Pfizer (PFE) 2 May 232023 Q1 Earnings call transcript

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

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

Chelsea. you, Thank everyone. Good morning, Pfizer's first to earnings quarter Welcome call. joined by today Dr. I'm Dave our CFO; Chairman Bourla, Denton, and Albert CEO; our and Dr. Mikael Development and Worldwide Research of Dolsten, Medical. President and

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

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

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

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

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

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

and an Thank be QX in to you, expect Chris. Hello, patients. Pfizer what we foundational thank you a and solid, was joining year quarter for today. exciting us for everyone,

we financial Our as results anticipated. were

primarily revenues communicated revenues. revenues with while compared Our declined X% a and to the quarter, XX% year-ago grew non-COVID expected operationally decline Comirnaty operationally, due previously overall in

by in with amyloid for the fibrillation migraine family decline, during products primarily quarter. our products, revenues acquired in of and anti-infective Eliquis, transthyretin billion with the the Vyndaqel and Sulperazon, in franchises the driven Oxbryta for indication cardiomyopathy our non-valvular combined remained COVID atrial cell sickle a our disease, significant of ATTR-CM. treatment U.S., growth Nurtec Even $X.X Comirnaty's recently business contributors to for the This was

patient proud We of impact. continue also be to our

our XXX this as start grow year, of launches, During quarter, secured. medicines on occur mapped revenues vaccines. X% on near-term where the more half our operationally yet the and with approvals out than by With expected because in regulatory of our majority you track to XXXX. to year, to solid this remain the non-COVID can slide, X% million following patients we potential the product treated second That's were to the not first are see in

expect rate second grow and the first. revenues to to Overall, in we in than such, are midst XX-month our to the in new faster year which products half of expect a period at As potential XX we we of in the launch up an non-COVID indications. the

indication approval four U.S. the excellent the have an Zavzpret, the expanded approval months to use, pediatric include of toward adolescents, last and of of we year, for made with goal in progress XX Over all Cibinqo the first this for Prevnar week's

if for We also for for have against for would first which cell through secured lung RSV vaccine and maternal months. and approved Braftovi vaccine non-small RSV candidate, the acceptances elranatamab, individuals the complications for infants be birth to from six administration regulatory protect pregnant filing help Mektovi disease in our cancer, to of

review of results. and has European for on for in Xtandi cancer, prostate our the has Talzenna Food addition, for & based patients priority Administration the In the MAA diagnosed Drug with Medicines metastatic with granted use TALAPROX combination Agency accepted newly review castration-resistant filing U.S.

commercial more the traditional purchases under we a to a advance Comirnaty contracts from expect arrangements both continue and supply franchises, be transition to the in model in as COVID-XX our to mutate and Regarding move Paxlovid for XXXX year continues we government U.S. virus to

Outside of be various trends Then compared discussed, with vaccine development utilization XXXX XXXX see XXXX. the to with country-to-country. in and similar beyond, variations successful combination expect COVID the assuming we to some rates, -- these and from we expect vaccination decline As COVID-XX U.S., approval previously vaccines. XXXX in to and XXXX and increase general in starting continuing expect we in an

this Regarding potential severe and patients last the then XX% to world Paxlovid systems by adult the durable year to population With strategies efficacy, end mitigate continue to and be risk courses health profile, progressing closely used an proving expect and their of and XXXX high the families, expect that Paxlovid, absorbed COVID-XX that help the robust the more government inventory around complementary built society, We beyond, tool courses sold global year. align. at of will the of disease. vaccination burden we estimated be was for consistent and and to its years the is to on for safety to in important

a the area therapeutic enhance look we cancer. Oncology will acquisition take Seagen believe our of and moonshot: remains let's next at proposed battle for Pfizer, core against potential Pfizer's Now a the in of customary closing position conditions. late is close or continue the planning underway, to to we Integration satisfaction subject already and deal XXXX XXXX, important this expect space. to early in the

we combining will with breakthroughs can accelerate in Pfizer U.S. The to new and alone potential capabilities, Xx globally. and the around believe for Seagen's introduce conjugate be and medicines in combined By patients of the the expertise world. antibody-drug Seagen Seagen category-leading Xx and of cancer potential we size larger Xx, solutions infrastructure Pfizer's technology commercial scale, that

Even XXXX continue XXXX. growth As our flows, on sheet the given Seagen than this create believe a the risk-adjusted provide could cash shareholder we presentation. his to beyond during balance more actions additional deal, revenues, to take to we result, contribute Dave significant details $XX acquiring the with will with in and value. of Seagen more strength have billion potential flexibility

the which beginning two received the key of XXXX every Since year, of just doing for to areas that. One company. biopharmaceuticals the we we are focus trust, demonstrate that have a of for in accolades Pfizer asset key is continuing is build

us named Pfizer And List in world's Top was ethical second the most of companies, Fortune's to the that change license our row. February, us operate, to In the It year Companies attract us year Ethisphere the in gives allows Admired enables one Pfizer Pfizer, the breakthroughs Most in At lives. is of recognized to second to as trust for March, deliver also and patients' a talent a row. XX for everything. best

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

Thank remainder strategy outlook you, with allocation before want I about additional performance into of and the commentary morning, for everyone. good XXXX. quarterly we dive to begin Albert, Pfizer's and our capital

As our dividends; you know reinvesting strategy and repurchasing shares. paying pillars: and includes business; the growing three our in

quarterly of $X.X approximately importantly, the three XXXX, returned proposed have in $XX and via billion allocated internal billion dividend, and Seagen for months In to first invested $X.X we billion our shareholders the R&D acquisition.

value. business heavily the Over we our into to enhance growth long-term few last reinvested and have drive long-term years, shareholder

while the best own to science science, have external pipeline. supplement our Pfizer's We acquiring invested in

we've $XX Since in Seagen, XXXX, billion, invested approximately including business development.

have In addition, to our continued we dividend. grow

cash our XXXX, to past For the XX raised we a share our dividend dividend $X.XX annually. a from grew have $X.XX share in years, Since quarterly XXXX.

we achieve ahead, Looking margin time. improvement expect launches, this to as anticipated over we of would unprecedented period exit

begin we capital of our our after mix de-lever three As pillars. return we between to the a transaction, more the structure closing balanced Seagen to allocation capital to expect

and continue repurchases. our balance increased we and While shareholders to our in share we invest to more will dividends via business, do value priority between value-enhancing returning that expect

X remaining driving Our same while capital committed Tier commercial on the value investment paper allocation focused grade shareholder is to rating. time strategy a high squarely at

said, better than to turning in consensus. as slightly our with Albert albeit quarter, results were the expectations, Now line our

the strong which partially operationally, As XX% revenues primarily anticipated by by offset expected, sales. decline in Comirnaty, was driven overall Paxlovid declined

I to produced our want billion in the that quarter point revenues first products COVID-XX in $X.X out alone.

and the and Our the Eliquis growth China. the this non-COVID in Vyndaqel Oxbryta, inclusion of contributed Nurtec was solid this was and an year-over-year. U.S. at ODT revenue Sulperazon family in in for X% also to operational growth globally revenues Primarily driving increase growth. Revenues

the experience not sustained to than continue increased do ODT quarter-on-quarter of Oxbryta demand growth to higher have we and want to of you I Nurtec lower due seasonality strong due forward. remind In in expect be products. copay first-quarter, million the of products during annual going both to sales dynamics, anticipated revenues $XXX Now, quarter, sales important, more later some Sulperazon which higher in in reset typically with demand. to year-over-year, China the quarters. our Most

demand large focused infections we of and patients These SI&A. investments To in acquired Pfizer's to hospitalized COVID. our the increased indications, growth the and to XXXX success products increased being of on from bacterial number are squarely The help ensure investments new expected our of aspirations. due was more for launches XXXX

this reducing by $X.XX, XX% diluted the declined during million, quarter XX% first or significantly per Once quarter. earnings $X.XX, quarter, adjusted EPS while bottom-line, $XXX diluted to and or an adjusted share by on foreign revenues exchange earnings this quarter LY. declined reported our to by basis $X.XX Moving X%, to impacted again diluted share of the compared operational per results, movements X%,

remains With non-COVID of to guidance growth operational operational decline continue revenue in revenues a we billion achieve quarter, billion, X% the guidance unchanged. the year for to of to midpoint. the XX% X% company outlook turning full $XX growth year. our non-COVID revenues full basis, operational on-track the Now X% are to our to our XXXX Company, an financial reflecting full for this total year expect of $XX we On at

XXXX. versus half of number in anticipate more revenues Given a fourth our of in revenues and year are XXXX, grow large quickly that will the be of quarterly back occur our we the that year not the this launches linear non-COVID half third and the to first of quarter will expected

to sales seasonally of Comirnaty products, more terms In COVID and in trend year. Paxlovid, we expect our this

significantly Given the we in COVID second sales contributions our quarter the expect first versus these quarter. dynamics, lower from products

of we our in given start fact, third more vaccine for fourth approvals strain of the with expect In which is would the the anticipated quarter deliveries and a late quarter. fall substantial vaccine to beginning September, in change, international U.S. timing

we With second anticipate expect transitional we to of in the respect this half be year. a to a XXXX to Paxlovid, year continue to shifting commercial market as

On diluted XXXX unfavorable We share. are exchange full per share. foreign adjusted guidance will an diluted to per year have of compared with we of reaffirming adjusted year that approximately full earnings our a expect $X.XX impact EPS $X.XX on range $X.XX, basis,

the year you the presentation. Appendix reaffirming are guidance, our We find of XXXX XXXX remaining earnings components can also the in which full of QX

closing, period enhance in as this an to and importantly Pfizer long-term So invest value. for we long-term exciting drive growth continue to shareholder is

With that, turn Mikael. to now over me let it

urogenital, I’d medicine. four oncology the one of of Thank portfolio, cancers to like and with you, off Today start breast, pillars Dave. which precision are blood our

which cancer. pursuit set and study upon have XTANDI, positive in that in to define building area the of standard underscoring of an further we is cancer strong the prostate standards prostate commitment our results franchise, global breakthroughs care Recent long-standing momentum. strengthen of urogenital, our by Within care new

from inhibitor, broader reach to each patient TALAPRO-X, as prostate but promising in highlight X Phase treatment our early, data from across the of populations two signals cancer. EMBARK continuum potential as has well I’ll studies, EZHX and which the

TALZENNA cancer, inhibitor with and the presented combination PARP castration Final blockbuster or rPFS, GU. clinically Results improvement free with meaningful XTANDI ASCO in or radiographic showed were progression HRR with metastatic evaluating in resistant men analysis prostate population in significant without from TALAPRO-X, recombination or homologous repair mutations. our potential at survival, across gene all-comers

also treated XX% overall patients survival There trend A been TALZENNA predefined not data immature. XTANDI The disease analysis progression. reduction be of was the time events with was these of number observed, though XX.X data in will in favoring OS final at in placebo TALZENNA reported Median the survival XTANDI. once are has of and plus a reached. XTANDI plus versus months rPFS risk reached for was

between U.S. blockbuster rates, castration and in our XTANDI ongoing may expected in for The the effect overall if further Treatment decision has HRR-deficient improvement TALZENNA expand significant response for with TALAPRO-X study, potential the resulted with Review XTANDI of resistant metastatic in cooperative treatments. the combination two which potential castration prostate granted statistically into Priority a successful, for sNDA FDA suggest this reach sensitive a with population. The cancer, metastatic XXXX. TALZENNA in

in presented in endpoint clinically evaluating metastasis-free Association's American progression and improvement risk recently met Annual biochemical with cancer with our men XX% with prostate Urological a in hormone-sensitive significant its leuprolide recurrence EMBARK from study non-metastatic death. Phase for We Meeting. at statistically primary or the XXXX survival, data reduction with plus radiographic high-risk X meaningful study XTANDI The

castration the time results time. setting, endpoints the the the These to to to U.S., approved progression. in secondary or has hormone patients novel including approved XTANDI, for PSA three in hormone-sensitive, expand first only states if met therapy disease of potential the for cancer were Key sensitive suggest prostate

patients the in prostate XTANDI, with inhibitor, to which like from of disease. with first-in-class as is to one potential early provide XXXX. epigenetic needs I'd transcriptional EZHX androgen-sensitive over and potential our next-wave cancer. repressor frequently inhibition a expressed We in address candidates, shorthand that EZHX unmet Next, that believe and of of an is best-in-class synergistic share data we may combination EZHX with effects resistant

Here study and ‘XXXX with mCRPC of in chemotherapy. line are prior and/or evaluating to ongoing line our data second Phase one X/X XTANDI, patients up from abiraterone

Phase are and On ESMO XTANDI-naïve experienced results study updated escalation both XTANDI-naïve patients durable left show the last data year. at received shared These X patients, having in from anti-tumor prior all abiraterone. with a encouraging dose activity

to and Importantly, our than is controls. that of notably XX.X tumors, months this which early potential has of are The resistant the sensitize clinical in increasing suggests both which the an in XTANDI-naïve XTANDI the EZHX addition months unmet reaching inhibitor highly longer encouraging, also historical experienced patients. X.X XTANDI rPFS data need. are

for For XTANDI X.X control study, example, months the alone CARD in in was the arm patients. rPFS XTANDI-naïve of

safety and study From generally second mCRPC and tolerated, results, the are these well our X inhibitor EZHX PSAXX randomized rate with And The although responses. emerging of response XXXX. ongoing, in in X driving combination contribution be Grade the is combination data line these cross-trial with perspective, expected made, early objective in candidate of Phase response, events. the was mostly supportive comparisons a cannot in X with

approved Now, across through XX, Prevnar near-term now years. for franchise. we our vaccine for turn our conjugate vaccine, XX-valent weeks respiratory to X potential pneumococcal XX children growth aged the is

the in serotype confident to XX XX, leadership coverage the pneumococcal conjugate helping maintain We in against in pneumococcal vaccine, any broadest pediatric space Prevnar protect to are vaccine. with of which serotypes ability the the our vaccine offers

coming adults having VRBPAC vote positive Committee received with Older momentum our older PDUFA combat to approval Adult indications have in a candidate, quick in strong help supporting the in potential RSV dates months. vaccine Maternal and our and for RSV We succession

England Just last of month, results Medicine published the Journal X New from Phase studies. two the positive

expand meaningful we second Older vaccine Hemisphere in to high In risk high to study immunocompromised coming over, Phase vaccine those will from at X efficacy; vaccine the the XX in to with Adult both XX in for durable and the potential RSV to middle data Phase XX X of XX- conditions to adults broadly the start to to support Northern well and the the pediatrics with risk, XX-year-olds and X data RSV a aged Phase months, the Emerging complete. and study adolescents. reach X our share season the we RSV candidate in once in as study at the of XX-year-olds high-risk a as of plan candidate

and Our the if for suggests an demonstrating respiratory important seasonal add vaccinations co-administered RSV-Flu study component met and flu RSV and co-administration This be its primary approved, endpoint, pathogens. A strains. non-inferiority vaccine candidate, all protection four of against RSV could flu strains with B

bivalent FDA COVID-XX. the partner be BA.X/X the of including their helping illness, to those Omicron healthcare recently updated against COVID-XX protect risk immunocompromised, Finally, to providers COVID-XX proactive and vaccine themselves to for the severe EUA our at in the elderly higher enable with

strains will provide June FDA in We the for seasons. guidance anticipate and and that XXXX on timing fall update winter from vaccination another COVID-XX vaccine

an of respiratory our in component viruses. are important anti-virals vaccines, strategy Beyond

share we that Mpro first candidate, from the time generation for is X. oral in selective a antiviral Phase Here potent COVID-XX second data SARS-CoV-X currently and inhibitor our

designed dose in Dosing tolerability no have with therefore Early candidate that need vitro without to to escalation dose would findings. with encouraging, limiting similar interactions. anti-viral achieve results to We activity to X is reduced concentrations exposures for ritonavir PAXLOVID, potential this similar clinical achieved boosting drug the expected many-fold are PAXLOVID. for antiviral from over but Phase safety and have and activity or the ECXX

These show which X there related interactions, drug On metabolized lack be results of of indicating are interaction, Phase is by for drugs drug-drug preliminary of well-known the data with CYPXAX-mediated may is a a enzymes. there suggesting drug-drug right such standard interactions. midazolam study a pharmacokinetic co-dosing no restrictions from CYP

are we data, to the half to XXXX. dose encouraging study these a on ranging in Phase Based planning first advance of X

on continue of milestones through make than the the first achieved XXXX. addition to anticipated In today, we about assets or to I progress with more pipeline spoke recently the half XX

moderate-to-severe for Committee in FDA has with with migraine label dermatitis. expanding our medicine, CIBINQO, adolescents nasal portfolio. In approval, May. has ZAVZPRET sNDA profile, migraine a In FDA received favorable immunology, benefit-risk PAXLOVID’s in support voted enabling for inflammation expansion FDA soon the & Advisory atopic of the a spray PDUFA our approved Recently, internal date

very the are the we about excited to with to closing, In bring expressed transformative potentially work across catalysts as we continued pipeline urgency breakthroughs patients.

you. Thank

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

the list Q&A. Chelsea, All please Thank up queue right, you, for Mikael.

have minutes least Q&A. We at XX for

[Operator come Instructions] Evercore with from Umer first And our ISI. Raffat question will

your open. is is open. line Umer, Your line

may. two I have if I here,

EV--XXX on expectations are on significant in so you on And system on? the acquisition the your based going especially the to then it's eligible track trial to my… First, because secondly,

repeat can question, the not Umer, you we it. understood I'm sure

Sure.

on is I time Seagen is, On is eligibles, also this Pfizer trial been there's a ineligibles. thirds it expectation know has there? A? cohort you huge the felt showed question which like part from a was this the was What's Because disclosure EV--XXX, I never target plan your on says which not K, data emphasis of at it ongoing trial My two the population. eligible coincidence, any

worth like I dollars that $X to you. but to to a lean full going map, noticed of so sense fall these Thank in from is of make just for route realized for or or the expect contribution sort that And of it be launches, guidance billion are this so launch fact read that to the secondly, important RSV, I year, in reasonable new or And those? of from of there's light trying the perhaps launches. I'm year, billion the

about X question about second thank in Yes, the guidance we the you why estimated sales don't Angela, quarter. billion the much. take last the very --p

for this EPS, perspective, the after and or big commercialization launch the as happen out the MWR. a XX then or publication to and you can adults. recommendation, really know, RSP are ones through ACIP I Prevnar year think the it goes from And look typical process two So only launches of

you will consider generated. XX, of that Prevnar as all RSV actually commercialized, if when when revenue older well puts adults quarter, into fourth is So that, and being which us as be

of has And XX is a you revenue about because, conversion pneumococcal, be and a there's that of anticipating in significant margin Prevnar pediatric we Prevnar from right, market to XX so be going to today the if XX XX% bolus first is share. Prevnar going think are Peds, a big yes, Peds that all, share,

are be the over to that those to of going inventory, we accounts, So, the from converting XX physicians, all XX.

so around XX And a over what, course good which infrastructure franchise, adult, I would well. we Today, have the went and of that and guess was Prevnar if it And COVID, it built the RSV look for already you have launch, one market at, of an our the analog Prevnar second conversion established launch, XX around we is franchise. the then XX the adult plugs be commercial there, really share. there into the adult Prevnar that adult

time the a the respiratory comes when increases. great at vaccines actually and It for winter during vaccinations fall

of there as reasons Prevnar believe lot well for Peds it'll both So, to quarter really a quarter be RSV is why adults. big a their fourth and as

you, Angela. Thank

can't But you should about can season be we general On make maybe the that. William, because comment, asset question the careful, quick although comment on very speaking.

about about is X,XXX population, eligible see recent patients Seagen got, say to the further Prevnar a coming EV--XXX X,XXX can't first as the And comment XX,XXX. in study, first to are which that U.S., that to eligible population another very eligible which any Seagen if are We I just we plus versus would line the sure. the excited by XX,XXX additional and Seagen gemcitabine. line you in platinum data excited which Yes, approval positive, increase as in we is would Seagen. has know Peds in

that population excites of us, the comment doubt, course, can we the Seagen products. but No on

please. question Next

question with Capital next Our from Evan Seigerman will Markets. BMO come

Evan. is line Your open.

Your line is open.

Bansal the Fargo. Go Wells will go question. to we next ahead, with think Evan. Mohit I

Nurtec Keith Terrific. add describing synergies. recent value about taking M&A to This done acquisitions you've and the plans commercial with a clinical Oxbryta, job to and Thanks shifting for Maybe on execution, to is great Evan. call. for your just our drive thinking

Seagen We are That you your would this our end. recent great. you is seeing on Thank same talk operationalizing And be from on could outcomes you. end? going how for the this about integration and for the would specifics then differ examples? how Could comment from

you. to back Angela Again,

Sure. Yes.

So of with proud done that work the we the are have Nurtec incredibly acquisition. we since

with the Biohaven you know, off. had really copromoting of we already paid I to has think in copromote As ensure that early. XXXX, we July And begun product were that and

from as share. class well has look you in just the XX.X% the leading product Today, happened really it, indicators is actuals. CGRP over also market If oral what Nurtec at with is as leading the It at prescription CGRP choose high when also new and XXX,XXX highest it of at Nurtec. has over prescribers of product number XX%. leading prescribers brand comes share to It prescribers new to XX% the a of

the sufferers So, that this in we And demonstrated we I that as Nurtec. opportunity them had education drive X to And only billion great CRPS also And right are so it know pertains of there launching excellent and performance product. using migraine as of the we awareness the and today. have XX% year. to metrics consistent able later huge, course, that, we're a is we've are Japan whole, it, that are and think of we've seeing drive pan because over time

we class with to the have CGRP opportunity a So, of expand great specifically Nurtec.

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

Your open. line is

year. On you -- just know just negotiation, is was how here. the comment that you you European I this questions week, And two ask the on provide that? question may I some when guidance there there If beginning of can because news real in one the much

so to guidance that, as reach finalized in the that of negotiating a that? some the but far negotiation anticipated as You

XX chart both, it Paxlovid and other your assuming should or like Paxlovid probably Or up? would both about it be vaccinations question as be will you up? down, for demand and either going into come think are timeframe? more time the plus up seems that? for think do And is vaccination, you the utilization I it demand will Would have vaccinations How you how both go Paxlovid about we going demands demand going

questions. those answer can I Maybe

So, the are they ongoing. negotiations, EU still

So, guidance. we any end make our negotiations And we these will we are can wouldn't close, that. of part still appropriate still so of -- I comment that. as on in the are on estimation up ongoing. can't comment include can It Yes, included how be our not discussions

the down. we demand for for as that Paxlovid regards the go said, vaccines As for or will vaccines, had demand we expect

gave is goal, estimations that traditional in a to to towards progressing the We that U.S. we after are approximately will and as have I as down in that these it numbers of vaccinations go the for will and will flow underlying XX% also demand is happen period happening. of summer, see are think when people last that relevant by most the boosters in country country the things different

Demand very, for is very Paxlovid infection now following right accurately, rates. the

equal equal going So, we infections the of have when almost really percentage and Paxlovid. weekly is is we basis, of a it monitor it when percentage case on

like we'll people, the COVID and to that the vaccine continue we expect have across people world vaccination the year will fewer that with that get tired last So, I said are because expect we we as as this year. with compared going recommendations compliance less

of go this so, that protection down. population means the immune And the will

We we'll that your Thank question, have to have of that's for will that course, logical will infections As in a what we and will real question. drive of you Paxlovid. may eventually telling go models see expect But use we us, life. what please. happen are to next the more more result, our

Securities. have we with Next, Karnauskas Robyn Truist

is Your line open.

Just two ones. big picture

different people of reduce people pushback when vaccines some you as that lastly… will And be things, competition most to important biggest products? think your have developed Just you the going drive first technology for competitive franchise, got we then about think what the that landscape. do on LNP stick couple the vaccine you still with of the have for options? they is uptake differentiation And as new them the still as versus the most any A for might

hear didn’t product about? spoke which I you

drugs. talking because just how differentiated? flu RSV do is second Thinking determine are competing be what all [indiscernible] you the was think vaccine what the is products your that franchise to thoughts going legislation I about that you Europe key have? winner? to the question for legislation And of for and who's may picture, kind whether impact just and to Europe, big think big want COVID. a might or there's or since for you in the And on launching at going new And hold to proposal new you're not be you're get

Thank give please. And answer. And maybe wants Angela can you. you a to in, if then chime very I general

have we right, COVID, then markets are the maintain all On right now, we the big that. plan there. to And we

or are then approved are for approval have So, expecting adults the on then. we are but the for we ones we positive adults it we When have maternal. and already comes think I both to only have And RSV, we we the maternal. data both, on and on

one. of the and differentiated, that us be we also to efficacy will that So, provide winners what with data that hope safety we our with is profile strength the think in

wait of maze of will we able are results, those flu will As continue. we having data course are our that all flu on technology then of that the course, be be see of that from mRNA with the also they will how and optimistic the to from very build will vaccine, to totality we winners, the still And the there of that.

and the the three good if fact them successful of are have studies all So, or three course to of differentiation. of have also are provides good all if a that we or products approved chance the them, a have we

which very, In very addition strong play Pfizer to I all of brand a key that, differentiator. has name, I trust think been think the to the also

seen EU are we other for noticing framework the trying of like also the Clearly, recent the reserves positive the legislation the same be of concerned competitive to provisions. data regards rapid creating days, more in and and provisions to approvals. haven't attracting reduce as time are would Now exclusivity what regulatory more we at things we in with EU just that

create can of add an a innovation. with that that hope be there anything to but to want we So, the all framework, will open you really dialogue we that? so Angela enhance will EU

adult last add work this we years, sweet specifically Through believe do to have the your to vaccinating several just Maybe throughout that, the in about really adults both for spot. plays question the into portfolio, COVID, franchise learned Prevnar or but clinical our I those ability a infrastructure, educate, I a the on vaccination. to you one need reliable awareness counts, commercial thing, really is supply, of And people need is you profile Pfizer think raise great and all need drive you a that, from winner. to

look portfolio growing we a that a very robust really incredible to and leverages machinery. forward this commercial off having so, of And respiratory

Thank you.

please. question, Next

Louise Next, we with Cantor. have Chen

Your line is open.

for taking my Hi. you question. Thank

I to you margin ask improvement. So, want about

You opening key and the Comirnaty how see are the we up? steps remarks. you And in and when had the commercial second acquisition taken I Seagen know for to that that might you. that curious, in the Paxlovid What is. comments? transition some of to you does question that season will talked you markets? include about your to I'm shape And your have start when already Thank will

to very improvements a products. combination of Louise. Thank the margin take do Angela, want you Dave, much, you and then

work and our happen as our top-line 'XX, SI&A we are late we will continue our forward. early expectation going same see begin Yes, that At perspective. performance in investments Seagen and going to be It for margin improve really 'XX minimize question. to a to time, very is to from that, efficient the we 'XX, as either will thank you integrate improvement, we your or

the that we the Seagen So transactions. start the and of post integration see I to should think closing

Thank how And, you, transition preparing to commercial David. commitment? we are Angela,

and the well of that So, the very Paxlovid, familiar our us. They these products fit are Louise, as both in know, you of Comirnaty existing have. very portfolio we to both products, products

and as discussions you arguments value full move its do value reimbursement is So The patients a that regard as which we us, demonstrate awareness a well the has and for access things and your on begun create our to payers with that has would that to way. begun. into the to usual an for launch building that physicians do So, and from to with us for ability is EUA right? with always typical into or business things would the

and of our work, and able sure have to We that, we amount have supply tremendous pertains vaccinate products to case set Paxlovid making physical getting a like even a our and supply retailer chain, the done and sort administer at at to a health telehealth be distribution ability as to remote it both these to of of up. site, retailers capabilities the in well-oiled and or

So have underway been of all throughout the entire them, time fact, many capabilities, pandemic. of these in of the

transition we in good very, commercialization. think I into position to So very are seamlessly a

Thank you, Angela.

please. Next question,

Tewari Our come from Akash with next question will Jefferies.

Your is line open.

drug have XXXX your you first entry on about path shown What can talk possible venous that earliest any the your your you And it been that's binding? just believe IBRANCE? product? Paxlovid gen plasma our CDKX is a data in And you commercial on You'll CDKX next over with that cert protein improve then approval? up program, multiple-old allows adjusted to And Is expedited in-human combine for hitting is is gen can the there achieve for the or are program? for confirm with that hyper-intense ASCO. that to team Can ECXX DDI next plans efficacy? on there given timelines

I you. to think can both questions Mikael, go

We two really are very aspects. in excited gen good next CDKX looking It's inhibitor. about the

and the mechanism, deal you dose risk higher the much CDKX/X with of inhibition can You a infections. tolerability of less better Pal because with get you no neutropenia, -- with patient's and for less this activity have

and time same We Phase study to running posted late and the this expect activity you out CATX, nice to combine now seem year asked, another have media target combination single has report an we to agent we as with At aspirational well. inhibitor X, earlier. that start CDKX are

with and in year looking to second would the we up next from at a you think one alluded advance us Similarly, to benefit allow as combinations to collaboration. two lines with or than have CDKX order combination potent XXX, today. what's pick this available we're Arvinas' more combination We with to treatment

as in for these Next that you introductory unique which no to always with know, detectable you what gen Paxlovid what's ECXX. four manifold And therapy. remarks, as the yes, ECXX above exposure emergence antiviral we Paxlovid, in agent fear alluded fold is single as lead or to many that meaningful drug my above mutations, have

profile to been the whether unique versus has for next is that Paxlovid antivirals. have exactly gen, for agents this And other this or for been antibodies And without used the but improve start into And other Phase X. segments. X. the to We're DDIs soon allow pending supplementary quickly to move move and to planning a also that to possibly us Phase data

And further will of can that the course, that in happen think that fall swiftly enrollment. COVID we introduced would see agent we of move pending event to on to like and influence as as I soon hope rates possible,

we'd of So certainly I would hope 'XX think and ahead that. said you I be

Next Terence Flynn with we have Stanley. Morgan

is open. line Your

not me any mRNA them. love latest vaccine. to able thoughts answer I'm sure for Maybe you'll one of I seasonal on guess flu two your be because your would

on some some side light of that's this to the in at think we cetera searches of antigen data about been profile should first-line And focus lymphoma there? Moderna then presented your et be ASCO. Opdivo, data how B going Hodgkins there's just the Just on

perspective frontline can Just on offer your evolving? wondering how Thank high-level landscape you that if you you. see

flu why the Mikael, question to and go the you. don't you William. then we'll oncology take Thank question,

You are totality, what mRNA. our very date the see we know, so far pleased few we of

As have or But activity. you versus to flu A, antigens very standard vaccines, nice the to standard titers contrast reported vaccines. cell similar antibody we to know, flu B lower very high T we have in possibly out

our unique encouraging. offer And platform only cells tolerability and a CDX do I is could CDX for think flu we think and We of the the that mRNA are with has T dose that significance. those profile very

COVID at in last and Albert update. very parallel And readout. are the leg share for in encouraged we and and in to Hopefully, is combination in are trial for we we'll early an to RSV opportunities as combination least various alluded the with be to. So, late this investing this

front. you, and on William the oncology Thank Mikael,

sure. Yes,

So this will anticipate, we lymphoma Hodgkin's later previously survival. And post-transplant, for actually cisplatin, already and is be approved ADC. Seagen it's again, untreated been this is then lymphoma, with the vinblastine which It's already Hodgkin's a molecule updated with such for as, dacarbazine. and chemotherapy label in now and overall CDXX year that

data. talking curable believe the label show data the time. a study the I you're SWOG update we But about there'll with this this AVD, and SXXXX Nivo will the OS PFS at is that AVD Adcetris And disease. presenting is product with believe the from favorite that Now be Adcetris Adcetris versus is

you. Thank

Next question please.

next Our UBS. from Colin come with Bristow question will

line open. Your is

of what first through all, Maybe walk you us key you're to [indiscernible] and forward. in efficacy to the the move are thresholds Could this safety upcoming meet looking data. just

it DMD is us you of them here? about to light there's of regards CIFFREO of this And of big quick in this this then opportunity how that your the sort dosing just you've how just the sort update a how with does you. commercial give of a in potential think could And of X the view then Phase year impact you and competitor completion to in a second, of call that potentially threshold, on that and the trial, approval quick end guided April Thank fact recruitment you And the positioning month? at opportunities? light

Mikael?

control for high XXXX the excited combination about oral called Danuglipron HbAXC we're bringing profile be GLP, of Lotiglipron, very will a Yes, two onset, a XXXX our and rapid and of are looking we that differentiated various at tight very comes when and down, can a optimize a well other easily effects. preferred known to competitive, bodyweight that and injectable it doses drag more to and nausea it treble profile be versus loss

year or forward later this winner here. possibly look Maybe much cherry So, data. next and pick year the to we very early

to doing well study based if You is when already area, to according the this next very Star markers to could think alternatively North also favorable from surrogate possibly year, in expect have show important I patients and is we patient just DMD, positive the there better data the first about And it comes it on scale. real if benefit. year to it's late randomized this report that benefit asked out approval, data, for

we really DMD real will about with think need. feel our positive program competitive and So the the entry own I patients data be that

you, Thank Mikael.

please. question Next

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

line Your is open.

the Good for much morning. so question. Thanks

Just have two.

the in year The I&I I'm talk in when asking beyond? with just the price this light for your Albert, year. you. though. first be you and and the Humira next I about volume for category Angela of know you and But a but then, as you just the transitioned as question this commercial, this for the a from year Cibinqo? obviously, expectations you And come? looking your can different have Stelara been think assumptions feedback elranatamab in I payers, way the the down as to initial about key perspective, a been U.S. outside from landscape, know to well COVID growth and asked, Thank your launch context to that's has what's XXXX expect sort to on scorecard biosimilars of

will Let me landscape. and then answer answer the COVID I&I the Angela question

have expect to the We commercialization in U.S.

of most the U.S. the Government most them, And I outside sandals think the countries products. We case normal to We having stop international. that be of will practices. countries contracts. governmental the think most in expect likely will continue purchasing that of the we not already do long-term have

there the prices option be price longevity be there contracts adjusted. given expire much and will don't will the think in product of So, over fluctuation I the the

Now Angela, let's move and to the please. question about I&I

specific at the have think look and I you answer disease Well, question are Sure. really in. each they to product to that that

elranatamab, clinical that there other start we that class benefits inhibitor, which So, convenient believe that, also an can the is believe free are UC. perspective. let's profile but have that have advantage a we such We as have with we fact SXB be the There, used dosing. great we it steroid from best

option prevalent offer in world We very with injectables. that oral an a is also

people that, not with have remission. that out all achieved even still have that's of of there, And we XX%

There's other is transmit, is the elranatamab, mechanisms, need earlier what JAF, lines that profile particular, And anti-TNF, the think in us there's we clear. I treatment. lines of there's earlier So is of given not for in the think in where for right? UC opportunity in a of there us, has is unmet been but greatest There treatment lot a of enough. biosimilars, much really as not there lot of is

under absolutely where for -- options developed meet And going a we're and and ritlecitinib be an and they're so today, be is that's opportunity an you at underserved that's there positioning, is when that's going people different adolescents no for where great for particular where market. adults to we're alopecia look that The to children. have to are no an X options we need indication story elranatamab. million think today that really we

And that JAK, profile best-in-class to compete ritlecitinib, it's the going it's we're with have so And the best I JAK. that well. we think the

be going In to has compared addition that for an that adolescents. the the we're only to to indication fact ritlecitinib JAK

because this to in prescriber, with think the a the think patient, I education key this ability education of regard the disease, I it's but and also is our going at payers to be to access awareness, the a So, highly market. new level or disease undeserved

Our Credit next question comes from Trung Suisse. Huynh with

open. is line Your

I have two, if I can.

committee first on a the the So against saw one vote committee all-comers. Lynparza's In advisory few approval ago, FDA days PROpel trial. voted in that the you

could in study, you gave the the billion with TALZENNA for with? for data? what sales expectations low for TALAPROX, be vaccine low And And dose? and given relevant strength what's use of your more co-administration $X So dose RSV peak that your high the your number flu label here then affect Is it's that if your that the the could you And which is test today? approved flu the high or that dose, did you dose, December?

question? take William, part would you TALAPRO like to

study of hazard the value P then of X.XX. reduction in showed Tala X.XX, XX% HRR versus the ratio progression in same Notably, of P enzalutamide with population also the showed showed versus population the of said, a the survival. unknown in HR Mikael value and deficient a enza, non-deficient X.X significant presentation, we a the free we TALAPRO As with plus radiograph HR

with have BRCAX obviously, want we So, the including PROpel. months. TALAPROX, to And not deficiencies or XTANDI indication prospective to that Notably in we and of our our out arm we also of testing point outcome the tala, treatment can't for PFS the was and XX HRR XTANDI about best-in-class reached. radiographic in population our rPFS control X. remain data a compare I reaffirmed NHT is on for confident

review additional in in that expect and in will and to be we're present And is XXXX. HR continue the XX% notably, to we compelling with the we'll prior HR ASCO did data which data So, registration. we also population, currently at get subpopulation

And William. Mikael, and you, RSV flu. Thank about

Yes.

excited co-administration are data that of vaccine the provide on we'll of vaccine flu. with We advent and extremely about RSV the

mRNA generalize when flu and are next flu, vaccine we you our an year, as then to co-administration year vaccines. in this to internal all also longer event strong to so own and RSV our see of be it combination And opportunities available using portfolio very with already possibly then study we COVID flu developing We our with portfolio this combination expect comes a and term, and thereof.

So stay tuned.

Thank you Mikael.

Next question please.

Andrew Next with come from question Citi. will Baum

open. line is Your

the, oral back first two memory your coming that They anticipated to give weeks GLP-X portfolio. called an Just out baseline. around has XX%. weight to Lily hesitate loss from of XX%,

to field, nature for advance weight benchmark does running competitive cost this market the given you're Where to need X your from setting. the relative in loss the be of trials that setting? you the and the Phase to Lily seems CVOT late to Given of be

question for good a That's Mikael.

dose And have ambitious agree XX% have No, different completely that patients we seen profile. regimens. should you weight we with on loss, depending Yes. up to an certainly we

good that's or And more. lowering up diabetes very have obesity, for of a patients, to to ambition a it's for strong maybe even HbAXc course, So X% really having XX%. about

pending we profile agonists. And feasible it's data have with roles. very we think differentiated will for think open may up our And we all full place. a we that readout So, a think large that that

Thank you, Mikael.

to see data waiting speak. are that the we will So

go Let's question, next the to please.

we JPMorgan. with Next, have Schott Chris

line open. is Your

on first guess capital I me. allocation Just a de-levering. balanced post-Seagen comments, the questions more the allocation capital for two Maybe

we where kind we before transactions? what or allocation? can we that front, smaller appetite can while deals leverage the see size up it for meantime, So of to Seagen about for the is need And further to really go in delivering Just balanced is you're deal? think do and capacity Biohaven from about think

And development. one then was on question just RSV second market my

this is Thank to at kind developing? I slow worry uptake this market hands the that all my population guess, So see all given boosters I around you fatigue? environment? just get during a at how this And you do trying education of normalized require? the just guess that received versus pandemic, vaccine I'm much quickly, you. do the all has about

questions, Good Chris. Dave, allocation. capital

Yes.

So our into you, thank invested for back heavily have question. Obviously, Chris, we business. the

will, growing both Here's the with business the a and perspective begin flows line we of bottom our should line and of into, now out as we from investments. think coming you that peak from I'll of top returns business. of on We some if perspective. all say, a these of the the in made to expect capitalize, harvest focus we cycle the I post cash to these out importantly will, begin from And investments you that if the reinvestment

investment the we our share that, growing of expect back that, ourselves that that dividend access levered value enhancing from low perspective. leverage in perspective, the obviously, again, and high three pillars, should more said into we because repurchases. rating commercial we get our balanced our in be would having want code to would to grade in So Xx That maintain reinvesting doing From Tier X a we say a ZIP back probably paper. business,

still Seagen. integrate And M&A in active begin is to foremost, then we and the first market. are our close and perspective, on objective Obviously, now M&A from

against and execute there that, will little tuck-in our given supplement smaller, that, meet priority probably business, our is understand very said that's said those the the to could ratio one. theoretically be Having criteria in rupture. will So that, number we marketplace, still at leverage capital given if near-term. assets look Having type the M&A that near-term, our deals our in we

market and about educational Angela, would RSV you what need? Thank efforts the there. that the

we to is a either and fronts. consumers, caregivers, Those market to begun of and discussions for or education beginning, of launches, so on already for vaccines. all do groundwork physicians unbranded all is and new important have Well, with like the diseases, all have plan it's of vaccinating payers education importance with all we vaccinating RSV. with for But robust really course, plan laying the to those an education of or all our begun obviously to and important launches important with with are development that's why implement our we disease

other I with the synergies the of our is vaccines, adult biggest advantage However, RSV that in together right. here think

now have XX We adults.

have had We COVID.

seamless RSV of follow I have. and All similar that pattern think into the the the of quickly opportunity the these it's same needs use with -- commercial it's vaccines it's that same to very vaccinations a they whether very on bring our RSV retailer, and points have of bring And to on. we terms were and whether whether and conversations air, portfolio approaches our that a mechanisms with in

vaccine So in seamlessly feel our as and actually, I confident a very the respiratory think that this introduce is portfolio. ability exciting time, we very RSV about to another

Thank you.

Next please. question,

comes David Securities. SVB Risinger Our next question from with

Your open. line is

much. Yes. very Thanks

discuss market XXst isn't from also included Thank Paxlovid private adults? the comment Merck's could for adults after Paxlovid threats infants you First, Conjugate on XX-Valent you XX-Valent competitive sales guidance you. And in in stage the late that vaccine potential Sanofi's in could Pneumococcal your the and March China, year? in and

Thank you. private Angela, Paxlovid equity in in China. market

Sure.

will be available but out it and an Paxlovid mechanism. have to through continue we April, of after assessed payment So, pocket

are it. if So you get private a you patient, can

Government and work can it, pay the you're with for to to And public it. If able the public its continue to patient, a to need we get you Chinese pocket access. just you with to be ensure intend up

guidance for country. in We can't give now particular particular a product a

So competition on -- dynamics, the very pneumococcal. the explaining I'm Mikael, as quickly but, of

about of the we are PCV alluded our we useful. the reflecting approval possibly could with you optimization as procedures, including and data. also different a next PCVXX vaccines, to to, the of monitor enter additional pediatric are competitor and by expansion year had adult Stellar be including Yes. a followed expanded planning further for few conjugation carefully that activity, label extremely think excited recent mean, the ourselves I strengths We years later, adjuvant carriers,

have going our adult becoming So are been future, benefit a we which of monitor there harder that is were from vaccines and RSV, unique more market and confident cannot at a to that like course this very platform, broader a but flu saturated of we much bright you moment. COVID from are market, although will we the also the leaders the have respiratory be markets mentioned where is having portfolio a competitor, to hope feel nature of that

you, Mikael. Thank

Next question please.

Our Scala next from with question Steve Cowen. come will

is line open. Your

have I follow-ups. to

First on vaccine. pneumococcal

data is And the started vaccine, valence ingredient. else? more whether a Opdivo you versus were just not aware then say So acquisition? new as of or time of it risk? something a is ingredients Seagen the study this why study? new a of announcing a on view Adcetris follow Is up significant we Can And you the and at the Pfizer should including adjuvant the it

ingredient? secret you. the Thank Mikael, what is

sauce trial role adjuvant we think is secret that new adult The in this increasing in to you go particular could nice market potential this play a as face. in PCV and the balance

I said broader and a next shortly these learnings. a that looking in before, on working cooperate we will are vaccine As year will expanded for we chemistries, carriers, different at start parallel, of all different PCV reveal

So stay tuned.

William again Opdivo study. on And the

Sure.

the we SWOG what ASCO. been get data overall from first label overall study benefit PFS to aware study, updated measure again, Hodgkin's presented the lymphoma ongoing not at going would a lymphoma. for Hodgkin's reiterate important So data we we would and in to it's of I Seagen see Opdivo again, an And line early that be showing survival. be has survival activity were the most on expect again, of while that's in

Our question with Holford will next from Berenberg. Kerry come

Your line is open.

act you efficacy. on second only approval? till influence Slide scheduled happen today vaccine, Assuming the The that that adult you not How of want you that in emerging U.S.? know implies FDA protection RSV the here. do of XX, vaccine QX you of in data have first season? on older thought the hunt that pricing vaccine next the second a do might And little quarter can on front maternal you if to against in into data in season your that mid the questions year. on secondly, and data more may see second you have Two X, wonder elaborate phase durable I vaccine. What Slide supporting

when you clarity that more could provide you launch So just could on maternal vaccine?

about Mikael Yes, the RSV was vaccine.

mid-season similar pleased our And chunk that that data on it the reduction see other respiratory clearly also and XX% infections this season. example, very adults. shared in also We a robust were very robust, for very data first get high we three we shared, shows meaningful we season data for tract second protection symptoms. with endpoint, lower Yes, second older to from on in

see general evolution of Now, schedule, think you the COVID an as And you will the in vaccination the and adult with market flu combination that your know, preparing for time, future in we vaccines. RSV. are at we simplified same revaccination

For those we that second good. these data be vaccination, season for some reason, think very the will are

an we On able adjuvant. that we to an committee, have are the only one RSV been advisory conclude construct we have able for an maternal, we're think to are that the vaccination, great only preparing we're data, vaccine we the the maternal without one using

maternal eagerly think it's differentiated newborn. and very assume protect after and a we and product, opportunity will a approval clinics I women to community attentive sooner And be potential of awaiting pregnant for the to to increasingly Angela launch

Mike. you, Thank

in expect be we approved the As last said, this quarter. in slide, we our to year in

to we the expect of next of beginning launch, likely good So the the publication MMWR year. happen

But So right? are the approval, before that with have uptake plays lot done doing we field. that the launch vaccines educational We lot the vaccine. investments that also in in of and role mind a keep of efforts the key of there starts a a are in

already in at least. So from launch the started aspect, has side our that

from come Barclays. question Gould next Carter will Our with

is open. line Your

move you. or reinforce divestments proactive can other of sort should other through factors of if that did talk signal I that FTC driver to go aspirational have think that And of issues? of sort secondly, from on this be? are reflect And decision in IGNITE Bavencio, your that? what there Can meaningful you without specifically divest sort new haven't the an a think segment seen And there's the we on establish target, you a offering. got our the deal other the first like and then fact how Thank a that or mind launched sort operating and you guess, to to drove could confidence a we about the decision Pfizer about? that that

very much. you Thank

Seagen. the completed between the and for also acquisition simplicity royalties, question, and so shortly Amir, of Serrano reasons. to has after the to the return started IGNITE It product deal had for It it do rights it well explain for with we in On Bavencio the Seagen, nothing the just was to of discussions business? before. would for the the exchange benefit it ongoing was but us royalties, was before announced that you after, way started like something way,

thanks question. Yes, Carter, the for

we effectively which with on and there of part collaborate I research our another think ways, of different particularly is clinical lot of for distinctive and Pfizer development the to some the with access ecosystem you IGNITE can Biotec have is lots seen demand interest in us that. do biotech us of way Frankly, working and capabilities. a

we a that, And then make to that to like what ability our time and would about with platform determinations the us to gives science, also do we science access in-house. closer over improves think IGNITE which bring to to work get these companies,

continue to to this a the way think with us add and to Biotec we for ecosystem pipeline growing compelling overtime. is our So, and collaborate excellent

you. Thank

question Next please.

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

line open. Your is

sort On terms is process about outlined in that the commercial business revenues. are from terms unfold wise? development you we of had with terms remaining in target to framing know a And about while now, of the particular you what thinking that will payer go you $XX thinking will the we how when much if utilization opportunity, engagements way update that Thank in on any in Paxlovid, and And what that? and billion the unadjusted then of think anticipating of on management can front, U.S. XXXX of in commercial availability, you for of you. are us pricing, the

billion $X approximately left. is say, Let's

might As terms modalities? or you your sort expect longer-term? SI&A the at are we be it are front have in then rebuild to thinking fair into what of areas would to or that the or Would go about, how you margin to be stage refurbish this of objectives verticals contemplating given a areas that consideration to on minimize guys therapeutic

commercialization. Thank you. Angela, Paxlovid on

Hi, Chris. Yes. Sure.

for But date we preparing with have happen shared much as very to to discussions are Government. before exactly still now. and launch is going U.S. have launch we of our said, We how the subject that's the

going with to terms going that's are to happen. So, we of from them how in guidance align

of in Of payer the commercialization for preparing the around course, discussions Paxlovid and are the is critical. meantime, world we

share payers arguments begun. suffice say that, our me So, price been early that that too Obviously, we value with those to ranges evidence have price world the the the it's to Paxlovid. able the ranges we have the much to to that the about. together able that for hospitalizations, have But of been have brought with develop of of number deaths pricing robust real Paxlovid to are we we talking from avert very number supportive is through treatment through the

I So, share more. be we to soon think able very will

about is what the Amir activities. And of profile [indiscernible] BDA

than have goal. remaining I of consistent balance against goal. by strategy be to done Yes. And going we employed billion we a our risk to should is as you everyone We Chris, you think that with with XXXX, I pursue have remind goal we that mentioned, less to-date. of $XX have and billion that deals $X XXXX what in a have is adjusted the that

be compelling it's foremost, we and that can value going First about to. science to add

in going of XX the into the things take impact XX also profile. on contribute including That's to period growth the to lots P&L consideration, and

done to continue the Dave that right be continue that and out the and close our as and and actively we that well value earlier, opportunities Seagen we've look to focus our disciplined ensuring continue for other opportunities. transaction, to as be look the will drive deals successfully priority So, now is will for. we from as that will integrate And mentioned

last Thank so are question, of out we please. time, you, bit and a

come will question last Our from Wolfe Research. Anderson Tim with

Your line is open.

questions. A couple of

anticipated combos XXXX and combo, a and get longer being guidance much mRNA knockout can future something you your uptake would have flu of of beyond? flu The COVID if ends up to to ability product, impact of levels term a not COVID not? tied those Or any that first combination the revenue vaccine or are your viable, whether forecast regardless in you have to how is, like

This with Even out I'm a management XXXX, consensus question, Pfizer despite pandemic, doing, down been there's stock helping is world little the frustration today, And remarkable great accomplishment. then a wasn't a lead a some bit. the Albert, what stock's guessing, tough XXXX the the year. last is among of which was

talk are and think analysts And you misunderstanding? analysts this? are you what are you and what or you do the investors, that explain could investors as biggest missing hearing concerns So to think

as you first do much that the around for that years U.S. with example, We XX%, with few vaccine. around flu will right expect start corporate of successful the in know, flu higher, there XX. next in estimations our me be the the in if Let expect, of COVID vaccine now one. are The will the drive combinations fluctuation XX%, utilization

a gap. is there So, big

in why arise the way vaccines. that's there we particularly that the flu also eventually, the flu, approved COVID call we will So, and copays are no like And to can same and up given recommended that believe combination utilization between COVID. the to

Now for as so are the don't but to that executing that the right the And half clearly, expect I the line. contribution We plan, create that. faster which proud stock in very, the leverage growth we we has. because that. will But of XXXX, line that of I that line believe to value expect now as was sustainable are regards right stock top see it saving not price does our proud we than think, us revenue is because fact to we The because to increases world, thing top will that Pfizer increases reflect the I are the stock price of to frustration, it the our the do. grow price think very bottom we allow did

launch by $XX articulated we we the was that on progress us give by that good think scientific to year calculation XXXX, of plan billion. I about invest that us and plan acquiring according that revenues and products our to billion that will And will in done $XX tremendous having allow have to substrate already

few will how in those years, think We the we are have the in past the also launch last I products. launches expected street is And now and new an see unprecedented invested in evolve. to R&D of

well. there it is revenues Clearly, I how is if There have uncertainty, overhang will materialize, we to show precedents revenues. to there COVID we think over that the any know predict don't COVID

that testing on on our market are people. predictions and with science, we based are So based trends epidemiological

shareholders. my we value perspective, was do their that. know with the we I not to And money We we committed everything money. So of creating think stewards to that very it that I said be good from what very our it's that for are do, we want

enough not to it's So, the world. save

importantly, their committed think strategy need more and explaining that are it. surprise highly we increase on better executing do I also, to the to by

that will for we continue we we know we close. a that into that and quarter In So deliver I compass will good certain our me to team was with from with history. shareholders. exceeded will gave think, are value And we for we doing also believe expectations, actual translate so we patience a summary, a on solid commitments, serious that, create segue value

very plan doing our executing remain that. to will are committed we We and

have very much a to Thank you and nice all day.

ladies participation. you, we teleconference your conclude gentlemen. This Thank does today's and appreciate and

may You day. time wander a disconnect at have any and