Pfizer reported third-quarter results that exceeded analyst expectations and announced an increase to its full-year revenue guidance on Tuesday. The company now projects full-year revenue between $62 billion and $64 billion, up from a prior range of $60.5 billion to $62.5 billion. This guidance revision reflects what the company characterized as strong year-to-date performance across its business.
The pharmaceutical company also confirmed that Cecile Guegan, a veteran of various finance leadership positions across two decades at Pfizer, assumed the role of chief financial officer this month. Guegan had served as interim CFO since August, when former CFO Dave Denton departed to assume the same position at Nike. Additionally, Pfizer raised its full-year adjusted earnings per share guidance to a range of $2.95 to $3.05, compared with previous guidance of $2.80 to $3 per share.
Third-quarter revenue reached $16.58 billion, remaining relatively flat compared to the year-ago period. The company noted that newly launched and acquired products generated $3.8 billion in sales during the quarter, representing 32% operational growth. Key drivers included blood thinner Eliquis, which posted $2.52 billion in sales reflecting 25% growth, and targeted cancer drug Padcev, which achieved $720 million in revenue. CEO Albert Bourla highlighted that Covid product revenues remained low during the quarter, characterizing this development as positive news that reduced perceived volatility associated with pandemic-related products.
Pfizer reaffirmed its Covid product revenue outlook of approximately $4 billion for the full year, with the company expecting the majority of Covid vaccine sales to occur in the fourth quarter during the vaccination season. The company is pursuing a strategic transformation that emphasizes growth through new product launches, acquisitions—including its purchase of weight-loss treatment specialist Metsera—and expanded cost-cutting initiatives targeting roughly $9.7 billion in net savings through 2029.
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