Earnings

Pfizer Raises 2026 Revenue Forecast By $1.5 Billion At The Midpoint As Eliquis Jumps 25%

Third-quarter sales were flat at $16.6 billion as Eliquis and cancer drugs offset a 63% Paxlovid drop, and Pfizer named a new CFO.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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Pfizer Raises 2026 Revenue Forecast By $1.5 Billion At The Midpoint As Eliquis Jumps 25%

Pfizer, the maker of Eliquis, Ibrance and Comirnaty, raised its full-year 2026 revenue forecast by $1.5 billion at the midpoint, to $62.0 billion to $64.0 billion, after third-quarter sales held roughly flat. The company also lifted its adjusted earnings guidance and named Cecile Guegan chief financial officer, it said Tuesday.

A flat quarter with a split inside

Third-quarter revenue was $16.6 billion, relatively flat operationally against a year earlier. Excluding Comirnaty and Paxlovid, revenue grew 7% operationally, and launched and acquired products grew 32% operationally, the company reported.

Eliquis sales rose 25% operationally, up $513 million, helped by higher net price in the U.S. from lower rebates and channel mix, plus higher demand globally. Padcev climbed 55%, Lorbrena 43% and the Vyndaqel family 12%.

Paxlovid fell 63% operationally, down $771 million, on lower Covid infections. Comirnaty dropped 29%, and the Prevnar family slipped 10%.

Reported net income fell 8% to $3,242 million, or $0.56 per diluted share. Adjusted earnings were $0.87 per share, unchanged from a year earlier.

The new guidance and its $650 million charge

Pfizer raised and narrowed adjusted earnings per share guidance to $2.95 to $3.05, from $2.80 to $3.00. That range already includes a one-time $650 million acquired research charge, booked in the third quarter, for the licensing and collaboration deal with Innovent Biologics, worth about $0.10 per share.

The company expects an unfavorable revenue hit of about $1.1 billion from generic and biosimilar competition. Guidance assumes no share repurchases in 2026.

Guegan, whose appointment took effect November 1, said the company is raising guidance to reflect "strong year-to-date performance and confidence in our business."

Nine-month profit tells a weaker story

For the first nine months, reported net income fell 40% to $5,681 million. Asset impairments of $4,325 million weighed on it, including $3.8 billion tied to unfavorable Phase 3 lung cancer trial results for sigvotatug vedotin. A $1,870 million gain on the sale of its ViiV stake partly offset them. Nine-month revenue rose 2% to $46,067 million.

Pfizer paid $7.3 billion in dividends over the period and completed no buybacks. Its remaining repurchase authorization is $3.3 billion.

Pfizer holds its earnings call and webcast at 10:00 a.m. ET Tuesday, and CEO Albert Bourla pointed to a slate of late-stage pipeline catalysts ahead.

Sources

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