Pfizer Inc. (PFE) reported third-quarter 2026 revenues of $16.6 billion, relatively flat year-over-year on an operational basis, and raised full-year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62.0 billion to $64.0 billion from $60.5 billion to $62.5 billion.

The pharmaceutical company also raised and narrowed full-year 2026 adjusted diluted EPS guidance to $2.95 to $3.05 from $2.80 to $3.00, after reaffirming that range in the first and second quarters. Adjusted diluted EPS for the quarter was $0.87, compared with $0.77 in the second quarter and $0.75 in the first quarter. Reported diluted EPS was $0.56.

Growth in launched and acquired products accelerated. Operational revenue for those products rose 32% in the third quarter, after 18% in the second quarter and 22% in the first quarter. Excluding Comirnaty and Paxlovid, third-quarter revenues grew 7% operationally, matching the first quarter after 5% in the second quarter.

The operational decline in total revenue was driven by COVID-19 products, the Prevnar family and several other products, largely offset by Eliquis, Padcev, the Vyndaqel family, Nurtec and Lorbrena. Eliquis operational revenue rose $513 million, or 25%, on higher U.S. net price from lower rebates and channel-mix favorability and higher global demand, partly offset by generic entry and price erosion in certain international markets. Padcev rose $255 million, or 55%, on increased first-line locally advanced or metastatic urothelial cancer share and launch uptake in cisplatin-ineligible muscle-invasive bladder cancer. Vyndaqel family revenue rose $193 million, or 12%; Nurtec ODT/Vydura rose $135 million, or 33%; and Lorbrena rose $114 million, or 43%.

Paxlovid operational revenue fell $771 million, or 63%, on lower COVID-19 infections across the U.S. and international markets, partly offset by timing of government purchases in certain emerging markets. Comirnaty operational revenue fell $339 million, or 29%, on a lower favorable adjustment to the U.S. returns provision, lower U.S. utilization primarily from narrower vaccine recommendations, and lower contractual deliveries in certain international markets. Prevnar family operational revenue declined $180 million, or 10%, on lower U.S. adult and pediatric vaccination rates, adult share erosion and weaker pediatric demand in certain international markets.

Reported net income was $3.24 billion, or $0.56 a share, down from $3.54 billion, or $0.62 a share, a year earlier. Adjusted income was $4.99 billion. Acquired in-process R&D expenses were $669 million, including a $650 million charge related to an in-licensing and collaboration agreement with Innovent Biologics, Inc., compared with a $1.35 billion 3SBio charge in the year-ago quarter. The new EPS guidance includes an unfavorable impact of approximately $0.10 from the Innovent charge.

Research and development expenses increased 18% operationally versus the year-ago quarter, which the company said was driven primarily by an anticipated net increase in spending in certain oncology and obesity product candidates, as well as compensation. Cost of sales as a percentage of revenues was 24.3%. Restructuring charges and certain acquisition-related costs were $791 million, primarily employee termination costs associated with the enterprise-wide cost realignment program.

Full-year revenue guidance assumes an anticipated unfavorable revenue impact of approximately $1.1 billion from recent and expected generic and biosimilar competition, and assumes no share repurchases in 2026. Adjusted diluted EPS guidance assumes diluted weighted-average shares of approximately 5.74 billion. No share repurchases have been completed to date in 2026; remaining authorization is $3.3 billion.

Cecile Guegan was appointed chief financial officer and executive vice president effective November 1, 2026, after serving as incoming interim CFO in the second-quarter release. Chairman and CEO Albert Bourla said the company had another strong quarter with commercial momentum and disciplined execution, and that recent milestones in oncology, immunology and vaccines further demonstrate the potential of the pipeline.