What to Expect From Pfizer's Non-Oncology Business in Q4?

Pfizer PFE is set to release its fourth-quarter and full-year 2025 results on Feb. 3, with investor attention focused on oncology sales, which generate more than 28% of total revenues. Key cancer drugs include Ibrance, Xtandi, Lorbrena, Braftovi/Mektovi and Seagen-acquired antibody-drug conjugates such as Padcev.

Beyond oncology, Pfizer has a broad footprint across internal medicine, vaccines, inflammation and immunology and rare diseases. Outside the Oncology segment, the company operates through its Primary Care and Specialty Care businesses.

Let's discuss how the drugs in these two non-oncology segments are expected to have performed in the third quarter.

In Primary Care, alliance revenues and direct sales from Bristol-MyersBMY-partnered Eliquis are likely to have risen, driven by higher demand trends globally, partially offset by price and generic erosion in some ex-U.S. markets. Sales of the key vaccine Prevnar are likely to have declined due to lower demand in the United States, partially offset by higher sales in international markets.  The Prevnar family includes revenues from Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20 (adult and pediatric).

The Zacks Consensus Estimate for alliance revenues from Eliquis is pegged at $2.1 billion, while that for the Prevnar family of vaccines stands at $1.64 billion.

Pfizer records direct sales and alliance revenues from its partner, BioNTechBNTX, for its COVID-19 vaccine, Comirnaty. Revenues from Comirnaty are likely to have declined in the fourth quarter due to narrower COVID-19 vaccine recommendations in the United States that reduced Comirnaty’s eligible patient population. Sales of the antiviral pill for COVID-19, Paxlovid, should also have declined due to lower infection rates, which hurt demand trends.

Among the newer products, sales of the RSV vaccine, Abrysvo, in the United States are expected to have been hurt by limited recommendations for RSV vaccinations issued by the US Advisory Committee on Immunization Practices. Sales are expected to have risen in international markets. Sales of Nurtec ODT/Vydura are likely to have been driven by strong demand in the United States and recent launches in certain international markets, partially offset by the impact of the IRA Medical Part D redesign and the 340B program.

In the Specialty Care unit, while sales of Vyndaqel are likely to have remained strong, driven by continued demand growth, sales of Xeljanz and Enbrel may have declined.

The Zacks Consensus Estimate for sales of the Vyndaqel family is pegged at $1.66 billion.

PFE’s Price Performance, Valuation and Estimates

Pfizer stock has declined 2.5% in the past year compared to a rise of 24.1% for the industry. 

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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, the company’s shares currently trade at 8.58 forward earnings, lower than 17.73 for the industry and the stock’s five-year mean of 10.31.

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The Zacks Consensus Estimate for 2026 earnings has declined from $3.14 to $3.00 per share over the past 60 days.

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Pfizer has a Zacks Rank #4 (Sell). 

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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