Pfizer Q3 FY2026: flat sales, raised guidance, adjusted EPS beat
Pfizer’s Q3 FY2026 is a mixed but improving story: revenue was $16.58 billion, flat year over year, while adjusted EPS of $0.87 beat the $0.7326 consensus and management raised full-year revenue guidance. Read the quarter by separating COVID product declines from 7% operational growth in the rest of the portfolio and 32% growth in launched and acquired products.
1 · Expected vs. Actual
Free preview belowReported diluted EPS was $0.56, down 9% from $0.62, and net income was $3.24 billion, down 8%. Adjusted diluted EPS was $0.87, flat year over year and above the $0.7326 consensus estimate. The gap between reported and adjusted EPS comes from items such as amortization, restructuring and acquisition-related charges, so adjusted EPS is the cleaner read on recurring operations.
Revenue was $16.58 billion, down $0.07 billion from $16.65 billion a year earlier and flat on both a reported and operational basis. The flat total hides a split: excluding Comirnaty and Paxlovid, revenue grew 7% operationally, and launched and acquired products grew 32% operationally. Paxlovid fell $0.77 billion and Comirnaty fell $0.34 billion, which is why the headline number looks stalled.
Management raised full-year 2026 revenue guidance by $1.5 billion at the midpoint to $62.0–$64.0 billion, from $60.5–$62.5 billion previously. It also raised and narrowed adjusted diluted EPS guidance to $2.95–$3.05 from $2.80–$3.00, even though the range includes a $650 million Acquired IPR&D charge, or about $0.10 per share, from the Innovent deal. That raise is the clearest signal in the release: year-to-date performance was strong enough to absorb a one-time charge and still lift the floor and ceiling.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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