Pfizer Earnings Come With a $1.5 Billion Raise to Its 2026 Revenue Forecast
Pfizer raised its 2026 revenue forecast by $1.5 billion on November 3, after third quarter revenue held flat at $16.6 billion. Its newer medicines grew 32% with currency moves taken out, while its COVID pill and vaccine fell to 7.6% of revenue. Ten newer drugs Pfizer lists one by one now bring in about twice as much as COVID.
The short answer. Pfizer now expects 2026 revenue of $62 billion to $64 billion. A year ago its COVID pill and vaccine outsold ten newer drugs; now those ten bring in about twice as much. Higher sales of Eliquis, Padcev and other medicines largely offset the COVID drop, so revenue held steady. For a company known for its COVID vaccine, COVID is now under a tenth of sales.
Show the data
| Item | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Ten newer drugs | $2.00B | $2.61B | +$0.61B |
| COVID pill and vaccine | $2.38B | $1.26B | -$1.12B |
Pfizer third quarter 2026 results at a glance
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Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
How much of Pfizer's revenue still comes from COVID
Pfizer's COVID pill and vaccine made up 7.6% of its revenue this quarter, down from 14.3% a year earlier. Eliquis and newer drugs largely made up the gap, so total revenue held flat.
Pfizer reported its results before the US market opened on November 3, 2026. Revenue was $16,583 million, against $16,654 million a year earlier. The company called that flat, both as reported and with currency moves taken out.
The COVID pill Paxlovid and the vaccine Comirnaty brought in $1.26 billion, against $2.38 billion a year earlier. Without those two products, revenue grew 7%, with currency moves taken out.
Paxlovid fell 63%. Pfizer said fewer people caught COVID in the US and abroad. Comirnaty fell 29% with currency moves taken out. Pfizer said narrower US vaccine advice meant fewer shots. A smaller accounting gain from expected returns of doses also weighed.
Ten newer drugs that Pfizer bought or launched in recent years went the other way. Pfizer lists each one separately in its sales table. Together they brought in $2.61 billion, up from $2.00 billion. A year ago they made less than the COVID products. Now they make about twice as much.
Some of the ten are still gaining new uses. In October the FDA approved Talzenna with Xtandi for a wider group of men with prostate cancer. It also approved Tukysa as an earlier treatment for a type of breast cancer driven by a protein called HER2. Elrexfio, a drug for the blood cancer myeloma, met its main goal in a late stage trial.
Older drugs mattered too. The blood thinner Eliquis grew $513 million, or 25%, with currency moves taken out, which Pfizer credits to a higher US net price, helped by lower rebates, and higher demand. Higher sales of Eliquis, Padcev and other medicines largely offset the drop in COVID products.
The Prevnar pneumonia vaccines fell 10%. Pfizer said fewer US adults and children got the shot, and Prevnar lost some of the adult market to rivals.
Pfizer's own group of launched and acquired products is wider than the ten. Pfizer says that group grew 32%, with currency moves taken out.
| Product | What it treats | Q3 2026 revenue | Q3 2025 revenue | Change, currency moves taken out |
|---|---|---|---|---|
| Eliquis | Blood clots | $2,523 million | $2,015 million | Up $513 million, 25% |
| Padcev | Bladder cancer | $720 million | $464 million | Up $255 million, 55% |
| Vyndaqel family | A rare heart disease | $1,773 million | $1,591 million | Up $193 million, 12% |
| Nurtec ODT/Vydura | Migraine | $547 million | $412 million | Up $135 million, 33% |
| Lorbrena | Lung cancer | $387 million | $268 million | Up $114 million, 43% |
| Paxlovid | COVID | $449 million | $1,225 million | Down $771 million, 63% |
| Comirnaty | COVID vaccine | $808 million | $1,151 million | Down $339 million, 29% |
| Prevnar family | Pneumonia vaccine | $1,564 million | $1,742 million | Down $180 million, 10% |
Source: Pfizer third quarter 2026 earnings release and its revenue tables, November 3, 2026. Revenue columns are as reported; the change column takes currency moves out, as Pfizer reports it.
Pfizer's adjusted earnings held at 87 cents a share
Pfizer's adjusted profit, its own measure that leaves out some one time costs, was 87 cents a share, the same as a year earlier. Profit under standard accounting rules fell to 56 cents.
Reported diluted earnings per share fell 9%, from 62 cents. The adjusted figure leaves out items such as the yearly cost of drug rights Pfizer bought and some one time costs.
Reported earnings fell because of taxes. Profit before tax rose slightly. But a year ago Pfizer booked a $216 million tax benefit, and this quarter it booked a $134 million tax charge.
Research spending rose. Adjusted research and development costs grew 18% to $2.94 billion, mostly for cancer and obesity drug candidates.
Pfizer paid $7.3 billion in dividends over the first nine months, or $1.29 a share. It bought back no shares in 2026 so far, and its forecast assumes none this year.
Pfizer still has $3.3 billion of buyback approval left. It says it wants to pay down debt first, and the release gives no debt total. The average diluted share count used for earnings per share rose to 5,751 million from 5,714 million.
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | $16,583 million | $16,654 million | Flat |
| Profit before tax | $3,385 million | $3,334 million | Up 2% |
| Reported net income | $3,242 million | $3,541 million | Down 8% |
| Reported diluted EPS | $0.56 | $0.62 | Down 9% |
| Adjusted diluted EPS | $0.87 | $0.87 | Flat |
| Revenue, first nine months | $46,067 million | $45,022 million | Up 2% |
Source: Pfizer third quarter 2026 earnings release, November 3, 2026. Profit before tax is income from continuing operations before taxes. Reported figures follow US accounting rules (GAAP); adjusted figures are Pfizer's own measure, which leaves out some one time costs and accounting charges.
Why Pfizer raised its forecast for 2026
Pfizer lifted its revenue range for 2026. Both ends of the range went up by $1.5 billion. Pfizer pointed to a strong first nine months.
The new range is $62.0 billion to $64.0 billion, up from $60.5 billion to $62.5 billion. Pfizer said its forecasts take into account its strong performance so far this year, its confidence in the business and progress on cost cuts.
Cecile Guegan became chief financial officer on November 1, 2026, two days before these results.
Pfizer also raised its forecast for adjusted profit per share. The new range is $2.95 to $3.05, up from $2.80 to $3.00. Both ends moved up, and the range is narrower than before.
The profit forecast already absorbs a one time cost. Pfizer booked a $650 million charge this quarter for a licensing deal with the drug maker Innovent Biologics. The company says it lowers 2026 profit by about 10 cents a share.
Pfizer also plans to spend more on research. Its 2026 range for adjusted research and development costs rose to $10.8 billion to $11.8 billion.
| 2026 forecast | New | Before |
|---|---|---|
| Revenue | $62.0 to $64.0 billion | $60.5 to $62.5 billion |
| Adjusted diluted EPS | $2.95 to $3.05 | $2.80 to $3.00 |
| Adjusted R&D expenses | $10.8 to $11.8 billion | $10.5 to $11.5 billion |
| Adjusted selling, informational and administrative costs | $12.5 to $13.5 billion | Not changed in the release |
| Tax rate on adjusted income | About 15.0% | Not changed in the release |
Source: Pfizer third quarter 2026 earnings release, November 3, 2026. The forecast assumes no share buybacks in 2026 and an expected revenue hit of about $1.1 billion from cheaper copies of drugs that have lost or will lose patent protection.
Pfizer already booked $46.1 billion in the first nine months. So the new range leaves $15.9 billion to $17.9 billion for the last three months of the year. This quarter brought in $16.6 billion, which sits inside that range. A fourth quarter like the third would land Pfizer inside its new forecast.
What to watch
- Pfizer's debt total: its Form 10-Q quarterly report to the SEC for the third quarter
- Where 2026 revenue lands against the $62.0 billion to $64.0 billion range: Pfizer's full year 2026 results release
Our numbers
These figures are our calculations from the sources linked in this article.
- COVID products at 7.6% of third quarter 2026 revenue, from 14.3%: Paxlovid and Comirnaty revenue ($1,257 million, against $2,376 million) divided by total revenue ($16,583 million, against $16,654 million)
- Ten newer drugs at $2.61 billion, from $2.00 billion: the revenue of Padcev, Nurtec, Lorbrena, Abrysvo, Adcetris, Tukysa, Cibinqo, Elrexfio, Talzenna and Tivdak, the launched and acquired products Pfizer lists separately, added up. Pfizer gives no dollar total for its wider group.
- About twice as much: $2.61 billion of newer drug revenue against $1.26 billion of COVID revenue in the third quarter of 2026
- $15.9 billion to $17.9 billion for the fourth quarter: the new 2026 revenue range minus the $46.1 billion booked in the first nine months
Frequently asked questions
How did Pfizer's third quarter 2026 earnings compare with a year earlier?
Adjusted earnings were 87 cents a share and revenue was $16.6 billion, both flat from a year earlier. Reported earnings fell to 56 cents a share from 62 cents.
What is Pfizer's 2026 guidance?
Pfizer expects 2026 revenue of $62.0 billion to $64.0 billion and adjusted earnings of $2.95 to $3.05 a share. Both ranges were raised on November 3, 2026.
How much of Pfizer's revenue comes from COVID?
Paxlovid and Comirnaty brought in $1.26 billion in the third quarter of 2026, or 7.6% of Pfizer's revenue. A year earlier they were 14.3%.
How much did Paxlovid sales fall?
Paxlovid revenue fell $771 million, or 63% with currency moves taken out, in the third quarter of 2026. Pfizer said fewer people caught COVID.
Which Pfizer drugs grew the most?
Eliquis added the most revenue, up $513 million. Padcev grew fastest among the drugs Pfizer named, up 55%.
Who is Pfizer's new CFO?
Cecile Guegan became chief financial officer and executive vice president on November 1, 2026.
Sources
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