NYSE:PFE

Pfizer (PFE) Stock Rises After FDA Expands PADCEV Plus Keytruda Approval for Muscle-Invasive Bladder Cancer

Pfizer (NYSE: PFE) shares gained about 1.1% after the U.S. Food and Drug Administration approved PADCEV in combination with Keytruda as neoadjuvant and adjuvant treatment for adults with muscle-invasive bladder cancer (MIBC), regardless of cisplatin eligibility.

The expanded approval marks the first platinum-free treatment regimen approved for MIBC across all eligible patient groups, potentially establishing a new standard of care in earlier-stage bladder cancer.

The decision was supported by results from the Phase 3 EV-304 (KEYNOTE-B15) trial, in which PADCEV plus Keytruda demonstrated significant improvements over standard chemotherapy. The combination reduced the risk of tumor recurrence, progression, or death by 47%, lowered the risk of death by 35%, and achieved a pathological complete response rate of 55.8%, compared with 32.5% for standard chemotherapy.

The approval further expands the commercial opportunity for PADCEV, which Pfizer co-develops with Astellas, following its success in advanced bladder cancer. Investors also view the label expansion as strengthening Pfizer’s oncology portfolio by extending the therapy into an earlier-stage, potentially curative treatment setting.

Key factors supporting the stock include:

* The FDA approved PADCEV plus Keytruda for muscle-invasive bladder cancer regardless of cisplatin eligibility.
* The regimen became the first platinum-free treatment approved for this patient population.
* Phase 3 data showed a 47% reduction in the risk of recurrence, progression, or death and a 35% reduction in mortality versus standard chemotherapy.
* The expanded indication broadens PADCEV’s commercial potential and reinforces Pfizer’s long-term oncology growth strategy.

The regulatory approval improved investor sentiment, helping Pfizer shares move higher during the trading session.
Pfizer Holds Steady: Solid Q1 Beat, Stock Barely Moves

Tuesday, May 5, 2026

In a sea of earnings-day volatility — Shopify down 7%, Eaton down 6.5% — Pfizer's barely-a-blip 0.27% decline today is almost a compliment. The pharmaceutical giant posted a clean Q1 2026 beat and reaffirmed full-year guidance, delivering exactly what a rebuilding Pfizer needed: no surprises.

The Numbers

Q1 revenues came in at $14.5 billion, up 5% year-over-year (2% operationally), clearing analyst expectations. Reported EPS was $0.47, while adjusted EPS of $0.75 comfortably topped the consensus. Pfizer reaffirmed its full-year 2026 guidance of $59.5–$62.5 billion in revenue and adjusted EPS of $2.80–$3.00 — unchanged from prior guidance.

The headline growth rate of 5% looks modest, but the underlying picture is considerably stronger once COVID-era products are stripped out. Excluding Comirnaty and Paxlovid — both in steep structural decline — revenues grew 7% operationally. More tellingly, revenues from Pfizer's launched and acquired products grew 22% operationally, underscoring that the portfolio transition away from COVID dependency is gaining real traction.

What's Working

The non-COVID portfolio is firing on multiple cylinders. Padcev (bladder cancer) rose 39% operationally on expanding market share. Nurtec (migraine) jumped 41%, driven by strong U.S. demand. Lorbrena (lung cancer) gained 32% on growing first-line patient share. Oncology biosimilars surged 52%, partly on one-time tailwinds but also reflecting genuine supply recovery. Eliquis (blood thinner) grew 8% globally despite some international pricing pressure. Abrysvo (RSV vaccine) also posted 31% growth internationally.

On the cost side, SI&A expenses fell 4% operationally, reflecting tighter, more targeted marketing spend — a sign of the operational discipline CFO David Denton has emphasized. R&D spending rose 12%, directed primarily at oncology and obesity pipelines, two areas CEO Albert Bourla singled out as where Pfizer expects to lead.

What's Dragging

Comirnaty (COVID vaccine) fell 59% operationally and Paxlovid dropped 63%, as COVID infections declined globally and government procurement normalized. Cost of sales as a percentage of revenue climbed to 24.6% from 20.7% a year ago, driven partly by the non-recurrence of a one-time royalty estimate adjustment in 2025 and FX headwinds. Adjusted EPS of $0.75 was also down 18% from $0.92 in Q1 2025, a reminder that the earnings base built during the COVID windfall years is still unwinding.

No share repurchases are planned for 2026, as Pfizer continues to de-lever its balance sheet — a prudent but shareholder-unfriendly near-term posture.

The Takeaway

Pfizer's flat reaction is the right one. This is a company mid-transition: COVID revenues fading, a new growth engine in oncology and obesity building, and pipeline momentum — approximately 20 key pivotal studies on track to start in 2026 — beginning to show up in the numbers. Today's print doesn't resolve Pfizer's long-term story, but it doesn't complicate it either. For now, steady is good enough.
Pfizer Inc. announced it has reached settlement agreements with generic drugmakers Dexcel Pharma, Hikma Pharmaceuticals, and Cipla regarding patent litigation over its heart disease treatment VYNDAMAX. The agreements extend the drug’s U.S. patent protection to June 2031, delaying expected generic competition.

As a result, Pfizer now anticipates VYNDAMAX revenues to remain relatively stable from 2028 through mid-2031, instead of declining earlier as previously expected. The drug currently holds a strong market position, accounting for around 75% of prescriptions in its category.

The company emphasized that the outcome supports both patient access and the protection of its intellectual property, while ongoing litigation could still impact future developments.

Source: Business Wire
Bristol Myers Squibb and Pfizer announced a collaboration with Mark Cuban Cost Plus Drug Company to offer Eliquis (apixaban) directly to U.S. patients through the online platform, expanding access to the widely prescribed blood thinner.

Starting April 27, 2026, a 30-day supply of Eliquis will be available for $345, providing a lower-cost option for cash-paying patients and increasing pricing transparency. The move builds on earlier direct-to-patient initiatives aimed at improving affordability and access.

The companies said the partnership supports efforts to reduce barriers to essential medications, particularly for patients managing conditions such as atrial fibrillation and blood clots.
Business Wire
Pfizer Inc. (NYSE: PFE) declared a $0.43 second-quarter 2026 dividend on the common stock, payable June 12, 2026, to holders of the Common Stock of record at the close of business on May 8, 2026.
Pfizer and Valneva announced positive Phase 3 results for their Lyme disease vaccine candidate, showing efficacy above 70% in preventing the disease in individuals aged five and older.

The investigational vaccine demonstrated strong efficacy of around 73–75% in key analyses and was well tolerated with no major safety concerns, supporting plans for regulatory submissions.

The results mark a significant step toward the first approved human vaccine for Lyme disease, addressing a growing unmet medical need in North America and Europe.
Pfizer reported positive Phase 3 results showing that the combination of TALZENNA and XTANDI significantly improved radiographic progression-free survival in patients with metastatic hormone-sensitive prostate cancer carrying HRR gene mutations . The study met its primary endpoint with a clinically meaningful reduction in the risk of disease progression or death compared to standard treatment.

The treatment demonstrated consistent benefits across both BRCA and non-BRCA patient groups, while interim data also संकेत a strong trend toward improved overall survival. Additional secondary endpoints, including response rates and time to PSA progression, also showed favorable outcomes.

Pfizer plans to engage with global regulators to potentially expand the indication of TALZENNA to earlier-stage prostate cancer, highlighting the combination’s potential to shift treatment earlier in the disease course and reinforce the company’s precision oncology strategy.
Business Wire
Pfizer Reports Positive Phase 2 Results for Next-Generation Breast Cancer Drug

Pfizer announced positive topline Phase 2 results for its investigational CDK4 inhibitor atirmociclib in patients with advanced or metastatic breast cancer.

The FOURLIGHT-1 study met its primary endpoint, showing a 40% reduction in the risk of disease progression or death compared to standard treatments, with a manageable safety profile. The results support further development of atirmociclib as a potential next-generation therapy, with ongoing Phase 3 trials in earlier treatment settings.
Business Wire
Pfizer reported positive Phase 2 trial results for its investigational trispecific antibody tilrekimig (PF-07275315) in adults with moderate to severe atopic dermatitis, meeting the study’s primary endpoint.

The treatment significantly increased the share of patients achieving a 75% reduction in eczema severity (EASI-75) after 16 weeks compared with placebo, with response rates of 38.7%, 51.9% and 49.4% across tested doses. The drug was generally well tolerated, with adverse event rates similar to placebo.

Tilrekimig targets three inflammatory pathways—IL-4, IL-13 and TSLP—and could become a first-in-class once-monthly therapy for multiple Type-2 inflammatory diseases, including atopic dermatitis, asthma and COPD. Pfizer said it plans to advance the therapy into Phase 3 development later this year.
Source: Business Wire
Pfizer Inc. and Astellas Pharma Inc. said their Phase 3 EV-304 (KEYNOTE-B15) trial showed that PADCEV (enfortumab vedotin) plus Keytruda (pembrolizumab) significantly improved outcomes in cisplatin-eligible muscle-invasive bladder cancer (MIBC) patients when used before and after surgery.

The combination reduced the risk of recurrence, progression or death by 47% versus standard neoadjuvant gemcitabine and cisplatin (HR 0.53; p<.0001), with 79.4% of patients event-free at two years compared with 66.2% under standard care. Overall survival improved by 35% (HR 0.65; p=.0029), while 55.8% of patients achieved a pathological complete response at surgery, versus 32.5% in the chemotherapy arm.

Results were presented at the American Society of Clinical Oncology Genitourinary Cancers Symposium in San Francisco. The companies said the platinum-free regimen could establish a new standard of care if approved. PADCEV plus pembrolizumab is already approved in the U.S. for perioperative treatment in cisplatin-ineligible MIBC patients.

Source: Business Wire
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