<div id="readability-page-1">Money Markets Pfizer Stock Can Sink More. Here Is How  ByTrefis Team ,  Contributor.  Forbes contributors publish independent expert analyses and insights. Building a platform to do the job of 1 million analysts for  Great Speculations Follow Author Dec 17, 2025, 11:12am EST  SHANGHAI, CHINA - 2025/11/08: The Pfizer logo is presented at the 8th China International Import Expo. (Photo by Sheldon Cooper/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Pfizer (PFE) is encountering threats. Even the most prominent names aren't immune. Stocks can decline sharply without any warning – erasing months or years of gains in just a few weeks. History indicates that unexpected market fluctuations can affect any company, regardless of its dominance.  Pfizer’s shares, after a year of modest growth, recently fell following a cautious outlook for 2026, emphasizing ongoing challenges. The pharmaceutical powerhouse is facing a significant patent cliff and diminishing demand for COVID-19 products, forecasting future profits below what analysts expect. This change in sentiment reveals a vulnerability: can pipeline innovations and cost efficiencies effectively counterbalance revenue loss from expiring exclusivities and a post-pandemic adjustment, or will the stock continue to decline?  What Could Cause The Stock To Decline? Patent Cliff Risk: Pfizer is confronted with a substantial “LOE wave” (Loss of Exclusivity) with $17-$18 billion in annual revenues at risk by 2028 from medications like Xeljanz, Prevnar, Eliquis, and Ibrance, as crucial patents expire between 2026 and 2028. Pfizer plans to implement $7.7 billion in cost reductions by 2027 to alleviate this issue.  Declining COVID-19 Product Sales: Expected 2026 COVID-19 product sales are projected to decrease to $5 billion, representing a $1.5 billion drop from estimates for 2025, which will significantly impact Pfizer's profit outlook for 2026. The operational growth of non-COVID products was 4% in Q3 2025.  Pipeline Execution: Setbacks such as the discontinuation of the GLP-1R agonist danuglipron in 2025 and the halting of two Seagen pipeline assets in November 2025, along with the dilutive impact of the Metsera acquisition on 2026 EPS, pose risks to future growth. Pfizer aims for eight or more oncology blockbusters by 2030.  What’s The Worst That Could Happen? Examining Pfizer’s stock during challenging periods reveals that risk remains a concern, even with solid fundamentals. It fell approximately 39% during the Dot-Com Bubble and dropped more steeply by 53% during the Global Financial Crisis. The 2018 correction and the COVID-19 pandemic saw declines of 24% and 29%, respectively. The inflation shock was particularly severe, with Pfizer plummeting more than 53%. See – How Low Can Pfizer Stock Really Go – for more details. So, despite the company's strong profile, market downturns have severely impacted it. Quality is significant, but during major sell-offs, few stocks evade substantial losses.  Is Risk Evident In The Company's Financials Yet? Let’s examine the fundamentals  MORE FOR YOU Revenue Growth: 3.9% LTM and -13.2% last 3-year average.  Cash Generation: Nearly 16.5% free cash flow margin and 24.6% operating margin LTM.  Valuation: Pfizer stock trades at a P/E ratio of 14.7  Pfizer's Fundamentals Trefis If you want more information, read Buy or Sell PFE Stock .  The Right Way To Invest Is Through Portfolios Individual selections can be volatile, but maintaining investment is key. A diversified portfolio aids in staying the course, capturing upsides, and minimizing downsides.  The Trefis High Quality (HQ) Portfolio , featuring 30 stocks, has a history of outperforming its benchmark comfortably, which includes all three: the S&amp;P 500, S&amp;P mid-cap, and Russell 2000 indices. Why is this the case? Collectively, HQ Portfolio stocks have yielded better returns with reduced risk compared to the benchmark index; providing a smoother experience, as seen in HQ Portfolio performance metrics .  Editorial Standards Reprints &amp; Permissions LOADING VIDEO PLAYER... FORBES’ FEATURED Video</div>

辉瑞

<p>辉瑞的股票最近因对 2026 年的谨慎展望而下跌，突显出诸如重大专利悬崖和 COVID-19 产品需求减少等挑战。到 2028 年，公司面临 170 亿至 180 亿美元的年度收入风险，原因是专利到期，并计划在 2027 年前削减 77 亿美元的成本。尽管基本面强劲，但历史市场下跌对辉瑞的股票造成了严重影响。公司的未来增长受到研发管线挫折和 COVID-19 销售下降的威胁，这引发了人们对其抵消收入损失能力的担忧</p>

Pfizer Stock Can Sink More. Here Is How

- 辉瑞 (Pfizer) 面临多重威胁，股票可能出现急剧下跌。  
- 预计其 2026 年 COVID-19 产品销售将下降至 50 亿，影响利润预期。  
- 专利失效和产品销售下降增加了公司的财务风险。

辉瑞的股票可能会继续下跌。以下是具体原因