Pfizer Raises 2026 Outlook as Non-COVID Sales Grow 7%

Direct answer: Pfizer raised its full-year 2026 outlook on November 3, 2026, because sales outside its COVID products grew strongly in the third quarter. In simple terms, an outlook is a company’s own forecast for the year ahead, so raising it means management now expects a stronger full year than it did before.

What happened

Pfizer, the large US drugmaker, reported third-quarter 2026 revenue of $16.6 billion, essentially flat compared with $16.654 billion a year earlier. The company said that, excluding its COVID products Comirnaty and Paxlovid, revenue grew 7% on an operational basis, which means before the effect of currency movements. Revenue from launched and acquired products grew 32% operationally.

Pfizer reported diluted earnings per share of $0.56, and adjusted diluted earnings per share of $0.87. Adjusted earnings strip out some one-off items, so they are often used to compare the underlying business from quarter to quarter. The adjusted figure was the same as a year earlier, while reported earnings per share fell from $0.62.

The company raised its full-year 2026 revenue guidance to $62.0 billion to $64.0 billion, up from $60.5 billion to $62.5 billion before, a rise of $1.5 billion at the midpoint. It also raised and narrowed its adjusted diluted earnings per share guidance to $2.95 to $3.05, up from $2.80 to $3.00 before.

Inside the quarter, the growth came mainly from non-COVID medicines. Pfizer said Eliquis grew by $513 million, or 25% operationally, Padcev grew by $255 million, or 55% operationally, the Vyndaqel family grew by $193 million, or 12% operationally, Nurtec ODT/Vydura grew by $135 million, or 33% operationally, and Lorbrena grew by $114 million, or 43% operationally.

The drag came from COVID products. Paxlovid revenue fell $771 million, or 63% operationally, as COVID infections fell, and Comirnaty fell $339 million, or 29% operationally, on lower use in the US and lower deliveries in some other markets. The Prevnar family also fell $180 million, or 10% operationally.

Analysts had expected a softer quarter. Previews before the release put consensus at roughly $15.9 billion of revenue and about $0.73 to $0.75 of adjusted earnings per share, so the reported $16.583 billion of revenue and $0.87 of adjusted earnings per share came in above those expectations.

Pfizer published the results in its own release on November 3, 2026: https://www.businesswire.com/news/home/20261103921895/en/Pfizer-Reports-Strong-Third-Quarter-2026-Results-And-Raises-2026-Guidance

Why it matters for beginners

This is a useful example of why a single headline can mislead. Total revenue was flat, yet the company raised its outlook. That happened because the parts of the business that are expected to keep growing, the non-COVID medicines, did well enough to offset the sharp fall in COVID sales.

For beginners, the lesson is to separate a shrinking legacy product from the rest of the business. COVID products were huge during the pandemic, but demand has fallen a lot since then. If you only looked at total revenue, you would miss the 7% growth outside COVID products.

It also shows the difference between reported and adjusted earnings. Reported earnings per share fell, partly because of a $650 million charge linked to an in-licensing deal with Innovent Biologics. Adjusted earnings, which exclude some such items, were flat. Neither number on its own tells the whole story, which is why the release gives both.

Readers who want another recent example of a large company report can read our post on Bayer, where a raised profit outlook also came with a mixed quarterly picture: https://investclaritypath.com/bayer-raises-2026-profit-outlook-pharma-sales-q3-2026/

What to watch next

Investors will watch whether non-COVID sales keep growing in the final quarter, and whether Pfizer meets its new full-year ranges of $62.0 billion to $64.0 billion of revenue and $2.95 to $3.05 of adjusted earnings per share. The next full test will be the full-year results.

Beginners should also watch COVID demand through the winter, and progress in Pfizer’s oncology and obesity pipeline, which the company highlighted as a source of future growth. A raised outlook is a forecast, not a guarantee, and costs, competition and demand can still change the outcome.

FAQ

What is a profit outlook?

A profit outlook is a company’s forecast for its future revenue or profit. Companies update it when trading is better or worse than they first expected. It is a forecast, not a guarantee.

Why did Pfizer raise its outlook if total revenue was flat?

Total revenue was flat because COVID sales fell sharply, but sales outside COVID products grew 7% operationally. The outlook is for the full year, and management said its year-to-date performance and confidence in the business supported a higher forecast.

What is the difference between reported and adjusted earnings?

Reported earnings follow standard accounting rules and include one-off charges. Adjusted earnings exclude some of those items to show the underlying trend. Pfizer reported $0.56 per share and adjusted earnings of $0.87 per share in the third quarter, so the two figures answer different questions.

Does a raised outlook mean the shares will rise?

No. Share prices move for many reasons, including the wider market, interest rates and investor expectations. A raised outlook is one piece of news, not a prediction about the share price, and this post gives no buy or sell advice.