Pfizer’s first-quarter results gave investors a clearer view of how much work the drugmaker’s newer portfolio is doing as the company continues moving away from its pandemic-era sales base. In a report given to TheStreet, Pfizer said revenue rose from a year earlier, helped by recently launched and acquired medicines that grew much faster than the broader company.
The quarter still came with pressure on the bottom line, as adjusted earnings declined and Covid products continued to shrink. Pfizer’s results, however, showed that the company’s growth story is becoming less dependent on Comirnaty and Paxlovid, two products that once reshaped its financial profile.
Pfizer leans on newer products
The strongest part of Pfizer’s quarter came from the medicines the company is trying to build around for its next phase of growth. Pfizer said its launched and acquired products grew 22% operationally in the first quarter, providing an important offset as Covid-related revenue continued to decline.
Padcev rose 39% operationally, driven by increased market share in first-line locally advanced or metastatic urothelial cancer and launch momentum in muscle-invasive bladder cancer. Nurtec ODT and Vydura increased 41% operationally, helped by demand, one-time net price favorability in the U.S., and recent international launches.
Pfizer also reported 52% operational growth in oncology biosimilars, with the company citing favorable U.S. net price and supply recovery. Lorbrena rose 32% operationally, Abrysvo increased 31%, and Eliquis grew 8%, giving Pfizer multiple areas of support across oncology, vaccines, migraine, and cardiovascular medicine.
Pfizer by the numbers
- First-quarter revenue: $14.5 billion
- Year-over-year revenue growth: 5%
- Operational revenue growth: 2%
- Revenue growth excluding Comirnaty and Paxlovid: 7% operationally
- Launched and acquired product revenue growth: 22% operationally
- Reported diluted EPS: $0.47
- Adjusted diluted EPS: $0.75
- Full-year 2026 revenue guidance: $59.5 billion to $62.5 billion
- Full-year 2026 adjusted EPS guidance: $2.80 to $3.00
Covid products remain a drag
The company’s Covid franchise continued to weigh on results, even as other parts of the portfolio improved. Comirnaty revenue fell 59% operationally, with Pfizer citing lower contractual deliveries in international markets and lower U.S. utilization that was primarily tied to a narrower vaccination recommendation.
Paxlovid revenue declined 63% operationally, as lower Covid infections across U.S. and international markets reduced demand. Pfizer also pointed to lower government purchases in certain international markets, showing how much the product’s revenue base has changed from the height of the pandemic.
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Those declines help explain why investors are likely to focus on the company’s non-Covid performance. Pfizer said revenue excluding Comirnaty and Paxlovid grew 7% operationally, a figure that gives a cleaner look at the underlying business as the company tries to prove it can grow through newer medicines and pipeline progress.
Pfizer keeps its outlook intact
Pfizer reaffirmed its full-year 2026 financial guidance, including revenue of $59.5 billion to $62.5 billion and adjusted diluted earnings per share of $2.80 to $3.00. The company also maintained its expense outlook, including adjusted research and development spending of $10.5 billion to $11.5 billion and adjusted selling, informational, and administrative expenses of $12.5 billion to $13.5 billion.
The reaffirmed outlook came despite weaker earnings in the quarter. Reported net income fell 9% to $2.69 billion, while adjusted income declined 18% to $4.29 billion. Reported diluted EPS fell to 47 cents from 52 cents, and adjusted diluted EPS declined to 75 cents from 92 cents.
Pfizer said the reported cost of sales rose 25%, while reported research and development expenses increased 13%. The company attributed the R&D increase primarily to higher spending on certain oncology and obesity product candidates, areas management continues to emphasize as part of Pfizer’s long-term plan.
Pipeline remains part of the story
Pfizer Chief Executive Albert Bourla said the company is seeing momentum in its research pipeline, with encouraging mid-stage results and positive Phase 3 readouts. He pointed specifically to oncology and obesity as areas where Pfizer believes it can build a stronger competitive position.
Pfizer said its late-stage research and development pipeline remains on track to begin about 20 key pivotal studies in 2026. The company also highlighted recent updates across several programs, including Elrexfio in multiple myeloma, Talzenna in prostate cancer, atirmociclib in breast cancer, and tilrekimig in atopic dermatitis.
