Pfizer

Pfizer (NYSE: PFE) is a global pharmaceutical company, with its medicines and vaccines being used to treat ~600 million patients globally in 2023. Pfizer generated USD 58.5 billion in revenue in 2023 (USD 43.6 billion excluding the Covid-19 vaccine) and was the largest in the world in terms of revenue generated from pharmaceuticals only. In 2019, the company announced its exit from the consumer healthcare business, a joint venture with GlaxoSmithKline (GSK), in a move to focus on delivering breakthrough medicines in its core therapeutic areas. Subsequently, in Q4 2021, the company restructured its operations into two global divisions: Biopharma and Pfizer CentreOne (PC1). 

Pfizer’s Biopharma division consists of three commercial segments: Primary Care, Specialty Care, and Oncology. The Primary Care segment includes the company’s vaccines portfolio, which focuses on infectious diseases and includes the Comirnaty vaccine for Covid-19, developed in partnership with BioNTech. It also includes Pfizer’s internal medicines category for cardiovascular and metabolic as well as pain-related ailments. The Specialty Care segment comprises the company’s rare disease, inflammation and immunology (I&I), and hospital products portfolios. The company’s third segment, Oncology, focuses on biologics, small molecules, immunotherapies, and biosimilars, targeting a wide range of cancer types. Meanwhile, the PC1 division engages in contract manufacturing services and the supply of active pharmaceutical ingredients. 

As of January 2024, Pfizer’s R&D pipeline consisted of 112 projects with six at the registration phase and 31 in Phase III clinical trials. Composition-wise, the pipeline had 64 new molecular entities (NMEs) and 48 label expansions of existing products for additional indicators.

The US accounted for ~46.3% of Pfizer’s 2023 topline and is the single-largest geographic market for the company. International market sales round up the remainder with developed Europe and emerging markets being the two largest subgroups, with a 19.9% and 13.3% share of revenue in 2023, respectively. Pfizer’s 2030 non-Covid revenue outlook stands at USD 70 billion based on a 6% CAGR between 2025 and 2030. This factors in a ~USD 17 billion revenue loss from potential loss of exclusivity (LOE) for select patented drugs, ~USD 20 billion revenue from new launches through 1H 2024, and USD ~25 billion revenue from business developments, including a contribution of ~USD 10 billion from its recently acquisition of Seagen.