Form 10-Q · Quarterly report
Pfizer 10-Q, filed Nov 3, 2026
- Filed
- CIK
- 0000078003
- Accession no.
- 0000078003-26-000127
Summary
Pfizer reported third-quarter 2026 total revenues of $16.6 billion, roughly flat versus $16.7 billion a year earlier, with revenues excluding Comirnaty and Paxlovid up 7% operationally, and said it expects about $1.1 billion of unfavorable 2026 revenue impact from patent-based or regulatory exclusivity expiries. Pfizer said it added $1.0 billion of anticipated net cost savings to its Realigning Our Cost Base program and a further roughly $1.5 billion of savings from the next phase of its manufacturing optimization program, both to be realized from 2027 through 2029.
Key points
- First nine months of 2026 revenues were $46.1 billion versus $45.0 billion in the same period of 2025, while income from continuing operations before taxes fell to $5.9 billion from $9.2 billion.
- The additional $1.0 billion of net cost savings are expected to carry approximately $2.0 billion of one-time costs, and the manufacturing optimization phase approximately $4.0 billion, with about 60% of the latter non-cash, all incurred through 2029.
- The government-set Maximum Fair Price for Eliquis took effect January 1, 2026 under Medicare drug price negotiation, while negotiated prices for Ibrance and Xtandi take effect in 2027 and no maximum fair price will be finalized for Xeljanz.
- A Department of Health and Human Services 340B pilot program expected to begin in January 2027 is expected to include Eliquis, Ibrance and Xtandi and is subject to ongoing litigation.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The following MD&A is intended to assist the reader in understanding our financial condition and results of operations, including an evaluation of the amounts and certainty of cash flows from operations and from outside sources, and is provided as a supplement to and should be read in conjunction with the condensed consolidated financial statements and related notes in Item 1. Financial Statements in this Form 10-Q. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates. …
An excerpt of the text as filed with the SEC, cut for length.
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