Pfizer Shifts Growth Strategy Toward New Products Amid Decline in COVID-Related Revenue
Pfizer is refocusing its growth strategy by reducing reliance on revenue from its declining portfolio of COVID-related products and shifting resources toward newer medicines, vaccines, and oncology treatments. The company expects its annual revenue from these pandemic-era offerings to fall significantly—from $11 billion in 2024 to an estimated $4 billion in 2026—while new product lines are becoming a stronger growth driver. International sales of newly acquired or launched products have surged, rising from about $500 million in 2023 to over $4 billion recently. Pfizer has also streamlined operations by cutting costs and halting lower-return initiatives while improving the productivity of its global sales force. The company is concentrating on therapeutic areas where it already holds strong market positions, such as cancer treatments and vaccines. Notably, in Brazil, Pfizer's Prevnar 20 vaccine achieved an 80% vaccination rate among infants, highlighting potential for further expansion.
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Topics: growth strategy pharmaceuticals R&D focus revenue shift