Pfizer (PFE) 4 May 212021 Q1 Earnings call transcript

Good day, everyone, and welcome to Pfizer's First Quarter 2021 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Chuck Triano, Senior Vice President of Investor Relations. Please go ahead, sir.

Operator. you, Thank thanks first and as us to today as Good XXXX for results Pfizer's topics. quarter relevant update and review other morning, business joining financial well guidance Chairman joined and I'm usual as by CEO, today Dr. our Albert Business of Research President Lankler, Officer; Hwang, President, and and Mikael John Group; Counsel. Angela Worldwide Pfizer Medical; Doug Bourla; Biopharmaceuticals D'Amelio, and Young, Frank CFO; Group Dolsten, our Development our General Chief website were earlier that remarks morning will presented posted accompanying to at the call our available and slides are The this on and be this pfizer.com/investors.

will and risks disclaimer and You'll plans during see in-line products, uncertainties X, other operating Slide regarding, and here, future subject well as topics, as pipeline business performance, prospects of call which on are and the regarding and our forward-looking our use financial anticipated expectations statements we for to information. non-GAAP this among product make financial our

non-GAAP earnings Notice is under XX-K information and measures our SEC available regarding and Disclosure the financial under Forms XX-Q. our our in section Factors including in statements forward-looking Risk Additional and release,

the statements of speak to now a of Bourla. to and we'll statements. or any over Albert this date of we session. call no question-and-answer only that, Albert? move update revise as call, make obligation turn Frank With call and the prepared on will Albert the undertake now this remarks Forward-looking to and then original I'll

prouder Pfizer of Thank you, started way be hello, the couldn't and Chuck, I everyone. XXXX. has

negative pricing. this X% our the XX% and X% vaccine, includes grew results. excluding a our operationally, During Even the revenue delivered we COVID-XX X% provided from first quarter, financial from strong reported, impact growth revenues

milestones. time our for shipments COVID-XX in We vaccine, continued commercial clinical, achieved many delivery cases, we our contractual exceeding to And and important several accelerate regulatory and to obligations lines. production

on first COVID-XX revenues The of billion start our this contributed me commentary with vaccine quarter. global during drivers growth Pfizer-BioNTech the in Let biggest $X.X some quarter. in

partner, will world. BioNTech stream deliver to of million has to vaccine strong along on countries the generated sustainability with thoughts sales of later May some the representing first XX XX%. volume mainly VYNDAMAX revenues XXXX, the X, its to my I operational doses by XXX share the million, billion shipped revenue In quarter. growth operationally in around up remarks. Eliquis $X.X growth. Eliquis in of As VYNDAQEL Pfizer, XX% of this the approximately U.S., was continued territories $XXX has with revenues a driven and performance growth strong of and

appropriate increasing Our quarter, rate the disease at education patients a support XX,XXX cost diagnosis, received have efforts At been no the received including diagnosis than quarter diagnosed, up the more end, to of XX,XXX to our almost more through estimated XX% the than have who in of continue prescription the at end XX,XXX XX% patients the U.S. at end XXXX. drug, have and more patients received assistance drug the patient than patients from programs.

and COVID-XX exceed in first national there of cardiology rate in and as recovered have the U.S. basis, with still diagnostic to the diagnosis on pre-COVID quarter differences regional due procedures a While are elective now guidelines, levels compared activity XXXX.

well million. seen markets. The our by XX% have the to U.S. percentage was revenues developed therapy contributor outside also the is up and We largest first outpacing in also Xeljanz market growth quarter to prescription $XXX U.S. XX% The and Europe operationally from Japan where the international U.S. demand with operational advanced in growth strong XX% developed of performed the global from the growth underlying X X% the compared grew growth with points. primarily in XXXX, by driven revenues

X% the in compared to continue growth. Ibrance share in played In we and year-ago CDK stable, relatively the vital first-line this volume enabling in XX% in formulary which declined U.S., quarter. a invested has access have is total revenues We by U.S., with role an leading year. wide be product the of with class patient range the in volume a prescription Total the

However, program, pandemic time provides We charge the COVID-XX-related normalize lower-income due expect of believe free enrollment particularly from are assistance the population, impact our increase affecting Ibrance demographics to this of which this saw subsides. we quarter the hardships certain to patient in Ibrance economic increased we as is patient patients. this that the do to economic and over

our to of As XXXX. of be approximately in contracted billion mid-April, had expected delivered X.X we for COVID-XX doses vaccine

As XXXX. from signed we billion revenues through mid-April, expect guidance of vaccine increasing now a result, approximately contracts the in on the and $XX based are our revenue

the authorities To end, including their the multiple ongoing We agreements. also to lead manufacture COVID-XX, supply flu at ongoing fit requirements. we have Based seen, around discussions health expect about the be have from billion efforts durable planning that an we to on combat demand and long-term that vaccine, to the these of for that vaccines, we needs, vaccination their with is in in their believe ongoing BioNTech, to COVID-XX capacity XXXX. approach our partner, similar world purpose to additional our what pandemic want to in to with are We likely to countries expect local a to least the outcome. world together is around that X doses partner discussions for we a

with of of beyond. contracts discussions multiyear the around doses in 'XX countries vaccine for are COVID-XX a and world potential We the during for number supply

the purchase millions boost U.K. local the guidelines, supply recently with option in we additional government boost. in fact, with of to to an signed millions Israel doses agreement eligible and with million to to to enough doses every subject XXXX for additional doses the additional of supply citizen, XX In XXXX, for

open, economies around Pfizer-BioNTech but helping the helping the and that to Canada to up preventing continuing world have We strong are to in creating to open and to this to a XXXX. be To both a million get impact supply not not It which with only 'XX can XX under Pfizer beneficiary. and reached administered additional continue million a we intravenously the XXX hope with agreement goal, impact to continue is with also are maximize a lead pandemic only in work of global X devastating scenario novel up an COVID-XX we supply X administered orally. develop have X potential in and to doses to options will vaccine control in our doing to 'XX, also disease but doses the inhibitors, realize with leader our protease vaccine science stay by the

on multiple the of remainder you clinical many accompanying have expect studies and year. slide, and submissions can As results have throughout see we to the ongoing the

on touch a Let me few.

U.S. seeking authorization, we currently are emergency for our this vaccine License use approval to our COVID-XX month Food submit years the older. age in Biologics the under First, to an and vaccine individuals distributing XX for Administration, full Application we Drug and U.S. expect while a of

and dose the of evaluating of formulation the immunogenicity to are COVID-XX safety SARS-CoV-X a circulation. of existing we variants of the a understand vaccine immunity our effect on in against the third Second, booster

have the to This of of the regulatory spike an address started pathway variant approximately if our includes version identified BXXXX first evaluation the variant, EXXXK an study a needed. Additionally, updated is protein vaccine update establish to current XXX which in the to vaccine in SARS-CoV-X concern of designed Lineage days, mutation potential prototype we of any Africa. that future variant South encodes

both in have studies immunogenicity July. early data to for expect We

to vaccine Pfizer-BioNTech evaluate additional Third, our we the continuing are COVID-XX population. efforts in

evaluating in We our study years the emergency The individuals to expect on pediatric to for efficacy the Pfizer-BioNTech our age. FDA years COVID-XX hear months our XX in age X include expanded ongoing. XX XX back field application vaccine of is use of and shortly of from for vaccine to authorization COVID-XX to safety

readouts including and X to are of X X submit of an X age to XX of September. readout cohort age the submission for quarter. years We for for expect to X expected have in X children old years definite cohorts, months fourth in The to and the and children EUA years

allowing We Friday, of also ongoing we progress stability late pregnant study early FDA, by have Celsius weeks. August. of X up stability to for data receive degrees standard data refrigerator update at and EUA Fourth, we stored our the improving could new to vaccine our X women be II the prescribing soon are our Phase in X COVID-XX to we temperatures the submitted we with an July, to information, making vaccine. believe On expect to safety from to

X a formulation subject be months ongoing of to stored weeks conjugate up working XX ready-to-use for approved, XX supportive undermine, XX-valent successful, and pneumococcal to obtaining adults, temperatures that, to vaccine. to and support expect month on we to formulation are data have a potential could to a also may we the approval approval, minus launched to X. If during plan Pfizer-BioNTech at be generating for of with refrigerated Fifth, an conjugate up stability as at data COVID-XX the We administration potentially regulatory minus this begin for pneumococcal XX-valent to a closer if vaccine study which, vaccine this [indiscernible] we our investigational move standard

treatments Moving to COVID-XX now.

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are confirm is efficacious against to whether COVID-XX. to it studying compared a placebo We

see efficacy Mutations sick? starting can being with through close to It line, that current them Phase is potentially subjects flu inhibitor also durable if evaluate go end protein assess chance conservation flu, administered We on XX%. to of to close well a who our the than infected the a approvals than our year. strains. from Also, against you lead with The of intravenously in U.S., contracting may contact with efficacy principle could against to protease monoclonal COVID-XX Though in to established and flu Ib and patient If of things mechanism in the it from we therapy diminished investigational different before reduces the is time is antibodies exposed them been we for we monoclonal action by Belgium studied administering As at of protein. the same. risk of a presently it are from that has studies about well, of hopeful bring of virus those are available be unvaccinated have drugs SARS-CoV-X are who XCL close studying prevent treatment Spain, antiviral administer to it more someone relative prevents are flu we And household COVID-XX. antibodies. the apply if does intent different efficacy to them will contact, Brazil. spike getting circulating getting contacts the

IV of Phase the quarter. against tested study begin be will standard a We expect to current II/III this compound which in the care

can we how development exploring unmet medical the a technology. these With global a has the accelerate are as we of we for antivirals, mRNA opportunities current are assessing emerged for Pfizer in wide leader the treatments. development range need of constantly potential and

mRNA rapid third game-changing and are expected of our leadership the We we program, to progress mRNA flu making the clinic aim in potential potential to a approaches enter to X with maintain with vaccine flu XXXX. mRNA quarter

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in that diseases discuss We to infectious also other the are we plan near to exploring potential the address future.

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to lead pleased study III in which a hemophilia AFFINE study pivotal readout are A enrolled, our report our we Phase to now fully Additionally, that [indiscernible] XXXX. for could in

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confidence high additional are of in sites have which current has in the the who the U.S. and many as been with possible. working overall to soon. We technical the has quality we address outside in sense among urgency quickly hoping are to of as we metrics, U.S., the While assay countries accepted for that control open our requests understand FDA

in this sites While may when half as U.S., the XXXX. time not we first speculate do the we in a open cannot to of at resolution expect

and with we trial patients are as hope will FDA in to We and allow to [indiscernible] as track potentially to the will on interim, enroll and a program to our world In continue remain sites, globally the believe soon progress with possible. urgency around our which we reach working other sense U.S. alignment the the of at enable

be which affordable to Now policy key address access. issue I actively we engaged, like to in a continue would

capital health meaningful mobilizing include Biden access. will the their that a lawmakers infrastructure Pfizer political as to both that administration administration packet expect provision. with as human announce on will in for to work patient We component solutions soon parties is well

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advance the legislation state manufacturers that count We to [indiscernible]. provided deductible and patient's have also towards ensuring states, worked with in several patient will by policymakers assistance

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landscape. seen addressed impact a release day, you, key our the has you've points vaccine our Clearly, everyone. provide Good year-over-year me financials. Albert on Thank know positive few so results, regarding highlights a the the on COVID-XX had has I let COVID-XX Albert. dramatic vaccine and the

number in of the cost significantly was sales on income increase BioNTech, to driven for which sales The adjusted with percentage the the of growth increased from associated Looking vaccine of Revenue which sales XXXX, split, reduced of vaccine sales which line. gross operationally points the by extent, XX% split by compared here COVID-XX product XXXX, mix. profit recognize margin the quarter and COVID-XX XX% and the our Revenue first quarter gross shown X other statement. at gross and cost primarily of to vaccine reflects adjusted XX COVID-XX accounted impact performance a sales impacted of the solid a we points and, profit cost much first approximately percentage smaller drivers. of by key

the revenue least projected solid COVID-XX we contribution, which saw in of of nicely a quarter, for at Looking vaccine continuation through growth our CAGR the at the supports excluding the business revenue business of the end XXXX. X%

projection exclude continues to contribution a vaccine. As COVID-XX reminder, growth any from this the

year result In of addition, selling additional offset quarter approximately additional selling fourth in quarter XXXX, X first the same the quarter, were essentially $XXX prior of number impacted to This days year selling quarter the first XXXX. the by days of favorably in a U.S. and in as full revenues compared year in in million full X 'XX XXXX in days international with days as having compared markets. resulting will selling increase be XXXX

partially of demand in impact additional certain favorable inventories million. first revenue XXXX, first selling on impacts favorable wholesaler quarter-over-quarter nonreoccurrence $XXX quarter including offset days in XXXX from increased million the approximately of quarter the to and products by $XXX COVID-XX for However, approximately comparisons related of

to year-ago first X%. the rate in adjusted approximately of quarter. revenues reduces a X% XXXX grew on EPS the operational to or while Given effect percentage impact the quarter, quarter points operational XX% these about growth quarter Reported EPS for net million approximately factors, favorable was for which diluted up XX% $XXX diluted the X.X is strong compared growth,

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company almost entirely regarding also vaccine. increase small sub-ledger to without To you COVID-XX vaccine. adjustments company COVID-XX vaccine, the provided revised impact the vaccine programs in our see a detail to to total non-COVID-XX vaccine the our projected projection total assumptions are so move We've and guidance. R&D the the provided the for business due COVID-XX for our then Let's which business incremental COVID-XX COVID-XX can start, includes again additional spending the with and contribution, some COVID-XX outlook XXXX and programs, of on guidance, we along made business the revenue our the anticipated we've mRNA guidance excluding on with the the

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with projected an from effective are part foreign EPS incorporate billion In X% tax on billion $XX.X to and guidance increased compared the an anticipated projects Working range expected increased to not to yields range XX% programs growth COVID-XX-related $X.X other $X.XX diluted $X.XX the adjusted addition, XXXX, this adjusted XX% spending our incremental of exchange. including that to we of rate through a partnership. to benefit at R&D mRNA-based midpoint BioNTech or

assumptions some of you remind and collaboration quickly me projected context the on our agreement. COVID-XX contribution in vaccine Let

global Germany from revenue, we split. gross where vast for margin XX-XX As vaccine manufacturers. of and to new referenced construct in at BioNTech not Pfizer-BioNTech We now continuous and X.X in Turkey, process the majority improvements, except manufacture a we will a Pfizer receive contract the earlier, expect profit is and collaboration do book expansion participate share suppliers current the COVID-XX can China. 'XX, billion facilities we up that adding subject doses and to collaboration

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government tiers depending pricing We nations. contracts continue relative to for the have on of X wealth

XX% applicable and Our for of to payment cost COVID-XX representing distribution well manufacturing vaccine royalty revenue as the sales the costs, continues BioNTech a as split. profit expense to include gross

adjusted margin expect income to as spending anticipated contribution mRNA XXs vaccine that on the also high the percentage level in tax continue We be of before additional revenue. to the This a for programs. includes the COVID-XX

noted XX% of account in for earlier, the the is projected As our for total from for up now year. XXXX, XX% initial COVID-XX vaccine revenue I to guidance

Let me add doses contract update COVID-XX that we guidance our the we additional If releases. for if contribution will we that remove provide year, to during we revenue between delivery will earning see slightly operational from revenue and of subsequent a approximately XXXX the projected both midpoint. periods, growth billion, vaccine representing range you increased X% be billion $XX.X $XX.X the in at

growth with approximately we In adjusted the terms of growth been business consistent all represents how $X.XX, which diluted a These EPS, post the positioning are Upjohn continue midpoint. at rates to publicly XX% project operational the range of $X.XX we've separation. to

Viatris quarter its have our for payment. You the announcing dividend at likely despite current we dividend announcement that maintained saw payment second our expected their level

the continuing income, the felt dividend represents in our Board business that dividend. increase shares, our and those own Viatris to this supported of strength our an effectively For maintaining

outlook. that line In increases on and we Board anticipated turn initiatives growth. growth XXXX. a vaccine our people to it solidify For start the as expect With annual this have dividend. no to long-term remain foreseeable Chuck. on continues to on and track focused summary, bottom continue its COVID-XX advancing with is supporting benefit future does responsibly, at world, We of level. earnings in-market can Obviously, millions business solid what The the tremendous to the top future, and Viatris our support brands and say looking around revenue a dividend to our pipeline, for focus with to year's that, we back I'll capital approximately to deploy

for move and Q&A remarks. your prepared operator, to session, let's Albert, Great. At Thanks, this point, Frank our please.

[Operator Instructions].

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

the Congratulations quarter. on

things XXXX. that anticipate vaccination And I on question JAK vaccine you're relative your safety. And and going And this in that are tail think on about XXXX just first And will going I reach the how What on here? for for a beyond you gives you you we then second you. tail how I in What U.S. concerns how immunity to to billion the that was question So pick of $XX herd year? about it thoughts and is around you rates that then confidence FDA question last to Do you're potentially to there's have the thinking here? level up again? sales slowing had look had does U.S.? the had be

Thank you very Louise. much,

Let tremendously some the slowing on some we ask to we has to as vaccination bit are 'XX/'XX that there. and Dolsten great make done about U.S. vaccine vaccinations the over comments and will the little me on think that a people, pool. didn't they think enriching have job a are are good is I for to Mikael truth that the reluctant that more people get remaining the will. and The they JAK, maybe Look, him add a more same. I some the I also will then And revenues. comments ask make comments vaccinating

additional their XX also believe will of should thing. must we additional that mostly still people increase younger a our But vaccination. be Vaccination think an doing vaccine, the in rates. of do years So expected that it's people, fear see about is to All expect convince of entering the I pools that job all XX they I like drop to good in very the a approval have that in U.S. focus provide normal vaccination all, right old. to they and the will the those

there XX having the first [indiscernible] times, beyond slower high all read that a they have XX% boosters. evidence the from be have there XX% the believe, studies the And as had we and need then this -- do beginning. of the required. and then above is but evidence Now the is fact regular be in way is a belief say, is likely on multiple XX% convince that believe are vaccinations of totality still said very right it of likely will totality out that And not need at our that this now that for we Clearly, in that the on case. the to based 'XX, with let's we the efficacy to months would X we or, vaccinations now 'XX all, of and to annual

time. So not a there have on that a in are vaccinated efficacy drop that the that also [indiscernible] affects but are some that is naturally they over antibodies, only and is people also been there infected. drop indications studies of antibodies We neutralizing these now

in have the means efficacy remains had they our of effective also X And to need at to is so also after we that the know we previous right the that people that we neutralizing immunogenicity to there now, is We which drop against variants are, we you titers, variants, infections against that a months, seen increase the the with know that vaccine is but this why good the maintain increasing. increase so reinfections boosters. all least are and doing

And agreements and why 'XX. will a JAK discussing the on of reason totality repeating for that this are pointing scenario and procurement this. of likely comment out why world on the events 'XX governments So I to a now the Mikael? us about all 'XX, the vaccinations the some ask think with make basically is and the But is also are Mikael to sale. boosters also Dolsten comments we

injection key that over after thought of immunity identified are their vaccine you, show in expected, half-life Albert. an Thank Antibodies outlined, as induced some decline Yes. manner, decline. by limited. to will, some have excellent related show was will time, we I points a handful as convalescent that you of

context extent have lifetime protection to course, seen ever course, to all you we in is numerous circulating rarely globe this lead control mutation seen rate. SARS-CoV-X in the of globally immune our will, to and of put changes that or When inability the in virus, other viral Of mechanism. of contains across the a

ages And stay we very just while we like to high And the what way it and it establish ahead be Albert from need emerging So all really it hear health that of is as continent immunity health that to the part. maintained virus established, against boosting. on of across to continent immune punctuates the another continuously and immunization curve. immunity, regular finally, that do you best the such enlarged what a lot is rate at part said, up to is public herd with high keep to will pressure of see would state X difficult a a to global you ensure immunize

So globe established. other be than the course, can I that hoping across think and, we rather immunity would really health need to of rely measures on herd public regularization

February compared risk of our another to in made certain XX.XX in medicines, the inhibitors. the increased and JAK safety, serious already public to on related it about TNF when type XX, cancer data heart-related problems FDA of Finally,

finalize not this are new. of and to review. these clearly the outcome dialogue in agencies So EMA FDA, with us work other

On as the with important be alternative an the shown many drug biologicals. for the avoid other patients, antibodies to oral think has and class JAK you such as issues contribution I hand, an other

is for wait XX with believe And XXXX, to tremendous we outcome the of we will be to assessed given since by an potential medicine. the XX have JAK continue it trial. that to be the each of So continue unique We experience and finalization continue to proper inhibitor think a Xeljanz of and to labeling needs important itself.

comes question Sachs. Terence Goldman next Flynn Your of from

would on work in question. front. for you age will groups? welcome capital question characteristics And FDA and terms thoughts on just a Thank inversions. on a your baseline you changes a allocation the tax be would the follow-up this had CDC need a sometime boosters need the change of in And for impact then might then to the expect rate by Frank vaccine that as Albert just or recommendation for year? on across is you booster boost? on the any and/or the of any or differences And uniform such Do my I there your how second the issue will think potential views that U.S. different for on timing perspective be Or all strategy

question Mikael, for boosters? the why the take don't you

Yes.

constitutes of of start as cardiovascular, obesity, And of older and diseases would on seems a which, to and and are predict a we are CDC course, viral adults, this the those asthma, such of with course, course, what with is, susceptible, pandemic, course, experience COPD, be what other cannot, public epidemics, general I builds think similar agencies will dialogue do. But population. that likely very chronic immune-impaired. large that is most with many that those you that

we also really While younger of groups. will to of it start to the be with assume you may maintain if importance are virus, vaccinating the very control reasonable those,

severely as common may young and are from some infection, of Although individuals which groups, younger impairment participation life as well in old. such syndrome, risk at also can less significant severe patients in COVID Long they suffer acquiring is of COVID caused for functional

start, number a all in chronic from all, boost course, to population. is age of to possibility is many with population yes, diseases, of clear entire regular So vulnerable adult a which of priorities large

And Mikael. would take like the about question you, Thank Frank, you tax? the to

Sure. Thank you, Albert.

discussions, field enabler, taxes really between of with in of what committed expect doing leveled typically XXXX qualified So is billion. perspective, negotiations. do. We through much we order develop impact the our all year to what's to billion the done you how of the we have billion We because capital I of the the CapEx multiple to policy. would reform my tax $X against investment And a we're committed inversion allocation U.S. tax capital risk iterations, and last and that did premature tune of over close of to our I of But tax XXXX COVID XXXX. think in that important for it's playing multiple Obviously, multiple to vaccine. to reform plan few about comment pension Funding proposals on competitors. U.S. staying would think us multinationals -- foreign that simply these the from an view we and that go what U.S. proposed was capital in particularly deployment, very how kinds this, we've analytics think $X

from foreign of perspective, now against my that get the our enabled to were those, field on compete we All by level-playing competitors.

tax we said we have ability from And compete on want all that the so want done, so reform, and level-playing what level-playing is we that to field is a continue field. when to

So that's my Albert. answer,

Leerink. Porges comes from Geoffrey question SVB next from Your

tremendous a on progress. and remarkable Congratulations really quarter

Some quick questions.

have Mikael, couple is in in the you and a continuous evolution, going I've is seeing realistic First your for the antibodies? best and be view Mikael. sense mRNA. resistance mutations then generation a case on you it described of lastly, QX pricing, you a full and of just you And phenomenon? then give something disclosed we're what the convergent a we first expecting year? to other are given or pricing view you what that X% before, or evolution mentioned seeing to us we year And just for new it and on related this that is the the but EXXXK the case? looks Is you mentioned like questions that EX mechanisms that Could India or i.e., geographies, your of beyond is asked and rest be additional COVID what for a of is Albert, the to that headwind. But policy update. And vaccines case then that, regulatory legislative of should

RSV, you against, getting and a efficient maternal -- as a against planning approach have sorry. infant coverage RSV You more the to Are vaccine. apply mRNA mRNA to

Geoff, a lot of questions, very important.

comment the me feel then the prices, then to the And something, Now little of Mikael And speak about the a bit and free. on let little policy will the please speak I mRNA. X bit pricing. other ask and clearly, add about a areas, the to on the will resistance Frank needs

the think I pricing the multiple We industry. anyone. the quo And their health that other is it's reforms. every medicines, the good is for the status I basically care, with current paying these fundamental Americans a interventions, to the Because medicines about pocket XX%. is good that in don't problem not insurance, of way will is On overall they I is I think that But medical change. this it's for contribution have pricing to although is the there feel don't thing try occasions. explain don't this this to standard reforms, problem of is needs like to And the positions. And it American medicines, how have said don't to paying if out I the have the they good a are do insurance. and for unique our system. is for it because think current

by issue everybody is discussion this out-of-pocket the in almost, issue big So from to unlike the but other definition, pay cannot becoming thing has the because be big it intervention.

decent the people in discussing pharmaceutical black will fall of the they the the is collect the with insurance I'm cost which price it companies, So the way think their a do tax be And federal now could want. what not having I be thing are take it go just our drug proceeds areas, doing with we difference cost pharmacy caps. are Americans be long their that consistent be we could could the fundamental go a a our like? to the with hearing different this systemic change rebate tax is in are It industry, medicines. the contributions or we but will a this are be parties is we reform of this companies because to to the the are budget, that right the The right is from pricing, contributions all look If will experiencing could the for patients, that issues as reform, And take to patients. the hole go look us, of different we're fundamental we when American they that a forms. there pockets first industry not now change to what willing to the sure, out-of-pocket sitting will the from suggestions that which down -- all want to that the as that lot of may but [indiscernible] one that trying all savings,

aisle this But administration. I And the money optimistic? is not affordable or patients hole we realistic federal and X throw that there with it the budget. solution. is both this believe the black working with believe it agreement repeat, for of sides realistic. for continue of and is I the I finding So medicines will on to room make the

take Frank, and then you price the Now Mikael. can if increase

Okay.

about for obviously negative and we foreseeable Albert me was X% and be pricing And heard and you've on it X% a mention expect should the quarter, what a headwind headwind, future. also the I being this negative with talk saw we been has continue a So in basis. global pricing that's it to to U.S. that a pricing

is of decrease, in call our terms our impact, range pricing asked, what I'll mid-single in of guidance, Geoffrey, which the negative it Now guidance you assumed to the digits. low

in our So annual consistent with assumed saw is quarter this that reduction that X% what we we guidance.

system they can little Thank that of rules. you, to resistant Frank. a speak way numbers. different the bit the the derived minus have works way, mRNA because RSV? is during to very And in or top, reality about is that by I'm this pay add on of pocket in haven't price Americans a it's the it wanted experienced, their do this the out mechanism reduction from a a Mikael, you quarter, the matter that X% I that in no sure what you that their X% that many

thank I'll start Yes, with you. mRNA.

ways. up do there combine We Geoffrey, viral can see across most to is Most As the however, like established. spread fueled of in you population XX areas mutations of different different India. have lineages They, tremendous discussed here, large variants amounts to several mutations. the they by course, of the critical the SARS-CoV-X on globe seem and share

mutations. possible BX, very immunity. to cell to, that's why the regular including up to far, So to this spread, it's in neutralizing Albert boost. of antibody tremendous believe the current is vaccine we keep alluded have a we known nice our important is T effective And all as believe outcome addition But very a in high very levels controlling that India,

will As up quickly. the more spread pandemic maybe mutations in now immunity continues, the mainly increasingly. to have is because trying virus now, virus been to vaccinated 'XX selected 'XX, The face

developed XX current emerge. effective different all and later prepared no the Pfizer to if would an that come. up untouched also now, be be new mutations. each like to mutations variant having And So is these alternative right leaving be there could unexpected seems need have despite against vaccine and it But could why scenario that's stone we to vaccine variants that very is

had maternal the now very our well robust are protein-based blood. very efficiently vaccine vaccination, RSV cord III. On we And in titers well, the with and RSV, in through Phase tolerability antibodies enrolling passed we good

a We that that swiftly read also progression out have year, initiated III. into will Phase lead with CHALLENGE II study could Phase the RSV possibly to of and mid

very base, we we for advanced good. use looks have But it that opportunities. course, pretty mRNA to we like platform with multiple are now So of an the would protein

every alternative, clinic, We future, the for novel could, humans, X X, expect to RSV to explore could some in Certainly, T for mRNA it prioritize into supplement the many next in be to the be to put base first year years. vaccines whether and add the order are protein then among These immunity. our exciting in things opportunities a the we'll platform. continue cell X

Scala from Your Steve next Cowen. question from comes

I have two questions.

to gene maybe bearing Regarding of say, in second in M&A therapy, metrics show no Pfizer? going up on the that been points? technical monitor have major of relevance biomarkers broad-based. I the end that around imagine What subpar the global sense disruption these is world's performances, vaccine, for franchise X built it missed that is months. COVID pharmaceutical DMD largest to X would bit made is you Pfizer trial X would has But years do And clinical Or the successes as, otherwise stress to of so have product issue creating a are simply or substantial ensure to with that motor the more related the not to similar it organization, question is potency efficacy? failures in a concerns and assay to otherwise a function throughout stresses little the issue acquisition. a correlation

the much, would [indiscernible]. a issue to you very Mikael, you like DMD technical question? Steve. it Is take Thank

Yes.

assay we the of assays enrolling in that remark, trial, and were a And many those, on as with of in by per introductory assays. main in our X in Albert the quantification do in of a the to mentioned view countries. any regulatory So issue supportive -- and but different really authorities. is how more all, The of not first that had DMD his matrix FDA think particular is a I each cleared of discussion technical

we So and to first late outside resolve to I III, were to out therapy cleared ahead knowledge, we work of having we it. start Phase them last want May, point the aim best now public, U.S. well enrolling DMD using continue now my to the that other as are been with of with anyone least probably And entering any it months disclosed year. hasn't been X -- as we're yield by it to FDA.

that true the Thank was component Steve, be personal achieved And of ingenuity with yes. was but to sacrifice key what in Mikael. also order to involved. vaccine, our of the people this Yes, during lot a a you, achieve -- it's had

proud the business is they business feel into when involved of XXXX, organized these that So run now people that of toll R&D, also and people, how day Pfizer worked I and the to And running so them and clearly, development. to business need a that taking ways the right on a was them break nights I that passion sure of the these units. X emphasize the But lot we in the the going because to And units. is running form will it that Since lot a that keep days need And can worked find concerned out. am I basically the people commercial forever, that not operations clinical whole have make that matter underlies night, to happens. who them. no they and this have

were units disease predominantly COVID at business business So But X business units for the kept having happened the And I workload, make occasion being business normal, of to with unit clinical a first. working the time, is work about other They able this the and units. COVID-XX related the also unit these let right the the of of very rise didn't that happened medicine and the they that. now so their me unit it say, put and in let's the we believe the to R&D Pfizer of business in work to internal oncology everybody the all domain again, same patients is issues on course, in that X and are easy. come way. But that because believer not that strong overcome

see passionate proud. in units. seen we very do sacrifice have of the So about are sense we it also very feel that People the what they other this they in vaccines, and

by part organization So not let's and sense that of very I'm an that disruption say but that because the of to been achieved. giving answer a the happened -- those the in entire has are people been in offset pride is intense, incredible say, taking has there of organization, what

in control So them I on terms of vaccines, how can't all working now are they other for hard example. the right

Your next Securities. question comes from Mizuho Divan from Vamil

And Great. COVID. around thanks much said, the efforts for so all

couple of that a have. So questions I

durability you've ago cash of more probably lot guess vaccine years couple and of flows. because obviously to than some sales and more vaccine. the debate a sales a the of I cash you one, now have lot there's So But clearly around a envisioned your free

perspective? you But now for are look you obviously bit allocation deals, share a you given that therapeutics. will there a getting vaccine then you don't want provide that the I your But if COVID maybe the could of India you little the of COVID recently. larger crisis just about capital a just And think in just market in a priorities do external it's to, you other maybe extra vaccine from assets angle guess, even personal wondering maybe Albert, doing don't whether I'm to have? is some appreciate to maybe more mentioned I there. that Now investing your can cash one, or priorities on second So you repurchases. clarity status I'm you comments bringing made But around behind here. thinking talk the I more can the your and

some patients things there I think there? vaccine terms about filed doing reasonable maybe trial Can effects. what questions clarify timing you to in then in just around think some where a questions you indemnification, and of back stand around India, and the I be to available side February in there's get might

you much. very Thank Yes.

me with of terms that. start -- In let

the allocating like Indian in who before. were entire and of do raised. EMA, to having clearly, terms in resources Japan, very done same all And now over allocate were on you in when India world. not applied vaccine know. the that wanted exactly applied the to that women things all that things resources issues do us in really these which pregnant order have In can we we that, there, the everybody we months gave about to vaccine the and to have approve the world, FDA, -- ready into and this governments the as haven't we But ago, additional to -- studies variants, India, it something in we we the kids, go with good you discussions whether are the I file right

key X local and hospitals provide hopeful X next the are a can So the That people said, in that we trials, some path change now will that X vaccine is we dying and right being find not or X we months. thing so policy forward that are it that the the they next would conducting will vaccines. change this India, in or today in in about months,

think more protocols. are with now. And our And of there have protocol authorities medicines these they is is medicines, the to are involved that are a to COVID have important government to this X their of reality people they treat that right because announced And I we in why for sure I that is enough our treating hospitals be patients. of developed the guess will has in to medicines we be protocol but governmental Indian a X live going the what that make now. right that

for we enough to provide medicines in We that immediate. every the hospital these are medicines in distribution is these will channels ramping we as U.S., need next in every days. And possible, as in public because production we those so the in can patient of India quickly the of XX ramping up as up ship, we And Asia. Europe, speak, medicines are

some I changing ask make that. to very also are on allocation, Now because comments capital Frank the things here, will but few of

much Our driven opportunity we strategy how capital have, much have. how capital not was allocation was with we on driven with

anything. to never say never we So

So a our of about the part our so that And growing aiming part eye we investments spoke we investment said it maintain to the to in be is see the manufacturing, in maintained. investment But clearly, second be flexible. thesis it how decade. growth our capital are our that a Frank dividend, it, will research, our is longevity, of our in improve all durable the also, investment of

will you to lot lot us allow to Frank, of become in So frame. of II, deals add? a could Phase development that anything expect time business should bring in-house to III medicines that see this a medicines Phase potential

M&A focused our then the right? growth potential areas second incremental Obviously, the my business and saw dividend, deploy deploy the for quarter terms major in guidance the use from the Yes, is on and the course would not and I obviously really us, that Vamil, And in free point, to have term decade. COVID it, you you're but cash we our half perspective, enough impact with stay where of Albert M&A on increase any this the how material will absolutely The would of investing in capital we business flow then is generating Albert's to R&D we right. structure. And capital.

Your Evercore next from ISI. from question Raffat comes Umer

you thinking back lot attention. variability the was because FDA was assay sort in in X a COVID lay low additional I'm made of versus trying assay March of of perhaps to the Phase you assay element a for got in it's these a I is contract. and in variability. 'XX pricing XXXX, it gene the could Is just contracts, may. a transgene perhaps transgene revenues there's speak also on the well? XXXX. Phase methods in then at And there they could now? are there assay want comment out was requests means. you a And volume and how on had price or thinking seen III you if I just FDA now you're therapy "matrix" word different guys as know your the it durability the a where little I you quick to 'XX technical multiple it using play the in more Frank, I if perhaps thought and recall it then understand about the elaborate which as in more the of the ITR than assays Is beyond transgene whether switched the consistent what Canadian I R&D And well, were higher still bit DMD. to with I

Frank?

Albert. Thank you,

into obviously, the pricing really pricing, there on we prices. contracts get not So with want to than I detail Umer, disclosed are on certain other where

In terms we're way focused about to vaccinated. now is getting this, world on that doses That's been need of people the what focus. patients around getting on think the acutely so focused our we're the I -- doses That's that. really

can can patients' doses really approximately vaccines prepared doses we We our take focused we're X.X them X year. You And billion said we on, to remarks, next arms. delivered into getting heard year. and in that's billion right, what this make made, that getting getting up those

focus. the that's So

but why I and into lot we went What to revenue that of XXX contract, thought through I'm is. terms XXXX Albert has option the going more doses details in in Albert on of we and future. for pricing Canada And believe on see the that believe of repeat of try franchise we think a place And XXXX. we went as lot why to take not said, franchise, an that's what to foreseeable that in significant didn't XXXX, the to then the did we going say contract. for the Albert million doses was durability durability On the a COVID how detail with up something discuss we

Thank technical question? you, the Mikael, about Frank.

what so fine. assay, And assay and that. they're supportive to the a technologies as adjunct The are said, next AAV to assay step real you the countries, any of have all in cleared by an enrolled protein other is all well. the we towards progressing DMD that call FDA more I comments related and very assays was how of efficiently and to an Yes. without that related colocalization was alluded to effectiveness core transient This and on trial measure I Europe, as discussions adjunct various this in

Phase that we've technical U.S. U.S. And related a within ex have yet understand would been gene we what first, this assays. III. But resolve question. to in for to just no technical to where currently, U.S. be we're work no therapy very very to issue like obviously working X but a it's I it. going but and So cleared to And months diligently potential the core is there to obviously, detection resolve how potency not do other

comes Wolfe from question Anderson Tim next from Your Research.

and A vaccine would something a to and question about fast the flu be time years. trial not Are just the It what would if flu plans, your couple guidance. as of Sanofi's being existing presumably, likely of And mRNA maybe Also, questions, couple as it's superiority something on on And then your separate like a COVID how would a really, comparator, vaccines? longer, show X-year take On quadrivalent, block. is constructed you or looking development there that hoping you yours would vaccine. line? I'm guessing be be parity what's the a achieve to goal? with so talked please. efficacy

X-year make What guidance earlier in does just -- your to assume COVID? measures especially comments of due context pricing Just to about what austerity sure pricing, being possibly I there drug drug the on your understand European pricing.

Yes. you, take the Mikael, question about to want Tim. do you the Thank And flu?

Yes.

vaccine, we're to to is, show have. standards a to also seen flu be certainly versus response. there one to T able planning have is response certain the given look antibodies X to be differentiation will what think we very run increase This compare strong for able response flu where vaccine. we to reported at the the be we cell With aspiration to And our hope immune titer. on components: of efficacy it's substantial immune study, current we the protein-based to course, vaccines. will then hope response we related also current mRNA Technically, antibody but that have platform, vaccine not flu we in potent And the be a just

base we that that be better to would certainly also meaningful fast, to I vaccine are that substantially aspire than emerging modest sequence so of vaccine based the many on protein similar platform you while as on to flu the you why So are is and itself efficacy we that's for the know, with platform by responses. maybe have vaccine the based and a the very get strains, but immune able, on the years, misaligned, may align XX% current would just

a us saw current vaccine. module So we improve think that we on is XX% large against given for COVID, efficacy the there flu to

as also with our of type regions to aspiration, fast sites on, said QX. that as this continued of timing, well are to early we number approach flu you move it be faster an development. anticipated go traditional time very think exact may fast but we move data at much the we can fast. And order register with we various fast, will study generate we as the vaccine while the could early the in will And this large development very Albert the moving on immunogenicity. trials date will to as in utilizing start vaccine this that the recommendation human establish if also a and On And enroll in obviously, where not to very how at pandemic we coincide a give by ways but look than we and So to don't

Thank And did pricing, Mikael. bit you more it? you, do a want little know the you about answer say then, I but Frank, to

Albert. about through this X-year Sure, XXXX. the was And CAGR more

Correct.

is think we markets that? by way geographic we -- it's I going be to single we high rate, and the negative in, and in single blend emerging call we Europe to And low Tim, our would the The what range consider all an all assumptions XXXX. as believe think, we've Developed into be examples about CAGR I assumed They at So one, region. overall pricing global obviously, just by together is through a U.S. I'll that's would digits. be it And one, digits region. would geographic example. continue one. increases headwind to would pricing What look really be an it, range of be that

from question Your from of the comes Jacob UBS. Navin final line

the mRNA pushing couple a forward. you're vaccines on that Just

vaccine non-COVID that using your for with working your moving you're the vaccine. flu You going had just been with. technology that using tech beyond confirm Pfizer the something you're you're curious want to to why the of just that forward economic with you're on. with own mRNA BioNTech for what vaccine the or Is as to I collaborating that you're vaccine, And approach plus benefit there versus flu XXXbX is on the vaccine then COVID something and mRNA it's the secondly, flu whether I'm about a your co-formulation. for wondering again in Prevnar with portions not different And it ability XX why looking technology, co-formulated flu of LMP? the your forward formulate the the at vaccine? moving

the we vaccine, this had also based flu. been terms time, that BioNTech some the the back And that so the flu XXXX. announced both to had far by are done work At of companies on to regards of As publicly elaboration a with has goes we on the agreement. developments

And on today let's not what we made right right? is co-formulated, BioNTech-Pfizer announced co-formulate at Prevnar co-administration to As COVID the looking announce are now. for to of question, Clearly, think vaccine options we We didn't Chuck, we do the another say, have Prevnar. about I co-formulation with final we mRNA and spoke a other, decisions regard with with haven't co-formulate. against But time not this question we vaccines.

Albert. right, That's

remarks. closing your Just

retiring he to wishes of moment are we Chuck, the far, Chuck regulators engagement with for new wanted good extend my Thank ways it And to have digital day. our colleague time, you, our And during of analytics you, as see before so X to thanks for think any being has from he agreed passed I we champion the artificial aren't in Pfizer. another as an for an everyone Triano, your continued a Okay. will the because Pfizer's for Chuck part I integrity to The things we of September. is years There wish been think that and friend thank The view, us vaccine so best why success us, flying the is very industry's industry who at records science. we and joining many be in best a advanced interact diseases? and for perhaps portfolio. a to with thinking the and the can our on on and be and relations us he we here intelligence, advisor you agree We thank I you well of as opportunity years, the diaries, The been in of such you at has credibility. past entire for and all and and, not acceleration communicate. them That's speed which will journey. now interacting take during all XX and lessons will our test nearly cycle behalf and needs And in capabilities company your colors. function end with I but across news question. transparency has important And electronic miss for of we the to to clarity, apply the passion of investor If mine, a thus he of COVID-XX solutions learned values have, way XX call, community at elevated led investment as with now everyone, valued less entire as urgent. move continued to could health outstanding friend. other pharmaceutical that electronic earnings colleague Pfizer. truth, all next speed of ultimate of suffering the our makes good do at him both. rest has best-in-class. a great my has this I would the people including to global just with this do today some COVID-XX, for take want of and Pfizer's clinical pandemic around because bring the the trials least more continue has other he diseases our serious all transition. for an and their for plan you end and the Pfizer the are to to stay of your of

concludes today's conference. This

You may now all disconnect.