Pfizer raised its 2026 revenue and profit forecasts on Tuesday after stronger demand for the cancer treatment Padcev and blood thinner Eliquis helped the drugmaker deliver higher-than-expected third-quarter results.
The New York-based pharmaceutical company now expects full-year sales of $62 billion to $64 billion, compared with its previous range of $60.5 billion to $62.5 billion. Its adjusted earnings outlook rose to $2.95 to $3.05 per share, from an earlier forecast of $2.80 to $3.00 per share.
Pfizer CEO Albert Bourla said the improved outlook reflected the company’s quarterly performance and its confidence in its strategy, pipeline and longer-term growth prospects. The updated forecast gives investors a revised view of how the company expects to offset declining COVID-19 product sales and upcoming patent expirations.
Acquisitions are becoming a larger part of Pfizer’s sales
Pfizer has spent billions of dollars on acquisitions and licensing agreements to strengthen its drug pipeline. The company paid $43 billion in 2023 to acquire cancer drugmaker Seagen and spent $10 billion on obesity drug developer Metsera last year.
Products obtained through those deals are increasingly contributing to Pfizer’s results. Padcev, which came through the Seagen acquisition, was identified as one of the main drivers of demand in the latest quarter. Eliquis, a major blood thinner, also supported the performance.
The acquisitions have helped add marketed products, but Pfizer’s longer-term growth remains tied to whether experimental medicines in development succeed. Bernstein analyst Courtney Breen said investors are watching for late-stage data on the experimental cancer drug mevrometostat and early results from Metsera’s amylin-based obesity drug.
“More perceived stability ahead of decisions on setting 2027 guidance,” BMO Capital analyst Evan Seigerman said of the appointment.
Key pipeline timing moves into 2027
Pfizer said late-stage data for mevrometostat, which had previously been expected by the end of 2026, is now anticipated in the first quarter of 2027. The timing change affects one of the near-term development milestones being monitored as the company works to replenish its pipeline.
- 2026 sales outlook: $62 billion to $64 billion
- 2026 earnings outlook: $2.95 to $3.05 per share
- Mevrometostat data: Expected in the first quarter of 2027
Pfizer shares were about flat in premarket trading on Tuesday after the results and forecast update. The company’s outlook remains dependent on the performance of established medicines, the contribution from acquired products and clinical progress across its experimental portfolio.
Pfizer names a new chief financial officer
Separately, Pfizer appointed Cecile Guegan as chief financial officer, effective November 1. She succeeds Dave Denton, who left in August to take a similar position at Nike.
Guegan’s appointment comes before Pfizer sets its 2027 guidance. The company is managing the transition while seeking growth from its newer oncology and obesity-related assets and dealing with the continuing decline of products that benefited from pandemic-era demand.
