Fierce Biotech January 31, 2023
Pfizer plans to increase R&D spend by at least 8.7% in 2023, said CEO Albert Bourla, adding that “R&D continues to be the lifeblood that fuels us as a company.” (aluxum/iStock/Getty Images Plus)
In the pandemic’s third year, Pfizer could do whatever it wanted thanks to billions reaped from the COVID-19 shot Comirnaty and antiviral Paxlovid. Instead, executives are signaling a somewhat restrained approach, cutting rare disease assets, seeking external partnerships and bumping up the R&D budget by 8.7% for 2023.
“R&D continues to be the lifeblood that fuels us as a company,” CEO Albert Bourla, Ph.D., said on a fourth-quarter earnings call Tuesday. The increase in R&D spend will mean around $12.4 billion to $13.4 billion...
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