Pfizer Lowers Earnings Outlook for 2026
Pfizer signaled continued pressure on its post-pandemic business, forecasting 2026 profit below analyst expectations as demand for COVID-related products continues to normalize.
The drugmaker said it expects adjusted earnings of $2.80 to $3.00 per share next year, falling short of the $3.05 per share consensus estimate, according to LSEG data. Pfizer shares dipped modestly in premarket trading following the update.
Revenue is projected to land between $59.5 billion and $62.5 billion, compared with analyst expectations of roughly $61.6 billion, placing Pfizer’s guidance near the middle of Wall Street forecasts.
COVID Hangover Still Weighing on Results
The biggest driver behind the softer outlook remains declining COVID-related revenue. Pfizer expects sales from its COVID products to be approximately $1.5 billion lower in 2026 compared with 2025 expectations, reflecting the continued fade in booster demand and pandemic-era purchasing.
While the COVID windfall once powered Pfizer to record profits, investors have increasingly focused on how quickly the company can replace that revenue through its broader drug portfolio.
Focus Shifts to Pipeline and Core Drugs
With COVID sales no longer providing a meaningful tailwind, attention is shifting to Pfizer’s ability to generate growth from oncology, vaccines beyond COVID, and newly launched therapies.
The outlook underscores the challenge facing large pharmaceutical companies as they transition from pandemic-driven earnings back to more traditional growth cycles — a process that often involves uneven revenue and margin pressure along the way.
WSA Take
Pfizer’s outlook highlights a familiar post-pandemic reality: COVID profits are gone faster than replacement revenue can ramp. While the guidance miss isn’t dramatic, it reinforces investor skepticism about near-term growth. The stock’s next move likely hinges less on COVID and more on whether Pfizer’s pipeline can convincingly fill the gap over the next 12–24 months.
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