Pfizer Inc (NYSE:PFE, XETRA:PFE) said on Tuesday that its 2026 revenue and profit are expected to come in slightly below Wall Street estimates, as sales of COVID-19 products fall and generic competition rises.
The company forecast revenue between $59.5 billion and $62.5 billion for 2026, with adjusted earnings per share of $2.80 to $3.
Executives said the figures reflect a $1.5 billion decline in sales of COVID-19 products, including the Comirnaty vaccine and the Paxlovid antiviral treatment, as well as pressures from generic drug competition. Excluding these factors, Pfizer expects 4% operational growth.
Sales of COVID-19 products are expected to total around $5 billion next year, compared with $6.5 billion this year.
“Next year we expect Paxlovid to decline more significantly than Comirnaty,” CFO Dave Denton said, adding that the antiviral “remains volatile but closely follows infection rates.”
Denton also noted that the forecast assumes COVID infection rates will decline, particularly in the first quarter given current trends.
Pfizer also warned that certain products will face loss of exclusivity next year, weighing on revenue by roughly $1.5 billion. The company expects these losses to peak in 2028 before returning to top-line growth.
Executives highlighted cost savings from a $7.2 billion realignment program and ongoing investments in oncology and obesity treatments, which they said position Pfizer for stronger expansion by 2029 and 2030.
Shares of Pfizer fell 5.1% in Tuesday trading.