Pfizer Beats Third Quarter Estimates and Raises Full Year Guidance

Pfizer beat analyst estimates for the third quarter of 2026 and raised its full year guidance, as strong sales of its blood thinner Eliquis and cancer drug Padcev covered a steep fall in revenue from its Covid products.

The company reported third quarter revenue of 16.583 billion dollars, compared with 16.654 billion dollars a year earlier and relatively flat year over year on an operational basis. The figure came in above the analyst consensus of about 15.85 to 15.87 billion dollars published ahead of the results.

Earnings beat on both measures

Reported diluted earnings per share fell to 0.56 dollars from 0.62 dollars a year earlier, and reported net income fell 8 percent to 3.242 billion dollars. Adjusted diluted earnings per share held at 0.87 dollars, well above consensus estimates of 0.73 to 0.74 dollars.

Zacks put the beat in similar terms. It reported that adjusted earnings of 0.87 dollars a share beat its consensus estimate of 0.72 dollars, a surprise of 20.83 percent, and that revenue of 16.58 billion dollars beat its estimate by 2.80 percent. Pfizer has now beaten consensus earnings estimates in each of the last four quarters, according to Zacks.

Growth away from Covid products

Excluding contributions from the Comirnaty vaccine and the Paxlovid treatment, Pfizer revenue grew 7 percent operationally in the quarter. Revenue from launched and acquired products grew 32 percent operationally.

Eliquis revenue rose 25 percent operationally to 2.52 billion dollars, ahead of the roughly 2.40 billion dollars analysts expected. Padcev revenue rose 55 percent operationally.

The Covid lines moved the other way. Paxlovid revenue fell by 771 million dollars, a drop of 63 percent. Comirnaty revenue fell by 339 million dollars, or 29 percent, and the Prevnar family fell by 180 million dollars, or 10 percent.

Guidance raised for 2026

Pfizer raised its full year 2026 revenue guidance by 1.5 billion dollars at the midpoint, to a range of 62.0 to 64.0 billion dollars, from 60.5 to 62.5 billion dollars. It also raised and narrowed its adjusted diluted earnings guidance to 2.95 to 3.05 dollars a share, from 2.80 to 3.00 dollars.

The quarter included a 650 million dollar licensing related acquired research charge connected to an in-licensing and collaboration agreement with Innovent Biologics. A year earlier the company took a 1.35 billion dollar charge for the 3SBio agreement.

The results are the first reported since Cecile Guegan assumed the role of Chief Financial Officer, effective November 1, 2026.