Pfizer Vyndaqel Launch Surprises With An Early Burst Out Of The Gate
The drug outperformed investor expectations, generating $79m in the US in its first full quarter on the market, after Pfizer had set low expectations for the initial launch.
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Management said it remains confident in Xeljanz and believes next-generation JAKs will be sufficiently differentiated. Pfizer's Vyndaqel and biosimilars businesses emerged as new blockbusters.
Big pharma stocks, with few exceptions, saw big declines in valuation in the quarter amid the COVID-19 stock market rollercoaster, but pharma outperformed the S&P 500, showing the industry's resiliency in a global health crisis.
Johnson & Johnson is the first big pharmaceutical company to report first quarter financial results, and investors across the industry are interested in hearing how the COVID-19 pandemic is impacting the sector's fundamental business dynamics.