$PFE · PFIZER INC
Pfizer reported Q3 2026 revenue of $16.583B, flat YoY, with adjusted diluted EPS of $0.87 matching the prior-year quarter. Non-COVID product revenue grew 7% operationally, while launched and acquired products surged 32% operationally. The company raised full-year 2026 revenue guidance to $62.0–$64.0 billion and adjusted EPS guidance to $2.95–$3.05, citing strong year-to-date performance and commercial momentum.
- Q3 2026 revenue of $16.583B was flat YoY, but excluding Comirnaty and Paxlovid, revenues grew 7% operationally.
- Launched and Acquired Products revenue grew 32% operationally, driven by Eliquis (+25%), Padcev (+55%), and Nurtec (+33%).
- Adjusted diluted EPS of $0.87 matched the prior-year quarter; GAAP diluted EPS fell 9% to $0.56.
- Full-year 2026 revenue guidance raised by $1.5B at midpoint to $62.0–$64.0 billion.
- Adjusted diluted EPS guidance raised and narrowed to $2.95–$3.05 (from $2.80–$3.00), including a $0.10 headwind from an Innovent IPR&D charge.
Extended-hours trading shows PFE at $30.67, essentially flat (+0.00%) vs the regular close of $30.67, suggesting the guidance raise and in-line quarter were largely anticipated by the market.
Pfizer's guidance raise and 32% operational growth in new products demonstrate the post-COVID portfolio transition is gaining traction, with non-COVID revenue now growing 7% organically.
Pfizer's 32% operational growth in launched/acquired products and 7% ex-COVID growth signal successful portfolio diversification away from pandemic-era products, a key metric for large-cap pharma peers navigating post-COVID normalization.
Paxlovid revenue collapsed 63% operationally to $449M and Comirnaty fell 29% to $808M, exposing ongoing COVID-product cliff risk. The Prevnar family declined 10% operationally on lower vaccination rates and market share erosion.