Pfizer Reports Strong Third-Quarter 2026 Results And Raises 2026 Guidance
PFIZER INC (PFE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99 Pfizer Reports Strong Third-Quarter 2026 Results And Raises 2026 Guidance ■ Focused Execution Drove 32% Operational Revenue Growth of Launched and Acquired Products (1) ■ Advancing Robust Late-Stage Pipeline with Multiple Key Catalysts Ahead ■ Raises 2026 Guidance (2)
How this was made
The 30-second read
Why it matters
The raised guidance signals continued momentum in key products like Eliquis and Padcev, supporting a positive earnings outlook.
Market read
The guidance raise is a primary catalyst for PFE and may influence broader healthcare sector sentiment.
What to watch
Potential headwinds from foreign‑exchange impact and upcoming generic competition could temper upside.
Pfizer Reports Strong Third-Quarter 2026 Results And Raises 2026 Guidance
Third-quarter revenue was relatively flat year over year as growth in Eliquis, Padcev, Vyndaqel, Nurtec and Lorbrena substantially offset steep COVID-19 declines. Adjusted diluted EPS held at $0.87, the company raised full-year revenue and adjusted diluted EPS guidance, and it returned $7.3 billion of cash dividends in the first nine months of 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third-Quarter 2026 Total revenuesGAAP | $16.58B | – | — |
| Third-Quarter 2026 Product revenuesGAAP | $13.26B | – | (5)% |
| Third-Quarter 2026 Alliance revenuesGAAP | $2.85B | – | 24% |
| Third-Quarter 2026 Royalty revenuesGAAP | $477M | – | 9% |
| Third-Quarter 2026 Reported net income attributable to Pfizer Inc. common shareholdersGAAP | $3.24B | – | (8%) |
| Third-Quarter 2026 Reported diluted EPSGAAP | $0.56 | – | (9%) |
| Third-Quarter 2026 Adjusted incomenon-GAAP | $4.99B | – | 1% |
| Third-Quarter 2026 Adjusted diluted EPSnon-GAAP | $0.87 | – | — |
| Third-Quarter 2026 Cost of salesGAAP | $4.03B | – | (3%) |
| Third-Quarter 2026 Cost of sales as a percentage of revenuesGAAP | 24.3% | – | decreased by 0.8 percentage points |
| Third-Quarter 2026 Selling, informational and administrative expensesGAAP | $3.28B | – | 3% |
| Third-Quarter 2026 Research and development expensesGAAP | $3.02B | – | 18% |
| Third-Quarter 2026 Acquired in-process research and development expensesGAAP | $669M | – | (52%) |
| Third-Quarter 2026 Restructuring charges and certain acquisition-related costsGAAP | $791M | – | * |
| Third-Quarter 2026 Other (income)/deductions, netGAAP | $288M | – | (44%) |
| Third-Quarter 2026 Effective tax rate on Reported incomeGAAP | 3.9% | – | – |
| Third-Quarter 2026 Adjusted cost of salesnon-GAAP | $3.84B | – | (3%) |
| Third-Quarter 2026 Adjusted cost of sales as a percentage of revenuesnon-GAAP | 23.2% | – | – |
| Third-Quarter 2026 Adjusted SI&A expensesnon-GAAP | $3.22B | – | 2% |
| Third-Quarter 2026 Adjusted R&D expensesnon-GAAP | $2.94B | – | 18% |
| Third-Quarter 2026 Adjusted other (income)/deductions, netnon-GAAP | $102M | – | (60%) |
| Third-Quarter 2026 Effective tax rate on Adjusted incomenon-GAAP | 14.0% | – | – |
| First nine months of 2026 Total revenuesGAAP | $46.07B | – | 2% |
| First nine months of 2026 Reported net income attributable to Pfizer Inc. common shareholdersGAAP | $5.68B | – | (40%) |
| First nine months of 2026 Reported diluted EPSGAAP | $0.99 | – | (40%) |
| First nine months of 2026 Adjusted incomenon-GAAP | $13.71B | – | (6%) |
| First nine months of 2026 Adjusted diluted EPSnon-GAAP | $2.39 | – | (7%) |
| First nine months of 2026 Cost of salesGAAP | $11.67B | – | 8% |
| First nine months of 2026 SI&A expensesGAAP | $9.65B | – | — |
| First nine months of 2026 R&D expensesGAAP | $8.31B | – | 15% |
| First nine months of 2026 Acquired IPR&D expensesGAAP | $822M | – | (41%) |
| First nine months of 2026 Other (income)/deductions, netGAAP | $4.87B | – | * |
| First nine months of 2026 Effective tax rate on Reported incomeGAAP | 3.2% | – | – |
| First nine months of 2026 Adjusted cost of salesnon-GAAP | $10.90B | – | 8% |
| First nine months of 2026 Adjusted SI&A expensesnon-GAAP | $9.48B | – | (1%) |
| First nine months of 2026 Adjusted R&D expensesnon-GAAP | $8.11B | – | 14% |
| First nine months of 2026 Effective tax rate on Adjusted incomenon-GAAP | 14.9% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Global Biopharmaceuticals Business (Biopharma)Higher Eliquis, Padcev, Vyndaqel family, Nurtec and Lorbrena revenues were largely offset by lower COVID-19 product, Prevnar family and several other product revenues. | $16.28B | – | — |
| Primary CareEliquis grew 25% operationally, but Paxlovid declined 63% operationally, Comirnaty declined 29% operationally and the Prevnar family declined 10% operationally. | $6.97B | – | (9%) |
| OncologyPadcev grew 55%, Lorbrena grew 43% operationally, and increased revenue was partly offset by lower Bosulif revenue. | $4.33B | – | 10% |
| Specialty CareVyndaqel family revenue grew 12% operationally on U.S. market expansion, international demand, patient diagnosis uptake and improved access. | $3.35B | – | 7% |
| Hospital and BiosimilarsU.S. revenue increased 17%, while international revenue declined 11% operationally. | $1.64B | – | 2% |
| Pfizer CentreOneThird-quarter reported revenue declined 13%. | $300M | – | (12%) |
| Pfizer U.S. Commercial DivisionReported and operational revenue each declined 2%. | $9.68B | – | (2%) |
| Pfizer International Commercial DivisionReported and operational revenue each increased 1%. | $5.43B | – | 1% |
| Global Hospital and Biosimilars DivisionU.S. revenue increased 17%, partly offset by an 8% reported and operational decline in international revenue. | $1.17B | – | 9% |
Full-Year 2026 outlook
- Revenue$62.0 to $64.0 billion
- Operating expensesAdjusted SI&A Expenses $12.5 to $13.5 billion; Adjusted R&D Expenses $10.8 to $11.8 billion
- Tax rateApproximately 15.0%
- NoteAdjusted diluted EPS $2.95 to $3.05
- NoteIncludes a one-time $650 million Acquired In-Process R&D charge related to the in-licensing and collaboration agreement with Innovent Biologics, Inc. recorded in the third quarter of 2026 with an unfavorable impact of approximately $0.10.
- NoteAn anticipated unfavorable revenue impact of approximately $1.1 billion due to recent and expected generic and biosimilar competition.
- NoteAdjusted diluted EPS guidance assumes diluted weighted-average shares outstanding of approximately 5.74 billion shares and assumes no share repurchases in 2026.
Capital returns
- During the first nine months of 2026, Pfizer returned $7.3 billion of cash dividends, or $1.29 per share of common stock.
- No share repurchases have been completed to date in 2026.
- As of November 3, 2026, Pfizer’s remaining share repurchase authorization is $3.3 billion.
- Current financial guidance does not anticipate any share repurchases in 2026.
What drove it
- Third-quarter revenue decreased $71 million, including an operational decrease of $57 million and an unfavorable foreign-exchange impact of $15 million.
- Excluding Comirnaty and Paxlovid, third-quarter revenue grew 7% operationally.
- Launched and Acquired Products revenue grew 32% operationally.
- Eliquis revenue increased $513 million, or 25%, operationally, primarily on higher U.S. net price, pricing dynamics including lower rebates and favorable channel mix, and higher global demand.
- Padcev revenue increased $255 million, or 55%, operationally, primarily on increased first-line la/mUC market share and launch uptake in cisplatin-ineligible muscle-invasive bladder cancer.
- Vyndaqel family revenue increased $193 million, or 12%, operationally.
- Nurtec ODT/Vydura revenue increased $135 million, or 33%, operationally.
- Lorbrena revenue increased $114 million, or 43%, operationally.
- Reported cost of sales as a percentage of revenues decreased by 0.8 percentage points, driven by sales mix and foreign exchange, partly offset by the non-recurrence of a favorable accrued-royalties revision in the third quarter of 2025.
Concerns
- Paxlovid revenue declined $771 million, or 63%, operationally, primarily due to lower COVID-19 infections.
- Comirnaty revenue declined $339 million, or 29%, operationally, reflecting a lower favorable adjustment to the U.S. returns provision, lower U.S. utilization and lower international contractual deliveries.
- Prevnar family revenue declined $180 million, or 10%, operationally, due to lower adult and pediatric vaccination rates, adult market-share erosion and lower pediatric international demand.
- Reported R&D expenses increased 18% operationally, reflecting higher spending for certain oncology and obesity product candidates and higher compensation-related expenses.
- First-nine-month reported net income declined 40% and adjusted diluted EPS declined 7%. The period included $4.325 billion of intangible asset impairment charges.
- The company expects an anticipated unfavorable revenue impact of approximately $1.1 billion from recent and expected generic and biosimilar competition.
What to watch
- Execution against full-year revenue guidance of $62.0 to $64.0 billion and adjusted diluted EPS guidance of $2.95 to $3.05.
- Whether growth in Eliquis, Padcev, Vyndaqel family, Nurtec ODT/Vydura and Lorbrena continues to offset COVID-19-product and Prevnar-family declines.
- The enterprise-wide cost realignment program, which generated $742 million of third-quarter restructuring charges/(credits) related to cost-reduction initiatives.
- Progression of pivotal programs, including the Phase 3 program for tilrekimig and ongoing Phase 3 development of the 25-valent pneumococcal conjugate vaccine candidate.
- Potential regulatory and commercial progression following the FDA approvals for Talzenna and Tukysa and the Phase 3 Elrexfio study result.
Balance sheet and cash flow
- During the first nine months of 2026, Pfizer invested $8.3 billion in internal research and development projects.
- During the first nine months of 2026, Pfizer invested approximately $850 million in business development transactions, primarily reflecting the Innovent Biologics, Inc. in-licensing deal.
Analysis
Pfizer reported third-quarter 2026 revenue of $16,583 million, compared with $16,654 million in the prior-year quarter. The company characterized the result as relatively flat operationally, with a $57 million operational decline and a $15 million unfavorable foreign-exchange impact. The underlying commercial portfolio was materially stronger than the consolidated total indicates: revenue excluding Comirnaty and Paxlovid grew 7% operationally, while Launched and Acquired Products grew 32% operationally.
Portfolio mix remained the central feature of the quarter. Eliquis rose $513 million, or 25%, operationally, and Padcev, Vyndaqel family, Nurtec ODT/Vydura and Lorbrena each posted double-digit operational growth. These gains largely offset declines of $771 million for Paxlovid, $339 million for Comirnaty and $180 million for the Prevnar family. Primary Care declined 9%, while Oncology grew 10%, Specialty Care grew 7% and Hospital and Biosimilars grew 2%.
Profitability showed a divergence between reported and adjusted results. Reported net income declined 8% to $3,242 million and reported diluted EPS declined 9% to $0.56. Adjusted income increased 1% to $4,985 million and adjusted diluted EPS was unchanged at $0.87. Cost of sales declined 3%, and reported cost of sales as a percentage of revenue decreased to 24.3% from 25.0%. Higher R&D spending was notable, with reported and adjusted R&D expenses each increasing 18% as the company increased spending in certain oncology and obesity product candidates.
For the first nine months, revenue increased 2% to $46,067 million, but reported net income declined 40% to $5,681 million and adjusted diluted EPS declined 7% to $2.39. The period included $4.325 billion of intangible asset impairment charges and $1.047 billion of certain legal matters, net, within GAAP other income/deductions. Pfizer also recorded a $650 million acquired IPR&D charge in the third quarter related to its Innovent Biologics, Inc. in-licensing and collaboration agreement.
Management raised full-year 2026 revenue guidance by $1.5 billion at the midpoint to $62.0 to $64.0 billion and raised and narrowed adjusted diluted EPS guidance to $2.95 to $3.05. Capital allocation remained focused on reinvestment, dividends and delevering: Pfizer invested $8.3 billion in internal R&D, invested approximately $850 million in business development transactions and paid $7.3 billion in cash dividends during the first nine months. The company completed no share repurchases in 2026 and does not anticipate repurchases during the year.
Management, verbatim
Pfizer had another strong quarter with commercial momentum and disciplined execution while advancing our strategy for creating long-term shareholder value. Our obesity program continued to advance and recent milestones in oncology, immunology and vaccines further demonstrate the potential of our pipeline. With a robust slate of expected catalysts ahead, I believe we're well positioned to deliver meaningful new medicines for patients and lasting value in the years ahead.
Dr. Albert Bourla, Chairman and CEO of Pfizer
Our third-quarter results reflect strong commercial performance globally and continued operational discipline. This quarter, our non-COVID products delivered strong 7% operational revenue growth, and I’m particularly pleased with the 32% year-over-year operational revenue growth from our launched and acquired products (1) . Today, we are raising our full-year 2026 Revenue and Adjusted diluted EPS guidance, reflecting our strong year-to-date performance and confidence in our business.
Cecile Guegan, CFO and EVP of Pfizer
Not in the filing
stated, not guessed- GAAP operating income
- Non-GAAP operating income
- GAAP gross profit and gross margin
- Non-GAAP gross profit and gross margin
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Quarterly dividend amount
- Prior-quarter comparisons for reported metrics
- Prior full-year outlook document for formal actual-versus-prior-guidance comparisons
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Pfizer reported Q3 2026 results, highlighting 7% operational revenue growth excluding COVID products and a 32% rise in launched/acquired products.
Ticker impact
Pfizer raised its full-year 2026 revenue and adjusted EPS guidance in its Q3 2026 8‑K filing.
likely upward pressure as investors price in higher revenue and EPS expectations
The guidance increase of $1.5 bn to $62‑64 bn revenue and EPS to $2.95‑$3.05 reflects solid operational growth, which typically lifts the stock.
Market effects
Biopharma sector may see modest uplift as Pfizer's strong non‑COVID product growth sets a positive tone.
U.S. market may open higher on the news, especially healthcare indices.
Limited to investors tracking large‑cap pharma; no immediate global macro effect.
Counterpoint
If the guidance raise is already priced in, the stock could face a short‑term pull‑back.
Key entities
- companyPfizer Inc.
U.S. pharmaceutical giant reporting Q3 results and raising guidance.
