(MENAFN) Pfizer, a leading American pharmaceutical company, is redirecting its attention towards the cancer treatment market following the decline in global demand for Covid-19 vaccines and related medications, according to CEO Albert Bourla. Speaking to Fox Business on May 1, Bourla outlined Pfizer's strategy to capitalize on the growing demand for cancer drugs as it aims to offset the decline in revenue caused by the pandemic's end.
The company anticipates significant success in the field of oncology, with plans to develop "blockbuster" cancer drugs that could reverse its post-Covid business decline. Despite experiencing record revenue during the pandemic, Pfizer saw a sharp decrease in sales in 2023, with its shares plummeting by 42 percent since the end of 2022 due to waning demand for Covid-related products. This prompted Pfizer to implement cost-cutting measures, including layoffs at various facilities.
In his interview, Bourla lauded these cost-containment efforts as instrumental in the company's improved performance in early 2024. He expressed confidence in Pfizer's new focus on oncology, likening it to the company's successful response to the Covid-19 pandemic.
Bourla emphasized Pfizer's commitment to leveraging its expertise in drug development to address pressing global health challenges, with oncology emerging as a key area of focus. The company's shift towards cancer treatments reflects its ambition to replicate the success it achieved in combating Covid-19 and underscores its dedication to advancing medical innovation for the benefit of patients worldwide.
MENAFN06052024000045015687ID1108176671
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.