Pfizer Inc (NYSE:PFE) said today that it is expecting US$58.5 billion to US$61.5 billion of sales in 2024 from Covid-19 vaccines, antiviral medicine Paxlovid and Seagen, with a deal for the latter cancer drug company imminent.
This is higher than its legacy 2024 guidance and slightly above the guidance it gave in October for 2023 sales.
The new sales guidance includes the Comirnaty portfolio, which encompasses the Covid-10 vaccines, Paxlovid, and the expected contribution from the Seagen acquisition.
It is guiding for US$8 billion in anticipated revenues from Comirnaty and Paxlovid, US$3.1 billion from Seagen and about US$1 billion related to a reclassification of royalty income.
Pfizer's projections show it is expecting operational revenue growth of 8-10% through the contribution from Seagen, but only if Comirnaty and Paxlovid revenues are excluded.
Pfizer said yesterday that it has now secured regulatory approvals for the acquisition of cancer drug company Seagen.
The pharma group said it expects the deal to complete tomorrow, Thursday 14 December.
To address US Federal Trade Commission (FTC) concerns, Pfizer said it has chosen to donate the rights of US royalties from sales of Bavencio to the American Association for Cancer Research.
Pfizer plans to reshuffle the commercial organisation of its business to improve “focus, speed and execution”.
It plans to create a new division, Pfizer Oncology Division, to incorporate commercial and research operations in cancer care.
The department will be led by Chris Boshoff, who will be its new chief oncology officer and executive vice president.
Pfizer said it will also split its non-oncology commercial organisation into two more focused divisions, the Pfizer US Commercial Division led by Aamir Malik and Pfizer International Commercial Division led by Alexandre de Germay.