Update 3 - Pfizer raises 2026 performance outlook as Eliquis and oncology drugs drive Q3 growth

Added stock price information in paragraph 9, analyst commentary in paragraphs 6 and 12, and sales details in paragraphs 13 and 14. Background information has been supplemented throughout the article.

Mariam Sunny/Christy Santhosh

Reuters, November 3 - Pfizer Inc (PFE.N) on Tuesday raised its full-year profit and revenue forecasts, as strong demand for its newly acquired cancer drug Padcev and the blockbuster anticoagulant Eliquis drove third-quarter results above expectations.

Pfizer now expects full-year sales to reach $62 to $64 billion, up from the previous forecast of $60.5 to $62.5 billion; earnings per share are projected to be $2.95 to $3.05, compared to the earlier estimate of $2.80 to $3.00 per share.

Chief Executive Officer Albert Bourla said the updated forecast reflects both the strong quarterly performance and the company's confidence in its strategy, pipeline, and long-term growth prospects.

The New York-based pharmaceutical company has spent billions of dollars on acquisitions and licensing deals to bolster its product lineup and reassure investors about its growth outlook—despite challenges such as looming patent expirations and declining sales from covid-related products that had generated massive revenues during the pandemic.

In 2023, the company acquired cancer drug maker Seagen for $43 billion, and last year, it purchased obesity drug developer Metsera for $10 billion (link).

Bernstein analyst Courtney Blynn noted that the products Pfizer acquired are increasingly contributing to performance, but the long-term growth prospects still hinge on the success of experimental therapies in its research pipeline.

Short-term catalysts closely watched by investors include late-stage clinical data for the experimental cancer therapy mevrometostat and early trial results for Metsera's amylin-based weight-loss drug.

Pfizer stated that the late-stage clinical data for mevrometostat—originally expected by year-end—is now anticipated to be released in the first quarter of 2027.

Pfizer shares were little changed in pre-market trading.

New Chief Financial Officer

Additionally, the company announced on Tuesday the appointment of Cecile Guegan as Chief Financial Officer, effective November 1, succeeding Dave Denton. Denton left in August to take a similar position at Nike (NKE.N).

BMO Capital analyst Evan Seigerman commented that Guegan's appointment “provides more stability ahead of formulating 2027 performance guidance.”

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The company said that sales of Eliquis, developed jointly with Bristol-Myers Squibb BMY.N, rose 25% to $2.52 billion, exceeding expectations of $2.46 billion, mainly due to higher net prices in the U.S. market.

Previously, Eliquis was selected as one of the first ten drugs subject to Medicare price negotiations under the Inflation Reduction Act, leading Pfizer and Bristol-Myers Squibb to lower its price.

This price reduction allowed both companies to avoid penalties under the federal Medicare program for drug price increases that exceeded the rate of inflation.

According to London Stock Exchange Group (LSEG), Pfizer reported adjusted earnings of 87 cents per share for the third quarter, beating analyst expectations by 14 cents.

Total revenue for the quarter was $16.58 billion, above Wall Street's forecast of $15.87 billion.

(To assist non-native English speakers, Reuters provides automated translations of its reports into several other languages. Since automated translations may contain errors or lack necessary context, Reuters does not guarantee the accuracy of translated texts and provides them solely for readers’ convenience. Reuters assumes no responsibility for any damage or loss caused by the use of automated translation features.)