Pfizer Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 3 November 2026: press release. Guidance figures: 3 raised, 5 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Non-COVID products grew 7%: Excluding Comirnaty and Paxlovid, revenues grew 7% operationally. Total revenues of $16.6 billion were relatively flat year over year on an operational basis. Source
• Launched and acquired products up 32%: The Launched and Acquired Products group, which covers recent launches and acquisitions including new indications, grew 32% operationally in the quarter. Source
• Reported EPS down, adjusted EPS flat: Reported diluted EPS was $0.56 against $0.62 a year earlier. Adjusted diluted EPS was $0.87, unchanged from the prior-year quarter. Source
• Eliquis rose on U.S. net price: Eliquis rose $513 million, or 25%, on higher U.S. net price from pricing dynamics, with higher global demand also cited. Source
• Cost of sales ratio declined: Reported cost of sales was 24.3% of revenues against 25.0% a year earlier. Adjusted cost of sales was 23.2% against 23.9%. Source
• Elrexfio met Phase 3 PFS endpoint: The MagnetisMM-32 Phase 3 study of Elrexfio in relapsed or refractory multiple myeloma met its progression-free survival endpoint at an interim analysis. Safety was consistent with the known profile. Source
• Innovent in-licensing charge recorded: The company recorded a $650 million acquired IPR&D charge for the Innovent Biologics in-licensing and collaboration agreement in the third quarter. Source
• Sigvotatug IPR&D impairment $3.8 billion: Nine-month impairments include $3.8 billion of IPR&D tied to a sigvotatug vedotin Phase 3 study, after unfavorable clinical trial results. Source

“Pfizer had another strong quarter with commercial momentum and disciplined execution while advancing our strategy for creating long-term shareholder value.”

Dr. Albert Bourla, Chairman and CEO of Pfizer

Guidance

What changed from last quarter

• Guidance raised: Full-year 2026 revenue guidance raised to $62.0 to $64.0 billion from $60.5 to $62.5 billion. Source
• Guidance raised: Full-year 2026 Adjusted diluted EPS guidance raised and narrowed to $2.95 to $3.05. Source
• Guidance raised: Adjusted R&D expense guidance raised to $10.8 to $11.8 billion from $10.5 to $11.5 billion. Source
• New: Cecile Guegan appointed Chief Financial Officer and Executive Vice President, effective November 1, 2026. Source

Quarter results and growth drivers

• Non-COVID products grew 7%: Excluding Comirnaty and Paxlovid, revenues grew 7% operationally. Total revenues of $16.6 billion were relatively flat year over year on an operational basis. Source
• Launched and acquired products up 32%: The Launched and Acquired Products group, which covers recent launches and acquisitions including new indications, grew 32% operationally in the quarter. Source
• Reported EPS down, adjusted EPS flat: Reported diluted EPS was $0.56 against $0.62 a year earlier. Adjusted diluted EPS was $0.87, unchanged from the prior-year quarter. Source

Segments and regions

• Biopharma flat; CentreOne down 13%: Biopharma revenue was $16.3 billion, flat year over year. Pfizer CentreOne revenue was $300 million, down 13%; the segment covers contract manufacturing and API sales. Source
• U.S. down 1%, international flat: U.S. revenues were $10.6 billion, down 1%. International revenues were $6.0 billion, flat on a reported basis and up 1% operationally. Source
• International Commercial Division up 1%: The Pfizer International Commercial Division reported $5.4 billion of revenue, up 1% on both reported and operational bases. Source
• Hospital and Biosimilars up 2%: Hospital and Biosimilars revenue was $1.6 billion, up 2%. Oncology biosimilars rose 20% to $378 million. Source

“Today, we are raising our full-year 2026 Revenue and Adjusted diluted EPS guidance, reflecting our strong year-to-date performance and confidence in our business.”

Cecile Guegan, CFO and EVP of Pfizer

Product sales by brand

• Eliquis rose on U.S. net price: Eliquis rose $513 million, or 25%, on higher U.S. net price from pricing dynamics, with higher global demand also cited. Source
• Padcev up 55% on bladder cancer share: Padcev rose $255 million, or 55%, as market share increased in first-line locally advanced or metastatic urothelial cancer. Source
• Lorbrena up 43% on patient share: Lorbrena rose $114 million, or 43%, on higher patient share in first-line ALK-positive metastatic non-small cell lung cancer. Source
• Vyndaqel family up 12%: Vyndaqel family rose $193 million, or 12%, on continued market expansion in the U.S. Source
• Paxlovid down 63% on fewer infections: Paxlovid fell $771 million, or 63%, on fewer COVID-19 infections across the U.S. and international markets. Source

Costs, margins and pricing

• Cost of sales ratio declined: Reported cost of sales was 24.3% of revenues against 25.0% a year earlier. Adjusted cost of sales was 23.2% against 23.9%. Source
• R&D up 18% on oncology and obesity: Reported R&D expense was $3.0 billion, up 18% operationally, on a planned net rise in spending on certain oncology and obesity candidates. Source
• Acquired IPR&D expense fell: Acquired IPR&D expense was $669 million, down $722 million from the prior-year quarter. Source
• Restructuring charges rose on cost program: Restructuring and certain acquisition-related costs were $791 million, against $286 million a year earlier. Source
• SI&A up 3% on compensation: Reported SI&A expense was $3.3 billion, up 3% operationally, on higher compensation-related expenses. Source
• Higher reported tax rate: The reported effective tax rate was 3.9%, against a negative 6.5% a year earlier. The adjusted rate was 14.0%. Source

“With a robust slate of expected catalysts ahead, I believe we're well positioned to deliver meaningful new medicines for patients and lasting value in the years ahead.”

Dr. Albert Bourla, Chairman and CEO of Pfizer

Demand and utilization

• Comirnaty utilization lower on recommendations: Comirnaty fell $339 million, or 29%, with a smaller favorable returns adjustment and lower contractual deliveries abroad also contributing. Source
• Prevnar family down 10%: Prevnar family fell $180 million, or 10%, on lower U.S. vaccination rates and adult market share erosion. Source
• Eliquis international generic erosion: International Eliquis sales were held back by generic entry and price erosion in some international markets. Source

Capital, cash and shareholder returns

• Dividends totaled $7.3 billion: Cash dividends in the first nine months were $7.3 billion, or $1.29 per share of common stock. Source
• R&D investment in first nine months: The company put $8.3 billion into internal research and development projects in the first nine months of 2026. Source
• No share repurchases in 2026: No share repurchases have been made in 2026. Remaining authorization is $3.3 billion, and guidance assumes none. Source
• Deleveraging stays the long-term aim: Management expects to keep reducing debt over the longer term while keeping a balanced capital allocation strategy. Source
• Diluted shares rose slightly: Diluted weighted-average shares were 5,751 million in the quarter, against 5,714 million in the prior-year quarter. Source

Pipeline, deals and approvals

• Elrexfio met Phase 3 PFS endpoint: The MagnetisMM-32 Phase 3 study of Elrexfio in relapsed or refractory multiple myeloma met its progression-free survival endpoint at an interim analysis. Safety was consistent with the known profile. Source
• Litfulo vitiligo Phase 3 trials: Two Phase 3 trials of once-daily Litfulo in nonsegmental vitiligo showed improved repigmentation versus placebo at Week 52, with a safety profile in line with alopecia areata data. Source
• Tilrekimig atopic dermatitis Phase 2 met: The Phase 2 atopic dermatitis study of trispecific antibody tilrekimig met its primary endpoint, with EASI-75 response at Week 16 across all doses versus placebo. Source
• 25vPnC infant Phase 2 data: Infant Phase 2 data for the 25-valent pneumococcal candidate covered all 25 serotypes, with four doses eliciting responses against each. Source
• Innovent in-licensing charge recorded: The company recorded a $650 million acquired IPR&D charge for the Innovent Biologics in-licensing and collaboration agreement in the third quarter. Source
• Tukysa frontline approval in HER2+: The FDA approved Tukysa with trastuzumab and pertuzumab for maintenance after induction in HER2-positive breast cancer, a frontline use. Source

Impairments, legal items and leadership

• Sigvotatug IPR&D impairment $3.8 billion: Nine-month impairments include $3.8 billion of IPR&D tied to a sigvotatug vedotin Phase 3 study, after unfavorable clinical trial results. Source
• Oxbryta rights impaired $525 million: A $525 million impairment of Oxbryta developed technology rights followed FDA discussions; the company found no viable U.S. return pathway. Source
• Product liability legal expenses: Certain legal matters in the first nine months were mainly product liability and other legal expenses. Source
• ViiV stake sale gain: A $1.87 billion net gain came from the sale of the previous ViiV investment, partly offset by legal charges of $1.0 billion in nine months. Source
• Guegan named CFO effective November 1: Cecile Guegan, Executive Vice President, was appointed Chief Financial Officer effective November 1, 2026. Source

Coming up, as management said on 3 November 2026

• Litfulo vitiligo filings planned: Management intends to submit the Litfulo vitiligo data to regulators globally. The release gives no filing date. Source
• Lyme vaccine EMA review begins: The EMA validated the Lyme disease vaccine application and will begin its assessment, based on Phase 3 VALOR results. Source
• Tilrekimig Phase 3 program underway: The tilrekimig Phase 3 pivotal program is underway, with studies in atopic dermatitis and asthma, plus a COPD Phase 2b/3 study. Source
• 25vPnC Phase 3 program continues: The Phase 2 infant data support the ongoing Phase 3 development program for the 25-valent pneumococcal candidate. Source

Figures management reported

Risks management discussed

• External: Generic and biosimilar competition is expected to reduce 2026 revenue by about $1.1 billion, for products that lost or will lose protection. Source
• Demand: Narrower vaccine recommendations reduced U.S. Comirnaty use, and adult Prevnar market share erosion was also cited. Source
• Operational: Implementation costs under the cost realignment program rose, adding to SI&A expense. Source
• Financial: Impairment charges on pipeline assets followed unfavorable clinical trial results, recorded as nine-month intangible asset impairments. Source
• Regulatory: Oxbryta has no viable U.S. return pathway, and FDA discussions in July 2026 shaped the impairment decision. Source

Earlier plans management reported on

• Met: The company said the Innovent charge would be recorded in the third quarter, and the release reports it was recorded there. Source
• Not stated: The earlier release tied 10 planned Phase 3 berobenatide studies in 2026 to its obesity program; this release does not restate status.
• On track: The second-quarter release said the cost realignment program remained on track for $5.7 billion of net savings by end-2026.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.