Pfizer (NYSE: PFE), the New York-based drugmaker behind Eliquis and Prevnar, beat third-quarter forecasts and raised its 2026 guidance before the US open today. The shares were roughly flat in pre-market trading.
The stock closed yesterday at $30.67, up about 22.5% from $25.03 on the 3rd of August. Its $31.04 intraday high yesterday was the highest in that period, so the shares went into the results close to their recent peak.
Adjusted earnings per share, which strip out one-offs, were $0.87 against the $0.73 analysts polled by LSEG expected. Revenue of $16.58bn compared with $15.87bn expected. Both were flat on a year earlier, when adjusted EPS was also $0.87 and revenue $16.65bn, so the beat was against low forecasts rather than a growth surge.
The raise rests on a few products. Eliquis, the blood thinner Pfizer shares with Bristol Myers Squibb, grew 25% excluding currency effects, mainly on a higher US net price, meaning price after rebates. Padcev rose 55% and launched and acquired products 32%, more than offsetting falls of 63% in Paxlovid and 29% in Comirnaty, its Covid products.
Guidance changed as follows:
| Metric | Previous | New |
|---|---|---|
| Revenues ($bn) | 60.5 to 62.5 | 62.0 to 64.0 |
| Adjusted diluted EPS ($) | 2.80 to 3.00 | 2.95 to 3.05 |
| Adjusted R&D ($bn) | 10.5 to 11.5 | 10.8 to 11.8 |
The new EPS range already absorbs a one-time $650m charge, about $0.10 a share, for a drug licensed from China’s Innovent Biologics. Pfizer also cited progress on cost improvement initiatives.
Pfizer also made Cecile Guegan permanent CFO from Sunday. She had been interim since the 16th of August, and CNBC reported that her predecessor, Dave Denton, left to become CFO at Nike. Guegan, Pfizer’s Chief Financial Officer and Executive Vice President, set out her priorities:
My focus remains on executing a disciplined approach to capital allocation while making targeted investments today to drive revenue growth later in the decade and beyond.
Cecile Guegan, Chief Financial Officer, Pfizer
Read against the results release, that points to continuity, though that is our reading, not a company statement. Pfizer completed no buybacks in 2026, has $3.3bn of authorisation left, and plans to pay down debt before resuming them. It paid $7.3bn in dividends in the first nine months.