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iStock, Mininyx Doodle Sales of assets from Seagen and Biohaven grew in the third quarter, but it wasn’t enough for Pfizer to overcome declines across the Prevnar and COVID franchises. While Pfizer’s revenue did not rise in the third quarter, the New York pharma pointed to rising sales of launched and acquired products as evidence of a sustained effort to drive longer-term growth. The company reported revenue of $16.6 billion, compared to $16.7 billion for the same period a year ago, according to a Tuesday release . Without including its COVID products, which have been on the decline post-pandemic, Pfizer’s revenue grew 7% operationally, the company reported. “This quarter, our non-COVID products delivered strong 7% operational revenue growth, and I’m particularly pleased with the 32% year-over-year operational revenue growth from our launched and acquired products,” said Cecile Guegan, who was introduced as Pfizer’s new CFO on Tuesday morning. Analysts were similarly optimistic, with Guggenheim calling the third quarter performance solid since revenue beat expectations of $16.15 billion. “Beyond the quarterly results, the main focus for investors on the Pfizer story is the evolution of the company’s pipeline, which we believe remains underappreciated,” Guggenheim wrote on Tuesday morning. Vaccines Vaxcyte rises as pneumococcal shot establishes ‘new competitive moat’ vs. Pfizer, Merck VAX-31 beat Pfizer and Merck’s established pneumococcal conjugate vaccines in a Phase 3 trial, exceeding investors’ most ambitious scenario and setting Vaxcyte up to challenge the Big Pharmas in a market worth $8 billion. October 5, 2026 · 2 min read · Annalee Armstrong Read more The acquired products that contributed heavily to the quarter include those from Seagen, Metsera and Biohaven. Products from antibody-drug conjugate (ADC) specialist Seagen, acquired in a 2023 deal valued at $43 billion , grew 39% year over year, Pfizer reported. Key product Padcev brought in $255 million globally, a 55% increase. Pfizer attributed this to increased market share in first-line locally advanced or metastatic urothelial cancer and a launch in muscle-invasive bladder cancer. Metsera, on the other hand, has yet to contribute to earnings with no approved products, but Pfizer noted that 10 pivotal studies have been advanced so far this year for lead asset berobenatide. Migraine drug Nurtec, from the 2022 Biohaven acquisition , achieved 33% revenue growth year over year for $135 million in the quarter. Pfizer’s own Eliquis, a key product nearing its patent cliff, grew 25% for $513 million. But the COVID portfolio dragged on earnings, as expected. For COVID, Paxlovid declined by $771 million, or 63%, as infections slowed in the U.S. and globally. BioNTech-partnered vaccine Comirnaty fell $339 million, or 29%. Despite the drops, both products were “modest contributors” to Pfizer’s overall 5% topline beat, BMO Capital Markets said in a Tuesday morning note, outperforming consensus estimates by 1% and 22%, respectively. Pneumococcal vaccine family Prevnar also saw steep declines of $180 million, or 10%, as vaccination rates in the U.S. dropped and competitors loomed. CEO Albert Bourla, who will speak to investors on a 10 a.m. ET earnings call, promised in the release that Pfizer has growth ahead, particularly in obesity, oncology, immunology and vaccines. Further underscoring Bourla’s confidence, Pfizer has raised its full year revenue by $1.5 billion, with the revenue range now $62–64 billion. This is up from $60.5–$62.5 billion previously, per BMO. Antibody-drug conjugate (ADC) Pfizer punts Seagen ADC, further muddying value of the $43B buyout The co-development deal comes after Pfizer reported a late-stage failure for a Seagen asset and the discontinuation of another investigational therapy developed by the company as a subsidiary of the pharma. September 4, 2026 · 2 min read · Tristan Manalac Read more

iStock, wildpixel Pfizer is calling upon lessons learned from one of the first drugs ever made available on the internet—Viagra—as it commercializes a new obesity drug in China. Pfizer is getting its first taste of the obesity business with partner Sciwind Biosciences as the weight loss drug Ecnoglutide breaks into the Chinese market. But the idea of a consumer-driven market is not new territory for the storied New York pharma, if you look back to erectile dysfunction blockbuster Viagra. “We are learning a lot, and we are very happy that we are entering this market because I think it is cut for our capabilities,” Pfizer CEO Albert Bourla said on a third quarter earnings call Tuesday morning. He pointed to Pfizer’s work with Viagra, the drug that took on a life of its own and—Bourla claimed—became the first drug available on the internet. “There are a lot of similarities, people are willing to pay out of pocket for products that they value, irrelevant if they are reimbursed or not,” Bourla said. “That creates dramatically different size in the international markets.” Pfizer snagged mainland China licensing rights to Sciwind’s GLP‑1 receptor agonist injection Ecnoglutide in February for $495 million in upfront and potential milestone payments. The drug had already been cleared for use in the Asian country, finally giving Pfizer an approved obesity product—at least in part of the world. GLP-1 Pfizer Builds Global GLP-1 Strategy With up to $495M Sciwind Deal Ecnoglutide, which Pfizer licensed from Sciwind Biosciences, is already approved in China for type 2 diabetes mellitus, and a marketing application for weight loss has been accepted by regulatory authorities in the country. February 24, 2026 · 2 min read · Tristan Manalac Read more Eli Lilly and Novo have been the clear obesity leaders for several years now, despite Pfizer’s efforts—both internal and external—to gain a foothold. Pfizer fought Novo in a bidding war for Metsera in 2025, buying a pipeline of assets that are still years from the market in the U.S. But the Sciwind deal allowed Pfizer to dip its toes into the obesity world while Metsera’s assets and other projects weave through the clinic. Filling all the categories Ecnoglutide isn’t the first drug for which Pfizer has drawn on its Viagra experience to market, Bourla said, pointing out that self-pay customers in China can now access migraine medicines like Nurtec or COVID treatment Paxlovid. With that model a success, it was only natural for the pharma to extend it to Ecnoglutide. Chief International Commercial Officer Alexandre de Germay said things have been going smoothly since the April launch, providing a glimpse at the market segments that Pfizer still needs to address. “The things that we are clearly understanding is there are very different segments within these overall chronic weight management categories,” de Germay said on Pfizer’s call. Some patients are looking to lose weight with a more “aesthetic-driven purpose,” he continued, while others have significant weight to lose. The latter group is more willing to accept the side effects that come with weight loss medications but in turn want significant efficacy, de Germay said. Earnings Pfizer flat in Q3 despite 32% growth for new and acquired products Sales of assets from Seagen and Biohaven grew in the third quarter, but it wasn’t enough for Pfizer to overcome declines across the Prevnar and COVID franchises. November 3, 2026 · 2 min read · Annalee Armstrong Read more “It is confirming our strategy that if we want to be successful in chronic weight management, you need to have a portfolio,” he added. “You will need to activate all those different channels and the cost of activations of those channels will be amortized across the portfolio.” The Ecnoglutide launch also marks a pivot for Pfizer—launching a new drug in China first rather than the typically more lucrative U.S. market. Specific to the Chinese market, de Germay said the company had to pursue a diabetes indication for Ecnoglutide in order to have access to more patients via the hospital markets. That was secured at the end of October, with an indication for type 2 diabetes. Pfizer is also awaiting a review by Chinese regulators that would provide reimbursement for Ecnoglutide for its approved indications. This is a key milestone since rival products already have access to those, de Germay said. More to come With the China launch underway, Pfizer still has its eyes on the global market, particularly with the products acquired with Metsera last year. Leading the charge is berobenatide, for which Pfizer is advancing 10 pivotal studies. “Our goal is initially to establish berobenatide as a potentially best-in-class monthly subcutaneous GLP-1 for obesity, and this is globally,” said Chris Boshoff, chief scientific officer and president of R&D, during the earnings call. Phase 3 studies have advanced in knee osteoarthritis and obstructive sleep apnea, with initial readouts expected in the coming months, Boshoff said. Pfizer is also testing whether patients can switch from one of the existing weekly injectable GLP-1s to monthly berobenatide. Also in development is an amylin analog called PF3945, which is being tested in combination with berobenatide in a Phase 1/2a trial. Earnings Pfizer CEO defends $7B bolt-on M&A strategy as peers rush to buy Asked on a second quarter earnings call if Pfizer could direct more money to M&A amid a feeding frenzy across the pharma industry, CEO Albert Bourla defended his strategy. August 4, 2026 · 1 min read · Annalee Armstrong Read more