Pfizer is the latest pandemic stock to face questions about its long-term strategy as revenue from its COVID-19 vaccine and antiviral business starts to dry up.
Pfizer PFE, -2.31% is the latest pandemic stock to face questions about its long-term strategy as revenue from its COVID-19 vaccine and antiviral business starts to dry up.
“Pfizer has done a very good job at expanding the late-stage portfolio internally and from BD/M&A and has a number of exciting new launches in migraine, RSV, ulcerative colitis, and hematology/oncology on the horizon,” the analysts wrote in an investor note. “That said, these products and others in the Phase 3 pipeline could take years to contribute to the P&L, at a time when the COVID franchise is likely to be in persistent decline.
The pharmaceutical giant transformed itself from a legacy drugmaker to a leader in the pandemic, first by developing Comirnaty, the COVID vaccine, with BioNTech BNTX, -1.57% in 2020 and then Paxlovid, an antiviral pill that people with COVID can take at home. But as the intensity of the pandemic has waned — and booster uptake remains low — that’s going to mean significantly less revenue in Pfizer’s COVID franchise.
Pfizer knew it would have a shortfall to make up for. The company went on a lavish M&A spree last year, notably buying Biohaven Pharma for $11.6 billion and Global Blood Therapeutics for $5.4 billion. It also set up new collaborations, like the one announced in December with Oric Pharmaceuticals Inc. ORIC, -6.93% to develop a multiple myeloma treatment and another to develop an RSV treatment with ReViral Ltd.
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