Pfizer Inc. (NYSE: PFE) has reported a significant downturn in global revenues for the week, amounting to USD 58.5 billion, following a 41% year-on-year (YOY) decrease in operational terms. This substantial drop reflects the diminishing sales of the SARS-CoV-2 vaccine Comirnaty and the antiviral treatment Paxlovid. The reported figures align with the lower end of the company’s annual forecasts. However, excluding COVID-19 related products, Pfizer’s revenues saw a 7% YOY increase, driven by an 11% expansion in the specialty care unit, despite declines in the primary care and oncology businesses.
Key growth drivers for Pfizer included a 36% YOY increase in sales of the Vyndaqel (tafamidis) family of cardiomyopathy drugs, a 5% YOY rise in sales of the anticoagulant Eliquis (apixaban), and contributions from newly approved products such as the RSV vaccine Abrysvo, the migraine treatment Nurtec ODT/Vydura (rimegepant) acquired in 2022, and the sickle cell disease therapy Oxbryta (voxelotor).
During a conference call, Alexandre de Germay, Executive Vice President and Chief International Commercial Officer, outlined a strategy focusing on China, Japan, Germany, and France as priority international markets for substantial growth through market-specific key products. He highlighted the untapped potential of Lorbrena (lorlatinib), an ALK-targeted therapy for non-small cell lung cancer (NSCLC) in China, where 7% of lung cancer cases may benefit from the treatment, compared to a global average of 1.7%.
Pfizer also celebrated the successful completion of the acquisition of Seagen last month, which is set to double its oncology pipeline and is projected to contribute positively to revenues by an estimated USD 3.1 billion, adjusting Pfizer’s financial guidance for 2024 to a range between USD 58.5 billion and USD 61.5 billion.
In a separate update, Pfizer disclosed the discontinuation of three development programs in Q4 2023, comprising two oncology therapies and one anti-infective candidate: the Phase I biologic drug candidate PF-07062119 for advanced/metastatic gastrointestinal cancer, the Phase I biologic drug candidate PF-07260437 for metastatic breast cancer, and the Phase II vaccine candidate fosmanogepix for invasive fungal infections.- Flcube.com
