Pfizer (PFE) 30 Jul 242024 Q2 Earnings call transcript

Good day, everyone, and welcome to Pfizer's Second 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 results call release pfizer.com. this quarter This being XXXX that morning, pfizer.com. webcast of our we Earlier is at available released website a our via for on second available the press via at audio

open questions. today joined Denton, Bourla, remarks, CFO. and Albert Albert we our some and and prepared for Chairman I'm our Dr. the will then Dave by Dave CEO; call have and

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

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

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

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

Thank you, everyone. Francesca. morning, Good

progress well. as drove reached and XXX strong of patients execution lives we XXXX, first the around half months the than continue We patients had the year, world. million of with we the first the medicines X vaccines. pleased making our business are a that difference Through of with in our a is report We more performing we've to second and solid in quarter

have updates we developments advances will through regulatory mention we our advancing expect provide how few will a I other progress from in priorities year. key our positive of series that the and I the fuel weeks approvals, examples just when also pipeline second achieved past of rest quarter. continue the strategic we the to Today, about

financial -- the example, from additional the XXXX strong revenue of will of when Dave our outlook the reached financial with the In growth had aspect results pleased COVID quarter, about well, disciplined of our for this are since time execution. peaked. performance quarter our coming fourth talk had first and We we achieved questions. for will year-over-year we revenues as our course, take second then

departure. had to have recent substantial team ultimately Before we tenure Directors. go I'll some that further, words Board XX our hard impact do that It's justice leadership of millions coming approvals find and been will I patients globally. engine, announcements our transformed start for has the Mikael of on at Pfizer. meaningful delivering during touch his R&D XX-year Mikael to Dolsten's Mikael about with

Development. my my President tremendous then, him the thank I health. as and Officer our as to human Scientific Until to will lead colleague successor. coming and I contributions these friend look closely Pfizer Chief forward we with over for for and of to his Research search continue Mikael months working

deep I help to Andrew have and welcome and Andrew want Officer. Innovation sector our save biopharmaceutical new and our guide And to him are brings clinical, to strategies. Baum, fortunate we Strategy Chief expertise. scientific

us United calls. to with able the While Andrew will to because he family quarterly is States, for not join future today he's with relocating his us be

Taraporevala mention of recent to our Cyrus to addition the also want I Board.

and he Cyrus in skills, brings at supported X strong management a vast and investment committed by like years unique We financial Global Street until he CEO of ago. President experience Cyrus. are was exactly Advisors breadth to directors retired with markets. State government experiences And

thrilled to him Board. are have We our joining

focus of XXXX. to confident will served the track we the on we in important beginning remain priorities most company, The we strengthening advancing our With the are at our and strategic turn X for on opportunities unchanged. our performance. I year Now remain

quarter, business each our our In the colleagues forward second moved in key area. strategic

wave oncology a they expanding innovation, of by pipeline new As delivering next enhance that achieving our will base value. realizing products, allocating maximizing shareholder the in reminder, performance of are margins world-class and our leadership, cost ways capital

we -- our are as for and we revenue I year We growing our and are time. 'XX full And dividend creating more per guidance well diluted believe to positioned to Dave our continue discuss to in for maintaining share. our reinforce want over shareholders. are we detail, raising value adjusted earnings ranges will commitment

first combining growth world-class believe Seagen's innovation We for we and longer we Last company. differentiated long-term to bold with people achieving ADC transformative on our live turn help to progress drive towards one, Now year, medicines our oncology and scale. and acted better lives sustainable could leadership. our cancer with expertise, a opportunity capture the of I'll vision Pfizer's

we At our the our acquired success of vision had high track integration. contributing of retention, halfway the mark colleague revenue. with reality, are a and are this and pleased products are to XXXX, meaningfully rates in we to on continued Seagen We've make

is towards patients metastatic advanced locally standard cancer. particular, or progressing the frontline rapidly urothelial becoming PADCEV with In for of care

We are products other the pleased oncology with portfolio. key strength our across of

drivers quarter. XTANDI, during Braftovi-Mektovi combination, example, as LORBRENA, for this continue growth significant

of the the TIVDAK approval plus included Our and first FDA in oncology TALZENNA for for XXXX combination. full XTANDI robust Agency European commercial Medicines performance approval half

because of the CHMP last by partners. dramatically for These cancer. Europe royalty positive already products revenues The the these in is illustrate with development received notable for highlights one also Braftovi-Mektovi breakthroughs combination are how and lives our people that marketed We Pfizer improve PADCEV. a receives we opinion delivering for

have develop with opportunities will highlights, are most I in breakthroughs new the to bring the several important need. we we therapies to course, recent patients also where obesity. pipeline to review future working Of starting

previously IIb believe obesity, to agonist demonstrated results efficacy in is our Earlier In danuglipron, in most receptor is reported pipeline. what and this twice-daily month, the GLP-X announced clinical we in preclinical obesity formulation. move Phase forward a good the its development advanced plans danuglipron with our oral we that from of candidate robust study

For reported the GI previously adverse doses we all events rate investigated. tolerability, of maximum across

tolerability IIb for the Phase however, our profiles in we competitive observed levels dose study, are individual at class. that Looking

Our and competitive to modified the essential potentially this delivering oral a to efforts of competitive encouraged a developing evaluating those be multiple at level that formulations. dose We were registration-enabling technologies by release now focused inform This strengthened product. conduct We once-daily pill formulation are to study confidence second to are expected our a this on pharmacokinetic once-daily delivering optimization our studies. in plan half studies year intended efficacious. in

positioned of and Pfizer's we participant R&D of growing study and market. to data from for patients us along programs. as need, deliver execute area leave X,XXX studies on previous study work than registration-enabling a growing in key a believe competitive with these it II We a to a accumulated represents have Obesity patients area well we that from results product our is learnings rapidly a focus more in Phase

hosted which Phase success our American our we the was When Meeting the are pipeline we X anchored and over next Oncology strong Annual the that Innovation Society Clinical A we mark February, in our shared presence already month, year, positive milestones would was highlight last Oncology III readouts. at of by progress. Day demonstrating

living ALK-positive emerging LORBRENA strengthens cancer Follow-up LORBRENA's setting. progression. the CROWN beyond noncell in data years lung as metastatic an study care standard with patients This of the disease XX% of X III position in LORBRENA showed patients from of Phase without were frontline on

regimen diffuse progression-free in mid refractory while Data in combination study in overall III with large in ADCETRIS lenalidomide study Phase or this care patients demonstrated side significantly with survival meaningful data to B-cell Hodgkin III combination evaluating for Phase from standard clinically showed Europe the And setting. patients ECHELON-X from relapsed diagnosed a additional a of rituximab an lymphoma. classical effects data of in and newly in with regimen ADCETRIS compared reducing used lymphoma improvement

III in oncology directed myeloma; enrollment integrin We XXXX mevrometostat, ELREXFIO pipeline we ADC; selective have in multiple EZHX setting atirmociclib, our refractory second-line Phase are advanced to for III in beginning vedotin, our studies inhibitor, moving in Phase relapsed our inhibitor; anticipate August. and and clinical which beta-X CDKX sigvotatug now our the with

doubling will medicines. continue our our strategy innovative X with towards blockbuster working treated more We of number patients medicines oncology cancer the goals delivering and XXXX or of

momentum program, serotypes. next gen advanced and data In PCV we that to have adults II that our and encouraging industry-leading our candidate, we receive example, both have a programs. our Phase beyond highlights also for We XX capabilities vaccine clinical valency pediatrics, with based on expanding

persistent expect We largest strategically in be invasive offering disease, across serotype challenging the need a to medical vaccine serotypes. highly coverage antibiotic and single the resistance addressing competitive while by

by as pharmacies. report United never highly with for system-enabling States, received in offers to significant reconstitution, valued one-step RSV yesterday, frozen, Act-O-Vial advantage presentation that a ABRYSVO, unique that pleased an such the presentation approval In ABRYSVO's we I'm

adults Additionally, label in States Europe we and XX have XX. submitted the for both to expansion United for

malignant a Phase hematology driving demonstrating therapy our we from progress. are III Last with programs, gene of results week, hemophilia people and candidates study also A. onetime the efficacy reported safety for our In positive we

As for hemophilia about include and chronic year with our marstacimab COVID/flu pipeline, updates about this we our A combination continue disorder ponsegromab to wasting additional later and associated diseases. advance expected milestones for vaccine, cachexia, B a

of to turn our our strength business. the commercial with I'll execution Now

Another strategic the of maximize product while of products. focus portfolio, and area our core is growing new our also protecting performance we

encouraging with see progress our team's to continue execution. We

in operational meet growth in delivered are the will with session. substantial I progress as to for an product NURTEC acute year-over-year to we global see well share as on is the quarter prevention results revenue growth. where both opportunities able during We example markets, launches. rising Q&A in XX% where be with this and hope opportunities additional expanding base we demand. international usage our touch Alexander strong making are This

XX I greater leadership strong pediatric share highlights. grew XX%. demonstrate where continues the among reinforces In a touch pneumococcal our position vaccines additional segment, Prevnar on market to portfolio few a in Now the to product United performance that States, than will

year the help RSV. later year seasonal trends. for During was in to are ABRYSVO in in full adults well expected the performance need increased we confident risk among as We rising this of performance remain quarter, positioned at our line we address with the vaccine believe all the

LITFULO execution. is last we expect new are we LITFULO launched to strong every receiving grow we on X we position patients as a encouraged demand. advanced and by out a prescription, year, focusing one of product therapies continue systemic Approximately is on a

with adults and colitis. We for moderate promising to option much-needed view as ulcerative active VELSIPITY severe a

by our encouraged are coverage for preferred first recently We payer. at large VELSIPITY national securing

additional XXXX. now we expect working build this see the to of We with And to on impact in this payers. are

VYNDAQEL for a When patients we we seeing in products making portfolio, are how The we impact positive consider offers of in strong execution. of example family difference a business. core good products from our our are also

the on physicians prescribed. therapy once by in ATTR helping appropriate drive with to to We and growth working and improvement with identifying cardiomyopathy are stay is patients it accelerating access patients

With of is unmet strong additional more that quarter, deadly growth opportunity to diagnosed. of benefit who through yet believe need. we second from estimated those identify have products nearly It patients half our there VYNDAQEL be is high the this disease to with progressive and could because

claim to to oral Eliquis a market. continue results was greater we another contributor share in our significant as growing anticoagulant

Now let wrap up. me briefly

First, they more thank are I of change like day showing each colleagues delivering lives. dedication to my the for XX,XXX patients' purpose would than breakthroughs our that to

in are We in deliver along believe our advancing we our XXXX. track financial in year on execution our business. expertise focus confident and deep to with With we commitments our driving are full on our pipeline, innovation and

expand will to shareholder with With I cover he financial performance of priorities. through base Dave value by you, now our our realigning as capital margins walked it our to allocate that, turn progress I to enhance our X our cost discusses Dave. outlook. work strategic and and And

everyone. you, to Thank good Albert, and morning

first I'm out by close year, the of very this our quarter we second As half results. pleased

to in and investing relentless transformation durable also our continue We to key science-led ability core our execution, both brands continuing advance demonstrating build to TAs focus our franchises. grow our on while protect by

dividend. value, returns more Our both in goods commitment to long-term initiatives and enabling to and shareholder efficient to for of strong setting result OpEx rightsize improved will grow and stage capital our maintain organization, reduce to cost our a the

expectations results, briefly and up priorities remainder will capital items, for our including our this financial the second I review our key morning, allocation on touch guidance, 'XX of our an update This some and quarter onetime year. priorities on with wrap

year, P&L. company were Turning down billion, first $XX.X of walk for versus X%. quarter revenues last to growth of period operational the QX reflecting the performance Total the same let's

post-pandemic to to cash COVID basis, a Our revenue and lesser continue a the extent flow by global much on impacted prior than be quarters. environment but

impacted positively of growth key products refined our Performance operational field Looking revenue and resources of demonstrated at products, strong in our and our enterprise, was globally resources in our XX% across resulting marketing business excluding on further commercial COVID optimization key by we've commercial quarter. allocation the areas. priority geographies, focus execution the continued into

well Eliquis performance our products NURTEC to Contributing as and in-line was this Seagen XTANDI. as alongside acquired from products, VYNDAQEL,

As quarter and Xeljanz the dampening in growth IBRANCE. expected, were our

a pre-pandemic focus Optimization basis, excluding adjusted company and for Program. the Adjusted margins we quarter cost is company was manufacturing result recently rate the realignment our compared COMIRNATY. from primarily gross be was our as a in XX% our gross announced to as execute as sales over together cost returning margin network. for our the few XX% to mix and margin years our strong non-COVID year the Improvements products will across of to with focused last next Manufacturing well mixed program, program, This management continue on on favorable the new operating continued on

Optimization Program, efficiencies, focuses on the operational well Phase I is which now. of Manufacturing underway

approximately expected to deliver savings the XXXX. of first beginning is $X.X of realized anticipated The some by XXXX, billion which in is in phase be to end

expenses Total $X.X X% operating includes from spending adjusted Seagen increased business. our operationally billion legacy and to

Looking expenses acquired promotional well recently and adjusted for as primarily products. SI&A by expenses increased components, at X% marketing the driven as launched

partially primarily the expenses driven acquisition primarily our the increased increased Seagen, related spending to R&D operationally program. by of by realignment cost spending X% lower of result Adjusted offset

and Optimization a share earnings include included diluted excluded our the a results this with program. was $X.X $X.XX, our adjusted earnings our our related charge diluted from million discontinuation Program Unique was reported onetime per quarter severance GAAP $X.XX. per and results for QX to associated and related DMD our IPR&D and Manufacturing adjusted items other $XXX for billion in primarily impairment asset costs charge of share

record facilities the the sell Additionally, of our we the to July result discontinuation made 'XX as effort. charge of of of decision in was approximately after a of $XXX third to a expect million in one DMD a quarter

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

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

we internal half completed dividend, in R&D via the development first the invested of activity as shareholders $X.X was $X.X to returned our business In XXXX, and minimal. billion billion expected,

priority. to delevering commitment a a target our gross structure Our capital remains to key leverage of X.XXx

of the maturing our billion paid expect monetize $X $X.XX that down not billion though XX% In guidance. QX, shares adjusted factored support ownership future. well income outstanding our I our from we Helion we goal, And notes. year-to-date, into have transition any Haleon did recording of equity including financial to is note of approximately once longer will XX%, would long-term This in stake in debt, in be May also in that results. in as no we is than as change resume monetization will accounting included our planning and less our Helion our

this timing the first year and payments of below to due to levels the typical 'XX As of operating flow particularly expenses. onetime significantly certain and half we've cash previously we expect stated, be during

weighting balanced as high over heavily of of nature more objective to fourth our into revenues Despite become expect more that in over with the our the of strategy remains seasonal near-term collections to time. quarter clearly, cash We capital this a pressure, 'XX. businesses allocation a level carry may potential QX return to

that entered minutes believe few financial commercial a spend complete, focused as let now product on With on year. delivering for our remainder and Now our portfolio remind is cadence with performance. just commitments outlook year the PAXLOVID half that XXXX a infection me expect you our the it the first rates. as of trend business full guidance results to our our successful strong seasonal our revised update I'll We we performance. well of we assumes earnings outlook reflect appropriate on to to

COVID With range our billion the COVID operational revenues for revenue billion now full now is project per in are -- year billion that and and share by X% expected said, billion are the be billion expect we $XX.X $X to And $X.X for year, be now growth, diluted $X.X revenue $X We to our to excluding product to raising $XX.X adjusted PAXLOVID. projected billion. range COMIRNATY products, $X.XX. for by of earnings revenues XX%.

R&D be effective the Our primarily while adjusted adjusted unchanged, adjusted to tax and the rate rate now approximately earnings guidance to among the XX%. income top to revised our and SI&A expect per on line increase lastly, $X.XX remains items. share of for other expected we tax reflecting is And $X.XX, adjusted diluted

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

least remain on we returns. by towards cost to financial from deliver savings program end expansion This track our year. alongside strong on realignment manufacturing, at closing, us our the billion cost expected of put is footing improvement net focused and to this new on $X our base, In initiatives of in margin improved

our investments Additionally, and our focus success continued have positioned on the continued company forward. moving recent for execution

a business cost performance results prudent commercial and our are quarter's our testament to the our to improving of This approach base.

we've needed we products. respiratory the lightly half, to in deliver continued seasonality half, a first Though do had take not our the considering the focus of second strong

to lines We on striving are about and near-term and commercial bottom through performance focus, and delivering financial clearly top goals. improved our on both execution bring

a foundation is year clearly XXXX Pfizer. for

shareholder to half driving this innovation of breakthroughs off date achievements set transformation, space Our back we Through decade. methodically compelling this our for in and with value. and the stage growth generating will build the science-led

to Q&A. turn like now that, our Albert with over And it back to I'd to start

Dave. Yes. Thank you,

queue. Q&A assemble Please the operator. session, start Let's the

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

product actual it the be So to how efficacy expect forward do on to you you And ask see for data? wanted When anticipated, would this manufacture? if as I you moves to hard danuglipron.

very it want to Mikael, address quickly? you

Yes.

doing oral Albert optimization to formulation pending to for dose in progression said expect first remarks, the Phase to the doses We quarter. are, for -- and select share that potential III, PK we and data as

much. you very Thank Yes.

Our comes Mohit next from question Wells Bansal Fargo. with

And cost the think XXXX about guidance, into the thinking think the measures the about then the as in we for should rest margin of you it 'XX, understand especially IRA and forward wanted here, territory? year? should to just cost about going how we how just expansion And head

for Dave. Question

Yes.

of So a things. couple just Mohit,

which results As yield will over we remarks, Program, focused are our generate XXXX. and in by savings you on XXXX result my billion recall Optimization in and actually to launched Manufacturing begin to $X.X of prepared the in

about think guidance year, it low balance given mid-XXs expansion, at the rates gross time. we imply provided versus margin improve the As margin given I of previously to probably just point we've color XXs, would this -- this that that for margin would that actually the in

both in expect are We us our to all future. a cost and all these program improve pre-pandemic investments Optimization designed Manufacturing the our to from margins do that levels to Program, operating near investments, get realignment back

Thank you, Dave.

comes question from Stanley. next Morgan Our Flynn Terence with

the wondering, an Was well you product booster guys RSV think as we existing had season side. a in? on coming about X back as Great. just cycle as patients thinking new upcoming for maybe in of are about new coming this patients How group

you market there $X in either color opportunity? still that And launch on sales any share or then and if on can ELREXFIO billion you're us and give myeloma, the confident

and cover questions. ELREXFIO. world. you RSV, Terence, Chris, very And speak you, then good the Aamir why don't and then Thank Alexandre about Yes.

Terence, Aamir. it's

reasons. very well contracting. in positioned fall the for X we season One think ABRYSVO, U.S. into I main is are going For the

we've strengthened confirmed of beginning were position. contracting August commensurate significantly take season. Many are the with and ACIP the in effect after June of to set the those our So decisions shortly

itself the directive adults recommendation and XX is all the is that at for are those those think with eligible and increased a clear strengthens guidance a we to a over ACIP risk, that who XX for just are for second dose vaccine. for The XX single

durable thirdly is just efficacy of And data, great got itself. We've then ABRYSVO X including seasons data.

biosystem, is to as thawed frozen XX% alluded storage required Albert have active advantages, or that our needle-free many which reconstitution current never including to both our we be efficiency. well earlier, As new as offers kit

for So options there's customers. good

there's simplifying one for having ABRYSVO you vaccine and remind their providers I vaccine that care by offer. maternal, that adults prefer will also management and health many only older both And which pharmacies can

ABRYSVO value well So of the the of in proposition ACIP us contracting and guidance the the positions U.S. combination

international And Alexandre, what about markets?

Terence, good Yes, question on a ABRYSVO.

progress great the as are front. well We making on international

the with U.K., technical in remember, the the in progressing we half in positively Following nicely already and approval, ABRYSVO. second committee XXXX are recommending of vaccine Europe

in recommendation several well. positive Saudi in got in Canada Australia other and and in the we as and So U.K., France, Arabia markets

So exclusively also pediatrics adults actually [indiscernible] of for we're maternal for years. moving the that very in Canada X were as well option RSV years for authority selected immunization for with next adult in And as X ABRYSVO older have selected prevention in nicely we an vaccination. additional also

now. [indiscernible]. Good news go And let's to Chris

question for on the you Thank ELREXFIO.

saw, median see we ELREXFIO demonstrated population is believe which we where for differentiated. XX.X disease, to an intent you of in XXX survival As recently months in patient the and treat the data overall we updated the late-line overall survival

subcutaneous have as dosing a It's overall. profile profile first factors, ELREXFIO flexible other days. dosing XX flat early administration, And in as were we of safety also countries. the launched we've And now in including to regimen launch. a differentiated Japan, in terms fact, and the in nonweight-based well

is readouts early XXXX, is the CDXX. exposed U.K. in which and plus the XX% the you'll opportunities, quarter-over-quarter. the And population U.S., for is total growth EU post the MagnetisMM-XX, We've also the which next approval demand later year see potentially recently bigger and double-class or in MagnetisMM-X in sequentially during In got year then

So could we've very overall, of differentiated for across continuum that care the got that backbone myeloma. remain we molecule a confident multiple a become

Thank you, Chris.

Alex from America. Bank Hammond comes of question with next The

as international there? You've well more reducing for awareness expand Any and acute On patient provide you preventive a can physician usage in strategy the markets? you the us different focusing way on in NURTEC, mentioned access. can walk through color commercial and to share friction as

Thank Alexandre. and you. Aamir Great then questions.

our that year we've in of the NURTEC done on Alex, of half strengthen number in demand. first I think things to U.S., the a there the are

clinical consumer how activation the our fact that, and proposition limited not to but have prevention. treatment and efforts. the that We communicated of including, all we revamped indication only sharpened an we value for we So

both realigned NURTEC just to also support getting means to forces reduce through efforts primary a access script our we're made lot and other a And patients and once providers. of field is co-pay care neurologist maximizing We the activation then really we ensure written. actually friction that in of to

so what those us this quarter all And of you effect. starting see a is for combination to take things of

the NURTEC TRx close from XX% leadership perspective Revenues over So We to the was year. up in U.S. respectively. up XX% XX% at prior and maintain were a share, TRx and NRx XX%

And new X,XXX NURTEC there writers. were

about that's of So riders. all XX% CGRP new

forward, look in about we optimistic to continue we as of it here. dynamics business, to to gross NURTEC continue manage strength So see take are but where that we demand. from We'll we net the

Thank you. Alexandre?

Yes.

international countries expanded the introduced that the and product. of front, numbers have we access On also we the have

China know, introduction growth this the of in effect quarter the the the you the second at of see As versus NURTEC that quarter. you beginning of quarter in is the really of first XXXX

reimbursement, As including we uplift of reimbursed key of U.K., see we markets had once today, demand. countries, our And a XX get have we what some Spain. the significant is of NURTEC we in like

focus some of to our access And so in reimbursement our key increase markets. and is now

diagnosed half significant less that medicine. see the the there we that level, than are prescription growth patients treated forward, is with behind reason is And of the NURTEC. Moving to behind international

we So NURTEC. we that's think opportunity have why an with

[indiscernible] And for received almost NURTEC waiting international reimbursement, markets, got countries And XX registered on are we I remaining already believe, in markets the this XX we that XX [indiscernible]. year, XX Alexandre,

from with comes Akash question next Jefferies. Our Tewari

been Prevnar, team next-gen quiet fairly On on your its profile. has

share of that And should can coverage? confident retain next-gen product XX feel Let's actually product mentioned you greater in that and Why hits XX the coverage. peers. only serotypes market? Does having this of say not that than like serotype the Pfizer your serotypes imply lion's we a next-gen some largest XX the position

Mikael?

Thank you.

we expand know, decades immune maintaining many the you several of responses as with how possible. as in number have As strong to worked serotypes for while optimizing

serotypes many not how have. We disclosed yet have we

quite gen will that of next to to to expansion adult Phase pursued both recently allow II and of have indication. in swiftly into which us adult come look and We move that data pediatric forward soon,

that on existing new significant a have And deep made We technologies. improvement is serotypes through capability. new and

So highest you data show and it's about draw having not to conclusion. can of just number It's before really consistency serotypes. the the the any

very So technology ability tool we defend continue bots. expand in confident through and our to to our these new it position remain leadership

Thank you Mikael. much, very

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

I you a portfolio. the IRA, and partner Bristol Obviously, on specific XXXX want employees, as your that interpreted Eliquis revenue implications appreciate your commentary on to that is the your views being by has particular, be reflections We ask I about been in this your for XXXX. Street made the on think that outlook on [indiscernible] dynamic could manageable.

about Yes. asked Eliquis to bit speak IRA? Aamir impact of Thanks, then, little specifically. a Chris. I've you the And Dave, can cover the general

ability because on and that price share important BMS their much drug the CMS Eliquis pure to be said. their that holder, of the our they they the they for the to perspective Eliquis. Eliquis we don't an are during earnings their impact on call noted, with portfolio future. foreseeable process Honestly, IRA on NDA maximum view led what We to add we will week. you discussions have in as have And navigate Chris, the last shared

that And then end they -- you nearing think look had the are we we look their first, be protection to potentially selected, one I secondly, life. if to at be could as are at would just platform, patent remaining that our that add that, of Pfizer products across selected. product very fortunate likely IRA the were And we I

a as is think So if supporting you that I think is somewhat for on about the in muted clearly it from say will impact this development you a harmful about perspective, of net and sector. legislation it present research the Pfizer value is economically. piece

continue actively changed to So be we could that manage will the we're hopeful through future, this in this. but

you, Thank Dave.

question our Risinger from We'll Dave next Instructions] with Partners. take Leerink [Operator

And just guess off luck wanted of Mikael. by and I I best you, to Yes. start to saying congratulations

over are, you I So next the danuglipron, expectations your please to beyond for including watch Phase candidates could comment on my once-daily first, months? obesity disclosures several questions

then $X.X of about how cut to could reduction run the contextualize It you about should think reductions the you're Dave, seems But COGS And second, relative next we XX%. X rate in current $XX annual going to COGS years? billion? the net over declines net billion just like i.e.,

little don't other you on than danu? the bit a why candidates obesity Mikael, give

Yes.

from tolerability, the a danu safety heard advanced experience. large Albert, you and with As drug more is efficacy

we Phase projects, expected. our I, drugs in in always, As additional performing in same class. the have as It's

other part action to protect development you. have such medicine, combine [indiscernible] another be franchise. larger in later internal of kidney cardiometabolic danu in an as also mechanism with We could of life Thank mechanisms that we that of And have would part cycle.

what about the cost And reduction?

Yes.

let a just us me few facts So anchor here. on

the reduction currently have I a that cost effort program. multiple-phase we First, Phase is initiated of

So is of story. only savings part this a $X.X of piece the or a -- billion

We specifically that. will more define the of you we more as the on story so get clarity tell program more

on look this the billion [indiscernible]. billion you platform, $XX if is think of cost at versus cost effort, $XX improvement $X.X to billion, it's that closer and our Secondly, sold about probably you goods where

Thank you.

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

Pfizer build really seeing Just any gained market RSV in out has have you educate, traction do maternal maternal in before How setbacks? of -- the some wondering I if sort a open. the groundwork on market. question market? or needs the to Are have breaks you

you how competitive then are a up? landscape there are that PADCEV, on And targeting follow-up Nectin-X. Are and do the ADCs shaping radioligands there see question -- other

maternal RSV? about Aamir,

Sure, Kripa.

question. the for thanks So

by on start we underscoring me interest see let think just vaccination. the maternal that I

versus you vaccinate to that there's the XX% to vaccination. have a mothers. than clear preference maternal they during OB/GYNs, baby, same pregnancy. talk you pregnant similarly, vaccinating Greater from And the vaccination prefer hear when So

did our expectations. on So maternal launch our exceed

about than of saw at immunization rates point higher with end And taking of January the life cycle. through eligible the XX% vaccine. that other uptake the significantly is in maternal the mothers same we So

key was think DAP at I less X% same time. the than

occurred So the vaccination require as ACIP And does education, other note recommendation year's I began. season is after know. you thing will just it RSV maternal the maternal last

forward HCPs the half season both the this in season, to well have we we and So of women, using of the education invest that year of look benefit as as ahead. to pregnant first the

add? to anything international, And

points. few very Yes,

approval, In an the positive great Latin Australia, on vaccine into progressing so France, as in Argentina, see including have or we U.K., the recommendation as Belgium, following well America. And that many the Austria, on Nepal final are into also say access which markets. access, in we progress technical to one, interesting those now committee in we maternal. other, vaccination is Just

the about And competitiveness Chris? of PADCEV,

Thank on we through question. printed end seen, are just the data with pleased XX%. growth quarter, sequential of you you've we this for $XXX that shy for PADCEV the We're seeing very million range. the XX% low Based the of opportunity the ongoing as XX,XXX into increasing May, of with which invasive quarter-over-quarter claims you as share additional expand by cancer And an obviously in addressable can to next in X first-line being know, patients. the muscle population is bladder Merck, U.S. conducted studies

in pembrolizumab PADCEV could entrenched PADCEV against that seeing setting Nectin-targeted are to is including radioligands which in plus likely with of we or future overall, So becoming standard future medicines, do challenging. studies, first-line pembrolizumab as studies the ADCs care the be the have first-line and setting, will

Chris. Thank you,

next with Our Trung UBS. from comes question Huynh

on much Prevnar, your there remarks Firstly, here. in commentary so prepared wasn't

that impacted been play and launch? any approval [indiscernible] anticipated there And has that or the by here, at Just was quarter, destocking one-offs? any of stocking the given interested for dynamics

presenter ASCO, studies? How get see saw this longer-term data we clinical opportunity can at Can very, talk just And secondly, through next then set The about perhaps And some X here? can was quickly of the data? [indiscernible]. CAT you very when early we the excited. we

this, Aamir, the stocking? what about

Yes.

performance the context U.S. on on So Prevnar, just I'll provide dynamics.

that of is result tends year-over-year see be quarter-to-quarter due well to the dynamics vaccines, to is timing of which change pediatric you size predominantly some seasonality. a And of the for of that order in function as quite a So lumpy adult as shrinkage and the vaccination the change CDC opportunity shrinkage demand both of market. the lower adult

continue And these to important in I think the it's segments differently very X U.S. think about to

remarks, as up which pediatrics, with in is with mentioned share Albert had So August. a his QX exited XX% of we in XX%,

a continues behave in the because eligible in same will that's adults younger launching be to market Merck's are just VXXX adult differently U.S. population. the And population XX-plus And into. there more contracting is that then the and that difficult-to-activate it fewer

market? international the in And

of in we second strong first we globe. with is are we line that are is, course, see for and to quarter the franchise as very capitalize exclusive [indiscernible] this see What International, grew X%, the half, Prevnar you together we expectation. NIP in going first our by XXX the around on quarter,

can so And this Prevnar launch as to XX XX, XX. going we to we switch from -- get product and

Now in was of country is in and adults, adults, outside limited. it's a the very interesting vaccination dynamic because quite in Europe

to pickup. see since markets significant in got year, XX we major BTC, We and recommendations that Germany, other the In registered there, we beginning And XX from you me XX. And and risk, see Prevnar of the significant we an we similar Europe. will all in by above, see trends BTC in we and validated [indiscernible] let have give for at Germany, XX see growth. example. that Now

you. And Thank Chris?

for laboratory X proud much and very that We're in medicine conceptualized is medicine. in the at [indiscernible]. you category Cat Thank this question was a very X. our first Cat on discovered

with durable well and you've plan therefore about question. months, We're Cat over over tolerated. learn about you'll X excited program response thank and more also to next III seen As X. initiate that. the most the for data, We XX% rate the you objective a recent But responses Phase

you. Thank

very it. excited about are We

from comes Carter Gould Barclays. with Our next question

about think dose I have Any including just similar the of such data feasible Pfizer the be top guess the one, as that color then out some optimization And a there, timelines for European talked And that for next some to PK I reading reaching early potentially a prior be to generally year? we danuglipron, are about market think danuglipron? XXXX. as data moving think ago, on plans that we thrown of your think of the or clarification. data, timelines sort as line, plans would would early peers any see Did potentially faster. front guess about helpful. month have I going we first out danuglipron are of when on

Mikael?

all best it present studies, the but collecting what's Yes, PK a on to data after sharing X way likely for set comprehensive are we'll timely. your questions, the looking data into from we the

protocol that we bet have has agree program, fast. forward data, that of Albert move the aggressive agency can very if and the data, Pfizer we timelines said, be pending becomes you and it as like will case pending We some with every regulatory when most that a

Mikael. you, Thank

The next Schott Chris JPMorgan. question comes from with

me. for questions X Just

data Just will once-daily data getting, going studies? back these about just trying I try of available danu you decision will want a PK really you're again. you're it expect improved is just the guess tolerability twice-daily? maybe you're consider. ongoing profile as formulation to additional Or think or tolerability efficacy additional understand I have just get an to the have bigger versus to you from picture, it what part to we make as And just better to the here. do to

out maybe throw the the that post had like yet, for and contracting to and just not elaborate population. should guess want on updates. grow then at and high you I risk be question ACIP. -- visibility year? Is this who's can you on the a targeted same more I challenges a But second there's as was could covered market to no who RSV. market some XX-year-old to who's XX- trying And I sounds be pharmacies U.S. recommendation some in the encouraging just a But whole? on in It this balancing expect bit more there time,

year? do is as just growing a whole market So the as I together, balance you this expect this

let for about given that of Chris, danu. tell the time, me you interest

go We it it have multiple now. times, right data is PK to said that

We with patients. danu have done X,XXX

the we product. about very feel the We comfortable know profile. So

encouraged us from of we feel We we what Right if are the it that And it into a made formulation was deliver multiple an it III because that will test preferred now question but announcement have now, best saw one, it. -- product the and testing registration-enabling And that several was to Phase allow take this round is have we we felt one. studies. the one a we formulations, can to we because that all. of the is that going first

the remarks a have seen tolerability that better has profile in space Also, on my is the prepared for don't because we the data. danu the because once a be and day compares twice far. have patients very tolerability with right that of we others can't seen said from efficacy to now or as so we speculate not if day we the in But whatever danu, I will both we, oral based have competitive, X,XXX

the one Lilly. data are of with course, an And after, who timing in only has everything of GLP-X terms right now, know, we [indiscernible] on oral we

progressed for Lilly status. now into be everything right we know, So danu second the if we registration-enabling should after

to Now RSV let's go Aamir. now,

would a So and the year. is only right? season need first earlier, an expanding second the that, say in what the last you This the that provides those are in for Chris, the we think I market, vaccine. to of I with So mentioned we clarity, ACIP recommendation recommendation, get had strengthens now it year as identified season

vaccinate. plus to consumers. of as another urgency and opportunity people we've And relevancy to we growing well And months see HCPs as of educate had X

So do we that think the opportunity set expands.

you. Thank

Research. next The Wolfe from Tim with question Anderson comes

to IRA. Going back

list make ], CMS [ the a the prices negotiated disclosure very on bound first to drug So of of production. big is XX

major a win over it's claim Some industry. the

get understanding to August? not get in net My possible it's early depends prices you those how this it course, of possibly September ahead CMS early? than this news compare Of is recess earlier from on possible might X, week list. this this Do agree prices, the we to news congressional

It the against the the It's the is a loss jewel pharma American have I for industry, technology the was of which say, more. that I that -- for do don't was decision CMS what big big law comment know. science for a IRA. of would business. I innovation and industry, win crown whole life very it what they I think. so is that. once so says [indiscernible], will I discussed they emphasize If can't they on have will know

what that selected, because in is best our is any the now, are we impact, is. products said, land. X it most it future, we quite to not And because in doing are one. make few the stake fortunate But particularly us we the small the to to have sure probably minimize It up the for as Dave law at only years of [indiscernible] -- were it's we next were for

TD Our Cowen. from with comes question next Steve Scala

Two questions.

expect faces VYNDAQEL competitors Certainly significant share majority or OE you the some VYNDAQEL will and do take sales grow First, challenge. to seems up to before that? pressure

assuming guidance that $X billion And do this December plus, doses, you vaccine was sales And capture think provided no still you fall? in peak booster peg XXXX? first secondly, majority a does share Pfizer at RSV can

Aamir, don't take you why one? first the

Sure.

going now come and what's on what's So Steve, VYNDA, to on competition. then maybe with

base well This of a patients. clip. targeting on HCP which continuing a So we're identifying in and diagnosing grow VYNDA our of very healthy a result as we is one as is very focused factors, is at investing really that important to multiple expanding

the because remains that there's are biggest unmet still need condition this in almost Diagnosis patients undiagnosed. half of

So we do in VYNDA. see opportunity lot growth a of

reforms. result and year, continue But we've of some because may of not and this the QX of the had big become in a do Now of find. year to incremental VYNDAQEL. in growth continued at for expect beginning the bolus same that partially a as we with IRA enrollment QX seen the we harder diagnoses the it harder clip patients And

patients, the needs be for will exactly lot what very profile, what about their take. but actions we're going that say more to But that they're in As with still their data, understood is competition, competitors, a confident there's VYNDA. to welcome options I far there's we that as a lot treatment obviously

of provide significant label of we There's think further will trial continue to in well. and data evidence things competition we in, into benefits with that that and follow-up well our evidence, take statistically as course, real-world mortality data including quality-of-life evolve. clinical and X-year coming that hospitalization includes as VYNDA as But clinical consideration position guidance that a body CV the is

provided when don't the registered not interest products years. We the again, year, we you. key of not was in potential RSV, the time, what annually. is are the give next frame once peak of for typically Thank the the billion for $X the asset, pipeline even in And Steve, projections, the for

the were since are But medical if time become billion community more the because emphasis putting $X anything, and disease. gave can that on if things this -- how we much authorities we the what say, promising all I surprised everything recommended would the

So that's my comment.

you. couldn't I more Sorry, to be specific

Divan comes question with Vamil Guggenheim Securities. next from Our

of could. One, sort next about Phase couple to you for that think similarly time II? Maybe aggressive. get can on or a I you're Maybe I timeline you aggressive gen, the obviously that given PCV take comment talked you assume product to in market, the just if get you now

one to first mean second not to And well In -- the then had is more but PAXLOVID. in I related the above the quarter, adjustment expectation your big you guidance. the raise

on Now raise sort this of in you of confidence quarter you if to you're the I'm the the comment can are anything seeing the guidance. raising sort driving guidance channels curious now? or what's

of then is And that that just drivers that, to combination, but of maybe management sort sort gross parse the expectations tied you and the impact? main out driver so if of seeing product mix of main the cost increased the margin can and

Yes.

we For these and can't will in but the you -- go But we next calculate. entered into to Phase and one both dynamics as it long long know event-driven comment studies, particularly this we of and when go so can are comment at don't we take, that III, right? pediatric don't how II gen, We announced studies, So take it Phase PAXLOVID let's because it. -- the easy I will make how that will in explain stage.

Yes.

the the momentum as the the U.S., you of you see first low. the in utilization way is was that ongoing clear in high, there were half remind combination trend as then infections QX, PAX healthy a PAXLOVID was a utilization. we true-up we for [indiscernible] that which very well very is And the I'll have when wave, So is both pointed PAXLOVID What to infection of with QX, given in happened infection. COVID

way through the and So infection June, starting COVID utilization in our May [indiscernible], PAXLOVID increased followed. all was there

week a courses June. through about May, XXX,XXX April kicking treatment and XX,XXX about in had we in So

seen So utilization. continued we have

disease. That's to manage bit the the Now it is and a end little for customers unpredictable. around trickier utilization wholesalers

of normalize that we But QX inventory has higher-than-normal utilization enter So wave levels. with helped the inventory QX in those levels. did we've seen

fact already we've XX% who those healthy all that to with And U.S. this the a patients. COVID to the including that PAP model with PAXLOVID commercial participating our infection program it, When commercial dynamic, of model PAXLOVID a delivering wave, and we're USG there to for successfully across pharmacies a about payers, need in is get utilization. very of PAP program confident coverage combined built simplified

Thank Yes. you, Aamir.

was quite core this think question quickly, was, taken general, think management factors you driving our your in And just well. improvement real hold. one programs what of business, really the guidance? have our This doing because about many Cost in guidance, is was I was as

one that is $X.XX drove raise. factors of this So that multiple

like, Also, misspoke the regulatory Thank for estimate realized have said that Phase next that III offer discussions you, another expect to event-driven. I David. how about try I before the is The I year, understanding I look we readout. we to is when point the timelines should Also, will to and it Vamil, immunogenicity. next can the -- it we not. then program It's form you better when that have

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

for comments love strength VYNDAQEL, the some I quarter. would given this on

do given given ahead you And IP the consensus. continuing extend half strength really year how just given this in back years 'XX? to of expiring, the this, of -- can Do couple expect the came you next in the franchise. into the this of what of in You

Aamir? Yes.

year of because and year us see we expansion, that conviction bolus back investment going the give forward I the growth the and earlier, in driving around yes, the described momentum be of we're as reasons in physician growth. But for patients. of half reform to -- term IRA saw in in level may expect from short first QX half diagnosis than at mentioned bit doing of a for not of of do do what earlier. So tailwinds I we the combination VYNDA It the continued the account this terms

the molecule differentiation, it's when it once has to able tremendous substantial if comes to be unless And difficult have product Yes. IP, VYNDAQEL fight very is a you generic and efficacy. now, right with getting to new

that big, as after it. into being particularly market continue generics expect the not entering do we we for see will us So

the for thank So question. you

we to deliver make confident 'XX. year want first that remarks. a financial We've our in had just are we I So some very closing on full of year, half and strong commitments will the

solid grow for and to the interest we you with we and progress Pfizer, Thank a hope our serve have difference. driving wonderful as your makes execution day. business. are patients Execution you continue We in

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

disconnect may time. You at any