Pfizer Raises 2026 Guidance After Stronger Third Quarter, Names New CFO

Pfizer reported stronger third-quarter results on Tuesday and raised its full-year 2026 outlook, saying growth across its non-COVID business and newer products more than offset another steep drop in pandemic-related sales.

The drugmaker said third-quarter revenue totaled $16.583 billion. Net income attributable to Pfizer common shareholders was $3.242 billion, or 56 cents a diluted share, while adjusted income was $4.985 billion, or 87 cents a share. Pfizer raised its full-year revenue guidance to $62 billion to $64 billion, up $1.5 billion at the midpoint from its prior range, and lifted and narrowed adjusted diluted earnings-per-share guidance to $2.95 to $3.05 from $2.80 to $3.00.

CEO Albert Bourla said in the company’s earnings release that Pfizer had “another strong quarter” as it continued to execute on its long-term strategy.

The results offered the latest evidence of Pfizer’s effort to move beyond the pandemic sales boom that once powered results through its COVID-19 vaccine Comirnaty and antiviral treatment Paxlovid. Excluding those two products, Pfizer said third-quarter revenue rose 7% operationally from a year earlier. Revenue from its launched and acquired products jumped 32% operationally.

Several products helped drive that growth. Blood thinner Eliquis brought in one of the biggest gains, with revenue up $513 million, or 25% operationally. Cancer drug Padcev, part of the portfolio Pfizer added through its Seagen acquisition, rose $255 million, or 55% operationally. The Vyndaqel family of heart drugs increased by $193 million, or 12% operationally. Migraine treatment Nurtec ODT/Vydura climbed $135 million, or 33% operationally, and cancer drug Lorbrena added $114 million, or 43% operationally.

The biggest drags were familiar ones. Paxlovid revenue fell by $771 million, or 63% operationally, which Pfizer attributed to lower COVID-19 infections and the timing of government purchases. Comirnaty revenue fell by $339 million, or 29% operationally, reflecting a smaller favorable U.S. returns adjustment, narrower vaccine recommendations and lower contractual deliveries in some markets. The Prevnar family of vaccines also declined, down $180 million, or 10% operationally, as vaccination rates weakened and Pfizer lost market share in some adult and pediatric markets.

Part of the gap between Pfizer’s reported and adjusted profit came from a $650 million charge for acquired in-process research and development tied to an in-licensing and collaboration agreement with Innovent Biologics. Such charges are typically excluded from adjusted results because they are tied to deal activity rather than underlying operations.

The quarter underscores the transition Pfizer has been trying to manage since demand for COVID products began to normalize. The company has been leaning more heavily on its broader portfolio and on recently launched or acquired medicines to replace shrinking pandemic revenue. That includes oncology assets from Seagen, the cancer drugmaker Pfizer acquired in December 2023. Padcev was among the quarter’s strongest contributors.

Pfizer said its updated 2026 guidance includes an anticipated unfavorable revenue impact of about $1.1 billion from recent or expected generic and biosimilar competition, a reminder that even as its product mix improves, older brands still face pressure.

The company also said Cecile Guegan was appointed chief financial officer and executive vice president effective Nov. 1. Guegan said the company was raising its full-year guidance to reflect strong performance so far this year and confidence in the business.