NEW YORK - Pfizer Inc. (NYSE: NYSE:PFE) has unveiled significant updates to its oncology research at the European Society for Medical Oncology (ESMO) Congress 2024, which took place from September 13-17 in Barcelona. The pharmaceutical giant highlighted its ongoing efforts in developing therapies for various cancers, including new data from its BRAFTOVI® + MEKTOVI® study and progress on its investigational treatment for cancer cachexia, ponsegromab.
Key findings presented at the congress include longer-term results from the Phase 2 PHAROS study of BRAFTOVI + MEKTOVI in patients with BRAF V600E-mutant metastatic non-small cell lung cancer (mNSCLC). These results build on the data that led to FDA approval in 2023 and recent European Commission approval in August 2024. Additionally, updated results from the BREAKWATER trial's safety lead-in showed the antitumor activity of BRAFTOVI + cetuximab + FOLFIRI in untreated mCRC patients.
Pfizer also shared Phase 2 results for ponsegromab, a GDF-15 inhibitor, in patients with cancer-associated cachexia. This condition, characterized by severe weight loss, affects patients with advanced cancers and currently has no FDA-approved treatments.
Early-stage research was presented as well, including Phase 1 results for the antibody-drug conjugate (ADC) candidate SGN-PDL1V (PF-08046054) in NSCLC and head and neck squamous cell carcinoma (HNSCC), and initial data combining atirmociclib, a CDK4 inhibitor, with a novel CDK2 inhibitor in hormone receptor-positive (HR+)/HER2-negative metastatic breast cancer (MBC).
The company continues to focus on delivering next-generation biologics and novel combinations, aiming to establish new standards of care. Chris Boshoff, Chief Oncology Officer and Executive Vice President at Pfizer, emphasized the company's scientific leadership in targeted therapies and antibody-drug conjugates.
Pfizer's presence at the ESMO Congress underlines its commitment to advancing oncology treatments. The company has provided abstract plain language summaries (APLS) for the research presented at the congress, accessible on its website starting September 16, 2024.
This article is based on a press release statement from Pfizer Inc. and does not include any additional information or commentary.
In other recent news, Rocket Pharmaceuticals (NASDAQ:RCKT) has appointed Pfizer's R&D head, Mikael Dolsten, to its board, a move expected to enhance the company's scientific capabilities. Pfizer, on the other hand, experienced a downgrade from "Buy" to "Hold" by Erste Group due to a significant drop in sales of COVID-19 related products and slower business growth. Concurrently, Pfizer, alongside GSK, Sanofi (NASDAQ:SNY), and Boehringer Ingelheim, is appealing a lower court's ruling in over 70,000 lawsuits linking the heartburn medication Zantac to cancer.
Pfizer has also launched PfizerForAll, a digital health platform designed to streamline access to healthcare services for Americans. The U.S. Food and Drug Administration (FDA) approved updated COVID-19 vaccines from Pfizer and Moderna (NASDAQ:MRNA), targeting newer variants of the virus. These developments are part of recent shifts in Pfizer's strategy, emphasizing diversification and adaptation to changing healthcare demands.
While the company navigates these changes, it continues to focus on its mission of developing transformative treatments for patients with unmet medical needs. With the addition of Dr. Dolsten to Rocket Pharma's board and the launch of PfizerForAll, Pfizer demonstrates its ongoing commitment to advancing healthcare and broadening its reach to more patients. These are recent developments that continue to shape the trajectory of both Rocket Pharmaceuticals and Pfizer.
InvestingPro Insights
As Pfizer Inc. (NYSE: PFE) continues to make strides in oncology research, the company's financial health and market performance remain key areas of interest for investors. According to InvestingPro data, Pfizer's market capitalization stands at a robust $168.53 billion. This reflects the company's significant presence in the pharmaceutical industry, bolstered by its innovative oncology treatments and research advancements presented at the ESMO Congress 2024.
InvestingPro Tips highlight that Pfizer has not only raised its dividend for 13 consecutive years but has also maintained dividend payments for an impressive 54 years, showcasing its commitment to returning value to shareholders. This is particularly noteworthy as the company's dividend yield is currently at an attractive 5.65%. Furthermore, analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's profitability.
From a valuation perspective, despite trading at a high EBITDA valuation multiple, Pfizer's PEG Ratio for the last twelve months as of Q2 2024 is 0.58, suggesting that the stock may be undervalued based on its growth rate. This could be a point of interest for investors seeking growth at a reasonable price. It's worth noting that Pfizer's commitment to dividend growth and shareholder returns is echoed in the InvestingPro product, which lists additional tips for investors seeking more in-depth analysis.
For those interested in Pfizer's financial metrics and future outlook, InvestingPro offers a total of 12 tips on the company, providing a comprehensive guide for potential investment decisions. Visit https://www.investing.com/pro/PFE for more detailed insights.
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