- Pfizer beat and raised. Third-quarter adjusted earnings were 87 cents a share against the 73 cents analysts polled by LSEG expected, and revenue of $16.58 billion topped the $15.87 billion estimate. The company now expects 2026 revenue of $62 billion to $64 billion, up from $60.5 billion to $62.5 billion, a $1.5 billion lift at the midpoint (Lumida calculation).
- The profit outlook rose too. Pfizer now sees full-year adjusted earnings of $2.95 to $3.05 a share, up from $2.80 to $3. That includes a one-time $650 million charge, or 10 cents a share, recorded in the third quarter for its licensing and collaboration deal with Chinese cancer drugmaker Innovent Biologics.
- Newer drugs are carrying the quarter. Eliquis sales rose 25% to $2.52 billion, above the $2.40 billion StreetAccount estimate, and Padcev brought in $720 million against $658 million expected. Sales of newly launched and acquired products grew 32% operationally, while the Covid vaccine ($808 million) and Paxlovid ($449 million) also beat estimates despite steep declines.
- Pfizer also filled its finance chief role. Cecile Guegan, who has held finance leadership roles at Pfizer for two decades, became CFO this month after serving as interim CFO since August, when Dave Denton left to take the same job at Nike.
What Happened?
Pfizer reported third-quarter revenue of $16.58 billion on Tuesday, relatively flat from a year earlier, as an operational decrease of $57 million, mostly from lower Covid sales, and a $15 million foreign-exchange hit were offset by key products. Net income was $3.24 billion, or 56 cents a share, compared with $3.54 billion, or 62 cents a share, a year earlier; excluding items such as restructuring charges, earnings were 87 cents a share. Pfizer cited its “strong year-to-date performance” and continued cost cuts as reasons for the higher guidance.
Why It Matters?
Pfizer is trying to prove it can grow again after its pandemic windfall faded, with Covid demand falling and generic rivals threatening its biggest sellers. Strong numbers from Eliquis, Padcev and the newer product portfolio support CEO Albert Bourla’s strategy of acquisitions, new cancer drugs and a weight-loss bet through the Metsera deal. Even so, the low end of the new revenue range would be roughly flat or slightly down from 2025 revenue of $62.6 billion, so the raise is more about stabilization than a return to strong top-line growth.
What’s Next?
Investors will watch whether the newer products can keep growing fast enough to offset Covid declines and generic competition to its biggest sellers. Pfizer expanded its multiyear cost-cutting program in August and is now targeting about $9.7 billion in net savings through 2029, which will be key to hitting the higher profit range. Progress on the Metsera obesity programs and the Innovent cancer partnership will shape the longer-term outlook.
Affected Tickers and Coins: PFE
Source: CNBC
