---
title: "Is Pfizer Stock Halal?"
canonical: https://www.halalwallet.ca/is-it-halal/pfizer-stock
publisher: HalalWallet
license: CC BY 4.0
verdict: conditional
verdict_label: Conditional
entity_type: stock
ticker: PFE
exchange: NYSE
last_reviewed: 2026-06-14
data_as_of: 2026-03-29
standards_disagree: true
authorities_with_position: 2
authority_agreement: split
---
# Is Pfizer Stock Halal?

**Authority consensus:** Halal screening authorities disagree on Pfizer Inc.: doubtful (HalalWallet (AAOIFI)); halal (Wahed (HLAL ETF)).

**Verdict: Conditional** (Permissible with conditions)

Pfizer Inc. (PFE) passes the screens we can compute (data as of 2026-03-29) — cash + interest-bearing securities / market cap 8.7%, impermissible income / total revenue 1.0% — but one screen requires case-by-case judgment. It is independently held by Shariah-screened ETF HLAL, confirming it passes professional screens.

> HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide.

## How we read the evidence

Pfizer's underlying business, discovering and selling medicines and vaccines, is permissible, and it does not earn interest from lending. Its FY2025 revenue of $62,579 million is almost entirely product sales ($51,663 million) plus alliance and royalty income from its drug portfolio. On the activity screen, pharma is clean. The screening question for Pfizer is leverage.

After buying cancer-drug maker Seagen for roughly $43 billion in 2023, Pfizer took on a large amount of debt, and it is still working that down. At year-end 2025 it carried about $64.8 billion of total debt ($3,154 million short-term plus $61,641 million long-term) against total equity of $86,775 million. That elevated debt is precisely the kind of figure that Shariah financial-ratio screens scrutinize, and different methodologies measure it differently, some against total assets, others against market capitalization.

That difference appears to be why the two major US Shariah ETFs split on Pfizer: HLAL holds it (156,080 shares as of February 28, 2026), while SPUS does not include it as of June 11, 2026, even though Pfizer is in the S&P 500. SPUS's methodology adds a debt-to-market-cap cap of 30%, which a debt-heavy pharma can fail while still passing FTSE's formula. Neither fund publishes its reasoning, so this is the most likely explanation rather than a confirmed one. A Muslim investor should treat Pfizer as a permissible-business name whose compliance currently hinges on the debt ratio, and verify the live status in a screener, since deleveraging could change the answer.

## Business activity screen

Result: Pass

Pfizer Inc. is a research-based biopharmaceutical company that discovers, develops, manufactures, and sells medicines and vaccines through its Biopharma segment. Per its FY2025 10-K, total revenues were $62,579 million (product revenues $51,663 million, alliance revenues $9,266 million, and royalty revenues $1,650 million), and net income attributable to Pfizer was $7,771 million.

Pharmaceutical development and manufacturing is a permissible business activity and is not on AAOIFI's prohibited-industry list; Pfizer has no interest-based lending business. The Shariah-relevant concern is leverage: following its 2023 acquisition of Seagen, Pfizer carries heavy interest-bearing debt. Per the FY2025 balance sheet, short-term borrowings (including current portion of long-term debt) were $3,154 million and long-term debt was $61,641 million (about $64.8 billion total), against total equity of $86,775 million; it held $1,142 million cash plus $12,454 million short-term investments. This debt load is the most plausible reason Pfizer is held by HLAL but not by SPUS, whose methodology additionally requires debt-to-market-cap below 30% (the funds do not publish per-stock reasons, so this is inferred, not confirmed).

## Financial ratio screen (AAOIFI)

Data as of: 2026-03-29

| Screen | Value | Limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 43.0% | < 30% | Fail |
| Cash + interest-bearing securities / market cap | 8.7% | < 30% | Pass |
| Impermissible income / total revenue | 1.0% | < 5% | Pass |

Screening basis: AAOIFI Shariah Standard No. 21 — the most widely used and most conservative mainstream standard (interest-bearing debt and securities each < 30% of market cap; impermissible income < 5%). Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets. Full methodology: https://www.halalwallet.ca/halal-stock-screening-methodology

## How it screens across Shariah standards

These standards disagree on this company — it passes some and fails others, which is why different apps can show different answers. The headline label follows AAOIFI (the strictest mainstream standard).

| Standard | Debt | Cash & interest securities | Limit / basis | Result |
|---|---|---|---|---|
| AAOIFI (our standard) | 43.0% | 8.7% | < 30% of market cap | Fail |
| Dow Jones Islamic / S&P Shariah threshold | 43.0% | 8.7% | < 33% of market cap | Fail |
| MSCI Islamic / FTSE Yasaar basis | 31.0% | 6.3% | < 33.33% of total assets | Pass |

HalalWallet computation reproducing each standard's threshold and denominator from public filings (balance sheet as of 2026-03-29) — not the providers' licensed index determinations, which can differ. Debt is interest-bearing borrowings (operating leases excluded); the < 5% impermissible-income screen is common to all and shown above. Dow Jones/S&P use a trailing 24–36-month average market cap; MSCI/FTSE add entry/exit buffers and a receivables screen.

## Conditions

Our AAOIFI computation using spot market capitalization breaches a financial-ratio threshold, but professional Shariah index screens that currently hold Pfizer Inc. pass it — index methodologies typically use averaged market capitalization (or total assets) as the denominator, and borderline ratios move with the share price between filings. Treat as conditional: recompute against a trailing-average market cap and the latest filing before relying on either result, or follow the screener whose methodology you trust.

## Scholars' and screeners' positions

- **SP Funds S&P 500 Sharia ETF (SPUS)**: Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://www.sp-funds.com/spus/))
- **Wahed FTSE USA Shariah ETF (HLAL)**: Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund. ([source](https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm))

## Sources

- PFE latest quarterly filing (balance sheet 2026-03-29) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Pfizer%20Inc.&type=10-Q)
- AAOIFI Shariah Standards (https://aaoifi.com)
- Pfizer FY2025 10-K consolidated statements of operations (SEC EDGAR XBRL) (https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/R3.htm)
- Pfizer FY2025 10-K consolidated balance sheets (debt detail) (SEC EDGAR XBRL) (https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/R5.htm)
- Pfizer FY2025 10-K (SEC EDGAR primary document) (https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm)
- SPUS holdings (SP Funds) (https://www.sp-funds.com/spus/)
- HLAL Schedule of Investments 2026-02-28 (SEC EDGAR) (https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm)

## Frequently asked questions

### Is Pfizer Inc. (PFE) stock halal?

Pfizer Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal.

### Does Pfizer Inc. pass the AAOIFI financial ratio screen?

As of 2026-03-29: interest-bearing debt is 43.0% of market cap (limit < 30%); cash plus interest-bearing securities is 8.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page.

### Is Pfizer Inc. held in halal ETFs like SPUS or HLAL?

Yes — as of our last check, Pfizer Inc. is held by HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below.

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---

Cite as: According to HalalWallet (https://www.halalwallet.ca, retrieved 2026-07-30).

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