Key Highlights

  • Adjusted diluted EPS of USD 0.87 beat the consensus estimate of USD 0.74, while GAAP diluted EPS was USD 0.56.
  • Revenues of USD 16.58 billion edged lower year over year but topped the consensus estimate of USD 15.85 billion.
  • Eliquis Revenue rose to USD 2.523 billion from USD 2.015 billion, and oncology revenue reached USD 4.327 billion.
  • Excluding Comirnaty and Paxlovid, total revenues increased 7% operationally, while those two products fell to USD 1.257 billion.

Pfizer Inc. (NYSE:PFE) reported third quarter 2026 revenues of USD 16.58 billion, down USD 71 million from USD 16.65 billion a year earlier and above a consensus estimate of USD 15.85 billion. Adjusted diluted EPS, a non-GAAP measure, was USD 0.87 against a consensus estimate of USD 0.74, matching USD 0.87 a year earlier. GAAP diluted EPS was USD 0.56 versus USD 0.62, and Net Income attributable to common shareholders was USD 3.242 billion versus USD 3.541 billion. Adjusted net income rose to USD 4.985 billion from USD 4.949 billion.

Growth Products Offset Declines in COVID-19 and Prevnar

The company attributed the operational revenue decrease of USD 57 million to lower COVID-19 product, Prevnar family and other revenues, largely offset by growth in Eliquis, Padcev, the Vyndaqel family, Nurtec ODT/Vydura and Lorbrena. Eliquis revenue rose to USD 2.523 billion from USD 2.015 billion, Padcev rose to USD 720 million from USD 464 million, and Lorbrena rose to USD 387 million from USD 268 million. Comirnaty fell to USD 808 million from USD 1.151 billion, Paxlovid fell to USD 449 million from USD 1.225 billion, and the Prevnar family fell to USD 1.564 billion from USD 1.742 billion. Oncology revenue rose to USD 4.327 billion from USD 3.938 billion, while Primary Care fell to USD 6.971 billion from USD 7.642 billion.

Cost Programs Extend Through 2029

In the third quarter the company announced USD 1.0 billion of additional net cost savings under its Realigning Our Cost Base program, driven by technology and simplification efforts, with savings realized from 2027 through 2029 and one-time costs of about USD 2.0 billion through 2029. It also announced the next phase of its Manufacturing Optimization Program, targeting additional savings of about USD 1.5 billion from 2027 through 2029 against one-time costs of about USD 4.0 billion, of which about 60% is non-cash. Income from continuing operations before taxes was USD 3.4 billion versus USD 3.3 billion, while acquired in-process Research and Development expenses fell by USD 722 million.

Savings Targets, Spending and Balance Sheet Against Prior Periods

The two savings targets of USD 1.0 billion and USD 1.5 billion compare with one-time costs of USD 2.0 billion and USD 4.0 billion. Research and development expenses were USD 3.016 billion against USD 2.546 billion, while acquired in-process research and development expenses fell to USD 669 million from USD 1.390 billion. Nine month revenues of USD 46.07 billion compare with USD 45.02 billion, and nine month GAAP diluted EPS was USD 0.99 against USD 1.65. Cash and equivalents were USD 1.824 billion against USD 1.142 billion at year end 2025, and long-term Debt was USD 59.997 billion against USD 61.641 billion.