In late April, Pfizer (NYSE:PFE) and Genmab received approval from the United States Food and Drug Administration (FDA) for their treatment for certain types of cervical cancer. The drug in question is called Tivdak. Indeed, the drug in question had already received accelerated approval from the US FDA as Tivdak fell within a class of drugs that addresses a serious unmet need among the population.

Pfizer and the Danish biotechnology company Genmab developed the drug under a cost and profit-sharing agreement.

Future Market Insights recently valued the global cervical cancer treatment market at $7.4 billion at the end of 2021. The same report projected that this market would reach $12.8 billion by 2032. That would represent a compound annual growth rate (CAGR) of 5.6% over the forecast period. Meanwhile, Modor Intelligence projected that the global cervical cancer diagnostics and therapeutic market is projected to grow from US$95.7 billion in 2023 to US$124 billion in 2028, representing a CAGR of 5.44%.

On Monday, April 29, 2024, both companies said that the antibody-drug conjugate had been approved to “treat patients who have disease progression on or after chemotherapy”. That means it is a second line treatment.

Shares of Pfizer have dropped 7.5% month-over-month as of close on April 29, 2024. The stock is now down 13% so far in 2024. Pfizer currently possesses a price-to-earnings ratio of 38. That puts Pfizer in favourable value territory compared to its industry peers at the time of this writing. Tivdak holds huge potential for Pfizer in the years ahead.