import re
regex = re.compile(r'(word1|word2|word3)|.', re.S)
mytext = 'jsdjsqd word1dsqsqsword2fjsdjsword3sqdq'
print(regex.sub(lambda m: m.group(1) if m.group(1) else "P", mytext))
aW1wb3J0IHJlCnJlZ2V4ID0gcmUuY29tcGlsZShyJyh3b3JkMXx3b3JkMnx3b3JkMyl8LicsIHJlLlMpCm15dGV4dCA9ICdqc2Rqc3FkIHdvcmQxZHNxc3Fzd29yZDJmanNkanN3b3JkM3NxZHEnCnByaW50KHJlZ2V4LnN1YihsYW1iZGEgbTogbS5ncm91cCgxKSBpZiBtLmdyb3VwKDEpIGVsc2UgIlAiLCBteXRleHQpKQ==