Pfizer Inc is investing its huge profits from its Covid-19 vaccines and treatments into developing drugs for cancer, the pharmaceutical giant’s CEO Albert Bourla said, pointing to its $43 billion acquisition of Seagen Inc.
“Pfizer is investing all of our Covid revenue in 2021 and 2022, as well as what we will earn in 2023, to acquire technology and products that we believe will enable us to fight cancer,” Bourla said in a webinar organized by Reuters.
In collaboration with the German BioNTech, in 2020 Pfizer developed one of the most widespread vaccines against Covid-19. It was followed by the antiviral drug Paxlovid to treat the disease caused by the coronavirus. Both treatments did little to prevent transmission of the virus while its efficacy dwindled.
In 2021, Pfizer’s revenue will reach approximately $80 billion, and in 2022, it will exceed $100 billion.
Like other vaccine makers, it plans to make the next batches of Covid-19 vaccines available commercially rather than directly to the US government. As a result, the cost of Covid-19 vaccination in the US is expected to quadruple to around $110-130 per vaccine dose.
The expected drop in revenue from vaccines and treatments for Covid-19, and the increasing competition Pfizer’s drugs face from cheaper generic drugs, is forcing the company to readjust its strategic goals.
In this context, Pfizer acquired other companies, of which Seagen stands out, which develop targeted therapies for various types of cancer. It also acquired Biohaven Pharmaceutical Holding (specializing in migraine drugs) for $11.6 billion, Arena Pharmaceuticals (developing a treatment for ulcerative colitis) for $6.7 billion, and Global Blood Therapeutics (with specializing in the treatment of sickle cell disease) for $5.4 billion.