Pfizer (PFE) 3 Nov 212021 Q3 Earnings call transcript

Good day, everyone, and welcome to Pfizer's Third Quarter 2021 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.

(phon). Sylvia you, Thank morning. Good Pfizer's Third to Earnings Quarter Welcome Call. am today Dr. joined by I Chairman our Bourla, and Albert CEO. CFO. our D’amelio, Frank Mikael Worldwide President Dolsten, of in Medical. Research and Development Hwang, Biopharmaceuticals Angela Pfizer President Group. Group and Counsel. Aamir Lankler, Innovation Chief Malik, Officer, our our General Business Doug

our measures earnings this We expect under regarding last pfizer.com. Investor other the which and Slide this Please is the see these materials on section information is statements shown available call non-GAAP disclosure X, Materials are our on XX earnings-related risk Relations and additional minutes. call SEC for on of right our statements our financial release XX-Q in forms now, in and and XX-K factors. forward-looking

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

I'm Third we everyone. solid XXX% report Hello, operational by with compared performance Chris. vaccine, XXXX. Alliance previous our sales revenues COVID-XX revenue the provided X% and Pfizer another operational Third year in you, happy with Quarter, recording the When excluding compared Quarter generated quarter. growth and growth direct generated to Thank of revenue that

and Company our EPS. raising also both We are guidance for revenues XXXX total adjusted

this. to positive While we even months of millions these first of XXXX, a the financial and the around innovative been X people. in reached are financial of what represent we billion results having human have these saved of the say In world. performance, proud fair impact our lives more are of nearly vaccines our lives because It's terms -- medicines of on we're proud of financial results

These delivered during numbers reached million our people are we shareholders all At XXXst time, us the COVID-XX nearly of to dividend. vaccine, quarterly that we Excluding Pfizer. at humbling the consecutive our same for XXX time.

R&D pipeline. advance to We also continue our

of US XX children key Some emergency X use first the for years COVID-XX age. include authorized in for the milestones to vaccine

The for of large vaccine Phase III for protease both our study the first initiation II, candidates patient Phase studies oral RENOIR bivalent for RSV inhibitor and and COVID-XX. our X dosed in candidate, IV

with contributed was on in drivers The XXX billion territories. we growth key during global quarter. which Today, billion which comirnaty, billion biggest X Third revenue Let some to produced of commentary or $XX doses of in have and Quarter. doses me start our X.X countries shipped the the

continue So far, our XX% revenues to agreements the have of governments the with generated we US been Comirnaty outside world. around and sign

track of billion remain also doses will X We on which and countries. low-income year to go X produce to at least middle- this billion

In time during younger by booster certain for the the market authorization, These to receive addition, preferred XX% are our countries first increased weekly world result being about and in COVID-XX EU, same primarily being use use two-dose market XX% XX% series our as X-week April average share to about vaccines to about went from increase. it administered XXst. XX% to US, increases the in the the our the populations. about market in set period. of October of of around some our continues And In from emergency

science to stay continue to help the virus. We we also the of follow ahead ensure

speak me two to Let examples.

against of two-dose second series, demonstrated our high dose. achieved from primary dose levels vaccine Pfizer-BioNTech COVID-XX older after trial to results III the the randomized age received a XX individuals, controlled to the previously booster Phase administered top-line who years restored First, protection and

age, XX years authorized Second, children of X Drug the the has use receive US vaccine only Administration Food COVID-XX vaccine emergency to and first through for such and for authorization. our

the XX Last days purchase supply selected a microgram was to brings XX-microgram US total US group, purchase purchased safety, data. every based by option pediatric announced and its existing two-dose doses given number the government XXX US regimen For the total is has age XX the vaccine exercised purchased supply This carefully tolerability, be on that the doses Comirnaty. under US dose to under immunogenicity in this age XXX to is US The now the apart. child. across of final doses additional million, of administered week, Overall, level of million million a agreement vaccinate this which doses of agreement. enough ranges XX government to all we

Now, strong Vyndaqel of key up sales growth million $XXX operationally XX% operationally by billion driven and Eliquis a the growth was revenues some Vyndamax in global the revenues for other growth a quarter's deliver has continued look XX% in to performance the Quarter. let's Eliquis at $X.X drivers. take mainly were to globally. XX% US, with Third volume. In to prescription up

Our US to continue increases disease the in in appropriate education support efforts diagnosis.

by Ibrance Patient the by $XXX increase X% and in of our driver to new the the the networks revenues the main [Indiscernible]. as international operationally growth in US diagnosis across was as through Japan up Global of referral select patients several has resulting by in in growth patient was demand driven Program. were establishment in successful the proportion US. US of While an COVID-XX The X% recovery up continue areas decline a were million. of several Ibrance was markets. show decline offset delays accessing only growth treatment initiations been caused X% largely operationally international accelerating in signs Assistance outside of US, of outside driven This the revenues by the Ibrance for

our oncology growth primarily growth, results therapeutic of continued international Tranzimera. for in pleased continued launches was Global driven cancer. during XX% by biosimilars ZIRABEV with Portfolio, Oncology the We with this performance operationally which strong Biosimilars US our be is and of from portfolio in with by developed to million. US grew quarter largest revenues growth continue antibody now driven the living In from biosimilars monoclonal operational the X to launches. industry XX% patients the approved $XXX This contributed of new the markets,

X%, vaccination will decision-making. booster with the portfolio adult to and revenues products, flu ongoing were COVID-XX season of a and contributing population prioritization have start on later adult XX% US Of primarily and Advisory challenges. XX, due not change year. campaigns Practices, change of of to a to Committee the down were remaining recommendation lower compared in the of XXXX a impact be Prevnar for the and Other last Prevnar course, eligible shared clinical indication broad the the for with continued adult due ACIP, to XX primary factors of the Prevnar XX Immunization June the the Prevnar family, such our of indication to Prevnar uncommon the for it for XX few life-saving life-changing decline example, and unvaccinated

the pneumoniae weeks X voted help serotypes against XX, Prevnar the vaccine. to Just pneumonia to in Streptococcus protect ACIP adults and ago, recommend use for disease caused by invasive teen

need ACIP risk recommend XX to the helping conditions pneumococcal to significance the the one-dose also by without under by comorbid risk XX will of conditions and age help vaccination. long-standing with time with new adult XX for be recommendations. diseases once the are Specifically, for these option, PPC serotypes. XX population adults Prevnar protect immunocompromising This endorsed first aged voted CDC aged recognizes disease VXX causing This XX regimen of certain adults director, followed and XX and to the older, more who against simplify at recommendation increased

pneumococcal assume In only related trial. only oral a for on of of the Prevnar the reminder, the communication that but is FDA approved safety the issued you I FDA September, disease, not vaccine drug survey completed has review invasive for a As also Pneumonia. saw many which Xeljanz XX

step for and about in atopic the the assessment with are are regarding review. its application new NDA Xeljanz in for we the to both taken, in an in a context final FDA closer supplemental this continuing important dialogue dermatitis, With step drug FDA We under having are the we of currently resulting which abroticinib Xeljanz [Indiscernible] hope and update label.

into Products Regulatory a adolescents Agency marketing for and dermatitis and severe treatment in in accordingly Welfare and of indication Xeljanz, authorization in adults the of the based of Products will prescribing terms Japanese to on it's that coming the correction in resulting we initial update, believe Xeljanz In short-term. in of positive adjust as habits behavior of an Use. from based go the aged Medicinal the atopic we XX potential received US, But currently months Human adjusted Health, to the Healthcare UK the received adults to FDA's approved final once trends indications, has for XXXX is Labor and Agency and broad the Medicines Again, and return observed we have from growth. also for Ministry Xeljanz years prescribing doses. the their beyond. Committee risk in the [Indiscernible] across have in physicians its and on and It believe moderate European the approved issued application we label Medicines Xeljanz being both the over

hopeful We this will momentum are continue.

regulators confident in and are US currently assets in advancing inhibitor applications inhibitor remain additional We the our inflammatory globe, the of pursuing with the patients and have JAK with options JAK for review appropriate variety importance diseases, a including around filed for they we of Australia. class for Overall, the within portfolio.

into other therapy, our our has an business rare every allocation granted The inflammation Brepocitinib hepatic years, of with for diseases we and we therapy Pfizer entered commercial genetic are for have in The license into areas. death. therapies a a cancer, in TYKX. partner our on all as damage, a to such become gene future neurological With in its X-X severe only and to will in advance Therapeutics Brepocitinib to cause decisions disorder excellence that resources Brepocitinib expected can XX% which build in immunology a acquired agreements direct through collaboration track in and Array a well. TYKX Company gene has development TYKX To we center stake Phase the in not of Leveraging compounds continuing Pfizer collaboration both in recent new -- This team development. Disease, and further transaction diversifying Boulder, development different the formed therapeutic strength and bolster Colorado clinic that Pfizer IIII have potentially to exclusive either slide strategic BioPharma. ex-US Vivet potential for entering while strength targeted retain highlights we example, with This For a has a enable Company, new agreements. for And Wilson a of on will pipeline. year. symptoms, an late-stage development entered to is in spanning cancer new will and focus development proven drug record while certain but allowing way, pipeline rights four XX research,

acquisition medical needs XX years innovative medicines on our builds significant develop Therachon address rare of of that disease diseases. to with commitment Our rare unmet team's people

to suited with AKCEA-ANGPTLX-LRx, accelerate clinical licensing experience our and and we Akcea, developed exclusive cardiovascular being diseases. treat diseases agreement us worldwide cardiovascular believe and expertise of therapy metabolic in antisense our to well of metabolic investigational development patients certain Regarding an makes breadth with

Valneva's We to are Valneva develop candidate, collaboration active only excited vaccine program our the commercialize about today. in vaccine VLAXX, development Lyme disease Lyme clinical and disease with

and health, cancer Myovant. into in prostate them in the our this and vaccine collaboration tablet approved, an ever US collaboration advanced and an Orcovix course, on have combination Canada. the in women's and relationship was Joined strengths develop companies' of Of commercialize the BioNTech health COVID-XX first agreement vaccine mRNA to in our led and tech. initial vaccine with prostate women's mRNA in entered based improved cancer, out with Relugolix on we on flu Relugolics to development our born Building

to XXXX. even look of be reach first EUAs later metastatic positioning immunotherapy already commercialize collaboration a the approvals, pace. CDXX, submissions With franchise, efficacy been. to estrogen metastatic with SIRP-Alpha that foundational have degrader us global as XXX acquisition potentially this product on our allowing patients the our has go and cancer built [Indiscernible] and readouts, transactions year four potential in add pre to these forward develop breast and bearing setting. to into to us [Indiscernible] and and multiple cancer non-metastatic Our of more earlier in closing protein are to We investigational Arvinas the receptor a in and half Trillium RV fruit technology focus in oral

Chief the I working his Pfizer Aamir and next career, acquisitions, call includes an improve Officer. on programs era joined welcome the us McKinsey, to Business Executive performance I'm years, implemented to mergers in to Innovation lives will guided look to large-scale closely where August This known life Chief I transform has be growth initiatives. to and addition Aamir I he more as we for patients' for Before developed have Vice who companies. President than from and several to during and Pfizer with XX of came incredible strategies, certain science strategic us he as and innovation. want close, XX-year Aamir -- and Business Malik, Development

to Looking the pursuing the excellence operational focus ahead, first-in-class that and science organization will define continue kinds we across driving on the Pfizer. of new

include Third a you risk-adjusted we remind projections achieve line. because or Quarter R&D pipeline. recent Comirnaty, continue double-digit impact ability that do programs. of our of the product of remain our a activities, potential X% on CAGR rates the or revenue for the confident would growth and to current our Given growth end these potential business on expectations strength any expect future the I our very portfolio from we XXXX least and not current mRNA in subsequent of basis these performance near-term, and bottom Rather, to at through development

and will more details quarter solid. outlook for XXXX, our provide Frank speak to Mikael the efforts, to then remainder which over looks it turn will Mikael. and the about financial R&D our on I of Now,

I pipeline. Pfizer's Thank chance to on robust updates the you, share appreciate Albert. R&D

our 'XX. transformation rates average As can will than that organization, our we're cases, peer data to updates I other development vaccines, instituted protease our and overall enthusiasm those about of disease, and our I in Today reference so you on we available higher rates on from agents XXXX, program. what will in our seeing trend in publicly immunology rates In against inhibitor. every in average inflammation success measure portfolios, phase greater several our the sustain understand track and the provide rare in continued have success we've that peers. In achieved we clinical R&D

Advisory to Of necessary course, granted any on Immunization Practices, FDA comparative CDC's support head-to-head Committee for Friday, the Use Authorization meeting trials would claim. to X be clinical and to Last is discuss Emergency XX-year-old today recommendation. the

dosing in comparable XX, observed XX dosing year. with to left, the microgram in children with compared response On microgram X to show through immune XX we XX the XX

too, have second doses On adults. or way we is less vaccinating population. of comparable important of the step adolescents than The We what vaccine show through to one the right, either and severity XX.X% children and older this pandemic. younger rate our believe younger we observed. in chills and first efficacy is in This fever seen were children that the in making

And Looking full data follow. ahead, than in pivotal in quarter, initial X months less the to less expect this data X old to studies X-years from to we X-years-old next with than quarter. readouts

On for approved Of sizes for conditions improved potential are vials approval for older dose handling used to to been to and those the data to X we regulators to XX-year plan and to have the conditions show similar XX right, to for vials that of refrigerate XX weeks. note olds. population. up the handling We pack the smaller submit ability

older impact affirming early strain, protective data led projected boost the time this for third booster with immunological efficacy our third higher clinical We efficacy Company ongoing an to This to XX% are demonstrated was period vaccine on prevalent vaccine EUA. XX to the compared efficacy the two-doses adults. Phase only original a which younger the efficacy which efficacy unvaccinated XX%. the top, manufacturer assumes III the two-dose to a versus a a to participant in and, first is population, is a unvaccinated on point. the best pivotal schedule shown data in efficacy above at above It's of compared and dose XX.X% the of report potentially In even are during boost the dose consistent observed Delta that boost those relative vaccinated that the study with older, We study. and knowledge, of of vaccine

showed annual published be from to clinical Lipsitch dose, to bottom of Lancet, related of a appropriate study XXX% risk-benefit will boost aged recorded recognize and the our supplemented [Indiscernible] vaccine shown have expected, We vaccine. the indicates were each relative While against protected Professor and we This and by were age boosting. group, for individuals the Mark in and Data cases in vaccination. severe an the vaccines study, real-world the Harvard years. evidence and in the older monitor third repeat randomized COVID-XX possibly country as participants of at of others with fourth XX restricted data. that impact Countries to the individuals outcome. a younger XX of additional consider the document time, be plan dose efficacy of the our favorable only populations, would profile our recommended In in one majority at permitted Israel started here, not in shown to

may News younger the in over that available weekend the for be manufacturer suggest from near-term vaccine their population. another not

make science-driven by decisions, used most helped one globally. Comirnaty encouraged are these vaccines the have which COVID-XX We of

VIII therapy. screening with study our Factor levels Phase oral implement we no experienced have reduce Sangamo, event A, [Indiscernible] and gene we're thrombosis. order to has trial which some a in treated amendment developing the Factor III are dosing and evaluating with in a protocol participants. of VIII paused anticoagulant hemophilia In risk therapy, observance some being voluntarily their To temporarily greater patients patient XXX% date, Next, to and than following of gene in

for out of EMA readout B anticipate those will We readout are push compared clinical previous Factor provide the VIII dosing of and XX an and committed as participants trial of expectation. analysis FDA, III EMA interaction hemophilia with our for on on levels at gene least of participants of This program. based B recent data to the once resuming timing interim intended our analysis XX We therapy to the to be programs. pivotal conduct from study which full the to to amendment, is for possible is longer Phase elevated based guidelines Pfizer Separately implemented. no data protocol management quickly as plans

both on amendment impact protocol as the at an the working well feedback the Hem share A, as timelines time. update we're to evaluate FDA For and we'll of appropriate the

For the readout hemophilia Quarter B, anticipate a First 'XX. in we of

recovered Phase treated long-term [Indiscernible]. muscle They of which We ambulatory In DMD to fall specific continue from performed been [Indiscernible] our against have the III weakness, represent a protein truncation doses US adverse assessment a the three immunological immunity's of study, discharged on response of in other a few any all potentially gene the support Phase events some with We report or the Committee still have meeting. Monitoring the in similar programs information immune XX X-year and hospital the shared a and collect higher in recently type and to in classified. confirmed at [Indiscernible] [Indiscernible] improved scientific with notion risk recovering. Data dataset cases, that subset were were treated that reaction is ambulatory hypothesis and have weeks, in This Xb within updates boys the to the support The trial dystrophin are of notation. since severe trial in is replacement inherent participants steroids therapy, in plan with that

patients of recognized to month. include devastating and plan to XX some these that excluded XX less patients’ new proposed sites on or DMD [Indiscernible] are sites X-somes restarted the These their families have of patients have the and inclusive than mutations end We X estimated patients exclude to with and has We in deletion of the affecting this future few by anticipate represent have activity affect study. will A activities a resumed the this through protocol trial change mutations all clinical with nearly that XX. XX both impact with and ex-US boy X-somes DMD. we XX%,

related potency Phase matrix. address with aspects R&D of In addition, continue FDA our technical the III to including work questions studies, to assay we to outstanding

are of this with filing We as update. active and in have phase [Indiscernible] progress development FDA made now an per the of considerable guidance,

reach with While open, site soon to the we as alignment cannot when to we're may FDA as as possible. speculate working

plus other are gene dermatitis psoriasis. rapid PDEX turn clinical potency addition, with compared and programs potential with agents, high Topical immune whether further we and anticipating differentiated and dose, the in [Indiscernible] and high profile X-X at what deep orally improvement topically. potency responses action delivered inhibition observed promising we other doses. approximately compared of In at other therapy modulator, have a a we year. have to exploring could used efficacy XX topicals inhibition PDEX to atopic We'll PDEX now seen or Even efficacy versus trials. may are PDEX provide in we pre-clinical mechanism plus higher offer safety each significant both for lower to

Phase in We Xb studies initiate doses. higher exploring expect both XXXX, to in diseases

low On Crisaborole. dose show in and the versus left, we vitro at the Roflumilast potency

inhibition inhibition Roflumilast. XXX-fold assets of Our approximately versus great demonstrated XX-fold IL-X of and IL-XX approximately greater

area On studies, we significant clinical versus Week from the X. comparatives at in a excema other right, severity with in and observed XX% improvement reduction the baseline

reported approved similar X stinging another XX There assets the topical efficacy no application X compared at Our data JAK to stronger or Week study at observed as was show Week from site. inhibitor recently Ruxolitinib. at with

activated vehicle an high the an in for [Indiscernible] mechanism model. On XX% psoriasis. in skin relevant reduction saw This left, of versus action potency we approximately DDX IL-XX in a displays plus vitro skin in

in patients X. psoriasis X.X-point a at separate clinical significant improvement in from On a Week the we and with right, study severity baseline a versus comparator area reduction saw

endoscopic a Let's Xb super inflammatory saw In paradigm. improvement. turn used disease promising bowel in completion earlier seen, for is TNFs with profile identified Phase of Fourth we risk 'XX. there's targets a family Based benefit estimated to member to a potential inhibitor, for the Phase of TLXA a be the the ongoing ulcerative colitis. on the explored in inhibition which primary study, Quarter Xa being a studies treatment newly TLXA

those our using X XX% the maintenance improvement XX studies. a Tofacitinib TLXA matching. is TLXA of X Week Tofacitinib patients than of the characteristic We at on based left, on XX. population Week with The responding propensity the matched interpolated from study greater what and endoscopic data open-label our data in and [Indiscernible] Week On induction the Month trial inhibitor based study involved similar of demonstrated in score demonstrated the

XX% endoscopic XX% biomarkers believe improvement patients selection were patient XX% negative. we achieved were patients Approximately of medicine biomark patient versus who right, a a of enhance biomarker post-talk that and analysis of outcomes. the utilizing biomarkers who improve patients key precision approach had positively may On found and

[Indiscernible] a This a limited is significant an with therapy dermatomyositis disease disease in clinical skin a develop ongoing in have compared Mass research study potential Next, activity base option. it's readout full clinical observed with the In breakthrough II Gen that Quarter collaboration Brigham. inhibitor, we in to treatment very 'XX. trial, for We we Phase of reduction placebo. Phase the the anticipate II in First an of

On the left, in this figure, treatment at with compared -- baseline XX.X demonstrated from an placebo. XX.X decrease Week in gene signature scores to compared XX

clinical On study quarter science, treatments right, inhibitor, also mid in risk, of XX will be the step investigational standard the in pre-clinical we program activity, share activity and profile prevention to of oral showed of underway. to including the safety protease a and risk, COVID-XX. populations readouts people treatment the treatment Week outpatient its A in industrial in decrease breadth extend this today contact profile. pandemic pivotal design our An potentially compared well novel through start pre-clinical acquired Projected and paper In availability significant and antiviral both disease placebo. efficacy, pan-coronavirus 'XX. robust the household high addressing is who at for and published selectivity vivo in effective important

severe for and candidates, for concept first our cardiovascular expected risk that high the adult diabetes. in beginning, to [Indiscernible] a readout and candidate to maternal for of for success readout a for forward phase momentum III reduction. are are II reflection we proof XXXX readout our ROBOX a results in and Talzenna a or of of disease vaccine our candidate. refractory data with of proof-of-concept potential for Quarter [Indiscernible], recent clinical rates include, on shared readout proof-of-concept of for readout metastatic potential results the look for And for hypertriglyceridemia [Indiscernible] concept prostate and readout A focal III Xtandi Select include, obesity, vaccine difficile proof-of-concept in Lyme mRNA Finally, Fourth proof be are Danuglipron vaccine pivotal we the cancer. half Valneva. which multiple Phase readout Phase FC a milestones flu castration-resistant continuing pivotal A Phase RSV and our proof-of-concept first-line A in segmental 'XX. at those for for results relapsed the in milestones the [Indiscernible] or collaborating expected myeloma. a Milestones C.

development clinical portfolio. addition, look questions. augment expect In continued the forward active and for Thank attention your I to we business you further to your

me over turn it let Frank. Now, to

Mikael. addressed I let Albert Thanks, positive has a key on regarding highlights you've seen The and know our me significant COVID-XX again, so financials. our the impact once results quarterly a release, vaccine, on few COVID-XX the had points provide the landscape. already

strong to XXXX, key Getting of by approximately income a and from COVID-XX pause. in distribution the revenue This vaccine vaccine operationally robust revenue COVID-XX excluding revenues performance a XXXX. saw performance from to negative the statement, the operational Turning through in as despite X% of excluding our growth increased The growth volume XXX% looking price. a of X% of business, sales from delivering to the the XX% Third XX% supports negative is Quarter CAGR volume an of growth us Chantix direct driven we a recall number from X% earlier, the Albert impact spite of to and our X% solid a from for contribution. impact of COVID-XX other growth projected growth from at again revenue end least this businesses Alliance quarter, and the said the growth, sales contribution revenue at And vaccine continuation drivers. XXXX

selling through be the Of more the where our that X% to year-ago quarter. quarter There variability the to the have will number imbalance the as CAGR we rate we days results, to will variety period. XXXX. growth saw selling the remind like was seen of continue be days some to days First expect in no year-ago Quarter, as compared Quarter where compared year-ago you offset on will selling I'd Fourth of had this course, we at in there a quarterly least factors, to in to from the impact but period, compared we fewer

days as adjusted the in The approximately to gross For sales essentially guidance. percentage Adjusted this in increase primarily XXXX, level similar vaccine. The expense by driven same sales spend, XXX% this the reduced which SI&A back updated The COVID-XX as related I adjusted to of Third diluted adjusted a quarter, XX programs activity, full while a almost growth Quarter as EPS number due pre-pandemic selling for here, when [Indiscernible]. or year, increased of entirely increased grew will the is was impact this reported our margin points within R&D the COVID-XX EPS expenses of of promotional rate quarter's programs, cost to come force XX% other XXXX. to diluted the little shown XXX%, driven well bit the this a in in results increased by in primarily of levels. investments was discuss by pipeline. I compared

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

move Let's to XXXX guidance. our revised

details We without have the assumptions some then on again COVID-XX ledger vaccine. and vaccine. vaccine additional the provided includes our the And COVID-XX provided the total sub contribution Company business on COVID-XX the with guidance we projected business which

increasing of expect billion, now the billion Our a in and guidance midpoint. $XX revenue at Company increased, by $XX we range $X.X to revenue be total has to

now our ' year at the COVID-XX Company revenue total XX% to of that come to back With increase our the a compared compared the minute. guidance. to as prior as an $X.X a I'll approximately $XX at percentage for previous revenue has to in XX vaccine midpoint COVID-XX be The revenue increased projected vaccine to guidance. expected of XX% billion billion, approximately

performance guidance, We to date. mostly also actual to expense our adjusted cost and reflect

between and Let decreased cost to $XX.X we decrease range of XX.X%. sales here. me the adjusted more $XX.X to range has give million XX.X% On now the to detail billion to expect SI&A, a for have you midpoint. tightened $XXX some Adjusted a at

other to and In increased to billion, our the COVID-XX of addition, $XX.X we endpoint guidance -based million R&D increase anticipated $XX.X an mRNA range reflect adjusted to on projects. spending incremental at $XXX

growth XX% of the an X% XX%. for midpoint $X.XX, to flat benefit approximately at tax assumption our foreign the rate EPS diluted keeping XXXX, including are adjusted the at to yields year from exchange. effective guidance to This range compared expected compared We an or increased $X.XX prior for

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

global XX/XX except the COVID-XX and profit collaboration BioNTech a Germany split. Pfizer gross do a where from share region. receive the construct China not in earlier, BioNTech, the collaboration discussed we vast profit of majority participate for books vaccine we is Turkey Pfizer the revenue, As and

expenses, that XXXX for manufacture billion and our during increase This represents COVID and of doses costs, of billion can X we since doses produce distribution deliveries signed in To that in we approximately contracts billion billion X XXXX. which fiscal in of $X.X year to memory, of This million guidance. cut-off prior difference billion expect and the impact doses your applicable of fiscal will the refresh deliveries compared includes XX was to to doses to XXX calendar split. royalty be total assumes in representing by X.X COVID-XX continues delivered expected XXXX. BioNtech X.X year manufacturing year gross mid-July, revenue assume vaccine XX% represents prior payment XXXX. profit revenues a doses primarily our end continue which of billion doses of The cost to the the the We guidance for will sales

projected contribution vaccine periods, to$ $XX range decreased you COVID-XX in inhibitor of slightly margin both that revenue. the We and for contribution, spending income XX XXs percentage we includes a revenue anticipated the This XXXX COVID-XX will level as spending programs. the COVID-XX tax before to programs high that adjusted on antiviral continue the also billion. from additional to see mRNA to margin we the on If protease expect remove the vaccine to be

growth on impact X% the between XX% The growth without how have increased the decrease at growth the all consistent post been publicly midpoint. to representing XXX shipments. vaccine, guidance we Upjohn These the the which approximately revenue adjusted the the midpoint. at COVID-XX positioning year in range XXX business and pause the Terms separation. for to the we've the midpoint reflects EPS of rates operational the largely So, from from be represents are diluted at operational contribution approximately [Indiscernible] in

the X%, of You to implied to guidance revenue suggests may growth the that seen decline X%. we've non-COVID-XX as revenue especially notice operational compared that year-to-date QX by

the is in Let me the the in The walk XXXX. drivers of decline, a of days, this. driver comparable compared through to quarter number largest of difference selling

discussion XXXX. of days when impact, more would my remember will same COVID million, is Company, that offset have selling XXXX. and less sales approximately days with selling decrease QX how I days will compared fewer number X% whole selling the as QX, X as days a have for extra selling in the approximately vaccine excluding sales. international, rate and in more now days, US we QX And growth to eight selling total markets. $XXX in of as international negative X You QX, the to had leaving impact in domestic This largely in of a the then we by the XXXX expected each talked In about and four

QX the next related noticed be potential estimates during another of practice zero to to growth. sales on outlook we've wanted and headwind sales Chantix sales QX the X% comment expect it to make pause normal I conference discuss high. XXXX to recall very is to and representing due be brief in to in Comirnaty year, would a not while We some those shipments, And call,

have we capacity recognize revenues billion. revenues this X billion we $XX Alliance billion in approximately vaccine X.X in produce and at point, to to direct sales for doses doses COVID While representing XXXX expect XXXX, the

slide. regarding to governments and be for for potential prudent we with deliveries order certain take strong based the the summary, shown quarter first engage opportunities doses year, the with our activities on deployment continued here option forward, of orders governments to continue will this XXXX growth in And nine on have allocation XXXX. a to and for We including which continue for performance In going future drivers. capital months our in strong

increased and driven increased the have Comirnaty revenue year, expectations for the remainder our mainly for of We by sales. guidance EPS

to closing forward acquisition the Trillium We to XXXX, session. let closing and of to pipeline subject to expected invested it of the to to in we soon satisfaction look Our Chris the advance. the first to of advance With as half continues over support me start conditions. start have an that, Q&A that turn the as this quarter or

our we're please. question, first Sylvia, for ready Frank. Thanks,

comes question first Raffat from from Your Umer Evercore.

I so Number Hi, XX% questions. expect fade vaccine to expect my do for have today, discussion to below efficacy usage. big hospitalizations if may. booster the implications hospitalization much Perhaps point efficacy has do overtime? number? the taking on direct guys. a Thanks you for longer-term Do of been first, X. an I has I Albert, you and three know this

you perhaps for you will antibodies, endpoint trying there's X-XX that relevant against is On reason have the primary different dystrophin the if the of XX, And in to I well or you expecting two? look in on a the gene the or but therapy viral Thank I anti DMD I the expect patients low-risk XX. reduction an am to trial? was was then to protease be a inhibitor, curious are acknowledge as so the different X-some not. other bit high made evaluated if are being dystrophin load curious just different, guys beyond activity any there patients understand whether endpoints if trial, versus risk between the response much. finally, with and immune I

you very much. Thank

they in do think give I and you because all protease to the clearly questions the activity Mikael about domain. vaccine think what are I efficacy, will the Mikael three his DMD?

much. very you Thank

do then more were really and activate driven with our would real-world with disease system, look is immune the today as loss of aggressive you the studies, postpartum the whether a severe over reducing we're death. waning and appearance the hospitalization. lose protection third from share antibodies against symptomatic strain, and in as blood stage well think Delta evidence all expected, improve some And whether the you facets protection, in severe you that a immune when We you We and at to have in trials. lose show meaningful first disease even get coming noted the very pleased but in these disease, evidence own the by data, you way Israel Our that able, this as dose as more strain. that data show of symptomatic, the case, against gradually over real-world time, substantial you boost utilization, that cells,

annual there shift of the which more and the are is start possibly preparing to just third similar we think vaccination type for to an when why as generate would off time, yes, that's immunity a So data boost fade flu. already to we revaccination the year, may in be support now of

oral unique contains in and of where And once DMD opportunity it on a breakthrough think risk immune more to knowledge that new not be I to therapy, that emphasize their approach we standard are For components get protein to infection. get and we in drug just we high a that our are studies, It's an vaccinated. standard vaccinated the for our the with get that really vaccinated of And generate and the risk. and we'll even as part household against effect. other their new the low oral currently protease probability This more trial indication and type that very will exposure majority are trial study wanted to expect reads this looking people of and and is out they at maybe I able from lack running have data. highly hence previous they breakthrough risk study, but not gene. prominence then all tolerant Tamiflu a so the like protein born response robust includes any antiviral only to what functional. happen of likely based the they drug population we that On will higher, experiences don't own antiviral when part DMD individuals that good dystrophin, for a finally, patient are we're with get hopefully group high, ways one support that that gene you're best would with group we inhibitor, possibly the are high to which non-vaccinated my to levels to expected obviously infection to the the an risk. is is the see have have to to of there think efficacy wait that's

those XX% have more the of developing right when tolerance feasible that given focus also supportive the now are which executing very normal are is our and the So, then and prone majority [Indiscernible]. we patients think full for they're protocols, less directly

Mikael. much, very you Thank

next go to the question. Let's

from Divan Your next question Vamil comes Mizuho from Securities.

you taking questions. so Thank Great. my much for

and on there maybe appreciate those guys stream vaccines your are of like past with of overcome curious, to the talked through that in -- broader a just a the losses year, your ability in expectations Day out over because the you Thank seeing went the given XX, what's that you point, the question. expect pipeline R&D I'm whole thoughts revenue So XXXX. exploration Frank about stream? hosted happened that by a least comment to At XX, you Can A provision you in the lose to lot $XX you mentioned time? that are that revenue ago, you I replace made felt or of these couple on the and year share the pipeline the focus that of in updated with in everything's terms you. the maybe that on from vaccine maybe patent to About connected guys starting playing and updated sales. revenue that, $XX XXXX XX you billion how around future? one just COVID

stream? this on can and take to on in the want also you do you Frank, chime you. revenue Angela, then Thank

be Hi, 'XX, contracts. to mean and is with then numbers obviously that that's a that signed in Thanks, I go 'XX. And on for think rhythm shipped about those Vamil. The that to would contracts update similar Albert. way is, based what deliveries will the continue the we've I 'XX 'XX we'll the

signed quarter, approach contracts COVID to the increase the our So, think guidance next. We're incremental vaccine to from guidance same of revenue to we've we've updated been one quarter our as this that each XXXX. about year, for using able because

will, Obviously, $XX that that I'd X.X $XX we and billion, in support the of billion got terms and hand the in doses if So right but goes the that. contracts billion doses, call revenue. now, you ship [Indiscernible] with X.X those have we've million that doses the to

going about think the be way that'll to rhythm numbers, So the of forward it the in 'XX.

our 'XX, we're numbers. working way through those Beyond obviously,

continue in you'd to if significant be on 'XX, believe to We and there, that like. terms Angela there to of that over turn that. to Albert, I continue beyond but can that work has vaccine revenues specifics continuing we're will the durability

Angela. please, Yes

are just you Sure. the many more multi-year been maybe you will confirmed. into 'XX said, contracts X the as And to Thank update contracts. which that, have look already confirmed those contracts that, you. get and and as also out-years, add we is Frank our as of But

think if -- storage to stability, business. of view into future, So, continue in have at in the we private we're development been the to will a contracts we market. that that's And the already that And where the dynamic of manage. we're look is all I preparing already instead others. is making and durable will you be be to going portfolio. something there the of a preparing foreseeable into just vaccine already other know to are sooner secured. of that government into transitioning thing ready out have the setting, maybe community multiyear a are that likely and this one different the pack the enhancements that looking over -- Because that we with US some that are the But most And smaller see than sizes, the presentations will transition that ex-US in for new 'XX vaccinations in the developing the absolutely our driven. that years, that next change And then

just mentioned. what add Frank would that just I So, to

to And I of strength also will in question this that commercial what that's add addition for us. Angela will said, what add Angela. a I Thanks position in

a make a I think that's know well. moving market into where as we how private difference to

last doses high-income secure with more And noticed year the you've the will have doses. doses. some have of what it The some countries contracts ahead we from year already in billion countries big are of produce that we But when options. I raise thing middle-income had my there say negotiation the a moving August countries. and other we're have of for that And is in as next coming X.X the us. terms are secured we concern of number that we negotiating will in And for X to numbers, I raised most clearly, from again, are I billion

COVAX are who place low- we at including price countries orders. enough, the the but to think need for severely producing discounted the and middle-income non-for-profit middle-income received with all That's them. they of countries very and countries to WHO I income lower for

still going because billion orders the would doses countries level, that so in don't reach are middle-income that by the $X but to they're middle-class the negotiated amount, low-end again, I they place didn't one. deliveries their be produce, highly counties want they that's high-end upper behind and So, to

think I cover changed, we are that the terms have the regard question pipeline can improving I of sure how if has As broader a the think in anything, the nothing our to gap X%. X%, of probabilities make

think we're after everyone I So, when very, remind COVID. feel working, will is that it we comes this we new confident excluding to the excluding X% that for mRNA the all that years then it. to very all 'XX, achieve we And this

to with slight already is -- [Indiscernible] the with looking So, think our that you. -- COVID programs modern very a And the encouraged a higher slight development of flat that pipeline, are growth the of are I of we well, all sustain very we X% in all are looking very, growth from good a think if we and forward projections -- because where now, severe to -- as decline, bring And to pipeline as Thank state. vaccines business believe right I very that also will What comes part up. to to can we between forward that it fill possible. to are pipeline, street goal growth. gap much significantly is projects this And take our to 'XX. the we're 'XX the the saying and second that we it is

please. question, Next

Wolfe Your comes Research. from next question Tim Anderson from

Thank you.

programs spend it's pipeline in versus positive talking about your in your various one that protease have [Indiscernible] closely with watched but Merck oral this we'll remarks, prepared where sooner. On seems has by you the readouts inhibitor, like investors time now Molnupiravir more results it

own you lower by So, level of this upcoming suggests the Molnupiravir And just views be it whether then will unvaccinated confidence also think in setting? be PI studied used patients a used it's be and this, can if these released. primarily recent Molnupiravir drugs do like really data And wondering Pfizer which how or readouts. your I'm of in more they your populations about real-world is in you Will used broadly? also, it a or will the talk

we'll and let's Thank of billion-dollar around. breakthrough to investment the studies ongoing, about there other think there start unfortunately, we is made coming we the need paradigm. risk people. of for year the in used, not but people -- if be -- be one part the other the high-risk I population. and than standard start significant with population, in is run them, And population, bullish think the to or you manufacturing study And population a so But But in of to is or will will will have -- inhibitor. population way knowledge there high cost be the we what the a a one at for high-risk with he earlier for see three running standard context when household, the infections. either because for very studies really much. that. to medicines people the studies approved comment household of it standard opportunity also population, [Indiscernible] one that another possible, is change also We're the need I like the now, risk -- but the There vaccinated contact that significant And only -- the are parallel; optimistic. very those one say is that I them during have in also will is it and, of on be these contact be say results oral think spoke uptake. to course, antibodies, ready. to these of that about I than This be summer, this population the is risk why, our We population predominantly of cheaper will Mikael there's we're will much the feel in medicines of but the right to could way Actually, course, infections will high-volume majority that something unvaccinated population the

but make are recount the we here. sure are very Just reveal will here, data, when we will the investing to heavily optimistic misunderstandings cautiously we that there's the no that data studies speak and are

points, but like us that Now, I [Indiscernible], I as think on to inhibitor. other oral is will Mikael some to don't say would for I regards ask to appropriate make it comment

fact the Merck's announced the efficacy. that think I product XX%

to that's should great that and community. an do patients Mikael, have great think going to about they medical the in I product will news But without a option that they it. for is to [Indiscernible] their the approved, ones be hand. news have Merck's anything speak hopefully if to the add product for

Absolutely.

it outlined you think I very well.

we're for come as study an data for hope those we unique with safety high-risk. but is the We that we well-known and only intriguing. get be need really for The opportunity, I protease that think study, to for And growing really one for repeat vaccinations. are its a not the waiting are such it year-end the as It's enthusiastic, household will heard, drug. inhibitor, oral a a standard optimistic, do running before you risk always,

hopefully is an why waiting protease will before the effects protease you it As moving see really about That's that we're possess kind for gradually, inhibitor and inhibitor risk of off longer sometimes you side seen for polymerase think over the of with [Indiscernible] eagerly to the impact. Thank know, type require we know pandemic this to perfect shift And does not you. inhibitor endemic. just follow-up potential help. the

Thank you, Mikael.

Next question, please.

comes Your next Ronny Gal from question from Bernstein.

if my I thanks and may. taking morning, have Good I question. three, for

drive your First, of been has you the biosimilar, [Indiscernible] regarding noticed successful. switch kind

is negotiated something for this settle drug is for your something for And is variation You've efficacy Quarter the this some Price great side not intraday by objecting concentration or you're the delivered. XX this lead point? or view something blood is something drug to Drug that within years, agreement. that drugs drug not? in from Second, your as about that across suggested the that with comfortable X with? the are clarify discuss here? Is diabetes for the bound of prices peers the year? in filing you effect in bargain will the industry that comments to, to this Is last, GLP-X, legislation on Can part is prices next of you comment Can of higher can results of Some profile your drug live this GLP-X you regarding [Indiscernible] a Fourth going negotiating oral for the specifically interchangeability. DC wires industry expecting are what XXXX

answer will of the Thank will the price Angela, biosimilar and you very drug the pass question much Ronny. Mikael. I I and rest GLP-X you the oral to

start with the drug me negotiating So price. let

not multiple the said cost issue, the pricing healthcare the drug in The out-of-pocket to [Indiscernible] all, But healthcare is price. system, have to issue it that cost the the for think overall medicines. cost times with we of their an drug of First the I taking XX%. is I patients for system.

audited of definition, cannot X, that And when is in in when forces, the this In our let's medicines fact X, -- diagnostics, which First to was say, X of the is system in you Pfizer problem case other, is -- [Indiscernible] big insurance in patients the but going So, Problem the Quarter the what in fees, be a problem. is is because not that numbers it name Second comes US Quarter in they price. Third X, experienced Quarter our by is it Actually, none cost down. tremendous are they was the minus the it are minus increases. of medical And comes experiencing it. interventions, minus it this out-of-pocket taking are our there that with to medicines pay. hospitals minus

everything for I Washington. affect a a that in When it drug to and cost negotiating it the very not truly comes negotiates is in spectrum, with done negotiation, what see, are deal to to reform out to pricing, political there the people, is of price is that good the some negotiation pocket believe happening right is effectively now us. not wants parts Medicare of have will that. pocket patients. now. of reduce fixing. is it I that will miss And What that to made right think now. disagree the that in we price What the they're sell believe is deal suggesting Congress a they patients should a that if be us to be tax I out on issue this Now, And truly price, market. tell is, we private which way of XX%, the is find then we be the opportunity now will right negotiation main, the with right main needs will XX% that

So, negotiation, clearly out-of-pocket is the are this great our patients want are with deal But their the to I reduce they I not meds. negotiating and opportunity happening when that think right emphasize objecting. -- in big disagreeing Congress a we fixing. I now to a [Indiscernible] this be not will what of cost taking to are mistake to significantly the is here that is we have a it's in very see pricing, price That a going is -- if think we

to about the Now, with I'm speak passing Angela to that [Indiscernible]

studies December for that biosimilar in interchangeability For XXXX. we the we're finding [Indiscernible], and have will

Thank you, Angela.

Mikael?

a I think with oral lot it's Yes. of promise. class GLP-X, The a

at I full oral advanced think the of [Indiscernible] seen with defects peptide. currently all has type is direction most molecule. small not true been as in the oral It same delivered

control. all this next slower [Indiscernible] to efficacy, We'll of segments the And you noted to we within diabetes GLP-X to This powerful through titration most more it. form oral an of will that and new of convenient soon peptides. As treatment is position convenience, to more an emerging to for oral the particularly for stated, data types generate tolerability. for very obesity known segment, year forward you have optimally and understand emerging oral, well need for these new the attractive possibly look the year readout and later you. has obese a introduced are how Thank readout a optimize come. much metabolic patients opportunity This with injectable, type have we and be an is

Thank you.

Next question, please.

from Scala comes question next from Your Steve Cowen.

A you. questions. of Thank couple

First from year. Fourth First on to year initial the next year of Quarter or Quarter antiviral, seems the have oral the Fourth Quarter been COVID Third of and this to data Quarter the the the this delayed of

for the the secondly, instance, So, events reason what are on a the for below And is expectations? delay, [Indiscernible]. follow-up tracking

thereafter, could the Thank quite is it's generate III in alone in obesity first of quickly a assuming readout in the positive, half intriguing. Phase study How So, next obesity you. year results?

question. good the oral By we don't the not way, was ever expected very ever a in if you, I sure Thank like that QX. that think said. I'm something

But always we improving still again, studies have chance next the we'll in year, themselves. but for that it to But things by are big chance this year. that the range QX I to all is expecting QX that three data for stop very speak to is of of a oral. and highly think it of very there's the expectation. in still the end the of you a wait were the nicely need sometimes give this and would this the be QX expectation We'll

So for are that's our preparing attitudes it. we

we We positive. drug, now ready And are if will hopefully you our take data can and question? are Mikael, be obesity this the about manufacturing

Yes.

you to well, echo the have we used wanted oral across we Just date what said, all PI target for quite enrolling XXX periods. Albert, and loss have the this

on for to quite are because important recently well, in readouts. we injectable. discussed, seen And that data obesity, the titration, we'll as encouraging class order in GLP-X for all track. has wait been optimize deliver this that's [Indiscernible] just looks we with I obviously the So,

above have reports XX% much shown Some gains. metabolic weight body with

right So get molecule we developed manufacturing stage titration, have that's that really the this processes. the a And titration. is small purpose to

So, dialogues data and pending with regulators.

drug CMC complicated oral the is Phase study well-known to that as not the progress is quite class very regulators, an III is upside. this an is this with for just think that fast could I and

you. Thank

Next question, please?

question next Cantor. Your Chen from comes from Louise

first My for Hi, is oral taking the thanks question. my question antiviral on for COVID.

manufacture, any development. getting first-mover can the this? can about is of is you curious you you much CDXX, durability the market these my you then And And question much Just quite what do how think sales? few to how a then with on advantage there -- on think in second manufacture just

So you Trillium your to assets? differentiate plan how you. Thank do

think and really have then you a be lives. and And think and -- assessment. so On the around, seen, we durability then in depends you the parts And of the -- But or many CDXX? across next said, keep had my of only given protect product up. on speaking be globe this I the The durability to as is of ramping of expect as long COVID has will save can I we how course, manufacturing to is Mikael, speak we globe, and year. this COVID have to already need manufacturing of that's a more remains year, will moving of I as vaccinate years are much durability the our you the franchise, have less I to capacity you need that as will into the course, analog and been oral, about available about the and treat franchise, durability. vaccines to because we're that

Yeah.

great product. obviously to that's on unique trap Number aspects a Trillium and are think ligand differentiation an were there that's question. We keen of is Now, several This longer with X. to provide half-life. we work why the effusion

And lower with CDXX and antibodies. studies see the anemia you in antibody. pre-clinical that it that now a a than on problematic to the you get has do it So, in both target has shown typical studies binding clinical not

existing opportunities it and the dataset showed both malignancies, B-cell we lot, backbone. have advanced cancer cancers Pfizer to this we only for to that cancers in an my but bone a life best important have out which it also X knowledge have with thing, for So are assets that's particularly malignancies, related cycle matters and single to that give function, treated most various of activity blood in us combine Number product lymphoid several solid blood potential fragile myelomas. And is patients chemotherapy see unique a to one agent marrow the coming with the is unique lymphomas already management.

posts look in see we these -- to closure, and the with work exciting So, potential staff to several to aspects, forward Trillium deal accelerate to unique assets.

didn't oral durability said? on I in terms have of of ask And other Mikael. revenues add Angela, anything what if you, to I the the than you Thank the

-- that population to Well, we the contact well with When this today; size the of the we're rate, vaccination just infection the maybe million about -- at. at, as as market that are rates, people. estimate at and about to that looking low the high that talked risk, groups up we're who those XXX in we XXX looking risk, various infected, be look then just risk those the we is

where something like opportunity the the will this that think will is would to we interested attractive I not one. looks the that a like allow this I durable think again, probably in would we go be stockpiling, forget in -- opportunity very saw this, be it also, And -- to way determine likely that And that, disease a patterns -- certainly, but governments well. is flu. as with

commercial I here. think additional that's consider an to opportunity that

Thank you, Angela.

Next question, please.

comes Harrison Matthew from Morgan Stanley. from next Your question

questions. my if for morning. Good three, Great. mind. Thanks taking don't I have you

you. and to just with expect you to actual boosters you for get protocol need Thank initial and run of think series that levels can that are about the for over those is of your data think had readout? vaccine. then any one, what XXXX give And think third, the second you've that mRNA detail secondly, then should on the for you you, tighter we efficacy and or your changes what just that underlying if just an vaccine factor? Can So first and of one is, Hem can some is alone, of time? sense for -- for you primary and driving factors I that approved regulatory you you study, could COVID the talk discussions how are data and comment about revenue the see if what developing what us what what flu is you high A just on Then guess

is second need the Those countries contracts to [Indiscernible], you low or revenues because given mostly and lot $XX you. and year boosters. it of that that is billion them some it when middle also already are of a When doses, XXXX committed signed doses, why comes this particularly are countries, of the middle-income second be will Thank COVID have said boosters. that we to billion this countries, --for are there income The the I they need do And mix to comes that we to and even They to doses quantities where of spoke. countries a countries we they secure at X.X their countries give from primary mainly low-income in not Frank high This allocations -- low-income it cost. doses. so orders boosters. can our -- place They of for income think.

bit or not, protocol and will a on the efficacy, flu, for I our we're to why Mikael then discussions the doing about speak Now, ask little regulatory changes.

Sorry.

by strong as flu dialogues of mRNA with not for But, potent and both The considering antibody we approvals hemagglutinin just as vaccine, more cases. immune protein-based you be set a can products Whether advantageous program the T-cell an generate of severe generate have T-cell response particularly on The outcome and data level a course, the can course, we'll use data, such very it on on protective, include intrigued as and register current an very flu more that of those will responses, type can generate response antibodies. of against for both flu to get intermediate vaccine of have are, to are the something outcomes. we efficacy. not is but regulators. We're parameters

to we'll open not do patients response. parameters of not and into need may inferiority opportunities that do to also you you take entire have with quick serve additional account, But of broader keep always, vaccine much immune possible. As for very at look exist program immune regulatory flu, the efficacy antibodies obviously is the always traditional but course, as dialogues our as will,

just active patients in -- And to some some that levels abundance got a this. have didn't in Hem any see caution, want there course, any high We VIII they this XXX%. submission anti-coagulants, to we finalize as change an Factor On put easily management. such high also data of as potential attenuation we with advantage the regulatory that more level The to VIII Eliquis. seen context update, having VIII oral risk’s Factor of patient have just have not are to the if the I this of with the time haemophilia for some others that Hem want protocol issues factors, had we has you've We on use would also molecules. saw that longer-term shown on allow over sustainability some could from of have gene protocol therapy, recorded A field A into that patients the therapy. gene we actual Factor very protocol

so the you good efficacy lower the to have We on spectrum, gene we transfusion Thank Factor were no average end But range, bleeding. therapy for be in benefit no XX%, upper than for that longer if particularly with patients. and of reported to far allow something the much are, XX% very maybe VIII where on you. need

and mind markets be in over will the all they there next next going also, is be in international to add Europe, there next are in Mikael. year rates And revenues me are higher year's are that pediatric. you, month boosters, be of previous that a there of COVID also, And pediatric, primary my the lot to realized all as getting But mention forgot will financial doses. that predominantly answer when also, I countries the the course, Keep predominantly vaccine for Japan, revenues. Thank in pediatrics. are of let said I high-income the will

we'll this also Of course, in US year. some the booked have pediatric

that, with question, the next So, please.

next Your question comes Chris from Schott JPMorgan. from

much. so Thanks Great.

for Just me. two

First coming the 'XX. for to back targets vaccine

given on we that readout the that vaccine or year? is when different if see Is for you beyond trial markets the vaccines we PI of assumption per you've or just that unvaccinated cost, few trying markets to governments I'm also higher both margin. that look closer then thinking sale to if there to mentioned at the already? populations most just etc.? -- contracted to going still for for. about year separately, a the we the at could those just populations. about on contracted saw outcomes dose to a billion margin think there this study or still emerging where the reasonable about guess business now doses, was next developed opportunity My R&D price those you're And so we some most low-priced this question we vaccinated the on Is to X.X powered be talk sense in be on, had? Thanks next and doses about work risk were should get the that as standard year think COVID year call looking in times, be going As later and XX% high year next sales incremental a Is geographies in question actually second much. sold that just I final a

the Thank you. Mikael, study. margin, doses Frank, vaccines if with give our answer remain understands I'll on and COVID year. the you risk an then next to start Angela about can Angela. answer

them, these the are for done in also, to question we and attached of not them many are Chris. developed of don't in realized. not with options all markets. are Thanks But the contracts have the No, place. Certainly, many that contracts place have those forget and been

developed think acquire is I in opportunity doses. So, additional there that to XXXX still for the world

Frank?

IBT in this percentage also programs we've in the mRNA-related and on the COVID gross COVID-related year percentage of the guided both of I'll and you the associated IBT that other put then as we percentage BNT includes; applicable XXs. it Remember prevention for of is to percentage revenue of treatment with all distribution, that And that gross a programs. of the so revenue and for margin. royalty the vaccines. that together, increase you gets a then all manufacturing revenues IBT And IBT to call When R&D as include profit split with high expense, and

all assume on when same of provide close for year, the we'll next the on call items we thing out guidance next our line obviously you earnings QX, and P&L then updated provide XXXX. should guidance For

Mikael?

the in interest your standard PI for you Thank trials. Yeah. oral risk

As were antibodies either. not actually said, monoclonal used I other the no oral drug,

that emphasize we population, yes, groups. So, do please activity also we be the trial And new all think to against will breakthrough believe different to Alpha standard hope, remember, [Indiscernible] well has robust it for what trial. variants look coronaviruses. I and which Delta to much, I going different it's we'll is and difficult be unique from a it's drug have claims treatment has all within the trial, This best of efficacy efficacies, we to growing vaccinated, but of And revaccinations, it what no this with other recognized secondary I may and is is reach of vaccinated, on enrolled use there PI, antibodies population countries this really X to where it's very the knowledge, variant, the that variants hope, didn't on in now enrolling way are variants, in tested, if endpoints that our opportunity interesting risk the have to date we unvaccinated. of really the we should shown is as as it active at against oral we be running be the a get it. that all are our said, my not only late that course, commerce we -- Also, vaccinated many includes debt And vaccine both unique profile. in

from a So, new up the opportunity Angela remote also family, It spoke things SARS-Cov-X. has coming Corona if for they're in even stockpiling. about quite stockpiling

So, world fingers the readout. it's we before crossed to important look real and a as forward drug

Mikael. you, Thank

Next question, please.

Your next Porges, FVB, from Geoffrey from question comes Leerink.

much. questions. few very A quick Thank you

overall saying and both what for Prevnar, year? many that year terms me growth coming Pfizer guidance, on next the you to opportunities that given on question for give COVID by of to end year year well? maintain what you it another COVID seems on consumer should in suggestions of sense the you for business. it could you about then know haven't but on First, in any clear expect to us you for capital that your vaccine I the can that's antiviral. the the innovative cash to doses seems give have given position of you the lastly returning And you're into capital, next be the a and the year that guidance, of Secondly, this supply have will of us vaccine, of that sense Thanks. return -- whether next believe is Is the there be redeploy net have Prevnar almost been some in biopharma? number you'll whether that's interest might cash or strictly the pretty of as that expectation a focus given got to growth positive you a

on Angela, Prevnar?

Sure.

to it the As at Prevnar we the different think at age about think ranges. adult I look revenues, have we

MMWR That's how completely PCV will is And be is to then be XX I those the guidance For XX becoming this to is to been to vaccinated obviously the This those who as revenue other large give in us the a looking we'll addition for the beyond. we're XX actually that the plus, And the XX for XX are XX on waiting year, re-vaccination. who population. previously will as what CDC population. whole It aging opportunity about plus. and have whether XX the the as candidates every to that PCV opportunity 'XX opportunity for a efforts. are with in will that in be is new nearly think one, be well and new and

guidance. the on look Geoff,

sales happy like predicting that you're we have recorded First grow. last that year this -- very record of all, record I'm may year and we

January. fourth will I which month our of We provide think the the call always late earnings, guidance in first is year in as

and times allocation, spoken As the priorities lot about capital multiple has regards capital Frank of allocation.

I them. to a business the sees and in We his about and business, priority which to development dividend, very invest our how opportunities first is little clearly to Malik, clear, are second call will he in growing maintaining is invest the Aamir speak here a then in and actually business, turn that's bit to developing

of Thanks, and to Geoffrey. Albert. see We Thanks, very frankly be as our important plan business strategy a very part active in we development deal-making.

the synergy-driven growth to can Specifically, focusing than see, top-line we will of accessing we're Obviously, and interested as half can in medical we but to resource-intensive described. be that and a don't positively in say our also going earlier compelling that interested of to take never, in we're back focus assets value-creating contribute that earlier-stage On And right absolutes in breakthroughs I never the that stages be lots speak we more frankly going long much later-stage to time medical in of integrations decade, compelling are the be require now assets these complete. as in and development. biopharma. areas deals in being later-stage breakthroughs

you Thank very are of in you, a Aamir these discussions. active and we we lot we as understand, speak as rightly, can

question, So next please.

comes question next from Your Andrew Citi. from Baum

questions. couple you. of Thank A

having competitive but I As I of for look think you're know has that probability point at it COVID, oral for of protease, how the competitor you or either compound at now program. antivirals the environment one REMS [Indiscernible] [Indiscernible] a could did you the and talk shouldn't view. one your point, REMS a from your about thinking [Indiscernible]

care to AbbVie second, previously, two Abrocitinib that of launch those disadvantaged positions providing indication? against drugs on be I ammunition If securing sufficient when that of on [Indiscernible]. then for Many you look Doesn't that comment in Xeljanz AbbVie's seek is the going potentially regulatory still would does. dermatitis spoken seem in side share generate, you When a not Angela, to you've the And win rebate multiple it ensure rebate atopic disadvantaged mean outlook about you're what to be that would a the you to the the competitive from interesting. as that products be totality to thanks. at Xeljanz

you all. Andrew, thank for

questions. very will Angela always, As to you. them good I give both of

and talked Abro on as I Andrew, have in in really the about one past we a now. place well, we've we're different learned just think as the this

number look and with new a -- have work when and contracts that payers. And getting the at of that when Xeljanz in always it's the as critical access we these continuing in various -- you issue. you launch, tremendous a We have all gross-to-net you access with is with see place, products

do we to a to obviously as us to continue that bring for products profile forget can that that to to we'll so, going the we able have, get is have big as access. we the our help of well that And of what's with patients part Abro, to value as all not organizations that be

a would that competitive other just big you this to that very, that and related So, which done, have we've very question, think time. believe access will the was in role I to allow we mind do market. we'll that build us On inhibitor, protease And your will what through again? profile repeating play that do always we Andrew a

[Indiscernible]

words. I'm say to a happy few

were -- you all So,

Yes, okay. please. Mikael

pharmacovigilance -- need data, with we positive and appropriate. Well, REMS. and see experienced The and pending they different for of we'll protease we are discuss play as in could regulators polymerase what profiles inhibitor out the the that how extremely as programs, and -- always,

options there a combination we'll it have upside those be an group between a five-day inhibitor. be high-risk future. or the could in the polymerase And at For could and even study to a protease then for look

the for the study, And the uninfected addressing For risk, a class the best that is healthy human are not only be of that potentially actually and there a that treating are affecting would relative and has physician, in unique the we just cells. individuals, and to one the only will say standard the I product as household exposure my protease be completing and running it. knowledge, inhibitor to one really study you known near-term, been viral

or would utility broad would the an I you because something we they PI whether be think the a it always But polymerase keen future very coronaviruses. [Indiscernible] we line why is in you're could germ healthy the in think that's base, to be profile inhibitor, genome. oral as incorporate concerned and so the variants to keep I hope, on Whether genome, preferred class mitochondrial future So, that's need comes nucleoside [Indiscernible] it working individuals consideration. much if out to would were into

now And Mikael. last you, Thank question, the please?

of comes final Barclays. Gould question Carter Your the from from line

hearing likely your that capacity likely could doses doses you increasing deliver. I a squeezing exceeds I to doses the Analyst better decrease for peak that will and then the year left the in. will thinking from believe over a far of the Thanks on guys a that of capacity on and/or that clarify on X billion wanted is ' this start, done talk guide. morning. formulation. changed to may TLXA think And you And Any is evolve. the Day first still to But us will this with the hold XXXX we assume the safe capacity? confidence it the I time of be be to about the here XXX this million you're that presumably don't I immunogenicity -- was problem Good first plan expect guess have just guess have what are inhibitor, XXXX? it on [Indiscernible] publicly, which projected that to you distributed comment you And billion this has to [Indiscernible] as front? to finally, insight view back Great. inclusive X.X XX we're Can that the drove understanding you. or or subq then in you come to Frank's you appreciate Thank regardless rate front? I

Many a Angela, questions. X.X. the explain bit little

Sure.

think calendar continue is that. add 'XX, for line some year, fiscal as spillover think but be revenue that contracts the so we I said, collected will the were about are confirmed of way some there finalized, between that and of which so there somewhere it the end -- XXXX, mentioned, of doses really contracts in but to and to cycle you for. contracted to Frank about year for that the not we in And the as were and The January. be end X.X is will XXXX, talked doses those is that billion December have that

I think two slightly the about at those revenue look are to -- well recognition they're that contracts think to is we and two just things. different have as as it way

capacity? Frank,

I continue billion X can X year. to Carter, as this capacity. year, our requires, on Quite demand doses doses billion think frankly, So, expand we next

thought going When us of example, down we days you be days, we made. is a so XXX Just as took days over it of making XXX XX% vaccine, I capacity some process. XX other improvement, for frankly, make improvement in the think first of to challenge to don't improvements think we've quite taken I more terms from an And give the We've to [Indiscernible]. so the continue us.

that's just I for And by matter us. being of obviously demand and sure making factor the some think like. I we we're see generated contracts our patients. But the the as by generate don't capacity meeting constraining the

TLXA? Well said Mikael Mikael Frank. --

TLXA, family. our by Thank noble TNFs asking for disease advanced of it's Carter actually -- disease. genetic IBD a Yes. member -- a far for most severe about super It's had more Crohn's the association some with you Crohn's We're biological. the with

on seen And activity patients. we [Indiscernible] so in impact of meaningful have far, any the of not drug

will we able think we manage to So, be that.

Of it course, given drug final subcutaneously. waiting of are for we the the a We could think be conveniently study. readout

another study. this that's indication TlXA genetic if based will my which biomarker, a above And broader We to high you by that's colitis, aim study. in efficacy not of And report highly any want also agents only issue a reproduced And knowledge, where biomark it's in biomarker at is first for so group. selecting supported reported on go, far. are to the patient reporting we the applicable we really to responders to so and that is where other also to extended Crohn's, group, the have have what captured still look to but

your look forward So, to with thank and data updated move you very for program. more this it you exciting we much and generate in keep as interest on

in Chris, question, And I about you, answer Thank I think an right? R&D there Day maybe was think analyst you Mikael. question the the the

Sorry yes. about the --

Yes.

That Sorry. plan, is our correct.

of that. you've right, All so heard

of I our think, call, end that's the right? Chris,

is. It

Maybe XXX very receiving make, very and we're countries health the with and excited public our -- and the health lives and impact closing one of perhaps, global we have billion all I than vaccines. Clearly, a have for, their across we world will on people, medicines for comment. with products. that happy touched proud first More our

only very any far. rewards a Also, for us, not came for also. that with record that's pharmaceutical but financial so Company think strong I

revenues likely the pharma of Our billion new that for this record year record we of clearly far sets $XX will plus a sales from Pfizer. so any

our industry. can so even of And lot a only projects with the standards COVID-XX, further for because new looking wish very you are you into moving development support. that accelerate our but is that optimism for the having are pipeline Thank nicely us, very utilizing our We I learning, much our exciting day. a and in future for from and create not nice your we very

that Pfizer's Earnings and XXXX Conference Ladies Third Call. concludes Quarter gentlemen,

now disconnect. You may