Pfizer completed its approximately $43 billion acquisition of Seagen Inc., a global biotechnology that develops and commercializes cancer medicines leveraging ADC technology designed to preferentially kill cancer cells and limit off-target toxicities. 
 
With the addition of Seagen’s four in-line medicines, ADCETRIS (brentuximab vedotin), PADCEV (enfortumab vedotin), TIVDAK (tisotumab vedotin) and TUKYSA (tucatinib), Pfizer’s oncology portfolio now includes over 25 approved medicines and biosimilars across more than 40 indications.
 
With the addition of Seagen, Pfizer’s oncology pipeline includes 60 programs spanning multiple modalities, including ADCs, small molecules, bispecifics and other immunotherapies. Pfizer will leverage its protein engineering and medicinal chemistry capabilities to advance Seagen’s ADC technology, with potential novel combinations and next-generation biologics.
 
As previously disclosed, to address U.S. Federal Trade Commission concerns, Pfizer has chosen to irrevocably donate the rights of royalties from sales of Bavencio (avelumab) in the U.S. to the American Association for Cancer Research (AACR). 
 
Full-Year 2024 revenue guidance range of $58.5 to $61.5 billion includes expected contribution from Seagen acquisition. Pfizer anticipates approximately $8 billion in revenues for Comirnaty and Paxlovid, and Seagen expected to contribute approximately $3.1 billion of revenues.
 
Pfizer’s multi-year cost realignment program involving undisclosed layoffs in an effort to save $3.5 billion through 2024 is now expected to deliver annual cost savings of at least $4.0 billion, an incremental $500 million versus mid-point of guidance range provided on August 1, 2023.