Pfizer — 2026Q3 earnings

“Second-Quarter 2026 Revenues of $15.0 Billion, Representing 1% Year-over-Year Operational Growth – Excluding Contributions from Comirnaty and Paxlovid, Revenues Grew 5% Operationally – Revenues of Launched and Acquired Products (1) Grew 18% Operationally”

“Second-Quarter 2026 Reported (4) Loss Per Share of $(0.04), and Adjusted (3) Diluted EPS of $0.77 – Reported (4) Loss Per Share Reflects $4.3 Billion in Non-Cash Intangible Asset Impairments”

“Raises full-year 2026 Revenue guidance (2) by $500 million at the midpoint to a range of $60.5 to $62.5 billion, from $59.5 to $62.5 billion previously. – The 2026 full-year Revenue guidance reflects better than expected performance of the non-COVID products by approximately $1.5 billion and the revised revenue expectation for our COVID-19 products, down to approximately $4 billion from approximately $5 billion previously.”

“Reaffirms full-year 2026 Adjusted (3) diluted EPS guidance (2) in a range of $2.80 to $3.00. – The 2026 Adjusted (3) diluted EPS guidance takes into consideration our strong year-to-date performance, continued confidence in our business and progress with ongoing cost improvement initiatives. – Absorbs a $650 million Acquired In-Process R&D charge related to the completed licensing agreement with Innovent Biologics, Inc. that will be recorded in the third quarter of 2026 with an expected unfavorable impact of approximately $0.10.”

“Announces Additional Anticipated Productivity Enhancement Savings of $2.5 Billion (5) Associated with Ongoing Initiatives, Expected to be Realized From 2027 Through 2029”

“Our second quarter GAAP results reflect the impact of the recent Phase 3 readout for SV in second-line plus non-small cell lung cancer and to a lesser extent, the removal of revenue projection for Oxbryta following recent discussion with the FDA. The updated forecast resulted in $4.3 billion in non-cash intangible asset impairments recorded in the quarter.”

“Building on that momentum, today, we announced the expansion of our ongoing cost improvement programs, which are expected to generate approximately $2.5 billion in additional net cost savings from 2027 through 2029. We now expect $1 billion of additional net cost savings from our productivity enhancement from technology and simplification efforts designed to further reduce SI&A cost. Separately, the next phase of our multi-year manufacturing optimization program is designed to reduce cost of goods sold and deliver approximately $1.5 billion in additional net cost savings, and we expect to begin realizing a portion of this saving in 2027.”

“We feel extremely confident that we will -- even the most stretched scenarios that we are running, we will be able to maintain our dividend. So I want once and for all to make that clear to all that the dividend will be maintained and eventually through the -- after the LOE period, will be start again growing it.”

“Q2 was really strong. We grew over 20%. A very big part of that is a terrific commercial execution from our Padcev team. We've driven la/mUC new patient share to now above 60%. And we're also really pleased with the uptake that we have in the MIBC setting. So far, most of that prescribing is in the neoadjuvant setting. And obviously, we expect those patients to reach adjuvant treatment over time. To your question about what to expect, we obviously think Padcev is going to be a major growth engine for us going forward. We've had very accelerated growth to date. The pace of that growth, of course, is going to moderate from here as we reach the majority of eligible patients and prescribers in la/mUC, but we'll continue to drive that opportunity. And then the upside for us will come through MIBC and continue over time.”

“When it comes to Paxlovid, this is now completely correlated with infection rates. If someone is not infected, it's not going to need Paxlovid. And this is what we see right now. So what I want to say it is that the COVID revenues, which should split it into the vaccines and the Paxlovid and the vaccines will see more stability irrelevant of the fluctuations of the infection rates with the Paxlovid, you will see high correlation if it is a high season or low season.”