Pfizer reported better-than-expected third-quarter results, driven by strong sales of newly launched and acquired products, prompting the company to raise its full-year revenue forecast. The pharmaceutical giant now projects 2026 revenue between $62 billion and $64 billion, an increase from the prior range of $60.5 billion to $62.5 billion. Despite a decline in Covid-related product sales, Pfizer's business growth and ongoing cost-cutting measures supported the improved outlook.

The company appointed Cecile Guegan as its new chief financial officer this month after serving as interim CFO since August. Guegan, a longtime Pfizer executive with over 20 years in finance roles, succeeded Dave Denton who left Pfizer for Nike earlier this year. Under her financial leadership, Pfizer has reaffirmed its Covid product revenue expectations around $4 billion for 2026, with the bulk of Covid vaccine sales anticipated in the fourth quarter during vaccination season.

Pfizer’s third-quarter revenue amounted to $16.58 billion, slightly down from the same period last year but above analyst estimates. Key growth was seen in blockbuster drugs like the blood thinner Eliquis, which posted $2.52 billion in sales, and Padcev, a targeted cancer treatment that generated $720 million. The company’s newly launched portfolio, including respiratory and cancer drugs, grew 32% operationally, helping to offset losses from expiring patents on older drugs.

CEO Albert Bourla highlighted Pfizer’s strategy to transition from its pandemic-era success by focusing on innovative medicines and strategic acquisitions, such as its weight loss drug Metsera. The company continues to invest in new products to sustain growth into the decade’s end. Pfizer also extended its cost reduction program, aiming to save nearly $10 billion by 2029, as it seeks to navigate market challenges and maintain profitability amid evolving industry dynamics.