Pfizer CEO Shifts Focus to Cancer and Obesity Treatments

– Once a leader in the pharmaceutical industry, Pfizer is now recalibrating its expectations following a significant drop in revenue from its COVID-19 vaccine and antiviral Paxlovid. Two years ago, the company boasted over $100 billion in annual sales, but recent projections suggest revenues may fall to around $20 billion. CEO Albert Bourla attributed this decline to governments challenging existing contracts, a situation Pfizer chose not to litigate despite the lack of legal merit. In a recent interview with The Associated Press, Bourla emphasized the importance of continuing to innovate beyond COVID-19 products. He likened the fight against cancer to modern warfare, contrasting traditional chemotherapy methods with advanced antibody-drug conjugates (ADCs) that target cancer cells more precisely. This strategic shift is underscored by Pfizer's $43 billion acquisition of Seagen, a leader in ADC technology, which has already yielded four market-ready products and numerous clinical trials. Additionally, Pfizer is exploring a once-a-day formulation of its obesity drug, following the abandonment of a twice-a-day version due to side effects. The company remains committed to its research, with danuglipron, an obesity treatment, having been studied in over 1,400 patients globally, providing valuable insights into its efficacy and safety. As Pfizer navigates this transitional phase, the company aims to leverage its extensive research capabilities and skilled workforce to redefine its future in the pharmaceutical landscape.