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Pfizer's Pipeline Strategy Centers on Obesity and Oncology
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Key Takeaways
Pfizer's 95-program pipeline is increasingly focusing on obesity and oncology to rebuild growth.
Berobenatide is in phase III, with Pfizer targeting its first potential approvals in 2028.
Oncology remains a key pipeline engine, with late-stage candidates spanning several cancer types.
Pfizer’s (PFE - Free Report) R&D pipeline is becoming an increasingly important part of the investment story as the company is trying to revive growth after the sharp decline in COVID-19 product revenues and address several upcoming patent expirations. As of Aug. 4, 2026, Pfizer had 95 pipeline programs. The pipeline spans oncology, internal medicine, inflammation & immunology and vaccines. Though Pfizer's pipeline is broad, the most important assets are concentrated in obesity and oncology.
Let's break it down.
Berobenatide: Pfizer's Biggest New Growth Opportunity
The most important emerging asset in Pfizer's pipeline is arguably berobenatide, its monthly GLP-1 receptor agonist, added from last year’s Metsera acquisition. The candidate is being developed in phase III for chronic weight management.
Pfizer's earlier oral GLP-1 program, danuglipron, failed to establish the company as a major oral obesity player. Berobenatide represents a different approach. Berobenatide is a long-acting injectable peptide GLP-1, whereas danuglipron was an oral small-molecule GLP-1.
The currently available and highly popular weight loss GLP therapies, Eli Lilly’s (LLY - Free Report) Zepbound and Novo Nordisk’s (NVO - Free Report) Wegovy, are weekly injections. On the other hand, Pfizer’s berobenatide starts off as a weekly injection and then switches to a monthly injection. Berobenatide is designed for monthly maintenance dosing.
Pfizer plans 10 phase III studies for berobenatide for obesity and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnea. Three phase III studies on berobenatide have already begun. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028. Pfizer is also evaluating berobenatide in combination with an amylin-based therapy, PF'3945, in phase II studies.
Pfizer is also advancing its oncology clinical pipeline across areas such as breast, thoracic, gastrointestinal and blood cancers. Several oncology candidates have entered late-stage development, such as atirmociclib (a selective CDK4 inhibitor for HR-positive/HER2-negative breast cancer), sigvotatug vedotin (an antibody-drug conjugate for first-line metastatic non-small cell lung cancer) and mevrometostat (an EZH2 inhibitor being developed in combination with enzalutamide for prostate cancer). A regulatory application seeking approval of sasanlimab for BCG-naïve, high-risk non-muscle invasive bladder cancer is also under review in the EU.
One of Pfizer's more strategically interesting oncology programs is PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer has initiated nine studies, including two pivotal phase III studies for PF-08634404 in first-line metastatic colorectal cancer and first-line NSCLC, and additional phase II studies in small-cell lung cancer and gastroesophageal cancers. Pfizer aims to establish PF-08634404 as a potential backbone therapy across multiple tumor types.
Dual PD-1/VEGF inhibitors have been designed to overcome the limitations of single-target cancer therapies like Merck’s (MRK - Free Report) blockbuster PD-L1 inhibitor, Keytruda.
Pfizer is also working on expanding the labels of approved cancer products like Padcev, Tuksya and Elrexfio, among others.
Conclusion
The 95-program pipeline provides plenty of shots on goal, but the key question for PFE investors is whether berobenatide plus the next generation of oncology drugs can generate enough new revenues to offset declining COVID sales, patent expirations and other portfolio pressures.
PFE’s Price Performance, Valuation and Estimates
Pfizer stock has risen 16.6% so far this year compared with an increase of 14.6% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Pfizer appears attractive relative to the industry. Going by the price/earnings ratio, Pfizer’s shares currently trade at 9.84 forward earnings, significantly lower than 18.79 for the industry. However, the stock is trading above its five-year mean of 9.25.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.96 to $2.98, while that for 2027 has risen from $2.85 to $2.94 over the past 30 days.
View the Zacks #1 Rank List
Image: Bigstock
Pfizer's Pipeline Strategy Centers on Obesity and Oncology
Key Takeaways
Pfizer’s (PFE - Free Report) R&D pipeline is becoming an increasingly important part of the investment story as the company is trying to revive growth after the sharp decline in COVID-19 product revenues and address several upcoming patent expirations. As of Aug. 4, 2026, Pfizer had 95 pipeline programs. The pipeline spans oncology, internal medicine, inflammation & immunology and vaccines. Though Pfizer's pipeline is broad, the most important assets are concentrated in obesity and oncology.
Let's break it down.
Berobenatide: Pfizer's Biggest New Growth Opportunity
The most important emerging asset in Pfizer's pipeline is arguably berobenatide, its monthly GLP-1 receptor agonist, added from last year’s Metsera acquisition. The candidate is being developed in phase III for chronic weight management.
Pfizer's earlier oral GLP-1 program, danuglipron, failed to establish the company as a major oral obesity player. Berobenatide represents a different approach. Berobenatide is a long-acting injectable peptide GLP-1, whereas danuglipron was an oral small-molecule GLP-1.
The currently available and highly popular weight loss GLP therapies, Eli Lilly’s (LLY - Free Report) Zepbound and Novo Nordisk’s (NVO - Free Report) Wegovy, are weekly injections. On the other hand, Pfizer’s berobenatide starts off as a weekly injection and then switches to a monthly injection. Berobenatide is designed for monthly maintenance dosing.
Pfizer plans 10 phase III studies for berobenatide for obesity and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnea. Three phase III studies on berobenatide have already begun. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028. Pfizer is also evaluating berobenatide in combination with an amylin-based therapy, PF'3945, in phase II studies.
Oncology Remains Pfizer's Strongest Pipeline Engine
Pfizer is also advancing its oncology clinical pipeline across areas such as breast, thoracic, gastrointestinal and blood cancers. Several oncology candidates have entered late-stage development, such as atirmociclib (a selective CDK4 inhibitor for HR-positive/HER2-negative breast cancer), sigvotatug vedotin (an antibody-drug conjugate for first-line metastatic non-small cell lung cancer) and mevrometostat (an EZH2 inhibitor being developed in combination with enzalutamide for prostate cancer). A regulatory application seeking approval of sasanlimab for BCG-naïve, high-risk non-muscle invasive bladder cancer is also under review in the EU.
One of Pfizer's more strategically interesting oncology programs is PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer has initiated nine studies, including two pivotal phase III studies for PF-08634404 in first-line metastatic colorectal cancer and first-line NSCLC, and additional phase II studies in small-cell lung cancer and gastroesophageal cancers. Pfizer aims to establish PF-08634404 as a potential backbone therapy across multiple tumor types.
Dual PD-1/VEGF inhibitors have been designed to overcome the limitations of single-target cancer therapies like Merck’s (MRK - Free Report) blockbuster PD-L1 inhibitor, Keytruda.
Pfizer is also working on expanding the labels of approved cancer products like Padcev, Tuksya and Elrexfio, among others.
Conclusion
The 95-program pipeline provides plenty of shots on goal, but the key question for PFE investors is whether berobenatide plus the next generation of oncology drugs can generate enough new revenues to offset declining COVID sales, patent expirations and other portfolio pressures.
PFE’s Price Performance, Valuation and Estimates
Pfizer stock has risen 16.6% so far this year compared with an increase of 14.6% for the industry.
From a valuation standpoint, Pfizer appears attractive relative to the industry. Going by the price/earnings ratio, Pfizer’s shares currently trade at 9.84 forward earnings, significantly lower than 18.79 for the industry. However, the stock is trading above its five-year mean of 9.25.
The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.96 to $2.98, while that for 2027 has risen from $2.85 to $2.94 over the past 30 days.
Pfizer has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.