PFE - Earnings call transcript Q1 2018

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Operator

Good day, everyone, and welcome to Pfizer's First Quarter 2018 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Chuck Triano, Senior Vice President of Investor Relations. Please go ahead, sir.

Charles E. Triano

you XXXX us performance. thank Pfizer's to and quarter first morning, for today joining review Good Frank Mikael I'm CEO, and Bourla, Officer; Ian today Development; Read; our joined by General Albert our our and Doug Chief Counsel. Worldwide President of Dolsten, Chairman Lankler, and D'Amelio, Research CFO; Operating on The presented can viewed this slides that will on be call be our pfizer.com/investors. website,

risks conference that I you cause to that during the to this remind are could would statements our forward-looking forward-looking to call uncertainties like start, include actual we differ Before those will that materially statements. and subject projected discussion results from in

Annual regarding these on information issued disclosure release form under the we notice XXXX section this morning, Additional as Report is the well earnings factors XX-K. in as discussed Pfizer's in

this comparable found form dated Discussions non-GAAP financial call meaning comparable by original measures of in be to financial include call no May GAAP, U.S. no at can measures U.S. Reconciliation X-K, obligation have certain not Any GAAP to those as of other during U.S. not standardized in accordance similar not measures measures prescribed X, as Pfizer's XXXX. principles. this and any and statements the non-GAAP companies. are substitutes may the generally for financial today, presented GAAP, should directly revise viewed during were be measures statements. or calculations with accepted that be only of required and by conference of we accounting the call, measures speak these financial the most to undertake not of prepared date also Forward-looking will update

call a that, turn move then I'll we now Read. will remarks, the make Ian session. With We to to Ian? question-and-answer now will prepared over and

Ian C. Read

Thank and morning, everyone. good you, Chuck,

future sales Innovative had continued each words I'll partially growth brands. few top in globally another markets many potential a of the businesses, begin offset operationally, strong emerging to of growth and we significant the quarter, in biosimilars about and of progress seeing in of believe growing XXXX, X% in solid business increasingly remarks our Health. with This to the and In several with Health Pfizer Viagra The Rico. first its our the strengthening has the for U.S. biosimilar company continued well U.S. X% Hospira we quarter, revenues the the are operationally. the my I will strength end by starting to for the R&D of our across of our of anchor thanks pipeline, Enbrel business, facilities line total the biggest discuss product U.S. of was in as These supply to of year-over-year our opportunities declines to the drive impacted the by loss as During due exclusivity business, Pfizer. Viagra and which loss growth reclassification in XXXX. the exclusivity Innovative our production Europe, of approximately selling products primarily its following Puerto X were medicines. business point was percentage This December shortages related continued legacy rate due Essential competition of declined negatively to at

of were for first addition, quarter, quarter. eligible The patients class now the penetration the cancer. both revenues population. negative increase XX% million, U.S. Since to a In HERX this to overall metastatic patient Ibrance within receiving $XXX But patterns up almost medicine have prescribed we leadership with in more Xeljanz customer by continues for approximately operationally the physicians continues on we buying hold remain CDK been in breast In positive the hormone Ibrance patients its U.S. non-U.S. have products. XX% were CDK both position Ibrance worldwide. launch, impacted And and track XX,XXX and expect the full-year prescribed XXX,XXX eligible Ibrance tripling. first-line revenues receptive in global see than to our therapy. revenues been approximately to outlook

Eliquis for for June were We cardiologists the Within process million. million. sNDA last XXXX. the Agency XX% mid-March, to increased with the if prescribed European which July of for alliance active date to EMA already with the milligrams novel Xeljanz Products share U.S. up quarter. for quarter new-to-brand non-metastatic Xtandi's were Medicines quarter for the in XX% received received our potential daily and began Use the II Global a And Xtandi in U.S. colitis. of XXXX. the for In category, two severely anti-coagulants, XX% in validated last share percentage its In active colitis, believe $XXX quarter a prostate in competitor, to the and opinion positive adopted revenues granted for Xarelto. Type in prescription March XX% it review the twice recently the has has the by primary for Xeljanz The we've in Medicinal outcome combination just arthritis, million. In this a arthritis. points CDK revenues date We the the one December, And FDA psoriatic from for submission Ibrance psoriatic to a methotrexate milestones novel be FDA operationally markets. ulcerative Human regulatory up for for could oral revenues ahead XX% FDA review XX recently approved, priority Committee important in EU, again is approval on an a Xeljanz total X moderately XX $XXX Advisory treatment PDUFA XX.X% the Xeljanz. significant. X. Committee the cancer variation of indication for us in the U.S., anti-coagulant week castration-resistant operationally number has the favorable this in for ulcerative indication quarter oral Eliquis same the PDUFA new increased $XXX in gave to

disciplined allocation. And for Consumer this options time, we another quarter. this acceptable the our business. strategic not have Healthcare for offer regarding business, review We capital delivered has to continue we received an sale our which at Finally, remain of solid

alternatives, business from a strong retain we very which partial this explore of everything other manage to separation the the as to deciding include continue business. will ultimately full or could to business We

continue I take during strong last would a like to decision thank the We to growth a moment XXXX. colleagues rate. of worked have to expect produce Health who to a hard X% make Consumer in all quarter to the so

now Health. Pfizer to Turning Essential

once the declined, and growth part due revenues both While in shortages portfolio. saw strong grew LOEs revenue led ongoing the business product the we our $X $XXX quarter from XX% product biosimilars Health in to large to expected business, the and in operationally grew sterile again operational the injectable quarter for operationally markets XX% quarter in biosimilars business to markets Essential growing emerging within nearly million. our in supply XX% for Revenues Emerging way, operationally. the billion. China

portfolio broaden to the potentially expect bringing five next market biosimilars our years. the We in by to biosimilars the U.S. two in

primarily Our from injectable portfolio. Hospira shortages sterile legacy products the are for

We will financial be flat sterile year expect injectable guidance. our is our on roughly sales this year, incorporated and into

plan capacity we XXXX. We these to in and be continue additional to comprehensive modernize upgrade with available expect facilities. And our remediation

is as We and pipeline, which as strong been. strengthen continue to our today ever it's advance

showed a In cancer. The extended more EMBRACA we near-term positive versus the that touch of patients Let opportunities. of significantly Oncology, developments. in recent standard-of-care potential progression-free on inhibitor, X have metastatic promising some our trial Phase talazoparib, chemotherapy range with that targeted breast broad me BRCA PARP survival represent compounds

we we lung a the FDA chemo We unmet this the year of Lorlatinib PDUFA In to our programs. Vaccines, monotherapy the vaccine, recently with quarter. C.diff broaden year. Pfizer what with our date to cancer started a true Merck franchise. study combinations there the are X EGFR-positive pneumococcal immunokinase U.S. granted including have JAK of Phase for first September believe be our date discussing Phase been with review next XX with Prevnar, renal priority is generation Phase with health JAK-X in carcinoma vaccine non-small-cell in in types. where was Bavencio with this for enrolling and selective August with development our in of In the as with In talazoparib April anticipate of the authorities cell Inflammation program ongoing first-line agents, X potential potential we has cover are KGaA. our by same treatment recently Inlyta, potential need. tumor areas in the with trials Immunology, position patients atopic continue serotypes. Both We to XX great cancer our lung potential and the with and to in of candidate potential to progress in Dacomitinib worldwide leadership X we in partner success lung is cancer class, reach results received once-daily for have built multiple well. I-O, non-small-cell have PDUFA currently We filing targeted designation advanced Leveraging and in metastatic a our in where we dermatitis. this for ALK-positive a

and expect proof Phase X the to We concept year later expect the data XXXX. in to begin see in of

Gene pivotal In our we for we the are study with patients, life-changing Phase the treatments new Duchenne become candidate the XXXX. cell dosed class this the anchor for blockbusters, sickle This announced primed Phase data to also Medicine, the XXXX growing positive using the expected And Through in Therapy, study all potential of new and Phase number of impact for for approximately patient value stakeholders. X on FDA XX treatment Phase study. expanding XX mini our expect And to to a in for brands in are to readout We positive, dystrophy. our of expected are to medicines attrition. half year. opportunity to And for tafamidis strategy year. we recently have to of up unprecedented dystrophin X investors TTR our this our continuous our some presents And approvals, disease. believe the early deliver increase X investigational for to regarding treatment Most staphylococcus X are this for tanezumab patients recently summary, X remain a in for to the non-opioid a potential have Rare be enhanced subject forward. a growth. first we of in In vaccine. a for in readout in see well-positioned our could we in cardiomyopathy. we a of osteoarthritis Phase Internal continue creating trial readout currently a XX which dose value the deliver with going later first aureus the In we first while gene therapy of Diseases, rivipansel later we and study discussions muscular in an If on be expect for

as focused been. ever and deep it's Our as pipeline is

differentiator and Our ownership key disciplined strong to future our have growth the capital approach to in allocation culture a balance remains we sheet us. for opportunities. invest resources ensure And will

to we expect upcoming our of key pipeline, potential growth a the Looking at exceeds a us LOE revenue us LOE impacts topline following allow enable continued our the strong we expected drivers, inflection including in dramatic will will reduction with of to achieve expense the to unencumber rate that the point realization this ahead, that of Coupled growth. profile. our and EPS growth an U.S. continue growth Lyrica revenue expect in management, drive

it and for the to on quarter over provide Frank Now turn I XXXX. details to outlook our will

Frank A. D'Amelio

day, Ian. Good everyone. Thanks,

am our always, charts included are As today webcast. reviewing the in I

Now moving financials. on the to

of billion, $XX.X an foreign which offset First include of the approximately quarter exchange $XXX impact million. of decline partially favorable by $XXX XXXX operational were million, revenues

loss to recorded out U.S. which Innovative of Revenues Viagra business were quarter Xeljanz, Health Health and Health that exclusivity XXXX Viagra the legacy the a the growth Viagra revenue and operational primarily that Health December to It's by the to Enbrel expected operationally. continued most in XX% in Canada, in in for decline XX% Inflectra the in U.S. revenues as X% emerging business, which primarily U.S., of business was and note markets; operational in biosimilars, operationally, to of the mainly want important overall point U.S. developed first previously Essential Europe primarily at recorded reported U.S.; partially in XXXX, products, quarter markets decrease X% I in our of Europe product a grew were beginning channels in offset first injectables Health in Pfizer's due Ibrance, growth by Peri-LOE due and competition. declines shortages Lyrica in growth Our operational in in continued the in biosimilar of U.S.; XX% certain offset businesses inclusion driven developed Essential the driven our partially in emerging the to the Europe sterile revenues the primarily in developed decreased as in by due Innovative XX% which due all well Pristiq in portfolio, Eliquis, to are XX% of XXXX. operational from and operational revenues the the Hospira Essential in now the of by generated markets,

lower $X.XX, of First Health to effective reflecting by a primarily the which rights; primarily adoption net higher Essential or lower in licensing $X.XX sale the of of (sic) increased compared out revenues, the quarter rate, standard other on EPS due first and XXXX; XXXX, the and with accounting quarter in and reported year-ago to to late due income due TCGA product business. diluted was Jobs from enactment partially new Tax Cuts and our arrangements, were equity collaborations, income, Act, quarter, a offset tax unrealized securities, [TCJA] (XX:XX), in gains of the the

also of due diluted want $X.XX offset Adjusted by versus due of previously repurchase to the year-ago The I out XXXX our shares to in factors. diluted weighted XXXX, point average compensation First related a were repurchase partially diluted first that of reflecting by impact the quarter to based quarter by declined reported lesser in our XXXX, May quarter. dilution that EPS shares shares million completed billion repurchased to in to employee impacted favorably fewer for year-ago was share the XX primarily was $X.XX, was accelerated quarter, by agreement the primarily during and programs. share shares program, versus extent first share executed outstanding. quarter outstanding increase mentioned February the EPS $X

sales, As exchange aggregate million. and I adjusted the million positively negatively of quarter expenses, and foreign R&D adjusted in adjusted previously impacted by cost impacted SI&A approximately XXXX first by $XXX expenses mentioned, $XXX revenues

versus As EPS quarter. by a diluted approximately favorably the foreign XXXX result, adjusted $X.XX impacted exchange first quarter year-ago

can As full-year of reaffirmed components we our you financial all see, guidance. XXXX

key guidance. first repurchases. quarter. the quarter product the on Moving of all our We dividends XXXX, $X.X in adjusted components billion quarter results delivered diluted We increase the to shareholders versus through XXXX and takeaways. EPS financial key share we XX% pipeline accomplished prior-year and a returned XXXX We first financial of of to in reaffirmed milestones. solid And with in several

and shareholder delivering beyond. Finally, attractive we remain committed to returns in XXXX

Now to Chuck. it I'll back turn

Charles E. Triano

poll Thank you, questions? for please Frank. can you. Operator, Thank we

Operator

Your from first from question Jami Rubin comes Sachs. Goldman

Jami Rubin

Ian, for you. Thank is this Frank. you as well as

about I XXXX. talked an LOE, point inflection in the You've post after starting Lyrica think growth

sort bottom too, sort asking While us for the earnings, of flattish sense have line a sort that digit been get can you has going quite a But growth margins digit I'm not talking are time growth? assuming from you XX% still go? already Ian. Are And they a about for change? they lastly you large that been revenue drive your magnitude you, for specific guidance, accelerate have do of just leverage? XX%. then some can to mid-single sales to where where you that you to large can of can. CEO a growth. you earnings which mid-single to of Frank, done Can Every give without And before and major Ian you transaction, transaction And, deal? don't mentioned

has do other talked be basis. a you a time core. mean large transaction. wanting before shifted innovative to about messaging quarter-by-quarter your because one said curious, I will the you get at your a times What had to legacy Just to you've back lot retire? At aspired on you

Thanks to if share you what could expect you So us legacy with much. be? kind your just wondering very of was

Ian C. Read

Thank that. for you

starting first And Let mundane of of the come address I'll to back growth the all more question. then me facts legacy.

the that. We moving in a to single of growth point, substantial mid-to-high LOEs of that our equal mentioned, plus us revenue growth at tapering impact post the pipeline, our to inflection believe combination and give digits, believe of late-stage rates continue you to least revenue our pipeline, our being of Lyrica, will as I obviously significant the the drivers

today, have our lives, conform those look significant so data on have they and extension Innovative If Eliquis. growth products And Health participating have continue readouts at of products. significant patent can a Xtandi, Ibrance, you those to we're drivers They we Xeljanz, coming well,

at expect period, Our be Essential Health business having growing will impacts that to through the major passed the LOEs. of

emerging of past we put We we manufacturing have us issues have plants. market our the business, our from think business, which biosimilars our we sterile injectables of any plus the business, will and Hospira have

if have all the to for potential really have And growth So the over we XX the of all, approvals, look am to we I approximately the rates four produce. you that which looking potential XX forward to will in be projected blockbusters. XX years,

mean it a too products. don't I list. I extend answer think is the want to exciting put we of those list out but I far, an

in tafamidis the those arthritis in Xeljanz we in extremely We are have have products of rivipansel; we I ulcerative data have tafamidis. Staph Diseases; from Clostridium tafamidis Duchenne's; have pleased dermatitis, colitis. have Vaccines, have the pain. risky pneumococcal think alternatives. in and and difficile; was we And we TYKX/JAK-X, next Inflammation, JAK-X, Rare have psoriatic atopic gen we in aureus; we tanezumab with JAK-X, we probably most

I potential think have therapies our XX about kinase JAK we in franchise.

And stuff. got Oncology, we've So I non-metastatic; EMBARK, intermediate at high-risk breast to mean in Xtandi we ARCHER. Ibrance, cancer really targeted continue look PROSPER, exciting cancer; agents, and

growth. will really drive line what is robust a that think I top So

don't issue to that. really about this I turning of legacy. lot Now think a

based deals are I value to on shareholders. done think

at strategies looked the we've years. say, you over As different

a the that of deliver will culture I pipeline retire changes making thing I hand that to legacy strong think that the would facts doing of do leave the and Frank. Pfizer I think to right for extremely patients. change. to patients like Right beginning ownership when that's over I I'll and a robust and now, that, decision With Our that to – when really to it is

Frank A. D'Amelio

then, run then and me some answer Yeah, leverage, Jami, let year, question. the just on and I'll numbers for operating this

at you the last adjusted for up our the XX%. if year, So if to up X%, of of this guidance, revenue guidance is is year, that EPS look look revenue our compare at EPS you midpoint midpoint

ability leverage the clearly, to continue line operating line. to of to top revenue, demonstrate So in the bottom the terms

Going they forward, margins I our leave would are. where relatively

at strong, look margin, gross very industry. our at the look you operating quartile they're margin, of If top

modeling are. where think we'd they I purposes, leave them for

Charles E. Triano

to we Frank. operator? Thank please, the next you, move Can question,

Operator

Your from next question comes from Tim Anderson Bernstein.

Timothy Minton Anderson

Thank could I you. almost go the guys of your to excitement, you If a long back just pipeline a laundry and have of And level products. list list. it's

be over be of the can up commercial bringing invariably of as Some years. discussion it, or kind three future of next, narrow will the question, of two significant new think to you JAK that forward old inhibitor. you this splitting like down smaller drivers company. call will the maybe those products commercially I'm PARP, most of up look opportunities, five And maybe growth, second hoping maybe a those imatinib, ALK the you topic

about both what further shape. different robustness that are the both forward. of divisions, increasingly means reform how business that and digested in some and tax talked have companies before, going them You've a better Innovative for they've view came the had out in and know rules I Essential,

over next reconsidering Thank is, splitting you. few up possibility my company there question on any the years? the So of you is to this

Ian C. Read

list. for thank Tim, it's the don't you think a laundry question. I

focus we be pick one say would depth of potentials those therapies, product. either comments grouped you you all is to totality, at of vaccine Inflammation/Immunology to indications I'll would drive franchise, But at ability probably different the when there. about whole, look I to science frankly, out tanezumab would all I franchise. taken the the that on of make targeted the look then And growth like in to on potential in Oncology ask industry. into the the Frank best would especially strength few a But potential, specific tax And It's I as mentioned, difficult and area, products I'm that our the I or that. individually our think in a blockbusters. I have pain. look huge our the split think the at could really at I and franchise, look the tafamidis, C.difficile. get law if products we Vis-a-vis excited of meaningful and from

Frank A. D'Amelio

had XX% with Yeah, laws, reform. time tax more so the provided law, the the the approximately new more on rate. to analyze on tax the and comfortable digest We're tax which year, obviously even tax for guidance we've we is

said were the what split, future. the is the foreseeable off for we we've on table that taking optionality On it previously

business. perspective, executing never We future, say no So change. right on we're But never about from for to our now, the the all anything. foreseeable

Charles E. Triano

Thanks, Frank Ian and that. for

question, operator. please, Next

Operator

from next Geoff question comes Barclays. Your Meacham from

Geoffrey Meacham

guys. at the in the Rare have win just It's recent for the see Pfizer would just to your move Disease tafamidis technology a category. and Hey, Thanks But for with it all few. in wanted is deals on the on far. just have just was question. have an part space, of have I then check a really to elevated of to Thank deal if the list. good product the side, guys upstream to Ian, add scale know with population. the priority And just and if progress moving wanted on value Medivation to Xtandi thus update progress I proposition the that MX the you. wondering you big original a needle. the strategic the

Ian C. Read

you. thank Well,

I that. to have think committed in We've Diseases. critical We've Rare capital production. committed we mass capital to

always we been seen talk possibilities we've haven't tanezumab, And disciplined Duchenne's, We have cell, gene confident we think yet. have would into that added our early therapy. had we have tafamidis, its assets once that. that I critical not to Xtandi value, could ask two we And if become only we be mass. have Albert have about significant that available that opportunities and sickle those a population. in on But would to as I'm movement we allocation. we act very again the the on bolt as in have I

Albert Bourla

Rare right the dollar add that is in multibillion to a just Disease, now. business also And Absolutely. it

assets four they Phase We are in X. that have

it rivipansel. platform We the in dystrophy, one have is Cardiomyopathy, Disease. we readouts already A, and Duchenne different but spoke, we speak. muscular have we in all as are modality, Ian Rare also hemophilia hemophilia we the Three that that And have clinic. expecting gene B, therapy

do speak Xtandi we Now non-metastatic about moving is question that earlier term, In represents earlier the let do significant study. and that believe, which I into the treatment of Xtandi about And are believe we the short PROSPER your me filing resistant based a treatments. focused acceptance on prostate castrate we the indication, cancer potential settings opportunity. on positive results and got

As you priority know, that. we had for review

date PDUFA will a And grow have near to the see July. patients we We hopefully in this medicine term. in

Xtandi growth the in will we from prostate cancer. indication medium into term, the Now expanding potentially come sensitive hormone believe

We have have hormone is EMBARK trial, which it metastatic sensitive, trial, hormone the sensitive. and but ARCHES in is we the in non-metastatic

So very They their definitely about on are we success. are both studies progressing nicely. And very their optimistic timeline. are

Charles E. Triano

please? we next question, the Thank move Can you, to Albert.

Operator

from Bank. from comes Gilbert Deutsche question next Gregg Your

Gregg Gilbert

morning. Good

front? you get then Albert, threat Thanks. could Merck's? you versus invest about When see the perhaps, can Prevnar if circumstances, Consumer, right legal doing something can't and gen from in is a in to not Prevnar a opposed to spinner near how Merck. market whatever are for JV, needing interested the in the to term, fair on as talk likely that of And Ian, to franchise get the what's next retaining your external First, for next you you to set Consumer it? you timing like Pfizer, on and, And price competitive

Ian C. Read

Gregg. you, Thank

looking business there On a see good We we it's to owner. the if strategic alternatives asset. at better were was a said Consumer

invest the frankly, And continues the on good we'll have We year get business. you joint business I'm Albert? very be is we'll spins good very at know, we don't see a if we We'll a hard. and in it. sense. reacted our in business. moment that during at the value, the this us to colleagues look Consumer it or commented, the I We'll retain in As to quarter. running can't value with had pleased And working important potential focus sale. are But ventures. it, way

Albert Bourla

adult of has X. what talk From a they start so This to Phase the for X. about far, have vaccine you, And what me awaiting let pediatric officials. in Phase Thank Gregg. pneumococcal Merck you we XX-valent Merck program is a know, said our But program. program is

And by the seven have serotypes the the coverage entered covered XX-valent space. is improve current clinic Prevnar next addition the to additional vaccine. to seven with in XX. those All in significantly expected this generation, We pneumococcal include dosage

Our from more the safe responses that immune and vaccine well tolerable. result that trial XX kill I all the could Phase induced that demonstrated serotypes. demonstrated was it functional importantly But was

into results was now year. these it enrolled. is So advancement supported that Phase X initiated last And fully right

in that everything a assuming Phase Merck, quality. of planned, we to timeframe much as anticipate we we all, if a would So spectrum trials protection for goes XXXX. in broader in start our launching regulatory both All competitive issues not success could X vaccines and mentioned, coverage accounting for patent

Charles E. Triano

you, All right. Thank Albert.

please? question, Next

Operator

comes Evercore. next Your from question from Umer Raffat

Umer Raffat

is Thanks the PD-X. understanding on one taking Ian. less on for R&D than and two R&D. much so for my questions. materially life competitor so the my half had On Bavencio, out it's Hi. that I starting Maybe

it's three about it's for So for to XX about days Bavencio; competitors. XX days

of comparable is However, the Bavencio to dosing Opdivo. frequency

whether investor were three there's do looking price what meets you So the post-hoc tafamidis, been my Ian, reduction the the analysis in question on months. efficacy whether not in just it some behind understand that think some well transformative given you in we've seeing that's post-hoc Thank difference? at thought so is, the potentially do on dosing as want XX% the to How the is to And role about half-life the basis. of target, aimed any patisiran, then played when six they process the is controlling to that react that mainly trials lately? cardiac you question you of see As the light Alnylam's versus do outcomes? Secondly, Alnylam recent landscape the potential actually data. valuation how in recent a lately thresholds of it on that? M&A congrats And especially competitive your finally, on comments And is, on showed my for frequency, commentary on revisit seen you.

Ian C. Read

Let change, deal, don't We'll last now Frankly, always said. – we're value change, that continually investment shareholders. believe in as deals, I see at need is I first. to at with we can we think capital to wisely. pipeline. me all I in one extent. have our We deal I we that that values see that can time, in appropriate anything marketplace. for We although question nor look to this look right transformative now don't gaining don't I be a enough do best for at our the use marketplaces moment I believe continue own things the smart

I'll and question that, as in then Mikael research answer well, as with to it tafamidis So the still probably to phase. question, take the over turn it's half-life

Mikael Dolsten

for the pharmacokinetic that. current substantial partner dose, you that we intravenously target our every pharmacodynamic Yeah, together Merck with PD-LX two and did weeks, studies. cover XX the well blocking mg/kg Thank KGgA, should At receptor. for

population. enthusiastic are, TTR. extremely endpoint cardiomyopathy property have to, be study wild-type be was property. that to may which and with differentiated cell-mediated we TTR we You positive tried to you That intense noted a one a and an hospitalization. could has whether mortality as Ian the have more regimen. tafamidis, antibody cardiovascular it that And dosing cytotoxicity], can an as that we the aspect [antibody-dependent ADCC unique that mutant the even in a also positive results includes have address was Concerning all-cause study share alluded And know,

patients a wild-type major is and having to For extent the cardiomyopathy, it the mutant. extent minor to

focused So this on injectable companies different other using is biotech that primarily from the were quite polyneuropathy.

mortality outside course, To that endpoints data cardiac data, pivotal again, is the cardiovascular related patients of the from of Some more this the States in there mutant hard with cardiac were were related wild-type no and the my even of patients more, suffering no to finally, world polyneuropathy have best are in fatal also knowledge, disease. And the major symptoms. measured on of life or studies difficult knowledge, my form and may those of later those hospitalization United have to there which functional to tafamidis, patients. Western best patients

our we knowledge, disease interesting potential. set. of has is of a best years believe also that well-diagnosed the not to And anyone data are, substantial to ahead we believe else we and it's have So such

Charles E. Triano

Thank you, operator. questioner, next our Mikael. We move to

Operator

comes of Your from next from Bank question Gerberry America. Jason

Jason M. Gerberry

Oh, morning, Thanks question. taking guys. for good my

quick on Ibrance. Just question

the the and medium shifts kind progression you now just in if in ex-U.S. coming wondering talk EU of given markets established term us share that online. near of reimbursement Japan in you is the can to to markets, As sales growth through the uptick, have of those

we big But as in still just U.S.? through ex-U.S. one when And do then secondly, markets the Understand you you see to can product maybe around Eucrisa. commentary channel, be think that us revenue point. could amount a So uptick a provide difficult or little so there? really progression at this product could Thanks. on gauge can the of as the you the talk bigger to there's in of just bit start direction just ultimately day And generating fair a free scripts?

Ian C. Read

Albert ask good I'll questions. answer to Jason. both of Thank you, those

Albert Bourla

we Jason. markets. very, And you've of you, with very the international progression noticed in pleased Thank the I'm Yes. Ibrance sure are

It was of been excess growth of tripled. XXX% in higher has very strong growth. of Volume We so that. sales, than have almost

U.S. December, lot XX% sold did as the finally, reimbursement. is Ibrance EUX, reimbursed XX of Japan, total and in is of total of have with Right you in in a the now, reimbursed EUX. packs now the also made in that And Ibrance right outside mentioned. all progress As markets we And we Ibrance plus of up

to significant growth expect And question acceleration your on we of progress to and the U.S. back world. a part that the So coming have in

we of at comments had seen on it ex-U.S. predicted. continues from starts quarter. first in we continues also we me with now hold the grow, XX% in the size markets, new the to from of this as class the But some Ibrance leadership European and the compare I last It XX%. U.S. position let will up U.S., share predicted. make line, XX% markets. then think to line market grew in as have end had everything predicted. quarter the is the It of again the to all, first steadily share we I first that XX% And the CDK

is grew gap we XX% growth scripts the had sales fluctuation U.S. And attributable faster had of We've than of much in the mainly of the the fact, scripts, patterns. sales. growth XX% In to buying

means. only Right now, is market XX%. first in the across remember be in opportunities it CDK is months exhausted growth the U.S., And CDK, by the back treatment, you also see all I want normal lines of in of while any ahead. not situation have to going to the line I new that of think it's been XX% U.S. to the if patients the

is it of to than class. now of we the right course opportunity The So there now. Ibrance that XX% share And significant size believe class more of the has too. grow

yes, think than if better market. will comes that of utilization, do markets penetration, U.S. volume I it to well patients, not the the and European as when

try Of is be different needs to factored we there that market. very price to point the when total course assess

prescriptions XX,XXX. comments was And X%. to Now of quarter a XX,XXX on – were that compared growth few this Eucrisa. a previous The and quarter

growth rates. peak quarter, However, we We plans. had growth. are And to place we we quarter year. slow was fourth our to of now, this growth dermatologists in the in had plans patient This last we in suppresses beginning and improve as had the the A have companies One, all changes two XX% than other dermatitis fourth effort, And make lot times X%, areas. we total their that the in to to steroids grew access. well. do are branded the now. insurance year it insurance slower focusing is flat. but of in adoption prescription also reported to down a give was growth in the magnitude, sure Eucrisa in adjust of market And both. while which churn efforts by entrenched And broaden has to as to Right trial attributable you in in been demand, right use atopic to

Charles E. Triano

Albert. Thanks,

please? question, Next

Operator

Baum Your next Andrew comes question Citi. from from

Andrew S. Baum

of Thank questions, please. you. couple A

from observations board an comments, Ibrance you increase on pressure the as together your in mature significant Mikael, driven committed acquisition, competitors we appreciation biosimilars the finally, adoption for by your Frank, with well a your do your for of in adjuvant premium And biotech U.S. business, on first, XXXX? under additional perhaps, the for feeds Second, in thanks. and of PALLAS Firstly, insurers trial year? what buybacks its on further strength interim expect expect collective the Many given we already should you've U.S., some and top as this place? the given to expect the this biosimilars, of on and into capital products Ian HHS, vertical FDA, allocation, taking Ian, about on biosimilars pipeline should integration taking the

Ian C. Read

administration that efforts. So the our Andrew, U.S. we with an companies on effort system. the the believe will take in entrenched it biosimilars, own move given advantage continue rebating make the the substantial that But the commercial I have progress to to market, over by

forward looking good that. that look PALLAS, And to from growth area. the action I'm the for a will Mikael? any So post on But to that administration. from activity said, we certainly being continue in administration it accelerate

Mikael Dolsten

encouraged to have strengths very in to cancer adjuvant date, tumor number has the early intermediate Yeah, studies very treatment which to new and in we PALLAS trial high-risk run sufficient the early of of for been the in breast remain the based primary and of cancer breast for much confidence metastatic have IBRANCE that We XXXX positive. events. about other same on type completion translation adjuvant expect the is until

Ian C. Read

Okay.

Andrew. on undervalued. you, would make to ask a of capital I So pipeline allocation. with comment XXX% Frank I would is agree quick the

Frank A. D'Amelio

allocation, sense. of $X.X capital to buybacks, our it question, in you to in average in the of on X.X the worth of history, repurchased billion $XX.X They average at at so makes back remain dividends, $XX.XX. our priorities little changed. your answer an where first investing we quarter Andrew, shares, $XX.XX. a price price if go business, haven't buybacks, share shares we've and to of terms Yeah, Specific buybacks M&A XXXX retired share And billion billion did an just in

trade. been it's good a So very

what do we we'll And anything Once XX repurchase announced that months buybacks. that which then for we In terms decision $X to billion this you where accelerated or to really several are. on completes, forward, a further of March that make of we'll assess take share not on year. whether me, going It'll on complete. is asked

Charles E. Triano

Thank you, Frank.

Next question, please, operator?

Operator

next Morgan Risinger Your from comes from Stanley. question David

David R. Risinger

bit Yeah, much. wanted for Ibrance opportunity stage thanks the cancer. breast to I early on very a in in deeper dig just little

Ibrance I that then, trial? understand it's I your trial? commented prior that for neoadjuvant, the you to question. in hoping First, adjuvant that could it's small. Mikael, setting response in was PALLET could And you please discuss It's the that NSABP's a I know But Ibrance weeks. the and expectations on XX you frame

So Thank PENELOPE-B, success level if confidence of PALLAS you and could in XXXX? and just those you. trials, comment about in of your both both late

Ian C. Read

it. all Albert, to sorry, yours. No, Mikael we need answer

Mikael Dolsten

you. Thank Yeah.

a very First by the Washington have and it studies of study, will based run that you previous reported responses, robust cell we impressive a which similar setting. [Dr. a very And Ki-XX in see it's soon patient they collaborative in Dr. I it's Matthew] also complete PALLAS adjuvant, such signal arrest quite showed endpoint, to in think confidence fall. a we study we profound study to [Cynthia] the organization, the all, high that Ellis of by on responses, PALLAS same cycle will think but complete similar used the the population marker. academic, on a proliferation Ma and that And study University's relatively to. primary the – and the run very referred neoadjuvant readout be as very

benefit on to So cancer for [-B] a that of and we metastatic Ibrance should adjuvant pilot science. a a strong twice I have into of patients, event-driven, on therefore population And population. big view hopefully, optimistic early have trials that we as good may PENELOPE expand the PALLAS in the based confidence a as very of outcome previous breast think be

those see to forward look we So conclude. studies

Charles E. Triano

Thank you, Mikael.

question, Next operator? please,

Operator

from K. Vamil Vamil from Great. much so Credit (USA) the Your Divan next questions. Divan - Thanks LLC Credit Suisse. comes Securities taking for question Suisse

that you a its also through Just then went date seen concerns the the action a Xeljanz. less the you as that little of The what And frame (XX:XX), the thromboembolic maybe around side, opportunity UC process. And ahead just there's on baracitim as on for if review what product with given side been biosimilar disorders month. wondering see that next can couple innovative had with I'm we of was bit questions, if just any expected. on product, some driven little impact one that Biogen/Samsung? is a And so did have has sequentially more of give in it due selling if Europe, on other and much. is just Thanks But driving a Celltrion exactly developed to is by just was you little a as last it can more from Or Remicade. product question fact competition, bit the a just clarity competition. is on it driven noticed distributors by I what quarter well? the assume it if biosimilar that. it decline wondering I than

Ian C. Read

Albert, if you. both take Thank you questions? could those

Albert Bourla

the like Yes. Xeljanz XX% Particularly was quarter XX%. revenues up were referred, growth you in U.S. this the

However, grew XX%. the scripts

fact also gap the already of in sizable patterns the and a companies And buying that as quarter the is reported. that between months this we said, see quarter. is other But there this Eucrisa, after that sales. most with the So is in the attributable, I scripts normalized that, as

as as that on Xeljanz regard we not of there is correlation is scripts type a have we And do of So this said, repeatedly side with in any any no that effects. there slowdown think concern.

In approximately X.X to under it as Going the registration. people. $X UC, the billion, it large. is it affects is, the approximately million is of you know, market, opportunity, GX, The

We efficacy We for committee. and very safety Xeljanz in study the the Study by positive a of OPAL UC. are advisory psoriatic results very had OCTAVE encouraged and arthritis for

the have regulators. that near expect be frankly, We the very interactions we in product positive will approved future. And with

in Remicade. globally I are how are international XX% And on we the XX% grew we self, ulcers. very evolving with Now, last frankly. markets, versus things cannot happy year. our But comment and

Charles E. Triano

Albert. you, Thank right. All

Albert Bourla

some in the practices. is contracting is the than history whatever disproportionately U.S., penetration of there's smaller where rest the of world, in because Our happening

Charles E. Triano

Albert. Thanks,

question, operator? please, Next

Operator

Boris John from SunTrust. comes from question next Your

John T. Boris

the results. taking questions, on congrats for Thanks your and

First Mikael. one for both and Ian

with going franchise [Therapeutics], of Certainly If your IX very other and orphan makings important might strategic a disease seems at and decent area. the programs VIII platform. along Spark your sized with through assets pipeline, of your forward, portfolio you therapy assets, a along though tafamidis hemophilia and certainly business, Factor your as have gene be your that look you with

just Mikael. So, Ian, build-out pipeline thoughts that of around and also, your that the

policies of that you you direction incrementally about favor policies Second the to think of On are pretty That are create more resolve a but ball that? any try the could seems some has What Thanks. then move and And when income, guiding needle to then just stimulate Herceptin could to $XXX think vocal commentary competition. the and And on only other the some move Frank. dozen was for and million. lastly, the in million biosimilar And biosimilars with the on in What Letter? little pulls biosimilar been FDA more in to going development, quarter, you're procedures a and might try forward? of be question pushes new low. that $XXX there? Complete advancing policies your you Response

Ian C. Read

we don't a our about If of don't Mikael? have to Thank in a our I portfolio? I internally talk disease them. opportunities it. lot investment. why capital little restrictions bit we'll with. think you. there's investing believe But we Mikael, substrate in see take orphan outside, we're work any you

Mikael Dolsten

A marketplace we on and treating presence in with know, successful Basically, the Yeah. and hemophilia some and you. disease. Thank you B. history are also Hemophilia, we interest focused have as metabolic neuromuscular rare disease in a long hemophilia

are concept based successfully for B therapy, is concluded in We is proved Spark with our and pivotal progressing on excited studies. successfully very towards gene partnership program that about hemophilia

[Therapeutics], monoclonal Sangamo dose subcutaneous also weekly really in we partnered it's a some have We have hemophilia, convenient encouraging where we've types Pfizer seen we interesting a progress Also escalation. hemophilia And of for all early TFPI sign. against for where antibody think make we A, a with delivery portfolio.

a a in the tafamidis, And Duchenne's, sickle side, cardiomyopathy And for disease upon advance Ian that regulatory readout gene monoclonal look – cell antibody dialogues. readout have out Disease, alluded high-reward have myostatin year neuromuscular with which started On much forward the in the look has for mechanism of are course and very therapy swiftly disease, Phase forward we data to we the as we a X. rivipansel. Duchenne's. on in against opportunity. And that we with based end-of-the-year high-risk we end And also also of in pivotal within our to opportunity to hematology component year finally, well the another encouragement of likely Rare we of played with the look share

internal immunotherapy And we modalities we do well in are well-resourced and as to we As continue non-in-therapy will bolt-on well capability, Ian all end-to-end licensing accelerate. as to as modalities. alluded think to, flash as with

Ian C. Read

Frank? Other you. Thank income deductions,

Frank A. D'Amelio

a so, good income for quarter income was other $XXX for Yeah, million guy, the the about John, actually quarter.

the way going to We there. is for is relative major about really $XXX expense, in equity $XXX million. one-time don't one tune securities. that the interest million Interest the about we million. about One to And gains we drivers for then million So XXX $XXX the year, million. or And try quarter, on the ticket unrealized had project those. to forward. of net some milestone could those other big turn three expense. Interest payments had income $XX And item then third the

When $XXX the put at million. we in about to interest the quarter out, we net other year. that prudent income going approximately million the think net expense forward of remainder You together, it's for $XXX that leave per

Ian C. Read

biosimilars, Herceptin including Albert,

Albert Bourla

Yes.

very share we actions translate tangible there penetration the the by people just start XX%. and is encouraged something these X%, the it's In so are first – mind of reverse the me infliximab. take U.S., that Europe, FDA that. let's situation. policy In wait Keep other the is that was words now biosimilars. can with in administration. with in into around the to Let of words biosimilars Trump's We Look, wrong one our

Ian C. Read

closed not But systems. in

Albert Bourla

for thank raising that. you Actually,

that our when in systems. – You have provider are of comes closed when person want we the And systems, in this to Closed win. prevails. person to is it in the always with sales quarter. And who we closed we coming same what payer. this the is XX% meaning value, see see Half systems the

a do nothing be action manufacturing that queries Letter we will abilities. information to to And something questions FDA. the But clinical our nor think submitted. date. think from actually, pertaining I that on that Basically they plans We will We able clarify clarifications. question to this either with it would to any Complete impact were data launch nevertheless, safety we had not unexpectedly to not times our technical receive, at that launch before Response to FDA FDA trastuzumab. Now approved come asking have like our did didn't was want and that anticipate protected a your We related – the to trastuzumab. Response respond back additional of get to do to this Complete those about to Letter.

Charles E. Triano

All right. Thanks, Albert.

question, please? Next

Operator

comes Your question from JPMorgan. Chris next Schott from

Christopher Schott

Good. Thanks questions. very much for the

to little product injectable little more Health we you suggests Maybe potential there? you on refile Or size here. Thanks just on very ATTR-ACT going was we the bit have you I you're run studies erosion. additional how Hospira a over at once bit just just you the of data talk a second on polyneuropathy? on you for resolving? but do two the expect capacity? were the Essential Just comment be the be pursuing? to results year, believe Could year the about Can showing flat Could population legacy some in tafamidis. you And cardiomyopathy that the do back can shortages? first share How get see setting? issues And said question recapture quickly think can you're in color business. the you QX if still believe normalized patient so, to this business you you And much. these

Ian C. Read

handle as ask to Albert, why don't you and questions, you those see fit? Mikael comment

Albert Bourla

injectables. declined despite of X%, portfolio general Xvery was in because legacy, – comment, believe from Hospira the decline divestment last the of much, flat legacy this partly know, exclusivities. we to Most We with revenues that the Ian. Look fail sterile device you of as roughly Pfizer, our you PEH, the Thank But the be you year the of decline we XX%, the will year. supplies see business Yes. but that came loss also this businesses, X%. do from compared a think because the only I the of

quarter. and next will I as then think see the we a decline had quarter, see likely we And well. this fourth in growth third we'll decline quarter the

the very be situation. anticipate the we'll in our and year. plans modernize we And guidance this flat. provided, incorporated overall, of So continue into beginning roughly upgrade facilities that we We comprehensive the these Hospira. remediation Frank have And to

FDA. the this manufacturing with contact we And into increased constant in are We our substantially site. have investments

flat. And year, start we we more then believe be said capacity that So do as we will next available now. providing I much we will not that have

As on is unfortunately I less disease. almost life And comment it fatal regards with It of And rare tafamidis, is the expected Mikael death cardiomyopathy they disease. people disease unfortunately. that but is several a let make is market opportunity, thousand. three to the diagnosed TTR diagnosed are this The of years are currently disease, to to it X% more this a than People ask the then of a have into a me and scientific expectancy the help will a is The is seven in that progressive question. number like prevalence the already, U.S. sentence. unknown,

working options. no we So provide towards assistance to people we that this of virtually those to able have Mikael? awareness meaningful by and diagnostic disease, will be that believe they improving rates

Mikael Dolsten

was That the disease. background you. Thank terrific of

wild only as of life. – vastly has a diagnostic to. Albert driven prognosis longer figures this we've estimating very like before would by drug to the just likely amyloidosis opportunities increasing that are think for than have There's of availability progress seen to do be cardiomyopathy. regulatory can it to there more an some now efficient tafamidis, availability diagnose population. on is TTR is type, a patients caused the external is there I what said. So growing drugs type in to related with systemic be XXX,XXX And mutant This data form in diagnosed contributed by Its to that But pending underdiagnosed. of patients type, more with allow tools aging diagnosis wild U.S., may they potentially incentives more its also cardiomyopathy be disease treated time early wild that the age course increase we Albert in the also will do the And manner. be and dramatically large dire alluded in dialogues, senile and easily can that build recent suggests earlier

data excited patients. diagnosis, disease the to cardiomyopathy. we're of wild contribute this, on early regulators having why to look with how set about this that's And type and awareness to TTR the So we help dialogues to large forward potentially

Albert Bourla

Wild And and... of types, the Mikael, both included population types study, right? our

Mikael Dolsten

It does.

many be centers, But Of disease course the patient as grows, initially, cardiology clinics. be academic the will likely which I awareness medical group shared. will with the is of number diagnosed mainly fraction a at accessible

Charles E. Triano

All Mikael. right. you, both, Thank Albert and

Next question, please?

Operator

Steve next Your question Cowen. comes from Scala from

Steve Scala

Thank you. with sales Ibrance flat EU QX were of that in QX XXXX.

I nice have expected QX, Given would the in sales recovery. negative a

Xeljanz data with patients QX? and for It explanation And you'll this tafamidis, have just present but answer you disease label stocking confirm. is a prior on data were can broad And predominantly clarify like the neurological the sorry you yes Ibrance year, lastly, on a what very the So this for just a of much. get and manifestation and ask speak severities? that label the broad is in covering price both, Thank Second, range to please you you sounds numbers specifically? but on to answers. disparity? can to Based again, then

Ian C. Read

you on for the brief comment and could avenues potential Mikael, diagnosis give a labeling?

Mikael Dolsten

for very we it Concerning we patients we you neuropathy, nature. trials, have in cover though, in on at the would registered dialogues that for And earlier do believe have a in label have opportunity registration broad multiple various was cardiomyopathy. as the to they're an well comprehensive will data certainly discuss at sufficient we date, do tafamidis. on for opportunity Yeah, many But that an doing alluded in smaller Europe. And FDA opportunity Europe we to population, look to. that with the divisions patient

Ian C. Read

the are in on Europe, of the get is it's total relevant very in for value a at for price products, looking get On phase protocols difficult or to matter. you a under that final sell to read the price, question, not very when a U.S. the listings you that necessarily Ibrance you of often emergency the as price to

an uptake physicians us of revenue, So Ibrance we Ibrance. impact in a on And growing a with increase the to adjust and patient of robust we very sustained opportunity of that substantial see see we course number Europe. for as will levels the give reimbursement

do have want So around access. I we very of do to when for in we access is think the Albert, future you add we growth negotiate feel Europe. And and to strong we anything this strategy what questions? part a

Albert Bourla

Europe, we are prices very you priced in with that it represent the they usually say we line And For got said what good think And that are Europe. products in value. well. I'd

Ian C. Read

And are. the – inventory general, specialty. strong the we a difficult we a of inventory whereas very it's of to very don't very what – – very it's with well it's control, levels distributors in levels in And have the for we because know can lot movement us measure that,

pricing believe So scripts the it's that that We by where the effect. we net were revenue was. deduction, a know We don't we know know up.

difference, has inventory So it movements. to be by

Albert Bourla

And gap, that of inventory because the of is calculations most it add just movement. that reveal to our

Ian C. Read

Yes.

Charles E. Triano

Great. Thank you.

Next question, please?

Operator

BMO. Alex question from comes from next Your Arfaei

Alex Arfaei

the Okay. Good for questions. you folks. morning, taking Thank

of comment Xeljanz expected a a their to Roughly, And from you. And for you could opposed in would there. you what biosimilars. on follow-up coming Xeljanz. Europeans Wondering are Specifically, tailwind of TNF biosimilars. biosimilar thoughts your U.S. on First a as could products proportion able that is key patients the in implications if some both timeframes for launch pipeline? adoption appears TNF-naïve some for the get provide to on It I more aggressive the experienced? becoming that of as your headwind Thank Xeljanz and be in biosimilars the Europe? of

Ian C. Read

this? to you like Albert, would address

Albert Bourla

Yes.

question, patients Xeljanz estimate And... of XX% comes than patients. our from more the naïve On that we

Ian C. Read

It's majority think, marketplace I to question, usage not the is actual naïve in slow. of And just growth the itself product. that the Europe It's the TNFs, the because other opportunities the the Xeljanz is in are beginning. of

who've Xeljanz. to converted be people TNF to has it using from So over

with go important from Xeljanz of ourselves off usage think it's TNFs The a that we allows to lot thing is us they monotherapy, the distinguish as in patent. which

rate growth aggressive Xeljanz as a see I our very very So Europe a and growth rate for aggressive in biosimilars for well.

Charles E. Triano

you. Thank

please? question, Next

Operator

from Butler question Your Tony from Guggenheim Partners. comes next

Tony Butler

or Mikael, actually lung from or a forward? particular simply monotherapy, relative patients, everybody? what's Thanks Is of to position much. questions. to actually as histology that you brief change And very or one is given in moving does Bavencio a monotherapy, other that of as Thanks. to any may who combinations outcome a will feel occur combinations change identifying that, the then perhaps Two a I-O be JAVELIN combination study, the may the the second outcome the JAVELIN that your Pfizer of focus does difference lung and/or strategy lung? there result for that strategy, or respond for

Ian C. Read

strategy. to Albert the perhaps may anything then And or commercial add on Mikael. want strategy

Mikael Dolsten

gastric was light over second very maintenance high always first with been we've have five endpoint And And from way as the are as Bavencio five XX to and only first one line for months, chemo. PD-LX. and tumor combinations pivotal chemo. we them and next PFS longer hierarchical Bavencio overall of the which with lung with focusing designed the survival. It And is line line. Yeah, on types, targeted renal, ovarian, off six in combinations as the second monotherapy chemo, the term. off therapy, go the to Bladder a over and contains first including readout as line differently maintenance of combined the lung, a intermediate for readouts across PD-LX

either we earlier. agent to PD So to or mitigate impact any from control able marketed second I will line group be think in we recorded crossover that the

good the combination feel that good clinical course pivotal are but next earlier of not And generate many will readouts about we this XX the months. So pretty of data. in cohort studies

Ian C. Read

Mikael. you, Thank

Charles E. Triano

Great. can question, last take Thank you, please. Mikael. we And, operator, one if

Operator

comes Your Marc final from from question Goodman UBS.

Marc Goodman

work just on Mikael, I the give in curious what's little just us and just continuation how how should as be And I Prevnar, your you the a can on there. growth you a put about U.S., you about on was much development think TMB U.S. going into the think Yeah, I-O. then And color that? know biomarker? on thoughts, Thanks. a

Mikael Dolsten

biomarkers knowledge, PFS concerning think data PFS at it's that is, we TMB, this best stage, think and PD-LX the survival, biomarker both I overall Concerning data solid interesting the and right while far of is now to reported beyond data. less has PD-LX. explore my additional mainly OS To TMB

to analyze time will numerous we be said we to to previously those But need combinations. utilize obviously strategy how think to go pieces ways high I drug responders. our But TMB as more with will understand fit I So have to into think the it's it. way information

Ian C. Read

Albert?

Albert Bourla

the Prevnar. on Yes,

declined want of First you expect U.S. of main in have we overall emerging just say we sales the the the significant also decline China, very And emphasize that to that is But where driver factors. most this all X%. good in were XX%. had to the was the as mentioned, to I slightly important we launched And multiple markets. growth We XX% is growth. uptake. due But with will

one for, a governmental Pediatric can specific and this And combination XX%, pediatric. is you when both and month patterns. purely decline. your CDC, the but a declined purchases, can they of CDC the had was the This U.S. that purchasing other, growth. the we've information common. is XX% you or Now adult In actually that U.S. big asked affect happen have

pediatric grow penetrations. coming it And more Actually, are the state declines adult So I is eventually as for U.S. X%. the we think down to slowing positive, are we we fact that the year. declined U.S. the think the steady will adult of that the rather now

Charles E. Triano

this Albert, Thank and for Great. your thank everybody, you, attention you, morning.

Operator

Earnings Pfizer's Ladies and for Quarter participation. XXXX this your Thank concludes Conference gentlemen, Call. First you

You now disconnect. may

Pfizer (PFE) 1 May 182018 Q1 Earnings call transcript