Pfizer Terminates Six Phase II Programs Amid Strategic Pipeline Optimization

On May 2, Pfizer announced its first-quarter performance, with total revenue of $18.282 billion, a year-on-year decrease of 26%; excluding COVID-19 products, it increased by 5%. The revenue from the COVID-19 products Comirnaty and Paxlovid in the first quarter was $7.1 billion.

While announcing its financial results, Pfizer announced the termination of the development of six Phase II projects (involving four drug candidates). This includes APD418, a drug for treating acute heart failure with reduced ejection fraction acquired through the $6.7 billion acquisition of Arena in December 2021, and two indications for temanogrel, a 5-HT2A receptor antagonist. APD418 has already received Fast Track designation from the FDA.

Pfizer has also formally terminated PF-06480605, a TL1A monoclonal antibody for treating ulcerative colitis, and RIST472, a CXCR2 antagonist. The latter has been co-developed by Arena and Aristea Therapeutics since July 2021. In February, Aristea suddenly announced the termination of the asset’s development to "protect patient safety." Aristea has been committed to developing this drug for the treatment of two different skin conditions: palmoplantar pustulosis and hidradenitis suppurativa.

Since Pfizer acquired Arena for $6.7 billion in December 2021, it has embarked on an acquisition spree, successively purchasing Global Blood Therapeutics, Biohaven, and of course, Seagen. During its earnings call on Tuesday, Pfizer stated that despite this, the company remains "active in the mergers and acquisitions market."

"That said, considering our short-term financial leverage ratio, these transactions may be smaller in scale in the short term," Chief Financial Officer David Denton said during a conference call.

Pfizer's adjusted R&D spending for the quarter increased to $2.5 billion, 10% higher than the first quarter of 2022. Pfizer attributed the excess to "increased investment in recently acquired assets and certain vaccine programs."

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