Pfizer tops Q2 estimates, raises low end of revenue outlook

Pfizer reported second-quarter results on August 4, 2026, that surpassed analyst estimates and raised the lower end of its full-year revenue guidance, attributing the improved outlook to an additional $1.5 billion in sales from non-Covid products.

The company now expects full-year revenue of $60.5 billion to $62.5 billion, up from a prior low end of $59.5 billion, but roughly flat to slightly down compared with 2025's $62.6 billion. It also cut its Covid product revenue expectation to $4 billion from about $5 billion and reiterated its adjusted profit outlook of $2.80 to $3 per share.

For the second quarter, revenue rose 3% to $15.03 billion, driven by blood thinner Eliquis and cancer drug Padcev.

Eliquis sales jumped 19% to $2.43 billion, blowing past the StreetAccount estimate of $2.08 billion. The company, however, booked a net loss of $248 million, or 4 cents per share, versus net income of $2.91 billion, or 51 cents per share, in the second quarter of 2025. Adjusted earnings were 77 cents per share.

Pfizer unveiled the second phase of a multi-year cost-cutting initiative targeting $1.5 billion in savings through 2029, focusing on portfolio enhancements, network changes, and operational efficiencies. The first phase is on track to save $1.5 billion by the end of 2027. A separate program will deliver an additional $1 billion in savings from 2027 to 2029, on top of $5.7 billion already expected by the end of 2026.

To counter waning Covid sales and patent expirations, Pfizer is investing in its pipeline, notably the $10 billion acquisition of obesity biotech Metsera. Investors are watching for key data releases in 2026, including results on a combination regimen of its GLP-1 injection and an amylin asset.