Pfizer reported third-quarter financial results that surpassed Wall Street expectations and prompted the company to increase its full-year guidance. The pharmaceutical firm now projects annual revenue between $62 billion and $64 billion, up from a prior range of $60.5 billion to $62.5 billion, citing robust performance from its portfolio of recently launched and acquired medications.
The company also completed its chief financial officer transition, with Cecile Guegan officially assuming the role after serving as interim CFO since August. Guegan replaced Dave Denton, who departed to take the CFO position at Nike. The appointment of Guegan, who has held multiple finance leadership positions at Pfizer over two decades, was announced on the same day as the earnings report.
Adjusted earnings guidance was similarly elevated, with Pfizer now expecting full-year adjusted profit between $2.95 and $3.05 per share, compared with previous guidance of $2.80 to $3 per share. The company recorded a one-time charge of $650 million in the third quarter related to a licensing agreement with Chinese cancer drugmaker Innovent Biologics. CEO Albert Bourla emphasized that the company’s ability to reduce its reliance on Covid product revenues—now expected to contribute roughly $4 billion annually—demonstrated operational resilience and validated the company’s strategic direction.
In the three-month period, newly launched and acquired products generated $3.8 billion in sales, representing 32 percent operational growth. Key contributors included Eliquis, the blood thinner that produced $2.52 billion in quarterly sales, and Padcev, a targeted cancer therapy that recorded $720 million. Third-quarter revenue overall reached $16.58 billion, relatively unchanged from the prior year period. The company is pursuing a recovery strategy centered on cancer treatments and weight loss medicines following the decline in pandemic-era Covid product demand and the looming expiration of patent protections on major drugs.
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