Which Drugmaker Stock Has Dominated in 2026: Merck, Pfizer, or Amgen?
Merck has led U.S. large-cap drugmakers in 2026, with a 44% year-to-date (YTD) surge, outpacing Amgen's 35% YTD gain and Pfizer's 14% YTD gain. Merck's performance stems from its oncology franchise, anchored by KEYTRUDA, and newer product launches, rather than a GLP-1 obesity franchise. Amgen, with a 35% YTD rise, remains a strong contender, while Pfizer trails as a distant third.
Pfizer's 6.3% dividend yield attracts income investors, despite trailing peers. Merck's portfolio extends beyond oncology, including vaccines and animal health products. Amgen, with more than 20 products, features key franchises like Repatha and EVENITY. Despite strong YTD gains, the VanEck Pharmaceutical ETF remains a broad healthcare choice, but its concentration risk remains.
Investors should consider Merck's robust performance and diversification in 2026, while being cautious of concentration risks in narrower pharma vehicles.
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