Two years post-pandemic boom, Pfizer now faces challenges as it tries to pivot from the lucrative success of its COVID-19 vaccine and antiviral Paxlovid. CEO Albert Bourla is spearheading a $3.5 billion cost reduction strategy, which includes layoffs, while investing in treatments for cancer and obesity. This comes as the company's stock plummeted to nearly half its peak value due to unmet expectations for vaccine and antiviral sales.
In December, Pfizer's stock declined after the company halted its twice-a-day obesity pill project due to high side effects, though it is pressing ahead with a once-daily version. Bourla noted in an interview that while COVID-19 products remain crucial, revenue predictions were halved to approximately $10 billion due to government contract disputes. Despite these setbacks, Bourla emphasized that the epidemiological forecasts were accurate but governmental challenges altered revenue expectations.
Pfizer's $43 billion acquisition of Seagen is anticipated to bolster its portfolio with leading antibody-drug conjugate technology. Bourla described these ADC drugs as "modern warfare" against cancer, akin to GPS-guided missiles targeting cancer cells specifically. The acquisition brings four existing products, 13 clinical trial programs, and a wealth of intellectual property to Pfizer, significantly enhancing its cancer treatment capabilities. Furthermore, the ongoing development of a once-daily obesity pill shows promise based on Phase 2 studies involving over 1,400 patients. (This story was generated by Newser's AI chatbot. Source: the AP)
,
uBlock 
,
and
Ghostery 
)
