Pfizer on Tuesday reported fiscal third-quarter results that topped estimates and hiked its full-year outlook, as demand for its newly launched and acquired products grows.
Pfizer also Tuesday announced that Cecile Guegan, who has held various finance leadership roles at the company over the last two decades, stepped in as chief financial officer this month. She had served as interim CFO since August, when Pfizer's former CFO, Dave Denton, stepped down to take the same position at Nike.
The company is now expecting full-year revenue to total $62 billion to $64 billion, which compares with a previous outlook of $60.5 billion to $62.5 billion. The low end of that sales range would be roughly flat or down slightly compared with 2025 revenue of $62.6 billion. Still, Pfizer cited its "strong year-to-date performance" as a driver for the guidance hike.
The pharmaceutical giant now expects full-year adjusted profit of between $2.95 and $3.05 per share. That compares with previous guidance of between $2.80 and $3 per share.
That includes a one-time $650 million charge, or a negative impact of 10 cents per share, recorded in the third quarter tied to the company's licensing and collaboration agreement with Chinese cancer drugmaker Innovent Biologics.
Pfizer is working on a comeback story after its massive pandemic-era success waned. As demand for Covid products drops and generic rivals threaten its biggest moneymakers, CEO Albert Bourla is looking to jump-start growth through strategic acquisitions, fresh cancer drugs and a big bet on weight loss treatments through its acquisition of Metsera.
Pfizer in August expanded its multiyear cost-cutting efforts to help offset sharp declines in Covid product sales, and is now targeting roughly $9.7 billion in net savings through 2029.
Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: 87 cents adjusted vs. 73 cents expected
Revenue: $16.58 billion vs. $15.87 billion expected
Pfizer reported third-quarter revenue of $16.58 billion, relatively flat from the same period a year ago. The company cited an operational decrease of $57 million, primarily due to lower Covid revenues, 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 jumped and beat expectations.
Eliquis in particular raked in $2.52 billion in sales, up 25%. Analysts were expecting revenue of $2.40 billion, according to StreetAccount. Padcev posted $720 million in revenue for the period, which compares with the $658 million that analysts were expecting.
Sales of Pfizer's newly launched and acquired products grew 32% operationally. That includes Padcev, its respiratory syncytial virus vaccine Abrysvo, its pneumococcal shot Prevnar 20 and oral lung cancer drug Lorbrena, among several other products.
Pfizer's Covid products also topped estimates for the quarter despite seeing steep sales declines. The company's Covid vaccine generated $808 million in sales, which compares with the $770.4 million that analysts were expecting, StreetAccount estimates show. Meanwhile, Pfizer's antiviral pill, Paxlovid, booked $449 million in sales, coming in above the $394.1 million that analysts were expecting.
The company booked net income of $3.24 billion, or 56 cents per share, for the period. That compares with net income of $3.54 billion, or 62 cents per share, during 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.
