Pfizer (NYSE: PFE) held its Q2 2026 earnings call on August 4, 2026, highlighting three pipeline developments: a Q4 readout for the EZH2 inhibitor mevrometostat in prostate cancer, continued investment in the sigvotatug vedotin lung cancer program despite a pivotal failure, and rapid expansion of the immunology portfolio anchored by tilrekimig.

Second-quarter revenue was USD 15 billion, representing 1% operational growth year-on-year; excluding COVID products, the underlying business grew 5% operationally. Pfizer raised the midpoint of its full-year 2026 revenue guidance by USD 500 million to a range of USD 60.5 billion to USD 62.5 billion.

Key Strategic Signals

  • Mevrometostat MEVPRO-1 readout expected Q4 2026: Chief Scientific Officer Chris Boshoff confirmed the Phase III MEVPRO-1 trial in post-abiraterone metastatic castration-resistant prostate cancer (mCRPC) is fully enrolled and has not yet reached the 302 progression-free survival events required to trigger the primary analysis. The statistical analysis plan is powered for approximately 30% improvement over standard of care, based on the expectation that the control arm will deliver radiographic progression-free survival of 5 to 8 months — consistent with historical enzalutamide performance in this setting. Boshoff cited randomized Phase I data showing a hazard ratio of 0.5 and said competitor EZH2/PRC2 inhibitor data in prostate cancer have provided additional external validation of the mechanism. Commercial officer Aamir Malik noted that mevrometostat, if approved, would represent a 100% global Pfizer opportunity — unlike enzalutamide, where Pfizer shares economics with Astellas — and said the asset could scale across the full prostate cancer disease continuum from post-abiraterone into earlier lines.
  • Sigvotatug vedotin lung cancer program sustained after primary endpoint failure: In June, Pfizer disclosed that sigvotatug vedotin (SV), an integrin beta-6 (IB6) directed antibody-drug conjugate (ADC), did not meet its primary overall survival endpoint in the intention-to-treat population in second-line or later non-squamous non-small cell lung cancer (NSCLC). The readout contributed to USD 4.3 billion in noncash impairment charges related principally to SV and, to a lesser extent, the previous failure of sickle cell disease drug Oxbryta (voxelotor). Management said the subgroup of patients who received only one prior line of therapy showed a median survival benefit of 2.5 months (13.6 months versus 11.1 months with docetaxel). Boshoff presented updated Phase I data showing an unconfirmed objective response rate of approximately 82% — including a complete response — for SV plus pembrolizumab in first-line NSCLC with high PD-L1 expression, the same regimen under evaluation in the ongoing Phase III trial. Boshoff argued that vedotin payloads may induce immunogenic cell death and cited clinical activity observed when other vedotin ADCs were combined with checkpoint inhibitors. The ongoing Phase III trial in first-line high PD-L1 NSCLC has become the program's most important remaining test.
  • Tilrekimig entering four Phase III studies including a superiority head-to-head versus Dupixent: Tilrekimig, an internally discovered IL-4/IL-13/thymic stromal lymphopoietin (TSLP) trispecific antibody, will advance into Phase III trials in atopic dermatitis (one versus placebo, one versus dupilumab), asthma, and chronic obstructive pulmonary disease. Boshoff confirmed that the head-to-head Phase III study will be powered to demonstrate superiority over dupilumab. He cited Phase II placebo-adjusted EASI-75 response rates of 52% and 50% at medium and high doses and argued the TSLP component differentiates the molecule from IL-4/IL-13 dual inhibitors.

Forward-Looking Catalysts

  • MEVPRO-1 readout (Q4 2026): The event-driven design means the readout timing depends on accrual of 302 progression-free survival events. Management said the current event rate supports a Q4 2026 readout. A positive result would position mevrometostat as the first EZH2 inhibitor to demonstrate Phase III benefit in prostate cancer and would likely support filing discussions across multiple lines of therapy.
  • Talzenna (talazoparib) plus Xtandi PDUFA date (Q4 2026): The FDA accepted for Priority Review a supplemental new drug application for talazoparib plus enzalutamide in homologous recombination repair (HRR) gene-altered metastatic castration-sensitive prostate cancer, with a PDUFA action date set for Q4 2026.
  • Berobenatide Phase III obesity program and 3945 combination data: Pfizer confirmed VESPER-4 and VESPER-5, evaluating weekly berobenatide, are now fully enrolled, with VESPER-6 (monthly dosing) ongoing. Phase I/IIa data for the ultra-long-acting amylin analog 3945 as monotherapy and in combination with berobenatide are expected later in 2026. The Phase IIb SOLIS-1 combination study has enrolled more than half of approximately 900 planned participants, with efficacy data expected in 2027.

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