Pfizer Raises 2026 Revenue Outlook by $1.5 Billion as Eliquis Offsets COVID Slump
Pfizer raised its 2026 revenue forecast by $1.5 billion at the midpoint and lifted its adjusted earnings outlook on Tuesday, as growth in Eliquis, Padcev and its newer medicines offset another steep drop in COVID-19 product sales.
The drugmaker now expects full-year revenue of $62.0 billion to $64.0 billion, up from $60.5 billion to $62.5 billion, according to the third-quarter earnings release it filed with an 8-K. It raised and narrowed adjusted diluted EPS guidance to $2.95 to $3.05 from $2.80 to $3.00.
Third-quarter revenue was $16.58 billion, down 0.4% from $16.65 billion a year earlier. Net income fell 8.4% to $3.24 billion, and diluted EPS slipped 9.7% to $0.56 from $0.62. Adjusted diluted EPS was flat at $0.87.
"Pfizer had another strong quarter with commercial momentum and disciplined execution while advancing our strategy for creating long-term shareholder value," Chairman and CEO Albert Bourla said in the release.
COVID drag, growth elsewhere
Paxlovid revenue fell 63.3% to $449 million from $1.23 billion, which Pfizer tied mainly to lower COVID-19 infections. Comirnaty dropped 29.8% to $808 million. Excluding those two products, revenue rose 7.3% to $15.33 billion.
Blood thinner Eliquis led the gainers, with revenue up 25.2% to $2.52 billion on higher U.S. net pricing, including lower rebates, and higher global demand, the company said. Bladder cancer drug Padcev jumped 55.2% to $720 million, and the Vyndaqel family grew 11.4% to $1.77 billion. Oncology revenue overall rose 9.9% to $4.33 billion.
The Prevnar vaccine family went the other way, falling 10.2% to $1.56 billion on lower adult and pediatric vaccination rates in the U.S. and adult market share erosion.
Costs and charges
Research and development expenses rose 18.5% to $3.02 billion, driven mainly by spending on oncology and obesity candidates. The quarter also carried a $650 million acquired in-process R&D charge tied to Pfizer's in-licensing and collaboration deal with Innovent Biologics, which the company said had an unfavorable impact on 2026 adjusted EPS of an estimated $0.10.
Restructuring charges and certain acquisition-related costs climbed to $791 million from $286 million, primarily employee termination costs from its enterprise-wide cost realignment program.
New CFO and capital returns
Pfizer said Cecile Guegan became chief financial officer and executive vice president effective Nov. 1. "Today, we are raising our full-year 2026 Revenue and Adjusted diluted EPS guidance, reflecting our strong year-to-date performance and confidence in our business," Guegan said.
The company paid $7.3 billion in dividends, or $1.29 per share, in the first nine months of 2026. It has bought back no stock this year, has $3.3 billion left under its repurchase authorization and said current guidance does not assume any buybacks in 2026.
By the numbers
- Revenue: $16.58 billion, down 0.4%
- Diluted EPS: $0.56, down 9.7%
- Adjusted diluted EPS: $0.87, flat
- Eliquis revenue: $2.52 billion, up 25.2%
- 2026 revenue outlook: $62.0 billion to $64.0 billion, raised
- 2026 adjusted EPS outlook: $2.95 to $3.05, raised
Sources
- Pfizer Form 8-K with third-quarter 2026 earnings release, filed Nov. 3, 2026 (accession 0000078003-26-000125)
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