Pfizer Inc. (NYSE: PFE) declared today it has decided to invest up to $500 million in biotechnology companies to support their clinical development programs. Pfizer never hesitates to invest its capital in companies that are striving to deliver transformative therapies to patients.
Pfizer before declared that its blockbuster drug Ibrance showed no satisfactory result in early-stage breast cancer. The announcement leads towards the drop in PFE shares. Shares were down 7.15% during the last trading session.
Pfizer disclosed the Breakthrough Growth Initiative which will focus on the investment in clinical-stage public companies and also turned towards small and medium-sized enterprises.
PFE also unveiled its core area of focus including Inflammation & Immunology, Internal medicine, Vaccines and hospital, oncology, and Rare diseases.
PFE also disclosed that the partnered companies will be able to access the expertise and resources of Pfizer in research, clinical development, and manufacturing.
Pfizer shares traded up 0.65% at $35.70 during the pre-market trading session. It has a previous close of 38.19. It has a day low range of 34.91 and a day high range of 35.73.
PFE had a trading volume of 73.01 million and an average volume of 31.21 million. It has has a total market capitalization of 196.974 billion.
PFE has a 52-weeks low and high range of 27.88-44.56, respectively. It has decreased -20.42% from its 52-week high and increased 27.19% from its 52-week low.
Pfizer has a profit margin of 31.20%, an operating margin of 32.10%, and a gross margin of 80.40%. It has a return on Investment (ROI) of 14.70%, return on equity (ROE) of 25.00% and return on assets (ROA) of 9.60%.