Pfizer H1 2021 Earnings: mRNA Vaccine Generates $11.3B in Sales; PROTAC + Ibrance Show Promising Preclinical Data

Text | Shuyue

On July 28, Pfizer announced its financial results for the second quarter of 2021. Total revenue for the first half of the year reached $33.5 billion, a 68% increase year-over-year. Second-quarter revenue was approximately $19 billion; excluding $7.8 billion in COVID-19 vaccine revenue, revenue stood at $11 billion, up 10% year-over-year.

In terms of specific product performance, the global COVID-19 pandemic has driven sustained sales growth for the COVID-19 vaccine co-developed by Pfizer and BioNTech, making it Pfizer's top-selling product. Second-quarter sales revenue reached $7.8 billion, with cumulative sales for the first half of the year totaling $11.3 billion. Full-year revenue is expected to reach approximately $33.5 billion.

Established innovative drugs such as Eliquis (apixaban), Ibrance (palbociclib), and Xtandi (enzalutamide) remain the primary drivers of Pfizer's revenue growth. The biosimilars segment has seen significant growth, generating $560 million in revenue in the first half of the year. Furthermore, the litigation settlement with Johnson & Johnson regarding the infliximab biosimilar is expected to further drive sales volume for Inflectra/Remsima.

However, among the blockbuster drugs, sales revenue for Ibrance (palbociclib) continues to decelerate, with the drug even losing market share in the United States during the first two quarters of 2021. To address the sales decline of Ibrance (palbociclib), Pfizer is intensifying its exploration of combination therapies. On July 22, Pfizer entered into a global collaboration agreement with Arvinas, valued at over $2 billion, to develop and commercialize ARV-471.

ARV-471 is a potential best-in-class estrogen receptor (ER)-targeted protein degrader currently undergoing a Phase II dose-expansion clinical trial for the treatment of patients with locally advanced or metastatic estrogen receptor-positive/human epidermal growth factor receptor 2-negative (ER+/HER2-) breast cancer. Pfizer plans to combine ARV-471 with Ibrance to explore its potential in breast cancer treatment. Initial preclinical data demonstrate that the combination of ARV-471 and Ibrance exhibits significant synergistic effects, effectively inhibiting tumor growth.

Similarly, Pfizer’s innovative products in the JAK inhibitor space are also facing headwinds. In January 2021, tofacitinib failed to meet the non-inferiority safety endpoint in a long-term safety study, prompting ongoing FDA review delays across the entire JAK inhibitor class, including the supplemental application for tofacitinib in ankylosing spondylitis and the marketing application for abrocitinib in atopic dermatitis. In terms of market performance, tofacitinib’s global revenue in the second quarter declined by 9% year-on-year, with a 15% drop in the U.S. market.

Nevertheless, Pfizer plans to raise its full-year 2021 revenue to between $78 billion and $80 billion.

On the other hand, Pfizer continues to emphasize investment in innovation, focusing on innovative biopharmaceuticals and expanding emerging technology platforms. Overall, among Pfizer’s marketed products, there are both “bright spots” and “concerns,” and the company must continue to identify new growth drivers to sustain its performance growth.

Fortunately, in the first half of 2021, Pfizer announced development updates on multiple first-in-class products, including several innovative products that have achieved positive results, which may become new growth opportunities for Pfizer.

Original title:Pfizer H1 2021 Results: mRNA Vaccine Sales Reach $11.3 Billion in Half a Year! Promising Preclinical Data for PROTAC + Ibrance