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Seagen Buyout, Pfizer CEO Promises ‘Year Of Execution’



Seagen Buyout, Pfizer CEO Promises 'Year Of Execution'

(CTN News) – In 2023, Pfizer had a bad year. During the 2024 J.P. Morgan Healthcare Conference, Albert Bourla, the company’s CEO, spoke bluntly about the hits the company took and the underperformance of several key launches.

A new opportunity awaits the pharma giant in 2024, Bourla said.

“As a result of the changes we made in ’23, you can expect 2024 to be the year of execution,” JPM President Carlos Gimenez told an audience at JPMorgan Chase.

Pfizer plans to leverage its $43 billion antibody-drug conjugate acquisition Seagen. Recently, Pfizer launched its Abrysvo vaccine against respiratory syncytial virus (RSV) in an effort to expand its market presence.

Even so, Bourla was blunt about Pfizer’s challenges in 2023.

Internal projections missed the mark this year. Additionally, we failed to meet the street’s expectations.” We missed primarily COVID, but we also didn’t impress very much on our other projects’ commercial performance.”

As he continued, “we used to be industry stars for a few years, so that drop really hurts.”.

Bourla maintains that has lost out on several successes last year despite the struggles.

According to the CEO, Pfizer gained FDA approval for nine new molecules in 2023, a “record” number.

Additionally, Bourla commented that Seagen buyout “demonstrates our ability to navigate a very complex legal and political system effectively.”

In spite of this, Bourla said he was not satisfied with the performance of the company’s commercial operations, particularly outside the United States.

According to Pfizer’s CEO, Seagen could bring in more than $10 billion in risk-adjusted sales by 2030. The most important thing in oncology right now is antibody-drug conjugates, he said.

Bourla acknowledged that respiratory syncytial virus shot Abrysvo “was a bad launch for Pfizer.”

GSK’s RSV vaccine reported sales of $860 million in the third quarter of 2023. For shot, the figure was $375 million.

On Monday, Pfizer’s CEO presented the company’s current market share of RSV, which is only 35%.

According to Bourla, “That is not.”. In addition, he stated that “We should have a high market share.”. It is imperative that we correct this issue.


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