Pfizer Raises Annual Revenue Forecast: It Has Found New Sources of Growth in the Wake of COVID

Pharmaceutical company Pfizer raised its full-year revenue and profit forecast following its third-quarter results, which exceeded analysts' expectations. Sales growth of new drugs, including in oncology and other therapeutic areas, is helping to offset the decline in demand for COVID-19 treatments. The company also still expects to enter the rapidly growing market for weight-loss drugs, despite a series of setbacks.

Pfizer raised its revenue forecast for the full year 2026 to $62–64 billion and increased its adjusted earnings per share guidance to $2.95–3.05. Previously, the company had projected revenue in the range of $60.5–62.5 billion and earnings of $2.8–3 per share.

In the third quarter, Pfizer's revenue totaled $16.6 billion, remaining virtually unchanged from the same period last year. However, the results exceeded Wall Street expectations: analysts surveyed by Barron's had forecast $15.85 billion. Adjusted earnings per share reached $0.87, compared with a consensus estimate of $0.74.

The company is gradually increasing sales of non-COVID-19-related drugs. In the third quarter, operating revenue in this category rose 7%, while revenue from recently launched and acquired drugs increased by 32%, noted CFO Cecile Geegan. Pfizer cited the anticancer drug Padcev, the anticoagulant Eliquis, and treatments for cardiovascular diseases as key drivers of growth.

Pfizer's obesity drug development program "continues to progress," and recent advances in oncology, immunology, and vaccine development are strengthening the company's outlook, said CEO Albert Bourla.

Pfizer shares rose 1.3% at the start of trading on November 3, reaching their highest level in more than two years—since July 2024. But then the shares lost momentum and, at the time of this writing, were down about 1%. Still, they have risen 22% since the beginning of 2026.

Pfizer’s stronger-than-expected results were driven by “non-COVID commercial performance,” according to BMO Capital Markets analyst Evan Seigerman, as quoted by the Financial Times. “Investors will be looking for confirmation that the development pipeline can offset upcoming patent losses following recent mixed [trial results],” the analyst noted.

"Portfolio conversion and the reliability of forecasts remain key issues," said Citi analyst Jeff Micham ahead of the report's release, according to Barron's.

Under Burla’s leadership, Pfizer is trying to restructure its business following the end of the pandemic-driven revenue surge that temporarily made it one of the world’s most profitable pharmaceutical companies, according to Bloomberg. As sales of COVID-19 drugs decline and some of its key medications face competition from cheaper alternatives, Bourla is betting on mergers and acquisitions, new cancer drugs, and the launch of obesity treatments. Over the past few years, the company has invested nearly $80 billion in such deals, the agency calculated.

In the obesity treatment segment, Pfizer hopes to compete with market leaders Eli Lilly and Novo Nordisk. Last year, the company acquired Metsera, gaining access to experimental drugs, including an injection designed for monthly rather than weekly administration. Pfizer is now advancing a large-scale clinical trial program to test the competitiveness of these drugs in the rapidly growing market, according to Barron's.

Oncology remains the second priority. The $43 billion acquisition of Seagen gave Pfizer a portfolio of oncology drugs, including Padcev for the treatment of bladder cancer, whose third-quarter sales exceeded estimates.

Among the company's other products are the heart medication Vyndaqel, the pneumococcal vaccine Prevnar, and the anticoagulant Eliquis, the FT adds.

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