Revenue reached $14.45 billion, up 5% year-over-year, as oncology and other recently launched products offset steep declines in COVID products
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Growth in oncology and other recently launched and acquired products drove Pfizer $PFE's first-quarter revenue to $14.45 billion, a 5% year-over-year gain, even as the company's COVID vaccine and antiviral pill continued to drag on results. Both figures topped analyst forecasts, according to CNBC, which had pegged the consensus at 72 cents per share and $13.79 billion in revenue.
Revenues from launched and acquired products grew 22% on an operational basis during the quarter, the company said. Excluding Comirnaty and Paxlovid, total revenues grew 7% operationally.
Pfizer's oncology segment generated $3.83 billion, up 7% operationally, led by bladder cancer drug Padcev at $591 million, up 39% operationally. Lung cancer drug Lorbrena rose 32% operationally to $305 million, and oncology biosimilars climbed 52% operationally to $409 million.
In primary care, blood thinner Eliquis produced $2.17 billion in sales, up 8% operationally. Migraine treatment Nurtec ODT/Vydura rose 41% operationally to $353 million. By contrast, COVID vaccine Comirnaty brought in $232 million, down 59% operationally, while Paxlovid fell 63% operationally to $186 million.
Specialty care revenue reached $2.94 billion, up 8% operationally. The Vyndaqel family of treatments for a rare heart condition contributed $1.60 billion, up 4% operationally.
On a reported basis, quarterly net income fell to $2.69 billion from $2.97 billion in the year-earlier period, translating to 47 cents per diluted share versus 52 cents a year ago. Cost of sales as a percentage of revenue rose 3.8 percentage points, in part because a favorable royalty accrual revision that benefited the year-earlier quarter did not recur, the company said.
The company left its full-year 2026 financial targets unchanged, with revenue expected in a range of $59.5 billion to $62.5 billion and adjusted diluted earnings of $2.80 to $3.00 per share.
"Our first-quarter results are attributable to our solid commercial performance globally as well as our ongoing focus on operational efficiency," CFO David Denton said in a statement. "This quarter, I'm particularly pleased with the 22% year-over-year operational revenue growth from our launched and acquired products. Today, we are reaffirming our full-year 2026 financial guidance."
Chairman and CEO Dr. Albert Bourla said the company is seeing momentum in oncology and obesity research. "Our R&D pipeline is advancing on multiple fronts — with positive Phase 3 readouts and encouraging mid-stage results building meaningful momentum," Bourla said in a statement.
Pfizer completed its exit from an 11.7% investment in ViiV Healthcare Limited in March, receiving $1.875 billion in proceeds, about $1.65 billion net of taxes and fees. Those proceeds will be recorded in the second quarter of 2026, the company said.
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