Pfizer stock slips as higher outlook masks a mixed third quarter

Pfizer reported third-quarter results on Tuesday, November 3, 2026, that exceeded market expectations and raised its full-year outlook. The Financial Times company announcement said revenue was broadly stable year over year, while the contribution from newer products continued to build. Pfizer stock traded at 27.40 euros on Lang & Schwarz at 14:31 CET on Tuesday, November 3, 2026, 1.08 percent below the Xetra close of Monday, November 2.

Newer medicines offset COVID decline

Third-quarter revenue reached 16.583 billion US dollars, compared with 16.654 billion dollars a year earlier. Reported net income fell 8 percent to 3.242 billion dollars, and reported diluted earnings per share declined 9 percent to 0.56 dollars.

Adjusted diluted earnings per share held at 0.87 dollars, while adjusted income rose 1 percent to 4.985 billion dollars. Pfizer said revenue excluding Comirnaty and Paxlovid grew 7 percent on an operational basis. Revenue from launched and acquired products increased 32 percent operationally, highlighting the company’s effort to reduce its dependence on pandemic products.

Eliquis revenue increased 513 million dollars, or 25 percent, and Padcev revenue rose 255 million dollars, or 55 percent, on an operational basis. The gains were partly offset by a 771 million dollar, or 63 percent, decline in Paxlovid revenue, a 339 million dollar, or 29 percent, drop in Comirnaty revenue and a 180 million dollar, or 10 percent, decline for the Prevnar family.

Guidance rises despite flat sales

Pfizer raised its 2026 revenue guidance to a range of 62.0 billion to 64.0 billion dollars from 60.5 billion to 62.5 billion dollars previously. The midpoint therefore increased by 1.5 billion dollars. Adjusted diluted EPS guidance was raised and narrowed to 2.95 to 3.05 dollars from 2.80 to 3.00 dollars.

Management attributed the higher outlook to strong year-to-date performance, confidence in the business and progress with cost improvement initiatives. The company said its guidance includes a one-time 650 million dollar acquired in-process research and development charge related to an Innovent Biologics licensing and collaboration agreement, with an estimated unfavorable impact of 0.10 dollars on adjusted EPS.

Chief Executive Albert Bourla pointed to commercial momentum, pipeline progress and expected catalysts in oncology, immunology, vaccines and obesity. Chief Financial Officer Cecile Guegan said non-COVID products delivered 7 percent operational growth. Guegan became chief financial officer and executive vice president on November 1, replacing Dave Denton, who left the role in August.

Investor focus shifts to execution

The results show a business in transition: overall revenue remains largely unchanged, but newer products are expanding while COVID-related sales contract. That mix should keep execution, patent exposure and pipeline delivery central to the investment case. Adjusted earnings were stable, while reported earnings reflected acquisition-related and other significant items.

Pfizer said its late-stage pipeline recently reached eight key pivotal study starts, one pivotal readout and two regulatory decisions. The company is also scheduled to hold its third-quarter earnings call and webcast on November 3 at 10:00 a.m. Eastern time.

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