The next few years will test whether Pfizer Inc. (NYSE:PFE) can replace yesterday's blockbusters, and whether Gilead Sciences, Inc. (NASDAQ:GILD) can become more than an HIV company. Pfizer's (NYSE:PFE) newer medicines are gaining traction, but that growth has yet to accelerate the wider business. Gilead (NASDAQ:GILD) is expanding faster, although its performance remains concentrated in one therapeutic area. For investors, this is ultimately a choice between an unfinished turnaround and a stronger growth story still searching for greater breadth.

Bull Case

Pfizer's (NYSE:PFE) strongest result was the performance of its non-COVID portfolio. Revenue excluding Comirnaty and Paxlovid grew 5% operationally, while launched and acquired products generated $3.2 billion and increased 18% operationally. Growth also came from several franchises. Padcev revenue rose 23% operationally to $667 million, supported by increased market share in bladder cancer. The Vyndaqel family generated $1.76 billion, up 8% operationally, while Lorbrena grew 37% operationally. These products give Pfizer more than one avenue for rebuilding revenue as COVID-related demand declines.

Pfizer (NYSE:PFE) lowered its 2026 COVID-product forecast from approximately $5 billion to $4 billion after low infection levels weighed on Paxlovid utilization. Nevertheless, stronger-than-expected non-COVID sales allowed the company to raise the midpoint of its total revenue guidance by $500 million. Cost reductions provide additional support for the company. Pfizer (NYSE:PFE) expects approximately $6.7 billion in savings from its cost-realignment program through 2029. A separate manufacturing-optimization program is expected to generate another $3 billion, bringing anticipated savings across the two programs to approximately $9.7 billion. This leaner cost base could help Pfizer (NYSE:PFE) preserve margins and continue investing in areas such as oncology and obesity.

Gilead (NASDAQ:GILD), however, is currently delivering much stronger underlying growth. Product sales excluding Veklury increased 10% to $7.6 billion, and HIV sales rose 12% to $5.7 billion, with Biktarvy revenue increasing 7% to $3.8 billion and Descovy sales climbing 48% to $967 million. Yeztugo, Gilead's (NASDAQ:GILD) twice-yearly injectable HIV-prevention medicine, contributed $232 million as its launch gained momentum. The product adds a potentially important growth driver to an already dominant HIV portfolio.

Growth, however, was not confined to HIV alone, as liver-disease sales increased 10% to $877 million, while Livdelzi revenue more than doubled from $78 million to $167 million. Trodelvy sales rose 26% to $457 million, providing further evidence that Gilead (NASDAQ:GILD) is building a meaningful oncology franchise. Management subsequently raised its 2026 product-sales outlook to $30.1–$30.4 billion and increased guidance for product sales excluding Veklury to $29.8–$30.1 billion.