Pfizer (PFE) 29 Oct 242024 Q3 Earnings call transcript

Good day, everyone, and welcome to Pfizer's Third 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 third 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 call open and have Albert then Dave some will prepared questions. remarks, and for including team will be for Dr. Members session, of leadership our the available Q&A as EVP Pfizer Chief Baum, Strategy Officer. joined Andrew who Innovation and and recently

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

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

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

you you, joining morning, Good everyone. for Francesca. Thank us today. Thank

Our team and we quarter of are execute, strong performance. continues to report pleased to another

proud breakthroughs more our We our by purpose And of vaccines through have than and medicines months we change are XXXX. patients' X lives. delivering I'm of XXX million guided with that reached that patients first the

to results as market with deliver starting share the is and excellence robust as well international execution growth U.S. in on and focus in The EPS. gains revenues

and our year are result, XXXX we for total a revenues share. diluted per raising adjusted full guidance and ranges earnings As

showing deliver execution. performance will advanced our we quarter strategic to progress will each business base, with deploy first reduce during Pfizer X expand discuss Dave create would cost the we Then in margins the review and and take hear we our highlights, capital. commitments will and how shareholders, are for we the the our our presented explain value we that work questions. we will why the our positioned guide January, will our financial during financial believe of strategically I on on of our year you to continued then priorities X. focus long-term Today, and quarter priorities. third our with our well In key

So with performance that, against priorities our I'll the our turn quarter. to during

of the revenue third simply, In are in of Stated largest with first We quarter oncology XX% a and products. we having from and are the performance proud that Seagen legacy our goal toward progress Pfizer XXXX, demand another half strong portfolio goal. company and growth year-over-year leaders. Oncology Oncology we U.S., world-class year across we already the achieve making our biopharma by to through are the delivered legacy is great solid of product resulting includes a set performance,

leader the continued by increase market year quarter grew XTANDI, TALZENNA Demand cancer, year-over-year. to of versus types for XX% the a same quarter X advanced the XX% ago. from prostate for grew in

this landscape patients in overall overall the such on We month combination with ] and metastatic data so. we significant to survival [ combination TALZENNA from the opportunity by are cancer XTANDI do to castration-resistant earlier cancer advance further Phase demonstrated statistically based study. encouraged the only prostate becoming announced exciting prostate benefit survival TALAPRO the with III treatment the in first

men TALAPRO-X cancer the worldwide. most men scientific with areas is prostate common how key for death Oncology. Driving focus show improve survival cancer we second continue in -- of of cancer, results the the fifth cancer in innovating common The and of breakthroughs in most men which to cause is one among

the chemotherapy. for PADCEV cancer. of regardless cisplatin-based first-line metastatic to quickly This metastatic quarter the treatment of eligibility advanced bladder with for the patients locally ongoing urothelial become saw pembrolizumab cancer, launch U.S. their with We in prescribed the during continued most combination receive momentum has with advanced

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the world China, the patient Neal in ASPA years the observing release in of meeting, starts we acceleration first-line and are of new CROWN of [ around an key of and ] Following data our during our markets France. X the particular, Germany U.S.,

BRAFTOVI indications. third in growth cell strong XX%, year-over-year MEKTOVI and the non-small Our driven of combination in also cancer metastatic by growth -- the quarter primarily

ELREXFIO, XX% ongoing therapy, population. market, medical catch continue quarter of people of with up multiple myeloma registrational revenue patients we transformative myeloma. by January. positive and to BCMA starts patient and with In sequential the to we patient with competition a with earlier continuing over strong in which triple an more bispecific, In multiple with to expanded could the launch approved, need And X than advance unmet of a about are for growth class doubled address but XXXX. the ELREXFIO were helping performance for the the first be new has second be our potential as more believe we since Japan, lines have pleased support We development launch had to studies treatment U.S., exposed to if serving we option way and able

continued our Now strategical will turn some highlights I pipeline. to advancing select our of

and have patient capabilities We needs. scientific address are we unmet deep to prioritizing opportunities where significant leadership

medicines. our Earlier, I strength spoke Oncology market the of to

which cancer Our lung the from with the results most. what evaluating efficacy counts our patients long-term patients. cause ESMO MEKTOVI the BRAFTOVI the demonstrated is excites At death pipeline, recent Lung FOREST trial, mutant compelling non-small in however, VXXXE us follow-up of with around BRAF is and for cell world. cancer, #X cancer-related metastatic

make advancing impact the rapidly than in lung next-generation patients significant with the to more XXX,XXX cancer to ADC non-small with candidates cell potential the on U.S. also are We

in we in the first The which Phase coming planning is is now -- [indiscernible], additional trials months. are and III,

PD-LX The other AV a ADC. one is

XXXX. the this in encouraged trials presented we ADC, data are and ESMO rotation I updated equally planning are We Phase enabling the we by for

is expanding. pipeline [indiscernible] Our

registration novel treatment EZHX as example cancer, [ are a new making enrolling our we pipeline. This ], have currently we Phase into another men [indiscernible] another metastatic and prostate is are who the cancer. for studying progress patients inhibitor novel intended ongoing are And in of potential We has starting in III our castration-resistant MEBROMETOSTAN been X unfilial studies. throughout ADC, trials

our an second HERX CDKX line we we are the start first-in-class build foundation on development progress of we months codeveloping coming III are making right Phase is replace [ we trial, to of receptor the [indiscernible] that first backbones drugs, our for enrolling data positive current III can Atirmociclib, line XXXX. with the Finally, X Phase cancer. HER vepdegestrant, candidates a ] potential with by and the now first early expect negative inhibitor breast believe a to expect study And in we Phase [indiscernible]. III Eastern for

candidate largest disease. one now which pediatrics, remaining adult PCB including of of generation and fourth serotype XX in II contributors serotypes, is covers improved the immunogenicity Phase Our very important, X, for

We are which to on development focused in that in with covers over the preclinical continuing our fifth serotype. leadership building generation XX industry on candidate, by sheet is expand our balance

any new new a already. encouraging data [ have Phase Phase previous we developed this second-generation II have the public we potential considered months, the and In from I formulation, Seba program, our last for which that several our threat [ candidate. formulation with experience STEP we ] have urgent ], a vaccines. advanced Leveraging approved lacks After against new health advanced is vaccine study

would A become Europe. available and data are America North about most is areas the and consequences against severe Phase million in million disease. help and only of protect serotypes a Europeans and global. intended also the long-term health underway, vaccine codeveloping positive with pending working to prevalent we approval, III are incidence disease vaccine need We regulatory XX VLAXX to X for the high lime significant VLAXX Americans prevent lime support trial is XXX to is of acute and candidate in that

severe [ We high standard care oral [ our treatment next-generation and a TAXICOVID risk progressing have opportunity need ] without boosting. is expand for study, there at believe, market is an [ the antiviral of In to COMIRNATY candidate, in Phase returnable the robust activity that ]. both ] however, a impact for of to disease. at oral EBUSATRELVI therapeutic where and our doses all II antiviral those we demonstrated position

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to coming months. in start the Phase study We expect III a

cause also Phase candidate differentiated which U.S. alone. are that with vitiligo indications is has potential Vitiligo, patients the autoimmune in be is with areata. a ritlecitinib, like of depigmentation mechanism X need. the for program forward currently moving skin in and It for with alopecia alopecia a approved nonsegmental affects III to at an expansion Pfizer with severe an We in-house the our leading high in , JAK million [indiscernible], areata unmet disease nearly developed

this data efficacy dermatitis the program ongoing study first-in-class X deliver trispecific also Phase X-in-X are We to about safety potency. an believe antibodies demonstrating in early excellent enthusiastic efficacy. and We potential evaluating improved with with atopic II our has

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of muscle mass. placebo year. expect sought in tests. registration-enabling activity advance We no improvements has to change its are met treatment with FDA-approved The for the symptoms, the we across primary to and who highest baseline positive from life study patients currently for dose for Based in baseline to for encouraged lack treatments. a II cancer these that compared appetite, And [indiscernible], options by cachexia, wasting Phase all breakthrough a cachexia weight dose physical results, on whitening study condition potential body this endpoints next

study is Our Phase failure cachexia with in patients ongoing. II related heart

In We continue receptor to early including about optimization I. agonist antagonist, XXXX. and remain our GLP-X our for obesity oral this on II year. portfolio, in our to this advance additional, XXXX look in our oral we to danuglipron, receptor agonist candidates, is GLP-X once discussing track small broader more GIPR oral Phase daily candidate all dose studies forward early-stage in in advancing our Phase And module which with

made mentioned across show our I with meaningful highlights, areas therapeutic we advancements have The today how pipeline. important

leading announced Officer, depart Mikael Dolsten, Pfizer Pfizer's we years earlier XX year, As will of after Dr. efforts. Scientific Pfizer's research from Chief this

to Our update is progress look announcing successor quite soon. for we not and an forward advanced, a selecting

to the of the beginning our our actions satisfactory are took decisive the of organization another enhance commercial pleased is results. And performance. at new turn year priorities will I giving strategic to commercial one of we our that Now I'm the maximizing products. our performance

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ABRYSVO, our strong With with commercial improving we market U.S. acquisition execution. continued

patients for could population reaching serve of through expand caused the for Our for currently of of market ABRYSVO market [indiscernible] over share wholesalers has RSV, disease increased in help XX%. clinics quarter. by through has risk and at in XX% who retailers respirable the X And exceeded approval arms XX low weeks are Last time. week's the our sales, consecutive setting drug increased FDA out of for a mid-October, shots and set XX

for have in the beginning commercial at With demand launched year. COVID-XX infection responded the and the fall, we of the to as in increased U.S. rise summer early market the PAXLOVID in we

Our the PAXLOVID team. our reflects execution for higher commercial strong rates and better-than-expected of during the growth quarter inflection

this providers. execute treatment to sites alternative of of use and effectively patient to actions, option, improving includes also ability health raising care continuing of Our care educate expanding awareness

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Now, it turn and I Dave. over will to

by you, that with and morning, against everyone. demonstrate our Albert, are comments operational I third we for the continued and outcomes financial These XXXX. reinforcing good patient results our priorities pleased Albert's our and and of that positive execution Thank driving build are on very strength. focus results X the strategic will financial quarter

to growing returns cost a programs the our and shareholder supporting dividend, our more increased reduction maintaining setting addition to top stage creating In our efficient our while all value. are performance, capital strong line both enhancing and commitment for organization,

allocation and review P&L I'll guidance. upon briefly will touch highlight financial capital priorities XXXX year our our QX This morning, performance, full our I

we several modeling also I as began as XXXX. the plan the approach of we for share end will considerations to Additionally, year,

Turning of quarter same year. first to performance versus the last the third period

Let company revenues impressive P&L. me XX% the an walk were on billion, growth. Total $XX.X operational representing

were Strategic $X.X National contributors to related million delivering PAXLOVID generating X COMIRNATY, the revenue. our contributed COVID-XX included Government in revenue. significant courses This treatment Stockpile. Our $X.X to COVID-XX $XXX U.S. with billion million vaccine billion in products

Our the during not products quarter. were only drivers COVID-XX the

performance that year-over-year of $XX.X our performance reflecting working. Our also XX% is commercial shows robust approach non-COVID operational revenues with growth. refined exhibited products billion, This

marketing commercial resources we products and priority continue field we've areas. We our further key allocate geographies, key we're focus optimizing on refined to into globally resources and our how

We saw XTANDI NURTEC, products, results offset ELIQUIS, continues the partially our ], and its VYNDAQEL, strong momentum declines including Passive by which following Other key last study of recently contribution Seagen drivers acquired Ibrance. [ included and in the from EVXXX year. Xeljanz growth

result well products, for Adjusted COVID-XX applicable the expenses, related to of the net with royalty is withdrawal gross the COMIRNATY incurred primarily unfavorable XX%, quarter of third slight Oxbryta. a due profit to split to dampening due as primarily the and mix margin a approximately BioNTech our with costs associated as the

All cost offset network. of across by this was ongoing partially on our focus manufacturing management our

long-term remain to for communicated, company gross And several the focus be as next years. continue full previously the expect improvements to year. for will the key gross over margins in mid-XXs a the in We margins

have by and strategy product of share we the for manufacturing both approximately focus available. our We optimization become expect $X.X once of Phase program continue to which to II achieve III, program in And the of they I for and components will expect beginning end on savings respectively. portfolio, Phase XXXX. parallel, in evaluate XXXX on billion from our information Phase to network to savings and those we more deliver the structure In first phase

Adjusted for SI&A And will launched Total recently this adjusted adjusted expenses by increased as by includes $X.X I expenses primarily expenses via operationally, operating by in cost our components, offset decreased operationally, that program, amount health acquired certain driven acquisition. the promotional on lower marketing X% an to expenses spending related well billion. X% operationally X% offset Seagen by reduction And to acquired Seagen fees. our decreased partly care reform and the vaccine U.S. transaction. at primarily as R&D increased note partially driven programs the a looking spending products spending and realignment

to track $X cost deliver our our in We by remain cost operational program billion savings net from and at with management continue on disciplined to year-end. expense be least realignment

as line jurisdictional diluted adjusted per efficient rate operating benefiting our the per primarily structure and was earnings mix. as performance and driven share reported from by favorable was tax in QX earnings quarter well a share $X.XX $X.XX, top our

and our $XXX quarter quarter, results resulting GAAP onetime earlier adjusted this our a from charge DMD from sale facilities, excluded include our of results As our included items the program in expected year. million to of unique related discontinuation of last mentioned one this the

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

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

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

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net which October, received reduced from $X.X for QX reporting is approximately in cash to our flow We cash in received a we in And sale We billion have remaining conditions. from market our approximately Helion Helion our event. of shares, $X.X monetize we approximately considering of proceeds another tranche our our a shares. investment of proceeds, fashion intend in billion Year-to-date, Helion requirements net XX% approximately was future to monetized XX%. and cap ownership purposes the and prudent

the operating significant we robust enter QX, as flows, we in $X.X in the generated cash resulting generation combined Overall, fourth which Helion flow sale proceeds approximately cash billion, of net with quarter.

return delever to remains and allocation objective direct time. shareholders over Our and to of reinvestment a between capital more return to balanced

takes in associated operational products revenue the per Now share a strong are billion range focused for with raising into let to growth, me on reduction consideration Oxbryta. our $X.X billion guidance our sales results, by by and $X.XX. outlook spend X% on year. $XX just our full full We unchanged and our Based earnings at now and we revenue execution adjusted billion 'XX COVID-XX year of excluding to is of expect revenues diluted $XX the year-to-date minutes few and XX%

for billion PAXLOVID. COVID-XX for to and billion, be expected are now $XX.X billion $X.X product COMIRNATY revenues $X

$X.XX effective remains on the expect line top increase earnings we for unchanged. last, guidance diluted of the and absorbing adjusted $X.XX, Our adjusted Oxbryta impact. primarily and adjusted R&D SI&A, per income reflecting share And to rate our tax adjusted

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

to begin we touch modeling considerations. year, look to I next towards want as Now few a on

we've discussed, included are nonrecurring previously our As there results. in several XXXX items

fulfillment our PAXLOVID revenue during a obligation National revenue true-up the U.S. of included the First, and Stockpile. government XXXX, credit to U.S. Strategic

in now And settlements. favorable XXXX to audit share longer earnings ownership that in income XXXX from on adjusted will impacted and our income respect XX%, have Pillar our rate timing earnings of approximately no to Helion given adjusted equity year investment expected beginning on tax full XXXX. impact we finally, Second, by record is All below favorably was extent, a adjusted lesser with diluted of to X are items the in, impact these $X.XX. of a per our

In third quarter XXXX year. this performance closing, pleased overall I'm extremely and with results our our

remains operational time our we enable programs deliver that commitments operating to to team execution, us over leverage enhanced Our on financial our and our drive consistently to cost-saving dedicated strong believe will will shareholders.

across We to portfolio our scientific through aspects committed all value are productivity strength creation of long-term driving and business. leadership,

that, I'll to with And turn Albert. back over now it

I and quarterly with given first Value week. And proximity the our Relations. earnings [ day, the know to same was be listening We our is a ] constructive seek of the public time mode. that want our we in last had shareholders Thanks, I we X Dave. They Investor hearing and We topic to before our meeting presented minds the to were to [indiscernible]. mainly deck Lead I It's But weeks meeting attentive in The briefly for Starboard and was many. Head to they of made Director ago. always there Q&A. take address the perspective. question, with open our their are

vastly some with raised, we While many views the have others. they agree we different points on of

our return. expressed dissatisfaction total example, they shareholder For with

forward we we to on best We are shareholder though believe are the not executing satisfied increase return. path either,

that been deployment deals they capital for shareholder We them for and hand, believe other Pfizer. business returns, transformational the challenged have will our significant produce or some of Seagen like On our development. BioNTech

shareholder value The decision-making on driving has year In value. [indiscernible] for is our this to improve a on long-term guided our remain that long. and focused executing We important delivering thing X-point all performance. create what presented commitments, including do we aiming we shareholder plan to January,

all will including productively our Starboard, with consider good We offering. ideas shareholders, are and that engage will

operator, performance third please to that, the pipeline. assemble with our discuss And queue quarter and

We'll our Goldman Sachs. take from Instructions] [Operator Shibutani first with question Chris

however, be that about That on obesity, additional assets lead could with previously questions appreciate with in that said we your find the have debate. a be differentiated is pipeline, behind. GP-X that wanted where an you an would danuglipron that And would X what it is to assets? the is additional X particularly a have clearly what approach to that company clinic. Can source but I to I oral Pfizer market versus a the into is, #X you perhaps is day, regard I intriguing GIP frame second how with a having the you Phase these ask insights then be oral. imply once market Albert, do oral now there, the you that the of we you in which think antagonist, at believe is asset important strategy to

the activities Look, general will as lot a we of on so come is if now, be fast moves that. far, looks before have that, this what other provided all right ones there second going not will the to us. the my first now, is But the situation on said, one based comment Mikael ask be should will But know comment because Daniel right like. is I successful I oral into and that the we what market,

know need market that. is large. very a very, The is We oral significant for And solutions. there

successful, terms nicely it doubt the is let's say, opportunities exploring our no also of obesity is several But will have there So that in share thing right of and is decent market that now. oral. we if science, we are market other important developing,

the Mikael in both mentioned about a X, the have Michael can little we more, other and clinic, danu speak the bit that X The Mikael.

that that day type oral remarks have a our really products. bringing special market, the really of you injectable X Yes, foot Thank to we plan, a a in between execute do system. split once into meeting, you, And have being continue on which seen includes same Albert's second we that heard in before some a help as modified profile a release features to believe could danuglipron would release once-a-day we Albert. and strong the way, as have modified with different with

in oral the differ that I don't various in the will, class. expect GLP-X end, the that much

in a better and So And which add more [indiscernible] tolerability we're the more heard that's in bets, could that's advanced move studies we plus to why are to second efficacy. we right X like initiating why are as have a GIFR, we were our there always of options this once-a-day drives and keen Phase huge and bring so now, segment And for II we you've GLP-Xs, advance. And applications backbone engines. these again. have more also many on

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

I have positive reported data. And well. this program has your cachexia.You ] on as program [ Phase fensegrumab broadly from just been II data actually previously recent highlighted a question in speaking,

you you For drug? of show need the details group Or your larger And registrational us would trial, of would survival? away can big like a be also, trial Phase to for opportunity trial, patients how an help this of understand the see that outcomes in replicate sufficient? registrational adding you a II

little Let's about the then Andrew of potential start can market [indiscernible]. the size science, the bit with on speak maybe and Mikael a

physical which is cycles, which activity and the supported better to able patient general, to cancer translate be status unmet performance have think often in treatment higher segments go in to regain to care, through able needs, should this of addressing and with we're more be better body more I for agents, weight, long-term survival. relates the

always trials. different dependent As on you how know, cross that over patients is to

So other we more similar to I shown are in translate harder in going do call cycle that, come treatment this Phase time. as cancer endpoint will multiple -- with outcome performance more will through over it, clearly types. be from outcomes better is aim cancer initial endpoint studies, patient think And our but treatment to registration better II and that

addition that, opportunity, to other be support product that And think large to failure heart So used cancer earlier could opportunity. we we large very a care, are a chronic have in looking running third this do studies of in disease. heavily and been similar at also a

that, the of with potential comments Andrew, And some this on molecule?

[ know, in on medical pancreatic particularly, building It's probably as to to and with oncology, about patients comments, cell heart massive It's Extia look, within a need. Mikael's And that, suffer failure XX% non-small is XX% correct. and unmet Yes, XX% you ] lung XX% from COPD. cancer. of

market depends whether care on looking the trials, a you we're really depending outcome of size mentioned, whether outcome be And as viewed as But price on to Mikael it's therapy. points. at supportive those obviously, also, the The different have benefit. going of obviously,

So drug the this much pending be size trials. by Phase of and is III in the to the market the II of particularly very or size data going informed deliver we the that Phase

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

it's early like still I feel with shareholders. your shareholders in very engagement some of your and the new

too further that. on be much premature perhaps might ask it So to

context, a X% you pipeline to the the efficacy. it adds briefly. that more GLP you tolerability mentioned, oral stand-alone. Could just implying on weight oral GIP were do I into an study ran, hit could So sounded It loss? Phase antagonist like I X-week more I'll it's instead, better for as Michael, focus what example, that know and did in incremental to X% maybe you you lay

you And secondly, the vaccine disclosed than protein? it one have more XX-valent pneumococcal guys this more than that does carrier morning,

Mikael?

Yes.

a act been in ability I the different well of settings. in documented peptide has think concert with GLP-X few GIPR to

and achieving patients document reveal for So be more That's the offer that a the objectives. really what could to right nice this we need want and we faster to aim first with of treatment that an differentiation approach, oral to now.

bigger we're but on X based a which X, what number an our moves infrequent improving any and that countries On today, believe than impact we want of of include technical to that far the X accomplish. in we generation we somewhere disclose X rather between a serotype other technology to generation, -- that can those been We able XX% is PCV new beyond disease to PCV it fourth why XX covers improvements. mention serotypes. serotype on XX% has serotypes to have as of technology our open have a for number And and platform covers improved did don't different example important? and -- new adding Well, that

go valent, be more XX it a such to serotypes. the improvement will we more than As and combination many of

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

there, Sorry, X. have Huynh I from was mute UBS. I on Trung

for comments So thanks the much activist the on investor. very

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on then here. Is Helion the sell even delever appetite quicker comments delever, to commitment And remarks just on there stake the the your hospital an and [indiscernible] to and thanks business prepared the for earlier? and

sheet. And could you That do a little on soon. LOE give have products going bit off balance you more the with flexibility

thoughts So yes, here. just

Why and a then start activist don't we with bit this question. one I'll the little take

Yes.

we'll that. as $X.X is the delever as laser fact doing point, I possible. on we've on focused the year-to-date, think in that first, rapidly yes, do taken billion objective out the company And about So been to and our continue debt to has given levering that,

evaluate availability I'll time speaking assets those any the maintain to assets the opportunities some to here, to, understand further currently delevering potential looking we're over always without directly we and that monetize and activity. our say, if Secondly, we around is infrastructure BD support of that there's have

the say table, we'll would on on evaluate most long are the to and sense continue options I strategically all term. for us what makes So

development. Street regards the our business projections the -- projections compared the As to in

BioNTech on of by revenues, compared up I made move and First in terms in both Street of to start And very biggest that very, saying upon the seem X [indiscernible] let's Seagen when all, way the deal. as, think are by we stable. the And right? far, we the

exceeded terms The just that with we it expectations, also the made if Street the covering you -- that XX% are we ] which we quarter, revenues. probably have Biohaven on and add and more of that, for NURTEC, plans of other investments our weigh the in is to ones second [

Seagen, And example, unique our infrastructure was unique, is the those Pfizer. of over BioNTech with for or Seagen the asset taking ADC that the And world. with around for the [indiscernible] development the most important our thing transformational technology acquisition of is mRNA a

the end all Seagen, way But X to Phase growth, SV seeing Phase other, one not the and and start the is the towards about a that -- seeing III disease, of now, we'll continue right the the in decade. got we from other PDL-X ADC. the is It's we but it the III, already revenue are one

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capital So will say truly -- I think significant demonstrate would value this we think invested that was and shareholder. well that I for

any suggested Starboard activists. if But I any final what they something for the a has discussion thing, important what are or we specific want most forward. but comment presented also doing with it agree But I not going to think to no make on needs matter actions, disagree has change. are we happened, is

that From of a changing are beginning the lot year, the already a ago, in things. year we starting already of point,

leaders months, to we XX have that. from appointed colleagues, the have readouts to of revenue. Seagen we separate and past and of commercial created integration have delivered end-to-end international new a implemented of retained our changes -- successful the have And consecutive now and who ensure And delivered the an successful quarters oncology X like pipeline. legacy Over the we company multiple, majority changed integrated vast we research business we of Seagen and Seagen the the organization U.S. multiple model

a billion, far which the additional knowledgeable by which prioritize OpEx top reduce $X.X business plan announced a to brought line. costs $X to We pipeline executing Baum, future affecting without billion, reduce negatively analyst are in by manufacturing successfully help to is Andrew and our R&D so is results. research an we development. announced which satisfactory plan We delivering We

X the officer. terrific who governance creation. now enhanced value corporate Board have with directors of And shareholder selecting advancing we deep and are We new process new a in expertise our scientific have

all the plan result that January that these believe we already of intentional what out changes of last So an we is are year. in X-point rolled

I coming because engage is good think Starboard and it's shareholders, said pragmatic that But don't ideas say, I statement to to really with change something months remarks, value. long-term consider in my as XX we including shareholder create So the plan let's any late. that needs personal,

our from next with We'll take Cantor. question Chen Louise

had X just I So here.

is First Could this when ask about guidance? as think give early you And you year? it one, we I wanted should in how pulls for sales to pushes as and the might big and XXXX? be EPS

in how and along wondering updates on Seagen for you if metrics some one, you then sales to and of that have any have just deal? coming the is just you gave XXXX And Seagen, what the integration like the second

the with start let's Dave, Okay. question. first

Yes.

thank you. So

can across our into we year Regarding of our topical as as XXXX, as there's going in both business pulls be here to middle, pushes think to our our core as we're a business. and XXXX it's at well business lot about because point, financial on you lines all -- imagine, the your growth really next building of COVID plan

by we for likely of our is XXXX, guidance that It most expectation provide this the end will year.

stay more come. to So tuned,

out lay will pulls for longer the guidance can and of understanding term. so to shareholder give clear when the XXXX, enhance value business get our you We very and pushes all a opportunities we

an the the on us both the significant can Chris, give focus about update on speak little but a is Seagen which commercial, integration, research, you a bit value? also

integration in have vast working the Thank now [ retained Seattle. of to majority our and ] the question. date. very in we we're at facilities much pleased you X,XXX We've outside over Seagen, very the just legacy for colleagues Overall, colleagues with Basel

printed us that, in which basis. legacy revenue QX, $XXX on delivered for a and the printed saw billion, forma year-over-year from PADCEV year-to-date XX% Seagen of is $X.X global over we you QX. $XXX pro million million As Seagen in

the continue execute portfolio, on on well to very We the pipeline.

most differentiated We vedotin first-line non-small design aligned saw where on trial we the study the Sigotatacvedotin lung up cancer. of the significant III discussed cancer, non-small started pembrolizumab which and the data. cans sicotatactedotin to setting And ] in dosing. the is start [ first combination Phase in and urothelial that's we're non-squamous started that's in cell lung XX% ], of with on III FDA BXA Phase studies cell HERX-low, bladder with the With [ and dasitamab to also of recently cancer, planning

start PD-LX the to the also We're year. with a V, [indiscernible] early and III in program next Phase combination pembrolizumab progressing with

So overall, great commercial performance so far.

the We haven't on missed we execute a to and continue pipeline. beat,

We'll with take question next Geoff Citi. our Meacham from

Thanks so question. for much the

Just you've and it's look danuglipron of know today? another that to what given outside of one had the appreciate I Mikael, And early. you, obesity. success efficacy I on I want added a ask on quick like bar couple assets ones. does just

think And when Pfizer you then strategically, making the how longer-acting investments does Pfizer in this view versus injectables about category? orals is

the to And a orals obviously IRA. you here quick, the then Albert, exclusivity? when what see Obviously, But between like on beyond about new potential biologics on seems to stay. the real for would gap closing and administration, think it Pfizer

Mikael?

to are I could to orals, with keep of combined [indiscernible] you number give outcomes. [indiscernible] metabolic the involved course, drugs For very in disease is, think that One be it all of have a [indiscernible], things that advantageous. other long

can The to the similar I you GLP. would ] combinations is the where upper say lower what much towards. range And see see And is XX% that's first what order you're looking oral [ XX% edge range peptide. with to of very you weight, the can for

agents edge can above very combi above an that that and lower the can above range, broad aspirational lower XX for aspire a and edge will I So and go with that. that to more single agents

Thank you, Mikael.

innovation IRA Now that some people for about could overall provide a does spirit not investments, on Clearly, but IRA. things good promote it. there is are negative and [indiscernible] also

year maintained. all medicines like that that seniors. out-of-pocket we $XXX to the clearly, will That, be So for per be month wouldn't I next see for your want to

and -- needs not only change. would price is to it that issue, things and where booster the needs is that creating And the funds that the way the I is are penalty negotiation setting the deal profit evolving. it business. it now, to XXXB right is [indiscernible] also of it's IRA. [indiscernible] unethical biggest But And of this of one forced on between and some it mention significant people it transfer lines be from is it to

setting is entire myself priority. So the and XXXB that reform pharma a something as is

you for thank So question. your

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

me. for the first on X questions. is the I guess, opportunity. Appreciate Great. one RSV

the Just see what revaccination wondering impact and the as potential most outcome market longer-term opportunity? the for on here likely frequency you

guided next question to more is you a Phase inhibitor, of then the study And starting clarification. first-line second CDKX On III your early year.

] design? versus any more a there on share be or Just design, head-to-head that would combo [ IBRANCE? if if the wondering type in if a it that's detail And would VFD monotherapy if can with you be

I like right. the... speak RSV the All and to about a would mean, you little bit

directly to your answer Terence, Maybe question.

timing, evolve So a productive don't of it's confident you mentioned, us profile. is [ evolves, I how predict the we going but for recommendations. feel RSV ACIP also really ACIP and going recommendations do Bristow's how market includes these to the to [indiscernible] function But be think for in ] how that it's revaccination evolve, as populations. to

is highlight would And I very pull importantly, to we profile through. that to like what feel our confident in ability

light year. improvements last in ready You in to the continue the advance in share dramatic our versus particularly quarter to of market, in heard we well. in And as fourth describe momentum our Albert U.S. market vaccinations be

say protect the further I active indicated would is of to and FDA's XX-year-old population this to last patients young viability ABRYSVO only the strengthens of of XX- recent makes as it thing XX that's ABRYSVO. RSV the as And the age, approval on at-risk the vaccine years

Last on say is I'll thing maternal.

last where XX% ended health which is have amongst doubling momentum continue maternal the month very September. had also We the on And season. strong signals We had a for of good OB/GYNs indication. uptake, systems. to full really we uptake uptake We we of a ABRYSVO our see see and in

weeks up last So were of those in that this first shipped the we the XX% into systems X weeks X the of season. units season, first from

see momentum we and updates. future on we So [indiscernible] ABRYSVO, to look forward

that's to . do Alexandre, important something you us. on for add because want international the also market And an

material not making absolutely. Even Yes, good yet, it's actually we're though progress. very

Arabia Saudi midsized So in markets on share year in France, other large front, recommendations a got BTC the in of in Australia, Canada, market adult in we since and [ ] like lot positive Germany, the U.K., of actually recommendation. the beginning

we said tender. U.K. Now as at the exclusive That's you what did. we're that into moving funding. we And won we know, the quarter, second

tender. won Canadian We the also

in regional Now reimbursement got we in terms and October launching of just [indiscernible] are Germany, reimbursement, actually in Germany. we

all market that of are client and talked in negotiation. large the about, I've Now others, the market the phase

for to the do can side, I On NDA in filing, XXXX working last we us. in an that which an study the is important we also say toward market want immunobridging other so are thing China, our is actually,

pediatric the we also, side, On are good progress. making

markets. like leased [ the yesterday, also we also in got in just markets ] covers BTC in in midsized the other that recommendation. We U.K., large Australia, Americas, Health ABRYSVO XX Pan-American that the Organization France, actually, the got market several And recommendation in actually in RSV

once And we're we There, got actually gaining just positive pediatric, launched recommendations, those moving are on in we France. in have also we again, reimbursements all recently. So into reimbursements. France

we see go we going those Absolutely. So potential take through It's potential. of time we all steps, to see because bit there. great a but statement good

why go of don't And question Chris the we to design then III. for the Phase the on

positive another our conceptualized receptor Thank in small selective molecule it's in in On you breast La inhibitor. as line a know, the question. atormocyclib, and highly discovered second CDKX was that And Phase Jolla. much This very laboratories hormone currently for cancer. was program III our you plus for

toxicity, And This first-in-class, of leads but breast as highly drive you a CDKX, proliferation. bone know, is which and that's cancer only including some potentially, we're the focusing inhibitor. vulnerabilities, marrow the selective to CDKX CDKX class, why basin on not

for believe X FDA with it as you've neutropenia, against of X And advance. And including physicians' and X grade dosing the potential the Grade first-line and the breast or X tolerability, CDKX. safety no no with with aligned we clinical coming AEs more data cancer will date, receptor months. got support So complete choice start and will and the continuous positive we've be grade CDKX/X treatment-related observed. seen, the We've the on no which the study, current hormone diarrhea early was in in

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

portfolio? your you X growth? you to I of have assets variety sustainable how drive call And to is more the In I that Pfizer us what help side. on believe focus hope better the first of on [indiscernible] other and months regarding wide shape one your can the Andrew first understand do this for broadly, has so, findings or

that now is in what side, opinion, you're the -- your what my friend? dark So

Well, think I of in than guess, finance, question. coming the thanks side. segment think, a, B, I is to Albert's question, response a dark pharma I rather light for think from Evan, the I the side

Pfizer's regarded discovered of been the that terms have molecules of look, at internally engine, always stream when R&D in But at look just I question, highly you Pfizer because over the the clearly I strong years, first hasten ALK of there's not inhibitor, first record just CDKX/X a very it's very, and inhibitor, small And numerous molecules, discovery JAKs, add. execution. ABRYSVO, to

key bispecific. move, me, if have a terms that You when made see absolutely of very don't I in this because this that you oligos, is in in cell the company difficult. for therapies, very, And was then life have vaccines in this, in

that shows about. that something hasn't the It's solve. answer very right is One value COVID is you to that a to this much earlier, you is add investment coming as of those thing think think, put taking perhaps you to matter historically, in revenues this I of type execution in you once that incredibly point areas should comfortable targeting is revenues. machine focuses, I the feel where challenge we areas may The and that have are to direction Albert powerful so the Pfizer together translate R&D I hope into experience a forward, where translated want. alluded into easier pursued Now

Bernstein. next We'll Instructions] take from question Courtney [Operator Breen with our

This from no too. there in of last number today, suggested question, be building on kind the July pipeline, the it X looking of Bernstein. pipeline Perhaps the is meaningful presentation a been end that of at that to months, actions suggested to from the initiating there the Courtney XX albeit Breen in today, of Slide advancement are last has

cost and as a is going We that's suggesting reset likely as response to cutting the are on.

and repeated are how further appropriately cut high through balancing this the stock that to in to you that take part while are of accelerated isn't pipeline? opportunities will we need first ensuring this question getting is, potential how ensure kind My quarters? the And

the start Then Chris. comment R&D on X Please, with that. maybe ask let's heads I to will

Yes. Thank you for the question.

So in first us, makes X just which Phase already us to remind in trial company started. of X studies year, in-patient new we've clinical believe the number this terms I I started oncology,

readouts to will is potential cancer. colorectal be up In setting, the line cancer a mutated very cancer, coming there's months, big Phase we breakwater, for because colorectal in BRAF expect is us mutated poor XX% with which importation particularly unmet of BRAF prognosis for III presenting and patients first that which colorectal in need the a

] readouts second-line [ methodic also ], with BCP potentially ] We [indiscernible] ] sasanlimab plus non-muscle with ER codeveloping a for in Crest for is in differentiated ovens PD-X [ [ and which cancer for ER-positive expect VeritexX subcut [ bladder invasive a we our breast combination cancer.

data the randomized seen coming will We've Phase initiate the in provided months, confidence the is We that present X programs. cancer. prostate data data, II also in Phase to for the randomized us [indiscernible]. patients III This a with Phase II and

non-small months, high line cancer also in we'll combination cell lung studies, additional first-line mentioned, [indiscernible] first with CAT X III coming CDKX in cancer. with pembrolizumab and [indiscernible] the PD-LX I positive In breast cancer Phase in as start breast

rest? side. Mikael, about Oncology impressive quite on So what the the

will the this are movement, the eager left we help progress When on up non-Oncology, quarter to XX over that this have nice hear the fill side most displaying to opportunities months including right you and we Oncology part chart, to by XX next focus you and We I look some and different right-hand. see of the valuable you thought hand.

potential will the concept. of that clinical divided readouts development. potential in you'll and pivotal proof If And include signals between even XX not be include early did projected approvals,

Steve Scala take question TD with next our We'll Cowen. from

stated, end number wondering visibility now of having it anticipated I'm on based product long-term are the has nearing COVID trends. what we XXXX, sales is? XXXX Since Pfizer previously long-term on that

the similar Pfizer GSK RS Booster immunogenicity the vaccine? as data in-house? secondly, did then for have yes, does data show adults Phase does the a in And the if in III booster step-down vaccine And

right. All

-- stability, [indiscernible] the let's to [indiscernible]. make you maybe a on want So

comment Let performance. me just on

COMIRNATY. I on PAXLOVID think both Steve, think, and I

believe to are performance the I our entering think what show into as what are category understand we forward. quarter, which likely businesses going be where a durable we volumes to the us And is to going these as these date are well that be. both

XXX,XXX So the treatment seen if of in over for take courses we as to course the summer that that happened mid-August utilization, an of just that of PAXLOVID at in moment, PAXLOVID, items XXX,XXX significant just of a saw Dave you aside even wave the before July, treatment on third example, the declined. Even quarter, to an course wave average about alluded growing courses treatment right? onetime we've start about the

we've side HCPs treatment consumers with engine treatment. rates, both durable to built our government very need and well commercial viable as a as And increasing a support on to commercial that side very the the who with reimbursement, and on activate way

ability had being season we and with fridges, X was setting. vaccine benefit we've the well the as And start COMIRNATY, of setting in plenty similarly, And of our system to to goal quite demonstrated year, on last to health as the the this an weeks well. able vaccine, with in the in again, year do start both before retail that

just look this earlier. a of is in last that you of a calendar it's bit X vaccination year, higher, the actually, When at the little function a but where versus is big year weeks part

curve evolve, expect both that seeing confident the that all see December. we're of shape vaccinations vaccines will October on this PAX. business, and of through to us to We continue And but continue in makes a durable

remind the quarter just this at international, For our the that Same of thanks we too. closed August. COMIRNATY, business. In we want is enduring question, principles, vision, Alexandre, end in the International to I for see third everyone

see So are of vaccination of the any basically, campaign don't September. COMIRNATY you most markets sales in simply because starting

nicely our Having said that, we key in very are progressing regions.

Europe, [indiscernible] in ] approval the the vaccine of we July, [ we the GEN-X September. and adapted got got KPXX in So

we where to contract it's in the is implement that care Europe, work place. basically an contract health [indiscernible] multiyear authorities our in with have to started existing partner So

the our and we've to Canada, the worked authority U.K. contract. also in with actually execute Something

vaccine model considering Japan, which mid-September. got And we COMIRNATY be the advantage only the frozen, could GEN-X is the a in adapted PFS Japan. completed approved In vaccine, also in never actually distribution

our our again, we said, in business enduring locations. key this see see contracts existing and I So an we executing as as us

for So and -- quite it's very it's Europe PAXLOVID the business with QX probably demand, that and [indiscernible]. QX a perception of is with Asia, that was it which satisfies a we sustainable translated into and us, actually strong waves COVID a had spring actually because stands -- good And wave. sustainable coincides good a in

to purchasing into Just want close, advanced that countries have commercial. I from XX of to say outside transitioned U.S. the

as the the it see the that and enduring world. So as region is we see quarter they absolute demand sales different U.S., waves we now and in the the after quarter reflect an the hit of reflect

We making I I had one in ], missed. at And CEO one resist of I some don't EPS severely earnings beat and we we we missed And of missed, we last COVID. Bloomberg of also, years X.X comments. that still and the the releases, XX because like miscalculate. In and it year can't which [ QX that was XX also

Yes, years pandemic excuses are that XXX was there last ago.

reduce So benchmark. -- But we had we of and say, had didn't to guidance it a COVID XXXX in and had $XX billion also, We significantly. revenue XX. have, of we let's

what to at XX% used So it be. on we reduced

else. was us but we that and proved, that everybody XX. reality it life XX wrong However, it not got And the was and

speak very again. we now are don't want we when to because about miss So COVID careful it we

more is to because the I trends higher utilization us it year. COVID see profitability, but PAXLOVID like business, -- last identical level the of to even of year of when say the this the of for basically important compared I that is And would which

treated, people period. X.X patients and the with million had to same -- PAXLOVID of U.S. million last we end X.X the year, QX far, So compared in

to treatment went is very, rates went XX% stable. there it's from improved XX% from XX%. And but very now little to the bit down year because rates The XX%, fulfillment a have last [indiscernible]

is same more vaccination, season. see of or less the the with same in basically still you it's the The and utilization COVID year, COVID trends the early vaccination. like When the last are

So be over fluctuations there could there.

true. the I separating COVID And normal think this business a -- COVID will it's consider But absolutely statement Pfizer business as will And your it. we because regard how some, that make And to [indiscernible]. Mikael we so ask it's on comment to COVID is our with business. now, we that, stop I and

your for you question. Thank Yes.

on RSV. durability for and data revaccination started both to of accumulate have the We impact

we On meaningful and the patients is revaccination, quality punctuate declined have X majority to we oral the which titers the in after can gradually, course, this that But our type expected of go improvement robust booster. they, a with for years, of even to remain X vaccine. of some pharmacy and

a boost X interval. good performing for it's really expected monitor But X But to the see drop we patient. whether improve vaccine. meaningfully, going years, fraction of [indiscernible] a the a protection as will high is years, we And around in for the in I otherwise, a makes believe titer that likely are exactly substantial the that the that's now, quality what

are year, could groups physician be once moderate severe patient benefit immunocompromised, Now that be to from and there directive. go that may will a a physician to that more offices patients, more that

that you give hope I evolve. an this bit will of how a So understanding will

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

was I on apologies. My mute.

us What helpful which So are with might numbers to the help impacts. your [indiscernible] impact X there calling questions, the any very is That modeling? would be next if of understand if year? you're Are out, may. I on any IRA there business

you're what it appreciate see When and color to need confident optimism. under how on to more second of The estimates reflect appreciates the Seagen longer-term guidance did your is, pipeline is and sell-side size the you'll I or the progressing the increase you market one do your a And clearly opportunity? bit feel Seagen? how the that the on

Dave, take can [indiscernible]. you the IRA

So this I'll [indiscernible] of very we the our think on When that pluses and just and we pulls net business. briefly. we end guidance year, has hit will year. the impact a the by that pushes give about on provide it us as to of as next and cycle we -- view IRA Obviously, pull you into

So on more tight to come, hold that.

calculations positive we building building our these And assess as we there it puts so So year. negative, takes, and are are we are are now right? things as next need to budgets for

Chris? pipeline, Seagen

for you Thank question. Yes. the

PADCEV think I obviously, expect we everyone of So last we're approved happened bladder very going of time, and approval that approval unprecedented didn't in this to the early half this at the year, of have data. because first-line year. forecast first for And the

performance what the as I we we XXXX. So exceeded think really expected commercially or in expected is

for now, year D-LXB combination the CDXX with the next-generation cancer highly as as next on molecules look you pembrolizumab next-generation will data well data really encouraging [indiscernible] for as the present for as the PD-LX DB [indiscernible], XXC including for If at rest CDXX. like called ADC in and pipeline of more updated these, well we [indiscernible] for new XXC, conferences

by and the I pipeline. think data of to So more you showing help confidence releasing all in build next will year

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

but more are of the some you'll peers could that XX [indiscernible] or your off Prevnar, adults? looks coverage some in rec versus in could have around Merck preferential down XX vaccine adults. vaccine, does like like serotype How older from your confident IP So previous line stave look [indiscernible] your lag it a approach and [indiscernible] you by backside versus and up step XX% the a it looking of effective meaningfully it at

be talk modified once about ] earlier to outside those And release could you what stood enabledron [ out comments daily I of can your properties us. two, that then think have number investors might under-appreciating? special half-life improved

Mikael?

of bring But XX first that this where several and because the numbers. will very The market, serotype [indiscernible] is also include to the meaningful. working far more will XX improvement go bit talking heard, a will generation, unique we hits fourth pediatric think for segment of about Yes. aspire that a are used doses. the the far overall on the those of about, of in is such use which fifth X, are to keep serotypes the that the of X other plus you we you we to as one have bulk that We improved any and generation other details And that just of serotypes an you important tiny asked beyond that performance of value as be future. serotype both

to QD, the better you've a once profile day smoother week saw, in the once that on peaks think of perform got went and For number injectable with the you and a of a when reduced you course, patients many general, them. I from

are hypothesis, profile. our you keeping a release, that's we So will on more smooth modified a with eyes that have

that's are formulation have really other that's a we drugs. immediately avoid to to trying something our And additional make some this details high halved and oral with that think on attentive other seen differentiation. ], be can [ in certainly is in nice eyes to have peaks why we You order product I product that help of

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

I'll X. keep it to

So one just on year. the the guidance full for

total sales by ]. [ increased You the guidance X.X%

by billion. COVID the You products increased $X

non-COVID anything wondering the [ about I you call out $XXX where sort for you're might lowering does if the you're ]. there's guess, that year? your I by us expectations of full So some of I'm million. guess not surprise else trimming

then GVTXXX from tie noticed weeks ago. of a We [ news the And sort to Savelator of ]. few [indiscernible] one, second

in you're curious obviously if progressing in the seems mechanism from changes approach? that And Should your we [indiscernible] situation. have any just learned carrying wondering similar or you you contemplating to [indiscernible], made anything to pipeline. So just the over I'm think that be still is [indiscernible]. should about if

you, Vamil. Thank Dave?

Yes.

implies headwind actually Oxbryta. X% business, growth performing On our revenue increased million largely the We're is We X, rate a our which a well. baseline in increased is $X.X our $XXX perspective, Oxbryta from compression which guidance that actually someplace XX% overall our correct. in and in to billion. the the absorbing by business, that implies quite non-COVID by you're maintaining else guidance business which PAXLOVID absolutely We

business Mikael? that to growth Then quarter. And want I was remind this XX% the non-COVID

called XXX, course, we And was to previously was how price yes, encouraged advantage. of developed that to here try our -- opportunity. I'm which Yes, incorporate on which learnings, [indiscernible], about

acquisition running. did approved several later know, and you As already XXXX that when up was we bit with a drive and already programs

has improvement more and hemolytic lower XXX it by for anemia potency one brings XX-fold itself is more as a example. dose, at

looked part our in tolerability. has Phase really in II very this nice well and So performed

So one. I that about [indiscernible]

those Oxbryta difficult speak part higher the trials. consistent the type was I do the to where recent of more learnings, some it's of obviously clinical investigating to profile. about a high-performance history a learnings also When development. entirely performed support delivering a of with we Oxbryta, as And as world have, in on studies high-quality, really will a drug sites of focus [indiscernible] in this we great that And have countermeasure,

I'm So optimistic.

did when we'll value our of XX% of into the updated, market, [indiscernible] that here. GPT continue there's to deal. the really investigate final we Oxbryta end eyes early a allowed were deal, what Please and entrants Oxbryta keep on you to as But learned. and And remember up the we

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

today. And thanks for these all taking questions

management So further whether my initiatives. opportunities curious SG&A sees R&D about engaged SG&A Obviously, and I'm to has significant and efficiency But ahead. already question first relates cost the cutting R&D reductions? company in for

And in over the XX then conjugate with to development. preclinical respect candidate vaccine pneumococcal valent

I'm will to confirm that? wanted just Given it's management's be that initiatives, and prior adjuvanted statements assuming that, I R&D about

did and pipeline affect were affect to and quickly, significant that way them R&D. a careful make in take domain, the savings although satin We will Let's we our not very not that reductions our business. will

has happened. very are what we So happy with

being we are Of not Now will. to we efficient? going course, continue

we of And able I see and part absorb and of us opportunities control we can the be investment be, a some in that inflation. SI&A. to less productive more will that trend to in are doing, I think cost R&D cost our both ROI-driven with tremendous invested of that of ahead the reduce course,

cost on. So focused, as counsel you move we see very constant, a cost-conscious should very

valent. Mikael, Now the on XX

to the breaking question. Yes. PCV XX technology our new And you the very we And that the Thank really serotype X been in have think some the you tying new with get ground [indiscernible] validated about in we're I our generation, of heard pleased technologies for [indiscernible]. obviously platforms.

serotypes on to also increase [ very The and minor add been we're may give may we can certain I components significant haven't or some are not hyper far can that go on fold in give to changes experienced or allows us substantial includes that quite working gaining can PCV improvement sophisticated formulation beyond There this new of on more the carriers that titer. tool book. that use and that type XX ] several chemistry fold of that include to adjuvants in that

we together. these all are now data bringing So right of

a see that adjuvant CDP program your keep will it technology, but selecting good while we X toolbox have go we be I X, updated And not, with allow to it's the we us really to lot where ran and you a in adjuvants, early new candidates. necessary we as our in closer from get too of acknowledge to seen tell, as to vaccine skills and or we

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

Just ones X here. quick

a get following rough for -- up Just mid- and first question. still And margin time there? the operating Is COMIRNATY for what's on line prior margin Pfizer? to adjusted fair structure kind on are the of XX% high to adjusted

Max was significantly growth the to forward? volume very franchise to got Part franchise. just going should think this year about about competition. there the going still enough Or incremental Is [indiscernible] healthy slowing next my then strong as here to year, that's a as think year. generating opportunity be growth? question we a And But we've out redesign, we've Obviously, vepdegestrant second this got on D

start. you [indiscernible]

very high So our We're much first, very obviously, is of mid- XXs model. realm within to the focused against business that.

time. We march make progress continue and over that to against

year, for specific So have guidance date front. that progress this next continue to point both on and we sure us as I'm completely we a this at But year see you give we for don't progress, in time. should

was think little also And bit I the COMIRNATY question. a

I COMIRNATY that. obviously, think a Yes. draft down is Well, to

that, important. the our profile continue business obviously, such productive, therefore, for operating company. having to So bottom, the to of of size But business be we will make we're that expanding adjusted that more margin in our said top investments

specific misleading. very, It all COMIRNATY extraordinary for But to the speak is and We 'XX. in products, PAXLOVID the high you because low. very in that a right, because did general, is of little X don't it bit we want the circumstances products, markets, things. And it's on multiple margin on depends from know

[indiscernible] a [indiscernible], and then why don't we redesign. the international we with on mirror end start this up time

Okay.

increased XX%. very strong international, total at the this quarter [indiscernible] quarter on second the So in and on very have our grow quarter. continue XX% year, we strongly patients the by had a to Actually, we versus third

new a So treatment. this we continue on that and add to [indiscernible] we is straight growing, are patients

Two, faster of of result the of a as essentially diagnosis disease. countries things. operate. is all we of can One, pretty of standard complex care the [indiscernible] the which the the where infrastructure care, of treatment the This much establishment X average in and this enable robust

And So now we this is disease, a complex takes those and a finding [indiscernible]. patients time. have

increased And countries, X [indiscernible]. this have Today, in course, XX of reimburse X the reimbursements. U.K. the started we significant we just Australia, countries, that third the And so have access. quarter, element is countries where recently have in also, to that we had and

deliver market, we we potential at that markets. diverse. growth in key look those and that And international elements still to our moving see major treatment X some forward, see you continue to international really in rates, increase the So the will if drive

be drivers will in quarters. the growth flowing the So that of next

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in I'll Obviously, rate bit ] Vinda growth and has part think this that that I a direct U.S., big little real just we've had you And starts. been we've I the growth diagnosis of effort color. in year. so where attention on result it new and Chris, the seen of mean a give of the strong very put [ patient commercial a

up about versus So new quarter-over-quarter up we're rates year. well, patients. also X% they're And compliance as patient XX% improving starts last significantly with are and about existing

there's nearly remain diagnosed. the lot half For of patients, a market, that

So there's opportunity there. significant

we tailwinds go have as forward. will We

we diagnosis So to think than seen page be prescriber at that meaningfully year-to-date. this, lower But on the that's largely rate the going attention we XXXX. what continue into put as we've the turned as increased do growth that conditions will to be and we've education, affordability we're growing well and volume levels

And a going entrants from starts will these where changing to of will have obviously switching we competitive potential new that patients of that headwinds as we're see options. patient market well the as new landscape, big onto of impact some part existing is

on the we'll will IRA give Vinda. have and as be of So about to specifics of as a those more we are guidance. and when 'XX piece share puts takes mentioned, well Dave that some

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

all, hire of [indiscernible]. phenomenal in a And congrats first on

quarter. lot like this in is So and taking of something was if the can first you fourth market stocking maybe This about ABRYSVO stocking there like any back, comment step particular quarter? a driven

are jumped you the how So price that? looks It -- a thinking IQVIA lot. line like about from trends, price

what how think is on you we this if in And coming there? help So quarters? particular should understand us about product could going

Mohit? product is Which

[indiscernible] ABRYSVO.

a So comments on few ABRYSVO.

with where before, So wanted vaccination to, And season this mentioned volume we with as in fridges. I start really health as predominantly retailers, well systems. as is ABRYSVO

our customers our work numbers. stocked we and sure QX with reflected in that's that So our channel to partners we appropriately were make and

And also what steadily of the over rise. continued in seen the the ABRYSVO, course for quarter to have over that volumes. of that Now we QX is began August, have course administration

they the timing are Lots that at last recommendation. in volumes ACE volumes vaccines they the But will the than market COVID as well where of from fourth were reasons lower continue Now we the quarter. there of perspective, year. that, including for anticipate into change that a as be

share. also Albert market finally, a improvement And function in what significant our is are our results mentioned of

administrations our share middle market end was we've XX%. So of setting of from at actual the market customers of into and doubled share in in shots our in wholesalers the arms retail October

into all So that QX going dynamics in into performance QX. heading those for are are play the ABRYSVO and

attention. you, was another It thank and Amir, everyone, good you, for quarter Pfizer. your Thank for

there points are tool. the business, year. presented is continuing we we at of plan, underlying stabilization operational I but an business the execute beginning of X to health is the There the think our have of COVID

seen part Now we from the to business. the have we of growth comfortable feel and strong [indiscernible] remaining

what Thank new and them, me path they you than interest doing We of in for have at Most they forward shareholder are have your creating seen which products. wonderful. better continuing expectations looking shows to this beaten was and Pfizer strong are of And have executing we analyst performance you a that this value. quarter, they do. from will perceived

call. That concludes today's

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