Pfizer stock gained after the company raised the midpoint of its 2026 revenue guidance by $500 million. The move followed second-quarter 2026 results showing that non-COVID products are becoming the main growth driver as Comirnaty and Paxlovid fade.
Pfizer's revenues excluding Comirnaty and Paxlovid increased 5% operationally, while launched and acquired products grew 18% operationally. For investors, that shifts the focus from pandemic-era products to whether the newer mix can keep carrying the line.
Pfizer's 5% Non-COVID Growth
5% operational growth in revenues excluding Comirnaty and Paxlovid showed the core business is still expanding even as COVID product sales recede. Pfizer said better-than-expected performance from non-COVID products accounted for roughly $1.5 billion of the guidance improvement, giving the updated outlook a concrete base rather than a one-off boost.
18% operational growth in launched and acquired products was the sharper signal inside the quarter. That bucket includes new medicines and bought-in assets that are now doing more of the work once carried by Pfizer's pandemic portfolio.
Vyndaqel, Eliquis, and Seagen
25% operational growth in acquired products such as Padcev and Nurtec, excluding certain one-time items from the same quarter a year ago, showed how much the acquisition strategy is now feeding revenue. Sales of Vyndaqel increased, and alliance revenues from Bristol-Myers for Eliquis added another layer of support to non-COVID sales.
Pfizer has been rebuilding around internal launches, strategic acquisitions and established brands, with Seagen, Metsera and Biohaven described as its most significant purchases in recent years. That mix matters because it gives the company more than one route to growth while the COVID portfolio keeps shrinking from its pandemic peak.
Berobenatide and 2028
More than 20 obesity studies are planned for 2026, including 10 phase III studies for berobenatide. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028, and the drug starts as a weekly injection before switching to a monthly injection.
Pfizer is also advancing its oncology clinical pipeline across breast, thoracic, gastrointestinal and blood cancer, betting that oncology and obesity can carry growth in 2028 and beyond. The unresolved issue is how much of that future will come from berobenatide versus the rest of the pipeline, a split that will shape how investors judge the company long before 2028 arrives.
