Pfizer (PFE) 28 Nov 182007 Q1 Earnings call transcript

Company Profile

Participants

Chuck Triano	SVP IR
Chris Boshoff	SVP & Head of Immuno-Oncology
Umer Raffat	Evercore ISI

Call transcript

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Umer Raffat

Excellent. Well, pleasure to have Pfizer Management join us.

We have Chris and Chuck joining us from Pfizer.

Before we begin, maybe I'll turn over to Chuck to introduce Chris.

Chuck Triano

Chris Boshoff, and he is among other things, very involved with our Immuno-Oncology Division, part of Pfizer Oncology.

Relations vast good very then things I the a trials, in for has company. run all the design, like Investor Chris scientific fluent background, clinical myself, So at Group that; and

So again, happy here. forward Look us the to conversation. be to for thanks having and

Umer Raffat

start the dig and Well, questions high Excellent. might with you R&D into sort few you mind, don't a if we some level of more of stuff. we before Chuck, with corporate strategy

I've have something when President in is this will as increases this State seeing your and there between doing you of being, conversations one back, been potentially on California was that now the and by in then was first risk CEO rolled potential which back price about and there street rebate on to take and else a the you something mentioned factor has tweets July that price The on. increases a We're announced the happened lot may some it shared January. or increases of Pfizer's street be in guys feedback the been notified

any we we as So this; that like could administration be week is is -- first that anticipate it should tweets expecting should as aware my and how is? that going we January of the is question into stressful already

Chuck Triano

Yes.

we the notification you we work saw deferring were certain the that our Congress; for July, was what and members announced administration, with the to required drugs. back we've with increases and in continued You the know, price President, right, of

mainly plans for and on we our early XXXX. we to opportunity that to So were we took that filing what had took transparent opportunity be the California

breathless as well, be our that of added about for there on no So net the point impact and fact, reporting the also there those those portfolio, list price in sometimes is rebates net increase price of which addition increases that in we all increases, were really to an price price in we increases know announced so some X%, that we XX% modest, Pfizer about and price. some list would of be to would

us, for to X% ensure administration you access patients on continue we're the main going look to Again, if be our in to we the price U.S. we're basis, out minus So wanted to minus is work there, work year-to-date medicine transparent. just, X% have focus here. be and to globally, at a net to about And with

in been So price us. this the a not U.S., even factor has for year

I administration... predict see, the can't we'll what So,

Umer Raffat

U.S.? Is X% it the minus in

Chuck Triano

Minus X% in the U.S. year-to-date for XXXX.

there that continues straight So, we price anything we're to hope comes took do to trying patients; our I of involved and that's know being mean automatically that and is the with ourselves at as look what transparency open bottom-line so what the at in say we're we notices, doing as responsibly, nobody happens. always to increase and which comes ensuring the level discussions, really a we that in approach to area man that a always to doesn't public lot middle down see it to of We manufacturer grow we here. Washington understanding access think pricing we'll are not

Umer Raffat

Right.

also you XXXX, when that to say genericizations does in the calculation, So include be clear, X% U.S. happened? in that minus that

Chuck Triano

you include That another Lyrica. something factor generic if at would necessarily year... which doesn't look It factors be mid-next generic like all. That's is

Umer Raffat

Is your that XXXX in being... included

Chuck Triano

No.

Umer Raffat

No? not. Okay, it's

Pfizer is, is billion? large deals.' 'We're M&As, define Or also, the right, So since that billion? how Is large I Okay, up questions every is that's $XX then excellent. you important. 'large'? this And on comes large of question asked call; not and $XX a All saying, one Like do doing what... get

Chuck Triano

Pfizer, we you cut-off, way, to at bolt-on, real Maybe if there all continue you a that Medivation, in involve if was an division; if the it look know, bit business the only Oncology really that this product at involved of integration business. is was bigger, I&I at limited only look I only unit; the in terms look always no deals. Anacorp involved Hospira, really of for but standpoint, slip sorts that You established example, to

on heard now, of growth. big, if focus you're I you the really our many you involve is parts company. So standpoint, also something think And look integration-disruption many, us at say thinking would that as on more probably

it A) products not looking look we always the this pipeline, to market, in it's at itself, more say we the for development, of is of it in think company pipeline strategy the still terms but at and with the premium capital large you've business pipeline paying undervalued. have made in is of I investing we have point that pipeline, the their late-stage with choice at there, on us investing see actions that remains in we we a from it our the allocation strategy, So R&D, of confidence is well, an enabler the instead a part of our have seen we've

at buying as opposed again, we're to pipeline a So as premium paying another and going discount, company. own to a out our

at we and to are think the to So and making we're sure not pivoting investing growth, change, internal looking incurred for company, call need distraction, bolt-on. can X products post-deliver organizing things point think always going [ph], ourselves', # our growth are but 'transform transform at for we pipeline to we look this as job LOE don't we that I see

No. saying of area, LOEs? good is these we're of now, comments big not will now, we on we no that's have and react really So, are have pipeline in saying management always change, is made and to right didn't sort a need not as we directly, Things our be therapeutic but facts the change are now can radar we screen. in big a I late-stage we all I it there in a that answer the right think description big and team question that

one a big we've but got LEO have left, great pipeline. We

leveraging focus growth topline the an Accelerate story. more line, So the not job on bottom always involved good to topline, distractions. of we've get of done organic-driven with that and a

we've think that's But see areas far wherewithal, sure bigger say have our view. to I'd that's But I if deals More and deals what for is strength. focus, our big always, really clear the available, have are generally the generally right big comes, been -- it's to tuck-in's, internal So some the very a not and is not now focused speaking bolt-ons apps growth, whole to that on further that And that are story, the pivot and we towards bolster big that, think Pfizer saying, to one that that -- deals I have we further better achieving big we the -- do that. as that's as to time path already clear are case. thing; a deal ensuring do absolutely think not honestly the companies available. company we're add

where in terms that's are [ph]. of now this So we

Umer Raffat

again so release the looks a of seems like manner distinct curious press run and come like throughout real, division do every markets And on Excellent. based more other iterations of out a from gone there an it stern three, both through what split that look incremental the or and high -- one… are one two, a like? seems the innovative looks real model, the Pfizer more that is sides increasingly I then with in two on press has on more level And it divisions touch-up want side, the the just -- possibility many is; I've to being company, for release emerging perspective with

Chuck Triano

Yes, growth. growth, now, talked mean and so # listen; organized about We've for I we've for right. investing X organizing growth job right you're for

side, new in we the product a is going old the essentially is to so out iteration, have sense being business a rejected, sterile injectables. established coming right, yes, So completely innovative biosimilar health

ability very established products much So be we much make you're of focused very autonomous the and manufacturing, focused. to they to is an which differing more business the so markets China, what in emerging be have leadership more being models business, quick want right, our dedicated will based what will decisions, given is

So the right business, and job and particularly get everything up the # with up X the get place, structure, running, to in get new is management to running. established products

create # ever getting made it think about it didn't then talk the a then when I point, And at looked can. there pine right to be value on lot split they available So at up we'll like split, is be X the generating moved I we a job is the so is it, and that's at eventually the PE there premature think if will Again, one look old sense always will now, market X, multiples are those businesses story company value, look could value job # it a it around but and the and always value. split. to

took stand different management based changed, the facts a the on So fact.

the is So open up businesses to premature we're running. right creating is now point. say discussion short We get I'd that those this but first answer and at value, to want always

Umer Raffat

One currently you of line, follow-up to on the do the the pharma; among grow? X% business highest that top China expect it's business; about probably the how

Chuck Triano

play. forever, like an good the China, see value Pfizer very, little on Lipitor, flash the not to products do of growing Norvasc. continue well to play well, branded generic a still in product Still, still We tailwinds very original important quality, is

to I continues, have think decision-making. part evolves China, part drivers and of market of market of New York they as management I ground So is key continue in terms the that it's emerged mean opposed us quickly, it's on one a have move physically very having the putting time China to be market our continues be a team a it that, really of the difference XX-hour that that in very quickly to and as and and of big to

increasing big Pfizer, the medicines. investment quality access a of part population to with So for world's big

and is Our continue the patients see underlying in Norvasc. cardiovascular trends disease, which emerging to ability Lipitor right to well, markets, serve we

government So the focused, what what public portfolio the is and there, in-tune the wants. very with wants very

than we growth half can China that's they to on manufacturing team different come business, is for that decisions, is different saw ground. from key so business that going really or the make incremental our emerging them about dedicated So management for products markets and established again, us, models. drivers, which give more And slightly half the

the to China are continue we So we on bullish yes, -- market. be very

Umer Raffat

there? last business solar higher [ph] And one, level

Chuck Triano

Nothing latest. right so of corner, by the expect is know of make to around continue We end our look that the the we year. end we the I year still decision the will at...

Umer Raffat

Is full month? a that

Chuck Triano

got a full We've month.

I another So there, ultimately. we'll expect working one left but communicate do days way XX or

Umer Raffat

an contemplated? being Is IPO

Chuck Triano

the we're IPO everything looking I'd from business... say to still keeping at

Umer Raffat

Keeping the possibilities?

Chuck Triano

think we business. it's someone's deliver good value has hands? would question Keeping honestly, has it always better answer we externally? potentially be a always Absolutely. has can in The always the But a been, very get Can been possibility, been... it the

Umer Raffat

The too. the will markets possibilities, or that, two market say perhaps... determine an IPO conditions then if Is three let's keeping

Chuck Triano

That's right.

So not full and say, have We've externalization opposed There right, keeping was wrong the investing business. is everything been but could from something trapped to all that, answer in to in to at to say the value there it's yes, no be exercise to about business, status an here? to between. we're markets anything it you're them, quo

So process communicate and we're from up finishing that that. we'll

Umer Raffat

Excellent. All right.

XX I particular next feel large on the sorry company to the get I people get out focus be you Chris, XX adjuvant more did for like months, to those. read over do a this want really the outs Ibrance of and to stuff because it because high focus took important of want level as So the the as some but while even of a on Pfizer. might we in to way one trial

please metastatic on in currently if with before First, be than Chuck, as it? adjuvant the Ibrance bigger indication agree that notion least chime at not do as begin, the for I you the could well; big, indication

Chris Boshoff

So, I the at the metastatic of we patient patients If correct. setting. double numbers it's look early that's than in number setting, probably the adjuvant think in

disease, early disease, Stage study, at X [indiscernible] and of which disease. the risk up which higher disease, However, adjuvant disease risk both our Stage early treats X higher boasts rips XX% metastatic represents about early adjuvant studies

is the the number; same less early math the at So more same number disease or as -- metastatic least disease.

Umer Raffat

All right.

duration the more? So number, isn't same but patient

Chris Boshoff

population PALLAS that months. are but only palbociclib of risk. there We've bigger code, And because And it's studies, duration and patients letrozole reached receiving the PALOMA-X with it's In obviously it's XX is recently months. metastatic XX XX the And XX treatment direct it's with very with over the beyond plus therapy is letrozole not good that of months surrogate, in the to PALLAS, PFS adjuvant not letrozole. the PENELOPE-B, which a first-line updated versus PFS months. patient course, data plus presenting the palbociclib, of the was palbociclib high suggesting its' adjuvant bigger

Umer Raffat

audience may you to XX send on some Can for the give be seconds PALLAS trial?

Chris Boshoff

Is are two patients; PALLAS our both studies now. should studies PALLAS current adjuvant that -- patients, endocrine in both So rheumatoid completed driven? disease, usually stage with these X,XXX are with both recruitment inhibitor cancer readout positive with alone. therapy bank timeline. breast studies, These PENELOPE-B tamoxifen, tweeted setting patients that's HERX an XXXX, negative recruitment, it early with would completed be X,XXX early

adding So enlarge early is endocrine -- invasive to palbociclib the the would end disease. studies will point disease-free for hypothesis, survival therapy are testing the stage increase which

readouts in currently certainly So adjuvant these running, and two be for CDK-X/CDK-X the should study biggest or studies PALLAS XXXX. first the is are the adjuvant

Umer Raffat

Okay.

we Phase discontinuation should tens compliance say which the shows AES to I'll rate. due of rate think the feasibility discontinuation the for only how metastatic to setting setting, have adjuvant the X You about [ph] compared high-XXs a has rate? PALLAS For

Chris Boshoff

Yes.

So as -- patient the motivated, manageable higher from experience to And adjuvant I over been do very overall, themselves, is women, XXX,XXX experience, the as physician's now has patients with and just with to palbociclib. have are think breast have globally patients families want all for the cancer for at their treated for favorable palbociclib. very level, being patients well overall, both outcome. profile best best And and a

meta is will necessarily don't in setting the that compliance it I than patients adjuvant less So study. necessary in believe the that be

might good setting. setting you the if if that? want don't to metastatic adjuvant than add better be know the So as to not I

Umer Raffat

Pablo taking Neo-adjuvant trial other XX% study, to out. compared just maybe with the a XX% the around Chris, we neo-adjuvant one point step response saw X forward, rate adjuvant come in Phase adjuvant. not and The because [ph]. was

CDK read data adjuvant So that but how to letrozole that different, is can response response having much to X/X my into across adjuvants. first, in you not The added question again we not and the setting? gets is use is rate

factors? So those how do we weigh all in

Chris Boshoff

an important question. that's So

adjuvant approximately So the a largest Conference PALLAS Breast for Cancer will at This patients weeks couple you're the of only. weeks' randomized new be randomized PALLAS was referring to presented XX in San study time. conducted, study XXX Antonio study, the and

biomarkers the Adjuvant surrogate versus or exploratory inhibitors in [ph] -- XX crime So as previous plus that KIXX primary the best and study of has saw treatment. and cancer and decrease letrozole a the adjuvant of in To that in in drug that's new reduction palbociclib. tamoxifen, it's palbo a letrozole in rheumatoid treatment study, weeks endpoint new letrozole setting, setting... significant proliferation that therapy setting, upfront And Why is specific it's outcome including are the important? KEYXX with study plus the a the versus point called biomarker tests and Within end in in the the proliferation co-primary been KIXX within with KIXX, tumor which rate end KIXX point, a with KEYXX. end proliferation, point we or in primary predictable driven proliferation essentially decrease as histological adjuvant studies, or cell combination measures measured using in endocrine is by and letrozole. positive

Umer Raffat

so response than More rate?

Chris Boshoff

in PFS, X lesions. so than is by cancer, duration. of rate. rate is Definitely is PALOMA-X, out, cancer for three thirdly, primary low and it's XX-weeks even measured more palbociclib short specifically response this XX-weeks therapy; cancer, here only EL is is response only a benefit positive proliferating ultrasound breast luminol Number X treatment not in response a measure rate for proliferating reasons, or with study. small breast slow as And X, best our of the so pointed you studies, this with in for And

the always outcome studies. of confidence the at increased KAXX in the to is study, the For best And breast, the lesions only study big in said in within study actually our decrease the this pilot with with longer in look size diminish the or and whatever way is two term that, benefit we've size said important predictor most MRI, Having potential adjuvant. ultrasound. certainly of doesn't Adjuvant the with the

Umer Raffat

point, in up ultrasound just study. really Chris, measured rates neo-adjuvant the response the You a with brought MRI and that were important

Chris Boshoff

Correct.

Umer Raffat

MRI? aware trial, wasn't In there will actually or of adjuvant I this. the be ultrasound

Chris Boshoff

it's So breast; not time big and the is remember, trial from cancer, XXXX tri-lateral survival in Adjuvant contra-lateral be it's invasive be the disease. metastatic is death breast that it the the from it could a the event measured, of is event breast studies, end new be from in disease-free cancer, randomization the the From invasive disease [indiscernible] just be could breast and could death new in cancer endpoint It study any criteria. recurring hardest to cancer. point be disease-free Invasive or it or could survival. cause, could the any

being survival. studying studies, trials, So measuring adjuvant this the adjuvant is within the The the point used adjuvant breast. standard in end endpoint disease disease-free in invasive the is just new

Umer Raffat

being MRI in used Is the… then

Chuck Triano

is relevant MRI not it's because the that's end but point. not that used, not

Umer Raffat

it. got Okay,

how then, clear? is anywhere? And IV look you so best to lesions measured And be just for just

Chris Boshoff

invasive So cancer, new survival, are is up it's any followed a a obviously if and there that lesion, also event a it's Any death and lesion, is patients necessary metastatic cause. event. it's end from if new it's disease-free event

Umer Raffat

to you DFS say is as efficacy do [ph]? Is the bar measured in think XX% years? what it And in five safe

Chris Boshoff

back I I'll that. I that's it. don't so the saying I -- years, to back don't that's into think come -- not the think XX% of -- would that's right come five way

Umer Raffat

wouldn't event-driven an be And an for on studies? adjuvant just to be clear, these opportunity in it's theory early there infra-red then, so

Chris Boshoff

driven, been it, XXXX. Currently at we're have that's correct. it's These looking

XXXX. For both currently studies,

Umer Raffat

design trial any paper there are clear, be published to just And anywhere?

Chris Boshoff

clinicaltrials.gov is design published. A paper, the trial on

Umer Raffat

do. a important, lot gives of us really work to that That's

Chris Boshoff

next months. XX the During

Umer Raffat

is there situation. into issue patent itself, we've been which is an Ibrance looking the So

gets there? a the patent comfortable XXXX we process scope of so on, going [indiscernible]; were We're reasonably now So potential extended. happened that for means reissue which seeing what lots

Chuck Triano

We'll submitted ourselves re-examination. strategies keep and internally, we it's but with review have or our patent accepted for been

Umer Raffat

And you the for as carried in date? XXXX of

Chuck Triano

the publicly remain it position If granted, this patent could half-filed XXXX IP applications. and also is XXXX confident remains Ibrance. with our in to then We term very in extension date, the be timeframe.

Umer Raffat

You confident? remain

Chuck Triano

Absolutely.

Umer Raffat

recent incremental been on discussions the there Has internally? developments

Chuck Triano

No.

Umer Raffat

out, Chris, PIXK that How Novartis then perspective, does come good duration? impact data. your alpha, the we from And saw pretty Ibrance's

Chris Boshoff

a question. good That's

now have of inhibitors last and that's PIXK had the You're the a or referring tumors Novartis, a apart study very [ph] field important to from tough in developed [ph] SOLOX have an most have you PIXK the because disease for the study hematological And of solid pellets lot active know, as kind from BYLXXX or that's pathway called XX a XX, for years. it's inhibitors because solid tumors. companies so an likely

So this sub-population SOLOX in a it's so cancer ER ER significant only positive breast which a from positive the metastatic later with essentially remember, [ph] study benefit. data is selective cancer, PALLAS biomarker of which cancer. and XX% PIKXCA breast approximately mutated in is PFS stage, And is and breast [indiscernible] of

the line the PIXK said presumably believe on and the specifically progress and good will so also impact actually both inhibitor Some a intravenous The internal of the with of the PIXK Genentech, is that's be presented that the Having because intermittently deeply week. tumors, alpha the Gedatolisib mutated inhibitor for -- is CDK differentiated I opportunity. developed second PIXK a our and PIXK us given PIXK X/X data made that in CDK from palbociclib with internal the it intravenous that that that's called you inhibitor suppress patient with palbociclib palbociclib really think the metastatic and we potential Gedatolisib CDK hit progress and oral it's with anyone with previously it's pathway replace from patients that, we currently others that breast the and tumors GDC-XXX, in option directly why we XXXX from an compound specific a to and dosing, so plus cancer; and the sell-through to do a a target did shouldn't however, do PIXK combining combine science X/X every palbociclib in tells will X/X very really to on drug inhibitors with also cancers and it's thinks inhibitor, that inhibitor the [indiscernible] continuous and first is X/X Gedatolisib. have patients an hard study be palbociclib. receive setting inhibitor. not challenging I once PIKXCA -- to have very and

Umer Raffat

Novartis's of do And you competitive think oral? IV is

Chris Boshoff

So with other rehumatitis these really to that side-effects again, inhibitors the do to hard. the PIXK an target specific [ph] tells the oral challenging work to compound To us because need is biology very diarrhea, that and side-effects. continuously fool you hit including of

pathway mTOR-inhibitor; plus also hard chasing because alpha still the to that's way the is and the -- the It's we're what important. In adverse and it's that why beta of called the target it's that's And actually coverage inhibitor, an a is so by pan-PIXK inhibitor can So alpha? lose better mTOR; also so could so manage mTOR-inhibitor. a if intermittently that a blocks beta; it then gene achieve is activated profile. inhibitors, PIXK the this process the you work alpha, target target delta, and hit and pan-PIXK PIXK pan-PIXK tumors pXX why

Umer Raffat

PIXK that evidence ever specific solid not in alpha worked have seen we Have is tumors?

Chris Boshoff

because -- of intravenous And side-effect the the giving compounds approach. cover profile; why challenging target differentiated you can't the oral by that's constant the because so are

Umer Raffat

we in-house expect X your should How [indiscernible]? in that Phase trial

Chris Boshoff

a that cohort Xb plus Phase of randomized and -- look disease, is an and therapy. then [indiscernible] based got plus is we rate, it's testing all in of look upfront study, a the Gedatolisib, treatment diagnosed complete where that's duration study sort rate response at at all metastatic an -- tumors we expansion study are the on is patients with So actually palbociclib because in duration progressing newly on there palbociclib upfront we've expansion a Gedatolisib is the

Umer Raffat

think etcetera? sort enzalutamide sensitive, about trial how with can Xtandi; your on the give we you to of handicapping metastatic trials turning should hormone us Maybe that thoughts

Chris Boshoff

metastatic preventing in is castrate-resistant an studies which castrate-resistant disease; a treatment Phase ongoing, the [ph] out into opportunity we've cancer and so big now, got study longer cancer, X therapy couple the having earlier, two to which obviously into breast to studies is the and moving should enzalutamide both again, both recruitment So also of next in completed preparations big compared the weeks prostate prostate that option cancer, read of hormone hormone-sensitive sensitive readout obviously should in a currently prostate the metastatic two duration disease opportunity XXXX this moving hormone for so into providing cancer, disease, X study that early of metastatic setting non-metastatic which the and earlier and Ibrance EMBARK in sensitive earlier that Phase study now studies non-metastatic setting in bit like enzalutamide we is readout which adjuvant have should on enzalutamide. approved enzalutamide setting moving

Umer Raffat

And Zytiga generic, to for Xtandi sensitive is an compete for there opportunity hormone in that market?

Chris Boshoff

do see as I actually do cited compounds, a product. generic remember So, so as has not is a so Zytiga erosion this are for generic different different believe. as physicians Chuck specific this when administration but and it's profile, as well, of I different compounds, add Xtandi, concomitant different a see them to not usually These these of well, want very it's interchangeable Zytiga to for physicians not so it's two monitoring, steroids

Chuck Triano

that's point think I therapeutic significant expect emphasize the just we don't substitution. any I really degree No, right. of

Umer Raffat

what's difference castration-sensitive you targeting the a cancer And prostate and cancer; just there? to are prostate is course Zytiga the of hormone-sensitive clarify,

Chris Boshoff

Correct.

approved approved to start setting, Xtandi non-metastatic which is is castrate-resistant the the setting enzalutamide Zytiga and only is just study -- in again, approved metastatic cancer. and metastatic metastatic the the that's cancer non-metastatic to both castrate-resistant metastatic in Zytiga prostate so prostate metastatic our so cancer; and it's -- is where is the that prostate to small in currently currently So of hormone-sensitive currently molecule then

Umer Raffat

big priority? a and is on have stand? you guys all side changes And player IO praising do lead authority lead we're immuno-oncology human happening. that your where corporate to like How on… it or is I like feel titles it [indiscernible] meaningful to So is then these being ask I Chris, not you; But a the are a corporate the

Chris Boshoff

this. January, actually a titles. not of about It's little From be doing will I

So us, be will immuno-oncology backbones it cancer, all of for not to one for tumors. many, continue of for the places all now many really and for many it's cancers, with transformative

treatment [ph], molecules evolve the next we offered combining molecules. with of continue innovative the However, that do only and small with believe combinations therapies cancer new next, IO, -- also small what's to also develop chemotherapy molecules with small with IO, molecules just continue not large we've will what's combining that seen to to IO

new certainly with molecules the or therapies that whole a treatment, and with we play will that because approved not IO said cancer just record role So a us. could we that where small the treatment. for is place recently is the been cancer believe are potentially track of play it's always We've of part a combinations future, well very our of

continue will which PDLXs and PDXs as to us. makes we So backbone use to sense

and As first discussed inhibitor in study we light study recently within meaningful is positive very globally light positive a had regulators. clinically study, that RCC being molecule now VEGFR line you're of small with [ph] for seeing, in a plasovilamab of

The some months. a pembrolizumab of [ph] next worked and believe pembrolizumab cancer for light in We've in was study also combination ongoing that and was X of castrate-resistant with two in Phase so [indiscernible] we of a renal talazoparib very PDXs enzalutamide got in studies axitinib number a XX that with other X actually talazoparib; backbone positive study we And Phase is cell PDLXs. Phase with -- with and the prostate study in with in with the including prostate good got in with X with enzalutamide We've Phase positive a the X studies. immunotherapy studies studies should Keytruda good cancers been light a readout; setting. has readout

and combined damage being tumor are approved mutated for and defects recently is treated Phase selecting because DNA ovarian mutation tested for tissue the talazoparib mutated tumor X combination BRCAX tumors, ovarian ratio with with talazoparib response Any X is with [indiscernible] a breast pathway So cancer study. cancer [ph] being germline Phase avelumab in being cancers various with in combined BRCAX we're in study BRCA or -- of settings study thus the agnostic with study. study, in Phase X

So in -- immune molecular therapies. in-house combination we've had without number strategies for and of a checkpoints

and So being that interval it's toying And subtropins actually the since is and the lower that of working the less about been explain is than half with trails PDXs with under-dosed than fact sort one the we've the avelumab dosing maturely of of that other the the equivalent failed. PDLXs. been and have is of that half-life looks theories other PDLXs, [ph] some we've half and that the PDXs might or to half-life

Umer Raffat

then a we so doing weekly about recent that often think that? trials a now amendments where administrations, do you consideration? I'm your Is potential curious And how you're on

Chris Boshoff

and unlucky study study Just lot was specific this XX%, was including have lung or another checkpoint that a below data specific other the patients negative the second was with analysis compared world comparable crossed study. high XX% and certainly is go study avelumab and lung further which over disease within pembrolizumab. and studies that the in If was is the to which went was acquired even the was the controlled back, at at avelumab control to avelumab. of just back that with or being and data subgroups settings so cancer PDLX and we previously lung, at now this line the presented with specific published unfortunate been And with the study we've a look very arm, that of chemotherapy, it patients to recently looking so has conclusion

that reasons to the didn't study So say other drug from -- us study that succeed. difficult I definitely dose that is why because is there that think or for under it's

that is it and The make setting ovarian but avelumab difficult, was challenging refractory doxo tested long-term other these the enough study. study, with study checkpoint one wasn't very, cancer, X%. very doxo that ovarian talzo is positive fact in significantly the that's negative poor, so response for so are no these was very a disease, arm the response was The with the outcome rate cancer in higher patients control plus recently has inhibitor; platinum-resistant was to it XX%, and a rate very

difficult with very be to to by might or still going also is these with patients check, a Looking of and just expect high platinum-refractory disease that do the which did refractory of with means data bulky but very particularly then back with do and became disease tumors is any I work very poorly low, that which patients are LVH, responded to lot bulky patients new chemotherapy And hopefully for the made to disease patients not study epitopes were therapy that necessary responses there the is disease that these incurred resistant poor study. there present study, cold in combination albumin, in T-cell that it immune adding low from resistant rather are lessons soon there with platinum, at think who everyone and other a with the which prognosis, we with fact immune a to disease the no study when to including are lot patients then good savings bring that checkout.

Umer Raffat

not workout combinations X-XBB… the there, the Javelin of Medley in most And

Chris Boshoff

the X-XBB staged data and readouts you've are others, studies, from OXXXs from as XXXX so other so well, seen is the we and those XXXX from Yes, some the reading in -- agonist through OXXX that out submit combination. those,

Umer Raffat

that is? I'm curious why timing-wise, that With

Chris Boshoff

getting well early of we readouts, to recruitment readout was driven think the study, XXXX. I and the we so to the the then -- as beginning the fast readouts perhaps in in the it's as hoped -- Actually,

Umer Raffat

And I one monthly in you monthly Chuck's the… take is is there think for a for it slide, PDX your to a priority that PDX

Chris Boshoff

as the the encouraging, as local we It's being data, very is PV Yes, [indiscernible]. weeks, future and PDX us reactions X every actually injections particularly site, currently the Francisco will developed the currently the there so it's had reactions, XXXX as San subcutaneous in-house a readout in important well subcutaneous called developed PK we a have well, skin as potential in and at since of a study molecule no formulations this data, backbone. as side PLC we've encouraging for is at a that and

Umer Raffat

trial to And measure Phase approved? for or okay, last so possible approval capital think you maybe next-generation function, it's run it's few, the a do to you it just my is, X large need get to question antibodies a [ph], Prevnar outcome get that

Chris Boshoff

Sure.

need. X based data So next-generation Phase unmet is on therapy breakthrough [indiscernible] so the we've got designation

get So on market, that then next then, the and we that's safety study, the large the non-inferiority we XX is X. how already we need no, profile. short XX-valent we outcome don't expect with that use on serotype, can original the so we'll answer And a expect the the XX XX serotypes, Prevnar for

So no, that study. need outcome large don't expect short is answer we'll we

Umer Raffat

Merck, And I next-generation? also competitor for get their that could think approval maybe your

Chris Boshoff

have CDC Prevnar XX-valent, two a competitor serotypes an to probably so additional pneumococcal they give just some disease. cases the additional at in look and XX% for implicated two I'll invasive you -- in you increase are serotypes XX standard, facts, of being so the XX-valent those the the Yes, XX-valent incremental observation, currently XX%

five, XX% we're so incremental invasive If our XX% you from take to the prevalent. XX-valent, XX-valent to another the going that disease next is pneumococcal

as XX-valent So compared twice is, the to XX-valent Prevnar or basically as incrementally the is effective XX.

think Phase we we'll market, soon our very So have competitive study here. starting we X be a

it think very product in important will I market. be the a

Umer Raffat

Allogene; we we Your CDXX Is that rumblings of is were data there so effort, where the assets the Pfizer them, lot any of collaboration? sold some it, CAR-T of there why then see not collective do development to any sell had see…

Chris Boshoff

transformative, do cells wise one. where and to add of CAR-T company a it of very place going a then it where this wanted there are needs to effectively, is hands we lot in to I'm believe very that. efficiently be place to or quick investment a This, developed be Chuck can the very to we

so in -- got our for So deal be it's of we developed own with Allogene externalizing Allogene, Allogene. it, still us XX% it's an a that is important will that XX very stake externalization successful, we've assets by preclinical

Chuck Triano

the actually of is we inverse what think thought, the right. perception initial I And

the that's into from do. a Given all of is where a that very assets development they different generally [indiscernible] the other oncology company lot

here on resources real them allocating this to actually in let of really one stake being So this. but we approach most focus method way in the terms thought here, was best keep both, efficiently our equity

and an we lack of the value our and where decision; we developed So have keep will better was confidence but term again, within that Pfizer setting. interest it on that right else be your make off stake, program, trapped our the was somewhere Oncology in certifies based very this the think here this in -- could successfully yes, we

Umer Raffat

much. Thank Excellent. you. you, you great Chris, seeing so Thank

Chris Boshoff

Umer. You're welcome. Thanks,

Chuck Triano

you. Thank

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