“Those investments carry over into '26 and beyond with either Metsera or 3SBio to bring these innovative medicines to market. Those will have a slightly dilutive effect to our operating performance next year.”

How to check this claim

Look at: Impact of Metsera/3SBio-related investment spending on Pfizer's operating margin or adjusted EPS growth, fiscal year 2026

It came true if: Management commentary or reported results attribute a dilutive (negative) impact to operating performance/EPS from these programs in FY2026, consistent with a 'slightly dilutive' characterization

Where: Pfizer FY2026 quarterly earnings releases, 10-K/10-Q filings, and management commentary on earnings calls

Verify independently

SEC filings for PFE ↗ · Claim quote is verbatim from the 2025Q3 earnings call.