Pfizer forecasts 2026 profit below expectations on lower Covid product sales

[WASHINGTON] Pfizer on Tuesday (Dec 16) forecast 2026 profit below Wall Street estimates as it expects a steep drop in sales of its Covid products and a revenue hit from the loss of exclusivity on some drugs.

Investors were keenly awaiting Pfizer’s forecast to see if CEO Albert Bourla’s cost-cutting measures, new product launches and steady demand for older drugs were helping offset a decline in Covid-related sales.

Pfizer has rolled out a sweeping cost reduction programme in response to the drop in Covid-19 sales. The company targets more than US$7.7 billion in total savings through 2027.

The drugmaker expects adjusted profit of between US$2.80 and US$3 per share for the coming year, below analysts’ average estimate of US$3.05 per share, according to data compiled by LSEG.

It expects revenue for next year in the range of US$59.5 billion to US$62.5 billion, compared with estimates of US$61.59 billion.

The projection includes a revenue shortfall of about US$1.5 billion from Covid-19 products, compared with 2025.

The company also sees a revenue impact of about US$1.5 billion due to the loss of exclusivity on certain products in 2026.

Pfizer also revised its annual 2025 revenue forecast to about US$62 billion from a range of US$61 to US$64 billion expected previously. It maintained its adjusted profit outlook for the year.

The company expects full-year 2026 adjusted R&D expenses to be in the range of US$10.5 billion to US$11.5 billion – US$500 million higher at either end than the 2025 estimate – due to development of an antibody in-licensed from 3SBio as well as multiple clinical programmes from Metsera.

Pfizer last month closed its up to US$10 billion acquisition of Metsera after winning shareholder approval, gaining a foothold in the fast-growing obesity market following a fierce bidding war with Novo Nordisk. REUTERS