Pfizer’s newer medicines gain ground as COVID-19 sales retreat

Guidance rises despite flat quarterly revenue

Pfizer Inc. (NYSE:PFE) raised its full-year 2026 revenue and adjusted earnings guidance after a third quarter that showed the company’s post-COVID transition in stark terms. Revenue was US$16.6 billion, broadly unchanged from a year earlier, but sales from launched and acquired products rose 32% operationally. Pfizer now expects full-year revenue of US$62.0 billion-US$64.0 billion, up US$1.5 billion at the midpoint from its previous range.

The company also raised and narrowed its adjusted diluted EPS forecast to US$2.95-US$3.05, compared with US$2.80-US$3.00 previously. That is a non-GAAP measure: reported diluted EPS for the quarter was US$0.56, down from US$0.62, while adjusted diluted EPS held at US$0.87. Pfizer’s guidance includes a one-time US$650 million acquired in-process research and development charge linked to its Innovent Biologics licensing and collaboration agreement.

Eliquis and acquired medicines carry the quarter

The growth engine was concentrated in a handful of established and recently acquired products. Eliquis revenue increased 25% operationally to US$2.5 billion, helped by higher US pricing dynamics and global demand, although Pfizer noted generic entry and price erosion in some international markets. Padcev rose 55% to US$720 million, Vyndaqel-family revenue increased 12% to US$1.8 billion, Nurtec grew 33% to US$547 million and Lorbrena climbed 43% to US$387 million.

Those gains were needed. Paxlovid revenue plunged 63% to US$449 million and Comirnaty fell 29% operationally to US$808 million, reflecting lower COVID-19 infections, narrower US vaccine recommendations and lower contractual deliveries in some international markets. Excluding the two COVID-19 products, Pfizer said revenue grew 7% operationally in the quarter.

Reported profit falls as investment and restructuring costs rise

Reported net income attributable to Pfizer shareholders dropped 8% to US$3.2 billion, with diluted EPS down 9%. Research and development spending rose 18% operationally to US$3.0 billion, driven mainly by higher investment in oncology and obesity candidates. Pfizer also recorded US$791 million in restructuring and certain acquisition-related costs, including US$742 million tied to its cost realignment programme.

For the first nine months, reported net income fell 40% to US$5.7 billion even as revenue increased 2% to US$46.1 billion. The period included US$4.3 billion of asset impairment charges, including US$3.8 billion related to the sigvotatug vedotin programme after unfavourable clinical trial results, and US$525 million related to Oxbryta technology rights.

Pipeline catalysts and a new finance chief

Pfizer highlighted recent progress across its development portfolio, including positive Phase 3 results for Elrexfio in relapsed or refractory multiple myeloma, Phase 3 results for Litfulo in nonsegmental vitiligo, and expanded US approvals for Talzenna and Tukysa. The company also pointed to an ongoing Phase 3 programme for its 25-valent pneumococcal vaccine candidate and a Phase 3 programme for the trispecific antibody tilrekimig.

Cecile Guegan became Pfizer’s chief financial officer and executive vice president on November 1. The company spent US$8.3 billion on internal research and development and about US$850 million on business development in the first nine months, while paying US$7.3 billion in dividends. No share repurchases are planned for 2026 as Pfizer continues to prioritise debt reduction.