Pfizer Beats Estimates With $16.6 Billion Revenue and $0.87 Adjusted EPS

Pfizer (NYSE: PFE) reported third-quarter 2026 revenue of $16.6 billion, above the $15.9 billion analysts expected, and adjusted diluted EPS of $0.87 against the $0.73 consensus estimate, in an 8-K filed Tuesday.

Revenue was relatively flat from a year earlier, down $71 million. Reported diluted EPS was $0.56, compared with $0.62 in the third quarter of 2025. Adjusted EPS was unchanged from the prior-year quarter.

Product sales mix

Excluding Comirnaty and Paxlovid, revenue grew 7% operationally. Revenue from launched and acquired products grew 32% operationally.

Eliquis rose $513 million, or 25%, operationally, and Padcev rose $255 million, or 55%. Paxlovid fell $771 million, or 63%, and Comirnaty fell $339 million, or 29%. Prevnar family revenue fell $180 million, or 10%.

Costs and charges

Reported research and development expenses rose 18% to $3.0 billion, driven mainly by anticipated spending on certain oncology and obesity candidates. Acquired in-process R&D expenses included a one-time $650 million charge tied to an in-licensing and collaboration agreement with Innovent Biologics, Inc. The company said the charge reduced EPS by about $0.10.

Guidance and capital returns

Pfizer raised its full-year 2026 revenue guidance to $62.0 billion to $64.0 billion from $60.5 billion to $62.5 billion. The midpoint compares with the consensus estimate of $62.23 billion. Adjusted EPS guidance was raised and narrowed to $2.95 to $3.05 from $2.80 to $3.00, against a consensus estimate of $2.96. The company said the revenue guidance excludes business development deals not completed as of Nov. 3 and reflects about $1.1 billion in expected unfavorable impact from generic and biosimilar competition.

Pfizer paid $7.3 billion in cash dividends in the first nine months of 2026, or $1.29 per share. No share repurchases have been made this year, and the company's remaining authorization is $3.3 billion. Its guidance does not anticipate any buybacks in 2026.

The company also said Cecile Guegan became chief financial officer and executive vice president effective Nov. 1.

Pfizer's last close before the filing was $30.67 on Monday, Nov. 2, giving it a market value of about $174.8 billion.