Pfizer (PFE) 1 May 242024 Q1 Earnings call transcript

Good day, and welcome to Pfizer's First Quarter 2024 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 our website we for pfizer.com. I'm joined press Earlier our Dr. at that of by first release on morning, a XXXX available this is today via released the results and and Denton, our Bourla, Albert CEO; our CFO. Chairman Dave we the floor open and have Albert then Dave some will prepared questions. remarks, and for

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

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

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

served the about are we had us on they optimistic Thank our Pfizer solid cautiously start how Thank morning, discipline call. year, executing patients I'm we you helped serve. we we and pleased This everyone. with as first in you, XXXX. are quarter, a appreciate Good In we to Francesca. for will our X colleagues others our in joining focus the and our and achieve make the during progress what will progress the performance updates discuss product strategic the leadership, with start and we we from bills. Today, to you provide the continuing about of pipeline, at the advance strong with the oncology non-COVID quarter are strengthen drive our priorities our year. how to continue a highlights deliver quarter portfolio, and towards

We with XXX and are medicines vaccines. of scale. X impact patients we the than more achieved with we capabilities first Through deep months our the the world of and reached global million positive the proud around year, our

on will driving history continue as We to of breakthroughs opportunities XXX-year and maximize pharmaceutical in of build the Pfizer's us. medical we front

and in with capital to share first enhance a and Oncology in leaders. us one oncology to shareholder and see ahead the February, notable of world-class will our and allocate made you executing confidence Our priorities business. comes believe the our our across The our our next the oncology we year expand each of deliver achieve highlights. Many joined valuable the that maximize quarter, on found are: by Day commercial opportunity we are pipeline in products, performance Innovation innovation, positioned hope strategic cost well achieve I leaders, financial focus from value. will be wave deliver realigning of you base, In to progress how priorities success we some I operational, world-class margins new it to

the groups have are We the in and industry. seasoned in combined able have excellence execution. talented we pleased commercial newly and achieve oncology been team, a of and colleagues leaders mix the most we believe to with of of strong both With we the experienced integration one in

XX% an continuum. of commercial growth the first-line quarter operationally we the the lung week, and treatment prostate We particularly, sales newly locally benefit increased the have on approval of a cancer positive following strong metastatic approval groundbreaking to urothelial in is season the FDA In [indiscernible] cervical with execution as recurrent line be therapy We antibody metastatic teams. positive part to announced FDA treat the care across based have by continued in this cell over legacy year previously foreign which ago, frontline conjugate XXXX, fee potential XTANDI, our launch oncology with cross-trained from overall data have in cancer. the of standard already revenues cervical. our continues cancer also seeing the which acquisition of recurring driven we products grew same of full are metastatic metastatic non-small survival And patients quarter cancer. Earlier backbone medical of strong EV-XXX a also first the for for demand could to in drug advanced first the or regardless or the treated ongoing and emerge

to we are on a focusing patients for difference strategy Going make guided with forward, opportunities by a our greatest cancer.

durable you in Act an the anticipated proportion portfolio greater With or more of [indiscernible] from deep innovative cancer challenges look to oncology important on well from the medicines, the forward today considerations This breakthroughs. and because diverse we continued revenue X the to and patients and portfolio toward provide tenfold scale, in biologics. expertise, global based our potential sharing are several of goal is on revenue our will of our of confident treated are the more the our brings doubling in medicines including on factors, of XXXX X it the in increase growth complex of driving updates with to number [indiscernible] our way number we accelerating progress power Inflation with We increasing Reduction

survival each for cell pipelines. diverse selective American from pivotal Meeting, of present the deep during wave Now developments core Annual III fourth we I'll quarter, the At the the of progression-free our for Oncology multiple in innovation. next III new X-year had Phase turn modalities, data large will starts, oncology, Phase Based upcoming lymphoma spanning diffuse and our pipeline and delivering and X data Society areas inhibitor, data tumor in our focus of B including including Clinical across and for additional the we scientific trial for myeloma. the In first III SB to study of [indiscernible],, in Phase progress our CDKX trial

the could older opportunity expand in driving multibillion-dollar aged the results Through evaluating B. cell milestones, the to currently multibillion-dollar We hemophilia to with the Pfizer hemophilia. birth the our of III disease. We X RSV its intend execution another delivering gene maternal oncology growing FDA priority approved received of confident in endpoints first we that milestones what product regulatory progress recent met agencies. recently including potential only increased is trial both are reported via for upon first drivers therapy RSV [indiscernible] build our are Abrysvo The adults and XX we have near-term are the and adults focus our believe become U.S. to this portfolio.[indiscernible] Phase recently infants for further program we months patients approval establish updates hematology quarter, sharpened XX vaccine, for the risk respiratory hemophilia positive the FDA from for immunization. We data and trial and XX therapy we at XX have and presence disease. beyond gene a broadest has to from This believe we RSV the on Hematology with we to primary to potential vaccine years adults of portfolio. range adults and and sickle with value first a years key in product growing With on submit continued portfolio a on -- anticipated and track expected to and builds is for also across with important a We older. approval potential

the to the year-end FDA decision for hemophilia [indiscernible] before expect the potential B. treatment first a for treatment both subcutaneous has market. as hemophilia for We And flat become A B which and delivered first once-weekly an the dose hemophilia

our best-in-class Osivelatro, hemoglobin to study polymerization of Moving addressing We Phase disease are space. undeserved community, to the potentially and for sickle are sickle this recently the next-generation we our for capabilities cell. We breakthroughs the started potential cell needs III of leveraging committed

I our turn strategic Now priority new maximizing of of performance products. will our to

put operations, our to take pleased of our we the impact change benefit efficient we Earlier, and already may oncology place are Pfizer the momentum I focus the are sharpened more structure a mentioned high-performance colleagues full products. culture. to by as from of it While to year our in commercial our seeing the a we realize bring we speak embracing

progress Our Pfizer organizations also ahead driving are in their moving commercial in growth respective Pfizer with international U.S. commercial, markets.

We have XXXX. the are year our this into are year and continue growth with the for to opportunities and group, several XX Abrysvo, pleased by what potential share. and in product, growth data to RSV market increasing XX we market With the we encouraged very key drivers positive differentiates overall age

reducing continue penetration [indiscernible] annual for cause focused reframing further X chronic therapy direct-to-consumer is care and ensuring advanced more we productive patients for example by billion patients to continue Another on enthusiasm on treatment [indiscernible] cell dose off a and ulcerative will the for proactively of consideration help appropriate importance I unlock well to CGRP the growth, toward through leaving we significant [indiscernible] with market. With to on to alopecia will focus systemic of And access mention will treating to and worldwide. moderate as of and for potential advanced as people coming Nurtec as underlying professionals With potential sickle first-line on to the launch, of and disease than we living barriers patient accelerate is room for its colitis. patients work educate with treatments migraine severe our the continuing are access health to access we the education health care professionals oral

consider grow progress about VYNDAQEL, X realigning updates continue and shareholder are provide first cautiously year our we strategic When with executing quarter we In key by capital core strategic our including the strategic to blockbusters, seen Eliquis. priorities, in Additional, value. we our how we along and we making to the protect optimistic X enhance with Dave continued other brands are allocating priorities, in cost expanding and a moment, will have our priorities, margins base on ahead. also X Prevnar, other the progress and what

our are our starts our driving realignment with progress outlook raised confidence execution, With share are protecting earnings business cost continuing and of XXXX focus in strength strong the underlying making advancing by we in adjusted on we the our We well new commercial to our continued have products and for per and $X.XX. execution, as as growing commercial our progress

in millions colleagues experienced talented With some many delivering globally are expect hundreds the continue of have for We times medicines that demonstrated in industry, our have and to execution. value for confidence before And most at patients ourselves. very we good the life-changing of of we and we company. meaningful

Dave quarter will over and as the discuss well I performance enhancing our it our Dave? strengthening to progress as financial to business turn in during value. Now the shareholder

good everyone. Thank and morning, you, Albert,

a navigate post-COVID to year is environment, to pleased this I'm continue that solid we a share As challenging to off start.

our core building a growing and organization. protecting effective brands while both investing are We in more

relentless I'll on then morning, focus capital Pfizer as XXXX execution improve the of on positioning returns. to I'll highlights of shareholder our wrap the our quarter guidance this allocation is remainder priorities. our touch Our for This review briefly I'll priorities by financial up as key outlining our well year. results, first

the versus last year. to decline the Turning operational for down the $XX.X let an revenues billion first quarter of me reflecting company Total XX% P&L. quarter, $X.X billion, walk were or

to continue on bottom As know, products and throughout outsized line to continues our business COVID effect that will end, top a basis. be this negatively line declining year. you global a our an impacted our we environment by expect To on have both our COVID

control to first on first expect XXX by and resources improved key I'll positively Improvements sales Performance touch markets, a to finally, strong that growth China such continue our or associated PAXLOVID our XX% versus However, both recorded U.S. launched demand were our sales the areas. priority by network. we exclude to management the in R&D adjustment in spending key the our for going was this margin SI&A Adjusted XXXX puts track the in contract, $X.X alongside global manufacturing our year. squarely the our to QX field globally, for COMIRNATY our government quarter be renewed for and delivering refined driven driven expenses contributors forward. Total acquired business. expenses commitment lower for further from to PAXLOVID the and versus $X commercial for products execution are continue increased important PAXLOVID. in resources decrease across first mix; increased gross while for with COVID focus second, quarter in acquired growth the cost with that savings points demand resulting growth last Contributing and overall to year. in the recently a expenses were impacted strategy, upon products be us we of X% the last in was to future. Strong our products last across promotional This performance by product both factors: favorable commercial Seagen I adjusted for marketing the do lower quarter, by billion the focus you and we to margin rate in quarter expected moment; lower XX.X% increase foreseeable an allocation operating with return Adjusted in net operational will want drove disciplined when on COMIRNATY was enterprise and of flows revenue cost and revenue Seagen, of out billion a operationally alignment in of executed into largely and end and Ibrance our for by cash pipeline. despite to point of products by improvement quarter expenses quarter adding X an partially Eliquis VYNDAQEL, to our as of prioritizing products, in the of driven compared year. acquired will by gross expenses year Superzon, This X% in-line the offset returns and associated marketing supporting basis Abrysvo. Dampening modestly enhance we on company just by QX COMIRNATY. Consistent our

a versus increased reported lower expenses For QX our Seagen. decline to certain from $X.XX. LY. earnings the certain X% and lower share programs, R&D by vaccines realignment driven cost assets adjusted billion, was program by resulting mainly diluted of primarily $X.X quarter, a spending, largely spending per on slight offset acquired were The were operationally from decrease develop investments

enterprise. performance cost adjusted due which margin strong was management share well gross as Our to the expectations exceeded diluted earnings our favorable $X.XX, per as across

PAXLOVID Recall earlier, government a agreed-upon U.S. credit of government contract government had the we the longer now announced year, QX billion. authorized U.S. estimated As quarter, $X.X last was year, product for we that the during and I CUs was for this product the return adjustment recorded labeled PAXLOVID. stated return our expired. with that for favorable associated U.S. the no period Earlier EUA during

$XXX favorable for facts, to U.S. finalize those share. the in the total revenues to Given credit. value per and earnings can the PAXLOVID resulted adjustment we of a $X.XX government of now This million contributed company's

strategy, me quickly long-term which upon touch shareholder to let capital is designed value. enhance allocation Now our

our Our return our share dividend financial growing strategy consists an business of of maintaining delevering and repurchases sheet. at our level making value-enhancing over time, reinvesting after and in appropriate balance

as During business billion quarter, R&D, via was invested shareholders $X.X quarter. internal to activity the minimal in returned the in we quarterly our billion $X.X and expected, first dividend, development

May, another quarter, with We target we X.XXx, a the paid we support expect in billion time. In are of And stake during an approximately monetize delivering approximately reduced during position $X.X achieve notes. capital quarter, and through maturing which down the of to to $X structure that to which sale from equity our down pay committed will gross company XX% our we leverage the Helion debt, billion, importantly, goal, to XX%. of billion we $X.XX began over initial in of outstanding our of

pressure, to Looking certain the allocation we ahead is to significantly due capital return below operating strategy largely couple next quarters, that timing flow near-term time. expect cash like typical the clearly, a levels, to this objective point payments. more I'd to to to over Despite be of balanced out of our

of our outlook few a spend me the just remainder this year. minutes for let Now on

commitments, to its solid are that a in we it's the that for the outlook and was objective highly we updating that still fact start. in on and QX performance in mind our we off modestly this As delivering company entered are on the With year. financial early demonstrates focused the XXXX, earnings year,

$X.XX. We guidance raising adjusted to by our are earnings of new full diluted a share $X.XX per range to year range $X.XX

both cost consideration our increase and targets business. this to line takes underlying sight strength in of our continued ahead, Looking into savings improving our

largely As financing dilution to our of Seagen earnings an due acquisition, from reminder, costs. anticipated guidance the includes a EPS also $X.XX

return our remain revenue PAXLOVID adjustment revenue the us of line unchanged top the While revenue year. expectations to upper the range, guidance the end for moves

revenues We billion. of in expect billion $XX.X the continue to $XX.X to range

continue seasonal our this even though nature revenues product. second consistent to it remember mostly addition, plan, the we to given is perform that COMIRNATY expect of to the approximately In our the QX, sales with in important half of XX% in of occur year,

strong put expansion deliver will year. the as forward. returns cost to on $X least of margin we the program our billion of move our end remain net improved we realignment on us base track Improving Lastly, footing financial savings at by from and cost towards

know, year significant the the established commitment decade, and As the is back this to over for the And year and has company the to it in Albert like value investments half remain to the encouraged past we the enhance our we I'd that long-term -- both back decade. clearly deliver we you outlook end Q&A our this session. through foundation by over that, to drive on X shareholder years, the XXXX as the to stage [indiscernible] of sets your turn made growth of begin growth with Pfizer.

Thank you, David.

please Q&A session. the the Operator, assemble queue. start let's Now

first Chen from Instructions] take Cantor. with question our [Operator We'll Louise

your I RSV vaccine had a question on for you sales.

similar franchise? looks into and future how what for this competition vaccines curious then Just market the your versus that do fourth And like for projections growth potential the GSK you downtick drove coming quarter. Does a about treatments? had downtick. It think the impact

international register and I started for you also approve that's now Then Alexander the we think Aamir? to you. add can a in product maybe markets. question already Aamir, because

for Louise, the question. thanks

the seasonal QX we vaccination versus following the QX, for much course different. be appears RSV very market the In dynamics expect QX so saw the of quarter. for a you adults, market in the it attenuated to is trend, certainly older over is it So like what

was steady in the So week-by-week then week a peak second there January of decline since a and then.

in for We dynamics Abrysvo, terms was we're progressing One we the retail think a fall reasons. very in season for what well think business positioned And trend. and our is with we our expected. we're our will of performance Now the for line follow contracting. this several seasonal

Second strength in the is channel. nonretail real we a have

it's U.S. of the You you referred to their look They mix. reported reported, When revenues. GSK. a mix as revenues XX-XX at about

year, share that is portion for a clinical nonretail also for new expansion data, at are that XX-year-olds ease that and and approved, business Aptivil, than of I QX later our demonstrates I'll have speaks referred for risk And -- offices administration note well of retail doubled as about share in will much think which is from which doctors' XX- this but Albert have as Our seasons. just And to in we [indiscernible] that our strength if higher. QX as through Abrysvo his our as and efficacy our organized customers. also durable with we lower to XX%. And to really of between remarks, X% relationships presentation that label to well

I season. combination expansion potential position really think a efforts of fall commercial these for well as label well as the us

you, Thank Aamir.

Now, Alexandre?

Yes.

for thanks questions. Louise, the So

Abrysvo. we progress actually On made international the on front, great

the of the protection through evidence against with to of know, with working second the that. and in health you [indiscernible] maternal respiratory half got benefits low health XXXX in provide the As associated medical U.K. in with we've expert and track immunization and system And and Europe been all then, since of we RSV as care authority the approval

the progressing U.K., European have in other are Norway, Australia, recommendations in actually, the progress. And the many So recommendation we we're markets. making waiting already good vaccine technical in and some committee from in we and received

milestone the a We Saudi because adults a of approval during good regulatory in with the also first immunization as well standpoint Arabia. progress it had of older in maternal Japan as Kingdom and quarter MI from was the

unmet funding to it time to we get get for then approval significant can into medical campaigns, don't the So those to get takes because the we to and address in yet overall, they see need but VTC translate to international. opportunity financials

example, X life in Just to first hospitalization the in to give were for instance, half infection of RSV. respiratory due tract Europe, of caused year the you by

know, those X RSV for vaccine birth of the is there a infection opportunity the from caused Abrysvo through And months. and only tract definitely occurred maternal infants great respiratory that from of first age. you as majority by hospitalizations X is to help immunization months So the protect

So we see a opportunity. great

you, Alexandre. Thank

Let's go question. the to next

Stanley. next We'll take question our Morgan from with Terence Flynn

Maybe just me. a part from X

all comment danuglipron any the on We've comment here. if other broadly already wondering you about And plans in more the obesity? update and of couple redesign. a one from Just you companies heard then XXXX Part potential us impact on your D can pipeline. Can in give at

the thank Yes, in you. [indiscernible] interest.

about have Everything It's mid-year the get new clear to Let so of the that the data say. have data as to more danu. based -- are on formulation. the speak me so take for way. discussed when else, we them around we that everything X and to make have we'll news the And is we to not future once-a-day don't then before waiting we totality on we relates plans, decision will

XXXX, about now in go to you D redesign let's the if However, expect Part Aamir

parts there's for Part you imagine, Sure. D to And question. Terence, redesign. as thanks many the can moving

our to the there relevant went into first no important vaccines. as think redesign, sharing that it's note to place cost already I business, of is think imposed on I what with part

'XX, to our that dynamics in other the vaccine helpful that to and and a So there's 'XX some see positive. cost is of out-of-pocket is obviously, patients, that course business, we're parts caps, starting including on significant for better in which of over 'XX access and portfolio given VYNDA. with create our volumes, then And

change patients a that including come, cap to as in smoothing. as well things there's then And

out. between government, plans, how shared and obviously, costs changes there's see plays we'll also how that patients. manufacturers, in And So are

still that, on to we to on any XXXX we come this. that And So implemented, when specific will. dollar ready impact gets of offering very a direct are that tracking business We're certainly not do how our closely. there's lot guidance in because we're of all in terms

with We'll question from next Tewari Akash our take Jefferies.

strong really but tafamidis, On life. wanted on I to quarter, ask patent

seen the oppositions side, patent this write-down multiple it out like How this fit think patent Given product? are infringement. IP looks the shouldn't conceding defendants invalidity have then two, about office we've should pending for to U.S. number we Why EU and first-line quarter in PADCEV earnings accretive we there XXXX? TIBDEC CGM really the do Is any cervical. for you next launch Pfizer strong And could and year? by to see possibility become on

questions. That's very go you, little very first a to we Dave, to don't speak good well. Why bit about is doing

become would of then If IP that to on and you can expect from comments can the accretive like portfolio, our about customers. some Also, hear earlier. I Chris the the situation, progress Doug comment

Yes.

clearly maybe on obviously, Seagen and a start very a solid So perspective, to a the from quarter very solid just year. financial

both think our for we're we long look not cautiously short think forward. Seagen, term changing I and but we're optimistic I as term expectations,

we're So business optimistic probably than that already probably nothing And that the point to to update this trends underlying our the metrics we're that again, cautiously we've in established. at on financially other financial commitment seeing time. continued

You comments some about want to Chris, the of Seagen the also, business. performance make

We've NCCN we've Category uptake forma got Guidelines we're as It's growth. New very to X. just early to year-on-year We've XXX% early we that a has got community Dave publication. England settings. the Journal this Yes, -- pro early in pleased was both year. the it's academic got and but out, I think We've what XXX, pointed just launched already data said, days seen add he for

for forward because And on looking XXXX, those current invasive I now of we're that fact, late setting In well 'XX, we'll studies future the in the 'XX. community. out the we're X read XX% and in think the muscle cancer set bladder accounts

disputes? about the Chris. much, Doug, with very situation you the Thank IP what

patent me, a would through but take excuse regulatory and end December out while we additional in U.S. of it of year. be is pending. in term patent to of the term VYNDAQEL there's have for major XXXX expire in we patents And filing Yes. But patent In this expires currently Japan, exclusivity XXXX. which the extension, VYNDAMAX our pending may And requests through exclusivity, extensions has XXXX, March XXXX. European cardiomyopathy. that markets, for patent November of patent

Seigerman next Capital our with from Markets. take We'll BMO question Evan

year, in around nice to and December, it in back want Obviously, said I year, XX%. be and had actually full should a we margin. Or touch of? better quarter, you could this puts for kind aware Do for see takes improvement the gross gross there the seen? full some we've a you that I other we are be expect of would given on margin that the benefit believe

Yes, We're improve from is margin Dave. a to so this our performance perspective. and both performance always gross operating looking

on I'll Obviously, things there's improved we'll that. as continue margin quarter. know, to So in focus the X say you that gross our rate

Some are temporal. of those

those permanent. more of Some are

think gross control strong. our I platform the what is that cost performance our within is our element encouraging margin across manufacturing fact was really

priority. because that carries margin gross low We profit rate. is very a volume expect very that know, you to of back share our mind be weighted as in half -- COMIRNATY, continue to keep be a COMIRNATY focus. But our

itself So on half putting our the gross pressure compressing that mix will in and of back the reverse rate. year, margin

expect that that through product dynamic should So occur you plays XXXX. itself out to as

with Securities. Guggenheim question Divan Vamil next our take from We'll

the drivers. growth in on kind just products X I want of newer of of terms The sort Congratulations touch on to quarter. the

second understand is lighter one by NURTEC, in you impacted So if expected. came than to a the tends which be on just trying product in that on a the your myeloma outlook. And sort give to Orexo. of little expectation dynamics just of then net. there can the bit one gross more the and to to the what little we I'm side first change quarter of Obviously, sort any detail quarter

you on to the sort year of listed key quarters. no This slide be Slide that Just drivers under presentation is there. in noticed growth prior growth listed key in your longer used your X, drivers when

looks drove I'm it what an just from the curious growth like intentional I'm key the of if that of -- group just So decision drivers. curious was move sort to it change.

Thank and NURTEC, you very much, Vamil. Aamir, myeloma. then Chris,

Thanks question, Vamil. for the

happy and NURTEC. the like We'd taking little bit several to to we're momentum of that. I'm accelerate So talk steps a to NURTEC about do

we're the to, already encouraged by the And volumes you is side, the what impacted the itself, For the we performance gross demand flip in then was as on net. that saw. to alluded quarter by and the quarter

demand, So to was TRx keep XX% the mind. just a last that its in points continued few share of from NURTEC up a QX class year. XX% on leadership with and market within

high which as NBRx that volume, a at on, its we share, keep eye whole, the Biohaven the 'XX. end since very Secondly, we of a close acquisition closed hit point

And up all in NURTEC versus new is importantly, So and the 'XX. writers there CGRP that this XX% QX was about new but up versus the writers QX of last also class. within year, were oral XX,XXX of

a that volume there's demand encouraged we're the So by. and about the lot

Now were quarter. on this One saw net, benefit X dynamics. tend that every year, the of issues is see the typically quarter just last year. dynamic too, you We gross to first given in to there design this

Secondly, some we and issues did quarter. finally, commercial adjustment to was period there in channels prior have GTNs And an payer then mix this government onetime unfavorable between our QX.

about the undertreated terms question rest fact about for of remain strong. year, fundamentals and that growth. we continued of the Your patients untreated the NURTEC, talked We've in expect the patients

patient commercial reduce way a execution working year. force resources of temporal our what over I gross We the patient of a will and also different net to for also made physician then in described rest to abate slowly awareness the to And the field access. think friction we that and changes engagement some that of of we're have with is number be and our terms focusing course of on in the in going doing

in the do of we continued growth expect 'XX. overall, balance from So NURTEC

Thank about you. Chris,

Thank you, Albert.

but for driver just pointed list to years, So next growth over biggest we're a our become, he Albert major absolutely confident said, oncology, Pat of the couple growth drivers will immediate months that a the reason out and as as driver, oncology. so didn't the for remind, major

reminder, seen refractory data months. reported we've recurrent/relapsed of a setting populations reported Just promising we've refractory efficacy in very progressive-free deep in durable responses. with And and the longest the highly survival XX.X patient median

optimistic the with planned. the the head-to-head as there's the with conclusion seen from no course, we of future what definitive we current future as very studies. encouraged We're remain starts recognizing Now of uptake, by the with well we've have And there's from currently indications. build new as patient indication no is

the X have studies we that months. next reminder ongoing registrational XX a And in

access out from. pathways gain favorable first read study. III received continue you on process most pathways of. update looking for some, things would and more forward We've study also we smooth recently the in positions the and on soon The Phase J-code favorable various [indiscernible] very and to multiple to reimbursement

Chris. you, about markets. you international Alexandre, Maybe in product to anything the Thank have add

and have Japan because of as in in XXXX we actually very nicely know, in the in January, progressing March got U.K. it's XXXX. We December you in and in -- Europe approval

considering So are profile, reimbursement. got the of into product. moving profile And we've access clinical we clinical now early exceptional the

why in competitor. year. the the versus [indiscernible] So early got became we that's could into close like in in very discussion introduction in sales moving we we the the market, we time that's of later cases, then approved gap we that And product first-in-class indeed some are Japan, actually satisfied access, are to and in we quarter. why some first But market reimbursement and

approve before, access base is price. your that Overall, exceptional they adjusted. profile an are a you to to in may something between But product, own they price basically of and the product But there gap markets, unique. early is that allowing access we of if because be most the international They countries ground. happens the some on saw and is have access, the the which approval the

good So -- very for but a this there's signs product.

keeping feeling profile really the We the very when and on of we are clinical see bullish opinions it. the

Dave next Risinger our from take with question Partners. We'll Leerink

Yes.

questions allowed So I to ask? how many am

limit. You, Dave, you don't have a

Okay.

keep it So I X. I'll to -- have

coming to to little to VYNDAQEL, So after I additional the reductions quarter down but quarter. first if to I'm how the there comments just cost I'm a it. it trying March cost is question respect XX get a of that And think bit the after then appreciate the or trying understanding earlier, structure the in the about of second, just are response regarding first company's structure, whether in with get the such better bottomed to ahead sense cost out of first, company

about comment applying potentially there term beyond of So a patent December extension was 'XX.

Pfizer there then EU, 'XX, trying I've I'm So be to that was of comment successful, to. for December EU heard the but is U.S.? and of was instead would for positive development patent extend the And if what the November understand would what date the a the EU 'XX that

Dave. much, very you Thank

cost you Denton, Dave the take So

Yes.

First, and is margin as of -- us as expansion know, our important rightsizing forward you from cost structure think financial returns. incredibly well for for we improving our

say see some we largely in but compared through Obviously, as year. Those revenue going ex keep point. be are already this changes complete. on and we is structure made we I U.S., what lag, at continual of us we've look as forward. cost U.S. QX invest to changes support what the for the you is in of -- look now not business cost a forward But will going of thinking how the and As just appropriate the as in for enhancements balance think focus ex the cost that objectives forward. about a the would mind through we're has probably is are and changes structure large we our of this constant this the balance of margin year, cycle cost a U.S. that about in in the those for this happened will that This quite

clarify to and a you Dave. question? few VYNDAQEL Risinger's things can Doug, Dave you, please Thank about

Sure.

we and VYNDAQEL shouldn't Just beyond on to be clear, December think Dave, VYNDAMAX. XXXX

take is December hope XXXX extension, and I patent to out And that saying So file to it again though, just term it that's we term in we've patent we that is would addition may take was patent clear. got that to a out and extensions, pending, to I is XXXX. December all term extension that filed was pending. which filed additional

for clarifying you Thank that.

Okay.

to go next question, let's please. Now the

Trung from with question Huynh next our UBS. take We'll

UBS. meeting the I the Trung clarification just coming One up may. Huynh from guide, ACIP if on and on a

ACIP on the get can think shared XX XX-plus? any decision this the be you Is for agenda be XX XX chance So Would this to in the clinical is on risk-based? June, population? Could you expectation the for to what's the your there like going on a this recommendation meeting? to XX data

the clarification you're PAX. going guide, here on the comment end you've because now quarter the just appreciate I credit And guide upper billion at $X your be to kept the a on the for for updated of do on you sales this PAX, guide. you the expect to imagined was you have $XXX PAX But year, your at expected? given than Or million that of guide EPS the start less

would year the of say seen, the we Well, is we maybe that now We're at would where as full we're the of we the based both expect products, full now optimistic It about that not year, I and I'll this our an returns the From we've it was for perspective, for we year. take guide look I cautiously first. a estimate on end the obviously did adjustment did finalizing not complete. that all of final and -- adjustment. for forward are. that PAXLOVID

very expectation than that PAXLOVID point a infection mind achieve original not think we this utilization. from product still objective, started that off at anything in to. trend cautiously And will consistent we our less in time globe. I do and we're the with rates across solid And keep our will optimistic expect

the on cetera. ACIP Mikael, meetings June-October And et David. you, recommendations, and the Thank

Yes.

First, you hear to interested to vaccine. punctuate, RSV in good our

of to coming positive informative data lot a XX have in XX. that's and We

to robust FDA. been in have filing happen outcome imminent sharing out We already for U.S. is And that. a

profile Aamir also We format. And also you data mention, that so have have been second data second have full show and and us. we available season far robust season, coming heard for on delivery new probably best-in-class

things is a there Abrysvo. further to of lot positive happening So strengthen

important pending range views, formal We be, to to needs don't from that we share for and wait of the help FDA's helpful that as products. think, be meaningful of FDA decision open very several to this normally would exactly can when FDA be a some robust positive Abrysvo we be sense, product age that new the could on For potentially data but ACIP set a know given will it for will the are in clearly, And unique fall, RSV these various you. is approved. ACIP certainly data approve. Thank ACIP happen in until data that understand way. recommendation, a We sets but to of think very course, planning unique

of these for -- comments both of couple questions. those a Internal

don't On the ACIP, we not it's always speak ACIP, for so appropriate.

can do. to So will do ACIP what they

whatever course, don't we is that can as as hope that have. other whenever we know. in something it's we see they Of we so to marketing course, our decide plans we they or maximize they ask wait we recommendations typically, they approvals in that approvals, do, data the the commercial to decide, have What present and we but June, say, of will us prepared data that the or FDA the and U.S., we the countries that in know

So thing. that's X

explained comes entire David course, thing, optimistic, other of that that cautiously line about The we of -- are through guidance the we that gave.

that cautious revenues, margins. we And course, our we of in cautious think are We EPS. improved cautiously the about again

a misalignment to see COVID were we that there come who came. in with expecting have of all of to between last You year need what what and for the eventually big context been

cautious us. for important when we to that us about is And double know be something makes extremely speak is projections. credibility We

don't rather feel that, everything anything and we rocket than will we solid, prefer achieve say, we we than So say but achieve to we more same.

context So to time. a this the guidance provided have all that that as we

to the go next let's that, please. with question, So

Umer question from Raffat Evercore our ISI. next We'll take with

I questions, A couple may. financial of focus if

down gross margin. those recently were on time on into of Considering I X Or mentioned recent and well First, there one-offs it? baked the inventory margin year products XQ drag that of meaningfully north year that as helped what more acquisitions full last margin launches the margin. acquired like remember XQ a in both wouldn't XX%? of guidance as looked as tracking Dave, implied, were specific gross some you new have presumably things: in-sourcing historic suggest from things work build like XQ, would full being is

significant for your both. some just is monetization for Is years, the manufacturing over what dividend? Albert secondly, some is capacity excess it considering potential fill there environment be beyond, maybe of the you or and questions on and and a finish broader of the this And for a from

I think can them. take David Dave? of both

Yes.

both happen listed in-sourcing, a gross items new performance the a immediate those that as quarter. you probably side, us margin in-sourcing On impacted and an in of product in QX. things because that The is longer-term launches said, the couple to don't I implication favorably of is our there

think about outsized was think that multiyear you have we impact an probably here. don't phenomenon I that. as it's to But Seagen, that So a

And obviously, compressing they gross rates, of margin those the to new launches, we our did. which plan for be

said contribution we're They compress think a partners. off fairly the significantly, mind I solid in keep COMIRNATY partner earlier, start. our gross that and ramp I to up. margin year, half sales very what the to to of payment have will back given our the But begin in we rate

would know, of as you we overdelivery to performance margin half year. Umer, focused on I the expect gross we're can. back well dampen the our So that in

is improve will do priority performance dividend finally, first is as I we over our reiterate there. to our allocation that our that foremost, just capital growing sheet, about and to continue not everything at I #X think can think then we want and from So And perspective both time, the balance a we supporting risk. to and

assets monetizing understand be our the the some and at that way Secondly, yes, those we have always of some of on look what's across may and platform we that assets to capitalize best that.

effectively. more operating be may that of Some

is the perspective. that from table everything on So

have to it's serious support this capacity a now the answer at are David. that sacred ones to will on although to don't are maximize -- return our continue when on I the your that that something investments it just because without We issue Dividend, some right? of is not support sense, that we again. you it is like levering as to want because Thank they in want cow know that to reiterate repeating. on need policy because our you do it we looking that already very monetize is to And that secured right doing with have looking everything, we us. makes very to I able the business, now reason to is people opportunities. we see why the [indiscernible] will it dividend at . And promised like much. We all said any and And but people, the looking course, we for we seems dividend or assets complete, don't need the will on we Thank you, be was sterile there to the The the dividend. we -- can we described, support opportunities hear capital. will are

next to go the Let's question.

take our from America. We'll question Meacham Geoff Bank of next with

have quick Just ones. X

Slide Albert, or this priorities, the or allocation super the next? as second on the then capital or out is commercial The deal, that mix and fully has looking for cetera, from Dave a to more question, is see PADCEV the clear. some deleveraging and more commitment few the XX What trajectories year the now a view et been we the dividend And on near-term have leverage you inflection? first Seagen as you to impact dividend X integrated, bolt-on still would highest years? expect you'll see of and Or is BD in a gradual could

take go understand impact Let's and time. to Seagen Chris the how to will that commercial on

you much. Thank very

Ibrance know, hematology start field coming a in ADCETRIS we should but -- planning seamless number prior ensure to and and months close to months. for integration between that teams over of force So our playing we cancer we completed you cross-training a we now Kaiser January, had and commercial especially between to breast seeing had And the out of further as

from colleague as new with we're mentioned, the legacy very that had been obviously organization retention, we retention, so the we build there's As pleased a issue haven't and Pfizer business. legacy we've Seagen tremendous an colleague both

of to continue well. patients, to enthusiasm the overall groups from patient because from care that the survival. data, groundbreaking There's double health do providers, expect significant advocacy from We

III Seagen an studies confident continue We've the update and So instance, the portfolio quarter to last with Seagen confidence, Phase pro to seen, great for fact, we'll started And legacy XX% highest III forma of first other the basis the year-over-year in study from the was portfolio. we we growth. new we see also that on NME are you overall, So Phase from performance hope and growth. with

area and impact would into positive rather impressed nicely organization very side, difference an course, this very closely. make a putting invested that X. on both so both actually, of think perspective, in X starts. plus have the day that now surprised we I than we to the huge my world. business, From the is it of this say, a research monitoring lot we'll Pfizer I'm we X I'm equals much can that on X how Phase on are seeing because the already, well of III start we But

also despite in integration stuff and as have always going in are then in changing of the put single but that Pfizer the Ibrance a on and high territories, you haven't visibility earlier stabilization growth in a see see that, didn't we you moving decline said, then clinic. expect When fact have side, demand, marketers lot it the months. X high can integration the people where seen done, I on should you a what's stages that people now a And commercial, of but And I don't the assets say, for I are the you we have we on an around. are face challenges jobs, have let's first because changing seeds

very, a disruption both we say, of let's sides. creates, growth -- on that strong of very can have be here. All We

off But good really of we time Not benefit. a So full start. and will certainly, are to I'm the very under really, take team, a see to formed Chris' he leadership, course, has pleased. terrific

question? don't Now take you the why next Dave, or

sheet. is as clearly, capital our as the priority, as both delevering our #X So regarding to allocation, first priority question your it relates supporting our dividend well balance

perspective. X my is job that So from

As it expect us term, much bolt-on do to you the would in to near there. relates acquisitions, not

we priority a hope helps. that the are get lower is -- ourselves. I that near in We term until

next our with take Devarakonda Truist. We'll question from Srikripa

the Congrats cancer a Ibrance on perspective. your progress. from have I franchise about breast the question

receptor pivotal trials, Arvinas important or III how data data? make to like what have You for continuing One initiating either year. with of the whether expected or you combo expectations both them? the this combo these around with CDKX these CDKX/X for Phase partnership data are combo decisions is, later your And it's from estrogen collaboration are [indiscernible] or

Thank you very much. Chris?

for much Yes. Thank question. very you the

have treated Ibrance. with globally patients Ibrance point now XXX,XXX over been with Just that to a reminder out

to the about X we it specific very Vebdegastrand, currently leader. which So programs: next-generation believe next-generation CDKX/X degrader excited is We're inhibitor. receptor and be also still best-in-class [indiscernible] CDKX

Roth. the point this we'll year later are [indiscernible]. studies planning out, as we at get for But For, additional you data

CDKX a therefore first-line and seen expect and We're progressive that's into and first-line heavily can months. brand. the therapy of started. coverage a highly X.X survival study as to definitely medium we're overall continuous pretreated studies, by and an both as see standard to and very a why see encouraged. I'm seen the first population, with accelerate strategy response confident you've endocrine in more with very has registrational good of as termocyclib-plus rate CDKX XX% encouraged safety profile of we well care You we've complete more dosing, study already compliance of [indiscernible]

second line you know, study. the As

next our take from We'll Carter question with Barclays. Gould

you'll impact to back respect follow-up commentary on come I the and I on think it's wanted around guidance. the When to IRA thinking I focus about think to Albert's a and But ask as you exactly a Part you're a do 'XX important, for fully 'XX. comments the be pretty conservatism position little are already exposure of on have earnings discussions isn't your your made peers contracting underway bit comment and D most and in a better here, in late surprise. season to

sort a that any of Is hiccup little So guess being IRA margin would improvement be multiyear risk sort a of process. I a talked on the bit there you about to a color for presents that And time in there helpful. 'XX? line the of David, operating

have Aamir, that? do you any comments on

Sure.

have you think describe dynamics. on we clarity will I more And us what means. the heard Carter, So year, later this that

share we that. And can so certainly

specific me our alliance are I is think so negotiation that we comes BMS, a a live process. often there's on that. that address Eliquis clearly now in leading also about let just that question partner, because up

around that 'XX You've in frame. describe there impact of heard them will and in be described September transparency time that we the the also outcome for

And so in position more. that share to point, we'll at be a

without just look relates different as the our the because those have would specifics implication IRA that scenarios, a our Yes. might improving XXXX we IRA scenarios, still we hard run cost multiple the a And in how to of giving of And is because about. it's structure. impact I say forward, to perform. from obviously Under lot might we guess parts, scenarios margin model to we business offset moving we spoke it's expansion on and through it impacts any I around will specifically as we unclear would work perspective, still those any as

significant number there we a industry huge for uptake, have the is is say. And are we course, XXXX, I we of the be want that. everyone efforts X will also clearly, because of if pricing, will pains let's to which in will the right, us, because in that's will on of something case, contribute see we not are the certain that that law is abandonment to as for that implemented, will for pharmaceutical But because because and their, deductible. which I'm pressure word are out-of-pocket I so law, exhaust also to need when let's events that significant say, first happening, quarter asked said the says, people the co-pays which or high pharmacy happening the out-of-pocket, at hope maybe hearing , to this the X are particularly on have dynamics with but the try level to immediately when we and put the X they play pay But that to everyone, very a the

that think, payments systems health as are us. paying because dynamic, long for as for So the patients the industry asks all significant contribute benefit out-of-pocket the for to a know we is I always that, there care less you the that

for very whole. thing but of exposure cost that, And are that we with first are biologics as is whole mandatory the is sharing. cutting all, prices because a so us, on the vaccines, that it of more have there a industry concerned and negotiation industry the IRA are cost they that as for are there. no a volumes, part actually, occurring I'm just There not the from I'm for they good good They for about concerned particularly. One benefiting no for that reduction. is,

or molecules product X volumes would X were So was selected. again. exposure, would where can for we only only that was I and selected But small do we X say in have 'XX, like that X we see on have the that we the

said, to So in discuss Eliquis, see. can't but middle of will negotiations happening. We the course, as Aamir of know, we anything wait we about that's

they've the included Ibrance in that see products some they of been their that And so if that those they they year, and the will not in LOE. are the are were anyway, about be other whatever of year, XXXX. Then approaching we'll of products next world, bring that the impact XTANDIs, this this will the be

period defend others will for whatever he very than to this time. of mean bad can doesn't smaller for the come but something, risk be a try big the industry and is really, not it because is place lengthy not we for This price will opposing even period but that that if So they it. be will very that MPV the and we we not the we innovation IRA, cut for and of into have in time clearly for

to the we go Let's running our time. next because are question

HSBC. We'll Rajesh take our with from next question Kumar

in PAXLOVID margin. to maintaining the then which quite did work And is First puts over the bit some will gross provided how and the What margin question with color takes If throughout your point quarter some the gross to we we on get gross early at margin? in are margin guidance is disclosures Or some the see this from below there? out QX, the very XX% you've [ the year? and XX number XXs year, you early margin. of sort the look XXs helpfully is, impact achieved difficult you ] gross do

be would can much model there So that right that any so help appreciated. we

Great.

XX% some XX% entered we So I around closer to being yes, color margin we gross versus think to closer XXXX. just when gave

at are primarily vaccine I will I the point gross carries margin that a time. bit emphasize number lower XX% fall rate in sales, want a margin any margin, in gross it's specifically mix just one. We which maintaining color within quarter. below fluctuate given say portfolio, of this But to our unlikely rate to the that would gross for the given

year's the versus our Number quarter the that in performance last COMIRNATY volume QX, of at is two, QX dominant sales look for last gross rate but QX. positive on was lower that Obviously, effect QX, to of the in onetime final you when adjustment margin of in the less of the PAXLOVID in an margin reserve actually did have also gross compared mix. impact impact year a the a the versus mix,

helps. that hope I So

want U.S., from the right? underlying significant. quarter And pleased PAXLOVID, makes right? is was previous approach what first that moved that's of mines in execution, So quarter it we of So had and emphasize But approximately of as mind them. commercial but I in on to into way didn't keep demand in the lot the go-to-market model, to that that And was it step any the really the this right? X in of million scripts, a a me product, we I a

executed So it Again, executive. was I'm very team and that. Aamir U.S. on the pleased how

with a plans. small transition commercial low [indiscernible] have very So very we

the extremely vast then XX,XXX Well, lives with same good if I of time, almost And the execution and that insured the that remember year. the at this X,XXX XX% the of want participating, [ list is difference that exists of the And price with the goes U.S. the that because are price. remind they the ], And Medicare it it's credit well. part. is also commercial through Medicare went of participating plans, different majority of clearly at to pharmacies, level to a I government into that very different thousands For compared for

Next we year, the and of give everybody moves discounts any. list to price, the course, that

over Case, you to Let please.

from Sachs. We'll Shibutani take Goldman our next question Chris with

Two questions, I may. if

more as markets, about for Prevnar commercial models. has The quarter, Can There go products. thoughts the is relatively migraines somewhat particularly your has question comment adult about that this NURTEC, on Last this been about is second instance, I'm given about of work? curious coming certain opportunities? across about being nascent preparing in obviously, to terms Lilly some competition categories like you and might you're these of And mature. competition? The the view, Pfizer well. integrating particularly first their different categories, the you you on pediatrics. some Aamir, for thoughts type with exploring adult have and more product consumers, direct strong of your performance how think Where and commentary I industry for tone how direct as in pneumococcal the was for have on your approach, vaccines that to provided obesity efforts I is

Aamir?

for thanks Okay. the Chris, question.

commentary dimensionalizing think on around and it's to provided that. just the Prevnar, we So you reiterating I alluded the market, worthwhile

There underlying market XX contract X for population XX-plus the continues the adults. medical to adult is So difficult to obviously are more increasingly And reasons. that's conditions eligible XX fewer activate. then to and

is that any but it's true that's going for So come to is that true our adult into the dynamic a market. competitor business, for also vaccine

So I note. that's important think to

Now to And growth. for big as the share growth. We in We X% well saw continue as in uptake the our pediatric. expect overall is franchise, did that very driver QX. growth we nicely market of increased

that share launch of a was exiting XX%, to saw of from of QX PCV in at pediatrics And PCV our conversion, XX So and XX% the QX XX. time lot XX. was at

So good we see momentum on pediatrics.

Now your continuing we where to segment the performance about good back very are. adult see to competition. and question We're

coming. is things what not segment. that are We outcomes adult in XX% of a recommendations are going that there defend earlier, as have to be. regulatory speculate alluded our we going to But to share. We the And we're or on VXXX number market can acknowledge the do to business Albert

Firstly, retail we nonretail contracting have a the deploying portfolio approach the but to also we're that in in setting setting.

to setting, that in vaccine the nonretail many for that stock note preference it's satisfies customers a organized the X management all current to And workflow also important [indiscernible]. have

best be the that's more, to And then that contracting drive pediatrics. we and do share to think albeit is segment segment, continue the in growth until know in doing. we our we're have continue to So the adult to the what defend maximizing adult way on to I in opportunity laser-focused

as is, our that One is example also determine example very more to we the consumers examples. on well as of to I'll for the It's And value It's a value good important to can enhance in appointments. name engaging always true mechanism that, connection. categories really consumers their second bring. other vaccines. a business of certainly your ways that's activating book done our VAXassist out, as look, at we'll vaccine in looking few eligibility explore business. we've that. of work point pointed as part we're NURTEC, and question to you but and we a And like for consumers, can look patients PAXLOVID true very, in help a to around create just On do extent that categories, to that that And

very Alexandre, in PCV quickly, anything markets? international on

great Yes. had a quarter. we No,

by also some X% more milestones. have importantly, But grew As operationally. we you know, achieved key we

pediatric So Prevnar Europe. in of got we XX European approval the

also We in market in got it very approved many and others. are Australia important which Japan,

we this want on world. around So because franchise successful is to the great then very [indiscernible] build the

you market, able we have be As in to to and now we're XXX ] that. know, [ exclusive NIP build standards going on

But We we in outlook. markets. most Prevnar France, X And in where see of XX European pickup. covered by the why? Just process are population a VTC on the it in the comment getting adults. Germany and extended Because of still recommendation they the we very the in nice got

launch XX remediation utilization and in nice about gave and we XX in in since February, we and this got population and instance, that And we at Germany, in to get speak. allcomers, risk pickup above. Germany, as XX very us For we France to are in

in potential So we growth. a of well, as adults, see great

approval a It's and very cadence recommendation. nice of

Bansal Wells Fargo. next from our Mohit with question take We'll

Maybe question for a Dave.

in had year, because margin of about item, the you really high if margin it? quarter year should to cost opportunity the COMIRNATY you EPS And as as could are do understand about we of we but wanted could well? expenses [indiscernible] impacted revenues. throughout the I we into Just because the cadence then to when there about over fourth I mean, be a think you management understand improvement embarking journey on onetime better 'XX get XXXX, be the should think leverage profile think with more think or how you

we giving our that don't you -- have the that to we say since quarterly focus thank for would Yes, question. margin, improving gross take journey. the this a that adjust sold efficient more just and expectations goods would guide that improve is infrastructure. for around say costs multiyear to without I and further to implement effective we these of time be to to cost And ways are working in I

late a to more think So would, 'XX. be having -- more XXXX and of 'XX XXXX significant it on come. wouldn't I impact But more but that would it but if

we certain and we we'll be develop specifics that. As more to share as some more specifically, know our around plans

We'll take our Schott Chris question next JPMorgan. from with

X for ones here. me Just

something how terms we in the where a this where are higher Maybe that you still contracting Or following Just where we just highlighted the channel, contracting update the progress terms earlier a for then second can specific that and commentary. on numbers. do just are sight year there of of you is on -- the very in guess Abrysvo, line us I market And much question just just in just addressing update year? runway quick have up last is, my quick go? was the market. that's we Obviously this retail really Just on to share strong with VYNDAQEL. going how some of penetration X quickly growth of more much drug? progresses? And point? on on of issues you in do Can efforts at evolve as is that

Aamir?

Chris. Thanks,

more look as later. to at drivers, we'll question progressing things. you conversations really VYNDA So contracting up a but also share that had on quarter. we're XX% Abrysvo, our as And your quarter. have XX% year-over-year, think I there's strong importantly, few over said, VYNDA, We When last so a do terms on in we of on were I the

of temporal. that is Some

ensure were process to pharmacies. And smooth at a efforts patients we some wholesaler specialty beginning made also with patterns the So the year lot there of purchasing re-enrollment year. end the towards and last for this of of very was that

of the But fundamentals of part the our QX demand on of really strong. it, and heart that little leads strong to all performance is importantly So of diagnosis a at that a bolus. VYNDA bit are around

that's rates quarter-over-quarter diagnosis we to going We're biggest the patients. end unmet in commercial of forward. to efforts XX% XX% into the over That's our is range. several there identify and concentrating years, approaching XX% increase a opportunity starts. And the saw we talked about And last where the top need, new So getting more that. patient still had significant we're

the do saw with will will continue rate that to perform same not we VYNDA. well that sustain probably momentum, but at in this we So think QX we we

Thank you. add? Alexandre, anything to

Yes, very quickly.

U.S. the a still established we also volume we have international growth, markets Japan, said, And we because see XX%. so we've is very worked with professional what robust the but we to Exactly opportunity can quarter in the operational have around in health care comparable a we to in standard XX%, Aamir saw XX% because still had a treat front, XX%, that establish are the talking but we is of opportunity is other because, infrastructure as diagnose, reality which grow the we like On screen, yes, strong XX% as France, growth care. and faster. And Italy, basically are to there like we VYNDAQEL

is there increase opportunity rates. to grow So and still

very you much. Thank

take more time. We'll questions are question. because of we out X running Next

Anderson next our from take Research. Wolfe with We'll Tim question

a can value year. that X confidence out. or of could you I'm readouts looking bigger perhaps everything that So for just wondering, X the to upcoming you it's your busy excite as Mikael, be reading readout high is most, I'm So not description point a the pipeline where creating?

Just maybe X or you excites the most. X that

Mikael, you. us excite Thank all.

continue today excited momentum. therapy, to the and based of yes. approval B for RMAT Yes, potential [indiscernible] we clinical grow early hematology our I'm to got about for mastozimab both Designation on Breakthrough franchise A hemophilia the equivalent actually the XXX which we available, so onsegrimab COVID/flu And readout readout is And about vaccine, data combination [indiscernible] then ] super are [ readout Phase the term, excited breakthrough pending near mechanism. III. think relatively that. pipeline I really coming. has a in

your from Chris? side, Anything

potential be other the the which new of Lorbrenla the unprecedented decade. over X-year will for ASCO. again Lorbrenla, X growth upcoming mention to could just presented data at Perhaps readouts. next define We There's

That's that [indiscernible] good are we talking if to

in X future that colorectal important mentioned cancer. readouts ER-positive to reminder breast opportunity Breakwater, looking Breakwater that, VERATEC that's also, cancer. X other which colorectal define XX% can Particularly which up BRAF-positive we're forward of the so second-line that's for cancer, first-line prognosis X to to there's the is and in path then earlier, also the as readout, to the is us, A And poor define

question, Thank please. And the you much. very last

from last Steve come will TD with Our Cowen. Scala question

in And approved but This presented have Pfizer don't the shown your trial, I broadly. versus mRNA update. efficacy flu XX-plus questions. ever we've vaccine in year have the superior believe was cohort? secondly, last interest was more been efficacy then an vaccine data X In flu to obesity I gotten

position forward. for this things So the just -- is clinical is Bolt-ons not post point. simple lead obesity There for is but good. danuglipron X likely, look something don't are on and very moving outlook data pfizer.com suggesting

obesity at what So moving Pfizer? forward exactly is in

Yes.

On very of the course, multiple right obesity is metabolic and that Mikael of an can area flu that all, area terms traditionally comment, big also is mRNA we win. the the together And times an of strength have to I in vaccine. But with that this said first

in the is have whole investing the So part to very we we it, even big are because the strong the keep market. a and And obesity infrastructure. area of of

the right se on of be multiple very have we to progressing. current will because active don't mechanisms are we in we right had it's speak but to them. that clinic, early and [indiscernible] the the X said actions the now obesity and of we now some repeatedly we per So and mechanism with actions. We waiting, anything on on too new have other agents But data say about ones, in

one the let's that. of we're continue obesity much commenting not space are now. we in will, say, being And we very why in and that's So active

Now and obesity add also to to you want mRNA the what anything vaccine about the line?

combo data XX order further event very refined in in flu trial it to said focus mRNA vaccine that you I'll mRNA just that that first against actually on a did product A, that's platform. on outcome is under We a that. an near-term share although viruses we years so think these serotypes we relatively administration and I the now And to we'll opportunity well technology the obesity. readout. and generation for expand X the robust saw say had dominated we on XX the old disease to the activity XX bring running simple with do for have of COVID/flu approach. opportunity to really We that to by vaccine is think both soon, XX the

trial For with you the first XX-plus, early what referred the was an to generation.

preparation moved have focus We generation the to and second in subsequent clinical now are studies from them. of

Thank you, Mikael.

you, operator, In are start very thank you, thank interest. XXXX. call. pleased with a and So we good for your in summary, solid everyone, very That the was

our again X ahead. will our to have have We are hope you. and our with to shareholders, are our the executing you interest company. for confident year for your a And continue wonderful continued we progress optimistic you day. priorities, about in that we Thank cautiously in Thank deliver We -- patients, Pfizer.

for This conclude Thank program. today's your you participation. does

have a disconnect and day. You time, at may any wonderful