Pfizer said its non-COVID portfolio is now driving the business more than Comirnaty and Paxlovid, and it raised the midpoint of its 2026 revenue guidance by $500 million after stronger second-quarter 2026 results.
The move matters because Pfizer Stock has been weighed for years by the collapse in pandemic-era demand that once made Comirnaty and Paxlovid central to the company's revenue base. In the latest quarter, revenues excluding those two products rose 5% operationally, while launched and acquired products grew 18% operationally, giving investors a clearer look at the company's shift toward newer growth engines.
Pfizer also said roughly $1.5 billion of the guidance improvement came from better-than-expected performance of non-COVID products. That improvement was helped by higher sales of Vyndaqel and by alliance revenues from Bristol-Myers for Eliquis, while acquired products such as Padcev and Nurtec rose 25% operationally when one-time items from the same quarter a year earlier were stripped out.
The company has spent the past few years rebuilding its mix after becoming heavily dependent on Comirnaty and Paxlovid during the pandemic. Seagen, Metsera and Biohaven have been part of that reset, and the portfolio now includes products such as Abrysvo, Zavzpret, Hympavzi, Elrexfio and Litfulo, each aimed at a different corner of the market. That collection is starting to matter more as the older pandemic products fade.
But the shift is not complete. Pfizer is still trailing Eli Lilly and Novo Nordisk in obesity, the area that may decide how quickly the company can replace lost COVID revenue with a new growth story. Its obesity push centers on berobenatide, which is designed for monthly maintenance dosing after starting as a weekly injection, and the company is planning more than 20 obesity studies in 2026, including 10 phase III studies, with the first potential approvals targeted for 2028.
That makes the latest quarter less of a one-off than a signpost. Pfizer's non-COVID business is doing the heavy lifting now, and the question for the next stretch is whether the company's oncology and obesity pipeline can keep that momentum going once the last of the pandemic-era revenue drift is fully behind it.
