Pfizer reported third-quarter 2026 adjusted earnings per share of $0.87, topping the $0.73 consensus estimate, and revenue of $16.60 billion, ahead of the expected $15.91 billion. Management also increased its full-year guidance. Despite the results, the stock was down 0.8% at $30.43 as of 12:51 p.m. EST on November 3. It had gained 21.55% over the previous three months and was trading near its 52-week high of $31.05.
The company said non-COVID products grew 7% operationally, while launched and acquired products generated $3.8 billion in revenue, up 32%. Pfizer raised its full-year revenue outlook to $62 billion–$64 billion, an increase of $1.5 billion at the midpoint. Its adjusted EPS range rose to $2.95–$3.05 from $2.80–$3.00. The updated earnings outlook incorporates an expected $0.10-per-share impact from the Innovent deal. Pfizer continues to forecast about $4 billion in revenue from COVID products.
Cost savings and pipeline progress were also highlighted. Pfizer is on track to achieve $7.2 billion in net savings by the end of 2026, and its adjusted operating margin was 36% in the third quarter. A second cost-saving phase is intended to deliver a further $2.5 billion from 2027 through 2029. Since August 4, the company has begun eight Phase 3 studies, received FDA approvals for the TUKYSA combination and TALZENNA with XTANDI, and advanced its Lyme vaccine candidate to registration.
The results mark Pfizer’s fourth consecutive quarterly earnings beat, although the share-price responses have been limited. At the same time, consensus forecasts point to lower earnings in the coming years: EPS estimates are $2.96 for 2026, $2.90 for 2027 and $2.48 for 2028. Revenue is projected to decline from $62.23 billion to $54.74 billion over that period, with loss of exclusivity on major products identified as a factor. EPS estimates have also fallen 7.61% over the past 90 days and 20.55% over the past year.
Questions raised by analysts included whether Pfizer would make another large acquisition a central priority. The CFO cited existing deals, including PADCEV, NURTEC, Seagen and Metsera, without committing to a larger transaction. The available earnings account also records a question about a delay to MEVPRO-1 and possible changes to MEVPRO-2 and MEVPRO-3 timelines, but provides no answer. Pfizer’s 2026 guidance assumes no share repurchases, leaving cash for the dividend and research and development.
The next key test is expected to be Pfizer’s 2027 guidance in mid-December 2026. Current consensus forecasts for that year are revenue of $59.84 billion and EPS of $2.90. The company’s fourth-quarter results are also ahead, with consensus at $0.71 per share and $16.89 billion in revenue; most COMIRNATY sales are expected in that quarter. Other developments to watch include Lyme vaccine registration, new Phase 3 programs and expansions involving tilrekimig, berobenatide, NURTEC and Litfulo. Investors will also be watching for business-development activity and whether the next phase of savings can help offset margin pressure from 2027 to 2029.
Sources: Investing.com News.