Pfizer is ramping up its involvement in cancer drugs after a tumultuous year marked by a rapid decline in its coronavirus business.
During a four-hour investor event last week, Pfizer promoted its commitment to “accelerating breakthroughs to help cancer patients around the world live better and longer lives,” according to CNBC.
The company has stepped up its efforts to “beat cancer” since acquiring oncology biotechnology company Seagen for $43 billion in December.
According to a report from CNBC, the acquisition will double Pfizer's cancer drug pipeline to 60 different experimental programs, with the company announcing it could produce at least eight blockbuster drugs by 2030 (currently (up from just 5 types).
It was not immediately clear which drugs Pfizer believes have the potential to “beat cancer.”
Analysts advised that it would take several years for some of the company's cancer drugs, currently in mid-stage development, to show significant clinical trial data and become less risky, according to CNBC.
“The company faces a number of challenges,” Guggenheim analysts said in a note Tuesday, citing competitive pressures facing Pfizer's existing oncology portfolio, CNBC reported.
For example, revenues from breast cancer drug Ibrance and prostate cancer drug Xtandi have declined in recent months. Pfizer shared these funds with Astellas Pharma in 2009, when the two drug companies agreed to co-develop and commercialize popular cancer treatments.
CNBC reports that both drugs are expected to lose market exclusivity in 2027, at which point other manufacturers will be able to copy or reformulate their products.
According to CNBC, Chris Boshoff, a longtime Pfizer executive who leads Pfizer's oncology research and development, said at an investor event that Pfizer has 10 manufacturing sites producing cancer drugs on three continents. In contrast, Seagen said there was only one location.
He also noted that Pfizer has a commercial presence in more than 100 countries and a customer-facing commercial team three times the size of Seagen.
He did not elaborate on specific sales projections through 2030, other than to say that Pfizer's oncology franchise is expected to generate $10 billion in sales by 2030 as a result of the Seagen acquisition.
However, the company said it expects about two-thirds of its risk-adjusted oncology revenue to come from new drugs, new indications or therapeutic uses of existing products by the end of 2010, according to CNBC. Ta.
“We believe this event was successful in offsetting future patent losses and setting the oncology business on course to drive future growth,” Guggenheim analysts said in a note last week.
Representatives for Pfizer did not immediately respond to The Post's request for comment.
The tagline “We'll Beat Cancer” was featured in a 60-second Super Bowl ad on which Pfizer reportedly spent more than $14 million. The ad boasted of Big Pharma's 175-year history, just as famous scientists like Isaac Newton and Albert Einstein were enthusiastic about Queen's World. Don't stop me now. ”
The shift comes at a pivotal time for the New York-based company, following a tumultuous 2023 when its stock price fell more than 40% and wiped more than $100 billion from its market cap, according to CNBC. , needs support from shareholders.
Pfizer's revenue plummeted 41% to $58.5 billion last year “primarily due to expected revenue declines due to COVID-19,” the company said in its latest earnings report.
Last year, Pfizer's revenue topped a record $100 billion, of which $37.8 billion directly contributed to vaccine demand.
