Freedom Raises Pfizer’s Price Target to $34 After Strong Earnings

Resilient sales of key drugs are enabling Pfizer (PFE) to offset the decline in revenue from COVID-19 products, according to Freedom analysts Ilya Zubkov, Boris Tolkachev, and Aydyn Seytzhapbar. After strong Q3 results, the experts raised their forecasts for the current year and increased the stock’s price target from $33 to $34. The “Buy” recommendation is maintained.

Pfizer is an international pharmaceutical company that produces medicines and vaccines. Its main business areas include oncology, cardiology, and the treatment of rare diseases. Analysts link the long-term outlook to new drugs and advancing developments toward commercial launch.

Core business proved stronger than overall revenue trends

According to the report for Q3 2026, Pfizer’s revenue totaled $16.58 billion, down 0.4% year over year. At the same time, the result exceeded Freedom’s forecast of $16 billion and the market consensus of $15.87 billion.

Excluding COVID-19 products, revenue grew 7% on an operational basis, i.e., excluding the impact of exchange rates. Sales of recently launched and acquired drugs rose 32% to $3.8 billion.

According to Freedom’s calculations, revenue from the non-COVID portfolio exceeded the forecast by about $1.07 billion. Nearly half of that upside was offset by a shortfall in sales of COVID-19 products.

Eliquis, Vyndaqel, and Padcev supported results

Sales of Eliquis—a drug for the prevention and treatment of blood clots—rose 25% to $2.52 billion. Freedom expected $2.10 billion. The result was supported by steady demand and a higher net price in the U.S., including due to reduced discounts.

Revenue from the Vyndaqel family, used for transthyretin amyloidosis—a disease associated with the buildup of abnormal protein in tissues—increased 12% to $1.77 billion. Growth was driven by expanded diagnostics and broader access to treatment.

Sales of Padcev, a drug for treating certain forms of bladder and urinary tract cancer, jumped 55% to $720 million versus Freedom’s forecast of $589 million. Analysts consider it one of the main sources of growth for the oncology segment.

COVID products remain a drag

Combined sales of the Comirnaty vaccine and the antiviral Paxlovid totaled $1.26 billion versus Freedom’s expected $1.75 billion. Comirnaty revenue fell 29% year over year, and Paxlovid fell 63%.

Results were affected by lower incidence rates, narrower vaccination recommendations, and reduced international vaccine deliveries.

Pfizer maintained its guidance for combined sales of these products at about $4 billion for the year, counting on a significant contribution from Q4. Freedom cautiously assesses the achievability of this forecast.

The company raised full-year guidance

Adjusted earnings per share came in at $0.87, above the $0.73 consensus. Following the report, Pfizer raised its full-year revenue guidance from $60.5–62.5 billion to $62–64 billion, and adjusted EPS guidance from $2.80–3.00 to $2.95–3.05.

Freedom increased its own 2026 revenue forecast from $62 billion to $63.3 billion, and adjusted EPS from $2.97 to $3.03.

At the same time, a strong quarter does not eliminate long-term risks. Patent expirations and intensifying competition could limit sales of certain drugs. Therefore, to sustain earnings, Pfizer needs to successfully develop new products.

Why Freedom maintains the “Buy” recommendation

Previously, Freedom noted the resilience of Pfizer’s core business amid shrinking COVID sales. The new report confirms this trend: several major drugs beat analysts’ expectations at the same time.

Freedom’s positive view is based on the potential of new medicines and the development pipeline. At the same time, further performance will depend on study results and the ability of new products to offset declining sales of drugs losing patent protection.

Not an individual investment recommendation.