Pfizer (PFE) reports Q2 2026 earnings and revenue beats, raising its full-year revenue guidance midpoint.
Stock Earnings Results
August 4, 2026
Table of Contents
August 4, 2026
Pfizer Inc. (NYSE: PFE) reported second-quarter 2026 results above expectations, supported by higher revenue, an adjusted EPS beat, growth from launched and acquired products, lower COVID-related drag outside core products, and a higher full-year revenue guidance midpoint.
Pfizer is a global biopharmaceutical company that develops medicines and vaccines across oncology, immunology, cardiovascular disease, infectious disease, rare disease, obesity, and other therapeutic areas.
The company reported adjusted diluted EPS of $0.77, above estimates of $0.68, representing a 13.2% earnings surprise. Revenue came in at $15.03 billion, above estimates of $14.45 billion, with revenue growth of 2.6%.
Second-quarter revenue increased 3% year-over-year to $15.03 billion.
On an operational basis, revenue increased 1%.
Excluding Comirnaty and Paxlovid, revenue grew 5% operationally.
Revenue from launched and acquired products increased 18% operationally.
Adjusted income was $4.44 billion.
Adjusted diluted EPS was $0.77, compared with $0.78 in the prior-year quarter.
Pfizer reported a GAAP net loss of-year quarter.
Pfizer reported a GAAP net loss of $248 million, or $0.04 per share, due to non-cash impairment charges.
Pfizer said second-quarter operational revenue growth was driven mainly by Eliquis, Padcev, the Vyndaqel family, Lorbrena, and several other products.
Eliquis revenue increased 19% operationally.
Padcev revenue increased 23% operationally.
The Vyndaqel family increased 8% operationally.
Lorbrena increased 37% operationally.
Those gains were partly offset by lower COVID product revenue.
Paxlovid revenue declined 95% operationally.
Comirnaty revenue declined 34% operationally.
Pfizer’s reported loss per share reflected $4.3 billion in non-cash intangible asset impairments.
The impairment charges included $3.8 billion tied to in-process research and development assets associated with sigvotatug vedotin after unfavorable Phase 3 results.
The company also recorded a $525 million impairment for Oxbryta developed technology rights after determining there was no viable pathway to return Oxbryta to the U.S. market.
These charges weighed on GAAP results but were excluded from adjusted EPS.
Reported cost of sales increased to 27.2% of revenue from 25.8% in the prior-year quarter.
Pfizer said the increase was driven by unfavorable sales mix and higher amortization of acquired inventory, partly tied to the Oxbryta impairment.
Reported R&D expenses increased 13% operationally.
The increase was driven mainly by higher spending on oncology and obesity product candidates.
Reported SI&A expenses declined 1% operationally, helped by lower corporate enabling function spending, partly offset by cost realignment implementation costs.
Pfizer raised its full-year 2026 revenue guidance by $500 million at the midpoint.
The company now expects full-year revenue of $60.5 billion to $62.5 billion.
The updated guidance reflects about $1.5 billion of better-than-expected performance from non-COVID products.
That was partly offset by a lower COVID product revenue expectation of about $4 billion, down from about $5 billion previously.
Pfizer reaffirmed adjusted diluted EPS guidance of $2.80 to $3.00.
The adjusted EPS outlook absorbs an expected $0.10 unfavorable impact from the Innovent Biologics transaction.
Pfizer announced additional expected productivity savings.
The company now expects another $1.0 billion of anticipated net savings from its cost realignment program through 2029.
That brings expected total savings from the program to about $6.7 billion.
Pfizer also announced the next phase of its manufacturing optimization program, expected to deliver about $1.5 billion of additional savings through 2029.
Combined with the first phase, Pfizer now expects about $3.0 billion of total savings from the manufacturing optimization program through 2029.
Pfizer highlighted several recent product and pipeline updates.
Braftovi showed positive Phase 3 data in previously untreated metastatic colorectal cancer with a BRAF V600E mutation.
Litfulo delivered positive Phase 3 results in nonsegmental vitiligo, and Pfizer plans global regulatory filings.
Lorbrena showed seven-year follow-up data in ALK-positive advanced or metastatic non-small cell lung cancer.
Padcev received FDA approval with pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph for certain patients with muscle-invasive bladder cancer.
Talzenna received FDA priority review in combination with Xtandi for HRR gene-altered metastatic castration-sensitive prostate cancer, with a PDUFA date expected in the last quarter of 2026.
Pfizer also said its obesity program is advancing, with plans to move berobenatide into 10 Phase 3 studies in 2026 as part of a broader program of more than 20 obesity trials.
During the first six months of 2026, Pfizer invested $5.3 billion in internal research and development.
The company also returned $4.9 billion to shareholders through cash dividends.
Pfizer did not complete any share repurchases during the period.
As of August 4, the company had $3.3 billion remaining under its share repurchase authorization, but current guidance does not assume any buybacks in 2026.
Pfizer delivered a stronger adjusted quarter while continuing to manage the post-COVID revenue reset.
Revenue beat expectations, adjusted EPS topped estimates, launched and acquired products grew 18% operationally, and management raised the midpoint of full-year revenue guidance. The company also expanded cost savings programs and continued advancing oncology, obesity, vaccine, and rare disease pipeline assets.
The key issue is whether Pfizer can keep growing non-COVID products fast enough to offset COVID declines, patent pressure, impairment risk, and higher R&D investment.
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