Pfizer raised its 2026 revenue forecast to $62 billion-$64 billion on Nov. 3, up from $60.5 billion-$62.5 billion, even though its third-quarter sales were flat. The drugmaker reported revenue of $16,583 million for the quarter, against $16,654 million a year earlier. The company also said it has completed no share buybacks so far this year.
Revenue slipped by $71 million, or about 0.4%, and Pfizer calls the quarter flat. The raised forecast came from what the company described as strong results through the first nine months. Chairman and CEO Dr. Albert Bourla described another strong quarter marked by commercial momentum and disciplined execution. Chief Financial Officer Cecile Guegan said the company is raising its full-year revenue and adjusted earnings guidance because of that year-to-date performance.
The buyback detail is what matters most to anyone who owns Pfizer for its dividend. A company that is not repurchasing shares is keeping cash for other uses, and Pfizer has said any return to buybacks would come after it reduces its debt. For people who hold the stock directly or through a fund, the question is what the company is doing with its money while sales are not growing.
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Why did Pfizer raise the forecast if sales were flat?
The new range lifts the midpoint of Pfizer’s revenue forecast by $1.5 billion, to $63 billion. Operationally, which strips out currency swings, third-quarter revenue was also flat, down $57 million. That means the higher forecast rests on the first nine months and on expected growth from newer medicines, not on a jump in the latest quarter.
Pfizer’s newer and acquired medicines are growing fast enough to offset the fading COVID products. Eliquis, the blood thinner, rose 25% on an operational basis, and Padcev, a cancer drug, rose 55%. Lorbrena, another cancer drug, grew 43%, Nurtec ODT/Vydura for migraine grew 33%, and the Vyndaqel family grew 12%. Pfizer says its launched and acquired products together grew 32%.
On the other side, Paxlovid fell 63% and Comirnaty, the COVID vaccine, fell 29%. The Prevnar family of pneumonia vaccines slipped 10%. Without Comirnaty and Paxlovid, Pfizer says third-quarter revenue grew 7% operationally. Nine-month revenue stood at $46.1 billion, up 2% from $45.0 billion, according to the company’s earnings release filed with the SEC.
What does the profit picture look like?
Reported net income was $3,242 million, down 8% from $3,541 million in the third quarter of 2025. Reported earnings per share were 56 cents, compared with 62 cents. Adjusted income, which strips out certain items, was $4,985 million, up 1%, and adjusted earnings per share were 87 cents, flat from a year earlier.
Pfizer raised its adjusted earnings forecast to $2.95-$3.05 a share from $2.80-$3.00. That range already absorbs a one-time $650 million charge for research and development acquired in a deal with Innovent Biologics, which cuts about 10 cents from the year. The guidance also assumes a revenue headwind of about $1.1 billion from generic and biosimilar competition.
For readers who follow the stock, the gap between reported and adjusted figures is worth noticing. Reported net income fell 8% while adjusted income rose 1%, and the gap reflects items Pfizer leaves out of its adjusted figures. Both sets of numbers come from the company’s own release.
Why are there no buybacks, and what happens to the dividend?
Pfizer says no share repurchases have been completed in 2026 to date, and its current guidance does not expect any this year. About $3.3 billion remains under its existing authorization as of Nov. 3. The company has indicated it could resume repurchases in the future, after it reduces the debt on its balance sheet.
The $3.3 billion left on the authorization means the board has room to act later, but Pfizer’s forecast does not count on it. A buyback pause by itself says nothing about the strength of the business, since the company is still spending cash on dividends, research and acquisitions such as the Innovent deal.
The dividend is a separate matter. Pfizer paid $7.3 billion in cash dividends in the first nine months of 2026, which comes to $1.29 per share. Nothing in the release changes the dividend, and a buyback pause leaves that payout untouched. Anyone who counts on dividend income still has to rely on the board’s decisions in later quarters, since a dividend is declared one quarter at a time.
What should flat sales and a higher forecast mean for savers?
Pfizer is still a large dividend payer, and its quarter had good news and bad in the same release. The report shows how mixed a corporate quarter can be: a higher full-year forecast, flat sales, lower reported profit and no repurchases. The Nov. 3 release does not suggest trouble for the payout, but it also does not offer a promise. Income from a stock depends on all of those moving the right way, and none of them is a guarantee. Savers who want a steadier return than that have other places to look. A bank account, certificate of deposit or Treasury bill pays a stated rate instead of depending on a company’s results.
If a drugmaker’s dividend depends on its results, which of your own costs can you cut for certain?
Pfizer paid $7.3 billion in dividends in nine months while its reported profit fell 8% in the quarter, and it kept buybacks on hold to reduce debt. Retirees who lean on dividend checks can see that income move with a company’s results, while taxes and Medicare costs stay on the bill.
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This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
