Overview
- Pfizer guided to 2026 adjusted EPS of $2.80–$3.00 and revenue of $59.5 billion–$62.5 billion, both below analyst averages cited by LSEG and FactSet.
- The outlook includes about $1.5 billion less revenue from COVID products versus 2025 plus roughly $1.5 billion from loss of exclusivity in 2026.
- Adjusted R&D spending is projected at $10.5 billion–$11.5 billion, reflecting development of an in-licensed 3SBio antibody and multiple programs from the recently closed, up to $10 billion Metsera obesity deal.
- Management is targeting more than $7.7 billion in cost savings through 2027 and said the majority should be realized by next year.
- CFO Dave Denton highlighted roughly $17 billion of revenue at risk from upcoming exclusivity expirations, buybacks remain paused in favor of development spending, and reports showed mixed trading reactions to the guidance.