Pfizer is shifting its focus on cancer drugs as the pharmaceutical giant tries to recover from a challenging period due to the decline of its COVID-19 business.  

Pfizer Banks on Cancer Drugs

CNBC reported that during a recent investor event, Pfizer unveiled its intensified commitment to oncology, supported by a high-profile Super Bowl advertisement promoting its endeavor to "outdo cancer." 

It comes as Pfizer grapples with investor apprehension following a significant drop in its shares, resulting in over $100 billion in market value losses in 2023.

The decline was exacerbated by the waning demand for its COVID-19 products and disappointing performances on Wall Street, with the underwhelming debut of a new RSV shot and a weight loss pill that fell short in clinical trials.

To mitigate these setbacks, Pfizer initiated a $4 billion cost-cutting initiative involving layoffs and reductions in research and development expenditures.

The acquisition of Seagen, a targeted cancer drugmaker, played a central role in Pfizer's revamped oncology strategy, which doubled the company's oncology drug pipeline to 60 different experimental programs. 

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Future Blockbuster Cancer Medicines of Pfizer

Pfizer noted that its drug pipeline could make at least eight blockbuster medicines by 2030 with Seagen's acquisition. However, despite the optimistic outlook, Pfizer refrained from specifying which drugs in its expanded pipeline hold potential as future blockbusters.

Analysts caution that the fruition of Pfizer's oncology endeavors may be delayed, as several cancer drugs in mid-stage development need time to show pivotal clinical trial results and reduce associated risks. 

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