Pfizer ( Pfizer ) announced on Tuesday that its third-quarter results exceeded market expectations, and it also raised its full-year performance guidance. The company stated that this adjustment was due to "strong performance so far this year" as well as ongoing cost-cutting measures.

Pfizer also announced on Tuesday the appointment of Cecil Gaydon ( Cecile Guegan ) as the new Chief Financial Officer ( CFO ). Gaydon has held various financial management positions within the company over the past 20 years and has been serving as the interim Chief Financial Officer since August of this year. Previously, Pfizer's former Chief Financial Officer, Dave Denton ( Dave Denton ), resigned to take on the role of Chief Financial Officer at Nike ( Nike ).

Pfizer currently expects its annual revenue to be between $62 billion and $64 billion, higher than the previous forecast of $60.5 billion to $62.5 billion. The lower limit of this revenue forecast range is roughly the same as or slightly lower than the $62.6 billion in revenue expected for 2025.

This pharmaceutical giant currently expects that the adjusted earnings per share for the whole year will be between $2.95 and $3.05, which is higher than the previous forecast of $2.80 to $3.00.

In August this year, Pfizer expanded its multi-year cost-cutting plan to offset the impact of a significant decline in sales of COVID-19 products. Currently, the company plans to achieve a cumulative net cost savings of approximately $9.7 billion by 2029.

The following is a comparison of Pfizer's third-quarter performance with the market expectations obtained by analysts from the London Stock Exchange Group:

Pfizer's revenue in the third quarter was $16.58 billion, basically the same as the same period last year. The company's core products performed strongly, with sales of the blood thinner Eliquis and the targeted cancer drug Padcev both seeing significant growth and exceeding market expectations.

Among them, the sales volume of Eliquis reached $2.52 billion, a year-on-year increase of 25%. According to the data from StreetAccount, analysts previously estimated its revenue to be $2.4 billion.

Despite a significant decline in sales of Pfizer's COVID-19 products, the company's performance in the third quarter still exceeded market expectations.

Pfizer's COVID-19 vaccine sales amounted to $808 million, exceeding analysts' expectations of $770.4 million. According to the data from StreetAccount, Pfizer's antiviral drug Paxlovid sold for $449 million, also above analysts' forecast of $394.1 million.

Pfizer's net profit in the third quarter was $3.24 billion, equivalent to $0.56 per share. In contrast, the company's net profit in the third quarter of 2025 was $3.54 billion, equivalent to $0.62 per share.