Pfizer Q3 2026 earnings review

Q3 Adjusted EPS beat consensus by 19.2%, and Pfizer raised its 2026 revenue and EPS guidance.

Pfizer · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Pfizer Q3 2026 earnings review

Quarter ended September 27, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Pfizer (PFE) Q3 2026 earnings review

Q3 Adjusted EPS beat consensus by 19.2%, and Pfizer raised its 2026 revenue and EPS guidance

  1. 1.Adjusted EPS of $0.87 beat the $0.73 LSEG consensus; revenue beat by 4.5%
  2. 2.The 2026 revenue guide midpoint rose $1.5B to $63.0B, above the $62.2B consensus
  3. 3.Revenue excluding COVID products grew 7.3%, while COVID products fell $1,119M
  4. 4.Reported EPS fell 9.7% to $0.56 on higher restructuring costs
  5. 5.Shares fell 2.2% to $30.00 at the Nov 3 close despite the beat and the guidance raise

Note: Adjusted EPS is Pfizer’s non-GAAP diluted EPS. COVID products are Comirnaty and Paxlovid.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; LSEG via CNBC; CNBC quote, Nov 3, 2026; MarketBeat, Nov 3, 2026; analysis of company data

2

2 · Executive summary

Q3 Adjusted EPS beat the LSEG consensus by 19.2%, and revenue beat by 4.5%

Q3 2026 results vs. LSEG consensus

MetricActualConsensusVarianceResult
Adjusted diluted EPS$0.87$0.73+$0.14 / +19.2%Beat
Total revenues$16.58B$15.87B+$0.71B / +4.5%Beat

Q3 2026 results vs. FactSet consensus (cross-check)

MetricActualConsensusVarianceResult
Adjusted diluted EPS$0.87$0.74+17.6%Beat
Total revenues$16.58B$15.85B+4.6%Beat

Share price reaction, Nov 3, 2026

MeasureNov 2 closeNov 3 closeChange
Pfizer (NYSE)$30.67$30.00-2.2%

Note: Variance is actual less consensus. Prices are CNBC’s 4:00 PM ET closes, matched by Yahoo Finance.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; LSEG via CNBC; FactSet via Finwire; CNBC and Yahoo Finance quotes; MarketBeat, Nov 3, 2026

3

3 · Q3 results vs. consensus

Pfizer raised its 2026 revenue guide midpoint by $1.5B to $63.0B, 1.3% above the FactSet consensus

2026 guidance vs. FactSet consensus

MetricGuidanceConsensusVariancevs. Street
Revenue (midpoint)$63.00B$62.20B+$0.80B / +1.3%Above
Adjusted EPS (midpoint)$3.00$2.96+$0.04 / +1.4%Above

2026 guidance, new vs. previous

MetricPreviousNewMidpoint changeBasis
Revenue$60.5B–$62.5B$62.0B–$64.0B+$1.50BRaised
Adjusted EPS$2.80–$3.00$2.95–$3.05+$0.10Raised
Adjusted R&D expenses$10.5B–$11.5B$10.8B–$11.8B+$0.30BRaised
Adjusted SI&A expensesUnchanged$12.5B–$13.5Bn.a.Reaffirmed

Note: Variance is guidance midpoint less consensus. The new EPS range absorbs a $650M Innovent acquired IPR&D charge, about $0.10 per share.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; FactSet via Finwire, Nov 3, 2026; analysis of company data

4

4 · Guidance vs. consensus

Revenue was flat at $16.6B, Adjusted EPS held at $0.87, and reported EPS fell 9.7%

  1. Non-COVID growthRevenue excluding COVID products grew 7.3% YoY.
  2. COVID products shrankComirnaty and Paxlovid revenue fell $1,119M YoY.
  3. Higher R&D spendingR&D expenses rose 18.5% YoY.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Total revenues$16,654M$16,583M(0.4%)
Net income attributable to Pfizer$3,541M$3,242M(8.4%)
Reported diluted EPS ($)$0.62$0.56(9.7%)
Adjusted income$4,949M$4,985M0.7%
Adjusted diluted EPS ($)$0.87$0.870.0%

Note: Adjusted income and Adjusted EPS are Pfizer’s non-GAAP measures; they exclude amortization, acquisition-related, restructuring and other certain significant items.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

5

5 · Q3 key financials

Oncology revenue rose 9.9% and Specialty Care 7.0%, while Primary Care fell 8.8%

Revenue by portfolio and segment

$M unless noted, Q3 2026 (YoY vs. Q3 2025)

SegmentRevenueRevenue YoY
Primary Care$6,971M(8.8%)
Oncology$4,327M9.9%
Specialty Care$3,349M7.0%
Hospital and Biosimilars$1,635M2.2%
Biopharma segment$16,283M(0.2%)
Pfizer CentreOne segment$300M(12.8%)
Launched and acquired products grew 32% operationally to $3.8B, led by Padcev, Nurtec and Lorbrena.CEO Albert Bourla cited commercial momentum and disciplined execution; CFO Cecile Guegan cited 7% operational growth in non-COVID products

Note: Primary Care includes Eliquis, the Prevnar family, Comirnaty and Paxlovid. Biopharma is the sum of the four portfolios.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026 (CEO and CFO quotes); analysis of company data

6

6 · Revenue by therapeutic area

COVID products fell to 7.6% of revenue from 14.3%, while other revenue grew 7.3%

COVID products share of revenue

% of revenue, Q3 2025 vs. Q3 2026

COVID products, % of revenue · Q3 2025: 14.3%COVID products, % of revenue · Q3 2026: 7.6%Q3 2025Q3 20260.0%5.0%10.0%15.0%20.0%14.3%7.6%
Paxlovid revenue fell 63.3% and Comirnaty 29.8% YoY

Note: COVID products are Comirnaty and Paxlovid; their share is their combined revenue divided by total revenues.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

7

7 · COVID product revenue

Paxlovid and Comirnaty cut revenue by $1,119M, offsetting gains led by Eliquis, up $508M

Total revenues fell $71M, or 0.4%, as COVID declines outweighed growth elsewhere

Revenue bridge by product

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $16,654M$M · Eliquis: $508M$M · Padcev: $256M$M · Other: $462M$M · Prevnar: -$178M$M · Comirnaty: -$343M$M · Paxlovid: -$776M$M · Q3 2026: $16,583MQ3 2025EliquisPadcevOtherPrevnarComirnatyPaxlovidQ3 2026$15,000M$16,000M$17,000M$18,000M$16,654M$508M$256M$462M-$178M-$343M-$776M$16,583M

Note: Bars are reported YoY revenue changes by product; Other is the remainder of the total change. The axis starts at $15,000M.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

8

8 · Revenue bridge by product

Reported EPS fell 9.7% to $0.56 as restructuring costs rose, while Adjusted EPS held at $0.87

Reported and Adjusted diluted EPS

$ per share, Q3 2025 vs. Q3 2026

Adjusted diluted EPS · Q3 2025: $0.87Adjusted diluted EPS · Q3 2026: $0.87Reported diluted EPS · Q3 2025: $0.62Reported diluted EPS · Q3 2026: $0.56Q3 2025Q3 2026$0.0$0.5$1.0$1.5$0.87$0.87$0.62$0.56

Adjusted diluted EPSReported diluted EPS

Restructuring and acquisition-related costs rose to $791M from $286M

Note: Adjusted EPS excludes amortization of intangibles, acquisition-related items, restructuring and other certain significant items, net of tax.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

9

9 · Reported vs. adjusted EPS

R&D rose to 18.2% of revenue from 15.3%, while cost of sales eased to 24.3%

Cost lines as a share of revenue

% of total revenues, Q3 2025 vs. Q3 2026

Cost of sales · Q3 2025: 25.1%Cost of sales · Q3 2026: 24.3%SI&A · Q3 2025: 19.1%SI&A · Q3 2026: 19.8%R&D · Q3 2025: 15.3%R&D · Q3 2026: 18.2%Q3 2025Q3 20260.0%10.0%20.0%30.0%25.1%24.3%19.1%19.8%15.3%18.2%

Cost of salesSI&AR&D

R&D expenses rose 18.5% YoY on oncology and obesity programs

Note: SI&A is selling, informational and administrative expenses. Each ratio is the reported expense line divided by total revenues.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

10

10 · Operating cost ratios

Dividends took 83.0% of $8.8B operating cash flow in the first nine months of 2026

Operating cash flow after dividends

$M, Jan–Sep 2026

$M · Operating cash flow: $8,800M$M · Dividends: -$7,300M$M · After dividends: $1,500MOperating cash flowDividendsAfter dividends$0M$2,500M$5,000M$7,500M$10,000M$8,800M-$7,300M$1,500M
Pfizer made no share repurchases in 2026 and its guidance assumes none

Note: After dividends is operating cash flow less dividends paid. Capex is not disclosed until the Form 10-Q.Source: Pfizer Q3 2026 prepared remarks and charts, Nov 3, 2026; analysis of company data

11

11 · Cash flow and dividends

Padcev revenue grew 55.2%, while Paxlovid fell 63.3%

Revenue growth by product

% change YoY, Q3 2026

Revenue YoY · Padcev: 55.2%Revenue YoY · Lorbrena: 44.4%Revenue YoY · Nurtec: 32.8%Revenue YoY · Eliquis: 25.2%Revenue YoY · Prevnar: -10.2%Revenue YoY · Comirnaty: -29.8%Revenue YoY · Paxlovid: -63.3%PadcevLorbrenaNurtecEliquisPrevnarComirnatyPaxlovid-75.0%-50.0%0.0%50.0%75.0%55.2%44.4%32.8%25.2%-10.2%-29.8%-63.3%
Eliquis revenue rose 25.2% to $2,523M, the largest dollar gain

Note: Growth is reported revenue, Q3 2026 vs. Q3 2025.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

12

12 · Product revenue growth

Gross leverage ended Q3 at 2.6x, below the 2.7x target, with no share repurchases in 2026

Capital allocation

$M unless noted, Jan–Sep 2026

$M unless notedJan–Sep 2026
Operating cash flow$8,800M
Internal R&D$8,300M
Dividends paid$7,300M
Gross leverage at Sep 27, 20262.6x
Business development capacity is about $6.0B after the Innovent deal; $3.3B of buyback authorization remains

Note: Gross leverage is as reported by Pfizer. The release has no balance sheet; figures are from prepared remarks.Source: Pfizer Q3 2026 prepared remarks and charts, Nov 3, 2026; Pfizer Q3 2026 earnings release, Nov 3, 2026

13

13 · Capital allocation and leverage

2026 estimates depend on Q4 Comirnaty sales, loss of exclusivity and Prevnar, down 10.2%

Indicator
What to watch
Implication
Q3 reading
COVID products
Q4 Comirnaty falls short of the seasonal ramp
2026 revenue estimates could fall
COVID products $1,257M in Q3
Loss of exclusivity
Patent expiries cut revenue more than planned
2027 revenue estimates could fall
About $1.1B impact in 2026
Prevnar family
Vaccine revenue keeps declining
Primary Care estimates could fall
Prevnar revenue $1,564M

Note: These are analytical watch points, not company targets. Q3 readings are reported Q3 2026 figures.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: supporting analysis for products

ClaimEvidenceCalculation
Eliquis was the largest dollar gainEliquis revenue $2,015M in Q3 2025 to $2,523M in Q3 2026Reported product revenue
Vyndaqel family kept growingVyndaqel family revenue rose 11.4% to $1,773MCurrent less prior-year revenue, divided by prior-year revenue
Prevnar family declinedPrevnar family revenue $1,742M to $1,564MReported product revenue

Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

15

15 · Appendix: Product detail

Appendix: supporting analysis for profit and costs

ClaimEvidenceCalculation
GAAP-to-non-GAAP EPS items widenedAdjusted EPS exceeded reported EPS by $0.31 in Q3 2026 and $0.25 in Q3 2025Adjusted diluted EPS less reported diluted EPS
Acquired IPR&D fellAcquired IPR&D expenses $1,390M in Q3 2025 to $669M in Q3 2026Reported expense line
Adjusted R&D rose faster than revenueAdjusted R&D expenses rose 18.3% to $2,942MCompany non-GAAP expense line
Adjusted tax rate roseEffective tax rate on Adjusted income 7.9% to 14.0%As reported by Pfizer

Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

16

16 · Appendix: Profit and costs

Appendix: guidance and capital allocation support

ClaimEvidenceCalculation
COVID revenue expectation keptPfizer still expects about $4.0B of 2026 COVID products revenueAs stated in the prepared remarks
Tax rate guidance unchanged2026 effective tax rate on Adjusted income of about 15.0%As stated in the release
Total R&D investmentInternal and external R&D of $9.2B in Jan–Sep 2026Internal R&D plus business development
Dividends exceeded most of cash flowOperating cash flow after dividends was $1,500MOperating cash flow less dividends paid

Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; Pfizer Q3 2026 prepared remarks and charts, Nov 3, 2026

17

17 · Appendix: Guidance and capital

Appendix: watch items behind guidance and risks

ClaimEvidenceCalculation
Innovent charge in EPS guideThe 2026 Adjusted EPS guide includes a $650M acquired IPR&D chargeAs stated in the release
COVID watch itemQ4 Comirnaty revenue well below the seasonal pattern would pressure the revenue guideComirnaty revenue YoY
Exclusivity watch itemFaster generic erosion would widen the 2027 revenue gapRevenue impact from loss of exclusivity
No buybacks in 2026 guidancePfizer made no share repurchases in Jan–Sep 2026; $3.3B of authorization remainsAs stated in the release
Vaccine watch itemA further Prevnar decline would weigh on Primary CarePrevnar family revenue YoY

Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

18

18 · Appendix: COVID and LOE risks

Appendix: operating expense and non-GAAP detail

Reported operating expense detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
SI&A expenses$3,186M$3,279M2.9%
R&D expenses$2,546M$3,016M18.5%
Restructuring and acquisition$286M$791Mn.m.
Amortization of intangibles$1,223M$1,128Mn.m.

Adjusted (non-GAAP) cost lines, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Adjusted cost of sales$3,979M$3,843M(3.4%)
Adjusted SI&A expenses$3,158M$3,221M2.0%
Adjusted R&D expenses$2,486M$2,942M18.3%

Note: n.m. means not meaningful.Source: Pfizer Q3 2026 earnings release, Nov 3, 2026; analysis of company data

19

19 · Appendix: Opex and non-GAAP

Appendix: sources

  • Company: Pfizer Q3 2026 earnings release, Nov 3, 2026 — https://s206.q4cdn.com/795948973/files/doc_financials/2026/q3/Q3-2026-PFE-Earnings-Release-FINAL.pdf
  • Company: Q3 2026 earnings call prepared remarks, Nov 3, 2026 — https://s206.q4cdn.com/795948973/files/doc_financials/2026/q3/Q3-2026-Earnings-Conference-Call-Prepared-Remarks-FINAL.pdf
  • Consensus (Q3 results): LSEG via CNBC, Nov 3 — https://www.cnbc.com/2026/11/03/pfizer-pfe-earnings-q3-2026.html
  • Consensus (Q3 results and 2026 guidance): FactSet via Finwire/Börsvärlden, Nov 3 — https://www.borsvarlden.com/artiklar/pfizers-resultat-battre-an-vantat-hojer-helarsprognoser-uppdatering
  • Consensus cross-check (2026 guidance): Investing.com, Nov 3 — https://www.investing.com/news/earnings/pfizer-earnings-beat-by-014-revenue-topped-estimates-4994584
  • Share price: CNBC quote, Nov 2 and Nov 3 closes at 4:00 PM ET — https://www.cnbc.com/quotes/PFE
  • Share price cross-check: Yahoo Finance — https://finance.yahoo.com/quote/PFE/history/; reaction report: MarketBeat, Nov 3 — https://www.marketbeat.com/instant-alerts/price-pfizer-nyse-pfe-shares-down-23-heres-what-happened-2026-11-03/

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Pfizer's Q3 2026 earnings release and its earnings call prepared remarks and charts, published November 3, 2026. Consensus estimates (LSEG via CNBC, FactSet via Finwire, Investing.com) and share prices (CNBC, Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted figures follow Pfizer's own definitions, which exclude items such as amortization of intangibles, acquisition-related items and restructuring charges. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. Pfizer's earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Pfizer Inc. and does not represent Pfizer's views. Company and product names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 3, 2026. It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

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