Pfizer raised its full-year financial outlook after reporting third-quarter revenue and adjusted earnings above analyst estimates, citing strong year-to-date performance and growth in sales of recently launched and acquired products. The company also announced that Cecile Guegan became its chief financial officer this month, after serving as interim CFO since August.
Pfizer now expects 2026 revenue of $62 billion to $64 billion, up from its previous range of $60.5 billion to $62.5 billion. Its forecast for adjusted earnings is now $2.95 to $3.05 per share, compared with $2.80 to $3 per share previously. The updated profit forecast includes a one-time $650 million charge, equivalent to 10 cents per share, related to a licensing and collaboration agreement with Chinese cancer drugmaker Innovent Biologics.
For the third quarter, Pfizer reported revenue of $16.58 billion, slightly changed from a year earlier and above the $15.87 billion analysts expected. Adjusted earnings were 87 cents per share, compared with an estimated 73 cents. Net income was $3.24 billion, or 56 cents per share, down from $3.54 billion, or 62 cents per share, in the same quarter of 2025.
Sales of newer and acquired products increased 32% on an operational basis. Eliquis revenue rose 25% to $2.52 billion, while cancer drug Padcev generated $720 million. Both products exceeded analyst expectations. Pfizer said lower revenue from Covid products weighed on results, although sales of its Covid vaccine and antiviral treatment Paxlovid were above estimates.
Guegan has held several finance leadership roles at Pfizer over the past two decades. She took over as interim CFO in August after Dave Denton left the company to become CFO at Nike.
Pfizer is pursuing growth as demand for its Covid products declines and generic competition threatens major medicines. The company has also expanded its cost-cutting program and is targeting about $9.7 billion in net savings through 2029.
Sources: CNBC Markets.