Pfizer reported its second-quarter financial results today, surpassing analyst expectations and prompting an increase in its full-year revenue forecast. The pharmaceutical giant's performance was bolstered by robust sales from its key oncology and cardiovascular drugs, underscoring the strength of its non-COVID-19 portfolio.
The company announced total revenues of $15.0 billion for the second quarter, representing a 1% operational growth year-over-year. Adjusted diluted earnings per share (EPS) came in at $0.77, exceeding the consensus estimate. This strong showing was primarily driven by increased sales of medications such as Padcev, an important cancer treatment, and Eliquis, a widely used blood thinner for heart conditions. Sales of Padcev saw an operational increase of 23%, while Eliquis experienced an 19% operational rise.
Despite the positive results from its established drugs, Pfizer continues to navigate the decline in COVID-19 related product revenues, with Paxlovid sales falling 95% operationally due to lower infection rates. However, the company's strategic focus on diversifying its revenue streams and growing its non-COVID portfolio appears to be yielding positive results.
In light of these stronger-than-expected quarterly results, Pfizer has raised its full-year 2026 revenue guidance by $500 million at the midpoint, now projecting a range of $60.5 billion to $62.5 billion. The company also reaffirmed its full-year adjusted diluted EPS guidance of $2.80 to $3.00. Pfizer also announced an additional $2.5 billion in anticipated productivity savings from ongoing efficiency initiatives, expected to be realized between 2027 and 2029.
