The US pharma giant is betting on oncology since demand for its Covid-19 vaccines has collapsed
American drug manufacturer Pfizer has its sights set on the cancer treatment market now that the Covid-19 pandemic is over and global demand for its vaccines and coronavirus drugs is falling, CEO Albert Bourla told Fox Business on May 1.
The company expects to score big on “blockbuster” cancer drugs, Bourla said, as the pharma giant seeks to reverse its post-Covid business decline. The pandemic brought record revenue to the company. In 2022 alone, Pfizer’s total sales amounted to $157 billion, with its Covid vaccine accounting for $37.8 billion and its antiviral treatment pill, Paxlovid, bringing in another $18.9 billion.
In 2023, sales were down by more than half and accounted for $71 billion. The company’s shares have fallen by 42% since the end of 2022 amid the rapid decline in demand for its Covid-related products. This led to a major cost-cutting campaign, including hundreds of layoffs at its UK, US, and Irish facilities.
In his interview with Fox Business, Bourla praised the measures as a “very good cost containment” campaign, crediting it for the “very good results” his company showed in early 2024. Pfizer is also on the verge of striking gold again with its new strategy, he said.
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