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August 4, 2026 - 13:08
3 minutes
(Bloomberg) — Pfizer Inc. raised the midpoint of its 2026 sales forecast after reporting strong second-quarter demand for older medicines.Sales for the year will be $60.5 billion to $62.5 billion, Pfizer said on Tuesday, compared with its earlier forecast of $59.5 billion to $62.5 billion. Revenue in the period was higher than Wall Street estimated, driven partly by sales beats for the blood thinner Eliquis and the heart drug Vyndaqel.The New York-based drugmaker has spent the past two years reshaping itself after a collapse in demand for its Covid-19 products. In 2023, the company embarked on a sweeping cost-cutting program targeting $7 billion in savings over five years. That included using more automation, artificial intelligence and other digital tools, as well as reducing its workforce in some places like Switzerland.On Tuesday, the drugmaker said it was expanding its cost-cutting program, with additional savings expected through 2029.Pfizer shares were little changed early trading in New York. They had gained less than 1% this year through Monday’s close.The company will have to navigate its next phase of the savings program without a permanent head of finance. Chief Financial Officer David Denton, who’s viewed as a calm force with strong financial stewardship, is set to leave later this month to go to Nike Inc. Company veteran Cecile Guegan will take his place as interim CFO.Investors are skeptical about Pfizer’s pipeline. Expensive bets in oncology and obesity have yet to pay off, and investors are concerned about the company’s ability to replace the estimated $35 billion patent cliff it’s facing by the end of the decade.One of the most high-profile tests came in June, when Pfizer said an experimental drug failed to improve survival in patients with an advanced form of lung cancer that couldn’t be treated with surgery. The drug came from Pfizer’s $43 billion purchase of Seagen Inc. in late 2023.The company had expected it could be the first of a new class of drugs that deliver potent cancer-killing compounds directly to tumors, called directed antibody-drug conjugates.Despite the setback, analysts still see a number of near-term opportunities that could “help reshape the Pfizer narrative,” BMO Capital Markets analyst Evan Seigerman said in a note before earnings were released. Still, “persistent questions around the value of the Seagen acquisition suggest Pfizer still needs to provide greater visibility into the breadth and timing of its oncology opportunities.”(Updates throughout.)©2026 Bloomberg L.P.
