Pfizer Inc. (NYSE: PFE) Stock: Q3 Revenue Hits $16.6B as Launched Products Drive 32% Growth

TLDR

Pfizer reports $16.6 billion in Q3 revenue as launched products deliver 32% growth.
Pfizer raises its 2026 revenue guidance to $62 billion–$64 billion after strong results.
Eliquis, Padcev and Lorbrena drive growth as Pfizer expands its medicine portfolio.
Paxlovid revenue drops 63%, while Comirnaty sales decline 29% during the quarter.
Pfizer maintains adjusted EPS at $0.87 and raises its full-year earnings outlook.

Pfizer Inc. (NYSE: PFE) stock declined 1.84% to $30.10, shedding $0.57 during the trading session. The decline came as the pharmaceutical company reported third-quarter 2026 revenue of $16.6 billion. However, strong sales from recently launched and acquired products supported growth across its business. Pfizer also raised its full-year revenue and adjusted earnings guidance following its year-to-date performance.

Pfizer Inc., PFE

Pfizer Reports $16.6 Billion in Third-Quarter Revenue
Pfizer generated $16.583 billion in third-quarter revenue, compared with $16.654 billion during the same period in 2025. Revenue remained relatively flat year-over-year, reflecting weaker COVID-19 product sales and declines across several established treatments. However, the company recorded 7% operational revenue growth after excluding Comirnaty and Paxlovid contributions.
Additionally, launched and acquired products delivered 32% operational revenue growth during the quarter. These products supported commercial performance as Pfizer continued expanding its portfolio beyond COVID-19 treatments. The company also recorded $46.067 billion in revenue during the first nine months of 2026, representing 2% growth.
Pfizer’s reported diluted earnings per share reached $0.56, down 9% from $0.62 in 2025. Meanwhile, adjusted diluted EPS remained unchanged at $0.87 during the reporting period. Adjusted income increased 1% to $4.985 billion, while reported net income declined 8% to $3.242 billion.
Strong Product Sales Offset Declining COVID-19 Revenue
Several established medicines delivered higher sales and supported Pfizer’s third-quarter commercial performance. Eliquis generated an additional $513 million in revenue, representing 25% operational growth. Higher US pricing and stronger global demand contributed to the increase, although generic competition affected some international markets.
Padcev revenue increased 55% operationally to $255 million above the previous year’s level. The growth reflected stronger market share in first-line bladder cancer treatment and continued uptake across additional indications. Furthermore, the Vyndaqel family recorded 12% operational growth, supported by expanding market access and patient demand.
Nurtec ODT and Vydura delivered 33% operational revenue growth, while Lorbrena increased 43%. However, declining COVID-19 product sales continued to weigh on overall performance. Paxlovid revenue fell 63%, representing a $771 million operational decline, while Comirnaty revenue dropped 29%, or $339 million.
The Prevnar family also recorded a 10% operational revenue decline, reflecting weaker vaccination rates and market share erosion. These declines offset part of the growth generated by newer medicines. Nevertheless, Pfizer maintained relatively stable quarterly revenue through stronger performance across several non-COVID product categories.
Pfizer Raises 2026 Financial Guidance
Following its third-quarter performance, Pfizer increased its full-year 2026 revenue guidance. The company now expects revenue between $62 billion and $64 billion, compared with its previous $60.5 billion to $62.5 billion range. This adjustment represents a $1.5 billion increase at the midpoint.
Pfizer also raised and narrowed its adjusted diluted EPS guidance to 2.95–3.05. Previously, the company projected adjusted diluted EPS between $2.80 and $3.00. The revised outlook includes a one-time $650 million research and development charge tied to its Innovent Biologics collaboration.
The company expects adjusted research and development expenses between $10.8 billion and $11.8 billion. Meanwhile, adjusted selling, informational and administrative expenses should reach $12.5 billion to $13.5 billion. Pfizer also maintained an adjusted effective tax rate estimate of approximately 15%.
Research Investment and Capital Allocation Remain Priorities
Pfizer continued allocating substantial capital toward research, development and business expansion during 2026. The company invested $8.3 billion in internal research and development projects during the first nine months. Additionally, approximately $850 million supported business development transactions, primarily through its Innovent Biologics agreement.
Pfizer also returned $7.3 billion to shareholders through cash dividends during the same period. This represented $1.29 per common share, reinforcing its existing dividend commitment. However, the company completed no share repurchases during 2026 and retained $3.3 billion in authorization.
Meanwhile, Pfizer advanced its late-stage development pipeline through eight pivotal study starts, one pivotal readout and two regulatory decisions. Its research activities cover oncology, immunology, vaccines and obesity treatments. These developments provide additional opportunities to expand its medicine portfolio and support future commercial growth.
 
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