10-Q · August 4, 2026
Pfizer delivered 3% second-quarter revenue growth to $15.034 billion, supported by Eliquis, Padcev, Lorbrena and other non-COVID products, but GAAP diluted EPS fell to a $0.04 loss from $0.51 due largely to $4.325…
Earnings analysis · 10-Q
PFE earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Pfizer delivered a strong third quarter, with $16.583 billion of revenue and $0.87 of adjusted diluted EPS exceeding consensus estimates of $15.927 billion and $0.73, respectively. Growth in Eliquis, Padcev and Vyndaqel…
Read full summary
Pfizer delivered a strong third quarter, with $16.583 billion of revenue and $0.87 of adjusted diluted EPS exceeding consensus estimates of $15.927 billion and $0.73, respectively. Growth in Eliquis, Padcev and Vyndaqel offset continued COVID-product pressure, and full-year 2026 revenue and adjusted EPS guidance were raised to $62.0-$64.0 billion and $2.95-$3.05. The principal limitation is that the extracted 10-Q text does not provide detailed income-statement margins, cash flow, balance-sheet data or quantified new risk-factor changes.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.87
What stood out
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Revenue beat estimates
Third-quarter revenue was $16.583 billion, up from $15.03 billion in the immediately preceding quarter and $16.65 billion in the prior-year quarter. Revenue exceeded the $15.927 billion consensus estimate by approximately $656 million.
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Adjusted EPS beat and outlook raised
Adjusted diluted EPS was $0.87 versus the $0.73 consensus estimate, a $0.14 beat. The company raised full-year 2026 adjusted diluted EPS guidance to $2.95-$3.05 from $2.80-$3.00.
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Revenue guidance raised
Full-year 2026 revenue guidance increased to $62.0-$64.0 billion from $60.5-$62.5 billion, representing a $1.5 billion increase at the midpoint.
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Portfolio diversification continues
Non-COVID products, including Eliquis, Padcev and Vyndaqel, were identified as growth drivers; the filing package also indicates COVID-product declines were offset by these newer and core brands.
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Controls remained effective
The 10-Q reported no material change in internal control over financial reporting during the quarter and concluded disclosure controls were effective.
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Repurchase authorization preserved
Pfizer repurchased 55,222 shares during the quarter at an average price of $26.18; none were purchased under the publicly announced repurchase plan, which had approximately $3.293 billion remaining.
What to watch
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No quantified risk-factor update
The 10-Q’s Item 1A disclosure refers investors to the risk factors in the 2025 Form 10-K and the MD&A rather than identifying a new quantified risk-factor change. The absence of a quantified update limits visibility into changes in the risk profile.
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COVID decline offsets growth
COVID-product declines remain a material headwind even as Eliquis, Padcev and Vyndaqel grow. Pfizer’s raised full-year revenue range of $62.0-$64.0 billion therefore depends on continued performance from non-COVID products.
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Repurchase plan remained unused
No shares were purchased under the publicly announced repurchase plan during the quarter, despite approximately $3.293 billion remaining under the authorization, which may indicate capital-allocation caution or competing liquidity priorities.
Management's outlook
Full-year 2026 adjusted diluted EPS guidance was raised and narrowed from $2.80-$3.00; revenue guidance was raised to $62.0-$64.0 billion from $60.5-$62.5 billion. The 10-Q text provided does not include additional numeric guidance beyond the 8-K disclosure.
Earlier filings 4
10-Q · May 5, 2026
Pfizer reported a Q1 2026 revenue of $14.5 billion, a 5% increase year-over-year, falling short of estimated revenue of $13.8 billion. Earnings per share (EPS) came in at $0.47, missing expectations of $0.72 per share.…
10-Q · November 4, 2025
Pfizer reported Q3 revenue of $16,654 million and diluted EPS of $0.62 for the quarter ended September 28, 2025. Revenue declined versus the prior-year quarter ($17,702 million) and income before taxes fell to $3,334…
10-Q · August 5, 2025
Pfizer reported Q2 revenue of $14.653B, up from $13.283B a year ago (+$1.370B, +10.3%), and swung to operating profit before taxes of $3.044B from a loss of $103M in Q2 2024. Net income attributable to Pfizer common…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.