Pfizer Chief International Commercial Officer Alexandre de Germay detailed a strategic shift away from COVID-19 products at the J.P. Morgan U.S. All Stars Conference. The company is reallocating resources toward oncology, vaccines, and primary care.
International revenue from new and acquired products increased from $500 million in 2023 to $4 billion. Pfizer projects COVID-related revenue will decline from approximately $11 billion in 2024 to $4 billion by 2026.
The company is implementing cost-cutting measures to support this transition. Management also aims to improve the productivity of its global sales force.