In a bid to recover from a challenging year marked by the decline in its COVID-related business, pharmaceutical giant Pfizer is intensifying its focus on cancer drugs. During a recent investor event, Pfizer unveiled its initiative to accelerate breakthroughs that improve the lives of cancer patients worldwide, as reported by CNBC.

Strategically expanding its presence in the oncology sector, Pfizer acquired oncology biotech firm Seagen for a staggering $43 billion in December. This acquisition effectively doubled Pfizer's cancer drug pipeline, boosting it to include 60 different experimental programs. The company has set an ambitious goal of developing at least eight blockbuster medicines by 2030, with the aim of outperforming cancer treatment options available today.

While Pfizer has not specified which of its drugs hold the potential to "outdo cancer," analysts suggest that some of the company's cancer drugs currently in mid-stage development will require a few years to demonstrate pivotal clinical trial data, reducing their risk profile.

Despite its recent focus on cancer drugs, Pfizer faces challenges within its existing oncology portfolio. Revenue from breast cancer drug Ibrance and prostate cancer treatment Xtandi has declined in recent months. Since 2009, Pfizer has shared these revenues with its partner Astellas Pharma, as part of their agreement to jointly develop and commercialize these popular cancer treatments. Furthermore, both drugs are expected to lose market exclusivity in 2027, enabling other manufacturers to replicate or reformulate them.

However, Pfizer remains positive about its prospects in the oncology space. Chris Boshoff, the company's top executive leading oncology research and development, highlighted Pfizer's extensive manufacturing capabilities, with ten sites spread across three continents, in contrast to Seagen's solitary manufacturing site. Additionally, Pfizer boasts a strong commercial presence in over 100 countries, supported by a customer-facing team triple the size of Seagen's.

While specific sales projections were not disclosed, Pfizer expects to generate $10 billion in sales by 2030 as a result of the Seagen acquisition. The company anticipates that approximately two-thirds of its oncology revenue by the end of the decade will stem from new drugs and expanded indications for existing products, serving to offset impending patent losses.

Analysts from Guggenheim lauded Pfizer's investor event as a success for outlining a clear path towards strengthening its oncology business and driving future growth. This strategic push in the cancer sector comes at a critical time for Pfizer as it seeks support from shareholders after experiencing a tumultuous 2023. The company's shares plummeted over 40%, resulting in a market value decrease of more than $100 billion. Furthermore, Pfizer's revenue fell 41% in the same period to $58.5 billion, predominantly due to the expected decline in COVID-19 revenues.

Pfizer's recent Super Bowl commercial, costing over $14 million, emphasized its commitment to "outdo cancer." The advertisement showcased the company's rich 175-year history, featuring renowned scientists like Isaac Newton and Albert Einstein grooving to the tune of Queen's "Don't Stop Me Now."

As Pfizer strives to recover from the setbacks of the past year, the expansion of its oncology business stands as a crucial pillar for future growth.