Cancer ‘is our new Covid’ – Pfizer CEO — RT World News
The American pharmaceutical giant is seeking to regain profits through cancer treatment drugs since demand for its vaccines against Covid-19 has declined
US drugmaker Pfizer views the cancer treatment market as a new Klondike now that the Covid-19 pandemic is over and global demand for its Covid vaccines and drugs has declined, its CEO Albert Bourla told Fox Business on May 1.
The company expects to record great results “amazing” Its boss has revealed cancer drugs, as the pharmaceutical giant seeks to reverse its post-Covid business decline. The pandemic has brought record revenues to the company. In 2022 alone, Pfizer's sales totaled $157 billion, with its Covid vaccine accounting for $37.8 billion and its antiviral pill, Baxlovid, bringing in another $18.9 billion.
In 2023, sales fell by more than half to $71 billion. The company's shares have also declined by 42% since the end of 2022, amid the rapid decline in demand for its Covid-19-related products. The developments have forced the pharmaceutical giant to launch a major cost-cutting campaign, including laying off hundreds of workers at its facilities in the UK, US and Ireland.
In his interview with Fox Business on May 1, Bourla praised the measures as a new step “Contain costs very well.” campaign, and was credited with “Very good results” His company showed early 2024. He said Pfizer is also on the cusp of striking gold again with its new strategy.
“Oncology is the new Covid” Pfizer CEO said. “We did what we did with Covid. We are so proud that we saved the world, but it's behind us now. We want to do [it] Again, I think oncology is our best chance to do that.
In late 2023, the US drugmaker completed its $43 billion acquisition of Seagen (formerly Seattle Genetics, Inc.) – a biotechnology company specializing in monoclonal antibody-based drugs, also known as drug-antibody conjugates. Or ADC. These drugs are designed to kill cancer cells while leaving healthy tissue relatively unaffected.
Seagen was previously known for its flagship product Adcetris, which is used to treat lymphoma and Hodgkin's lymphoma. According to Drugs.com, the drug costs about $11,910 for a 50 mg dose.
Another drug in the company's portfolio showed “Exceptional performance” Badsafe was in the hands of Pfizer, according to Bourla. Badcef is used to treat bladder cancer, and its sales “Achieved 164% growth” The CEO of the American pharmaceutical giant said since it acquired the drug. The average price of Badsafe is $4,446 per 30 mg dose, according to Drugs.com.
“This shows how successful we are in investing money.” Commenting on Badsaev's performance, Bourla said: As promised “amazing” Future drugs it “It will have a huge impact on cancer patients.”
Pfizer announced its shift towards cancer treatment in late 2023. “Nothing scares people around the world more than cancer, because it affects everyone.” Bourla said at the time. “I hope that we will succeed in our mission. I am optimistic that we will see great progress over the next ten years.” he added.
In January 2024, the company said it planned to have at least eight of them “amazing” cancer treatment drugs by 2030 and double the number of patients treated with its innovative medicines, up from about 2.3 million in 2023.
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