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

Core Insights - Pfizer's sales of COVID products have declined post-pandemic, but non-COVID operational revenues are improving due to key products and recent acquisitions [1][4] - 2023 was a record year for Pfizer with nine new drug approvals contributing to revenue growth, including a gene therapy for hemophilia approved in 2024 [2] - Pfizer's recently launched and acquired products saw a 9% operational increase in the first nine months of 2025, with expectations for continued momentum [3] Financial Performance - Pfizer expects a revenue CAGR of approximately 6% from 2025 to 2030, despite challenges such as COVID product sales decline and upcoming loss of exclusivity [4] - Pfizer's stock has declined 8% in 2023, contrasting with a 15.2% increase in the industry [8] - The Zacks Consensus Estimate for 2025 earnings has increased from $3.07 to $3.14 per share, while the estimate for 2026 has slightly decreased [11] Competitive Landscape - Pfizer is a major player in the oncology market, competing with companies like AstraZeneca, Merck, and Bristol-Myers [5] - AstraZeneca's oncology sales rose 16% in the first nine months of 2025, driven by key products [5] - Merck's Keytruda recorded sales of $23.3 billion in the same period, up 8% year over year [6] - Bristol-Myers' Opdivo sales increased 8% to $7.54 billion in the first nine months of 2025 [7] Valuation Metrics - Pfizer's shares are trading at a forward P/E ratio of 7.76, lower than the industry average of 16.91 and its own 5-year mean of 10.47 [10]