Pfizer used its November 3, 2026 earnings call to talk up drugs it launched or bought, such as Padcev, Nurtec, and Lorbrena, rather than its COVID-19 portfolio. A year earlier, management had called COVID-19 products a predictable and durable contributor. Launched and acquired products brought in $3.8 billion in the third quarter, up 32% operationally and nearly a quarter of the $16.6 billion total revenue. Even so, revenue fell 0.4% from a year earlier, as lower Paxlovid sales offset gains. Pfizer raised its full-year 2026 revenue guidance. However, Ibrance and Xtandi lose US exclusivity in 2027, and operating margin slipped to 30.9% from 33.2%.

Pfizer raised its full-year 2026 revenue guidance to between $62 billion and $64 billion, citing strong sales of non-COVID products. Launched and acquired products grew 32% in the third quarter. About 80% of a nearly $80 billion investment went to Seagen, Metsera, and Biohaven. Seagen's Padcev helped drive 39% US growth. A $650 million charge tied to the Innovent deal cut third-quarter adjusted earnings per share by $0.10. Net leverage is 2.6x and may hold steady or rise slightly from 2027 to 2029, when key products lose exclusivity. Pfizer expects nearly all of $7.2 billion in net savings by the end of 2026. It targets another $2.5 billion through 2029. In obesity, it plans 10 Phase 3 trials of berobenatide in 2026, with first approvals targeted for 2028. Management projects high single-digit annual revenue growth from 2028 to 2033.

Pfizer beat third-quarter expectations and raised its full-year guidance, but its shares slipped 0.80% to $30.43 on November 3, 2026, near their 52-week high of $31.05. Adjusted earnings per share were $0.87 against a $0.73 consensus. Revenue was $16.60 billion against $15.91 billion expected. Pfizer now expects revenue of $62–64 billion and adjusted EPS of $2.95–3.05, up from $2.80–3.00. Non-COVID products grew 7% operationally, and the company is on track for $7.2 billion of net savings by the end of 2026. Analysts still see earnings shrinking, with consensus EPS falling from $2.96 in 2026 to $2.48 in 2028 as major products lose exclusivity. The next test is 2027 guidance, due in mid-December 2026.