Medtronic’s turnaround looks more convincing for now, the analysis concludes: fiscal 2026 organic revenue grew 5.8%, while Pfizer’s operational revenue growth was 1% in Q2. Pfizer’s newer products are expanding, but falling COVID sales and generic competition remain headwinds.
Pfizer’s revenue excluding Comirnaty and Paxlovid rose 5% operationally in Q2; recently launched and acquired products grew 18% operationally to $3.2 billion. Management lowered its 2026 COVID-product revenue expectation from about $5 billion to about $4 billion, largely because of lower expected Paxlovid revenue, but raised the midpoint of total 2026 revenue guidance by $500 million to $61.5 billion. Pfizer also projects about $6.7 billion in net savings from cost realignment through 2029 and another $3 billion from manufacturing optimization; these are targets, not achieved savings.
Medtronic reported $36.4 billion in fiscal 2026 revenue, up 5.8% organically; the company called this its strongest annual revenue growth in a decade. Fourth-quarter organic growth was 6.6%, and management guided for 6.75%–7.25% in FY2027. Yet full-year non-GAAP EPS rose just 0.7% to $5.53 and non-GAAP operating margin fell 130 basis points to 24.4%, leaving the conversion of sales growth into earnings as a key test.
