Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

fe4ae70dd53004705a5607ab134301065a8f3dbde056102e4203a2b273c80b68

| Metric (Unit) | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|
| Non-Cash Revenue Reversal (Billion USD) | **4.2** **[0000078003-23-000099_ex99_pressrelease1013.htm:2]** | **4.2** **[0000078003-23-000111_pfe-10012023xex99.htm:3]** | **3.5** **[0000078003-24-000017_pfe-12312023xex99.htm:14]** | **0.771** **[0000078003-24-000107_pfe-20240331.htm:44]** | **0.771** **[0000078003-24-000166_pfe-20240630.htm:50]** | **0.442** **[0000078003-24-000191_pfe-20240929.htm:52]** |
| EUA-Labeled Treatment Courses Returned (Million) | **7.9** **[0000078003-23-000099_ex99_pressrelease1013.htm:1]** | **7.9** **[0000078003-23-000099_ex99_pressrelease1013.htm:1]** | **6.5** **[0000078003-23-000099_ex99_pressrelease1013.htm:1]** | **5.1** **[0000078003-24-000107_pfe-20240331.htm:44]** | **5.1** **[0000078003-24-000166_pfe-20240630.htm:49]** | N/A |

baf74a722ef878ac4e85c6d7cd230147befd9774e0a8d873a5c37bd83bbdb753

| Segment / Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Total Revenues (Million $)** | **24,290**  **[0000078003-23-000004_pfe-12312022xex99.htm:2]**  | **18,282**  **[0001628280-23-014759_pfe-04022023xex99.htm:1]**  | **12,734**  **[0000078003-23-000085_pfe-07022023xex99.htm:2]**  | **13,232**  **[0000078003-23-000111_pfe-10012023xex99.htm:2]**  | **14,249**  **[0000078003-24-000017_pfe-12312023xex99.htm:2]**  | **14,879**  **[0000078003-24-000107_pfe-20240331.htm:43]**  | **13,283**  **[0000078003-24-000166_pfe-20240630.htm:48]**  | **17,702**  **[0000078003-24-000191_pfe-20240929.htm:51]**  |
| **Biopharma (Million $)** | **23,922**  **[0000078003-23-000004_pfe-12312022xex99.htm:2]**  | **17,971**  **[0001628280-23-014759_pfe-04022023xex99.htm:1]**  | **12,418**  **[0000078003-23-000085_pfe-07022023xex99.htm:2]**  | **12,930**  **[0000078003-23-000111_pfe-10012023xex99.htm:2]**  | **13,867**  **[0000078003-24-000017_pfe-12312023xex99.htm:2]**  | **14,604**  **[0000078003-24-000107_pfe-20240331.htm:43]**  | **12,991**  **[0000078003-24-000166_pfe-20240630.htm:48]**  | **17,392**  **[0000078003-24-000191_pfe-20240929.htm:51]**  |
| **Business Innovation (Million $)** | **368**  **[0000078003-23-000004_pfe-12312022xex99.htm:2]**  | **310**  **[0001628280-23-014759_pfe-04022023xex99.htm:1]**  | **316**  **[0000078003-23-000085_pfe-07022023xex99.htm:2]**  | **302**  **[0000078003-23-000111_pfe-10012023xex99.htm:2]**  | **382**  **[0000078003-24-000017_pfe-12312023xex99.htm:2]**  | **275**  **[0000078003-24-000107_pfe-20240331.htm:43]**  | **N/A** | **N/A** |
| **Pfizer CentreOne (Million $)** | **N/A** | **N/A** | **N/A** | **N/A** | **N/A** | **N/A** | **278**  **[0000078003-24-000166_pfe-20240630.htm:60]**  | **285**  **[0000078003-24-000191_pfe-20240929.htm:51]**  |
| **Pfizer Ignite (Million $)** | **N/A** | **N/A** | **N/A** | **N/A** | **N/A** | **N/A** | **15**  **[0000078003-24-000166_pfe-20240630.htm:60]**  | **25**  **[0000078003-24-000191_pfe-20240929.htm:51]**  |
| **Primary Care (Million $)** | **17,348**  **[0000078003-23-000004_pfe-12312022xex99.htm:2]**  | **11,500**  **[0001628280-23-014759_pfe-04022023xex99.htm:1]**  | **5,810**  **[0000078003-23-000085_pfe-07022023xex99.htm:2]**  | **6,287**  **[0000078003-23-000111_pfe-10012023xex99.htm:2]**  | **6,986**  **[0000078003-24-000017_pfe-12312023xex99.htm:2]**  | **7,211**  **[0000078003-24-000107_pfe-20240331.htm:44]**  | **4,952**  **[0000078003-24-000166_pfe-20240630.htm:49]**  | **9,060**  **[0000078003-24-000191_pfe-20240929.htm:53]**  |
| **Specialty Care (Million $)** | **3,566**  **[0000078003-23-000004_pfe-12312022xex99.htm:2]**  | **3,600**  **[0001628280-23-014759_pfe-04022023xex99.htm:1]**  | **3,653**  **[0000078003-23-000085_pfe-07022023xex99.htm:2]**  | **3,757**  **[0000078003-23-000111_pfe-10012023xex99.htm:2]**  | **3,949**  **[0000078003-24-000017_pfe-12312023xex99.htm:2]**  | **3,843**  **[0000078003-24-000107_pfe-20240331.htm:44]**  | **4,083**  **[0000078003-24-000166_pfe-20240630.htm:49]**  | **4,289**  **[0000078003-24-000191_pfe-20240929.htm:53]**  |
| **Oncology (Million $)** | **3,007**  **[0000078003-23-000004_pfe-12312022xex99.htm:2]**  | **2,900**  **[0001628280-23-014759_pfe-04022023xex99.htm:1]**  | **2,956**  **[0000078003-23-000085_pfe-07022023xex99.htm:2]**  | **2,885**  **[0000078003-23-000111_pfe-10012023xex99.htm:2]**  | **2,932**  **[0000078003-24-000017_pfe-12312023xex99.htm:2]**  | **3,549**  **[0000078003-24-000103_pfe-3312024xex99.htm:18]**  | **3,956**  **[0000078003-24-000166_pfe-20240630.htm:49]**  | **4,043**  **[0000078003-24-000191_pfe-20240929.htm:53]**  |

f860f71c17e5220619e6c31c6aaf008e3bf56fd2f7041de78bcad7db4f6b9225

Non-Cash Revenue Reversal (Billion USD)

EUA-Labeled Treatment Courses Returned (Million)

5d3b1452bc496d15e8c57cf6723ced32a5e5aa7ce650f2fad0e9553d9e03e338

6c294d23ff6f0526ef82aa801108373cc539b2cb1cdaf14bc3d6ad5cea3d4f15

| Metric [USD Million] | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Worldwide Total Revenues** | **14,249**  **[0000078003-24-000017_pfe-12312023xex99.htm:2]**  | **13,232**  **[0000078003-23-000115_pfe-20231001.htm:51]**  | **12,734**  **[0000078003-23-000088_pfe-20230702.htm:59]**  | **18,282**  **[0001628280-23-017196_pfe-20230402.htm:43]**  | N/A | N/A | N/A | N/A |
| **United States** | **4,591**  **[0000078003-24-000017_pfe-12312023xex99.htm:27]**  | **7,804**  **[0000078003-23-000115_pfe-20231001.htm:51]**  | **6,185**  **[0000078003-23-000088_pfe-20230702.htm:59]**  | **8,507**  **[0001628280-23-017196_pfe-20230402.htm:43]**  | N/A | N/A | N/A | N/A |
| **International** | **9,657**  **[0000078003-24-000017_pfe-12312023xex99.htm:27]**  | **5,428**  **[0000078003-23-000115_pfe-20231001.htm:51]**  | **6,548**  **[0000078003-23-000088_pfe-20230702.htm:59]**  | **9,775**  **[0001628280-23-017196_pfe-20230402.htm:43]**  | N/A | N/A | N/A | N/A |
| **Developed Europe** | N/A | **1,981**  **[0000078003-23-000115_pfe-20231001.htm:51]**  | N/A | **2,822**  **[0001628280-23-017196_pfe-20230402.htm:43]**  | N/A | N/A | N/A | N/A |
| **Developed Rest of World** | N/A | **1,073**  **[0000078003-23-000115_pfe-20231001.htm:51]**  | N/A | **2,473**  **[0001628280-23-017196_pfe-20230402.htm:43]**  | N/A | N/A | N/A | N/A |
| **Emerging Markets** | N/A | **2,373**  **[0000078003-23-000115_pfe-20231001.htm:51]**  | N/A | **4,480**  **[0001628280-23-017196_pfe-20230402.htm:43]**  | N/A | N/A | N/A | N/A |

35203db503c43253d45f9ca8e483b65bb59772e2102c0a2c57a4658cc845fc45

Pfizer Inc. is a global biopharmaceutical company dedicated to the discovery, development, manufacture, marketing, sale, and distribution of biopharmaceutical products worldwide **[0000078003-24-000166_pfe-20240630.htm:53]** **[0000078003-24-000191_pfe-20240929.htm:57]** **[0000078003-24-000166_pfe-20240630.htm:47]**. The company operates primarily through its Biopharma segment, which significantly contributes to its total revenues **[0000078003-24-000039_pfe-20231231.htm:236]** **[0000078003-24-000039_pfe-20231231.htm:231]**. Pfizer's product offerings include major products like Comirnaty and Paxlovid, alongside other notable products such as Eliquis, the Prevnar family, and the Vyndaqel family **[0000078003-24-000039_pfe-20231231.htm:48]** **[0000078003-24-000039_pfe-20231231.htm:231]** **[0000078003-24-000039_pfe-20231231.htm:236]** **[0000078003-24-000191_pfe-20240929.htm:53]**.

1. **Biopharma Segment** - Focuses on the development and commercialization of biopharmaceutical products, contributing significantly to the company's revenues.
   - **Oncology** - Includes products like Ibrance, Xtandi, and Inlyta, aimed at treating various types of cancer **[0000078003-24-000039_pfe-20231231.htm:13]**.
   - **Primary Care** - Features products such as Eliquis, the Prevnar family, and Paxlovid, addressing common health conditions **[0000078003-24-000039_pfe-20231231.htm:13]**.
   - **Specialty Care** - Offers products like Xeljanz and the Vyndaqel family, targeting specific medical needs **[0000078003-24-000039_pfe-20231231.htm:13]**.
2. **Pfizer Ignite** - Engages in business development activities, including acquisitions and collaborations, to enhance the product pipeline and market presence **[0000078003-24-000039_pfe-20231231.htm:69]**.
3. **PC1** - Involves other business activities that support the company's overall operations **[0000078003-24-000166_pfe-20240630.htm:53]** **[0000078003-24-000191_pfe-20240929.htm:57]** **[0000078003-24-000166_pfe-20240630.htm:47]**.

3de5424c0d9569a31f3690f7f83fd5d0129e4908978adafa8f52ee6e2d7db02e

1. **Given that operating cash flow is significantly below typical levels this year due to timing of payments and one-time expenses, how does Pfizer plan to maintain and grow its dividend over time while also deleveraging the balance sheet to meet its gross leverage target of 3.25x?**  **[PFE_3395018_6]** 

2. **With the expected continued focus on execution to deliver in the second half, considering the seasonality of respiratory products, can you elaborate on the specific risks that might prevent Pfizer from achieving its raised revenue guidance and how you plan to mitigate them?**  **[PFE_3395018_7]** 

3. **You mentioned aiming to return to pre-pandemic operating margins on a mix-adjusted basis, excluding COMIRNATY; given that your Manufacturing Optimization Program's $1.5 billion in savings won't be fully realized until 2027, what additional measures are you taking to improve margins in the near term, especially as you head into IRA territory?**  **[PFE_3395018_5]** **[PFE_3395018_6]** **[PFE_3395018_9]** 

4. **Regarding the next-generation Prevnar vaccine, with competitors potentially offering higher serotype coverage, how confident are you in your ability to retain market leadership, and can you provide more specifics on the serotype coverage and timeline for your next-gen PCV candidate?**  **[PFE_3395018_14]** **[PFE_3395018_3]** 

5. **Considering the importance of ELREXFIO in achieving your oncology strategy goals, and in light of a competitive market, what gives you confidence in the $4 billion opportunity, and can you share any early indicators from the launch that support this target?**  **[PFE_3395018_12]** **[PFE_3395018_3]** **[PFE_3395018_10]** 

1660f574da69389c97525aaf428a7daa021db2560d01990cad319b11d7e7eb7e

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

c7bedf248e13925dd604c44d59ba775ed9a1530f19f07c3d1e61c27cad7d6248

dd3ea77ffd2bd270b95df69099df59af8766ee01f67ac3df8bce19335dbfe1db

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

United States

International

- Developed Markets

- Emerging Markets

Developed Europe

Developed Rest of World

Total Revenue

7e3d173d2eb8ae46355852a9c9e20b98e995392ecac27146637ce77ea5a1a35b

### Q4 2023 Earnings Call (Guidance for FY 2024)
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
  - **Total Company Revenue**: $58.5 billion to $61.5 billion
  - **Operational Revenue Growth (excluding COMIRNATY and PAXLOVID)**: 8% to 10%
  - **Adjusted Diluted EPS**: $2.05 to $2.25
  - **Earnings Dilution from Seagen Acquisition**: $0.40
  - **Gross Margin**: Approximately 70%
  - **Cost Savings**: At least $4 billion from cost realignment program  **[PFE_3371139_5]** **[PFE_3371139_6]** .

### Q1 2024 Earnings Call (Guidance for FY 2024)
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
  - **Adjusted Diluted EPS**: $2.15 to $2.35
  - **Revenue**: $58.5 billion to $61.5 billion
  - **PAXLOVID Revenue**: Upper end of revenue guidance range
  - **COMIRNATY Revenue**: 90% expected in the second half of the year
  - **Cost Savings**: At least $4 billion from cost realignment program  **[PFE_3381843_6]** **[PFE_3381843_5]** .

### Q2 2024 Earnings Call (Guidance for FY 2024)
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
  - **Revenue**: $59.5 billion to $62.5 billion
  - **Operational Revenue Growth (excluding COVID products)**: 9% to 11%
  - **COVID Product Revenues**: $8.5 billion ($5 billion from COMIRNATY, $3.5 billion from PAXLOVID)
  - **Adjusted Diluted EPS**: $2.45 to $2.65
  - **Effective Tax Rate on Adjusted Income**: Approximately 13%
  - **Earnings Dilution from Seagen Acquisition**: $0.40
  - **Cost Savings**: At least $4 billion from cost realignment program  **[PFE_3395018_6]** .

### Q3 2024 Earnings Call (Guidance for FY 2024)
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
  - The documents do not contain specific guidance details from the Q3 2024 earnings call. The most recent available guidance is from Q2 2024  **[PFE_3395018_6]** .

6d32c20ae8575309cb7c7d6e93632f51bc1dac90573e890ea6901f6558d62395

| Name               | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Albert Bourla      | Chairman of the Board and Chief Executive Officer                        | January 2019     | Albert Bourla has been the **Chairman of the Board of Pfizer since January 2020** and the **Chief Executive Officer since January 2019**. He previously served as Chief Operating Officer from January 2018 until December 2018. Bourla has been a director of Pfizer since February 2018  **[0000078003-24-000039_pfe-20231231.htm:85]** **[0000078003-24-000068_pfe-20240313.htm:17]** .                                                                 |
| Chris Boshoff      | Chief Oncology Officer, Executive Vice President                         | December 2023    | Chris Boshoff is the Chief Oncology Officer and Executive Vice President at Pfizer. He has been in this role since **December 2023**. Prior to this, he served as the Chief Oncology Research and Development Officer and Executive Vice President from July 2023 until December 2023  **[0000078003-24-000039_pfe-20231231.htm:85]** .                                                                                   |
| David M. Denton    | Chief Financial Officer, Executive Vice President                         | May 2022         | David M. Denton has been serving as the Chief Financial Officer and Executive Vice President of Pfizer since May 2022. Before joining Pfizer, he was the Executive Vice President and Chief Financial Officer at Lowe's Companies, Inc. from November 2018 to April 2022  **[0000078003-24-000039_pfe-20231231.htm:85]** .                                                                                                  |
| Alexandre de Germay| Chief International Commercial Officer, Executive Vice President         | December 2023    | Alexandre de Germay is the Chief International Commercial Officer and Executive Vice President at Pfizer. He has held this position since **December 2023**. Prior to this role, he was the Chief Executive Officer at Laboratoires Majorelle, a specialty pharma company in France, from 2021 until January 2024  **[0000078003-24-000039_pfe-20231231.htm:85]** .                                                      |
| Mikael Dolsten     | Chief Scientific Officer, President, Pfizer Research and Development     | July 2023        | Mikael Dolsten, M.D., Ph.D., has been serving as the Chief Scientific Officer and President of Pfizer Research & Development since July 2023. Prior to this role, he was the Chief Scientific Officer and President of Worldwide Research, Development, and Medical from January 2019 until July 2023  **[0000078003-24-000039_pfe-20231231.htm:85]** **[0000078003-23-000024_pfe-20221231.htm:73]** .                                                                     |
| Lidia Fonseca      | Chief Digital and Technology Officer, Executive Vice President            | January 2019     | Lidia Fonseca has been serving as the Chief Digital and Technology Officer, Executive Vice President at Pfizer since January 2019. Before joining Pfizer, she was the Chief Information Officer and Senior Vice President of Quest Diagnostics Incorporated from 2014 to 2018  **[0000078003-24-000039_pfe-20231231.htm:85]** .                                                                                               |
| Rady A. Johnson    | Chief Compliance, Quality and Risk Officer, Executive Vice President      | January 2019     | Rady A. Johnson has been serving as the Chief Compliance, Quality and Risk Officer, Executive Vice President at Pfizer since January 2019. Prior to this role, he was the Executive Vice President, Chief Compliance and Risk Officer from December 2013 until December 2018  **[0000078003-24-000039_pfe-20231231.htm:85]** .                                                                                               |
| Douglas M. Lankler | General Counsel, Executive Vice President                                 | December 2013    | Douglas M. Lankler has been serving as General Counsel and Executive Vice President at Pfizer since December 2013. Prior to this role, he was the Executive Vice President and Chief Compliance and Risk Officer from February 2011 until December 2013  **[0000078003-24-000039_pfe-20231231.htm:85]** **[0000078003-23-000024_pfe-20221231.htm:73]** .                                                                                                                |
| Aamir Malik        | Chief U.S. Commercial Officer, Executive Vice President                   | December 2023    | Aamir Malik is the Chief U.S. Commercial Officer and Executive Vice President at Pfizer. He has held this position since **December 2023**. Prior to this role, he served as the Chief Business Innovation Officer and Executive Vice President from August 2021 until December 2023  **[0000078003-24-000039_pfe-20231231.htm:85]** .                                                                                      |
| Michael McDermott  | Chief Global Supply Officer, Executive Vice President                     | January 2022     | Michael McDermott has been serving as the Chief Global Supply Officer, Executive Vice President at Pfizer since January 2022. Prior to this role, he was the President of Pfizer Global Supply from 2018 until 2021  **[0000078003-24-000039_pfe-20231231.htm:85]** **[0000078003-23-000024_pfe-20221231.htm:73]** .                                                                                                                                                  |
| Payal Sahni        | Chief People Experience Officer, Executive Vice President                 | January 2022     | Payal Sahni has been serving as the Chief People Experience Officer, Executive Vice President at Pfizer since January 2022. Prior to this role, she was the Chief Human Resources Officer, Executive Vice President from June 2020 to December 2021  **[0000078003-24-000039_pfe-20231231.htm:85]** **[0000078003-23-000024_pfe-20221231.htm:73]** .                                                                                                                  |
| Sally Susman       | Chief Corporate Affairs Officer, Executive Vice President                 | January 2019     | Sally Susman has been the Chief Corporate Affairs Officer and Executive Vice President at Pfizer since January 2019. Prior to this role, she served as Executive Vice President, Corporate Affairs from December 2010 until December 2018  **[0000078003-24-000039_pfe-20231231.htm:85]** **[0000078003-23-000024_pfe-20221231.htm:73]** .                                                                                                                             |

aa7d7ccb9c0595f252de229a513d280644affc50bedafe912998b003c8315afd

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | N/A             |
| End Date/Duration        | N/A             |
| Total additional amount  | N/A             |
| Remaining authorization  | **$3.3 billion**  **[0000078003-24-000191_pfe-20240929.htm:84]**  |
| Details                  | Part of Pfizer's capital allocation strategy, focusing on reinvesting in the business, growing dividends, and making value-enhancing share repurchases. Share repurchases are not currently a high priority compared to other strategies.  **[PFE_3226218_17]** **[PFE_3256697_4]** **[PFE_3248655_2]**  |

76c29c0dccf71783de48274beb8309129ef9b2cbac35eb4f4930ebd380a98c34

**Annual guidance for FY 2024:**
- **Revenue**: $61B to $64B  **[PFE_3404375_6]**  (raised from $59.5B to $62.5B  **[PFE_3395018_6]** )  
- **COVID-19 product revenues**: $10.5B  **[PFE_3404375_6]**  (raised from $8.5B  **[PFE_3395018_6]** )  
  - **COMIRNATY (COVID-19 vaccine)**: $5B  **[PFE_3404375_6]**  (no change from $5B  **[PFE_3395018_6]** )  
  - **PAXLOVID (COVID-19 antiviral)**: $5.5B  **[PFE_3404375_6]**  (raised from $3.5B  **[PFE_3395018_6]** )  
- **Operational revenue growth (excluding COVID-19 products)**: 9% to 11%  **[PFE_3404375_6]**  (no change from 9% to 11%  **[PFE_3395018_6]** )  
- **Adjusted diluted EPS**: $2.75 to $2.95  **[PFE_3404375_6]**  (raised from $2.45 to $2.65  **[PFE_3395018_6]** )  
- **Earnings dilution from Seagen acquisition**: $0.40  **[PFE_3404375_6]**  (no change from $0.40  **[PFE_3395018_6]** )  
- **Effective tax rate on adjusted income**: remains unchanged  **[PFE_3404375_6]**  (no change from ~13%  **[PFE_3395018_6]** )  
- **Net cost savings from cost realignment program**: at least $4B  **[PFE_3404375_6]**  (no change from at least $4B  **[PFE_3395018_6]** )  
- **Adjusted SI&A and R&D expenses**: remains unchanged  **[PFE_3404375_6]**  (no prior guidance)  
- **Adjusted gross margin**: mid-70% range  **[PFE_3404375_5]**  (no prior guidance)  
- **Cost savings from manufacturing optimization program**: $1.5B by the end of 2027  **[PFE_3404375_5]**  (no prior guidance)  

f1c20e4a05228756de95b916df0e22c689c631fb64b3317955200327af33d47c

| Name      | Start Date | End Date | Reason for Change |
|-----------|------------|----------|-------------------|
| KPMG LLP  | At least 1942  **[0000078003-24-000039_pfe-20231231.htm:123]**  | Present  | Current auditor |

cc359c0424fda5afac233a643dcd19634d42b021d9db39bc05ccd51f9abdfe93

9d0dae00cf8c098abb206308dcdeb205937990cceede5c97882ac9ef3cff7bc4

- Total Revenue: $17.702B (+**34%** YoY)  **[0000078003-23-000115_pfe-20231001.htm:64]** **[0000078003-23-000115_pfe-20231001.htm:50]** **[0000078003-24-000191_pfe-20240929.htm:64]** **[0000078003-24-000191_pfe-20240929.htm:53]** **[0000078003-24-000191_pfe-20240929.htm:51]** **[0000078003-23-000115_pfe-20231001.htm:52]**   
- U.S. Revenue: $12.064B (+55% YoY)  **[0000078003-23-000115_pfe-20231001.htm:51]** **[0000078003-24-000191_pfe-20240929.htm:52]**   
- Paxlovid: $2.703B (>**1000%** YoY)  **[0000078003-24-000191_pfe-20240929.htm:53]** **[0000078003-23-000115_pfe-20231001.htm:52]** **[0000078003-24-000191_pfe-20240929.htm:67]**   
- Comirnaty: $1.422B (+9% YoY)  **[0000078003-24-000191_pfe-20240929.htm:53]** **[0000078003-23-000115_pfe-20231001.htm:52]** **[0000078003-24-000191_pfe-20240929.htm:67]**   
- Vyndaqel: $1.447B (+62% YoY)  **[0000078003-24-000191_pfe-20240929.htm:53]** **[0000078003-23-000115_pfe-20231001.htm:52]** **[0000078003-24-000191_pfe-20240929.htm:67]**   
- Xtandi: $561M (+79% YoY)  **[0000078003-23-000115_pfe-20231001.htm:52]** **[0000078003-24-000191_pfe-20240929.htm:68]** **[0000078003-24-000191_pfe-20240929.htm:54]**   
- Xeljanz: $321M (−36% YoY)  **[0000078003-24-000191_pfe-20240929.htm:53]** **[0000078003-23-000115_pfe-20231001.htm:52]** **[0000078003-24-000191_pfe-20240929.htm:68]**   
- Ibrance: $1.087B (−13% YoY)  **[0000078003-23-000115_pfe-20231001.htm:52]** **[0000078003-24-000191_pfe-20240929.htm:67]** **[0000078003-24-000191_pfe-20240929.htm:54]** 

c3c4386ce4f776df671097ab8d880d151f807cc81272bae97c7608ad7c17b095

1. **Margin Expansion and Cost Savings**  
   **Q:** How will margins expand and what are the cost savings plans?  
   **A:** Pfizer launched a Manufacturing Optimization Program aiming to generate over **$1.5 billion** in savings by **2027** \[1\]. Gross margin rates are expected to improve from the low 70s to the **mid-70s** this year \[1\]. Investments are designed to improve operating margins back to pre-pandemic levels in the near future \[1\].

2. **Danuglipron Development Timeline**  
   **Q:** When will efficacy data for danuglipron be available, and what's the timeline?  
   **A:** Pfizer is doing dose optimization for pharmacokinetics and formulation to select potential doses for progression to Phase III \[0\]. They expect to share data in the **first quarter** \[0\]. Pending data, Pfizer aims for aggressive timelines comparable to peers and could potentially move swiftly into registration-enabling studies \[14\].

3. **Impact of IRA on Revenue**  
   **Q:** How will the Inflation Reduction Act affect Pfizer's revenue outlook?  
   **A:** Pfizer believes the impact is muted as only **one product** was selected for negotiation under IRA \[7\]. Remaining products nearing patent expiration minimize the economic effect \[8\]. Pfizer acknowledges IRA is harmful to R&D but will actively manage through it \[8\].

4. **RSV Vaccine Market Outlook**  
   **Q:** What are Pfizer's expectations for the RSV vaccine market growth?  
   **A:** Pfizer is well-positioned for the RSV season with strong contracting, favorable ACIP guidance, and robust data \[3\]. The company expects the opportunity set to expand and believes the market will grow this year \[15\]. Internationally, positive recommendations and approvals are contributing to growth \[3\]. The initial **$2 billion** peak sales estimate could be more promising due to increased emphasis on the disease \[19\].

5. **ELREXFIO Launch and Opportunity**  
   **Q:** Can you provide an update on ELREXFIO's launch and the $4B opportunity?  
   **A:** ELREXFIO has shown an objective response rate over **35%**, durable responses, and is well-tolerated \[3\]. It's launched in **16 countries**, with U.S. total demand growing **+40%** sequentially quarter-over-quarter \[3\]. Pfizer remains confident in the **$4 billion** opportunity \[3\].

6. **NURTEC Growth Strategy**  
   **Q:** What's the strategy to expand NURTEC's market share in acute and preventive usage?  
   **A:** Pfizer revamped consumer activation, sharpened the clinical value proposition, realigned field forces, and reduced patient access friction \[5\]. NURTEC TRx increased **28%**, U.S. revenues up **39%**, maintaining leadership with **49%** TRx share \[5\]. Internationally, reimbursement in **15 countries** is driving growth \[5\].

7. **VYNDAQEL Growth Amid Competition**  
   **Q:** Do you expect VYNDAQEL to continue growing despite competition?  
   **A:** VYNDAQEL continues to grow at a healthy clip, with diagnosis being the biggest unmet need \[19\]. Pfizer expects continued momentum but acknowledges growth may not be at the same level as the first half due to previous bolus enrollments \[23\]. The company remains confident due to its strong clinical evidence, including **5-year** follow-up data \[19\].

8. **PAXLOVID Guidance and COVID Trends**  
   **Q:** What's driving the increased guidance for PAXLOVID?  
   **A:** Increased COVID infection rates from May through June boosted PAXLOVID utilization from **35,000** to **100,000** treatment courses per week \[21\]. Pfizer built a commercial model with **90%** pharmacy participation and strong commercial payer coverage \[21\]. This, along with cost management, contributed to raising the guidance by **$0.30** \[21\].

9. **Next-Gen Prevnar (PCV) Development**  
   **Q:** How is Pfizer progressing with its next-gen Prevnar, and will it retain market leadership?  
   **A:** Pfizer entered Phase II trials for both pediatric and adult indications \[6\]. While not disclosing serotype numbers, Pfizer has made significant improvements and remains confident in defending its leadership position \[6\]. The company expects adult data soon, which will allow swift progression \[6\].

10. **PADCEV Competitive Landscape**  
    **Q:** How do you see PADCEV's competitive landscape shaping up?  
    **A:** PADCEV showed sequential quarter-over-quarter growth of **15%**, with U.S. first-line share increasing into the **low 50%** range \[11\]. Future competitors targeting Nectin-4 will need to conduct studies against PADCEV plus pembrolizumab, which could be challenging \[11\].

112278cf449d676277626a10644f6b2a1bb925991ecdef346d6aa4d327d25830

9644463a7732873794dfa4f9c0d61069193bacc50905a7af8164094e7fedf89e

0cc4f33ab5c20008fe6fdb39a5f7f1b965dd57423deef02c9e2116aecdfd136b

- **Pfizer's gross margins are under pressure** due to declining COVID-19 product revenues and the costs of maintaining manufacturing capacity, which may continue to impact profitability in the near term. The company expects **'24 gross margins** to be in the **low 70%** range.  **[PFE_3371139_17]**
- **Uncertainty surrounding key pipeline products**, such as **danuglipron** and the new weight loss agent , raises concerns about the progress and potential of these programs, leading to doubts about future revenue growth. The company declined to provide updates on these products during the earnings call.  **[PFE_3371139_16]**
- **Upcoming Medicare price negotiations for Eliquis** under the **Inflation Reduction Act (IRA)** may pose a risk to Pfizer's future revenues, with potential negative impacts starting in **2026**. The company is unable to comment on the pricing process, increasing uncertainty for investors.  **[PFE_3371139_18]**

8f12ab9646c1752dc3103af5172e31c5d42469aeb86af4dcde6fe67ef435d395

- **Vaccine fatigue may impact uptake of new vaccines**, such as RSV and pneumococcal vaccines, potentially affecting Pfizer's growth in these areas. Analysts expressed concerns about vaccine fatigue impacting vaccine uptake in 2023 and 2024.  **[PFE_3362979_8]**
- **Litigation risk from GSK's patent infringement lawsuit** related to Pfizer's RSV vaccine could result in financial liabilities or royalties, potentially affecting future revenue.  **[PFE_3362979_22]**
- **Potential safety concerns with danuglipron**, a key pipeline drug for obesity and diabetes, as early data showed a QTc signal which may persist in later studies, potentially impacting its development prospects.  **[PFE_3362979_18]**

30c3a19cb5771309f9bb4f6cdb20e32a3cb86b07b2e93e2812900000d2bfbe22

- **Pfizer's Manufacturing Optimization Program is expected to generate over $1.5 billion in savings by 2027**, improving operating margins.  **[PFE_3395018_9]**
- **Gross margin rates are projected to improve to mid-70%** this year, up from previous guidance of low 70%, contributing to a return to pre-pandemic operating margins in the near future.  **[PFE_3395018_9]**
- **Pfizer is confident in retaining its leadership in pneumococcal vaccines with its next-generation Prevnar vaccine**, advancing into Phase II trials in both pediatric and adult indications, with significant improvements on existing and new serotypes through new technologies.  **[PFE_3395018_14]**

a1ab403fc2a82e079ff5c311ca86d25499c831e4edcf1634f1dc447541dd117c

1. **VYNDAQEL Patent Life**  
   **Q:** What's the outlook for VYNDAQEL's patent protection?  
   **A:** Pfizer expects VYNDAQEL's U.S. patent to expire in **December 2028** after a patent term extension is granted.  **[PFE_3381843_9]** **[PFE_3381843_12]**  In major European markets, patents expire in **November 2026**, with regulatory exclusivity in Japan through **March 2029**.  **[PFE_3381843_9]** **[PFE_3381843_12]** 

2. **IRA Impact in 2025**  
   **Q:** How will IRA affect Pfizer in 2025?  
   **A:** Pfizer acknowledges many moving parts regarding the Inflation Reduction Act's impact on Part D redesign.  **[PFE_3381843_17]**  While they anticipate changes in out-of-pocket costs benefiting volume, they're not providing specific financial guidance yet.  **[PFE_3381843_17]** 

3. **Capital Allocation & Dividend**  
   **Q:** What's Pfizer's stance on dividends and bolt-on acquisitions?  
   **A:** Pfizer prioritizes supporting and growing its **dividend**, considering it a "sacred cow".  **[PFE_3381843_14]** **[PFE_3381843_15]**  Deleveraging the balance sheet is also a top priority, making bolt-on acquisitions a lower near-term priority.  **[PFE_3381843_15]** 

4. **Seagen Integration and Growth**  
   **Q:** What's the outlook for Seagen's products post-acquisition?  
   **A:** Pfizer expects continued growth from Seagen's portfolio, including **PADCEV** and **TUKSYA**.  **[PFE_3381843_15]** **[PFE_3381843_9]**  They see significant enthusiasm and plan to leverage commercial efforts for both near-term and long-term growth.  **[PFE_3381843_15]** **[PFE_3381843_9]** 

5. **NURTEC Performance**  
   **Q:** What's impacting NURTEC's performance and outlook?  
   **A:** NURTEC maintained its leadership with a **49% TRx share**, but Q1 revenues were affected by gross-to-net adjustments.  **[PFE_3381843_11]**  Pfizer anticipates growth as these pressures abate and commercial initiatives enhance demand.  **[PFE_3381843_11]** 

6. **Abrysvo RSV Vaccine**  
   **Q:** What's the expectation for the RSV vaccine Abrysvo?  
   **A:** Pfizer is preparing for the fall season with ongoing retail contracting and expects potential label expansions to strengthen Abrysvo's market position.  **[PFE_3381843_7]** **[PFE_3381843_13]** **[PFE_3381843_21]**  They await ACIP recommendations and FDA approvals for broader age groups.  **[PFE_3381843_13]** **[PFE_3381843_21]** 

7. **Gross Margin Outlook**  
   **Q:** How will gross margins trend this year?  
   **A:** Pfizer expects gross margins to fluctuate due to product mix, especially increased **COMIRNATY** sales in the second half, which have lower margins.  **[PFE_3381843_10]** **[PFE_3381843_14]** **[PFE_3381843_18]**  Margins are expected to remain above **70%**.  **[PFE_3381843_18]** 

8. **Pipeline Updates**  
   **Q:** Which pipeline readouts are most anticipated?  
   **A:** Pfizer is excited about upcoming readouts for **elranatamab** in multiple myeloma and the **COVID/flu combination vaccine**.  **[PFE_3381843_22]**  They also anticipate significant data presentations at ASCO for **lorundrostat**.  **[PFE_3381843_22]** 

9. **Obesity Programs**  
   **Q:** What's Pfizer's plan in obesity treatments?  
   **A:** Pfizer remains active in obesity, with multiple agents in the clinic, including **danuglipron**.  **[PFE_3381843_8]** **[PFE_3381843_23]**  They're awaiting mid-year data to inform future decisions and are exploring new mechanisms in metabolic diseases.  **[PFE_3381843_8]** **[PFE_3381843_23]** 

10. **Breast Cancer Franchise**  
    **Q:** What's the status of Pfizer's breast cancer pipeline?  
    **A:** Pfizer is encouraged by data from **vepdegestrant**, a next-generation estrogen receptor degrader from their collaboration with Arvinas.  **[PFE_3381843_16]**  They plan additional studies, including first-line combinations with CDK inhibitors.  **[PFE_3381843_16]** 

11. **Pneumococcal Vaccine Competition**  
    **Q:** How is Pfizer preparing for Prevnar competition?  
    **A:** Pfizer continues to see growth in pediatric Prevnar, achieving **80% market share**, and is defending its adult market through contracting and emphasizing workflow efficiencies.  **[PFE_3381843_19]**  They recognize upcoming competition but focus on maximizing current opportunities.  **[PFE_3381843_19]** 

12. **Cost Structure and Margins**  
    **Q:** Is Pfizer reducing its cost structure further?  
    **A:** Pfizer has largely completed U.S. cost adjustments and is making international changes.  **[PFE_3381843_12]**  They are committed to ongoing cost management to support margin expansion over time.  **[PFE_3381843_12]** 

13. **Manufacturing Capacity Monetization**  
    **Q:** Will Pfizer monetize excess manufacturing capacity?  
    **A:** While Pfizer reviews assets to maximize returns, they aren't looking to monetize capacity specifically to support dividends or deleveraging.  **[PFE_3381843_14]**  Strategic opportunities will be considered as they arise.  **[PFE_3381843_14]** 

14. **Margin Improvement Cadence**  
    **Q:** How should we think about margin improvement?  
    **A:** Pfizer views cost improvements as a multi-year journey, with significant impacts on margins expected in late 2024 and beyond.  **[PFE_3381843_20]**  They are working to enhance efficiency over time.  **[PFE_3381843_20]** 

6e81914ac242c3c1fb978cf9a77ce4cefd16f55b1668a0f3911329af0131be10

- **Pfizer's acquisition of Seagen has been fully integrated**, and the combined oncology portfolio is already demonstrating strong growth, with **PADCEV showing 164% year-over-year pro forma growth**. This positions Pfizer as a leader in oncology with significant future revenue potential.  **[PFE_3381843_15]**
- **VYNDAQEL (tafamidis) had a strong quarter with a 96% year-over-year increase in sales and 41% growth over the previous quarter**, driven by increased diagnosis rates and new patient starts, indicating robust demand and room for continued growth.  **[PFE_3381843_21]**
- **Pfizer is focusing on improving operational efficiency**, with cost structure improvements and gross margin expansion expected to contribute to margin growth and enhanced financial returns over time.  **[PFE_3381843_12]** **[PFE_3381843_10]**

96ddea663915bfc24416c5570ba2c4d032679e82f54aedafc03750b1e6841775

- **Strong Non-COVID Product Growth:** Pfizer reported a **10% operational revenue growth** in Q3 2023 for products excluding COVID-related sales, demonstrating robust performance of its core portfolio.  **[PFE_3362979_4]**
- **Confidence in Peak Sales of Key Vaccines:** Despite concerns about vaccine fatigue, Pfizer remains **confident in achieving peak sales** for its vaccines, including the RSV vaccine, due to strong uptake and opportunities for expanded recommendations.  **[PFE_3362979_8]** ,  **[PFE_3362979_22]** ,  **[PFE_3362979_19]**
- **Promising Pipeline and Strategic Acquisitions:** Pfizer is making significant progress in its pipeline with candidates like **danuglipron** for obesity and diabetes, and is optimistic about the potential impact of the proposed acquisition of **Seagen** to enhance its oncology portfolio.  **[PFE_3362979_14]** ,  **[PFE_3362979_24]**

f7abf3f4b6ebdfdb163bf2d6e5ea72947bd37a1abc62916e750ba28bb62972ee

- **Confident in Achieving $25 Billion Revenue Growth by 2030 Through Strategic M&A and Product Launches**: Pfizer reiterates its goal to achieve $25 billion in revenues by 2030, primarily driven by strategic acquisitions and successful product launches. The company remains focused on delivering value from recent deals and feels assured in its ability to meet this target.  **[PFE_3371139_21]**
- **Strong Growth Prospects from Seagen Acquisition with Increased Confidence in $10 Billion Revenue Target**: Pfizer expects to generate $10 billion in revenues from the Seagen acquisition by 2030, with increased confidence due to positive developments in antibody-drug conjugate (ADC) technology and better-than-expected product developments. This strengthens the potential for significant growth in their oncology portfolio.  **[PFE_3371139_23]**
- **Positive Momentum in Key Products Like Oxbryta and GBT601, Indicating Future Growth Opportunities**: Oxbryta demonstrated strong U.S. performance with Q4 growth of 30% year-over-year and 14% quarter-over-quarter. Pfizer is also optimistic about GBT601, which could bring additional value to their sickle cell disease franchise, providing substantial future growth.  **[PFE_3371139_23]**

339be6b66e92d8dc493922a613c5fba9ac368121cfd68bea910c42ec7824ff83

1. **IRA Impact on Business**  
   **Q:** What's the IRA's impact on next year's business?  
   **A:** Pfizer acknowledges that the Inflation Reduction Act (IRA) will have both positive and negative effects on their business in the coming year. They are currently assessing these impacts as they build their budgets and plan to provide detailed guidance by the end of the year.  **[PFE_3404375_20]** 

2. **Response to Activist Investor**  
   **Q:** How will you address activist concerns on capital deployment?  
   **A:** Albert Bourla stated that while Pfizer disagrees with the activist investor's views on capital deployment, the company has been proactive in implementing changes over the past 10 months. These include reducing OpEx by **$4 billion** without affecting the top line, planning to reduce manufacturing costs by **$1.5 billion**, changing the commercial model to separate U.S. and international businesses, retaining key talent from acquisitions like Seagen, and enhancing the Board with two new directors. Pfizer believes these actions will create long-term shareholder value.  **[PFE_3404375_12]** 

3. **2025 Sales and EPS Guidance**  
   **Q:** When will you provide 2025 sales and EPS guidance?  
   **A:** Pfizer is currently developing its 2025 financial plan, considering various pushes and pulls affecting growth in both the core and COVID businesses. They expect to provide guidance for 2025 by the end of this year, including details on the factors influencing their outlook.  **[PFE_3404375_13]** 

4. **Margin Outlook**  
   **Q:** Are mid-to-high 30% operating margins still achievable?  
   **A:** David Denton affirmed that mid-to-high **30%** adjusted operating margins are within Pfizer's business model, and the company is focused on progressing towards that goal. While no specific timeline was provided, Pfizer expects to make continued progress and will offer more details when they provide guidance for next year.  **[PFE_3404375_24]** 

5. **Long-Term COVID Sales Visibility**  
   **Q:** What are your expectations for long-term COVID product sales?  
   **A:** Pfizer views its COVID products as a normal, enduring business with stable utilization patterns. For PAXLOVID, they treated **4.9 million** patients in the U.S. year-to-date, compared to **5.2 million** in the same period last year, indicating consistent demand. Treatment rates have improved from **50%** last year to **57%** this year. Similar stable trends are observed for the COVID vaccine. Pfizer considers the COVID business stable and plans to stop separating it from the rest of the business.  **[PFE_3404375_19]** 

6. **Obesity Pipeline Efficacy Goals**  
   **Q:** What efficacy benchmarks define success for obesity drugs?  
   **A:** Mikael Dolsten explained that for oral obesity medications, Pfizer aims for **10% to 20%** weight loss, with single agents achieving results at the lower end and combination therapies potentially exceeding **15%**. This efficacy is comparable to injectable GLP-1 therapies, and Pfizer sees advantages in oral medications that can be combined with other metabolic drugs for long-term outcomes.  **[PFE_3404375_14]** 

7. **Seagen Integration Progress**  
   **Q:** How is the Seagen integration progressing and any updates on metrics?  
   **A:** Pfizer is pleased with the Seagen integration, having retained the vast majority of Seagen's employees, totaling over **1,500** colleagues. Commercially, Seagen's products delivered **$854 million** in Q3 global revenue, with PADCEV contributing over **$400 million**. Year-to-date, Seagen achieved **$2.3 billion** in revenue, representing **38%** year-over-year growth on a pro forma basis. Pfizer is also advancing the pipeline, initiating Phase III studies with key assets like dasitimab vedotin and preparing to start additional pivotal trials next year.  **[PFE_3404375_13]** 

8. **Further Cost Reductions**  
   **Q:** Are there opportunities for further SG&A and R&D cost cuts?  
   **A:** Albert Bourla acknowledged that Pfizer has already made significant reductions in SG&A and R&D expenses without negatively impacting the pipeline or business operations. He sees further opportunities to eliminate less ROI-driven investments in both R&D and SG&A, aiming to control costs and absorb inflation. Pfizer plans to maintain a constant focus on cost efficiency moving forward.  **[PFE_3404375_23]** 

9. **RSV Vaccine Revaccination Frequency**  
   **Q:** What's the expected revaccination frequency for the RSV vaccine?  
   **A:** Pfizer is gathering data on the durability of their RSV vaccine, ABRYSVO. They have observed that immunity remains robust after **1** and even **2 years** for most patients, indicating high vaccine quality. However, antibody levels gradually decline, and a meaningful boost in protection can be achieved with revaccination. Pfizer believes that revaccination may be advisable around **every 3 years** to maintain optimal protection for a substantial fraction of patients.  **[PFE_3404375_15]** **[PFE_3404375_16]** 

10. **VYNDAMAX Growth Prospects**  
    **Q:** Will VYNDAMAX continue to generate healthy growth amidst competition and Part D changes?  
    **A:** Pfizer reported strong growth for VYNDAMAX, with international sales increasing **31%** this quarter and total patients increasing **14%** quarter-over-quarter. While they see continued opportunities through increased diagnosis, prescriber education, and affordability initiatives, they anticipate volume growth to be at significantly lower levels moving forward. Headwinds include new competitive entrants impacting new patient starts and potential switching of existing patients, as well as changes in the market landscape due to Part D redesign.  **[PFE_3404375_24]** **[PFE_3404375_25]** 

11. **Asset Sales and Deleveraging Plans**  
    **Q:** Will you sell assets to accelerate deleveraging?  
    **A:** David Denton stated that Pfizer aims to delever as rapidly as possible, having reduced debt by **$4.4 billion** year-to-date. While not commenting on specific asset sales, he mentioned that Pfizer continually evaluates its infrastructure and assets to identify opportunities for monetization that support deleveraging efforts. All options are on the table, and decisions will be made based on strategic long-term considerations.  **[PFE_3404375_12]** 

12. **Pneumococcal Vaccine Advancements**  
    **Q:** How can your pneumococcal vaccine compete with rivals covering more serotypes?  
    **A:** Mikael Dolsten explained that Pfizer's 25-valent pneumococcal vaccine, the fourth generation, aims to be the first to hit the pediatric market, which represents the bulk of doses. The vaccine includes a unique improvement of serotype 3 coverage, which is significantly more important than adding numerous less common serotypes. Pfizer is also developing a fifth-generation vaccine with over **30** serotypes, including further improvements on serotype 3 and expanding coverage beyond current competitors.  **[PFE_3404375_21]** 

13. **Pipeline Progress Amid Cost Cuts**  
    **Q:** How will you advance the pipeline while cutting costs?  
    **A:** Pfizer emphasized that despite cost reductions, pipeline advancement remains strong. In oncology alone, they started **8** new first-in-patient studies this year, making them a leading company in Phase I clinical trial initiations. Over the next **18 months**, Pfizer anticipates up to **40** opportunities, including potential approvals, pivotal readouts, and proof-of-concept studies across oncology and non-oncology areas. They are balancing cost efficiency with focused investment in high-potential opportunities to ensure pipeline progress continues unabated.  **[PFE_3404375_18]** 

14. **Obesity Drug Market Strategy**  
    **Q:** Is being second to market or differentiation more important in obesity drugs?  
    **A:** Albert Bourla noted that while being the second oral obesity treatment to market is advantageous, the obesity market is vast with significant need for oral solutions. Mikael Dolsten added that Pfizer is advancing multiple assets, including danuglipron in a once-daily modified release form, which could offer special features. They are also developing an oral GIPR antagonist, aiming for better tolerability and more efficacy. Pfizer focuses on both timely market entry and differentiation through exploring various scientific opportunities in obesity treatments.  **[PFE_3404375_9]** 

15. **CDK4 Inhibitor Phase III Plans**  
    **Q:** What's the design for the CDK4 inhibitor Phase III study?  
    **A:** Pfizer's highly selective CDK4 inhibitor, atormocyclib, is currently in a Phase III program for second-line hormone receptor-positive breast cancer. Chris Boshoff stated that they have aligned with the FDA on a first-line study, which will start in the coming months. The study will be against physicians' choice of CDK4/6 inhibitors, including IBRANCE. Pfizer believes that the selectivity for CDK4 over CDK6 may offer advantages in safety and efficacy, and they are focusing on more complete and continuous dosing regimens.  **[PFE_3404375_15]** 

d5d07b9ff560240728b2d0afc2a89aa268e5b5f6ee965a87929ce75b4b4af03c

- **Gross margins are expected to decline in the second half of the year due to increased COMIRNATY sales, which carry lower gross margin rates.** CFO David Denton stated, "Our COMIRNATY volume is very back half weighted... COMIRNATY, as you know, because of our profit share, carries a very low gross margin rate. So that mix will reverse itself in the back half of the year, compressing and putting pressure on our gross margin rate."  **[PFE_3381843_14]**
- **Cost reductions and margin improvements may take longer to realize, with significant benefits not expected until 2025 or later.** Dave Denton mentioned that while they are focused on improving the cost structure, "these costs that we are working to improve take time to adjust... I wouldn't think of that having a significant impact on 2024 but more... in '25 and '26."  **[PFE_3381843_20]**  Additionally, ex-U.S. cost changes are lagging: "The cost changes that we've made in the U.S. are largely complete. Obviously, in ex U.S., some of those changes lag."  **[PFE_3381843_12]**
- **Key revenue-driving products face patent expirations and potential market saturation, impacting future growth prospects.**

e5b11504bed07474eb30920d5ca257a80df33244b62d176e503d90866586e1a6

1. **Margin Outlook**  
   **Q:** What's the guidance on margins and gross margin?  
   **A:** Pfizer expects **gross margins in the low 70% range for 2024**  **[PFE_3371139_6]** , with a focus on improving margins over time through in-sourcing products, optimizing new launches, and addressing inflation in cost of goods sold.  **[PFE_3371139_6]** 

2. **Eliquis Negotiations under IRA**  
   **Q:** Will you update us on Eliquis price negotiations with CMS?  
   **A:** Pfizer is engaging with CMS on price negotiations for Eliquis under the Inflation Reduction Act but cannot comment on ongoing discussions.  **[PFE_3371139_12]**  The company emphasized commitment to providing updates when appropriate.  **[PFE_3371139_12]** 

3. **Oncology Growth Post-Seagen Acquisition**  
   **Q:** What's the growth outlook for oncology after Seagen acquisition?  
   **A:** Pfizer expects oncology to be a significant growth driver, projecting **$10 billion in revenue from Seagen by 2030**.  **[PFE_3371139_14]**  The acquisition strengthens Pfizer's position in antibody-drug conjugates (ADCs) and complements its existing oncology pipeline.  **[PFE_3371139_14]** 

4. **Capital Allocation Priorities**  
   **Q:** How will capital allocation and deleveraging affect acquisitions and buybacks?  
   **A:** Pfizer plans to focus on deleveraging in 2024, prioritizing dividend growth and integrating recent acquisitions.  **[PFE_3371139_11]**  While open to business development opportunities, the company doesn't anticipate major M&A activity impacting its capital allocation strategy this year.  **[PFE_3371139_11]** 

5. **Prevnar Franchise Outlook**  
   **Q:** What's the outlook for the Prevnar franchise amid competition?  
   **A:** Pfizer expects strong growth in the pediatric market for Prevnar, driven by increasing market share and international expansion.  **[PFE_3371139_8]**  The adult market is stabilizing due to exhausted catch-up opportunities, with **96% market share in U.S. adults**.  **[PFE_3371139_8]**  The upcoming fourth-generation PCV will further strengthen their position.  **[PFE_3371139_8]** 

6. **Revenue Target via M&A and $25B by 2030**  
   **Q:** How are you progressing toward the $25B revenue goal by 2030?  
   **A:** Pfizer remains confident in achieving the **$25 billion revenue target by 2030** through recent acquisitions, including Seagen contributing **$10 billion**.  **[PFE_3371139_21]**  The company emphasizes delivering value from launches and deals already completed.  **[PFE_3371139_21]** 

7. **Key Product Updates (danuglipron, Weight Loss Agents)**  
   **Q:** Any updates on danuglipron and new weight loss agents?  
   **A:** Pfizer is conducting clinical experiments with danuglipron and exploring once-daily formulations but isn't providing detailed updates yet.  **[PFE_3371139_10]**  The company is also developing a new weight loss agent   , but the mechanism of action remains undisclosed.  **[PFE_3371139_16]** 

8. **Impairment Charge on Etrasimod**  
   **Q:** What's behind the $1.4B impairment charge on etrasimod?  
   **A:** The impairment relates to financial re-evaluation of certain indications for etrasimod, although Pfizer still anticipates **over $1 billion in peak sales** for the product.  **[PFE_3371139_9]**  The charge reflects accounting requirements rather than diminished confidence in the asset.  **[PFE_3371139_9]** 

9. **NURTEC Market Share and Pricing**  
   **Q:** How is NURTEC performing amid market competition?  
   **A:** NURTEC remains the **#1 prescribed CGRP** for migraines, with over **90% of new prescribers choosing it**.  **[PFE_3371139_15]**  Pfizer is focusing on patient engagement and expanding into primary care to drive growth, despite competitive pricing dynamics.  **[PFE_3371139_15]** 

10. **COMIRNATY Rest of World Sales**  
    **Q:** Are COMIRNATY's international sales sustainable going forward?  
    **A:** Pfizer's international COMIRNATY sales benefited from some countries advancing orders into 2023.  **[PFE_3371139_10]**  The company expects vaccination uptake to remain stable, resembling a seasonal flu vaccine market, with potential growth from co-administration opportunities.  **[PFE_3371139_10]** 

11. **Gross Margin for 2024 Guidance**  
    **Q:** Details on gross margin expectations for 2024?  
    **A:** Pfizer guides for **gross margins in the low 70% range** in 2024  **[PFE_3371139_6]** **[PFE_3371139_17]** , affected by decreased COVID-19 revenues, in-sourcing of acquired products, and initial lower yields from new launches. They anticipate margin improvement over time.  **[PFE_3371139_6]** **[PFE_3371139_17]** 

12. **Medium-Term Margin Profile and Growth Trade-offs**  
    **Q:** Will growth aspirations impact medium-term margins?  
    **A:** Pfizer expects operating margins to gradually improve to the **mid to high 30% range** over time.  **[PFE_3371139_19]**  Higher revenues will leverage fixed costs, enhancing margins without sacrificing growth initiatives.  **[PFE_3371139_19]** 

13. **FTC and M&A Environment**  
    **Q:** Any insights on FTC stance towards pharma M&A?  
    **A:** While not commenting directly on FTC policies, Pfizer feels confident in its collaborative approach with regulators, as evidenced by successful acquisitions like Seagen.  **[PFE_3371139_21]**  The company continues to engage positively with regulatory bodies.  **[PFE_3371139_21]** 

14. **RSV Vaccine Data and Phase III Starts**  
    **Q:** When will RSV vaccine data and new Phase III results be shared?  
    **A:** Pfizer plans to share additional RSV vaccine data, including from the full second season, likely in Q2.  **[PFE_3371139_20]**  They also have new Phase III programs starting for CDK4 and other assets, with results expected beyond 2025.  **[PFE_3371139_20]** 

15. **Oxbryta in Sickle Cell Disease OUS Opportunity**  
    **Q:** What's the outlook for Oxbryta outside the U.S.?  
    **A:** While Oxbryta's international sales are currently small, Pfizer sees long-term growth potential in addressing sickle cell disease globally.  **[PFE_3371139_23]**  The company emphasizes the positive U.S. performance and promising data from GBT601.  **[PFE_3371139_23]** 

d55360d4f663216a076a934098ce4864126d8c4f52b8e0db04380a57296a9e3b

- **Uncertainty about Pfizer's next-generation pneumococcal vaccine**: Pfizer has not disclosed the number of serotypes in its next-generation vaccine, leading to concerns about its ability to compete with peers developing vaccines with higher serotype coverage.  **[PFE_3395018_14]**
- **Potential competitive disadvantage in pneumococcal vaccines**: Pfizer's focus on consistency over serotype count suggests they may not achieve the highest serotype coverage, which could put them at a disadvantage compared to competitors offering vaccines with more serotypes.  **[PFE_3395018_14]**
- **Analyst concerns over market share retention**: Analysts are questioning Pfizer's ability to retain its leading market share if their next-generation vaccine does not match or exceed the serotype coverage of competitors.  **[PFE_3395018_14]**

ea132813697096aa5265b12deb08b97da3fa34c2153738335b57001a4f2f7676

Pfizer Inc (PFE)

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