Pfizer raises 2026 revenue and profit forecast on demand for newer drugs

Guidance raised on newer medicines

Pfizer raised its full-year 2026 forecasts on Tuesday, 3 November, after third-quarter results that beat analyst expectations. The company now expects revenue of $62 billion to $64 billion, up from a previous range of $60.5 billion to $62.5 billion. Adjusted earnings per share are now guided at $2.95 to $3.05, compared with an earlier range of $2.80 to $3.00. The upgrade follows strong demand for cancer medicines and for the blood thinner Eliquis, which Pfizer shares with Bristol Myers Squibb. Eliquis sales rose 25% to $2.52 billion, above the $2.46 billion analysts had expected, driven by higher net prices in the US. Eli Lilly, Merck and Bristol Myers Squibb have also raised annual forecasts on strong demand, and Pfizer shares rose less than 1% in pre-market trading. The stock, which struggled in the first half of the year, is up 23% so far in 2026.

Third-quarter results

Revenue for the quarter was $16.58 billion, slightly below $16.65 billion a year earlier, while net income fell 8% to $3.24 billion. Diluted earnings per share dropped 9% to $0.56. On an adjusted basis, diluted EPS held at $0.87, unchanged from the year before but above analyst estimates. Pfizer said that, excluding Comirnaty and Paxlovid, revenue grew 7% on an operational basis. Comirnaty sales fell 29% and Paxlovid sales dropped 63%, while revenue from oncology drugs, including the bladder cancer treatment Padcev, reached $4.3 billion.

Q3 202516.65

Q3 202616.58

Q3 2025

16.65 $ billion

Q3 2026

16.58 $ billion

Data from the article text

Acquisitions and cost plan

Pfizer is trying to replace revenue at risk from patent expirations, with patent cliffs between 2026 and 2030 that include Eliquis and the breast cancer treatment Ibrance. Pfizer bought Seagen for $43 billion in 2023, which brought it Padcev, and paid $10 billion for the obesity drug developer Metsera in 2025 after a contest with Novo Nordisk. The company also expects to save a total of $9.7 billion by 2029 through cost reductions. Bernstein analyst Courtney Breen said the acquired products are increasingly contributing, but the longer-term growth story still depends on experimental treatments in the pipeline. Investors are also watching early results from Metsera's amylin-based obesity drug.

Leadership change and next catalysts

Pfizer appointed Cecile Guegan as chief financial officer effective 1 November, replacing Dave Denton, who departed in August for a comparable post at Nike. Guegan had been serving as interim finance chief and will now hold the job permanently. BMO Capital analyst Evan Seigerman said the appointment provided "more perceived stability ahead of decisions on setting 2027 guidance." Pfizer also said late-stage data for the experimental cancer drug mevrometostat, previously expected by year-end 2026, is now anticipated in the first quarter of 2027.