The head of the pharmaceutical industry said that Pfizer plans to invest profits from the coronavirus vaccine and pills in the fight against cancer. Albert Burla.
“Pfizer will spend all of its COVID revenues in 21 and 22, as well as those we recorded in 23, to acquire technologies and products that we believe will enable us to fight cancer,” he said characteristically.
Pfizer was the first company to receive regulatory approval in the US and EU for its Covid vaccine, resulting in a boom in revenue in 2021 ($80 billion) and 2022 ($100 billion).
Pfizer officials expect earnings to decline in 2023, calling it a “transitional year,” but have already begun implementing a strategic plan for new effective non-COVID drugs.
In that direction, the $43 billion acquisition of Seagen in March paved the way for Pfizer to access four approved cancer drugs. This was followed by the $11.6 billion acquisition of Biohaven in May. is a company specializing in the development of drugs for the treatment of neurological diseases and rare disorders.
According to Reuters
Source: Kathimerini
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