Pfizer Raises 2026 Revenue Midpoint as Non-COVID Drugs Offset Pandemic Drag

Pfizer raised the midpoint of its 2026 revenue forecast after stronger-than-expected sales from its non-COVID portfolio, signaling continued progress in its push to offset the steep decline in pandemic-era products. The guidance increase came even as the drugmaker posted a quarterly GAAP loss, driven by a large non-cash impairment charge, and reported continued weakness in COVID-related sales.

The company said Tuesday that second-quarter revenue was $15.034 billion, up 3% from a year earlier on a reported basis and up 1% operationally. Excluding Comirnaty, its COVID vaccine, and Paxlovid, its COVID treatment, revenue grew 5% operationally. Pfizer reported a net loss attributable to common shareholders of $248 million, or 4 cents a share, on a GAAP basis, reflecting $4.3 billion in non-cash intangible asset impairments. Adjusted diluted earnings were 77 cents a share.

Pfizer raised the midpoint of its full-year 2026 revenue guidance by $500 million, taking its range to $60.5 billion to $62.5 billion from $59.5 billion to $62.5 billion. The company said the change was driven by roughly $1.5 billion of better-than-expected performance from non-COVID products, partly offset by a weaker outlook for COVID sales. Pfizer now expects about $4 billion in 2026 revenue from COVID products, down from its prior forecast of about $5 billion.

The shift in Pfizer’s business mix was clear in the quarter’s product results. Revenue from the company’s launched and acquired products rose 18% operationally. Among individual medicines, Eliquis revenue increased 19% operationally, Padcev rose 23%, Lorbrena climbed 37% and the Vyndaqel family gained 8%. But Paxlovid revenue fell 95% and Comirnaty revenue dropped 34%, underscoring how sharply COVID demand has faded.

For the first six months of 2026, Pfizer reported revenue of $29.484 billion, up from $28.367 billion a year earlier. The company reaffirmed its full-year adjusted diluted earnings guidance of $2.80 to $3.00 a share. Pfizer said that forecast already includes an impact of about 10 cents a share from its Innovent Biologics transaction.

The revenue increase is notable because it marks the first material upward revision to Pfizer’s 2026 sales outlook since the company introduced and later reaffirmed the earlier range. Investors have been watching whether growth in areas such as oncology, rare disease, cardiology and obesity can make up for the continued erosion of COVID revenue.

In Tuesday’s release, CEO Albert Bourla said Pfizer’s launched and acquired products “performed well” and said the company’s oncology portfolio remains a source of strength. Pfizer also identified Cecile Guegan as incoming interim chief financial officer and executive vice president in the results announcement.

As a secondary update, Pfizer said it now expects an additional $2.5 billion in productivity enhancement savings over 2027 through 2029, adding to its broader effort to improve efficiency as it reshapes the business for the post-COVID era.