NEW YORK, August 6, 2026, 15:09 EDT
- Pfizer shares were around $26.04, showing a gain of roughly 0.9% as normal U.S. trading continued.
- Revenue for the second quarter surpassed consensus forecasts by 4.4%, while adjusted earnings came in 13.2% above expectations.
- Pfizer’s $1.5 billion increase in non-COVID guidance was offset by a $1 billion COVID downgrade, which accounted for two-thirds of the gain.
Shares of Pfizer Inc. NYSE:PFE continued to climb following its earnings report on Thursday, trading around 4.0% higher compared to the closing level before results on Monday.
The more significant message for investors came beneath the $500 million headline raise. Pfizer increased its non-COVID revenue outlook by $1.5 billion.
It reduced its projected COVID-product revenue by $1 billion. The resulting core upgrade was triple the overall net guidance rise.
| 2026 revenue guidance bridge | Company figure | Derived comparison |
|---|---|---|
| Prior midpoint | $61.0 billion | — |
| Increase from non-COVID | +$1.5 billion | 3.0 times total net increase |
| COVID-related change | -$1.0 billion | 66.7% of non-COVID increase |
| Updated midpoint | $61.5 billion | +0.8% |
| Total midpoint change | +$0.5 billion | — |
Ratios are based on the guidance provided by Pfizer.
The ratio in the quarter remained nearly unchanged. The four largest named products from Pfizer posted a combined increase of $797 million compared with a year ago.
The combined loss for Paxlovid and Comirnaty was $526 million, representing 66% of the total gains from those four.
| Product revenue contribution | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Eliquis | $2,425 million | $2,003 million | up $422 million |
| Vyndaqel family | $1,762 million | $1,615 million | up $147 million |
| Padcev | $667 million | $542 million | up $125 million |
| Lorbrena | $354 million | $251 million | up $103 million |
| Four-product subtotal | — | — | up $797 million |
| Paxlovid | $21 million | $427 million | down $406 million |
| Comirnaty | $261 million | $381 million | down $120 million |
| COVID-product subtotal | — | — | down $526 million |
Dollar variations reflect reported product revenue.
This offset accounts for why a 95% drop in Paxlovid sales did not reduce total revenue. Pfizer’s broader portfolio continued to expand.
Revenue for the quarter totaled $15.03 billion, representing a 3% increase on a reported basis. Adjusted earnings per share stood at $0.77, falling one cent short of the previous year’s figure.
| Q2 measure | Reported | Consensus estimate | Beat |
|---|---|---|---|
| Revenue | $15.03 billion | $14.40 billion | $0.63 billion, or 4.4% |
| Adjusted EPS | $0.77 | $0.68 | $0.09, or 13.2% |
Analyst consensus estimates versus company earnings performance.
Eliquis, which is co-marketed with Bristol Myers Squibb Co. NYSE:BMY, drove the gains. Revenue climbed 21% to $2.43 billion.
Pfizer shifted expenditures to focus on future product development. Adjusted research and development increased 12%, and adjusted selling and administrative expenses declined 3%.
Chief Executive Albert Bourla stated, “We are creating efficiencies … and we reinvest in R&D.” Adjusted earnings per share declined 3% from a year earlier. Reuters
The company maintained its 2026 adjusted EPS outlook at $2.80 to $3.00. The forecast includes an impact of approximately $0.10 related to the Innovent Biologics Inc. HKG:1801 deal.
Cost reductions continue to serve as the connection. Pfizer anticipates realizing approximately $9.7 billion in net savings by 2029. The newest extension contributes an additional $2.5 billion for the years 2027 to 2029.
On Thursday, Pfizer posted gains above Bristol Myers and Merck & Co. NYSE:MRK, while it lagged behind Eli Lilly and Co. NYSE:LLY.
| Large-cap drugmaker | Afternoon price | Session move |
|---|---|---|
| Eli Lilly and Co. NYSE:LLY | $1,187.00 | up 1.5% |
| Pfizer Inc. NYSE:PFE | $26.04 | up 0.9% |
| Bristol Myers Squibb Co. NYSE:BMY | $64.01 | up 0.6% |
| Merck & Co. NYSE:MRK | $128.62 | up 0.2% |
U.S. market data is delayed.
Analyst sentiment is still wary. The latest count records 18 holds, eight buys, one overweight, and two sell ratings.
Trung Huynh, an analyst at Royal Bank of Canada NYSE:RY, noted the results demonstrated strength across a wide portfolio. He added that Pfizer remains tasked with achieving crucial 2026 milestones.
| Analyst rating | Now | 1 month prior | 3 months prior |
|---|---|---|---|
| Buy | 8 | 9 | 9 |
| Overweight | 1 | 1 | 3 |
| Hold | 18 | 17 | 15 |
| Underweight | 0 | 0 | 0 |
| Sell | 2 | 2 | 3 |
| Consensus | Hold | Overweight | Hold |
Latest analyst ratings overview.
The mean price target stood at $28.42, approximately 9% higher than Thursday’s closing price. Analysts’ projections varied from $25 up to $35.
Risks: Pfizer recorded $4.3 billion in noncash intangible asset impairments. This included a $3.8 billion charge tied to sigvotatug vedotin. Future gains could be offset by patent expiries and underwhelming pipeline performance.
The upcoming challenge is delivery, rather than setting a fresh cost target. Pipeline updates now need to translate commercial gains into sustained growth beyond 2028.
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