Pfizer on Tuesday reported third-quarter results that beat estimates and raised its full-year outlook as demand for its newly launched and acquired products increases.
Pfizer also announced Tuesday that Cécile Guégan, who has held various financial leadership roles at the company over the past two decades, became chief financial officer this month. She had served as interim CFO since August, when former Pfizer CFO Dave Denton resigned to take the same role at Nike.
The company now expects annual revenue of between $62 billion and $64 billion, up from a previous forecast of $60.5 billion to $62.5 billion. The bottom of that sales range would be roughly flat or down slightly from 2025 revenue of $62.6 billion. Nonetheless, Pfizer cited its “strong year-to-date performance” as the driving force behind its forecast increase.
The pharmaceutical giant now expects full-year adjusted earnings of between $2.95 and $3.05 per share. That compares to a previous forecast of between $2.80 and $3 per share.
This includes a one-time charge of $650 million, a negative impact of 10 cents per share, recorded in the third quarter related to the company’s licensing and collaboration agreement with Chinese cancer drug maker Innovent Biologics.
Pfizer is working on a comeback story after its massive success waned in the pandemic era. As demand for Covid products wanes and generic rivals threaten its biggest moneymakers, CEO Albert Bourla is looking to reignite growth through strategic acquisitions, new cancer drugs and a big bet on weight-loss treatments through his acquisition of Metsera.
Pfizer in August expanded its multi-year cost-cutting efforts to help offset the sharp decline in Covid product sales, and is now targeting about $9.7 billion in net savings through 2029.
Here’s what the company reported for the third quarter compared to what Wall Street expected, based on a survey of analysts by LSEG:
- Earnings per share: 87 cents adjusted versus 73 cents expected
- Income: $16.58 billion versus $15.87 billion expected
Tune in at 1:30 p.m. ET as Pfizer CEO Albert Bourla joins CNBC TV to discuss the company’s earnings. Watch in real time on CNBC+ or the CNBC Pro stream.
Pfizer reported third-quarter revenue of $16.58 billion, relatively flat compared to the same period last year. The company cited an operational decrease of $57 million, primarily due to lower revenue from Covid and a $15 million negative impact from foreign exchange.
That was offset by strong sales of key products like its blood thinner Eliquis and targeted cancer drug Padcev, which surged and beat expectations.
Eliquis, in particular, had revenue of $2.52 billion, up 25%. Analysts expected revenue of $2.40 billion, according to StreetAccount. Padcev reported revenue of $720 million for the period, which compared with the $658 million expected by analysts.
Sales of newly launched and acquired Pfizer products increased 32% operationally. This includes Padcev, its respiratory syncytial virus vaccine Abrysvo, its pneumococcus vaccine Prevnar 20 and oral lung cancer drug Lorbrena, among other products.
Pfizer’s Covid products also beat estimates for the quarter despite a sharp decline in sales. The company’s Covid vaccine generated $808 million in sales, which compared to the $770.4 million analysts expected, according to StreetAccount estimates. Meanwhile, Pfizer’s antiviral pill Paxlovid posted revenue of $449 million, beating the $394.1 million analysts expected.
The company reported net income of $3.24 billion, or 56 cents per share, for the period. That compares to net income of $3.54 billion, or 62 cents per share, in the third quarter of 2025.
Excluding certain items, including restructuring charges and costs associated with intangible assets, Pfizer posted earnings per share of 87 cents for the quarter.
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