Pfizer CEO Albert Bourla outlined his strategy to keep the pharmaceutical juggernaut growing beyond 2030 as the Covid-19 pandemic fades and the business faces generic competition for several of its flagship drugs.
On Tuesday, according to Bourla, Pfizer faces a revenue loss of between $16 and $18 billion from 2025 to 2030 when the patents on some of its best-selling medications expire.
He recognized that some investors are pessimistic about Pfizer’s future despite the company having enjoyed two successful years as a result of its Covid vaccine and antiviral medication.
Bourla during Pfizer’s Tuesday third-quarter earnings call said we know that some doubt Pfizer’s longer-term growth prospects.
The company’s shares increased by around 3% on Tuesday after it released its third-quarter results report that was above Wall Street estimates and increased its earnings guidance for 2022.
Bourla said that Pfizer intends to increase its sales by $25 billion by 2030 through recent acquisitions as well as the growth of its own medicine and vaccine pipeline. He emphasized three areas of focus: ulcerative colitis, migraines, and respiratory syncytial virus.
According to Bourla, Pfizer’s RSV vaccine options for infants and older adults have the potential to bring in billions of dollars.
Its vaccine was 85% effective at preventing serious lower respiratory tract infections in people 60 and older and its infant vaccination, which is given to moms toward the end of their pregnancies, was 81% successful in preventing serious illness in the first 90 days of the baby’s life.
Pfizer also intends to expand its line of migraine treatments by purchasing Biohaven Pharmaceuticals recently, creating the best portfolio in the world.
Additionally, Pfizer has 15 internally created medications and vaccines that are scheduled to be on sale in the upcoming 18 months. According to Bourla, they might produce $20 billion in sales by 2030.
According to Pfizer’s chief financial officer David Denton, the company anticipates that its Covid vaccination and antiviral medication will continue to generate multibillion-dollar revenues for years to come.