Pfizer tops Q3 estimates and raises 2026 revenue forecast
Adjusted EPS of 87 cents beat the 73 cents consensus estimate compiled by Finnhub, and revenue of $16.58 billion topped the $16.03 billion estimate.
Key takeaways
- Pfizer (PFE) reported third-quarter 2026 revenue of $16.58 billion and adjusted earnings of 87 cents per share. The company raised its full-year 2026 revenue forecast to $62.0 billion to $64.0 billion, from $60.5 billion to $62.5 billion.
Pfizer (PFE) said on Nov. 3 that adjusted earnings for the third quarter of 2026 were 87 cents per share, above the 73 cents consensus estimate. Revenue of $16.58 billion also topped the $16.03 billion estimate.
Revenue was roughly flat from a year earlier, when it was $16.65 billion. Excluding contributions from Comirnaty and Paxlovid, revenue grew 7% operationally, and revenue from launched and acquired products grew 32%, the company said in its press release.
Chief Financial Officer and Executive Vice President Cecile Guegan said the results reflected strength across the business. "Our third-quarter results reflect strong commercial performance globally and continued operational discipline," Guegan said.
Here's how the company did:
- Adjusted EPS: 87 cents vs. 73 cents expected, and 87 cents a year earlier
- Reported EPS: 56 cents vs. 62 cents a year earlier
- Revenue: $16.58 billion vs. $16.03 billion expected, and $16.65 billion a year earlier
2026 guidance
Pfizer raised its full-year 2026 revenue forecast by $1.5 billion at the midpoint, to a range of $62.0 billion to $64.0 billion from $60.5 billion to $62.5 billion. It also raised and narrowed its adjusted EPS forecast to $2.95 to $3.05 from $2.80 to $3.00.
The adjusted EPS outlook includes a one-time $650 million charge for an in-licensing and collaboration agreement with Innovent Biologics, Inc. The company said the charge has an unfavorable impact of approximately 10 cents on EPS. The company expects an unfavorable revenue impact of about $1.1 billion from generic and biosimilar competition.
Costs and cash returns
Restructuring charges and certain acquisition-related costs were $791 million in the quarter, compared with $286 million a year earlier. The company said the charges mainly reflect employee termination costs tied to its enterprise-wide cost realignment program.
Pfizer returned $7.3 billion in cash dividends in the first nine months of 2026, or $1.29 per share. No share repurchases have been completed this year, and the company has $3.3 billion remaining on its repurchase authorization. Its guidance assumes no repurchases in 2026.
Leadership change
Pfizer said Cecile Guegan was appointed Chief Financial Officer and Executive Vice President effective Nov. 1.