Pfizer raised the midpoint of its full-year 2026 revenue guidance by $500 million after stronger-than-expected performance from its non-COVID portfolio offset a reduction in anticipated Comirnaty and Paxlovid sales.
The company now expects full-year revenue of between $60.5 billion and $62.5 billion.
The new midpoint of $61.5 billion compares with the previous midpoint of $61 billion and the prior guidance range of $59.5 billion to $62.5 billion.
Pfizer increased its non-COVID revenue expectations by approximately $1.5 billion.
That benefit was partly offset by a $1 billion reduction in the company’s COVID-product forecast.
Pfizer now expects Comirnaty and Paxlovid to generate approximately $4 billion in combined 2026 revenue, compared with its previous forecast of approximately $5 billion.
The guidance revision demonstrates that Pfizer’s broader portfolio is performing better than management anticipated even as pandemic-related revenue continues declining.
Second-quarter revenue increased 3% to $15.03 billion from $14.65 billion.
Revenue grew 1% on an operational basis after excluding the favorable effect of foreign-exchange movements.
Foreign exchange contributed approximately $217 million to reported quarterly revenue growth.
Excluding Comirnaty and Paxlovid, revenue increased 5% operationally.
Revenue from Pfizer’s recently launched and acquired products increased 18% operationally.
The launched and acquired portfolio includes medicines added through internal development, new indications, and transactions.
Products in the group include Padcev, Adcetris, Nurtec ODT, Vydura, Velsipity, Lorbrena, Abrysvo, Litfulo, Hympavzi, Talzenna, and several other medicines.
Eliquis was one of the largest contributors to second-quarter growth.
Global Eliquis revenue increased 19% operationally, supported by higher U.S. net pricing, lower rebates, favorable channel mix, and higher worldwide demand.
Those benefits were partly offset by generic competition and price erosion in certain international markets.
Padcev revenue increased 23% operationally.
Growth reflected higher market share in first-line locally advanced or metastatic urothelial cancer and uptake in muscle-invasive bladder cancer.
Pfizer and Astellas also received FDA approval during July for Padcev-based treatment before and after surgery for adults with muscle-invasive bladder cancer regardless of cisplatin eligibility.
The Vyndaqel family increased 8% operationally.
International growth benefited from higher demand, increased diagnosis, and improved patient access, while U.S. market expansion was partly offset by net price erosion associated with new payer contracts.
Lorbrena revenue surged 37% operationally as the medicine gained patient share in first-line ALK-positive metastatic non-small cell lung cancer across the United States, China, and other markets.
Long-term clinical data also supported Lorbrena’s competitive position.
At seven years, 55% of Lorbrena patients remained alive without disease progression, compared with 3% of patients receiving Xalkori.
The treatment reduced the risk of disease progression or death by 81%.
Pfizer’s oncology portfolio generated $7.99 billion in first-half revenue, increasing 6% as reported and 5% operationally.
First-half Padcev revenue increased 30% to approximately $1.26 billion.
COVID-related products remained the principal drag on growth.
Paxlovid revenue declined 95% operationally during the second quarter because of lower infection levels and reduced government purchases.
Comirnaty revenue fell 34% operationally, reflecting lower U.S. utilization and a smaller favorable adjustment to the company’s returns provision.
The decline helps explain why Pfizer’s reported operational revenue growth was only 1%, despite significantly stronger performance from the company’s non-COVID medicines.
Pfizer reaffirmed its full-year adjusted diluted earnings per share guidance of between $2.80 and $3.
The unchanged earnings outlook absorbs an expected $0.10-per-share impact from the company’s licensing transaction with Innovent Biologics.
Pfizer paid Innovent $650 million upfront for licensing, co-development, and co-commercialization rights involving 12 early-stage and newly designed cancer medicines.
Innovent could receive as much as $9.85 billion in development, regulatory, and commercial milestone payments.
Second-quarter adjusted income was essentially flat at $4.44 billion.
Adjusted diluted EPS was $0.77, compared with $0.78 during the prior-year quarter.
Reported results were substantially weaker because of non-cash impairment charges.
Pfizer recorded a $248 million net loss, or $0.04 per share, compared with net income of $2.91 billion, or $0.51 per share, during the prior-year quarter.
The company recorded $4.325 billion of intangible-asset impairments.
The charges included a $3.8 billion impairment associated with sigvotatug vedotin after a Phase 3 lung cancer study failed to demonstrate a statistically significant overall-survival benefit.
Pfizer also recorded a $525 million impairment for Oxbryta after determining that there was no viable pathway to return the treatment to the U.S. market.
A $1.87 billion gain from selling Pfizer’s former ViiV Healthcare investment partly offset the impairments.
Pfizer also recorded $842 million of charges related to legal matters.
Research and development expense increased 13% to approximately $2.81 billion.
Pfizer attributed the increase primarily to greater investment in oncology and obesity product candidates.
The company is preparing to begin 10 Phase 3 studies of berobenatide during 2026.
The investigational monthly GLP-1 treatment is being evaluated for chronic weight management and obesity-related conditions as part of a broader program involving more than 20 obesity trials.
Pfizer also expanded its productivity initiatives.
The company expects $1 billion of additional savings from technology, simplification, and productivity improvements across commercial, research, and corporate functions.
It expects another $1.5 billion of savings from manufacturing network changes, product portfolio improvements, and operating efficiencies.
The two new initiatives are expected to generate $2.5 billion of additional savings from 2027 through 2029.
Pfizer now expects approximately $6.7 billion of total savings from its enterprise cost program and $3 billion from its manufacturing optimization initiatives through 2029.
The company expects to incur approximately $6 billion of one-time costs to achieve the additional $2.5 billion of savings.
Roughly 60% of the $4 billion associated with the new manufacturing phase is expected to involve non-cash accelerated depreciation and asset write-downs.
Pfizer invested $5.3 billion in internal research and development during the first half and returned $4.9 billion to shareholders through dividends.
The company completed no share repurchases and does not anticipate buying back shares during 2026 as it continues prioritizing balance-sheet deleveraging.
The higher revenue outlook shows that Pfizer is making progress in replacing declining COVID sales with growth from oncology, cardiovascular, rare-disease, and recently acquired medicines.
Continued execution across those products will be necessary to offset patent expirations, generic competition, and an anticipated $1.1 billion revenue headwind from products losing market exclusivity during 2026.
KEY QUOTES:
“Pfizer had another strong quarter, delivering on our financial commitments and advancing our strategy. Our launched and acquired products performed well, our obesity program is advancing with meaningful momentum and our oncology portfolio remains a source of strength.”
Albert Bourla, Chairman And Chief Executive Officer Of Pfizer
“Our second-quarter results are attributable to our solid commercial performance globally as well as our ongoing focus on operational efficiency. This quarter, I’m particularly pleased with the 18% year-over-year operational revenue growth from our launched and acquired products.”
Cecile Guegan, Incoming Interim Chief Financial Officer And Executive Vice President Of Pfizer
