Earnings call transcript Q2 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and welcome to Pfizer’s Second Quarter 2023 Earnings Conference Call. Today’s call is being recorded.

At this time, I would like to turn the call over to Mr. Chris Stevo, Senior Vice President and Chief Investor Relations Officer. Please go ahead, sir.

Chris Stevo

Chelsea. you, Thank Good morning. earnings quarter second call. Pfizer’s to Welcome today joined Dr. I’m by CEO; our CFO; Bourla, our Denton, and Chairman Albert Dr. Dave Dolsten, Mikael Chief & Scientific of President Pfizer Officer Research Development. and

have Officer Joining Lankler, Hwang, Chief our and Oncology Business Chris Business; we Research Q&A Dr. for our also General Officer; our the Aamir Malik, Counsel. Chief President, and Doug Boshoff, Commercial Innovation Global & Biopharmaceuticals session, Officer; Angela Chief Development

on this and the call, and factors additional Factors Relations logistical forward-looking I regarding financial and Information wanted these and you materials earnings remind related statements XX-Q some and our Forward-Looking for And section of Investor begin affect to items. course, statements may available non-GAAP release our of forms SEC are Materials under on disclaimer and our see X my we please call pfizer.com. Risk XX-K and the results. earnings other favorite, future Before on information statements, our forward-looking that is slide measures of

Forward-looking substantial only risks these undertake revise statements of obligation original call’s to and subject and no date, any to are of the speak update as statements. uncertainties, or the call on we

turn I the to that, over will With Albert. call

Dr. Albert Bourla

thank and for Thank Hello, you, Chris. everyone, joining us you today.

XX% results declined during $X.X these financial operationally, quarter. Even combined our the in a Comirnaty. revenue X% expectations. Non-COVID-XX primarily portfolio operationally and in with contributor with declines, to were business billion declines both this than in revenues Paxlovid quarter second revenues revenues line due to Our anticipated grew significant quarter. COVID-XX more remained year-ago compared and solid with Total our with the the

were of the Through six important patient the vaccines. our course, world than patients treated are are months equally more we with our exist. and patients year, million medicines the impact XXX reason around first Of because the data

an of of products new make We indications. goal continue our towards unprecedented or to executing number progress of launches

XX new of products halfway than an XX-month its span. or is Pfizer fact, in of In indications launching goal more

we to approvals months six four launches in five XXXX, launches had six approvals prior to six addition In and first the and of XXXX. that occurred the

second in expect For additional launches, occurred in which, months. in six of approvals XXXX, July. that including XX XXXX, recommended, and approval additional to Then two if launches the expect and four XX launches new would we the the six and one approved raise approximately launches, total half we

contribution late quarter. As you in can chart, XXXX to the largely And we second launches. launches, for see the half even an of because in our in in year’s revenue the contribution expect then XXXX, greater anticipate impact occurred we this for launches first-half this year’s launches, of with second total XX the occur the expected next additional

It’s derisked at a note point, one the important perspective the being only remaining that XX with largely technical been to from have potential XX RNA launches of our this flu candidate.

drivers. novel that inhibitors. and long first-in-human hemophilia candidates expected England against for to several the is hemophilia discussing. is vaccine and X therapy marstacimab, of and value generating pipeline Group the These XX recently from to the continue encouraging pipeline Phase B with studied B; antibody in our KATX Equally CDKX, candidate our exciting been have include: treatment be results publication Medicine our our acceptance regulatory breast next-generation significant treatments, data and after from treatments the including We for gene B for our New CDKX, for of milestones of immunization potential Phase from Streptococcus; being data A filing candidate; novel of cancer X pipeline potential we the future a reported breakthrough vaccines Journal maternal

some I Now, portfolio. like provide on commentary would to COVID-XX our

world of and role proud our most scientific global are the manufacturing pandemic, a all vaccine crisis contributions. research and significant to the have power of the bringing breakthroughs health during by our first Pfizer impressively COVID-XX. widely we oral for control, As treatment and very in and played the These the know, demonstrated used bringing you capabilities under

The acquiring Arena, in Therapeutics, expect Global of profits date us have generated Blood have XXXX. to to contribute together products approximately enabled these to and in ReViral, revenues invest $XX Biohaven billion which we

this fact, start already acquisition expected Global year. our and generating the end while In are revenues is to growth, the acquisitions toward Therapeutics to Arena of Blood Biohaven of contributing the operational of

planned We if Seagen, than expected contribute of XXXX which, to billion also our remain very more acquisition revenues. excited approved, $XX about is in

more the increased positive exponentially of This importantly, and, of investments business. for and the increase launches. expected our this and divestitures new compared momentum us base non-COVID-XX product in Pfizer’s our a overall revenues pro of our portfolio, and XXXX with As success SI&A consumer the COVID-XX our allowed to result have revenues our to of revenue forma new support R&D Upjohn revenues,

we this assumptions financial increased revenue for in assumptions in year our These on sized incorporated XXXX were and making products. The our certain were in we both based SI&A investments R&D non-COVID-XX made also COVID-XX guidance. January and are

is level products the than for regarding of for a uncertainty higher COVID-XX rest there of the business. our Clearly, projections the demand

For XX% six our administered approximately first doses Pfizer XX.X In million U.S. estimated year, XXXX, market of doses we the were example, in capture months of share. in to the of million we be COVID-XX the shared U.S. in expectation vaccines which administered that XXX January, this would

XX%. ahead our the While our earlier for projections, expectations million is share our at doses of previous COVID-XX XX.X market behind are

follow However, happen we vaccinations fall the which the going season, vast respiratory to September, winter COVID-XX forward. and during vaccinations respiratory in pattern disease majority and this of expect starts

of the end the August. exact commercialize by assuming the X.X the CDC of the Omicron removed request decision vaccine commercialization available FDA are address was and allow to to this composition approved in strain. with will Comirnaty us the the change updated a believe and largely in of to timing the the vaccine We September, of uncertainty vaccines XBB The by

removed beyond believe European year’s this this agreement In four over contributions it market. while renegotiated longer-term volumes This vaccine’s also agreement. the revenue important in Union, provides when the it agreed long-term revenue successfully volumes, our regarding uncertainty the spreads we puts XXXX on and certainty the pressure we for years, was and

to are with play infection Similar second in of the bigger year follows the COVID-XX vaccine, long-term of our very role half experiencing will for for expectations the informing what a which closely the the the utilization we rates. demand Paxlovid,

the fall, U.S. treatment we desire also the government already We transition severity Paxlovid. U.S. in wave dialogue with the in seeing. a by expect will this start supported are will a will model the new regarding factors, be for is this expectation to rates for and COVID-XX increase we infection people’s when Obviously, the disease to of and ongoing as commercial

uncertainties. the are These

in project certainty We are and the are revenues in good is COVID-XX stock acutely making a this if area clarity much our have time third-quarter potential be upside course, results, expect reliable some we season how the difficult future is rates respiratory by the and in to regarding end The uncertainties the COVID-XX a financial and also it news uncertainties years, aware of will treatment predictor vaccine of result. large combination vaccination will to that products largely to of future. we disease the perform in the eliminated by at report be more with our flu upcoming we a at a price, from expect to and because year. Pfizer as of This Pfizer our the all trends is subsequent and commercial these affecting and market we brought market, the

Comirnaty of of the by to that point both clear. commercialization transitioning timing and full should become Additionally, Paxlovid

year this the base preparing This this uncertainty, our ability continue COVID-XX to have advance upcoming is total Despite the align disease to are also But we adjust uncertainty, in portfolio XXXX respiratory will important. given in scenarios. revenue this our future with of COVID-XX very various to cost to invest season. we

we specific can base, we COVID-XX expected. fact, within in adjustments, remarks. Dave more demand make his provide our have if details already cost during In than primarily identified lower where comes will areas

to a success. Seagen, we planned wanted our quick few acquisition driver will of future share our of a I be major updates of which believe Next,

the recently most the overwhelmingly and transaction. planned already acquisition, shareholders have financing external we fund approved the Seagen’s needed to of raised

and closely Trade Commission. continue to the European also We including Commission work with Federal regulators, the

our or us to anticipated XXXX, customary will hit conditions. closing close meantime, in XXXX allow satisfaction planning the following running early an later which in the ground In continues, of subject integration to the

be lead we Officer very entire our Chris have Last as Team organization, to from Boshoff point Pfizer’s announced pipeline, week, This late-phase in Executive to and R&D end-to-end the directly single and will be new, R&D joined and to Leadership oncology accountability for similar of Oncology Development reporting a Executive proven clinical for has this early- and has Chris which that Oncology role, to President, the Vaccines development. structure Research me. we In currently the organization is Vice place productive. discovery Chief

to living already Chris’s that leadership team. treatments companies. the leaders life-saving Pfizer and after for is we from so which team common closing, Seagen vision share deliver announcements include highly people that, both productive with leadership will I purpose-driven are Oncology why pleased am and talented, And cancer, made a joining people Chris’s

is the believe cancer We therapies, life. time cancer, help in delivery the further structure of critical accelerate is will against which battle new this because

are that we building business At wonderful that to Pfizer have speak proud the I’m months, share principles core that recent one with external the Everything.” some stakeholders. our trust is to “Trust is accolades we belief of in received

We Companies were named one XXXX-XXXX “Best to Work U.S. by the of For”

top “Disability XXXX.” listed Rady row, Sponsor earned & Year “America’s National a Index.” list XXXX of Conference the Executive in the Workplaces XXXX in Equality XXX the in of News third And at For Disability:IN We Report. Greatest July. Award World in our received score the Pfizer own Newsweek’s a Johnson has year were the

strengthen Ascoli, Refugee in brand very for during “Welcome important by These Lastly, built our Working Award the that PGS Integration.” COVID-XX United being Nations unprecedented the because - the for site is they Pfizer pandemic. recognized recognitions equity Italy the are

on hand Dave, in I Carolina. comment it at Rocky want facility I over to quickly Mount, North the to Before situation our

that sustained as any job and colleagues Pfizer best has said, way neighborhoods when caution live, where an at tornado struck. the to no proceeding team the minimize the the unfortunately. back quickly impact leadership us so both, The local and substantial as to facility as online damage, as That to seriously patients. of relieved of all responding event, to incredible First, did were injured done determine this urgency our we colleagues with on devastating many site possible, were get our are

of course, remains Of the to taking our priority. ensure are safety contractors, which steps and colleagues also top continued we our

with over Mikael After to Dave? on will Dave, provide pipeline. that, I Dave. an R&D turn update And our will it

Dave Denton

to Albert, good you, morning Thank everyone. and

has sustainable half to achieve the track months, on it Over Pfizer and of important the past back made this profitable decade. squarely in to position XX investments growth

portfolio and our to market internal late-stage innovation commercial R&D our shareholder We Pfizer’s through continue efforts LOEs expand strategically our pipeline, all enhancing business revenue have and and enhanced deliberate upcoming invested development to and to launch value. ability growth drive capabilities, sustainable strengthen These actions. long-term overcome while solidify

our cash. support designed growth a long-term capital allocation further we to our To are strategy deploy objectives, effectively executing

focused pillars: is repurchases. on our our reinvesting second and share dividends value-enhancing business; strategy main over making Our three growing is is first finally, in time;

internal towards first in returned quarterly the and, of billion acquisition the approximately XXXX $XX of via In dividend; Seagen. our shareholders billion half billion allocated $X.X alone, to invested $X.X we’ve R&D; proposed

The a average On with yield nearly a Pfizer expected X annual our average be net acquisition. to consistent this full basis, be offering a $X of with completed debt of maturity across used of successfully the acquisition billion a to run During years, quarter, will expectations. financing the associated carries rate the proceeds unsecured year the is and new $XX substantially offering The Seagen XX.X X.XX% weighted billion. fund cost debt debt tranches. second weighted

of now regulatory With to Seagen the post acquisition the this debt is the immediately completion positioned offering, close upon company now approvals.

continue plan Seagen de-lever capital we in following to the expect investing business, structure While transaction. of closing our to we our

inclusive our share expectation de-lever As balanced to repurchases. return we to capital it of strategy is a allocation more

cover financial briefly of highlights our with me a let quarterly Now, that, few performance.

our with EPS results consensus. top said, perspective, better solid line than our and QX Albert a albeit slightly and from both As expectations were in bottom-line

Paxlovid expected The overall of contraction revenues in As our Comirnaty in decline XX% guidance, QX revenues sales. was our driven declined by operationally. anticipated and the

of a expect products transition to half these market year. in second We to the this commercial

as excluding our was products of X% inclusion in contributions the strong with continued the at Vyndaqel Nurtec well versus QX the from operational revenue of with growth family. from Oxbryta, LY, and as expectations line Our COVID growth

QX, XX% During SI&A were and adjusted expenses LY. operationally billion grew $X.X versus

and continue in We acquired our to our products. recently of upcoming invest support launches grow

are we products. near-term current profitability these dampening that performance clear investments it’s our these on maximizing laser-focused of levels, longer-term While are the

quarter while to in reported compressed rate Now, $X.XX this by primarily contraction moving diluted of anticipated steep than to the XX% to operational the declined per bottom an revenues, XX% the share at greater during basis. EPS earnings on Earnings adjusted $X.XX, Paxlovid declined quarter. sales a line, and diluted due

our Once $XXX approximately compared again, unfavorably to share foreign diluted earnings results, and or last adjusted or million, exchange reducing year. X%, X%, second impact revenues movements by continued $X.XX, quarter by per to

within the I’d we like XXXX of Now our to how are are dynamic plan, unique incredibly halfway that point a reflect and an business at to our take executing on financial while navigating moment we environment. across

continued launches; the ongoing of our team, the and shifting As transparency remain management COVID and assets. magnitude the the a acquired of marketplace assessment of sharing of we the committed nature to integration evolving given landscape;

our guidance. full-year financial elaborating Let XXXX me on by begin

to We earnings of adjusted per billion for to between are expectations year. revenues $X.XX and guidance for diluted $X.XX $XX share the $XX narrowing billion for our full to maintaining

revenues, and occur updating For revenue of launches I’ll out to second X% our our anticipated of XXXX the and more timing durable launch in remains schedule growth. point half predictable our unchanged. guidance to are X% our XXXX materially the standpoint, operational majority a range we non-COVID commercialization that are From to

As revenue inform view a of maintaining highest strive we level while a achieve that always possible inputs realistic our key the outlook. company, to

the is in slow Regarding by RSV to for likely shared uptake U.S. recommendation adults, older decision-making the its ACIP

U.S. planned. of patient more In addition, Talzenna the a narrow originally the in than approval population in recent results

impact with factors damaged the of These revenue Rocky facility near-term challenges. presents the Mount manufacturing coupled

momentum into XXXX. as However, exit we revenue we and positive expect XXXX head

long-term business outlook Importantly, the remains XXXX to for intact our our non-COVID relative ambitions.

with season we more slightly variable Turning full-year and over now Paxlovid important and of portfolio. have COVID revenue the us. Comirnaty predictable ahead Year-to-date and infection both to our of for fall vaccination less forecast XX% billion the booked $XX.X respiratory

revenue that and rates; the and levels; with range large of making aware draw-down to vaccination and acutely name of of the of of depends outcomes many just on infection are We overall predict virus include difficult to inventory the mutating variables demand government speed These potential COVID itself, a variables market evolving increasingly certainty. nature levels the few.

patients while on our support public of basis, us, season to continuing COVID health the variable the invest, with to COVID expense of individuals products In in ensure XXXX. important the interest reach to share. maintaining possible, the support and revenue our most while These are market our we variable treated investments largely fall maintaining as our helping ahead a outlook to are for efforts are many to year as leading important at-risk both vaccinated and

proud has achieved have invest portfolio, in half decade. growth agenda to the are we of this this and through of its the the Company for of what allowed We COVID back support

and annual we demands visibility the Our typical revenues COVID XXXX, future should as more into of a through clarity revenue improve remainder on run-rate. gain

in the as committed and well by base. support overall profitability. revenue of higher aligned investments currently costs incremental with R&D We well Company’s XXXX our remain our that We current dampened defending as of profit are to is both outlook aware our level growing being launches,

designed program calls. forward specific for in growing to profit We our our upcoming revenue program our support program As are effectively details performance begin than yield aligned launch performance. and our revenues we enterprise-wide this would our Albert mentioned XXXX. longer-term that to business. end, expect an we help of fall’s To to assumed, us cost COVID-XX the products improvement forecast it to in have earnings margin future would more earlier, operating less prepared we of sales if projections sharing to This expect we look what our are to this be COVID-XX of objective results with

an closing, Pfizer. this In for is time extraordinary

and unwavering. Our our is our to confidence commitment our and strategy to achieving XXXX goals

enhancing will to long-term focus our while value. efforts to We continue drive shareholder growth

that, with me to let Mikael. over now it And turn

Dr. Mikael Dolsten

breast Today, starting updates few you, with I areas, different Dave. cancer. Thank a provide focus will therapeutic from

backbone, vepdegestrant therapies receptor-positive next-generation next-generation enhance deliver candidates the to mechanisms cancer. inhibitor are of novel efficacy. establishing The pillars to and We inhibitor our as our innovative CDKX a are wave like KATX cycle investigational investigational CDKX as combination a for three-fold: partners inhibitor therapy therapy establishing strategy backbone working next-gen establishing endocrine of cell this next as breast and estrogen

adjuvant/neoadjuvant for metastatic entails Our unmet and first in is to leader expand is clinical Ibrance population opportunity the strategy followed including settings. currently developing high, the breast CDKX/X-naïve setting assets which earlier-stage to need and by the cancer an

next-gen cancer. investigational from Data patients with demonstrated presented key at our anti-tumor in three activity medicines breast ASCO heavily from populations pre-treated portfolio of

CDKX receptor be express while of to As likely CDKX, hormone a cycle majority reminder, a cell positive is breast the low cancers major driver.

that lead of blood which neutropenia inhibition. requires mostly patients monitoring, to can to have severe experience XX% XX% CDKX/X We the Across inhibitor more CDKX CDKX/X approximately test by seen class, neutropenia. inhibition frequent driven

in rate left: In resulted of clinical X breast combination cancer, progression confirmed whom weeks. rate response X-negative a escalation survival combination previously with XX% dose maximal of XX free inhibitor our in response inhibitor, nearly patients objective the HER On which a The was inhibition. well-tolerated, all with median therapy CDKX/X CDKX benefit Phase endocrine treatment in had may study XX%, CDKX with a enable received and of hormone of receptor-positive,

the study. X actively randomized Phase are We planning

novel as like heavily in dose of CDKX responses highlight endocrine the breast a previously data had who patients with I’d our were trial cancer escalation study cancer. observed in inhibitor. encouraging in from KATX Phase breast with CDKX/X Phase novel in therapy a inhibitor patients and a confirmed pretreated combination Also, durable X clinical which monotherapy partial responses, to received including inhibitor monotherapy activity, addition, of In X showed our confirmed

decision also approval, an refractory expected the to in triple-class population multi-billion-dollar this elranatamab, earlier Turning and anchor is to anticipated FDA indication clinical programs is be or to blood the the to the multiple myeloma potential expand relapsed to of into regulatory franchise. advance we now first An as of treatment. continue year, expected for known subject MagnetisMM cancers, lines Elrexfio,

addition, development Elrexfio, and TTI-XXX, potential with to maplirpacept, known myeloma the combination acute underway, In of in myeloid is support also indications in including as leukemia.

Here, patients prior at MagnetisMM-X myeloma in had exposure Elrexfio we multiple BCMA-directed trial to show presented who refractory data from triple-class therapy. no with the EHA

underscoring deep XX-month we survival meaningful patients XX%. the with Elrexfio left, complete In a potential survival response, a remarkably for who of the monotherapy, XX-month observed On responses. survival with XX%, highly overall achieved and durable was

see graph the showing myeloma activity XX%, agent broad subset of single two the therapy. a can response to on lines right, of evidence rises of in We with in patients three prior with which multiple of the complete rate XX% to

newly Our ongoing to pretreated populations. trials less randomized are diagnosed in

Subject period the moves differentiators and per interval lower XX. beyond once extended dosing dosing during may an approval, have to as that every from week key to XX% dosing week step-up weekly Elrexfio such time hospitalization protocol other once

patients the the flat hemophilia expected second patient-friendly dose. of hemophilia and the significant therapy. reduction If of standard-of-care prophylactic to versus submission a ABR A and is a regimen be action statistically bleeding hemophilia trial half XX% or XX% first ondemand reduction factor once-weekly of first for in in pivotal differentiated inhibitors, compared rate, without subcutaneous XXXX. pen a Regulatory a effect has to ABR it met the replacement administered now ABR. dosing B and potential factor as clinically in Turning the or its was There to treatment A B, primary to and compared with meaningful endpoints, Marstacimab annualized offers marstacimab on B in treatment mechanism and replacement. approved,

FDA redefine Agency’s older. to positive but and both medicine areata as adolescents the CHMP a kinase the Medicines also the been first-of-its-kind pathophysiology. that yet Next, ritlecitinib, potential alopecia for years received TEC pathways approval is Litfulo and a also mechanism recently alopecia in standard alopecia known inhibitor It is areata. the severe in first body with not treat adults opinion recommending Litfulo, and from areata European receive to implicated family It has is have XX unique the inhibits of the transiently both approved. care to JAKX, kinase a that

disorders mechanism of Phase including are ongoing, In its X applied vitiligo, and which potentially indications. how other study action exploring be we in unique could across addition, a potential immune is

half we on progress Finally, XXXX. out making set excellent through milestones the are the had of first we

the FDA Albert we received As approval Prevnar recently noted, XX population. for pediatric in

to have about sharing improve robust in quarters. more potentially protection in coming this current I pneumococcal place We by the the look to provided vaccines. strategies forward

We well-tolerated Journal which data vaccine natural published and Medicine addition, determine two journal protective studies an In antibody indicated Texas infectious to candidate England that University born robust at to study prospects encouraged a The candidate. also Dr. Phase disease history published that we offer These recently was Baker, levels Center, meaningful Carol candidate GBS maternal the future Health from showing editorial highly the Group of vaccine may birth. Streptococcus infants antibody generally of independent were in important of the to Science mothers. NEJM highlighting our used X immunized expert B our protection New levels. generated an the was wrote vaccine

and anticipated The the pregnant candidate positive with vaccine administration progress nicely to GBS decisions our Abrysvo for vaccine RSV results regulatory of for upcoming the women. dovetails

a for in help the Medicines from and the older CHMP recently under Agency’s for protect and maternal immunization Abrysvo positive U.S. both is older the review indication. regulatory received opinion approved Abrysvo for adults to adults infants. maternal European

see enable to expect end finalize our XXXX, of excited to Phase plans. X will Phase remain we danuglipron addition, In which data by X from us we

out which trial Fast has from our of received Finally, treatment myopathies, the Designation X muscle anti-interferon of for I’ll Phase start Track inflammatory call the candidate Beta a FDA.

you. Thank

session. to to Q&A me it turn Let Chris over start the

Chris Stevo

Thank Chelsea, the could please queue you you, up if Mikael. callers.

for at XX Q&A least minutes now. session our have We

Operator

[Operator Securities. sir. Instructions] with Our Yes, Robyn question come will Truist Karnauskas from first

Nicole Germino

This is for on Robyn. Nicole

ex-U.S. on you What Can the they elaborate you peak first. And in can know share share uptake case decision. slow elaborate RSV, guys impacted might you a what sales at annual if if you if previously -- than the can do the want sales think ACIP U.S. expect we slower why you would the -- to to just the making So all, how decision on be? the be you given can question expected? is think quick is in this

Dr. Albert Bourla

answer have was, question expect we that. also impact, The big on any U.S. expect we can and U.S.? a in and do expect the Angela share decision do the excluding Maybe the to do RSV also impact you

Angela Hwang

Sure.

first for vaccine. the RSV is I decision-making step our So shared all, so. we full adult that recommendation approval effect. it there towards older that a we’re it’s And of see way -- is is really short-term about it look I the would the is at And a that excited this think routine clinical just anticipate, the way to that

emerge We get do more of go back have expect will be clinical ACIP that opportunity for. we routine to with out actually that to that our that hope the data -- program, additional recommendation emerging the an and we’ll

and our as So, anticipation of is it. data, next over collect or really we finalize the year so, that the

longer decision-making So, us peak full the for bit that we particular get means vaccine. that change to the to now. that it this it doesn’t little because clinical the a to opportunity take have shared right takes that of change It It just step -- doesn’t the peak. extra

Dr. Albert Bourla

the about And what ex-U.S.?

Angela Hwang

we were different both adult at We a same to filing. Ex-U.S., and maternal actually, get time. older the had able

yet of they will there you particular recommendations, maternal on in utilization. Europe, those So And slightly the in in not those different here the opined at ex-U.S. and be vaccine and the time. think that will in see later. vaccine terms launching U.S., technical committees in be launching same dynamics But have I our

great you that’s have think that’s that But we’ll upside different have at fact what we so, await that. the both indications once. really And is I and a

Dr. Albert Bourla

very next hope please. much, the gave Operator, you Angela. Thank question I what we asked, you Robyn.

Operator

Umer Evercore. have with we Next, Raffat

Umer Raffat

One on would two within while cost was word cost I the I cut the the used I be enterprise-wide, heard base. it Albert, think, things just know that now. different COVID

wouldn’t reasonable the So you if to And danuglipron, I it’s mid-teens on reconcile that was it just move forward? is below to weight expect also two. trying loss,

Dr. Albert Bourla

Let me clarify.

need now, course, Of to would COVID but one. the going small you amount. part that enterprise-wide, R&D cost of that COVID not biggest SI&A is be billions, I what is Right said to the and know it it’s is be a

So, danu? prospects it’s bit -- at you there. speak the Mikael, lot can about move a a little there’s ahead over to

Dr. Mikael Dolsten

look the leads. activities you in developed really get we modified forward for Well, we also know, And parallel to data. have as

at to need think to, look tolerability I implicate we parameters in how well metabolic course, deliver drug the its also, really on three of alluded you in ability of important weight general. and its totality loss diabetes, to can data, These performance the its as perform.

optimistic oral this And have can I effect remain in profound class a weight that loss. on drugs

needs some you have Of loss in caution media weight to as to seen far, a little maybe bit course, one too drive arise that. side concerns also may be public from that about effects

will to make all we of forward integrate really decision, So we look and data and that really moment. that a

Operator

next from Our question come BMO. will Evan Seigerman with

Evan Seigerman

in twice-daily its Kind potentially more talk maybe of asset? profile time the on of a danuglipron efficacy? this considering get safety, follow-up dosing on current remind lines from Umer’s, once-daily I about formulation want us form, the competitive you to franchise. of Can focus to on And the and a GLP-X

Dr. Albert Bourla

Mikael?

Dr. Mikael Dolsten

Yes.

expect part As data of I said at in my prepared we this year. the remarks, later

when it encouraged We different that danuglipron events a adverse and it sold. profile the we comes as has that are to absolutely confident

as we see will that very I together we put So of don’t and And a diabetes prepare that Phase spoke it’s program. And to an data big X the obesity. issue. potential readout, to sector, totality a pending

in expertise cardiometabolic considerable have patients. We treating

this with data look So, in interest your forward space. we you plans you Thank quarter. to to and more move great we share further for important as more

Operator

Stanley. Morgan Terence have with Flynn we Next,

Terence Flynn

how about Dave, just Maybe margin two here. should wondering was steady-state I think for operating me. we

Looking back pre-COVID, the Company was around mid- to high-XX% range.

the state? you it of the upsized seasonal on us steady parameters So, think about but gave about And this is program, some X how how flu that think vaccine like looks just Phase that RNA to was trial should messenger when we clinicaltrials.gov. then, maybe based on

frame can talk there. timing expectations help Thank you. and if you of So through just Mikael, wondering, data

Dr. Albert Bourla

Thank you, Terence.

Let’s start Dave with

Dave Denton

Yes.

So, great question.

is we minimum, products that our the levels COVID. at operating to we is mix think about different back time. term, our clearly, a related have caveat As margin with expectation that we is go our of within to get expand particularly Clearly, pre-COVID long to we one over portfolio, our forward, to, it a as do -- objective vaccine

As you profit we the that that or margin share cost product know partner, an does the operating vaccine, from have we dilute that that share with given our perspective. have

you the point see as we’ll at those But this the we takes franchise adjusted, as more forward puts ‘XX, levels give all and time. looks mix in from a all obviously, lot as over developments should into time. integrate the you roll that to how as Seagen, a on us cycle as COVID back well pipeline we clarity coming a that have out we perspective, we So

Dr. Albert Bourla

mRNA Thank flu. Mikael you, David.

Dr. Mikael Dolsten

Yes.

the of we makes have experience better this mRNA for First, flu. COVID engages but for B-cells flu, the we two and old have it flu very we me mechanisms, than efficacy modality will encouraged new now what was that that should that the having totality T-cell with seen the as for be aspire with for,

in are with part the and of just additional scarce wanted continuing were flu events U.S. type particularly events, We of which study the the we have B trial. have because to more

I good activity with B. against I flu the flu A platform be said, data mitigations be study important update But to total getting is But you, later a be are this forward very next also optimistic supplementary putting to mRNA flu. studies year. look able hopefully, that as to deal adding immunogenicity we and that as can package And of conclude to the we remain going for the

Operator

Shibutani we Next, Sachs. have Goldman with Chris

Chris Shibutani

Two I if may. questions,

of SG&A Can enterprise-wide some component outside program, would of programs other of COVID you or relative potentially you instance, R&D Seattle that have for of at management the the opportunity help tier in of of cost kind in R&D you’ve potential the of the structure oncology the announced I the weighting us with the with to the anticipation changes, top that? consider. And some because some versus ask On part Genetics. in

but that own the customers, in And of gating in would are helpful. factors of scale timing on additional reassuring of of progress any have communicated recovery, getting a the what the some magnitude damage could, the of then and from to information get think your facility, for the for and on to looking impact more look Rocky you secondly, I know could But perhaps it’s standpoint that and like insights if hospital-based with a guys I staff. Mount timing? potential terms your of what be folks the terms I sense hear

Dr. Albert Bourla

words Let on about then I’ll revenues about to program ask our adjustment answer COVID. a question case we Dave Rocky Mount, reduction of the and me significant the have a few say the cost because the in

inventory that was was about Rocky hurricane, the to be that per severe, of the by se, concentrated which the hurricane. it sent to facilities mainly a but means warehouse, lot the markets. The the The was facilities the the lost we were impacted Mount, of damage on damage not production

So, are there. the standing buildings

also the inventories utilities you destroyed, materials were environment, power, of of we losing when you can some to the We switch in that that of and and will discontinued, make stuff. were easy sensitive, the operating. other on processes so will had particularly need time. replace are stop that glass in the facilities to And it’s sterile takes challenge time not highly lot because sure switch be However, and start. And additional this a off. to It

go to the say we what because thing whole very the we So, minimize are that that to confident that we want the doing shortages will that. how can back take. make sure we we feel are still, in of to long will marketplace anything assessing I life. will And But is that

to program. move cost Now, some color on let’s adjustment the more

Dave Denton

Yes.

in this think you we investment develop our you going and sharing a cycle say, half as forward. and you about as into milestones both So, I’ll look more cost of as thank we ‘XX back details for structure lot to lot of, give forward Clearly, we question. the a ‘XX, the program

the you as about acquisition extremely we’re know, here. Importantly, excited Seagen that’s upcoming

term Upon battle this sure approval, squarely Company long And cancer fight a to we in and its to against for we will resources on and focused we’re going the opportunity that to make an battling opportunity cancer an for efforts its forward. allow think importantly, and big that investments there’s opportunity as Pfizer. our patients align franchise that refocus

That Seagen aligned well to our launches Having beyond. of all level we to to with of step will half have well will maximizing back are those half as performance, it the and portfolio year. inform our to the and our of make back relates as of sure and as as performance the we margins investments as ‘XX back that aligned objectives all the as this expand our occurring that, of costs, are in-line in us that be our in speak informed we opportunity specifically the us will COVID. ‘XX said into revenue That of allow year the

will into again, forward lot know this. to from information and as SI&A this sharing a and between we year and we’ll breakdown give that that year. you next look So, more later be and specific balanced, This well R&D, you specific this to

Operator

Louise have with Chen we Next, Cantor.

Louise Chen

you potential lot potentially scenarios happen? you I’m I way of that Vyndaqel in ones space. the anticipate just competition first in secondly, ask unfold Any think to seeing you that big the share and then, could half ‘XX. the could these could competition second anticipate COVID curious some ATTR-CM a wanted And any on you you if Vyndamax. to headlines or meaningful of

Dr. Albert Bourla

right. All

So, on then depends think COVID ask Angela it COVID, comment I words are say articulated. uncertainties? I will a and the I scenario, both. Look, few on I will what the the to

biggest The vaccine. uncertainty vaccination the is with rates. start Let’s

market fall I Vaccination I is think pretty established. share are the going is we well coming. in see is rate much, to think, what that

will be uncertainty. a So, that big

and the vaccine. go us change higher September new asked they in because the We that FDA with we the to of That know market course, creating the new a uncertainty and that been resolved. time sales CDC, you because, inventories launch with was prices. Another U.S. to new commercialization by in very it’s basically inventories, likely of has

happen. will that So,

contract. spread say, other the been the a for that negotiated, that long four That has also, the big renegotiated. let’s have -- less very over vaccine contract. was bit And uncertainty certainty year a the existed but little about European very COVID because was years, the And now it’s we it

course, situation accurate RSV, what we a are but be quite end the key, we And -- ones, the in the year, with the is those the only will upside will much it’s we that So much the fundamentals. know a And of let’s will should there other is think rate. are forward know of going of not we quarter. of countries how the the third in but will the trend say, the if vaccination purchase, will or all what Japan, predictor pretty the much flu and that I have Latin with America very with expect only increase pretty good combined vaccine

rates, little benchmark because, we having bit that more know we We any goes. rising course, On be know that infection now, rates treatment infection treatment rates. Paxlovid, are following the to uncertainty of remains don’t that that are rates how and seen and very don’t infection will close see to how right rates of are have uncertainty the a that go. the And how but We the behaves.

Of we Paxlovid course, scripts see infection the market, are rates of the when going the a always also as are sales do rising the weekly as in on up. basis

the government. on launch, timing launch which uncertainty, depend how agree the transition public we which But to this is we U.S. interest more of the will will with some for have health of

go we seen. be see to the the these year. And will key is for away are the that scenarios of remains that at the of uncertainty message the COVID. And all So, end

there. contribute in We and stable will revenue know Pfizer’s we will a COVID what will basis on go from

the other that want to question and next add Now, anything you Angela, about question. to maybe -- if the also

Angela Hwang

think we’re data. that’s all-cause Vyndamax totality that I we And data about and of biggest data, really our whether just talk real-world or or our when along the you is confident CV-related four and extremely dimensions. differentiator the mortality have Vyndaqel, data Louise, clinical about biggest hospitalization

ATTR-CM, Our in hereditary wild-type data is so and both also relevant that’s unique.

benefit years real-world survival our through five We’ve data. at also demonstrated significant

competitor you it with differentiated we stacks way that an look whichever that against a you think competition. any that program, molecule extremely have valuable and So any I well highly up compare at and

Operator

Wells Next, Bansal with we Fargo. have Mohit

Mohit Bansal

to Maybe follow-up bit. a one this a little

So, the for the way. you all by transparency thank

it second the administration, or seems -- million in fair still the terms I because quarter has half So, you so trend vaccinations want before sales if our the asking to at that one that below to least XX expect in I’m terms of calculation, was of XX and is you have this in you number actually, in you that say like been by U.S. in shipments. it the look year so see XXX adjust or expectations. the million COVID and at your seen so expectations, million of more far, trends

quarter are it you trying COVID is on where something you. just So, understand, -- we numbers? -- to where better could update is third get the in like it Thank

Dr. Albert Bourla

for question. the you Thank Yes.

thinks want I that to we not the yes, We quarter. everybody, should think the said get quarter want we see answer just another feeling. season. It’s to big and we I is COVID, way always of good see the think, respiratory and that better clear, follow is these quarter year. seasonality vaccines, becoming the majority happening that the going more that common third a And sense vaccinations respiratory in fourth are and right? for more other and forward the will more of of the thus

another So are quarter. it’s just not that we

quarter. of course, what we of of they main are small to what rates, the a close big flu bit a anywhere happen have. then vaccinations mix. If vaccination COVID then flu, expect have for we will go the awaiting We’re a to have very fraction we If

why we going how to So, are will see that that’s evolve.

it’s very, So a important very quarter.

year, significant half The rest, although the first for towards have the quite we of growth. contribution the total

utilization that not we And if in we big well. to have So, we very how the as -- I said, the COVID inventory don’t need of there franchise the adjusted EU, we sure much know will make get over become.

the will wave It’s good very high Paxlovid will in a the We market. know also. certainty, Paxlovid don’t We be next used. very, have how

rest the were also last they of year. but world, We the the inventories, have

many now from more that products So -- expecting expiring we or will more product reordering will start are start being going other countries.

Paxlovid the be that’s extremely the of happening extremely, important. rates will all now. on And So why are infection that

very can we way predict Thank them, accurate. we you know once more much. So,

Operator

Next, we with Suisse. have Huynh Credit Trung

Trung Huynh

looks you midpoint business outlook X%, need guidance remains do guide at You are XXXX more to to especially tough for long-term X% XXXX growth intact you your commented our relative ‘XX guide single-digit the business to for XXXX XXXX calculations, for and on have ‘XX. high the achieve base LOEs. ‘XX ex-COVID, order in about midterm you’ll that as to thinking That non-COVID assume you of ambitions. ex-COVID your How because the the the if

So, that confident in do you remain guide? midterm

Dr. Albert Bourla

that Yes. Thank ‘XX, way are impact be high. Also, right? we all that So, year X%, not gave think LOEs ‘XX, from the you. yes, The be will we there. that will quite I was we to the confident guidance basically feel coming the

right, we’ll So, all at these year-to-date. X% now years, right are continue we and

business, important. non-COVID very the I yes, think, So of the success is clearly, the launches

see we way And I a us. of a predictable. there. of it we’ll ahead are is think things better coming lot So But

I be there variability. any will think So, don’t

Operator

with UBS. Next, Colin Bristow we have

Colin Bristow

to Another the make given on we’ll answer presumably negatively hear your an danuglipron. here I about formulation that you Cmax? don’t And once-daily heard profile, I think in just once-daily I’d can of like follow-up when understand this in the level without impacting increase terms of a formulation. the confidence AE

this which it major a maybe here, don’t a essentially one of presence. priority? previously compete you therapy, just talk just waning the item it’s DMD behind think on about late-stage have going gene just competition, seem a on other that are then differentiation, more a And to and you the how can referenced get broadly, it less sort program doesn’t category or therapeutic others more Is I on clinical dosing you’re then enthusiasm time. to much convenient pipeline And potentially that you’re asset the was one given the is in quick air bigger your

Dr. Albert Bourla

Yes. Thank you.

again, clearly size and lot the the a interest in Mikael, danuglipron. So, of is it market creating obesity of

one where about the tell DMD. us then little with a the about day bit so question And are And formulation. was we also

Dr. Mikael Dolsten

for once-daily I barrier don’t I any us say see product, and interest in hear a technical I your would that. creating in

that relates have to release once-a-day encouraged in have hands. a experience in modified formulations. our we we now it early will our ago, we And danuglipron, tells as have while a reasonable should modified a for be when tremendous data, future such believe We in release I initiated formulation us

or we continues after the Phase it at drug launch Well, come I a launch. to could it and X? the think if great When shortly can market makes have

variability profile a So have side with seen been than you release I modified as improve effects wouldn’t this that typically sometimes can once-daily that worry about the that. tolerability and GI agree exposure, slew drug. by I reduce But the which actually limiting

potential twice GLPs. may why the from to MR help twofold structure advantage and once of [Ph] I a tolerability a can a uniquely goes see within create also to day of So that’s day a profile

market. I’m we’ll we Chris on trial. DMD its FDA that ask look urgency very gene a took also on I’ll therapy, that, very it relatively soon to to have encouraged Chris, expect the it. positive to when comes the today pitch angle get into on worked and and in drug that you to I closely conclude

Dr. Chris Boshoff

Thank you, Mikael.

analysis important So disease. patients very the trial, not interim DMD The all this end biomarker have enrolled have truly absolutely do CIFFREO the functional but families with later we for point CIFFREO obviously is gene for importance trial. the just an analysis for and end this patients now based devastating program therapy surrogate on us, a on will year interim not The study. for be And point. in but the of been

this the therapy with for gene that that’s And end in functional of So, to and you analysis way study then should with the in later final is we’ll a believe the disease update we point. benefit best measure come this the year, XXXX.

Dr. Albert Bourla

biomarker heard patients provide you very that about Chris we like add even wanted But to was just have, that as with more That benefit. I terrific. want to experience we hand. Sarepta, look said, the potential our in robust ample

Operator

Next, Kerry Berenberg. with we have Holford

Kerry Holford

cost combination savings. go Difficulty] decisions a COVID the your whether given flu your demand or questions for way. I’m potential whether trial vaccine, will saving the any vaccine for you not from data influence flu your understand of assets mRNA X will But in previously to route. Phase that this that influence highlighted interested COVID upcoming It’s on down couple program [Technical clear A you’ve

you would in proceed for that or in non-inhibitor And see to you of anti-TFPI patient inhibitor seek data on opportunity for drug. filing big in next only group Should to would can you patients. hemophilia, how discuss you your second the perhaps year patient market? year, then, that And we the before assume group the just half an secondly, launch you wait

Dr. Albert Bourla

have COVID Let combinations, we we me Mikael start will and the very and example, then then load with using we flu, excited profile of vaccine, single COVID safety expect over we two, combinations use then because flu, the actually but -- flu injection, a that there, And products and to fact a have will has three have have RSVs. the working which better And the RNA But we believe to the about we’ll that comment. only also be protein-based the very into we don’t on the RSV. benefit are non-mRNA and COVID likely with that. we’ll also and that be can hopefully profile combination if in we are and right? included COVID for And

well. working All of very that are

as happen Now, is very the question will as if very, what is seen the very low. monovalent COVID be market to --

in come the way not a the and that’s And expectations story. we will is I very area more in temper reduce Because combinations stage our and very, an our it will will are also think at key is the if successful, a investments different for high. role if And that our sales. the controlling we upside need COVID the we play about assume in combination, that this for cost. low, we expect medical result, that a will decision although as then

Mikael? your You about want also Yes, -- question? second what was marstacimab,

Dr. Mikael Dolsten

I administrated pre-fill projects know, as had very A on and rate a this XX% as It’s associated had encouraging including about been B. reduction active no with in We It’s excited marstacimab. Hemlibra. other very pen. demand. products, for in versus with We data. reported both events time. you our a bleeding safety I’m we against long And followed annual really had

I hemophilia point A option product, a B. single be, can very for medical think large a and from it of a view,

for I’m well been I when promise segments. about this do that such I see optimistic how a can in think course, both that Of A so it and in Hemlibra has it’s patient profile good,

Dr. Albert Bourla

much. very you Thank

And please. flying, question, Let’s lot of are next so time little is -- interest. bit a the we the move a to

-- each X try question, let’s please, to be So one. more

Operator

Our next question with Meacham of from will come America. Geoff Bank

Geoff Meacham

Just had have you two on like? a long-term real does look quick growth tougher ones. Clearly, Angela, may what competitive environment. Prevnar,

to look benefit then, about But And considering TAM just growth little if there early lose development. you super about it’s share, CDK. in cost a Mikael, I’m LOE also in bit you Just a I could hurdle next-gen thinking you the risk-benefit the mind? offset you what have Ibrance that? think landscape. talked do post is like competitive and know the

Dr. Albert Bourla

with know you that Boshoff with since some have have So here to Angela, competitors, actually question you how realities Angela? respect want the competitive environment? And capacity. discuss. answer would we in to also, to new concerned I his the but Chris like him of are maybe we I our CDKX

Angela Hwang

mean, I proud to incredibly begin Well, want just of entire we the performance saying franchise. Prevnar of how I’m I by are the

year grown XX% fall since last you we only are is look we have this time, which what season, adult this If the grown at we have you -- growth doing of prior the see. vaccination indication, not to typically all

the well the share well fact that that work the to in appreciated tell about vaccinations mention the indication. working, pneumococcal will So it not how to also we we’ve of these disease, is, a that adult we’ve us done able lot how bring machinery been our but XX% have fact is

where market, want we also, that exactly everyone from thought we But that and being PCVXX. just with we peds XXX% remind is I share that expected, market of be. today, share of went to of are to be course, some In that we the we would

with that also from really perspective, of XX PCVXX. proud Prevnar we’re has competed so And how

realize a beginning ACIP are market just that got of the Prevnar important see given we is now of to to think peds what recommendation thing I and the of here for is decline sort that we’ve that the share. reversal reclaiming

the fact to means that mention own we Prevnar purchasing the -- other XX, which switching the about given is begin. compared immunocompromised. peds fact that maybe vaccine, we’ve register, thing -- some from seen will seen I that vaccinations Prevnar to is have we’ve recommendations X XX peds, federal PCVXX pneumococcal vaccinate Prevnar XX their some public And unique can had our PCVXX added one were which that to kids the to now, well, contracts accounts we account so, any our And to then which

whole a is we’ve before. had So never that population that new

that when excited this competitiveness So, franchise alone, really bring sense that order factor you magnitude this quarter over of of just revenue, quarter, a about Prevnar together the next billion gives in and and think can do what this Prevnar our and of of the portfolio, quarters. coming one $X.X all kind you scale the of you generated I we’re

Dr. Albert Bourla

And that million, XXX PCVXX, general is under you Chris, please about the the mistaken. competition which think CDKX was there? around in and I I’m if of not over franchise can the speak

Dr. Chris Boshoff

Thank you for the question.

significant were with inhibitor, transform cancer breast treatment for CDKX-specific KATX-specific know, all ER-positive is to we a the that women, first-in-class cycle cancer So, through potential inhibitor, and in in the with cancer. very can globally and breast build future CDKX-specific assets, proud you inhibition the our most leadership Ibrance, cell we ER-positive on as common inhibitor and potential X for

Mikael has vulnerability. tolerability potentially target out, know are CDKX versus seen For as important more what CDKX, reduced that’s to cell so specifically to hematological pointed is leads inhibitors. expected We neutropenia coverage and improved Mikael expressed it’s out, And continuous CDKX/X due CDKX Grade epithelial the that we X other of And to as CDKX. and complete and as inhibition. CDKX, with CDKX CDKX highly and have we’ve XX% specifically XX% has pointed that’s our seen, why target inhibitor,

X from you diarrhea. of CDKX/X know Grade any what noted not some And also from other the inhibitors. that’s again, We’ve different very

population, first our in the populations with which we’re accelerating codeveloping well in with are pretreated starting second-line CDKX shown a next-generation strategy also heavy post our CDKX as we’ve backbone, with or we plus CDKX and potential recently overall where vepdegestrant, rate registration as ARV-XXX Arvinas. We’re study XX% response with CDKX/X,

Operator

with Research. Anderson Tim have we Next, Wolfe

Tim Anderson

prior of COVID only to guidance been go curves ‘XX. cautious not If your I could ‘XX of the the future for level back shape the on have investors revenue beyond guidance, also the but

of still that continued XXXX more my question kind you now XXXX or point and shape and on saying then trough, confident rebound and that the that of the curve. in in sales uncertain, see level to So, forward, be growth beyond too? Are from is higher latter, some you’ll future of should is the

Dr. Albert Bourla

Yes.

the I it different be categories different much the think the also that will this don’t reliably think year’s marketplace. settle we the because and what years. we that rates and should any infection utilization in no would be will year, predict Vaccination a at marketplace for can periodically. will next indicate then expect be, rates I treatment the new form will there after basis

some cetera. to and Clearly, give we are going have movements, we going prices, some inventories will inventories, because transition to year to absorb and this year et was we with deal a are of

of we should should that be and number treatment you Paxlovid. ‘XX reasonable should that for the and accurate likely and be base have for provided a this that but So beyond, the range year. see -- should vaccination what higher But be than

let’s actual utilization, be what these very the inventories year, what in the it that I Because will things and price why be would as I clearly, next to year wait say all adjustment that’s be clear what So said. this will see and be. will

So thank for the you very much question.

Let’s question, the next move to please.

Operator

question will come Barclays. Gould next Our from Carter with

Carter Gould

thank love great for Thank on events? provocative, opportunity were Albert, you questions you course served publicly. of shareholders this turns that the it well didn’t is to the then taking COVID address your I thought so give be morning. get quite good to to Plenty -- I for TLXA bit around question And all morning. guess, I I substantially this want and Good sells on side. one -- out-licensed partner, for process and late asked the you. transparency addressed guess, would your Pfizer a year, of by you the last more.

Dr. Albert Bourla

for this for you, you And Carter, Thank also recognizing thank giving opportunity. us the transparency.

potentially actions scenarios. that’s when very the important, uncertainty. what parameters for particularly and that could be there’s the We know think and triggered are the should what scenarios different I all

let’s situation, best or served not? we our the knowledge the let’s Aamir. go see and the of Now is shareholders what Have to TLXA

Aamir Malik

very for with say is well comment question, attached obviously, think served. different What I’m or shareholders to pleased speculation I going the will on Thanks the were prices transactions. do and Carter. with we’re And rumors not the to partnership Telavant Roivant and potential we TLXA our

we why decision. reminder, a We as as this? an So, entered prioritization entered this R&D portfolio

the But time forward. So going partner from in of is risk R&D XX% the with had in value stake we to time, of R&D still capacity ways. or in And in think this Telavant. different the frees equity invest a share to in process retained to R&D disciplined as program costs we better up we this part make a We our Pfizer priority Telavant covers that high programs. programs, our to case, it And where significant partner. all for decisions three cost

We have and full royalties earned ex we ex and U.S. rights on Japan U.S. the sales. and Japan

shareholders. the to feel So, spend. for XX% X TLXA of sound program, a Phase incremental value a than with together, this for keep very allows And we us Pfizer zero total this taken move of R&D is collaboration more

Dr. Albert Bourla

Mikael, anything to here? add

Dr. Mikael Dolsten

therapeutic, in Aamir, immunology among would I very interesting, And share. strong where even to have That we bispecific do be antibody. many including and very an many we have greater in platform TLXA well. said just in it we a the wanted punctuate own options,

into dermatitis. have specifics are atopic that going We triple

we we in on. term, things the [indiscernible]. area, soon approval going expect just it readout And same So so many and punctuates. have very etrasimod another for therapeutic near Even

So a lot to start there.

Dr. Albert Bourla

about you, Don’t Thank what have our we much pocket. Mikael. competition tip too in

go So to the question. let’s next

Operator

Steve Next, Cowen. we with have Scala

Steve Scala

guidance when the question, not than is $XX your other I ago versus in a months, just what than in X it’s observation first FDA the observation action, gave COVID since an nothing long-term months changed prior X that term. clear still which changed have you expectations really has billion impact but the the has long doesn’t

observation. that’s an just So,

Are on either is is there to products? its franchise, long important around Vyndaqel. in the question the has where other LOEs, my move post Eliquis strategies yet similar Vyndaqel Pfizer LOEs, But is on -- to a to or simply exclusivity U.S. not or the very EU. get become it any

Dr. Albert Bourla

Yes.

question, So, don’t why the Angela? take you

Angela Hwang

say, just it fact it’s proud an Yes. you so the product, and as that is, quarter. this percent we’re growing of important Well, XX-something incredibly still

matter through think just in get composition I Japan, patent LOEs, see XXXX, to perspective us we it up right EU, December at patent the extensions we but that of term XXXX; -- comes XXXX; the how expires goes XXXX. in it it’s of are of from to our in when it,

to that we and and we So as to differentiated can more good like profile it more patients actually, feel the that runway competitive we have. with diagnoses still a on capture to we product, Vyndaqel, incredibly I this have do especially need that pertains

working As be see opportunities as what from fit into Aamir, continue you might portfolio. what say, and with looking I guess opportunity into for fit well to we it, we’re always, to with this without perspective, franchise good in an at or capture my us might But incredibly to this strong growth.

Operator

David with from question Leerink Partners. Risinger comes Next

David Risinger

stated flu mRNA first-generation strain at efficacy, Analyst not strain on please. is mRNAs mRNA B. question vaccine my against flu that had Sanofi sufficient B given deliver candidate, targeting So its Pfizer’s issues And in Day recent Vaccines will technical

later the about for comment hemisphere, comment your wasn’t efficacy then but your that curious southern the So, results reactogenicity B that for mRNA efficacy just hemisphere. in in B northern could your that for hemisphere strain this strain And the on profile? in year? strain I’m of if expectations expectations you there Comirnaty’s flu vaccine’s emergence profile addition, your you I demonstrating just could B versus know and expected reactogenicity on southern

Dr. Albert Bourla

you very is Thank Very Sanofi David. are we that questions. so well. having, as technical issues are Mikael, much, experiencing good

Dr. Mikael Dolsten

course mRNA companies worked maybe Well, I many technology pioneering have that of the there on between Pfizer this Moderna and years. the difference in is think

and I X think chain. it an we had entire the COVID experience just and a into it years been ourselves what gives leg up vaccine. have big improvement with And We us make ample across mRNA

a facing. against are I will issues on we a in B. powerful -- and can’t mRNA really that to comment flu positive that against Sanofi the also more have flu I A be more our have I much that So, positive design capability share outlook much vaccines

as realize about and a lot wait the and let’s optimistic it’s field enter. that capability to requires I’m And But, outcome. see that a of we data accumulate

Dr. Albert Bourla

What about the reactogenicity?

Dr. Mikael Dolsten

been moderate, been actually has reactogenicity good. flu really The

So, that an the in at testing that’s at doses end older all been not of patients. issue we have young or

Operator

with Next, have we Baum Citi. Andrew

Andrew Baum

a impact could much do price you’ll Could drug flesh, price? whether to and or talk order of to IRA? negotiations pound be to you’ll let’s following much negotiation think talk to of a the price have PBMs PBMs buy Expressly, to at the at collapse reduced of, reduction, impact pay you rebate the fund price price in or the earnings, drug able the the Eliquis reduced to you under protect still your the offset able say, therefore, you the even they’re though their being about

spend what And R&D Seagen, make Seagen’s extent optimize existing then your pipeline acquisition to given -- extent further to that order separately, is assets? there a planned review to to Mikael, for Seagen, to recent do the put additional you of behind or or of what acquisition room your in believe potential

Dr. Albert Bourla

Yes.

answer So, why of the changing mean a go it’s don’t rebates, about first what we cetera, situation. quite new terms to which et in IRA will

you to Angela? But little about it, to if a plays. speak have it bit we want how see So,

Angela Hwang

sure. Yes,

So, Albert. that’s exactly right,

-- I to it’s and understand terms to in play new out. lots policy think just of there’s going a it’s how

what function to IRA. there be a I of will cap we threshold of that is able say, think at you As on have of patients likely as to also because Andrew, there’s a the will Eliquis of have but the be remember, and more get negotiations, fact factor mitigating to that same that that price time, we’re the co-pay sort going

situation. ‘XX all as utilization our think play will time And a it’s us but LOE lot and to around of for will the also out. pertains also guess, just drug largest of Eliquis, those pricing, be so, to frame. one pertains a specifically it drugs, everyone to that patient this I of obviously I There’s consider rebates, as it its to that remind dynamic

that portfolio So, time. impact be long is, not our because around whatever lasting losing patent it’s on anyway will the

Dr. Albert Bourla

Angela. will the Seagen much, an the made so It’s you environment, issue, very to pipeline on quickly Thank acquisition we see. about really to assets. evolving nothing clear very we very have mean Andrew, need pipeline Also, the

reductions or acquisition. increased of because will any of but be be a reduced increased assets or this result as will as eliminated be pipeline actually, on would the pipeline -- of a result combination assets no So, not

Operator

we with JPMorgan. Next, Chris Schott have

Chris Schott

being the in the just get Just a remaining should vaccine in revenue trying much trend on little commercialized the in versus I’m this about we two-parter just XQ? expectations? your to of my help how XQ a second the we’re contract so sense based was on Comirnaty. Can COVID I vaccinations, bit guess, setting part quarter the get with will you or renegotiation. me we of, XQ seeing sales that in be think we’re September, EU updated terms just on seeing of of your when And And more for update, interpretation the

Just any the what additional color relative end in guidance? was the guess, to XXXX being up terms I reflected how you XXXX can provide different, for on

Dr. Albert Bourla

in basically you I will can quickly. quarter. very third July, August, if we the take see, it September have Look,

in with So new the the start September, hopefully. vaccinations will

Of course, already the approval expect will ready we the product that of we end is are by have And what with we August. now.

-- production an the will not be so we issue. So have

really way what away. is results. have It big Also present all, QX plus we until will takes inform. vaccination of the give should of also end is normally, us what for we our most go But will know we’ll very So after will month rate. -- this that part the QX And the at the clarify Because right? we price, in in Comirnaty That net of QX. uncertainty better everything price. QX, it really net what QX also after

that know will incorporated the expecting contract three when On our that that you do if were the renegotiation, assuming EU we will say will don’t did renegotiate gave I noticed, contract. our have we we years. were I assumptions over And EU that guidance, assumptions we we

pressure offset that. Latin of that we creates to over very then but we had we in a guidance, some particularly did contracts but years that our four Now expect, part America, big guidance didn’t

the the there’s to no that’s another. these itself I you to very the said, one we’ll to why then, vaccines will come. -- by what potential Really, is way but that’s go for next the is years And So please. vaccination guidance question, or not Thank a as is it Chris. much, reason of change define rates, what

Operator

with Kumar Rajesh HSBC. we Next, have

Rajesh Kumar

for one me. Just

acquisitions. doing lot You’re of a

You’ve the what commercial how recently, the get integration of challenges we But done as -- scientific but on also a side? see, forward, you the versus large execution, not the things look are think do that sort Seagen completed. you are the What one, worried? side it’s excited you on both

Dr. Albert Bourla

For right? acquisition, Yes. the Seagen

Let me start…

Rajesh Kumar

well. Multiple acquisitions as that before

of, got multi you’ve just So asked on integrations that’s I sort the going why question.

Dr. Albert Bourla

Yes.

think our a leading So And a let what better now, me with right the and are in fight Seagen there’s two against playing behind company. it’s one with role start key of excites cancer. actually I one. more our and us Seagen. we believe And this The research the ADCs platforms and more science in has

that think lot. me I a excites So,

not capital small in very, in designing the that Also what with we particularly very, achieve molecules. this to Seagen bringing compared the limited bringing but what significant good. are is a And relatively what very resources the to on we And only table the is on excites me the of a research we course, also greatness molecules, lot on the are able all expertise table. front, are was

contribute when payloads, I speaks can significantly we about think So it that. into

in already global thinking that can or U.S., market whole thing in is we integrated. are of those also because is we are as will the we we to products such able presence, way almost a the look that lucky. once the our And commercialize Secondly, there nice resources, triple at is that Seagen of Seagen being

to of things be there lot a excited. So, is

past very Now, rightly we in did need not that we we happen did the things we integration to only And that out, as in the you wrong pointed our past. our that do be and share have share of we things n things aware. fair -- I have of fair right

similar Actually, putting evident that irrelevant know in cultural of two or end, Actually, that, And together is companies. scientists. I to tend to first it global how very be our this what chemistry those of is make to we lucky their scientists forward. join where big, going of companies great team hand small be Pfizer of have who the they’re oncology raised to global. lead the many the not will because the is one very have Seagen but as To plus we’re global, all, which leadership the we Chris’s Seagen. the from they they the is very, it business, scientists are Seagen extremely very, sure published many was cultures, lead global that one only not coming really scientists oncology will the that as evident, Seagen are them information, are will only compared So, only the will clash oncology not of Seagen – acquisition, we important there is organizations. no extremely, but And --

down slow lines many that we double goes is also we be companies The need times we that and increase things. are is very second something cost have big don’t to that This and double. the goes acquiring things, seen small when we thing of careful that time cost don’t

dramatically tremendous integration trust I that order the doing for will of after something planning avoid, this planning have that’s pre-integration in two are are And leading So is on together. months sure must make we Chris, avoid. putting now. innovation we that to that enhanced on, course, we full to And be this

you when high fast, it’s wrong happening. And visibility have least, make conflicts corporation last the but go very who not resolve times, decisions can which could has CEO, good if in one many and a what in and the integration, an it is has

the that investment fast. but my of wrong. watch. really we very decades. very went the under for are it potential cognizant very I we that many take goes sure grow biggest is investment as we biggest This also, seriously nothing make most our And opportunities So should one That’s exciting to

So be to forward. I’m bets and of as biggest going you personally can our see Seagen on one is it going

very, all using are the are experience now. they very, and I’m two chemistry Seagen/Pfizer we working because of And portfolio is move growing our all pleased were to oncology are the coming alone. very unbeatable like right the our that, teams And one pleased. we question. faster So very to and best they than when last and are we will with new people see

Operator

Our Michelle Research. inThought last Rivera from question will with come

Michelle Rivera

of DMD the patients. read therapy that gene the you I you program? finalized finalized conference statement dosing recent a screening What’s status Have a patients? at

not trial whether I meant So, been the was sure that paused. that had

Just some data should clarity would expect we around Thank and that when helpful. be you.

Dr. Albert Bourla

Yes. DMD until Chris, recently. you were running

course, the responsibility. Mikael Now, provided you of to

you can the is little of DMD? give quickly us what So, a bit status very

Dr. Chris Boshoff

Yes. you. Thank

or couple completed mentioned based and due as as later And for old, study a which earlier, as halt the We’ve X be and trial will both the functional point we the now you enrolled of that confident years so enrollment. on full but X which also age cynical we’ll the for analysis I patients ahead interim enrolled go will data, later yes, biomarker of fully to the the has functional dosing substituted we’re as earlier last the then patients be final the -- and biomarker very XXXX. pointed end So in patients amendment, also now data analysis XX group -- that ages this in well out, between protocol the data trial. this year the have will year, have with we

you. So yes, we’re looking forward to year share the data later for this

Dr. Albert Bourla

a and Seagen, in pipeline as bet revenue-generating big clearly just value-creating big is opportunity our are in the Continue very very we business solid forward. in you our had to XX-month think quarter. I is In well. moving development Thank our lines, much. articulated plan summary, very XX before support time executed as which, an period. I question potential to The like invest that, in launches very, our and doing opportunities unprecedented These the it

Over the to next uncertainty moving our COVID-XX-related months, forward related current revenue. look we the beyond to three

the I uncertainty be by will a in it’s should of upside will removed years to going time. treatment make. have inform for vaccination rates vaccines. long better But base biggest the we’ll adjustments commercialization extent, year, the reemphasize think, what we’ll what but of be, are So, and the to want come, to beyond, when end for ready like I have and we just of the think I uncertainties the any clarity. with almost shorter that we some cost the to are uncertain -- terms the largely. question see, we only we ‘XX that term rate, vaccination is combination expect to if And To that our is -- will

our a a confident we our great have value to of Putting decade now, all these close. Thank remain together, to for will call joining your robust growth shareholder rest factors in you ability the day. a bring us, deliver and we And beyond. and deliver of end and meaningful operational through the

Operator

gentlemen. conclude and conference XXXX Thank time. call. disconnect at Pfizer’s you, does may This appreciate ladies We any quarter earnings your participation, and second you

Pfizer (PFE) 1 Aug 232023 Q2 Earnings call transcript