Pfizer has reported its second-quarter results for 2026, revealing a more robust recovery trajectory. While revenue from COVID-19 products continues to decline, strong growth in non-COVID businesses such as oncology and cardiovascular care has successfully offset this impact, driving both overall revenue and earnings above market expectations.

According to the financial data, Pfizer generated $15.03 billion in second-quarter revenue, a 3% increase year-over-year, surpassing analysts' forecasts of $14.4 billion. Adjusted earnings per share reached $0.77, also exceeding the anticipated $0.68. This performance indicates that the company's strategy of expanding its product pipeline through acquisitions and internal research and development is gradually yielding results.

Based on the strong second-quarter performance, Pfizer has raised its full-year 2026 revenue guidance midpoint by $500 million, now projecting a range of $60.5 billion to $62.5 billion, compared to the previous forecast of $59.5 billion to $62.5 billion. However, the company has reaffirmed its full-year adjusted earnings per share guidance of $2.80 to $3.00.

In terms of specific business segments, non-COVID products have shown particularly impressive results. Pfizer expects its non-COVID products to contribute $1.5 billion more in revenue this year than previously anticipated, driven primarily by sales growth in the blood thinner Eliquis, the heart disease treatment Vyndaqel, and cancer drugs such as Padcev and Lorbrena. In contrast, sales of COVID-19 products Comirnaty and Paxlovid declined by 34% and 95%, respectively, and the full-year revenue expectation for these products has been reduced from $5 billion to $4 billion.

Notably, Pfizer recorded a net loss of $248 million in the second quarter under generally accepted accounting principles (GAAP), primarily due to a $3.8 billion impairment charge on an experimental drug that failed to significantly extend survival in a study of lung cancer patients.