Pharmaceutical giant Pfizer has initiated a massive global agency review expected to encompass media, creative, PR and production duties in a holding company consolidation play, according to multiple people familiar with the matter.
Dentsu’s Carat is the incumbent on U.S. media, while global media is handled by various agencies across the globe. Dentsu declined to comment.
The review presents a big opportunity for a holding company to gain territory with Pfizer, given that it now works with a slew of agencies. Shops that currently work on its business include WPP’s VMLY&R, Grey, EssenceMediacom, Mindshare and Wavemaker; Interpublic Group of Cos.’ FCB and IPG Health; Omnicom’s Rapp, PHD, TBWA\WorldHealth and more, according to Ad Age’s Datacenter.
MediaLink is said to be handling the review, which could result in Pfizer selecting more than one holding company, according to people familiar with the matter. Medialink could not be immediately reached for comment.
Pfizer said in a statement: “We can confirm that Pfizer is in the process of reviewing our global agency roster as part of our ongoing marketing transformation.”
Pfizer spent $2.8 billion on worldwide advertising in 2022, up from $2 billion in 2021. Much of the New York-based company’s outlays are focused in the U.S., where it is a heavy spender on pharmaceutical advertising.
Some of that spending has gone to promote Pfizer’s COVID vaccine, with celebrity-fueled marketing that has included Charlie Puth, Martha Stewart, Questlove, Michael Phelps, Pink and others.
Pfizer reported 2022 revenue of $100.3 billion, which it described in a press release as “an all-time high.”
“As we turn to 2023, we expect to once again set records, with potentially the largest number of new product and indication launches that we’ve ever had in such a short period of time,” stated Chairman and CEO Dr. Albert Bourla.
Contributing: Judann Pollack
