Pfizer Sees Slower 2026 Growth Despite Pipeline Push, Cost Cuts

Pfizer Inc. (NYSE:PFE) on Tuesday gave a first glimpse of its fiscal 2026 guidance. The U.S. pharma giant sees 2026 adjusted earnings of $2.80-$3.00 per share compared to the consensus of $3.06. Pfizer expects sales of $59.5 billion-$62.5 billion versus the Wall Street estimate of $61.65 billion. Full-year 2026 revenue guidance includes the expectation of revenues from COVID-19 products being approximately $1.5 billion lower than what is expected in 2025, plus an expected year-over-year negative revenue impact of approximately $1.5 billion due to certain products experiencing loss of exclusivity (LOE). Also Read: Pfizer Faces Another Quiet Year As Patent Losses Cloud 2026 Outlook: Analyst Pfizer expects full-year 2026 operational revenue growth at the midpoint, excluding both COVID-19 and LOE products, to be approximately 4% year-over-year. Pfizer affirmed fiscal 2025 adjusted earnings guidance of $3.00-$3.15 per share versus the consensus estimate of $3.14. The company narrowed fiscal 2025 sales guidance from $61 billion-$64 billion to around $62 billion compared to the consensus of $62.48 billion. Pfizer anticipates full-year 2026 Adjusted SI&A expenses to be in the range of $12.5 to $13.5 billion, reflecting ongoing progress with the Cost Realignment Program. Pipeline The company anticipates full-year 2026 Adjusted R&D expenses to be in the range of $10.5 to $11.5 billion, reflecting continued focus on prioritization in key therapeutic areas and maximizing the development of PF-08634404 (a PD-1 x VEGF bispecific antibody in-licensed from 3SBio) as well as multiple clinical programs from Metsera Inc (NASDAQ:MTSR). “2025 was a year of strong execution and strategic progress for Pfizer. We’ve strengthened our foundation, advanced our R&D pipeline, and positioned our company for sustainable growth in the post-LOE period. As we move into 2026, we’re focused on serving patients with innovative medicines and vaccines while creating long-term value for our shareholders,” Pfizer CEO Albert Bourla said on Tuesday. BioNTech Stake As per a Bloomberg report in November, Pfizer is reportedly offloading its remaining stake in Covid-19 vaccine partner BioNTech SE (NASDAQ:BNTX). It seeks an overnight block trade of about 4.55 million American depositary receipts, priced between $108 and $111.70 apiece, according to a Bloomberg report. The sale could fetch roughly $508 million at the top end. Price Action: Pfizer shares were up 0.61% at $26.59, and BioNTech shares were unchanged at $93.80 during premarket trading on Monday, according to Benzinga Pro data. Read Next: Rivian CEO RJ Scaringe Hasn’t Ruled Out Robotaxis, Says RIVN Is Focused On Level 4 Autonomy Photo via Shutterstock