines, and metabolic disease. Among these, he noted potential approvals that could more than double the addressable patient population for an existing rare disease franchise, as well as late-stage readouts in vitiligo and atopic dermatitis.According to Bourla, Pfizer is also planning to initiate a significant number of Phase III studies in 2026, with Metsera alone being projected to launch up to 10 Phase III trials in obesity. This includes programs evaluating ultra-long-acting monthly GLP-1 and amylin-based therapies.Bourla noted that one of these studies was initiated just weeks after the Metsera acquisition closed. Additional Phase III studies are expected across several areas, including colorectal, endometrial, lung and bladder cancers, and chronic migraine prevention with Nurtec.1During the discussion portion of the session, Bourla was asked about Pfizer’s confidence heading into the patent-expiry period. He said the company is in a better position now than it was over the previous two to three years, claiming upwards of $10 billion in annual revenue from new products and business development assets that are growing at double-digit rates, adding that these assets are expected to continue offsetting losses from products facing exclusivity erosion.1Bourla also answered questions surrounding Pfizer’s long-term obesity strategy. He described the category as increasingly consumer-driven and estimated that the global market could reach nearly $150 billion by 2030. According to Bourla, Pfizer’s confidence has increased due to early data collected from Metsera’s amylin programs, including strong placebo-adjusted weight loss and favorable tolerability.In his discussion, Bourla reiterated Pfizer’s commitment to maintaining its dividend, while signaling higher R&D and commercial investment in the coming years, saying buybacks are not currently a priority, but noted that the company is maintaining its flexibility for additional business development, holding roughly $6 billion in annual capacity for the right opportunities to emerge.While much of the focus at JPM centered on future catalysts, Bourla emphasized that Pfizer’s near-term objective remains disciplined execution. “I don’t want to hear again that there are no catalysts for Pfizer.”Pfizer Inc 44th Annual J.P. Morgan Healthcare Conference. Pfizer Inc. January 12, 2026. https://jpmorgan.metameetings.net/events/healthcare26/sessions/317520-pfizer-inc/webcast?gpu_only=true&kiosk=true
