Pfizer raised its 2026 forecast on Tuesday, November 3, after stronger sales of its blood thinner Eliquis and cancer medicines helped the pharmaceutical company exceed Wall Street’s third-quarter expectations. The revised outlook reflects growing contributions from established treatments and newer products as Pfizer works to offset declining revenue from its COVID-19 portfolio.
The New York-based drugmaker now expects annual revenue of $62 billion to $64 billion, up from its previous projection of $60.5 billion to $62.5 billion. Pfizer also raised its adjusted earnings forecast to $2.95 to $3.05 per share, up from $2.80 to $3.00. The company announced the changes in its third-quarter financial results.
Pfizer 2026 Forecast Rises After Stronger Earnings
Pfizer reported third-quarter revenue of $16.58 billion, slightly below the $16.65 billion recorded a year earlier. However, the result exceeded analysts’ expectations of $15.87 billion, according to LSEG estimates reported by Reuters. Adjusted earnings reached 87 cents per share, beating the consensus estimate by 14 cents.
The difference between relatively flat revenue and stronger-than-expected earnings highlights Pfizer’s changing business mix. Excluding the COVID-19 vaccine Comirnaty and antiviral treatment Paxlovid, quarterly revenue increased 7% on an operational basis. Revenue from launched and acquired products grew 32% after excluding currency movements.
Pfizer said its improved outlook reflects performance during the first nine months of 2026 and continued cost-management efforts. The adjusted earnings forecast also includes an approximately 10-cent-per-share impact from a $650 million research and development charge associated with its Innovent Biologics collaboration.
Eliquis Sales Jump 25% as Cancer Treatments Expand
Eliquis, the anticoagulant Pfizer markets with Bristol Myers Squibb, generated approximately $2.52 billion in quarterly revenue. Sales increased 25% on an operational basis, supported by stronger U.S. net pricing and higher global demand. The results exceeded analysts’ expectations of approximately $2.46 billion.
Pfizer attributed the U.S. pricing improvement partly to lower rebates and a more favorable distribution mix. International demand also contributed, although generic competition and price erosion affected certain markets. Eliquis remains an important revenue source as the company prepares for changes in drug pricing and patent protection.
Oncology provided another important contribution. Sales of Padcev, a treatment for certain forms of bladder cancer, increased 55% on an operational basis. Pfizer attributed the growth to greater use in advanced urothelial cancer and uptake following an additional treatment indication.
Padcev became part of Pfizer’s portfolio through its $43 billion acquisition of Seagen in 2023. The investment strengthened Pfizer’s position in cancer treatment, where established therapies and emerging technologies continue to attract substantial pharmaceutical spending. Related developments include Moderna and Merck’s mRNA cancer therapy program, which illustrates the broader industry’s investment in new oncology approaches.
COVID-19 Revenue Declines Continue to Pressure Pfizer
Despite growth in several major medicines, Pfizer continues to face weaker demand for pandemic-related products. Paxlovid revenue declined 63% on an operational basis during the quarter, while Comirnaty revenue fell 29%. Sales of the Prevnar vaccine family decreased 10%.
These declines help explain why total quarterly revenue remained largely unchanged despite significant gains elsewhere. Pfizer’s long-term performance increasingly depends on replacing pandemic-related revenue with medicines that can sustain demand across multiple years.
The company has pursued acquisitions, licensing agreements and internal drug development to support that transition. Its strategy also reflects the approaching loss of exclusivity for several established products, which could expose it to lower-priced competition.
Obesity and Cancer Drug Trials Remain Key to Future Growth
Investors are also watching Pfizer’s experimental medicines, particularly its obesity and oncology programs. The company acquired obesity-drug developer Metsera in 2025 as part of its efforts to enter a market dominated by established competitors. Clinical results will determine whether those investments produce commercially successful treatments.
Pfizer also updated the expected timing of late-stage results for mevrometostat, an experimental cancer medicine. Data previously anticipated before the end of 2026 are now expected in the first quarter of 2027. The revised timeline delays an important opportunity to assess the drug’s clinical potential.
Developing new medicines remains uncertain, even when promising candidates reach advanced clinical trials. Study outcomes, regulatory decisions and commercial adoption can materially affect their prospects. As TechAmerica has discussed in its coverage of clinical trials and drug development, technological advances may improve research processes, but experimental treatments still require convincing evidence of safety and effectiveness.
Pfizer Appoints Cecile Guegan as Chief Financial Officer
Alongside its financial results, Pfizer confirmed the appointment of Cecile Guegan as executive vice president and chief financial officer, effective November 1. Guegan succeeds Dave Denton, who departed in August. The leadership decision comes as Pfizer prepares its 2027 financial plans and evaluates investments across its drug pipeline.
The appointment establishes permanent financial leadership during a period of significant portfolio changes. Capital allocation, debt reduction and research spending will remain important considerations as Pfizer balances existing product revenue against investment in future medicines.
Pfizer’s higher guidance suggests its newer and acquired medicines are helping offset declining COVID-19 sales. However, quarterly performance alone does not resolve the challenges from patent expirations, pricing pressure and drug-development uncertainty. The company’s next major test will be whether its oncology and obesity programs can translate clinical progress into sustained commercial growth.
