Pfizer (PFE) 31 Jan 232022 Q4 Earnings call transcript

Good day, everyone, and welcome to Pfizer’s Fourth 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 fourth Pfizer’s earnings quarter to call. Welcome today joined by Dr. I’m CEO; our CFO; Albert Bourla, Denton, and Chairman our Dr. Dave Dolsten, Mikael President of Development and and Worldwide Medical. Research

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

other call, some for begin the of I related and of this logistical we remind section of wanted on Before you are Materials some items. call Relations the earnings materials to Investor pfizer.com.

disclaimer You see our slide forward-looking statements on X.

Additional XX-Q these and under measures affect and financial and and information Factors may regarding Information Forward-Looking our available non-GAAP Risk factors XX-K statements results. in that is future

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

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

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

During growth this long-term from regarding and touch near of morning’s Pfizer’s exciting some some will and share XXXX, call, thoughts I plans. our highlights on

XXXX important, and rates billion revenues our including cycle industry’s to vaccines. the was most different X.X by than humbling published those achievement. multiple time Pfizer for lists, were with We LinkedIn, patients best. our first history. Forbes, were named and around employer” A our treated times, and medicines success among in were further in already And XXX-year more We “best the billion Glassdoor improved industry-leading others. for which XX exceeded We clinical truly world an maintained year fronts. outstanding $XXX on our the

products addition in Paxlovid, for the in Eliquis the family full launch strength for included: globally, of year drivers and XX our acquired global the U.S., for ODT/Vydura Comirnaty sales growth population strong and of markets, Nurtec XXXX Oxbryta. continued of globally, the growth adult newly Prevnar of key strong of the the the growth developed Vyndaqel Our

ahead, from to growth operational foresee impact of excluding XXXX, revenues COVID-XX we our and exchange. strong the X% Looking foreign revenue products X% in of

our expect will products We this all new potential newly inline growth. and products contribute acquired to launches,

including These several for business cell for pediatric projections and came and recent potential ulcerative candidates vaccine product etrasimod adults, older indication, migraine, launches, include for forecasts to XX RSV sickle us Prevnar Nurtec and important including our Oxbryta and potential development for products our colitis, zavegepant for that activities, disease. through

both in on XX these potential midst as XX-month expect in putting them Pfizer, the rely provide Pfizer who innovations, to the these well the in patients by which expected or we those products in indications our incremental XXXX, of more our XX X remaining of internal investments an deals. have launches, these as are Dave XX will expenses billion we the new Recognizing XXXX. an in are are behind $X.X during during development period the we an to SI&A investing via increasing details the to to of recent importance on with business We’re presentation. coming as and market. unprecedented the support up explained, the pipeline, just from

quarter growth of the support XXXX. a an fastest grew new-to-brand course benefitting the prescriptions the additional of we rate XX% seen already this example Cibinqo’s through which trajectory class. continue is recently is One Cibinqo, sequentially, XXXX, to in has that of from expect improving In product growth fourth the that

to continue include that approved. started adolescents, of during access year, XXXX and year-olds, especially the access, the to to we if to U.S. have expect with XX formulary with XX% expansion We upcoming XX improve the commercial expected indication

forward asking their to new to of the patient the of our to We look as our ritlecitinib expected awareness increased to ulcerative launch of and in Humira, year. franchise Cibinqo areata, launches etrasimod more Abrilada, in has well about biosimilar direct-to-consumer and in alopecia We led as approved, U.S. expand further in campaign if also this colitis expected which patients introduced it. a November, doctors immunology

However, investors of hear understand also the growth our $XX Particular to are long-term this Company. our interested to XXXX, products. of between plans questions focused to for that LOEs XXXX billion only year’s we recognize projections COVID-XX and but are our not on the prospects long-term guidance, and expected the impact offset the

regarding both, business, address COVID. slide excluding We with starting will our try to this

higher. to is that risk-adjusted from As others. we the chart the contributors point losses I you this go potential, potential XX to XX in be more to expected potential than XXXX even a figure achieve full chart, of would XX were out billion for $XX that are internal to launches offset forecast revenues also see of growth some pipeline all generate that expect And the could will LOE number. XXXX can XXXX. to bigger our this coming in the their than if launches our are The this potential expected

we expectations $XX addition, of at business-development to revenues successful, through have billion In risk-adjusted if activity. to believe ability, add our least the we XXXX topline

previously consensus in billion, expectations that to I internal said the and have Four $X.X see expectations. materially XX% of are deals there Blood these get way for us launched of with pleased have that products billion gap analysts’ external closing in the we the very or subject have same regulatory launch, we revenues Global have existed am Biohaven, reached expected we between $XX.X to already already approval, the to XXXX. and already to revenues. have Therapeutics XXXX for ReViral Arena, previously, the more expected the believe As done approximately potential than

the have needed this enough invest more or meet also exceed target. additional capital to than opportunities We in to

medicines the numerous XXXX approved. And, of many trials course, we in potential clinical in with pipeline, if and vaccines XXXX and have more launches expected to timeframe, in successful our

this new and our are hemophilia box, vaccines potential Some muscular candidates the for A, A&B B for product COVID-XX endocrine CDKX and our many them candidate ARV-XXX our oral and GLP-X disease multiple Duchenne combo pan-hemophilia assets including promising XB; all oncology Lyme shingles; under of dotted most and obesity, potential hemophilia cancer; and gene RSV; vaccines for antibody more. diabetes of for our and breast inhibitor include: candidates, for our receptor-positive treatment; therapy dystrophy; flu,

And these revenue products, could expect them beyond. to key we aspirations any each some to approved, of are be to XXXX and XXXX expect CAGR If successful, contributors approximately without incremental the of Even potential our of exceed XXXX be our these growth additional XX%. to CAGR X%. if through we

about year, point representing our be to earlier COVID-related in XXXX revenues. transition a Conference JP Now, the COVID-XX At let this a our attention turn low me Morgan portfolio. to I my spoke month, expecting

an more example. me on will Let provide Comirnaty U.S. start I a color little the in that. bit with as

or of XX%, these in doses Comirnaty’s population, vaccinations expected people, COVID the million doses, receive on you first or Americans, column. year. for during In In drop of of share reduced the vaccine received XXXX, the as a XXXX, X.X This is this we XX or recommendations. with million expect see primary XX fewer million doses doses. average COVID-XX compliance was of vaccines to about XXX and XXX XX% to population, XX% due of XXX total can for million

expected the The fewer receive will XXXX. This about drop most booster they at their only are because those to per continue expected in is who people on expect total or higher year. million per than result part, XXX X.X administered person average in are receiving and, risk receive are vaccine primary more We in one should doses XXXX. older to doses for doses about

a to XX% market least its believe In market will stabilize and in to figures doses same Pfizer administered starting see share COVID-XX XXXX and the in be the the XXXX. million rates combination COVID/flu XXXX, successful product. XX about increase vaccination share XXXX, development expect roughly rates, in Pfizer-BioNTech an at vaccine continuing expect beyond, maintain in come the approval we to and We and utilization therefore XXXX. assuming expect in Then as in and and of we of

could is receiving to XX%. country currently U.S., vaccine of the people Americans with these bring the expect some similar the about of be getting of to portion variations successful country. Outside flu trends over percentage A COVID/flu introduction to combo which shots, general COVID-XX time closer the we a from

transition We does we expect what were that some at in expect to be to XXXX, time second half. more prices. through absorbed revenues? government pandemic to commercial doses at XXXX we prices the be build time, that inventory mean in the XXXX, commercial sold than year In Comirnaty for channels in probably U.S. a start So, this a we resulted Around eventually expect This used. selling

beyond, with to price doses sold in doses more a remain together inflation-like and expect in the XXXX stable align We year that used increases. years only will the commercial price and closely relatively and

the Approximately million world, therapy was XX% we XXXX, but estimate partial were reported Now, through market COVID-XX infections, of of quarter XX% year share. approximately briefly let to of infections in the lion’s Keep of only second XXX with In them first oral and of China. year half year the XXXX. symptomatic in mind the that were the urn with treated a Paxlovid. me approximately had constraints share due this XX in reflects of that but Paxlovid in exceeded XX%, Paxlovid the million XX%. them reported Average supply full courses availability excluding a

Similarly, X% entries annually, the immune infections from population slightly oral additional waning beyond, antiviral and vaccination will oral at rates. the rates and expect resulting of as increase we grow expect to treatment awareness, XXXX In reduced we to increase due protection to education market.

strong to despite Paxlovid benefit-risk its share entries, expect given high very we brand additional maintain profile and Finally, recognition. competitive

Paxlovid with a XXXX, half. mean were commercial prices courses build time absorbed be that Paxlovid As in treatment probably prices. in this resulted So, sold we Comirnaty, at transition Around we more expect Pandemic that to at as does the to for This what start year XXXX, through some second selling commercial In well. inventory expect we XXXX used. channels a eventually government revenue? for than expect time, we to be

will every sold year. together We XXXX years align beyond within expect used the that closely and courses in and

opportunity we so but speculation in seeing. are There deal share China, been a for great has me of uncertain what let the Paxlovid regarding new market

first the China millions have distribute ship local only year, of another with is through December, an to month of agreement year March, From manufacturing. in China, Pfizer for expect Paxlovid local local We of in courses shipped company to which and a to and to manufacturing meet we agreement Chinese fiscal with thousands courses non-U.S. of our import company XXXX. company, tens one demand. we fiscal have local

up opens National of expect offer the not unless, on We through then. the List, listing product to private Paxlovid sell And Xst before March. China’s include to we Reimbursement on able end country’s of reimbursement the despite will April effectively a market under we opportunity to course, government Drug recent be decision expect after

out all Lastly, I utilization regions point the non-U.S. expecting are or not world of any new contracts as in increased our we want we to are that in non-China XXXX major forecasts. including increase, while infections

with few scientific to to increase to close lifeblood that thoughts least be $XX.X our why is Let billion $XX.X regarding XXXX spend at me a a plan continues range. engine. our X.X% company, R&D and which by in the fuels we us as billion R&D

not In investment the investments, productivity. we overall cycle industry-leading success but on increase and steps further return only to improve times, addition to and rates also increased to our R&D are taking

we larger higher the flu, represent GLP-X, and for As others. more the behind year, to you breakthroughs opportunities prioritize have and focus continuously on potential returns, seen capital elranatamab, potential pipeline generating putting our the last like have that assets in

an act one R&D the R&D pipeline from productivity, budgets are with in of industry. a inflection innovative best-in-class to the of strength our robust and at position of highest assets a We point

our an to After on With it over, and details that, Dave will I to update it over on R&D our Mikael pipeline. for will Dave. fourth-quarter provide outlook our turn provide XXXX. performance Take Dave,

everyone. fourth you, you remarks drivers Thank Albert the full-year quarter. performance, key on many our through some and will my highlights already of taken focus from morning, good Albert, of so the opening I key has

the third the Comirnaty’s strong that booster. growth developed the Revenues ahead deliveries by slowdown of of following grew in bivalent the rollout we primarily discussed operationally, markets quarter driven in in XX%

from strong the the very the XX outside performances of launch U.S. within Paxlovid and saw ongoing Prevnar for also adults We U.S.

COVID-XX are and from Excluding approximately excluded, grew products, X% quarter, related direct X% products GBT up in sales revenues to operationally in if acquired our and alliance and Pfizer’s revenues also Biohaven recently were QX. the revenues

of fourth this diluted EPS IPR&D $X.XX year’s $X.XX the diluted $X.XX, XX% XX% an Both in while operational benefit to acquired grew compared last adjusted on from quarter. per quarter quarter. share Reported expenses figures by basis earnings to include EPS a lower grew

impacted earnings significantly foreign or results, billion, On a share X%, or Once or revenues by by exchange or foreign per LY. diluted XX%, exchange compared by $X.XX, full-year X%. approximately earnings reducing diluted our and in per the fourth billion, quarter, movements impacted again to $X.XX, and revenues by $X.X XX%, quarter negatively $X.X share adjusted basis, adjusted

to financial Turning outlook XXXX and for now the Company. the

approach Let me guidance than different prior our that to out point in first is years. XXXX fundamentally

Given environment, these secured. for the commercial our our best away to the Agreement revenues from and products for franchise, markets Purchase expected profits our COVID been year, just not Advanced estimates an transition has for for guidance reflects full contractually what and

of On $XX at a billion, operational $XX between the total to midpoint. revenues reflecting decline company of basis, we billion expect an XX%

new to projected and our split from on products, as portfolio. excluding Importantly, launches, an expect X% in acquired recently operational contributions our that revenues between as we well That between grow from product will our is X% basis XXXX. our business be growth in-line COVID

entirely revenue their company before COVID in to point peak which expected are growth driven total XXXX XXXX go products, to in by from low and our XXXX declines beyond. The potentially in their are to returning

demand of by that delivered be that is and much patient to demand strong in to for revenues products as is throughout year. XXXX COVID expected governments were last our products recorded to XXXX, While remain fulfilled expected

in of impacted I that can given want X% implied rates the what by the by be than business range out as we for severity virus, that The company control, our revenue reflects COVID. wider wider infection revenues, volatility timing to guidance that to outside model factors our excluding in traditional a of see significantly guidance they range to here the as X% product is operational the potential as the such range transitioning total the COVID rate for well and U.S. our commercial the growth the is point

our and Now, you expense can slide XXXX. see this cost for on guidance

higher are down. the remarks XXXX, well in on are revenues to fact versus acquired of focused in new assets. successful significantly in that products investments our mentioned despite the of both highlighted, be investor in and expenses I expected Albert my Higher that are number as large at significantly SI&A as event As launches December, coming R&D potential recently overall our SI&A XXXX the

Additionally, commercial supporting away to the These the expected U.S. focused as from aspirations. the both will government in market. we transition growth Comirnaty are and require the investments of XXXX Paxlovid XXXX launch squarely on additional investments Company’s

our our We combination also respiratory efforts research and and into GLP-X intend to programs multiple programs, receiving year, invest exciting this vaccines. high-value with significantly potentially oral additional funding, elranatamab, including

path support All of but this an achieve yield growth return, on attractive and commercial toward a also believe, setting spending research goals. contribute long-term activities, we only to will to our us not our will

as as incremental point acquired operating lower COVID and with this I’ll launch revenues that This and when to year largely out expenses expected consistent prior well reflects products you year. related R&D, to is our margin SI&A products, investments related exclude profile in the IPR&D.

contributions investing R&D new in both and we revenue products. are advance In of from SI&A XXXX, in

expect realized, with P&L will this begin cost new Looking into maintained, the margins spending result. improving longer-term, to revenues this with as be product be as growing base fully a we

elements a XXXX here, our of don’t of many many our XX through assumptions transition, walk helpful that you XX is thought intend but Given built all details. investment it the key would I I slides into to outline both year to outline both and guidance. and be the of

support products and patient X% excluding and longer-term worldwide, summary, for our our the the finally, declining full XXXX; SI&A growth growth products; Comirnaty R&D multiple X investments plans; products COVID XXXX. European near- over slightly strong continued half In business of demand Commission COVID-related of assumptions include: and these second the revenue additional slightly to increasing; Pfizer’s in of vaccination to in delivery of commercialization treatments rephasing versus and, contract U.S. years with of utilization rates in COVID in

our launch in-line, We In and products acquired year, of our future. an summary, we have why in with our pipeline XXXX and potential will through execution to and many is see deploying that and outlook potential products the are believe the business impact our driving XXXX enter we growth attractive we an into of Pfizer, resources coming be as a growth portfolio to within realize in strong capable which quality order growth strong, important expected beyond. for is extremely with opportunities the fully year pipeline, new

So, with that, Mikael. to let me over turn it

Thank you, Dave.

Today, catalyst-rich I stage the want months. to set anticipated for an XX

excited our resources history of could our be to for I’m a impactful we R&D in Albert As unprecedented focus programs most position create to overview improved mentioned, share R&D investment high-level and on and which value. most for on patients, evolved a are drive of in strategy transformative the an return Pfizer strength

We and improve our development will industry-leading in capabilities powerhouse leverage continue to rates and design, to and success continue cycle to medicine drug innovate times. light-speed further innovate our

disease do standalone the key focus. a rethought to differentiated. by a external assets area We and innovation to into have core our actively approach rare not pursuing We innovation therapeutic rare fit accessing that At having programs are that plan to advance tap external of expanding programs the strategically externally fits disease therapeutic and biotech innovation other that time, into to and from we ecosystem areas. same with research plan will emerging unit aligning move

in blockbuster breakthroughs we today. believe of share actions wave I’m next position the forward examples impactful you some Taken help these patients industry driving most together reaching innovations. us with the to while will with lead to pleased more the near-term

a other start in idiopathic and our Beta potentially anti-interferon be alopecia of dermatomyositis etrasimod both inflammation to in colitis planned study and Phase which have ulcerative inflammatory the in the pursuing with launches & and transformative of potential myopathies. areata, ritlecitinib in are potential blockbusters, efficacy X We franchise, immunology

antibody and single expertise. platform candidates refer multispecific in dermatitis two each atopic which biomedicine cytokines so X we three our Phase Our next exemplify in-house currently monoclonal as to trials them of a wave target Two assets for innovation includes therapeutic, in design clinical trispecifics.

profiles the On X the are Phase of average pharmacokinetic plasma right concentration.

may for suggest less For dosing neutralization interleukin XX potent plus molecules, There of to (sic) improved or or and X even supported. reduction. blocking interleukin X is frequent, to potential more by continue. XX] Stromal [interleukin enhance itch once-a-month, with the potentially subcutaneous both potentially profiles that Thymic expanded Phase be The cover studies efficacy Lymphopoietin more efficacy XX blocking an breadth by endotypes, interleukin

We aim and in complements experience blockbuster will collectively I readouts portfolio GBT-XXX about highlight we two strong with hematology Phase readout disease cell for so in-line X in elranatamab of quarter to the talk bolster B second and has our potential. that XX-year a our sickle in that in malignancies, for pipeline in inclacumab of will a in TTI-XXX in with more here half expect data and multiple readouts A moment, the hemophilia second marstacimab XXXX X Phase XXXX. or hematological for a patients

has both Marstacimab B third hemophilia of hemophilia and submitting Track If B for A in quarter FDA the A in with successful, Fast both, for and non-inhibitor project the XXXX. designation indication inhibitors. we

results announced a our XXXX. A the recently in X pivotal gene first hemophilia hemophilia our B candidate half a top-line of study from and Phase of for positive We expect readout therapy gene therapy

class, the a demonstrated safety has with B-cell objective potential X our which prior antibody, CDX-targeted at prior maturation responses, data presented recently and patients of the for profile. XX% BCMA high three on had BCMA-targeted who and be candidate, updated least or classes response early deep in received strong or a of in pre-treated in multiple heavily investigational to patients antigen, rate myeloma BCMA, bi-specific manageable no therapies. a This bispecific refractory We treatment, leader relapsed Phase elranatamab,

therapies and elranatamab administered is reach Given in as reduced availability the triple-class offering with convenience to frequency administration. off-the-shelf currently number the potential the an limiting setting, has broader greater option exposed patients a novel of more dosing factors of subcutaneously, than intravenous that

Therapy could be this Breakthrough FDA With year, year. last elranatamab Designation approved potentially granted

to and therapy strategy of clinical patient duration population, beyond with for lines the value As approvals combination and successful, to refractory our the potential, earlier there multiple eligibility is approaches triple-class expand aims potential and move therapy. if of to blockbuster

disease. generation oral, the has next hemoglobin sickle prophylactic potential polymerization with S candidate in inhibitor that’s our and to people unique once-daily, class cell Now, to expand the treatment a of

been side treatment efficacy, to have effects, due both. low typically or Standard-of-care rates poor

and or Oxbryta sickling, candidate which crises. both frequency substantial preventing While vaso-occlusive best-in-class polymerization, GBT-XXX of progress may made is potentially in hemoglobin a improve hemolysis

may dose for The the X The data and preventing the which XX% XX% Phase with considered hematocrit and and achieve gene is blood an be from potential in for therapies. approaches maintenance Phase with higher ascending health This maintenance milligram and We more and of improvements study design. part the hemoglobin also maintenance our improvements XXXX. ongoing for doses oxygen results affinity We both cell transformative for more seen X asset the occupancy, dose optimal levels most with XXX of recent XX% a start time, study were hemoglobin hemoglobin maintenance with is occupancy to believe XX% patients, sickling, milligram Phase mean to X/X to tolerated. showed X dose, in in levels plan Phase in being well doses. the than studied red second a seamless multiple over XXX half these than hemoglobin

candidates. with pipeline aim of complementary in to we a our next-wave breast leadership Next, expand cancer

by inhibitor targets care of inhibition CDKX CDKX CDKX/X standard improving Our maximizing on coverage.

X as single We and agent therapy. breast it receptor in endocrine Phase negative in hormone are studying metastatic with cancer positive/HERX a combination in

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

CDKX/X fulvestrant with We rate without dose-limiting benefit XX% more CDKX/X inhibitor hematological letrozole study, measurable of by have driven asset in a adverse XX% clinical four In with Phase prior and well inhibition rate by objective combination survival was in median neutropenia was patients the prior is monitoring, disease. and was to approximately and only CDKX than All heavily events. drug The The response the median showing XX% nearly due patients XX% and lines to All with or lead frequent reached challenging no treatment. Grade treatment confirmed CDKX/X CDKX the can tolerated combination X XX received were blood inhibition, seen including complete Grade inhibitors test that that more requires measurable inhibition that progression-free neutropenia mostly XX with weeks of fulvestrant. disease. X pre-treated X. prior in received X patients participants XX CDKX

scan who a response on treatment, patient CDKX/X treatment and XX and of She was inhibition prior six of achieved a fulvestrant. show partial for had weeks. including received we Here, lines

We in cancer a are currently enrolling to engaged second-line and study receptor optimization, year. dose cohorts, randomized CDKX/X-naïve of in estrogen treatment planning start breast positive/HERX negative this metastatic

from readouts are data in of first candidates cancer Additional XXXX. anticipated of breast our next wave the half

In I we today, addition over to months. the anticipate next the about assets spoke multiple milestones XX

pivotal expect in hormone a positive receptor positive/HERX X study readout Phase start breast a readout inhibitor. ARV-XXX and for metastatic a KATX We IBRANCE for our cancer, pivotal

in leadership vaccines in candidates achieved mRNA, incredible of advancement We including harness unprecedented our number our with portfolio, have an that milestones expected.

X/X candidate the a of to Phase flu mRNA-based week. combination vaccine, respiratory from X A potential and last study our readout addition data our expect vaccine shingles modRNA expected the vaccine a study we Phase first shingles program, In began launches here, shown start. candidate,

readouts well internal anti-interferon include metabolic Beta potential pivotal medicine, catalysts study immunology launches key & inflammation in and a blockbusters, start In with as of disease. planned as potential data

antiviral our portfolio, candidate. have starts approval We’re planned making and or progress our no anti-infectives for RSV antiviral anticipating may both candidate, for good which including limited our COVID-XX drug-drug interactions, also study in Paxlovid, and second-generation full

as Pfizer and the about with are help urgency the working we catalysts are we transformative to commitment scientists emerging can. many optimistic most very patients from closing, the as In pipeline. quickly

you. Thank

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

answer questions be we’re and after will the why don’t for Relations Thank the on able not detailed please? permits poll itself. time you that call questions you, We’ll Mikael. as Chelsea, available as questions, to Investor call address many take to any

Yes, Louise sir. question take with Cantor. And from [Operator Chen we’ll Instructions] first our

space. that question or for And if you. you So in PD you that you players few combo And focused this antibody, really monoclonal a or also and get dermatitis on development? so, a wanted wondering platform? on an focus COVID/flu the I due to there’s Thank achieve? you RSV just to the ask you preferential moving for for you? is expect focus PDEX potentially from hard I -- think And had question recommendation an then, antibodies. anybody is on still first your be have ACIP atopic trispecific to Is vaccine, monoclonal to And mRNA could is sorry, was if a etrasimod the last a key oral on are in are still atopic this topical dermatitis your you

will be achieved But Thank for say and is mRNA, COVID/flu you, then to what depend the difficult could or both trispecific preferential Louise. antibodies? the on also it’s data the not, and Mikael, for now if not. Clearly, questions, ACIP, is RSV about

the and really current with in room is there both diseases. mentioned. other think oral for topical atopic spoke approach go there’s novel as Albert antibodies to for opportunities a pipeline So, you expansion, products allergic our we atopic dermatitis wanted many But in beyond Cibinqo’s segment, room about as in potentially dermatitis. We to many several in pioneering this as highlight

I we So, this is in. will an think, excel area,

not and that COVID/flu it think that you about mRNA? is it? How about RSV mRNA what do And is

in think with when pipeline different an progress I protein to and We of than actually the platforms. ritlecitinib opportunity near the think the mRNA we a a a current study have to perfect more itself, may up the limitation efficacy and in you it Well, technology less we which vaccine, offers have the course, this use made by potential real six rather a more have tolerability, triple the on But Fast flexibility and COVID/flu, a between for tolerability. data. think lead in future share we breadth that Track enrolling components, add forward start have of the with to adding has, to give pending balance which you seen data and can that good contains

you, And multiple as to Thank know, technologies Mikael. you we -- vaccine. also are mastering in

and So, we to for they is COVID, the that technology. for we’re variants is the there are here. using speed appropriate fit we coming. Flu feel Every that are solve, apply problem time essence we are -- of trying purpose are because technology this

position So mRNA address this ideal to is challenge.

virus is RSV, the With not that often. changing

approach the a in the arm So, arm we brilliant the responses saw has data, when to tolerability like separate, a were -- high difficult our case. with very protein compared efficacy placebo profile, very that almost to the very, of vaccine

I and it’s technologies. That’s best the way having move approaches to benefit think forward. multiple the multiple

Next question, please.

next will from with Our Morgan Terence Stanley. come question Flynn

Maybe the me. on can wondering -- details just two-part European was more for any if vaccine you European were vaccine that extended. I provide contracts

secure pricing the able higher then were latest on second well, a you thinking price, then, headlines was question this if U.S. the in combo the weigh you Paxlovid press the some given on relates And in with could to to BioNTech on average in earlier as economics vaccine. And a wondering that. commercial if wondering Just week. of

work a with wondering will in event and seasonal you you. the combined Just forward how that go vaccine. Thank flu COVID messenger that RNA do

last and European the the then the take Angela one I’ll Paxlovid. will answer vaccine and

an we a the And with position BioNTech flu into have that we of them. is know, you As vaccine COVID that vaccine, vaccine economic are sharing it. developing, course, the also it are

and what about flu economics to about potential ready not regarding pricing? COVID the and the situation make Paxlovid vaccine. the any European are we Angela, So, comments

contract that So, as multiyear you and in a was the this entered into for Commission with states. Comirnaty know, Europe, member the we

and we’re look Commission the the think contract. what there pricing what deliveries ‘XX so the is it regarding with And the discussions is like. I in And European for will

Specifically only your question, that next this year. for that going in later is think was commercial Pax, I

those pricing could at So, we share like, are what and scenarios we’ll more time. the now right look preparing

also in a has this guidance contract. factor only to portion it Thank for think that we repeat, David you, mentioned already European year, of the And Angela. our I

has the So, into although agreement reached spread years, yet. we volumes no been multiple

please. question, Next

come with question will Our next from Karnauskas Robyn Truist.

So bit Paxlovid. a that say to numbers the drill It just a XXXX. down little mentioned on implying X.X million are looks versus XX million about like for IQVIA you

that you is, it be ex in about then wondering the ex more million And XXXX. could and U.S. it’ll somewhat if about to So, U.S.? Do also the even you were of split I my second half going skewed, be it contracts imply was be U.S., forward question XX your think used think more could similar?

be you will go So, you a that stockpile? revenue and could Paxlovid Thanks. about think into it how do very down as draw minimal -- that

Angela?

the U.S. let’s with start Well, Paxlovid.

XXXX, did first post sufficient we we the in really quarter because launch, still were -- ramping not first of Paxlovid, the we have Paxlovid, So, launched supply quarter when we up.

So, the that demand. than were in the less Paxlovid actually doses for of total the number used is U.S.

was million So, we that’s X.X U.S. actually the why about you see used million, doses when more than X.X demand -- that. much in

you IQVIA, difference. about a asked question Then the

ex just you’re of IQVIA XXXX, not just have that make As exact in doesn’t also for of for But you going we the a in every the be that timing different the country. think that all to general to made, And function to each it deliveries of is contracts looks the the were see you so the and number for single U.S. going and in commercialization. match. see will channels, U.S. doses an the I know, capture the that of countries

also And number. It’s XX you, that calculation U.S. number, a a global a to million, global is number. not Angela. the Thank emphasize

million of And they U.S. is for the U.S. the don’t in IQVIA have if believe the X approximately know So, outside but estimations -- also I I

sorry -- next mentioned. for China, question, a excluding the please. well global number, I’m I that it’s So,

Next question, please.

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

have Just two.

look boosters? I new of, emergence of really first Are the understand for beyond COVID. you The at variant first I’m and in guess, products, one XXXX When you behavior question. change the both volume maybe a the That’s equation. demand say, guys better a towards the to is side the trying or on in baking

BD one lot deploy. a second to perspective, a is, The you have of Albert, from cash

trying number size quite the Thank guess, deals? about I assumptions deals or of get fits BD strategic inform does out, COVID view your of the that don’t I’m priorities. play to your If in where you. a

course. Of

manifesting behind clinically same It we in the the First, that that’s about continue a all fundamental future, X that disease doing. what way will it the months. the X that the these is to because disease projections assumption has foreseeable is last assumption are the

and there risk over in degree vaccination believe there. rates of to high will they and certain but will and be will down feel at And make but stabilize but of they to there coming be people, are lack a they of vaccinations they So -- will vaccines. mutations infections compliance because the their want be

up infections. you time, will immune see actually slightly more when the you infections waning infections population, for At going because severe are have the protection then were the same more

So, these are the assumptions that we are using.

We the a year people are in getting doses that and we be X.X will all booster. X.X assumptions the going assumptions variants down not the the protection the X.X, that using will per But beginning normal -- in then vaccine. have are escape will as using of

business BD, screening What very we biggest yes, is who that I a Aamir, our one the have On priorities. some the opportunities. is, make by to for like that personally the something about take far, clearly, of to care something team our all comments ask of big was would that and priorities, I responsible question? second development area,

question, in heard you BD. So, aspiration from Geoff, described, specifically XXXX to goal set this billion we Albert of your $XX

we’ve pursue XX% continue over We’re of we we’ve need $XX.X to, the to that of deals the that going billion flexibility through And to that about got approximately with balance financial that disciplined we’re and goal. the the confident achieve how we what number done. feel on that. the complete there to we to And very be firepower sheet way

the I think we question. next move to can

Our with Steve next will question from Scala come Cowen.

will in implies another and reiterated questions. in the added growth be X% Thank together products. you. and Pfizer billion, XXXX about Vyndaqel $X.X X% X to between $X $X non-COVID will On in anticipates and couple I revenue billion. a incremental Prevnar That grew of launch, acquired billion alone revenue Eliquis and have of growth. split that in-line page it release, XXXX, But be

in well, base XXXX? products launch the for seems guidance substantial in what year. the does It in with So business implied business growing current in acquired this the base the is imply like slowdown a

that has question, you Zeposia the would learned confidence or to increase Thank very in from etrasimod? much. Pfizer date performance either its anything decrease Second

how new you products say Dave, want to acquired do and would say, products? I is in-line, allocated the growth between

Yes, really question. a good

X each importantly, We perspective. we a acquired see not do look one if you and as see we well. we anticipate buckets, products think new from see of I we portfolio products, our acquired from in growth that growth each nor at slowdown -- in-line in do see those

It’s approximately And X/X, etrasimod? what about X/X, X/X. Angela,

we about followed much really excited after innovation, really, and etrasimod the as in. etrasimod JAKs a a you there earlier that treatment really It’s positions, in we’re But and market think see. that’s then dominated of hasn’t entry fitting by by new been I the has biologics. biologics see where been heavily these

where the the etrasimod efficacy an very used biologics. think segment that’s profile tap to safety allows new a of the ability I to to as and grow. and its of into agent And be we see prior it well to use

product, I’m about excited add about like because to the something And you also very would it? William,

the would steroid-free. one in no for the I a XXX% And lymphocyte hope remission recovery study after titration, we’re Yes. complete complete don’t we after did, and We have were of we’ll treat-through discontinuation. we year quick the that with once-oral a patients we’re after year any just that have in required our also anticipate remission We that say and dosing, warning. black-box profile with best-in-class had excited about design. anticipate

these features profile. we all So, etrasimod potentially make a best-in-class of feel

it right so see Sure. poorly we in is That’s point. Best-in-class exactly a with of an solutions, served that opportunity. area lot current the now

go to the question, next Let’s please.

Our UBS. question come will next with from Colin Bristow

was piggyback COVID to on asking. sort I and guess, on Geoff of question first what

clearly we’ve sort months stable decline your expecting a the of of this on last Some vaccine when and slides of clinically seen to virus in XX a less a that utilization backdrop is number variants. evolving rate, severe comments, you’re

underpins made of in allowance terms infection how assumptions? in in rates, longer-term just the also assets was cetera. you’d versus much et similar the your to these what then ‘XX the feels with guided situation range your for that is or mentioned you’ve on other maybe wondering in then, you negotiation? variations contractual And the the so, And I potential of And just noticeably one in an the this confidence COVID guidance, Brussels quick a current sufficient reduction timing orders stage. pipeline background a at DMD,

the in especially could level enthusiasm so potential your and Just, competitor to May you light in on program, of of year? us this update this approval of commitment Thanks much.

Mikael? DMD, you. Thank

be therapy to about DMD. enthusiastic continue gene We in

we which that other a it within drugs biomarkers think published possibly and as be any year. actually drug. application across I we case efficacy broader could Phase a well not than to group age from this readouts the on have And else very much else. strongest will think is possibly lot X size scope. the can’t have comment two a as And anyone get with I our data data, someone have important of when will the for currently that expect less randomized we data we registered. But, a And at than

COVID our vaccines, are for we of example, assumptions the regards As dropping numbers. protection the

actual ‘XX. receiving people vaccine, of XX% example, for So that in was a the

the going are are are of physicians and really a to believe vaccination, committed are really in idea looked getting vaccinations. We people to the vaccinations don’t reaching they of ‘XX. that you that Then really they the level by of value

of there. dropping doses are We the also number

that numbers, like to of get of very, percent X.X. and X.X, achieve you something you so if small. of small will as to can and second Keep the progress, get you doses number doses, population the X doses then you a in dose, to eventually, like need a the very that And Maybe go primary population is we’ll then will people will mind that. that So, years receive as see, children. include you these go X% to also numbers

take that consideration make it recommendation believe fact people themselves and the remain the more will same compliance combination that of something a with now, is the receive moment of right and given will of expectations full many because are the we coverage. co-pay, that flu fact, to to vaccine this that get injection the be would combo Clearly, nothing zero introduction assumptions the less. convenience presenting will in vaccines the choice of because likely of the be cost become that will so So, the authorities the nothing and severe it with will will disappearing reasonable the that also into we are health less be very COVID as pivotal and like vaccines,

are course, We quite have need And confidence wait assumptions. on we these So, assumptions. only of and there see. to

us asked other Commission are the to make a -- but our on that in that we don’t you rumors, member the few are any for it it negotiation there partners thing, questions. comments with The I and appropriate know is think in while states. I is Europe, with

only on we but we deliveries of in are that of So, we the make can’t of because negotiations, other we part all deliveries factor instead middle year said the the in this comments.

please. question, Next

Suisse. will Our from next Credit Huynh question with Trung come

Huynh It’s morning. and Credit Good COVID then Trung on guys. from my question. a Hi, quick Suisse. have I clarification

U.S. just Pax in vaccine and slides. commercial like on looks any in just It clarification COVID you expect the ‘XX sales and on Do your ‘XX? sales slides. government long-term So those

bought change that does mean you So, the commercial Medicaid, a on that margin Medicare step Pax populations to at up for And price? the you are price? vaccine and as comment commercial can

drugs. And following U.S. from on base for from important business secondly, revenues the ex we just base business lower question Steve, saw some

there Prevnar, there. XX% was IBRANCE ex U.S., ex minus a down was Eliquis So, decline XX% also U.S.,

we product-product expect You’ve more U.S. levels And U.S., forward, more going environment? you a ex related these are But difficult in issues. for noted for more normal the it some making anything which is products? seeing broadly should

because A ‘XX beyond and we to governmental expect quick U.S. the that’s easy, not do in have ‘XX sales and one

that even before, we In we model That’s assumption vaccines cover and purchases. -- will will we that from channels a the we right U.S. see our fact, all with still U.S. as other will year, think all have some deliveries small that government products. the not this into that than any not now pending with move other commercial

Paxlovid. we Margin said haven’t about yet anything changes,

on calculate I can your We give set products. you can make price, specific net can We is So, assumptions margins margins. you then if don’t and you on can’t there comment, calculate. the

do -- that? lower about comment revenues Now, a to U.S. bit any you on revenues want ex Angela, the the little on make

Sure.

saw the U.K. exclusivity we increase PCV. for led what why is IBRANCE and As you mean, saw in some at for I Eliquis, specifically challenges a IBRANCE, specific were we the our that risk Netherlands. mean, was generic said, Eliquis there of and I mature both loss product. some reasons to patent

in the through are of that it it so, goes goes regulation sort general, And the is what that, and the side, they sort least seeing on through side, pandemic. back I prior are it reimbursement in the Europe. at pricing side, And to on think but the typically PCV we’re vaccinations of to the not was still up -- where the where not kid kid on adult are

I saw. for So, cases, very XXXX. specific what you anticipate think reasons extraordinary And we in were there different don’t in all three anything or

of I usual. sort business as it’s think

Wolfe question Research. Anderson Next come with will from Tim

you. Thank

from think to one to I of modeling challenges the try what profitability the and Paxlovid flow-through for is understand Comirnaty. is analysts Pfizer to

you So, past looks this I’m hoping directionally, once year ‘XX. forward you how can going transitional get that of tell us

‘XX was franchise combined higher, driven a increase beyond, any is And then, was SG&A. XXXX European and that and How pricing. as what in is profitability likely quick by that much measures your austerity So, in question XXXX? And comments second on the on or just same it in of of inflation to be less XXXX? on the

Dave?

Yes.

we So before, BioNTech. we don’t COVID we profitability as gross imagine, each our maybe margin for on can on -- split product. obviously, franchise, you vaccine, give But on stated with the the

profitability opposite mix lower the a carry is of compared to that a obviously -- And the economics that share product. the we would that typical fully. probably therefore, Paxlovid So in that sense

a probably on larger higher bit in general. -- So, the that’s margin side

in COVID. R&D time, bring ‘XX not we part high ‘XX, investing. our years, for to expect products predict if example, of that But COVID Very You maintain R&D can expenses be We high because as. also. unless is that, first expenses will as new ‘XX the over for in those had big expense we our you are very

prices But ‘XX, to contrary, of up, SI&A, margins. are these give going margins equations from to expenses forward the going going without wanting improve we to play. ‘XX, used On promotion in will what also up, higher, be are but So, be all direction could it right? expect but be the

question, Next please.

Fargo. come Bansal with Wells Our from next question will Mohit

question, one I Maybe ask. can if

you essentially for COVID mentioned scale you commercial expenses with products Dave, the So business, relaunching be regarding these the will that and everything.

any synergies or similar Prevnar year? channels given this kind there still is, you buybacks, business can in are with should COVID there cuts given dollar stock And of business cost -- any Are cost, or achieve, more Thank you. part your is do or that basis -- much you So because how the declining think And same? the especially the is do are at last business significantly modeling can this so vaccine share that is your more for point? not? you existing you price

take the first me two Let quickly.

the saw, going of because COVID. Of including promoting COVID, course, Expenses growing. the launches, because up is are is you business average new are going we as down

commercial like beginning now, now we products, and sensitive moving into right channels, with of at So treat in commercial very launch. in the promotional Paxlovid promotions their Comirnaty normal them

field TV, all are that we are we very of launch. taking educational do this the and So, going measures when other with forces type promotions, hard we

-- buy is this speaks. to David, clearly What back? there So about, going we are

to sure behind ensure getting we I reality. perspective our we’re and a and that goals at research in and both think as become lot look in to point actually we our business, to our those capital a we allocation aspirations ‘XX into launches back invest growth importantly, trajectory at of can this make that ‘XX see time, all and that from opportunities doing

but to point. our So, a never never business, best I think say capital from an high our in list repurchase, internally BD the would priority as I not well incremental perspective. investing use is say as highest at of both now that’s this on share and right

vaccines these physicians we field very, strong about covered have primary is synergies Paxlovid. also, In also and that -- lot you also very we Mohit physicians, all very have is are care covering Paxlovid force there synergies. of by Paxlovid that vaccinate prescribing now asked either a we a force the have, of both. or right the strong and And Clearly, lot field

retail synergies also. So, a medical lot clearly, of profession the in and in

Let’s next please. go call, to the

JPMorgan. From Chris Schott with

some Just understanding sure here. I discussion OpEx on the make of OpEx just time. building I’m over the properly dynamic want to is

we should beyond? year is it’s a OpEx ramped, properly. guess, understanding ‘XX slower onetime of those about about be should maybe in OpEx of products decade XXXX then the I as I’m So, this as think much want really get more and couple new and dynamics you Or just more and expansion -- the in process we a step-up margin and or growth think pipeline thinking about slowing? then bigger to I before half make sure even we second that margin of

the by see components the maybe expectation could convenience? expectations on that the to guess, that some much. the what Comirnaty, combination. slightly make then are higher or we one I for of your your but we COVID/flu kind And what second to was with is of trying be side the sure similar that’s Thanks that tolerability for I’m I you see is of effects will understand six just program. there so offset mentioned trade-off

Thank Mikael, To you this very first. to Chris. question scientific much,

think We used tolerability vaccines will Yes. the well be as in perceived and convenient. on and tolerable target par with that be the population

shot also be able in to flu COVID the the described, more renew to the people you attract As combination volume will and coverage, with more of coming. high variants particularly

the positive very and those we’re of in and right think there. we’re So balance opportunity

all be targeting. enough it two tolerability having why better of good we with tolerability And, course, combination And also script good you. a you that but question easy needs think the be I are that earlier seen. it of triplet we going this than efficacy your and And forward, believe challenging, have of to is profile Thank upon in Dave, to that’s this very of so but RSV say, how see such profile. protein do will that course, with now, we think -- profile more was to it’s Dave we it offers SI&A. mRNA. about right a our viruses, that touched triplet load the so expenses will believe and We good we there

Yes.

it’s decade. SI&A seeing So and to launches the are drive XXXX, of growth the again, the we’re investments importantly, products the really around been which and really have in really, acquired, in back we important half a that step-up think

year So, think will probably We moderately expenses. already that. after post then expenses the ‘XX, do ‘XX those big And step-up focused of on more grow from that. is we’re

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

for much. very Thanks details additional you’re Yes. Thanks of the providing. all that

over. patients like to oral to looking that So, which expect ‘XX is to But being Paxlovid though as be XX, pandemic viewed slide double surprised symptomatic term XXXX from even ‘XX, XX% longer I almost of conservative, I’m on the it treated therapy an you seems and between is with encouraging. that guess percentage guidance is would being the XX% the

a I’m about hoping and the that denominator So, you assumptions could little what talk those bit is.

that when going that et high-risk/elderly you So, XX% cetera? patients, is say the on to calculating ‘XX, you’re symptomatic

And then, in implications when aggressively to according XX% the from companies, planning pricing it longer agents Gilead year-end to at both smaller that volume large for only there share, develop and companies both, terms that Paxlovid was ranging the of small, in ‘XX, declining of approaching slide have and this ‘XX XX% to to term. are to several are and compete but could

to that. understand wanted So

questions. good very David,

to try explain bit. me Let a little

is, in full it’s it down. right? rates, going two factors: include really is a XX%. not year, in not are The to explained, XX% XX% ‘XX And let’s small going it’s say, full a demand, the is year, increase didn’t all, will real assumption that COVID vaccinations will it it there. to going XX% disappear, vaccine is partial one, XX%. of it But as XX%, year. of which going And be It’s so ‘XX,it is up the First The is I infections. because

both will small that X% of create increase will a which wane severity. protection factor, the the -- manifest based a So of with -- you also and increase, that protection will small eventually on the population. infections modeling, the the And our

So, that’s one.

the see, second though, depend emergency we we at that will a still in are there rightly happen new we will emergency, depend overall ‘XX in or in least. be be the will in the if which state the -- the no introductions. we ‘XX scenario, is introductions So, in for available, also, not But see if U.S. cost. of don’t will will EUA. which state if any ‘XX, be entries introductions ‘XX, Will always, before of could a ‘XX not a be of not EUAs, increasing like actually be will EUA introduction, as The more

it’s driving. fact, So, also what is

We the dropping share are we but markets volume. increasing are

presence or extremely one, the say, assumption we a we have with very hospitalization action The dropping optimistic aggressively in now last the enough the for against market is only deaths share dropping. against and deaths. market are with let’s it is against are right that we in The years label XX% we, -- strong clinical are is high here that efficacy

very data and this large. very it’s right difficult will reproduce likely studies anyone will So, run The be for forever to now,

that. So, very, to very difficult like reproduce something

So as market will profile, result, given share, the we loyalty will be that years, the developed. plus basically for lion the excellent a -- we be that will among be

telling to that to easy XX% treatment, relevant cancer and second see every the it compared are us reasonable you market that to it’s that very XX%, is of from very in third, to with high of All it’s the -- maintain can maintain first-in-class share, that in and conditions.

advantages, Now have XX%, XX%, think reasonable. maintaining is all think, we that these we I at

to we’ll course, see. Of have

Next question, please.

Our Shibutani Chris Goldman Sachs. next from with question will come

in similar Paxlovid could a ‘XX there between Two your questions, look the million of you that market fiscal like on a that progress? quarter relative a private you will all frame and transition you described transition what for occur China think first terms where in to the the Can in contributions one could how potential China, U.S. cross-currents and and into then, at commercial. help doses

you’re therapeutics will particularly global pharmaceutical can would with early color of What Any the discussions different kind share in cetera. COVID then be on engagement with any helpful, be And you the having franchise a items, the list or that of particular context opportunity obesity, products, their that payers? on of there Alzheimer’s, broader color in many et dynamics? for budget

So, payers helpful. any would be discussions color on the with

Angela? you. Thank

reimbursed us to after think channels for only. until channels, a again, time is well Paxlovid, I to which April, access market, gives both which about then public private April, way period, So and the is it from private in the think two now periods as time as

be we of in but We’ll to we the year. first year, sour months back that we the As this included we do fact you guidance what the in the believe have to have heard, we’ll we supply, going half of what can it’s given three market. highly uncertain. just to make -- will It wait have that very will a be sure see there. continue and dynamic happens But

the will of be transitioning this On side we U.S., year. similarly,

the through have a some contracts of completion of year, year the the come the government the with made U.S. of And of will the we will will XXXX. be revenues then made commercialization revenue Paxlovid. in We that from where part

-- of one that through you question. play see play had those through. to So, And I you’re going both think more dynamics then

Yes, is or... vaccine reaction with the the payers what the --

Yes.

with feedback. I on we had like favorable of the happening of even they it’s provided, us, because U.S., some of still early effectiveness that feedback discussions the say take right, the who U.S. only the outside reimbursement in the have I what year. already So And a the is early we actually had guess, that can U.K., days, cost have Paxlovid. with you if earlier very But agreed that’s country middle pricing agencies we especially and our given agencies and

think So world. those that’s and -- multiple taking we’ll to those value learnings and good arguments I be obviously, feedback, the countries we’ll around

from Carter question Barclays. Our with come Gould next will

for underlying all the guess, questions. I two And thank Thanks the you for transparency David, me. assumptions. the taking for on

through period where to in is thinking working government this populations still in potential upcoming, commercial switch the First inventory as Paxlovid of they around I specifically public still, off, a you’re guess, the emergency. EUAs, talk just I market the messaging in about your well, the end guess, -- access you the about hand? you before the of have we on impact health terms see Can

kind bump complies XX% and ‘XX just underlying underlying I within to some XX% guess number, incremental you understand here. ‘XX, -- And there wanted adoption implies assumptions evolving. of the about that then, either going just guess, some you that that better about years, XX% understand but to of your how how will or the the think COVID/flu that trying kind combination, from it’s just XX% what when two of Because the to to flu guess, change. drivers think we I -- XX% think market I the share market about absolute,

that that I new way in in access issuing -- any because have Thank will that is in will these emergency try an don’t have in or treatments. be you. that any we’re inventories impact have on I think emergency, there the anything not, running impact quickly of changes of If time. an end of the myself U.S. out patients managed U.S., don’t on whether will or the we Maybe current will think

would if would respiratory combination say the I suddenly, the Now, it’s change flu cases market single flu a COVID/flu, was well, of come. now. And market, yes introduction other like as products a -- that is regards a market of RSV chance COVID think, there until always major or for will

is expect -- U.S., But XX%, we annual go but protection the So in step-up, they COVID. diligent for the diligent that a it are that believes, clear and now, get is belief, I more their around would booster the is and enough that XX%, think change. it follow population believes to and recommendation not needs enough

there. excuse you we’ll them and co-pay, -- same be they time, zero become XX single time, at me, be with a for will the flu move will a as if population. will the the to will present X% of asked over that protect in expect the it’s When we will well, we present given that information add another the and COVID XX%, closer they combo, XX% to believe And stable over will project the that reasonable XX%, flu that so injection or when themselves themselves single flu want they will question, that people

the assumptions So, are those that using. we’re

Next question, please.

Our with will from next come question Berenberg. Kerry Holford

vaccines please. on questions of couple A

can in half, setting X to And you vaccine would combo, year, just Phase data RSV, an the RSV in the on reimbursement maternal of possibility whether approval Phase half the you are flu/COVID May-June older second you and track flu the for data not study positive the combo the the X vaccine? is or X now data approval X, adult the your to confirm assume If first? for need Phase second then approval? the to we And filed combo combo full adult to you expect not, regulator? you’re positive season that a proceed the waiting Thanks. of in into can Firstly, ahead you’ve move first confirm provide filing you if older will of in Phase that have you on on with discussions

Mikael?

always we’ll data Yes. and I we multi-seasonal it’s as as follow mean, season share vaccines the second soon available.

and which regular Of about And with also combination you lead asked combo flu/COVID here. vaccination -- the course, the, more this play could are protracted. rather many to than there out let’s vaccines can say, ways on

Will X need full or… a Phase we trial

that we need We if full a So on expect large is and and events. have not safety you COVID? X flu X, Phase if Phase based a on and that we based both need trial immunogenicity a

So, do it’s it first, that And we if we. complete anyone fast. we can can think

list on high very that’s data with to currently speed So, light in. our pending move

Right. on question reinvestment And question there a was think. I RSV of

Yes.

you Kerry, the think, that impact second how will asked discussions… reimbursement season I data, durability

Yes.

all recommendation in it will impact getting ACIP not, Once have you actions without ACIP or with think formularies I you’re co-pay. vaccines. automatic recommendation

it think question, the be say. let’s will And please. what I the key that, go ACIP next So, will to

from will question Citigroup Our come next Andrew Baum with

pharmacist inhibitor the missed commercial previously of the of previously, to tried but the prescribing relation in issue I Do multispecific in with think will issue then J&J it. a into and antibodies, apologize your second, think for RA, your here? the following didn’t they I Roivant? approval have you Could Paxlovid, TNF binding intact? in then if AbbVie TLXA efficacy. On psoriasis you this ran trispecifics, you’ve solve couple affinity the and IL-XXs managed they I explain and an for think just with And to has Mikael. out-licensing withdrawal EUA, remain to reasons And I tried and been the

now. the very Mikael. have if Andrew, go know, the first is But one it we to I don’t know let’s And will. It’s I pharmacist unlikely, I simple, in assumptions our don’t right think. don’t

I’ll question. start with, Andrew, great

You today. my heart touched

but exceeding about, We first have, pharmacokinetics have product an asked cracked actually it. marketed substantially. product the all, today have and I very X-in-X potency, like antibody of excellent single high These that you shared antibodies which

So, quickly we something that think of will it. we more very it’s as move we really learn

have think ex our to that do And alluded more Japan. helps Malik that U.S., pipeline. things a rights you heard asked earlier have you’ve partnership with we We us very good about within Aamir TLXA. to commercialization we Roivant And

a half value about we have bispecific TLXA follow-on that’s mechanism of And active pXX of the STELARA. We of product. have this

we So, this the others bring patients. a such and think richness really with to what in we we build enjoy space to have maximize and ecosystem

Aamir, you something here? want add to

from look The and has prolific R&D R&D add, only exceed will at the been, would the how that to quick demand as were total in generated our what you if R&D we ‘XX significantly is of I ‘XX. our engine Andrew, funding all guided thing programs spending

So, we in that context, about how we are going prioritize. thoughtful be to very

a have process We for robust that.

we merit, way the that situation. well. had a doing best and with the from going to to like clear the we’ve to risk programs see sharing we we’re the you’re of situations in have time cost, TLXA but consequently, time, very did as that a of is other in And create value. that’s scientific what And partner long capabilities that the think number history And

you. Thank

question. last the to move let’s Now,

will with Seigerman Our BMO. from come Evan last question

a I’m were not going question me think And all because Thank they I COVID you ask in. for squeezing to asked.

business your at bring pipeline you Biohaven, just external you. hit in should go-forward BD? were you So, deals? looking in to potential for want approach that development, what about when some Thank characteristics How we kind the holes of of think fill with you the forward deal your of could that

take don’t this Aamir, why you one?

U.S. and global an Nurtec Biohaven not our deal follow-on specifically, The application could us a opportunity and excellent to those Biohaven for capabilities Sure. terms alone to capabilities. reach take excluded footprint, represented way expanded our could were leverage to but assets places capabilities began that were where which take product of us they as the to that where in the gotten maximize on that And in a an of commercial company partnership, ex that patients less which have couldn’t also the some that to us relevant structured and then global franchise full we alone. And CGRP created transaction, also for with we strategically newco.

add capabilities to things from take serve look we’re about to are can And goal. how to what going And we going continue breakthroughs away deals. that think we we and our going be scientific and can disciplined for also structure where think we against our us I you we’re is $XX well billion creative complete ambition that to as our that’s that

Thank you, Aamir.

deliver in our saying, the terms that measures, summary, revenue, we let next XX Pfizer ever In were patients, records all R&D machine was multiple the highest-ever or products team of that that extremely thank with of by -- with of number reputation achieve of to months, all proud to medicines. the importantly R&D able launching XX me feel the productive protected first treated XXXX, for operator. best-ever -- you, our So, for the close at I XX all, The highest, break in of the best company, in most in wave the XXXX. able highest-ever profits, more

we deploy though, we know on because a position of believe capital are years best to growth. building Clearly the create Pfizer are how significant that ahead to that I

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So your to with you very attention, that Thank moving Thank us mind, your that much for an in I more we hopefully, interest XXXX. even ahead, shareholders. in as your successful and support are think you.

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