Aug. 5 at 12:53 AM
Pfizer raised the midpoint of its 2026 revenue guidance after stronger-than-expected second-quarter results, driven by solid demand for established products including blood thinner Eliquis and heart treatment Vyndaqel. The company now expects annual revenue of
$60.5 billion to
$62.5 billion, up from its previous range of
$59.5 billion to
$62.5 billion, while continuing efforts to offset the decline in Covid-related sales.
The drugmaker also expanded its restructuring plan, increasing its cost-cutting program by an additional
$2.5 billion through 2029 on top of its existing
$7 billion initiative. CEO Albert Bourla said the next phase will focus on streamlining manufacturing, optimizing the product portfolio, reducing office space and improving operational efficiency while minimizing layoffs.
Despite the improved outlook, investors remain focused on Pfizer's long-term growth prospects as the company faces an estimated
$35 billion patent cliff by the end of the decade.
$PFE