PFE - Pfizer Shifts Strategic Focus Pivoting From COVID To Cancer Drugs To Recover Market Value | Benzinga
Pharmaceutical giant Pfizer Inc (NYSE:PFE) is redirecting its strategic focus from COVID to cancer drugs to bounce back from a tumultuous year marked by a significant drop in its COVID-related business.
During last week’s investor event, Pfizer unveiled its intensified foray into oncology and had a 60-second Super Bowl ad that touted its initiative to “outdo cancer,” CNBC notes.
In a significant shift, Pfizer aims to increase the proportion of biologic drugs in its oncology pipeline from 6% to 65% by 2030. Biologics offer more extended revenue potential and could serve as a strategic move against potential pricing pressures from the Inflation Reduction Act.
This transition follows a challenging period for Pfizer, with a more than 40% decline in shares throughout 2023, wiping out over $100 billion in market value.
The pivot towards oncology ...