Among U.S. large-cap drugmakers, one name has clearly outrun the pack in 2026 so far. Merck (NYSE:MRK | MRK Price Prediction) leads, Amgen (NASDAQ:AMGN) sits second, and Pfizer (NYSE:PFE) trails as a distant third.
Merck stock is up 44% year to date (YTD) at $151.67. Meanwhile, Amgen stock is up 35% YTD at $440.84, which isn’t bad at all but it trails MRK’s performance this year.
Pfizer shares are up 14% YTD at $28.23, and for the broader context, the VanEck Pharmaceutical ETF (NASDAQ:PPH) is up 14% YTD at $117.61.
All three of the aforementioned names finished the year to date ahead of the sector fund, with Pfizer only modestly so. Obesity drugs have dominated pharma headlines this year, yet the leader here got there without an obesity franchise, while the two companies with obesity programs landed second and last. That’s an observation to weigh, not a causal claim.
Merck Takes the Lead in 2026
Merck stock has climbed 44% YTD to $151.67, dwarfing every peer in this comparison. Merck is a research-intensive biopharmaceutical company known as MSD outside the United States and Canada. Its oncology franchise is anchored by KEYTRUDA, the world’s top-selling cancer immunotherapy.
The Merck portfolio extends well beyond oncology to include WINREVAIR for pulmonary arterial hypertension and OHTUVAYRE for COPD. Its vaccine lineup features GARDASIL 9 for HPV and CAPVAXIVE for pneumococcal disease, and its infectious disease portfolio adds BRIDION, PREVYMIS, and the newly approved IDVYNSO for HIV-1. Merck also runs an Animal Health segment including the BRAVECTO parasiticide line and the newly approved NUMELVI for canine dermatitis.
59% of Merck’s pharmaceutical sales are generated in the United States. What stands out about the company’s 2026 run is that it happened without a GLP-1 obesity franchise, in a year when that category has dominated sector sentiment.
Amgen Holds Second Place
Amgen stock has advanced 35% YTD to $440.84, a solid second in this three-way race. Amgen markets more than 20 products, with 17 annualizing above $1 billion in sales. Key franchises include Repatha for cholesterol, EVENITY for osteoporosis, TEPEZZA for thyroid eye disease, UPLIZNA, IMDELLTRA for small cell lung cancer, BLINCYTO, and TEZSPIRE for severe asthma.
The Amgen pipeline is anchored by MariTide, an antibody-peptide conjugate in Phase 3 development for obesity featuring monthly or less frequent dosing. Additional candidates include olpasiran for cardiovascular outcomes, xaluritamig for prostate cancer, and dazodalibep for Sjögren’s disease.
The company also runs a substantial biosimilars business including AMJEVITA, MVASI, PAVBLU, and WEZLANA. Amgen stock is a component of both the Dow Jones Industrial Average and the Nasdaq-100 Index.
Pfizer Lags, but Pays the Yield
Pfizer shares are up 14% YTD to $28.23, well behind both peers here. The Pfizer portfolio spans primary care including Eliquis, the Prevnar vaccine family, and Nurtec ODT for migraine, specialty care anchored by the Vyndaqel family for cardiomyopathy and Xeljanz for immunology, and oncology including Ibrance, Padcev, Xtandi, and Lorbrena.
The company has approximately 20 key pivotal studies planned for 2026, with programs spanning obesity, immunology, a Lyme disease vaccine candidate, and Hympavzi for hemophilia. The company also operates Pfizer CentreOne, a contract manufacturing business, and participates in the U.S. government’s TrumpRx program providing discounted medicines to Americans.
With a 6.3% dividend yield and a P/E ratio of 20x, Pfizer stock offers income appeal. That yield is a meaningful reason investors continue to hold Pfizer shares despite weaker price performance in 2026.
The VanEck Pharmaceutical ETF as Benchmark
Currently, the VanEck Pharmaceutical ETF is up 14% YTD at $117.61. That fund figure runs through Tuesday while the individual stock figures are current, so the measurement windows don’t line up exactly.
The VanEck Pharmaceutical ETF is a concentrated fund holding a small number of large pharmaceutical names rather than a broad healthcare vehicle. A narrow pharma vehicle like PPH carries concentration risk: patent-cliff exposure and regulatory risk sit in just a handful of holdings, which can amplify single-name headlines in either direction.
What to Watch From Here
Investors can stay tuned for the next round of pipeline readouts and regulatory decisions across the three names. The obesity race remains the sector’s dominant narrative, yet the 2026 leader among these drugmakers got there on oncology and newer launches rather than a GLP-1 franchise. That could hold, or it could shift as more late-stage data lands.
The gap between Merck stock and Pfizer stock is wide, and Pfizer’s yield still gives income investors a reason to keep the position. A cautious approach with moderate position sizing may make sense for anyone chasing performance late in a strong run.
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