Pfizer (PFE) 31 Oct 232023 Q3 Earnings call transcript

Good day, everyone, and welcome to Pfizer's Third Quarter 2023 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Francesca DeMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead, ma'am.

Good morning, and welcome to Pfizer's earnings call. Investor Chief DeMartino, Francesco Relations Officer. I'm of us. behalf the Pfizer joining for you thank team, On is made call This being pfizer.com. webcast at available via audio quarter we for Earlier our of third morning, XXXX. this released the results

be accessed today Research Dave and President, joined Albert Denton, Our earnings CFO; Dr. materials on IR Dr. investors.pfizer.com. by and website Chairman our Pfizer and Development. the Bourla, our I'm at CEO; Dolsten, can Mikael

will business; Joining and also Malik, Q&A for we have Officer Innovation Pharmaceuticals session, Chief Research and Business Boshoff, President, Hwang, Chief Doug Development Global Chris Officer; Counsel. our Aamir General Oncology Angela our Commercial Dr. and the Officer; our Lankler, Chief

Before be on the get that disclaimer I statements. you X. to remind we making read we Slide will want I started, to forward-looking encourage you

non-GAAP and statements XX-K factors regarding Information is in financial Additional release in Factors our Forms that our affect SEC results. our Risk information forward-looking measures under these and and future earnings may and and XX-Q available

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

year, today. and than you everyone, the Hello, and Francesca. you, XXX Thank teams. Patients and to to for start the commitment in always around serving Pfizer and joining million a have impact human leadership more thank X with health. our vaccines. an and will to of first innovation months us staff, on continues patients understanding treated medicines our these patients positive fare testament a world be and figures Through were our the

year over of products contributed quarter quarter. represented our Brita, adults quarter, We continued million significant the strong $XXX third from. revenue -- Vidur in these XX% migraine contribution X X.X or saw with operationally XX the September January Pfizer's Nurtec revenues, by of reiterated the from XX. respectively. the million we fourth million encouraged from which growing business in products -- maternal During ago non-cold compared global with XX% were immunization XXXX and not million, U.S. with raxibetween the performance $XX

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as product the older Mike. as for XX% of much

source a primarily migraine road of of rates the for which highlights marketplace. potential proven clear with million our opportunity growth Year-to-date, in growth. is more by for CGRPs, potential in compared the approximately significant $X a Here all prescriptions

need with have An with million Regarding cell [indiscernible], there of the for disease a resources. sickle XX is illness unmet sickle prevalence suffering cell estimated in highest significant world the around disease. from lowest burden countries and patients people the

will children the in being ever While of before in [indiscernible] the diagnostics. XX% reach U.S., other children mainly regions without die XX% of even survive, they

of the quarter Our Vintage products, Winmar including XXXX. operational compared recorded growth globally XX% third to Betamax,

understanding general proven get the and to the on patients are disease, educational appropriate is expand we of which ability with why to of strong yet This suffering not the and Europe. in driven growth that uptake people cardiomyopathy largely for with We XXX,XXX largest was build as of and on of diagnosis case, the to U.S. this continues activities continued lack majority the transferring programs The amyloid are developed by XXX,XXX the primarily diagnosed. treatment cardiomyopathy diagnose still and the care. between [indiscernible] ADR the deadly focused from estimate in standard

the revenue And products, U.S. Such of Prevnar significantly contributed family Prevnar XX and to increase this in our efforts quarter's Prevnar XX.

XX and growth by was associated markets. rise Peers certain driven Prevnar ago stocking quarter. of local XX% primarily approval This pediatric operationally adult increase for the of end So with and Prevnar XX demand U.S. patient compared in strong in year margin revenue the prenatal

XX non-COVID X Prevnar per for for the full in due for Pediatric anticipated partially quarter. new with These motor the Of revenues Year-to-date, revenue grow in by products to lower U.S. these deliver Prevnar third share note, U.S. in for category X% adults to operational a vaccine for remains X market the [indiscernible]. offset adult the competitive leading market the growth were on year. And XX% products share our track we to remain entry.

and Braxtobi launch progress executing approval of launch of mutated colitis. [indiscernible] approval U.S. cancer. ulcerative continue our and refractory or non-small metastatic to pregnant. cell We to BRAF U.S. and Metodi Apriso Milestones towards unprecedented in number in launches our include the Milan, approval and severe combination products This vercipity of indications. of of goal of relapsed an in new approvals U.S. multiple of lung EU moderate for

for adults have approval pentavalent originally the preparations that potential XX of their the products through executed disease years adolescents only groups young severe XX other XX X the day. reaction. identified Today, with made US and a And approved and causing see [indiscernible] embryo, provides we alopecia meningococcal first in of for common of loans. XX now We against and X most being coverage approval launches

remaining candidate. In remaining fact, The from X would technical one the X of perspective. our a launches be derisked largely have been only potential mRNA flu

XXXX. mRNA positive our next-generation stand-alone and mRNA combination started. is mRNA Timing pending recent now from glucan candidate older XX generation first our results our expected -- Given X flu of first and after for results stand-alone our

to within excited lifetime. about market next-generation have [indiscernible] more dramatic hub. is on impact share with this expected combination One can Michael diagnosed proposed shortly. human and the programs our in SIP If about in of successful, these be acquisition will We XXXX. mRNA will our combination their candidate flue COVID remain cancer

of an have So impact unimaginable conquering would cancer Sumare. almost

We to clearance in and subject closing customary close or XXXX continue to expect from late recently by we conditions, EC early to clearance transaction FTC. U.S. including XXXX, the gained the the unconditional antitrust

Mikael incremental expected of so of and billion and in XXXX We billion have $X R&D to problems. that, X expect With will pipeline. be raised an efficiencies risk-adjusted turn R&D impacting in of it provide our to over acquisition revenues without realized update financing excess on Dave, any billion continue by And the $XX year close cost end to after X EUR I'll post Dave. far

So Dave?

good and Albert, you, morning. Thank

I'll that as quarter's mind address our loved couple announcement a with top have government results, this I Before our since October future revenue investors to forecast as our relate cost multiyear topics well U.S. of topics on been program. tax of These XX. review realignment

treatment With return, respect to in the $X.X government agreement, the revenue strategic the of value stockpile. approximate U.S. receive to estimated will into amended the for treatment an XXXX is provide million at an courses. courses also at end a of X labeled recognition future billion an courses treatment U.S. additional Pfizer million credit associated return with EUA and expected volume-based we'll X.X

billion revenue no that, result an note that compensation to beginning for cash for a which XXXX of has there as record obligation these treatment the million treatment estimated approximately Pfizer of courses, million X.X all deliver As trickle an courses an will delivered. important deliver of estimated $X.X we in courses. is X.X It to we is

Regarding our cost expect the by August least realignment reiterate R&D program, and the cost our achieve billion guidance. midpoint of we [indiscernible] to end net I in X, savings that to $X.X of XXXX want at XXXX versus

of XXXX of billion $X.X and in an least XXXX. expect in savings at We savings additional $X billion targeted expect

components you $XXX million, have changes that the review both will I SI&A midpoints of our and R&D the we respectively. XXXX lowered by of see when our moment, a full In year guidance, guide

turning quarter. to Now the

billion COVID Revenues $X.X of line was significantly XX% the COVID-related and decrease community both significantly were top impacted negatively of products. and sales, inventory write-offs by and pack results, also impacted bottom declined QX by in loss operationally loaded the while share adjusted Our both of diluted and our result per inventories. noncash

to strong previously families newly stated of that strong RSV growth emphasize Contributing approved was our our excluding I products loaded both the XX%. Albert vaccine commodity, want were tax operational and in to performance [indiscernible]. and the QX, both associated Prevnar products as with revenue of and at the

contributed and to recently our strong this acquired products, Additionally, performance. NURTEC also OXBRYTA

per reported in and to and primarily and adjusted charge $X.XX flowing the commodity of $X.XX and write-offs tax decline noncash share diluted of diluted loss per share quarter are related in loss inventories. the COVID-related result of Our the sales the of

tax billion affected $XXX loss loaded million of commodity $X.X write-off for share inventory per The and adjusted by $X.XX. for negatively

increased minimis by revenues share unfavorable Foreign compared LY. to had impact and per loss on X% diluted a exchange or de adjusted movements $X.XX third quarter

full me let briefly on year guidance. Now touch our

guidance highlights. billion range million Total the our updated revenue XX, October are million. year XXXX in company's hit $XX to previous of of of we Given $XX $XX EPS I'm range the expected and on full revenues million be just full to the versus few year going a to to $XX

Importantly, we products non-COVID year-over-year. operational to to continue X% revenue year growth full for expect X%

completed in indicated expected of to we the October in result QX, second And the of is that our of will cost want as both the to created of be range to growth and billion the of launches. Adjusted inventory will of XX% in and anticipated, of year is noncash products. $X.X GBT revenue of new the in sales charge which incurred remind you overlap the this beginning Biohaven half given acquisitions the XX%, I percentage primarily we a to related timing majority write-offs XXXX. for of and and products

billion range SI&A of billion ranges billion Adjusted to now than to of a million within midpoint be R&D of expenses in original lower expected $XX.X $XX.X and both the range to be billion. $XX.X to are The are $XXX expenses $XX.X our guidance. adjusted

earnings diluted $X.XX company share to original of these, per range be of all range $X.XX of $X.XX in result year guidance adjusted to share full to now As a per the versus the the expects $X.XX.

components earlier that of All our our press included issued was in guidance are release today. additional

is As our over reinvesting discussed making strategy is core based repurchases. pillars: business; share second our capital and X dividends is our growing third value-enhancing is in allocation on time; prior quarters, first in

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

financing a unsecured we ready QX in completing the execute to of this acquisition upon in $XX of required to Lastly, Seagen are short-term debt the closing year, addition fulfillment conditions. to remaining proposed offering the complete billion

our strategy, returning we our to completion of very repurchases. inclusive portfolio this to following closing, expect capital we We capital reiterate a delever remains as the structure strong. And In want of product share I allocation to balanced that delever, more transaction. anticipate

launches. the product products non-COVID to QX our indication of successful our be to of the execution new are and encouraged continue by committed momentum in We and

margin, expect improve operating it realignment Mikael. the our over value. me let cost with program And long-term shareholder that, We turn to enhancing will

share Today, Thank will important I robust updates vaccine respiratory our you, from portfolios. Dave.

built variant pathogen. enable include bring the are to in with platforms These vaccines respiratory right Our science BioNTech on targeting highly that our the X viruses. partnership right up cutting-edge us platform mRNA to

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readout flu will this lower address gen this now. our combination the for mRNA We seen the I reformulation. flu candidate, with were responses To [indiscernible] created These next-generation vaccine, first expect with incorporated which stand-alone Pfizer group in review candidate the year. COVID-XX later our into

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protein both We approach goal, are this differentiated a mRNA technology. leveraging and in taking of pursuit subunit

to in Our potential health COVID-XX combination RSV. protecting and development program triple includes flu, double vaccine and

form of pneumonia and an you year. more than adults. for of reminding specifically X-fold common adults, pneumococcal leading to than each against U.S. FDA with is turning older. Now invasive the only protection The business that critical. pneumococcal Providing most I'll this It's utilization that in to rates by nonbacteemic PCB pneumonia in disease XXX,XXX in of adults indication the pneumococcal XX pneumococcal pneumonia is start disease Prevnar. is prevalence

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pursuing we innovation. Capita's the innovative and committed To to differentiated results landmark position, position this and space. our establish helped continued are to in solidify design PCB leading

clinically to maximize while vacancy coverage is to tumor initiative against improving goal anemia. types maintaining of Our potentially demonstrated the protect and

commitment, with Prevnar we this a the line developing candidate generation business years ratio. In have in on PCB been that fourth XX-year-plus builds

select Our cutting-edge a connotation, Phase we proprietary leverages in next-generation a monovalent technology, I certainty severalfold Using and improvement vaccine in carriers new observed technology chemistry, study. reformulation. these

data, to candidate, we have confident that valency these we these potential our into when move are Based immunity. on the technologies we increased with serotyping improved for end multivalent achieve

are We the to begin protohuman into is a fourth now candidate expected our advancing 'XX. generation fourth which trial, quarter of in

I Finally, prevalence, dozen immunization and multiple Arisco first and [indiscernible], approval the a Pfizer the Thank leave milestones Rexel of alone. call more the year vaccine. with you. you our approvals the regulatory I'll recent pneumococcal of will and in maternal myeloma. out recent delivered also list note this of than launches

Francesca start Let to me turn it back to session. the Q&A

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

please time will and permits will the as the IR answer answer available queue. any We questions after as to be many call assemble follow-up questions. Operator,

from [Operator come Instructions] Robyn question And Securities. first with Karnauskas our Truist will

And Do vaccine I a think your question that your that growth. with think that you COVID dissipate? picture I RSV XXXX? and for on any pneumococcal think think, will you I impact is Are seen seeing extremely you important impacting have which as fatigue and do given, you we've launches, vaccines. think how big impact XXXX about new about

questions. Thank your you for

a have I all with And are convenience. with and in that will have products. you rates now development portfolio of quite be wants a have virus minister combination so in the strong the our rest consumers competent impact a I vaccines copper vaccines vaccination from of basically to volumes all too. physicians which biggest do saw because copay think -- good running. because will in the you the convenience by of right have think why and stores, of multiple you always the is of X we portfolio, are and increase when will will First because same combinations, Mikael, think their we this of preferred efforts products I convenience, We human an had that because we it's a combination think But are all, have

will from question next Huynh UBS. Our Trung come with

a the data, have and Is data to XX comparator any I going need a what's also high XX risk perspective, that's there so recommended from you one vaccines? flu do given the in commercial think -- dose the in on dose and one need on flu still high-dose vaccines? the was flu flu then the age confirm flu population? flu, by against And is FDA on older against just you to you data, the low can high-dose CDC XX comparator a groups

just in we this And Phase data What just the we show to then move Phase before need that III Dan, earlier III? we in do year to it that to on it trials? year-end? enough saw to similar on Is something should to move expect II you order the into Phase

Thank you.

so the -- On flucoparitor, can low dose, operation, the having that's low the the that's will now but the only also population sites older on the I because it the do lost with we on that dose. confirm are is with higher we dose one younger

we are need wait we data. need to -- eventually and clearly a before So have There both. tough data, the moving to of it's data the see you working not program say. with or to have be presented We to are to see value, is now the that, like year-end. totality to on you able when ahead this

the to question. move next Let's

next from Umer Our will with Raffat Evercore. come question

want data, but the I the and wrapped you I. molecule second. weeks. to been And wanted to theme for and has the And trial the Phase akin programs? series chemical to my into structure chemical a you realize continue danuglipron a Dana to there up on new noticed also, question see that for is Phase the XXX the few is is, I I Lodiglipron you Albert, a moved wait obesity oral mentioned II

not yet? you it have seen Now

you the and take would dam? the new molecule question about like Mikael, the Yes. to

Yes.

with of We Albert enroll mentioned, main to different getting obesity area many where obesity, the the danuglipron might multiple for review our building compounds. are outside in around for play the here as focused the on fact, data a and to also as opportunity metabolic. obese. But remain We Clif indications a typical platform readout, Glip and mechanisms role

option just from and So us explore you data gives will this to see also and more X X. coming have more new interesting mechanisms

here. strong you. a have We Thank pretty effort

have Terence Stanley. Next, we with Flynn Morgan

data program, just or data me. gene the wondering was Is And we competitor make Maybe still your you that potential I And previously you on having X launch, revaccination then more for about think XXXX. for program? RSV interim your therapy year-end. your about on DMD in by does how in optimistic think talked should case? less recent the I

Thank you very much.

me data that on is let make we comment the very the all, about patients. better for saw very, a recent of DNB a First

We are hope really of solutions. a I be there solution the with FDA can't the lease I have patient profession or that comment. doesn't discussion for will them

Now I Mikael, Angela Michael you that. and why to the with DMD on start RSV, Angela. on will then go ask comment on it RSV. then our program, to And don't

Yes, said this that when comment we also tailored somewhat study. always

encouraged to very are the We about getting readout.

when been referred differentiated slightly other an for of has look analysis at and the effect is far the you shown half our not there interim a what very an in across lean functional younger overall, year-end endpoints. and to. are both for next it functional is year. consistent You you seen signals therapy with given with that so have the DMD the right, has been opportunity final older company biomarkers And has that encouraging second And boys, have analysis been data think we reported, around I and

data positive you I tell gene to story. way, in in course, in main remain forward this looking a a town. about a of and the game But makes let very our So readout earlier, therapy way, the the

on Then there the RSV. question, was Angela, a

bring also one discussions, they ready. we clinical clinical asked is ACIP the during really recommendation are for today heard Brazil our -- you as data additional shared were were when to around But decision-making. Well,

that data population. to vaccine just confirm effectiveness will so And have and broader in additional we

safety We will broader data also populations. have in

also have younger will immunogenicity We in data populations.

think, back All available BDC. I next of we this the year when to the will bring this be, in plan to

second needed season that, also that to addition efficacy mention data. In actually we'll have to

but bring together So data be. will of totality this schedule we're will also to the change, whether the to able determine vaccination what recommendations

XXXX. to that's So come in

with Next, Cowen. we Scala have TD Steve

you primary building a Albert, you ago. of of completion. when stress couple It some data noted was could ago, minutes while indications. seen statements. data, the have has when you As of you These the that about are a Dane were the you was reached totality data. implying talked not asked, part asked, different Michael, were just words, confidence its the

confidence. So I'm still And you past, and what confident of are in and danu. you've you said have in Michael, absolutely the Are you encouraged the curious seen. profile absolutely encouraged

So that's the question. first

in as wondering Secondly, potentially to of spoke inflammatory any seen of you've I'm decrease derived a that. if competitor UC. such diseases And COVID diagnosis

right? likely because been to has has seen think It comments that data -- page I the not I to that the this misunderstood don't been you my nothing Steve, have have So any [indiscernible]. have, data completed I yet. on I think presented

I ask I on to totality this. that is also is read of on don't comment So it meant the What anything will But the doing that. Mikael data. are we

We day. are We and we will do. of are the but deciding a we out. before make important once read what the most will cabin is the to are doing from doing is thing we it less see. competitors need multiple that how wait to which the say efficacy But releases There what see things

part my the data. on So nothing comment in to the of read

add? to do Mikael, you want So

and can to well tee Yes, said remain see echo the data. I look what forward you I enthusiastic just to very

the We coming report final have line at. seen not top

have new got mentioned for in earlier and come and interesting when So the that's as we in, as version. it's about really will Tata we validated is that effort that's today molecules be in, available main and mechanisms in that will know, we And a year-end. are coming question before best full new but profile study you to ongoing, shown, some that indications I oral a our have Then agonist. such still molecules, opportunity for additional also on our pursue flip new

both punctate this just we big and effort orders. have So around other obesity we diesel our class and

you Mikael. still he's essence, Thank So excited. much, in very

Louise we with Next, Cantor. have Chen

in ganglion much additional their lastly, have? have will will serotype you PCV, And pharmacy? Abreva, you be available on then again Or ask the here, they to wanted go also to pregnant just year-end. data I And have the OB/GYN. to coverage modified the before do how release on also women you to that will on fourth-generation So then

will and the Angela, TV take you also the question Mikael, quickly. very Dant [indiscernible]

It's lion going offices, see offices. we doctors' in Yes. to pharmacists in available be

advantage have populations. we soft real a think needs for stocking here, because X just X Louise, I anyone to for both indications product

So I come. believe think we'll uptake is next the we winter to to months it's the being certainly, the begin when And is that few see some good uptake.

Mikael? then And

level you the really could has PCB going than bring than comprehensive company XX. considerable and answer us serotypes. to you XX. I seen immune just generation what more give it's of set On a current allow has are And see for hope today's you, that a and the not even responses the in coverage with tell go can data. is than higher been put that technology your cuosity more looked new that to that been we can to I'm to the many place at whole how able I

the and put look technologies we data we a generated now of danuglipron [indiscernible], On clinical reformulation concluded. because once that are as QD molecule on day and have a some already in upon place

to upon said, as the look the next final we formulation how Albert But efficacy forward year. danuglipron. really enthusiastic we're best this later And data that's to option data have we'll So early on look year.

So very exciting time.

Thank Mikael. very you much,

Next, we have with Partners. Risinger Leerink David

to forecasts. appears #X upon it pipeline since candidate the danuglipron company's on question another be have based I your So

Phase company we Phase then that Pfizer IIb mentioned, III Phase regard results? start to the the soon, should IIb are that that with are after the you So start to be will how generated? daily shortly expect to expected assuming for share And Michael, ready that once moves Phase just the results formulation the results regarding III those

available. question, with with public I color press of but not-- first market we press release mean a the will the maybe given release, the made the start the importance we them

you Now of Mikael, the update. to want second question do part the take

obesity the year. entices course, said, QD Yes. with to everything and said. a with we we progress of danuglipron what I forward can of been We of accelerate echo get in Albert this data to have pending the look later and I as first able totality lot And made demo. have, Albert reviewing

Now data to with we it's reach. we're some to more year waiting once-a-day think the do next for early but molecule. it study decide next I our pivotal year, within clinical a to If start do

Thank you very much, Michael.

question. the to go next Let's

Chris have we JPMorgan. Schott with Next,

me X Just for here.

a going just think little about more can you part market how seeing maybe any of First, ramp on and expectations? within today on what the we're just relative should and to that, NURTEC we we're with just your bit the pricing seeing forward? comment as And color that

or your just feel as Street you guess in next pushes year. directional kind capturing kind of COVID then properly isn't on know kind of the as range And the get there kind was be numbers are at out I we my in pulls shaken the second before the at cost early and has this look to where of But about question guidance of any $X giving the guidance you restructuring should XXXX. kind updates, today. low I you're thinking post of that not consensus look I point. we think earnings are formal and

Thank you. going David, not us. he's to tell you guidance, are asking about but XX

Right.

year. So XXXX. obviously, event it's our START a it I clearly, this as relates a to for expectations clearing to little just COVID over we would that had say

year. very XXXX of rates clarity the loaded which products, cycling trends, so lot you of of be providing get get level. the lot be particularly will of of a non-COVID at for as us this expect is COVID this sense the can meaningful utilization of our utilization into vaccination information as that layer U.S. us year. to with you and as importantly, the importantly, informative, guidance. an Clearly, year U.S. that can about think on, well. that, a here very good will have products, which around next We'll optionality we still to give think a in a say, we and risk beneath -- favorably both in when trend we balance franchise better enterprise and the the about associated that I'll our very behind those balance specific us continue So I a to do we our to will cycle allow we

So first obviously, after those forward more details come. year. very the a lot sharing of looking to specific the We're to

And the performance Thank of NURTEC marketplace, loans including David. NURTEC then -- about the about the Angela, price. you, the

the to strong fact, in it's for perform for expected, with really that share question, great share with like performance seeing opportunity a as NURTEC us So indicators some thanks you. Chris, to just are I'd because that we

First from of grew grew last we a last this we quarter. compared time. all, X% to XX% sequentially, TRx versus perspective, And year

October XX, the date. also number NRxs growth we and is highest the to on fact, prescribers. week of That in saw of In TRxs seen

had XX% alone, quarter a [indiscernible]. this of that XX,XXX a at clip XX,XXX prescribers we week, moving of Qualipta. about double which writers now [indiscernible] more is And Just are we than and

you pill in all Another to at physicians, is look starts Klister for look of in too. good also something highest NBRxs. highest that, then place than decile you who when you right to particularly And the or new-to-brand are count, and brave prescribers deciles is higher in growth when the NBRx NURTEC is the prescribers. as interesting look there, And which, know, see at XX, X we where are the

driving which We our have of towards pack our prevention the very the or intently side, because intently co-pack indication. pack been pill XX larger is

we total totality more or of market have pills look you volume the the all of than a And leading there, XX%. share so pills, at when the

is that where I of the market you see so lot product away we're future. a think it CGRPs, think right And trying that looking the on represents indicators, growth XX% patient into able to obviously, really I that is groups market in which the we at the it, away of about Albert's to From get in exactly it's tells to a you this access consider really put -- think mobilize as least expansion primary our entire for which that rebated still and look we're only the we're looking so opportunity it. patients is as to on I this that positive from get pricing a It's at how these growth perspective, is comments, that places a and -- heard you to after. of is for way today, the we from right the it's to triptan generate way And most we topiramate is want all put all a to it when us is to. very is we're from NURTEC, you story. that able in what a sure make investments at these an people that focus, care, are that are forward think especially perspective, The and we And CGRP.

and the are patients are that gross deserve who to are we effects NURTEC. sure So we access see making significant, to that quarter-over-quarter because to are for here and eligible net you able provide

Next, we have Mohit Fargo. Bansal with Wells

high morning. bid Great. lot as new a treatment, you And given to it start that on regarding examinations as your a eye think exatimod. of I at how label, skin considering these doctors before I you thoughts of exam to uptake the have mean, a much are your have same the get of these like exam. But could there's love do time, question requirement the used SXP the about Would seems like it. well --

please? on Quite it. answer you happy medical questions, All like would right. to to it, I'm start

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see nothing very been you efficacy new. our And data, and has really favorable. it's So

are colitis. this very best-in-class a that do can optimistic want to So Yes. be we Angela, true you add?

of Sure. standards a our mean, titrate also competitors competitively, we versus I going at profile. add excellent We but efficacy we don't to assessments have was and I the said, to of as up, just that, believe that Mikael PD have the initiation that an therapy. to -- need as

launch Certainly, that pretty this that focus is us, area is product to are I this the planned. getting practice to but an able field that that patients and is we're that feel So in. they we're we of estimates we'll level patient standard think need this a -- playing for be ensure support right, as

Geoff have we Next, of Meacham with America. Bank

of quick Just ones. have a couple

but investments from emphasis how hasn't you pipeline or obviously know commercially? affect prioritize does today ADCs the all I closed the maybe it yet, make ESMO, First, CGN on does guys you could

opportunities like in oral And for the really the do look cetera. But second that has been question or related from differentiation guys like cardio, metabolic and bigger -- where renal, asked more a at on is do upcoming the just I danu. obesity indications commercial you data. lot see you aggressively Mikael, a perspective, administration on know et

and want Chris, say the the about to if you season the question to pipeline.

program that types. recently from out we're confident Obviously, season very future much. the that significant with Season, could X And meta-study vedotin cancer. lung BXX -- of Phase in remain systems cancer, received portfolio or sites bringing and is expertise the very just integrate III U.S. that cell to already Blood in studies. They remain Kaiser. cancer This you most their positive the this of the for with now in III base out we with depth read with multiple close under in confident theraportin as approved year, it HERX next also excited to seen, a they're advanced just combination obviously, And started and end track because they're So I -- there's asset will was about in antibody with BXX the also break year. very potential should the place the X in about. laboratories. the ADC beginning interest small to we of previously -- pembrolizumab chemotherapeutics ADC. ABC another the potential the significant in will of discovery most and the very program they of One point has in towards start to we the settabut passives registration development you've Phase non-small record their Thank a HERX. a

Thank you. Mikael? And then

players excitement oral be and Well, for data. think attractiveness pending, I could to obesity danu and with or with see drug physicians how all overweight new type out obesity asked impressive from one a our the being of as clip weight, moving treated from you as metabolic clearly, X effects on course, primary agents maximum positioned Yes, using of of example, increasingly body about in preferred. angiocrinologists these diabetes in in obesity care, particularly and general are

think will structures role platform there. So interesting new a than brand potential have the reformulated I once an day

the among a opportunity that there in only And in we patients available a are I also think they gain discussion field they is for leaders when the growing stopped injectables. weight general, year. maybe

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drugs there why is that's think interest this I So in class. big in a such

you thank the question. So for

Wolfe Tim have Anderson Research. we Next, with

And in set it early data in I seeing drug flu. a think a mRNA it of signals, think when couple that about danuglipron, signal. that I on you and won't later persists red To just data questions. QTC then have QTC often classes data? up hearing question a was later the Do showed show On me, second like sets. seems

that mentioned is think same seems. safety tolerability and I of usually tax mean that tolerability other. safety from was is license well? each as technically Does being the different as You

question. Very you good. questions Could for say danu Thank Mikael, on... you for and very both for tolerability the much you. then

it's tug,and forward very as before we a more efficacy and readout X,XXX patients have look safe I said we Yes, I than we the mean think, to have, on a year-end. and it's

So had And hardware from vaccines safety. we comment standard vaccines tolerability studies, particularly that's good initial to experience on. concerns the focus what a is and had you we or similar straightforward. of available any really really was in very MRNA, very haven't of mRNA tolerability Pfizer, care

looks on next versions question, previous tolerability both and the and like stands let's Thank So you, the that our go to of safety it vaccines. Michael, statement

with Goldman Shibutani have Chris Sachs. we Next,

Two questions, I may. if

But the savings reported, If similar cost and we expectation? program, looks may look terms And of of broader just retail attributable about Bill versus in is quarter like you're we magnitude reductions spend first was if in than the greater pattern outlining be should the the we numbers anything market read the what actual the question cost On at elaborate solid. SINA SINA the forward? prescription XX% I there's to, from how in on in amount demand. at share SINA. were sales your data, How instance, observing just what the R&D with coming relative much just been setting, on look a this have from quarter or inventory observe R&D the you how comparing And it interpreting the for you then to is is you've expected of of for versus plan been stocking Can market? to would spending R&D reduction that for those relative to across the XXXX.

our answer David Let question. Angela and then the by to it. And will About R&D take it me expenses. ask the

of program, relates We're running allocation I the today. a aggressively the would as Yes. and some the cost programs beginning have cycle about wrap give Obviously, to to into in . we into read we as on Chris, not cost those and robust implement XXXX, we'll it 'XX savings programs. those 'XX. think those you into how fairly color program working as to next year. on specific we market in on savings up

Angela?

Sure.

exceeded bridge expectations. notice performance So we really are with has pleased our a our on

vaccination vaccine, also all we're closely can -- of effects is this whether stocking course, a because in that isn't there stocking was is a you is what it really asked I the the new from first uptake. vaccination -- this to say actually but and very in and market about happening. uptake. this was see were tracking fast You beginning benefited prior that that there season And were that and approved fact rates the We

know of high, right, October. September, off very was coattails of flu vaccinations, So able write which are to the you

rate. co-administration XX% a about have We

comment you taking vaccinations. To vaccinations setting because a of Bizo share, on back all where said. yes, seeing are what forget, share we're the the similar But performance by just driving is lot truly is have is driven the That market about seeing So place. don't right that's retail a market agents. are we your now, that, to not

in also health engaged systems, has are actually proportion being but leading non-retail also setting, and are particular We settings a preference. have such smaller Pfizer actually still. doctor's offices. They Those as those

So I to all have we channels think market. the of at look

momentum happening from vaccination are throughout right perspective, The the November, from just I X% now, vaccination expect are months. rate entire only of vaccinations continue. a where we October, we the of RSV is eligible now, time big are think that Finally, this December really things to population.

you results, going think that So driving better also but is are be, doing for. uptake we early that's launch for is a the where of very conclusion maternal, than just is the the place thought. which, think, I where we to the we as this I we're in in all approval got there's opportunity innings tremendous But know,

Next, we have Gould Carter with Barclays.

start plans and if ESMO, III Phase our coming oral data, would just should expectations data or the of response, Phase a Maybe be at When danu. saying around back I of Phase II already and front? is you which that turn to on the a quicker XXX guess out for maybe and done then we represents that Pfizer reasonable was expectations originally on way reaffirms back has work expectation III, the how a expectation the II for And what's deal the upside much communicating quickly their what just Pfizer announced? around look how to the of say their when could you Phase

let bit much. Thank can so I of Mikael's take a little On me time. spare very you [indiscernible]

up show data course, to And of are the expecting event. year. before important of the an end the We it's

of that that hope we high mortgages, between battle are plans we And manner extruded III. will speed essence Phase this right I in the date. the it things do kind announce we so is data have won't in the without the now, be to So an that in the make going move prudent because known Phase I course, when our know when factory. And and of data with for are the can data. very but III, we saying I our completed hope interest or not publicly in know the ready good is we we to but are very we it will

[indiscernible]. let me to we Now can the move about Chris so discuss that

for to and the out, raising this medium you or that monumental truly moving you survival for population XXX. bladder nearly are X towards data vital Thank pointed And These for median over sales survival cancer. the as neurotheral of now nearly cancer overall progressively doubled, years.

a letter We be month. longer final X.X than the above expect to

So this a the treatment many, belief across just become paradigm standard reaffirmed our conjugates antibody could different type. of that care for many tumor

trial haven't of I heard marked the the in Gap] you know think on as data. the also line call And for as completed October, a I lot seen we've January, that [Audio times top is

for at clinically will tetration would Also, the any that there were data from discontinued we to point, issues waiting have say for cohort? So be program if you significant this it lower this withstanding? fair weak are series already,

Mikael?

Yes.

in was And end really potential And incorporating of think. Or that we know, our core there future sophisticated this go having developing downstream in and to and that data sophisticated alternative the suggest diabetes show matrix all okay. prevent going have Anu. over of in swellable very and second drugs technology different be XXXX. are with it's worked technology. a once effects. have standard There combinations. all time, reformulated also And masters part, type because, we technology We a the beautiful have more intriguing in that's a And could day to technology work to to novel it tested available different obesity, you a you formulations, a will one, really the incorporate well to a I and with On on and a a -- up this initially now will, be was fix those you we no? component drugs to as able for

Holford we Kerry with Berenberg. Next, have

Pfizer in on please. alleging Triton questions patent Two GSK against lawsuit August, a infringement. filed vaccines,

you had the the the sit potential does you this talk dose next And does commercial this? against ramp vaccine. ultimately or of for you some So how reduce this apply. and significant recommendation here, take for wonder a for perhaps could X, to think your on and peak anticipate could If that line a time the And we vaccine payments opportunity to should . expectations form recent anticipated for tense if pembro, steps royalty then to the that vaccine in that sales I just result the X

the Yes. legal situation about Can this we please answer question

Yes.

with respect So very it's litigation. the very, stages RSV to early

pay and whether We party patents. early intellectual will feel about it's early very X -- have or own to to royalties in too regard. otherwise, certainly other any the be say We strongly that required stages our property or

you. Thank feel Angela, And about how it? you do

Sure.

to now, again told We feel back being population. look that peak being delivered have to right we'll that in confident to about we'll take continue being back Quad recommendations when we we the has Bs benefit have at opportunity they're the opportunity an are sales. to is the and us first bra schedule at year have opportunity when look is the or this the the of schedule have a today. how And the we will Pan come that The which next ACIP have reason set again also additional of but data,

have feel begin get our teenagers. to I we an vaccinating So that opportunity like and great now it's to out

second the a at bite our which sales. apple, allow We will achieve to will us have

with have Baum we Next, Andrew Citi.

XXXX, to pending divestment? Would hang the on RBT that of stake the on is subject asset X Chris. Couple of to Tier licensing of And your you Or the to question for you comment in questions. approval second would Roche then it?

there? recent is to the combination you think data efficacy or you with you XXX and or true believe about that you when associated pembro think the increased through have do the do of a PD-X at portfolio, CGM the you're mechanism the with anymologic looking with synergy with seem Just UV hedging? sell ADCs seeing Or it's

of about the other And Aamir, Ross bit to one? little acquisition speak a you the want

Yes.

Andrew. for question, So the thanks

outcome we an created very program. as decision. with we this I the did think Televance, we're of When pleased R&D TLXA the prioritization

Just as II III reminder, investment on this a a and held we is -- so a to required that Phase stake. XX% program significant Phase

well ex Japan R&D spend. also rights that on had U.S. without We rights. full all as ex did the sales And to as U.S. any we and royalties

So other Roche's to And access proposed acquisition of all the billion which of is give of us translation our cash, the rights. pretax Televant stake. $X.X retain still about we will

on looking TLXA advancing forward and partner. stage to Roche outcome So from they're we're to to benefiting investments having We're of the the as make those. a looking forward the clinical that going in programs

the about Chris And synergies.

good Thanks,. That's very a question. Yes,

know, -- seen with in the you potential tiers TDC Sisense with by and see ADCETRIS, PD-X you've we combination asset. recently with with As synergy the as

MD show or a going of mean will the have the the the Although types what of TOFA CGM ones If we utensils. yet. enter that does ADC next year to generation know next don't with for year, total are appears happen to similar

think I that correct our appears as very season both you well taste, confident what So not that, patent as has in of sets. node be do we type we're base pay TotalX the to

question, much, you go very Thank And last the please. Chris. to let's

Seigerman with Markets. last Our comes question Capital BMO from Evan

and on Daniel then I So one bigger a one. have picture

revenue kind danuglipron, your of on an adjusted fixed step develop so regulatory or approval or or point So that with, taking Do you combination updating the long-term in successes on how SGLTX should the of about figures back, you drugs? big ultimate with clarification dose guidance. you of And strain? to mentioned a Mikael, clinical these is plan commentary. the You we example, other anti-diabetes how your think risk have failures say, goal for

take the Mikael, please can you question?

an Yes. to the pending and And myself. data, of a goal with look downward course, day we've review, in diabetes. in mean really said I is both move Albert that's forward at near-term once option the obesity a

have day a I drugs upside keep that's a in will obesity with we that the review sector, in and diabetes includes in with about That's interest dose why simple data the our this man injectable. it near-term. such think big that and we'll decision has clear we combination, X oral potential which a take and and commented been available the But once it aren't downward.

Thank change about have the if declared. you the to your billion $XX that billion And also we we question, going very $XX are much. or

XX going are billion our First season to that is billion. acquire acquisition, acquired we all, according estimates, of we the pending $XX billion have PLN to

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make to We traction. continue

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we out those into XXXX, those laying expectations So specifically. I are as forward to, think you begin look going

you Thank Okay. very much.

should you today's thank away price. would just be I away, call take say us like one the walk thinner mix from with So to that future

now it's model new up and that prison portfolio, And agreement. to a expectations And I strong forward. and for be to very excluding amended of be and COVID going position tax have teams able profit, performance. be with think think course, having our this line to growth the to recent going I our we XX% able products, of stable or rebased forward. have very what will growing revenues COVID are quarter. easy us We the a everyone

us, bring I rest So of your now great to will an Thank end. day. joining and have for call a this you

This today's Third ladies you, Call. Conference your any Pfizer at Thanks. XXXX you appreciate concludes and may Thank Quarter participation, We and disconnect gentlemen. Earnings time.