Pfizer Raises 2026 Forecasts as Eliquis and Cancer Drugs Drive Third-Quarter Beat

Pfizer raised its full-year 2026 revenue and profit forecasts on Tuesday after its third-quarter results beat Wall Street expectations, driven by its blood thinner Eliquis and cancer drugs, Reuters reported. The US drugmaker now expects 2026 revenue of US$62 billion to US$64 billion, up from its earlier range of US$60.5 billion to US$62.5 billion, and adjusted earnings per share of US$2.95 to US$3.05, compared with US$2.80 to US$3.00 previously.

Third-quarter revenue came in at US$16.58 billion, ahead of analysts’ estimates of US$15.87 billion, while adjusted earnings of 87 cents per share topped expectations by 14 cents, according to LSEG data cited by Reuters. Before the report, analysts had on average expected full-year adjusted EPS of US$2.96 and revenue of US$62.17 billion.

Despite the beat, Pfizer shares were down nearly 1% at US$30.37 in midday trading. Aptus Capital’s David Wagner told Reuters the muted reaction was understandable because healthcare had led broad index gains in late October, likely leaving the stronger results largely priced in.

Eliquis and cancer drugs drive the beat

Eliquis sales rose 25% to US$2.52 billion, above estimates of US$2.46 billion, helped mainly by a higher US net price, Reuters said. In its results statement, Pfizer said the gain also reflected higher global demand, partly offset by generic entry and price erosion in some international markets.

Among cancer treatments, Padcev sales grew 55% operationally and Lorbrena 43%, the company said. Pfizer added that revenue from its launched and acquired products grew 32% operationally, and that revenue excluding its Covid-19 products Comirnaty and Paxlovid rose 7%.

Chief Executive Albert Bourla said in prepared remarks that “Pfizer is well positioned to drive growth toward the end of the decade,” according to a Reuters report carried by BNN Bloomberg.

Covid sales slide as pricing deals hold

Total quarterly revenue was broadly flat from a year earlier, as Paxlovid sales fell 63% and Comirnaty dropped 29% operationally, according to the company’s release. Reported diluted EPS was 56 cents, compared with 62 cents a year earlier.

Bourla said he expects a divided government next year and does not see changes to the drug-pricing agreements Pfizer negotiated with the Trump administration, Reuters reported. Pfizer was the first US company to sign a pricing deal under the most-favoured-nation framework, under which drugmakers agreed to launch new medicines in the US at prices comparable to other developed countries in exchange for relief from potential tariffs.

The company’s full-year profit forecast includes a US$650 million charge tied to its licensing deal with Innovent Biologics, worth up to US$10.5 billion, which Pfizer expects to reduce earnings by about 10 cents per share.

What’s next

Pfizer named Cecile Guegan as chief financial officer effective Nov 1, succeeding Dave Denton, who left in August for a similar role at Nike. BMO Capital analyst Evan Seigerman said her appointment provides “more perceived stability ahead of decisions on setting 2027 guidance.”

Bernstein analyst Courtney Breen said the longer-term growth story still depends on pipeline success, according to Reuters. Near-term catalysts include late-stage data for mevrometostat, now expected in the first quarter of 2027 rather than by the end of this year, and early results from Metsera’s amylin-based obesity drug.

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