Pfizer Sees FY2026 Adj EPS $2.80-$3.00 vs $3.06 Est; Sees Sales $59.500B-$62.500B vs $61.653B Est

FULL-YEAR 2026 REVENUE GUIDANCE(2)

Pfizer anticipates full-year 2026 revenues to be in the range of $59.5 to $62.5 billion, while full-year 2025 revenue guidance(2) is revised to approximately $62.0 billion from the range of $61.0 to $64.0 billion previously. Full-year 2026 revenue guidance(2) includes the expectation of revenues from our COVID-19 products being approximately $1.5 billion lower than what is expected in 2025 plus an expected year-over-year negative revenue impact of approximately $1.5 billion due to certain products experiencing loss of exclusivity (LOE)(2). Pfizer expects full-year 2026 operational(3) revenue growth at the midpoint, excluding both COVID-19 and LOE products, to be approximately 4% year-over-year.

FULL-YEAR 2026 ADJUSTED(1) SI&A and ADJUSTED(1) R&D EXPENSES GUIDANCE(2)

Pfizer anticipates full-year 2026 Adjusted(1) SI&A expenses to be in the range of $12.5 to $13.5 billion, reflecting ongoing progress with our Cost Realignment Program. The company anticipates full-year 2026 Adjusted(1) R&D expenses to be in the range of $10.5 to $11.5 billion, reflecting continued focus on prioritization in key therapeutic areas and maximizing the development of PF-08634404 (a PD-1 x VEGF bispecific antibody in-licensed from 3SBio) as well as multiple clinical programs from Metsera. Consequently, total 2026 Adjusted(1) SI&A and R&D expenses are expected to be in the range of $23.0 to $25.0 billion.

FULL-YEAR 2026 ADJUSTED(1) DILUTED EPS GUIDANCE(2)

Pfizer anticipates full-year 2026 Adjusted(1) diluted EPS to be in a range of $2.80 to $3.00. 2026 Adjusted(1) diluted EPS guidance(2) primarily reflects our expected revenues, anticipated stable gross and operating margins vs full-year 2025 guidance(2), and an anticipated higher tax rate on Adjusted(1) income vs full-year 2025 guidance(2).

A comparison of Pfizer's 2025 Financial Guidance(2) to its 2026 Financial Guidance(2) is presented below.

	2025 Financial Guidance(2) (as of December 16, 2025)	2026 Financial Guidance(2)
Revenues ($ in billions)	Approximately $62.0  (previously $61.0 – $64.0)	$59.5 – $62.5
COVID-19 Products ($ in billions)	~$6.5	~$5.0
Adjusted(1) SI&A Expenses($ in billions)	$13.1 – $14.1	$12.5 – $13.5
Adjusted(1) R&D Expenses($ in billions)	$10.0 – $11.0	$10.5 – $11.5
Effective Tax Rate on Adjusted(1) Income	Approximately 11%	Approximately 15%
Adjusted(1) Diluted EPS	$3.00 – $3.15	$2.80 – $3.00

Financial guidance for Adjusted(1) diluted EPS is calculated using approximately 5.71 billion weighted-average shares outstanding in 2025 and approximately 5.74 billion weighted-average shares outstanding in 2026, and assumes no share repurchases in 2025 or 2026.