Key Takeaways Amgen acquired Dark Blue Therapeutics for about $840M, strengthening its oncology pipeline.AMGN gains a preclinical small-molecule degrader targeting MLLT1/3 proteins tied to certain AML types.Amgen has no marketed AML therapy, but sells Blincyto for ALL and has early AML bispecifics.Amgen (AMGN) announced that it has acquired U.K.-based private biotech company, Dark Blue Therapeutics, for approximately $840 million.The acquisition will strengthen Amgen’s oncology pipeline by adding Dark Blue’ ...

Key Takeaways J&J's diversified pharma and MedTech model supports steadier growth across cycles.JNJ's 2025 gains were driven by Innovative Medicine growth and improving MedTech performance.AZN's oncology-led growth is offset by patent expirations, Part D pressure and China-related headwinds.Johnson & Johnson (JNJ) and AstraZeneca (AZN) rank among the world’s largest pharmaceutical companies, each with a broad and diversified healthcare portfolio. Both companies have a strong presence in oncology. Other than ...

Core Insights - Pfizer anticipates a significant revenue decline due to the loss of exclusivity for key products between 2026 and 2030, including Eliquis, Vyndaqel, Ibrance, Xeljanz, and Xtandi, all facing patent expirations [1][9] - The company has bolstered its R&D pipeline through mergers and acquisitions, successful data readouts, and pivotal program initiations, positioning itself for sustainable growth post-LOE [1][7] Oncology Pipeline - Pfizer has advanced its oncology pipeline with several candidates in late-stage development, including vepdegestrant for ER+/HER2- metastatic breast cancer, atirmociclib for HR+/HER2- metastatic breast cancer, and sigvotatug vedotin for metastatic non-small cell lung cancer [2] - By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio [4] Non-Oncology Developments - In non-oncology areas, Pfizer is developing an mRNA flu/COVID combination vaccine and osivelotor for sickle cell disease, both in late-stage development [4] - The company is also expanding the labels of approved products like Padcev, which was recently approved by the FDA in combination with Merck's Keytruda for specific bladder cancer patients [5] Obesity Market Expansion - Pfizer is strengthening its presence in the obesity market, currently dominated by Eli Lilly and Novo Nordisk, through the $10 billion acquisition of Metsera and the in-licensing of YP05002, an oral GLP-1 receptor agonist [6] - The Metsera acquisition added four novel clinical-stage programs for obesity, expected to generate billions in peak sales [6] Competitive Landscape - Pfizer faces revenue headwinds from patent expirations but is positioned for long-term growth through its expanding late-stage pipeline in oncology and investments in obesity, vaccines, and rare diseases [7] - The oncology market is competitive, with major players like AstraZeneca, Merck, Johnson & Johnson, and Bristol-Myers also focusing on oncology sales [10][11][12][13] Financial Performance - Pfizer's stock has declined 7% over the past year, while the industry has seen a 16% increase [14] - The company's shares are trading at a forward price/earnings ratio of 8.18, below the industry average of 17.40 and its own 5-year mean of 10.39, indicating attractive valuation [16] - The Zacks Consensus Estimate for 2025 earnings has increased slightly to $3.10 per share, while the estimate for 2026 has decreased to $3.04 per share [18]

Key Takeaways AbbVie is rebounding post-Humira, with Skyrizi and Rinvoq sales up 53% Y/Y and expected to top $25B in 2025.AZN's newer drugs are driving growth as it targets $80B in revenues by 2030.Both face pressures: ABBV from aesthetics softness, AZN from China policy impacts and biosimilar erosion.AbbVie (ABBV) and AstraZeneca (AZN) are both global healthcare companies with diversified drug portfolios. Both companies have strong leadership positions in immunology and oncology areas.While AbbVie also has ...

Key Takeaways FDA grants Enhertu a Breakthrough Therapy designation for early HER2-positive breast cancer.AZN noted the decision was based on DESTINY-Breast05 results showing lower invasive disease recurrence.AZN's phase III LATIFY study with Imfinzi combo missed its primary overall survival goal in lung cancer.AstraZeneca (AZN) and its Japan-based partner Daiichi Sankyo announced that the FDA has granted a Breakthrough Therapy designation (“BTD”) to their blockbuster antibody-drug conjugate (ADC), Enhertu, ...

Core Viewpoint - AstraZeneca announced that a late-stage trial of Imfinzi combined with ceralasertib did not show an improvement in overall survival for patients with previously treated advanced non-small cell lung cancer [1] Group 1 - The trial aimed to evaluate the efficacy of Imfinzi in combination with ceralasertib [1] - The patient population consisted of those with advanced non-small cell lung cancer who had previously undergone treatment [1] - The failure of the trial may impact AstraZeneca's strategy in the oncology sector [1]

Key Takeaways MRK faces major headwinds as Keytruda, its top revenue driver, nears the loss of exclusivity in 2028.Declining Gardasil sales due to weak China demand and lower vaccine uptake in Japan ail MRK.MRK is counting on Capvaxive, Winrevair and strategic cost savings to help counter patent/pricing headwinds.Merck (MRK) is expected to face some notable headwinds over the next few years that could affect its long-term growth outlook, the most significant being the upcoming loss of exclusivity (“LOE”) fo ...

Core Viewpoint - Merck is strategically focusing on long-term growth through new product launches and a robust pipeline as its leading drug, Keytruda, is set to lose patent protection in 2028 [1][2]. Pipeline and Product Development - Keytruda, which accounts for over 50% of Merck's pharmaceutical sales, generated $23.3 billion in sales during the first nine months of 2025, reflecting an 8% year-over-year increase [2]. - The company's phase III pipeline has nearly tripled since 2021, with plans to launch around 20 new vaccines and drugs in the coming years, many of which have blockbuster potential [3][11]. - Notable new products include the 21-valent pneumococcal conjugate vaccine, Capvaxive, and the pulmonary arterial hypertension drug, Winrevair, both of which are expected to significantly contribute to revenue post-Keytruda exclusivity [4][11]. Strategic Mergers and Acquisitions - Merck has engaged in substantial M&A activities, including a recent agreement to acquire Cidara Therapeutics for $9.2 billion, which will enhance its portfolio with CD388 for seasonal influenza prevention [7][8]. - Earlier this year, Merck acquired Verona Pharma for $10 billion, adding Ohtuvayre, a novel treatment for chronic obstructive pulmonary disease [8]. Competitive Landscape - Keytruda faces competition from other PD-L1 inhibitors such as Bristol Myers' Opdivo, Roche's Tecentriq, and AstraZeneca's Imfinzi, which are also approved for multiple cancer types [10][12][13]. Financial Performance and Valuation - Year-to-date, Merck's shares have decreased by 0.4%, underperforming the industry average of 13.6% [14]. - The company's price/earnings ratio stands at 11.22, which is lower than the industry average of 16.59 and its 5-year mean of 12.51, indicating a potentially attractive valuation [15]. - The Zacks Consensus Estimate for 2025 earnings per share has slightly increased from $8.94 to $8.98, while the estimate for 2026 has decreased from $9.46 to $8.81 [18].

Core Insights - AbbVie is significantly expanding its oncology presence, moving from a two-drug franchise to include solid tumors, with new drugs like Epkinly, Elahere, and Emrelis contributing to over 11% of total revenues in the first nine months of 2025, reflecting a 3% year-over-year growth [1][9] Expansion Strategies - The expansion is driven by both organic and inorganic strategies, with Emrelis being AbbVie's first internally developed solid tumor drug, while Epkinly and Elahere were acquired through collaborations [2] - Sales from newer drugs and rising Venclexta sales have offset the decline in Imbruvica sales due to competition from novel therapies [2] Pipeline Development - AbbVie has a diverse pipeline of new therapies for blood cancers and solid tumors, including antibody-drug conjugates (ADCs), which are seen as a disruptive innovation in cancer treatment [3] - A regulatory filing for the ADC therapy pivekimab sunirine is under FDA review for treating a rare blood cancer, which could add a third ADC to AbbVie's portfolio [4] - The company is also developing Temab-A for metastatic colorectal cancer and other cancers in various stages of clinical trials [4][5] Competitive Landscape - Major competitors in the oncology space include AstraZeneca, Merck, and Pfizer, with AstraZeneca's oncology sales accounting for 43% of total revenues and growing 16% year-over-year [6] - Merck's Keytruda accounted for about 48% of its total revenues, while Pfizer's oncology revenues grew 7%, making up over 27% of its total revenues [7] Financial Performance - AbbVie shares have outperformed the industry year to date, trading at a slight discount with a P/E ratio of 15.87 compared to the industry average of 16.31 [8][11] - EPS estimates for 2025 and 2026 have declined in the past 60 days, indicating potential challenges ahead [13]

Core Insights - Pfizer is a leading player in the oncology sector with a strong portfolio of approved cancer medicines and a promising pipeline focusing on various modalities [1] - The acquisition of Seagen in 2023 has enhanced Pfizer's oncology position by adding four antibody-drug conjugates (ADCs) that have significantly contributed to revenues [2] Revenue Performance - Oncology sales account for approximately 28% of Pfizer's total revenues, with a year-to-date growth of 7% driven by key drugs [3][10] - Specific revenue figures include Xtandi at $578 million (up 3%), Lorbrena at $268 million (up 28%), and Braftovi/Mektovi at $202 million (up 17%) [4] - The newly launched drug Elrexfio generated $85 million in sales, while Ibrance saw a decline of 5% to $1.06 billion [4] Pipeline and Future Prospects - Pfizer is advancing its oncology pipeline with several candidates in late-stage development, including atirmociclib and sigvotatug vedotin, and expects to have eight or more blockbuster oncology medicines by 2030 [6][7] - The company has also entered the oncology biosimilars market, generating $315 million in revenues, reflecting a 10% year-over-year increase [5] Competitive Landscape - Major competitors in the oncology space include AstraZeneca, Merck, and Bristol-Myers, with AstraZeneca's oncology sales comprising around 43% of its total revenues and growing by 16% [8] - Merck's Keytruda alone accounts for over 50% of its pharmaceutical sales, with reported sales of $23.3 billion, up 8% [9] - Bristol-Myers' Opdivo accounts for about 20% of its total revenues, with sales rising 8% to $7.54 billion [11] Valuation and Market Position - Pfizer's stock has declined by 4.7% this year, contrasting with a 17.8% increase in the industry [12] - The company's shares are trading at a price/earnings ratio of 8.02, lower than the industry average of 17.26 and its own 5-year mean of 10.44, indicating attractive valuation [13] - The Zacks Consensus Estimate for 2025 earnings has increased from $3.06 to $3.14 per share over the past month [15]