Pfizer on Tuesday presented a profit forecast for 2026 that falls below analysts’ expectations. The U.S. pharmaceutical group expects a sharp decline in revenue from COVID-19 products. In addition, the loss of market exclusivity for several drugs is weighing on future revenue development. Investors followed the forecast closely, as it was expected to indicate whether the cost-cutting measures introduced as well as new products can offset the decline in pandemic-related revenue.
For the coming year, Pfizer expects adjusted earnings of between $2.80 and $3.00 per share. This range is below the average analyst estimate of $3.05 per share. Revenue in 2026 is expected to be between $59.5 billion and $62.5 billion, also slightly below market expectations. The company estimates the expected decline in revenue from COVID-19 products compared with 2025 at around $1.5 billion.
Another factor weighing on results is the loss of exclusivity rights for certain products. Pfizer therefore expects additional revenue losses of about $1.5 billion in 2026. In response to the sharp drop in pandemic-related revenue, the group has launched a comprehensive cost-reduction program. Savings of more than $7.7 billion are to be achieved through 2027.
At the same time, Pfizer has adjusted its expectations for the current year. The revenue forecast for 2025 was lowered to around $62 billion, after a range of $61 billion to $64 billion had previously been projected. The forecast for adjusted profit in 2025 remained unchanged.
For research and development, the company plans higher spending in 2026. Adjusted R&D expenses are expected to range between $10.5 billion and $11.5 billion, around $500 million higher at both ends than the estimate for 2025. The increase is due in part to the further development of a licensed antibody from 3SBio as well as multiple clinical programs from Metsera’s portfolio.
Last month, Pfizer completed the acquisition of Metsera, with a total value of up to $10 billion. Through the acquisition, the group gains access to the fast-growing market for obesity therapies. Pfizer shares edged slightly higher in premarket trading.
