Pfizer Q2 2026 non-COVID guidance rise powered by Eliquis, NURTEC and Padcev

Decomposing the $1.5B non-COVID guidance increase and the evidence for momentum

How much of the $1.5B increase was driven by Eliquis vs. other launched/acquired products?

What management explicitly said about the mix

In the Q&A, management did not provide a numeric split of the $1.5B non-COVID guidance increase between Eliquis and the rest of the portfolio (including NURTEC and Padcev). They described the increase as multi-driver, explicitly naming Eliquis and also pointing to “launched and acquired products” as contributors. ¹

Management framed the raise as reflecting:

• “Exceeding our expectation in Q1 and Q2 on non-COVID portfolio” and
• “confidence in the momentum across our overall business,” coming from key products including Eliquis as well as “launched and acquired products.” ¹

Direct proxies for relative contribution (without a numeric Eliquis split)

Although the company did not quantify “how much” came from Eliquis, it provided evidence of which brands were strong and therefore plausibly important drivers:

• Overall launched & acquired product performance: Pfizer stated that launched and acquired product delivered $3.2B in revenues and grew 18% operationally in the quarter, with growth 27% excluding one-time items recorded in Q2 2025. ²

• Eliquis named as a core contributor: management explicitly listed Eliquis among products driving portfolio contribution and called Eliquis “one of them.” ^{1 2}

• NURTEC (explicit momentum statement): management stated that NURTEC delivered strong year-over-year growth and continued to lead the oral CGRP class in total prescriptions. ³

• Padcev (explicit momentum statement): management said Q2 was really strong, with Padcev growing over 20%; they also highlighted la/mUC new patient share now above 60% and described continued uptake in MIBC (primarily neoadjuvant prescribing so far). ⁴

What this implies about Eliquis vs. others

Given the lack of a numeric decomposition, the best evidence-based conclusion is:

• Eliquis contributed meaningfully, but management characterized the $1.5B raise as not a single-driver story—it was driven by both Eliquis and other launched and acquired products, including NURTEC and Padcev. ¹
• The company provided quantitative operational growth evidence for the broader launched & acquired basket ($3.2B revenues; +18% operationally; +27% excluding Q2 2025 one-time items) and separately quantified growth for Padcev (>20%), and described NURTEC’s prescription leadership—but it did not provide an equivalent numeric growth figure for Eliquis in the excerpts. ^{2 4 3}

Accordingly, you cannot precisely calculate “how much of the $1.5B increase” was Eliquis (vs. NURTEC/Padcev/others) from the provided material; the excerpts support a qualitative multi-brand attribution rather than a numerical split. ^{1 5}

Evidence management cited for underlying momentum in U.S. and international markets

Management consistently pointed to momentum as broad-based across regions and supported by commercial execution, plus brand-specific performance:

1) Regional strength: U.S. and international, multi-driver

• Pfizer stated that non-COVID portfolio performance is “definitely very strong, both in the U.S. and in international” and that it is not one single driver—it reflects execution across both regional businesses and multiple products. ¹

2) Confidence tied to exceeding prior expectations and portfolio momentum

• Management explicitly linked the incremental guidance raise to exceeding expectations in Q1 and Q2 on the non-COVID portfolio and to confidence in momentum across the overall business, including both key products (Eliquis) and launched/acquired products (e.g., NURTEC and Padcev). ¹

3) Commercial contribution and specific brand execution

• Management said results reflected the effectiveness of its commercial strategy, with solid contribution across the portfolio primarily driven by Eliquis, Padcev, the Vyndaqel family, and Lorbrena. ²
• Management emphasized that commercial teams across international and U.S. markets focused on identifying patients, enabling access, and supporting duration of therapy based on clinical data, helping maintain leadership across oncology and vaccines. ²

4) Quantitative operational growth signals across the launched/acquired portfolio

• Management provided a concrete operating metric for the broader non-COVID “launched and acquired” set:
  • $3.2B revenues
  • +18% operational revenue growth
  • +27% excluding onetime items impacting the legacy Seagen in-line portfolio in Q2 2025 ²

5) Brand-level momentum cited for key non-COVID products

Padcev momentum (with explicit growth and share):

• Grew over 20% in Q2. ⁴
• la/mUC new patient share above 60%. ⁴
• Uptake in MIBC mainly in the neoadjuvant setting so far, with expectation patients reaching adjuvant treatment over time. ⁴

NURTEC momentum (with prescription leadership):

• Strong year-over-year growth. ³
• Continued to lead the oral CGRP class in total prescriptions. ³

Eliquis as part of portfolio drivers:

• Management explicitly said Eliquis was among the key products contributing to momentum and named Eliquis as a primary driver in the commercial contribution statement. ^{1 2}
• However, the excerpts do not provide the specific percentage growth figure for Eliquis (the only Eliquis growth figure mentioned is framed as the partner BMS describing 20% to 25% growth this year, but it’s not directly tied to the $1.5B split question). ⁵

Bottom line

• No numeric Eliquis-vs-rest breakdown of the $1.5B non-COVID guidance increase is provided in the excerpts. Management described the increase as multi-driver, with Eliquis and launched/acquired products (including NURTEC and Padcev) all contributing. ¹
• The strongest quantitative/regional momentum evidence offered was:
  • U.S. and international strength with commercial execution and patient/access/duration support. ^{1 2}
  • Launched/acquired portfolio delivered $3.2B revenues and +18% operational growth (or +27% excluding Q2 2025 onetime items). ²
  • Padcev: >20% Q2 growth and >60% la/mUC new patient share. ⁴
  • NURTEC: strong YoY growth and oral CGRP prescription leadership. ³