Pharmaceutical Giant Pfizer: The Key to Enduring Success in a Legendary Company

Pfizer Inc. (hereinafter referred to as Pfizer) is one of the most resilient "self-transforming companies" in American business history, having evolved from a mere chemical manufacturer since its founding in 1849 into the world's largest biopharmaceutical company. The company's history of over 175 years is backed by achievements such as supplying painkillers during the Civil War, mass-producing penicillin during World War II, and the record-breaking development and supply of mRNA vaccines during the 2020s pandemic, demonstrating that the company has established its position as a "crisis response infrastructure" for human public health.from a mere chemical manufacturer to the world's largest biopharmaceutical company and is one of the most resilient "self-transforming companies" in American business history. The company's history of over 175 years is backed by achievements such as supplying painkillers during the Civil War, mass-producing penicillin during World War II, and the record-breaking development and supply of mRNA vaccines during the 2020s pandemic, demonstrating that the company has established its position as a "crisis response infrastructure" for human public health.

This report defines Pfizer not merely as a pharmaceutical company, but as a highly sophisticated business platform that combines "outstanding manufacturing capacity," "cold-blooded and bold capital allocation," and "the ability to implement scientific innovation in society," and aims to elucidate its full picture.

The current Pfizer is facing a double headwind of the fading of the COVID-19 special demand and the "Patent Cliff". However, the pivot to the "Science Will Win" strategy promoted under the Albert Bourla CEO regime, the massive $43 billion investment in oncology through the acquisition of Seagen, and the break from the "mature product business" through the spin-off of the Upjohn business are analyzed as structural reforms for the company to survive the next 100 years. In particular, the industry's largest manufacturing network and global regulatory compliance capabilities form an "economic moat" that cannot be imitated by bio-ventures, which is the source of the company's sustainable cash flow generation.