Pfizer is gaining market share for drugs that treat aggressive breast cancer after the release of its new treatment, Chairman and CEO Ian Read said Monday.
Read made his comments on the sidelines of the American Society of Clinical Oncology meeting in Chicago, the world's largest cancer research gathering, where Pfizer was presenting new data from its phase two and phase three trials for its breast cancer product Ibrance.
"We launched in the first quarter and since then we have taken our market share from 10 to 20 percent in first line. We've doubled the number of patients, doubled the number of physicians that are prescribing, so the launch is going well, which means it's been well received by physicians," Read said in an interview on "Squawk Alley."
The new phase two data for Ibrance show that the drug works well in women with breast cancer that has moved into their bones, Pfizer said. The phase three data studied instances of cancer in a different, larger population whose breast cancer had returned.
In addition, Pfizer was scheduled to present data on an emerging class of immuno-oncology agents and precision medicine for lung cancer.
Read told CNBC the company does not usually attend ASCO, but it is stepping up its commitment to oncology.
"This is almost the coming of age of Pfizer's oncology effort," Read said. "We've been investing for five to seven years now in oncology."