Pfizer has upgraded the bottom-end of its full-year (FY) revenue outlook by $500m as performance from the drugmaker’s lead products more than compensated for weaker Covid-19-related sales.
Pfizer now expects 2026 revenue to land between $60.5bn and $62.5bn, up from the $59.5bn to $62.5bn range it previously forecast.
According to the big pharma company, the revised outlook reflects a $1.5bn better-than-expected performance from its non-Covid products. Sales for Covid-19 products, which include antiviral Paxlovid and mRNA vaccine Comirnaty, are conversely expected to bring in $1bn less. The former’s sales were down 95% in Q2, while the latter dropped 34%.
Pfizer emerged as a pharmaceutical powerhouse during the pandemic, but lower infection rates and narrower use cases mean its Covid-19 brands are impacting the company’s bottom line.
Pfizer still recorded revenues of $15bn in Q2, up 3% from the same quarter in 2025, meaning its non-Covid products more than offset headwinds. This figure beat consensus estimates, as per Citi analysts.
Blood thinner Eliquis (apixaban), despite suffering market erosion due to generic entry, grew 19% to reach $2.4bn in sales globally for the quarter. Antibody drug conjugate (ADC) Padcev (enfortumab vedotin) grew 23%, while rare disease medication family Vyndaqel (tafamidis) increased 8%.
However, Pfizer revealed that it is now targeting an additional $2.5bn in cost savings between 2027 and 2029. This means that its cost savings programme, first unveiled in late 2023, now sits at more than $10bn after undergoing multiple expansions.
Pfizer’s CEO Albert Bourla said: “Pfizer had another strong quarter, delivering on our financial commitments and advancing our strategy. Our launched and acquired products performed well, our obesity programme is advancing with meaningful momentum, and our oncology portfolio remains a source of strength.”
Bourla oversaw a number of high-profile deals in 2025 as the company looked to cement its post-Covid future. In November 2025, Pfizer acquired obesity biotech Metsera for $10bn after a highly publicised bidding war with Novo Nordisk. Through the deal, Pfizer gained access to long-lasting weight loss candidates.
However, the drugmaker is taking a break from M&A this year as it looks to prioritise capital into advancing its own pipeline. As per its Q2 earnings release, Pfizer said that it had injected $5.3bn into internal research & development (R&D) so far in 2026.
Despite absent M&A, Pfizer did ink a license agreement with China-based Innovent Biologics in May 2026. The deal, worth more than $10bn, will see the two companies work together on developing a dozen cancer medications.
