NEW YORK, July 25, 2026, 15:04 EDT — U.S. markets have concluded trading for the week, with Pfizer Inc. (NYSE:PFE) closing Friday at $24.54. The stock experienced a 1.9% decline on an unadjusted basis, but when accounting for the upcoming dividend payment, the actual price movement was a modest 0.16% drop.
The dividend-adjusted performance is a critical metric for a stock offering a 7.01% yield. Excluding the dividend, Pfizer's closing price was $24.58, reflecting a slip of only 0.16% for the session. This nuance is often overlooked by investors who rely solely on price charts, which can exaggerate declines during ex-dividend periods.
Over the past week, Pfizer's unadjusted price return was negative 2.04%, but the total return, which includes the $0.43 dividend, was approximately negative 0.32%. This outperformed the broader S&P 500, which fell 0.6% during the same period. The dividend-adjusted weekly return shows Pfizer beating the market by about 0.3 percentage point.
Trading activity remained subdued, with Friday's volume totaling 28.9 million shares, 30% below the 65-day average. The low volume suggests a lack of conviction in the move, possibly due to the market's focus on the upcoming earnings season and the dividend adjustment.
A significant corporate catalyst emerged after Wednesday's close when the U.S. Food and Drug Administration (FDA) granted priority review to Pfizer's application for a broader label of Talzenna, used in combination with Xtandi for the treatment of metastatic prostate cancer. The Phase 3 TALAPRO-3 study, which included 599 participants, demonstrated that the combination reduced the risk of radiographic progression or death by 52% compared to Xtandi plus placebo.
Jeff Legos, Pfizer's head of oncology, highlighted the importance of intervening during the hormone-sensitive stage, stating that it represents an important opportunity to delay disease progression. The FDA is expected to make a decision in the fourth quarter, providing a potential catalyst for the stock later this year.
Following the FDA news, Pfizer's stock rose approximately 0.6% on a dividend-adjusted basis from Wednesday's close through Friday, indicating a muted initial market reaction. The company is scheduled to report second-quarter earnings on August 4, maintaining its 2026 revenue forecast of $59.5 billion to $62.5 billion and adjusted earnings guidance of $2.80 to $3.00 per share.
Upcoming earnings reports from peer companies will offer additional context. Bristol Myers Squibb (NYSE:BMY) is set to announce results on July 30, followed by AbbVie (NYSE:ABBV) on July 31. Bristol Myers' Eliquis sales are particularly relevant, as the drug was jointly developed with Pfizer.
Despite the positive regulatory news, risks remain. Priority review does not guarantee approval, and overall survival data, a key secondary endpoint, continues to be evaluated. Additionally, established blood-related toxicity could limit the treatment's application in some patients.
Friday's session did not result in a new breakdown for Pfizer. The week's actual decline was modest, and the FDA review provides a significant catalyst for the fourth quarter. Investors will be watching the August 4 earnings call for further updates on the company's pipeline and financial outlook.
