PFE - Earnings call transcript Q1 2022

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Operator

Good day, everyone, and welcome to Pfizer's First Quarter 2022 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Chris Stevo, Senior Vice President and Chief Investor Relations Officer. Please go ahead, sir.

Christopher Stevo

Thank you, operator. morning. Good first Pfizer's earnings quarter to call. Welcome today joined by Dr. I'm CEO; our Worldwide CFO; Albert and Bourla, Mikael D'Amelio, and Chairman of our and Frank Dolsten, and Medical. Development Research President

the of Please for Group; and Aamir and information available Development our see Statements. are section financial statements our have Relations and on earnings-related for Slide Joining Lankler, additional earnings forward-looking in will is Officer; Investor and and new disclaimer Forms this Officer. Malik, Forward-Looking other session, and XX-K regarding XX-Q our materials the President, on Biopharmaceuticals Group release Chief General pfizer.com. Chief SEC in also Counsel; us our measures our under call our our and Pfizer X and Angela Q&A Risk statements these Innovation Hwang, materials Doug non-GAAP Business The we Factors Pao, William

substantial as turn and Forward-looking no of subject over are uncertainties, or revise will With to statements the date, Albert. to original call and call's any statements. only the that, on we to the update I risks speak the obligation call undertake of

Albert Bourla

that year lives. and XXX which quarter, reached compared year. everyone. were you, to of prior and COMIRNATY, patients' included a and estimated globally, with we start Prevnar U.S. million what around up increase VYNDAQEL/VYNDAMAX medicines of in our portfolio X purpose, the to Overall, Key our first the our Thank family is XXX% a it vaccines from for represent only vaccines, Chris, XX% solid had Pfizer an quarter breakthroughs the testament quarter quarter morning, good oncology the patients the change operationally XXXX. our with drivers Revenues growth and PAXLOVID, biosimilars innovative Eliquis, a the world in

Pfizer's vaccine our May the X.X severe in increased Today, of the vaccine used helping on with of deaths COMIRNATY, shipped markets administered doses billion We we in have the in nearly tool [indiscernible]. hospitalization XX% these utilized supply continue illness, the XXXX. beginning mRNA COMIRNATY to countries. has XX% remains COVID-XX. a be is X, prevent critical doses to most which which in to and XXX operate to XXXX, world in from X, year that fact cumulative share and on January of we markets from

Just a to has increased In XX% share of markets, that period months, few same XX points. from our XX% over time. developed

a We from and the XX-year Authorization the also milestones, have FDA years an second EMA regard to patients from Authorization and had the including the in EMA. dose. And year are an booster Use years had to We our age Conditional extension to older Emergency shelf and Market from and XX- the life for label FDA who of EUA had frozen of for start U.S. the XX months [indiscernible] a regulatory and booster we to age a XX immunocompromised. XX both strong older with XX-month from old FDA

having about concerns to have is would dose life, expiring governments which Our achieve ambition shelf some eventually help XX-month alleviate that system. a may

In and to the for now EU, to age addition XX authorizations we in around world. other the the have U.S. markets XX the group X

near jurisdictions an to filing booster in for Based Omicron future. we a on look age that titer recently the trial, neutralizing -- wild-type X Phase children FDA new in an neutralizing clinical submitted from increases dose have to XX-microgram mean in of to II/III and for mean released of children geometric our week, we results the XX antibody healthy in geometric antibody addition, EUA titers, In we booster a this age the and last demonstrating vaccine data, other XX-microgram variants. of dose years this group, application forward

course. children months several results efficacy weeks. the who the the X vaccination we at application This pending ahead in the also may We safety that ready to waned well of Last, first in ongoing to next X and that in years under expect looking traditional improve from we share protection as and booster hope age populations soon, are an the an the to for demonstrated the is or Independent of primary of submit boosting age since of real-world have booster. season. authorized EUA stand few support as data evidence our of X readout, study of doses study today data group, in doses the this vaccine our on to fall flu the have from countries

of reserves shows U.S. key market markets, markets third a patients. and Our the to in recommend to respondents largest health that EUX the booster XX% provider greater continue care dose their than like

also an initial booster. have respondents the upward dose uptake dose. XX% that third X-dose said of that same fourth reported these markets for seen developed regimen the have received trend We We is have a already previously, a in that they of to the indicator dose of XX% leading believe booster in potential And who people the an In markets. likely a received third various very encouraging referred of are this they all booster. remaining receive uptake I

broad in next-generation these fall, coming potential evaluating to data vaccines We the we also the variant continue forward for months. including and provide to coverage vaccines, look sharing and evaluate to

small recorded patients our positive commitments We world. Through were calendar markets March, these of produced. were a profoundly also end only on treatment we in for of X March, these shipped the shipments X more February treatments of of majority produced lives international on the portion produced impact PAXLOVID, delivering million shortly for which million were quarter quarter which been of first is after already in around financial in a courses, revenues. ends and they the all than the our the are Because having have

of as million treatment shipped we courses. fact, today, In have X approximately

million for XX produce the courses in on first quarter year. Our to manufacturing the the and in half of XX planned, as million track second ramp-up is of total progressing are we a

these have orders. allocated of been quantities All to already existing

received In To certain stated. date, countries. track XX than courses in year, million PAXLOVID as for remain populations with more to on previously authorization addition, produce regulatory use has for temporary we approvals for full XXX the

We about this have governments regulatory with to world potential treatment discussions the bringing additional to markets. breakthrough continue around and agencies

countries responding that expand taking Some outbreaks to which Others additional they have are are to with us recent request come treatment we urgency. steps back access. to experienced have courses, to

patients expect expansion U.K. population For access which government in could will further patients today, specialists up study authorized Quebec in much shift we a limited we a to lead restrictions populace. social are because and expanded time. this all right access the Study, prescribe to to vaccinated. National Canada's and to the included represent government patients into for started a is the U.K. be important more an the of provinces closer majority and the are campaign population, care. to supply of allowed eligible greater at aware restricted primary the broader help pharmacists open access having pharmacies, PAXLOVID. distribution Panoramic availability will country. COVID-XX XX% will eligible media which populations. direct-to-consumer to the And home lifting the adult now this We recently get have only example, from ensure the works the and prescribing and to very enable believe population Italian to announced PAXLOVID data largest In a therapy will of has of X the more PAXLOVID ensure to This is where increase the collect access Canada, prescribe of expect across and increasing regarding the use than how market of comprehensive Ontario, PAXLOVID In

recent administered than XX,XXX XX, that Here to have the in weekend patients in the PAXLOVID up April for approximately utilization weeks. was PAXLOVID in X,XXX seen the more U.S., XXXX. weekend nearly February in XX-fold XX, we patients from grow in U.S.

easier U.S. than a more the who wishes with access. to PAXLOVID XX,XXX almost PAXLOVID the weekend U.S. relative care We ending will in to to molnupiravir XX, mail with double even February, PAXLOVID grew drive channels leading U.S. XX% continues the since to April than represent to XX% in data to in providers its and This on supply increase today. and size to appropriately care of market an these XXXX. from coming number And patient available the more PAXLOVID Xponent, pharmacy week making work continue the the increase share in weeks is higher The The government health of stock. the utilization. fourfold XX, intention channels IQVIA of XX% based retail government long-term U.S. in locations declared any January XXXX, Together, to order in with sites again in and estimated utilization the to late from live as

which In point COVID-XX only care, X addition, closest of the XX% of recent occurred is up within cases since XX% U.S. retail from miles February. of

continue government's by Treat initiative. to driven We the expect increase, this trend U.S. Test to to

example, spikes Test high Treat result as access April and governments Treat in received to to on. disease, as protect since Overall, and cause their X,XXX added variants expect to death Today, to world risk the orders as continue who the severe emerging For beginning the are as in well been virus in recent infections more outbreaks. of to around the nearly at of months governments mutates of locations the Test citizens more X,XXX in coming there trends have open. than locations from are to inquiries and continuing we help expand hospitalization increased response

us We to development look potentially from These Arena. candidate to of best-in-class advance this ulcerative results identify turn to and year. and moderately this objectives. to our colitis. active ability presenting strategy. severely top We in approval via opportunities forward Pfizer's recently this business of year-long Phase drug will development as business development business announced our results We positive data business III strategies I recent filing came strong targets trial to line our for etrasimod a to Now later underscore leverage acquisition

pursue discussed how expectations. add we to development cash ability of the if top revenues that, $XX flows our quarter, business could sheet of the us and successful, our new line opportunities billion risk-adjusted least XXXX to First strength gives at balance

annual Our This first if commercializing ReViral and company believe be discovering, from reach novel of counted potential RSV. revenues. on planned exceed to peak towards programs, successful, developing ReViral antiviral they billion. this privately-held is that to ambition. is acquisition the or respiratory focused target revenue has target a Basically, therapeutics these stage We virus. $X.X clinical deal the syncytial biopharmaceutical is

several excited about adding are experienced the growing Pfizer. the for remains biotech also Building priority virologists a of We our team. to prospect within ecosystem relationship

relationship extremely to our We patients. attractive we I see, for partner. development innovation our have are financial believe our partnering with increase we an bring and pursue opportunities new end-to-end continue internal capabilities We that resources to the complement enhance scientific efforts access support help growing ways our to to to flexibility for through and add confident our drive to example, cutting-edge portfolio. development that makes BioNTech, with and our R&D capacity to and biotechs and creative of manufacturing will resources us business and expertise, our clinical support

Next, our I discuss to would of highlights. recent ESG like some

February are practices equitable XX% pay colleagues which greater we equity at level results third in male of than results pay compensation The in a First, is announced a the that what it across confirmed globe. female colleagues Pfizer. study of for Pfizer recognized compensates the at employees Pfizer's indicated paid annual that expert

women at what XXX.X% Pfizer's the look in When the parity males. pay it dollar-for-dollar median at is globally, of paid. in paid U.S., high median for are of non-minorities Additionally, you for minorities pay are

is the you XX.X% for U.S. median our narrow. the we non-minorities. look when of we the area rate median are This expect However, gap actively pay an in pay pay median addressing minorities that and is for at it workforce, to

that global with in Russia's I invasion to to Second, unified reiterate to Pfizer community want opposition Ukraine. a stands

Russians, maintaining we our is we people donating to our should, that Pfizer medicine of support humanitarian provide direct be of will While all as Ukraine. to supply profits causes Russian subsidiary the of to

Pfizer patients new will alternative trials will trials work Russia. to new in with longer the stop clinical FDA Russia. continue patients outside in clinical with to Russia enrolled to commitment in clinical providing no the already will sites consistent ongoing to the our in trials other our needed putting regulators first, and ongoing country. clinical and all recruiting in initiate we patients transition will we And trials medicines Additionally,

future investments ceasing build intended suppliers capacity manufacturing are in all we to with Russia. Lastly, local

price, UNICEF have to sales Pfizer we In as our to as demonstrating that with in poorest and March, upper agreement equitable be further agreement, countries. lasts, middle-income X countries middle-income pay the decision a not-for-profit to the middle-income Third, commitment million treatment countries. courses access, courses pandemic for supply pricing XX lower low- tier to low at announced an of treatment Pfizer of will Pfizer's offered not COVID-XX treatment to made the will will profit and a defined the up PAXLOVID our all world's countries Under price approach. the while long from

based patient ranked feedback to as X,XXX recognized ethical and was the defining And we pleased to ever, time the that the employees one first global and share I'm an that Pfizer proud in week, ethical recognized are Lastly, organizations is pharma continues ethical more of as on practices. in business PatientView worldwide. a among calls itself about its last partners This companies In the it, March, associations of than just company its global business standards. standards and be from patient-focused Pfizer companies survey so ranking leader for by Ethisphere, Pfizer to world's XXXX. first big most in advancing in and high

ranked As steadily XXXX, but right are we have are we so we recently now. in rankings and as ever we #X that climbed the were fifth, proud since

scientist, and our the make ideal that would executive team. Pfizer joined for of society. leadership clinical his Development of and I oncologist like President Vice XX and William new deep as us benefit patients Throughout expertise as Executive an amassed the and Chief welcome Pao March William on scientific Officer. him partner extensive continue career members XX-year Now X pursuit medicines to breakthrough to in vaccines Dr. and has

Denton XX Chief Financial than sector. David than and expertise, as operational XX joined in Officer with the including of President. brings finance us him years Dave Vice yesterday, more and health years Executive care Just more

unique the to role patients the the he evolving result, a and care perspective landscape. health rapidly brings a As needs payers, Pfizer on of of

over for welcome company moment to to Mikael, a Frank these visionary global thrilled in D'Amelio, for effective in thank to friend at our And contributions his I it many this to are leaders time now I to before want highly health. We and X critical hand best my take Pfizer, Pfizer.

on you addition incredible the only, behalf to ensure success. details to Frank In strategy analysts been wish the of will quarter save an and resources Mikael, continued the growth our helping has world. With all needs Frank, remainder worked it the today's many good provide Mikael? all leaders, first sure to help will discipline, lives the not of on Pfizer Pfizer's patients and that, financial I'm turn helped improve to health Pfizer's strength it R&D mentor to and for our efforts. call has current of on ensure long-term Pfizer I and to outlook Frank I XXXX. financial the over on around the Mikael and of tirelessly After and update you colleagues

Mikael Dolsten

and and in reference was over a recent Thank of publicly improve disease Forbes development Pharmaceutical you about can past but In paper on Total turnaround. like work over some our available our R&D I XXth Invention in programs. to innovation R&D today. so inflammation I'd efforts Lyme scientists COVID-XX, Pfizer the This enthusiasm X updates Productivity oncology, our R&D you, first for Index other our Years XX what RSV, we're the XX our cases, Albert. on first share years. not by of and a and agents seeing purposeful Annual Today, start over may year immunology, I that past to in hemophilia. Innovation the will data published to understand engine by in for Discovery the termed testament is highlighting only external what Pfizer's ranked acknowledgment

claims. necessary head-to-head be clinical course, to trials support any comparative Of would

comprehensive on COMIRNATY, pursue higher clinical to focused data-driven evaluating vaccine for access and with immunogenicity of real-world strategy emerging boosters, expanding continue variants addressing demonstrating and a to effectiveness, population concern. We pediatric

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Turning PAXLOVID. to

mild-to-moderate and soon decision for XX weighing the an adults XX both recommended are Application at anticipate Drug least unvaccinated, 'XX. high-risk at WHO file immunocompromised. because in of risk older the to of and populations hospitalization we New in children COVID-XX with the December EUA for on older expect or and strongly people Recently, who half Following kilograms, highest the high-risk PAXLOVID these FDA in second they're

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Frank. it Now over to let turn me

Frank D'Amelio

seen me I know provide release so a the Thanks, few you've regarding financials. brief our highlights Mikael. let

alliance increase Turning looking The income increased approximately QX of other grew growth partially for by COVID-XX. by current XX% partially was points COVID-XX The year Revenue programs R&D for vaccine operationally lower well offset revenues contribution, for and growth quarter PAXLOVID an Adjusted of XXXX, quarter, while margin revenue percentage and rate by resulting functions, adjusted broadly corporate-enabling of quarter. a as XX% by in multiple as the spending additional year-over-year reported to and operationally The number increase driven XX% X% investments the in Also, quarter to increased COMIRNATY and prevent XXXX, EPS X% adjusted drivers. operationally, embedded this shown due percentage in key exclusivity our excluding in about difficult strong sales that late-stage sales mix the please at primarily been on performance XX cost as PAXLOVID. first alliance impact expected sales mitigated clinical spending programs driven of vaccine to by and revenues expenses with negatively versus was would spending unfavorable by very by grew increased in gross decreased primarily The and direct driven to COVID-XX these. to approximately adjusted increased X%, EPS in and and attributable other the days was sales remember as X% of the quarter's on for primarily our Operational guidance. COMIRNATY sales PAXLOVID the losses quarter prior by comparable. quarter diluted COVID-XX fewer XX expense statement. treat diluted effect first this the is here This excluding XXXX PAXLOVID higher year-over-year, products, the operationally. compared have SI&A decreased X%. the product of by growth it vaccine revenues of without higher impacted for points revenues. And reduced of and selling higher a first

revenue Foreign well exchange impact to to as EPS. or adjusted negative diluted a X% negative impact as $X.XX movements X% resulted in a

our move let's updated Now guidance. to XXXX

of XX% of the to to exchange an $XX midpoint. revenue the continued updated The currencies range dollar we in company $X exchange billion our anticipated additional growth foreign rate total to representing against range last from $XXX negative strengthen expect We an at rate as be a billion changes U.S. absorbs revenue rates since assumptions. billion, operational of impact in other

of impact our billion, expect COVID-XX-related our exchange. Regarding X, revenues, we $XX on guidance approximately compared incremental the for foreign of billion to vaccine be to despite $X year revenue unchanged the continue the negative to February prior provided

of and approximately revenues, we growth excluding expect This X% to midpoint, $XXX sales foreign expect we exchange. negative guidance headwind incremental increased foreign despite to operational exchange. means the million billion $XX the approximately that of be COVID-XX-related sales impact representing about an of unchanged absorbing due $XXX keeping the million $XX PAXLOVID, the billion, for at For

continue between CAGR we achieve continue XXXX, While this confident to is expect that target. XXXX to to XXXX slightly and that our ability be below we in the X%

XX% for being give new cost our adjusted guidance reducing some by development the new which are the detail the a cost sales, R&D business X, acquired line isolate R&D into basis IP entire R&D driven to and our slightly guidance. points, We've Now and to charges, by IP let me R&D for of We transactions. former range XX XX%. range line the separated expense on improved

results. guidance which business million R&D development transactions million includes as this or of our are either mid-April, $XXX adjusted of Our already on and expense guidance was $XXX for which have assumed signed already for XXXX closed of based only previously

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modify to diluted acquisitions, midpoint and updated anticipated to XXXX. intangibles. guidance. This $X.XX XXXX operational XX% guidance and negative share in offset $X.XX adjusted $X.XX only growth fourth guidance the will adjusted IP our all adjusted XXXX R&D. an we now peers. per impacts previously led due exchange improvement, of amortization a is quarter contribute $X.XX with of which by EPS completed our $X.XX of another to improves This large addition, $X.XX included results to assumes decision amortization share an compared to treatment than adjusted to XXXX mergers noted $X a a repurchases Together, earnings but expense. and $X.XX due our the our $X.XX initial amortization includes comparability share yield results, out made in to asset operational This March. at beyond assumptions was foreign These with EPS diluted guidance. these to In intangible excluded as no billion Previously, of our we've we we related range, to repurchases exclude once again EPS lower or incremental is range

we capital the be forward, opportunities in with prudent here continue will deployment our on shown activities Going allocation this slide. for to

our sure CFO, watching. before more be This look Pfizer call I'll turn I have start and I together. always investors my my of I it. accomplished call and Pfizer personal I Chris to it wanted Q&A forward nearly proud our what as in that to to success conference and I years. To And let so I last yet Pfizer's Chris mark success you, session, be in analysts will enjoyed for you a has XX am as the we you a wish with Dave back interactions miss achieving Q&A. the the colleagues, serve over to my I've can for comment. as me all that, With future. shareholder, make to the turn large my will Pfizer's and to So world. Pfizer It and pleasure been privilege immense CFO the

Christopher Stevo

start session. that, the Q&A let's Thanks, Frank. With

many as Investor call please. answer Relations able will be first We questions to as answer available to you after question, time permits. any always, weren't as ask. questions the And Operator, will

Operator

[Operator Instructions].

with question Cantor. comes Chen of from line Your first Louise the

Louise Chen

you and miss contributions working you. with for we your really Pfizer, to thank all Frank, will

the I sales impressions the outside? Pfizer, is having you for I what in what then of for had from William, question second question have are is contract initial first come So PAXLOVID potential opportunity And and the EU your is, China? recently a potential

Albert Bourla

don't you with William, start impressions? your why

William Pao

Sure. breakthrough question. drug to which of came and been and have the have that's the but real were vaccine been PAXLOVID one really that to reasons Louise, further upon with I say thanks but was things my them the science going great I innovation how also -- the Pfizer the And inspiring, dedication expectations do exceeded. came to Yes, really build I done. accomplish transform I've would Many been for and we pace seeing development. Pfizer on,

Albert Bourla

Angela, the little you want PAXLOVID to contract? a bit take EU

Angela Hwang

Yes. Thanks for Louise. question, the

of addition about we're looking to So Europe, an actually I a that secured taking to of our But have with agreements to bilateral secured contract. in say be many we we're really EU-level or One, our also would either have at a sort that two-pronged approach contracting. been that, in countries.

say to able come we're share China, to just on am we Europe. share outcome PAXLOVID to that but Meheco to of share what to what to working related not that the whenever really ensure that. using able the think as what more approaches say terms to distributor that the to that On or -- volumes to we're called in ready China. suffice with are agreement is, is of the I I to and in I'm more So both now. or And about able local right that's distribute a I'm access anything we

So thanks.

Operator

line Evan Seigerman from question Your of next the comes with BMO.

Evan Seigerman

COVID: this seen we the symptomatic we're market, expect on boosters disease to recommending of the vaccination? When of of hospitals? goal some do to about going? you think my file United often. the when of Or then for PAXLOVID, question commercial mild, think the that more to how overloading Is the is the transition So What's evolution just ultimate see prevent really traditional of the at walking kind least when into one, in evolution that? second commercial you contracting blindly We've NDA prevent is suggesting States, I do And you model? data disease? it so an every at about severe have booster two kind the from we away, can and to maybe government to and talk it model

Albert Bourla

your for you Thank Yes. questions.

then will and ask Let me scientists add. they see have if our if to answer I I can something

they think moving authorities, I booster, blindly. all of evolution are the On not

have recommend because according one, is what it We able to most Omicron, moving serious supporting mutates be now, mutation hospitalization hospitalization believe recommend that keep data. we while to deaths, I based why against reason the the the offering against and very the I of and against going excellent very opinion. they the we vaccines and is Until protection was able that are were are on And stay a the new disease the and disease us. was evade ahead the good good the think effort an one down. then, virus their right that data against they of virus very, is saw that was of there the seen we protection protection course, to protection to the death. and, With Omicron, protection because

that significantly have Everybody same also infections wild but not types. the seen to of with vaccines protection the be that against that new our degree patients protects used So the folds, better of that fourth the is while and, data a also will either for to to be. Omicron against it we death protect current working able maintaining the hospitalizations the many folds, course, protects dose from vaccine or

both to will day manufacturing. filing studies. X ready our of hear they would in what of are would from terms terms vaccines, and And very to at waiting basic EMA, we be they combinations with we like both our the what and FDA advanced We are with see in recommend,

we I we we right now, Mikael As for can think when completing regards comment PAXLOVID, and studies the will to file are NDA. that a full ask

Mikael Dolsten

Yes.

the with will engagement pending NDA and soon would which possible, and half medical other the We approved, look as to, more allow even quite soon, year, file review, as it getting this of communities. forward

be helpful increase the to order that access and think in very we medicine. So would education to

Albert Bourla

how And we it? on and add are to looking anything the booster at

Mikael Dolsten

for has a well is age this been whether have it described and leading, series, new is proud the boost very science-driven, been primary often how to You first, Pfizer group. or

of [indiscernible] vulnerable that I this new seeing versus in a immunocompromised, fall patient Albert even dose. it annual in new alluded going that which will procedure to type expect, to boost, as between season possibly an evolution that extra older, an with be campaign, likely to, And be vaccination pending we wanted we're the we regain, start further to and recommendation groups, public strengthen for So Omicron. And learned add a critical then just more with may have strains. it's some about be

learnings So such we a to vaccine deep insights. science. are how year we natural leader expect evolve multiple on further doing us incorporate established be every and of science, on We're we able as to to the new and top the have as see

Albert Bourla

William, anything to add?

William Pao

No.

Operator

of Fargo. line the Your question next with from comes Wells Bansal Mohit

Mohit Bansal

regarding Maybe PAXLOVID. X question

seems So you have is about courses it like million mentioned billion. $X.X with X sales

per price. are discount rates about course So $XXX

suggesting in would all you're XQ million courses right? And it XX calculating it seems number that am two, shipped. So be I like

that or higher is $XXX should correct, than lower pricing and course? be the per So

Albert Bourla

much, very you is a there Mohit. disconnect. Thank No,

QX were have. recorded accounting the QX, end were in the that but shipped shipped everything the Because small most Let only X.X March, shipped the were shipped were by basically. in that February -- proportion of from the me produce were first them remaining calendar March. or accounts in in shipped, X explain X.X QX very From try in of million them, everything in for to revenues million of proportion internationally million outside were -- March that X.X in it. also a this counts that did smaller We The as in quarter. March. U.S. we for in and week was million But Why? doses shipped the

is doses $X.X than sales, the smaller referred. X So of are that that this billion million doses made, way you the

of million we million altogether. June quarter by doses, shipped again that produce to be XX that XX In of this expect markets. of what Clearly, some been will expect, have have in June, Clearly, will end in terms we the be so in doses shipped to in to of international able July. some

of as first quarter So in volume. let's that you this all calculating the be quarter, the will say, everything should second into, have it not go

Operator

the comes of question next from Flynn Your Morgan with line Terence Stanley.

Terence Flynn

comments, right think I know for puts think guidance, XXXX the just is a range help and takes you Angela give us if in the to early consensus too and little $XX but based at relates might billion. billion you my to $XX Phase to ulcerative on colitis. seems it III in II. Phase Mikael, rate And your the for than like been about for trial question then second slightly the etrasimod maybe higher have or it's year, placebo could Frank, COMIRNATY next response

could wondering additional that's if accurate insight share any there. you and Just

Albert Bourla

will ask you etrasimod? how to And not and Look, he Terence. for Frank, question. that a product you see But 'XX. guidance will she give will much, so then give you he Thanks luck, let's responds speak Mikael, can about but good guidance I not for

Frank D'Amelio

way, XX,XXX of February tenfold at, look end you PAXLOVID XXXX we've So of billion now. the some in we PAXLOVID, we mid sites the I'm the and on you the exchange. that We guidance. of of remain so of growth recent the $X.X provided not XXXX bullish provide from to while of did the to But the sites far on $XX for reiterated billion revenue if we're going the look April, guidance that guidance, By Albert reiterated to of had COMIRNATY. on charts trends PAXLOVID. number guidance we terms approximately on if of listened you what absorbing commentary at obviously, foreign some And at

So product we very looks that very of the good remain and bullish. rhythm

Albert Bourla

the there year. And market the to the will a how and of U.S. also that go puts coming is that be next There in will new in will a are to business right? to is there need I XXXX, those that innovation plays that private say chance changes because for going see likely and that models, lot we takes be

have and beyond purchases, contract they international, likely think that 'XX. I we purchases 'XX for will goes do continue with and these governmental a at

that that interesting, in be is a to here. etrasimod. of So takes very lot puts there something move But and play are let's will

Mikael Dolsten

And Terence, the Thank delta one that of I was there. be placebo for think, interest, on slightly shared filed. that did placebo Yes. treated of rate had noted a between the and extensive studies traditional very the you pivotal a your Phase a And course, rate them III higher. of based and untreated. nice have will more I The

in can give a this like conference, delta. As expecting for maybe you at soon data would all won't the we're be you we see great details XX% of year earnings for to talking are assure you nice as while drug we know, And drugs, the delta I point. favorable maintenance range presented XX-week to proper secondary endpoints treated. phase We a in etrasimod remission well the The XX-week looking did about saw that rate very and very favorable. very in all our talked you

a in So that's its given of really onset why best-in-disease, its we think it can both be rapid best-in-class profile. its and, convenience, some action, way, well-tolerated

Operator

line from of Mizuho. Vamil comes question Divan next with Your the

Vamil Divan

gears the Maybe core just shifting little a the of and products bit here. some quarter to

U.S. of this of -- So what because was And and was some again about curious through the X% that you I especially the the down in be year, of see. mentioned we a dynamic Program. Patient in And positive release this know it Assistance Ibrance, pandemic. of that I I'm may actually the more through guess was going more thought I assume a pricing you benefit I XXXX kind by it

of all X We of label sort know bit. second you're quite trying better you market obviously don't get then just going on can to down kind and a maybe is and more And a bit what a which is the forward. sense in just updates of safety see color product you on issues there. what the seeing share I'm that the So little how Xeljanz, that.

year of You a to over and going next in price lot Do leverage but you good you Xeljanz immunology here? view the see year pipeline of the stabilizing forward? X or of of do would and other how here, have So assets outlook sort a obviously you sort the rest that [indiscernible]?

Albert Bourla

both Thank Vamil. good them. Very of you, questions,

then with to So Xeljanz. and you Angela, go start Ibrance

Angela Hwang

Sure thing.

first. Ibrance about talk let's So

you I accurately, perspective, that Just and performance PAP. this leader from ex still, in want a due the CDK in Actually, largely growth Ibrance is XX% to the U.S., negative X% have class. the a as in it this U.S., by And far did the it away, emphasize mentioned just grew to and quarter. undisputed was

In volume X% for that fact, grew the actually strip TRx U.S. in if you Ibrance. out,

this unpaid led So of that it's really this us to growth revenue RXs you proportion saw. high that

in leader. Just the to scale maybe similar But of in Ibrance. give QX QX XX% be compared where of belong such than have may market you so high in of part if a CDK we it back, the a the because step that is surprising of not it proportion to scripts Ibrance all PAP applications. would enrollees. class More a XX% the ago, to terms we however, sense of in PAP were number was the we a a of have of increase year PAP, seen And the to

great that to opportunity And opportunity the is not that growth we is from the they enrolled in the remainder that there class CDK in even Also, last see that growth does are from link in going we there just approximately XX% for this bigger think the there financial an here XXXX, still that people hardships ability message were mean to year, you where annual where the to if which that just this maybe more fact of is in year. Ibrance class. so 'XX, them know the the this QX And economy, to to and make assistance, well. for CDK and pie so seeing sourcing saw, is an I most We XX%. PAP. for of of January, is are the alternate going what financial just But increase which that tremendous we're Ibrance that important to to are reduced perspective, year, continue patients now, no driving the stay is for our in you of to patients is in in be of link as the which XXXX. what we're quarter We the was

course, the cancer the is treatment. So of and did breast new putting class this that positive in patients on, of in addition are the very or pandemic, in diagnosis see the delays of on new patient to of over them something metastatic growth some fact that, we momentum lag focused we starts

And for area increased momentum to so that's Ibrance. focus well help that drive will another of us the as around

Ibrance. that's So

transition of do as So talking we Xeljanz and with your question let's of And are a definitely Xeljanz XXXX spend sort minute see. and just about what you for first, where Well, not when step Why? year beyond you It's a around look back we us. also see we about performance, Xeljanz the and class. product, have look Xeljanz. at the it's to about

to and in actually the give in so you last the numbers And over the quarter new-to-brand year, class down the JAK prescriptions year last on between quarter in so class, happened what XX%. just some went XXXX, same has this

saw Now class like JAK also in down by products Xeljanz down go XX%. product but XX% the the we went of

post-TNF many because And to play. market don't be 'XX respond segment Xeljanz going to transition most we we're can the is we the beyond because the going label, place finally place know patients returns need I'd at have that Xeljanz a clear look class and that important to And this to So be that focus when also options to we as significant growth, well. our for it's year able and where this on TNFs a label. is of growth will say it's TNFs. with as

last stabilization some were seeing year. signs we're nice where we compared the to over of Finally,

there care playing seeing to field health of Xeljanz. now For see to So purely We're market just from in the And intention safety that also that the in research, is versus also declining. the class Xeljanz first we into of then away professionals. our Xeljanz stable finally, by increase JAK prescribe market equivalent demonstrates it see research, versus leveling. are perceptions the the the new-to-brand in our time, back that an Rxs are switches are In we

we're So education. focused on really

we massive have We gives education to where what Xeljanz how that growth. be to and should can efforts Xeljanz return used, that's reestablish Xeljanz behind us and confidence

Albert Bourla

Angela. you, Thank

As very comprehensive answer. always, a

Operator

Your the of next Holford question Berenberg. from Kerry with comes line

Kerry Holford

couple questions, A please. of

and $XX.X February? on on the signed? . at you further expect delivery billion published about your vaccine. revenues Should that contracts we year you've beyond XXXX. that in XXXX for I any you in so, since floor that have contracts for least Firstly, COVID XX-K a XX-K next signed in as recognize in noted think based to already And you of if

Secondly, I the study? RSV second vaccine, the you in half Does now do Slide now the of year. the lastly, to was confirming in readout expansion in of Do population Phase the saw patient season? on Or the in that data XX U.S.? RSV aim the vaccine reflect in you're III for the totally [indiscernible] and also study? that are when to another you file And you need product vaccinations evaluating this into RSV annual run launch

Albert Bourla

to the... Thank give you want you the answer very much. Frank, do on

Frank D'Amelio

Yes.

fourth We'll we talk and quarter be year, XXXX when next include where takes. on will the what Just drivers COVID XXXX revenues obviously, provide are. XXXX, what And our be explain we the will we we'll in growth the year, of for call. detail are this which earnings talk in puts guidance, are that about terms where vaccine. We'll will the about

to come. that's So

Albert Bourla

RSV And please? the if seasonal and to about then Mikael, do you take the anything you question have want to add, filing, William, then

Mikael Dolsten

Yes.

excited we in region II the about and think to best Pfizer the are data strains. and the very MATERNAL the strong vaccine CHALLENGE RSV we the also data really have cases study, had And complete the XXXX add of of of I with such RSV also from As the introduction, strong readout opening very set. therapeutics. study very couple the a adult MATERNAL, expected protection and And set there. a only immunicity the our this the of with the are relatively the expect I in comprehensive season, in numbers, in believe as capture to on Starting advanced study. and had the efficacy also spoke actually, is only and [indiscernible] the months on to in we Southern portfolio few took where in small a up my A We I have we the sites based we this to for opportunity Latin shorter to world America RSV And XX% B we is MATERNAL. the knowledge, with based comprehensive the that had now, to a vaccine year, more X across sites Phase thereafter trial Hemisphere. in

of look my So world. favorite it's forward programs. readouts RSV really parts perfect remain very one different of of composition optimistic. the cases a from very And much and the to It's I

Albert Bourla

William, to well. as anything Mine add?

William Pao

would add that that programs I got Mikael, Designation. just Yes. Breakthrough already, you both mentioned

And about that. so we're excited very

Albert Bourla

it's everybody course, recognize [indiscernible]. apparent the Of that

Operator

Cowen. Steve line next Your from with the question of comes Scala

Stephen Scala

limited And haven't less when for a And have you bleeding preferred theory question along be you, all a be you you to the course, not premature maternal of thank have everything, Angela. prescribing drug then agent? was vaccine To best likely In follow-up but that you RSV you of in Eliquis and Pfizer do risk for assume, think bleeding, the with meeting future. And do that the which considered? significantly why to degree birth I associated came has? in And would the vaccine. if competitor has what as I seen on have the study, your Eliquis? most Frank, on ACIP a XXXX a a in would

Albert Bourla

All why don't take the right. Mikael? Angela, then meeting we ACIP to then also and the you about bleeding and can the question go

Angela Hwang

schedule group CDC. just the the ACIP held for by closely working the ACIP, the ACIP, Sure. is and

right, X- only So really it's that But X-month from you of times thing -- be know the me sort launch, to to predict. of typically, happens several within it's period it for because the a to difficult able of year.

right be able to whatever need So to catch is. you to their be really meet it able meeting next to

it rapidly to gets of a work that's to So as think measure, X of difficult bleeding, suffice say say. for the the schedule X I not honestly in your it question as large question we that, very been to come possible course, will next around to ensure Eliquis, answer. actually have On that launch. But very has I that has up post on

really continues markets. the NOAC in oral Our #X other in performance We're to #X anticoagulant XX the markets. be strong. XX We're

had and quarter, which think see see So we've continues I Eliquis share I'd it's that double outperformance, year a utilization. the to market continue in that tenth Eliquis. as to say double-digit tremendous uptake this we And row growth of on the be digit, can you

not that I issue seen. So an we that been would that, say has have

Albert Bourla

Frank?

Frank D'Amelio

this could just for revenue number punctuate, if $X.X is billion look operationally. And if up I at the XX% number almost, revenue the you Eliquis, quarter

performance by strong product. that continued Continued,

Albert Bourla

why add also, I can't do whatever to threat. is comment, have, may. disease we we do sure will that, course, the wanted deal if registered. RSV Exactly, this about was with to question as why others they they as you And and considered is do a there do. predict always, And can think urgency major when premature we Angela's also CDC appropriate of that to exactly. we by if a demonstrate to is not some will vaccine provide But know that I'm it Mikael, births appropriate and ACIP don't

Mikael Dolsten

Well, to a we patient groups. vaccines different long deep and experience design for and have how very

developed that obviously the have the significant to were A patient both like immune very it's a known not certain but need included on X referring other can't I group adjuvant be going. believe that maternal. that very for able, you're B for an use give systemic this to advantage and we're only without really we adjuvant get that was and that of local antigens. actions maternal, a fragile use vaccine to, any an to we well-tolerated and high certainly, responses, As harsh the we is vaccine, RSV very I adjuvants,

We'd in behind strong it main we bivalent a vaccine readout. the look very So we maternal. the are to the data forward feel much bullish that and that only very have model,

Operator

question Bristow the of line Colin UBS. next comes from Your with

Colin Bristow

wanted the best Frank. I all to say And to

my on couple a side. So

be I you deal And and but the doses potential an just rare just stockpiled from a 'XX large on disease X how disease a a spaces, pipeline terms business purchased then And could a have been hear how prior comments, obviously, in understand on subsequently I'd or view here combination comment which end or would 'XX, to but the you consider? could curious utilized, sense some be we or want of get is there of are area on category for your front, PAXLOVID. not development to yes, essentially And development impact the to as preference I here. X? quick what risk of is the that business the marketed On just assets then onwards. willing you

Albert Bourla

about very don't Malik Thank to much. Why will Aamir and speak I start ask you with it? the we BD questions

Aamir Malik

focus to we're primary focus size. not been And structures. synergies for We're on clinical where be BD development, earlier to to because We're TAs are potential thanks be going medical and clear deals innovations on these there's going we the value. think be we where to on where in But flexible of 'XX they agnostic launches. as, early the impact as to compounds value, We're have past we deal add focus add to deals revenue well focus, clear can bias the our is. the very the where cost to in period. source time have as we're can creation. I we going 'XX as have of and on where our can in in late-stage that to expertise a can impact And On have that well value we've to size, going very we've question on breakthroughs commercial scope scientific your been that form the be question. Colin, to your is going be

current that So our is focus.

Albert Bourla

we much, Thank also Aamir. it of multiple is times, choice a you as Pfizer And see also. very said important partner to as

can this to And work. proven the companies important see to expectations 'XX. same revenues other with biotechs we putting we And as that call as we by to is it we moving feel We that's, forward. achieve or molecules, think, value, per it billion plan that either benefits that have patients add by $XX that by can have started making the I So way to focusing filling with gap acquiring clearly, by that partnering extent is company provide we we the with Pfizer that are capabilities moving analyst plan are comments year risk-adjusted our making into the on reiterate And -- we again 'XX myself of to between goal. by and the that XXXX.

about Angela quantities that Now PAXLOVID be there let purchased little the to bit a me question the turn utilized. to any will risk is be speak about and will not

Angela Hwang

when U.S. what think and our and think that generating we example we what demand, of good And think utilizing think utilization I contracts you been also lot picks about adoption see us product. and can has when the So about right, up. a the I demand like gives purchased, a

weeks, just that as presentation got opening And were prescriptions PAXLOVID in Albert's XXx. of XX,XXX X grow prescriptions few the from heard that week alone, in we as last just the You saw you've dispensed. high

dive U.S. You now the now also their upon which heard the that And and doubled PAXLOVID that sites. to available add increasing. that more those only Treat have government's X,XXX on beginning were that, sites, of you there are dispensed the in to is Test Deep that to April are focus around announcements sites and U.S. X,XXX. at XX,XXX increasing

of access. around One And it's open that that to proximity the sites is levers around of up this is PAXLOVID us are that the of number the eligible. a All showing are to momentum and this education the two, key that real there use are few and sort patients is PAXLOVID patients. who and how

see And that We so demand world when that are the beginning U.S., as well. see you increasing. happened what has about think you around in to happen the now is

You that with heard from coming Albert are speak reorders. purchased now about back us how have countries

where You're accessed, sites also seeing here for PAXLOVID like changing are seeing their the eligibility many across they can countries, well of criteria U.S. how be as in as in, number much the for we're what PAXLOVID

product. there this So all for are fact of the I demand what that up, seeing think is you add we this when is

the removed. the removal the social see -- distancing also We mask that mandate, have that of the been social requirements

just the EUA. the get We of of to the that, emergency out are You there. can to the EU going period know That also play. that PAXLOVID that's they've removed with in the in know that are last going all that means week, role infections people increase, that and

them from state focused governments, working to also produce we're we and all we're great out what is So on dose any we to utilize helping to importantly, have -- help being different in hand. around with seeing lessons the educate, learned national being countries it's that intently to And PAXLOVID. don't on shipped that take governments, is is ordered. as inventory not Every them

throughout the us to give for need surges that do infections. continue that a what COVID know So there I in support all and lot of further the these confidence of PAXLOVID. utilization demand We think as of we a is we we'll to PAXLOVID, drive to year anticipate

Albert Bourla

They are I we orders are we for And that Right now, are all immediate not this countries. with orders we you, trying what that repeated for And lack that of across why said, Angela. the also of the many is the what needs That's the see of like capacity COVID. coming have to of manufacturing year. countries entire orders of internationally. that partners the orders stocks. I Thank the reiterate Angela vaccines we to were governments seen build want because have

Operator

the next Gould from comes Your of Barclays. line Carter question with

Carter Gould

your In there to there. you color in-house? on side, induction post-Pfizer the the Has on that right I have data development franchise from in any all pipeline. way Has the slides, endeavors, focused HS. didn't And UC IRAKX that luck should enthusiasm of etrasimod readout I notably about on to appreciate moving RA? TLXA early-stage calendar? program. that your the your the highlighting I we now got you removed mention [indiscernible] the Best believe PAXLOVID your and how in discontinuation changed in think shifted saw in Maybe

Albert Bourla

very you much, Mikael, Thank Carter. the floor is yours.

Mikael Dolsten

I etrasimod pipeline. Yes. did speak creates and a comprehensive that about very rounded

very the be it's strong. earnings it have knowledge, some that of shared hands, selected that biomarker it, probably data we seen. TLXA among strong group, the previous in have calls, the think the will and Actually, I or -- best the to our at it's my strongest I in of I earlier very

a know And ritlecitinib in didn't about We our data the role I beyond be just as but that to shared fibrosis. think it much much that play complementary in etrasimod. time a vitiligo. can we very real TLXA also drug not also anti-inflammatory exciting principle, speak have to we

inflammatory coming with additional interferon in data potential diseases. them such start We pivotal, of to strong as behind inflammatory beta drugs for muscle readouts also are that have

approaches. of that TLXA would pipeline but from have ones hope the more a options we And building I of with drugs active our have in off many very So share soonest a will advantage now a kicked to that clearly be we complementary just the say the richness now inflammatory really and hands, we of which drug.

Operator

the question comes from Andrew Citi. next of line Baum Your with

Andrew Baum

of couple A please. questions,

inhibitors mind your you've you adoption going your leader passed in barriers and the clinical to competitors Firstly, curious make the that And unmet XIa would what existed Pfizer as opportunity and that in the significant historically. still hemostasis. is I'm your is then of PAXLOVID the decision. second thrombosis Factor back needs Four to NOACs. have review why on cardiology thrombosis or in question have data the development. There's despite change

percentage prescribing down do PAXLOVID? addressing addressed, the back you think contribution of reasons? education knocking of And But because You've current those holding access for terms lines the underutilization awareness, the patient of the in to would barriers. time supply, how the you are and what physician of delineate separate

Albert Bourla

don't cardiology you question? the why take Mikael,

Mikael Dolsten

Yes.

the Eliquis, from of and the we dosing for First significance, all, patients a with complicated NOACs, issues very so warfarin, many for and which including think bleeding. risk physicians had breakthrough was dramatic of

potential similar have cardiometabolic including mentioned, we but as about carefully Eliquis. the convinced is growth important haven't are speak heard step-up we as we us want diseases classes, been course, about area interesting. in breakthrough we and saw are very area. we monitor And yet monitoring. medicine step-up, of we another oral GLP-X And X internal to And an new a very that you, drug with that you that While really see think

Albert Bourla

governments of Angela, spoke then Mikael. education about do Thank other with plan Andrew available [indiscernible] barriers other And about? to that address to what or or alone stuff you, the that we

Angela Hwang

And our education to of they've typically level But the we're all limited I underpins occurring would chosen allowed you do. we regarding that promotion of departments out the I promotion products. is roll all treatments. the the EUA, this the whether have by why that the how really Well, we're is key, talk comment an are that's messages much at education state about think the know, see -- an the right of first under in to are to health antiviral is now government, state coming from by we is it what that that level, or And limited that's CDC and also we you make and of EUA. of

if this promotional also had an well announcements we're Of field as deploy medical doesn't brand. towards to service would our convey, physicians. our way anything by a appropriate support But put through in utilized we to, towards both we're education the supplementing way we where really course, and out force launch we that would that ability to And just we able significant again, when amount of are what public We've can do. education in a there there. We've EUA. like is support commercial have doing, typically of what entirety of patients EUA-appropriate to the course, full our look an of do we engine and the

with ability to the long a had way access that go. is improvements where retail would fraction, we our we're also But was possible the to are recently, say that to truly, half improvements, around part, lot say, that bigger and that this think Even we would there happening of under education all a PAXLOVID much the been have great doing I So all the that part think think the can your how say question I more the issue. want of that product there's though could locations be one, I contribute I is is be to second and even And still quickly that still found. I there's a done. I does

continue that because to a more that of be to we and we've seeing where more still lot tremendous but it's we're done. there's path I continue that this can need do on the say uplift, So would been

Albert Bourla

a I tenfold comes They a way see truly that Thank we wanted believe their together I taking, weeks, and and also the increase of is campaigns confident. course, you, I are hospitalizations being it working that educational Angela. have because active. And that even they so never own And just deaths. add as think the to I'm I to with seen, that seen think impressive measures control few we also a is have there in are results. will all that yield more government

Operator

the line of with from question Chris comes JPMorgan. Schott Your next

Christopher Schott

PAXLOVID two Just ones. additional

contracting. like seems I activity think year. last more it early of saw lot But I the kind contracting was front. it's a guess, a a recently question late more bit we year, of been It this of quiet, on

demand has portion patients. satisfy like does there's PAXLOVID occurring several data? that of some the addressing your kind how of they're a more some still to for data this second, about outcomes but my there? in a in was come like are I contracts, been thinking kind some how kind know seems just And market of TAM of in a are year seeing you're up agreements? qualitatively, as something PAXLOVID, sense look COVID to of a how longer-term realistic to relative PAXLOVID broad that already about give rebound then us what in large there expecting I negotiations more learn points what's of on we you Is contracted. to just in of you the like been kind I'm entered X like of can and So a going you're And market the of contracts versus of, global just guess, just still just trying sense need patients swath

Albert Bourla

Thank questions. you what very Angela, contracting? much, Chris. Excellent about our

Angela Hwang

would pleased have I'm how I our contracting has that really Well, gone. with to say

where made engaging quarter, were talk You really the heard actually, progress. compared countries nice we we significant that last to XXX are Albert about And we've some with. and

with when we've the a countries finalized about well countries really we revenue, of about number right, close to from guidance, we that anticipate that consists countries, the absorbing as contracts In $XX think you of shortly. $XXX foreign terms exchange, the we when you that million we're of just to plus billion it part of as sense, have -- actually give that in think

countries of to there. of So there in we And number that in the Xx in where to actually say that are were X I'm larger first happy of compared finalized are terms quarter, countries sort of the is buckets have what contracts. we

been But about first doesn't bilaterals the either that or with and So the thing. also that have we that that, addition count completed agreements countries, have that's be multilateral to we're in completed to XX having.

Albert. You heard from about UNICEF earlier today

We works. the as have well in others

that through guidance confidence that when me not you our the I think So we large market, as you. have about in a we've that total we of think ability you say, addressable provided I done, think and great to gives combed proportion the are but meet them,

Albert Bourla

William, And also, start with needs very smaller the It's so to usage will in legal stocks, have and to they is they on but optimistic, not COVID signed because signed that a done, will the rebound? itself, the field go. contracts reordering. based that you different the to with usage anticipation year. need which I to it's contract of take course, important that country based PAXLOVID depend by We're what how rather with then we whole keep framework cover want typically they build contract the volumes ordering than -- also, you to in want more the the reemphasize on first, ordering all on expect shows is are a with to But which field. but that that the can have the order we see and the we

William Pao

Sure.

terms PAXLOVID. case seriously in look been far to our that, the data. have rebound [indiscernible] anecdotal so of take reports that some at To taken potential EPIC and very high-risk we respond So preliminary we've

X% -- same rebound. also for see to seen, example, percent load or about the close But we've so the we same we the viral And an placebo that about in incidence arm. that of

mutations associated and that's patient something do for we with the looked target seen the any association association but itself. any Mpro, to with severe in PAXLOVID seen have So which who also characteristics not characteristics something symptoms severe it's recurrence of virus or in haven't then And is We've developing may potential particularly these we haven't with with PAXLOVID. of symptoms, patient patients and rebound. finally,

learn data occurring so along. again far. we So preliminary it's go low We a we incidence. very it at but very take it's to as seriously, And continue

Albert Bourla

Mikael, any [indiscernible]

Mikael Dolsten

was response from Will. good very a It

So add the this in and we in less to about databases, of have of X very as databases, one than patients of is which patients. do XXX,XXX I'll reports less, PAXLOVID X,XXX treated of access more just In large or than have less surveillance we out we -- treated. in happening X.XXX%

it's the quite to that And related PAXLOVID virus. or to overall, more patients not a virus reservoirs Will reinfect really can that But clear as to then is spoke it uncommon. individuals that can about, So be it's the need either the but left in patients.

is new see opportunity carry that a growth PAXLOVID they may and may patients, now area with Now need to very extended very and take to appropriate or in to what multiple life-saving year even PAXLOVID some time. of duration, that that's for order for most courses as the And be long for something over we may use drug. where virus do learned this area a it planning where we we're you also the study well, treat a expand to immunocompromised, real very,

Albert Bourla

that help actually could as there body that second And think work viral the the to they need be they're was treatment in And have what a a also it do, rebound. label some consequences. and reduce is that and, It the we speaks that reduce reported of a supposed result, be without became disease these serious negative. the as the PAXLOVID is that if to That Mikael virus cases cases, about given. said, by load overcome which in faster seems why is and can reducing, did all to because load your

can back. imagine they of if only without help the back. I will the symptoms clinical is coming patients of what that then be So came the PAXLOVID,

we not let's go easy So disease, and already they their PAXLOVID. that that for people sick help easier without this forget them than with is

well. so And far working it's extremely

Operator

the next from Tim comes Wolfe with question Your of Research. line Anderson

Timothy Anderson

Prevnar has a and at of if readout usage. of It half. have important couple peds half second pediatrics, impacts questions. I'm confidence XX your to slipped current your why of if I the the from readout you trials looks like in wondering that in franchise, first can [indiscernible] XX% explain all.

question, Second growing. are your biosimilars

mentions interchangeable press Your release HUMIRA.

side We your how view your precedent with with what with other Avastin? whether seen the for as U.S. or it's have to drugs to they've away, in U.S. know perspective. guiding Part been are yours AbbVie to compare the D Part think biosimilars HUMIRA, biosimilar launch D been that on is I'd of for. My else's? no we've love this, on uptake share but anyone year to expectations do I going get the your you're that And is what a has for real will hold what biosimilars But you more in like than

Albert Bourla

XX? Prevnar Mikael, you. Thank

Mikael Dolsten

mid far second Yes. will now of original get in just our We're predicting the the away we too which earlier, shift. and I COVID is we and believe vaccinated. year from prediction [indiscernible] was very see Not half. a It's infants affected minor it by it could come what and

very that also trial with We have believe overall, I So we track a good performance for in adult. readout to it's good won't the for have pediatric. on the clinical had no readout. a reason very

Albert Bourla

uptake Thank you. What Angela? the for about biosimilar HUMIRA?

Angela Hwang

are of we about uptake biosimilars. optimistic So the

at -- our learned a with oncology, just in mean, years. our I over look Inflectra, you they've lot I if at recently our look think And last tremendous experience gained you we've experience the share. they've several market X with biosimilars

I of and experience experiences extremely comfortable physician I it. now use with the in a launched just think compare launched very willingness, my see that when institutions was of If to uptake in and that terms we I in physicians for X terms what that the use different biosimilars with of oncology, and to have with I biosimilars. become compare Inflectra first infliximab comfort

coupled data, gain a in fair from be market to with think first we we biosimilar So able very here first share. would our were when we're U.S. where I that interchangeability we far That, should mean the the launched

Operator

Your of of the next line with America. question from comes Geoff Meacham Bank

Alexandria Hammond

trajectory? on limiting to What's This the contracts guidance of PAXLOVID To capacity constrained extent or Hammond previous to production for potentially is is the by up response. what where address you can and Meacham. comment any there, the Alex term? now, maybe Maybe with sit the in your were In development? on you potentially you business follow comfortable distribution? they think the the near targets terms some words, do on if like? Geoff think And you whether other we pace factor, still those are longer-term As growth gaps, what of about extent could then of current

Albert Bourla

are plan. we capacity, PAXLOVID the on On

of don't available make that as So year. half factor their million we XX are have I high a in we already built that me, of And ramp-up, to we the first very this treatments this million see, this excuse they year will And year. June, by -- given the placing have capacity become anyway, think, don't keep to capacity, the orders can we orders. that they will limiting our the situations XXX we make warehouse. governments end place

not when you in say, that gatherings seasonality, And that placing mass necessarily are after Particularly, in it's so the everybody can expects they this summer to so use but reordering. they the or it coming as we demand. so are able terms entering be, dramatic So uptake. orders of are cognizant there always we will that far flu let's we be come will into are manageable waves meet season,

lot a of in we So available. of PAXLOVID period have time, that really

the issues second part? that. was foresee what don't then the And So on on -- I any

William Pao

development. business of Pace

Albert Bourla

do want The business Aamir, pace development. to of take you that?

Aamir Malik

question. thanks Alex, for Sure. the

by to BD be and commitment our billion and we reiterate disciplined. there. clearly can that and being that we XXXX, believe and very going revenue very to also and will Albert fully heard $XX in thoughtful the thorough risk-adjusted You active We're means in get

good to hesitate example sake cavalier think first of acquisition the same to ReViral a when to So and some examples is for at good move be of that quickly. the great deals that. of hurried not our And are doing just a we're And goal. time, going move going our or see recent not towards we our we're I deals opportunity, of fast,

confident very that So the aspiration we will fast, out. put disciplined, we've we'll move and we'll be we in are be thoughtful,

Albert Bourla

I are to, -- expected. that more, I that accomplish, risk there want good will to are we XXXX time. is in the so can of We accomplish But feel will only impact few deals is without truly It to can financial is once But we in do of very do to accomplish on next have we disciplined. substrate And do I years but that. good we complete we And be need the deals. will And accomplish that good that reiterate. deals this adjusted. reiterate, substrate $XX we to to that of a course, do think us to to to period compromising We will both. there provide billion going we returns lot, able 'XX activity and be an all will

Frank D'Amelio

by XXXX. $XX billion

Albert Bourla

$XX XXXX. What did billion by I say?

Frank D'Amelio

$XX said You billion.

Albert Bourla

billion $XX XXXX, not by billion. $XX

Operator

Robyn Your with final question from line comes Securities. Truist of the Karnauskas

Robyn Karnauskas

on first contracts. PAXLOVID just So

steps lot they infection, second, And follow-up example? less Are debate bucket are seems with rate-limiting how there's those long like contracts a about where You lasts little further there's areas on that had a in in you're where those boosters. just the for It for what signing. the of Can a give bit countries signing signing more you just booster, on mentioned question. away or from a color the immunity contracts? of the then there's

longer-lasting far scientifically from think And are booster? a mRNA you so we how away do

Albert Bourla

the Fantastic what about Angela, questions. contracts?

Angela Hwang

infection-related. It So literally just time. is they're not

to countries need to their many they to own have get and process to, go have one through. that each them internal We of --

So just other time. end at is really there through here than getting nothing

Albert Bourla

Thank you, Angela.

because same trying a some some it this will scenarios try doesn't say, likely produce it know characteristic make virus, to right most uncertainty it be through booster, make seeing sick, future the we are is sicker COVID. you again we or not that another And let we I some out they are protection, only likely. that mutate. is believe difference natural are world also the that that getting also the let's and is companies, comments different infection. the they in most is and the Clearly, to around one. the COVID, me of don't get that I virus there sick addition are but they but now, But to with but through for, People the should with will that a main can after mutations, know think the immune are also because answer time and On long-lasting that We with vaccinations final that of will know virus be the variant. time. get for

The not authorities, is spread know, the distancing it happening will first control treatment can see the ease. that it social happening count overwhelming the as pandemic to X now before in do that second measures main say, disease are release, we pushing the also, that. is The hand, pandemic. they are they their thing that the as of a because the which But is way measures have in because hospitals. have were It societies skeptical of so years let's to can they the for they

tremendous to there lives pressure our So back. the across get world is a

As and it's are be we are the a that going another will more now, is to from another the And of that, needed not they compliance constant the be we with that result people, they to treatment. be vaccinations that and People in if things, will take X. need people. very have have waves, clear repeated we Right tired effective more X to booster. clear vaccinations, clear that these for skeptical vaccines affecting and will it's

vaccine. but is easy could leads it's having to are be is that, scientific And to vaccine on technically to come it It extremely we a to that achieve. not very a yearly good important So that.

are that. So working we on

I what also terms our So social it the the we is with to to unfortunately, that treatments, which as needs of virus, need, to reality. go next but liability ahead this measures put stay with need, to course, be moving vaccine. we the when able it to go to need because will I steps we be when the And and comes we to vaccines, think usage, are to the I comes are me will generation sure that expect new the and think the unfortunately, try of that, in the be of the variants manufacturing next that's make distancing the increase let less to

to the thank of how question wanted want everyone, you, in to also And that's for booster So answer call. today's long-acting booster. a terms I I

of every do I been and of we minds Pfizer, to want remains to the and colleagues once day very of thanking seeing the tools not executives one many external as more brightest it to And best innovative signs are close have purpose. by pursuit our work to It's contributions his add at feedback only our about to Frank but his on associations. been and me X,XXX in from and of friendship of talented the the tremendous that's of We will strong to with he remains I'm everyone. some a most attending demand I'm testament that Thank PAXLOVID proud be increasing and he have. a so although for company able as best wish the shareholder to major have life, much, said, our he well here lot in everything than more of based recruit happening proud after-Pfizer him named we roster patient-centric you his attention. important people. patient organizations very a

Operator

Thank This concludes call. for participating. today's conference you

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Pfizer (PFE) 3 May 222022 Q1 Earnings call transcript