PFE's New & Acquired Drugs Drive Non-COVID Comeback as LOE Test Looms

With the end of the pandemic, sales of Pfizer’s PFE COVID products, Comirnaty and Paxlovid, declined from their peak. However, Pfizer’s non-COVID operational revenues are improving, driven by its key in-line products like Vyndaqel, Padcev and Eliquis, recent launches and newly acquired products like Nurtec and those from Seagen (December 2023).

The year 2023 was a record year for Pfizer in terms of new drug approvals. It received nine new medicine/vaccine approvals in 2023 that have begun to contribute to top-line growth. In 2024, it gained approval for a gene therapy for hemophilia, Hympavzi (marstacimab). In December 2023, Pfizer acquired Seagen, which strengthened its position in oncology by adding four antibody-drug conjugates or ADCs — Adcetris, Padcev, Tukysa and Tivdak. The acquired Seagen products contributed meaningfully to Pfizer’s revenues in 2024 and 2025 so far. Seagen also has some next-generation ADC candidates in its pipeline.

Pfizer's recently launched and acquired products rose approximately 9% operationally in the first nine months of 2025, with the momentum expected to continuein 2026.

Pfizer faces some near-term challenges, including softness in sales of its COVID products, U.S. Medicare Part D headwinds and the upcoming loss of exclusivity (LOE) cliff in the 2026-2030 period. However, Pfizer’s key drugs like Vyndaqel, Padcev and its recently launched and acquired products should help the company largely offset its LOEs over the next several years. Pfizer expects the 2025 to 2030 revenue CAGR to be approximately 6% despite the LOE cliff.

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 and Bristol-Myers BMY.

For AstraZeneca, oncology sales now comprise around 43% of total revenues. Sales in its oncology segment rose 16% in the 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 nine months of 2025.

PFE’s Stock Price, Estimates & Valuation

Pfizer’s stock has declined 8% so far this year against an increase of 15.2% 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 7.76 forward earnings, lower than 16.91 for the industry and the stock’s 5-year mean of 10.47.

The Zacks Consensus Estimate for 2025 earnings has risen from $3.07 per share to $3.14, while that for 2026 has declined from $3.15 per share to $3.14 over the past 30 days.

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

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

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