Written by Jane Aubrey
Pfizer Inc. (PFE) reported its second-quarter 2026 financial results, delivering a performance that underscored the company’s successful pivot away from its reliance on pandemic-era revenues. Driven by strong commercial execution across its broader portfolio, the pharmaceutical giant not only posted solid top-line growth but also raised its full-year revenue guidance, signaling confidence in its underlying business fundamentals.
For the second quarter, Pfizer reported total revenues of $15.0 billion, representing a 3% increase compared to the prior-year quarter. However, the true strength of the quarter becomes apparent when excluding the significant declines in COVID-19 products, Comirnaty and Paxlovid. Excluding these contributions, Pfizer’s revenues grew by 5% operationally. Even more notably, revenues from the company’s “Launched and Acquired Products” surged by an impressive 18% operationally year-over-year.
This robust non-COVID growth was fueled by several key assets. The anticoagulant Eliquis saw revenues jump 19% operationally, driven by higher net pricing and strong global demand. The oncology portfolio also delivered standout performances: Padcev, an antibody-drug conjugate for urothelial cancer, grew 23% operationally due to increased market share in first-line settings, while the lung cancer drug Lorbrena surged 37% operationally on the back of expanded patient share. Additionally, the Vyndaqel family of drugs for transthyretin amyloid cardiomyopathy (ATTR-CM) grew 8% operationally, driven by strong international demand and improved diagnostic rates.
These gains were necessary to offset the anticipated, precipitous drop in COVID-19 revenues. Paxlovid revenues plummeted 95% operationally due to lower infection rates and reduced government purchasing, while Comirnaty sales declined 34% operationally.
On the bottom line, Pfizer reported an Adjusted diluted EPS of $0.77, largely flat compared to the $0.78 reported in the same quarter last year. It is important to note that the company reported a GAAP loss per share of $(0.04), which was primarily the result of $4.3 billion in non-cash intangible asset impairment charges.
Buoyed by the strong performance of its core portfolio, Pfizer raised its full-year 2026 Revenue guidance by $500 million at the midpoint. The company now expects revenues in the range of $60.5 billion to $62.5 billion. This upward revision reflects a $1.5 billion outperformance expectation for non-COVID products, which more than offsets a $1.0 billion downward revision in expected COVID-19 product revenues (now projected at approximately $4 billion for the year).
Pfizer reaffirmed its full-year 2026 Adjusted diluted EPS guidance range of $2.80 to $3.00. This guidance absorbs an anticipated $0.10 unfavorable impact related to a $650 million Acquired In-Process R&D charge from a recently completed licensing agreement with Innovent Biologics, Inc., which will be recorded in the third quarter.
In conjunction with the earnings release, Pfizer also announced an expansion of its ongoing productivity enhancement initiatives. The company anticipates generating an additional $2.5 billion in savings from these efforts, expected to be realized from 2027 through 2029. This focus on operational efficiency, combined with the 18% growth in launched and acquired products, suggests that Pfizer is successfully navigating its post-pandemic transition and building a sustainable foundation for long-term growth.
