Pharmaceuticals

Pfizer exceeds expectations in Q1, but does not revise 2026 estimates upwards

Revenues of $14.45 billion, compared to estimates of $13.79 billion, and adjusted earnings of 75 cents per share

of Mo.D.

5 May 2026

A senior nurse prepares a shot of the Pfizer-BioNTech COVID-19 vaccine EPA

2' min read

Translated by AI

Versione italiana

Key points

The quarter
Portfolio strengthening strategy

2' min read

Translated by AI

Versione italiana

Higher-than-expected earnings for Pfizer in the first quarter of the year, but the US pharmaceutical group did not revise its full-year forecasts upwards. For the first three months of 2026, revenues came in at $14.45 billion, above market estimates of $13.79 billion, while adjusted earnings came in at 75 cents per share, exceeding analysts' expectations by 3 cents. Despite the performance, the company reaffirmed its 2026 guidance, indicating revenues of $59.5 billion to $62.5 billion and earnings per share of $2.80 to $3.00. The stock traded negatively on Wall Street, however, maintaining a positive balance of 4.5 per cent since the beginning of the year.

The quarter

In the first three months of the year, accounts were supported by the contribution of new drugs and recent acquisitions. In particular, the oncology drug Padcev generated sales of $591 million, exceeding expectations, while the migraine treatment Nurtec ODT contributed to portfolio growth. According to Citigroup's Geoff Meacham, the 22% growth in newly introduced products demonstrates the group's ability to offset the contraction of the Covid franchise. In fact, the downturn in sales of the Comirnaty vaccine remains evident, stopping at USD 232 million, down 59% year-on-year and well below market expectations.

The Portfolio Strengthening Strategy

Against this backdrop, Pfizer is looking closely at strengthening its portfolio and protecting key assets. The company recently settled patent disputes for Vyndamax with three generic manufacturers, postponing the entry of low-cost versions until mid-2031. This, according to CEO Albert Bourla, could significantly alter the group's growth profile in the medium term, allowing it to target a mid-to-high single-digit compound annual rate in the five-year period from 2029.

Positive news also comes from Europe, where a recent ruling forced Poland and Romania to accept supplies of EUR 1.9 billion worth of anti-Covid vaccines produced by Pfizer with partner BioNTech.

On the strategic front, the group continues to invest in its pipeline of upcoming drugs, with a focus on the areas of oncology and obesity. In the latter segment, Pfizer is also banking on the drugs acquired in the USD 10 billion deal on Metsera, although the latter's first product is not expected on the market until 2028.

"Our research and development pipeline is advancing on multiple fronts, and we are encouraged by advances in oncology and obesity," said Bourla, noting that these areas could be the main growth drivers in the coming years. According to J.P. Morgan analysts, however, a sustained improvement in sentiment will have to await further clinical evidence and a reduction in the risks associated with programmes in development.

Finally, the quarter's main contributors included the anticoagulant Eliquis, developed with Bristol Myers Squibb, which recorded sales of $2.17 billion, exceeding expectations.

For Pfizer, therefore, a transition phase is opening up: on the one hand, the downsizing of the pandemic-related business, and on the other, the need to demonstrate the ability to build new pillars of growth in an increasingly complex competitive and regulatory environment.