Pfizer: results, guidance and obesity programs
What Pfizer has reported about its sales and outlook, and what it has said about its obesity medicines. Every figure is dated and linked to where it came from.
Last checked . Figures are company-reported unless a line says otherwise. This is not investment advice. For medicines and trials see the berobenatide page and the pipeline.
The 2028 date is a company expectation from Pfizer's third-quarter call materials, not a regulatory date. Source for the other figures: Pfizer's third-quarter 2026 earnings release.
Third quarter 2026, reported November 3
Pfizer reported revenue of $16,583 million, $71 million below the $16,654 million of a year earlier. The company calls that relatively flat. Excluding currency effects the change was a $57 million decline. Adjusted earnings were $0.87 per share. On a GAAP basis, which includes items Pfizer leaves out of its adjusted figures, earnings were $0.56 per share and net income attributable to Pfizer was $3,242 million.
| Measure | Third quarter 2026 |
|---|---|
| Revenue (GAAP) | $16,583 million (third quarter 2025: $16,654 million) |
| Adjusted diluted earnings per share | $0.87 |
| GAAP diluted earnings per share | $0.56 |
| GAAP net income attributable to Pfizer | $3,242 million |
| Adjusted income | $4,985 million |
The release has no obesity sales line. Source: Pfizer third-quarter 2026 earnings release.
How Pfizer's 2026 guidance has moved
| Measure | Before November 3, 2026 | November 3, 2026 |
|---|---|---|
| Revenue | $60.5 billion to $62.5 billion | $62.0 billion to $64.0 billion |
| Adjusted earnings per share | $2.80 to $3.00 | $2.95 to $3.05 |
| Adjusted research and development spending | $10.5 billion to $11.5 billion | $10.8 billion to $11.8 billion |
Pfizer says the earnings per share range includes a one-time $650 million charge for acquired in-process research and development from an in-licensing deal with Innovent Biologics, about $0.10 per share unfavorable. The release also attributes higher research spending partly to an expected net increase in spending on certain oncology and obesity candidates. Source: Pfizer third-quarter 2026 earnings release.
What Pfizer says about obesity
Pfizer's earnings release says little about obesity. Chief executive Albert Bourla said the obesity program continued to advance, and there is no obesity sales line. The detail is in the prepared remarks and call transcript that Pfizer hosts on its investor site.
Pfizer's lead obesity candidate is berobenatide, a once-monthly GLP-1 medicine that came with the Metsera acquisition. Fierce Biotech reports it was earlier coded MET-097i and also carries the code PF-08653944. Pfizer completed the Metsera purchase in November 2025 at $65.60 a share in cash, an enterprise value of about $7.0 billion according to Pfizer, plus a contingent payment of up to $20.65 a share.
| Program | What Pfizer said on its third-quarter call | Source |
|---|---|---|
| Berobenatide, obesity | Ten phase 3 trials active or planned in 2026, including a study of switching from approved weekly medicines. Enrollment is progressing across the pivotal program. | Pfizer prepared remarks and call, November 3, 2026 |
| Berobenatide, approvals | The first in a series of potential approvals comes in 2028. | Same |
| Berobenatide, other conditions | Studies in knee osteoarthritis and obstructive sleep apnea have started. More phase 3 studies are to be announced in the coming months. | Same |
| Amylin combination | The phase 2b study, SOLIS-1, is fully enrolled. An efficacy readout is expected in the second half of 2027. | Same |
| Amylin, separate early study | A phase 1/2a study looks at safety and how the drug moves through the body. Pfizer said an update would come at the end of this year. | Same |
These are company statements about plans and timing, not trial results.
Coming up
- Mid-December 2026: Pfizer's chief financial officer said on the third-quarter call that 2027 guidance would come around the middle of December.
- End of 2026: Pfizer said it would update the early amylin study at the end of the year.
- Second half of 2027: efficacy readout expected for the amylin combination study, SOLIS-1.
Pfizer's release gives no date for its next quarterly results.
Questions about Pfizer's results
Did Pfizer raise its 2026 guidance?
Yes. On November 3, 2026, Pfizer raised revenue guidance to $62.0 billion to $64.0 billion from $60.5 billion to $62.5 billion, and adjusted earnings per share guidance to $2.95 to $3.05 from $2.80 to $3.00.
Does Pfizer sell an obesity medicine?
Pfizer's third-quarter release has no obesity sales line. Its lead candidate, berobenatide, is in phase 3 trials, and Pfizer's remarks put the first potential approval in 2028. The berobenatide page lists the trials.
Was the Metsera deal worth $10 billion?
Pfizer's own announcement gives an enterprise value of about $7.0 billion plus a contingent payment of up to $20.65 a share. Trade press often says up to $10 billion. That figure does not appear in Pfizer's text.
Sources
- Pfizer, third-quarter 2026 earnings release (PDF on Pfizer's investor site), November 3, 2026. Company-reported figures.
- Pfizer, prepared remarks for the third-quarter 2026 earnings call (PDF on Pfizer's investor site), November 3, 2026. Company-reported.
- Third-quarter 2026 earnings call transcript (PDF on Pfizer's investor site; original publisher not stated), November 3, 2026. Company-reported.
- Pfizer, Pfizer completes acquisition of Metsera, November 2025. Company release.
- Fierce Biotech, ADA: Pfizer pads case for berobenatide in obesity, adding validation for Metsera buy. Trade press, undated. Used for the earlier drug code.
- Atlas berobenatide page, for trials and status.