Pfizer raises 2026 revenue forecast by $1.5 billion to $64 billion
Key Facts
On November 3, Pfizer raised its fiscal 2026 revenue forecast by $1.5 billion at the midpoint, to a range of $62.0 billion to $64.0 billion, compared with its previous forecast of $60.5 billion to $62.5 billion. The company said the update reflected strong performance year to date, continued confidence in its business and progress on cost-improvement initiatives. It also raised and narrowed its adjusted diluted earnings-per-share range to $2.95–$3.05, from $2.80–$3.00 previously. The announcement came with third-quarter results, making the new guidance an estimate for the current fiscal year rather than a long-term forecast. Pfizer said its performance so far was one of the factors it considered in updating its forecast.
Pfizer's third-quarter revenue was $16.583 billion, compared with $16.654 billion in the same period a year earlier, and the company described overall operating performance as broadly stable year over year. The picture differed excluding COVID-19 products, with operating revenue up 7% excluding Comirnaty and Paxlovid. Revenue from products launched recently or added through acquisitions also rose 32% on an operational basis during the quarter. The company reported revenue of $46.067 billion in the first nine months of 2026, up 2% from $45.022 billion in the same period of 2025. The figures show growth in some parts of the portfolio alongside stability in overall quarterly revenue.
Pfizer said the quarter's decline in operational revenue was linked to lower sales of COVID-19 products, the Prevnar family and other products, largely offset by increases in Eliquis, Padcev, the Vyndaqel family, Nurtec and Lorbrena. Eliquis revenue increased by $513 million, or 25% operationally, driven mainly by higher net prices in the United States and increased global demand. The company said these gains were partly offset by generic entry and price erosion in some international markets. Padcev revenue rose by $255 million, or 55% operationally. Pfizer attributed its growth to increased market share in first-line treatment of advanced or metastatic urothelial cancer and uptake for treating muscle-invasive bladder cancer.
Adjusted diluted earnings per share was $0.87 in the third quarter, unchanged from the same period a year earlier, while reported diluted earnings per share fell 9% to $0.56 from $0.62. On investment, Pfizer said it spent $8.3 billion on internal research and development projects during the first nine months of 2026. Third-quarter research and development expenses rose 18% on an operational basis year over year, which the company attributed, among other factors, to increased spending on certain candidates in oncology and obesity. These indicators combine higher research spending and growth in products the company launched or acquired, with reported and adjusted earnings moving in different directions. The company noted progress in its drug portfolio while continuing work on the cost-improvement initiatives it cited among the reasons for updating its forecast.
Pfizer said its latest late-stage development progress included the start of 8 pivotal studies, results from one pivotal study and two regulatory decisions. Chief Executive Albert Bourla also cited continued progress in the company's obesity program and recent milestones in oncology, immunology and vaccines. Bourla said: "Our obesity program continued to advance, and recent milestones in oncology, immunology and vaccines demonstrated the potential of our pipeline." These developments are part of the company's efforts to advance its research projects, while spending on internal research and development projects totaled $8.3 billion in the first nine months of the year. The company also announced the appointment of Cécile Geiger as chief financial officer and executive vice president in its results statement issued on November 3.
Pfizer shares fell 3.3% on the day it reported results, according to The Associated Press, despite the company posting quarterly earnings that were stronger than analysts had expected. The news agency reported that the midpoint of Pfizer's 2026 earnings forecast was below analysts' expectations. The move came on the day the company updated its annual guidance and released third-quarter results, which included relatively stable overall quarterly revenue and growth in specific products. The revised revenue forecast did not retroactively change figures for previous periods; the announcement raised the annual revenue forecast range to $62.0–$64.0 billion. The results day thus combined a company forecast increase with a decline in its shares, according to the agency's account of trading that day.