On November 3, 2026 Pfizer Inc. (NYSE: PFE) reported financial results for the third quarter of 2026 and raised its full-year 2026 guidance(2) for both Revenues and Adjusted(3) diluted EPS.
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EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and CEO of Pfizer:
"Pfizer had another strong quarter with commercial momentum and disciplined execution while advancing our strategy for creating long-term shareholder value. Our obesity program continued to advance and recent milestones in oncology, immunology and vaccines further demonstrate the potential of our pipeline. With a robust slate of expected catalysts ahead, I believe we’re well positioned to deliver meaningful new medicines for patients and lasting value in the years ahead."
Cecile Guegan, CFO and EVP of Pfizer:
"Our third-quarter results reflect strong commercial performance globally and continued operational discipline. This quarter, our non-COVID products delivered strong 7% operational revenue growth, and I’m particularly pleased with the 32% year-over-year operational revenue growth from our launched and acquired products(1). Today, we are raising our full-year 2026 Revenue and Adjusted diluted EPS guidance, reflecting our strong year-to-date performance and confidence in our business."
OVERALL RESULTS
Third-Quarter 2026 Revenues of $16.6 Billion, Relatively Flat Year-over-Year Operationally
Excluding Contributions from Comirnaty and Paxlovid, Revenues Grew 7% Operationally
Revenues of Launched and Acquired Products(1) Grew 32% Operationally
Third-Quarter 2026 Reported(4) Diluted EPS of $0.56, and Adjusted(3) Diluted EPS of $0.87
Raises Full-Year 2026 Revenue Guidance(2) by $1.5 billion at the Midpoint to a Range of $62.0 to $64.0 billion
Raises and Narrows Full-Year 2026 Adjusted(3) Diluted EPS Guidance to a Range of $2.95 to $3.05
Recent Late-Stage Pipeline Progress Includes Eight Key Pivotal Study Starts, One Pivotal Readout and Two Regulatory Decisions
Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates(5).
Results for the third quarter and first nine months of 2026 and 2025(6) are summarized below.
($ in millions, except per share amounts)
Third-Quarter
Nine Months
2026
2025
% Change
2026
2025
% Change
Revenues
$
16,583
$
16,654
—
$
46,067
$
45,022
2%
Reported(4) Net Income
3,242
3,541
(8%)
5,681
9,419
(40%)
Reported(4) Diluted EPS
0.56
0.62
(9%)
0.99
1.65
(40%)
Adjusted(3) Income
4,985
4,949
1%
13,715
14,620
(6%)
Adjusted(3) Diluted EPS
0.87
0.87
—
2.39
2.56
(7%)
REVENUES
($ in millions)
Third-Quarter
Nine Months
2026
2025
% Change
2026
2025
% Change
Total
Oper.
Total
Oper.
Global Biopharmaceuticals Business (Biopharma)
$
16,283
$
16,310
—
—
$
45,105
$
44,056
2%
1%
Pfizer CentreOne
300
344
(13%)
(12%)
962
966
—
(2%)
TOTAL REVENUES
$
16,583
$
16,654
—
—
$
46,067
$
45,022
2%
1%
2026 FINANCIAL GUIDANCE(2)
Raises full-year 2026 Revenue guidance(2) by $1.5 billion at the midpoint to a range of $62.0 to $64.0 billion from $60.5 to $62.5 billion previously.
Raises and narrows full-year 2026 Adjusted(3) diluted EPS guidance(2) to a range of $2.95 to $3.05 from $2.80 to $3.00 previously.
Includes a one-time $650 million Acquired In-Process R&D charge related to the in-licensing and collaboration agreement with Innovent Biologics, Inc. recorded in the third quarter of 2026 with an unfavorable impact of approximately $0.10.
The company’s guidance takes into consideration our strong year-to-date performance, continued confidence in our business and progress with ongoing cost improvement initiatives.
Revenues
$62.0 to $64.0 billion
(previously $60.5 to $62.5 billion)
Adjusted(3) SI&A Expenses
$12.5 to $13.5 billion
Adjusted(3) R&D Expenses
$10.8 to $11.8 billion
(previously $10.5 to $11.5 billion)
Effective Tax Rate on Adjusted(3) Income
Approximately 15.0%
Adjusted(3) Diluted EPS
$2.95 to $3.05
(previously $2.80 to $3.00)
CAPITAL ALLOCATION
During the first nine months of 2026, Pfizer deployed its capital in a variety of ways, which primarily included:
Reinvesting capital into initiatives intended to enhance the future growth prospects of the company, including:
$8.3 billion invested in internal research and development projects, and
Approximately $850 million invested in business development transactions, primarily reflecting the Innovent Biologics, Inc. in-licensing deal.
Returning capital directly to shareholders through $7.3 billion of cash dividends, or $1.29 per share of common stock.
Our capital allocation framework is designed to enhance long-term shareholder value, and is based on three core pillars: (i) reinvesting in the business, including maintaining the flexibility to deploy capital towards potential value-creating business development transactions, (ii) maintaining and, over the long term, growing our dividend, and (iii) in the future, the potential to resume the return of capital to shareholders through value-enhancing share repurchases after de-levering our balance sheet. The company expects to continue to de-lever over the longer term in a prudent manner in order to maintain a balanced capital allocation strategy.
No share repurchases have been completed to date in 2026. As of November 3, 2026, Pfizer’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in 2026.
Diluted weighted-average shares outstanding of 5,751 million and 5,714 million were used to calculate Reported(4) and Adjusted(3) diluted EPS for third-quarter 2026 and 2025, respectively.
QUARTERLY FINANCIAL HIGHLIGHTS (Third-Quarter 2026 vs. Third-Quarter 2025)
Third-quarter 2026 revenues totaled $16.6 billion, a decrease of $71 million, or relatively flat on a percentage basis compared to the prior-year quarter, reflecting an operational decrease of $57 million and an unfavorable impact of foreign exchange of $15 million. The operational decrease was driven by a decline in revenues from COVID-19 products, the Prevnar family and several other products across categories, largely offset by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Nurtec, Lorbrena and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, revenues for the third quarter grew 7% operationally. Additionally, third-quarter revenues of our Launched and Acquired Products(1) grew 32% operationally.
Third-quarter 2026 operational revenue reflected higher revenues primarily for:
Eliquis globally, up $513 million, or 25%, operationally, driven primarily by higher net price in the U.S. primarily due to pricing dynamics, including lower rebates and channel mix favorability, as well as higher demand globally; partially offset by declines due to generic entry and price erosion in certain international markets;
Padcev globally, up $255 million, or 55%, operationally, driven primarily by increased market share in first-line locally advanced or metastatic urothelial cancer (la/mUC), as well as launch uptake in the cisplatin-ineligible indication for muscle-invasive bladder cancer;
Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up $193 million, or 12%, operationally, driven primarily by continued market expansion in the U.S., as well as strong demand with continuing uptake in patient diagnosis across international markets and improved access in certain international markets;
Nurtec ODT/Vydura globally, up $135 million, or 33%, operationally, driven primarily by strong demand in the U.S., as well as launch uptake in certain international markets; and
Lorbrena globally, up $114 million, or 43%, operationally, driven primarily by increased patient share in the first-line ALK-positive metastatic non-small cell lung cancer (ALK+ mNSCLC) treatment setting in the U.S., China, and certain other international markets;
offset primarily by lower revenues for:
Paxlovid globally, down $771 million, or 63%, operationally, driven primarily by lower COVID-19 infections across the U.S. and international markets, partially offset by timing of government purchases in certain emerging markets;
Comirnaty globally, down $339 million, or 29%, operationally, driven primarily by a lower favorable adjustment to the U.S. returns provision, lower utilization in the U.S. primarily resulting from narrower vaccine recommendations, as well as lower contractual deliveries in certain international markets; and
Prevnar family globally, down $180 million, or 10%, operationally, driven primarily in the U.S. by lower vaccination rates in the adult and pediatric indications, as well as market share erosion for the adult indication; and by lower demand in the pediatric indication in certain international markets.
GAAP Reported(4) Statement of Operations Highlights
SELECTED REPORTED(4) COSTS AND EXPENSES
($ in millions)
Third-Quarter
Nine Months
2026
2025
% Change
2026
2025
% Change
Total
Oper.
Total
Oper.
Cost of Sales(4)
$
4,028
$
4,172
(3%)
1%
$
11,668
$
10,795
8%
6%
Percent of Revenues
24.3
%
25.0
%
N/A
N/A
25.3
%
24.0
%
N/A
N/A
SI&A Expenses(4)
3,279
3,186
3%
3%
9,651
9,632
—
(1%)
R&D Expenses(4)
3,016
2,546
18%
18%
8,315
7,231
15%
15%
Acquired IPR&D Expenses(4)
669
1,390
(52%)
(52%)
822
1,401
(41%)
(41%)
Other (Income)/Deductions—net(4)
288
517
(44%)
(42%)
4,866
2,210
*
*
Effective Tax Rate on Reported(4) Income
3.9
%
(6.5
%)
3.2
%
(2.9
%)
* Indicates calculation not meaningful or results are greater than 100%.
Third-quarter 2026 Cost of Sales(4) as a percentage of revenues decreased by 0.8 percentage points compared to the prior-year quarter, primarily driven by a favorable change in sales mix and a favorable impact from foreign exchange, partially offset by the non-recurrence of a favorable revision to our estimate of accrued royalties in the third quarter of 2025.
Third-quarter 2026 SI&A Expenses(4) increased 3% operationally compared to the prior-year quarter, primarily reflecting an increase in compensation-related expenses in the quarter, a lower favorable adjustment of U.S. healthcare reform fees recorded in the third quarter of 2026 compared to the third quarter of 2025, and an increase in implementation costs associated with our cost realignment program; partially offset by a decrease in marketing and promotional spend on various products from more targeted investments and ongoing productivity improvements.
Third-quarter 2026 R&D Expenses(4) increased 18% operationally compared to the prior-year quarter, driven primarily by an anticipated net increase in spending in certain oncology and obesity product candidates, as well as an increase in compensation-related expenses in the quarter.
Third-quarter 2026 Acquired In-Process R&D Expenses(4) decreased $722 million compared to the prior-year quarter, primarily reflecting a $650 million charge in the third quarter of 2026 related to an in-licensing and collaboration agreement with Innovent Biologics, Inc., compared to a $1.35 billion charge in the prior-year quarter related to an in-licensing agreement with 3SBio, Inc.
Pfizer’s higher effective tax rate on Reported(4) income for the third quarter of 2026 compared to the prior-year quarter reflects the non-recurrence of the remeasurement of certain deferred tax liabilities and agreements with tax authorities, partially offset by favorable changes in the jurisdictional mix of earnings.
Adjusted(3) Statement of Operations Highlights
SELECTED ADJUSTED(3) COSTS AND EXPENSES
($ in millions)
Third-Quarter
Nine Months
2026
2025
% Change
2026
2025
% Change
Total
Oper.
Total
Oper.
Adjusted(3) Cost of Sales
$
3,843
$
3,979
(3%)
—
$
10,905
$
10,075
8%
6%
Percent of Revenues
23.2
%
23.9
%
N/A
N/A
23.7
%
22.4
%
N/A
N/A
Adjusted(3) SI&A Expenses
3,221
3,158
2%
2%
9,481
9,562
(1%)
(2%)
Adjusted(3) R&D Expenses
2,942
2,486
18%
18%
8,107
7,096
14%
14%
Acquired IPR&D Expenses(3)
669
1,390
(52%)
(52%)
822
1,401
(41%)
(41%)
Adjusted(3) Other (Income)/Deductions—net
102
257
(60%)
(56%)
598
688
(13%)
(14%)
Effective Tax Rate on Adjusted(3) Income
14.0
%
7.9
%
14.9
%
9.5
%
See the reconciliations of certain Reported(4) to non-GAAP Adjusted(3) financial measures and associated footnotes in the financial tables section of this press release located at the hyperlink below.
RECENT NOTABLE DEVELOPMENTS (Since August 4, 2026)
Product Developments
Product/Project
Milestone
Recent Development
Link
Comirnaty
(COVID-19 Vaccine, mRNA)
Regulatory
August 2026. Pfizer and BioNTech announced U.S. Food and Drug Administration (FDA) approval for the companies’ 2026-2027 COVID-19 vaccine formula targeting the XFG variant for use in adults ages 65 years and older, as well as in individuals ages 5 through 64 years with at least one underlying condition that puts them at high risk for severe outcomes from COVID-19.
Full Release
Elrexfio
(elranatamab)
Phase 3 Results
October 2026. Announced topline results from the investigational Phase 3 MagnetisMM-32 study evaluating Elrexfio as monotherapy in adults with relapsed or refractory multiple myeloma (RRMM) who received at least one prior line of treatment with anti-CD38 therapy and lenalidomide. At the pre-specified interim analysis for efficacy, the study met its primary endpoint of progression-free survival (PFS) as assessed by blinded independent central review (BICR). Elrexfio demonstrated a statistically significant and clinically meaningful reduction in the risk of disease progression or death versus investigator’s choice of elotuzumab, pomalidomide and dexamethasone (EloPd); pomalidomide, bortezomib and dexamethasone (PVd); or carfilzomib and dexamethasone (Kd). The safety profile of Elrexfio in MagnetisMM-32 was consistent with its known profile and no new safety signals were identified.
Full Release
Litfulo
(ritlecitinib)
Phase 3 Results
October 2026. Presented results from two investigational Phase 3 trials — TRANQUILLO 2 and TRANQUILLO – in which once-daily oral Litfulo significantly improved facial and total body repigmentation at Week 52 compared to placebo in patients with nonsegmental vitiligo (NSV). The safety profile of Litfulo in NSV was consistent with the established safety profile in alopecia areata. Pfizer intends to submit these data to regulatory authorities globally.
Full Release
Talzenna
(talazoparib)
Regulatory
October 2026. Announced FDA expanded approval of Talzenna in combination with Xtandi expanding use to the treatment of men with metastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer with homologous recombination repair (HRR) gene mutations, including both BRCA and non-BRCA mutations. Approval was based on the pivotal TALAPRO-3 data, offering a potential new standard of care earlier in the course of disease.
Full Release
Tukysa
(tucatinib)
Regulatory
October 2026. Announced FDA approval of Tukysa in combination with trastuzumab and pertuzumab for the maintenance treatment of adults with unresectable locally advanced or metastatic human epidermal growth factor receptor 2-positive (HER2+) breast cancer following induction treatment. The approval expands the use of Tukysa to frontline, an earlier stage of metastatic disease, offering a new chemotherapy-free maintenance treatment option that may help further delay disease progression.
Full Release
Pipeline Developments
A comprehensive update of Pfizer’s development pipeline was published today and is now available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of Pfizer’s research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.
Product/Project
Milestone
Recent Development
Link
25-valent pneumococcal conjugate vaccine candidate
(PF-07872412)
Phase 2 Results
October 2026. Announced detailed results across serotypes from a Phase 2 study (NCT06524414) investigating 25-valent pneumococcal conjugate vaccine candidate (25vPnC) in infants. In the study, a four-dose series of 25vPnC elicited robust immune responses against all 25 serotypes and showed safety and tolerability comparable to four doses of Prevnar 20. These data support the ongoing Phase 3 development program for 25vPnC.
Full Release
Lyme disease vaccine candidate
(PF-07307405)
Regulatory
August 2026. Pfizer and Valneva SE announced the European Medicines Agency (EMA) validated the Marketing Authorization Application (MAA) for the companies’ 6-valent outer surface protein A (OspA)-based Lyme disease vaccine candidate and will begin its assessment of the application. The submission was based on favorable efficacy and safety results from the Phase 3 VALOR "Vaccine Against Lyme for Outdoor Recreationists" trial.
Full Release
Tilrekimig
(PF-07275315)
Phase 2 Results
October 2026. Presented detailed results from an ongoing Phase 2 study investigating the potentially first-in-class trispecific antibody tilrekimig in adults with moderate-to-severe atopic dermatitis (AD). The study met its primary endpoint, demonstrating a statistically significant increase in the percentage of participants achieving EASI-75 (≥75% reduction in the Eczema Area and Severity Index) at Week 16 across all evaluated doses compared to placebo. Tilrekimig was well-tolerated, with no dose-dependent safety signals, with treatment-emergent adverse event rates comparable between treatment and placebo groups. The Phase 3 pivotal program is underway with ongoing studies in AD and asthma. Tilrekimig is also being studied in an ongoing Phase 2b/3 study in chronic obstructive pulmonary disease (COPD).
Full Release
Corporate Developments
Topic
Recent Development
Link
Finance Leadership
November 2026. Cecile Guegan appointed Chief Financial Officer, Executive Vice President effective November 1, 2026.
(Press release, Pfizer, NOV 3, 2026, View Source [SID1234674118])