Adds details throughout, analyst comments

Dec 16 (Reuters) - Pfizer PFE.N on Tuesday forecast 2026 profit below Wall Street estimates as it expects a drop in sales of its COVID products and a revenue hit from the loss of exclusivity on some older drugs.

Pfizer's shares have been largely stagnant for years as its COVID product sales have waned and its pipeline has not produced a game-changing drug that lifted some of its rivals. The company targets more than $7 billion in savings through 2027 as it tries to control costs.

The drugmaker said it exceeded its expectations for cost reductions in 2025 and is on track to deliver most of the savings next year. It expects 4% operational revenue growth, which excludes COVID products and those that are set to lose patents.

Pfizer shares were marginally higher in premarket trading after initially falling.

"This core guidance is slightly above our expectations... we would not be surprised to see modest EPS upside through the year on better cost management/the company’s ongoing restructuring efforts," said JPMorgan analyst Chris Schott in a research note.

The drugmaker expects 2026 adjusted profit per share to be between $2.80 and $3, below analysts' average estimate of $3.05 per share, according to data compiled by LSEG.

It expects revenue for next year in the range of $59.5 billion to $62.5 billion, compared with estimates of $61.59 billion. The projection includes a drop in revenue from its COVID-19 products of about $1.5 billion from this year.

The company also expects a revenue hit of about $1.5 billion due to certain products losing exclusivity in 2026.

Pfizer revised its revenue forecast for 2025 to about $62 billion from the previous range of $61 to $64 billion. It maintained its adjusted profit outlook for the year.

The company expects full-year 2026 adjusted R&D expenses to be in the range of $10.5 billion to $11.5 billion - $500 million higher at either end than the 2025 estimate - due to development of an antibody in-licensed from 3SBio as well as multiple clinical programs from Metsera.

Pfizer last month closed its up to $10 billion acquisition of Metsera MTSR.O after winning shareholder approval, gaining a foothold in the fast-growing obesity market following a fierce bidding war with Novo Nordisk NOVOb.CO.

(Reporting by Puyaan Singh in Bengaluru; Editing by Anil D'Silva and Susan Fenton)

((Puyaan.Singh@thomsonreuters.com;))