Key Highlights

  • About 2.2% was the fall for Pfizer (NYSE:PFE) on November 3, 2026, after adjusted Earnings of USD 0.87 a share against a published estimate of USD 0.73.
  • USD 62.0 billion to USD 64.0 billion is the raised 2026 Revenue guidance, up from USD 60.5 billion to USD 62.5 billion, with adjusted earnings of USD 2.95 to USD 3.05.
  • USD 16,583 million of third-quarter revenue against USD 16,654 million a year earlier, essentially flat, with adjusted earnings of USD 0.87 unchanged from a year earlier.
  • 7% operational growth excluding Comirnaty and Paxlovid, with launched and acquired products up 32%, while Paxlovid fell USD 771 million, or 63%.

What Pfizer Reported

Pfizer reported third-quarter 2026 results on November 3, 2026. Revenue was USD 16,583 million, against USD 16,654 million a year earlier. Reported diluted earnings were USD 0.56 against USD 0.62, and adjusted diluted earnings were USD 0.87, unchanged from a year earlier. The company raised 2026 revenue guidance to USD 62.0 billion to USD 64.0 billion from USD 60.5 billion to USD 62.5 billion, and narrowed adjusted earnings guidance to USD 2.95 to USD 3.05 from USD 2.80 to USD 3.00. The shares closed down about 2.2%, according to published market data. For nine months, revenue was USD 46,067 million, up 2%, and adjusted earnings were USD 2.39 against USD 2.56, so the full-year range implies fourth-quarter adjusted earnings of roughly USD 0.56 to USD 0.66 (simple arithmetic).

Growth Products and Declines

Growth came from newer and established medicines: Eliquis rose USD 513 million, or 25%, Padcev rose USD 255 million, or 55%, Vyndaqel rose USD 193 million, or 12%, Nurtec rose USD 135 million, or 33%, and Lorbrena rose USD 114 million, or 43%. Offsetting this, Paxlovid fell USD 771 million, or 63%, Comirnaty fell USD 339 million, or 29%, and the Prevnar family fell USD 180 million, or 10%. Excluding the two COVID products, revenue grew 7% operationally. Guidance for adjusted earnings includes a one-time USD 650 million acquired research charge tied to the Innovent Biologics deal, about USD 0.10 a share.

Risks and What to Watch Next

The first risk is COVID revenue decline, which still removes more than a billion dollars a quarter from reported growth. Restructuring is expensive: charges were USD 742 million in the quarter and USD 1,167 million for nine months, as part of an enterprise-wide cost realignment. Reported earnings fell while adjusted earnings were flat, so Quality of Earnings is a theme. A beat against an estimate of USD 0.73 did not lift the shares, which suggests investors wanted stronger growth. Eliquis alone added USD 513 million, which is larger than any other single product change. Investors will watch Pfizer (NYSE:PFE) for pipeline updates, cost savings and the pace of non-COVID growth. The midpoint of revenue guidance rose by USD 1.5 billion, a clear signal, but the earnings guide absorbs a charge that makes comparisons with last year harder.

Where Things Stand

Pfizer slipped about 2.2% because investors had hoped for more than a flat year-over-year quarter, even though adjusted earnings of USD 0.87 beat an estimate near USD 0.73 and guidance rose. Newer products are growing, but COVID products are shrinking sharply and restructuring costs are high. For Pfizer (NYSE:PFE), the pace of non-COVID growth and cost savings are the key measures. The decline could reflect expectations rather than results, and it was modest compared with some of the moves seen across earnings that day. Nothing here is Investment advice.