Pfizer 8-K

Summary

Q3 2026 results with raised FY2026 guidance. Revenue was roughly flat as growth in newer and acquired medicines offset declines in COVID-19 products and Prevnar; operational revenue, which excludes foreign-exchange effects, grew 7% excluding Comirnaty and Paxlovid, while launched and acquired products grew 32%.

Pfizer raised FY2026 revenue guidance to $62.0B-$64.0B from $60.5B-$62.5B and adjusted diluted EPS guidance to $2.95-$3.05 from $2.80-$3.00, citing strong year-to-date performance. Cecile Guegan was appointed CFO effective 11/01/2026.

Key Figures

• Eliquis revenue increased $513M (+25% operationally), Padcev $255M (+55%), Vyndaqel family $193M (+12%), Nurtec $135M (+33%) and Lorbrena $114M (+43%). These gains were offset mainly by declines in Paxlovid ($771M, -63% operationally), Comirnaty ($339M, -29%) and the Prevnar family ($180M, -10%).
• Nine-month reported results included $4.325B of asset impairments: $3.8B related to the sigvotatug vedotin Phase 3 study after unfavorable trial results and $525M for Oxbryta after Pfizer determined there was no viable path to return it to the U.S. market. Other income also included a $1.87B gain from the sale of Pfizer’s ViiV investment.
• In the first nine months, Pfizer invested $8.3B in internal R&D and approximately $850M in business development, and paid $7.3B in cash dividends ($1.29 per share). It completed no share repurchases in 2026 and said its guidance assumes none for the year; $3.3B remained under its repurchase authorization as of 11/03/2026.

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Revenue	FY2026	$60.5B–$62.5B	$62.0B-$64.0B	raised
Adjusted diluted EPS, non-GAAP	FY2026	$2.80–$3.00	$2.95-$3.05	raised
Adjusted selling, informational and administrative expenses, non-GAAP	FY2026	$12.5B–$13.5B	$12.5B-$13.5B	reaffirmed
Adjusted research and development expenses, non-GAAP	FY2026	$10.5B–$11.5B	$10.8B-$11.8B	raised
Effective tax rate on adjusted income, non-GAAP	FY2026	≈15.0%	≈15.0%	reaffirmed

Investor Takeaways

• Track operational growth in launched and acquired products against COVID-19 and Prevnar declines; continued growth would show whether newer medicines keep offsetting pressure on those products.
• Watch upcoming late-stage pipeline readouts and regulatory decisions. Pfizer reported that Elrexfio met its Phase 3 primary progression-free-survival endpoint and that the Phase 3 program for tilrekimig is underway; further positive results and approvals would extend pipeline progress toward commercial products.