Pfizer takes vax income shopping

Pfizer is starting to put its Covid-19 cash influx to use by spending US$11.6 billion ($18.4b) to venture deeper into a new treatment area.

The New York vaccine and cancer drug maker said yesterday it will use cash on hand to buy the remaining portion of migraine treatment developer Biohaven Pharmaceutical it does not already own.

Pfizer will pay US$148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has a nasal spray under development.

Pfizer brought in more than US$14b in sales during the recently completed first quarter from its Covid-19 vaccine Comirnaty and its new pill treatment for the virus, Paxlovid.

Most of that came from Comirnaty, which also rang up nearly US$37b in sales last year. But revenue from Comirnaty, which Pifzer developed with BioNTech, is expected to fade in the coming years. Pfizer also faces the loss of patent protection for some key products in its broad portfolio over the next decade.

That includes Eliquis for preventing blood clots and strokes and the Prevnar 13 vaccine for preventing pneumonia and related bacterial diseases. The company plans to have about US$25b in sales by 2030 from new business developments.