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Pfizer paid $14.6B in dividends as patent cliff nears
Pfizer paid about $9.8B in 2025 and about $4.8B in the first half of 2026, while major drug patents are set to expire from 2027 through 2028.
Pfizer has distributed $14.6 billion in dividends over the last six quarters, according to Yahoo Finance, highlighting the scale of cash the company is sending to shareholders as it faces upcoming revenue pressure from patent expirations.
In 2025, Pfizer paid roughly $9.8 billion in dividends, and through the first half of 2026 it paid about $4.8 billion, with the article noting that this comes as the company also funds ongoing research and development for new drugs.
The piece points to a patent cliff risk, saying Pfizer’s oncology drug Ibrance is set to lose patent protection in 2027, while cardiovascular drugs Eliquis and Vyndaqel are slated to lose patent protection in 2028.
It also cites pressure on the dividend sustainability, including that Pfizer’s trailing 12-month dividend payout ratio was over 130% at the end of the first quarter of 2026, and it references a 2025 setback when Pfizer dropped a GLP-1 drug candidate.