Pfizer Raises 2026 Sales View to $64 Billion as Eliquis Jumps 25%

Q: How did Pfizer manage to increase Eliquis revenue despite historic Medicare price cuts targeting the blockbuster blood thinner?

Pfizer lifted Eliquis revenue mainly because U.S. net pricing rose enough to outweigh the effect of Medicare’s negotiated price cut. The company said Eliquis sales climbed 25% to $2.52 billion, helped by higher net pricing in the U.S. That reflects the price Pfizer actually realizes after rebates, discounts and channel mix—not just the headline list price. Market commentary around the quarter noted lower rebates and a more favorable channel mix as important drivers, allowing Pfizer to capture more revenue per prescription even after the official Medicare price was reduced. The Medicare change also did not hit all Eliquis sales equally. The negotiated “maximum fair price” applies to eligible Medicare transactions, not to the entire U.S. market or to global sales. Commercial insurance, cash-paying patients and non-U.S. markets are outside that specific Medicare price framework, which limited the direct drag on total revenue. Pfizer also said the lower negotiated price helped it avoid inflation-related Medicare penalties. That means the price reset, while reducing the headline Medicare price, may have eased other financial pressures that would otherwise have cut into net revenue. So the key was not that Pfizer escaped the Medicare cut, but that it offset it through stronger realized U.S. pricing, mix effects and broader demand across channels and markets.

3 articles · Updated · Reuters · Nov 3

Pfizer lifted its 2026 outlook to $62 billion-$64 billion in revenue and $2.95-$3.05 a share in earnings after third-quarter results beat Wall Street estimates.
Third-quarter revenue rose to $16.58 billion and adjusted profit reached 87 cents a share, driven by strong demand for Padcev and a 25% jump in Eliquis sales to $2.52 billion.
Cecile Guegan was appointed CFO effective Nov. 1, a move analysts said adds stability as Pfizer prepares to set 2027 guidance.
Pfizer also pushed expected late-stage data for cancer drug mevrometostat into the first quarter of 2027, underscoring how its longer-term growth case still hinges on pipeline execution.
Shares slipped nearly 1% to $30.37, with investors weighing the beat-and-raise against already strong healthcare-sector gains and looming patent expirations after COVID product sales faded.