Pfizer beats Q3 estimates and raises 2026 outlook

Pfizer beat Wall Street’s third-quarter 2026 expectations, reporting $16.6 billion in revenue and adjusted earnings of $0.87 per share. Revenue was roughly flat year over year, but exceeded analyst forecasts.

Excluding its COVID-19 products Comirnaty and Paxlovid, revenue grew 7% operationally. Newly launched and acquired products grew 32%, contributing $3.8 billion.

Growth in products including blood thinner Eliquis and cancer drug Padcev helped offset lower COVID-19 sales. Eliquis revenue rose 25% to $2.52 billion; Paxlovid sales fell sharply.

Pfizer raised its 2026 revenue outlook to $62 billion–$64 billion, from $60.5 billion–$62.5 billion, and lifted its adjusted EPS forecast to $2.95–$3.05, from $2.80–$3.00.

The results signal progress in Pfizer’s effort to reduce reliance on pandemic-era products, though the company still faces declining COVID sales and the challenge of sustaining growth from its broader portfolio.