New York, May 5, 2026, 07:11 EDT
Pfizer turned in a first-quarter profit that beat forecasts on Tuesday, thanks in large part to solid demand for established drugs like the blood thinner Eliquis and cancer therapy Padcev, cushioning the impact of another steep fall in sales of its COVID offerings. Adjusted earnings landed at 75 cents per share, with revenue reaching $14.45 billion—both topping Wall Street’s consensus for 72 cents per share and $13.79 billion in revenue, according to Reuters.
This beat is key for Pfizer, which is still working to prove it can deliver growth now that the pandemic surge has passed. Stripping out Comirnaty and Paxlovid, revenue was up 7% operationally—excluding currency effects—according to the company. Revenue from launched and acquired products jumped 22%.
The company reiterated its 2026 outlook, sticking to revenue between $59.5 billion and $62.5 billion, with adjusted earnings projected at $2.80 to $3.00 per share. This guidance is at the heart of the Pfizer stock narrative right now: investors are after cash returns, but they’re also looking for signs that the drugmaker has a plan to tackle looming patent expirations on key products.
Pfizer reported Padcev sales jumping 39% on the back of stronger bladder-cancer demand, while Eliquis notched an 8% gain. Oncology biosimilars, the cheaper alternatives to branded biologics, surged 52%. Nurtec ODT/Vydura, the company’s migraine drug, advanced 41%.
COVID pressure lingered. Comirnaty revenue tumbled 59% on an operational basis, with the slide blamed on reduced international shipments and softer U.S. uptake following stricter vaccine guidance. Paxlovid revenue slumped 63% as both infections and government buying waned, according to the company.
Pfizer CEO Albert Bourla described the quarter as a “strong start,” citing gains in both oncology and obesity. CFO David Denton added that the numbers showed “solid commercial performance globally” and highlighted operational efficiency, calling out contributions from both launched and acquired products. Business Wire
Pfizer’s R&D bill climbed 12% in the first quarter, fueled mostly by oncology and obesity drugs in the works. The company says its late-stage pipeline is still lined up to launch around 20 major pivotal studies in 2026.
There’s a catch: some of the same drugs boosting this quarter are also turning into liabilities. Pfizer is staring down patent cliffs for big sellers like Eliquis and the cancer drug Ibrance. Its 2026 forecast already bakes in roughly $1.5 billion in lost revenue from generic and biosimilar challengers, based on figures from Reuters and company filings.
Eliquis didn’t just lift Pfizer. Bristol Myers Squibb, which co-markets the blood thinner with Pfizer, also topped profit forecasts last week. The company reported Eliquis sales up 16% to $4.14 billion—a reminder that both drugmakers still lean hard on established blockbusters, even as they try to ramp up newer drugs.
Pfizer stock hovered around $26.30 in early premarket moves, hardly budging. Benzinga, previewing earnings, pegged the annual dividend yield at 6.53%. Citigroup’s Geoff Meacham, according to the note, stuck with his Neutral call but nudged the price target up—now $27, previously $26.
Pfizer’s quarter offers a bit of breathing space, but it’s far from a full reset. Sales topped expectations and guidance remains intact. Some of the newer oncology assets are seeing traction. Still, the challenge is clear: pipeline investment has to deliver products hefty enough to offset shrinking COVID revenues and the losses looming from lower-priced generics.
