The drugmaker posted adjusted earnings of 77 cents per share and now expects full-year revenue of $60.5 billion to $62.5 billion
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Pfizer $PFE reported second-quarter revenue of $15.03 billion and raised the midpoint of its full-year revenue guidance on Tuesday, driven by stronger-than-expected performance from recently launched and acquired products. The company now expects full-year 2026 revenue of $60.5 billion to $62.5 billion, up from a previous range of $59.5 billion to $62.5 billion.
On an adjusted basis, earnings reached 77 cents per share, clearing the 68-cent consensus estimate, according to CNBC. On a reported basis, Pfizer posted a loss per share of $0.04, reflecting $4.3 billion in non-cash intangible asset impairments.
The guidance update incorporates roughly $1.5 billion in upside from non-COVID products, though that gain was tempered by a reduction in the company's forecast for COVID-19 treatments, which Pfizer now pegs at roughly $4 billion for the year, compared with a prior expectation of around $5 billion. The company left its full-year adjusted earnings outlook unchanged at $2.80 to $3.00 per share.
Revenue growth was led by several products. Eliquis rose 19% operationally, driven by higher net prices in the U.S. and stronger global demand. Padcev climbed 23% operationally on increased market share in bladder cancer. Lorbrena grew 37% operationally, while the Vyndaqel family rose 8%. Paxlovid fell 95% operationally amid lower COVID-19 infection rates, and Comirnaty declined 34% operationally. Excluding Comirnaty and Paxlovid, revenues grew 5% operationally.
Pfizer also announced an expansion of its cost-savings programs. The company said it expects an additional $2.5 billion in net cost savings from 2027 through 2029, comprising $1 billion from its ongoing cost realignment program and $1.5 billion from the next phase of its manufacturing optimization program.
Pfizer Chairman and CEO Albert Bourla said in a statement that the company's obesity program is advancing "with meaningful momentum" and that its oncology portfolio "remains a source of strength."
Pfizer is navigating a leadership transition in its finance department: CFO Dave Denton is departing the company on Aug. 15, with Cecile Guegan set to step in as interim CFO the following day. Guegan, who is currently senior vice president of finance for Pfizer's global biopharmaceutical business, joined the company in 2005 and played a role in integrating Seagen $SGEN into Pfizer in 2024. Pfizer is conducting an internal and external search for a permanent replacement.
Pfizer shares were up 1.8%, to $25.50, in premarket trading.
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