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Taylor Swift’s “Midnights” album topped her own record for weekly sales last achieved by the pop icon with “Reputation” five years ago.
The new album is a return to the past for Swift in several key respects.
She’s been back on social media with a major marketing effort; she’s planning a major tour for the first time in half a decade, and it’s back to the pop sound that preceded her foray into indie folk rock over the past two records.

Taylor Swift during an interview with host Jimmy Fallon on Monday, October 24, 2022
Nbc | Nbcuniversal | Getty Images

Taylor Swift’s “Midnights” may have left the indie-folk lovers of her previous albums disappointed, but breaking several sales and streaming records within its release week, including taking all of the top 10 spots on the Billboard Hot 100, Swift’s tenth album is her biggest success yet, breaking the record for largest overall week for any album, by equivalent album units, within just four days.  
“The results speak for themselves. She’s as popular as she’s ever been,” said Berklee College of Music’s music business professor George Howard. “She creates this kind of frenzy among a significant amount of fans.”

Five years ago, Swift’s “Reputation” achieved the biggest ever U.S. sales week by traditional album sales with 1.216 million copies sold. “Midnights” topped this record in just four days. 
It’s not like Swift’s previous albums weren’t successful. Rather, her number of streams have consistently grown over the years as the streaming industry has captured more of the music listener market share. Last fall, “Red (Taylor’s Version)” reached 90.8 million streams within its release day and broke Spotify’s record for the most-streamed album in a day by a female artist. The previous record was 78.7 million streams — held by Swift’s “Folklore.” With “Midnights,” Swift broke her own record again, reaching 185 million streams on its release day.  
What is it about “Midnights” that has made it the pop star’s biggest success yet, and why did it take Swift four more new albums to break her own record?
In her acceptance speech for Video of the Year award for “All Too Well (10 minute version) (Taylor’s version) (from The Vault,)” at the VMAs in August, Swift surprised the world by announcing that she was releasing her brand new album “Midnights” on Oct. 21. Fans expected Swift’s next release to be another re-recording of one of her previous albums, as her past two albums were re-recordings with “Fearless (Taylor’s Version)” released in April 2021 and “Red (Taylor’s Version)” in Nov. 2021. The fact that she broke this release pattern and announced a new album at an awards show, something she’s never done before, created a lot of initial buzz around “Midnights.”  
But in several other respects, Swift set a new standard by reembracing the past and some of her own past best practices.

Back on social media with ‘Swifties’

Swift disappeared from the public eye for a year following her dispute with Kim Kardashian and Kanye West in 2016. Not only did she stop making public appearances, but she also took a break from social media altogether. Her absence came as a big shock to fans, who as far back as the release of “1989,” were accustomed to Swift logging on to Tumblr every night to interact with her fans.
Swift’s social media presence diminished even further before the release of “Reputation,” when she deleted all her social media posts and unfollowed everyone. Four days after, the singer posted a video of a snake foreshadowing the release of her soon-to-be announced album. When the “Reputation” era began, Swift gradually began posting again, but the social media presence she once maintained was much smaller in scope. The cat photos, conversations with fans and witty comments that once flooded Swift’s social media accounts were no more. The surprise releases of “Folklore” and “Evermore” hardly received any social media posts from the star.

Diana Kovalonok, left, and Angelina Damiano sing along to one of Taylor Swift’s hits while attending a listening party for her new album, “Midnights” in Chicago’s Old Town neighborhood on Thursday, Oct. 20, 2022.
Chicago Tribune | Tribune News Service | Getty Images

Swift’s announcement of “Midnights” led to a change in this lower profile social media stance. After the VMA surprise, Swift made sure to not let the buzz die down in the following seven weeks leading up to her album’s release, posting behind-the-scenes looks at the making of the album all the way to nightly “Midnights Mayhem With Me” TikToks where she revealed track titles one-by-one. Suddenly it feels like 2015 again for fans, as Swift is posting practically every day and interacting with fans.
“She’s a very very smart marketer in terms of keeping her distance from her fans but still making them feel connected to her by putting these clues out there … and it feels like a dialogue,” Howard said.   

Merging collectibles and vinyl

Swift also launched a massive line of merchandise leading up to the “Midnights” release, which specifically boosted sales of a category which in this day is associated more with niche genres than pop stars: vinyl albums. Along with the $75 hoodies, there are four different colored vinyl albums offered for sale featuring different cover art and a unique disc color, ranging from moonstone blue to jade green, mahogany and blood moon, with a price of $30. For fans who collect all four vinyl albums and align them together, the back covers make a clock striking midnight. There’s also the “Taylor Swift Midnights Vinyl Clock,” which when assembled, holds together the four vinyl albums to act as a working clock, becoming an essential collector’s item for her fans, known as Swifties.  
Swift broke vinyl album records by reaching almost 500,000 copies on release day, three times as much as Harry Styles’ “Harry’s House” sold in its entire first week. In an age where vinyl sales are back on a steady rise, Luminate, the entertainment data company that powers the Billboard charts, announced that “Midnights” had the largest sales week for a vinyl album since it began tracking music sales in 1991.  
According to Luminate’s “U.S. Midyear Report for 2022,” current vinyl album sales — music releases that are less than 18 months old — rose by 27.4%. On the other hand, catalog vinyl album sales — music releases that are 18 months old or older — fell by 8.4% since 2021.
The demographics of vinyl buyers also help to explain the large vinyl album sales “Midnights” is seeing. Generation Z now makes up 34% of women vinyl buyers, according to Luminate. Audience intelligence platform Audiense calculates that roughly 55% of Swift’s global audience is female, and just under 60% are between the ages of 13 to 24 years old.
“When you consider that alongside the continued growth of streaming, which is up 11.6% over the first half of 2022 versus the first half of 2021, and its accessibility, you have millions of fans consuming a highly-anticipated release from an artist as big as Swift in multiple ways, leading to first week numbers like the ones we’re seeing,” said Luminate’s CEO Rob Jonas.   

Going back to pop 

Winning Album of the Year at the Grammys for her indie folk meets alternative rock album “Folklore” wasn’t enough to keep Swift away from pop music. Swift experimented with this new folk sound throughout 2020 on sister albums “Folklore” and “Evermore” and collaborated with bands like Bon Iver and The National. But with “Midnights,” she’s back to her comfort zone of pop.  
“She has been utterly successful at expressing herself through various genres of authentic songwriting and fan engagement. She is as truthful a storyteller and creative artist, as she is an authentic person with respect to the way that she engages with her fans. I think that she’s proven that over and over and over again,” said New York University Steinhardt’s director of music business program Larry Miller. 
All 13 tracks on “Midnights” were produced by Swift and her longtime friend Jack Antonoff, who first collaborated with the singer on her fifth studio album “1989.” Experimenting with an atmospheric synth-pop style with hints of R&B, “Midnights” marks the revival of Swift’s catchy, pop-style songwriting that she deviated away from over recent years.
“I’ll be surprised if this isn’t the No. 1 or 2 biggest records of the year come Dec. 31,” Miller said.

Swift’s first tour in almost five years

Announcing her sixth tour, “Taylor Swift | The Eras Tour,” on Tuesday, Swift is ready to get back on the road for the first time in almost five years. Part of that has to due with the pandemic.
Before “Midnights” release, fans suspected that Swift would soon announce her next tour, after Covid interrupted her typical tour-every-two-years pattern developed early on in her career. Releasing four new albums and two re-recordings since her last tour also gave Swift a much larger discography to support on tour. The upcoming tour, by name, is intended to highlight all the different eras throughout her career rather than “Midnights” alone.
The tour doesn’t start until the spring of 2023, but it’s likely that Swift’s tour announcement will help give the streams and sales of “Midnights” an extra push, as the album’s release week has come to a close.
“As someone in her place, she needs to have a kind of consistent drip approach to keep herself in the public eye. Touring is the traditional way of doing that. When you’re on the road it’s not just the live shows, it’s the halo around that,” Howard said.

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Eli Lilly (LLY) CEO David Ricks on Tuesday expressed optimism around the drugmaker’s innovation pipeline Tuesday, a stance we share despite the Club holding’s cluttered quarterly report issued earlier in the day . “The underlying fundamentals of the business are really strong,” Ricks said in a CNBC interview with Jim Cramer. “Seventy percent of our revenue are relatively new products, and they grew 24% in Q3 in constant currency, so really strong operational performance in the quarter.” Overall, the Indianapolis-based pharmaceutical giant’s third-quarter sales and earnings topped analysts expectations. However, investors were disappointed by the company’s lowered full-year revenue and profit outlook, sending shares down 2.6% to close at $352.58. While the stock closed well of its session lows of $340.75, we understood its decline Tuesday. This is especially true when considering the stock closed Monday at an all-time high, having been a major outperformer all year long. Lilly shares have gained more than 27.5% year to date, compared to the S & P 500 ‘s 19% decline in 2022. Eli Lilly — which generates about 40% of its sales overseas — largely attributed the guidance cut to the strong U.S. dollar. Ricks said Eli Lilly expects a roughly $300 million headwind to revenue, based on current exchange rates, with “most of that flowing to the bottom line in Q4.” With three quarters already reported, Eli Lilly now expects full-year sales to range between $28.5 billion to $29 billion and adjusted per-share earnings between $7.70 to $7.85. Prior guidance was for revenue between $28.8 billion to $29.3 billion and EPS of $7.90 and $8.05. New diabetes drug off to great start One of our biggest reasons for liking Eli Lilly is the company’s new type 2 diabetes drug that’s also shown promise as an obesity treatment . While regulatory approval for weight loss specifically could come in late 2023 or early 2024 , the drug is already being prescribed for diabetes. And so far, the launch is going better than anticipated. Not only did third-quarter revenue of $187 million top Street expectations, but Ricks told CNBC on Tuesday the drug — under the brand name Mounjaro — is coexisting well on the market alongside Trulicity, another one of the company’s type 2 diabetes drugs. Mounjaro received FDA approval in May , while Trulicity was approved in 2014 . The drugs fall within the same class of drug, but Mounjaro has some additional innovations around incretin hormones. “Probably we’ve expected a little more cannibalizations than we’ve seen,” Ricks said, referring to the idea that Mounjaro’s debut on the market would cut into Trulicity sales. “Trulicity held up pretty well. Most of the growth of Mounjaro are new patients coming to this class from medicines that weren’t working well for them with diabetes, so that’s great news — class growth for us as we look forward with the outlook.” Updates on Lilly’s Alzheimer’s trials In late September, we were encouraged by positive study results for an experimental, late-stage Alzheimer’s treatment being co-developed by Japanese pharmaceutical firm Eisai and U.S.-based Lilly rival Biogen (BIIB). The reason? The drug is similar to one that Eli Lilly is working to treat the most common form of dementia. Both drugs seek to reduce accumulation on the brain of the amyloid beta protein . The results from the latest Eisai-Biogen study are, in fact, “great news for the field,” according to Ricks, “because the field needs confidence that addressing the amyloid plaques can reduce the burden of Alzheimer’s.” “Our study is fully enrolled,” Ricks added, while noting the FDA has agreed to review Lilly’s Alzheimer’s drug, called donanemab, through its accelerated approval pathway. “The data will start coming quickly here, and we hope by middle of next year we’ll have definitive proof this is helping patients.” (Jim Cramer’s Charitable Trust is long LLY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

David Ricks, CEO, Eli Lilly
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Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Tuesday offered investors a list of stocks that he thinks will weather the market turbulence ahead.
He also echoed his sentiment that tech stocks are no longer market leaders and should be avoided.

CNBC’s Jim Cramer on Tuesday offered investors a list of stocks that he thinks will weather the market turbulence ahead.
Here are his picks:

Constellation Brands
Eli Lilly
Mondelez
Kraft
Kellogg
Colgate
Procter & Gamble
Johnson & Johnson

“You have to go to the new leaders of this market. Leaders like health care, leaders like the oils, leaders like the financials that lay off people as a matter of course. … You buy the industrials that are levered to travel, you buy consumer packaged-goods stocks that have lots of commodity costs that are now coming down,” Cramer explained.
He also echoed his sentiment that tech stocks are no longer market leaders and should be avoided.
“When there was lots of free money sloshing around, you wanted to know how much free money you could get. That spigot’s now closed, so why bother to figure out how much you can’t get?” he said.
Disclaimer: Cramer’s Charitable Trust owns shares of Constellation Brands, Eli Lilly, Procter & Gamble and Johnson & Johnson.

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It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Tellurian Inc: “I am still in the buy, buy, buy. … It’s early in the game.”

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Planet Labs PBC: “It’s a really interesting concept. Sometimes you can own a concept. That’s a concept.”

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Wall Street’s worried China’s draconian Covid-19 restrictions — which have weighed heavily on the world’s second largest economy for nearly three years — could drag down earnings at Estee Lauder (EL) and Starbucks (SBUX) when the two U.S. companies report this week. At the Club, we’ve also tempered our expectations given the heavy exposure of both holdings to China, but believe the headwinds are temporary and that the Chinese economy will gradually reopen in the quarters ahead. Estee Lauder reports its 2023 fiscal first-quarter results Wednesday before the opening bell. Analysts expect earnings-per-share to plummet by 30% year-on-year, to $1.31 a share, while total revenue should fall by 10.5%, to $3.93 billion, according to estimates compiled by Refinitiv. Starbucks reports fiscal fourth-quarter results after the closing bell on Thursday. Analysts expect earnings-per-share to slide by 28% year-on-year, to 72 cents a share, according to Refinitiv. Total revenue is expected to climb by 2.5% compared with the year prior, to $8.31 billion. Wall Street’s take Multinationals operating in China have largely seen sales come under pressure due to continued Covid lockdowns, part of Beijing’s so-called zero-Covid policy. Cosmetics giant Estee Lauder, which relies on China for about 36% of its revenue, should see weakness in the region in its fiscal first before ultimately posting positive growth in 2023, according to analysts at the Telsey Advisory Group. “While the degree of underperformance varies, China generally continues to be the weakest region among the companies that have reported results for the quarter ending September, given lockdowns, supply chain disruptions, and depressed store traffic,” the analysts wrote in a recent research note. At the same time, analysts at Credit Suisse wrote in a note, “While we still think EL has the clearest China profit growth story in our coverage over the next decade…recent [government] comments suggest the Covid zero policy is likely to remain an overhang for consumer brands in the near term.” Coffee chain Starbucks, which relies on China for roughly 13% of sales, is another U.S. retailer facing “mounting China concerns,” according to Baird. Analysts at the bank wrote in a recent note that they expected economic restrictions in China to dampen Starbucks’ outlook when it reports this week. “Ongoing COVID-19 lockdowns in China could lead to weaker-than-modeled International segment [comparables] and reduce confidence in the recovery scenario that appears needed for SBUX to deliver its three-year growth targets,” the analysts wrote in a recent note. Still, analysts at Credit Suisse argued that China “should reverse to a tailwind over time” for Starbucks, calling the market one of the “most meaningful drivers of upside to numbers.” The Club take We hope that China takes steps to ease Covid restrictions, which would re-stimulate business activity and, ultimately, support future earnings for our holdings. We continue to see Starbucks as having massive growth potential in international markets, particularly China where the coffee retailer plans to open thousands of new stores. The short-term setback from the Chinese government’s stringent Covid policies should be seen as a buying opportunity. Similarly with Estee Lauder, we’re convinced that once Covid restrictions are lifted, Chinese demand for its beauty products will improve. Beyond the China headwind, we maintain our thesis that Estee Lauder is a leader is its industry that can withstand short-term pressures. The Club bought up 40 new shares of EL last week. Overall, these two Club names show that investors can have short-term concerns based on macroeconomic pressures, while still being bullish long-term. (Jim Cramer’s Charitable Trust is long SBUX, EL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

A girl drinks ice coffee in a Starbucks coffee shop in Tianjin, China.
Zhang Peng | LightRocket | Getty Images

Wall Street’s worried China’s draconian Covid-19 restrictions — which have weighed heavily on the world’s second largest economy for nearly three years — could drag down earnings at Estee Lauder (EL) and Starbucks (SBUX) when the two U.S. companies report this week. More

The problems come as the airline has returned to profitability thanks to a jump in travel demand.
United’s pilots’ union said the agreement “fell short” of what pilots deserve.

United Airlines planes at Newark Liberty International Airport
Leslie Josephs | CNBC

United Airlines pilots “overwhelmingly” rejected a tentative agreement that would have given them raises of about 15% over 18 months, their union said Tuesday, the latest setback in rocky labor talks between unions and airlines.
The tentative agreement “fell short of the industry-leading contract United pilots have earned and deserve after leading the airline through the pandemic and back to profitability,” the Air Line Pilots Association said.

Close to 10,000 of United’s roughly 14,000 pilots participated, with 94% voting against the agreement, the union said.
Airlines and unions have struggled to reach agreements for new pilot contracts. Unions are seeking raises and better scheduling as airlines become profitable following a more than two-year Covid pandemic slump.
Delta Air Lines pilots voted to authorize a potential strike if the airline and the union can’t come to an agreement, their union said.
United’s union said it would organize informational pickets to encourage the company to resume talks.
“Unfortunately, management has now taken a wait-and-see approach to negotiations instead of leading the industry forward,” United’s chapter of ALPA said in a statement.

United, for its part, said Tuesday: “We are already working with ALPA on a new, industry-leading agreement that we expect to include improved pay rates and other enhancements.”
Correction: United Airlines pilots “overwhelmingly” rejected a tentative agreement that would have given them raises of about 15% over 18 months, their union said. An earlier version misstated the percentage.

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The property in Leverett, Massachusetts is on the market for $23 million.
The estate spans more than 60 acres and has nearly 120,000 square feet of living and recreation space.
It has 25 bathrooms, 16 bedrooms and four tennis courts.

Source: CNBC

Standing at one of the five cooking islands in his kitchen, Mick Kittredge rattles off the outsized statistics for his newly listed home. Over 60 acres. Nearly 120,000 square feet of living and recreation space. A total of 14 fireplaces, 25 bathrooms, 16 bedrooms and four tennis courts.
The western Massachusetts estate is so big, in fact, Kittredge has lost count of the kitchens and bars.

“Kitchens? I think there are at least six, maybe seven?”
“Bars? Eight at least, maybe nine? I’m not exactly sure. We’ve had pub crawls just on the property.”

Juggler Meadow, as the estate is known, is one of the hidden giants of the mega-home world. Far from the traditional mansion habitats of Greenwich, Connecticut, the Hamptons in New York or Bel Air, California, Juggler Meadow is tucked away on a back road in Leverett, Massachusetts (population: under 2,000). It was built by Kittredge’s father, Michael Kittredge II, who made his fortune as the founder of the Yankee Candle Company. Now, the property is on the market for $23 million.
Like Juggler Meadow itself, the price is part fantasyland, part function and part unapologetic excess.
The most expensive home sold over the past decade in the area, near Springfield, Massachusetts, was $2.35 million, according to Redfin. Juggler Meadow is listed at nearly 10 times that amount, but is also a rare combination of space, amenities and sports facilities. Rebuilding it today would cost well over $50 million, according to real estate experts.

“It’s incomparable to any other estate in the country,” said Johnny Hatem Jr. of Douglas Elliman, the property’s listing agent. “If someone asks me about the price being high, I say ‘try to build it today for $23 million’.'”

Source: CNBC

The mystery of why anyone would build Juggler Meadow in the first place starts with Kittredge’s father, Michael Kittredge, who grew up in nearby South Hadley. When he was 16, he made a candle from crayons as a present for his mother, and a neighbor was so impressed she bought one. Kittredge began making more, and in the early 1970s founded Yankee Candle Company.
The business grew and in 1984, Kittredge bought a small three-bedroom colonial home in Leverett for $144,000. As Yankee Candle expanded, along with Kittredge’s wealth, so did the house. Wings and floors were added. A tennis court was built. More land was purchased.
By the late 1990s, Yankee Candle had become the biggest scented candle company in the county. Kittredge sold the company for about $600 million to Forstmann Little & Co., the private equity firm.

Source: CNBC

With the flood of cash and a non-compete clause that prevented him from launching another candle company for years, Kittredge built his dream life. He bought homes in Jupiter Island, Florida and Nantucket, Massachusetts. He bought a yacht and sailed with his family around the world. He built a collection of 80 cars, many of them rare Porsches and Ferraris. And he amassed and a wine collection so large it needed two cellars.
Most of all, he expanded his house with the aim of entertaining his growing crowd of friends and family.
“The house had eight different additions put on throughout the years,” says Mick Kittredge. “(Dad) would say ‘It would be great if we had an area to get together with friends.’ Or ‘We should have a bigger room to have a Christmas party’.”

Source: CNBC

The main house ballooned to 25,000 square feet, with a formal dining room, great hall, lavish master suite and offices. Down a winding driveway is an outdoor pool and pool house with a kitchen and guest quarters. Two “car barns” for the car collection are as spotless as museums. Brass-plated signs throughout the property lead to a large sign that reads “The Spa,” a 55,000 square-foot playground and party space.
The Spa includes bowling alleys, a billiards room, a two-story arcade and massage rooms. An indoor tennis court can be converted into an auditorium and dance hall with a full concert stage, where the Doobie Brothers and Hall & Oats gave private concerts.
“We’ve had parties with over 400 people in here,” Kittredge says.

Source: CNBC

The centerpiece of the Spa is an indoor water park that’s always a steamy 89 degrees, even in the cold Massachusetts winters. It has towering palm trees, rock caves and grottos with flickering mood lights, and vaulted ceilings painted with gold clouds and a cerulean sky, modeled after the Bellagio in Las Vegas. There are dining tables on a stone patio, with a kitchen nearby to prepare the “pool menu.” The men’s and women’s locker rooms have dozens of lockers, along with changing rooms and showers.
“On any given day, we’d have 20 or 30 people in the Spa,” Mick Kittredge said.

Source: CNBC

When asked why his father built such a massive playground in western Massachusetts, rather than decamping to more popular millionaire haunts like Palm Beach or Los Angeles, Kittredge says: “Western Mass was home for him. He grew up here. He built his business here. His friends were here, his family were here.”
In 2010, Michael Kittredge joined his son’s fast-growing candle business and together launched Kringle Candle Co., which continues to expand. “He saw what I was doing, realized how much fun it was and wanted to get back into the business,” Mick Kittredge said.
In 2012, Michael Kittredge had a stroke, which limited his movement and speech. He died in 2019 from liver failure at the age of 67.

Source: CNBC

The Nantucket home sold for $19 million in 2019. Mick Kittredge said he’s selling Juggler Meadow because “it’s too big for one person. You try vacuuming 120,000 square feet. No really, I want to see this property used to its full potential.”
Hatem said the ideal buyer for Juggler Meadow is a family that loves entertaining and recreation as much as Kittredge. But given its size and scale, a more likely buyer is a resort company or college that could use the entire campus.
“The opportunities are endless because you have so much space here and so many things that can keep you constantly entertained.”

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CEO Albert Bourla said Pfizer is staring down an expected loss of up to $18 billion in revenue from 2025 though 2030 as it loses several key patents.
Bourla said Pfizer plans to makeup the difference and then some through its recent acquisitions as well as its in-house pipeline.
He highlighted vaccines for respiratory syncytial virus and medications for migraines and ulcerative colitis as potential blockbusters moving forward.

Pfizer CEO Albert Bourla talks during a press conference with European Commission President after a visit to oversee the production of the Pfizer-BioNtech Covid-19 vaccine at the factory of US pharmaceutical company Pfizer, in Puurs, on April 23, 2021.
John Thys | AFP | Getty Images

Pfizer CEO Albert Bourla laid out his plan Tuesday to keep the pharmaceutical giant growing through 2030, as the Covid-19 pandemic fades and the company faces generic competition for some of its blockbuster drugs.
Bourla said Pfizer is staring down an expected loss of between $16 billion and $18 billion in revenue from 2025 through 2030 as patent protections for some of its bestselling drugs expire. He acknowledged that some investors are skeptical of Pfizer’s future following two blockbuster years thanks to its Covid vaccine and antiviral treatment.

“We recognize that some are questioning Pfizer’s longer-term growth prospects,” Bourla told analysts during Pfizer’s third-quarter earnings call Tuesday. The company’s shares rose by about 3% Tuesday after it raised its 2022 earnings guidance in its third-quarter earnings report that beat Wall Street expectations. “We believe we not only can overcome these expected declines, but also can potentially generate strong growth through the end of the decade,” he said.
In a July report, Moody’s singled out five Pfizer medications that could come under pressure from generics over the next decade. They include Eliquis to treat blood clots, Vyndaqel for cardiomyopathy, Xeljanz for rheumatoid arthritis, Ibrance for breast cancer and Xtandi for prostate cancer.
Taken together, these five drugs represented about 40% of Pfizer’s third-quarter revenue this year when the Covid vaccine and the antiviral treatment Paxlovid are excluded.
It’s also unclear how strong demand will be for the Covid vaccine and Paxlovid as the world, hopefully, transitions out of the pandemic. In the third quarter of this year, the vaccine and the antiviral treatment represented 52% of Pfizer’s total revenues.
Bourla told analysts that Pfizer plans to add $25 billion to the company’s revenues by 2030 through recent acquisitions as well as the development of its in-house drug and vaccine pipeline. He highlighted three areas of focus — respiratory syncytial virus, migraines, and ulcerative colitis.

Pfizer’s RSV vaccine candidates for older adults and infants have the potential to generate billions in revenue, Bourla said. Its vaccine for people ages 60 and older was 85% effective at preventing severe lower respiratory tract infections. And its vaccine for infants, which is administered to mothers late in their pregnancy, was 81% effective at preventing severe disease in the first 90 days of the baby’s life.
Bourla said the vaccine to protect newborns could enter the market by late 2023 or early 2024. It would be the only RSV vaccine in the U.S. that protects infants by giving the shot to the mother, he said. The RSV vaccine for older adults could also enter the market in the same timeframe, according to Bourla.
“RSV is an area of significant unmet need, particularly in older adults and infants,” he said. “We believe we have the potential to be a leader in the space and have a real impact on public health.”
Pfizer is also planning to build out the world’s best portfolio of migraine medications through its recent acquisition of Biohaven Pharmaceuticals, Bourla said. Its migraine medication portfolio could reach peak revenue of more than $6 billion, he said. More than 40 million people suffer from migraines in the U.S. alone.

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Pfizer’s purchase of Arena Pharmaceuticals and its drug candidate for ulcerative colitis could also generates billions in revenue, Bourla said. Ulcerative colitis is a debilitating inflammatory bowel disease that affects one million people in the U.S.
There’s a high demand for treatments and Pfizer expects the market to grow by 50% over the next five years, Bourla said. The medication, etrasimod, could enter the U.S. market in the second half of 2023 pending regulatory approval, Bourla said.
Pfizer bought four companies this year alone for a combined total of more than $24 billion. The medications these acquisitions bring with them should move Pfizer about one-third the way toward its 2030 revenue goal, Bourla said.
In addition to Arena and Biohaven, the acquisitions include Global Blood Therapeutics and ReViral. Global Blood Therapeutics manufactures Oxbryta, a therapy for sickle cell disease. ReViral is developing antiviral treatments for RSV.
Pfizer also has 15 drugs and vaccines developed in-house that are expected to roll out over next 18 months. They have the potential to generate $20 billion in 2030 sales, according to Bourla.
And Pfizer expects its Covid vaccine and antiviral treatment to remain multibillion dollar revenue generators for years to come, said David Denton, Pfizer’s chief financial officer.
“This is going to be somewhat like a sustained flu but actually more deadly than the flu,” Denton said on the earnings call. “So therefore, I think the products both from a vaccine and a therapy perspective that Pfizer has developed can be quite relevant for many years to come.”

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