Pfizer and Amgen reported first-quarter 2026 results that highlight diverging oncology strategies. Pfizer’s oncology franchise generated $3.83 billion, up 9% year over year, led by Seagen’s Padcev at $591 million, a 39% increase driven by first-line urothelial share gains. Amgen saw IMDELLTRA soar 219% to $258 million, but legacy products suffered steep declines under Medicare Part D pricing, with Prolia falling 34% to $727 million and Enbrel dropping 37%. Pfizer reaffirmed its full-year revenue guidance of $59.5 to $62.5 billion, while Amgen maintained its $37.1 to $38.5 billion outlook. Pfizer trades at a forward price-to-earnings ratio of 8 with a 7% dividend yield, compared to Amgen’s multiple of 17.
Amgen IncLegacy products Prolia and Enbrel suffered steep declines under Medicare Part D pricing, with Prolia falling 34% and Enbrel dropping 37%.
Pfizer IncOncology franchise grew 9% to $3.83B, led by Seagen's Padcev up 39% on first-line urothelial share gains.