Pfizer Inc. (NYSE:PFE) is set to release its second-quarter earnings on August 5, with investor attention focused not only on its oncology pipeline but also on how its non-oncology segments—Primary Care and Specialty Care—perform amid pricing pressures and shifting demand.
Non-Oncology Drugs Take the Spotlight in Pfizer Q2 Earnings
While oncology contributes roughly 25% of Pfizer’s total revenue, non-oncology drugs play a critical role in determining quarterly performance. In Q2, the spotlight turns to products like Eliquis, Prevnar, Comirnaty, Paxlovid, Vyndaqel, Nurtec ODT, and Abrysvo, each facing its own market dynamics.
Primary Care Faces Pricing Headwinds and Global Slowdown
The Primary Care segment is likely to show mixed results. Eliquis, co-marketed with Bristol-Myers Squibb Co. (NYSE:BMY), may see a dip in revenue due to pricing constraints brought on by the Inflation Reduction Act (IRA). While demand for Eliquis remains steady, lower pricing in the U.S. will weigh on results.
Pfizer’s flagship pneumonia vaccine, Prevnar, is also expected to report lower sales—mainly due to weakened demand in international markets. Despite being a top performer in prior quarters, Prevnar’s Q2 numbers may reflect a temporary softening in global vaccine uptake.
COVID-19 Products Offer Limited Upside in Pfizer Q2 Earnings
The COVID-19 product line continues to evolve post-pandemic. Pfizer and its partner BioNTech SE (NASDAQ:BNTX) saw a Q1 rebound in Comirnaty, their COVID-19 vaccine, due to improved market share and stronger contractual deliveries abroad. Investors will look to see whether this positive trend sustained momentum in Q2.
Conversely, Paxlovid, Pfizer’s antiviral pill for COVID-19, is likely to report declining revenue as infection rates stabilize. The antiviral’s contribution to Pfizer Q2 earnings will likely be less significant than during peak pandemic quarters.
Specialty Care Sees Bright Spot in Vyndaqel, Challenges Elsewhere
In the Specialty Care segment, Vyndaqel continues to be a growth driver for Pfizer. The medication, used to treat transthyretin amyloid cardiomyopathy (ATTR-CM), is experiencing steady demand and may help offset declines in other therapies.
However, Xeljanz and Enbrel, both used to treat autoimmune conditions, are expected to show softer performance. Declining market share and shifting treatment protocols may weigh on their Q2 figures.
Meanwhile, Abrysvo, Pfizer’s RSV vaccine, has not gained expected traction due to limited recommendations from the U.S. Advisory Committee on Immunization Practices. This could lead to underwhelming revenue, though it’s still early in the product’s lifecycle.
Nurtec Offers Glimmer of Hope
Pfizer’s migraine treatment Nurtec ODT (also marketed as Vydura in Europe) is anticipated to post strong quarterly gains. Rising adoption and broader market penetration continue to position Nurtec as a future growth pillar in the Primary Care portfolio.
Stock Performance and Valuation Remain Attractive
Year to date, Pfizer stock (NYSE:PFE) has dipped 1.8%, slightly underperforming its industry peers, which are down 1.3%. However, from a valuation perspective, Pfizer remains attractive. The stock trades at a forward price-to-earnings (P/E) ratio of 8.2—well below the industry average of 14.6 and its own five-year mean of 10.85.
This discounted valuation could present a buying opportunity if non-oncology segments begin to stabilize or outperform in the second half of 2025.
Consensus Estimates Signal Modest Revisions
Over the past 60 days, the Zacks Consensus Estimate for Pfizer’s 2025 earnings per share (EPS) has edged down from $3.06 to $3.05. The 2026 EPS estimate has also dropped slightly from $3.09 to $3.08, reflecting cautious investor sentiment amid pricing pressures and unpredictable demand trends.
Final Thoughts: Pfizer Q2 Earnings Could Surprise
Pfizer Q2 earnings will likely reflect a blend of growth and pressure. While legacy vaccines and antivirals may face challenges, strong performers like Vyndaqel and Nurtec provide resilience. Investors will be watching closely to assess whether Pfizer can stabilize its broader portfolio while unlocking new growth pathways.
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