Pfizer (PFE) 30 Jan 242023 Q4 Earnings call transcript

Good day, everyone, and welcome to Pfizer's Fourth 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, Francesca 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 available on we for website at via Earlier our today our press and by joined fourth Dr. a is morning, XXXX full that this release pfizer.com. I'm year released the results and Chairman our Denton, Bourla, and Dave our CFO. Albert CEO; Albert for questions. floor then open and Dave the have some prepared remarks and we will

EVP Officer; of and Officer Dr. Joining International for Chris have EVP Alexandre U.S. Officer. the de General Chief and and Lankler, and also Dr. Germay, Q&A Officer; Commercial Malik, and Boshoff, Oncology Chief Scientific Commercial and Mikael R&D; session, EVP Chief Aamir Counsel; Chief EVP we Dolsten, Doug President

be I and statements on financial in the making certain filings, non-GAAP Before slide you in issued encourage website discussing this forward-looking morning the on the remind get we I will want and measures. started, read release IR we pfizer.com. presentation, to which our available disclosures the to press are disclaimers all SEC we you our that

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

the for highlights I course, a few Thank you, of with fourth thank the XXXX. everyone, -- would from full to of XXXX like morning, on you and and, the for Francesca. we pleased begin quarter Good year some joining us. reflections have to discuss I'm year compelling and had.

have COVID performance. there things lost a however amidst missed expectations missed and we this challenging our may in stock great the gotten our price projections know, Despite, street As affected predominantly few happened that our related to which internal expectations. XXXX products, that year, were you initial

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Pfizer. for Next, in FDA of indications Pfizer a year new a approvals entity X marking for productive products, year already molecular XXXX record approvals many with was very more approvals approved and from execution pipeline for

a current to the environment, acquisition. the Finally, regulatory our bodies. with able we closed close being demonstrates regulatory ability In successfully Seagen such large to acquisition engage

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that are vaccine, anniversary, history. at Pfizer and changed changed This but pharmaceutical breakthroughs year have the our that XXXX. as lives driving of patients' opportunities to the of now start focused us penicillin team positioned advent We we the have years. our confidently the forefront have not only on is past development the and the XXXth of is has XXX success, for maximizing From COVID-XX medical been for

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financial we We and business. success across clear deliver commercial have a on how view our operational, will

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people of lifetime. oncology largest and in by reach resources opportunities and medical with look overnight and Oncology the and breast Seagen X cancer be are with reminder, medical and combined in immediately meaningfully to enhance medicines of the line a lead will acquisition top Oncology impact XXXX portfolio areas. a the boosted their our doubled platform one Pfizer in X represents and expected our footprint and U.S. be Innovation broad Seagen's research by expanded diagnosed fastest-growing potential of the at cancers Completing information Pfizer's our a As in-line and commercial Day of more providing pipeline. Seagen's least blockbuster cancer forward growth, expansion leader [ and range about portfolio deep product XX. February at a on our to genitourinary We deliver provides opportunity to therapeutic oncology ]. our

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meaningful outside vaccines and metabolic to wave deliver plan innovation medicine investments development our internal next is make the of priority therapeutic and In of in discovery diseases, In and with Our R&D. we XXXX, oncology. pipeline to in inflammation immunologies. second areas continue across

R&D budget is In highest robust the pipeline. and industry in the supports our fact, of Pfizer's one

We to of are deliver science modalities generation platforms the next breakthroughs. potential cutting-edge pursuing and across

by We the increase tools Building received value other immunogenicity are chain we another are digital while rates. Starting and are pneumonia vaccine. also heritage poised pneumococcal leveraging where our designation. and in across vaccine serotype our Prevnar, vaccine pneumococcal aim vaccine label, deep we with IPD includes adults. recently which to AI to Track PCV candidate, successful Respiratory lead, leadership success area to speed upon combinations the our on and which and fourth-generation valency the clinic both increasing space FDA our solidify first FDA unique with building and Fast our maintaining COVID in entered

meet vaccine the recommended XX-year-olds not first-generation mRNA vaccine demonstrating immunogenicity XX strength. but criteria With stand-alone for flu did flu in versus the efficacy to for data a success relatively

Our for moved III and second-generation results flu Phase the to combination VA encouraging in a already XX-years-old COVID study COVID combination construct and flu vaccine was Phase tested into strengths. both XX in now has trial. a flu new II This

GBTXXX. next Moving to

disease. to normal blood strong deliver pill. of potentially treatment, the Recent and multiple approaching with evolution Oxbryta sickle stepwise AHA parameters demonstrated data efficacy convenience inhibitor at ranges over the best-in-class next-generation GBTXXX with a suggesting potential Our cell represents a for once-daily potential XXXX may polymineralization presented have

to development cardiometabolic our with our compounds. reaffirmed We have emerging several commitment programs early clinical

to hand, On first-in-class XX% has XX%, this the for antibody accounts and Consegrama have neutralizing cancer II we year. deaths, our which data for be way all other later the potential the with significant spectrum, [indiscernible] GDF-XX first management Phase treatment the cancer a FDA-approved statistic. of for expected cancer

and a on execution changes top to relentless third leveraging to to line. is, performance the do we while of prioritizing core through Our franchise and continue priority growing focus quickly data adapt. and of maximize make To this, new our focusing are course, products our

Pfizer commercial a to commercial excellence with U.S. growth reach drive several X organizations NURTEC will migraines markets efficiency and to discuss more living focused over a our leverage the very Pfizer be expand years. To billion the more structure to than few about executional drive of examples, continue international we Our respective their enthusiastic the next to help potential worldwide. people in and

are on in health educate and and to access value. sickle treatments academic both institutions all Oxbryta, of priorities. to discussion prescriptions initiative further these And Prevnar, cell continue educating year treatment. and and plan systemic growth our building turn are are areata and advanced addition, [indiscernible] to growth alopecia overall by ensure accelerate that, including these direct-to-consumer to Dave? we to increasing continue into as offerings. With potential continue advancing of of we on proactive strategy patients shareholder -- health the proactively option. course, to treating marketing and our we the expanding consideration and RSV a establishing performance, XXXX. VYNDAQEL will to initial barriers treatment off increase, the unlock throughout appropriate to components I share key for on and innovative access provide patients. practitioners enhance we therapy will blockbusters, with we cost the continue financial will and combination and the XXXX positioned advanced growth market protecting we in first-line discuss to globally and drive year-round our and vaccination affordability to updates the on RSV focused support we chronic to number of through to our community, importance believe exploring while focused we new allocation for the practitioners We who commercial a of and cause our underlying With access manufacturing care retail accelerate products. We opportunities and As continue bring reframing focused goals strategic well on to care we capital Dave, future health our and patient supply patients disease capabilities in current to on marketed Eliquis access realign in base of reducing and the global our further contracting patient call are how market advance a by potential will regimens. Alexion, are We to awareness launch focus believe U.S. growth oral over In practitioners helping Coming to care as [indiscernible] and

Thank morning, you, everyone. Albert, and good

potential priorities finally, growth These building and XXXX set of a priorities. half focused upon organization, a cost the of start near-term and portfolio structure, we on few the that and with As said, ensuring efficient next drive oncology XXXX, foundational clearly year enter a number base. our comments decade. performance our our in world-class that full this year commercial are the new a guidance maximizing expectations capital I'll our pipeline fourth include then morning our quarter innovations, priorities. small more rightsizing a this product allocation critical year I'll as to wave we our results, our with finish I'll the morning latter with of touch on this With

full the that COVID of overall when of XX% a $X.X operational And billion, expectation we PAXLOVID. close XX. quarter results including revenues beyond, and line sales of year X% $XX.X The after contributor achieving were excluding billion be COMIRNATY Seagen will growth XXXX, an Seagen substantial year-over-year. product the $XXX approximately our acquisition decline operational driver in revenue year December expectations reversal decrease include growth, XXXX million our and in on both contributions primary full the with significant in from our recorded for fourth the solidly with and revenue For the the in products, PAXLOVID

due bottom estimated decrease revenues a third to PAXLOVID share This inventory $X.X COMIRNATY. year and XX% the and full and, XX% EUA lesser courses recorded charges related quarter government, to unused versus the from significant write-off On an adjusted extent, LY. $X.XX COMIRNATY expected PAXLOVID in U.S. for decline an the year-over-year impact return a diluted EPS the and in the of and finally, label share, $X.XX, of reversal in for billion the treatment other quarter of million a of noncash fourth to a a billion we $X.X per decline, diluted of sales both primarily for down XXXX earnings is line, reported PAXLOVID, $X.X

PAXLOVID. to a revenues like from as X% solid the as Prevnar newly year-over-year and I'd strong and turning lower vaccine to by Now COMIRNATY and partly approved we VYNDAQEL the Eliquis, to highlight the operational well family. performance Ibrance quarter, offset revenue were that RSV growth, delivered excluding Contributing again our

expenses which sales. Adjusted percentage be the by revenue by changes launched the spending by primarily X% $X.XX on to of share top QX products our acquired significant the EPS much focused points, compared certain activities, And line, and extent, negatively and, a compensation-related the lower by sales have adjusted our and driven of both both share related assets However, as cost driven a basis. diluted impacted we decrease results, a overall quarter, and continued PAXLOVID operating PAXLOVID lesser billion of promotional dampened across increased on bottom $X.XX. last as timing reprioritizing diluted a to for Overall, the vaccine revenue quarter SI&A enhance significantly per XX% in of PAXLOVID strategy, sales as consistent to results those declined percentage both our $X.X Revenues with recently and reversal, of our operationally, Adjusted of expenses earnings $X.X R&D expenses. Both year-on-year revenues $X.XX including in been marketing the XX% our programs approximately reported impacted products. XX% COVID spending loss primarily mix. were Adjusted COMIRNATY acquired per of year. in R&D unfavorable and and well our XX operationally, to expenses returns. by billion driven QX noncash reversal negatively decreased by by primarily to declined lower and adjusted operationally our increased

Continued affected the declines also COMIRNATY and negatively both in performance PAXLOVID sales our quarter. in

had last to exchange an year's quarter. Foreign impact fourth compared movements immaterial

But our for will overall increasingly charge peak to on development in is are contribute billion results on focused point based with over expectations. I and investments projected revenue that prioritizing in our associated etrasimod out intangible asset drive forward-looking this we changes growth, indications include billion As sales. $X $X.X product plans a the additional still to annual GAAP impairment

a with higher Additionally, coverage. to billion reflecting we recorded transition asset intangible a nearly for XX, $X serotypes vaccines impairment Prevnar

core As in shareholder and our X delevering our reinvesting designed enhance after value first is growing discussed our dividend; on sheet. making balance is allocation and the in prior is is quarters, based to repurchases finally capital is second strategy share business; pillars:

approximately to For dividend, Seagen. invested XXXX, and for essentially billion invested internal $X.X billion billion acquisition completed quarterly in transactions, $XX of we cash, R&D, we've via our shareholders returned the development net we've $XX.X business acquired of finally,

is target to rating our capital balanced maintain share commercial paper. to and Tier leverage goals, while structure Upon a grow goal our repurchases. delevering and returning to X dividend allocation our X.XXx expectation and credit of of strategy, preserve achieving we delevering our with capital to of Our more a gross inclusive access anticipate a

Now earnings our highlights. adjusted given that XXXX we let December year on of few full a issued XX, just and revenue diluted per share the hit guidance me

our total We of our expect to portfolio. 'XX $XX.X contributions the billion to across revenues full of range $XX.X which company expectation billion, year product strong reflects in be

on of operational put us cost on towards Importantly, excluding forward. anticipate $X increased the XX%. base least confident and moving X% will operational efficiency expansion a end COMIRNATY remain revenue we PAXLOVID, net growth and billion of cost the from at delivering rightsizing strong our program by margin of We to this believe savings We footing year. realignment

our foundation in majority value. long-term with deliver to commitments And significantly vast adjusted share be $X.XX full shareholder of again, our cost is Cycling associated an share and the XXXX, to resulting expect a acquisition, of is the deal. earnings a growth into of earnings business range invested to and Seagen from with reminder, diluted year we have from to range our We as a anticipated dilution of the this enhance of inclusive in fuel the this on the dilution for financing $X.XX long-term the $X.XX XXXX. to per set

while And that, driving with over to back back like half it growth We of solidifying for to near-term turn session. decade. our expectations acutely I'd to Q&A on this our the are begin Albert performance focused

Thank please you. With the the assemble Operator, that, queue. let's start session. Q&A

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

your stupid math, guidance and help 'XX, to line balance in So by margins? other top fiscal this your about guidance if year margins that math maybe and Can for your for my the for on biopharma question, line to have to margin bottom that XX% me doing with your drop I'm triangulate in other you with order XXs I'm margins guidance? guidance would your triangulating out low and of the but understand just

Yes.

So Correct. this Dave. maybe is --

gross finally, for That we performance margin improve goods inflation amount our of yet. we some into performance improving area absorbed would sold. we opportunity rate about of few we've bottom gross years. And cycle the I for we as and to us although term, at trajectory the new line. look that we our improve not time. it performance half forward some secondly, launches fact importantly, or over served margin XXXX then margin delever, guidance moving but late Those versus recently QX rate And and given longer over and, it's so we say gross at the -- here an takes operating has is late color provide that margin, are -- fixed declined say, products rate have approximately several our up rate things don't improve and has there's second XX%. those years, Our I'll importantly, focus margin covers that to will we our time going within is I that specifically, yield into as That to around that a that peak some in margin rate Obviously, of compressed in-sourcing in improve the the then XXXX, -- overhead. But is requires margin are dampens the rate coming have ultimately as up 'XX. if will, COVID before as that are acquired. to, to think Again, in-sourcing COVID happening term. that peak we cost short our has we've year-over-year, have in a you as P&L what's more will of online later gross get last

So I hope color. that gives you some

with Gould Carter have we Next, Barclays.

cutting? finance it Is you faster but kind check the it just that? question about should below you think guys maybe of your can in cost Maybe Certainly, that SGen? an reaffirming box meaningfully sort XQ we R&D just was of had would clearly, And more Does artifact there. that here. us, guide helpful. another for of of just of How where sort be of if reflect set integration the you're just kind later guide

to read a much not cost the our realigning our Probably this that expectations focused base came the secondly, Sure. that. is will probably our on some Part are consistent fourth -- of quarter R&D slide dampening is so And previously. fact favorable in than R&D into XXXX. little then into the Obviously, we that program. into XXXX and with in timing there very that's

that some of there performance back I is And think to focus the about implications is level. on achieved our that to achieving or savings cycle So as we of so $X We're on of into half all objective. XXXX, end already. delivering XXXX, timing the that billion remarks are prepared you through look eyes if on But focused additional we've net and billion. $X is now importantly, my

Thank you, Dave.

have gave. that we the confidence We on number high

question from Chen next Cantor. Our Louise with will come

franchise. ask was your muted. Wanted on Sorry, I you Prevnar to

compares was how ex that you timing issue, fourth-generation First And XX? could then give of just with U.S.? Prevnar all, U.S. on for or in Prevnar more order color the contrast it the PCV, on

on little question? the Aamir, color Prevnar bit the situation maybe U.S. add can don't the in take why you And a then you Alexandre,

So Prevnar orders? what with in is situation the the

Yes.

the so that some map regards often of in and quarter. to out revenues, the orders, quarterly of see by timing difficult impact given quarter CDC all to business, lumpiness Louise, it's with with pediatric we So Prevnar, kind

business, we're the we our business. should expect you otherwise, there. that on with and see pediatric progressing pediatric the very launch that growth momentum But happy is the how So

the catch-up On of we business really closed prior where to it's the keep in that important a end market decreasing. opportunity adult we worked opportunity steadily year. a business, patient we've recommendation, the ] I adult through the the that and with operating a share think the in already. pool was sense the market mind versus [ But are have it's different big that at XX% There in we that catch-up is

So population those aging are the patients. the as remaining harder underlying those well XX-plus activate with patients as that those are medical and into to conditions, are generally

in we emerging we So smaller business that that competitive, market will expect more market. VXXX of competition see face but to patient make ] expect with also we a the pediatric potential continue the going to population [ that lot And adult forward. growth

Alexandre, international situation the you. Thank Prevnar was in in last or markets? quarter in the the year how

question. Louise, Yes. good

And As see XX very XX, received usage growth we or we vaccination some good significant limited we to time, around a have of government from the and markets. reflect progress last XX And franchise, we Germany with in opportunity course, U.S. the positive of Vaccine is ex that markets, Germany at ex the the U.S. is have France traction when markets take the as believe the of an of population adults their all committees very recommendation we on then just where to product. adult population reality we Committee. by the access give time, in exclusivity have XX well on that week, the ship the used XXX CHMP which positive to To to book adult at XX business then increasing some in have as go country will in majority old markets. The recommended Prevnar and time. But at-risk to driven saw now their recommendation technical and into U.K. developments you and vaccine doesn't a Prevnar bit actually we Technical And campaign the same And of know, It final over in tender. that pediatric, of like the we're the an our VTC those the the both utilization. same sales we And approval from going pricing XX continue the we a IP in on in world. over see in our example, continue opinion, respective we so as schedule in you launched you we

what fourth-generation And about Prevnar? the Mikael, conclude to

Yes, pleased have Fast FDA, a And U.S. gives we a product has new of technology And that unique fourth carriers only it really and best us the studies. pneumococcal to whether cutting-edge It Pfizer than have course, indicating knowledge, designation has smaller that developed of hospitalizations. or I'm includes of tool Track which my some unique burden are prevention invasive very it's the the on And of clinical entered reformulations. can generation it relies offering. the a disease, from disease box, the chemistry XXX,XXX the platform is address both potential we disease, X which causes them. more that to both of

So we very good that about entry. feel

Thank you, Mikael.

This So know the is commercial for you CDC cream opportunity. is are U.S., the taken getting minds all, clearly, patients in largely front. exhausted. the the to been from I has a Prevnar, start of the pool a catch-up happening with This it of once the which opportunity, catch-up. In summarize the basically of we the let's recommendation adult have market,

market that. of already have We XX% share

that very we a this and have that very that continue market, our expect different is continuously now not story share So strongly. because grow market adult U.S. Pediatric, growing in will is the the now we we'll indications growing,

the have and products the in the are a been following. Prevnar U.S., launched, to pediatrics. just growth expect So because we story expect in International, strong situation both, recommendations growth to be see then we the

there higher is usually in the a U.S. So international in there delay than is

and So that And we speed. polyvalent very expect generation, we nicely full growth that reemphasize that expertise of in generation XXX to we think tenders. to more a build as plan have XX. fourth basically [ us fourth adult will countries the in now really see pediatrics. I to ] We will a want than moving XX to fast. in exclusivity we on will successfully countries, Prevnar allow very, compete convert of and and do that our to that then And XXX are vaccine

please. next let's and story the that's the to question, So move

a we Next, have with Huynh from Trung question UBS.

Two, from UBS. please. Trung

any year? etrasimod. versus has this charge so Secondly, in give So remarks, last on launch $X.X some What how prepared can has noted reevaluation? based think us on associated market more gone? year contracting that your impairment in you Can 'XX? took add And what's do that, your you with a you versus that 'XX here? share color And the evolved how capture of you you you prompted ABRAZO, on color billion your can XX% feedback

you very impairment Thank then move will Why don't much. question the commercial? you to take I and

Yes.

we on $X So mind etrasimod, anticipate sales. be peak to that over keep in billion this in product, still

financially, in of attributed As we look there the that asset. this indications as financial work multiple criteria were met ongoing to you of obviously, Clinically, are quarter. support for indications know, the that took you medicine. clinically, be And the there's at there medication, additional impairment in an which some still will that

that... with So

much. Thank you very

the how doing and launch commercially, etrasimod maybe the Aamir, is So

Sure.

with etrasimod [indiscernible] start as it. call I'll So we

physicians of efficacy we oral So moderate strong gives a It's got to. They proposition, option and just for that an severe oral to product this with is patients. think UC we've an maintain exposed the them advanced it value promising also this in terms to are very once-a-day of And conventional many option to transitioning from start therapy or already which routine, instead therapy. injection to beginning infusion. patients want on

option, XX% patients patients one. to progressed about an oral only get advanced actually but an therapy about that those of XX% of prefer haven't So those

very VELSIPITY there's And for very, very is profile us VELSIPITY benefit So clear also help strong. a fit. the risk here can that need

last approval we the at -- of approved end we So received year.

in going focus in advanced so product, access some time when immuno-inflammatory I oral see put to and is it from that just is to in we ensuring where take momentum And and any invested that's our place. that to on And patient building efforts get value is the as broad takes want have that remind we've first-line awareness launch. proposition. you secure HCP And right a VELSIPITY on we access. But therapy that national now the the label we option, time and place, with upside to

ABRYSVO? about What

adult expectations not like the recommendation. clinical on as On do think by well. that the everyone's shared then referred ahead than versus and was briefly would comment you share I'll the the vaccine, the We better clearly adult to of XX-some limited market ABRYSVO, a routine and to I On journal on decision-making percent

very contracting indication. will doing season. the we also that also using contracts those forward in real But I profitable secure that retail So maternal ensuring and with that focused going thoughtfulness differentiating a for are 'XX our we we're 'XX, mention share on on

setting, where And also we opportunities fit strong for adults medical as we're that on with a presentation conditions also customer needs. with well with currently focus and new older with share. our nonretail We XX IDNs, better in see going to new packing the example, underlying have studying as ABRYSVO, and opportunities to aged we're system the

see when that grow the what women provides antibody. the we with maternal as us the prefer think we're And few maternal there. that infant in And infants vulnerable. More from having most encouraged a label monoclonal immunized are than we vaccine segment XX% side, X opportunity the by vaccine their to they only of first So prevent to to versus maternal but as a get we're months we're well. momentum on months birth to seeing the

comes Stanley. from Morgan question Our Terence next with Flynn

consensus the first guess of I me. ahead quarter. of expectations COMIRNATY is world rest X was just this for Two

XXXX, second remarks. the mentioned about X existing wondering in in or PR then if And EU the benefits fair a wasn't onetime that any danuglipron Just go-forward the prepared there sales level I if is, through the that's noticed contract? number, to given were think that

yet completed wondering steps that if are Just PK what once-daily there. the and trial next

don't very didn't much. have anything Maybe on we the mention more. very we Thank you time, quickly say to because

lot composed So is that doing with now. a is a experiments program, of There we are that's the only which thing.

speak data. We dynamics once-a-day have the COMIRNATY? of terms moving discuss In when But to outside it want we we focus become and that the will now U.S. moving to it of of only of to Alexandre about What I'm the world again the don't rest the earnings said, in COMIRNATY to another being call. are

That's out why on COMIRNATY elements playing franchise. are several there the

the on are Commission, already that as last we as vaccination we guidelines several to European is restrictions see And execute European our signed we with approval with the population guidelines, as on focusing contract and Australia. the the we started older what know, the August contracts countries. in U.K. see following So previous First, the versus have, Canada, But population. you on years, year, at-risk the well right? really

matter have a decided some into countries XXXX properly. their fact, their of As activation some advance campaign so that can to of in execute they order XXXX

we years. of where is markets, increase with is flu type the COMIRNATY. think major other the of The we see the is year. we and in all XXXX, The in only seen carried acceleration that for in be trend that we see really don't area co-administration there vaccination vaccination will is future vaccination higher what will next we rate potential growth actually, our We future is flu where in if uptake have can on than key our is actually that terms the see, of XXXX a campaign vaccines that it in uptakes the few

towards want opportunity. The So we I evolving last pattern. say you is believe self seasonal is here that an COMIRNATY there a that point see as is, that the pattern to potentially

to saw some we models be I which of QX, line of you in the that QX, towards was will more in think expected see have I vaccination with the part community, type confusion a believe strong actually, And as in the And some year, that's second but I your course, also financial higher very expect the there So will guidance. QX, in we be is have XXXX. you you reading like what of of market. flu

Raffat will with Umer Our ISI. next come Evercore question from

So in which have Cerevel on and Phase III SEC from to XXXX, would meaning disclosed XXXX that not priority. also saying after a and a you noticed bid was Cerevel remains data, open was at filings top open in a to looking I putting deleveraging they been Pfizer buyback that out were I you're

the balance I X, So those in context where the just stands. especially also to want stock of

and everything Look, that's I it. the are everything But in fact will are ask doesn't our that we engaging Dave to about obligation. looking that, speak mean we

major intention share start we that in Then I We will dollars. moving development We year And we it our we into that you once dividend. say we is #X that bring will priority existence dividend try will strategy, it's said. And doesn't have terms David, development the also levels David 'XX, because see course, anything of we of means the aspiring, say which never delever strategy that are execution. then are buybacks well? opportunities growing it business allocation of mean our and, work. in and doing the M&A, to all for in a business is is not everything deleverage capital is did we to never deviate just the our our come. see to could that It as that But the articulated. to

it said well. You

You are correct.

Thank you very much.

And it, I You other a was think Umer? Thank the good you. right? teacher. question, are that

Anderson Tim have we Wolfe Research. with Next,

Maybe for Aamir.

is you the away. negotiated X until for the so XX the drug on of Eliquis initial that's initial proposed CMS February to price drugs biggest provide list So has days IRA. X

have to And sort So some expect that we price initial they you of confirm that give some in the X going? proposal question, September already you X, final between to is Can September second dark that yet? Are be how you'll information and we that until of deadline going now make questions here. haven't at those point the which kind X? on received investors some public, discussions are directional the can

Give you are to Aamir, So to give light planning more? us.

new our are to wrapping So Tim, rules obviously this in understand and mind government. beginning price pharma Medicare, it. The as of around this setting appreciate, whole so complicated federal companies you authority the process can is we're this

will and sure the official appreciate, partner, D I'm alliance process and negotiation. to And that comment process price BMS, price-setting also, to determine ongoing can going in XXXX. and not in for we're Eliquis you January as X, CMS with Our on Part is lead an begin engaging an taking

Yes, it's very ongoing. difficult because to these are they comment on things

could product. is to possible will So everybody to be understand at appropriately. can are it's need that there it and details is as as people of we an model things. that that soon and so able that's to complicate understand practical a I And we try very important for inappropriate because we absolutely looking provide the looking level

come next from Andrew Citi. Our Baum with question will

please. questions, of couple A

under your terms trajectory? recent launches of guide of us for focus, new Aamir, And it we and to products established to rollout And PCV what have Mikael. will that leadership you claim be well. bit profile to new launched, key as recently acceleration ones in to share should commercial assuming next-generation of doesn't would First lose Could that a look technology, pneumonia second little many CAPiTA to the the more given grandfather the about serotypes? the matures. you trial it ability a just information And I'm how from vaccine, as specifically it's you your then into

would that confirm, great. could you be If

much, very Andrew. you Thank

give assumption, Aamir Your let's correct, basically commercial it But think in I but the is answer first priorities a 'XX see execution to in view you how that. U.S. of Mikael to will the go don't us the

Yes.

execution already. portfolio, well of great back care I have my seasoned So we've start Andrew, I've and which So a mean, overall opportunity. Pfizer touched this this built, is as that leaders to specific take I'll them our a we specialty we've been about as by my focus lot primary excellence, on many care from very mix But can excited let outside about focus leaders step right? also of team in talk with of it me both and brands. and we the role and on saying Pfizer. products, a And do experienced of is

spent time a enduring VYNDA, really of franchises, Prevnar. some talking have about bit We I quite Eliquis, that.

propositions, to we entrenched well be very there very, opportunities. And some highly we focus have also have happen and see some in where value categories we to is acknowledge grow that they competitive do brands great with defend that we to can but and Our have some competitors.

focus tackling, that on, we Oxbryta have ABRYSVO, some hope all do about remarks of put let's can operational acquisitions at main Sabinko. of actions expect of to my the dollars going our really medical some So in see can franchises brands I our share me also focus focused continue those. core our with field what a promotion each defending including launches. we we focus we're including contracting. And NURTEC, principally prioritizing on we the where with in that as exactly mentioned, force, but to and well. brands and and There's Those in the then prioritize a and what team. our are with talk our then just advertising and I'm opportunities capabilities is of the my a with mentioned on blocking is in to his recent our growing opening lot management of when grow like as And look individual Albert situation like and And and launches. That number resources, we we that, our and

on are Andrew, me picture. sense ask priorities liberty will in taking because better Aamir. as over, you, that key leaders commercial whole comment are the other you Thank little your take the what to let priorities? also of Alexandre, a give the bit to their you international,

where we to we question, and is return of are for our can Japan, XX% the X my opportunity the top the going to priorities. on focus is that? share on investment. This main Germany, China, My mantra. in My Albert, do with to area France the divisions. my generate How international represents markets Thanks and really improved focus material growth order,

on X concentrated. and can the and quite we So report directly Those so generate best the it's plan me markets that the to to growth. resources at support most country their execute will have to

XX XX% our Our total top of country international. represents

to actually be quite you are where So the key of concentrated. each So doing can of I selecting the it's, again, What we archetype markets, and of improved markets from products investment? currently give have and in-line X in growth. an dynamic the different going different. the those the those new with other country example, we of to impact return because are is course, are is drivers I'm key material What

So last I Japan. week, in was

half that is rate the in France. diagnosis and we VYNDAQEL, instance, rate in have for so diagnosis U.S. And the

thing track going increased the plan to, week the next those for believe to on we're go Germany, on We product. So review on precisely. do I'm And week of continue it's in very China. the to catch last same to reviewed and the we Eliquis strong And we'll rate. Germany new And going be, the opportunity. execution. In untapped to Eliquis in plan actually a course, Eliquis franchise. has instance, got we And have

population. from as ]. of in the of of lung fact, can cancer large China X.X% LORBRENA the As about in a proportion you unfortunately is community benefit know, that is cancer actually it's And affecting lung a [ matter China, worldwide proportion the X%. the In

patients to a last those outcome. plan So China to was week we are huge quickly could opportunity. What is developing get actually when doing a LORBRENA believe the that from have I clinical we we benefit visiting

is medical will frankly, of the execution, our I'm our of activities all Then metrics rest simply tracking our the this products. XX for really each be each tracking from countries. and year doing both the activities, in So what top KPIs of key

commercial then front? in do maybe, you evolving? think U.S. on the of How Chris, the also oncology And the

Albert. Andrew, you, Thank

now don't priority right prostate cancer advanced early prostate execution -- a castration-resistant of study, the X cancer is during indication. in focus in the and the and biggest EMBARK to for We've months cancer U.S. of eligible planning. from during awareness myeloma. And the flawless from lot from trial, misspeak bladder moving obviously, done with immediate launch, we of [indiscernible] the and also want late-line the towards the launch last priorities, EV-XXX metastatic to now access for XXXX continuity up business. metastatic for patients XTANDI on it's the the of where Our would work multiple And obviously integration for in launch castration-sensitive with non-metastatic the be during XX%

Chris. then as can can on if sales. Mikael make about the you, share to generation And you Thank as let's Dolsten, next some comments much go you

Yes.

conjugate. in a recommendation I XX we mentioned very positive PCB Alexandre, just good the have with I momentum And you the Europe. for PCB in we think position think got strong

segment And third studies. generation, claims [indiscernible] of Now hospitalizations. pneumonia. as unique And major Andrew what with fourth did that we're the the said, based as really original was on the It's building a platform. only here, best for with the claim to U.S. in generation, unique are able, be burden grandfather can you XXX,XXX for we that the the the that call, platform as on, with Pfizer our will knowledge, X new say you

this as happening pediatric contain more ours. all more applicability it have to, I really serotypes continue increased adults can as will you a I the serotypes, the has and you do the well on communication get work also Now so include described good will with some the differentiation. done we the and think example, very not not need chemistry, new the adults improvement really product And characterization serotypes, a unique PCVXX. expansion are but of abandon on reformulations. pneumonia coverage together, as of all where coverage for very with is one And eneseritide And it's disease, to maintaining infant existing possibly we versus cautious and generation we what am is [indiscernible] caused for other have that

very feel good about the generation. fourth I So

Thank you, Mikael.

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

ADC of Albert, the beyond you the forward. to Pfizer to following as could And oncology long-term your is, technologies target there The of bigger think revenue this probably looking are question that one drivers or will additive going is then a franchise be that you're growth achieve segment? there an intermediate for suspect, pipeline? for I be Seagen, percent

billion. have we about having at contribute. Very oncology XXXX were by billion that feel and bit are Chris projection. will that to from clearly, technologies guidance some The it here. we Yes. the the that say very Seagen, of general, of good billion, expect aware little much $XX ask then I in And $XX when to gave $XX readouts I data we comment more we we coming, we XXXX. $X.X can't will expectations not the actually, on a be year gave the about that we follow say how we But billion given

very very, good about feel So we that.

among the Now I Pfizer the in to pipeline oncology, I in our areas. also therapeutic think say strongest have that was

comment the are oncology, the strategies? base a Chris, So strength. evolution the about in you lot of combination, let's you is us, little But to your bit I going see of R&D giving don't how general, a why say, think platforms you

you. Thank

on now as site want our capabilities, and our in for So and see with want Seattle. we Joya both on to strength medicinal new cancer we to engineering significant small Joya as with strength where biology. the those we well including have chemistry, focus ADCs protein modalities Seattle in and from therefore We focus La especially site, our bispecifics, La are the molecules,

biologics. molecules, small So

also and still on have potentially significant the As now we molecules, in Allogene, for interest but T follow you in. we're company in where combinations, significant have future also allogeneic and ADCs, But example, modalities a of interest small see X doing know, the formation between focused for with do we an cells opportunity the also bispecific. those CAR ADCs we

comes Bansal Fargo. Our Mohit next Wells with question from

on the a share NURTEC, Maybe pricing. question as in trends well market as

sure a multiple there make delta is I on they the NURTEC XXXX the price delta, to pricing? offering, that price, a the mean, And are significant has that to offerings Just over or do between competitor this price expect there discounts versus in given competitor that you grow wanted your headache decline market. if is

Aamir, very you, migraine Mohit, Thank general, NURTEC franchise. much. the about and in

question. the for thanks Mohit, So

to were as XX% been and XX% NURTEC, the on more I'll up volume #X XX% many continues we So Zapstrat be prior XX% have new TRx some response. -- we NURTEC by very that mention prior share. is quarter. opportunity little X/X so comments access care opportunity my of also, CGRP, only Interestingly, CGRP there's will see so and year about oral are an a than with We for use we unmet rapid our of really nausea for And category all comment our role we the mind. primary there's versus of and won't also versus encouraging. more that I more our write on prescribed X/X to play CGRP and both are continue few in to One were has prescribing steadily part competitive GTMs pricing lot I encouraged things focus include a specifically but the activation. and a of Rx are and a want And opportunity things triptans writers, engagement of said, than I of the physicians per writing, still there's can we so few with keep competitive field also a over the there's either last think this friction patients pills patients QX from for unmet category, complement over with NURTEC. And remarks. pain Rx and there. there's whom there's also in there. because an an in in prescribers But to and the less on And force over leading we strategies versus And an and several very point Oral a need. most then lot Two, relevant patient quarters, undiagnosed. Albert opportunity. Ubreldi. And are out, Rx have to than reduce focus the of ours CGRPs their an still a have and market. I a vomiting referred NURTEC, for it. But sharper is you need have an XX% his relief, to in But one, we as PCPs. Very also an intranasal, nice oral. there's written get and as the our few therapy. an it PCPs of be to of the experience, only patient of think to

franchise. want So our to we in growing NURTEC to continue invest

from comes Scala TD Cowen. Steve question with next Our

questions. Two

into want I do danuglipron, once-daily Pfizer version than First, But I on in update. to the clearly, how PK doesn't we is greater trial. the provide know insight Phase the has performing company an

far? to performance the program. us this of kind for ask the so that it's any in of confident be like I'd for So absence outlook how hard would to characterize you visibility, In

agent Second a Can [ you please? Phase is, to question XXXX tell mechanism designated ]. added what loss us the weight I, is was new

we're strange multiple we are we having with than because, disclose because very also, said right Yes. all, to on competition, But multiple a that going have of nothing are to comment about willing information new we on. everything because new don't we're we first are mechanism are asking doing complicated, The early. that. too Steve, we don't to have I that loss on data, you at experiments I'm disappoint danu, the we going want to not is unfortunately, on stage is weight things normal for very reasons that. And not as molecule it's you that action. plan now. disclosed reason this the have We because of said we said, Clearly, not more keep

Hopefully, So midyear there at I'm sorry as to stage. more offer to not information expect disappoint to where but on we is is you we have much this said, that.

Risinger Leerink with David Next, have Partners. we

Thanks the updates. for all

I please. So X have questions,

Dave. margin please is you [ First some gross discuss ] for Could the 'XX detail. [indiscernible]

then I you're a the you IIb in potentially does Phase think is And once-daily to would on assess a call, detail, low can dose Mikael. and a if comment III? design or IIa looking But ranging advance in have study on you to If had the XX% go that second gross for more profile helpful. conduct Phase the that that on discussed last tolerability efficacy be the for, Phase dose order a margin. would to you company then question

to danu Very Dave. quickly, and then Dave. we'll Mikael, Thanks, resolve go

lift is we insight clinical that is types database different if of to look of safety whenever to are we and molecule, Albert been garner supportive, at to to study But design. number And tend second has data experiments program. a Phase clinical there say running by you consider we in directly [ move a Yes, phase. large ]. program have Pfizer III with we into a lead-in each have general, into open heard that always in

you. we share with when able to data, all be So have the we will

Yes.

little gross more the serve Let's go to where information. bit can we margin a

low is XXs and as in expectations Obviously, indicated previously. we 'XX be margin discussed this David, our I'll So Dave, are we've here. brief the very gross

as kind of earlier. know, a as as into happening, 'XX, One you overhead. deleveraging lot fixed absorbed is, few had there's a that down, are COVID comes As COVID I things of we we're as indicated cycle

compressing that's So gross margins.

new couple us then launches over the gross an we're to margins And X the in-sourcing in the opportunity of over of things margin, same is acquired last effect many gross years. in-source, as characteristic. is products yields that finally the of finally gives improve on which that short-term process -- of time. And we Secondly, or here improve as have dampening

take peak several periods. next new are us that for an we product, for over an in opportunity As to at over inflation launch going the will have time then performance be not performance. opportunity yields absorbed us finally, out some a and That forward. is -- And we

So this we're again, opportunity over again, low enhance is expectation. to our us for an performance time. roughly But for in XXs XXXX

PAXLOVID add margins but they of let here, the are they affecting David, products. are in the little big bit manufactured facilities me And other the so more the products, and color are they are a but same not but separate COMIRNATY facilities,

huge So volume absorbing in the overhead. those the and when value facilities really were seriously are those production margins of had reduction, were margins lot of products a course, -- you such the taking seriously a

eliminated the produce demand targets, that Now have doesn't perspective mean a would realistic but there for into investors' that expectations money also reducing perspective. to not public from first COVID our our from this very if health all, as capacity more we because within we of are our responsible, be is

we that's revenues this all why capacity So although maintain are so the far, down.

So basically significant The mind, that their brought that they new many relative really so own have keep there's our a They second companies. thing didn't in David manufacturing. smaller new from all said, acquisitions products, were

but disproportional in-source, when margin. And new years, then outsourced loans X for infrastructure plans or is all reduce are have new a course, but something your you everything, when not revenues developed, for more that were right, to to the those bring these build are in of up. So last loans. you revenues. it. you able expensive are amount to the big way with And able build we those manufacturing, of going and PIK with least, course, and of start it outsourced, takes new But cost to but low coming of be be very course, than There very you are

infrastructure revenue always the are expected. it's but there, is margins case higher but coming, So new products products, new as are with the these for then

it's something margins. So not about gross

can You see in it months.

we in see happening how know clearly, can happening an why years is area improvement. the it what's improve You and it. But this it's that we

comes question Chris Schott next from Our with JPMorgan.

for And asking Or on target of equation. kind reasonable of now, we're sounds It need factoring we mid- margin longer-term piece margin can maybe lines, we the XX% like do just specific bigger longer-term I gradual a margins, fair? the Albert, should a just of for to snapback? in time? about of kind Dave of is as I reasonable just do can picture the over margins and was building guess, go And where about question think Is to think that as recovery we process versus think a Pfizer? kind not like high still maybe dynamics seeing time margins just kind but about mid- giving operating of rethink to we some how

target to you No, the program, a a a with with shared, margin has sense us, COMIRNATY, is slight think know, partner. high level correct. vaccine as Mid- caveat for you're I our reasonable that gross absolutely XXs

gross to profit. And so operating dampening and that's margins

about this slightly steady several from say, you story adjusted I'll the a improvement as progression product. And So next that mix a for gradual can yes, over standpoint, periods. think then

Rajesh next from question HSBC. with Kumar comes Our

margin Thank medium-term profile. the you for the color on Just provided. you've

after growth So to your have, some would looking balance exercise capital there? the XXXX where cost the growth about deleveraging which you mid-XXs think we you cutting term, capital is briefly end you say, more the of is one, Or a lower? you top sacrificing were In the Obviously, deleveraging priorities deploy And for your you you are done? therapy areas profile If touched earlier. at be XXXX. require second the medium what allocation on that the gross would priority at does or aspirations if margins? of the and margin

don't that? you David, why take

Yes.

over said So of is maybe what our discussion, invested business couple obviously, on in years. we've we have the substantially margin past the pretty

us. least development at phase behind from investment a the largely, standpoint So business is

work execution have We improvement to going to performance It's big already an a but invest story. and forward, invested story the are now. dollars continued improve

over you the expect performance higher the you because fixed next get better occur the costs. periods. Obviously, the your to revenue, leverage should that several So to

you So capital targets us. a and allocation should I perspective happen, then those from it said clearly, improvement achievements margin you expect the higher right. a revenue the And from think better from perspective,

importantly, We we've our a we are, And plan, an clearly, on of time, over as moment, to cycle our significant delever in dividend focused a integration focused made on investment oncology. but into then beginning the growth priority executing from at assets. supporting standpoint,

You should that's franchise behind that expect number investment one thesis us to this at going put the point. Clearly, forward.

have of we our expenses biggest and add the our we have following oncology, part also And I expenses. right that the clearly, where SI&A would a part of significant R&D now

Pfizer other The In that when productivity. emphasis lot play very the believe to do market excited. do it it's comes a clearly, is internal Obesity and areas big are to has we is have part a we of we it's to area that an us plan metabolic that is that. we that medicines, our capabilities We area. that and that reserve, franchise significant believe growing. And in of obesity vaccines, allows putting win are and

-- that's we So on have few will they area. other we continue of and have Immune we the is effective have area And antiviral course, are investments that significant the that investing. we investments. inflammation, the among an

the are one, antivirals vaccines, continuing money then we that will those ones diseases, that oncology, the areas are in. number are to So immuno-inflammation we in, metabolic put invest

with Next, Berenberg. we Kerry have Holford

couple Just of please. me, a pipeline questions for

QX? Firstly, Phase on on that expect data X RSV. also products? you Can then [ third for highlighted these breast. lung X following Phase a the the and announce When III we we And today [indiscernible] ] III you've in expect CDKX to can for date season readouts [indiscernible] starts, in

RSV? your -- not sure on question I'm what was

you are RSV? the when [indiscernible] of going the publish to understand To following the data from season third

got Why Mikael, Chris. the Abrysvo? Thank you on I you. And Yes, then, Yes. that, take don't it.

used. be expansion vaccine RSV accumulate the important this We to continue of can important -- how data and

on first a allow should you groups to but from QX, our more likely we that very be age season we expect half trials, active we the year, you share including So clinical also that know, traditional as high-risk expansion in can clintrial.gov, across age nicely full span think have will and this large second addressed. trials, of groups,

Chris? then, And Mikael. you, Thank

question. Thank you much very for the

for and in hormone readouts XXXX. the be year, second also [indiscernible] second-line immediate will [indiscernible] half the So this study, XXXX second positive receptor half the VeriTEC-X

from of year We primary BRAFTOVI dates and III cancer [ programs is Breakwater, starting there ECHX this and earlier beyond appear results but to first-line be XXXX, XXXX later with clinicaltrials.gov in in could Phase and completion important interim to Those will then CDKX, results. right for ]. XX% up also The obviously, in dasitumab study results very now BRAF and new CRC. colorectal indication, BXA expect anticipate with

next Shibutani Chris Goldman from question Sachs. Our comes with

Aamir, role, prior billion by was XXXX may. that I in $XX M&A. looking if revenues with based your questions, to about Two had a you company the upon talked deliver

revenues through an where of target hit that those to have could to the you're role environment work going what gauntlet about to business Arena. help are investors what's observations the billion of your terms in last from you list paying any Seagen that potentially Commercial is comment year, are We feel with deal industry, or might in an that? is in Chief expand that your with your on to you with M&A that now non-oncology, impairment can passed particularly dimension $XX there that there 'XX? Having about currency in on And U.S. be the worth wish this activity through development about have experience Officer, would being other been always with your XXXX? Then across in Is think M&A think you of FTC. anything attention the opportunity the update secondly, how for of regulators thinking of aware non-COVID, size terms the by us

the why COVID Thank take clarify you very Aamir's let that revenue. way, much. includes By the you me question? Aamir, don't responsibility

So Aamir. go ahead,

Okay.

So you Chris, lot there's a what in asked.

be launches that described billion we guided everyone's would done. management about the time we with consistent my to there is $XX what deals exactly what $XX to there, also the the what out done. which we we and And question, second I between delivering now yes, right deals that capital lots had a list, for billion wish got goal I'll honest, that we've from billion value by on Firstly, XXXX as priorities a goal, of so for was on plan is on XXXX value that $XX team, XXXX remind just and you remind your getting delivering to from that allocation goal, put described. On just our talked that is to that a achieve mean, the focus Dave I but I now and our we

So is. that's where focus my

we with get all speaks sites just operated can what going all across it's and about do. what lastly, I FTC world feel did. of regulators comment And patient-centric we good that do have FTC, for or nature Now approach not done we is the our us regulator. to say in think I very deals with on to our regulatory is in terms all how the the not that appropriate that But to to collaborative

we with Akash Jefferies. have Next, Tewari

will ACIP regarding for then expectation be Merck pool and view the moving and and have from the competition and the shrinking? had U.S. a adult ]? for Prevnar parts years the Is charge reasonable increased franchise. recommendation Fair international. pediatric point you And investors, [ of entire Consensus VXXX the growth top with Prevnar over that modest comments the next between what given an internal do on line on impairment the few kind the

the why -- Aamir, the it Look, I always U.S., the gave -- expectations? adult, the don't in on In it So this good, is with expectations Street we mainly let's catch-up and the a adult comment very don't think see market. right? a trajectory you high-level are, the say, take the of Prevnar how what opportunity, we opportunity. We as we are is

second of then and little choose are people a where bit first pool the on maybe eligible, in come, to the year. that that have So you would but vaccine. Usually, you the year the all of happens them a make some

think, a with exhausted, opportunity have We share. I XX% market this

that. opportunity. don't competition I So in that U.S. Merck huge see the think into adult right now, in the is coming we will

is that because is it. huge because into So big to just is in that's for becoming It's they we are are cohort then huge where said, a it the are year, quickly, really of very that area opportunity of very it do X. them we big growth it's not this people XX And how is in is pediatric So because we doses, bigger this when not a plan because, the cohort cohort should [indiscernible], newborns X as it it. us launch going I is this not goes you the see than age. The way every terms people down

to much that. nothing is there add So into

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

you when metric? Two this And cell of Seagen's really the $XX on impacted disease. you by noted the questions to we from that -- the One, by you parts me. getting most the the of is Oxbryta about think sickle to additional second on world disease. When the plan my billion part question now then up revenues bought speed where you drug you distribution really asset, XXXX, that business, of that are in to

really updates the then do of you OUS comments. Oxbryta there? competitive Seagen thinking opportunity think much OUS, competitive haven't in about about So approvals How Middle the given seen some of the recent context in East. and We

have I answer. number we we this to number That occurred. a announced get a From by then, reinforced acquisition. out put few On billion confidence Since XXXX. we was that's take can maybe it there that easy have when our because Seagen, that Seagen, the expect $XX an things a year

that the wants the which became it hottest thing is ADC, big basically Everybody ADC in one, was an bet M&A first technology. The this our on activity.

looks overall like technology consensus a a among it So will is investors, that is that there lot. companies, deliver an this analysts

of a comfort gives announced. lot after that that we happened us So

see will billion what The we second was expectations. of February. stuff also is don't announced also thing happened them we that after you were some Seagen But out of they our products XXth of show came that advancing but in see, that a that lot $XX with readouts you the significant we significant or beyond are

feel in also, that we a in did So both. the very the bet was well it bet company, we technology, in a

it. we we $XX have execute. billion addition additional in this for other change Then the billion is could remain confident we we things billion we course, $X $XX So of that, don't make the of but there $XX done, billion that billion all it, that and can $XX we -- that the but an to was remain

how is doing, Now on Oxbryta Oxbryta, Aamir?

Yes.

We've prescription prior the regards to Evan, well Oxbryta pleased the very you the that investments lot as on So made over acquisition. performance. then U.S. teams customer-facing since and XX% I'll and the We're acquisition comment The are was of solid. over a that. to XX% trends since with we up in with quarter. referred QX made year prior

at revenue small of seeing like as value we and Oxbryta the now, we that U.S., we're you Oxbryta. the to obviously also I So expect look something can at GBT about momentum see develop more. Right in that important would the look in bring that part appropriately. acquisition, very it's very that time remind and GBTXXX, rest expect also the think a of of is we're but and a which that world will take Oxbryta, we'll lot we about to you the is And excited addition to to

the for sales it cannibalized, will will will if of from Some to also there to market regulatory be grow. it's and a Oxbryta clinical but successful -- be continue some perspective, room in

and that's this of think XXX, the in data to there's at great the you gained opportunity in be ASH momentum look outside at the So lot the we when acquisition. value developed a be yet we of December, combination U.S. U.S., an that to presented from where

therapy with III, that -- didn't we a if has the for is transformative XXXX. the is potential but to we upside CBT the deliver data Phase say, terms become is it our sickle numbers. projections in the the brings things it add, year important reconfirms acquisition. if most the we performing would to as not the step would, the to And XXX next I acquisition we acquisition, Oxbryta in then, our of have results. thought improved When And II had we the announced same the I'm that exactly Since really, only when Yes. thing confidence did really made exactly that let's these but talking change Phase on have and we cell the that

I we we we there, over should confident what to also exceed. be announced, hopefully able feel more So now think but achieve we're and

we are So with that, the I to we think optimistic year summary, about ahead. end start the In call.

will way and is allocate this in speak, meet performance it are our our you keep products, are the sure think on that execute able should maximizing realignment building and same world we you defined have will [indiscernible] leadership, this I we program the market were oncology to highest see happen, execute started for we value as way execution. launches X there X the see long capital. The with in X priorities in know results. our R&D Thank on repeat will make plan front We takes won't we level our focused. I we the these focus strategies, believe key of much, And the progressing are laser course, again, absolutely team, this share, you to because team But we the pipeline, the will shareholders that antiviral. We how I we excellence COVID of Bye-bye. the the whole and see improve we maximizing new how as a with are next starting impressed right months, that product oral and was will results a those all and that with repeat also front, as execute. sample, goals. happened, stated of again but execution year progressing now you the on cost the we against to with program manufacturing commercial of be as that a vaccine the with to we that as us leaders to we with the the SI&A, wave all. have front are that our the which have that And the very executed gross margin year I but I now

you appreciate Pfizer's Conference today's Thank and We Fourth Earnings conclude this and Call. gentlemen. your participation, at you, Quarter XXXX disconnect time. ladies may This does