PFE - Earnings call transcript Q3 2018

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Operator

Good day, everyone, and welcome to Pfizer's Third 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 third morning for today joining review Good Frank Mikael I'm Doug Health; CEO, and Health; Bourla, Officer; John Ian Counsel. today Development; Lankler, Read; our joined by President, President, Albert our our our Angela Hwang, Young, Chief General Pfizer Worldwide Group President and of Dolsten, Chairman Group and D'Amelio, Research CFO; Essential Operating Innovative Pfizer pfizer.com/investors. be that will on viewed be on can website, slides The this our presented call

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

Notice morning the issued these to call of on during Additional revise date release statements. we speak well press as Form obligation section statements as or in we undertake XXXX information factors XX-K. the regarding these annual of this earnings this any no only update in is of And as Pfizer's discussed forward-looking report this call. original The Disclosure the under

and During similar question-and-answer other Ian, we U.S. will U.S. GAAP, that, Read. and prepared to the move comparable and substitutes Frank most prepared XXXX. accordance financial call calculations measures U.S. non-GAAP also financial now to turn Accepted include be our With not XX, Any in dated those GAAP, now Generally viewed should of no Principles. over not, by can measures directly be Ian the to measures Pfizer's in companies. comparable Accounting found will remarks, measures prescribed may for as, have Reconciliation GAAP at measures financial a I'll October then with be were that to and Ian? call, non-GAAP we presented X-K make today, required session. measures will not of standardized Albert, certain financial by are Form not meaning the

Ian C. Read

good morning, and Chuck, you, everyone. Thank

share of pricing industry-wide with the solidified During strength shortages Hospira within of within the Innovative in continued about businesses progress we the discuss then my making line latest to quarter, discuss XXXX, advancements R&D by of were These up driven X% exclusivity remarks, the key the Established the our third Products, I to brands, are of are company continued in by and prepare drivers our markets. total will of a future. strength in some the to at each well inventory had very U.S. loss Health. top line quarter, business the new in growth a associated accelerate we Albert steps In were challenges, the driven XX% decline inhibitor each pipeline. X/X with I legacy taking top in products. to will company of and starting under ask Legacy X% operationally, by just medicines. leadership as begin of biggest our with our its selling reduction a remain product position the terms few several class I'll holding volume. which supply solid has This growing the CDK of prescription U.S., the related in another businesses, to its Pfizer performance revenues biosimilars, offset partially operationally, of in words a Ibrance, We emerging growth December as our U.S. Viagra and thanks of pleased

Europe remains we driver growth particularly solid the Japan. international across of and another had growth there. current Ibrance for markets, Our And quarter

second X% up in over a For year-over-year Xtandi, were the alliance the U.S. growth. XX% and quarter revenues

cancer, July Xtandi rheumatoid due wore early to nonmetastatic the was XXXX. maintain into quarter the one that study the payments largely operationally partially our And in in continues in ulcerative approved treatment up approval, total the Eliquis and following bolstered XX year-to-date demand a And continued from with for performance, million. based approved perform are arthritis men number medication some NOAC colitis. brand, PROSPER Xeljanz government it in with arthritis by in XXXX to nearly continues disconnect Prevnar up early castration of castration The driven very in strong higher Sales the class. the scripts timing China. of for prescription in metastatic the and launch U.S. in oral the PROSPER leadership main European prescription $XXX launch between XX% both psoriatic drug's revenue the by Xtandi an to growth resistant cancer. resistant and emerging one-time for to growth of on the up and volume a Eliquis in U.S., position There recently the prostate with We of in high made risk the become also and to and Warfarin XX% markets, also increased data. the well. FDA Xeljanz customer. for expansion operationally. U.S. share the positive the contributions was business, Sales market pediatric Commission the adult overtook operationally total This were were XX% up by access prostate were purchases. nonmetastatic Eliquis well only strong revenues XX% quarter true-up seeing OAC offset of XX% number the are which Gavi prescribing this revenue Pfizer's first third with recent the reason is U.S. for with compared to quarter it. growth the in were growth up one urologists indicators has revenues continues perform

while expect this calendar Healthcare internationally, of continue made business the end we to strategic slightly impact posted Nexium strong of and by alternatives be regarding Finally, XXHR, revenues year. due growth LOE our the for will review U.S. the decision were to options Consumer business down a

within Emerging pharmaceuticals operationally growth in large biosimilars. Health ongoing developed product portfolio Overall, in markets Essential a We product quarter, continuing Legacy Inflectra during in quarter, part Lyrica in in business, decline well as revenue business again Products as injectable biosimilars Essential Europe. in Turning in Established by the Health Pfizer for in and growth in the now U.S. markets. declined, quarter and primarily to the shortages once and the the Essential developed grew operational sterile in revenues injectable growth in sterile XX% to the reflecting Products Revenues continued developed certain from across strong primarily channels operationally markets China. for the namely supply portfolio developed Established Europe, grew Health. however, XX% for Legacy business due the our LOEs, markets driven saw emerging

to injectables Nivestim, shipping to the impact In U.S. biosimilar to new manufacturing to constraints to continue biosimilars the line. end U.S. market sterile continue at the Neupogen. We our began top our supply business, September. and bring of a in wholesalers

be We expect expect these to this continue business issues to we to be of And by solid contributor the significantly future. in XXXX. end the growth a improved

to strengthen continue We and advance pipeline. R&D our

of recent me combination cardiovascular-related our tafamidis were more our all-cause study promising Let Diseases, with In and hospitalizations ATTR-CM. Phase mortality in a data tafamidis results of ATTR-ACT some Rare touch patients significantly very X developments. showed The reduced on that positive.

the been estimate American ATTR-CM and underserved Study breakthrough market. plan partners disease, the of a fast we exact for no Medicine, unknown, current treatments are tanezumab ATTR-CM, less holds designations. the a of this track diagnosed. have Rheumatology submitted College XXXX for approved a of prevalence global our with the Tafamidis our positive being the the readout submission formal There we Internal nature tremendously the patients therapy development quarter. the than though Lilly, recently at along during currently tanezumab presented currently NDA making And In clinical Meeting. with X% was of program. rolling Given is for Annual This it Eli results first

two In X the Phase half received for we month, of treatment lung Two a of XXXX. readouts, FDA. metastatic tanezumab's Talzenna, talazoparib, cancer. are which clinical the types or expected rare-to-treat mutated Oncology of EGFR received most approval line are for under fully profile, treatment recently common in characterize of with cancer. FDA non-small our Earlier and for other innovative glasdegib, lorlatinib medicines. review dacomitinib, the this approval or breast first Additional the Oncology, patients will priority for September, of we candidates, the Vizimpro, with cell In more first approved

of receive We before for to decisions both end year. the the expect

patients recently also presented Phase advanced renal this discussing We for these carcinoma. regulators at with ESMO forward. cell potential We're for excited about Inlyta interim with Bavencio appropriate to X we've path plus data been determine an results And opportunity.

disease inhibitor by alopecia of for treatment encouraged patients JAK this of received recent Inlyta FDA. that and the has JAKX severe choice in inhibitors also other that inhibitor to moderate as breakthrough atopic severe for In designations to Phase immune The areata. will designation start four being candidate JAKX the are approved vaccine recruiting. upcoming our breakthrough Vaccines, September is an which currently months studied candidate been The treatments. trial, advanced actively trials JAKX our year, We dermatitis inhibitor for candidate with we patients X moderate to a therapy in across received U.S.A. Xb/X of TKI our Phase and the In Immunology, with in the our that alopecia two treatment now checkpoint XX-valiant this Inflammation the reinforcing has areata, from combination JAKX has data for conjugate condition. have are announced no of pneumococcal with

months. few to We Phase in a trials start expect X

Clover positioned this subjects. more Phase Difficile XX,XXX vaccine X a of XX% in and for than schedule believe with study C. we ahead to We have Our now enroll to first-in-class potential continues enrolled infection. is remain

have continue for We in expand we are a vaccine the we can fast candidate through see pivotal track discussions to to these Overall, also X with to We're ensure X up XX Phase where the study with potentially And approvals number to maximum the to FDA to Phase become study. need half advancing for of will Staphylococcus to who launched aureus XXXX, the an environment a tetravalent be potential designation. are medicines help XX working in potential the people which them. they of blockbusters. approximately be

care patients and the to more the at continue with point burden access, his the system, for strengthening of the on We on relieving work providing sale. President blueprint health

we recently for the program request Medicare information Part responded acquisition B. the to administration's reviving example, in For on competitive

by alternative robust vendors, or continue our are believe medicines just of deliver company future, the and bill positioned supportive In by shareholder we facilitated to remain one on many in two market-based and not the the current one to growth accelerated new a prepare deliver that and for PDMs competition patients, voluntary value. strategy physicians includes and enhanced to participation developing well summary, system, We (XX:XX). for we buy create

of January on shares continued month, undervalued. I opportunities. in help Bourla remain patients Albert's company's confident that we knowledge the shares outstanding a to and fact, business, have and succeed foundations deep our putting build grasp believe me place. we on structure maximize growth as will past over place is for that to am have CEO Albert firm the that leadership And Earlier in as repurchase our he announced months, X. the issues, In this few caring we extensive will Pfizer our team put the of continue will we

Now on turn focusing be over assumes will I about of to will role share who Albert, some will Albert? the it when thoughts he CEO. what he

Albert Bourla

Thank the preparing and will significant decline negatively a competitive range a next era to expect growth, a core that Pfizer has everyone. that revenue due become impact of to loss our grow pipeline is sustained LOE R&D Lyrica two morning, following advantage. continue impacts, we and then our of periods an in unprecedented exclusivity to years. opportunities what After stability, have and wide you, prolonged of be Ian, the strong, good impact We growth and for brands deep the to of now of

with together, important and this opportunities. in provides of both terms Taken us future in-market breadth

that company working are this have the pivots to we And a evolution. are quickly to grow. We adjustments natural already when begun make needed

and will to will unique As you dynamics positioned take growth three each that of of we the organizing be by markets. their in We be summer opportunities, individual advantage the driven know, the announced businesses. believe back evolving new well into we company

the deliver our Innovative business this primary science-based several medicines and to we both innovative next and the scientific years. substantial most potential are segment will believe Our And opportunity, decisions be make growth commercial In drive allocation innovation. to prospects Pfizer breakthrough strong. to capital maximize We our unique positioned five new is in need Medicines to this in business. right well order

our opportunities, matures, indirect new progression and To incremental commercialization as particularly opportunities, pivotal R&D As initiation our we to with the in creation cost offset cost need to generate reduction pipeline in activities. will delivers potentially we of trials, increases, new need the current our pipeline increase we investments will increase will investments. of SI&A. market our And new these partially

We not layers. spans Medicines offsetting taking increase decision generate so, making. but, organizational business, brands, is of steps emerging our doing to majority organization, only which believe Urbanization expedite reduce oral growth. the access of are markets, will By particularly We creating Established reduce to partially additional to include revenue control, generate solid more to in importantly, of simplify and savings, bureaucracy sustainable legacy we of for medicines expect that these off-patent our in the potential hundreds the Asia, has dose opportunities millions for people. modest and

up currently and market. and true positioned organization, a company autonomy, particularly are stand-alone to within to in in focused this as Pfizer. significant be on rapidly pharmaceutical We standing division this growing operate leading China, positioning well the its Asia, leader As we in believe are enhancing we and a

an healthy to health with seeking well growth. counter. a wellness on to focus wellness, prevention business our increasing strong and Healthcare brands are patients positioned are With over Consumer global access its that continue living, solutions the Finally, that span is portfolio and of easier

we patients. designed further we and for adjustments medicines announced As to strengthens this to more deliver leadership make expect were These business, a important exploring to Earlier our this to continue create year-end. vaccines a executive decision Ian to that team. said, effective changes options month, ability structure and the by we

opportunity, incredible execution. activity January for must focused smooth Ian's this we M&A capitalize X, reiterate leadership we leadership, will strong need continue the set to Under strategy, that and a process, a new the this place not have have we context, when thoughtful time. transition I the As on our we succession best successful highly pipeline in large-scale we have at course. on executive history. believe a ensure clear result we that organization, remain and a any To team. we a this see would of Today, we very In right in

opportunity to the the global to over to this As next XX impact on a an a you and, Pfizer course, Ian new Executive this my and with mentor my new we health, other in my shareholders have and stakeholders. with with Chairman, all role. working closely have as impact to to with the with to X new in and his board, capacity benefits team extending era lead I leadership result, forward of working profound of patients years look more in of

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

Frank A. D'Amelio

Thanks, Albert. Good everyone. day,

the to included webcast. reviewing in always, be As our today charts are I'm going

on to moving Now financials. the

or $XX.X the of revenues unfavorable million XXXX growth of which quarter impact X%. operational were exchange, and $XXX reflects Third approximately or $XXX million X%, foreign billion,

and were Legacy a inclusion the which offset in the sterile X% in of U.S. all the injectables in Viagra operational markets, revenues industry-wide offset operational markets, in generic partially mainly Hospira most Europe shortages markets, decline primarily for due our primarily operational due and to competition. U.S. December mainly U.S., pricing in developed third revenues by and portfolio operationally, developed legacy operational quarter of Essential for driven Eliquis U.S., challenges and revenue portfolios by Innovative in third driven in in Our product Established of injectables international X% recorded and certain in primarily continued decreased business Products were of channels in growth developed the decreased by in in in Inflectra Health U.S. reflecting growth competition, portfolio XX% XX% driven Health the operational loss of developed markets, growth a markets, in which Revenues the the partially and Viagra XX in to Ibrance a all Europe. exclusivity of due U.S. the Enbrel biosimilar primarily to Xtandi decline the in and the in in China, markets, Products and in growth sterile biosimilars Xeljanz in and in quarter, Established Canada, developed globally, continued in the emerging Prevnar XX% by the mainly and Legacy business X% by XXXX

diluted outstanding during Third of primarily higher quarter, weighted in other rate, Adjusted for with diluted share repurchase point diluted tax shares quarter XX by $X.XX rate, higher to to average due in by repurchased exchange. effective shares quarter was higher The program, million the quarter. a effective shares revenues. income, our was compared declined increase $X.XX revenues, income, impact lower offset reported the and $X.XX lower to third share-based want programs. to versus due a XXXX, employee dilution related primarily $X.XX, the higher compensation EPS versus year-ago EPS to year-ago and that I reflecting the tax ongoing due the year-ago other quarter, foreign primarily partially out was

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

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

see, in revenues, the revenue can product guidance was by shortages related to narrowed $XXX Essential due our $XX foreign you the recent lower-than-anticipated largely midpoint to primarily XXXX sterile to U.S. exchange billion, billion range in to million, Hospira and injectable we legacy continued rates. reducing As Health $XX.X changes unfavorable which

to year SI&A range to sales range addition, expenses adjusted the now approximately In of and be adjusted billion percentage $XX be which billion, repurchases of hasn't of billion $X.X assumes to which in diluted per adjusted the of to the completed year. of to billion as changed, in the we $X.XX been has $XX range XX.X% revenues implying in the to to of income XXXX, be other expect approximately of a billion, date. $X cost be $X.XX guidance share XX.X%, of midpoint in $XX.X growth XX% This EPS over share, adjusted anticipated to

our have As share $X.X of under repurchase remaining authorization. we today, current billion

guidance income for R&D on did expenses XXXX Our and tax effective adjusted change. not rate

We billion tax rate to continue expenses billion, and range to be XX%. effective the $X.X in be expect $X.X of and the to approximately R&D

income, some commentary. Turning to additional provide other I'd like to

mark-to-market to and increase on gains other extent, forecast income gains for securities First, be and licensing end ownership and a the collaborations, increased the realized does new potential was income the for year further any from the potential due note to two for year. payments; mainly unrealized want this of the changes through the remind our that accounting Allergene in not a highly quarter changes gains agreements, include lesser on ICU of XXXX. and value It's equity to to because on to of important remainder further that guidance variable Medical in factors, continue will and third investments for equity also guidance losses losses other our (XX:XX). income of for you I equity current our milestone

these $XXX neratinib combined versus approximately this point, net core from point deductions this market-to-market annual an income at of a for one-time dividend to royalty million. give of want income factors, of credit other takes $XXX expectations roughly as components the anticipated such to could flat the XXXX, gains as newer Prezista, and million, such income $XXX Looking approximately baseline provide pension from interest of time million, inclusion a rate forward our of to XXXX and to as ViiV the our are puts reasonably we I of of and running components or billion, estimate million you as core and Interest prior of original XXXX. to At $XXX that which for starting at partnership, products items approximately other well Xtandi, expense income $X.X losses. approximately

our results. conjunction provide XXXX has our As guidance financial in we will our practice, annual fourth been quarter with

and narrowed key Moving We X% in XXXX versus with our on diluted quarter. results quarter a growth midpoint of solid operational prior-year takeaways. We adjusted financial revenue the financial certain the has and as this components increase to updated third in changed. diluted $XX delivered XXXX, guidance. billion to The XXXX return of and not XX% EPS product billion of to repurchases. key And our XX, milestones. shareholders of expect returned share range EPS October $XX pipeline accomplished we We approximately We and directly adjusted dividends through shareholders to several year.

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

it Now back I'll to Chuck. turn

Charles E. Triano

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

Operator

Alex Your from first from comes question Arfaei BMO.

Alex Arfaei

you've mentioned Oh, you growth after XXXX. now steady repeatedly great. Thank Folks, very much. prospects

have growth you not by diagnosing that And specifically we're What that the characterized mid-single side. given you more the research digits starting in your of well think as suggests performance. patients. our strong on ones are I'm growth the drivers Street, on for I tafamidis, your nonbiopsy revenue from the that And are using think current to then it key perspective? centers see stock's new test this appreciated interested

now? expectations in I'm – a or wondering be a patients improving, Given it doesn't doctors Do have diagnosis improvement what actually gradually step-wise these given you. potential that reimbursement barrier, that you are or rate? seem to about could a the as see identify just to your see increase, actually very good Thank reason improvement we

Ian C. Read

Thank I'll the post-XXXX. growth answer Albert then will the question tafamidis. on John answer And you, question perhaps the ask to Alex. drivers on

Albert Bourla

has financial you one distinct three each them you, new our business And growth company units, of into Alex. have the of drivers. Thank year we know, beginning reorganized and distinct as

idea clear the is fundamental driving forces Medicines our Innovative give some are aging them. very significant of you So primary population let me business, In and of introduction an our and innovation. that it

another setting. they XX that blockbusters have, metastatic are And the I in We already PROSPER most, the just – have few you and for launched know, we do in as pick the examples, me five can Xtandi are years. ARCHES, to and which if excite a result present expecting is potential ones

are in Bavencio. and Inlyta combinations our with immuno-oncology with We excited very

excited year to molecular the we entities or in new the launched, expected of by end oncology. have we are that are four We launch,

is as have Clostridium I inflammation, a the continue aureus are Xeljanz, blockbuster. launched difficile smaller Although pneumococcal our new next indications well In size our working collectively, just is excited inform we in think launch particularly UC of will diseases, about to course, for in studies hopefully as in on that we pending they the best industry. (XX:XX) are exciting, have it we are medicines we I vaccines, they what portfolio pivotal our indication very have vaccines. we rare And data, And And in and the generation one the think in vaccines, launch, that launched. JAK tafamidis. In tanezumab. Staph. are the running to of we internal

modest So $XXX very different to the have see XX% the also months. business, low this generated in already as China. time, you see, there have we in over of we nine can believe business. drive of growth growth, Medicines the but a means are drivers more sustainable, in less significant type you that right growth this is urbanization. or can there strength At to now, million have When This it we Established we comes over

substantial. consumers. to least, business the by not based providing and continue particularly China. growth business relocating So potential Consumer from trends but autonomy operate management And over there this with our will the that on And our to investing, is existed growing team we last continue will

Ian C. Read

Albert. John? Thank you,

John D. Young

Thanks Alex. question, for the

about of detected is say let ATTR-CM significantly There's the that about we're cardiologists opportunity process data death. presents is just of today our So cases educating to on very And X% help Vyndaqel me obviously prior patients. to excited the only underdiagnosed. underway.

So highly it's underdiagnosed a disease.

we recent changes over awareness. what there And disease To going much using improving red-flag will your treatment activities treatment patients should using easier role machines to options required time. bring this Patients big play itself patients year. availability imaging a the burdensome. in ATTR-CM treatment Given Training utilization is non-invasive to And approved a also diagnosing we next physicians is to years. biopsy symptoms no on called significantly confirm centers medicine diagnosis. are point, technology. be guidelines evolved has a as today, focus would of and drive education the of obviously already as are think in this patients to and real that sometime of of and scintigraphy. that the physicians it's not our a diagnose excellence XX,XXX about XX U.S. around to There technology now become But to and of previously

Charles E. Triano

John. Thanks,

operator. please, question, Next

Operator

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

Congrats, guess So appointment. and is for new the on first one Albert, Albert. Ian the by I way

for a So won't mentioned administration over quarter, time. the to intention you rebates And marketplace the that harbor removing has we're Ian, rebates. where moving we the have last of safe had believed you

Over few weeks it reform commentary been focused the last point months B. of and the more and potentially like on around rebates obviously feels sale Part has of also the

So could as confident just on the be months lot a more U.S. remain as challenging. And bit little you potential there's think rebates? I'm And excitement from the adjuvant based know I look three wondering I of the question if and few midterm then system But a just that's on ago you were years. on the growth we in away around moving opportunity a if second Ibrance. out a my is

adjuvant over data the to what's the I'm wondering setting. perspective before much. some going us couple you So years we the Thanks get in so just drive on product give if additional can that next

Ian C. Read

The that. can way I waiting its patient do about to B rule on I don't suggested think interest to Secretary the would of from guidance general, into in it you, thank It think the rule, controls Part new to interest Azar John effective [Alex] is over B still on mean I'll Well, abroad point The in And that most believe rebate the Vamil. we're be now of out rebates. between a the reconsider still administration for prices Ibrance. talk I the pass on it this thing. that. enforce of discounts U.S. situation. for They administration. and on to come effectively focused I it's at from at With Part sale for the the – achieve expect best would that, the to are the of is see mechanisms new activity the administration lowering prices of that be same achieving the or effective. also I purchase. the administration varied. patients I in could mean, lower point – of to point patients position the the hope And end the think of still year part price I the continues is

John D. Young

for Vamil. Thanks the Okay. question,

treated trajectory phases. of Ibrance, of U.S. three terms opportunity Ibrance Phase the have we viewed in U.S., over as always So care. in Since having have market standard entrenched the for main the maximizing and We've as launch X launch new there. was we obviously growth XX,XXX the the it patients.

the establishing X launch and the very we've been So progress in reimbursement view has been we years that Ibrance. with Europe I'm the ahead. And particular here Phase significant have progress Japan. Over Ibrance E.U. XX,XXX in a last with since driver being focus the international in as that for prescribed the growth pleased obviously to made patients year. U.S. already And over continue

represents the its potentially successful. entering growth, The come, third to away that of of yet positive population are But really we for the could this very adjuvant be or and And current clinical phase that represents should size life is opportunity. that cycle. metastatic a our and early opportunity double the still phase to in the your We're potentially that a cancer years few Ibrance about from breast trials excited population. point address roughly

Charles E. Triano

John. Thanks,

please, question, Next operator.

Operator

Your next comes JPMorgan. Schott from Chris question from

Chris Schott

much for Great. so Thanks the questions.

Pfizer in offset cost as then Or margin comments, thinking fair be to those second of on about those maybe little in in going the sterile those think the my some could a one Just it question and we higher for was Can we needs some of erosion businesses forward, you XXXX cuts was, based your over talk XXXX opening on you away? is about operating think returning portfolio And Lyrica as into longer term, the should bit forward? investment the first expansion margin goes about both pressures? highlighted My biosimilar growth and Innovative a you. of injectable Thank XXXX level. beyond? and just moving about going

Ian C. Read

address Angela Frank Chris. about to Okay. I'll sterile prospects and talk Thank then biosimilars. margin of the growth you, to ask injectables the And question.

Frank A. D'Amelio

that LOE, about year LOE, believe clear to base point top the forward, Lyrica margin operating that the on Lyrica the effect the the being mid-single full think at clearly grow about once as X, Chris, years, XXXX we we able that the our to in to And ultimately, this we've the So, demonstrate there's beyond growth think we of get bottom we going talked the is, when the grow the year way revenue line more digits. than margins. over We've we'll an been expand line opportunity about X. so

LOE, to we'll through get from the But about guidance margin to the clear and our margins. way to my past in work our we the on with to We'll perspective, ability now clearly specifics call the our the give So LOE, XXXX next our Between have by LOE, for optimistic expand we're opportunity P&L. this. relative clearly then, Lyrica Lyrica Lyrica performance once beyond line item. expand

Ian C. Read

Angela, please.

Angela Hwang

reason, the as growing, very has a global Chris. question, critical in large, entry I'm very a about well. high We of that sterile the the as terms and to our this for as are Thanks success in it's see injectables focused prospect market. barriers then market. talk manufacturing. to of we due being bit a factor And on going little growth injectables just for little remediation sterile biosimilars talk bit a complexity about attractive efforts just It's market to in it our

our about plans. confident are We remediation

end after see this Pfizer. business expect towards significantly a the XXXX, which to as our We we being contributor growth improve of significant supply to

with growth see we we So Likewise, committed biosimilars, growth potential. potential tremendous and we remain of tremendous this to see And amount here. a prospect business.

You've growth as we our Europe XX% the seen in in quarter, U.S. portfolio, that well with grew over this as biosimilars

great currently regional some growth as U.S. progress in has Medicare. in Our systems, well closed plans, in as seen

continue due challenged contracting. plans, exclusionary J&J's be we to where growth with is However, commercial in to the that

working So to the we benefits with customers remain savings rebates. from our derived use see on focused short-term that be can biosimilars and payers over of long-term the

are faster. molecule the the we our in filgrastim. has we also the very are of is This been transition here shorter, the really the a going and them this is about – venturing that see changing just alone biosimilars of biosimilar entrance Inflectra portfolio form However, from good growth. seen already different from oncology originator different already you're is from going through has That treatment is the now excited entering the market enable the We to in patients customers to dynamics in space, to more biosimilars And savings. payers that where duration cycling new in uptake of allowing filgrastim to dynamics patients U.S. get quickly, therefore to of benefit to treatment much see thereby and there that

but look biosimilars excited next our to have pipeline. we the we're just this five realizing oncology biosimilars in launch, and So to forward our entrance that not about into

Charles E. Triano

Thank Great. you, Angela.

please. question, Next

Operator

question next Rubin comes Goldman Your Jami from Sachs. from

Jami Rubin

you. Thank

a to pleasure unlock been to the I But acquisition early you, out, deal. a But you've considered that or $XX the question of a looking deal. company. been those say, do would the deals large-scale message value a The a the and options you the Wyeth options table. more large-scale just months P/E some. in your tape may pressure, that then you the how growth with from mean, you billion and years It's you're lot off seem (XX:XX) it's a strong learning I was they're with ago. And Can for when what large-scale That some bigger key today a much XXXX deal, would define bought mind? and is not work of to from summer, Wyeth, in me today with in that A six able define your today, back Ian, and drivers and you I deal all want your terms assume table look since over billion multiple you you be a Albert. under have did if First, deal? last large-scale off sheet different completely large-scale seem flattening to is $XX coming your biotech it market. – like balance than that higher like a you real

if see mean sort then, talk could options that of about you what you very define business. you [Essential] secondly, Health could And you please if So by what Thanks that. for your much. (sic) Essentials

Ian C. Read

it those question. much kind thank you Albert to over Jami, then Hey, of meats the answer to I'll for comments. your pass

Albert Bourla

we is we us, based balance them. execute the this right customers. we any have see The but is would main ability that value acquisition, by M&A execute, now you, how is Thank right, for large the $XX for to right are the on to way concern if standards. large billion But it a on not. we Look, integrating M&As destructive like sheet see ability be and Jami. a or execute they is whatever the And now. basically to to based could not our It you

are we on our a not We preparations. capital are period comes going growth down, to trajectory we to what over on integration. opportunities there we like integration our looking And M&A in to right our could pipeline, make large sure now truth the enhance with destruction or our planning But a operations price reason but market scan the is XXXX. we bring that but And we bring, enter pipeline. now right post this the growth usually. of into a are are biotechs operational that execute this we market to our going typically commercial M&A that and distracts are execute during big allocation, plans, Obviously, for that launches down large opportunities a would as will both although going are there avoid. with for that need destruction, is could And

question in financial we internally table operate with That will optionality, separation our we second you continue to and on construct. that. the new of doing being because we external a know, that going as past businesses of are – said, constantly had this the as on Now parts contemplated you and the asking from in is and on all fit off our said the the we obviously beginning the year operational look basically businesses the for you're form

I let we tell said, you me are right As where now.

make this this business. already to we Innovative providing the is business, to stand we that very by new Consumer is the up are. sure our focus is the separate is where now them or it decision the And is come segregate Medicines options Established right We China we to of to And need executing In we most to coming. are sure this substantial We a growth right to Pfizer newly-established On pipeline relocate now the that the business, business. we make by need launches. examining clear business, we the In leadership from not focus that the it autonomy. where Healthcare will that and year-end. said

Charles E. Triano

Albert. you, Thank

please, question, operator. Next

Operator

comes from Humphrey. John question from SunTrust next Your Boris Robinson

John T. Boris

great overview. Albert, Thanks the for the taking questions, thanks and for

end you're year. I pausing going First be increases on that question on to know pricing. for the price obviously just of indicated you've any through Ian, this taking

and contribution pricing on then that what significant a XX you possibly attack discounts, going if going potentially but generic on price entrants and launches approved in Xtandi question your give you volume nonmetastatic was the ZYTIGA two be just versus next impact forward? is for at eroding segment? metastatic A in if Just year. thoughts might Frank. what Thanks. And there's And a how risk that of will pricing are can sales the the into there, the the What split on Xtandi, of quarter? the

Ian C. Read

we – marketplace. questions moment take new philosophy price your then don't do the to and the in we view raise have situation set Frank our you and the year. question. January decisions take our marketplace. changed. look in three-part thank and price we is competitive our We a this that pricing John, you proposition your will in expect – last And value like has John about how at I the question increases I'm of for we'll I then based volume. Okay. and answer think Xtandi. price price different on pricing, situation at remain is have most address industries, no I will our what will about what pricing to pricing going did time on pricing inside to Look, is competitive product our that – the our the as value versus

that, with you So Frank, to right about do now? volume pricing talk want

Frank A. D'Amelio

Sure.

X%, a X%. So, revenue. $XXX John, plus up were was operationally in so global was minus minus million. $XXX X%, FX X%, price was basis million volume plus We operationally

So revenue. a minus million little net-net price. plus on just reported $XXX And on commentary X% we in X%, color that

XX years, minus digits. If average, has you look on plus been price last or number over the that low-single

digits. of So range we're or plus still in minus that low-single

Ian C. Read

John?

John D. Young

John. question, Okay. Thanks for the

still early CRPC modest in days following in the indication the very quarter nonmetastatic So were relatively three. from we're contributions And that approval.

longer we launch in given of impact its a take urologists of new-to-brand duration the to leverage full And trends much use. the our to indication. relationships the with our expect this We're approval. built uptick opportunity as earlier this PROSPER realize, years as is very of of stage through since a We continuing couple and seen will encouraging patient we've the from value the therapy indication accumulation of

likely not to nonmetastatic a about be by the And CRPC. from different or question we our We now same by has generally generic ZYTIGA So positive viewed your expected to share impacted about represents. the of erosion historically these for in availability meaningful of version is a ZYTIGA. ACP impact And generic physicians business negatively relation substitution. In opportunity preference a believe comes we're and be Xtandi this metastatic as agents expect ZYTIGA, that than way. therapeutic the very interchangeable generic the compound ZYTIGA not indications to branded don't are rather Market substitutable. than to

Charles E. Triano

Thanks, John.

Next question, please, operator.

Operator

from Your comes next question from Cowen. Steve Scala

Steve Scala

you. Thank few. I have a

the their your was ACIP have what meeting? to next the So February? vaccine you the vaccines, conclusion XX-valent in First, on first And pneumococcal relative that's meeting question. will data from recent by

given quantify gain you. QX in from income? its cell creation then you the recent foresee first prospects and Second, news the can does renal in And Thank how non-cash for line other carcinoma Cerevel competitors? that lastly, Bavencio's was Pfizer

Ian C. Read

and We'll ask the John? take you. noncash then question. two take Thank Frank of three Okay. questions, the to will John

John D. Young

All right.

Steve. question, the for thanks So

in to ACIP of according the CDC happen to their the healthy recommendation, this next to is important relatively the to adult which on So the their early the recommendation purpose that is met of was process. for and vote review for over their in then XX-plus the The obviously grade likely – looking U.S. at ACIP data and It's XXXX. age state And the XX stage is adults week. sometime last in continuation

support given over, that remains XX the only continue Our that pneumonia by sure IPD the direct type of persistent vaccination in XX of vaccine pneumonia. in against and adults Prevnar and belief preventing vaccine-type a And shown broad we protection effectiveness community-acquired XX-plus. to recommendation is form

on your encouraged. results of question We to really indicated of and we the expected start question anticipate XX, relation sort designation continue will data burden we'll that you the the obviously months. support data about in meeting. CDC of first XX, generate And we We've Prevnar believe work obviously to communicate view. true of for to as combination few from in Phase the to we study are a that be Phase Prevnar very I-O with your submitting the space, immuno-therapy positive of expect impact to forthcoming our the pneumococcal the to we've prospects X disease. FDA. that don't breakthrough relation And that about their have studies And PCVXX, combinations. received effective to the ACIP value we we always we In X be I-O next But within is know, in that the that see said

a results And think emphasizes that noted standard the a RCC. positive progression-free Bavencio RCC combination Bavencio Inlyta with superior So and results demonstrated demonstrated the XXX combined renal Inlyta think the RCC. expression. the I line that Renal referring and population provided to, that first trial And or as the JAVELIN growing in of positive advanced you're Keytruda cell that survival the setting, management carcinoma, gold compared broad of The Inlyta that I group we PDL that in just prognostic untreated importance with in TKI regardless patient would risk obviously Inlyta the combination previously add of inhibitor across Sutent. in we

Frank A. D'Amelio

Steve, results. in results on The was gain not the then, was in and And was $XXX only. your non-cash It adjusted included million it GAAP gain. question on

Charles E. Triano

Frank. Thanks, next please. Operator, question,

Operator

from Evercore. question Umer Raffat from next Your comes

Umer Raffat

back I rolled concrete in rebate. taken that Ian, price question. there's no January, of an for Hi. you, when were Thanks guess, so increases again on price are expectation for increases could Albert, taking the so both instituted steps be if much my summer, earlier this

guess January, So happens? back mentioned is, you So them when your from price my on question dialogue And pushback really been are diagnosis. in the my first. there planning any on has I is, you expecting tafamidis, then that's putting question increases? are that you've administration X% And on any or so

as given put this opportunity also billion book a from You've investor blockbuster $X is, a Just be how you a all trying around debate ends $X do that. could opportunity? it's around big this perspective, question or to the as mentioned your My really see billion opportunity.

Ian C. Read

our working I'm to the of price expect Umer. we approach with We will blueprint. did decisions towards be, would increases I year what year. trying the the Well, on you, the that the indicate been end of by end We've implemented and I marketplace. the Thank will early to year of characterize We President as end as voluntarily blueprint on those normal. parts And January. is the until and business this what price over competitively, price to we was of the pricing, in make defer agree

turn And of scope your thanks So question then that. on to we'll standards. for the

John D. Young

inducing for as or Umer. thanks – for don't products. individual forecasts question, the give know, So you we Obviously

hospitalization a reduction opportunity. that a significant opportunity. have positive that me have significant time underscore said, sort to moment. data just mortality and clinical the population any underdiagnosed Let in that has about at access alternative to patient Any doesn't I that highly excited be we mentioned of already, Clearly the incredibly what you we're as demonstrates treatments, in

the making and data sort to that appropriately diagnose with going really knowledge Our focus physicians. of to around clinical how we is sure be our can accelerate sharing

for So we're are revenue it's begin first guidance give expectations we make us to that to that going XXXX part be particularly. when size next of very our in premature sure obviously to the quarter But the Certainly, opportunity that excited we'll of our frame presents. our about year. opportunity the

Charles E. Triano

John. you, Thank

question, please. Next

Operator

Louise comes Chen from question Your Cantor next from Fitzgerald.

Louise Chen

Hi. a the had my questions. I Thanks for on pipeline. taking few

indication? report imbalance last or indication, So why low And pain not? expect there I chronic in actually you big how the you question RPOA that ATTR-CM why better that think what tanezumab. potential on first And your in to for versus back the and gene for to And is, your think think this Would year? now you. DMD? program. data secondly next do vector do And do are question you relates opportunity of then see is as of it DMD on the diagnosis? gene was What the you CRISPR about therapy here how kind is a competitive to promoter had in at population Thank you going looking advantages product are

Ian C. Read

Mikael Clearly, we in a we guidance guidance our of year. our in opportunity, next tafamidis. not that expect about quarter until the about – first ready answer ask it's back middle, John. give what been will your has to answered And in our to by last I we'll one the Well, I question. substantially refer one The we believe already think and we're what from we'll to substantial the but first indications give yet talk

Mikael Dolsten

or pain in showed interest for that just you or your greater really excited about the and XX% first got let reported reduction And our in that greater the me a than OA more of Thank in study XX% tanezumab. XX% pain. punctuate data that a about from were improvement XX% we patients

great benefits So these are real patients. for

a pain dose Now general, concerning this product. and of OA severe a thus patients gene the that of be are patients to typical are have impact we set Concerning oxidations we, unique tolerability patients have initial strong using And but with not because pleased OA expression its we And think, population. in Most OA gene I as back are that far capsid for therapy continuing using And population. and higher of capsid have chronic that to not study. delivery And DMD that low advanced our certain look of anticipate that a excluded a lower them the that a encouraging. And chronic will younger. a we in forward pain, has we also major would study. part the have pain, we optimize we're generally escalation, those treating a do features zones. patient we're OA test in to very, see do dose mass unique gene as back progressing there rapidly think we DMD, started

Charles E. Triano

Thank Mikael. you,

question, Next please.

Operator

question comes Stanley. David Morgan next from from Your Risinger

David R. Risinger

two high with wishes congratulations Thanks very Ian, at could much. a to your my rebate questions to value Pfizer. contracts are, you very best after And, discussions successful career let you creation and add commercial and discuss payers commercial My the me the level, please purpose expect evolve in second, the action. going drive that the value rearticulate operational incremental And and could back then, to that to of potentially, strategic including the hoping Albert, sector? you you additional construct new I'm

decision, you. You little picture I you the wanted to see opportunity additional for a had and separation referenced just on clearer value creation. Thank get bit the

Ian C. Read

thank Well, for comment, you appreciate them. David. your I

when very way list and has outside four a – we'd lot discussion with continue as and it discussions how regarding different of of it see a or can of We've I'll over not there's a pass to pressures payers. looks said, walls I it's like the insurers to work internal the are understanding positions from between That rebates would our rule been, away done of outside on looking what limited the effectiveness taking the Obviously, to have say for the point-of-sale of further through price. we payers, On especially there operationalize pricing to at of and it's discussions really, published. we it. Albert lot there walls, patient, patient. to I PBMs the ourselves But the being of not effective the passing comments. with exposing his until our think

Albert Bourla

for why reason corporation Pfizer value it they businesses because believe a the Pfizer, organized the that into we these is growth drivers. growth. topline different contributor David, we like this believe we that main And all is have

This a with talent the by in to the one portfolio comes future that like Medicines, upgrade to efforts on off-patent the Celebrex way because focusing to the markets, business, into of our coming that it this focusing has, is lot business new each the for because this are they like of addressing example, business and this we are innovative describe our tried world. brands and opportunities So Established it of maximize Lipitors, efforts creating pipeline, needs. is iconic Viagras, the on crucial. medical the them we products market, When like new reorganization, the unmet innovative our

potential, significant parts grow potential that particularly and So growing, we in we they presence brands But are are everything in the we brands But continue are of we to These are developed brands world. are those expect in not have there transferring that off it that China. growing patent. Europe is or growth these that not over the to U.S. expected And

enhance able opportunity, this to to fact, senior relocating opportunity, manage a this of China a to new In including be member be executive we management in to team team. are able the

over business. strategy was innovation. operating business terms autonomous there, a plan China of growth an explore the is always to to Consumer as whole the this our So as contribution pharmaceutical terms in And in of

question options My around reference continue the autonomy, business. before we examining its your and never Jami's particularly And we options. our issues established this always year. – We manufacturing to particularly we are enhancing interest examine business, on for around,

now, important thing very focus. doing As examining I this stand operationally for right sure It a you that to is – before it options is well. And to is up is said, need – the business, it's make this business. the

Ian C. Read

you, Albert. Thank

Charles E. Triano

you, Thank Albert.

Next please. question,

Operator

question comes Meacham next Geoff from from Barclays. Your

Geoff Meacham

second Albert, Thanks to there know on less categories want methodologies to mentioned not the the the specifics, just how I And have make organizational a of you for that and deals. think But are you And be strategy today Thank you and net having blueprint therapeutic could view number recent O-U.S. you. structure that the comfortable I to creation an sense Is other Part guys. – the give most make recognize drug pricing Are the Cerevel But pricing? of easier? Innovative? priority? appetite that but more question, morning, with I U.S. think than guys for question. bigger you the still strategy. the don't you do Good D between areas delta of comparisons a B. of Great. you you Pfizer proposal. that are more are the know a for finalize the for simplifying and in drivers

Ian C. Read

Well, because doing is country a make on Geoff, you're comparison you're innovation. in I'll answer to the one to importing pricing one. I what country's with, don't think makes it start the into policy industrial sense pre-writing that's based

starts the type So government. in I not it's and only regards is the how And may to number best treatments – don't however reference the to worse drive pricing, get one, not or intention to get think it it to interested always continues the the patients. baskets create as but may down pricing cost reference that of of to government out, ensuring

over that, the I – With we hopefully it revised pass be reconsidered. rule Albert. think will overall, and to So

Albert Bourla

Thank and I you, thank your all very, the a for you asked it's that have very questions question, mean question. like good been Ian, today.

shareholders. are us big consumer of I in to focusing higher of only we It this companies that in general they efforts our therapeutic productivity. not that to is and It number on think of areas. R&D last higher the to area returns fact They just is our smaller relevant the much have part year a industry, focus general. is very contributor narrow that

name meets with is one can As Pfizer we big very apply end, a it multiple. from and obviously one said, machine

what do we balance. the right think right So have the is is I right the question, and this balance? now

it are To on focusing if the one is them. of difference six And something partnership in space, enough each so much we in our to the they answer us, drive to from opportunity. we years in asset. new, related do with expertise this that, are can focus last if that number exiting we expertise have pump from, results there. that we small neuroscience We the in way than have we with therapeutic selling build the come. employ was the and continue We can type past I actually, just to if call relatively it exits growth but two by your will was like the or we areas it participate that do people in this participate they yes. that will a did also with are so (X:XX:XX) they the innovative of partnerships, the the and different the And question, doing in And higher

Charles E. Triano

Thank Albert. Great. you,

operator. Next question, please,

Operator

is Anderson Research. Your next from from question Wolfe Tim

Timothy Minton Anderson

for did of if survival adjuvant ex-U.S. potentially was published. It about Wondering a wonder access, you. overall but think specifically? show the hurdles, And any really an of a can get could PALOMA-X trials significant that curious are guidance And creates you in biosimilars. thoughts. Thank looking second A a endpoint your I'm questions. running. only. so related DFS, I'm then you different I if benefit. example, it's is not for to operating question on on couple know if nonstatistically related wondering two trend margins. And that give or question reimbursement a I Ibrance, On that to show, that, raises that any markets And

a today? there an your look more time scale As would are you offset benefit, per But more out forecast, if that directionally, expecting on versus long-term what price are So as molecule. entrants negative get erosion and should volumes the help. at you could grow, over be you side

And business describe your in Pfizer or those to, you the compare So can the relative branded how business? the you. margins forecast how today's future today's say, rest let's of do margins to Thank margins?

Ian C. Read

lines barriers the that So, we to still continue market, biosimilars, cost to a to Tim, the biosimilar. injectable high entry, of on produce along model sterile high a

next need we've as sterile think we the the have ensuring isn't regulatory as focused on repricing there to I European focused think the for in Initially, lower wave players innovative or been of is I injectables seen see prices on Europe, quality that price produce there. a and money the some that much body (X:XX:XX) have biosimilars.

hard-to-make sterile sterile I With injectable that I'll similar to to biosimilars, a market similar to given going products the over marketplace. think forward, Ibrance to injectables. margins biosimilar will the that, society the wants do continue cost think upfront of And and to if market has answer John vibrant U.S. I to react market pass produce very it question. the the in to be stickiness

John D. Young

Okay.

the So thanks for Tim. question,

highly data plus months PALOMA the of presented although to a didn't numerical relevant say survival just to fulvestrant. improvement survival overall difference fulvestrant reach was me significance, threshold there in let placebo So plus seven that we the in prespecified for statistical overall a clinically recently, relation nearly compared with Ibrance

compared overall XX was XX.X survival months, months. to So

in I a sharing was But in now we were and and DFS very the in with that very clinical profile the metastatic very remain these who data. patients encouraged variety demonstrated to for settings of improvement consistent actually elsewhere will for endpoint breast in we Europe PALOMA-X. confident cancer. payers previously be that we relation obviously with we've across for demonstrated in the of effectiveness engaging And the think analysis Ibrance primary

the very that actually and to a with significant indication. in potential cancer. In this trials, no about don't see important clinically whether reason of is any really breast question for patients have perspective read-across fact in breast our very that for see than we metastatic seen profile Ibrance risk your about only opportunity terms from change not positive but early for in see we Pfizer, other patients data, and we our we obviously And response cancer these the that

Charles E. Triano

Thank John. you,

Next question, please.

Operator

Baum question from comes next Andrew from Your Citi.

Andrew S. Baum

for to patients? towards patient be to think how in please. Medicines does Three, the take move to Number pivot the for of in given the long just order what give an finally, Medicare, Ian's last government pricing, that indeed nine I'd plans two, book growth net focusing launching be an some for granularity in argument affordability, business, if generic for very net the to economic for Number on there interested commercial months? business will rebates the on the Many one. Angela, about place us And Xtandi, and nonlist incentives reference could Albert then to pricing thanks. plans. you. view government is you particularly cling is authorized just Thank increase they made Established the before In in China anticipated to over given China migrating driving

Ian C. Read

suggestion to it's such as we're it. our given on medicine afford an have And challenges well. dealing the the we access and unusual have that with Andrew, your launching Okay. cannot to access contributing we idea an allow mechanisms with innovative program period who not-paid-for a prescription patent that authorized product through also an own foundations generic, of extended patients as

that both complexities protected Angela if China branded pass the of on too dual it I would pricing, the us rebates why a business same is think then get going on or running the a net authorized are system. generic expect system doing are commercial reasonably I leadership? quickly – well an the which substantial. the And patent move rebates so to within your net to would I of of then to removal patient, pricing, So there. when book can't the I'll alongside a And see maintaining we for or to –

Angela Hwang

Thank you. Thank Ian. you,

that So this we down had have China narrow would I in tremendous to success year. And portfolios. two

First, our cardiovascular portfolio. portfolio and second, anti-infective our

those I diseases. I share seeing the low of our we're a both have of from in think that treatment, ability to prominent products for diagnosis, market think, in stems and low epidemiology the are treatment some those what favorable,

treated, only geographical also getting have if expansion a focused those each this expansion. grown and very think sort products, Lipitor, as but through we And think this have a on tremendously more not one through So expansion. patients three sulperazone Norvasc, (X:XX:XX) I about key of is of year those I had effort from of

into smaller beyond the into cities, large cities So hospitals. county moving

it's continued think continued the I in we're leading patient So portfolio. a and to us seeing is high combination our demand, coupled rapid expansion geographical our of with success that that growth

Ian C. Read

given response and volume against China, given colossal any any Thank society pressures. I see in segment I untapped just to pressures. that sell And its that, volume ongoing think would good of to, size we a pricing is to narrow robust a you. expect pricing the punctuate hedge to and the

Charles E. Triano

final Thank our you. And, operator, can question, please. take we

Operator

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

Jason M. Gerberry

hey, thanks squeezing in. for me Oh,

couple on tanezumab. Just a

doctors just next disorders and replacement. joint we of these thoughts on bone readouts year, upcoming Phase think kind the with about from these of as X just So to providing importance prevent to monitor leading your curious roadmap a

question of if And that part my you RPOA, there? they of X diagnose second potentially that physicians and And type treatment, my is are part progression that first could confident the so recent X on stop Phase then FDA data, period stop bit of diagnose, I during just had the RPOA. is were back guys osteonecrosis a there and cases difference versus hold, of that, to diagnosis regarding clinical XXXX, of the question of you XXXX, that a little osteonecrosis. no symptom know going

with you're you're page if on FDA wondering the just So Thanks. same there. the confident

Ian C. Read

could Mikael, you that? answer

Mikael Dolsten

we to about look we coming tanezumab. the study significant Yeah, obviously we're excited And have forward year. next readout

that I the joint. it that of in OA, space majority in Type good just patient confirming to more a Type narrowing. the a had current feel When new group first was mild the joint study medication. it seeing a that, got encouraged rapidly fraction available is that smaller was of progressing of of a in management get to wanted think we're much we've and comes we this the deterioration I the X urgent for X, again or to more first in that efficacy were And X.X% of to need of of of say medication had had with which that change we actually failed was benefit intolerable

the patient risk options that a situation as where have the scope structural encouraging situation in look patient these treatment new overall think, benefit we opioids groups. osteoarthritis also an unfortunate according for many very medical upon population physicians caused managed be with I by for difficult And yeah, and opportunities natural that growing changes easily of can a are occur practice. in these to aging

patients CBT, readout new Of tanezumab benefit, of course, reviewing with that as data, will have always medicines, the show in regulators, implementation educational continue physicians as we make drug effective we use get promising will provide proper the sure assuming to OA this programs to with and work when and Pfizer and obviously can the way. entire the the most drug we dialogues will and

Charles E. Triano

Mikael. Thanks,

Ian C. Read

Mikael. Thanks,

Before expect Thank focused the this great thank management shareholder on much. to we close, I'd analyst for I you my to to questions call analysts all you over years community, like be and keeping the very just like on the say to I'd last value. call. for Pfizer

Operator

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

You may disconnect. now

Charles E. Triano	Pfizer Inc.
Ian C. Read	Pfizer Inc.
Albert Bourla	Pfizer Inc.
Frank A. D'Amelio	Pfizer Inc.
John D. Young	Pfizer Inc.
Angela Hwang	Pfizer Inc.
Mikael Dolsten	Pfizer Inc.
Alex Arfaei	BMO Capital Markets (United States)
Vamil K. Divan	Credit Suisse Securities (NYSE:USA) LLC
Chris Schott	JPMorgan Securities LLC
Jami Rubin	Goldman Sachs & Co. LLC
John T. Boris	SunTrust Robinson Humphrey, Inc.
Steve Scala	Cowen & Co. LLC
Umer Raffat	Evercore Group LLC
Louise Chen	Cantor Fitzgerald Securities
David R. Risinger	Morgan Stanley & Co. LLC
Geoff Meacham	Barclays Capital, Inc.
Timothy Minton Anderson	Wolfe Research, LLC
Andrew S. Baum	Citigroup Global Markets Ltd.
Jason M. Gerberry	Bank of America Merrill Lynch

Pfizer (PFE) 30 Oct 182018 Q3 Earnings call transcript