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Thursday, January 30, 2020 9:05:39 AM
Top Story
1. Putting buybacks on hold, Pfizer’s CEO is plotting a string of important PhII deals in the year ahead. You’ve been alerted
Pfizer shares took a beating on Tuesday, dropping 5% as investors found out that the pharma giant fell short on revenue projections and wouldn’t be riding to the rescue with their usual campaign of buybacks.
So what gives? Buybacks have been part of the culture at the company for years.
Pfizer CEO Albert Bourla, who’s been steering the company to a leaner, meaner biopharma outfit shorn of its consumer ops, is taking that buyback money — in part — and handing it to the BD team to do a string of mid-stage development deals as they line up a string of shots on goal.
The strategy here is centered on volume. Bourla wants his R&D group to go after a string of the ever-popular bolt-on deals that gives them a chance to put potential blockbusters in registrational studies. And he expects a healthy number of these to be blockbusters.
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