Pfizer has kicked off 2026 with solid first-quarter results, signalling resilience in a post-pandemic market and doubling down on its growth strategy driven by new and acquired products.

 

The pharmaceutical giant reported $14.5 billion in revenue, up 5% year-over-year, and reaffirmed its full-year outlook, underscoring confidence in both its commercial performance and research pipeline. Growth was particularly strong outside of its COVID-19 portfolio, with revenues rising 7% operationally.

 

At the center of the company’s strategy is a surge in newer medicines, with launched and acquired products delivering a striking 22% operational revenue increase.

 

Chairman and CEO Albert Bourla framed the quarter as a pivotal step forward: “We're off to a strong start in 2026, and it reinforces our confidence that we will successfully navigate this defining period for Pfizer. 

 

"Our R&D pipeline is advancing on multiple fronts – with positive Phase 3 readouts and encouraging mid-stage results building meaningful momentum – and I'm particularly encouraged by what we're seeing in oncology and obesity, two areas where I believe Pfizer is positioned to lead.”

 

CFO David Denton echoed that optimism, pointing to execution and efficiency.

 

“Our first-quarter results are attributable to our solid commercial performance globally as well as our ongoing focus on operational efficiency. This quarter, I’m particularly pleased with the 22% year-over-year operational revenue growth from our launched and acquired products. Today, we are reaffirming our full-year 2026 financial guidance.”

 

Earnings snapshot: Reported EPS: $0.47 (down 10% year-over-year); Adjusted EPS: $0.75 (down 18%); Net income: $2.69 billion.

 

Despite declines in earnings, the revenue growth highlights a transition period as Pfizer shifts away from COVID-19 products toward a broader portfolio.

 

Strong performance across key therapies fueled the quarter: Padcev surged 39%, boosted by cancer treatment demand; Eliquis rose 8% globally on higher usage; Oncology biosimilars jumped 52%; Nurtec climbed 41% on strong demand; Lorbrena and Xeljanz posted gains of 32% and 34%, respectively.

 

These gains were partially offset by declining COVID-19 revenues.

 

Pfizer’s future hinges on its research engine, with a robust late-stage pipeline and plans to launch around 20 pivotal studies in 2026. The company is placing significant bets on oncology and obesity treatments, areas executives say could define its next growth phase.

 

In the first quarter alone, Pfizer invested $2.5 billion in R&D, paid $2.4 billion in dividends and 

held off on share buybacks while continuing to reduce debt

 

Pfizer’s first-quarter performance shows a company in transition—but gaining traction. With strong product growth, a deep pipeline, and steady guidance, the drugmaker is signaling it’s ready to move beyond its pandemic-era reliance and into a new phase of innovation-led expansion.