Tafamidis

Pictured: Pfizer's sign at its head office in Quebec, Canada/iStock, JHVEPhoto Pfizer announced its first-quarter 2024 earnings on Wednesday, reporting a 20% year-over-year decline in revenue attributable to the steep drop in demand for its COVID-19 products. Nevertheless, the company’s first-quarter revenue of $14.88 billion beat analysts’ consensus estimates, which were at around $14 billion. Pfizer’s net income in the quarter was nearly $3.12 billion or $0.55 per share, a 44% plunge from its net income of a little more than $5.54 billion or $0.97 per share during the same time period in 2023. The strong performance of Pfizer’s product portfolio—excluding its COVID-19 franchise—helped the pharma exceed analyst expectations. If not for its coronavirus business, Pfizer’s revenues would have jumped 11%, according to the company. Looking ahead to the rest of 2024, Pfizer raised its profit guidance and now expects adjusted earnings per share of $2.15 to $2.35, up from a previous estimate of $2.05 to $2.25. The pharma now also forecasts a full-year revenue range of between $58.5 billion to $61.5 billion. Pfizer’s BMS-partnered anticoagulant Eliquis (apixaban) was its top-performing asset, generating $2.04 billion in Q1 2024, up 10% year-over-year. The company’s $43 billion Seagen acquisition, which closed in December 2023, also contributed heavily to the pharma’s financial performance in the quarter, bringing in $742 million in global legacy revenue. The Vyndaqel (tafamidis meglumine) family of products—which includes Vyndamax (tafamidis) and Vynmac (tafamidis) and which is indicated for cardiomyopathy—also performed well in Q1, with revenues growing 66% globally to nearly $1.14 billion. Meanwhile, its oncology franchise was led by the breast cancer treatment Ibrance (palbociclib), which was hit with a 7% sales decline but still brought in more than $1.05 billion in the quarter. Despite recording a 50% year-over-year drop in sales, Pfizer’s COVID-19 pill Paxlovid (nirmatrelvir/ritonavir) nevertheless earned almost $2.04 billion in Q1, suggesting a successful commercial transition in the U.S. The company’s coronavirus mRNA vaccine Comirnaty brought in $354 million in the quarter, down 88%. CEO Albert Bourla said in a statement that he is “encouraged” by these overall results in Q1 which point to a “well-executed quarter,” allowing the company to soften the blow of the COVID-19 earnings cliff. “We intend to build on this positive momentum in the quarters ahead.” To set the company up for sustainable growth this year, Pfizer on Wednesday also cleaned up its pipeline, announcing that four programs have been discontinued. The pharma terminated the development of VTX-801, a recombinant gene therapy being developed for Wilson disease, as well as Zavzpret (zavegepant) which it was trialing as an oral preventative treatment for migraine. Pfizer also axed two Phase II studies for the S1P blocker Velsipity (etrasimod)—one in atopic dermatitis and the other in alopecia areata. Tristan Manalac is an independent science writer based in Metro Manila, Philippines. Reach out to him on LinkedIn or email him at tristan@tristanmanalac.com or tristan.manalac@biospace.com.

Pfizers rare disease drug Vyndaqel may be its least well known blockbuster medicine. The pharmaceutical companys COVID-19 vaccine became a household name during the pandemic, while its other top-sellers for blood clots, breast cancer and pneumococcal infections are routinely and widely advertised on TV.Yet during the first quarter, it was Vyndaqel that outperformed expectations, delivering sales that substantially exceeded Wall Street forecasts. The drug, which treats the cardiac form of a rare disease called transthyretin amyloidosis, brought in $1.1 billion between January and March, 25% higher than the consensus estimate of just over $900 million.Worldwide sales were $686 million during the same period last year. In a Wednesday earnings statement, Pfizer said Vyndaqels growth was due to continued strong uptake, primarily in certain European countries and in the U.S., where it is sold as Vyndamax.Salim Syed, an analyst at Mizuho Securities, wrote in a client note that uptake may have been boosted by the Inflation Reduction Act, which capped out-of-pocket costs for people covered by Medicare Part D. Syed estimated the cap taking effect in 2024 should reduce out-of-pocket spending by about $10,000.The strong sales prompted several analysts, speaking on a conference call, to press Pfizer executives on the drugs remaining patent life. The basic product patent is set to expire at the end of this year in the U.S., and in 2026 in Europe.Several generic drugmakers filed last year for U.S. approval of copycat versions, and Pfizer has sued them for patent infringement.The company also hopes to extend the drugs market exclusivity through 2028, and has filed requests for patent term extensions that are currently pending. If granted, the extension could help protect billions of dollars in annual sales for Pfizer as the company resets following sales declines for its COVID vaccine and antiviral drug.Those COVID sales declines continue to weigh on Pfizer, which reported total revenue in the first quarter of $14.9 billion, down about 20% from the same period a year ago. Excluding COVID products, revenue was up 11% operationally.Vyndaqels sales growth, and its looming patent questions, are also important to would-be competitors BridgeBio Pharma and Alnylam Pharmaceuticals. BridgeBio is currently awaiting a Food and Drug Administration approval decision for its drug acoramidis in the same condition Vyndaqel treats. A verdict is due from the agency by late November.Meanwhile, Alnylam is anticipating results by June or July from an important study of its drug vutrisiran, the success or failure of which will determine whether it could compete with Vyndaqel.Shares in BridgeBio were up nearly 5% in Wednesday morning trading, while Alnylams rose by about 2%. '