Pfizer has ramped up its efforts to"outdo cancer" after a turbulent year marked by the steep decline of its COVID business.
The acquisition doubled Pfizer’s cancer drug pipeline to 60 different experimental programs, CNBC reported, while the company has said that it can produce at least eight blockbuster medicines by 2030 — up from just five today. “The company is facing a number of challenges,” Guggenheim analysts wrote in a note Tuesday, CNBC reported, referring to competitive pressure facing Pfizer’s existing oncology portfolio.
Chris Boshoff, a longtime Pfizer executive who leads Pfizer’s oncology research and development, said during the investor event that Pfizer has 10 manufacturing sites producing cancer drugs on three continents, while Seagen had just one, per CNBC. However, the company has said that it’s anticipating roughly two-thirds of risk-adjusted oncology revenue to come from new drugs and new indications — or treatment uses — for existing products by the end of the decade, according to CNBC.