Pfizer Aims To Put More Blockbuster Drugs in Pipeline

Plans to spend heavily on research and development for the rest of the year.

Pfizer officials say they expect that perhaps 30 drugs in its pipeline will be approved through 2022. In addition, according to the Wall Street Journal (WSJ)the drugmaker says that it won’t be that affected by losses of exclusivity after 2020. Pfizer yesterday raised projections for research and development from $7.7 billion to $8.1 billion, and from $7.4 billion to $7.9 billion respectively. 

“The company increased its spending plans as its key branded treatments, including Eliquis, Ibrance and Xeljanz, continued to see strong growth in its latest quarter,” the WSJ reports. “Sales of blood-thinner Eliquis grew 42% in the second quarter from a year earlier to $889 million. Revenue from Pfizer’s innovative-health business rose 8% to $8.27 billion.”

But things are not all rosy for the drugmaker. Sales of its off-patent brands and generics fell in the latest quarter. Sales for Lyrica, for fibromyalgia, dipped 3% to $1.22 billion. Pfizer also lost exclusivity for Viagra, and sales for that drug fell 47% over the year to $185 million.