WASHINGTON (AP) — Two years ago, Pfizer was the envy of the pharmaceutical world, with more than $100 billion in annual sales from its COVID-19 vaccine and antiviral Paxlovid. Today, CEO Albert Bourla is trying to turn the page from that success story, which has turned into more of a financial headache for the global drugmaker. Lofty expectations for continuing sales of vaccines and antivirals have fallen short, sending Pfizer's stock price tumbling to about half of its peak during the pandemic.
Bourla has responded with a $3.5 billion cost-cutting effort, including layoffs, and new investments in drugs for cancer and obesity. The transition hasn't been easy.
Company shares dropped again in December when Pfizer said it would abandon its twice-a-day formulation of an obesity pill due to an unacceptably high rate of side effects. The company continues to study a once-a-day version. Bourla spoke to The Associated Press about the company's COVID-19 business and his efforts to move beyond it.
The transcript has been edited for length and clarity. Q: How important are COVID-19 vaccines and Paxlovid to Pfizer's future? I think the two products you mentioned will continue to be very important products for Pfizer because COVID-19 will continue to be important. And those products will continue offering the best solution, in the minds of most people.
They’re not going to be as big as we thought last year when we gave an expectation of approximately $20 billion revenue. The reality w.