Pfizer (PFE.US), one of the largest US pharmaceutical companies, reported Q3 2026 revenue of $16.6 billion and adjusted earnings per share (EPS) of $0.87, exceeding analysts’ expectations on both measures. Although revenue and adjusted EPS remained broadly flat year over year, sales of non-COVID products increased by 7% on an operational basis, while management raised its full-year financial guidance. Despite the solid results, Pfizer shares showed little movement following the earnings release, suggesting that the market’s reaction will become clearer once Wall Street opens.

• Revenue reached $16.6 billion, compared with expectations of $15.87 billion, beating consensus by approximately 4.6% but remaining broadly unchanged from Q3 2025. Adjusted EPS came in at $0.87 versus the $0.73 forecast, exceeding expectations by 19% but remaining flat year over year. GAAP EPS, meanwhile, declined 9% year over year to $0.56.
• Revenue from non-COVID products increased by 7% year over year on an operational basis, excluding the impact of foreign exchange movements. However, growth in this part of the business was partly offset by weaker sales of pandemic-related products, leaving overall revenue broadly unchanged.
• Revenue from recently launched and acquired products surged 32% year over year on an operational basis. This was one of the most important aspects of the report, highlighting the growing contribution of Pfizer’s newer drug portfolio to its overall business.

Pfizer raises its full-year guidance

Pfizer raised its full-year 2026 revenue guidance to $62–64 billion, compared with the consensus estimate of $62.17 billion. The midpoint of the range stands at $63 billion, approximately 1.3% above analysts’ expectations. The company also increased its adjusted EPS guidance to $2.95–3.05, compared with the market forecast of $2.96. The midpoint of $3.00 suggests slightly stronger full-year earnings prospects than previously anticipated by consensus. Management highlighted progress in its obesity treatment programme, as well as the development of oncology and immunology therapies and vaccines. These are key areas of future growth, particularly as patent protection expires for some of Pfizer’s older products, increasing the importance of expanding its portfolio with new treatments. In addition, Cecile Guegan assumed the role of Chief Financial Officer (CFO) on November 1, 2026. The appointment comes as Pfizer focuses on developing its drug portfolio, improving operating efficiency and delivering on its upgraded financial guidance. Pfizer could attract investor attention amid weaker sentiment towards technology stocks, as its business is not directly tied to the technology investment cycle and the company is showing signs of recovery following several years of post-pandemic weakness.

Pfizer shares (D1 timeframe)

Pfizer shares are trading at their highest levels since the summer of 2024 and closed the previous session at approximately $30.70, gaining 17% over the past three months and 26% over the past year. Despite the rebound, analysts have made 15 downward revisions and only two upward revisions to EPS forecasts over the past 90 days, indicating continued caution about the company’s earnings outlook. A move above $31.50 per share would take the stock to its highest level since autumn 2023, while a potentially bullish rounding-bottom formation appears to be developing on the chart. A breakout above this level would provide further confirmation of the bullish pattern, with the stock currently back in an uptrend and trading approximately 10% above its 200-day exponential moving average (EMA200, red line).

Source: xStation5