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Inside Pfizer's Oncology Performance Ahead of Q4 Results
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Key Takeaways
Pfizer's oncology sales rose 7% in the first nine months of 2025, led by contributions from key drugs.
Pfizer's Q4 oncology growth likely came from Xtandi, Lorbrena and Padcev, offsetting weaker Ibrance sales.
Pfizer faces pressure from generics and Medicare Part D changes but expects biosimilars to aid Q4 results.
Pfizer (PFE - Free Report) is one of the largest and most successful drugmakers in oncology. 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. The acquired Seagen products contributed meaningfully to Pfizer’s revenues in the first nine months of 2025.
Oncology sales comprise around 28% of its total revenues. Its oncology revenues grew 7% in the first nine months of 2025. Investors will be keen to know how its oncology segment performed in the fourth quarter when the company announces results on Feb. 3.
Pfizer’s oncology sales in the fourth 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 declined due to continued competitive pressure across markets, generic entry in select international markets, and the impact of Medicare Part D redesign in the United States. Medicare Part D redesign is expected to have had a negative impact on sales of some other oncology drugs like Xtandi and Lorbrena. Sales of Inlyta are also likely to have declined.
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, mainly due to market share gains in first-line metastatic urothelial cancer, are likely to have benefited Padcev’s sales.
Pfizer has ventured into the oncology biosimilars space and markets six biosimilars for cancer. Revenues from oncology biosimilars are likely to have risen in the fourth quarter.
Pfizer is likely to provide updates on its oncology candidates in late-stage development, like atirmociclib, vepdegestrant and sigvotatug vedotin on the fourth-quarter conference call. Sasanlimab, for the treatment of BCG-naive high-risk non-muscle invasive bladder cancer, is under review in the United States and the EU.
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 - Free Report) , Merck (MRK - Free Report) , J&J (JNJ - Free Report) and Bristol-Myers.
For AstraZeneca, oncology sales now comprise around 43% of total revenues. Sales in its oncology segment rose 16% in the first nine months of 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-LI 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 $23.3 billion in the first nine months of 2025, up 8% year over year.
Bristol-Myers’ key cancer drug is PD-LI inhibitor, Opdivo, which accounts for around 20% of its total revenues. Opdivo’s sales rose 8% to $7.54 billion in the first nine months of 2025.
J&J’s oncology sales now comprise around 27% of its total revenues. Its oncology sales rose 20.6% on an operational basis in the first nine months to $18.52 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.
PFE’s Price Performance, Valuation and Estimates
Pfizer’s stock has declined 4.4% in the past year against an increase of 21.8% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its 5-year mean. Going by the price/earnings ratio, the company’s shares currently trade at 8.40 forward earnings, lower than 17.56 for the industry and the stock’s 5-year mean of 10.32.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings has declined from $3.14 to $3.02 per share over the past 60 days.
Image: Bigstock
Inside Pfizer's Oncology Performance Ahead of Q4 Results
Key Takeaways
Pfizer (PFE - Free Report) is one of the largest and most successful drugmakers in oncology. 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. The acquired Seagen products contributed meaningfully to Pfizer’s revenues in the first nine months of 2025.
Oncology sales comprise around 28% of its total revenues. Its oncology revenues grew 7% in the first nine months of 2025. Investors will be keen to know how its oncology segment performed in the fourth quarter when the company announces results on Feb. 3.
Pfizer’s oncology sales in the fourth 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 declined due to continued competitive pressure across markets, generic entry in select international markets, and the impact of Medicare Part D redesign in the United States. Medicare Part D redesign is expected to have had a negative impact on sales of some other oncology drugs like Xtandi and Lorbrena. Sales of Inlyta are also likely to have declined.
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, mainly due to market share gains in first-line metastatic urothelial cancer, are likely to have benefited Padcev’s sales.
Pfizer has ventured into the oncology biosimilars space and markets six biosimilars for cancer. Revenues from oncology biosimilars are likely to have risen in the fourth quarter.
Pfizer is likely to provide updates on its oncology candidates in late-stage development, like atirmociclib, vepdegestrant and sigvotatug vedotin on the fourth-quarter conference call. Sasanlimab, for the treatment of BCG-naive high-risk non-muscle invasive bladder cancer, is under review in the United States and the EU.
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 - Free Report) , Merck (MRK - Free Report) , J&J (JNJ - Free Report) and Bristol-Myers.
For AstraZeneca, oncology sales now comprise around 43% of total revenues. Sales in its oncology segment rose 16% in the first nine months of 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-LI 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 $23.3 billion in the first nine months of 2025, up 8% year over year.
Bristol-Myers’ key cancer drug is PD-LI inhibitor, Opdivo, which accounts for around 20% of its total revenues. Opdivo’s sales rose 8% to $7.54 billion in the first nine months of 2025.
J&J’s oncology sales now comprise around 27% of its total revenues. Its oncology sales rose 20.6% on an operational basis in the first nine months to $18.52 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.
PFE’s Price Performance, Valuation and Estimates
Pfizer’s stock has declined 4.4% in the past year against an increase of 21.8% for the industry.
From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its 5-year mean. Going by the price/earnings ratio, the company’s shares currently trade at 8.40 forward earnings, lower than 17.56 for the industry and the stock’s 5-year mean of 10.32.
The Zacks Consensus Estimate for 2026 earnings has declined from $3.14 to $3.02 per share over the past 60 days.
Pfizer has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.