Health

Pfizer’s Answer to Tumbling Stock Is Crowded Cancer Drug Market

Confidence in Pfizer management ‘not the highest’: analyst
Drug giant’s low share pries is an ‘anomaly,’ Bourla says

Albert Bourla in Oct. 2023.Photographer: Jeenah Moon/Bloomberg

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By Robert Langreth, Nacha Cattan, and Madison Muller

January 9, 2024 at 10:00 AM UTC

Updated on

January 9, 2024 at 2:41 PM UTC

This article is for subscribers only.

After a miserable 2023, Pfizer Inc. Chief Executive Officer Albert Bourla says he’s rapidly taking action to fix things and pegging the company’s hopes on one of the most competitive areas of pharma for growth: cancer.

Since the end of 2022, Pfizer’s shares have fallen 42% as the company has repeatedly stumbled with the rapid decline of its Covid business. While investors chafe, the firm is looking to the recent acquisition of Seagen Inc. and its targeted cancer drugs to help restore Pfizer’s leadership position in the industry.