Pfizer raises sales outlook to US$62B to US$64B
Adjusted earnings guidance rises to US$2.95 to US$3.05 a share as non-COVID products grow and Pfizer appoints a permanent CFO.
Adrian Kessler
A US$1.5 billion increase in the annual sales forecast's midpoint followed US$16.6 billion in third-quarter revenue as Pfizer Inc. NYSEPFE reported results on Tuesday. It now expects full-year revenue of US$62 billion to US$64 billion.
The Nov. 3 earnings release also raised adjusted diluted earnings guidance to US$2.95 to US$3.05 a share. The previous earnings range was US$2.80 to US$3.00. Its earlier sales forecast was US$60.5 billion to US$62.5 billion.
Pfizer is a large New York-based drugmaker supplying medicines and vaccines worldwide.
Pfizer shares last closed at US$30.67 in New York on Nov. 2, according to Google Finance's NYSEPFE page as of 4 p.m. EST. That close predates the results.
Non-COVID Growth Offsets Pandemic Declines
Third-quarter 2026 revenue was nearly unchanged from US$16.65 billion a year earlier, while reported net income fell to US$3.24 billion from US$3.54 billion. Adjusted earnings held at US$0.87 a share.
The results exceeded the LSEG analyst survey reported by CNBC on Nov. 3, which put expected adjusted earnings at US$0.73 a share. Analysts had expected quarterly revenue of US$15.87 billion.
Excluding Comirnaty and Paxlovid, Pfizer's third-quarter 2026 revenue grew 7 per cent operationally, a measure that removes currency effects. Its launched and acquired products grew 32 per cent on the same basis, helping offset declining COVID-product sales.
Eliquis revenue increased 25 per cent operationally in the quarter, driven partly by higher U.S. net pricing through lower rebates and favourable channel mix. Pfizer also cited higher global demand, partly offset by generic competition and price erosion in some international markets.
Padcev revenue grew 55 per cent operationally in the third quarter, supported by market-share gains and uptake in a newer bladder-cancer indication. Nurtec ODT/Vydura grew 33 per cent, primarily on strong U.S. demand and international launches.
Pfizer's Nov. 3 update also counted eight pivotal study starts, one pivotal readout and two regulatory decisions among recent late-stage developments. Those programs add potential future revenue sources alongside the products already supporting the raised outlook.
Read more: Pfizer's ELREXFIO beats standard regimens in Phase 3 myeloma trial
The revised 2026 earnings forecast retains a US$650 million licensing-related acquired research charge recorded in the third quarter. Pfizer put its adverse earnings impact at approximately US$0.10 a share.
Pfizer invested US$8.3 billion in internal research during the first nine months of 2026 and approximately US$850 million in business development. It returned US$7.3 billion through cash dividends over that period.
No shares had been repurchased in 2026 as of Nov. 3, and the outlook assumes none this year. Pfizer said potential future buybacks would follow balance-sheet deleveraging, while its capital framework continues to prioritize investment and dividends.
The board appointed Cecile Guegan permanent chief financial officer effective Nov. 1, after she had served as interim CFO since Aug. 16. She takes responsibility for treasury, financial planning and other finance functions as Pfizer balances those cash demands.
"My focus remains on executing a disciplined approach to capital allocation while making targeted investments today to drive revenue growth later in the decade and beyond," Guegan said in the appointment announcement.
Merck Updates Its Sales Outlook
Merck & Co., Inc. NYSEMRK reported third-quarter 2026 worldwide sales of US$18.1 billion in its quarterly investor summary. Its updated annual sales range is US$66.8 billion to US$67.3 billion, providing a large-drugmaker comparison for Pfizer's raised forecast.
Read more: Merck raises sales outlook after US$18.1B third quarter
For broader sector context, the iShares Biotechnology ETF NASDAQIBB closed at US$213.79 on Nov. 2, according to Google Finance as of 4 p.m. EST.
Chair and chief executive Albert Bourla is scheduled to discuss the results on CNBC at 1:30 p.m. EST on Nov. 3.
