Ironwood Raises 2026 Revenue Guidance to $460-$485 Million on Linzess Demand

Pfizer is trading at roughly 9.6 times the midpoint of its 2026 adjusted diluted EPS guidance range of $2.80 to $3.00, a discount that reflects expected earnings decline rather than a straightforward bargain. The 2026 EPS midpoint sits below the $3.075 midpoint of Pfizer's 2025 guidance, and the company expects 2026 revenue of $59.5 billion to $62.5 billion against approximately $62 billion in 2025 guidance, with COVID-19 products falling to about $5 billion from approximately $6.5 billion and loss-of-exclusivity products creating another $1.5 billion revenue headwind. Excluding COVID products and products facing loss of exclusivity, Pfizer expects approximately 4% operational revenue growth at the midpoint, suggesting a business in transition rather than one losing its ability to grow. On the pipeline side, Pfizer reported Phase 2b data in June for berobenatide, its investigational monthly GLP-1 receptor agonist, showing almost 16% non-placebo-adjusted weight loss at 32 weeks at the 2.4 mg weekly dose, and plans 10 Phase 3 studies in 2026 within a program of more than 20 obesity trials, while also highlighting next-generation oncology programs including a PD-1/VEGF bispecific antibody, an antibody-drug conjugate and a next-generation CDK4 inhibitor at ASCO 2026. Pfizer also reached settlements with generic manufacturers extending VYNDAMAX's effective U.S. patent expiry to June 1, 2031, versus a previous expectation of significant U.S. revenue decline beginning in 2029, and now expects VYNDAMAX revenue to remain relatively stable from 2028 through mid-2031, subject to other litigation, with 2026 adjusted R&D spending guided to $10.5 billion to $11.5 billion.

AbbVie grew total revenue 10.2% to $16.99 billion last quarter even as Humira sales fell 35.9% to $756 million, with the company's newer immunology drugs carrying the growth. Skyrizi brought in $5.505 billion, up 24.4%, and Rinvoq added $2.525 billion, up 24.5%, lifting total immunology sales to $8.786 billion, up 15.1%. Neuroscience contributed $3.228 billion, up 20.3%, while oncology slipped 1.5% to $1.650 billion and aesthetics edged up 0.3% to $1.282 billion. Adjusted earnings per share came in at $3.65, up 22.9%, against GAAP earnings of $2.03, and management guides to full-year adjusted EPS of $13.87 to $14.07. AbbVie recently closed its purchase of Apogee Therapeutics at $135.11 per share in cash, for a total equity value of $10.9 billion, a deal the company says will reduce adjusted EPS by $0.14 this year and approximately $0.46 in 2027, with accretion beginning in 2032. At a forward P/E of 18.97 as of October 6, AbbVie trades essentially in line with the sector's 18.84 but above its own five-year average of 14.51, a premium that leans on expected EPS growth of 16.14% in 2027.

Novo Nordisk raised its 2026 outlook while telling investors at a London strategy day that it aims to grow revenue through 2030 at roughly the pace of large drugmaker peers. In the second quarter of 2026, adjusted sales rose 7% at constant exchange rates and adjusted operating profit rose 11%, though reported operating profit fell 16%, dragged down by a DKK 6.3 billion non-cash impairment on pipeline assets and by a year-ago rebate reversal. The raised 2026 outlook now puts adjusted sales and operating profit between flat and down 6% at constant exchange rates, while the longer view promises more than five multi-blockbuster launches by 2030, over DKK 150 billion in pipeline sales in 2035, and revenue growth in line with peers from 2026 to 2030, which management stressed are ambitions rather than guidance. The company's Wegovy pill topped 265,000 weekly prescriptions in a single week this summer and total prescriptions have passed 5 million since launch, but Eli Lilly's Mounjaro and Zepbound have overtaken Ozempic and Wegovy in the US, and Novo's next-generation shot CagriSema missed its goal of proving it was not inferior to Lilly's tirzepatide. At a forward P/E of 10.97 as of October 6, against 18.77 for the sector and a five-year average of 27.91, Novo trades well below peers, with 59 hedge funds holding the stock in the most recent quarter, up from 55, and short interest at just 0.83% of the float.