Pfizer Inc. (NYSE:PFE) is set to report its fourth-quarter and full-year 2025 results on Feb. 3, and while oncology continues to command the spotlight, the Pfizer non-oncology business will be just as important for investors assessing the company’s near-term stability. Outside cancer therapies, Pfizer maintains a broad portfolio spanning primary care, vaccines, inflammation, immunology, and rare diseases. These segments play a critical role in cash flow generation and help offset volatility in more competitive areas of the portfolio.
Primary Care Performance: Strength and Pressure
Within the Pfizer non-oncology business, Primary Care results are expected to reflect a mix of steady demand and notable headwinds. A key contributor remains Eliquis, the blockbuster anticoagulant partnered with Bristol-Myers Squibb (NYSE:BMY). Alliance revenues and direct sales from Eliquis are likely to have risen in the quarter, supported by strong global demand trends. However, pricing pressure and generic erosion in certain ex-U.S. markets may have partially offset growth.
The Zacks Consensus Estimate pegs alliance revenues from Eliquis at approximately $2.1 billion, reinforcing its importance as a cornerstone of Pfizer’s non-oncology revenue base.
Vaccine Sales Face Uneven Demand
Vaccines remain a vital but volatile component of the Pfizer non-oncology business. Sales of the Prevnar family of pneumococcal vaccines, which includes Prevnar 13/Prevenar 13 and Prevnar 20, are expected to have declined in the United States due to softer demand. International markets likely provided some offset, but not enough to fully counterbalance U.S. weakness. Consensus estimates place Prevnar family sales at around $1.64 billion for the quarter.
COVID-19 products continue to normalize. Pfizer records direct sales and alliance revenues from BioNTech (NASDAQ:BNTX) for Comirnaty, its COVID-19 vaccine. Fourth-quarter Comirnaty revenues are expected to have declined, driven by tighter U.S. vaccine recommendations that reduced the eligible patient population. Similarly, sales of Paxlovid, Pfizer’s oral antiviral COVID-19 treatment, likely fell as infection rates declined and demand softened.
Newer Products and Specialty Demand
Among newer launches, Abrysvo, Pfizer’s RSV vaccine, likely faced challenges in the U.S. market due to limited recommendations from the Advisory Committee on Immunization Practices. International markets, however, are expected to have contributed incremental growth, partially offsetting domestic weakness.
Another bright spot in the Pfizer non-oncology business is Nurtec ODT/Vydura, used for migraine treatment. Sales were likely supported by strong U.S. demand and recent international launches. That said, headwinds from the Inflation Reduction Act’s Medicare Part D redesign and the 340B program may have tempered overall growth.
Specialty Care: Vyndaqel Anchors Results
Pfizer’s Specialty Care unit is expected to show more resilience than Primary Care in the fourth quarter. Vyndaqel, a treatment for transthyretin amyloid cardiomyopathy, continues to benefit from expanding diagnosis rates and strong physician adoption. The Zacks Consensus Estimate for the Vyndaqel family stands at $1.66 billion, reflecting sustained demand momentum.
In contrast, sales of Xeljanz and Enbrel are likely to have declined. Both products face increasing competitive and pricing pressures, which continue to weigh on growth within the inflammation and immunology space.
Stock Performance and Valuation Context
From a market perspective, Pfizer shares have lagged peers. Over the past year, Pfizer stock declined about 2.5%, compared with a roughly 24% gain for the broader pharmaceutical industry. This underperformance has pushed valuation metrics to more attractive levels.
On a forward price-to-earnings basis, Pfizer trades at approximately 8.6 times earnings, well below the industry average near 17.7 and below its own five-year mean of about 10.3. For value-oriented investors, this discount may already reflect many of the near-term challenges facing the Pfizer non-oncology business.
Earnings Estimates and Investor Sentiment
Despite the attractive valuation, analyst sentiment has softened modestly. The Zacks Consensus Estimate for 2026 earnings has declined from $3.14 to $3.00 per share over the past 60 days, reflecting ongoing uncertainty around vaccine demand normalization and competitive pressures in certain therapeutic areas.
Still, Pfizer’s diversified portfolio outside oncology provides a degree of earnings stability. While COVID-related revenues continue to fade, steady demand for Eliquis, Vyndaqel, and select newer products underscores the importance of the Pfizer non-oncology business as a foundational earnings driver.
As investors look ahead to the upcoming earnings release, performance across primary and specialty care segments will be critical in determining whether Pfizer can stabilize revenues and rebuild confidence beyond its fast-growing oncology franchise.
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