<div id="readability-page-1"><div><ul> <li>Pfizer (NYSE:PFE) and Arvinas have granted global development and commercialization rights for VEPPANU, the first FDA-approved oral PROTAC for advanced or metastatic breast cancer, to Rigel Pharmaceuticals.</li> <li>The licensing deal covers worldwide rights and keeps Pfizer and Arvinas eligible for royalties and milestone payments tied to VEPPANU.</li> <li>The agreement is intended to broaden patient access to VEPPANU while allowing Pfizer and Arvinas to focus resources on their wider oncology and PROTAC pipelines.</li> </ul> <p>For Pfizer, VEPPANU sits within a broader oncology effort that includes targeted therapies and partnership driven drug discovery. PROTACs are drawing attention as a drug class because they aim to degrade disease causing proteins rather than simply block them, which many investors are watching as a distinct therapeutic approach.</p> <p>This new agreement adds another partner led commercial path to Pfizer's oncology story and gives investors one more area of potential future royalty and milestone inflows to track. As Rigel takes on the commercial build out for VEPPANU, attention is likely to turn to how Pfizer reallocates capital and research attention across the rest of its cancer and pipeline programs.</p> <p>Stay updated on the most important news stories for Pfizer by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Pfizer.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/3b07801a-1c3a-46e6-a7ff-e1f59f31c466/chart/earnings-and-revenue-growth/query-ZGF0ZT0yMDI2LTA1LTEz?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/3b07801a-1c3a-46e6-a7ff-e1f59f31c466/chart/earnings-and-revenue-growth/query-ZGF0ZT0yMDI2LTA1LTEz"/><figcaption>NYSE:PFE Earnings &amp; Revenue Growth as at May 2026</figcaption></figure> <p>📰 Beyond the headline: 4 risks and 1 thing going right for Pfizer that every investor should see.</p> <h3>Quick Assessment</h3> <ul> <li><strong>✅ Price vs Analyst Target</strong>: At US$25.87, Pfizer trades about 11% below the US$29.11 analyst target range midpoint.</li> <li><strong>✅ Simply Wall St Valuation</strong>: Simply Wall St estimates the stock is trading 57.1% below its calculated fair value, which is a large discount.</li> <li><strong>❌ Recent Momentum</strong>: The share price is down 3.9% over the last 30 days.</li> </ul> <p>There is only one way to know the right time to buy, sell or hold Pfizer: review detailed analysis and data. Head to Simply Wall St's company report for the latest analysis of Pfizer's fair value.</p> <h3>Key Considerations</h3> <ul> <li>📊 The Rigel licensing deal turns VEPPANU into a potential royalty and milestone stream rather than a fully owned commercial effort for Pfizer.</li> <li>📊 Watch how VEPPANU uptake, oncology pipeline progress and the current P/E of 19.7 relative to the 15.5 industry average interact with the discount to estimated fair value.</li> <li>⚠️ Major flagged risks include debt coverage by operating cash flow and a dividend yield of 6.65% that is not well covered by earnings or free cash flows.</li> </ul> <h3>Dig Deeper</h3> <p>For the full picture including more risks and rewards, check out the complete Pfizer analysis. Alternatively, you can visit the community page for Pfizer to see how other investors believe this latest news will impact the company's narrative.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data         and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your         financial situation. We aim to bring you long-term focused analysis driven by fundamental data.         Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.         Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

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<p>Pfizer and Arvinas have licensed global rights for VEPPANU, the first FDA-approved oral PROTAC for advanced breast cancer, to Rigel Pharmaceuticals. This deal allows Pfizer and Arvinas to receive royalties and milestone payments while focusing on their oncology pipelines. The agreement enhances Pfizer's oncology strategy and offers investors potential future revenue streams. However, risks include debt coverage and a dividend yield not well supported by earnings. Pfizer's stock trades below analyst targets and fair value estimates, with recent share price declines.</p>

- Pfizer and Arvinas have licensed global rights for VEPPANU to Rigel Pharmaceuticals, the first oral PROTAC approved for advanced breast cancer.  
- This agreement allows Pfizer and Arvinas to earn royalties while focusing on their oncology and PROTAC pipelines, as VEPPANU will develop under Rigel's commercial efforts.  
- Investors are urged to monitor the implications of this deal on Pfizer's oncology strategy and capital allocation, amid concerns over debt coverage and dividend sustainability.

Pfizer PROTAC Licensing Deal With Rigel Adds Royalties To Valuation Story