Pfizer CEO Albert Bourla Talks Weight Loss Drugs

Summary

Bloomberg Talks

Episode: Pfizer CEO Albert Bourla Talks Weight Loss Drugs

Date: January 12, 2026
Host: Bloomberg
Guest: Albert Bourla (Pfizer CEO)

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Overview

This episode features an in-depth conversation with Pfizer CEO Albert Bourla, focusing on the company’s strategic outlook amidst patent expirations, its ambitious ventures into the obesity drug market, ongoing R&D investments, and the landscape-shifting political agreements on drug pricing. Bourla provides candid insights on maintaining investor confidence, recent deals, and how Pfizer is positioning itself for future growth, especially around its highly anticipated weight loss drug platforms.

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Key Discussion Points and Insights

Navigating Patent Expiry and Growth Prospects (00:38–01:16)

• Bourla outlines Pfizer’s multi-year plan for managing anticipated patent expirations (notably in 2028), highlighting acquisitions in obesity (Matsara), oncology, and migraine treatments.
• Despite a lull in top-line growth ahead of 2028, the expectation is for "exponential growth" in sales post-patent cliff.
• Key metric: $10B in sales for the year, with double-digit growth projected for years 2025 and 2026.

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Keeping Investors Engaged Amidst Uncertainty (01:16–02:55)

• With no plans for near-term buybacks and a GLP-1 drug not expected on the market until 2028, Pfizer is focusing on upcoming "catalysts" to maintain investor interest.
  • Clinical Milestones: Two major readouts for obesity drugs in the Matsara portfolio scheduled for 2026:
    • Ultra-long monthly dosing study (first half of the year)
    • GLP-1 and amylin combination study
  • Other highlights: A myeloma drug (Lrexview) with potential to double target population and a Lyme disease vaccine entering a “first-of-its-kind” phase.
• Bourla emphasizes that Pfizer’s current stock multiple is low and anticipates movement toward, and possibly beyond, the industry average as these catalysts materialize.

"Investors want to see catalysts and this is a year that is very rich in catalysts... Investors are watching all of that."
— Albert Bourla (01:39)

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The Obesity Market: Matsara Acquisition & Differentiation (02:55–04:20)

• After outbidding Novo Nordisk, Pfizer’s obesity play centers on Matsara’s once-monthly injectable therapy.
  • Competitive Edges:
    • Monthly dosing improves patient convenience, manufacturing, and cost profiles.
    • Combination of amylin with GLP-1 agonists aims to deliver "better weight loss...and better tolerability," addressing current limitations in GLP-1 therapies.
    • Oral peptide portfolio also in development.
• Bourla references Pfizer’s commercial strengths with consumer-driven products (evoking Viagra’s market impact).

“One, it is the monthly dosing that’s a very clear differentiation... The second is the combination between Amylin and PD L1... not only will be a monthly but hopefully can deliver better weight loss... and better tolerability, which are the two things that are the Achilles heels of the GLP ones right now.”
— Albert Bourla (03:16)

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Pfizer’s M&A Strategy and Portfolio Satisfaction (04:20–05:00)

• Of the $15B earmarked for acquisitions, almost $10B has been invested, notably in oncology and obesity.
• Bourla expresses satisfaction with the current portfolio, but keeps ~$5B uncommitted, seeking further strategic assets.

“We plan to invest them. We don't have to invest them, but we're trying to make sure that we will find the right assets as we found with our oncology and obesity acquisitions.”
— Albert Bourla (04:40)

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R&D Investment Focus (05:00–05:43)

• $500M in cost savings being reinvested, primarily into R&D.
  • Oncology portfolio currently absorbs ~40% of R&D spend and will likely increase.
  • Obesity research is rapidly scaling: 15+ ongoing studies, with 10 pivotal phase 3 trials.
• Bourla frames this as a sign of confidence in their new obesity molecules.

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Political Landscape and Drug Pricing Deals (05:43–07:34)

• Pfizer was the first major drugmaker to reach a pricing deal with President Trump’s administration, setting a template now adopted by at least 17 other companies.
• Bourla is “optimistic that it’s behind us” regarding tariff threats and unsustainable pricing tensions, noting productive White House engagement and progress, especially with the UK government.
• Comparison of frequent, close communication with both Trump and Biden administrations during critical periods (COVID response and pricing negotiations).

“We have created very solid agreements and we have created a political environment that there is good willingness from the White House to respect and actually to help us with pricing outside the US...”
— Albert Bourla (06:05)

“I was very close with the Trump administration in the beginning. I was very close with the Biden administration because we had to work together with COVID. With Trump, we work together to develop the vaccine...with Biden was the period to scale it up, to invest it.”
— Albert Bourla (07:05)

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Advice for Pharma CEOs Engaging with Policymakers (07:34–08:25)

• Bourla urges industry peers to proactively engage with policymakers, emphasizing that Pfizer’s collaborative approach has resolved key pricing issues for new drugs across rich countries.

“Engage, engage and discuss. I’m very proud of what we did. I think what we did opens the way for the entire industry...puts to bed an issue that was not sustainable.”
— Albert Bourla (07:48)

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Notable Quotes

• Catalysts for Investors:
  “This is a year that is very rich in catalysts...Investors are watching all of that.” (Albert Bourla, 01:39)

• Matsara’s Differentiation:
  “Monthly dosing...creates significant advantages not only in patient experience but also in production and cost of goods.” (Albert Bourla, 03:16)

• M&A Strategy:
  “We plan to invest them. We don't have to invest them, but we're trying to make sure that we will find the right assets...” (Albert Bourla, 04:40)

• Government Engagement:
  “We have created very solid agreements and...a political environment that there is good willingness from the White House...” (Albert Bourla, 06:05)
  “Engage, engage and discuss...what we did opens the way for the entire industry.” (Albert Bourla, 07:48)

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Timestamps for Important Segments

• 00:38 – Bourla on patent expirations and future growth
• 01:39 – Investor catalysts: obesity and oncology readouts
• 03:16 – Obesity drug (Matsara) differentiation and market impact
• 04:40 – Assessment of current M&A portfolio strategy
• 05:18 – R&D reinvestment priorities
• 05:43 – Political landscape and U.S./international drug pricing
• 07:05 – Working with Trump and Biden administrations
• 07:48 – Advice to other CEOs on regulatory engagement

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Memorable Moments

• Bourla highlighting the commercial similarities between potential obesity blockbusters and Viagra (03:16)
• The open, almost promotional advice to other pharma company leaders to “engage and discuss” drug pricing deals with governments (07:48)
• The optimistic outlook about “putting to bed” global pricing disparities through international cooperation (06:05–07:48)

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This episode provides a comprehensive look at how Pfizer is navigating industry headwinds and seizing new opportunities. Bourla’s direct and pragmatic tone, alongside frequent references to both investor priorities and political realities, highlights the multi-dimensional strategy Pfizer is taking as it aims to lead the next era of global pharmaceuticals.

Transcript

[Wasabi Representative]

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[Pfizer Executive]

Network.

[Wasabi Representative]

Bloomberg Audio Studios Podcasts Radio News.

[Pfizer Executive]

We were preparing for this period of loss of exclusivity 2628 we did significant acquisitions. One of them is in obesity as you said but seedsen in oncology and nurtech in migraine and those this portfolio is performing extremely well. This year will be approximately $10 billion of sales growing double digit. Actually last year 25 and 26 will continue growing at the double digit. So I think after the 28 period of years where we are not going to be a top line growth story, we will have exponential growth that will be leading the industry.

[Interviewer]

So 28 it sounds like things improve especially when you think about the growth forecast there. But until that time you think about, you know, what you recently said at the Fireside chat earlier today, no plans for buybacks. You do have these patent expirations coming up and you don't expect to put a GLP1 on the market until 2028. So how do you keep investors engaged and attract new investors during that period?

[Pfizer Executive]

I think investors want to see catalysts and this is a year that is very rich in catalysts. We are expecting readouts of studies that they are significant. Two of them actually will be in obesity with matcera portfolio. One it is the ultra long 30 days data. So the monthly dosing data that will come in the first half of this year. The other is the combination of GLP1 and amylin that also will come this year. But there are many more. Lrexview, which is our Myeloma Myeloma drug has a readout that if successful doubles the population that we are going after. The vaccine against the tick. Thank you. Which is a very big disease that there is no vaccines so far and that's the first one, Lyme disease. So there are very rich in catalysts and of course we start a lot of phase three studies. So investors I think are watching all of that and right now has a very low multiple. I think we should start migrating towards the average multiple and then exceed it as we Go post our so plenty.

[Interviewer]

Of catalysts coming up. Let's talk specifically about Matsara because you won that hard fought bidding war with Novo Nordisk. Certainly fun for someone who consumes news to watch. When you think about the obesity market though, you know you mentioned that this would be once monthly. What do you see as the key differentiating factor when it comes to what Med Sarah is developing?

[Pfizer Executive]

I think one, it is the monthly dosing that's a very clear differentiation that creates significant advantages not only in patient experience but also in production and cost of goods and all of that. The second is the combination between Amylin and PD L1. We are looking for superior results than the current solution. So those this combination not only will be a monthly but hopefully can deliver better weight loss, placebo adjusted and better tolerability, which are the two things that are the Achilles heels of the GLP ones right now. And of course there is an oral portfolio of peptides that is falling. So it's a very complete, highly differentiated portfolio in the hands of a company, but it is very good in commercial activities, particularly when it comes to products that they are very much consumer driven. I remind you Viagra was a product that was behaving very similarly like the video, like the ZLP one.

[Interviewer]

Well, looking forward to those readouts as we get deeper into 2026. I do want to talk about M and A overall and what the strategy going forward is because last year you earmarked up to $15 billion for deals to help replenish the pipeline. Where are you now? Do you feel pretty satisfied with the portfolio at hand? Are you still looking for more deals?

[Pfizer Executive]

I'm very satisfied with the portfolio in hand and we invested almost 10 of these 15 billion and then we have 5 to 6 that are remaining and we plan to invest them. We don't have to invest them, but we're trying to make sure that we will find the right assets as we found with our oncology and obesity acquisitions.

[Interviewer]

And when it comes to cost cutting, you know, last month you said that you're going to reinvest about $500 million from savings from your cost cutting efforts in into R and D. And I'm curious to know where do you see that investment going? Should we be focusing on the obesity portfolio or are there other areas of Pfizer where you plan to.

[Pfizer Executive]

Let's, let's start that the oncology portfolio right now absorbs approximately 40% of our investments and that will continue going up. But the newcomers are the obesity that as I said, we start with more than 15 studies. 10 of them will be pivotal phase three studies. This is a significant investment, but also demonstrates how confident we are in investing in these molecules.

[Interviewer]

And I do want to talk a little bit about the political landscape as well, because you were the first drugmaker to strike a pricing deal with President Trump last year. And I know that this is pretty much an impossible question, but do you feel like you're out of the woods when it comes to surprising tariff threats, price cuts, etc. What have your conversations with the White House indicated so far, as you said.

[Pfizer Executive]

Is a very difficult question because of the uncertainty that we know exists always. But we have created very solid agreements and we have created a political environment that there is good willingness from the White House to respect and actually to help to help us with pricing outside the US they are helping us a lot, actually, with pricing outside the US with UK being the most visible example. I think Secretary Latin achieved a lot there in uk they made changes in their system that will invest way more in innovative medicines than before. So I'm optimistic that it's behind us.

[Interviewer]

And I am curious, I mean, you think about how long you've been at the helm of Pfizer, when you compare and contrast just the frequency of communications that you're having with the Trump administration, how does that compare to past presidents at this point?

[Pfizer Executive]

Look, I was very close with the Trump administration in the beginning. I was very close with the Biden administration because we had to work together with COVID That's right. With Trump, we work together to develop the vaccine. It was all his. His baby, right? The oppression, war, speed. But with Biden was the period to scale it up, to. To invest it. I would say that we were always very close to the Congress and to the White House. I spent a lot of time in Washington myself. A lot.

[Interviewer]

And given that you do spend so much time in Washington, and again, given that you were the first drugmaker to sign on to, you know, these drug pricing deals, what takeaways, you know, would you give to other CEOs who are currently in conversation with the White House?

[Pfizer Executive]

I think engage, engage and discuss. I think I'm very proud of what we did. I think what we did opens the way for the entire industry. Probably already 17 companies now have signed up. And it is the same model like we open and puts to bed an issue that was not sustainable. The big difference in pricing between us and other rich nations. And now that it is probably resolved in the gradual way because it's all the new products. So it's a good deal and the other should engage and do the same.

[Wasabi Representative]

Wasabi is purpose built to free your business from skyrocketing storage costs and fees from the big guys. Wasabi is the go to provider for professional and collegiate sports teams around the world. Check out Wasabi's AI enabled intelligent media storage, Wasabi Air and the industry's only cloud storage service with triple protection against cyber criminals. Wasabi driving innovation in data storage for up to 80% less than market competition. Try for free at wasabi.com, wasabi Hot Cloud Storage Proud partner of Iheart Podcast Network.