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Pfizer cuts 2026 revenue outlook amid COVID-19 & patent losses
The pharmaceutical giant now expects 2026 revenues to land between $59.5 billion and $62.5 billion
- By IPP Bureau
| December 17, 2025
US pharma major Pfizer has released its full-year 2026 financial guidance, lowering its revenue forecast while reaffirming other components of its 2025 guidance.
The pharmaceutical giant now expects 2026 revenues to land between $59.5 billion and $62.5 billion, down from its revised 2025 guidance of approximately $62.0 billion from the range of $61.0 to $64.0 billion previously.
Pfizer cited declining COVID-19 product sales—expected to drop by roughly $1.5 billion—and the negative impact of products losing exclusivity, also estimated at $1.5 billion, as key factors. Excluding these, the company anticipates 4% operational revenue growth year-over-year.
On expenses, Pfizer projected 2026 Adjusted Selling, Informational & Administrative (SI&A) costs of $12.5–$13.5 billion, reflecting ongoing progress with its Cost Realignment Program.
Adjusted R&D spending is expected between $10.5–$11.5 billion, driven by prioritization in key therapeutic areas and programs including PF-08634404, a PD-1 x VEGF bispecific antibody, and multiple Metsera clinical initiatives. Combined, total Adjusted SI&A and R&D costs are forecast at $23.0–$25.0 billion.
Pfizer anticipates 2026 Adjusted diluted EPS of $2.80–$3.00, reflecting revenue expectations, stable gross and operating margins, and a slightly higher tax rate versus 2025.
"2025 was a year of strong execution and strategic progress for Pfizer. We’ve strengthened our foundation, advanced our R&D pipeline and positioned our company for sustainable growth in the post-LOE period. As we move into 2026, we’re focused on serving patients with innovative medicines and vaccines while creating long-term value for our shareholders,” the company said.
