PFIZER TO ‘CATCH OUR BREATH’ ON DEALS AFTER $43 BILLION PURCHASE

(Bloomberg) -- Pfizer Inc. Chief Executive Officer Albert Bourla said the pharma giant is pausing big acquisitions after spending $43 billion last year on buying Seagen Inc.

“We need to catch our breath and make sure we execute well on what we have right now,” Bourla said at Goldman Sachs’ health care conference in Miami.

Investors are hungry for positive developments after Pfizer’s shares have fallen about 30% over the past 12 months. The biggest drag has been the dramatic decline in revenue from its Covid-19 vaccines and treatments as the pandemic fades. That’s forced the firm to scale back its long-term financial outlook.

Seagen gave Pfizer a stable of cancer drugs. Pfizer expects its recent acquisitions to add $25 billion to annual revenue by 2030.

Investors are also focused on whether Pfizer can play a role in the booming market for obesity treatments. The company, which trails rivals Eli Lilly & Co. and Novo Nordisk A/S, is expecting data in the next three months or so on a weight-loss pill that could eventually compete with injectable medicines like Wegovy.

Last year was “a disaster” for Pfizer’s financial forecasting, but the company is confident it can hit its 2024 targets, Bourla said.