import re
regex = re.compile(r'(word1|word2|word3)|(?:(?!word1|word2|word3).)*', re.S)
mytext = 'jsdjsqd word1dsqsqsword2fjsdjsword3sqdq'
print(regex.sub(lambda m: m.group(1) if m.group(1) else "P", mytext))
aW1wb3J0IHJlCnJlZ2V4ID0gcmUuY29tcGlsZShyJyh3b3JkMXx3b3JkMnx3b3JkMyl8KD86KD8hd29yZDF8d29yZDJ8d29yZDMpLikqJywgcmUuUykKbXl0ZXh0ID0gJ2pzZGpzcWQgd29yZDFkc3FzcXN3b3JkMmZqc2Rqc3dvcmQzc3FkcScKcHJpbnQocmVnZXguc3ViKGxhbWJkYSBtOiBtLmdyb3VwKDEpIGlmIG0uZ3JvdXAoMSkgZWxzZSAiUCIsIG15dGV4dCkp