Pfizer Inc. (NYSE:PFE) has released its financial outlook for 2026, forecasting revenue in a range of $59.5 billion to $62.5 billion and adjusted diluted earnings per share between $2.80 and $3.00. At the same time, the pharmaceutical group updated its guidance for 2025, now expecting revenue of about $62.0 billion, compared with its earlier forecast of $61.0 billion to $64.0 billion.
The company said the 2026 revenue outlook reflects two major headwinds: an anticipated $1.5 billion reduction in sales from COVID-19 products versus 2025, and a further $1.5 billion impact from products facing loss of patent exclusivity. Pfizer now expects COVID-19-related revenue of roughly $5.0 billion in 2026, down from an estimated $6.5 billion in 2025.
On the cost side, Pfizer projects adjusted selling, informational and administrative expenses of between $12.5 billion and $13.5 billion for 2026, alongside adjusted research and development spending of $10.5 billion to $11.5 billion. The group also expects its effective tax rate on adjusted income to rise to around 15% in 2026, compared with approximately 11% in 2025.
Stripping out the effects of COVID-19 products and medicines losing exclusivity, Pfizer expects underlying operational revenue growth of about 4% year over year at the midpoint of its 2026 guidance. The outlook is based on an assumed weighted average of roughly 5.74 billion shares outstanding and does not include any share buybacks during the year.
Pfizer noted that the guidance relies on mid-November 2025 foreign exchange rates and excludes the impact of any business development transactions that had not been completed at the time of the announcement.