Honestly, looking at a chart for pfizer stock prices historical data is a bit like reading a medical chart after a decade of wild lifestyle changes. One minute you're the hero of the global economy, and the next, investors are staring at the ticker wondering if the glory days were just a fever dream. If you’ve been watching Pfizer (PFE) lately, you know it’s been a rough ride from those pandemic-era peaks.
By the end of 2021, Pfizer was riding high. The stock hit an all-time closing high of $49.87 on December 16, 2021. Fast forward to early 2026, and we're looking at a price hovering around $25.77. That’s a haircut that would make anyone wince. But here’s the thing: Pfizer isn’t just a "COVID stock," and it never was. It's a 175-year-old giant that has survived patent cliffs, massive mergers, and shifting political winds.
The Long View: Decades of Growth and Splits
To really understand where we are, you've gotta look back. Way back. Pfizer isn't some tech startup; it's a legacy powerhouse. If you bought shares in the 70s or 80s, your position looks a lot different today because of how many times they've split the stock.
Since 1970, Pfizer has split its stock six times.
- May 1970: 3-for-1
- July 1983: 2-for-1
- April 1991: 2-for-1
- July 1995: 2-for-1
- July 1997: 2-for-1
- July 1999: 3-for-1
Basically, if you owned one share before that 1970 split, and you never sold, you’d be sitting on 144 shares today. That’s how a "stagnant" price per share can actually hide a fortune in total returns. During the late 90s, the stock was a darling of the bull market, fueled by the launch of blockbusters like Viagra and Lipitor. Lipitor alone became the best-selling drug in history for a while, pumping billions into Pfizer’s coffers and driving the stock to what were then record highs.
The Lost Decade and the 2008 Crash
The 2000s weren't as kind. The "Lost Decade" for the S&P 500 hit pharma hard too. Pfizer faced a massive "patent cliff"—the moment when a drug loses exclusivity and cheap generics flood the market. When Lipitor lost its patent protection in 2011, it was a gut punch.
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During the 2008 Global Financial Crisis, the stock bottomed out hard. It fell roughly 57.9% from its June 2007 high, eventually hitting a low of $11.66 in March 2009. It took until 2013 just to get back to where it was before the crash. Investors who stuck it out were rewarded mostly by the dividend, which has been a cornerstone of the Pfizer thesis for generations.
The Post-Pandemic Hangover
We have to talk about the "COVID cliff." It’s the elephant in the room. During 2020 and 2021, Pfizer became a household name globally. Revenue doubled. The stock soared as Comirnaty (the vaccine) and Paxlovid (the antiviral) generated tens of billions in sales.
But markets are forward-looking. As soon as the world started moving on, investors started selling. By late 2023 and throughout 2024, the stock entered a painful correction. From that $49.87 peak in late 2021, it plummeted to around $26.13 by the end of 2023. It hasn't really "recovered" since, trading in a range between $20.92 and $27.69 over the last year.
People are worried. They see a 31% decline over three years and start thinking the company is in trouble. But is it?
Why the Seagen Acquisition Matters
Pfizer didn't just sit on its COVID cash. They spent it. Specifically, they spent $43 billion to buy Seagen in late 2023. This was a massive bet on oncology—cancer treatment.
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This acquisition doubled Pfizer’s oncology pipeline. We’re talking about next-gen Antibody-Drug Conjugates (ADCs). Chris Boshoff, Pfizer’s Chief Oncology Officer, has been pretty vocal about how this is the company's future. The goal is to deliver $25 billion in new revenue by 2030 from business development deals like this.
The market hasn't fully bought in yet. Why? Because the debt-to-equity ratio jumped from a historical low in 2022 to about 0.81 in late 2023 to fund the deal. Investors are waiting to see if the "science" translates to "sales."
The Dividend: The Last Reason to Stay?
If you’re holding Pfizer today, you’re likely doing it for the yield. Honestly, the dividend is huge right now. As of mid-January 2026, the forward dividend yield is a whopping 6.83%.
- Annual Dividend: $1.72 per share
- Consecutive Dividends: 349 quarters (and counting)
- Payout Ratio: It’s high—nearly 99%.
That payout ratio is a bit scary. It means Pfizer is paying out almost everything it earns to keep shareholders happy. Some analysts, like those at Trefis, label the company’s recent growth as "very weak," with revenues shrinking at an average rate of 13% over the last three years as COVID sales evaporated. But the balance sheet still holds about $57.5 billion in long-term debt, which they are slowly trying to work down to pre-Seagen levels.
What Most People Get Wrong About Pfizer Stock
A lot of folks think a low stock price means a failing company. That's not always the case in big pharma. Pfizer is a "value" play now, not a "growth" play. It trades at a P/E ratio of about 15x, which is significantly lower than the pharmaceutical industry average of nearly 21x.
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Simply Wall St calculates a "Fair Value" for Pfizer closer to a P/E of 23x. By that metric, the stock is technically "cheap." But it's cheap for a reason: the market is skeptical about the pipeline.
Key Milestones in Pfizer’s Pricing History
- Late 1990s: The Viagra/Lipitor boom.
- 2009: The Wyeth acquisition (a $68 billion deal that saved their pipeline).
- 2021: The COVID-19 vaccine peak ($49.87).
- 2024-2026: The "Oncology Reset" and the search for a new floor.
Insights for the Long-Term Investor
If you're looking at pfizer stock prices historical trends to decide your next move, stop looking at the 2021 spike. That was an anomaly—a once-in-a-century event. The "real" Pfizer is a slow-moving, high-yield utility-like stock.
Actionable Insights:
- Watch the Payout Ratio: If that 99% payout ratio doesn't start coming down as Seagen's products (like Padcev and Adcetris) scale up, the dividend might eventually be at risk of a "haircut" or a freeze.
- Focus on Oncology Data: The stock won't move on vaccine news anymore. It’ll move on Phase 3 data for cancer trials.
- Check the Debt: Pfizer issued $31 billion in notes to buy Seagen. Watch their quarterly reports to see how fast they’re paying that down.
- Reinvest the Dividends: If you believe in the 10-year turnaround, using that 6.8% yield to buy more shares is the only way to make the math work while the price stays flat.
The historical data shows a company that goes through massive "digestion" periods after giant acquisitions. We’re in one of those periods right now. It isn't flashy, and it certainly isn't fast, but for those who value income over adrenaline, the current "low" might just be the entry point people talk about five years from now.