Pfizer Bets on Cancer Drugs to Fuel Growth After COVID Sales Drop

Pfizer is pushing to grow its cancer drug business after a turbulent year marked by declining COVID-19 revenue. It aims for 8 blockbuster cancer medicines by 2030.

Pfizer acquired biotech firm Seagen for $43 billion, doubling its cancer drug pipeline to 60 experimental programs.

Some of Pfizer's current cancer drugs face upcoming patent losses and competitive pressures. New drugs aim to offset these challenges.

Pfizer touted its manufacturing capability and commercial reach compared to Seagen during a recent investor event.

After revenue dropped 41% in 2023 on waning COVID-19 sales, Pfizer needs its oncology push to pay off to support its share price.