Pfizer signaled Tuesday it expects a challenging 2026 as it invests in new products to offset declines in Covid-19 revenues while limiting shareholder payouts. The drugmaker expects a drop of $1.5 billion in 2026 revenues tied to lower Covid-19 sales and the decline of another $1.5 billion from products experiencing a loss of exclusivity.

Pfizer signaled Tuesday it expects a challenging 2026 as it invests in new products to offset declines in Covid-19 revenues while limiting shareholder payouts. The drugmaker expects a drop of $1.5 billion in 2026 revenues tied to lower Covid-19 sales and the decline of another $1.5 billion from products experiencing a loss of exclusivity.