Pfizer Raises 2026 Revenue Guidance Bottom-End by $500m

Pfizer has raised the bottom-end of its full-year 2026 revenue guidance by $500m, as strong performance from its non-Covid portfolio more than compensated for continued weakness in Covid-19 sales. Announced on 4 August 2026 alongside Q2 earnings, the New York-based drugmaker now expects 2026 revenue between $60.5bn and $62.5bn, up from the previous $59.5bn to $62.5bn range, with blood thinner Eliquis and ADC Padcev leading growth.

Q2 revenue of $15bn (up 3% year-on-year) beat consensus, with the revised guidance reflecting a $1.5bn better-than-expected performance from non-Covid products offset by a $1bn shortfall from Covid-19 medicines. Paxlovid sales fell 95% year-on-year in the quarter and Comirnaty dropped 34%. Blood thinner Eliquis (apixaban) grew 19% to $2.4bn globally despite generic entry, antibody-drug conjugate Padcev (enfortumab vedotin) grew 23%, and the Vyndaqel (tafamidis) rare disease family grew 8%. Combined non-Covid strength has largely restored Pfizer’s underlying growth trajectory following the peak-Covid revenue high.

Pfizer has expanded its cost savings programme, first unveiled in late 2023, to more than $10bn following the announcement of an additional $2.5bn in savings between 2027 and 2029. CEO Albert Bourla framed the obesity programme and oncology portfolio as key growth drivers. Pfizer has paused M&A this year after its $10bn November 2025 acquisition of obesity biotech Metsera and its $10bn+ May 2026 licence deal with China’s Innovent Biologics covering 12 cancer medicines. So far in 2026, the drugmaker has directed $5.3bn into internal R&D.

The commercial signal is Pfizer’s post-Covid revenue base now large enough and diversified enough to comfortably absorb ongoing pandemic-era product decline. Eliquis’ 19% growth despite generic entry is notable, and the Metsera acquisition plus Innovent licence deal underpin the obesity and oncology pipeline story. Expect continued pressure on Novo Nordisk and Eli Lilly in obesity and on AstraZeneca in oncology through 2026-2027.

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