Pfizer Beats Third-Quarter Estimates and Raises Full-Year Guidance

Pfizer beat third-quarter estimates on Tuesday, reporting adjusted earnings of $0.87 a share as Eliquis and cancer-drug sales offset falling COVID revenue.

Pfizer is the New York drugmaker behind Eliquis, a blood thinner sold with Bristol Myers Squibb, and a large cancer portfolio. Its third quarter tested whether growth outside COVID products can carry the company.

The answer, on Tuesday's evidence, was yes. Revenue from non-COVID products grew 7 percent operationally, a measure that strips out currency moves. Launched and acquired products, the newer medicines Pfizer is counting on, grew 32 percent.

Third-quarter results beat estimates

Revenue was $16.58 billion in the quarter ended in late September. That was down $71 million from $16.65 billion a year earlier, a fall of about 0.4 percent. That percentage is a TickerGrove calculation from the company's reported totals.

Analysts expected revenue of $15.87 billion, Reuters reported. The reported figure was about 4.5 percent above that estimate, again a TickerGrove calculation. Adjusted earnings per share were $0.87, flat against $0.87 a year earlier.

Adjusted earnings strip out one-time and acquisition-related items. Analysts had forecast adjusted earnings to fall to $0.73 a share, TipRanks reported before the release. The beat was about 19.2 percent, a TickerGrove calculation.

On a reported basis, the standard GAAP measure, net income was $3.24 billion. Reported diluted earnings per share were $0.56, down from $0.62 a year earlier. Adjusted income was $4.99 billion, up 1 percent from $4.95 billion.

“Our third-quarter results reflect strong commercial performance globally and continued operational discipline,” chief financial officer Cecile Guegan said. She pointed to the 7 percent non-COVID growth. She also cited the 32 percent growth in launched and acquired products.

Eliquis and cancer drugs did the heavy lifting

Eliquis revenue rose 25 percent to $2.52 billion. Pfizer credited higher U.S. net prices, helped by lower rebates and favorable channel mix, plus higher global demand. Generic entry and price erosion in some international markets partly offset that.

The Vyndaqel family of heart medicines rose 12 percent operationally to $1.77 billion. U.S. market expansion drove the gain. Rising diagnosis and uptake abroad, and improved access in some markets, also helped, the company said.

Cancer drugs grew fastest. Padcev, a bladder-cancer treatment, rose 55 percent to $720 million on market-share gains. Lorbrena, a lung-cancer drug, rose 43 percent operationally to $387 million. Oncology revenue overall rose 10 percent to $4.33 billion.

COVID products moved the other way. Paxlovid, the antiviral pill, fell 63 percent to $449 million as infections declined. Comirnaty, the COVID vaccine, fell 29 percent operationally to $808 million. The Prevnar vaccine family fell 10 percent to $1.56 billion.

“Pfizer had another strong quarter with commercial momentum and disciplined execution,” chairman and chief executive Albert Bourla said. He cited advances in the obesity program. He also pointed to recent milestones in oncology, immunology and vaccines.

Guidance raised for the full year

Pfizer raised its full-year 2026 revenue guidance to $62.0 billion to $64.0 billion. The previous range was $60.5 billion to $62.5 billion. The midpoint rose by $1.5 billion, the company said.

Adjusted earnings guidance rose, and narrowed, to $2.95 to $3.05 a share. The previous range was $2.80 to $3.00 a share. Analysts on average expected $2.96 a share and revenue of $62.17 billion, Reuters reported.

The guidance includes a one-time $650 million charge for acquired in-process research and development. The charge covers the Innovent Biologics licensing and collaboration deal, recorded in the third quarter. Pfizer put its earnings hit at about $0.10 a share.

These are announced forecasts, not reported results. Pfizer also raised its adjusted research spending range to $10.8 billion to $11.8 billion. It kept its adjusted selling and administrative range at $12.5 billion to $13.5 billion.

Pfizer completed no share repurchases in 2026, and its guidance assumes none this year. A $3.3 billion repurchase authorization remains. In the first nine months it paid $7.3 billion in cash dividends, or $1.29 a share.

A new finance chief, confirmed

Separately, Pfizer confirmed Cecile Guegan as chief financial officer and executive vice president. Her permanent appointment took effect on November 1, the company said in a separate release. She had served as interim finance chief since August 16.

Guegan succeeded Dave Denton, who left Pfizer in August. He left to become chief financial officer at Nike, where his appointment took effect on August 17. Reuters described the Nike move as a similar role; Nike's announcement named him an executive vice president and CFO.

Guegan has spent more than 25 years at Pfizer. She previously ran finance for the biopharmaceutical business across all therapeutic areas and geographies. She now oversees audit, treasury, investor relations, tax and controllership.

Barron's reported the shares rose 0.6 percent in Tuesday premarket trading to $30.86. That was before the market opened, while index futures fell. It is a premarket reading, not a close.

What remains unknown

What remains unknown starts with durability. The guidance raise rests on Eliquis pricing and cancer-drug demand holding through the fourth quarter. The release does not say how long the U.S. Eliquis pricing benefit lasts.

Patent expirations after 2028 also hang over the model. Reuters noted Pfizer is using licensing deals and acquisitions to refill its pipeline. Whether those deals replace the revenue at risk is not yet proven.

What to watch next

What to watch next is the fourth quarter against the new ranges. Full-year revenue of $62.0 billion to $64.0 billion is the first test. Adjusted earnings of $2.95 to $3.05 a share is the second.

Watch the same product split, too. Eliquis at $2.52 billion and Padcev at $720 million set the growth bar. And watch whether COVID revenue stabilizes, after Paxlovid and Comirnaty fell sharply again.