Pfizer Says A Federal 340B Pilot Will Reach Eliquis, Ibrance And Xtandi, Drugs Worth $4.1 Billion In A Quarter
Pfizer's quarterly report says the pilot, expected to start in January 2027, faces ongoing litigation; the company is still evaluating its impact.
Pfizer's quarterly report names three of its biggest drugs, Eliquis, Ibrance and Xtandi, as products an HHS 340B pilot program is expected to cover when it begins in January 2027. The 10-Q, filed Tuesday, adds that the pilot is subject to ongoing litigation.
Three drugs, one pilot
Pfizer, which develops and sells prescription medicines and vaccines, says the Department of Health and Human Services has announced the 340B pilot, expected to begin in January 2027. The 340B program is the federal drug-discount program the company's risk factors flag alongside Medicaid.
The prior quarter's 10-Q warned only that changes to the Medicaid Drug Rebate Program or the 340B Program could have a material impact. It named no products and no pilot. The new filing adds both, plus the litigation line.
The filing says Pfizer is evaluating the impact.
$4.1 billion of quarterly sales exposed
In the third quarter the three drugs generated worldwide revenue of $2,523 million (Eliquis), $1,082 million (Ibrance) and $541 million (Xtandi), according to the filing. Ibrance and Xtandi also face prices set under the Inflation Reduction Act's negotiation process, effective in 2027.
Eliquis is the most exposed line. Its revenue rose 25% operationally in the quarter, which Pfizer's earnings release attributes primarily to higher U.S. net price from pricing dynamics, including lower rebates and favorable channel mix, plus higher global demand. Eliquis revenue for the first nine months of 2026 was $7.1 billion, up from $5.9 billion a year earlier.
A raised outlook and a tariff deal
The 10-Q arrived with a raised 2026 outlook. Pfizer lifted its revenue guidance to a range of $62.0 to $64.0 billion from $60.5 to $62.5 billion, and its adjusted earnings guidance to $2.95 to $3.05 per share from $2.80 to $3.00. Third-quarter revenue was $16.6 billion, relatively flat, and excluding Comirnaty and Paxlovid it grew 7% operationally.
The filing also says Pfizer reached binding agreements with the U.S. Government under which the tariff rate on its products under the April 2026 Section 232 order is zero until January 20, 2029, in exchange for commitments on drug pricing and U.S. manufacturing. Pfizer's market value was $174.8 billion in Tuesday morning trading.
The pilot is expected to begin in January 2027, and the 10-Q says it remains subject to ongoing litigation.
Sources
- 10-Q Filing — Pfizer (PFE) — SEC EDGAR
- 10-Q Filing — Pfizer (PFE), Q2 FY2026 filed 2026-08-04 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, pfe-9272026xex99.htm) — Pfizer, filed 2026-11-03 — SEC EDGAR
- Pfizer (PFE) earnings Q3 2026 — CNBC
- Pfizer Raises 2026 Forecasts as Eliquis, Cancer Drugs Drive Q3 Beat — Reuters
- Pfizer in Charts: Primary Care rebounds sharply, while Oncology extends its growth streak | Seeking Alpha — seekingalpha.com
- Pfizer (NYSE:PFE) reports strong Q3 2026, full-year outlook slightly exceeds expectations — Yahoo Finance
- Pfizer Finds Life Beyond the Pandemic as Earnings Top Estimates — Barron's
