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

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

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

Oncology sales represent approximately 27% of its total revenue. Its oncology revenue grew 8% in 2025. Investors will be curious to see how its oncology segment performed in the first quarter when the company reports results on May 5.

PfizerOncology sales in the first quarter are expected to have been boosted by higher sales of key drugs like Xtandi, Lorbrena and the Braftovi-Mektovi combination, which are expected to offset lower sales of drugs like Ibrance. Ibrance sales were likely affected by the entry of generics into certain international markets and the impact of the Medicare Part D overhaul in the United States. Sales of Inlyta are also expected to have declined. The new drug, Elrexfio, is also expected to have contributed to the growth.

Concerning antibody-drug conjugates or ADCs added from 2023 Seagen Due to the acquisition, competitive pressure in the United States likely hurt Adcetris sales, while strong demand trends likely benefited Padcev sales.

Pfizer has ventured into the field of oncology biosimilars 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 previous quarters.

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

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

Competitions in the field of oncology

Pfizer is one of the largest manufacturers of cancer drugs. Other major players in the oncology sector are AstraZeneca $AZN AZN, Merck $MRK MRK, J&J JNJ and Bristol-Myers.

For AstraZenecaoncology sales now represent approximately 44% of total revenue. Sales of its oncology segment increased by 14% at constant exchange rate (CER) in 2025. AstraZenecaThe strong oncology performance is driven by drugs such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).

Merck‘s lead oncology drugs are the PD-L1 inhibitor, Keytruda, and the PARP inhibitor, Lynparza, which it markets in partnership with AstraZeneca. Keytruda, approved for several types of cancer, alone represents more than 50% of Merckpharmaceutical sales. Keytruda reported revenue of $31.7 billion in 2025, up 7% year-on-year.

J&J’s oncology sales now represent about 27% of its total revenue. Its oncology sales grew 20.9% on an operating 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, as well as Lazcluze, hold the key to long-term growth.

Bristol-Myers’ main cancer drug is the PD-L1 inhibitor Opdivo, which accounts for about 21% of its total revenue. Opdivo sales grew 8% to $10 billion in 2025.

PFE Price Performance, Valuation and Estimates

Pfizer‘s stock is up 24.1% over the past year, compared to the industry’s increase of 27.1%.

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From a valuation point of view, Pfizer looks attractive relative to the sector and is trading below its five-year average. If we stick to the price/earnings ratio, PfizerShares of are currently trading at 9.24 forward earnings, which is significantly lower than the industry’s 17.26 as well as the stock’s five-year average of 10.08.

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

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Pfizer 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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