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Pfizer (PFE) Q3 2026 Earnings Report

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PFE Q3 2026 EPS Results

Actual EPS
$0.87
Consensus EPS
$0.74
Beat/Miss
Beat by +$0.14
One Year Ago EPS
$0.87

PFE Q3 2026 Revenue Results

Actual Revenue
$16.58B
Expected Revenue
$15.85B
Beat/Miss
Beat by +$731.14M
YoY Revenue Growth
-0.43%

Earnings Announcement Details

Quarter
Q3 2026
Date
05/05/2026
Time
Before Open
Conference Call
Tuesday, May 5, 2026
PFE Upcoming Earnings

Pfizer's next earnings date is estimated for February 2, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

PFE Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:May 05, 2026|% Change Since:15.27%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by 7% operational growth in non-COVID products, 32% growth in launched and acquired products, raised 2026 revenue and EPS guidance, margin expansion, cost-savings progress, and multiple encouraging clinical and regulatory developments. The main challenges were declining COVID-19 revenue, upcoming loss-of-exclusivity impacts, pricing and policy uncertainties, the Innovent charge, and delayed MEVPRO readouts. Highlights significantly outweighed lowlights.

Company Guidance

Pfizer raised full-year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62 billion to $64 billion, reaffirmed approximately $4 billion for the COVID products, expects full-year 2026 R&D expense in the range of $10.8 billion to $11.8 billion, and raised and narrowed full-year 2026 adjusted diluted EPS guidance to a range of $2.95 to $3.05, an increase of $0.10 at the midpoint while absorbing the $0.10 per share impact of the Innovent transaction; it expects full-year adjusted gross margin in the mid-70% percent range, to deliver nearly all of the anticipated $7.2 billion of net savings by the end of 26, and to deliver an anticipated additional $2.5 billion of net cost savings from 2027 through 2029, with leverage expected to remain around current levels, or modestly higher during the LOE transition period; 2027 guidance will be provided around middle of December, and Pfizer has line of sight to its aim of delivering a risk adjusted high single digit revenue CAGR from year-end 2028 through year-end 2033.

  • Strong Third-Quarter Commercial ExecutionPfizer reported 7% operational revenue growth from non-COVID products in the third quarter, driven by key brands in the U.S. and select international markets. Launched and acquired products generated $3.8 billion in revenue and grew 32% operationally.
  • Acquired Product Portfolio GrowthAcquired products grew 37% operationally in the quarter. Pfizer said its approximately $80 billion of transaction investments over the last few years have added products contributing to current commercial momentum and platforms with transformative potential.
  • Strong Performance from Key BrandsThe quarter included solid revenue contributions from Eliquis, Padcev, the Vyndaqel family, NURTEC, and Lorbrena. Padcev contributed $255 million, NURTEC contributed $135 million, and Lorbrena contributed $114 million during the quarter.
  • Seagen and Padcev MomentumPfizer's legacy Seagen portfolio grew 39% year over year in the U.S., driven by strong Padcev performance. Pfizer said Seagen also doubled the size of its early-stage oncology pipeline when the acquisition closed.
  • Biohaven and NURTEC GrowthBiohaven grew 33% operationally in the quarter, driven by underlying demand and commercial execution. Pfizer said it leads the oral CGRP class in the U.S. and is expanding internationally, including in the U.K., Italy, and Japan.
  • Revenue and EPS Guidance RaisedPfizer raised full-year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62 billion to $64 billion. Adjusted diluted EPS guidance was raised and narrowed to $2.95 to $3.05, an increase of $0.10 at the midpoint while absorbing the $0.10 per-share impact of the Innovent transaction.
  • Third-Quarter Earnings Exceeded ExpectationsThird-quarter 2026 revenue of $617 billion came in ahead of expectations. Reported diluted EPS was $0.56 and adjusted diluted EPS was $0.87, which exceeded expectations and included a $0.10 charge related to the Innovent transaction.
  • Margin Expansion and Cost DisciplineAdjusted gross margin was 77% and adjusted operating margin was 36%. Pfizer attributed performance to favorable product mix, cost management, productivity improvements, and strong non-COVID revenue performance.
  • Progress on Cost-Savings ProgramsPfizer remains on track to deliver nearly all of the anticipated $7.2 billion of net savings from ongoing cost-improvement programs by the end of 2026. The company also initiated a second phase expected to deliver an additional $2.5 billion of net cost savings from 2027 through 2029.
  • Continued Investment in Priority R&DAdjusted R&D expenses increased 18% operationally, reflecting planned investment in priority oncology and obesity programs and several Phase 3 study starts. Pfizer said product mix, productivity, and cost management supported margin expansion while enabling continued pipeline investment.
  • Obesity Pipeline AdvancementPfizer plans to advance 10 active and planned Phase 3 trials in 2026 across its obesity portfolio. Enrollment has progressed in the pivotal berobenatide program, the Phase 2b amylin combination study is fully enrolled, and Pfizer is working toward the first potential berobenatide approvals in 2028.
  • Positive Elrexfio Phase 3 ResultsElrexfio delivered two positive Phase 3 readouts in double-class-exposed multiple myeloma. In MM32, Elrexfio monotherapy produced a statistically significant and clinically meaningful improvement in progression-free survival versus investigator's choice of three established standard-of-care regimens. More than 75% of Elrexfio patients had not experienced disease progression or death at interim analysis, and estimated 18-month progression-free survival was approximately 68%.
  • Elrexfio Safety Improvement in MM32In MM32, with infection prophylaxis measures incorporated from the start, rates of grade 3 or higher infections were lower than those observed in the earlier MagnetisMM-5 study.
  • Atermaciclib Breast Cancer DataIn the Phase 2 FOURLIGHT-1 study, atermaciclib plus fulvestrant reduced the risk of disease progression or death by 40% versus investigator's choice of fulvestrant or everolimus plus exemestane. In an early breast cancer study, atermaciclib plus letrozole produced complete cell-cycle arrest in 88% of participants' tumors versus 18% with letrozole alone.
  • Atermaciclib Tolerability ProfilePfizer reported that grade 3 or higher neutropenia was numerically lower with atermaciclib than with approved CDK4/6 agents, with no grade 4 or 5 neutropenia reported. Dose reductions due to adverse events were 14% with atermaciclib versus 32% to 43% with approved agents, although Pfizer noted that these were cross-trial comparisons and definitive conclusions could not be drawn.
  • Tivonatinib Lung Cancer DataUpdated results for tivonatinib plus doublet chemotherapy showed confirmed response rates rising by roughly 20 percentage points to approximately 80% in both nonsquamous and squamous first-line non-small-cell lung cancer. Median progression-free survival was nearly 14 months for both histologies, an improvement of roughly 4 to 5 months versus the comparators.
  • Tilrekimig Atopic Dermatitis PotentialIn Phase 2 atopic dermatitis studies, tilrekimig produced a placebo-adjusted EASI-75 response rate of about 50% at the top monthly doses. Pfizer said the data suggest potential superiority over dupilumab, with Phase 3 studies including a head-to-head trial against dupilumab.
  • Tilrekimig Development ExpansionPfizer has started Phase 3 studies of tilrekimig in severe asthma and a continuous Phase 2/3 study in COPD, with expected readouts in 2028 and 2029. The program is also being developed across pathways validated by approved therapies in nine diseases.
  • Pneumococcal Vaccine ProgressIn the pediatric PCV25 program, all 20 serotypes shared with Prevnar 20 met the historical two-fold post-dose 4 IgG non-inferiority criterion in Phase 2. Pfizer said the candidate is designed to protect against serotypes causing an estimated 84% of invasive disease cases in U.S. children under five, an incremental increase of approximately 25 percentage points versus Prevnar 20.
  • PCV25 and PCV35 Development MilestonesThe PCV25 Phase 3 program is underway, with the lot-to-lot consistency study fully enrolled. PCV35, an adult candidate extending enhanced serotype 3 technology to other key serotypes, is expected to begin Phase 1 this year.
  • Lyme Disease Vaccine Regulatory ProgressThe EMA validated the marketing authorization application for Pfizer and Valneva's Lyme disease vaccine candidate. The CHMP is expected to issue an opinion in 2027, Pfizer has filed in Canada, and the company expects to provide an update on discussions with the FDA in the fourth quarter of 2026.
  • Strong Cash Flow and Balance Sheet MetricsYear-to-date operating cash flow was $8.8 billion, Pfizer returned $7.3 billion to shareholders through its quarterly dividend, and leverage ended the quarter at 2.6x versus a 2026 target of 2.7x.
  • Capital Allocation and Business Development CapacityFollowing the Innovent transaction, Pfizer said its current business-development capacity is approximately $6 billion. Capital allocation priorities remain reinvestment in the business, maintaining and over time growing the dividend, preserving balance-sheet flexibility, and potentially resuming share repurchases after the LOE period.
  • AI Deployment Across PfizerPfizer has deployed AI to improve manufacturing efficiency, sharpen engagement with physicians and patients, accelerate target validation and molecule and biomarker selection in R&D, and reduce administrative work for safety scientists through the Genesis product launched in more than 120 countries.
  • China GLP-1 Launch ProgressPfizer said it is satisfied with progress following the April launch of ecnoglutide in China. The product received type 2 diabetes approval at the end of October, opening hospital and ecommerce channels, and passed the NRDL committees with final review expected by the end of November.
  • Long-Term Growth ObjectivePfizer said it has line of sight to delivering a risk-adjusted high single-digit revenue CAGR from year-end 2028 through year-end 2033, supported by growth in launched and acquired products, new indications, and a broad pipeline across multiple therapeutic areas.

PFE Earnings History

PFE earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 02, 20272026 (Q4)0.69-0.66――
Aug 04, 20262026 (Q2)0.680.770.78-1.28% (-0.01)
May 05, 20262026 (Q1)0.720.750.92-18.48% (-0.17)
May 05, 20262026 (Q3)0.730.870.870.00% (+0.00)
Feb 03, 20262025 (Q4)0.570.660.634.76% (+0.03)
Nov 04, 20252025 (Q3)0.630.871.06-17.92% (-0.19)
Aug 06, 20252025 (Q2)0.580.780.630.00% (+0.18)
Apr 29, 20252025 (Q1)0.670.920.8212.20% (+0.10)
Feb 04, 20252024 (Q4)0.470.630.1530.00% (+0.53)
Oct 29, 20242024 (Q3)0.611.06-0.17723.53% (+1.23)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed