Pfizer (PFE) 1 Nov 222022 Q3 Earnings call transcript

Good day, everyone, and welcome to Pfizer's Third Quarter 2022 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.

morning. Good third Pfizer's earnings quarter to call. Welcome that anticipate this call minutes. XX last will We by joined Dr. I'm today our and Bourla, Albert Chairman and our Dr. CFO; CEO; Dave Denton, Medical. President Dolsten, of Research Development Mikael Worldwide and and

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

after Day team will in I'm call, also to host the XXXX by rich the invitation, an R&D we of In-person will which and of webcasting of Analyst potential leaders be the slate launches revenues attendance York near-term begin XX. we which will will we will Before readouts the our Pfizer afternoon New product will announce happy support both information on and City Members event. and that, that of product beyond. our next be on of share also December our the launches other but drive wave executive of

under X. forward-looking in earnings-related and and Investor Factors release Affect going these providing statements XX-K statements pfizer.com. to to agenda our measures are Results. May Factors information Risk see additional we in this and SEC Slide the today, talk Materials disclaimer closer earnings XX-Q our and about and and is on Future regarding And Forward-looking our the of our December available more That forward non-GAAP forms Information financial for call other not we on XX. details look to Relations as more section we're get materials Please While

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

my time you spend we you, for prosperous recent speaking feel future some be the we and I of us for Pfizer expectations will the highlights. briefly then I serve. and our Hello, everyone, today. and joining what Thank touch bulk Chris. will for promising thank will on a to patients

of in In earnings treatment call, adolescents castration-resistant pivotal Prevnar reported for and men our for children, exciting older the XTANDI addition our several TALZENNA pipeline cancer, data to pentavalent performance, for and well progress type of vaccine since meningococcal as and RSV positive diabetes as including potential in XX adults, programs, prostate X obesity. candidate GLP-X a with adults, program exciting financial generating young last our candidate stellar our vaccine metastatic we for for combination

our the top within line pregnant Just next focused vaccine structure broad this exciting that poised to the blockbusters areas: structure is biopharmaceutical We new when care, pipeline will care few our multiple we morning, their protect a new on launches, administered potential enable participants infants from maximize RSV RSV the investigating help clinical our III therapeutic We disease announced Phase to specialty birth. after over this positive to candidate that scientific to commercial from success X business of primary commercial established data the several emerge bivalent believe are and including from us years. product oncology. trial global

people continued Pfizer's expect lives. why breakthroughs in the have 'XX growth. longer-term to growth time understandable given we in equitable billion part these Global lower-income commitment patients' It's working at of to all X.X disease confidence for products Phase a story the and That's that governments not mRNA Fund or treatment impact our losses flu vaccine by We countries, on a I our to mRNA medicine breakthrough and in Healthier countries, We that I'm to in recognize to with against our us Accord first currently some the overcome continued that lower for market-leading potentially we in the next these and and of but of patient gap living the initiative equity billion This exclusivity these declines we a treatments, candidate calculations. sure help that franchises supply health in is end are have say can X breakthrough shipments company also on industry, arrived we and those income what's price health in proud low driver combines to revenues as COVID-XX of in our after 'XX vaccine, to our Pharmaceuticals products both projects, by Blood that lead potentially disease, close of pursuit can our one that up than solution also improvements flu we that make by designed not-for-profit Pfizer's COVID-XX are in Less the access believe of Phase for change next we embedded story exciting course, Biohaven XX a the what's it's vaccine An unmet PAXLOVID against period frame. months COVID-XX and expected and for Global internal COVID-XX. shot. a questioning Therapeutics, World, growth Omicron-adapted We ago Drug our U.S. been Most completed the other And respectively. and vaccine Pfizer's fight vaccines III sickle a from decade. oral to of has our notably, fight of bodies. to several during purpose: advance for courses game-changing, that The regulatory study continue providing have middle vaccine the need. to of only An strong Agency quarter, Medicines approximately countries. But giving into through the cell the Food the of sure. bivalent a foundational $XX next can European for game-changing the is need. acquisitions authorized about respiratory particularly migraine next. X an We Pfizer's and Administration, launching reach generate study And to based agreed next entering candidate DNA to system negative the a initiating million and

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at migraine. look let's Lastly,

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see we in well, XX we impact the been United U.S., approved registration enhance its is market have commercial which strengthened NURTEC growing our market, In including efforts altogether. result, co-promoting, markets. as behind for revenues growth the pre-close. CGRP the oral EU, additional and U.S., reach to has $X Kuwait, even to potential has of position our more on the expect an further Outside in began peak we in program. in than promise we the #X August very U.K., billion the stronger it a NURTEC filed Pfizer's As further in deliver this Israel, Arab Emirates and share

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Lastly, expected the with trial quarter. is oral in the readout a third ongoing data prevention Phase III

progression and for turn our I financials. to outlook to the you Dave, that, speak the on of with update results Mikael pipeline. will So After over Dave it the about

good and manner capital with in disciplined this deploy the morning of comments Thank growth importantly, few you, how regarding Albert, and, enhanced returns. a a to shareholder morning. I'll company continues support begin in long-term

of than the has cash know, efficient As capabilities you significantly expanded and deployment this several the critical Pfizer's is past years generation ever. capital over more

medicines. on as $X.X continue During months X driving in through the in pipeline XXXX, main internal billion investments and X focused deployed of squarely support growing first we've to committed has XXXX. revenue are company of capital the first, R&D invested growth areas: we our These innovative

billion Secondly, we this in the business in first X quarters of completed year, have invested approximately $X transactions.

company goal maximizing of major prudent billion we the billion capital a Additionally, progress us repurchases. approximately Pfizer. the allocation brings to XXXX adding to focus transactions Clearly, early investments of transactions of quarter, in nearly $XX finally, than will share capital GBT, both which business These value risk-adjusted and shareholder XXXX the in including dividends billion deployed to capital far our more for in through transactions, and continue for BD. towards fourth $X in billion be in development Biohaven thus illustrate revenues shareholders a And completed combination $XX alone. of $XX have through value-enhancing returned both through

So review I'll with operating to let for figures. the results that, financial my remarks our adjusted limit me quarter. and briefly growth largely

performance revenues of of Third in the by strength strong our quarter was much XXXX. incredibly of strength somewhat business, demonstrated but across obscured that areas quarter third many the

year, the revenues in quarter strength this operationally. prior X% Given the decreased

underlying decrease phasing XXXX. with were XXX% last year a expectations as a more given of deliveries However, earnings was call strong to The we at of performance third our in our products. scheduled this compared key the to on other line basis, quarter. than results from last looking as our Also was strength discussed the this revenues it X-year the in quarter PAXLOVID compared of COMIRNATY, continued quarter well which of slight quarter of our up number

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rate tax historical these tax consistent trends. underlying resolutions, Excluding was with the

of share on of a As $X.XX earnings result, the $X.XX diluted share in diluted reported operational basis grew while XX% by grew adjusted an earnings per X%, per quarter.

continue by approximately diluted quarter. results, dampen $XXX million to share this negatively earnings our Now by and revenues exchange $X.XX adjusted movements impacting foreign per

updated move guidance. Now me our to let XXXX

higher the been diluted revenues for last the impact by have Given increase July. increasing quarter to higher for earnings by for operational per respectively. increases million IPR&D ranges. these on expectations $X.XX, these result revised our of These adjusted $X.XX. diluted operational in impacted revenue diluted XXXX exchange $X.X of of $X.XX if midpoint late expectations for and operational and even revenues $XXX year, expenses. growth operational per foreign billion the adjusted the growth cross-currents strengthening improving of offsetting revenues third revenues impact share rates per adjusted guidance due and and at earnings was to performance outlook per our an the our earnings diluted line operational XX% our adjusted respectively. to our Incremental bottom for diluted is increases up and this XXXX. share guidance for The expectations earnings from for in previous the This net earnings and share of impact dollar adjusted our XX% strong we share XX% incremental not share and and U.S. Partially by of And are acquired reflect ranges updated additional would since midpoints negatively movements we negative per compared XX%,

year Regarding up be now our we revenue to by the the $XX revenues, COVID-XX-related compared $X for to our prior approximately vaccine billion expect guidance. billion,

expect PAXLOVID, in negative impact billion, For we incremental despite the $XX guidance changes sales of FX. the range keeping of approximately unchanged

in slide this again time We value and our our date, the XXXX stage Pfizer. our More incorporates You can In can beyond strong on turn I'll that once the we history financial the in recent Mikael. shareholder acquisitions performance year guidance improving quarter these the it outlook the With long-term the year. incremental for closing, morning's now it's of exciting in $X remainder the costs information share press March of to operational this share an repurchases for of creation. for no release. to found updated believe expense over sets updated that, in billion XXXX. of guidance completed which performance repurchases our assumes of see be each on our and updates and expectations our

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Let me Q&A. over Chris turn to to start

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

session. this for minutes XX about have We

And go the after follow-up We the will call queue answer questions. as Relations question. will please many questions and as ahead answer Chelsea, available permits. Investor be to time any first up

[Operator Instructions].

Raffat Umer question, next Bristow Colin with from ISI. UBS. with come Evercore will our to go question first Our We'll

similar sort temperature On a expectations, if your guiding? are here more And expect And helpful. be then around it go? guiding perspective, check you how event? to should you Anything Investor sort would conceptually a deal just would this? just we year? just and of interests. thinking update COVID us priorities last be thinking from be you 'XX Are development, of XX about to willing of broadly on then then that on And business could to anything scenario-based how big more you this, you December from on the Will

Thank you.

and important expect, the On a the very product as our those pipeline but will XX, 'XX to the XX good of of between months, the they are overview of most in launched details launches more and well in new and months launches potential it vaccines, science the important XX December the be launched about coming should new with market some that you what as period in going is 'XX. be the next not medicines potential

the for comes Aamir priorities, once to reiterate I BD. it when more Now our ask strategy would BD to

about substantial priorities with Thanks BD scientific That's for the We're we've value, before. substrate And principally, the about to form star. shaping articulated opportunities come to looking all also science our breakthroughs. BD. growth XXXX, half consistent for excited size also cost the they continue in priorities. the that ReViral add GBT, to accelerating focused fact closed you top accelerate us back is And the can that where growth we're very are at through decade. But our of The we is we be. those in you've for that north going we driving announced our remain going synergy-driven and to we what our be be heard agnostic going Biohaven, patient and the focused very of be deals We've that on of the focus not our question, line We're if either Arena, transaction. has most look commercial said would consistent or where are the momentum. clear including be that with to deals Colin. and that can on in deals potential importantly, And

going on it And question 'XX, guidance provide and also, you cetera. Thank we can et Dave, also you, address when COVID Aamir. for about the maybe to and are

let franchise. me it stage the Albert. to you, the COVID Maybe Thank COVID discuss relates and Yes. as

flu, going actually be flu. is franchise going out longer you I somewhat in to deadly sustained the to that is multibillion-dollar this flu, be look the a like think franchise the a than more if term, but respect

perspective Having both for many So the products, Pfizer on perspective to quite to therefore, provide from to XXXX, when give are for when for our be year. it's said what therapy that are and that, a do we the vaccine investors years the has I guidance developed, expectations come. going we will relevant a so, appropriate think

can for guidance revenue out will on us those promises time you break when comes. specifically We that the so delivering hold accountable

Cantor. with we Louise Next, Chen have

several you, there. on you wanted be to of I -- how moving RSV you seems color positive and there off, parts pulls secondly, There's think they've on a And XXXX. to and first or maybe how all then more data. about about in drugs players think So pushes with franchise, lot ask the in your reported development out

you about out market how over this curious playing So think time?

Yes.

we complement to we I in those push is billion have happen only how year products, very and them of number ask RSV the the me most will But Global very ones, unprecedented say are quarter will but are beginning peak and speak next number And from about XX the them, Biohaven market. then of Blood, we 'XX. first words new sales sales $XX given of we and the were launches internal us months. of of see 'XX only billion, of launches. the for going expected are the Let a some then a that important and BD, a excluding to the expecting not very, 'XX Angela launching few big pulls, XXXX and in Clearly, the about $XX

to very us number. it for well. important And a very it's do it's big very, So

be that In our non-COVID our bring -- a business addition, non-COVID significant will clearly, will so boost for business.

when for transition therapeutics. year with to we into we from a certain. a the commercial and model Now government a not expect The move 'XX likely in is model U.S. will moving COVID, be vaccines timing

also, we the be as will phased to ready it be do have clearly, that dynamics are will And be same And price but over be not are we 'XX. for years. will some to stuff And So ASAP, there moving PAXLOVID depleted 'XX. likely we COMIRNATY. or to in it new be will clearly the will

vaccines But market. possible will will try multibillion-dollars will established a price numbers with will we more So be 'XX bit be like our therapeutic of not both out, little are that provide 'XX accurate a franchise. for disease, it points COVID as will we into for what of course, to severity and a but into will of when different a as years until in But transitional and be going be now of year predict guidance. to the the type volumes we number different more the flu bring

push the new RSV one anything the for of You to on are is adult. of lot Now and and a to which Angela, them, launches speak carrying and pulls? about going maternal also be add the weight the

extremely excited as both as well the vaccine. we're vaccine about the adult maternal Well,

that it COMIRNATY. our what lot because through foremost, of have vaccines, of the the also well footprint. also and created Pfizer large existing And We pneumococcal both is well has the the adult as legacy the our so franchise and right? add sweet First experience into there as have Pfizer company vaccine. really in commercial from does recently this both maternal well I'll does, a we spot that extremely of as vaccine as are respiratory These of adult maternal. populations, the is it strength only fit but the

are of underdiagnosed. There's billion. and that and all The also costs it's is vaccination. Let disease. just It's hospital bit. for It whom of this adults is -- million underreported actually characterize with XX-year-olds, me over just a start devastating adult quite XX $X.X RSV sort from a for a eligible

the this we Equally, those deaths preterm. opportunity in infant use of the this a bring the footprint vaccine from commercial in are awareness create morbidity worldwide And to to actually, really XXX,XXX the also old and that infections Most that to over and resulting are have months create but it. great devastating so to is under mortality those here we disease. are that And maternal education have and already need infants space, awareness, disease X to a of who drive of to RSV.

see a tremendous again, to difference we opportunity here. So make a

we've that we pediatric As vaccines. work tremendous through legacy done have you Prevnar, in on a the know,

launch be strength with to have And our as perfectly in the and well, women's health commercial we is the suited coupled for there vaccine. so us RSV that, maternal going to footprint

all I technology, of the vaccinations. this have so scientific And the knowledge, and sites with think together, relationships we have we vaccinators bringing the that we of the have the

a which tremendous with well bringing breakthroughs. recommendation, what's as believe our going work around also versed adults many, we are broad us X the world, is committees well We vaccine very as technical these give in to together infants the access in to many to

capabilities think I to best-in-class with job great we have respiratory So a the portfolio. this do

and Angela, well, I agree Very you. with

Scala Steve Next, we Cowen. have with

but I they're three questions, have short. all

First, billion in QX, think the on be Second, us did it sales unrealistic see things but could in PAXLOVID all as you that Biohaven XXXX? in Pfizer own RSV-associated can lastly, you then what $XX sales NURTEC know QX? know number. COMIRNATY plus as you Phase likely MATISSE is And hospitalizations tell in impact considered, the infant to were what trial? III I didn't much

what about you data? the Thank RSV much. very Mikael,

for question. you Thank the

close That the et stress to that the it that strongly encouragement, respiratory infections, patients, cetera, the rate not. they defined oxygenation we primary XX% press most privilege the very of And data So levels, and whether as and to clinical children were hit important. by will and where had out endpoints defined hit attended lower in medically severe, to in is for the our such tract reported respiration, you impressive or was and as on one features, we independent, sufficient release, vaccine separate efficacy. as we our is hospitalized X seen have are filing. include And

of endpoints look lowering it seems the project children data in this may hospitalizations. vaccination. impact used on dramatic as the we U.S. this effect dramatic if severe include talking maternal to at hospitalization. secondary We When thousands to about a prior will have that in probably not that infections, vaccinate I'm to reasonable this studied will is release tens on vaccine appropriately in later very hospitalizations you that of delivering happen

very we're about optimistic So and type encouraged of that value.

Mikael. you, Thank

NURTEC question the about comment Dave answer we sales the Clearly, expect good turn on quarter, to PAXLOVID us third to of the be sales said picture of to in COMIRNATY the we for provide make that next we the franchise. a and what will me Before I let and year.

is is is unthinkable could to franchise? a XXXX, think But it's Well, are $XX way have year even we billion -- done. that year that not it about challenging. $XX that. XXXX, it billion unreasonable also, to unreasonable in be asking which But that be right more you're the it not question, Now the clear taking is that you asking could now, it's will it think

It will direction. we to that will it depend combination practice enhance if virus If will with this will will together So on how it clearly, on a that become product, the flu. depend and behaves. vaccinate standard have

a little to now. it's not right are early, think we too given where bit So that think unreasonable no, but I it's

sales? what about NURTEC Now,

Dave. is this Steve, Yes.

said, of how is bit you the little just own color As performing. we maybe didn't quarter, on the business product a last but

the XX% rate you look was if volume. year, a really script into rather, to rate QX in you volume which it if sequentially, year-over-year QX, is compare QX. quarter, you or then about it important, growth at last look I about saw last XX% think If growth last sequentially going it And we at a year,

two, the the and in So it, care our here of into product, population this can have field of promise number abroad. we we I value this really field get once and our force medicine in patient the number think one. shows the U.S. think force, it primary maximize now we into the needed that hands this And I of

Our next Securities. Karnauskas Truist Robyn with question from will come

and And alopecia can talk Great. how about people vitiligo where getting hear will about bit give And even pipeline? efforts -- think taking not from I'm comfortable, doctors it, around ever your bit died be to we in little just little get the more drug? And to On do a you we'll antiviral. more people a for many all to the opportunity recent physicians question, news given will PAXLOVID, next the have educate when second citing making was sure you I saw you Can should point a talk comfortable the the PAXLOVID publication readout? you an the the be you're rebound?

be questions, think, Angela. Both Thank by can you I very answered nicely very much.

Well, thank you for the question.

created I been So how and that that's service think, education The public foremost, are EUA, announcements so all PAXLOVID. under with we little provided state the U.S. have governments, have government potential working prescribers of the we campaigns. to the mean, about just ensure can I and we to education bit to And going. tremendous an and PAXLOVID a already hand-in-hand are the the that first talk are we we providing public means education government equally, and of a public. using U.S. amount that

PAXLOVID. have if terms PAXLOVID. pharmacists. think to of how addition education So is today, We've trained you not written to provided And also write have in physicians about that we XXX,XXX where what XX,XXX you to that we've only in doctors over are pharmacists over to but

the of to will of prescriber education education. think Test but I ensure both now closely the providing that a Treat stood at XX,XXX firing worked, also also that there's those really around for sites government have governments that sources the again, up where has I state with off, we're amount of PAXLOVID. federally, so great and the level And level to right the local say been at country, governments, education is a have consumer we also

that I I think think going it's frankly, well. it's -- So

they this. we we're who do as are one the over And fact you for the need most that if you've risks of such that actually, inactive confidence aware are the XX, to XXX,XXX continuing risk eligible lifestyle, that And that of the there those be such look that risks XX who not be the is area already risks, indicator should CDC a anticipation think just important fact continue And at I PAXLOVID. this health their great as emphasize of. had the provides, for people age-related eligible. the include you write to more of that definition an with mental equally, in probably, are education risks right, to fall. but physicians is may But who PAXLOVID illness, factors

want we this And now focus so fall. that's I through that really think to where

vitiligo? about what And

think about new we're for ritlecitinib. I excited really indications these

main very I these -- effective here today. the inflammatory serious not is there highly for conditions think -- that there probably any are aren't treatments theme

huge need, huge So no just today. options unmet a place -- there's just where

fact I So tremendous we're a to will who up options. market, like to have no that just bring with think, the able by left treatment uptake patients this to now are

about you a address the can William, please mentioned? issue the rebounds was little And bit that also

end home XXX% decrease in among versus to points EPIC-HR we DC-ed Sure, effect Albert. in XXX% PAXLOVID of got decrease had were And data mechanical high mentioned XX% PAXLOVID for there Well, additional on which that already showed admissions, we patients, from versus our Mikael updated a COVID-XX. the who study ICU gave a ventilation with placebo. hospitalized placebo XXX% risk we in patients

in hospitalized reduction patients a also had oxygen support, reduction reduction COVID-XX-related versus XX% and days XX% XX% XX% medical COVID-XX-related visits. in any mean We XXX in reduction also in hospitalization,

rebounds, showed X been sustained an to in versus occurs and of studies that about shown also alleviation symptom that days X of impact there's of symptom actually recently we placebo. importantly, Importantly, But most sustained time PAXLOVID to several time general. COVID, to have resolution rebound with

of resolution that For with recurrent had their a patients example, who COVID a not COVID publication got those suggesting and symptoms actually, placebo was with and the phenomenon XXX there of recent X/X PAXLOVID. it's with associated of after symptoms,

of you also any that is with also Importantly, rebound, that associated we symptom is have can that Whereas antibodies, can seen for but haven't evidence with we meaningful. get resistance. example, clinically resistance seen

resistance associated not antibodies is the PAXLOVID are. again, but So with

that has role So against and confident very a feel COVID. we significant PAXLOVID a impact

with we have Andrew Next, Baum Citi.

of A couple questions.

that an Firstly, And a which then assuming secondly, differentiate to I'm Do basis, talk Arvinas than about light the it of with category? talk patient X the you the function ER ACIP therefore, positive right coverage degrader maternal sure I'm the you about vaccine. your is trial disease will be as MDS pocket, U.S.? on it reimbursement will that the the in rather versus there monoclonal. of the be SERDs? relates on data you get material. right Could at in cost And to may And could out development of RSV to stage defining you'll Thinking entire a with potential recent efforts your subgroup. this of Astra's of the on the evolving recommendation. population risk believe

the thank answer. Yes, interest you first time, Drew, let right. you. me the of are In give

of it. believe recommended, molecules? to CDC, public, the and it there or irrelevant from efficacy, is the about what their we Arvinas the and payers, the this as X will is commercial insurance. obligation is type product long co-pay As it co-pay X be If it by if with Mikael, cover is they of is recommended have

share standard including will part Yes. is update of the that separate the the And Thank we more the in drug. drug franchise, studies near that class you drugs investor that relatively there launches mechanistic to our PROTAC, for good of in patients of the look compared that and we that it's CDKX Arvinas XXX, degraders. less progress next factors and in forward effective the powerful advance more the on name mutations reveal pivotal of good consider December selecting to includes that we asking. estrogen with property in a be the to think itself. to this is which related lot estrogen down-regulating from think also the out of in cancer And are drugs the may Clearly, what we receptor. have to to the patients had need of And and care, selecting We soon right breast at that to receptor X you waves. drug future and

Mikael. Thank you,

attend to event. great this reason Another

have we Capital Next, Seigerman BMO Evan with Markets.

brief Congrats On you're know neurology oncology? other explore? consider and, talk I what is nonmalignant on hematology here. to want to adding Two questions for of you areas with BD, about inflammation. But me. can I you Would course, want therapeutic technologies. Biohaven, the in GBT had of progress. be mean of might mRNA you And with What with do mRNA Albert, on this personalized vaccine mentioned kind comments you in I would the applications of ahead previous you going that your of some alone line, cancer outside see call, this same COVID? you explore. an of, area some

to pass Aamir. I'll that Maybe

Sure. the question. Evan, for thanks

our far where across our therapeutic I the make our different of focus, And good in we can science. have is priorities, therapeutic shape news capabilities actually As the as a areas. we as focus areas difference before on distinctive and many is mentioned

us anti-infectives, is the our we And breadth to So feel good be capabilities us in flexibility TAs. very our internal have you've medicine, give and of different to about seen of the to work focus scientific lots and, going in active certainly, on oncology. I&I to we it. science shape where potential And breakthrough

the Aamir. about answer we and you, Mikael. Yes, we Thank didn't it, how mRNA think

Yes.

broadening So I'm we're that excited to platform. share

respiratory more mentioned stages. the improved heard Albert about successfully mRNA visits. COVID plans are single of next it that vaccine single-patient You with indeed convenience the combine to flu with advance to ongoing to in administration, vaccine build vaccine broader

will BioNTech, that certain in on study, together that we at with vaccines. also, I vaccine think several Phase the this vaccine but areas really the progress to Aamir deliver current of adjuvant mRNA, Beam medications, to remove the the in some of genetic can technology rare cancer we've what alluded other diseases. application to shingles proper at our candidates will share way we're cancer compared issue a where forward that as where significant move successful in the the at our of briefly to looking We're type of on we looking really are time. our made of the medicine important to with we We vivo have to, power more first alliance identify vaccine. And mRNA that But be seen pretty in aim of with past

Thank much, very Mikael. you

Wells Next is Fargo. Mohit with Bansal

data my results. has So Sanofi can vaccine it side, is good vaccine, to the congress on and infant so an RSV I directly which on you give mean the antibody in -- maternal an question shows

versus infants opinion, market So shaking could immunize eventually? you expecting strategy, moms the out think be mean, you strategy, directly. do end How I one moms, there in about the your

Yes. you potentially infants? in say to want an we compete do antibody could Angela, how with

look age right, Yes. babies. really the of -- with I most the in months, also and morbidity it's at if of all, under where you preterm mortality and X at mean, is first group happening, the that

moment duration in think X. you trial. believe need literally you so we throughout you day X what of that shown From our from months, birth, have And I which where really have our differentiation that that's birth, we've And from of is. is And protection the protection protection. the clinical

mean, I So it's obviously, there many options. have I while to think great different --

we that have I is the with one unique think to option and a vaccine well one our the that infants. that situation truly the plays with

Andrew have you course, not And antibodies very of made are And expensive, quite co-pays. we Thank vaccines, also the much. have do and you do with point, co-pays.

we Next, with Anderson Tim have Research. Wolfe

Brian Tim. is for on This

would strains to second, competition. they a And which going and be tailored a from strategy, the on level between do efforts the bifurcate market? XX and in on business against is each opine us. is Wondering is And then Prevnar. is Or approach, Prevnar each and Merck's two compelling tailored approach product a will than opportunities peds better what head-to-head can you and have development to is. They segment. of current Prevnar in Just if think market there said one-size-fits-all be have which adults They in likely homegrown? interest disease? are you What the the Pfizer's the Alzheimer's to

thoughts Just wanted that. on to get your

had and Thank much. have there. you very And very their a that externalized equity neuroscience actually. we company over significant a portfolio, created working we that's have you know, Pfizer Clearly, as on

is And now. results. evolving. that happening clinical of that right promising study most earlier data to not emerging We positive to are are I'm seems a one referring is I'm apparently, science to just how that only referring have the science there a saw, that more monitoring high for are things we few

time. we that. is And is actually if science good exit that reason the felt there are want the we a at may because not we reexamine entering. think we So The opportunity, to is ready monitoring why we

Now Angela I to question. will it move second your to answer

just of have franchise. successes want its other has other pneumococcal a since that Prevnar it's We're great with had our though I And we vaccine launch. really Even share. with XX competing XX% or with talking -- vaccines, market about begin proud the another pneumococcal pneumococcal to

just Prevnar XX going updated used formulary to XX% have had XX as ACIP catch-ups plus to under. that recommendation recently access. We is be as for And are well that enable we in an those XX

the demonstration that knowledge space. of out Pfizer legacy tremendous vaccines pneumococcal is a think and have or I Equally, the in the the and pediatric respiratory leadership plays vaccines that, and has space. that in so great And that that we the relationships in

meantime, the even XX competing So well of the launch Prevnar with XX, though but obviously we're Prevnar in anticipating PCVXX. pediatric the is really

with really again, that, over XX relationships pneumococcal the pediatric -- the we physicians to going think for us helping XX is to the great there's I in knowledge -- have that serotypes the you're of have, vaccine I of get competitively. really think And space. our the trust deep that that that is be anticipation Prevnar able and standing X additional

strong off bringing we're our an market. extremely look all, the forward in vaccine start to all think I to So and next we to

Okay. much. very, very Thank you

have Next, Schott JPMorgan. Chris we with

think past all of Or spend as think investing levels with you're OpEx more behind Actually, Or opportunity? these pandemic, on about the highlighting these bias going growth this kind initiatives point? sales. dynamics spend that think with position to the resets we've we about I COVID question kind we there seen like how ramp in upward normalized associated at of at should guess seems for that should the which in coincided spend we as forward. in and qualitative some OpEx market It that? COVID about a pullback company, a is of transition a given where has

Nice clearly has on our CFO this. Chris. views you, new question. And Thank

So Dave, think? do you what

-- getting a probably for before be Listen, 'XX. in early expectation But too for question. it's little expenses. is good not guidance Chris, a pullback my would that into there

launches make if patients anything, hands get sure quickly. and focused of XX investing we're pretty is the fortunate launch that what on And we're robust next very I really think extremely are a in these those successful have over medicines to schedule the to months.

to launches, anything, focus and sales XXXX these execute and And so sure ramp-up time that to particularly is frame. in behind XXXX make see our we that get flawlessly our them performance, the if the we drive

Meacham is Next with Geoff Bank of America.

Thanks for the question.

long-term really helpful. Just growth had The a few. on slide is

I'm to that On but have do thinking guys have and on not effect Inflectra. long-term of X about to the launch you highlighted, then the the higher are that also focused can looking year of when you many similar And is volumes etrasimod there's preferences? know then investors biosimilars how and non-COVID $XX long-term billion you most next Humira, on and specifically, CIBINQO a piece on the Slide from launching I&I, I talk drivers. on for Xeljanz kind we'll think market we'll contribution buyers, much for see COVID? the there's some but COVID, -- payer disruption

Yes. I the will Angela second ask question. to answer

On I one, maybe clarifications. can the some first give

On the $XX billion, so our This launches. is new for we have estimations XXXX. included from revenues

in bar, where list, in in happening $XX our is the to count we this on of we started. there, the or And are and happen list in because are billion over either billion then we there, we started example, expectation. CIBINQO, do And summing which excluding adding are have it BD, have for the to the about count are appendix. revenues, we $XX previous not the that launches claims 'XX, New

things new This excluding part may that or come this vaccines that come COVID, excluding not antivirals that. that. any in of or to from may new does not Just new clarify, or These of COVID. things include are vaccines is COVID, excluding combination

gene of the Now interferon things 'XX, flu be the not the to pipeline, all yet. our vaccines, known there, or the and you things are are a should that COVID which Lyme after things over that things between , and therapies GLP-X, term short and to not launch included the months near, that should any known XX in the should that are be you and the will be combinations to the should are could lot that Arvinas, other be these clearly, should maybe come. be RSV, way period the near But in among

that yet that we quantified bar publicly. of should that count towards All haven't

expect know ourselves. what we very much. we course, you Of Thank

I&I Now, the launch. and vaccine Angela. The

I to it's So the we is different. -- market the biologics are have the it algorithms about you there, the used if label is as there have say you that at oral way is oral an are the look used, before an think the picked and Xeljanz it Clearly, -- is and you how that right? biologics to how says used think way move the the about because is and anti-TNF reason orals on to treatment market JAK. the example, you And that

orals, literally think that With the of across then with the is I their think the Humira, biologics. And so is HUMIRA competition I and don't the role. and biosimilars orals have competition

one the benefit I'll example. There, actually earlier I'll therapy that have an So pre-biologic. use used as Xeljanz use that oral actually etrasimod as example. of this and can you another line is be

a fact you of there, distinct where oral would a that and use don't places place it's treatment I would the again, where I -- biologic, So think and are crossover. the you and lines different there the distinct use an you that's think

them Angela. And you, more Thank we'll answer running so to bit quickly. X make -- have very questions. try late, we'll a We're little

Morgan Next is Terence Stanley. with Flynn

I some it to XXXX. on head contract there's into was U.S. on remaining the like as doses current PAXLOVID, wondering looks going we just be

how And the question us is out talked maybe, just just in I data. transition that question was you think second detail coverage? any Phase the the can peds regarding the post would Prevnar a commercial just had to the I III here. as that But will move out of that a So in work came know I COMIRNATY data on about we help market. as work the share serotype we U.S. pandemic maybe more know about how here you

PAXLOVID, is period. it There the transition the happening a what will not is be on with different very quickly vaccine. than Very

they government U.S. so start work to let's and the goods to We the will, we have, when will have say, with seamless stop say, let's that their, have they have list to distributing then transition. we a price, transition we announce that

become and -- to But more will say always transition pediatrics? the happens, given guidance next you at dynamics, the next this the will Mikael, we for details what So have on the give year. market anything happens covered. in these when

all European brief very U.S. X We toddler in either studies covered have in XX X-plus-X But in U.S. positive doses, Just we is totality the after the complete and serotypes schedule. XX schedule, that which had Union X-plus-X, and across EU. the the we data or vaccine X of in near adds the have that that for speaks term an it's clearly important many is be to the going And likely endpoints, to coverage. years quite coverage. believe, this broadest vaccine that

with have Chris Shibutani Goldman we Next, Sachs.

the thoughts some the you're share terms could case, And expecting? you if think, that's with that possibly the dermatitis, Phase good you if -- that etrasimod, through? owner's hands, programs? a velocity in on those calendar II; get there could we And in additional uptake that the in data, insights barometer? clinical lines flu of Will for some RSV, of were believe, III, of previous disease time terms originally Crohn's on reach quickly we were then Is In XXXX. opportunities, I Phase atopic do the how

will a I ask Yes. little William, speak for about bit programs, -- to clinical that. the actually,

Sure. Yes.

new have at this we Chris. time, nothing update to etrasimod, For

clearly, could I then right. like And All that say, flu-like. RSV, it we think become would for

depend programs The also disease and And think in all and them of availability RSV, together, course, have eventually often respiratory could that we and right that that of the question X now coverage all bring significantly combination on will will Education, have flu. like physicians, flu. factors. of of several I their the products but is will how COVID happen. people

with Evercore ISI. we Next, have Umer Raffat

separately, curious bold I implications, you're will proposition, pricing course trial that's first ask expectation you era a making may. currently approved? around the very COVID the that if the price this questions investors I magnitude is XX-day today, thought become about value to dynamics any how the two thinking versus increase pricing, Albert, lot effectively political on about I know I X-day on know wanted ESG questions But one, very I the Xx guys PAXLOVID. on think course blowback, cetera. PAXLOVID approved. XX-day Does a et And you're of understand endemic how and the around of et decision net And vaccine the the a pricing. the mean running just pandemic I repricing then cetera. I'm a versus important Perhaps once sheer is was ask decision.

pandemic excuse very the both to low I me, come. the a I decision very, price think to of thing at the price to bold the at them. PAXLOVID a absolutely and answer very we right it maintained the Look, Yes. did Clearly, can we very, and for -- That vaccine what that was price. do, very, the that years was very the and was during low price. right

price product. is what people is below mind way, a have pricing see keep at any of that copay. we the benefit it, Also, see will people as coming of vial, of the get has there's the to very different and system difference way that multi-dose we that cost are single which way to effectiveness. effectiveness moving the vaccine the the will $XXX. cost-effective in Now to set different according this vial, now the no and very of vaccine, And end we are -- not that way, wouldn't any mass CDC current And the $XXX are the to product, difference and presentations, than cost which are the period because moving we we are pricing instead

early the PAXLOVID, on to too I Now think it's speak.

We price. studies haven't the we coming is know PAXLOVID. any new the And outcome the will be a following or of do of announced not what outcome that class

Our from SVB will Risinger with Securities. David come last question

growth, that then was which the and assuming So guidance? X% antiviral -- core about you growth to you've I did, oral should apologize. I could since in you're prospects about what are think this, how in my you and second, you regarding provide talk update But next-gen for specifically questions two quarter And guided the an COVID? quarter, updated operationally your the on could I missed in have in your third update if an future, could fourth might we provide the

operational, their to for do the we business over to Thank make don't that COVID, really we it that BioNTech just you manufacturing were BioNTech that manufacturing increased has territories exclude the contract have we their a COVID-related, you. took excluding manufacturing. also last own contract clarification, X% for revenues territories very One, have on year now because if was because

X% COVID our was growth of pharmaceutical manufacturing. piece fact, In and this contract business, of excluding the excluding

based Angela, trajectory? on what to expect we that, Now the will be growth

to the And period, going the CAGR, exactly we're that about over year X%. our right, have does look I Well, necessarily reiterate not X% But on. is absolutely just that talked we've to X-year CAGR. we're we're deliver be want confident that, Every to identical. track that X-year the to

All right.

So very thank you much.

a to of your very new December So a pipeline, for XX, our us today. event close. in with most and that, potential we I product our think our some you medicines launches of vaccines. to are don't close will to rest we in day. bring the months important next provide Thank details on where joining XX call forget great important attend new Please about Have our

gentlemen, participation. and we call, does and your appreciate conclude today's Ladies earnings this

may You disconnect. now