Pfizer forecasts lower 2026 profit amid drop in COVID product sales

Pfizer warned that its 2026 profit is expected to fall short of analysts’ estimates due to a sharp decline in COVID-19 product sales and the loss of exclusivity on certain drugs.

The company expects adjusted earnings per share of $2.80–3.00, below the $3.05 analysts’ forecast, and revenue of $59.5–62.5 billion. COVID products and lost exclusivity are each expected to reduce revenue by around $1.5 billion.

Pfizer continues its cost-cutting program, targeting more than $7.7 billion in savings through 2027. R&D expenses for 2026 are projected at $10.5–11.5 billion, reflecting ongoing development from Metsera and 3SBio.

Pfizer shares rose slightly in premarket trading following the release of the forecast.