How Pfizer's Oncology Portfolio Is Shaping Up Before Q1 Results

Pfizer PFE is one of the largest and most successful drugmakers in oncology with an established presence in breast, genitourinary, thoracic, gastrointestinal cancer and blood cancers. It boasts a strong portfolio of approved cancer medicines as well as a robust pipeline of cancer candidates with a focus on multiple modalities, including small molecules, antibody-drug conjugates (ADCs) and immuno-oncology biologics.

The addition of Seagen in 2023 strengthened its position in oncology by adding four ADCs — Adcetris, Padcev, Tukysa and Tivdak.

Oncology sales comprise around 27% of its total revenues. Its oncology revenues grew 8% in 2025. Investors will be keen to know how its oncology segment performed in the first quarter when the company announces results on May 5.

Pfizer’s oncology sales in the first quarter are expected to have been driven by higher sales of key drugs like Xtandi, Lorbrena and the Braftovi-Mektovi combination, which should make up for declining sales of drugs like Ibrance. Sales of Ibrance are likely to have been hurt by generic entry in select international markets and the impact of Medicare Part D redesign in the United States. Sales of Inlyta are also likely to have declined. New drug, Elrexfio, is also expected to have contributed to growth.

As regards the antibody-drug conjugates or ADCs added from 2023’s Seagen acquisition, competitive pressure in the United States is likely to have hurt sales of Adcetris, while strong demand trends are likely to have benefited Padcev’s sales.

Pfizer has ventured into the oncology biosimilars space and markets six biosimilars for cancer. Its oncology biosimilars are expected to make a significant contribution to sales growth in the first quarter of 2026, similar to the past few quarters.

Pfizer is likely to provide updates on its oncology candidates in late-stage development, like atirmociclib and sigvotatug vedotin, on the first-quarter conference call. Regulatory application seeking approval of another key cancer candidate, sasanlimab, is under review in the EU for the treatment of BCG-naive high-risk non-muscle invasive bladder cancer, while that for vepdegestrant is under review in the United States for the treatment of ER+/HER2- metastatic breast cancer.

On the previous earnings conference call, Pfizer highlighted development plans for PF-08634404, a dual PD-1 and VEGF inhibitor, which it in-licensed from China's 3SBio last year. Pfizer plans to start four pivotal studies for PF-08634404 in 2026. An update is expected on the first-quarter conference call.

Competition in the Oncology Space

Pfizer is one of the largest drugmakers of cancer medicines. Other large players in the oncology space are AstraZeneca AZN, Merck MRK, J&J JNJ and Bristol-Myers.

For AstraZeneca, oncology sales now comprise around 44% of total revenues. Sales in its oncology segment rose 14% at constant exchange rate (CER) in 2025. AstraZeneca’s strong oncology performance was driven by medicines such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).

Merck’s key oncology medicines are PD-L1 inhibitor, Keytruda and PARP inhibitor, Lynparza, which it markets in partnership with AstraZeneca. Keytruda, approved for several types of cancer, alone accounts for more than 50% of Merck’s pharmaceutical sales. Keytruda recorded sales of $31.7 billion in 2025, up 7% year over year.

J&J’s oncology sales now comprise around 27% of its total revenues. Its oncology sales rose 20.9% on an operational basis in 2025 to $25.4 billion. While J&J’s older cancer drugs, multiple myeloma treatment Darzalex and prostate cancer drug Erleada, are key contributors to its top-line growth, new drugs such as Carvykti, Tecvayli, Talvey and Rybrevant, plus Lazcluze, hold the key to long-term growth.

Bristol-Myers’ key cancer drug is PD-L1 inhibitor, Opdivo, which accounts for around 21% of its total revenues. Opdivo’s sales rose 8% to $10 billion in 2025.

PFE’s Price Performance, Valuation and Estimates

Pfizer’s stock has risen 24.1% in the past year compared with an increase of 27.1% for the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its five-year mean. Going by the price/earnings ratio, Pfizer’s shares currently trade at 9.24 forward earnings, significantly lower than 17.26 for the industry as well as the stock’s five-year mean of 10.08.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings has been stable at $2.97 per share, while that for 2027 has been stable at $2.82 per share over the past 60 days.

Image Source: Zacks Investment Research

Pfizer has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Zacks' Research Chief Names "Stock Most Likely to Double"

Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.

This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.

Free: See Our Top Stock And 4 Runners Up

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

AstraZeneca PLC (AZN): Free Stock Analysis Report

Johnson & Johnson (JNJ): Free Stock Analysis Report

Pfizer Inc. (PFE): Free Stock Analysis Report

Merck & Co., Inc. (MRK): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research