Pfizer is betting on cancer drugs to help it regain its footing after a rocky year marked by the rapid decline of its Covid business.
Pfizer's existing oncology portfolio is also facing some competitive pressure. Revenue from the blockbuster breast cancer drug Ibrance and prostate cancer treatment Xtandi, which Pfizer shares with"The company is facing a number of challenges, but we believe the event was a success in laying out a path for the oncology business to help offset upcoming patent losses, and drive growth in the future," Guggenheim analysts wrote in a note Tuesday.
Boshoff highlighted the scale of Pfizer's capabilities, noting it has 10 manufacturing sites producing cancer drugs on three continents, while Seagen had just one. He also pointed to Pfizer's commercial presence in more than 100 countries and a customer-facing commercial team that is triple the size of Seagen's.
Biologics are treatments derived from living sources such as animals or humans, including vaccines, stem cell treatments and gene therapies. They are among the most expensive prescription drugs in the U.S. Notably, the company is developing a"next-generation" platform for ADCs that combines Pfizer's protein engineering and antibody design capabilities with Seagen's ADC technology. Together, the companies have 12 ADCs in development, six of which are in early clinical trials or studies on animals.
Pfizer is testing the medicine as a second-line treatment for a certain type of breast cancer in a phase three trial. A second-line therapy is given when an initial treatment doesn't work or stops working. Notably, RemeGe already sells that drug in China. Pfizer is also examining the medicine's potential to treat breast cancer and other tumor types.'s immunotherapy Keytruda is becoming a new first-line standard of care for bladder cancer. Pfizer executives last week said Padcev had"mega-blockbuster" potential, which the company defines as raking in annual sales of more than $3 billion.Pfizer executives expect thoracic cancer to double its revenue contributions by 2030.
The company previously outlined plans to develop"next-generation" versions of its Covid shot, which aim to broaden and extend the protection people get to a full year.