Pfizer beat market expectations for its third-quarter results and raised its full-year guidance. According to Sina Finance, the company appointed Cecile Guegan as its new chief financial officer; she has held several finance leadership roles at Pfizer over the past 20 years and has served as interim CFO since August. Her predecessor, Dave Denton, left to become Nike's CFO.
Pfizer said the guidance increase reflects strong performance so far this year and continued cost-cutting. It now expects full-year revenue of $62 billion to $64 billion, up from its previous forecast of $60.5 billion to $62.5 billion. The lower end of the new range is roughly flat with or slightly below its 2025 revenue of $62.6 billion. Adjusted earnings per share are expected to be $2.95 to $3.05, compared with the previous forecast of $2.80 to $3.00.
Pfizer expanded its multiyear cost-reduction plan in August to offset a sharp decline in sales of COVID-19 products. It now aims to achieve about $9.7 billion in cumulative net cost savings by 2029.
Third-quarter revenue was $16.58 billion, roughly unchanged from a year earlier. Eliquis sales rose 25% to $2.52 billion, above analysts' $2.4 billion estimate, while sales of the cancer drug Padcev also grew substantially and beat expectations. Pfizer's COVID-19 vaccine generated $808 million in sales, compared with analysts' estimate of $770.4 million. Paxlovid sales were $449 million, above the $394.1 million estimate. Net income was $3.24 billion, or $0.56 per share, versus $3.54 billion, or $0.62 per share, in the third quarter of 2025.