Pfizer Raises Full-Year Outlook on Strong New Product Growth and Names Veteran Finance Exec Cecile Guegan as CFO

Pfizer reported third‑quarter results on Tuesday that exceeded analyst expectations and prompted the company to raise its full‑year guidance, driven by strong demand for its recently launched and acquired products.

The pharmaceutical giant also named long‑time finance executive Cecile Guegan as its permanent chief financial officer this month. Guegan, who had been serving as interim CFO since August, replaces former CFO Dave Denton, who departed to become CFO at Nike. Guegan has held numerous finance leadership roles at Pfizer over the past two decades.

Pfizer now forecasts full‑year revenue of $62 billion to $64 billion, up from its previous guidance of $60.5 billion to $62.5 billion. Even the lower end of the new range would be roughly flat or slightly below 2025 revenue of $62.6 billion, but the company pointed to its strong year‑to‑date performance as the reason for the upward revision.

Adjusted earnings guidance was also raised, with the company now projecting $2.95 to $3.05 per share for the full year, compared with the prior range of $2.80 to $3.00 per share.

The forecast incorporates a one‑time $650 million charge, equivalent to a 10‑cent per‑share negative impact, recorded in the third quarter related to Pfizer’s licensing and collaboration agreement with Chinese oncology partner Innovent Biologics.

After a decline from its pandemic‑era peak, Pfizer is focusing on a turnaround strategy. CEO Albert Bourla is targeting growth through strategic acquisitions, new cancer therapies, and a major push into weight‑loss treatments, highlighted by the acquisition of Metsera. The effort comes as Covid‑19 product demand wanes and generic competition intensifies for the company’s key franchises.

In August, Pfizer broadened its multi‑year cost‑reduction program to counter the sharp drop in Covid‑19 sales, setting a target of roughly $9.7 billion in net savings by 2029.

Here’s a look at the quarter’s performance versus Wall Street expectations, based on an LSEG analyst survey:

• Earnings per share: 87 cents adjusted, surpassing the 73‑cent analyst consensus.
• Revenue: $16.58 billion, above the $15.87 billion expected.

Third‑quarter revenue totaled $16.58 billion, essentially unchanged from a year ago. Pfizer attributed the modest decline to an operational decrease of $57 million—mainly lower Covid‑19 sales—and a $15 million adverse foreign‑exchange impact.

These declines were offset by robust sales of flagship products, notably the blood‑thinner Eliquis and the cancer therapy Padcev, both of which exceeded expectations.

Eliquis generated $2.52 billion in sales, a 25 % increase, surpassing the $2.40 billion consensus from StreetAccount. Padcev delivered $720 million in revenue, exceeding the $658 million analysts had projected.

Operationally, sales of newly launched and acquired products rose 32 %, reflecting strong performance across the pipeline. This group includes Padcev, the RSV vaccine Abrysvo, the pneumococcal shot Prevnar 20, the oral lung‑cancer drug Lorbrena, and several other recent additions.

Even as Covid‑19 product sales continued to fall sharply, Pfizer’s Covid vaccine and antiviral pill both beat analyst forecasts. Vaccine sales reached $808 million, above the $770.4 million expected, while Paxlovid posted $449 million in revenue, surpassing the $394.1 million consensus, according to StreetAccount data.

Net income for the quarter was $3.24 billion, or 56 cents per share, compared with $3.54 billion, or 62 cents per share, in the third quarter of 2025.

Excluding restructuring charges and costs related to intangible assets, Pfizer earned 87 cents per share for the quarter.

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