PFE · Earnings call · 2026Q3T · Full report

Guidance / Outlook

PFIZER INC · 2026-11-03 · Importance 44 · Surprise 24 · In source text

Pfizer plans to provide 2027 guidance around mid-December, with LOE impacts from Ibrance and Xtandi in the U.S. and Eliquis internationally at the end of 2026. Management said growth from launched and acquired products and the cost initiative program will partly offset those impacts; the program is expected to deliver initial savings in commercial and general and administrative spending while continuing investment in growth opportunities. Pfizer reiterated an aspiration for high-single-digit revenue growth from 2028 to 2033, supported by continued growth and new indications for launched and acquired products, as well as pipeline catalysts over the next 18 to 24 months.

Key facts

• Pfizer raised full-year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62 billion to $64 billion.
• Pfizer reaffirmed its expectation of approximately $4 billion in 2026 COVID-product revenue, with most Comirnaty revenue expected in Q4.
• Pfizer expects full-year 2026 R&D expense of $10.8 billion to $11.8 billion.
• Pfizer expects full-year 2026 adjusted gross margin in the mid-70% range.
• Pfizer raised and narrowed full-year 2026 adjusted diluted EPS guidance to $2.95–$3.05, a $0.10 midpoint increase while absorbing the $0.10 per-share Innovent impact.
• Pfizer is working toward the first of a series of potential berobenatide approvals in 2028.
• Pfizer raised its full-year 2026 revenue and adjusted EPS guidance.
• Pfizer expects risk-adjusted high-single-digit revenue CAGR from year-end 2028 through year-end 2033.

Impact estimates