Pfizer Inc. (NYSE: PFE) shares declined 1.84% to $30.10, shedding $0.57 during the trading session, after the pharmaceutical company reported third-quarter 2026 revenue of $16.6 billion, roughly level with the year-earlier quarter. Despite the dip in the share price, strong sales from recently launched and acquired products supported growth across the business, and the company raised its full-year revenue and adjusted earnings guidance following its year-to-date performance.

The results underscore Pfizer's ongoing push to broaden its portfolio beyond COVID-19 treatments: growth was led by medicines including Eliquis, Padcev and Lorbrena, while sales of the pandemic-era products Paxlovid and Comirnaty continued to decline. That transition is unfolding across an industry in which pandemic-era demand has normalized and established medicines increasingly face generic competition, making the durability of non-COVID revenue a key measure of Pfizer's post-pandemic footing.

Pfizer Reports $16.6 Billion in Third-Quarter Revenue

Pfizer generated $16.583 billion in third-quarter revenue, compared with $16.654 billion during the same period in 2025. Revenue remained relatively flat year-over-year, reflecting weaker COVID-19 product sales and declines across several established treatments, even as the broader portfolio continued to expand. However, the company recorded 7% operational revenue growth once contributions from Comirnaty and Paxlovid were excluded — a gap between headline and underlying results that has become one of the clearest indicators of how far the company's post-COVID transition has progressed.

Launched and acquired products delivered 32% operational revenue growth during the quarter, supporting commercial performance as Pfizer continues to expand its portfolio beyond COVID-19 treatments. For the first nine months of 2026, the company recorded $46.067 billion in revenue, representing 2% growth.

Pfizer's reported diluted earnings per share came in at $0.56, down 9% from $0.62 in 2025, while adjusted diluted EPS held steady at $0.87 for the period. Adjusted income rose 1% to $4.985 billion, and reported net income declined 8% to $3.242 billion.

Stronger Product Sales Offset Declining COVID-19 Revenue

Several established medicines delivered higher sales and supported Pfizer's third-quarter commercial performance, with gains spread across multiple products rather than concentrated in a single franchise. Eliquis generated an additional $513 million in revenue, a 25% operational increase driven by higher US pricing and stronger global demand, although generic competition affected some international markets.

Padcev revenue increased 55% operationally, finishing $255 million above the prior year's level, reflecting stronger market share in first-line bladder cancer treatment and continued uptake across additional indications. The Vyndaqel family recorded 12% operational growth, supported by expanding market access and patient demand, while Nurtec ODT and Vydura delivered 33% operational revenue growth and Lorbrena increased 43%.

Declining COVID-19 product sales continued to weigh on overall performance, however. Paxlovid revenue fell 63%, representing a $771 million operational decline, while Comirnaty revenue dropped 29%, or $339 million. The Prevnar family also recorded a 10% operational revenue decline, reflecting weaker vaccination rates and market share erosion. These decreases offset part of the growth generated by newer medicines, though Pfizer nonetheless maintained relatively stable quarterly revenue through stronger performance across several non-COVID product categories.

Pfizer Raises 2026 Financial Guidance

Following its third-quarter performance, Pfizer increased its full-year 2026 revenue guidance. The company now expects revenue between $62 billion and $64 billion, compared with its previous range of $60.5 billion to $62.5 billion — an adjustment representing a $1.5 billion increase at the midpoint.

Pfizer also raised and narrowed its adjusted diluted EPS guidance to $2.95 to $3.05, from a prior projection of $2.80 to $3.00, lifting both the lower and upper bounds of the range. The revised outlook includes a one-time $650 million research and development charge tied to the company's Innovent Biologics collaboration.

The company expects adjusted research and development expenses between $10.8 billion and $11.8 billion, while adjusted selling, informational and administrative expenses should reach $12.5 billion to $13.5 billion. Pfizer also maintained an adjusted effective tax rate estimate of approximately 15%. Whether the raised ranges hold will become clearer with fourth-quarter results, which will show how COVID-19 sales and non-COVID momentum close out the year.

Research Investment and Capital Allocation Remain Priorities

Pfizer continued allocating substantial capital toward research, development and business expansion during 2026. The company invested $8.3 billion in internal research and development projects during the first nine months of the year. Additionally, approximately $850 million supported business development transactions, primarily through the Innovent Biologics agreement.

The company also returned $7.3 billion to shareholders through cash dividends during the same period, equivalent to $1.29 per common share, reinforcing its existing dividend commitment. However, Pfizer completed no share repurchases during 2026 and retained $3.3 billion in authorization.

Meanwhile, Pfizer advanced its late-stage development pipeline through eight pivotal study starts, one pivotal readout and two regulatory decisions. Its research activities cover oncology, immunology, vaccines and obesity treatments. These developments provide additional opportunities to expand the company's medicine portfolio and support future commercial growth. The pairing of heavy internal R&D spending with targeted business development reflects a broader industry reality: as long-established medicines eventually face generic competition — a dynamic already visible in Eliquis's international markets — pipeline replenishment is central to sustaining growth.

Taken together, the quarter's results showed newer and acquired medicines increasingly offsetting the fading contribution of the company's COVID-19 products, leaving the pace of pipeline progress and the durability of non-COVID sales as the figures to watch as the year closes out.