Pfizer 2024 Financial Report: Oncology Business Grows by 25%, ADC Contributes Over $3.2 Billion, Migraine New Drug Surges...

On February 4, Pfizer announced its 2024 financial performance. The company reported a total revenue of $63.627 billion for the year, a 7% increase year-on-year. Excluding the impact of the COVID-19 oral drug Paxlovid and the COVID-19 vaccine Comirnaty, revenue grew by 12%. In Q4, revenue reached $17.763 billion, up 21% year-on-year.

Over the past three years, due to fluctuations in sales of COVID-19 products, Pfizer's total revenue dropped from $100.3 billion in 2022 to $58.5 billion in 2023 (down 41%). Last year, the company saw a rebound, with its performance returning to positive growth. In 2024, Pfizer's total R&D investment amounted to $10.822 billion, a 1% increase compared to the previous year. Based on its current financial position, Pfizer reiterated its financial guidance for 2025, with plans to cut an additional $500 million in costs to further ease financial pressure.

Pfizer's previously acquired product portfolio performed as follows in 2024: The migraine drug Nurtec ODT/Vydura (acquired through the $11.6 billion acquisition of Biohaven) contributed $1.263 billion in revenue, reflecting strong growth (+36%) and capturing about 49% of the oral CGRP drug market.

In late 2023, Pfizer completed the $43 billion acquisition of Seagen, which brought in multiple ADC products that generated over $3.2 billion in revenue in 2024. Among these, the Nectin-4 ADC drug Padcev (enfortumab vedotin) generated $1.588 billion, the CD30 ADC drug Adcetris (brentuximab vedotin) generated $1.089 billion, the HER2 ADC drug Tukysa (tucatinib) generated $480 million, and the tissue factor (TF) ADC drug Tivdak generated $131 million.

The anticoagulant drug Eliquis achieved total sales of $7.366 billion for the year, growing 9% year-on-year, maintaining a strong position in the anticoagulant market. Its sales in the U.S. and certain European markets saw increased shares due to non-valvular atrial fibrillation indications, partially offsetting the impact of generic competition, with revenue growth slightly higher than in 2023 (+4%).

The Prevnar family of pneumococcal vaccines (Prevnar 20 & 13) generated $6.411 billion in sales, a 1% decrease year-on-year. The rare disease drugs Vyndaqel, Vyndamax, and Vynmac achieved $5.451 billion in sales, growing 64%, mainly due to strong demand in the U.S. and other developed international markets. These products were strong drivers of Pfizer's 2024 performance growth.

Two COVID-19 products—Paxlovid and Comirnaty—still brought in over $11 billion in sales, with Comirnaty's revenue decreasing by 53% year-on-year. The RSV vaccine Abrysvo only generated $755 million, a 15% decrease year-on-year. Although Abrysvo received regulatory approvals for expanded populations, which helped increase vaccine uptake, the CDC's advisory committee recommended narrowing the RSV vaccine's use in June 2024, which affected Abrysvo's sales volume.

In 2024, Pfizer's oncology business generated $15.612 billion, a 25% increase. Among these, the PARP inhibitor Talzenna saw a rapid sales growth of 83%, reaching $117 million in revenue. The androgen receptor inhibitor Xtandi (enzalutamide) saw a 23% increase in sales, reaching $2.039 billion. The CDK4/6 inhibitor Ibrance (palbociclib) generated $4.367 billion in sales, a decrease of 8%, with the decline slightly widening compared to the previous year.

Overall, 2024 was a "transformational year" for Pfizer. The company completed the integration of Seagen, expanding its oncology treatment portfolio and strengthening its R&D and product pipeline. Pfizer also restructured its U.S. and international business divisions, establishing four end-to-end business units focused on oncology, vaccines, internal medicine, and immunology and inflammation.

In 2025, Pfizer anticipates four regulatory approvals, nine Phase III clinical readouts, and thirteen key project launches. Projects in oncology, such as Atirmociclib (CDK4i) and Sigvotatug vedotin (IB6), are expected to make progress. In the vaccine area, research continues on the PCV-25 candidate vaccine and Clostridium difficile vaccine candidate. In the chronic disease area, drug development continues for Danuglipron, Ponsegromab, and Ibuzatrelvir. In immunology and inflammation, two potential first-in-class trifunctional antibodies are advancing in research.

Recently, Pfizer announced that Braftovi (encorafenib) in combination with cetuximab (brand name Erbitux) and mFOLFOX6 chemotherapy regimen (including fluorouracil, leucovorin, and oxaliplatin) showed positive preliminary results in the Phase III clinical trial BREAKWATER for metastatic colorectal cancer (mCRC) with BRAF V600E mutations, demonstrating progression-free survival (PFS). Additionally, the anti-PD-1 monoclonal antibody Sasanlimab, combined with Bacillus Calmette-Guérin (BCG) induction therapy (with or without BCG maintenance therapy), achieved the primary endpoint in the Phase III clinical trial for high-risk non-muscle-invasive bladder cancer (NMIBC).