(AOF) – Pfizer today announced that Andrew Baum will join the company as chief strategy and innovation officer and executive vice president. Dr. Baum will be a member of the Pfizer leadership team and report to CEO Albert Bourla. He joins Pfizer from Citi, where he was head of global health and managing director of equity research. Before joining Citi in 2011, Dr. Baum worked for 14 years in European pharmaceuticals at Morgan Stanley.
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Oncology, priority of pharmaceutical giants
Sanofi’s stock market disappointment recorded at the end of October 2023 underlines the new direction for the group, which has now set oncology as its number 1 priority. Efforts in this segment, where therapies are advancing the fastest, notably involve investments in R&D which weigh on profitability. Sanofi therefore announced a drop in its earnings per share in 2024 and the abandonment of its objective of an operating margin of 32% in 2025. Merck has just unveiled a new alliance. It will pay up to $22 billion to the Japanese group Daiichi Sankyo as part of a partnership on experimental cancer treatments. While some experts estimate that the United States represents nearly half of global oncology spending (drugs and treatments), or $196 billion in 2022, Chinese spending in this area has more than doubled in five years, going from 5 to 11.8 billion dollars.