Pfizer Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, March 4, 2026.
Michael Nagle | Bloomberg | Getty Images
Pfizer on Tuesday reported second-quarter results that topped estimates and hiked the low end of its revenue outlook, citing an expected $1.5 billion bump in sales from its non-Covid products.
The company is now expecting full-year revenue to total $60.5 billion to $62.5 billion, which compares with a previous outlook of $59.5 billion to $62.5 billion. That sales range would still be roughly flat or down slightly compared with 2025 revenue of $62.6 billion.
Pfizer said it cut its full-year revenue expectation for its Covid products – the vaccine Comirnaty and antiviral pill Paxlovid – to $4 billion, down from around $5 billion previously.
"Low COVID-19 incidence could continue to limit Paxlovid utilization," Pfizer's incoming interim CFO, Cecile Guegan, said during the company's second-quarter earnings call. "Our plan also assumes the majority of Comirnaty sales will occur toward year-end, consistent with the vaccination season."
The pharmaceutical giant reiterated its full-year adjusted profit outlook of between$2.80 and $3 per share.
Pfizer also announced additional savings of $2.5 billion from two separate cost-cutting programs, which will be achieved starting in 2027 and through 2029.
"With our strong performance through the first half of the year and our ongoing productivity enhancement discipline, we remain confident in our business," Pfizer CEO Albert Bourla said on the call.
Here's what the company reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 77 cents adjusted vs. 68 cents expected
- Revenue: $15.03 billion vs. $14.41 billion expected
Pfizer reported revenue of $15.03 billion for the first quarter, up 3% from the same period a year ago. Sales increases for key products, including its blood thinner Eliquis and targeted cancer drug Padcev, helped to counteract struggles in its Covid business.
Eliquis in particular blew past estimates for the quarter, raking in $2.43 billion in sales, up 19%. Analysts were expecting revenue of $2.08 billion, according to StreetAccount.
Recently launched and acquired products also delivered $3.2 billion in revenue during the quarter, Guegan said during the call.
"Our commercial performance has also helped mitigate the impact of currently low Covid infection levels," she said.
The company booked a net loss of $248 million, or 4 cents per share, for the period. That compares with net income of $2.91 billion, or 51 cents per share, during the second quarter of 2025.
The quarterly loss largely reflected a $4.3 billion noncash impairment charge after Pfizer lowered its revenue expectations for certain products, primarily following disappointing late-stage trial results for its drug sigvotatug vedotin in previously treated non-small-cell lung cancer.
The charge also reflected the removal of revenue projections for its sickle cell disease drug Oxbryta after recent discussions with the Food and Drug Administration. Pfizer pulled that product from the market in 2024.
Excluding certain items, including restructuring charges and costs associated with intangible assets, Pfizer posted earnings per share of 77 cents for the quarter.
The company also announced the second phase of a multiyear initiative to slash costs, which targets around $1.5 billion in savings through 2029.That phase focuses on what the company called product portfolio enhancements, network structure changes and additional operational efficiencies.
The first part of that effort is on track to deliver $1.5 billion in savings by the end of 2027.
Pfizer announced an additional $1 billion in savings from a separate cost-cutting program, which will be achieved from 2027 to 2029. That adds to the previously announced $5.7 billion in cost savings the company will achieve through the program by the end of the year.
The pharmaceutical giant is looking to longer-term investments in its pipeline, including its recent $10 billion acquisition of the obesity biotech Metsera, to counter waning Covid product sales and declines from older drugs. Investors are focused on several crucial data releases from Pfizer this year, including data on a combination regimen that includes its GLP-1 injection and an amylin asset.
