"Pfizer's Strategic Shift: Prioritizing Cancer Drugs Over COVID Business Decline"

Pfizer is shifting focus to cancer drugs after a decline in its COVID-19 business, aiming to expand its oncology portfolio and increase blockbuster medicines from five to eight by 2030. The company acquired oncology biotech firm Seagen for $43 billion, doubling its cancer drug pipeline to 60 programs. Analysts foresee challenges due to competitive pressure and upcoming patent losses, but Pfizer aims to generate $10 billion in oncology sales by 2030. The move follows a turbulent year in 2023, with a 41% revenue decline attributed to the expected drop in COVID-19 revenues.