The Phase 3 Failure That Sent Biotech Winners and Losers in Opposite Directions Pfizer (NYSE:PFE) reported second-quarter 2026 revenue of $15 billion and adjusted diluted earnings per share of $0.77, with management saying both measures exceeded its internal expectations.
Revenue increased 1% operationally from a year earlier, while revenue excluding COVID-19 products rose 5% operationally
Chairman and CEO Albert Bourla said the quarter reflected continued commercial execution, cost discipline and progress across the company’s pipeline. He said Pfizer has exceeded consensus revenue expectations in nine of the past 10 quarters and adjusted EPS expectations in each of the past 10 quarters. – Patent Cliff Predators: GSK Acquires Nuvalent For $10.6 Billion The company raised its full-year 2026 revenue outlook to a range of $60.5 billion to $62.5 billion, from its prior range of $59.5 billion to $60.5 billion. Pfizer reaffirmed adjusted diluted EPS guidance of $2.80 to $3.00, despite an expected approximately $0.10 unfavorable impact from the Innovent Biologics transaction.
Non-COVID Products Drive Performance Interim CFO Cecile Guégan said the guidance increase reflected stronger-than-expected performance from Pfizer’s non-COVID portfolio during the first half, including ELIQUIS, PADCEV, the VYNDAQEL family and Lorbrena. Launched and acquired products generated $3.2 billion in quarterly revenue and grew 18% operationally; excluding one-time items recorded in the second quarter of 2025, that growth rate was 27%. – 2 Ways to Play the Big Pharma Patent Cliff Pfizer reduced its expected 2026 COVID-19 revenue to approximately $4 billion from $5 billion. Guégan said low infection levels have weighed primarily on PAXLOVID use, while much of COMIRNATY vaccine sales are expected later in the year during the vaccination season.