Pfizer (NYSE: PFE) raises revenue guidance by $1.5 billion, but the quarter is flat

What happened

Pfizer Inc. (NYSE: PFE) raised its full-year revenue guidance by $1.5 billion at the midpoint, to $62.0 to $64.0 billion. The old range was $60.5 to $62.5 billion.

The raise came with a flat third quarter. Revenue was $16.6 billion, relatively flat year over year operationally. Adjusted diluted EPS was $0.87, the same as a year earlier. Reported diluted EPS fell to $0.56 from $0.62.

Pfizer also raised and narrowed its full-year adjusted diluted EPS guidance to $2.95 to $3.05 from $2.80 to $3.00. The new range includes a one-time $650 million acquired in-process R&D charge tied to the deal with Innovent Biologics, Inc. The company says the charge cuts 10 cents a share.

Key numbers

Metric	Latest	Change	Source
Full-year 2026 revenue guidance (previously $60.5 to $62.5 billion)	$62.0 to $64.0 billion	+$1.5 billion at the midpoint	SEC 8-K Exhibit 99
Third-quarter revenue	$16.6 billion	from $16.65 billion, -0.4%	Calculated from SEC 8-K
Third-quarter adjusted diluted EPS	$0.87	from $0.87	SEC 8-K Exhibit 99
Third-quarter reported diluted EPS	$0.56	from $0.62, -9%	SEC 8-K Exhibit 99
Full-year 2026 adjusted diluted EPS guidance (previously $2.80 to $3.00)	$2.95 to $3.05		SEC 8-K Exhibit 99
Launched and acquired products, third-quarter operational revenue growth	32%		SEC 8-K Exhibit 99

Read more: Pfizer (PFE) company research

Where the growth came from

Launched and acquired products grew 32% operationally in the quarter. Without Comirnaty and Paxlovid, revenue grew 7% operationally. The business outside those two products is growing.

Eliquis added $513 million, up 25% operationally. The filing credits a higher net price in the U.S., from lower rebates and channel mix, and higher demand globally. Generic entry and price erosion in some international markets offset part of it. Padcev rose $255 million, or 55%, and Lorbrena rose $114 million, or 43%.

COVID products and one vaccine franchise pulled the other way. Paxlovid fell $771 million, or 63%, on lower COVID-19 infections. Comirnaty fell $339 million, or 29%. The Prevnar family fell $180 million, or 10%, mainly in the U.S. on lower vaccination rates.

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Why it matters

OptimistFi has argued that Pfizer's value rests on a large established product base that funds R&D and shareholder returns while new launches replace legacy revenue. This quarter shows that replacement working at the product level. It has not yet lifted total revenue.

Costs were mixed. Cost of sales fell to 24.3% of revenue from 25.0%, which the filing ties to a favorable sales mix and foreign exchange. R&D expense rose 18% operationally to $3.02 billion, mainly on oncology and obesity candidates and higher compensation.

The nine-month picture is weaker. Revenue rose 2% to $46.07 billion, but reported net income fell 40% to $5.68 billion from $9.42 billion. Adjusted diluted EPS slipped to $2.39 from $2.56.

The nine-month results include impairments of $3.8 billion on assets tied to a Phase 3 study of sigvotatug vedotin, after unfavorable trial results, and $525 million on Oxbryta. Guidance also carries an expected $1.1 billion hit to revenue from generic and biosimilar competition.

Cash returns and the new CFO

In the first nine months, Pfizer paid $7.3 billion in cash dividends, or $1.29 per share. It put $8.3 billion into internal R&D projects and about $850 million into business development, mainly the Innovent deal.

Pfizer has completed no share repurchases in 2026, and guidance assumes none this year. The remaining authorization is $3.3 billion, a cap rather than money spent. The company says it may resume buybacks after it pays down debt.

Cecile Guegan became Chief Financial Officer and Executive Vice President on Nov. 1. In the release she said the guidance raise reflects strong year-to-date performance and confidence in the business.

What's next

Pfizer hosts a live conference call and webcast on Nov. 3 at 10:00 a.m. EST. The transcript and replay are due on its website within 24 hours of the call's end.

The next quarterly report is the test. The case strengthens if launched and acquired products keep growing faster than Paxlovid, Comirnaty and Prevnar shrink, and if adjusted EPS tracks the raised range. It weakens if total revenue stays flat while R&D spending keeps climbing.

Guidance assumes no business development deals beyond those completed as of Nov. 3. Pipeline work also continues. The European Medicines Agency validated the marketing application for the Lyme disease vaccine candidate in August and will begin its assessment. Pfizer intends to submit Litfulo vitiligo data to regulators globally.

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