Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States, Europe, and internationally. The company offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic, migraine, and women's health under the Eliquis, Nurtec ODT/Vydura, Zavzpret, and the Premarin family brands; infectious diseases with unmet medical needs under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and COVID-19 prevention and treatment, and potential future mRNA and antiviral products under the Comirnaty and Paxlovid brands. It also provides medicines and vaccines in various therapeutic areas, such as biosimilars for chronic immune and inflammatory diseases under the Xeljanz, Enbrel, Inflectra, Litfulo, Velsipity, and Cibinqo brands; amyloidosis, hemophilia, endocrine diseases, and sickle cell disease under the Vyndaqel family, Oxbryta, BeneFIX, Somavert, Ngenla, and Genotropin brands; sterile injectable and anti-infective medicines under the Sulperazon, Medrol, Zavicefta, Zithromax, and Panzyga brands; and biologics, small molecules, immunotherapies, and biosimilars under the Ibrance, Xtandi, Inlyta, Bosulif, Mektovi, Padcev, Adcetris, Talzenna, Tukysa, Elrexfio, Tivdak, Lorbrena, and Braftovi brands. In addition, the company involved in the contract manufacturing business. It serves wholesalers, retailers, hospitals, clinics, government agencies, pharmacies, individual provider offices, retail pharmacies, and integrated delivery systems. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Merck KGaA; and BioNTech SE. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York.

Pfizer appears to be a mature company with strong operating margins, but with noticeable pressure on earnings quality and capital efficiency. On valuation multiples, the picture is mixed: P/S, P/B, and P/FCF are below industry medians, which supports the idea of moderate undervaluation; however, P/E is noticeably above the median, and its increase across several periods suggests that the market is already pricing in more cautious earnings expectations. Profitability is the main weak point: ROE, ROA, and ROI are significantly below the industry and have deteriorated over the years, indicating weak returns on capital and assets. At the same time, operating margin remains high and above the median, and net profit margin also looks acceptable, meaning the business is able to generate profit at the operating level. Revenue and gross profit trends overall do not look poor, but they do not show sustained acceleration that could justify a more aggressive re-rating. EBITDA and operating income remain positive and fairly large, confirming the scale and resilience of the core business. The balance sheet does not look critically strained either: debt/equity is moderate, though above the industry median, and long-term debt is significant, which limits room for multiple expansion. Liquidity is weaker than desired: current ratio and quick ratio are below industry benchmarks, so the working capital cushion does not look comfortable. There is a dividend yield, but it is not high enough to fully offset the weak capital efficiency trend. Net income and some quarterly profit figures look uneven, which adds uncertainty to the forecast. Overall, the fundamentals support the current valuation with a slight downward bias rather than providing grounds for a meaningful increase in the target price. For an investor, this is a story of a quality but not fast-growing business, where strong margins and a relatively reasonable valuation on some multiples are offset by weak returns on capital and less-than-ideal liquidity.

Pfizer, Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, без изменений. Рынок не поддерживает быков.

Strong index, flat. The market does not support the bulls.

Средний индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Medium index, slightly up. Outflow of funds from longs at a high level.

Pfizer has strong operating margins and moderate valuation multiples, but weak return on capital, uneven earnings, and elevated debt levels are limiting the upside.

Key Points
Pfizer is one of the world's best-known drug companies, offering a well-above-market dividend yield.
The company is facing typical industry headwinds, which make the dividend look risky.
Pfizer (NYSE: PFE) is not hitting on all cylinders today. That's why the stock is down more than 50% from its 2021 high, as of this writing, and its payout ratio is well north of 100%. Dividend investors may find the huge 6% yield attractive, but before buying, you have to ask if that dividend is actually sustainable. The answer is likely yes, here's why.
Dividends don't come out of earnings
The financial impact of dividends shows up on the cash flow statement, not the earnings statement. This is important to understand as you look at the payout ratio, which compares dividends to earnings. It is definitely a good thing if earnings cover the dividend, which Pfizer's earnings do not right now, but it isn't necessary for this to be the case for a company to continue supporting its dividends.
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When you compare Pfizer's cash flow to its dividend, using the cash dividend payout ratio, the figure comes in at roughly 90%. That's high, but it suggests the pharmaceutical giant can continue covering the payment for now. Backing that up is nearly $12.7 billion in cash and short-term investments on its balance sheet at the end of the second quarter of 2026. The company paid roughly $4.9 billion in dividends through the first half of the year. It could cover more than a year of dividend payments with that cash alone.
Also, the company is openly stating that it wants to maintain the dividend in the near term. Management probably wouldn't be so vocal about that if the board of directors were seriously considering a dividend cut.
The real issue is Pfizer's business
The problem right now for Pfizer is that it is dealing with patent expirations, but it hasn't found new drugs to replace the revenues being lost from the old ones. That's actually pretty normal in the drug sector, since research and development doesn't operate on a fixed schedule, even though patent expirations do. Mismatches like the one that is happening today are really pretty common in this highly competitive segment of the healthcare sector, with a number of the company's peers basically in the same boat.
However, given Pfizer's long history of success, it seems highly likely that it will muddle through this rough patch and develop (or buy) new blockbuster drugs to sell. The worst-case scenario is likely a dividend cut, but even a 50% reduction would still leave the company with a well-above-market yield. If you can stomach some uncertainty, the risk versus reward balance here is likely tilted toward reward.
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How Concerned Should Income Investors Be About Pfizer's Dividend?

(RTTNews) - The U.S. Food and Drug Administration (FDA) granted approval to 13 drugs last month, comprising both new drug approvals and expanded indications for previously approved therapies.
Let's take a closer look at these newly approved drugs, their indications, and key pricing information.
mFLUSIVA (mRNA-1010)
Developed by: Moderna Inc. (MRNA)
Approved on: August 5, 2026
Indication: Prevention of Influenza A and influenza B in patients of 50 years or older
Formerly known as mRNA-1010, mFLUSIVA is recommended for administration once a year during the flu season.
The drug is delivered through an intramuscular injection in the upper arm at doses of 0.38 mL or more. The vaccine is also recommended for adults 65 years or older on an accelerated approval basis.
Earlier this year, the company published positive data from a pivotal Phase 3 study demonstrating the drug's relative vaccine efficiency (rVE) compared to existing vaccines. The rVE was reported at 26.6%, and the vaccine was also found to have a consistent safety profile.
A study on patients aged 65 years or older showed viable results for hemagglutination inhibition (HAI), geometric mean titer (GI), and seroconversion rates. Serious adverse events were reported only in 2.7% of patients in the mFLUSIVA test group, six months after dosage.
mFLUSIVA may now be provided at a list price or wholesale acquisition cost (WAC) of $149.56 per dose.
Competitors: Sanofi's Fluzone, Fluzone High-Dose; Seqirus' Fluad; and GSK's Fluarix, to name a few.
Orzeyful
Developed by: Takeda Pharmaceuticals (TAK)
Approved on: August 5, 2026
Indication: Narcolepsy type 1 in adults
Narcolepsy is a disorder which causes extreme lethargy during the day, as the patient may fall asleep suddenly in the middle of an activity. The type 1 form of narcolepsy may be accompanied by the sudden loss of muscle tone, known as cataplexy, prior to falling asleep.
Orezyful, whose active ingredient is oveporexton, works as an oveporexton receptor 2 (OXR2) agonist, and restores orexin mobility. The drug selectively stimulates the OX2R to restore signaling and address the underlying orexin deficiency that causes narcolepsy type 1 (NT1).
The drug promotes wakefulness, reduces abnormal repeated eye movement (REM) sleep phenomena and decreases cataplexy. Takeda conducted the Phase 3 global, multicenter, placebo-controlled FirstLight and RadiantLight studies with 168 and 105 patients respectively. Of those enrolled, more than 95% patients volunteered to continue in the ongoing long-term extension (LTE) study.
The released data indicates that patients on various doses of oveporexton showed significant improvements in daily functioning by week 12. This was measured in six domains of the Functional Impacts of Narcolepsy Instrument (FINI), which evaluates tiredness, cognitive functioning, cataplexy, social activities, everyday activities and everyday responsibilities.
Patients also showed improved cognitive symptoms, as measured on the FINI Cognitive Function domains. Over 70% of patients reported no cognitive difficulties after dosing, compared to only 15% in the placebo arm. Furthermore, dosed patients saw an improvement in the quality of nighttime sleep, and reduced disturbances in sleep from the baseline.
While FDA-approved, the drug is still categorized as a controlled substance by the U.S. Drug Enforcement Agency (DEA), and is not yet available for use. There is thus no WAC provided by the company at this time.
Competitors: Harmony Biosciences' Wakix; Jazz Pharma's Xyway and Xyrem; Avadel Pharma's Lumryz; and Axsome Therapeutics' Sunosi.
Tudriqev (vusolimogene oderparepvec-wtpg)
Developed by: Replimune Inc. (REPL)
Approved on: August 6, 2026
Indication: Unresectable advanced melanoma of the skin in adults
Tudriqev, or vusolimogene oderparepvec-wtpg, is a genetically modified oncolytic therapy consisting of an attenuated Herpes simplex virus type 1 (HSV-1). The virus enters the tumor and lyses cancer cells to alert the immune system toward the malignancy, while also carrying certain genes to promote tumor necrosis.
The drug works in combination with the monoclonal antibody nivolumab for patients with unresectable, advanced melanoma following treatment with an anti-PD-1 inhibitor. Supported by positive results from the Phase 3 IGNYTE-3 trial, the approval was granted on the third re-submission of the company's biologics license application (BLA) for the drug.
Advanced melanoma remains a difficult-to-treat cancer, with no alternatives offered to patients with disease progression despite anti-PD-1 therapy. Over 8,500 people die from melanoma every year in the U.S. alone, and affected individuals face a lifetime of co-morbidities and poor survival outcomes.
TUDRIQEV reportedly has a list price of $450,000 for a full course of therapy.
Competitors: Merck's Keytruda; Bristol-Myers Squibb's Opdivo and Opdualag; Amgen's Imlygic.
Zenbexus (iberdomide) Capsules
Developed by: Bristol-Myers Squibb Co (BMY)
Approved on: August 13, 2026
Indication: Multiple Myeloma
Bristol-Myers Squibb's cereblon-modulating protein degrader, Zenbexus, also known as iberdomide, was approved by the FDA in combination with daratumumab, hyaluronidasefihj and dexamethasone (ZDd) to treat adults with multiple myeloma who previously received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.
Zenbexus binds to the cereblon protein, triggering the degradation of Ikaros and Aiolos, proteins involved in myeloma cell growth and survival. This leads to tumor growth inhibition and immune-mediated activity against myeloma cells.
The approval of Zenbexus was based on results from the Phase 3 EXCALIBER-RRMM study involving more than 939 subjects. The drug demonstrated a higher minimal residual disease-negative complete response rates with Zenbexus versus daratumumab, bortezomib and dexamethasone (41% vs. 21%).
Multiple myeloma is a hematologic malignancy characterized by the abnormal proliferation of plasma cells in the bone marrow. The disease primarily affects older adults. In the U.S., approximately 36,000 new cases are expected in 2026, with an age-adjusted incidence rate of 7.4 cases per 100,000 people.
According to Bristol Myers Squibb, Zenbexus has a list price of $29,500 per 28-day treatment cycle.
Competitors: Amgen's Kyprolis; Takeda'sVelcade; Johnson & Johnson's Darzalex/ Darzalex Faspro; Sanofi's Sarclisa; Bristol Myers Squibb's Revlimid, and Pfizer's Elrexfio, to a name a few.
Tauklarify (MK-6240)
Developed by: Lantheus Holdings Inc. (LNTH)
Approved On: August 14, 2026
Indication: Radiodiagnostic agent for Alzheimer's disease
Tauklarify constitutes a florquinitau F18 injection administered to patients with impaired cognition being evaluated for various neurodegenerative disorders. By identifying tau neurofibrillary tangle (NFT) pathologies, the agent can effectively quantify amyloid deposits in the brain to definitively diagnose Alzheimer's disease.
The approval was based on positive results from the Study 1 and Study 2, which evaluated PET images from 279 and 338 patients, respectively. The trials yielded a positive percent agreement (PPA) of 80% to 88% in Study 1, and between 68% and 82% in Study 2.
The agent may now be used in patients undergoing positron emission tomography (PET) scanning to identify and diagnose Alzheimer's disease. It is injected intravenously about 90 minutes before a scheduled PET scan in a dose of 185 MBq, yielding a minimal radiation of 5.4 mSv.
Lantheus also markets Neuraceq, a florbetsben F18 injection for detecting Beta amyloid deposits in the brain, characteristic of certain Alzheimer's cases. Competitors: Eli Lilly 's Amyvid and Tauvid; and GE HealthCare's Vizamyl.
Pasatru (garetosmab-grts)
Developed by: Regeneron Pharmaceuticals Inc. (REGN)
Approved on: August 19, 2026
Indication: Fibrodysplasia ossificans progressiva (FOP)
The FDA granted approval to Pasatru (garetosmab-grts) injection to reduce the formation of new heterotopic ossification lesions and clinician-assessed flare-ups in adults with fibrodysplasia ossificans progressiva (FOP).
Pasatru is a VelocImmune-derived, fully human monoclonal antibody, designed to block Activin A, a protein involved in the development of heterotopic lesions in patients with FOP.
The approval was based on results from the Phase 3 OPTIMA trial, which met its primary and secondary endpoints. The recommended starting dose is 10 mg/kg administered intravenously once monthly, with the option to reduce the dose to 3 mg/kg if the higher dose is not tolerated.
Fibrodysplasia ossificans progressiva is a rare genetic disorder in which muscles, ligaments, tendons, and other connective tissues transform into bone through the formation of heterotopic lesions. The condition can impair bodily functions and lead to loss of mobility. Approximately 900 people worldwide are diagnosed with FOP, with a median survival age of 56 years.
Pasatru carries an annualized Wholesale Acquisition Cost (WAC) of approximately $1.4 million, with the company reporting a range of $693,000 to $2.1 million depending on patient weight and dose.
Competitors: Ipsen's Sohonos (palovarotene), which launched in 2023 with an annual WAC of $624,000.
Zilurgisertib, developed by Mirum Pharmaceuticals, is also being evaluated for FOP and awaits FDA approval.
Genglycos (pariglasgene brecaparvovec-opnr)
Developed by: Ultragenyx Pharmaceuticals Inc. (RARE)
Approved on: August 19, 2026
Indication: Glycogen storage disease type Ia (GSDIa)
Genglycos (pariglasgene brecaparvovec-opnr), also known as DTX401, is approved by the FDA for the treatment of adult and pediatric patients aged eight years and older with glycogen storage disease type Ia (GSDIa).
Genglycos is the first FDA-approved therapy to address the underlying cause of GSDIa, with clinical studies showing reduced cornstarch requirements and improved glucose regulation during fasting or metabolic stress. It uses a recombinant, non-replicating AAV8 vector designed for sustained glucose regulation.
The approval was based on the Phase 3 GlucoGene study, which showed a significant reduction in cornstarch requirements in the treated groups at Week 48. Glycogen storage disease type Ia (GSDIa), also known as Von Gierke disease, is an ultra-rare genetic metabolic disorder caused by a deficiency of the enzyme needed to release glucose from the liver into the bloodstream. Patients face life-threatening hypoglycemia episodes and other complications, requiring a burdensome regimen of raw cornstarch intake around the clock as an oral glucose replacement therapy.
The condition affects an estimated 1,500-2,500 patients in the U.S. and 6,000-8,000 worldwide.
Ultragenyx has set a U.S. wholesale acquisition cost (WAC) of $2.7 million per patient for Genglycos.
Ziihera (zanidatamab-hrii)
Developed by: Zymeworks Inc. (ZYME); licensed to Jazz Pharmaceuticals (JAZZ) Approved on: August 25, 2026
Indication: HER2+ Gastroesophageal adenocarcinoma (GEA)
Ziihera has been approved for the first-line treatment of adults with unresectable, locally advanced or metastatic HER2-positive (HER2+) GEA. The approval covers two Ziihera-containing regimens: Ziihera in combination with Tevimbra (tislelizumab-jsgr) and fluoropyrimidine- and platinum-containing chemotherapy for patients with HER2 IHC 3+ or IHC 2+/ISH+ tumors; and Ziihera in combination with fluoropyrimidine- and platinum-containing chemotherapy for patients with HER2 IHC 3+ tumors.
Esophageal cancers are fairly common, with 17,000 new cases and around 15,500 deaths recorded in the U.S. alone every year. Gastroesophageal adenocarcinomas originate from the glandular cells located in the gastroesophageal junction.
Developed by Zymeworks using its proprietary Azymetric platform, the drug was licensed to Jazz Pharmaceuticals in 2022 to facilitate assessments in combination therapies for HER2+ GEA.
Ziihera (zanidatamab-hrii) is a neoadjuvant therapy that originally received FDA approval for HER2+ cholagiocarcinoma or biliary tract cancer on November 20, 2024. The lyophilized powder is administered as an intravenous infusion every two weeks.
According to 2024 data, the Wholesale Acquisition Cost for Ziihera is $35,500 over a 28-day course.
Competitors: Roche's Herceptin; Teva/Celltrion's Herzuma; Daiichi Sankyo/AstraZeneca's Enhertu, among others.
Rasonque (daraxonrasib)
Developed by: Revolution Medicines Inc. (RVMD)
Approved on: August 26, 2026
Indication: Metastatic pancreatic adenocarcinoma (PDAC)
The FDA approved Rasonque (daraxonrasib) as a once-daily tablet for the treatment of adults with metastatic pancreatic adenocarcinoma (PDAC) who have received at least one prior systemic therapy, or who are not candidates for multiagent systemic therapy.
Rasonque is an oral, RAS(ON) multi-selective, non-covalent, tri-complex inhibitor, designed to target cancers driven by a broad range of common RAS genotypes, including pancreatic adenocarcinoma (PDAC), non-small cell lung cancer (NSCLC), and colorectal cancer.
The approval was based on the Phase 3 RASolute 302 trial, in which the drug met all primary and key secondary endpoints in both the RAS G12 mutant population and the overall intent-to-treat (ITT) population, including patients with or without an identified tumor RAS mutation.
Pancreatic cancer is among the most challenging malignancies, frequently presenting with a late diagnosis, aggressive biology and limited responsiveness to conventional treatments.
RAS, a key growth-control switch in human cells, is frequently altered in pancreatic cancer, resulting in excessive RAS signaling.
Revolution has set a Wholesale acquisition cost (WAC) of $39,800 for a 30-day supply of Rasonque.
Competitors: Ipsen's Onivyde; Bristol Myers Squibb's Abraxane; AstraZeneca's Lynparza, among others.
LISRAYA (brepocitinib)
Developed by: Roivant Sciences Ltd (ROIV)
Approved on: August 27, 2026
Indication: Dermatomyositis (DM)
Dermatomyositis (DM) is a rare autoimmune disorder that causes muscle weakness and painful, pruritic skin lesions. The disease may severely impair a patient's quality of life, causing cutaneous disfigurement and extensive sensitivity to light and touch. Affected individuals are often treated with a chronic high-dose of steroids. LISRAYA (brepocitinib) is a first-in-class potent, small-molecule inhibitor of TYK2/JAK1 that has shown a high efficacy in DM patients by reducing the extent of skin disease, muscle weakness, and overall disease burden.
The approval was supported by results from the Phase 3 VALOR trial, which met its primary endpoint by showing improvements on the myositis Total Improvement Score by Week 4 of dosing. 55% of patients on LISRAYA showed a moderate or better improvement in the score, compared to only 30% on the placebo.
Roivant initiated the My Compass Support program, through which dermatomyositis patients may pay as little as $0 per month to receive LISRAYA treatment.
Competitor: Octapharma's Octagam 10%
Bixlenvo (bictegravir and lenacapavir) Tablets
Developed by: Gilead Pharmaceuticals Inc. (GILD)
Approved on: August 27, 2026
Indication: HIV-1 infection
Bixlenvo (bictegravir 75 mg/lenacapavir 50 mg) is formulated as a once-daily single tablet regimen for the treatment of HIV in virologically suppressed adults. It is the first single-tablet regimen (STR) indicated for virologically suppressed adults who are unable to take currently available STRs, including those on complex HIV treatment regimens.
The drug combines bictegravir, an integrase strand transfer inhibitor (ISTI), with lenacapavir, a capsid inhibitor with a novel mechanism of action and no cross-resistance to other antiretrovirals. Together, bictegravir and lenacapavir target multiple stages of HIV life cycle.
In Phase 3 trials, dubbed ARTISTRY-1 and ARTISTRY-2, Bixlenvo showed comparable virologic suppression at Week 48, with improvements in treatment satisfaction and certain fasting lipid parameters, and was generally well tolerated.
Human Immunodeficiency Virus type 1 (HIV-1) is the most common and widespread form of HIV globally. It affects the immune system, specifically CD4 cells, leading to the weakening of the body's ability to fight. If left untreated, the infection can progress to Acquired Immunodeficiency Syndrome (AIDS).
Bixlenvo reportedly has a wholesale acquisition cost (WAC) of $4,595 for a 30-day supply.
Competitors: Gilead Sciences' Biktarvy; Merck's Idvynso; ViiV Healthcare's Dovato, Cabenuva, and Juluca, among others.
Mimrylo (rusfertide) Lyophilized Powder for Injection
Developed by: Takeda Pharmaceuticals Co Ltd. (TAK) and Protagonist Therapeutics Inc. (PTGX)
Approved on: August 28, 2026
Indication: Polycythemia Vera
Polycythemia Vera (PV) is a chronic blood cancer characterized by overproduction of red blood cells, which increased blood viscosity resulting in thrombotic events such as stroke, deep vein thrombosis and pulmonary embolism.
The disease is estimated to affect approximately 90,000 people in the U.S. The current treatment option is to maintain hematocrit levels below 45%, with hematocrit referring to the proportion of red blood cells (RBC) in the blood.
Mimrylo is a subcutaneous treatment that mimics hepcidin, a hormone regulating iron homeostasis and RBC production. The drug is designed to limit excess RBC production and maintain healthier RBC levels.
The FDA approved Mimrylo based on results from the Phase 3 VERIFY trial, which enrolled 293 patients with polycythemia vera (PV) and demonstrated improved hematocrit control, a reduced need for phlebotomy, and improvements in fatigue with treatment.
Competitors: Incyte's Jakafi; PharmaEssentia's Besremi.
COMIRNATY XFG (COVID-19 Vaccine, mRNA)
Developed by: Pfizer Inc. (PFE) and BioNTech
Approved on: August 28, 2026
Indication: COVID-19
Pfizer and BioNTech's COMIRNATY XFG received FDA approval as an updated COVID-19 vaccine targeting the XFG variant. The approval follows FDA guidance recommending XFG as the preferred strain for COVID-19 vaccine composition in the U.S. for the fall 2026 season.
The vaccine is approved for adults aged 65 years and older, as well as individuals aged 5 through 64 years with at least one underlying condition that puts them at high risk for severe COVID-19 outcomes. The FDA approval was supported by clinical, non-clinical and real-world data demonstrating the safety and effectiveness of COMIRNATY. Manufacturing, quality and non-clinical data further showed that the XFG-adapted formulation generated strong immune responses against circulating SARS-CoV-2 variants, including XFG, XFG.1.1, NB.1.8.1, PQ.17 and PQ.2.8.1.
Competitors: Moderna's mNEXSPIKE and Spikevax, and Novavax/Sanofi's NUVAXOVID.
Did You Know?
Last month marked 25 years since the famous Cloning Conference was held by the National Academy of Science in Washington D.C. The event brought geneticists, infertility experts and experimental researchers together to debate human cloning. It came a few years after the creation of Dolly the sheep in 1997, with the scientists behind the successful cloning wary of applying the technique to humans. Cloning in large mammals was erratic, with offspring potentially facing severe deformities or premature births. Most cloning experiments were unsuccessful, while one study found that repeated cloning across multiple generations of mice magnified genetic defects. Cloning continues to raise ethical questions, and despite advances in research, practical applications involving humans remain outlawed in most parts of the world.

New FDA Drug Approvals - August 2026

Pfizer PFE stock has risen 8.6% in the past three months as investors have gained confidence in the company’s ability to stabilize earnings and offset the continued decline in COVID-19 product sales. A key catalyst has been a solid second-quarter performance, which showed that higher revenue from non-COVID products more than offset declining sales of its COVID products –Comirnaty (COVID-19 vaccine - in partnership with BioNTech [BNTX]) and Paxlovid (oral antiviral). Excluding sales from BioNTech-partnered Comirnaty and Paxlovid, revenues increased 5% operationally. Pfizer also raised the lower end of its 2026 revenue guidance, backed by continued strong performance of its new and acquired products.
The shares hit a fresh 52-week high on Sept. 3, 2026, reflecting a meaningful improvement in sentiment after years of pressure. Investors are increasingly looking beyond the COVID revenue decline toward Pfizer’s newer growth drivers, including oncology and other acquired assets and the company's pipeline and cost-cutting efforts.
However, to make an informed decision on whether to buy, sell or hold the stock, it is important to assess Pfizer’s fundamentals by weighing its key strengths against the risks and challenges it faces.
Pfizer’s Non-COVID Products Fueling Its Next Growth Phase
Pfizer's business mix has changed significantly over the past few years. During the pandemic, the company became heavily dependent on COVID-19 products. However, the company is gradually diversifying its portfolio through a combination of internal product launches like Abrysvo, Zavzpret, Elrexfio, Hympavzi, Litfulo and others, strategic acquisitions like Seagen, Metsera and Biohaven and the continued growth of several established brands like Vyndaqel, Padcev and Eliquis.
Pfizer expects its recently launched and acquired products to record continued double-digit growth. Reflecting this trend, sales from these products increased 22% operationally in the first quarter of 2026 and 18% in the second quarter.
Pfizer’s Oncology Portfolio Poised for Continued Growth
Pfizer is one of the world’s leading oncology drugmakers with a broad portfolio of marketed cancer therapies as well as a deep oncology pipeline spanning multiple treatment modalities, including small molecules, antibody-drug conjugates (ADCs) and immuno-oncology biologics.
Oncology sales comprise around 27% of its total revenues. Its oncology revenues grew 5% in the first half of 2026, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. Pfizer considers Padcev to be a potential growth driver in the oncology segment and plans to invest in this asset.
Pfizer has ventured into the oncology biosimilars space and markets six biosimilars for cancer. It 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 key candidate in its oncology pipeline 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. Pfizer aims to establish PF-08634404 as a potential backbone therapy across multiple tumor types. By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio.
PFE Targets Obesity Market With Ambitious Phase III Program
The company is rebuilding its pipeline in oncology and obesity, which it believes can drive growth in 2028 and beyond. Pfizer plans an extensive phase III program for berobenatide, its monthly GLP-1 receptor agonist added from last year’s Metsera acquisition. In 2026. 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. However, in the obesity space, Pfizer lags far behind leaders like Eli Lilly LLY and Novo Nordisk NVO.
PFE’s COVID Business Faces Continued Revenue Declines
During the pandemic, Pfizer generated extraordinary COVID-related sales from Comirnaty and Paxlovid. Those revenues have fallen sharply as the pandemic faded.
Sales of Pfizer’s COVID products, Comirnaty and Paxlovid, came down to around $11 billion in 2024 and $6.7 billion in 2025 from $56.7 billion in 2022. Sales of Comirnaty are declining due to a narrow recommendation for COVID vaccines in the United States, while Paxlovid is experiencing reduced demand from lower infection rates.
In 2026, Pfizer expects COVID-related revenues of approximately $4 billion, down from its previous forecast of $5 billion and below $6.7 billion generated in 2025. The decline reflects the continued normalization of COVID-19 infection rates and lower demand for COVID products. Consistent with this trend, sales of both Comirnaty and Paxlovid declined significantly during the first half of 2026.
PFE’s LOE Headwinds
Pfizer faces a significant patent cliff later this decade. Pfizer expects a significant negative impact on revenues from the loss of exclusivity (LOE) cliff in the 2026-2030 period as several of its key products, including Eliquis, Ibrance, Xeljanz and Xtandi, face patent expirations. The LOE cliff is expected to hurt sales by approximately $1.1 billion in 2026.
Pfizer’s 2026 Guidance Points to Sluggish Growth
Pfizer’s revenue guidance for 2026 indicates mostly flat to slightly negative year-over-year growth.
Pfizer expects total revenues for 2026 to be between $60.5 billion and $62.5 billion. The range represents a slight decline from 2025 revenues of $62.6 billion due to lower revenues from COVID products, Comirnaty and Paxlovid, and loss of revenues from the upcoming patent cliff.
In 2026, Pfizer expects adjusted earnings per share in the range of $2.80-$3.00, which represents a decline from the 2025 EPS of $3.22 due to the dilutive impact of 3SBio and Metsera deals, lower COVID revenues and higher taxes.
PFE Stock’s Price, Estimates & Valuation
The stock has risen 11.6% so far this year compared with an increase of 14.5% for the industry.
PFE Stock Underperforms 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 9.42 forward earnings, significantly lower than 18.70 for the industry but slightly above the stock’s five-year mean of 9.25. The stock is also trading below most large drugmakers like Lilly, Novo Nordisk, AstraZeneca, AbbVie, J&J and others.
PFE Stock Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.97 to $2.98, while that for 2027 has risen from $2.86 to $2.94 over the past 60 days.
PFE Estimate Movement
Image Source: Zacks Investment Research
Stay Invested in PFE Stock
Pfizer is navigating a difficult transition following the sharp decline in COVID-related sales from Comirnaty and Paxlovid. The market is concerned about Pfizer’s ability to replace declining COVID-related revenues and offset upcoming patent expirations through new product launches, pipeline development and contributions from acquisitions.
Although Pfizer’s 2026 sales guidance indicates minimal growth, the company expects a high single-digit revenue CAGR for five years, starting from year-end 2028. Pfizer expects its recently launched and acquired products, along with a strong pipeline, to help it return to growth from 2029 onward.
Pfizer's valuation is relatively inexpensive compared with many large pharmaceutical peers, and the stock offers one of the highest dividend yields in the sector. Pfizer’s dividend yield stands at around 6.2%
Pfizer’s significant cost reduction and efforts to improve R&D productivity measures are also driving profit growth. Pfizer expects approximately $9.7 billion in total net savings from its productivity enhancement initiative through 2029.
Long-term investors may consider retaining this Zacks Rank #3 (Hold) stock and can wait and see if Pfizer can successfully execute on its strategy and generate meaningful growth from its newer assets and restore revenue growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Pfizer Stock Rises Almost 9% in 3 Months: Time to Buy, Hold or Exit?

(RTTNews) - PMV Pharmaceuticals, Inc. (PMVP), a precision oncology company focused on p53-targeting therapies, announced appointment of Philip Herman as Chief Commercial Officer (CCO) to lead commercial strategy and launch preparations for Rezatapopt.
Rezatapopt is being developed for patients with p53 Y220C mutations, a specific mutation found in multiple cancers.
Herman brings more than 24 years of experience in building commercial organizations and launching oncology and rare disease therapies.
He most recently served as Chief Commercial and Portfolio Development officer at Repare Therapeutics and previously was CCO at Y-mAbs Therapeutics, where he led the launch of DANYELZA (naxitamab) in pediatric oncology.
At PMV, Herman will oversee commercial preparations for rezatapopt, the company's investigational p53 reactivator.
The company is completing enrollment of patients on the PYNNACLE clinical trial and plans to submit a New Drug Application (NDA) seeking accelerated approval for rezatapopt in patients with platinum-resistant/refractory ovarian cancer in the first quarter of 2027.
Before joining PMV, Herman held several commercial leadership positions at Santhera Pharmaceuticals, Dyax, Vanda Pharmaceuticals and Pfizer.
PMVP closed Tuesday's trade at $1.34, up 3.88%. In the after-hours trading, the stock is up 0.75% at $1.35.

PMV Pharma Names Herman Chief Commercial Officer Ahead Of Rezatapopt Filing

Key Points
It also advanced a pair of promising developmental drugs.
Investors have grown impatient waiting for the company's next blockbuster product.
In the world of big pharmaceutical companies, Pfizer (NYSE: PFE) stock has been a notable laggard over the past few years. It was something of a surprise, then, when it outperformed many of its peers by racing nearly 14% higher over the course of last month. A better-than-expected quarterly earnings report had something to do with that, as did several regulatory advancements.
2 beats and 1 raise
The first significant stock-moving event for Pfizer that month was the release of its second-quarter earnings report on Aug. 4. Revenue for the pharmaceutical giant rose by 3% to $15 billion, while net income not under generally accepted accounting principles (non-GAAP, or adjusted) was up marginally to $4.4 billion, or $0.77 per share.
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Those growth rates might not be explosive, but they were higher than what analysts tracking the stock were expecting. The consensus pundit estimate for revenue was $14.4 billion, while that for adjusted earnings per share (EPS) was only $0.68 per share.
Compounding that pair of beats, Pfizer raised the low end of its full-year revenue guidance range, as it increased its sales estimate for non-COVID products but decreased its forecast for those goods. The new revenue projection is $60.5 billion to $62.5 billion, up from the previous $59.5 billion to $62.5 billion. However, the company didn't change its $2.80 to $3 adjusted EPS guidance.
Pfizer's No. 1 drug, the anticoagulant Eliquis, was again the motor of its growth; its sales grew by a sturdy 19% year over year in the quarter. The big caveat in that otherwise impressive performance is that Eliquis will soon fall off the dreaded patent cliff and face competition from generic versions made by rivals.
This is why Pfizer has been loading up on acquisitions over the past few years and aggressively advancing its development programs. The latter is usually not a quick process; however, it can reward investors with a relatively long-term horizon.
In August, the company scored a regulatory victory when the European Medicines Agency (EMA), the 27-member European Union's regulator, validated the application for PF-07307405. This is a next-generation treatment for Lyme disease being developed by Pfizer and its partner Valneva.
And on our shores, toward the end of the month, the U.S. Food and Drug Administration (FDA) approved a supplemental biologics license application (BLA) for the latest version of its durable COVID vaccine Comirnaty developed with its biotech peer BioNTech.
Blockbuster or bust
I feel the market is underestimating Pfizer as, for many, the company's status as a pandemic-era star (with Comirnaty) is still fresh in their minds. Since then, it hasn't produced a new blockbuster product, and investors are getting impatient.
Those willing to wait should be rewarded, I believe. Pfizer's acquisitions haven't come cheap, by and large, but they've given the company a set of highly promising assets. The pipeline is now extremely wide and varied, and very likely to produce a top-selling medicine, perhaps even in the near future. This remains an undervalued stock to me, and one ripe for a buy.
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Why Pfizer Stock Was so Healthy in August

Key Points
Pharmaceutical giant AbbVie has a longer history of dividend growth than Pfizer.
Pfizer faces greater exposure this decade to the loss of patent exclusivity for its blockbuster drugs.
AbbVie has also shown stronger revenue growth over the past decade.
Pfizer (NYSE: PFE) has one of the highest dividend yields of any pharmaceutical stock -- 6.1% at its current share price. That's more than twice the yield that AbbVie (NYSE: ABBV) offers, but in the long run, I believe AbbVie is the better dividend stock.
Pfizer has slightly outperformed AbbVie this year, with a return of over 14% compared to more than 12% for AbbVie. However, in terms of revenue growth, AbbVie has grown by more than 138% over the past decade, while Pfizer's revenue is up just over 18% over that period.
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Here are three more reasons why I prefer AbbVie as the better dividend stock.
AbbVie has a better dividend track record
Pfizer increased its quarterly dividend for 16 consecutive years, including a 2.3% raise last year to $0.43 per share. Its free-cash-flow (FCF) dividend payout ratio is around 89%, compared to just 65% for AbbVie.
AbbVie has an above-average dividend yield of about 2.66% at its current share price. The company has increased its quarterly dividend for 53 consecutive years, dating back to its time as a subsidiary of Abbott Laboratories. That makes AbbVie a Dividend King, a select group of stocks that have raised their dividend for 50 or more consecutive years. This year, AbbVie increased its quarterly dividend by 5.5% to $1.73.
But it's not just a stable dividend. Over the past decade, AbbVie has increased its dividend by more than 203%, compared to just 51% for Pfizer. If you count from 2013, the year that AbbVie became an independent company, it has increased its dividend by more than 330%.
AbbVie has already survived its big patent cliff
AbbVie navigated the steep loss of exclusivity (LOE) on Humira by executing a precise, multi-year portfolio pivot long before biosimilars hit the U.S. market in 2023. Rather than relying on late-stage external acquisitions to patch the revenue hole, AbbVie developed two home-grown, next-generation immunology assets, Skyrizi and Rinvoq, designed specifically to capture market share across Humira's core indications in dermatology, rheumatology, and gastroenterology.
By 2025, combined annual sales for Skyrizi and Rinvoq surpassed $25 billion, effectively replacing the peak revenue lost from Humira and pushing total company revenue to record highs. Coupled with stable contributions from its neuroscience portfolio and aesthetics, AbbVie systematically bridged its immunology drop-off and returned to mid- to high-single-digit top-line growth without taking a permanent structural hit.
In the second quarter, the company reported sales of $16.9 billion, up 10.2% year over year, and earnings per share (EPS) of $2.03, an increase of 290% from the same period a year ago. Revenue growth was led by its immunology drugs, with Skyrizi bringing in $5.5 billion and Rinvoq $2.52 billion, while Humira's revenue was only $756 million.
In contrast, Pfizer will enter a multi-year LOE wave between 2026 and 2028, with roughly $17 billion to $18 billion in annual revenue exposed. Core blockbusters, including the anticoagulant Eliquis, oncology staples Ibrance and Xtandi, and key vaccine formulations, face generic entry, market erosion, and price negotiations under the Inflation Reduction Act. Pfizer's position is further complicated by the rapid normalization of its post-pandemic windfall from Comirnaty and Paxlovid.
AbbVie has a better debt position
Both companies have been aggressive in acquisitions and are willing to spend money to gain new therapies. AbbVie is in the midst of a $10.9 billion deal to acquire Apogee Therapeutics, gaining access to that company's promising atopic dermatitis therapy, zumilokibart. Its biggest recent deal before that was its $10.1 billion buyout of ImmunoGen in 2024.
Pfizer spent $7 billion in 2025 to acquire Metsera, adding late-stage weight-loss therapies to its portfolio. Pfizer's last transformational mega-deal was its $43 billion acquisition of Seagen in December 2023, which expanded its oncology portfolio with antibody-drug conjugates.
AbbVie carries more long-term debt, roughly $62 billion as of the second quarter, compared to just $32.6 billion for Pfizer. However, Pfizer's debt-to-equity level is more than 3 times that of AbbVie's, whose leverage is supported by expanding post-Humira operational cash flows from Skyrizi and Rinvoq, providing strong coverage of debt service and dividend commitments. Pfizer is paying down its obligations as its core legacy blockbusters lose market exclusivity, putting greater near-term pressure on its cash-flow conversion and credit metrics.
All in all, AbbVie is the better stock for investors to go with today.
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Move Aside, Pfizer: This Stock Is the Smarter Dividend Buy Right Now

Moderna MRNA shares have surged 143% in the past month, driven largely by recently announced positive late-stage results for a personalized mRNA-based cancer therapy being developed in partnership with Merck MRK.
Oncology Win Highlights Moderna’s Potential Beyond Vaccines
The latest results give investors a stronger reason to view the company’s mRNA platform as having potential beyond vaccines targeting infectious disease. The personalized mRNA-based therapy, called intismeran autogene (V940/mRNA-4157), delivered positive results in high-risk melanoma patients whose tumors had been removed through surgery. When combined with Merck’s blockbuster oncology drug Keytruda, the therapy met the study’s primary endpoint of recurrence-free survival, or the length of time patients remain free of cancer recurrence. The combination also achieved a key secondary endpoint of distant metastasis-free survival, indicating that patients remained free of cancer spread for longer.
The significance of these results extends beyond melanoma. Moderna and Merck are studying intismeran in several other cancer types, including non-small cell lung cancer, bladder cancer and renal cell carcinoma. Positive results across these programs could substantially expand the therapy’s commercial opportunity and give Moderna an important growth avenue outside its vaccine portfolio.
While the recent development represents a potentially significant new growth driver for Moderna and strengthens the long-term value of its mRNA platform, investors need to weigh the company’s broader fundamentals before determining how to play the stock.
Moderna Continues Expanding Respiratory Portfolio
Moderna continues to expand its respiratory portfolio as it works to build growth opportunities beyond its COVID-19 vaccine business. The company has broadened its presence into RSV with mResvia and seasonal influenza with mFlusiva. In the meantime, Moderna’s pipeline includes additional respiratory programs, such as a combination influenza and COVID-19 vaccine, as well as candidates targeting diseases including bird flu and norovirus.
The company also remains committed to the COVID-19 market. MRNA recently secured FDA approval for updated 2026/2027 formulations of Spikevax and mNexspike, demonstrating that it is continuing to compete in the COVID-19 segment even as demand has normalized. Maintaining a presence in the market while expanding into other respiratory categories could help Moderna diversify its vaccine business and reduce its reliance on COVID-19 sales over the longer term.
Moderna Has a Clear Roadmap for Future Growth
The success of intismeran is particularly significant in light of Moderna’s three-horizon strategy outlined at an investor event earlier this year. The company places intismeran in Horizon 1 alongside its established infectious-disease vaccines and rare-disease therapeutics. These programs represent the company’s near-term opportunities as Moderna works to build multiple growth engines beyond its COVID-19 franchise.
Moderna’s longer-term ambitions become more evident in the later horizons. Horizon 2 includes additional mRNA-based therapeutic approaches already moving through development, including cancer antigen therapies, T-cell engagers, cell-therapy enhancers and an investigational therapy for multiple sclerosis. Horizon 3 comprises earlier-stage technologies, including in-vivo CAR-T and CAR-M cell therapies, which could become future growth platforms for the company.
Taken together, the three horizons show that Moderna is looking to evolve from a vaccine-maker into a diversified pharmaceutical company. The success with intismeran therefore represents not only an important milestone for one oncology program but also a meaningful proof point for Moderna’s strategy to apply its technology across multiple therapeutic areas.
Competition Poses a Concern
Moderna faces established competitors across the respiratory markets it is targeting. In RSV, mResvia competes with Pfizer’s PFE Abrysvo and GSK’s Arexvy.
The company recently entered the seasonal influenza market, which is dominated by large players such as Sanofi, CSL Seqirus and GSK. The competitive landscape could become even more challenging as GSK advances its own mRNA-based flu vaccine into late-stage development, following positive phase II results.
The competitive pressure also extends to COVID-19 vaccines, where Moderna faces Pfizer/BioNTech BNTX and Sanofi/Novavax. Competition could intensify further in combination vaccines as these companies develop candidates that target both influenza and COVID-19, potentially increasing the pressure on pricing and market share.
In oncology, the challenge is broader than competing for market share in a single indication. BioNTech is also developing an individualized mRNA-based cancer immunotherapy in collaboration with Roche, putting the two companies on a path to compete in the emerging personalized oncology market. As Moderna seeks to expand intismeran across multiple tumor types, its ability to differentiate the therapy, secure regulatory approvals and execute a successful commercial launch will be critical to realizing its potential.
MRNA Stock Performance, Valuation & Estimates
Year to date, MRNA stock has skyrocketed nearly 400% compared with the industry’s 10% growth, as seen in the chart below. During this timeframe, the stock also outdid the broader Medical sector and the S&P 500 Index.
MRNA Stock Outperforms Industry, Sector & S&P 500
From a valuation standpoint, Moderna appears to be trading at a premium compared to the industry. Based on the price/sales (P/S) ratio, the company’s shares currently trade at 26 times trailing 12-month sales, higher than 2.58 for the industry.
The Zacks Consensus Estimate for Moderna’s 2026 loss per share have improved from $8.57 to $8.50 in the past 30 days. However, the consensus mark for 2027 has narrowed from $4.67 to $4.52 during the same period.
How to Play MRNA Stock?
Moderna’s outlook is improving as the company develops growth opportunities across oncology while expanding into other therapeutic areas. However, the turnaround is likely to take time. Products such as mFlusiva are still in the early stages of building commercial momentum, while the larger potential from oncology remains dependent on additional clinical, regulatory and commercial milestones.
Although estimates for Moderna’s losses have improved, a meaningful recovery in financial performance is likely to develop gradually as newer products gain traction and pipeline opportunities move closer to commercialization. Investors should therefore focus less on a rapid recovery in financial performance and more on whether Moderna can steadily establish new sources of growth.
Therefore, we advise investors with a long-term horizon to stay invested in this Zacks Rank #3 (Hold). The improving earnings outlook and expanding pipeline strengthen Moderna’s long-term growth prospects, but investors should remain patient as the company works to translate its pipeline investments into sustainable commercial growth.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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MRNA Stock Soars 143% in a Month: Time to Buy, Hold or Sell?

Eli Lilly and Company LLY boasts a wide range of products across cardiometabolic health, neuroscience, oncology and immunology. Cardiometabolic Health is Lilly’s largest therapeutic area by a wide margin, particularly with the success of its tirzepatide medicines, Mounjaro and Zepbound. Its cardiometabolic products accounted for approximately 80% of Lilly’s total revenues in the first half of 2026.
However, Lilly is gradually building a more diversified portfolio by expanding in oncology, immunology and neuroscience. Lilly has also embarked on an aggressive M&A spree in the past couple of years, acquiring biotech companies across oncology, neuroscience, cardiovascular disease, gene editing, inflammation, cell therapy and vaccines to diversify its long-term growth drivers beyond GLP-1 therapies.
In this article, we will discuss Lilly’s position in the neuroscience space and how it is expanding its presence in this area.
Neuroscience Still Small but Has Significant Growth Potential
Neuroscience currently represents only a small portion of Lilly's sales, around 2%. In the first six months of 2026, neuroscience revenues increased around 32% to $811 million. The portfolio currently has two major marketed products — Emgality, an anti-CGRP monoclonal antibody for migraine prevention and Kisunla, an anti-amyloid beta antibody for early symptomatic Alzheimer's disease. Of these, Kisunla is seeing rapid year-over-year sales growth.
The relatively small contribution means neuroscience is not yet an important earnings driver for Lilly, but it also means the upside could be substantial if its neuroscience pipeline succeeds.
Lilly Building a Broader Neuroscience Pipeline Through M&A
Lilly has built a considerably deeper neuroscience pipeline. Key candidates are remternetug, a next-generation anti-amyloid antibody being developed for Alzheimer's disease in phase III, cleminorexton, an orexin receptor 2 agonist in phase II/III for hypersomnia and a GBA1 gene therapy for Parkinson's disease in phase II.
Acquisitions have played an important role in building Lilly’s neuroscience franchise. In July, Lilly agreed to acquire AtaiBeckley ATAI, which is advancing a pipeline of rapid-acting neuroplastogens for treatment-resistant depression (TRD) and other mental health conditions. ATAI’s lead asset, BPL-003, an intranasal formulation of mebufotenin benzoate, is being developed as a potential treatment for people living with TRD. The candidate has shown encouraging mid-stage data in TRD.
The acquisition of Centessa added cleminorexton to the pipeline. In previous years, acquisitions like Prevail Therapeutics and Disarm Therapeutics added candidates to treat neurological diseases.
Overall, Lilly’s neuroscience pipeline now spans Alzheimer's, sleep disorders, pain, schizophrenia, neurodegeneration and other neurological conditions.
Conclusion
Lilly’s neuroscience business is still small, but its strong growth, expanding pipeline and M&A-driven additions could make it an increasingly important long-term growth driver. The success of key candidates could help Lilly diversify its revenue base and reduce its reliance on cardiometabolic therapies.
Competition to LLY’s Neuroscience Products
Kisunla’s single biggest competitor is Eisai/Biogen’s BIIB Leqembi, both being amyloid-targeting treatments. Other companies are also developing next-generation Alzheimer's therapies, including Roche/Genentech and several biotech companies.
Emgality (galcanezumab) competes in the highly competitive CGRP migraine market, which includes Teva’s Ajovy, Amgen/Novartis’ Aimovig, Pfizer’s PFE Nurtec ODT and AbbVie’s Qulipta.
LLY’s Stock Price, Valuation and Estimates
Lilly’s stock has risen 6.9% so far this year compared with the industry’s increase of 14.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, Lilly’s stock is expensive. Going by the price/earnings ratio, the company’s shares currently trade at 26.85 forward earnings, higher than 18.70 for the industry. However, the stock is trading below its 5-year mean of 34.57.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 has risen from $35.56 to $35.93 per share over the past 60 days, while that for 2027 has risen from $44.58 to $45.93 per share over the same timeframe.
Image Source: Zacks Investment Research
Lilly 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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Lilly Builds Neuroscience into a New Long-Term Growth Driver

Key Points
Eli Lilly's most important drugs right now are Mounjaro, Zepbound, and, to a lesser degree, Foundayo.
The company's dominant GLP-1 weight-loss drugs are facing material competition and have time-limited patent protection.
Eli Lilly is attempting to build its drug pipeline with acquisitions, which is another big story to watch, even if the deals aren't impactful right now.
Eli Lilly's (NYSE: LLY) success in the GLP-1 weight-loss space highlights one of the biggest risks it faces right now. And it helps explain why the company leading the GLP-1 race is working so hard to acquire smaller drugmakers to broaden its drug pipeline. The truth is, Eli Lilly's latest deals probably won't boost its stock right now, but they could be the foundation that builds the pharmaceutical giant's future. Here's what you need to know.
What does Eli Lilly do?
If you look at Eli Lilly's second-quarter revenues, you come away with a very clear picture of the pharmaceutical company's business. Mounjaro, Zepbound, and Foundayo account for nearly two-thirds of the company's top line. That's a huge number when you consider that all of these drugs are targeted at the same health issue: weight loss. But Eli Lilly isn't really a weight-loss company; it is a drug maker. It just happens that its weight-loss drugs have become incredibly important products.
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What's interesting is that Eli Lilly wasn't the first to market with a weight-loss drug in the emerging GLP-1 space. The first company was Novo Nordisk (NYSE: NVO), with Wegovy. But Novo Nordisk struggled to keep up with demand, and Eli Lilly's Mounjaro and Zepbound shots appear to be more effective than Wegovy shots. Eli Lilly very quickly took the lead.
That's important to remember because it highlights the very real threat of new products in the pharmaceutical space displacing existing ones. Healthcare is an intensely competitive sector driven by innovation. Just because Eli Lilly is on top today does not mean it will remain there forever. Notably, Novo Nordisk beat Eli Lilly to market with a GLP-1 pill, and other companies, such as Pfizer (NYSE: PFE), are working on weight-loss drugs of their own. Eli Lilly is still the GLP-1 leader, but it knows it has to be prepared for the day when that's no longer the case.
Eli Lilly's dominance was always going to end
The interesting thing here is that Eli Lilly's GLP-1 drugs could remain the leading option, and the company would still see its leading position come to an end. That's because drugs have limited patent protection, with competitors allowed to produce generic versions of successful drugs after a set number of years. This is just how the drug sector works. Eli Lilly knows this and has been using the profits from its highly successful GLP-1 drugs to invest for the future.
Most recently, it agreed to acquire Merida Biosciences, a biotechnology company focused on the autoimmune and allergy spaces. The all-cash deal could cost as much as $2.875 billion if Merida Biosciences hits contractual development milestones. Right now, however, this deal isn't all that important to Eli Lilly's sales and earnings. But that doesn't mean it isn't important.
Merida Biosciences is just one of many acquisitions Eli Lilly has made over the last year or so. It has also acquired or agreed to acquire AtaiBeckley (NASDAQ: ATAI), which operates in the mental health space; Centessa Pharmaceuticals, which focuses on sleep-wake disorders; and Curevo, LimmaTech Biologics, and Vaccine Company, all of which operate in the infectious disease space. And those are just the most recent examples; there are more.
Eli Lilly's future is in its acquisitions
No single deal is all that significant. However, taken together, they show that Eli Lilly is attempting to broaden its therapeutic footprint as it prepares for the day when GLP-1 weight-loss drugs are no longer the revenue and earnings drivers they are today. You should be paying as much attention to Eli Lilly's acquisition spree as you do to its GLP-1 drugs. The impact won't be felt today, but these deals are what will, eventually, drive the company's future.
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Eli Lilly Has Been on an Acquisition Spree. How Much Could Its Latest Deals Boost the Stock?

AstraZeneca AZN announced that the FDA has approved Etcamah (camizestrant) in combination with a medicine belonging to the class of cyclin-dependent kinase (CDK) 4/6 inhibitors for the treatment of certain patients with advanced breast cancer. The approval was granted under the accelerated pathway.
The agency has approved the combination therapy to treat patients with hormone receptor (HR)-positive, HER2-negative breast cancer that is locally advanced (has spread nearby) or metastatic (has spread to other parts of the body). Etcamah is to be used in combination with any of the three blockbuster CDK4/6 inhibitors: Pfizer’s PFE Ibrance (palbociclib), Novartis’ NVS Kisqali (ribociclib), and Eli Lilly’s LLY Verzenio (abemaciclib).
The FDA approval is supported by results from the phase III SERENA-6 study, which showed that combining Etcamah with a CDK4/6 inhibitor reduced the risk of disease progression or death by 56% versus standard-of-care treatment (hormone therapy plus a CDK4/6 inhibitor).
The FDA decision comes after a regulatory review that included an April 2026 meeting of one of its advisory committees, which did not reach a majority vote in favor of the benefit of the Etcamah combination. After AstraZeneca provided additional data at the agency’s request, which included analyses of circulating tumor DNA (ctDNA) clearance and longer-term efficacy outcomes, the agency extended the review period by an additional three months.
AZN Sets Eyes on Breast Cancer Market
Per AstraZeneca, this is its 10th FDA approval so far this year and the fourth in a breast cancer indication. The company’s first three breast cancer approvals include Datroway for triple-negative breast cancer, as well as Enhertu in two early-stage HER2-positive breast cancer settings.
In the United States, breast cancer is the most common cancer among women, with more than 300,000 new patients diagnosed annually and over 42,000 deaths. The significant patient population and substantial unmet treatment needs make breast cancer an important market for AstraZeneca.
AZN Stock Performance
Year to date, shares of AstraZeneca have lost 11.5% against the industry’s 10% growth.
More on AZN’s Etcamah
Etcamah is a potent, next-generation oral selective estrogen receptor degrader (SERD) and complete estrogen receptor (ER) antagonist. SERDs work by binding to and degrading the estrogen receptor, helping block estrogen-driven signaling involved in the growth of HR-positive breast cancer.
AstraZeneca is evaluating Etcamah across a broad clinical development program, including the phase III SERENA-4, CAMBRIA-1 and CAMBRIA-2 studies. These studies are evaluating the drug both as a monotherapy and in combination with CDK4/6 inhibitors in different treatment settings for patients with HR-positive, HER2-negative breast cancer, supporting the company’s efforts to expand the potential use of the drug beyond its current indication.
FDA Also Approves Diagnostic Test to Support AZN’s Cancer Combo
Alongside Etcamah approval, the agency has also approved a companion diagnostic test called Guardant360 CDx to identify patients with breast cancer harboring ESR1 mutations for treatment with the newly approved combination therapy. The test was developed by Guardant Health as part of its collaboration with AstraZeneca.
Guardant Health and AstraZeneca have a multi-year collaboration focused on integrating Guardant’s diagnostic capabilities into the clinical development of AstraZeneca’s cancer therapies. Guardant360 CDx was also used in the SERENA-6 study to enable serial ctDNA testing and support the treatment-switch strategy evaluated in the study.
AstraZeneca PLC Price
AZN’s Zacks Rank
AstraZeneca currently carries 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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