Lower demand for pandemic-era products weighs on earnings and revenue forecasts
Pfizer (PFE) shares edged lower in premarket trading on Tuesday after the pharmaceutical giant issued a 2026 profit forecast that fell short of Wall Street expectations, underscoring the continued normalization of its business following the pandemic boom. The company said it expects adjusted earnings of between $2.80 and $3.00 per share next year, below the analyst consensus estimate of $3.05 per share, according to data compiled by LSEG.
The outlook reflects a sharp and ongoing decline in demand for Pfizer’s COVID-19 products, which once drove record-breaking revenue and profits. Pfizer now expects revenue from its COVID-related portfolio in 2026 to be approximately $1.5 billion lower than what it anticipates for 2025, highlighting how quickly the pandemic-driven tailwinds have dissipated.
Overall, Pfizer forecast 2026 revenue in the range of $59.5 billion to $62.5 billion. While that range broadly brackets analysts’ expectations, it comes in slightly below the consensus estimate of $61.59 billion at the midpoint, reinforcing investor concerns about near-term growth visibility. The tempered guidance pushed Pfizer’s stock down about 0.4% in premarket trading, signaling a cautious reaction from the market.
The company has been working to reposition itself for a post-COVID era through acquisitions, pipeline development, and cost discipline. However, the latest forecast suggests that replacing the extraordinary revenues generated by vaccines and treatments during the height of the pandemic remains a significant challenge. Investors are increasingly focused on whether Pfizer’s newer drugs and late-stage pipeline assets can meaningfully offset the erosion in COVID-related sales.
While Pfizer maintains a strong balance sheet and a broad portfolio across oncology, vaccines, and rare diseases, the 2026 outlook serves as a reminder that the transition away from pandemic-era profits will take time. For now, the company appears to be entering a period of more modest growth, with earnings and revenue increasingly tied to the success of its next generation of therapies rather than its once-dominant COVID franchise.
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