Pfizer Keeps 2026 Outlook as Q1 Revenue Rises 5%; COVID Sales Slide

Pfizer reported higher first-quarter revenue on Tuesday and reaffirmed its full-year 2026 outlook, as growth in newer and non-COVID products helped offset another steep drop in sales of its pandemic-era products Comirnaty and Paxlovid.

The drugmaker said first-quarter revenue rose 5% to $14.451 billion from a year earlier. On an operational basis, which strips out foreign exchange effects, revenue increased 2%. Excluding Comirnaty, Pfizer’s COVID-19 vaccine, and Paxlovid, its COVID treatment, revenue grew 7% operationally, underscoring the company’s continuing shift away from pandemic-driven sales. Reported diluted earnings per share were 47 cents, while adjusted diluted earnings per share were 75 cents.

That transition was visible across the portfolio. Pfizer said Padcev, an oncology drug that became more important to the company after its Seagen acquisition closed in December 2023, grew 39% operationally in the quarter. Eliquis rose 8%, oncology biosimilars increased 52% and Nurtec ODT/Vydura climbed 41%. At the same time, Comirnaty revenue fell 59% operationally and Paxlovid revenue dropped 63%.

Pfizer said it was maintaining, not raising, the full-year 2026 guidance it first issued on Dec. 16, 2025. The company still expects revenue of $59.5 billion to $62.5 billion and adjusted diluted earnings per share of $2.80 to $3.00. The unchanged forecast suggests management sees the quarter as consistent with its plan to replace fading COVID sales with growth from the rest of the business, rather than as a reason to lift targets.

Profitability, however, was lower than a year ago despite the increase in revenue. Reported net income was $2.687 billion, down from $2.967 billion in the first quarter of 2025. Adjusted income fell to $4.290 billion from $5.237 billion. Pfizer said cost of sales increased to $3.548 billion, or 24.6% of revenue, compared with 20.7% a year earlier. Reported research and development expense rose 13% to $2.490 billion.

In its May 5 earnings release, David Denton, Pfizer’s chief financial officer and executive vice president, said, “Our first-quarter results are attributable to our solid commercial performance globally as well as our ongoing focus on operational efficiency. This quarter, I’m particularly pleased with the 22% year-over-year operational revenue growth from our launched and acquired products. Today, we are reaffirming our full-year 2026 financial guidance.”

Pfizer also said its late-stage pipeline is “robust” and that it remains on track to start about 20 key pivotal studies in 2026. The company said it invested $2.5 billion in internal research and development in the first quarter.