Pfizer (PFE) has raised the midpoint of its 2026 revenue guidance by $500 million, despite cutting its COVID-19 revenue expectation by $1 billion to about $4 billion. The company's underlying business, excluding COVID products, grew 5% operationally in the second quarter of 2026. Pfizer also anticipates approximately $9.7 billion in total net savings through 2029.

Conversely, animal health company Zoetis (ZTS) has cut its 2026 outlook, now expecting revenue to decline 1% to 3% on an organic operational basis, citing a lack of market stabilization in sales trends through July. In Q2 2026, its Companion Animal revenue fell 6% organically, though Livestock revenue grew 11% and Companion Animal Diagnostics grew 12%.