The announcement of the expanded savings plan came alongside the report of the company’s second-quarter financial results. Pfizer recorded 1% sales growth to $15 billion for the quarter, driven primarily by its anticoagulant product Eliquis (apixaban), which is partnered with Bristol Myers Squibb. Eliquis sales grew 19% to $2.43 billion, fueled by higher net prices in the United States, though this growth was partially offset by the onset of generic competition in certain markets outside the US. Other key contributors to revenue included the bladder cancer drug Padcev (enfortumab vedotin), which rose 23% to $667 million, and the lung cancer treatment Lorbrena (lorlatinib), which increased 37% to $354 million.
Pfizer shares edged lower by 1.7% on the day of the announcement following the disclosure that Chief Financial Officer Dave Denton will step down from his position and leave the company on August 15. The company noted that his departure is not related to any operational or financial issues; rather, Denton is leaving to pursue a professional opportunity in the consumer goods industry. To ensure continuity, Pfizer has named Cecile Guegan as Interim Chief Financial Officer effective August 16. Guegan, who has more than 20 years of experience within Pfizer, currently serves as Senior Vice President of Finance for the Global Biopharmaceutical Business. The company stated it will conduct a comprehensive review of internal and external candidates to find a permanent successor, with Denton and Guegan expected to manage a handover during the transition period.
This latest expansion of the cost-reduction drive is the latest installment of a major restructuring that began in 2023. The initial target of cutting $3.5 billion in annual costs was scaled up last year to $7.7 billion, resulting in headcount reductions of approximately 13,000 in 2024 and 2025. These workforce reductions mainly affected operations in the US and Europe, leaving the company with a headcount of around 75,000 at the end of last year. The restructuring was necessitated by a steep decline in revenues from its BioNTech-partnered COVID-19 vaccine as pandemic demand waned.
Chairman and Chief Executive Officer Albert Bourla described the quarter as “strong,” noting that recently launched and acquired products are performing well. He highlighted the company’s progress in advancing R&D projects, including its oncology pipeline and obesity programs acquired through the $10 billion takeover of Metsera last year. Bourla acknowledged Denton’s role in maintaining financial strength during a period of significant corporate activity, which included major acquisitions such as Seagen, Biohaven, and Metsera.
Looking ahead, Pfizer has raised its full-year 2026 revenue guidance to a range of $60.5 billion to $62.5 billion, up from the previous estimate of $59.5 billion to $62.5 billion. The company anticipates a return to stronger growth from 2028 onwards, a period when the impact of the Eliquis patent loss is expected to diminish.
