Pfizer’s Post-COVID Strategy Shifts Focus to Cancer Therapeutics

Pfizer's shares have plummeted 61% since their 2021 peak, driven by declining sales of its COVID-19 products. Comirnaty, the company's flagship vaccine, generated $36.8 billion in revenue during the pandemic but managed only $945 million in the first half of 2025. Similarly, Paxlovid sales dropped 60% year-over-year to $918 million.

The pharmaceutical giant is pivoting aggressively toward oncology. Its $43 billion acquisition of Seagen in 2023 has yielded promising results, particularly with bladder cancer drug Padcev. Second-quarter sales surged 38% annually, reaching a $2.2 billion run rate. Recent clinical trials show Padcev significantly improves survival rates when used as a long-term adjuvant therapy.

Multiple myeloma treatment Elrexfio, another Seagen-derived therapy, gained FDA approval in 2023. Pfizer's strategic repositioning demonstrates how traditional healthcare giants are adapting to post-pandemic realities through targeted acquisitions and pipeline diversification.