RE:Inflation Reduction Act (IRA) boosts biological drugs Goldman Sachs 45th Annual Healthare Conference - June 10-13, 2024 - Pfizer's CEO Albert Bourla further commits to Pfizer's March 2024 decision to focus on biologics, and not small molecules, as a consequence of the IRA and the 13 years of exclusivity provided to novel biologic drugs versus 9 years for small molecules.In 5 years Pfizer's oncology portfolio will be comprised of 60-65% biologics versus the current state of only 5% large molecules and 94% small molecules.
According to Bourla, the "brunt effort" of Pfizer is to move to oncology and away from Covid-19 vaccines and primary care medicine.
Bourla also confirmed that Pfizer ' will be making strategic moves not based on where the science is taking them but based on where the IRA is taking them ' and 'large molecules' is the reason why Bourla was amenable to acquiring Seagene for US$43 Billion. Bourla stated that 'large molecules/biologics' are winning in general becasuse they have a longer duration of action, are relatively difficult to make, and "have life even after their patents expire". Consequently the IRA is showing companies a very clear difference between large molecules/biologics and small molecules and Pfizer is moving accordingly towards a significant biologics portfolio.
https://event.webcasts.com/viewer/event.jsp?ei=1673350&tp_key=2bb7a0feb0
https://www.marketscreener.com/quote/stock/PFIZER-INC-23365019/news/Pfizer-Goldman-Sachs-45th-Annual-Global-Healthcare-Conference-Transcript-46951090/
"By 2030, Pfizer expects biologics such as antibody-drug conjugates (ADCs) and bispecific antibodies to contribute approximately 65% of its oncology revenues—up from 6% in 2023, a more than 10-fold increase. At the same time, company leaders said that the mix of small molecule drugs in its cancer portfolio will plummet from 94% last year to 35% in 2030."
https://www.biospace.com/article/ira-drives-pfizer-s-decision-to-focus-on-biologics-not-small-molecules/