In the first nine months of 2025, Pfizer’s oncology division delivered a 14% year-over-year increase in revenues, driven primarily by ADCs co-developed with Seagen. Sales of enfortumab vedotin (PADCEV) rose by 32%, contributing approximately $1.2 billion to the top line, while fam-trastuzumab deruxtecan (TROPION-P-DXd) posted 28% growth to $850 million. These gains offset mid-single-digit declines in legacy brands such as Ibrance, which saw a 5% revenue slip due to loss of exclusivity in key markets.

Despite robust volume growth, pricing concessions in Europe and parts of Asia trimmed oncology revenues by an estimated $200 million through September. Governments in Germany and France enforced tighter reimbursement rates on high-cost ADCs, and biosimilar entrants eroded share in the CDK4/6 inhibitor class. Analysts estimate that without these headwinds, division revenue growth would have approached 18% year-to-date.

Pfizer has eight oncology assets in late-stage development, including two Phase III trials of a PSMA-targeted radioligand for prostate cancer and a novel KRAS G12C inhibitor expected to report data in H1 2026. R&D spending climbed 11% to $6.8 billion year-to-date, reflecting a strategic shift toward precision therapies and combination regimens. Management reaffirmed plans to invest at least $3 billion annually in oncology research through 2028.

Heading into Q4 results, Pfizer projects oncology revenue growth of 12–14%, reflecting continued ADC momentum and sequential improvement in Ibrance performance after pricing resets. The company also indicated potential margin expansion of 150–200 basis points in the segment, assuming stable foreign exchange rates. Investors should monitor updates on reimbursement negotiations in Europe and progress in the KRAS G12C program, as both factors will materially influence guidance for fiscal 2026.