Photo: Coolcaesar / Wikimedia Commons (archive; CC BY-SA 4.0)
Pfizer raised its full-year sales and profit forecasts Tuesday after third-quarter revenue and adjusted earnings beat Wall Street expectations, supported by demand for its cancer treatments and blood thinner Eliquis.
The New York-based drugmaker reported revenue of $16.58 billion, above the $15.87 billion analysts expected. Adjusted earnings of 87 cents a share topped the 73-cent estimate, according to LSEG data cited by Reuters.
Pfizer released its results today, Tuesday, November 3, at 6:45am ET. The company now expects 2026 revenue of $62 billion to $64 billion, up from its previous range of $60.5 billion to $62.5 billion. It raised and narrowed its adjusted earnings forecast to $2.95 to $3.05 a share from $2.80 to $3.00.
Shares were down 0.4% at $30.53 in Reuters’ Tuesday-morning trading report, checked at 11:38am ET. Reuters did not provide an exact trade timestamp for that snapshot.
Growth outside COVID products
Overall quarterly revenue was relatively flat from a year earlier on an operational basis, which excludes currency effects. Excluding the COVID-19 vaccine Comirnaty and antiviral Paxlovid, revenue grew 7% on the same basis, Pfizer said in its earnings release.
Revenue from the company’s launched and acquired products grew 32% operationally. The distinction matters because Pfizer is working to replace declining pandemic-era sales and prepare for patent expirations by expanding its cancer and other treatment businesses.
Eliquis sales rose 25% to $2.52 billion, above estimates of $2.46 billion, Reuters reported. Pfizer shares the drug with Bristol Myers Squibb. Demand for Padcev, the cancer treatment acquired through Pfizer’s Seagen purchase, also helped drive the quarterly beat.
On a reported basis, Pfizer earned $3.24 billion, or 56 cents a share, compared with $3.54 billion, or 62 cents a share, a year earlier. Adjusted earnings exclude certain items and are separate from those reported results.
New CFO and pipeline milestones
Pfizer also announced the appointment of Cecile Guegan as chief financial officer and executive vice president, effective November 1.
Chief Executive Albert Bourla said the company had commercial momentum while advancing its obesity, oncology, immunology and vaccine programs. Guegan said the higher full-year outlook reflected strong year-to-date performance and confidence in the business.
The longer-term question for investors is how much growth Pfizer’s newer medicines and experimental treatments can deliver. Reuters reported that late-stage data for experimental cancer drug mevrometostat, previously expected by year-end, is now anticipated in the first quarter of 2027.
JBizNews Desk | New York
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
