Pfizer paid a total of $14.6 billion in dividends over the last six quarters, including roughly $9.8 billion in 2025 and $4.8 billion in the first half of 2026. The company faces a looming patent cliff with major drugs Ibrance, Eliquis, and Vyndaqel set to lose protection in 2027 and 2028, while lacking immediate large-scale replacements. Its trailing 12-month dividend payout ratio exceeded 130% based on earnings, though the cash dividend payout ratio stood at 103%. Management has stated that maintaining the dividend is a key long-term goal, and the company held $1.7 billion in cash and $11.3 billion in short-term investments at the end of the first quarter of 2026.
Pfizer IncDividend payout ratio exceeds 130% of earnings, signaling financial strain as patent cliff approaches.