Pfizer hikes full-year outlook, taps company veteran as new CFO

Pfizer on Tuesday reported third-quarter results that topped estimates and hiked its full-year outlook, citing its "strong year-to-date performance" and ongoing cost cuts. 

Pfizer also Tuesday announced that Cecile Guegan, who has held various finance leadership roles at the company over the last two decades, stepped in as chief financial officer this month. She had served as interim CFO since August, when Pfizer's former CFO, Dave Denton, stepped down to take the same position at Nike.

The company is now expecting full-year revenue to total $62 billion to $64 billion, which compares to a previous outlook of $60.5 billion to $62.5 billion. The low end of that sales range would be roughly flat or down slightly compared with 2025 revenue of $62.6 billion.

The pharmaceutical giant now expects full-year adjusted profit of between $2.95 and $3.05 per share. That compares with a previous guidance of between $2.80 and $3 per share. 

Pfizer in August expanded its multi-year cost-cutting efforts to help offset sharp declines in Covid product sales, and is now targeting roughly $9.7 billion in net savings through 2029. 

Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Tune in at 1:30 p.m. ET as Pfizer CEO Albert Bourla joins CNBC TV to discuss the company's earnings. Watch in real time on CNBC+ or the CNBC Pro stream.

Pfizer reported third-quarter revenue of $16.58 billion, relatively flat from the same period a year ago. Sales of key products like its blood thinner Eliquis and targeted cancer drug Padcev jumped and beat expectations. 

Eliquis in particular raked in $2.52 billion in sales, up 25%. Analysts were expecting revenue of $2.40 billion, according to StreetAccount.

Pfizer's Covid products also topped estimates for the quarter despite seeing steep sales declines. The company's Covid vaccine generated $808 million in sales, which compares to the $770.4 million that analysts were expecting, StreetAccount estimates show. Meanwhile, Pfizer's antiviral pill, Paxlovid, booked $449 million in sales, coming in above the $394.1 million that analysts were expecting. 

The company booked a net income of $3.24 billion, or 56 cents per share, for the period. That compares with net income of $3.54  billion, or 62 cents per share, during the third quarter of 2025.