Pfizer plans another $500M in cost cuts, expects $3.1B in revenue from Seagen in 2024

Pfiz­er’s not-so-good year con­tin­ues.

The New York phar­ma gi­ant’s shares $PFE slid 7% be­fore Wednes­day’s open­ing bell af­ter Pfiz­er said it plans to cut an­oth­er $500 mil­lion in costs, on top of the $3.5 bil­lion plan dis­closed in Oc­to­ber, and Seagen’s can­cer treat­ments would con­tribute $3.1 bil­lion to Pfiz­er’s ex­pect­ed full-year 2024 rev­enue.

Pfiz­er ex­pects to close the Seagen ac­qui­si­tion on Thurs­day af­ter ini­tial­ly re­veal­ing the deal in March. The ac­qui­si­tion is a bid to dou­ble its on­col­o­gy pipeline and add a slate of mar­ket­ed med­i­cines from the an­ti­body-drug con­ju­gate pi­o­neer. Half of the new Pfiz­er On­col­o­gy lead­er­ship will be lega­cy Pfiz­er em­ploy­ees and the oth­er half will be from Seagen, per an in­vestor pre­sen­ta­tion.

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