Two years ago, Pfizer was experiencing great success with its COVID-19 vaccine and antiviral drug Paxlovid, generating over $100 billion in annual sales. However, the current CEO, Albert Bourla, is now faced with challenges as the sales of vaccines and antivirals have not met expectations. This has led to a significant drop in Pfizer’s stock price, prompting Bourla to implement a $3.5 billion cost-cutting plan, which includes layoffs and investments in cancer and obesity medications.
The shift away from the COVID-19 business has been challenging for Pfizer. The company faced another setback in December when it decided to discontinue its twice-a-day obesity pill due to high side effects. Despite this, Pfizer is looking into developing a once-a-day version of the pill. Bourla discussed Pfizer’s future beyond COVID-19 in an interview, highlighting the importance of vaccines and Paxlovid while acknowledging that their revenue projection was overly optimistic at $20 billion when actual sales were around $10 billion due to challenges from government contracts.
Pfizer recently acquired cancer drugmaker Seagen for $43 billion, gaining access to cutting-edge technology called ADC, which uses antibody-drug conjugates in cancer treatment. Bourla likened this technology to modern warfare, with precision targeting of cancer cells, unlike traditional chemotherapy. The acquisition provides Pfizer with four existing products, 13 programs in clinical trials, valuable patents, and a team of skilled scientists.
Regarding Pfizer’s pill version of popular obesity injections, Bourla mentioned that many people prefer a pill option for weight loss. The Phase 2 studies of the drug danuglipron have shown promising tolerability and efficacy, with over 1,400 patients globally participating in the studies. Pfizer is now focusing on developing a once-a-day pill version of the obesity medication.
