Q3 pharma results expose diverging product growth and portfolio risks

Q3 updates show newer and acquired products offsetting pressure in legacy and COVID-related franchises. Pfizer reported 7% operational growth excluding COVID products and 32% growth from launched and acquired products; Novartis raised its core operating-income outlook, while Royalty Pharma raised 2026 guidance on 9% quarterly receipts growth. Novavax also raised FY2026 revenue guidance, with licensing and a Sanofi milestone contributing; growth durability, patent erosion and pipeline execution remain key watchpoints.