Pfizer Q3 2026 Results, published on November 3, 2026, show Pfizer Inc. (NYSE: PFE) generating $16.6 billion in third-quarter revenue while lifting its full-year 2026 outlook for both revenues and adjusted diluted earnings per share. The company said revenue was relatively flat year over year on an operational basis. Products it has recently launched or acquired grew 32% operationally, and its non-COVID products grew 7%.
Reported diluted EPS was $0.56 and adjusted diluted EPS was $0.87, level with the prior-year adjusted figure. Pfizer raised its 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62.0 to $64.0 billion. It also raised and narrowed its adjusted diluted EPS guidance to $2.95 to $3.05. The company appointed Cecile Guegan as Chief Financial Officer and Executive Vice President, effective November 1, 2026.
Chairman and CEO Dr. Albert Bourla called the period “another strong quarter” and pointed to progress in obesity, oncology, immunology and vaccines. Guegan said the non-COVID business and the launched-product portfolio drove performance, and that the guidance increase reflects strong year-to-date results. These statements are forward-looking and are subject to the risks Pfizer lists in its disclosure notice.
This report draws only on Pfizer’s third-quarter earnings release. Where the release does not disclose a figure, such as full-year GAAP earnings guidance, this article says so rather than estimating. Readers following Pfizer Q3 2026 Results can use the data tables below, which are organized for quick reference.
Pfizer Q3 2026 Results: Revenue, EPS and Full-Year Guidance in Detail
Pfizer Q3 2026 Results put third-quarter revenues at $16,583 million, against $16,654 million a year earlier, a decrease of $71 million. Pfizer attributed this to an operational decline of $57 million plus a $15 million unfavorable currency effect. Lower COVID-19 and Prevnar sales were largely offset by growth in other products. Nine-month revenues rose 2% to $46,067 million.
Profitability measures were mixed. Reported net income fell 8% to $3,242 million in the quarter, and nine-month reported net income dropped 40% to $5,681 million. The nine-month figure includes $4.3 billion of intangible asset impairments, of which $3.8 billion relates to a Phase 3 sigvotatug vedotin study in second-line metastatic non-squamous non-small cell lung cancer and $525 million to Oxbryta (voxelotor). A $1.87 billion net gain from the sale of Pfizer’s investment in ViiV Healthcare partly offset these charges.
Pfizer Financial Summary, Third Quarter and Nine Months 2026 vs. 2025 ($ in millions, except per share)
| Metric | Q3 2026 | Q3 2025 | Q3 % Change | 9M 2026 | 9M 2025 | 9M % Change |
|---|---|---|---|---|---|---|
| Revenues | 16,583 | 16,654 | — | 46,067 | 45,022 | 2% |
| Reported Net Income | 3,242 | 3,541 | (8%) | 5,681 | 9,419 | (40%) |
| Reported Diluted EPS | $0.56 | $0.62 | (9%) | $0.99 | $1.65 | (40%) |
| Adjusted Income | 4,985 | 4,949 | 1% | 13,715 | 14,620 | (6%) |
| Adjusted Diluted EPS | $0.87 | $0.87 | — | $2.39 | $2.56 | (7%) |
| Reported Cost of Sales | 4,028 | 4,172 | (3%) | 11,668 | 10,795 | 8% |
| Reported R&D Expenses | 3,016 | 2,546 | 18% | 8,315 | 7,231 | 15% |
| Acquired IPR&D Expenses | 669 | 1,390 | (52%) | 822 | 1,401 | (41%) |
| U.S. Revenues | 10,602 | 10,691 | (1%) | 28,191 | 27,959 | 1% |
| International Revenues | 5,981 | 5,963 | — | 17,877 | 17,063 | 5% |
Research spending climbed in the quarter. Reported R&D expenses rose 18% to $3,016 million, driven by higher spending on certain oncology and obesity candidates. Acquired in-process R&D fell 52% to $669 million. That figure includes a $650 million charge for the in-licensing and collaboration agreement with Innovent Biologics, Inc., compared with a $1.35 billion charge a year earlier for the 3SBio, Inc. agreement. Pfizer says the Innovent charge has an unfavorable impact of about $0.10 on 2026 adjusted EPS.
Pfizer Q3 2026 Results Product Performance: Eliquis, Padcev and Vyndaqel Lead Growth
Eliquis was the largest growth contributor, with revenue of $2,523 million, up 25% operationally. Pfizer cited higher U.S. net price from lower rebates and favorable channel mix, plus stronger global demand, partly offset by generic entry and price erosion in some international markets. Padcev reached $720 million, up 55%, on market share gains in first-line locally advanced or metastatic urothelial cancer and launch uptake in cisplatin-ineligible muscle-invasive bladder cancer.
The Vyndaqel family generated $1,773 million, up 12% operationally. Nurtec ODT/Vydura reached $547 million, up 33%, and Lorbrena reached $387 million, up 43% on increased first-line ALK-positive metastatic NSCLC share. Within Pfizer Q3 2026 Results, Oncology revenue rose 10% to $4,327 million and Specialty Care rose 7% to $3,349 million. Primary Care fell 9% to $6,971 million.
Pfizer Third-Quarter 2026 Product and Segment Revenue ($ in millions)
| Product / Segment | Q3 2026 | Q3 2025 | Total % Change | Operational % Change |
|---|---|---|---|---|
| Eliquis | 2,523 | 2,015 | 25% | 25% |
| Vyndaqel family | 1,773 | 1,591 | 11% | 12% |
| Prevnar family | 1,564 | 1,742 | (10%) | (10%) |
| Ibrance | 1,082 | 1,057 | 2% | 3% |
| Comirnaty | 808 | 1,151 | (30%) | (29%) |
| Padcev | 720 | 464 | 55% | 55% |
| Nurtec ODT/Vydura | 547 | 412 | 33% | 33% |
| Xtandi | 541 | 578 | (6%) | (6%) |
| Paxlovid | 449 | 1,225 | (63%) | (63%) |
| Lorbrena | 387 | 268 | 44% | 43% |
| Tukysa | 142 | 110 | 29% | 30% |
| Elrexfio | 83 | 85 | (3%) | — |
| Talzenna | 59 | 47 | 26% | 27% |
| Primary Care (segment) | 6,971 | 7,642 | (9%) | (9%) |
| Oncology (segment) | 4,327 | 3,938 | 10% | 10% |
| Specialty Care (segment) | 3,349 | 3,130 | 7% | 7% |
| Hospital and Biosimilars (segment) | 1,635 | 1,600 | 2% | 2% |
| Pfizer CentreOne | 300 | 344 | (13%) | (12%) |
Declines were concentrated in COVID-19 products and vaccines. Paxlovid fell 63% operationally to $449 million, a drop of $771 million, on lower infections in the U.S. and internationally. Comirnaty fell 29% to $808 million, reflecting a smaller favorable U.S. returns-provision adjustment, narrower vaccine recommendations and lower international deliveries. The Prevnar family declined 10% to $1,564 million on lower U.S. vaccination rates and adult-market share erosion.
Pfizer Q3 2026 Results Pipeline: Elrexfio, Litfulo, Talzenna, Tukysa and Tilrekimig Advance
Pfizer reported several late-stage milestones since August 4, 2026. The Phase 3 MagnetisMM-32 study of Elrexfio (elranatamab) in relapsed or refractory multiple myeloma met its primary endpoint of progression-free survival at a pre-specified interim analysis, as assessed by blinded independent central review. The comparators were investigator’s choice of EloPd, PVd or Kd, and no new safety signals were identified. The hazard ratio and median progression-free survival are not disclosed in the release.
In immunology, the Phase 3 TRANQUILLO and TRANQUILLO 2 trials showed that once-daily oral Litfulo (ritlecitinib) significantly improved facial and total body repigmentation at Week 52 versus placebo in nonsegmental vitiligo. Pfizer intends to submit the data to regulators globally. In a Phase 2 study, tilrekimig, a potentially first-in-class trispecific antibody, met its primary EASI-75 endpoint at Week 16 across all doses in moderate-to-severe atopic dermatitis. Phase 3 studies in atopic dermatitis and asthma are underway, and a Phase 2b/3 study in COPD is ongoing.
On the regulatory side, the FDA expanded approval of Talzenna (talazoparib) with Xtandi to men with metastatic androgen pathway modulation-naïve or -sensitive prostate cancer with HRR gene mutations, including BRCA and non-BRCA, based on TALAPRO-3. The FDA also approved Tukysa (tucatinib) with trastuzumab and pertuzumab as maintenance therapy for HER2-positive metastatic breast cancer after induction, moving the drug into frontline use. These decisions add momentum to Pfizer Q3 2026 Results across oncology.
Pfizer Pipeline and Regulatory Developments Since August 4, 2026
| Product / Candidate | Milestone Type | Month (2026) | Development |
|---|---|---|---|
| Comirnaty (with BioNTech) | FDA approval | August | 2026-2027 formula targeting the XFG variant; adults 65+ and ages 5–64 with at least one high-risk condition |
| Lyme disease vaccine candidate PF-07307405 (with Valneva SE) | EMA validation | August | Marketing Authorization Application for 6-valent OspA-based vaccine validated; based on Phase 3 VALOR |
| Elrexfio (elranatamab) | Phase 3 topline | October | MagnetisMM-32 met primary endpoint of PFS in RRMM; no new safety signals |
| Litfulo (ritlecitinib) | Phase 3 results | October | TRANQUILLO and TRANQUILLO 2 improved repigmentation at Week 52 in nonsegmental vitiligo |
| Talzenna (talazoparib) + Xtandi | FDA expanded approval | October | mAPMN/S prostate cancer with HRR mutations; based on TALAPRO-3 |
| Tukysa (tucatinib) | FDA approval | October | HER2+ metastatic breast cancer maintenance with trastuzumab and pertuzumab |
| 25vPnC (PF-07872412) | Phase 2 results | October | NCT06524414 in infants; robust responses to all 25 serotypes; safety comparable to Prevnar 20 |
| Tilrekimig (PF-07275315) | Phase 2 results | October | Met EASI-75 primary endpoint at Week 16 in moderate-to-severe atopic dermatitis |
| Finance leadership | Corporate | November | Cecile Guegan appointed CFO and EVP, effective November 1, 2026 |
Pfizer Q3 2026 Results Outlook: Capital Allocation, Guidance Assumptions and Risks
Capital allocation favored reinvestment and dividends. Over nine months Pfizer invested $8.3 billion in internal R&D projects and about $850 million in business development, mainly the Innovent deal. It also paid $7.3 billion in cash dividends, or $1.29 per share. No share repurchases have been completed in 2026, $3.3 billion of authorization remains, and guidance assumes none this year. Pfizer expects to continue de-levering over the longer term.
Guidance carries explicit assumptions. Pfizer anticipates an unfavorable revenue impact of about $1.1 billion from generic and biosimilar competition. It assumes roughly 5.74 billion diluted shares and does not assume completion of any business development transactions not closed as of November 3, 2026. These Pfizer Q3 2026 Results guidance items are forward-looking, and Pfizer does not provide GAAP guidance other than revenues.
Pfizer Full-Year 2026 Financial Guidance (Forward-Looking)
| Guidance Metric | Current 2026 Guidance | Previous Guidance |
|---|---|---|
| Revenues | $62.0 to $64.0 billion | $60.5 to $62.5 billion |
| Adjusted Diluted EPS | $2.95 to $3.05 | $2.80 to $3.00 |
| Adjusted R&D Expenses | $10.8 to $11.8 billion | $10.5 to $11.5 billion |
| Adjusted SI&A Expenses | $12.5 to $13.5 billion | Unchanged (not restated in release) |
| Effective Tax Rate on Adjusted Income | Approximately 15.0% | Unchanged (not restated in release) |
| Innovent Acquired IPR&D Charge | $650 million, about $0.10 EPS impact | Not disclosed |
| GAAP Reported EPS Guidance | Not disclosed | Not disclosed |
| Share Repurchases Assumed in 2026 | None | Not disclosed |
