Q3 2023 Pfizer Inc Earnings Call

October 31, 2023

Operator: Good day, everyone, and welcome to Pfizer's third quarter 2023 earnings conference call. Today's call is being recorded. At this time, I would like to turn the call over to Francesca DeMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead, ma'am.

Operator: Good day, everyone and welcome to Pfizer's third quarter 2023 earnings Conference call, today's call is being recorded, at this time I would like to turn the call over to Francesca DeMartino, Chief Investor Relations Officer, and senior Vice President, please go ahead ma'am.

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.

Francesca DeMartino: Good morning and welcome to Pfizer's earnings call. I'm Francesca DeMartino, Chief Investor Relations Officer. On behalf of the Pfizer team, thank you for joining us. This call is being made available via audio webcast at pfizer.com. Earlier this morning, we released our results for the third quarter of 2023. Our earnings materials can be accessed on the IR website at investors.pfizer.com. I'm joined today by Dr. Albert Bourla, our Chairman and CEO, Dave Denton, our CFO, and Dr. Michael Dolsten, President, Pfizer Research and Development. Joining for the Q&A session, we will also have Angela Huang, Chief Commercial Officer and President, Global Pharmaceuticals Business, Amir Malik, our Chief Business Innovation Officer, Dr. Chris Boshoff, our Chief Oncology Research and Development Officer, and Doug Lenkler, our General Counsel. Before we get started, I want to remind you that we will be making forward-looking statements.

Francesca DeMartino: Good morning, and welcome to Pfizer's earnings call I'm Francesca DeMartino Chief Investor Relations Officer, on behalf of the Pfizer team thank you for joining us, this call is being made available via audio webcast at Pfizer.com, earlier this morning we released our results for the third quarter of 2023, our earnings materials can be accessed on the IR website at investors.pfizer.com. I'm joined today by Dr. Albert boiler, our chairman and CEO, Dave Denton, our CFO and Dr. Michael Dalton, President Pfizer research and development joining for the Q&A session. We will also have Angela Kang Chief commercial officer, and President Global Pharmaceuticals business, a mere Malik our chief business innovation. Officer, Dr. Chris <unk>, our Chief Oncology Research and development officer, and Doug links or our general counsel. Before we get started I want to remind you that we will be making forward looking statements I encourage you to read the disclaimer on slide three. Additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC forms 10-K, and 10-Q under risk factors and forward looking information. That may affect future results forward. Forward looking statements on the call are subject to substantial risks and uncertainties speak only as of the calls original date and we undertake no obligation to update or revise any of these statements with that I will turn the call over to Albert. Thank you Francesca Hello, everyone and thank you for joining us today.

Earlier. This morning, we released our results for the third quarter of 2023, our earnings materials can be accessed on the IR website at investors Dot Pfizer Dot com.

Francesca DeMartino: I'm joined today by Dr. Albert boiler, our chairman and CEO, Dave Denton, our CFO and Dr. Michael Dalton, President Pfizer research and development joining for the Q&A session, we will also have Angela Kang Chief commercial officer, and President Global Pharmaceuticals business, Amir Malik our Chief Business Innovation Officer, Dr. Chris Boshoff, our Chief Oncology Research and Development Officer, and Doug Lankler our general counsel. Before we get started I want to remind you that we will be making forward looking statements I encourage you to read the disclaimer on slide three. Additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC forms 10-K, and 10-Q under risk factors and forward looking information. That may affect future results forward. Forward looking statements on the call are subject to substantial risks and uncertainties speak only as of the calls original date and we undertake no obligation to update or revise any of these statements with that I will turn the call over to Albert. Thank you Francesca Hello, everyone and thank you for joining us today.

Francesca DeMartino: I'm joined today by Dr. Albert Bourla, our chairman and CEO, Dave Denton, our CFO and Dr. Mikael Dolsten, President Pfizer Research and Development, joining for the Q&A session, we will also have Angela Hwang, Chief Commercial Officer, and President Global Pharmaceuticals business, Amir Malik our Chief Business Innovation Officer, Dr. Chris Boshoff, our Chief Oncology Research and Development Officer, and Doug Lankler our general counsel.

I'm joined today by Dr. Albert boiler, our chairman and CEO, Dave Denton, our CFO and Dr. Michael Dalton, President Pfizer research and development joining for the Q&A session. We will also have Angela Kang Chief commercial officer, and President Global Pharmaceuticals business, a mere Malik our chief business innovation.

Officer, Dr. Chris <unk>, our Chief Oncology Research and development officer, and Doug links or our general counsel.

Francesca DeMartino: Before we get started I want to remind you that we will be making forward looking statements, I encourage you to read the disclaimer on slide three, additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC forms 10-K, and 10-Q under risk factors and forward looking information that may affect future results forward. Forward looking statements on the call are subject to substantial risks and uncertainties speak only as of the calls original date and we undertake no obligation to update or revise any of these statements with that I will turn the call over to Albert. Thank you Francesca Hello, everyone and thank you for joining us today.

Francesca DeMartino: Before we get started I want to remind you that we will be making forward looking statements, I encourage you to read the disclaimer on slide three, additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC forms 10-K, and 10-Q under risk factors and forward looking information and factors that may affect future results, Forward looking statements on the call are subject to substantial risks and uncertainties, speak only as of the calls original date and we undertake no obligation to update or revise any of these statements, with that I will turn the call over to Albert.

Before we get started I want to remind you that we will be making forward looking statements I encourage you to read the disclaimer on slide three.

Francesca DeMartino: I encourage you to read the disclaimer on slide three. Additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC Forms 10-K and 10-Q under risk factors, forward-looking information, and factors that may affect future results. Forward-looking statements on the call are subject to substantial risks and uncertainties, speak only as of the call's original date, and we undertake no obligation to update or revise any of these statements. With that, I will turn the call over to Albert.

I encourage you to read the disclaimer on slide three. Additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC Forms 10-K and 10-Q under risk factors, forward-looking information, and factors that may affect future results. Forward-looking statements on the call are subject to substantial risks and uncertainties, speak only as of the call's original date, and we undertake no obligation to update or revise any of these statements. With that, I will turn the call over to Albert.

Additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC forms 10-K, and 10-Q under risk factors and forward looking information.

Francesca DeMartino: Forward looking statements on the call are subject to substantial risks and uncertainties, speak only as of the calls original date and we undertake no obligation to update or revise any of these statements with that I will turn the call over to Albert. Thank you Francesca Hello, everyone and thank you for joining us today.

That may affect future results forward.

Forward looking statements on the call are subject to substantial risks and uncertainties speak only as of the calls original date and we undertake no obligation to update or revise any of these statements with that I will turn the call over to Albert. Thank you Francesca Hello, everyone and thank you for joining us today.

Albert Bourla: Thank you, Francesca. Hello, everyone, and thank you for joining us today. Pfizer continues to have a far-reaching and positive impact on human health. Through the first nine months of the year, more than 467 million patients around the world were treated with our medicines and vaccines. Compared with the first nine months of 2022, we have reached more patients in several key therapeutic areas, including oncology, cardiovascular disease, and anti-infectious diseases. Patients will always be on our side, and this figure serves as a testament to our leadership in innovation, and our commitment to understanding and serving patients' needs. During the third quarter, we were encouraged by the continued strong performance of Pfizer's non-COVID products, with revenue from these products growing 10% operationally compared with the year-ago quarter. We saw significant contributions from new launches, and robust year-over-year growth for several key inline brands.

Albert Bourla: Thank you Francesca, Hello everyone and thank you for joining us today, Pfizer continues to have it's far reaching and positive impact in human health, through the first nine months of the year, more than 467 million patients around the world were treated with our medicines and vaccines, compared with the first nine months of 2022 we can reach more patients in several different therapeutic areas, including oncology, cardiovascular disease and anti-infectives. Patients will always be our north star, this figure serves as a testament to our leadership and innovation and our commitment to understanding and seven patients. During the third quarter, we were encouraged by the continued strong performance of Pfizer's Nonpublic program, what's the revenue from these products growing 10% corporate. Compared with a year ago. We saw significant contribution from new launches and robust year over year growth for several keeping alive. Our recently launched recipe that you can keep your buyers. Pharmacy is what's called a bridge. Terrific. $75 million in U S revenue with the recent approval of them turned up indication Pfizer is the only company with an RSV vaccine for preventing RSV in older adults. Yeah, My turned up in the states. We believe a reasonable would be a significant and growing contributor to revenue as many customers have indicated to us. Both population one vaccine. <unk>. But that's for a bridge. In the U S alone there are approximately 80 million adults over age 60 acquire at least. Our RSV vaccine. And an estimated $1 5 million pregnant women are visible for maternal immunization with the RSV vaccine between September 23 in January. Perfect. Okay great. Which were acquired in the fourth quarter of 2022 contributed 233 million and 85 million in global revenues respectively.

It continues to have its far reaching positive impact from some.

Through the first nine months of the year more than 467 million patients around the world were treated with our medicines and vaccines.

Compared with the first nine muscles to aside from 'twenty, two we can reach more patients.

Or are you sort of put together.

Areas, including oncology cardiovascular disease.

Yes.

Patients will always be our north star.

Albert Bourla: Patients will always be our north star and this figure serves as a testament to our leadership in innovation and our commitment to understanding and serving patient's needs, during the third quarter, we were encouraged by the continued strong performance of Pfizer's non-public products, with the revenue from these products growing 10% operationally, compared with a year ago quarter. We saw significant contribution from new launches and robust year over year growth for several keeping alive. Our recently launched recipe that you can keep your buyers. Pharmacy is what's called a bridge. Terrific. $75 million in U S revenue with the recent approval of them turned up indication Pfizer is the only company with an RSV vaccine for preventing RSV in older adults. Yeah, My turned up in the states. We believe a reasonable would be a significant and growing contributor to revenue as many customers have indicated to us. Both population one vaccine. <unk>. But that's for a bridge. In the U S alone there are approximately 80 million adults over age 60 acquire at least. Our RSV vaccine. And an estimated $1 5 million pregnant women are visible for maternal immunization with the RSV vaccine between September 23 in January. Perfect. Okay great. Which were acquired in the fourth quarter of 2022 contributed 233 million and 85 million in global revenues respectively.

This figure serves as a testament to our leadership and innovation and our commitment to understanding and seven patients.

During the third quarter, we were encouraged by the continued strong performance of Pfizer's Nonpublic program, what's the revenue from these products growing 10% corporate.

Compared with a year ago.

We saw significant contribution from new launches and robust year over year growth for several keeping alive.

Albert Bourla: We saw significant contribution from new launches and robust year over year growth for several key in line brands, our recently launched Respiratory Syncytial Virus, the RSV vaccine is called Abrysvo, contributed $375 million in U.S. revenues, with the recent approval of the maternal indication, Pfizer is the only company with an RSV vaccine approved for preventing RSV in older adults and in infants via maternal immunization. We believe a reasonable would be a significant and growing contributor to revenue as many customers have indicated to us. Both population one vaccine. <unk>. But that's for a bridge. In the U S alone there are approximately 80 million adults over age 60 acquire at least. Our RSV vaccine. And an estimated $1 5 million pregnant women are visible for maternal immunization with the RSV vaccine between September 23 in January. Perfect. Okay great. Which were acquired in the fourth quarter of 2022 contributed 233 million and 85 million in global revenues respectively.

Albert Bourla: Our recently launched respiratory syncytial virus, the RSV vaccine, this is called Abrisvo, contributed $375 million in US revenue. With the recent approval of the maternal indication, Pfizer is the only company with an RSV vaccine approved for preventing RSV in older adults and in infants via maternal immunization. We believe Abrisvo will be a significant and growing contributor to revenue, as many customers have indicated to us that protecting both populations with one vaccine is desirable and a competitive advantage for Abrisvo. In the US alone, there are approximately 80 million adults over age 60 who are eligible for RSV vaccination, and an estimated 1.5 million pregnant women are eligible for maternal immunization with an RSV vaccine between September 2023 and January 2024. Nurtec, Vydura, and Oxbryta, which were acquired in the fourth quarter of 2022, contributed $233 million and $85 million in global revenues, respectively.

Our recently launched respiratory syncytial virus, the RSV vaccine, this is called Abrisvo, contributed $375 million in US revenue. With the recent approval of the maternal indication, Pfizer is the only company with an RSV vaccine approved for preventing RSV in older adults and in infants via maternal immunization. We believe Abrisvo will be a significant and growing contributor to revenue, as many customers have indicated to us that protecting both populations with one vaccine is desirable and a competitive advantage for Abrisvo. In the US alone, there are approximately 80 million adults over age 60 who are eligible for RSV vaccination, and an estimated 1.5 million pregnant women are eligible for maternal immunization with an RSV vaccine between September 2023 and January 2024. Nurtec, Vydura, and Oxbryta, which were acquired in the fourth quarter of 2022, contributed $233 million and $85 million in global revenues, respectively.

Our recently launched recipe that you can keep your buyers.

Pharmacy is what's called a bridge.

Albert Bourla: Our recently launched recipe that you can keep your buyers. Pharmacy is what's called a bridge. Terrific. $75 million in U S revenue with the recent approval of them turned up indication Pfizer is the only company with an RSV vaccine for preventing RSV in older adults. Yeah, My turned up in the states. We believe a reasonable would be a significant and growing contributor to revenue as many customers have indicated to us. Both population one vaccine. <unk>. But that's for a bridge. In the U S alone there are approximately 80 million adults over age 60 acquire at least. Our RSV vaccine. And an estimated $1 5 million pregnant women are visible for maternal immunization with the RSV vaccine between September 23 in January. Perfect. Okay great. Which were acquired in the fourth quarter of 2022 contributed 233 million and 85 million in global revenues respectively.

Terrific.

$75 million in U S revenue with the recent approval of them turned up indication Pfizer is the only company with an RSV vaccine for preventing RSV in older adults.

Yeah, My turned up in the states.

We believe a reasonable would be a significant and growing contributor to revenue as many customers have indicated to us.

Albert Bourla: We believe Abrysvo would be a significant and growing contributor to revenue as many customers have indicated to us that protecting both population with one vaccine is desirable and a competitive advantage for Abrysvo. In the U.S. alone there are approximately 80 million adults over age 60 who are eligible for RSV vaccination and an estimated $1.5 million pregnant women are eligible for maternal immunization with the RSV vaccine between September '23 and January '24 Perfect. Okay great. Which were acquired in the fourth quarter of 2022 contributed 233 million and 85 million in global revenues respectively. But norfolk in the U S. Or else he drp's represented about 17% over the migraine market. Hi. We believe oral <unk> could ultimately be the first line therapy for migraine and could eventually account for as much as 40% of the overall microwave. Right. He has a clear source of potential growth. The migraine marketplace. Year to date, probably my guess health care providers wrote more than just exploring wanted to give you a prescription process compared with approximately 1 billion for all of us at Drp's, which highlights a significant potential opportunity for growth. Regarding books. But it's a significant burden of illness and unmet need for patients suffering from sickle cell disease. And that's the main driver for millions of people around the world have S sickle cell disease, where the highest prevalence in countries, where the lowest resource while in the U S 95% of children survive. 99% of accumulated other regions went die before they reach their seats Betsy. Mainly without even being ever. Yes. I'll bring it back on San Diego progress, including the impact of winter. <unk> been back. <unk> 47 per cent of restaurants globally compared to the third quarter of some pause in spending. This growth was driven largely by continued strong uptake of it. Our seed or anything I'm Gonna Lloyd cardiomyopathy indications, primarily in the U S in developed Europe. We estimate there are between 120 <unk> hundred 50000 people suffering from four. APR cardiomyopathy with the majority of it is still not yet taken notice. The largest unmet need continues to be the general understanding and ability to diagnose. These deadly disease, which is why we are focused on educational activities to expand the diagnosis and get the appropriate basis after treatment with the programs.

Both population one vaccine.

<unk>.

But that's for a bridge.

In the U S alone there are approximately 80 million adults over age 60 acquire at least.

Our RSV vaccine.

And an estimated $1 5 million pregnant women are visible for maternal immunization with the RSV vaccine between September 23 in January.

Perfect.

Okay great.

Albert Bourla: Nurtec, Vydura and Oxbryta which were acquired in the fourth quarter of 2022 contributed $233 million and $85 million in global revenues respectively. For Nurtec in the U.S. oral CGRPs represent about 17% over the migraine market and the unmet need is high, we believe oral CGRPs could ultimately be the first line therapy for migraine and could eventually account for as much as 40% of the overall migraine market. Right. He has a clear source of potential growth. The migraine marketplace. Year to date, probably my guess health care providers wrote more than just exploring wanted to give you a prescription process compared with approximately 1 billion for all of us at Drp's, which highlights a significant potential opportunity for growth. Regarding books. But it's a significant burden of illness and unmet need for patients suffering from sickle cell disease. And that's the main driver for millions of people around the world have S sickle cell disease, where the highest prevalence in countries, where the lowest resource while in the U S 95% of children survive. 99% of accumulated other regions went die before they reach their seats Betsy. Mainly without even being ever. Yes. I'll bring it back on San Diego progress, including the impact of winter. <unk> been back. <unk> 47 per cent of restaurants globally compared to the third quarter of some pause in spending. This growth was driven largely by continued strong uptake of it. Our seed or anything I'm Gonna Lloyd cardiomyopathy indications, primarily in the U S in developed Europe. We estimate there are between 120 <unk> hundred 50000 people suffering from four. APR cardiomyopathy with the majority of it is still not yet taken notice. The largest unmet need continues to be the general understanding and ability to diagnose. These deadly disease, which is why we are focused on educational activities to expand the diagnosis and get the appropriate basis after treatment with the programs.

Which were acquired in the fourth quarter of 2022 contributed 233 million and 85 million in global revenues respectively.

Albert Bourla: For Nurtec, in the US, oral CGRPs represent about 17% of the migraine market, and the unmet need is high. We believe oral CGRPs can ultimately be the first-line therapy for migraine and could eventually account for as much as 40% of the overall migraine market. Primary care is a clear source of potential growth in the migraine marketplace. Year to date, primary care healthcare providers wrote more than 6.1 million prescriptions for tractants, compared with approximately 1 million for oral CGRPs, which highlights a significant potential opportunity for growth. Regarding Oxbryta, there is a significant burden of illness and unmet need for patients suffering from sickle cell disease. An estimated 12 million people around the world have SCD, sickle cell disease, with the highest prevalence in countries with the lowest resources.

For Nurtec, in the US, oral CGRPs represent about 17% of the migraine market, and the unmet need is high. We believe oral CGRPs can ultimately be the first-line therapy for migraine and could eventually account for as much as 40% of the overall migraine market. Primary care is a clear source of potential growth in the migraine marketplace. Year to date, primary care healthcare providers wrote more than 6.1 million prescriptions for tractants, compared with approximately 1 million for oral CGRPs, which highlights a significant potential opportunity for growth. Regarding Oxbryta, there is a significant burden of illness and unmet need for patients suffering from sickle cell disease. An estimated 12 million people around the world have SCD, sickle cell disease, with the highest prevalence in countries with the lowest resources.

But norfolk in the U S.

Or else he drp's represented about 17% over the migraine market.

Hi.

We believe oral <unk> could ultimately be the first line therapy for migraine and could eventually account for as much as 40% of the overall microwave.

Albert Bourla: Primary care is a clear source of potential growth in the migraine marketplace, year to date, primary care health care providers wrote more than 6.1 million prescriptions for triptans, compared with approximately 1 billion for all of the CGRP's, which highlights a significant potential opportunity for growth. Regarding Oxbrytan But it's a significant burden of illness and unmet need for patients suffering from sickle cell disease. And that's the main driver for millions of people around the world have S sickle cell disease, where the highest prevalence in countries, where the lowest resource while in the U S 95% of children survive. 99% of accumulated other regions went die before they reach their seats Betsy. Mainly without even being ever. Yes. I'll bring it back on San Diego progress, including the impact of winter. <unk> been back. <unk> 47 per cent of restaurants globally compared to the third quarter of some pause in spending. This growth was driven largely by continued strong uptake of it. Our seed or anything I'm Gonna Lloyd cardiomyopathy indications, primarily in the U S in developed Europe. We estimate there are between 120 <unk> hundred 50000 people suffering from four. APR cardiomyopathy with the majority of it is still not yet taken notice. The largest unmet need continues to be the general understanding and ability to diagnose. These deadly disease, which is why we are focused on educational activities to expand the diagnosis and get the appropriate basis after treatment with the programs.

Right.

He has a clear source of potential growth.

The migraine marketplace.

Year to date, probably my guess health care providers wrote more than just exploring wanted to give you a prescription process compared with approximately 1 billion for all of us at Drp's, which highlights a significant potential opportunity for growth.

Albert Bourla: Regarding Oxbrytan, there is significant burden of illness and unmet need for patients suffering from sickle cell disease, an estimated 12 millions people around the world have SCD sickle cell disease, with the highest prevalence in countries with the lowest resources, while in the U.S. 95% of children survive to adulthood, 99% of children in other regions would die before they reach their 5th birthday , many without even being, ever being diagnosed. Yes. I'll bring it back on San Diego progress, including the impact of winter. <unk> been back. <unk> 47 per cent of restaurants globally compared to the third quarter of some pause in spending. This growth was driven largely by continued strong uptake of it. Our seed or anything I'm Gonna Lloyd cardiomyopathy indications, primarily in the U S in developed Europe. We estimate there are between 120 <unk> hundred 50000 people suffering from four. APR cardiomyopathy with the majority of it is still not yet taken notice. The largest unmet need continues to be the general understanding and ability to diagnose. These deadly disease, which is why we are focused on educational activities to expand the diagnosis and get the appropriate basis after treatment with the programs.

Regarding books.

But it's a significant burden of illness and unmet need for patients suffering from sickle cell disease.

And that's the main driver for millions of people around the world have S sickle cell disease, where the highest prevalence in countries, where the lowest resource while in the U S 95% of children survive.

Albert Bourla: While in the US, 95% of children survive to adulthood, 99% of children in other regions will die before they reach their fifth birthday, many without even being ever diagnosed. Our Vyndaqel family of products, including Vyndaqel, Vyndamax, and Vynmac, recorded 47% operational growth globally compared with the third quarter of 2022. This growth was driven largely by continued strong uptake of the transthyretin amyloid cardiomyopathy indication, primarily in the US and developed Europe. We estimate there are between 120,000 and 150,000 people suffering from ATTR cardiomyopathy, with the majority still not yet diagnosed. The largest unmet need continues to be the lack of general understanding and ability to diagnose this deadly disease, which is why we are focused on educational activities to expedite diagnosis and get appropriate patients on the treatment with the products as the proven standard of care.

While in the US, 95% of children survive to adulthood, 99% of children in other regions will die before they reach their fifth birthday, many without even being ever diagnosed. Our Vyndaqel family of products, including Vyndaqel, Vyndamax, and Vynmac, recorded 47% operational growth globally compared with the third quarter of 2022. This growth was driven largely by continued strong uptake of the transthyretin amyloid cardiomyopathy indication, primarily in the US and developed Europe. We estimate there are between 120,000 and 150,000 people suffering from ATTR cardiomyopathy, with the majority still not yet diagnosed. The largest unmet need continues to be the lack of general understanding and ability to diagnose this deadly disease, which is why we are focused on educational activities to expedite diagnosis and get appropriate patients on the treatment with the products as the proven standard of care.

99% of accumulated other regions went die before they reach their seats Betsy.

Mainly without even being ever.

Albert Bourla: Our Vyndaqel family products, including Vyndaquel, Vyndamax, Vynmac recorded 47% operational growth globally compared with the third quarter of 2022, this growth was driven largely by continued strong uptake of the Transthyretin Amiloid Cardiomyopathy indications, primarily in the U.S. and developed Europe, we estimate there are between 120 and 150 thousand people suffering from ATTR cardiomyopathy with the majority of it is still not yet diagnosed. The largest unmet need continues to be the general understanding and ability to diagnose these deadly disease, which is why we are focused on educational activities to expand the diagnosis and get the appropriate basis on the treatment with the programs.

Yes.

I'll bring it back on San Diego progress, including the impact of winter.

<unk> been back.

<unk> 47 per cent of restaurants globally compared to the third quarter of some pause in spending.

This growth was driven largely by continued strong uptake of it.

Our seed or anything I'm Gonna Lloyd cardiomyopathy indications, primarily in the U S in developed Europe.

We estimate there are between 120 <unk> hundred 50000 people suffering from four.

APR cardiomyopathy with the majority of it is still not yet taken notice.

Albert Bourla: The largest unmet need continues to be the lack general understanding and ability to diagnose these deadly diseases, which is why we are focused on educational activities to expand the diagnosis and get the appropriate basis on the treatment with the programs as the proven standard of care. Such effort significantly contributed to this quarter's revenue increase in the U S. And our forever a family of products. Our team and proud of our 20, so look on our revenue rising, 16% operationally compared with a year ago quarter. This increase was driven primarily by strong patient demand for forever 20 adult in the U S, but U S affordable roadmap to empty 50, yahtzee and associated stocking. And growth of pregnancy. In certain emerging markets. These were partially offset by anticipated lower market setting the U S. We're grabbing a pediatric use a competitive edge. Both know forever 20 adult remains the category, leading pneumococcal vaccine for adults in the U S. We've been 95% market share in the third quarter. Year to date revenues for our non coffee products should grow 7% or so. And we remain on track to deliver a operational revenue growth for these products for about 40 years. We continue to progress toward our goal of executing an unprecedented number of launches of new products or indications. Recent milestones include U S and EU. <unk> approvals and the launch of a reasonably pregnant. U S approval and launch of <unk>. Let's field in relapsed refractory multiple myeloma. U S approval of our Brooks Dolby and Dolby can be nice I mean, rough mutated metastatic non small cell lung cancer. U S approval. <unk> for moderate to severe ulcerative colitis. D C approval. Or severe alopecia areata. And U S approval of <unk>. The first and only develop proxy, but provide some covenants against the five most common zero groups cozy meningococcus disease in adolescents and young adults 20.

The largest unmet need continues to be the general understanding and ability to diagnose. These deadly disease, which is why we are focused on educational activities to expand the diagnosis and get the appropriate basis after treatment with the programs.

The proven standard of care.

Albert Bourla: Such efforts significantly contributed to this quarter's revenue increase in the U.S. and our Prevnar family of products, Prevnar 13 and Prevnar 20, so look on our revenue rising, 16% operationally compared with the year ago quarter, this increase was driven primarily by strong patient demand for Prevnar 20 adult in the U.S. The U.S. approval roadmap to empty 50, yahtzee and associated stocking. And growth of pregnancy. In certain emerging markets. These were partially offset by anticipated lower market setting the U S. We're grabbing a pediatric use a competitive edge. Both know forever 20 adult remains the category, leading pneumococcal vaccine for adults in the U S. We've been 95% market share in the third quarter. Year to date revenues for our non coffee products should grow 7% or so. And we remain on track to deliver a operational revenue growth for these products for about 40 years. We continue to progress toward our goal of executing an unprecedented number of launches of new products or indications. Recent milestones include U S and EU. <unk> approvals and the launch of a reasonably pregnant. U S approval and launch of <unk>. Let's field in relapsed refractory multiple myeloma. U S approval of our Brooks Dolby and Dolby can be nice I mean, rough mutated metastatic non small cell lung cancer. U S approval. <unk> for moderate to severe ulcerative colitis. D C approval. Or severe alopecia areata. And U S approval of <unk>. The first and only develop proxy, but provide some covenants against the five most common zero groups cozy meningococcus disease in adolescents and young adults 20.

Albert Bourla: Such efforts significantly contributed to this quarter's revenue increase in the US, and our Prevnar family of products, Prevnar 13 and Prevnar 20, saw global revenue rise 15% operationally compared with the year-ago quarter. This increase was driven primarily by strong patient demand for Prevnar 20 adults in the US, the US approval of Prevnar 20 pediatric and associated stocking, and growth of Prevnar 15 pediatric in certain emerging markets. These were partially offset by anticipated lower market selling in the US for Prevnar pediatric due to competitive entry. Of note, Prevnar 20 adult remains the category-leading pneumococcal vaccine for adults in the US, with a 95% market share in the third quarter. Year to date, revenues for our non-COVID products have grown 7% operationally, and we remain on track to deliver 6% to 8% operational revenue growth for these products for the full year.

Such efforts significantly contributed to this quarter's revenue increase in the US, and our Prevnar family of products, Prevnar 13 and Prevnar 20, saw global revenue rise 15% operationally compared with the year-ago quarter. This increase was driven primarily by strong patient demand for Prevnar 20 adults in the US, the US approval of Prevnar 20 pediatric and associated stocking, and growth of Prevnar 15 pediatric in certain emerging markets. These were partially offset by anticipated lower market selling in the US for Prevnar pediatric due to competitive entry. Of note, Prevnar 20 adult remains the category-leading pneumococcal vaccine for adults in the US, with a 95% market share in the third quarter. Year to date, revenues for our non-COVID products have grown 7% operationally, and we remain on track to deliver 6% to 8% operational revenue growth for these products for the full year.

Such effort significantly contributed to this quarter's revenue increase in the U S.

And our forever a family of products.

Our team and proud of our 20, so look on our revenue rising, 16% operationally compared with a year ago quarter.

This increase was driven primarily by strong patient demand for forever 20 adult in the U S, but U S affordable roadmap to empty 50, yahtzee and associated stocking.

Albert Bourla: The U.S. approval of Prevnar 20 pediatric and associated stocking and growth of Prevnar in pediatric in certain emerging markets, these were partially offset by anticipated lower market set in the U.S. for Prevnar pediatric due to a competitive entry, Off note, Prevnar 20 adult remains the category, leading pneumococcal vaccine for adults in the U.S. with a 95% market share in the third quarter. Year to date revenues for our non coffee products should grow 7% or so. And we remain on track to deliver a operational revenue growth for these products for about 40 years. We continue to progress toward our goal of executing an unprecedented number of launches of new products or indications. Recent milestones include U S and EU. <unk> approvals and the launch of a reasonably pregnant. U S approval and launch of <unk>. Let's field in relapsed refractory multiple myeloma. U S approval of our Brooks Dolby and Dolby can be nice I mean, rough mutated metastatic non small cell lung cancer. U S approval. <unk> for moderate to severe ulcerative colitis. D C approval. Or severe alopecia areata. And U S approval of <unk>. The first and only develop proxy, but provide some covenants against the five most common zero groups cozy meningococcus disease in adolescents and young adults 20.

And growth of pregnancy.

In certain emerging markets.

These were partially offset by anticipated lower market setting the U S. We're grabbing a pediatric use a competitive edge.

Both know forever 20 adult remains the category, leading pneumococcal vaccine for adults in the U S. We've been 95% market share in the third quarter.

Albert Bourla: Year to date revenues for our non-COVID products should grow 7% operationally and we remain on track to deliver 628 operational revenue growth for these products for the full year, We continue to progress towards our goal of executing an unprecedented number of launches of new products or indications, recent milestones include U.S. and E.U. approvals and the launch of Abrisvo in pregnant individuals, U.S approval and launch of Elrexfio in relapsed refractory multiple myeloma, U.S. approval of our Braftovi and Mektovi combination in rough mutated metastatic non small cell lung cancer, U S approval of Velsipity for moderate to severe ulcerative colitis, EC approval of Litfulo for severe alopecia areata and U.S. approval of Penbraya, the first and only pentavalent vaccine that provides coverage against the five most common Serogroups causing meningococcus disease in adolescents and young adults 10 through 25 years of age. To date, we have now executed 13.

Year to date revenues for our non coffee products should grow 7% or so.

And we remain on track to deliver a operational revenue growth for these products for about 40 years.

Albert Bourla: We continue to progress toward our goal of executing an unprecedented number of launches of new products or indications. Recent milestones include US and EU approvals and launch of Abrisvo in pregnant individuals, US approval and launch of Elrexfio in relapsed refractory multiple myeloma, US approval of our Braftovi and Mektovi combination in BRAF-mutated metastatic non-small cell lung cancer, US approval of Velsipity for moderate to severe ulcerative colitis, EC approval of Litfulo for severe alopecia areata, and US approval of Penbraya, the first and only pentavalent vaccine that provides coverage against the five most common serogroups causing meningococcal disease in adolescents and young adults 10 through 25 years of age. Today, we have now executed 13 of the 19 originally identified potential launches, with four other products approved and preparations being made for their launch.

We continue to progress toward our goal of executing an unprecedented number of launches of new products or indications. Recent milestones include US and EU approvals and launch of Abrisvo in pregnant individuals, US approval and launch of Elrexfio in relapsed refractory multiple myeloma, US approval of our Braftovi and Mektovi combination in BRAF-mutated metastatic non-small cell lung cancer, US approval of Velsipity for moderate to severe ulcerative colitis, EC approval of Litfulo for severe alopecia areata, and US approval of Penbraya, the first and only pentavalent vaccine that provides coverage against the five most common serogroups causing meningococcal disease in adolescents and young adults 10 through 25 years of age. Today, we have now executed 13 of the 19 originally identified potential launches, with four other products approved and preparations being made for their launch.

We continue to progress toward our goal of executing an unprecedented number of launches of new products or indications.

Recent milestones include U S and EU.

Albert Bourla: Recent milestones include U.S. and E.U. approvals and the launch of Abrisvo in pregnant individuals, U.S approval and launch of Elrexfio in relapsed refractory multiple myeloma, U.S. approval of our Braftovi and Mektovi combination in rough mutated metastatic non small cell lung cancer, U.S. approval of Velsipity for moderate to severe ulcerative colitis, E.C. approval of Litfulo for severe alopecia areata and U.S. approval of Penbraya, the first and only pentavalent vaccine that provides coverage against the five most common Serogroups causing meningococcus disease in adolescents and young adults 10 through 25 years of age.

<unk> approvals and the launch of a reasonably pregnant.

U S approval and launch of <unk>.

Let's field in relapsed refractory multiple myeloma.

U S approval of our Brooks Dolby and Dolby can be nice I mean, rough mutated metastatic non small cell lung cancer.

U S approval.

<unk> for moderate to severe ulcerative colitis.

D C approval.

Or severe alopecia areata.

And U S approval of <unk>.

The first and only develop proxy, but provide some covenants against the five most common zero groups cozy meningococcus disease in adolescents and young adults 20.

25 years.

To date, we have now executed 13.

Albert Bourla: To date, we have now executed 13 of the 19 originally identified potential launches with four other products approved and preparations being made for their launches, in fact five of the six remaining potential launches have been largely de-risked from a technical perspective, the only one remaining would be our MRNA flu-COVID, given our recent positive results from our next generation MRNA flu-COVID combination candidate and pending results for our 65 and older first generation test study MRNA flu study so let's start the <unk>. Timing of our Standalone anybody thinks we should have expected after 2024. If successful our next generation mrna for Republic combination of Canada is expected to market in 2025. Michael. Said more about these programs. We remain excited about our proposed acquisition of Seaton and. And the dramatic impact we've seen this combination can have on the human. Wanting free people will be diagnosed with cancer in their lifetime. So concurrent. What kind of an almost unimaginable embarks on humana. We recently gained unconditional antitrust clearance from the EC. And we continue to expect the transaction to close in the late 'twenty to 'twenty three or early 2024 subject to customary closing conditions, including clearance by the U S. FTC. We have raised 71 billion in acquisition financing, so far and continue to expect incremental 20 square to be risk adjusted revenues in excess of $10 billion and expected cost efficiencies with 1 billion to be realized by the end of year three post close without impacting any R&D program. With that I'll turn it over to Dave and David Michael will provide an update on our R&D pipeline. Thank you Albert and good morning, before I review this quarter's results I'll address a couple of topics that have been top of mind with investors since our announcement on October 13th these topics related to our future U S government tax little bit revenue forecast as well. L. A is a multiyear cost realignment program. With respect to revenue recognition associated with the amended agreement U S. Government is expected to return an estimated seven 9 million EUA label treatment courses and in return, we'll receive a volume based credit credit at an approximate value of $4 2 billion.

19, poison Ivy identified potentially lunches with four other products approved and preparations being made for very long.

Albert Bourla: In fact, five of the six remaining potential launches have been largely de-risked from a technical perspective. The only one remaining would be our mRNA flu candidate. Given our recent positive results from our next-generation mRNA flu COVID combination candidate, and pending results for our 65 and older first-generation first-stream standalone mRNA flu study, timing of our standalone mRNA flu is now expected after 2024. If successful, our next-generation mRNA flu COVID combination candidate is expected to market in 2025. Michael will share more about these programs shortly. We remain excited about our proposed acquisition of Seagen, and the dramatic impact we think this combination can have on human health. One in three people will be diagnosed with cancer in their lifetime, so conquering cancer would have an almost unimaginable impact on humanity.

In fact, five of the six remaining potential launches have been largely de-risked from a technical perspective. The only one remaining would be our mRNA flu candidate. Given our recent positive results from our next-generation mRNA flu COVID combination candidate, and pending results for our 65 and older first-generation first-stream standalone mRNA flu study, timing of our standalone mRNA flu is now expected after 2024. If successful, our next-generation mRNA flu COVID combination candidate is expected to market in 2025. Michael will share more about these programs shortly. We remain excited about our proposed acquisition of Seagen, and the dramatic impact we think this combination can have on human health. One in three people will be diagnosed with cancer in their lifetime, so conquering cancer would have an almost unimaginable impact on humanity.

In fact <unk>.

Five of the six remaining book ICL lenses.

Largely derisked from a technical perspective.

The only one remaining would be our mrna fluke cabinet.

Albert Bourla: Given our recent positive results from our next generation MRNA flu-COVID combination candidate and pending results for our 65 and older first generation Phase III standalone MRNA flu study, timing of our Standalone MRNA flu is now expected after 2024, if successful, our next generation MRNA flu-COVID combination candidate is expected to market in 2025, Mikael will share more about these programs shortly. We remain excited about our proposed acquisition of Seaton and. And the dramatic impact we've seen this combination can have on the human. Wanting free people will be diagnosed with cancer in their lifetime. So concurrent. What kind of an almost unimaginable embarks on humana. We recently gained unconditional antitrust clearance from the EC. And we continue to expect the transaction to close in the late 'twenty to 'twenty three or early 2024 subject to customary closing conditions, including clearance by the U S. FTC. We have raised 71 billion in acquisition financing, so far and continue to expect incremental 20 square to be risk adjusted revenues in excess of $10 billion and expected cost efficiencies with 1 billion to be realized by the end of year three post close without impacting any R&D program. With that I'll turn it over to Dave and David Michael will provide an update on our R&D pipeline. Thank you Albert and good morning, before I review this quarter's results I'll address a couple of topics that have been top of mind with investors since our announcement on October 13th these topics related to our future U S government tax little bit revenue forecast as well. L. A is a multiyear cost realignment program. With respect to revenue recognition associated with the amended agreement U S. Government is expected to return an estimated seven 9 million EUA label treatment courses and in return, we'll receive a volume based credit credit at an approximate value of $4 2 billion.

Given our recent positive results from our next generation and what I basically call. It a combination of Canada and pending results for our 65 and older first generation, especially standalone mrna so let's start the <unk>.

Timing of our Standalone anybody thinks we should have expected after 2024.

If successful our next generation mrna for Republic combination of Canada is expected to market in 2025.

Albert Bourla: We remain excited about our proposed acquisition of Seagen and the dramatic impact we've seen this combination can have on the human health, one in three people will be diagnosed with cancer in their lifetime, so conquering cancer would have an almost unimaginable impact on humanity. We recently gained unconditional antitrust clearance from the EC. And we continue to expect the transaction to close in the late 'twenty to 'twenty three or early 2024 subject to customary closing conditions, including clearance by the U S. FTC. We have raised 71 billion in acquisition financing, so far and continue to expect incremental 20 square to be risk adjusted revenues in excess of $10 billion and expected cost efficiencies with 1 billion to be realized by the end of year three post close without impacting any R&D program. With that I'll turn it over to Dave and David Michael will provide an update on our R&D pipeline. Thank you Albert and good morning, before I review this quarter's results I'll address a couple of topics that have been top of mind with investors since our announcement on October 13th these topics related to our future U S government tax little bit revenue forecast as well. L. A is a multiyear cost realignment program. With respect to revenue recognition associated with the amended agreement U S. Government is expected to return an estimated seven 9 million EUA label treatment courses and in return, we'll receive a volume based credit credit at an approximate value of $4 2 billion.

Michael.

Said more about these programs.

We remain excited about our proposed acquisition of Seaton and.

And the dramatic impact we've seen this combination can have on the human.

Wanting free people will be diagnosed with cancer in their lifetime.

So concurrent.

Albert Bourla: We recently gained unconditional antitrust clearance from the E.C. and we continue to expect the transaction to close in the late 2023 or early 2024, subject to customary closing conditions, including clearance by the U.S. FTC. We have raised $31 billion in acquisition financing so far and continue to expect incremental 2030 risk-adjusted revenues in excess of $10 billion and expected cost efficiencies of $1 billion to be realized by the end of year three post close, without impacting any R&D programs. With that I'll turn it over to Dave and David Michael will provide an update on our R&D pipeline. Thank you Albert and good morning, before I review this quarter's results I'll address a couple of topics that have been top of mind with investors since our announcement on October 13th these topics related to our future U S government tax little bit revenue forecast as well. L. A is a multiyear cost realignment program. With respect to revenue recognition associated with the amended agreement U S. Government is expected to return an estimated seven 9 million EUA label treatment courses and in return, we'll receive a volume based credit credit at an approximate value of $4 2 billion.

What kind of an almost unimaginable embarks on humana.

Albert Bourla: We recently gained unconditional antitrust clearance from the EC, and we continue to expect the transaction to close in late 2023 or early 2024, subject to customary closing conditions, including clearance by the US FTC. We have raised $31 billion in acquisition financing so far and continue to expect incremental 2030 risk-adjusted revenues in excess of $10 billion, and expected cost efficiencies of $1 billion to be realized by the end of year three post-closure without impacting any R&D program. With that, I turn it over to Dave, and after Dave, Michael will provide an update on our R&D pipeline. Dave.

We recently gained unconditional antitrust clearance from the EC, and we continue to expect the transaction to close in late 2023 or early 2024, subject to customary closing conditions, including clearance by the US FTC. We have raised $31 billion in acquisition financing so far and continue to expect incremental 2030 risk-adjusted revenues in excess of $10 billion, and expected cost efficiencies of $1 billion to be realized by the end of year three post-closure without impacting any R&D program. With that, I turn it over to Dave, and after Dave, Michael will provide an update on our R&D pipeline. Dave.

We recently gained unconditional antitrust clearance from the EC.

And we continue to expect the transaction to close in the late 'twenty to 'twenty three or early 2024 subject to customary closing conditions, including clearance by the U S. FTC.

We have raised 71 billion in acquisition financing, so far and continue to expect incremental 20 square to be risk adjusted revenues in excess of $10 billion and expected cost efficiencies with 1 billion to be realized by the end of year three post close without impacting any R&D program.

Albert Bourla: With that I'll turn it over to Dave and after Dave, Mikael will provide an update on our R&D pipeline, so Dave. Thank you Albert and good morning, before I review this quarter's results I'll address a couple of topics that have been top of mind with investors since our announcement on October 13th these topics related to our future U S government tax little bit revenue forecast as well. L. A is a multiyear cost realignment program. With respect to revenue recognition associated with the amended agreement U S. Government is expected to return an estimated seven 9 million EUA label treatment courses and in return, we'll receive a volume based credit credit at an approximate value of $4 2 billion.

Albert Bourla: With that I'll turn it over to Dave and after Dave, Mikael will provide an update on our R&D pipeline, so Dave.

With that I'll turn it over to Dave and David Michael will provide an update on our R&D pipeline.

David M. Denton: Thank you Albert and good morning, before I review this quarter's results I'll address a couple of topics that have been top of mind with investors since our announcement on October 13th, these topics relate to our future U.S. government tax load and revenue forecast as well as our multiyear cost realignment program. With respect to revenue recognition associated with the amended agreement U S. Government is expected to return an estimated seven 9 million EUA label treatment courses and in return, we'll receive a volume based credit credit at an approximate value of $4 2 billion. At the end of 2023 for future treatment courses. Pfizer will also provide an additional 1 million treatment courses into the U S strategic national stockpile. As a result of all that Pfizer has an obligation to deliver an estimated $8 9 million treatment courses for which we will record an approximately $4 $2 billion of revenue beginning in 2024 as we deliver these treatment courses is important to note that there. There was no cash compensation for the estimated $8 9 million treatment courses deliberate. Regarding our cost realignment program I want to reiterate that we expect to achieve at least $3 $5 billion of net cost savings by 2024 versus the midpoint of our August one 2023, <unk> and our R&D guidance we. Expect $1 billion of targeted savings in 'twenty, three and expect an additional savings of at least $2 $5 billion in 2024. In a moment when I review the components of our full year 2023 guidance you will see that we have lowered the midpoint. So both our <unk> and R&D guidance ranges by <unk> <unk>.

Dave Denton: Thank you, Albert, and good morning. Before I review this quarter's results, I'll address a couple of topics that have been top of mind with investors since our announcement on 13 October 2023. These topics relate to our future US government Paxlovid revenue forecast, as well as our multi-year cost realignment program. With respect to revenue recognition associated with the amended agreement, the US government is expected to return an estimated 7.9 million EUA-labeled treatment courses, and in return, will receive a volume-based credit at an approximate value of $4.2 billion at the end of 2023 for future treatment courses. Pfizer will also provide an additional 1 million treatment courses into the US strategic national stockpile.

Thank you Albert and good morning, before I review this quarter's results I'll address a couple of topics that have been top of mind with investors since our announcement on October 13th these topics related to our future U S government tax little bit revenue forecast as well.

L. A is a multiyear cost realignment program.

David M. Denton: With respect to revenue recognition associated with the amended agreement, the U.S. Government is expected to return an estimated $7.9 million EUA label treatment courses and in return, will receive a volume-based credit at an approximate value of $4.2 billion dollars at the end of 2023 for future treatment courses. Pfizer will also provide an additional 1 million treatment courses into the U S strategic national stockpile. As a result of all that Pfizer has an obligation to deliver an estimated $8 9 million treatment courses for which we will record an approximately $4 $2 billion of revenue beginning in 2024 as we deliver these treatment courses is important to note that there. There was no cash compensation for the estimated $8 9 million treatment courses deliberate. Regarding our cost realignment program I want to reiterate that we expect to achieve at least $3 $5 billion of net cost savings by 2024 versus the midpoint of our August one 2023, <unk> and our R&D guidance we. Expect $1 billion of targeted savings in 'twenty, three and expect an additional savings of at least $2 $5 billion in 2024. In a moment when I review the components of our full year 2023 guidance you will see that we have lowered the midpoint. So both our <unk> and R&D guidance ranges by <unk> <unk>.

With respect to revenue recognition associated with the amended agreement U S. Government is expected to return an estimated seven 9 million EUA label treatment courses and in return, we'll receive a volume based credit credit at an approximate value of $4 2 billion.

At the end of 2023 for future treatment courses.

David M. Denton: Pfizer will also provide an additional 1 million treatment courses into the U.S. strategic national stockpile, as a result of all that Pfizer has an obligation to deliver an estimated $8.9 million treatment courses for which we will record an approximately $4.2 billion dollars of revenue beginning in 2024 as we deliver these treatment courses, it is important to note that there. There was no cash compensation for the estimated $8.9 million treatment courses deliberate. Regarding our cost realignment program I want to reiterate that we expect to achieve at least $3 $5 billion of net cost savings by 2024 versus the midpoint of our August one 2023, <unk> and our R&D guidance we. Expect $1 billion of targeted savings in 'twenty, three and expect an additional savings of at least $2 $5 billion in 2024. In a moment when I review the components of our full year 2023 guidance you will see that we have lowered the midpoint. So both our <unk> and R&D guidance ranges by <unk> <unk>.

Pfizer will also provide an additional 1 million treatment courses into the U S strategic national stockpile.

Dave Denton: As a result of all of that, Pfizer has an obligation to deliver an estimated 8.9 million treatment courses, for which we will record approximately $4.2 billion of revenue beginning in 2024 as we deliver these treatment courses. It is important to note that there is no cash compensation for the estimated 8.9 million treatment courses delivered. Regarding our cost realignment program, I want to reiterate that we expect to achieve at least $3.5 billion of net cost savings by the end of 2024 versus the midpoint of our 1 August 2023 SI&A and R&D guidance. We expect $1 billion of targeted savings in 2023, and expect an additional savings of at least $2.5 billion in 2024.

As a result of all of that, Pfizer has an obligation to deliver an estimated 8.9 million treatment courses, for which we will record approximately $4.2 billion of revenue beginning in 2024 as we deliver these treatment courses. It is important to note that there is no cash compensation for the estimated 8.9 million treatment courses delivered. Regarding our cost realignment program, I want to reiterate that we expect to achieve at least $3.5 billion of net cost savings by the end of 2024 versus the midpoint of our 1 August 2023 SI&A and R&D guidance. We expect $1 billion of targeted savings in 2023, and expect an additional savings of at least $2.5 billion in 2024.

As a result of all that Pfizer has an obligation to deliver an estimated $8 9 million treatment courses for which we will record an approximately $4 $2 billion of revenue beginning in 2024 as we deliver these treatment courses is important to note that there.

There was no cash compensation for the estimated $8 9 million treatment courses deliberate.

David M. Denton: Regarding our cost realignment program, I want to reiterate that we expect to achieve at least $3.5 billion dollars of net cost savings by the end of 2024, versus the midpoint of our August 1st, 2023 SI&A and R&D guidance, we expect $1 billion dollars of targeted savings in 2023 and expect an additional savings of at least $2.5 billion dollars in 2024, in a moment when I review the components of our full year 2023 guidance, you will see that we have lowered the midpoint, so both our SI&A and R&D guidance ranges by $500 million dollars respectively. Now turning to the quarter, our Q3 results both top and bottom line were significantly negatively impacted by our cobot product.

David M. Denton: Regarding our cost realignment program, I want to reiterate that we expect to achieve at least $3.5 billion dollars of net cost savings by the end of 2024, versus the midpoint of our August 1st, 2023 SI&A and R&D guidance, we expect $1 billion dollars of targeted savings in 2023 and expect an additional savings of at least $2.5 billion dollars in 2024, in a moment when I review the components of our full year 2023 guidance, you will see that we have lowered the midpoints of both our SI&A and R&D guidance ranges by $500 million dollars respectively.

Regarding our cost realignment program I want to reiterate that we expect to achieve at least $3 $5 billion of net cost savings by 2024 versus the midpoint of our August one 2023, <unk> and our R&D guidance we.

Expect $1 billion of targeted savings in 'twenty, three and expect an additional savings of at least $2 $5 billion in 2024.

Dave Denton: In a moment when I review the components of our full year 2023 guidance, you will see that we have lowered the midpoints of both our SI&A and R&D guidance ranges by $500 million, respectively. Now, turning to the quarter, our Q3 results, both top and bottom line, were significantly and negatively impacted by our COVID products. Revenues declined 41% operationally, the result of the decrease in both Paxlovid and Comirnaty sales, while adjusted diluted loss per share was also significantly impacted by $5.6 billion of non-cash inventory write-offs of COVID-related inventories. I want to emphasize, as Albert stated previously, that the operational revenue growth of our products in Q3, excluding both Paxlovid and Comirnaty, was strong at 10%. Contributing to the strong performance was our newly approved RSV vaccine and the families of products associated with both Prevnar and Vyndaqel.

In a moment when I review the components of our full year 2023 guidance, you will see that we have lowered the midpoints of both our SI&A and R&D guidance ranges by $500 million, respectively. Now, turning to the quarter, our Q3 results, both top and bottom line, were significantly and negatively impacted by our COVID products. Revenues declined 41% operationally, the result of the decrease in both Paxlovid and Comirnaty sales, while adjusted diluted loss per share was also significantly impacted by $5.6 billion of non-cash inventory write-offs of COVID-related inventories. I want to emphasize, as Albert stated previously, that the operational revenue growth of our products in Q3, excluding both Paxlovid and Comirnaty, was strong at 10%. Contributing to the strong performance was our newly approved RSV vaccine and the families of products associated with both Prevnar and Vyndaqel.

In a moment when I review the components of our full year 2023 guidance you will see that we have lowered the midpoint. So both our <unk> and R&D guidance ranges by <unk> <unk>.

$500 million respectively.

David M. Denton: Now turning to the quarter, our Q3 results both top and bottom line were significantly and negatively impacted by our COVID products, revenues declined 41% operationally, with result of the decrease in both Paxlovid and Comirnaty sales, while adjusted diluted loss per share was also significantly impacted by $5.6 billion dollars of non-cash inventory write offs of COVID related inventories. I want to emphasize as Albert stated previously that the operational revenue growth of our products in Q3, excluding both Paxlovid and Comirnaty we're strong at 10%. contributing to this strong performance was our newly approved RSV vaccine and the families of products associated with both Prevnar and Vyndaquel. Additionally, our recently acquired products <unk> and Ox Friday also contributed to this strong performance. Our reported diluted loss per share was <unk> 42 cents and adjusted diluted loss per share of <unk> 17 in the quarter, primarily the result of the decline in Pac slowly and commodity cells. The noncash charge related to write offs of Covid related inventories. Inventory write off of $4 $7 billion per pack slowly and $900 million for commodity negatively affected adjusted loss per share by <unk> 84. Foreign exchange movements had de Minimis unfavorable impact on third quarter revenues and increased adjusted diluted loss per share by four cents or 2% compared to L y. Now, let me briefly touch on our full year guidance, given we updated our full year revenue guidance on October 13th I'm, just going to hit a few of the highlights. Total company full year 2023 revenues are expected to be in the range of $58 billion to $61 billion versus the previous range of $67 billion to $70 billion. Importantly, we continue to expect 6% to 8% full year operational revenue growth for non COVID-19 products year over year. And as anticipated the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches. I want to remind you that beginning in Q4, we will overlap the acquisitions of both bio Hagen and GBT, which will.

Now turning to the quarter, our Q3 results both top and bottom line were significantly negatively impacted by our cobot product.

Revenues declined 41% operationally as a result of the decrease in both tax a little bit in commercial sales.

While adjusted diluted loss per share was also significantly impacted by $5 $6 billion of noncash inventory write offs of COVID-19 related inventories.

David M. Denton: I want to emphasize as Albert stated previously that the operational revenue growth of our products in Q3, excluding both Paxlovid and Comirnaty we're strong at 10%. contributing to this strong performance was our newly approved RSV vaccine and the families of products associated with both Prevnar and Vyndaquel, additionally, our recently acquired products Nurtec and Oxbryta also contributed to this strong performance. Our reported diluted loss per share was <unk> 42 cents and adjusted diluted loss per share of <unk> 17 in the quarter, primarily the result of the decline in Pac slowly and commodity cells. The noncash charge related to write offs of Covid related inventories. Inventory write off of $4 $7 billion per pack slowly and $900 million for commodity negatively affected adjusted loss per share by <unk> 84. Foreign exchange movements had de Minimis unfavorable impact on third quarter revenues and increased adjusted diluted loss per share by four cents or 2% compared to L y. Now, let me briefly touch on our full year guidance, given we updated our full year revenue guidance on October 13th I'm, just going to hit a few of the highlights. Total company full year 2023 revenues are expected to be in the range of $58 billion to $61 billion versus the previous range of $67 billion to $70 billion. Importantly, we continue to expect 6% to 8% full year operational revenue growth for non COVID-19 products year over year. And as anticipated the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches. I want to remind you that beginning in Q4, we will overlap the acquisitions of both bio Hagen and GBT, which will.

I want to emphasize as Albert Albert stated previously that the.

Operational revenue growth of all of our products in Q3, excluding both tax loaded in commodity we're strong at 10%.

Contributing to this strong performance was our newly approved RSV vaccine and the families of products as surgery associated with both <unk> and <unk>.

Dave Denton: Additionally, our recently acquired products, Nurtec and Oxbryta, also contributed to this strong performance. Our reported diluted loss per share of $0.42 and adjusted diluted loss per share of $0.17 in the quarter are primarily the result of the decline in Paxlovid and Comirnaty sales, and the non-cash charge related to write-offs of COVID-related inventories. The inventory write-off of $4.7 billion for Paxlovid and $900 million for Comirnaty negatively affected adjusted loss per share by $0.84. Foreign exchange movements had a de minimis unfavorable impact on third-quarter revenues and increased adjusted diluted loss per share by $0.04, or 2%, compared to last year. Now, let me briefly touch on our full year guidance. Given we updated our full year revenue and EPS guidance on 13 October 2023, I'm just going to hit a few of the highlights.

Additionally, our recently acquired products, Nurtec and Oxbryta, also contributed to this strong performance. Our reported diluted loss per share of $0.42 and adjusted diluted loss per share of $0.17 in the quarter are primarily the result of the decline in Paxlovid and Comirnaty sales, and the non-cash charge related to write-offs of COVID-related inventories. The inventory write-off of $4.7 billion for Paxlovid and $900 million for Comirnaty negatively affected adjusted loss per share by $0.84. Foreign exchange movements had a de minimis unfavorable impact on third-quarter revenues and increased adjusted diluted loss per share by $0.04, or 2%, compared to last year. Now, let me briefly touch on our full year guidance. Given we updated our full year revenue and EPS guidance on 13 October 2023, I'm just going to hit a few of the highlights.

Additionally, our recently acquired products <unk> and Ox Friday also contributed to this strong performance.

David M. Denton: Our reported diluted loss per share was 42 cents and adjusted diluted loss per share of 17 cents in the quarter, are primarily the result of the decline in Paxlovid and Comirnaty sales and the non-cash charge related to write-offs of COVID related inventories, the inventory write-off of $4.7 billion dollars per Paxlovid and $900 million for Comirnaty, negatively affected adjusted loss per share by 84 cents. Foreign exchange movements had de Minimis unfavorable impact on third quarter revenues and increased adjusted diluted loss per share by four cents or 2% compared to L y. Now, let me briefly touch on our full year guidance, given we updated our full year revenue guidance on October 13th I'm, just going to hit a few of the highlights. Total company full year 2023 revenues are expected to be in the range of $58 billion to $61 billion versus the previous range of $67 billion to $70 billion. Importantly, we continue to expect 6% to 8% full year operational revenue growth for non COVID-19 products year over year. And as anticipated the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches. I want to remind you that beginning in Q4, we will overlap the acquisitions of both bio Hagen and GBT, which will.

Our reported diluted loss per share was <unk> 42 cents and adjusted diluted loss per share of <unk> 17 in the quarter, primarily the result of the decline in Pac slowly and commodity cells.

The noncash charge related to write offs of Covid related inventories.

Inventory write off of $4 $7 billion per pack slowly and $900 million for commodity negatively affected adjusted loss per share by <unk> 84.

David M. Denton: Foreign exchange movements had a de minimis unfavorable impact on third quarter revenues and increased adjusted diluted loss per share by four cents or 2% compared to LY, now, let me briefly touch on our full year guidance, given we updated our full year revenue guidance on October 13th, I'm just going to hit a few of the highlights. Total company full year 2023 revenues are expected to be in the range of $58 billion to $61 billion versus the previous range of $67 billion to $70 billion. Importantly, we continue to expect 6% to 8% full year operational revenue growth for non COVID-19 products year over year. And as anticipated the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches. I want to remind you that beginning in Q4, we will overlap the acquisitions of both bio Hagen and GBT, which will.

Foreign exchange movements had de Minimis unfavorable impact on third quarter revenues and increased adjusted diluted loss per share by four cents or 2% compared to L y.

Now, let me briefly touch on our full year guidance, given we updated our full year revenue guidance on October 13th I'm, just going to hit a few of the highlights.

David M. Denton: Total company full year 2023 revenues are expected to be in the range of $58 to $61 billion dollars versus the previous range of $67 to $70 billion dollars, importantly, we continue to expect 6% to 8% full year operational revenue growth for non COVID products year over year and as anticipated, the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches, I want to remind you that beginning in Q4 we will overlap the acquisitions of both Biohaven and GBT, which were completed in October of 2022. Adjusted cost of sales as a percentage of revenue is expected to be in the range of 41% to 43% primarily the result of the five six billing dollar noncash charge related to inventory write offs for our coated products.

Dave Denton: Total company full year 2023 revenues are expected to be in the range of $58 to 61 billion versus the previous range of $67 to 70 billion. Importantly, we continue to expect 6% to 8% full year operational revenue growth for non-COVID products year over year. As anticipated, the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches. I want to remind you that beginning in Q4, we will overlap the acquisitions of both Biohaven and GBT, which were completed in October 2022. Adjusted cost of sales and percentage of revenue is expected to be in the range of 41% to 43%, primarily the result of the $5.6 billion non-cash charge related to inventory write-offs for our COVID products.

Total company full year 2023 revenues are expected to be in the range of $58 to 61 billion versus the previous range of $67 to 70 billion. Importantly, we continue to expect 6% to 8% full year operational revenue growth for non-COVID products year over year. As anticipated, the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches. I want to remind you that beginning in Q4, we will overlap the acquisitions of both Biohaven and GBT, which were completed in October 2022. Adjusted cost of sales and percentage of revenue is expected to be in the range of 41% to 43%, primarily the result of the $5.6 billion non-cash charge related to inventory write-offs for our COVID products.

Total company full year 2023 revenues are expected to be in the range of $58 billion to $61 billion versus the previous range of $67 billion to $70 billion.

Importantly, we continue to expect 6% to 8% full year operational revenue growth for non COVID-19 products year over year.

And as anticipated the majority of this growth is occurring in the second half of the year, given the timing of new products and indicated launches.

I want to remind you that beginning in Q4, we will overlap the acquisitions of both bio Hagen and GBT, which will.

Were completed in October of 2022.

David M. Denton: Adjusted cost of sales as a percentage of revenue is expected to be in the range of 41% to 43% primarily the result of the five six billing dollar noncash charge related to inventory write offs for our coated products. Adjusted <unk> expenses are expected to be in the range of $13 three to $14 $3 billion and adjusted R&D expenses to be within a range of $11 9 billion to $12 $9 billion. The midpoint of both ranges are now $500 million lower than our original guidance. As a result of all these the company now expects full year adjusted diluted earnings per share to be in the range of $1 45 to. The $1 65 per share versus the original guidance range of $3 25 to $3 45. All additional components of our guidance are included in our press release that was issued earlier today. Yeah. As discussed in prior quarters, our capital allocation strategy is based on three core pillars first is reinvesting in our business second is growing our dividends over time and third is making value enhancing share repurchases. In the first nine months of 2023, we invested $7 $9 billion in internal R&D. Returned $6 $9 billion to shareholders via our quarterly dividend. <unk> allocated approximately $43 billion towards the proposed <unk> acquisition. Lastly, in addition to completing a $31 billion unsecured debt offering in Q2 of this year, we are ready to execute the remaining short term financing to complete the proposed <unk> acquisition upon fulfillment of the required closing conditions. We expect to deliver de lever our capital structure. Following the completion of this transaction and as we Delever, we anticipate returning to more balanced capital allocation strategy inclusive of share repurchases. In closing I want to reiterate that our product portfolio remains very strong we continue to be encouraged by the momentum of our non COVID-19 products in Q3 and are committed to the successful execution of our new product and indication launches. We expect the cost realignment program will improve our operating margin enhancing long term shareholder value and with that let me turn it over to Michael. Thank you Dave.

David M. Denton: Adjusted cost of sales as a percentage of revenue is expected to be in the range of 41% to 43% primarily the result of the $5.6 billion dollars non-cash charge related to inventory write-offs for our COVID products, adjusted SI&A expenses are expected to be in the range of $13.3 to $14.3 billion dollars and adjusted R&D expenses to be within a range of $11.9 billion to $12 $9 billion dollars, the midpoint of both ranges are now $500 million dollars lower than our original guidance. As a result of all these the company now expects full year adjusted diluted earnings per share to be in the range of $1 45 to. The $1 65 per share versus the original guidance range of $3 25 to $3 45. All additional components of our guidance are included in our press release that was issued earlier today. Yeah. As discussed in prior quarters, our capital allocation strategy is based on three core pillars first is reinvesting in our business second is growing our dividends over time and third is making value enhancing share repurchases. In the first nine months of 2023, we invested $7 $9 billion in internal R&D. Returned $6 $9 billion to shareholders via our quarterly dividend. <unk> allocated approximately $43 billion towards the proposed <unk> acquisition.

Adjusted cost of sales as a percentage of revenue is expected to be in the range of 41% to 43% primarily the result of the five six billing dollar noncash charge related to inventory write offs for our coated products.

Dave Denton: Adjusted SI&A expenses are expected to be in the range of $13.3 to 14.3 billion, and adjusted R&D expenses to be within a range of $11.9 to 12.9 billion. The midpoints of both ranges are now $500 million lower than our original guidance. As a result of all these, the company now expects full year adjusted diluted earnings per share to be in the range of $1.45 to 1.65 per share versus the original guidance range of $3.25 to 3.45. All additional components of our guidance are included in our press release that was issued earlier today. As discussed in prior quarters, our capital allocation strategy is based on three core pillars. First is reinvesting in our business, second is growing our dividends over time, and third is making value-enhancing share repurchases.

Adjusted SI&A expenses are expected to be in the range of $13.3 to 14.3 billion, and adjusted R&D expenses to be within a range of $11.9 to 12.9 billion. The midpoints of both ranges are now $500 million lower than our original guidance. As a result of all these, the company now expects full year adjusted diluted earnings per share to be in the range of $1.45 to 1.65 per share versus the original guidance range of $3.25 to 3.45. All additional components of our guidance are included in our press release that was issued earlier today. As discussed in prior quarters, our capital allocation strategy is based on three core pillars. First is reinvesting in our business, second is growing our dividends over time, and third is making value-enhancing share repurchases.

Adjusted <unk> expenses are expected to be in the range of $13 three to $14 $3 billion and adjusted R&D expenses to be within a range of $11 9 billion to $12 $9 billion. The midpoint of both ranges are now $500 million lower than our original guidance.

David M. Denton: As a result of all these the company now expects full year adjusted diluted earnings per share to be in the range of $1.45 to The $1.65 dollars per share, versus the original guidance range of $3.25 to $3.45, all additional components of our guidance are included in our press release that was issued earlier today. Yeah. As discussed in prior quarters, our capital allocation strategy is based on three core pillars first is reinvesting in our business second is growing our dividends over time and third is making value enhancing share repurchases. In the first nine months of 2023, we invested $7 $9 billion in internal R&D. Returned $6 $9 billion to shareholders via our quarterly dividend. <unk> allocated approximately $43 billion towards the proposed <unk> acquisition.

As a result of all these the company now expects full year adjusted diluted earnings per share to be in the range of $1 45 to.

The $1 65 per share versus the original guidance range of $3 25 to $3 45.

All additional components of our guidance are included in our press release that was issued earlier today.

Yeah.

David M. Denton: As discussed in prior quarters, our capital allocation strategy is based on three core pillars, first is reinvesting in our business, second is growing our dividends over time and third is making value enhancing share repurchases in the first nine months of 2023, we invested $7.9 billion dollars in internal R&D, returned $6.9 billion dollars to shareholders via our quarterly dividend and allocated approximately $43 billion dollars towards the proposed Seagen acquisition.

As discussed in prior quarters, our capital allocation strategy is based on three core pillars first is reinvesting in our business second is growing our dividends over time and third is making value enhancing share repurchases.

Dave Denton: In the first nine months of 2023, we invested $7.9 billion in internal R&D, returned $6.9 billion to shareholders via our quarterly dividend, and allocated approximately $43 billion towards the proposed Seagen acquisition. Lastly, in addition to completing a $31 billion unsecured debt offering in Q2 of this year, we are ready to execute the remaining short-term financing to complete the proposed Seagen acquisition upon fulfillment of the required closing conditions. We expect to deliver our capital structure following the completion of this transaction. As we deliver, we anticipate returning to a more balanced capital allocation strategy, inclusive of share repurchases. In closing, I want to reiterate that our product portfolio remains very strong. We continue to be encouraged by the momentum of our non-COVID products in Q3, and are committed to the successful execution of our new product and indication launches.

In the first nine months of 2023, we invested $7 $9 billion in internal R&D.

Returned $6 $9 billion to shareholders via our quarterly dividend.

<unk> allocated approximately $43 billion towards the proposed <unk> acquisition.

David M. Denton: Lastly, in addition to completing a $31 billion dollars unsecured debt offering in Q2 of this year, we are ready to execute the remaining short term financing to complete the proposed Seagen acquisition upon fulfillment of the required closing conditions. We expect to deliver, de-lever our capital structure. Following the completion of this transaction and as we Delever, we anticipate returning to more balanced capital allocation strategy inclusive of share repurchases. In closing I want to reiterate that our product portfolio remains very strong we continue to be encouraged by the momentum of our non COVID-19 products in Q3 and are committed to the successful execution of our new product and indication launches. We expect the cost realignment program will improve our operating margin enhancing long term shareholder value and with that let me turn it over to Michael. Thank you Dave.

Lastly, in addition to completing a $31 billion unsecured debt offering in Q2 of this year, we are ready to execute the remaining short term financing to complete the proposed <unk> acquisition upon fulfillment of the required closing conditions.

David M. Denton: We expect to deliver, de-lever our capital structure following the completion of this transaction and as we de-lever, we anticipate returning to a more balanced capital allocation strategy inclusive of share repurchases. In closing I want to reiterate that our product portfolio remains very strong we continue to be encouraged by the momentum of our non COVID-19 products in Q3 and are committed to the successful execution of our new product and indication launches. We expect the cost realignment program will improve our operating margin enhancing long term shareholder value and with that let me turn it over to Michael. Thank you Dave.

We expect to deliver de lever our capital structure. Following the completion of this transaction and as we Delever, we anticipate returning to more balanced capital allocation strategy inclusive of share repurchases.

David M. Denton: In closing I want to reiterate that our product portfolio remains very strong, we continue to be encouraged by the momentum of our non COVID products in Q3 and are committed to the successful execution of our new product and indication launches, We expect the cost realignment program will improve our operating margin, enhancing long term shareholder value and with that let me turn it over to Mikael. Thank you Dave.

In closing I want to reiterate that our product portfolio remains very strong we continue to be encouraged by the momentum of our non COVID-19 products in Q3 and are committed to the successful execution of our new product and indication launches.

Dave Denton: We expect the cost realignment program will improve our operating margin, enhancing long-term shareholder value. With that, let me turn it over to Michael.

We expect the cost realignment program will improve our operating margin, enhancing long-term shareholder value. With that, let me turn it over to Michael.

We expect the cost realignment program will improve our operating margin enhancing long term shareholder value and with that let me turn it over to Michael.

Michael Dolsten: Thank you, Dave. Today, I will share important updates from our robust respiratory vaccine portfolio. Our respiratory vaccines are built upon three cutting-edge platforms that enable us to bring the right science to the right pathogen. These include our mRNA platform in partnership with BioNTech, targeting highly variant viruses, our subunit platform, targeting viruses that remain relatively consistent season to season, and our conjugate vaccine platform designed to help prevent bacterial infections. We have achieved FDA approvals of vaccines derived from each platform within the last year, and aim to further expand our leadership with additional vaccine candidate development. Today, I will provide information on our standalone flu vaccine candidate, flu COVID combination vaccine candidate, and next-gen pneumococcal vaccine candidate. We are pleased to announce that we achieved both primary endpoints in the 18 to 64-year-old cohort of our ongoing phase three flu trial.

Mikael Dolsten: Thank you, Dave. Today, I will share important updates from our robust respiratory vaccine portfolio. Our respiratory vaccines are built upon three cutting-edge platforms that enable us to bring the right science to the right pathogen. These include our mRNA platform in partnership with BioNTech, targeting highly variant viruses, our subunit platform, targeting viruses that remain relatively consistent season to season, and our conjugate vaccine platform designed to help prevent bacterial infections. We have achieved FDA approvals of vaccines derived from each platform within the last year, and aim to further expand our leadership with additional vaccine candidate development. Today, I will provide information on our standalone flu vaccine candidate, flu COVID combination vaccine candidate, and next-gen pneumococcal vaccine candidate. We are pleased to announce that we achieved both primary endpoints in the 18 to 64-year-old cohort of our ongoing phase three flu trial.

Thank you Dave.

Mikael Dolsten: Thank you Dave. Today, I will share important updates from our robust respiratory vaccine portfolio. Our respiratory vaccines are built upon three cutting edge platforms that enable us to bring the right science to the right pathogen. These. These include our mrna platform in partnership with Biomimetic targeting highly variant viruses, our sub unit platform targeting viruses that to remain relatively consistent season to season, and our Columbia Gateway platform designed to help prevent bacterial infections. We have achieved FDA approvals of vaccines derived from each platform within the last year and aim to further expand our leadership with additional vaccine candidates in development. Today, I will provide information on our Standalone flu vaccine candidate. Flu Covid combination vaccine candidate. And next Gen Pneumococcal vaccine candidate. We are pleased to announce that we achieved both primary endpoints. The 18 to 64 year old cohort of our ongoing phase III trial. In the trial of our first Gen mrna flu vaccine candidate. We demonstrated non inferiority. Superiority to a licensed flu vaccine at the time of the primary analysis. These represent the first and only demonstration of efficacy and superiority for mrna based flu vaccine candidates. In this age cohort efficacy was maintained through the trials end of season analysis with our candidates remain non inferior to the license compared to say. Safety was similar to the stand up <unk>. The primer and indices and efficacy analysis considered both Influencer AMB cases collected. The vast majority of cases recorded in our trial and during the 22 slide 23 flu season overall, we're flew eight cases in. Immunogenicity data showed robust antibody responses against the influenzae compared to licensed flu vaccine. Humoral responses against influenza B were lower than those achieved with the comparator. Recall that our Standalone flu vaccine phase III study also include a 65 year and older cohorts that we've previously shared encouraging T someday. For all four strengths from the phase II study in this cohort. Our belief is that the ability of the vaccine candidate induced T cell responses may contribute to the improved efficacy with current seasonal flu vaccine, particularly those 65 and older. We expect a readout from this age group later this year.

Mikael Dolsten: Thank you Dave, today I will share important updates from our robust respiratory vaccine portfolio. our respiratory vaccines are built upon three cutting edge platforms that enable us to bring the right science to the right pathogen. These. These include our mrna platform in partnership with Biomimetic targeting highly variant viruses, our sub unit platform targeting viruses that to remain relatively consistent season to season, and our Columbia Gateway platform designed to help prevent bacterial infections. We have achieved FDA approvals of vaccines derived from each platform within the last year and aim to further expand our leadership with additional vaccine candidates in development. Today, I will provide information on our Standalone flu vaccine candidate. Flu Covid combination vaccine candidate. And next Gen Pneumococcal vaccine candidate. We are pleased to announce that we achieved both primary endpoints. The 18 to 64 year old cohort of our ongoing phase III trial. In the trial of our first Gen mrna flu vaccine candidate. We demonstrated non inferiority. Superiority to a licensed flu vaccine at the time of the primary analysis. These represent the first and only demonstration of efficacy and superiority for mrna based flu vaccine candidates. In this age cohort efficacy was maintained through the trials end of season analysis with our candidates remain non inferior to the license compared to say. Safety was similar to the stand up <unk>. The primer and indices and efficacy analysis considered both Influencer AMB cases collected.

Mikael Dolsten: Thank you Dave, today I will share important updates from our robust respiratory vaccine portfolio.

Today, I will share important updates from our robust respiratory vaccine portfolio.

Mikael Dolsten: Our respiratory vaccines are built upon three cutting-edge platforms that enable us to bring the right science to the right pathogen, these include our MRNA platform in partnership with BioNTech targeting highly variant viruses, our subunit platform targeting viruses that remain relatively consistent season to season, and our conjugate vaccine platform designed to help prevent bacterial infections. We have achieved FDA approvals of vaccines derived from each platform within the last year and aim to further expand our leadership with additional vaccine candidates in development. Today, I will provide information on our Standalone flu vaccine candidate. Flu Covid combination vaccine candidate. And next Gen Pneumococcal vaccine candidate. We are pleased to announce that we achieved both primary endpoints. The 18 to 64 year old cohort of our ongoing phase III trial. In the trial of our first Gen mrna flu vaccine candidate. We demonstrated non inferiority. Superiority to a licensed flu vaccine at the time of the primary analysis. These represent the first and only demonstration of efficacy and superiority for mrna based flu vaccine candidates. In this age cohort efficacy was maintained through the trials end of season analysis with our candidates remain non inferior to the license compared to say. Safety was similar to the stand up <unk>. The primer and indices and efficacy analysis considered both Influencer AMB cases collected.

Our respiratory vaccines are built upon three cutting edge platforms that enable us to bring the right science to the right pathogen. These.

These include our mrna platform in partnership with Biomimetic targeting highly variant viruses, our sub unit platform targeting viruses that to remain relatively consistent season to season, and our Columbia Gateway platform designed to help prevent bacterial infections.

Mikael Dolsten: We have achieved FDA approvals of vaccines derived from each platform within the last year and aim to further expand our leadership with additional vaccine candidates in development, today, I will provide information on our Standalone flu vaccine candidate, Flu-Covid combination vaccine candidate and next-gen pneumococcal vaccine candidate. We are pleased to announce that we achieved both primary endpoints. The 18 to 64 year old cohort of our ongoing phase III trial. In the trial of our first Gen mrna flu vaccine candidate. We demonstrated non inferiority. Superiority to a licensed flu vaccine at the time of the primary analysis. These represent the first and only demonstration of efficacy and superiority for mrna based flu vaccine candidates. In this age cohort efficacy was maintained through the trials end of season analysis with our candidates remain non inferior to the license compared to say. Safety was similar to the stand up <unk>. The primer and indices and efficacy analysis considered both Influencer AMB cases collected.

We have achieved FDA approvals of vaccines derived from each platform within the last year and aim to further expand our leadership with additional vaccine candidates in development.

Today, I will provide information on our Standalone flu vaccine candidate.

Flu Covid combination vaccine candidate.

Mikael Dolsten: We are pleased to announce that we achieved both primary endpoints in the 18 to 64 year old cohort of our ongoing Phase III flu trial, in the trial, our first-gen MRNA flu vaccine candidate, demonstrated non inferiority and superiority to a licensed flu vaccine at the time of the primary analysis, these represent the first and only demonstration of efficacy and superiority for MRNA based flu vaccine candidates. In this age cohort efficacy was maintained through the trials end of season analysis with our candidates remain non inferior to the license compared to say. Safety was similar to the stand up <unk>. The primer and indices and efficacy analysis considered both Influencer AMB cases collected.

Mikael Dolsten: We are pleased to announce that we achieved both primary endpoints in the 18 to 64 year old cohort of our ongoing Phase III flu trial, in the trial, our first-gen MRNA flu vaccine candidate, demonstrated non inferiority and superiority to a licensed flu vaccine at the time of the primary analysis, these represent the first and only demonstration of efficacy and superiority for MRNA based flu vaccine candidates. In this age cohort, efficacy was maintained through the trial's end of season analysis, with our candidates remaining non inferior to the license comparator, safety was similar to the standard flu vaccine.

And next Gen Pneumococcal vaccine candidate.

We are pleased to announce that we achieved both primary endpoints.

The 18 to 64 year old cohort of our ongoing phase III trial.

Michael Dolsten: In the trial, our first-gen mRNA flu vaccine candidate demonstrated non-inferiority and superiority to a licensed flu vaccine at the time of the primary analysis. This represents the first and only demonstration of efficacy and superiority for an mRNA-based flu vaccine candidate. In this age cohort, efficacy was maintained through the trial's end-of-season analysis, with our candidate remaining non-inferior to the licensed comparator. Safety was similar to the standard flu vaccine. The primary and end-of-season efficacy analysis considered both influenza A and B cases collectively. The vast majority of cases recorded in our trial and during the 2022/2023 flu season overall were flu A cases. Immunogenicity data showed robust antibody responses against influenza A compared to licensed flu vaccine. Humoral responses against influenza B were lower than those achieved with the comparator.

In the trial, our first-gen mRNA flu vaccine candidate demonstrated non-inferiority and superiority to a licensed flu vaccine at the time of the primary analysis. This represents the first and only demonstration of efficacy and superiority for an mRNA-based flu vaccine candidate. In this age cohort, efficacy was maintained through the trial's end-of-season analysis, with our candidate remaining non-inferior to the licensed comparator. Safety was similar to the standard flu vaccine. The primary and end-of-season efficacy analysis considered both influenza A and B cases collectively. The vast majority of cases recorded in our trial and during the 2022/2023 flu season overall were flu A cases. Immunogenicity data showed robust antibody responses against influenza A compared to licensed flu vaccine. Humoral responses against influenza B were lower than those achieved with the comparator.

In the trial of our first Gen mrna flu vaccine candidate.

We demonstrated non inferiority.

Superiority to a licensed flu vaccine at the time of the primary analysis.

These represent the first and only demonstration of efficacy and superiority for mrna based flu vaccine candidates.

Mikael Dolsten: In this age cohort, efficacy was maintained through the trial's end of season analysis, with our candidates remain non inferior to the license comparator, safety was similar to the standard flu vaccine. The primer and indices and efficacy analysis considered both Influencer AMB cases collected.

In this age cohort efficacy was maintained through the trials end of season analysis with our candidates remain non inferior to the license compared to say.

Safety was similar to the stand up <unk>.

Mikael Dolsten: The primer and end of season efficacy analysis considered both Influenza A and B cases collected, the vast majority of cases recorded in our trial and during the 22/23 flu season overall, were flu A cases, immunogenicity data showed robust antibody responses against the influenza A compared to licensed flu vaccine, humoral responses against influenza B were lower than those achieved with the comparator. Recall that our Standalone flu vaccine phase III study also include a 65 year and older cohorts that we've previously shared encouraging T someday. For all four strengths from the phase II study in this cohort. Our belief is that the ability of the vaccine candidate induced T cell responses may contribute to the improved efficacy with current seasonal flu vaccine, particularly those 65 and older. We expect a readout from this age group later this year.

The primer and indices and efficacy analysis considered both Influencer AMB cases collected.

Mikael Dolsten: The vast majority of cases recorded in our trial and during the 22 slide 23 flu season overall, we're flew eight cases in. Immunogenicity data showed robust antibody responses against the influenzae compared to licensed flu vaccine. Humoral responses against influenza B were lower than those achieved with the comparator. Recall that our Standalone flu vaccine phase III study also include a 65 year and older cohorts that we've previously shared encouraging T someday. For all four strengths from the phase II study in this cohort. Our belief is that the ability of the vaccine candidate induced T cell responses may contribute to the improved efficacy with current seasonal flu vaccine, particularly those 65 and older. We expect a readout from this age group later this year.

The vast majority of cases recorded in our trial and during the 22 slide 23 flu season overall, we're flew eight cases in.

Immunogenicity data showed robust antibody responses against the influenzae compared to licensed flu vaccine.

Humoral responses against influenza B were lower than those achieved with the comparator.

Mikael Dolsten: Recall that our Standalone flu vaccine Phase III study also include a 65 year and older cohorts that we previously shared encouraging T-Cell data for all four strengths from the Phase II study in this cohort, our belief is that the ability of the vaccine candidate induced T-cell responses may contribute to the improved efficacy with current seasonal flu vaccine, particularly those 65 and older. We expect a readout from this age group later this year. To address the lower B responses seen with our first Standalone flu candidate slice. It created next generation's <unk> formulations. Incorporated into our mrna flu candidates in combination with the pace of bone <unk>, COVID-19 vaccine, which I will review now. In positive phase two top line data announced last week, we absorbed that reformulation of the lead flu candidates resulted in improved immunity against influenza b, allowing us to meet all criteria for the advancement to phase III. In the trial of our lead candidate formulations. <unk> robust immune responses with point estimates for your metric means tied to rates used that's where consistently criteria applied to approve vaccines for all much flu and salts KOB two strings, notably point estimates for your metric. The rates used with selected candidate formulations were greater than one relative to the license comparator all match flu vaccine strains. The safety profile of evaluated candidates were consistent with Pfizer bone <unk> COVID-19 vaccine. Following these positive immune he needs to do it as well. We plan to initiate the phase III study in the coming months. Successfully developing a broad seasonal vaccine franchise anchored around the moat through them on a vaccine is a key priority. It may allow us to tap into dinner only 50% annual flu vaccination rates in the U S. Adults. We're taking a different approach in pursuit of this goal leveraging both mrna and protein sub unit technologies. Our development program. And triple combination vaccine to potentially help protect against flu and COVID-19 and Odyssey. Now turning to <unk>.

Michael Dolsten: Recall that our standalone flu vaccine phase three study also includes a 65-year-old cohort that we previously shared encouraging T cell data for all four strains from the phase two study in this cohort. Our belief is that the ability of the vaccine candidate to induce T cell responses may contribute to the improved efficacy of a current seasonal flu vaccine, particularly those 65 and older. We expect the readout from this age group later this year. To address the lower B responses seen with our first-gen standalone flu candidate, Pfizer created next-generation reformulations. These were incorporated into our mRNA flu candidates in combination with the Pfizer-BioNTech COVID-19 vaccine, which I will review now.

Recall that our standalone flu vaccine phase three study also includes a 65-year-old cohort that we previously shared encouraging T cell data for all four strains from the phase two study in this cohort. Our belief is that the ability of the vaccine candidate to induce T cell responses may contribute to the improved efficacy of a current seasonal flu vaccine, particularly those 65 and older. We expect the readout from this age group later this year. To address the lower B responses seen with our first-gen standalone flu candidate, Pfizer created next-generation reformulations. These were incorporated into our mRNA flu candidates in combination with the Pfizer-BioNTech COVID-19 vaccine, which I will review now.

Recall that our Standalone flu vaccine phase III study also include a 65 year and older cohorts that we've previously shared encouraging T someday.

For all four strengths from the phase II study in this cohort.

Our belief is that the ability of the vaccine candidate induced T cell responses may contribute to the improved efficacy with current seasonal flu vaccine, particularly those 65 and older. We expect a readout from this age group later this year.

Mikael Dolsten: To address the lower B responses seen with our first-gen standalone flu candidate, Pfizer created next generation's re-formulations, these were incorporated into our MRNA flu candidates in combination with the Pfizer-BioNtech COVID-19 vaccine, which I will review now. In positive phase two top line data announced last week, we absorbed that reformulation of the lead flu candidates resulted in improved immunity against influenza b, allowing us to meet all criteria for the advancement to phase III. In the trial of our lead candidate formulations. <unk> robust immune responses with point estimates for your metric means tied to rates used that's where consistently criteria applied to approve vaccines for all much flu and salts KOB two strings, notably point estimates for your metric. The rates used with selected candidate formulations were greater than one relative to the license comparator all match flu vaccine strains. The safety profile of evaluated candidates were consistent with Pfizer bone <unk> COVID-19 vaccine. Following these positive immune he needs to do it as well. We plan to initiate the phase III study in the coming months. Successfully developing a broad seasonal vaccine franchise anchored around the moat through them on a vaccine is a key priority. It may allow us to tap into dinner only 50% annual flu vaccination rates in the U S. Adults. We're taking a different approach in pursuit of this goal leveraging both mrna and protein sub unit technologies. Our development program. And triple combination vaccine to potentially help protect against flu and COVID-19 and Odyssey. Now turning to <unk>.

To address the lower B responses seen with our first Standalone flu candidate slice. It created next generation's <unk> formulations.

Incorporated into our mrna flu candidates in combination with the pace of bone <unk>, COVID-19 vaccine, which I will review now.

Mikael Dolsten: In positive Phase 1/2 top line data announced last week, we observed that reformulation of the lead flu candidates resulted in improved immunogenicity against Influenza B, allowing us to meet all criteria for the advancement to Phase III, in the trial our lead candidate formulations induced robust immune responses with point estimates for Geometric Mean Titer ratios that were consistent with criteria applied to approve vaccines for all matched flu and SARS-CoV-2 strains. notably point estimates for Geometric Mean Titer ratios with selected candidate formulations were greater than one relative to the license comparator for all match flu vaccine strains. The safety profile of evaluated candidates were consistent with Pfizer bone <unk> COVID-19 vaccine. Following these positive immune he needs to do it as well. We plan to initiate the phase III study in the coming months. Successfully developing a broad seasonal vaccine franchise anchored around the moat through them on a vaccine is a key priority. It may allow us to tap into dinner only 50% annual flu vaccination rates in the U S. Adults. We're taking a different approach in pursuit of this goal leveraging both mrna and protein sub unit technologies. Our development program. And triple combination vaccine to potentially help protect against flu and COVID-19 and Odyssey. Now turning to <unk>.

Michael Dolsten: In positive phase one to top-line data announced last week, we observed that reformulation of the lead flu candidates resulted in improved immunicity against influenza B, allowing us to meet all criteria for advancement to phase three. In the trial, our lead candidate formulations induced robust immune responses with point estimates for eumetric mean titer ratios that were consistent with criteria applied to approved vaccines for all matched flu and SARS-CoV-2 strains. Notably, point estimates for eumetric mean titer ratios with selected candidate formulations were greater than one relative to their licensed comparator for all matched flu vaccine strains. The safety profile of evaluated candidates was consistent with Pfizer-BioNTech's COVID-19 vaccine. Following these positive immunicity data, we plan to initiate the phase three study in the coming months.

In positive phase one to top-line data announced last week, we observed that reformulation of the lead flu candidates resulted in improved immunicity against influenza B, allowing us to meet all criteria for advancement to phase three. In the trial, our lead candidate formulations induced robust immune responses with point estimates for eumetric mean titer ratios that were consistent with criteria applied to approved vaccines for all matched flu and SARS-CoV-2 strains. Notably, point estimates for eumetric mean titer ratios with selected candidate formulations were greater than one relative to their licensed comparator for all matched flu vaccine strains. The safety profile of evaluated candidates was consistent with Pfizer-BioNTech's COVID-19 vaccine. Following these positive immunicity data, we plan to initiate the phase three study in the coming months.

In positive phase two top line data announced last week, we absorbed that reformulation of the lead flu candidates resulted in improved immunity against influenza b, allowing us to meet all criteria for the advancement to phase III.

In the trial of our lead candidate formulations.

<unk> robust immune responses with point estimates for your metric means tied to rates used that's where consistently criteria applied to approve vaccines for all much flu and salts KOB two strings, notably point estimates for your metric.

Mikael Dolsten: Notably point estimates for Geometric Mean Titer ratios with selected candidate formulations were greater than one relative to the license comparator for all match flu vaccine strains, the safety profile of evaluated candidates were consistent with Pfizer-BioNTech COVID-19 vaccine, following these positive immunogenicity data, we plan to initiate the Phase III study in the coming months.

The rates used with selected candidate formulations were greater than one relative to the license comparator all match flu vaccine strains.

The safety profile of evaluated candidates were consistent with Pfizer bone <unk> COVID-19 vaccine.

Mikael Dolsten: Following these positive immunogenicity data, we plan to initiate the Phase III study in the coming months. Successfully developing a broad seasonal vaccine franchise anchored around the moat through them on a vaccine is a key priority. It may allow us to tap into dinner only 50% annual flu vaccination rates in the U S. Adults. We're taking a different approach in pursuit of this goal leveraging both mrna and protein sub unit technologies. Our development program. And triple combination vaccine to potentially help protect against flu and COVID-19 and Odyssey. Now turning to <unk>.

Mikael Dolsten: Following these positive immunogenicity data, we plan to initiate the Phase III study in the coming months.

Following these positive immune he needs to do it as well.

We plan to initiate the phase III study in the coming months.

Mikael Dolsten: Successfully developing a broad seasonal vaccine franchise, anchored around the modFlu MRNA vaccine is a key priority, as it may allow us to tap into the nearly 50% annual flu vaccination rates in the U.S. adults, We're taking a differentiated approach in pursuit of this goal, leveraging both MRNA and protein subunit technologies, our development program include double and triple combination vaccines to potentially help protect against flu, COVID-19 and RSV. Now turning to <unk>.

Michael Dolsten: Successfully developing a broad seasonal vaccine franchise anchored around the mod flu mRNA vaccine is a key priority, as it may allow us to tap into the nearly 50% annual flu vaccination rate in the US adults. We're taking a differentiated approach in pursuit of this goal, leveraging both mRNA and protein subunit technologies. Our development program includes double and triple combination vaccines to potentially help protect against flu, COVID-19, and RSV. Now, turning to Prevnar, I'll start by reminding you that this is the only PCV business with an FDA indication for pneumonia in adults. Providing protection specifically against pneumococcal pneumonia is critical. It's the most common form of pneumococcal disease in adults, leading to 150,000 US hospitalizations each year. The prevalence of non-bacteriemic pneumococcal pneumonia is more than 15-fold, greater than that of invasive pneumococcal disease in US adults 50 and older.

Successfully developing a broad seasonal vaccine franchise anchored around the mod flu mRNA vaccine is a key priority, as it may allow us to tap into the nearly 50% annual flu vaccination rate in the US adults. We're taking a differentiated approach in pursuit of this goal, leveraging both mRNA and protein subunit technologies. Our development program includes double and triple combination vaccines to potentially help protect against flu, COVID-19, and RSV. Now, turning to Prevnar, I'll start by reminding you that this is the only PCV business with an FDA indication for pneumonia in adults. Providing protection specifically against pneumococcal pneumonia is critical. It's the most common form of pneumococcal disease in adults, leading to 150,000 US hospitalizations each year. The prevalence of non-bacteriemic pneumococcal pneumonia is more than 15-fold, greater than that of invasive pneumococcal disease in US adults 50 and older.

Successfully developing a broad seasonal vaccine franchise anchored around the moat through them on a vaccine is a key priority.

It may allow us to tap into dinner only 50% annual flu vaccination rates in the U S. Adults.

We're taking a different approach in pursuit of this goal leveraging both mrna and protein sub unit technologies.

Our development program.

And triple combination vaccine to potentially help protect against flu and COVID-19 and Odyssey.

Now turning to <unk>.

Mikael Dolsten: Now turning to Prevnar, I'll start by reminding you that this is the only PCV business with an FDA indication for pneumonia in adults, providing protection specifically against pneumococcal pneumonia is critical, it's the most common form of pneumococcal disease in adults leading to 150 thousand US hospitalizations each year. Evidence of <unk> pneumococcal pneumonia is more than 15 fold greater than that of invasive pneumococcal disease in adults 50 and older. Travelling us pneumonia indication supported by capital trial, which was enabled by a pneumococcal vaccine population and propriety assay. These innovative characteristics make it challenging for others to conduct the seamless study. Given the high level of pneumococcal vaccine coverage that exists today. This innovative design and landmark resolves. Starting to show, a leading and differentiated position in the PCB space. So solidified its position we are committed to pursuing continued innovation. Our goal is to potentially maximize valency and improving the initiative, while maintaining coverage of the serotypes clinically demonstrated to protect against the ammonia. In line with its commitments, we have been developing in a fourth generation piece of <unk> can tell you David that Vince on the printer business. His 20 year plus years of innovation. Our next generation technology leverage is cutting edge conjugation chemistry carriers and reformulation used. Using these new proprietary vaccine technologies. We observed a several fold improvement in select service type of units. Monovalent phase one study. Based on these data we are confident that when we move this technology into our multivalent fourth Gen candidate, we have the potential to achieve increased valency, we'd improved serotype of municipality. We are now advancing a fourth generation candidate into first in human trial, which is expected to begin in the fourth quarter of 'twenty three. Finally, I will leave you with our list of milestones and call out the recent approval of the sympathy for what's a typical life and Penn breakout the first pent up elan, meaning the coker vaccine <unk>. <unk> to be a bit more than a dozen regulatory approvals. This year a little I'll also note. The recent launches of Bristol or maternal immunization and and <unk> in multiple myeloma. Thank you, let me turn it back to our Francesca to start the Q&A session. Thanks, Michael with that let's start the Q&A session.

I'll start by reminding you that this is the only PCB business. We then FDA indication for pneumonia in adults providing protection specifically against pneumococcal pneumonia is critical it's the most common form of pneumococcal disease in adults leading to 150 Tulsa useless.

But the decision each year.

Mikael Dolsten: The prevalence of non-bacteremic pneumococcal pneumonia is more than 15 fold, greater than that of invasive pneumococcal disease in U.S. adults 50 and older, Prevnar's pneumonia indication supported by the CAPiTA trial, which was enabled by a pneumococcal vaccine-naive population and proprietary assay, these innovative characteristics make it challenging for others to conduct a similar study, given the high level of pneumococcal vaccine coverage that exists today. This innovative design and landmark resolves. Starting to show, a leading and differentiated position in the PCB space. So solidified its position we are committed to pursuing continued innovation. Our goal is to potentially maximize valency and improving the initiative, while maintaining coverage of the serotypes clinically demonstrated to protect against the ammonia. In line with its commitments, we have been developing in a fourth generation piece of <unk> can tell you David that Vince on the printer business. His 20 year plus years of innovation. Our next generation technology leverage is cutting edge conjugation chemistry carriers and reformulation used. Using these new proprietary vaccine technologies. We observed a several fold improvement in select service type of units. Monovalent phase one study. Based on these data we are confident that when we move this technology into our multivalent fourth Gen candidate, we have the potential to achieve increased valency, we'd improved serotype of municipality. We are now advancing a fourth generation candidate into first in human trial, which is expected to begin in the fourth quarter of 'twenty three. Finally, I will leave you with our list of milestones and call out the recent approval of the sympathy for what's a typical life and Penn breakout the first pent up elan, meaning the coker vaccine <unk>. <unk> to be a bit more than a dozen regulatory approvals. This year a little I'll also note. The recent launches of Bristol or maternal immunization and and <unk> in multiple myeloma. Thank you, let me turn it back to our Francesca to start the Q&A session. Thanks, Michael with that let's start the Q&A session.

Evidence of <unk> pneumococcal pneumonia is more than 15 fold greater than that of invasive pneumococcal disease in adults 50 and older.

Michael Dolsten: Prevnar's pneumonia indication is supported by the capital trial, which was enabled by a pneumococcal vaccine population and proprietary assay. These innovative characteristics make it challenging for others to conduct a similar study, given the high level of pneumococcal vaccine coverage that exists today. Capita's innovative design and landmark results helped establish our leading and differentiated position in the PCV space. To solidify this position, we are committed to pursuing continued innovation. Our goal is to potentially maximize valency and improve immunicity while maintaining coverage of the serotypes clinically demonstrated to protect against pneumonia. In line with this commitment, we have been developing a fourth-generation PCV candidate that builds on the Prevnar business' 20-year-plus years of innovation. Our next-generation technology leverages cutting-edge conjugation, chemistry, carriers, and reformulation. Using these new proprietary vaccine technologies, we observed a several-fold improvement in select serotype immunicity in a monovalent phase one study.

Prevnar's pneumonia indication is supported by the capital trial, which was enabled by a pneumococcal vaccine population and proprietary assay. These innovative characteristics make it challenging for others to conduct a similar study, given the high level of pneumococcal vaccine coverage that exists today. Capita's innovative design and landmark results helped establish our leading and differentiated position in the PCV space. To solidify this position, we are committed to pursuing continued innovation. Our goal is to potentially maximize valency and improve immunicity while maintaining coverage of the serotypes clinically demonstrated to protect against pneumonia. In line with this commitment, we have been developing a fourth-generation PCV candidate that builds on the Prevnar business' 20-year-plus years of innovation. Our next-generation technology leverages cutting-edge conjugation, chemistry, carriers, and reformulation. Using these new proprietary vaccine technologies, we observed a several-fold improvement in select serotype immunicity in a monovalent phase one study.

Travelling us pneumonia indication supported by capital trial, which was enabled by a pneumococcal vaccine population and propriety assay.

These innovative characteristics make it challenging for others to conduct the seamless study.

Mikael Dolsten: CAPiTA's innovative design and landmark resolves helped establish our leading and differentiated position in the PCV space, to solidify this position we are committed to pursuing continued innovation, our goal is to potentially maximize valency and improve immunogenicity, while maintaining coverage of the serotypes clinically demonstrated to protect against pneumonia. In line with its commitments, we have been developing in a fourth generation piece of <unk> can tell you David that Vince on the printer business. His 20 year plus years of innovation. Our next generation technology leverage is cutting edge conjugation chemistry carriers and reformulation used. Using these new proprietary vaccine technologies. We observed a several fold improvement in select service type of units. Monovalent phase one study. Based on these data we are confident that when we move this technology into our multivalent fourth Gen candidate, we have the potential to achieve increased valency, we'd improved serotype of municipality. We are now advancing a fourth generation candidate into first in human trial, which is expected to begin in the fourth quarter of 'twenty three. Finally, I will leave you with our list of milestones and call out the recent approval of the sympathy for what's a typical life and Penn breakout the first pent up elan, meaning the coker vaccine <unk>. <unk> to be a bit more than a dozen regulatory approvals. This year a little I'll also note. The recent launches of Bristol or maternal immunization and and <unk> in multiple myeloma. Thank you, let me turn it back to our Francesca to start the Q&A session. Thanks, Michael with that let's start the Q&A session.

Given the high level of pneumococcal vaccine coverage that exists today.

This innovative design and landmark resolves.

Starting to show, a leading and differentiated position in the PCB space. So solidified its position we are committed to pursuing continued innovation.

Our goal is to potentially maximize valency and improving the initiative, while maintaining coverage of the serotypes clinically demonstrated to protect against the ammonia.

Mikael Dolsten: In line with this commitments, we have been developing in a fourth generation PCV candidate that builds on the Prevnar business 20 year plus years of innovation, our next generation technology leverages cutting edge conjugation, chemistry, carriers and reformulation, using these new proprietary vaccine technologies, we observed a several fold improvement in select serotype immunogenicity in a Monovalent Phase I study, based on these data we are confident that when we move this technology into our multivalent fourth-Gen candidate, we have the potential to achieve increased valency with improved serotype immunogenicity, we are now advancing our fourth generation candidate into our first human trial, which is expected to begin in the fourth quarter of 2023. Finally, I will leave you with our list of milestones and call out the recent approval of the sympathy for what's a typical life and Penn breakout the first pent up elan, meaning the coker vaccine <unk>. <unk> to be a bit more than a dozen regulatory approvals. This year a little I'll also note. The recent launches of Bristol or maternal immunization and and <unk> in multiple myeloma. Thank you, let me turn it back to our Francesca to start the Q&A session. Thanks, Michael with that let's start the Q&A session.

In line with its commitments, we have been developing in a fourth generation piece of <unk> can tell you David that Vince on the printer business.

His 20 year plus years of innovation.

Our next generation technology leverage is cutting edge conjugation chemistry carriers and reformulation used.

Using these new proprietary vaccine technologies.

Mikael Dolsten: Based on these data we are confident that when we move this technology into our multivalent Fourth-Gen candidate, we have the potential to achieve increased valency with improved serotype immunogenicity, we are now advancing our fourth generation candidate into our first human trial, which is expected to begin in the fourth quarter of 2023.

We observed a several fold improvement in select service type of units.

Monovalent phase one study.

Michael Dolsten: Based on these data, we're confident that when we move this technology into our multivalent fourth-gen candidate, we have the potential to achieve increased valency with improved serotype immunicity. We are now advancing our fourth-generation candidate into our first in human trial, which is expected to begin in the fourth quarter of '23. Finally, I will leave you with our list of milestones and call out the recent approval of Velocity, Pharmaceutical, Lytis, and Pembrea, the first pentavalent pneumococcal vaccine. Pfizer has delivered more than a dozen regulatory approvals this year alone. I'll also note the recent launches of Abrisvo for maternal immunization and Elrexfio in multiple myeloma. Thank you. Let me turn it back to Francesca to start the Q&A session.

Based on these data, we're confident that when we move this technology into our multivalent fourth-gen candidate, we have the potential to achieve increased valency with improved serotype immunicity. We are now advancing our fourth-generation candidate into our first in human trial, which is expected to begin in the fourth quarter of '23. Finally, I will leave you with our list of milestones and call out the recent approval of Velocity, Pharmaceutical, Lytis, and Pembrea, the first pentavalent pneumococcal vaccine. Pfizer has delivered more than a dozen regulatory approvals this year alone. I'll also note the recent launches of Abrisvo for maternal immunization and Elrexfio in multiple myeloma. Thank you. Let me turn it back to Francesca to start the Q&A session.

Based on these data we are confident that when we move this technology into our multivalent fourth Gen candidate, we have the potential to achieve increased valency, we'd improved serotype of municipality.

We are now advancing a fourth generation candidate into first in human trial, which is expected to begin in the fourth quarter of 'twenty three.

Mikael Dolsten: Finally I will leave you with our list of milestones and call out the recent approval of Velsipity for ulcerative colitis and Pembraya, the first pentavalent menginococcal vaccine, Pfizer delivered more than a dozen regulatory approvals this year alone, I'll also note the recent launches of Abrysvo on maternal immunization and Erlexfio in multiple myeloma, Thank you, let me turn it back to our Francesca to start the Q&A session. Thanks, Michael with that let's start the Q&A session.

Finally, I will leave you with our list of milestones and call out the recent approval of the sympathy for what's a typical life and Penn breakout the first pent up elan, meaning the coker vaccine <unk>.

<unk> to be a bit more than a dozen regulatory approvals. This year a little I'll also note. The recent launches of Bristol or maternal immunization and and <unk> in multiple myeloma. Thank you, let me turn it back to our Francesca to start the Q&A session.

Francesca DeMartino: Thanks, Mikael with that let's start the Q&A session, we will answer as many questions as time permits and IR will be available after the call to answer any follow up questions. Operator, please assemble the queue.

Francesca DeMartino: Thanks, Michael. With that, let's start the Q&A session. We will answer as many questions as time permits, and IR will be available after the call to answer any follow-up questions. Operator, please assemble the queue.

Thanks, Michael with that let's start the Q&A session.

We will answer as many questions as time permits and IR will be available after the call to answer any follow up questions. Operator, please assemble the queue.

Operator: At this time, if you would like to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue at any time by pressing star two. Once again, that is star one to ask a question. And our first question will come from Robin Carnascus with Truist Securities.

Operator: At this time, if you would like to ask a question, please press star one on your telephone keypad, you may remove yourself from the queue at any time by pressing star 2, once again that is star one to ask a question and our first question will come from Robyn Karnauskas with Truist Securities.

You may remove yourself from the queue at any time by pressing star Q.

Once again that is star one to ask a question.

And our first question will come from Robyn <unk> with <unk> Securities.

Robyn Karnauskas: Hi. Thanks for taking my question. I think I have a big-picture question on your new launches, which is extremely important for your growth. Are you seeing any impact, given, I think, vaccine fatigue that we've seen with COVID impacting RSV and pneumococcal vaccines? And how do you think about that impact as you think about 2023 and 2024? Do you think that will dissipate? Thanks.

Robyn Kay Shelton Karnauskas: Hi, Thanks for taking my question, I think I have a big picture question on your new launches, which is extremely important for your growth, are you seeing any impact given what I think the vaccine fatigue that we've seen with COVID impacting RSV and pneumococcal vaccines and how do you think about that impact as you think about 2023 and 2024 do you think that will dissipate? thanks.

I have a big picture question on your new launches, which is extremely important for your growth.

Are you seeing any impact given I think the vaccine fatigue that we've seen with COVID-19 impacting RSV and pneumococcal vaccines and how do you think about that impact.

And as you think about 2023 and 2024 do you think that will dissipate.

Yeah.

Michael Dolsten: Thank you for your question. First of all, I think it's good when you have a portfolio. And we have a quite strong portfolio because we have RSV, we have COVID, and we have pneumococcal in the respiratory front. But I think the biggest impact will be when and if we have combination products. We think that combination products, because of their convenience, because vaccines are preferred by pairs with zero copay, will increase basically the volumes and vaccination rates of all vaccines because of the convenience of one injection. And I think this is why you saw from Michael all our efforts right now are in developing multiple combinations so that consumers and physicians will have choice which ones to administer always with the same convenience. I think we can go to the next question. Thank you very much, Robin.

Mikael Dolsten: Thank you for your question. First of all, I think it's good when you have a portfolio. And we have a quite strong portfolio because we have RSV, we have COVID, and we have pneumococcal in the respiratory front. But I think the biggest impact will be when and if we have combination products. We think that combination products, because of their convenience, because vaccines are preferred by pairs with zero copay, will increase basically the volumes and vaccination rates of all vaccines because of the convenience of one injection. And I think this is why you saw from Michael all our efforts right now are in developing multiple combinations so that consumers and physicians will have choice which ones to administer always with the same convenience. I think we can go to the next question. Thank you very much, Robin.

Albert Bourla: Thank you very much for your questions, first of all I think is good when you have a portfolio and we have a quite strong portfolio because we have RSV we have COVID and we have pneumococcal in the respiratory front, but i think the biggest impact would be when and if we have combination products, we thinking that the combination products will, because of their convenience, because vaccines are preferred by payers with Zero co-pay, will increase basically the volumes in vaccination rates of all vaccines because of the convenience of one injection and I think this is why you saw from Mikael, all our efforts right now are in developing multiple combinations, so the consumers and physicians will have a choice, which ones to administer always with the same convenience. I think we can go to the next question. Thank you very much Robert. Our next question will come from <unk>. Trunk with UBS.

We have a quite strong portfolios of course, you have to have.

Coffee is going to hurt you more.

That's always wrong, but I think the biggest impact would be.

Wendy.

We have combination products are we thinking about the combination of public school are because of their convenience because of luxury and self prescribed by Paris zero.

Albert Bourla: We think that the combination products will, because of their convenience, because vaccines are preferred by payers with Zero co-pay, will increase basically the volumes in vaccination rates of all vaccines because of the convenience of one injection and I think this is why you saw from Mikael, all our efforts right now are in developing multiple combinations, so the consumers and physicians will have a choice, which ones to administer always with the same convenience.

Zero co pay.

The increase basically the volumes in.

But international Rachel called seems because of the convenience of one injection and I think this is why you saw from my all our efforts right now are in developing multiple combinations. So about the consumers and physicians will have a choice with swaps.

There are always the same convenience.

I think we can go to the next question. Thank you very much Robert.

Albert Bourla: I think we can go to the next question, thank you very much Robyn. Our next question will come from <unk>. Trunk with UBS.

Albert Bourla: I think we can go to the next question, thank you very much Robyn.

Operator: Our next question will come from Hun Trong with UBS.

Our next question will come from <unk>.

Operator: Our next question will come from Huynh trung with UBS.

Trunk with UBS.

Tim Anderson: Oh, hi. Thanks for the questions. I have one on flu and then just one on Danuglipron. So on flu, can you confirm the comparator in the 18 to 64 and also the 64 age groups was the low-dose flu vaccines? Is there a risk FDA is going to need data against high-dose flu vaccines? And from a commercial perspective, do you think you still need high-dose flu data, the comparator against high-dose flu data, given that's what's recommended by CDC in the older population? And then on Danuglipron, just on the data that we expect before year-end, what do you need to show in that in order to move it into phase 3 trials? Is something similar to the phase 2 we saw earlier this year enough to move it to phase 3? Thanks very much.

Huynh Trung: Oh, hi. Thanks for the questions. I have one on flu and then just one on Danuglipron. So on flu, can you confirm the comparator in the 18 to 64 and also the 64 age groups was the low-dose flu vaccines? Is there a risk FDA is going to need data against high-dose flu vaccines? And from a commercial perspective, do you think you still need high-dose flu data, the comparator against high-dose flu data, given that's what's recommended by CDC in the older population? And then on Danuglipron, just on the data that we expect before year-end, what do you need to show in that in order to move it into phase 3 trials? Is something similar to the phase 2 we saw earlier this year enough to move it to phase 3? Thanks very much.

Trung Huynh: Oh hi, thanks for the questions, I have one on flu and then just one on Danu, so on flu can you confirm the comparator in the 18 to 64 and also the 64 age groups what's the low dose flu vaccines, is there a risk FDA is going to need data against high dose flu vaccines and from a commercial perspective, do you think you still need high dose flu data, the comparator against high dose flu data given that what's recommended by CDC in the older population. And then on that new should we just. Just on the data that we expect before year end. Do you need to show in that in order to move it into phase III trials is something similar to the phase two we sold earlier this year enough to move it to phase III. Thanks very much. Yes.

Thanks for the questions I have one on flu and then just one on <unk>.

So on flu can you confirm the comparator in the 18% to 64 and also the 64 age groups.

No dice flu vaccines is there a risk FDA is going to need data against high dose flu vaccines and from a commercial perspective do you think you still need a high dose.

Flu data.

The comparator against high dose flu data given that what's recommended by CDC in the older population.

Trung Huynh: And then on Danu should we just, just on the data that we expect before year end, what do you need to show in that in order to move it into Phase III trials, is something similar to the Phase II we saw earlier this year enough to move it to Phase III? Thanks very much.

And then on that new should we just.

Just on the data that we expect before year end.

Do you need to show in that in order to move it into phase III trials is something similar to the phase two we sold earlier this year enough to move it to phase III. Thanks very much.

Yes.

Michael Dolsten: Thank you. On the flu comparator, I can confirm that it is the low dose on the younger population because that's the only one that's allowed. On the older population, we are having studies now with the low dose, but we will do also with the higher dose. We have both. On Danu, there's not much to say. We need to wait to see the data. Clearly, when you are moving ahead with a program like that, you need to see the totality of the data. We are working now intensively to be able to have those data presented before year-end. Let's move to the next question.

Albert Bourla: Thank you. On the flu comparator, I can confirm that it is the low dose on the younger population because that's the only one that's allowed. On the older population, we are having studies now with the low dose, but we will do also with the higher dose. We have both. On Danu, there's not much to say. We need to wait to see the data. Clearly, when you are moving ahead with a program like that, you need to see the totality of the data. We are working now intensively to be able to have those data presented before year-end. Let's move to the next question.

Albert Bourla: Thank you, on the flu comparator I think I can confirm it is the low dose on the younger population because that's the only one that's allowed, so on the older population, we're having starters now with low dose, but we will do also with the higher dose, So we'll have both, on the Danu, there is not much to say, we need to wait to see the data. Clearly when you are moving ahead with a program like that you need to see the totality of the data. We are working at all or that's a good to be able to have those data presented before E. R. M. Let's move to the next question.

Political policy.

I'm concerned about is the low dose or the younger population because that's the only one that's a law. So on the older population, we're having started small with low dose, but we will do also with the higher dose. So we'll have both on the Daniel.

Albert Bourla: On Danu, there is not much to say, we need to wait to see the data, that is clearly when you are moving ahead with a program like that, you need to see the totality of the data and we are working now intensively to be able to have those data presented before year end, Let's move to the next question.

That's to say, we need to wait to see the data.

Clearly when you are moving ahead with a program like that you need to see the totality of the data.

We are working at all or that's a good to be able to have those data presented before E. R. M.

Let's move to the next question.

Operator: Our next question will come from Umar Rifat with Evercore.

Operator: Our next question will come from Umer Raffat with Evercore.

Umer Raffat: Hi, guys. Thanks for taking my question. I wanted to continue on the oral obesity theme for a second. I noticed there's a new molecule, 522, that you moved into phase one. And my question is, is the chemical structure and the chemical series akin to the Danu and Lodi-Glipron programs? And also, Albert, you mentioned you want to wait to see the Danu-Glipron phase two data, but I realize the trial's been wrapped up for a few weeks now. Have you not seen it yet? Thank you very much.

Umer Raffat: Hi, guys, Thanks for taking my question I wanted to continue on the oral obesity theme for a second, I noticed there's a new molecule 522 that you moved into Phase I and my question is, is the chemical structure and the chemical series akin to the Danu-lotiglipron programs and also, Albert you mentioned you want to wait to see the Danuglipron's Phase II data, but I realize the trial's been wrapped up for a few weeks now have you not seen it yet? thank you very much.

Danny grip on phase two data, but I realize the trial's been wrapped up for a few weeks now have you not seen it yet thank you very much.

Michael Dolsten: Yes. Michael, would you like to take the question about the new molecule and the Danu?

Albert Bourla: Yes. Michael, would you like to take the question about the new molecule and the Danu?

Albert Bourla: Yes, Mikael would you like to take the question on the molecule and the Danu Yeah. You know we are building a platform around the.

Albert Bourla: Yes, Mikael would you like to take the question about the new the molecule and the Danu

Michael Dolsten: Yeah. We are building a platform around the GLIP area and also obesity in general with multiple different mechanisms and compounds. We remain focused on the Danu-Glipron readout, as Albert mentioned, as our main opportunity here for getting data to review for obesity in type 2 diabetes. But there are many indications where GLIP may play a role outside the typical metabolic. So this one gives us just more options to explore and have interesting data. And you will see more new mechanisms also coming from Pfizer. We have a pretty strong effort here. Thank you.

Mikael Dolsten: Yeah. We are building a platform around the GLIP area and also obesity in general with multiple different mechanisms and compounds. We remain focused on the Danu-Glipron readout, as Albert mentioned, as our main opportunity here for getting data to review for obesity in type 2 diabetes. But there are many indications where GLIP may play a role outside the typical metabolic. So this one gives us just more options to explore and have interesting data. And you will see more new mechanisms also coming from Pfizer. We have a pretty strong effort here. Thank you.

Mikael Dolsten: Yeah, You know we are building a platform around the glip area and also obesity in general, we had multiple different mechanisms and compounds we remain focused on the Danuglipron readout as Albert mentioned, as our main opportunity here for getting data to review for obesity and type two diabetes, but the main indications where glip may play a role, I would say the typical metabolic so this one gives us just more option to explore and have interesting data and you'll see more new mechanism also coming from Pfizer, we have a pretty strong effort here. Thank you. Thank you very much and I spoke to the Mexico.

The clips.

And also obesity in general we had multiple different mechanisms and compounds. We remain focused on the dime glib prone readout as Albert mentioned as our main opportunity here for getting data to review.

Obesity and type two diabetes, but.

Many indications where at least may play a role.

I would say the typical metabolic so this one gives us just more option to.

Exploring have interesting data and you'll see more new mechanism also coming from <unk>, we have a pretty strong effort to you. Thank you.

Albert Bourla: Thank you very much lets go to the next caller

Michael Dolsten: Thank you very much. Let's go to the next call.

Albert Bourla: Thank you very much. Let's go to the next call.

Thank you very much and I spoke to the Mexico.

Operator: Next, we have Terrence Flynn with Morgan Stanley.

Operator: Next we have Terence Flynn with Morgan Stanley.

Terence Flynn: Hi. Thanks for taking the question. Maybe two for me. I was just wondering, on your RSV launch, how we should think about the potential for revaccination in 2024. And then on your DMD gene therapy program, I think you've previously talked about having interim data by year-end. Is that still the case? And does the recent competitor data make you more or less optimistic in your program? Thank you.

Terence Flynn: Hi, Thanks for taking the question maybe two for me, I was just wondering on your RSV launch, how we should think about the potential for re-vaccination in 2024, and then on your DMD Gene therapy program, I think you've previously talked about having interim data by year end is that still the case? and does the recent competitor data and make you more or less optimistic in your program? Thank you.

And does the recent competitor data and make you more or less optimistic in your program. Thank you.

Michael Dolsten: Thank you very much. First of all, let me make a comment on the recent data that we saw about the DMD failures. It's very, very bad news for patients. This is a patient population that doesn't have solutions. I hope there will be a solution for them with the discussion of the FDA, or I can't comment. Now, on our DMD program, I will ask Michael to comment on that. And then on the RSV, Angela. Michael, why don't you start with the DMD, and then Angela go to RSV?

Albert Bourla: Thank you very much. First of all, let me make a comment on the recent data that we saw about the DMD failures. It's very, very bad news for patients. This is a patient population that doesn't have solutions. I hope there will be a solution for them with the discussion of the FDA, or I can't comment. Now, on our DMD program, I will ask Michael to comment on that. And then on the RSV, Angela. Michael, why don't you start with the DMD, and then Angela go to RSV?

Albert Bourla: Thank you very much first of all I can make a comment of it there is some data that we saw about the dnb vagaries. Very very bad news for patients, we are but really a at least a patient's progression, but doesn't have soldiers in the cycle. There would be a solution for them. Yeah, all right well I can't comment now on all of the program I will ask Michael to. Comment on that and then on the RSV Angela Michael why don't you start with it didn't they have been under like. Or is it yeah I think one comment that we also always sad when the somewhat tailor study. You know we are a very encourage about getting to the readout you're right. There is an opportunity for an interim analysis. Around here and with final analysis second half of next year. And overall I think our gene therapy for DMD have shown a very consistent effect across biomarkers and functional endpoints and what has been differentiated it. So far is that when you look at the functional data we've reported it that's being given encouraging signals in bostick. Jon go into slightly older boys and that has not been seen with the other company you referred to so in a way I remain as. You are very positive about looking forward to the readout and let the data tell the story. Of course, this makes our immune therapy in a way the main gaming. And then there was a question on Angola on the RSV. Well as you heard during the IP discussion. Recommendation or a bridge, though today is really one around clinical share just shared clinical decision making. But we also. Sure. You are asked to bring additional data when they are at so just to confirm that we will have additional data in vaccine effectiveness in broader population. We will have safety data also in pes broader populations. We will also have immunogenicity data and younger population all of this will be I think. Available in the next year when we plan to bring this back to the CDC. In addition to that actually made it you mentioned that was also a second season of efficacy data will be able to bring this totality of data together to determine. Whether the recommendations will change, but also what the vaccination schedule won't be so that's to come in 2024. Thanks, John Let's go to the next question.

Albert Bourla: Thank you very much first of all let me make a comment on the recent data that we saw about the DMD vagaries, it's very very bad news for patients we are, really this is a patient populations that doesn't have solutions, I hope there will be a solution for them in the discussion with the FDA all right but I can't comment, now our DMD program I will ask Mikael to comment on that and then on the RSV Angela, Mikael why don't you start with the DMD and then Angela go to RSV.

Very very bad news for patients, we are but really a at least a patient's progression, but doesn't have soldiers in the cycle.

There would be a solution for them.

Yeah, all right well I can't comment now on all of the program I will ask Michael to.

Comment on that and then on the RSV Angela Michael why don't you start with it didn't they have been under like.

Michael Dolsten: Yeah. I echo Albert's comment that we also always had when someone failed a study. We are very encouraged about getting to the readout. You are right. There is an opportunity for an interim analysis around year-end with final analysis second half of next year. And overall, I think our gene therapy for DMD has shown a very consistent effect across biomarkers and functional endpoints. And what has been differentiated so far is that when you look at the functional data we have reported, it has been giving encouraging signals in both the younger and the slightly older boys. And that has not been seen with the other company you referred to. So in a way, I remain, as earlier, very positive about looking forward to the readout and let the data tell the story.

Mikael Dolsten: Yeah. I echo Albert's comment that we also always had when someone failed a study. We are very encouraged about getting to the readout. You are right. There is an opportunity for an interim analysis around year-end with final analysis second half of next year. And overall, I think our gene therapy for DMD has shown a very consistent effect across biomarkers and functional endpoints. And what has been differentiated so far is that when you look at the functional data we have reported, it has been giving encouraging signals in both the younger and the slightly older boys. And that has not been seen with the other company you referred to. So in a way, I remain, as earlier, very positive about looking forward to the readout and let the data tell the story.

Or is it yeah I think one comment that we also always sad when the somewhat tailor study.

Albert Bourla: yeah I think one comment that we also always sad when the somewhat tailor study. You know we are a very encourage about getting to the readout you're right. There is an opportunity for an interim analysis. Around here and with final analysis second half of next year. And overall I think our gene therapy for DMD have shown a very consistent effect across biomarkers and functional endpoints and what has been differentiated it. So far is that when you look at the functional data we've reported it that's being given encouraging signals in bostick. Jon go into slightly older boys and that has not been seen with the other company you referred to so in a way I remain as. You are very positive about looking forward to the readout and let the data tell the story. Of course, this makes our immune therapy in a way the main gaming. And then there was a question on Angola on the RSV. Well as you heard during the IP discussion. Recommendation or a bridge, though today is really one around clinical share just shared clinical decision making. But we also. Sure. You are asked to bring additional data when they are at so just to confirm that we will have additional data in vaccine effectiveness in broader population. We will have safety data also in pes broader populations. We will also have immunogenicity data and younger population all of this will be I think. Available in the next year when we plan to bring this back to the CDC. In addition to that actually made it you mentioned that was also a second season of efficacy data will be able to bring this totality of data together to determine. Whether the recommendations will change, but also what the vaccination schedule won't be so that's to come in 2024. Thanks, John Let's go to the next question.

Mikael Dolsten: Yeah I add to Albert's comment that we also always had in work a somewhat tailor study, You know we are a very encouraged about getting to the readout, you are right, there is an opportunity for an interim analysis around year end with final analysis at second half of next year and overall I think our gene therapy for DMD have shown a very consistent effect across biomarkers and functional endpoints and what has been differentiated it so far is that when you look at the functional data we've reported it has been giving encouraging signals in both the younger and the slightly older boys and that has not been seen with the other company you referred to, so in a way I remain as earlier, very positive about looking forward to the readout and let the data tell the story but of course, this makes our gene therapy in a way the main game in town and then there was a question on Angola on the RSV.

Mikael Dolsten: Yeah I add to Albert's comment that we also always had and worked a somewhat tailor study, You know we are a very encouraged about getting to the readout, you are right, there is an opportunity for an interim analysis around year end with final analysis at second half of next year and overall I think our gene therapy for DMD have shown a very consistent effect across biomarkers and functional endpoints and what has been differentiated it so far is that when you look at the functional data we've reported it has been giving encouraging signals in both the younger and the slightly older boys and that has not been seen with the other company you referred to, so in a way I remain as earlier, very positive about looking forward to the readout and let the data tell the story but of course, this makes our gene therapy in a way the main game in town

You know we are a very encourage about getting to the readout you're right. There is an opportunity for an interim analysis.

Around here and with final analysis second half of next year.

And overall I think our gene therapy for DMD have shown a very consistent effect across biomarkers and functional endpoints and what has been differentiated it. So far is that when you look at the functional data we've reported it that's being given encouraging signals in bostick.

Mikael Dolsten: And overall I think our gene therapy for DMD have shown a very consistent effect across biomarkers and functional endpoints and what has been differentiated it so far is that when you look at the functional data we've reported it has been giving encouraging signals in both the younger and the slightly older boys and that has not been seen with the other company you referred to, so in a way I remain as earlier, very positive about looking forward to the readout and let the data tell the story but of course, this makes our gene therapy in a way the main game in town

Jon go into slightly older boys and that has not been seen with the other company you referred to so in a way I remain as.

Albert Bourla: Jon go into slightly older boys and that has not been seen with the other company you referred to so in a way I remain as. You are very positive about looking forward to the readout and let the data tell the story. Of course, this makes our immune therapy in a way the main gaming. And then there was a question on Angola on the RSV. Well as you heard during the IP discussion. Recommendation or a bridge, though today is really one around clinical share just shared clinical decision making. But we also. Sure. You are asked to bring additional data when they are at so just to confirm that we will have additional data in vaccine effectiveness in broader population. We will have safety data also in pes broader populations. We will also have immunogenicity data and younger population all of this will be I think. Available in the next year when we plan to bring this back to the CDC. In addition to that actually made it you mentioned that was also a second season of efficacy data will be able to bring this totality of data together to determine. Whether the recommendations will change, but also what the vaccination schedule won't be so that's to come in 2024. Thanks, John Let's go to the next question.

You are very positive about looking forward to the readout and let the data tell the story.

Michael Dolsten: Of course, this makes our gene therapy, in a way, the main game in town.

Of course, this makes our gene therapy, in a way, the main game in town.

Of course, this makes our immune therapy in a way the main gaming.

Michael Dolsten: Then there was a question, Angela, on the RSV.

Albert Bourla: Then there was a question, Angela, on the RSV.

And then there was a question on Angola on the RSV.

Albert Bourla: And then there was a question Angela on the RSV.

Angela Huang: Well, as you heard during the ACIP discussions, our recommendation for Abrisvo today is really one around shared clinical decision-making. We were asked to bring additional data when they are ready. Just to confirm, we will have additional data in vaccine effectiveness in broader populations. We will have safety data also in broader populations. We will also have immunogenicity data in younger populations. All of this will be, I think, available in the next year when we plan to bring this back to the CDC. In addition to that, I omitted to mention that we'll also have second-season efficacy data. We'll be able to bring this totality of data together to determine whether the recommendations will change, but also what the vaccination schedule will be. That's to come in 2024.

Angela Hwang: Well, as you heard during the ACIP discussions, our recommendation for Abrisvo today is really one around shared clinical decision-making. We were asked to bring additional data when they are ready. Just to confirm, we will have additional data in vaccine effectiveness in broader populations. We will have safety data also in broader populations. We will also have immunogenicity data in younger populations. All of this will be, I think, available in the next year when we plan to bring this back to the CDC. In addition to that, I omitted to mention that we'll also have second-season efficacy data. We'll be able to bring this totality of data together to determine whether the recommendations will change, but also what the vaccination schedule will be. That's to come in 2024.

Well as you heard during the IP discussion.

Angela Hwang: Well as you heard during the ATIP discussion, our recommendation for Abrysvo today is really one around clinical share just, shared clinical decision making but we also were asked to bring additional data with the RSV so just to confirm that we will have the additional data in vaccine effectiveness, in broader population, we will have safety data also in broader populations, we will also have immunogenicity data in younger population and all of this will be I think available in the next year when we plan to bring this back to the CDC. In addition to that actually made it you mentioned that was also a second season of efficacy data will be able to bring this totality of data together to determine. Whether the recommendations will change, but also what the vaccination schedule won't be so that's to come in 2024. Thanks, John Let's go to the next question.

Recommendation or a bridge, though today is really one around clinical share just shared clinical decision making.

But we also.

Sure.

You are asked to bring additional data when they are at so just to confirm that we will have additional data in vaccine effectiveness in broader population. We will have safety data also in pes broader populations. We will also have immunogenicity data and younger population all of this will be I think.

Albert Bourla: We will have safety data also in pes broader populations. We will also have immunogenicity data and younger population all of this will be I think. Available in the next year when we plan to bring this back to the CDC. In addition to that actually made it you mentioned that was also a second season of efficacy data will be able to bring this totality of data together to determine. Whether the recommendations will change, but also what the vaccination schedule won't be so that's to come in 2024. Thanks, John Let's go to the next question.

Angela Hwang: And all of this will be I think available in the next year when we plan to bring this back to the CDC, in addition to that actually omitted to mention that we'll also have second season efficacy data so we have to bring this totality of data together to determine whether the recommendations will change, but also what the vaccination schedule will be so that's to come in 2024. Thanks, John Let's go to the next question.

Available in the next year when we plan to bring this back to the CDC. In addition to that actually made it you mentioned that was also a second season of efficacy data will be able to bring this totality of data together to determine.

Angela Hwang: In addition to that actually maybe you mentioned that was also a second season of efficacy data will be able to bring this totality of data together to determine. Whether the recommendations will change, but also what the vaccination schedule won't be so that's to come in 2024. Thanks, John Let's go to the next question.

Whether the recommendations will change, but also what the vaccination schedule won't be so that's to come in 2024.

Michael Dolsten: Thank you, Angela. Let's go to the next question, please.

Albert Bourla: Thank you, Angela. Let's go to the next question, please.

Angela Hwang: Thank you, Let's go to the next question please

Thanks, John Let's go to the next question.

Operator: Next, we have Steve Skala with TD Cowan.

Operator: Next we have Steve Scala with TD Cowen.

Umer Raffat: Oh, thank you very much. As was just noted a couple of minutes ago, the Danu data has reached its primary completion. It was a while ago. Albert, when you were asked, you stressed the words "totality of the data," implying that you could have seen some part of the data. Michael, when you were asked, you talked about different indications. These are not confidence-building statements. So I'm curious, what have you seen? And Michael, you've said in the past you were absolutely encouraged and confident in the profile of Danu. Are you still absolutely encouraged and confident? So that's the first question. Secondly, a competitor spoke to potentially COVID-derived decrease in diagnosis of inflammatory diseases such as UC. And I'm wondering if you've seen any of that. Thank you.

Steve Scala: Oh, thank you very much. As was just noted a couple of minutes ago, the Danu data has reached its primary completion. It was a while ago. Albert, when you were asked, you stressed the words "totality of the data," implying that you could have seen some part of the data. Michael, when you were asked, you talked about different indications. These are not confidence-building statements. So I'm curious, what have you seen? And Michael, you've said in the past you were absolutely encouraged and confident in the profile of Danu. Are you still absolutely encouraged and confident? So that's the first question. Secondly, a competitor spoke to potentially COVID-derived decrease in diagnosis of inflammatory diseases such as UC. And I'm wondering if you've seen any of that. Thank you.

Steve Scala: Thank you very much, as was just noted a couple of minutes ago that Danu data has reached its primary completion that was a while ago, Albert when you were asked you expressed the words totality of the data, implying that you could have seen some part of the data. Mikael when you were asked you talked about different indications, these are not confidence building statements, so I'm curious what have you seen and Mikael you've said in the past you were absolutely encouraged and confident in the profile of Danu, are you still absolutely encouraging confidence so that's the first question secondly, a competitor spoke to potentially COVID-19 derived decrease in diagnostic and diagnosis of inflammatory diseases, such as you see and I'm wondering if you've seen any of that thank you.

As was just noted a couple of minutes ago that Dan you data has reached its primary completion that was a while ago. Albert when you were asked you stress the words totality of the data.

Implying that you could have seen some part of the data Michael when you were asked you talked about different indications.

Steve Scala: Mikael when you were asked you talked about different indications, these are not confidence building statements, so I'm curious what have you seen and Mikael you've said in the past you were absolutely encouraged and confident in the profile of Danu, are you still absolutely encouraging confidence so that's the first question. Secondly, a competitor spoke to potentially COVID-19 derived decrease in diagnostic and diagnosis of inflammatory diseases, such as you see and I'm wondering if you've seen any of that thank you.

Steve Scala: when you were asked you talked about different indications, these are not confidence building statements, so I'm curious what have you seen and Mikael you've said in the past you were absolutely encouraged and confident in the profile of Danu, are you still absolutely encouraging confidence so that's the first question secondly, a competitor spoke to potentially COVID-19 derived decrease in diagnostic and diagnosis of inflammatory diseases, such as you see and I'm wondering if you've seen any of that thank you.

These are not confidence building statements. So I'm curious what have you seen and Michael you've said in the past you were absolutely encouraged and confident in the profile of Dan you are.

Are you still.

Absolutely encouraging confidence so that's the first question secondly, a competitor spoke to potentially COVID-19 derived decrease in diagnostic and diagnosis of inflammatory diseases, such as you see and I'm wondering if you've seen any of that thank you.

Steve Scala: Secondly, a competitor spoke to potentially COVID derived decrease in diagnosis of inflammatory diseases, such as UC and I'm wondering if you've seen any of that? Thank you.

Albert Bourla: Yes, Steve I think you likely misunderstood my comments on the totality, it has nothing to do with any data that you have seen because I haven't right, so the data has not been presented, I don't think this topic has been completed yet so I will ask for Mike to comment on that but don't read anything on the totality of the data, what I meant it is that, we are doing this we're doing the releases formulation, so which will make its once it's better, there are multiple things, but we need to wait and see if we see how our competitors are doing before deciding what we will do, but the most important thing it is to see what is the efficacy and safety of the starting, but we'll read out so nothing to read in my comment on the totality of the data, so Mikael do you want to add? Yeah Well, the other but we and I remain there. Varian suggest you to look for to see to date, we have not seen the final top. Topline report coming yet so did they the study is still ongoing but will be available before year end. Cliff Bown. It's your own as you know some really interesting profile as a food languages. And it's our main opportunity and. The airport for obesity and type two diabetes. We got there earlier today a question about new molecules that are coming in and that's when I mentioned that the additional indications to pursue for such new molecules. And we also have new mechanisms that validate that that's coming in an oral version. So we've just punctuate our big effort, we have around both of these class and obesity and other disorders

Michael Dolsten: Steve, I think you likely misunderstood my comments on the totality. It has nothing to do with any data that I have seen because I have it, right? So the data have not been presented. I don't think the study has been completed yet. So I will ask also Michael to comment on that. But don't read, please, anything on the totality of the data. What I meant is that we are doing this. We are doing the release formulation, which will make it once a day. There are multiple things, but we need to wait and see. We see how competitors are doing before deciding what we will do. But the most important thing is to see what is the efficacy and safety of the study that will readout. So nothing to read in my comment on the totality of the data. So Michael, do you want to add?

Albert Bourla: Steve, I think you likely misunderstood my comments on the totality. It has nothing to do with any data that I have seen because I have it, right? So the data have not been presented. I don't think the study has been completed yet. So I will ask also Michael to comment on that. But don't read, please, anything on the totality of the data. What I meant is that we are doing this. We are doing the release formulation, which will make it once a day. There are multiple things, but we need to wait and see. We see how competitors are doing before deciding what we will do. But the most important thing is to see what is the efficacy and safety of the study that will readout. So nothing to read in my comment on the totality of the data. So Michael, do you want to add?

Present.

I don't think this topic has been completed yet so I will ask Mike to comment on that but downgrade. Please anything on the totality of the data what we.

We are doing this without doing the releases.

Formulary so.

So which will make its once a day there are multiple things, but we need to wait and see if we see how our breakfast offering before deciding what we will do it but the most important thing is as you can see why.

<unk> is the efficacy and safety of their stock, but we'll read out so nothing to read in my comment on the startup of the data. So Michael do you want to yeah.

Michael Dolsten: Yeah. I can just echo what you said so well, Albert. We and I remain very enthusiastic to look forward to see the data. We have not seen the final top-line report coming yet. So the study is still ongoing, but will be available before year-end. Danu-Glipron has shown, as you know, some really interesting profile as a full agonist. And it's our main opportunity and effort for obesity in type 2 diabetes. We got earlier today a question about new molecules that are coming in. And that's when I mentioned that there are additional indications to pursue for such new molecules. And we also have new mechanisms that are validated that are coming in in oral versions. So it just punctuates our big effort we have around both this class and obesity and other disorders.

Mikael Dolsten: Yeah. I can just echo what you said so well, Albert. We and I remain very enthusiastic to look forward to see the data. We have not seen the final top-line report coming yet. So the study is still ongoing, but will be available before year-end. Danu-Glipron has shown, as you know, some really interesting profile as a full agonist. And it's our main opportunity and effort for obesity in type 2 diabetes. We got earlier today a question about new molecules that are coming in. And that's when I mentioned that there are additional indications to pursue for such new molecules. And we also have new mechanisms that are validated that are coming in in oral versions. So it just punctuates our big effort we have around both this class and obesity and other disorders.

Well, the other but we and I remain there.

Varian suggest you to look for to see to date, we have not seen the final top.

Mikael Dolsten: Yeah I can just add to what you, to what Albert, we and I remain, very enthusiastic to look for to see the data, we have not seen the final topline report coming yet so the data of the study is still ongoing but will be available before year end, Danuglipron has shown as you know some really interesting profile as a full agonist and it's our main opportunity and effort for obesity and type two diabetes, we got earlier today a question about new molecules that are coming in and that's when I mentioned that the additional indications to pursue for such new molecules and we also have new mechanisms that validate that that's coming in an oral version, so we've just punctuate our big effort we have around both of these class and obesity and other disorders

Topline report coming yet so did they the study is still ongoing but will be available before year end.

Cliff Bown.

It's your own as you know some really interesting profile as a food languages.

And it's our main opportunity and.

The airport for obesity and type two diabetes.

We got there earlier today a question about new molecules that are coming in and that's when I mentioned that the additional indications to pursue for such new molecules.

Mikael Dolsten: We got earlier today a question about new molecules that are coming in and that's when I mentioned that the additional indications to pursue for such new molecules and we also have new mechanisms that validate that that's coming in an oral version, so we've just punctuate our big effort we have around both of these class and obesity and other disorders

And we also have new mechanisms that validate that that's coming in an oral version. So we've just punctuate our big effort, we have around both of these class and obesity and other disorders.

Michael Dolsten: So in essence, he's still excited. Thank you very much, Michael. Let's go to the next question, please.

Albert Bourla: So in essence, he's still excited. Thank you very much, Michael. Let's go to the next question, please.

Albert Bourla: So, in essence, We're still excited very much Mikael, let's go to the next question. Please.

In essence, you seem excited I'm getting lots of micro let's go to the next question. Please.

Operator: Next, we have Louise Chen with Cantor.

Operator: Next we have Louise Chen with Cantor.

Angela Huang: Hi. Thanks for taking my question. So I wanted to ask you, on this fourth-generation PCV, how much additional serotype coverage will you have? And then also on Abrisvo, will that be available to pregnant women in the pharmacy, or do they have to go to their OB-GYN? And then lastly, just on Danu-Glipron again here, will you also have the modified-released data before year-end? Thank you.

Louise Chen: Hi. Thanks for taking my question. So I wanted to ask you, on this fourth-generation PCV, how much additional serotype coverage will you have? And then also on Abrisvo, will that be available to pregnant women in the pharmacy, or do they have to go to their OB-GYN? And then lastly, just on Danu-Glipron again here, will you also have the modified-released data before year-end? Thank you.

Louise Chen: Hi, Thanks for taking my question, So I wanted to ask you on the 4th generation PCV, how much additional serotype coverage will you have? and then also on Abrysvo, would that be available to pregnant women in the pharmacy or do they have to go to their OBGYN? and then lastly, just on Danuglipron again here, will you also have to modify release data before year end? Thank you.

And then also on a breeze.

That would be available to pregnant women in a pharmacy or do they have to go to their obgyn and then lastly, just by doing what Brian again here, where you also have to modify the least paid out before year end. Thank you.

Michael Dolsten: Michael, you will take the PCV question and the Danu, but also, Angela, very quickly, Abrisvo is available also in pharmacies for pregnant women.

Albert Bourla: Michael, you will take the PCV question and the Danu, but also, Angela, very quickly, Abrisvo is available also in pharmacies for pregnant women.

Albert Bourla: Mikael you will take the PCV question and the Danu but also Angela very quickly, Abrysvo is available in pharmacies

You would think that if we see regression in the Dod you might hope. So I'll go very quickly a grizzly is available to us as well, but yes, it's going to be available and pharmacists and doctors' offices.

Angela Huang: Yes. It's going to be available in pharmacists, in doctors' offices, in OB-GYN offices. I think we have a real stocking advantage here, Louise, because anyone just needs to stock one product for two indications for both populations. So I think the uptake is to come. And certainly, the next few months, being that it's the winter, is when we begin to believe we'll see some good uptake.

Angela Hwang: Yes. It's going to be available in pharmacists, in doctors' offices, in OB-GYN offices. I think we have a real stocking advantage here, Louise, because anyone just needs to stock one product for two indications for both populations. So I think the uptake is to come. And certainly, the next few months, being that it's the winter, is when we begin to believe we'll see some good uptake.

Angela Hwang: Sure, Yes it's gonna be available in pharmacies, in doctor's offices, OBGYN offices, I think we have a real stocking advantage here Louise because, anyone just needs to stock one product for two indications for both population so, I think the uptake is to come and certainly the next few months are being that is the winter is when we will see some good uptake. and then Mikael funded PCB fourth generation. I Hope you will look that today's data and what you could see is that we are really. So a company that's been able to put in place a whole set of new technology that can bring immune responses to a higher level than had been seen in that allow us to go with even more comprehensive coverage under current 'twenty. Yeah, I'm not going to give you a cure sit in all this is our home and as Sarah I cannot tell you. It is considerably more than the 20. On Dawn news, we look upon <unk> as a once a day <unk> molecule because of the reformulation technologies that we have put in place and already generated some clinical data on Endo now concluded. So that's really how we look upon that lippo and then we'll have final data on. Best formulation option early next year, but as Albert said, we're enthusiastic to look forward to the efficacy data. Later this year, so very exciting time.

I think we have a real stocking advantage here Louise because.

Anyone just needs to talk one product for two indications for both population and so I think the.

The uptake is to come and certainly the next few months are being that if the winter is when we begin to see some good uptake and then Michael funded PCB fourth generation.

Michael Dolsten: Michael?

Albert Bourla: Michael?

Michael Dolsten: On the PCV fourth generation, I hope you looked at today's data. And what you could see is that we are really the first company that has been able to put in place a whole set of new technology that can bring immune responses to a higher level than have been seen. And that allows us to go with even more comprehensive coverage than the current 20. I'm not going to give your curiosity an answer how many serotypes. I can just tell you it's considerably more than the 20. On Danu, we look upon Danu-Glipron as a once-a-day QD molecule because of the reformulation technologies that we have put in place and already generated some clinical data on and are now concluding. So that's really how we look upon Danu-Glipron. And we'll have final data on the best formulation option early next year.

Mikael Dolsten: On the PCV fourth generation, I hope you looked at today's data. And what you could see is that we are really the first company that has been able to put in place a whole set of new technology that can bring immune responses to a higher level than have been seen. And that allows us to go with even more comprehensive coverage than the current 20. I'm not going to give your curiosity an answer how many serotypes. I can just tell you it's considerably more than the 20. On Danu, we look upon Danu-Glipron as a once-a-day QD molecule because of the reformulation technologies that we have put in place and already generated some clinical data on and are now concluding. So that's really how we look upon Danu-Glipron. And we'll have final data on the best formulation option early next year.

I Hope you will look that today's data and what you could see is that we are really.

Angela Hwang: And then Mikael funded PCB fourth generation. I Hope you will look that today's data and what you could see is that we are really. So a company that's been able to put in place a whole set of new technology that can bring immune responses to a higher level than had been seen in that allow us to go with even more comprehensive coverage under current 'twenty. Yeah, I'm not going to give you a cure sit in all this is our home and as Sarah I cannot tell you. It is considerably more than the 20. On Dawn news, we look upon <unk> as a once a day <unk> molecule because of the reformulation technologies that we have put in place and already generated some clinical data on Endo now concluded. So that's really how we look upon that lippo and then we'll have final data on. Best formulation option early next year, but as Albert said, we're enthusiastic to look forward to the efficacy data. Later this year, so very exciting time.

Albert Bourla: And then Mikael

Mikael Dolsten: For the PCV fourth generation, I hope you looked at today's data and what you could see is that we are really the first company that has been able to put in place a whole set of new technology that can bring immune responses to a higher level than had been seen and that allow us to go with even more comprehensive coverage that the current 20, I'm not going to give your curiosity an answer on how many serotype, I can just tell you it's considerably more than the 20, on Danu, we look upon Danuglipron as a once a day QD molecule because of the reformulation technologies that we have put in place and we already generated some clinical data on and are now concluding, so that's really how we look upon Danuglipron and then we'll have final data on the best formulation option early next year, but as Albert said, we're enthusiastic to look forward to the efficacy data later this year, so very exciting time.

So a company that's been able to put in place a whole set of new technology that can bring immune responses to a higher level than had been seen in that allow us to go with even more comprehensive coverage under current 'twenty.

Yeah, I'm not going to give you a cure sit in all this is our home and as Sarah I cannot tell you. It is considerably more than the 20.

On Dawn news, we look upon <unk> as a once a day <unk> molecule because of the reformulation technologies that we have put in place and already generated some clinical data on Endo now concluded. So that's really how we look upon that lippo and then we'll have final data on.

Mikael Dolsten: On Danu, we look upon Danuglipron as a once a day QD molecule because of the reformulation technologies that we have put in place and we already generated some clinical data on and are now concluding, so that's really how we look upon Danuglipron and then we'll have final data on the best formulation option early next year, but as Albert said, we're enthusiastic to look forward to the efficacy data later this year, so very exciting times.

Best formulation option early next year, but as Albert said, we're enthusiastic to look forward to the efficacy data.

Michael Dolsten: But as Albert said, we're enthusiastic to look forward to the efficacy data later this year. So very exciting time.

But as Albert said, we're enthusiastic to look forward to the efficacy data later this year. So very exciting time.

Later this year, so very exciting time.

Michael Dolsten: Thank you very much, Michael. Let's go to the next question.

Albert Bourla: Thank you very much, Michael. Let's go to the next question.

Albert Bourla: Thank you very much Michael let's go to the next question.

Operator: Next, we have David Reisinger with Lyrink Partners.

Operator: Next we have David Risinger with Leerink partners.

Okay.

Terence Flynn: Yes. Thanks very much. So I have another question on Danu-Glipron since it appears to be the company's number one pipeline candidate based upon your forecasts. So regarding the phase 2B results that are expected soon, how should we expect Pfizer to share those results? And then with regard to the once-daily formulation that you just mentioned, Michael, will that be ready for the phase 3 start, assuming that the company moves to start phase 3 shortly after the phase 2B results are generated? Thank you.

David Risinger: Yes. Thanks very much. So I have another question on Danu-Glipron since it appears to be the company's number one pipeline candidate based upon your forecasts. So regarding the phase 2B results that are expected soon, how should we expect Pfizer to share those results? And then with regard to the once-daily formulation that you just mentioned, Michael, will that be ready for the phase 3 start, assuming that the company moves to start phase 3 shortly after the phase 2B results are generated? Thank you.

David Risinger: Yes, thanks very much, so I have another question on Danuglipron, since it appears to be the companies number one pipeline candidate based upon your forecasts, so regarding the Phase 2b results that are expected soon, how should we expect Pfizer to share those results and then with regard to the once daily formulation that you just mentioned Mikael, will that be ready for the Phase III start, assuming that the company moves to start Phase III shortly after the phase 2b results are generated, thank you.

Since it.

Appears to be the companies number one pipeline candidate based upon your forecasts. So regarding the phase two b results that are expected soon.

How should we expect Pfizer to share those results and then.

With regard to the once daily formulation that you just mentioned Michael.

Yes.

Will that be ready for the phase III start assuming that the company moves to start.

<unk> three shortly after the phase <unk> results are generated thank you.

Michael Dolsten: I mean, the first question, given the importance of the molecule, we'll start them with the press release. There may be a call or not. But with the press release, we'll make them publicly available. Now, Michael, you want to take the second part of the question of David?

Albert Bourla: I mean, the first question, given the importance of the molecule, we'll start them with the press release. There may be a call or not. But with the press release, we'll make them publicly available. Now, Michael, you want to take the second part of the question of David?

Albert Bourla: I mean, the first question given the importance of the market, we will save untill the press release that we may record or not I don't know but with a press release we'll make it publicly available, now Mikael do you want to take the second part of the question of David?

But with a press release were made them public.

Well, Michael you want to take the second part of the question David.

Michael Dolsten: Yeah. I can first echo what Albert and I said. We look forward with enthusiasm to get the Danu-Glipron obesity data later this year. And of course, as Albert said, pending totality of reviewing everything we have, we have made a lot of progress and been able to accelerate the QD Danu. Now, we're waiting for some more clinical data early next year. But I think it's within our reach if we decide to start the pivotal study next year to do it with a once-a-day molecule.

Mikael Dolsten: Yeah. I can first echo what Albert and I said. We look forward with enthusiasm to get the Danu-Glipron obesity data later this year. And of course, as Albert said, pending totality of reviewing everything we have, we have made a lot of progress and been able to accelerate the QD Danu. Now, we're waiting for some more clinical data early next year. But I think it's within our reach if we decide to start the pivotal study next year to do it with a once-a-day molecule.

Mikael Dolsten: Yeah, I can first echo on what Albert and I said, we look forward with you know enthusiasm to get the Danuglipron obesity data later this year and of course, as Albert said, pending totality of the, reviewing everything we have a we've made a lot of progress and been able to accelerate that acuity (inaudible) now we are waiting for some more clinical data early next year, but I think it's within our reach if we decided to do, to start the pivotal study next year to do it with a once a day molecule.

<unk> will be 60 days later this year.

And of course, that's all been said pending totality all of them reviewing everything we have a we've made a lot of progress in being able to accelerate that acuity Danville now who are waiting for some more clinical data.

Early next year, but I think it's within our reach if we decided to do.

To start the pivotal study next year to do it we don't have it once.

Once a day molecule.

Michael Dolsten: Thank you very much, Michael. Let's go to the next question.

Albert Bourla: Thank you very much, Michael. Let's go to the next question.

Albert Bourla: Thank you very much Mike let's go to the next question.

Operator: Next, we have Chris Shot with JPMorgan.

Operator: Next we have Chris Schott with J P. Morgan.

Terence Flynn: Great. Thanks so much. Just two for me here. First, could you just comment a little bit more on what we're seeing with Nurtec and the ramp relative to your expectations? And maybe just as part of that, just any color on pricing we're seeing within the market today and how we should think about that going forward. And then my second question was on 2024. And I know you're not giving guidance today. But as you look at where consensus has kind of shaken out post the COVID and cost restructuring updates, I think the earnings are in kind of the low $3 range at this point.

Chris Schott: Great. Thanks so much. Just two for me here. First, could you just comment a little bit more on what we're seeing with Nurtec and the ramp relative to your expectations? And maybe just as part of that, just any color on pricing we're seeing within the market today and how we should think about that going forward. And then my second question was on 2024. And I know you're not giving guidance today. But as you look at where consensus has kind of shaken out post the COVID and cost restructuring updates, I think the earnings are in kind of the low $3 range at this point.

Chris Schott: Great, Thanks so much, just two for me here, first just comment a little bit more on what we're seeing with with near Tech and the ramp relative to your expectations and maybe just as part of that just any color on pricing,we're seeing within the market today and how we should think about that going forward and then my second question was on 2024, I know you're not giving guidance today but as you look at where consensus is kind of shaken out post the COVID-19 cost restructuring updates and if the earnings are in kind of low $3 range. At this point I guess just are there any directional kind of pushes or pulls in the numbers that you feel the street isn't capturing properly and should be kind of thinking about before we get your kind of final formal guidance as we look to early next year. Thank you.

Chris Schott: Great, Thanks so much, just two for me here, first just comment a little bit more on what we're seeing with with Nurtec and the ramp relative to your expectations and maybe just as part of that just any color on pricing, we're seeing within the market today and how we should think about that going forward

Chris Schott: And then my second question was on 2024, I know you're not giving guidance today but as you look at where consensus is kind of shaken out post COVID and cost restructuring updates and if the earnings are in kind of low $3 range at this point I guess just are there any directional kind of pushes or pulls in the numbers that you feel the street isn't capturing properly and should be kind of thinking about before we get your kind of final, formal guidance as we look to early next year? Thank you.

But as you look at where consensus is kind of shaken out post the COVID-19 cost restructuring updates and if the earnings are in kind of low $3 range. At this point I guess just are there any directional kind of pushes or pulls in the numbers that you feel the street isn't capturing properly and should be kind of thinking about before we get your kind of final formal guidance as we look to early next year. Thank you.

Terence Flynn: I guess just are there any directional kind of pushes or pulls in the numbers that you feel the street isn't capturing properly and should be kind of thinking about before we get your kind of final formal guidance as we look to early next year? Thank you.

I guess just are there any directional kind of pushes or pulls in the numbers that you feel the street isn't capturing properly and should be kind of thinking about before we get your kind of final formal guidance as we look to early next year? Thank you.

Michael Dolsten: Thank you. David, tell us a little bit about 2024 guidance that you are not going to tell us.

Albert Bourla: Thank you. David, tell us a little bit about 2024 guidance that you are not going to tell us.

Albert Bourla: Thank you David, so this was is 24 guidance, but you're not going to tell us? Right so obviously, it's a little early for 2024, I will just say that clearly we had a clearing event as it relates to our cobot expectations for this year. So a lot of that risk is behind us as we think about the balance of this year I do expect that the balance of this year will be very informative, particularly in the U S. As we think about utilization trends both for vaccination rates and importantly, a pack slow. <unk>. Here in the U S that will allow us to have a better clarity cycling in 2024 of the utilization around those specific products, which will still be meaningful to us. At an enterprise level. Clearly when we get to providing guidance, we'll give you a lot of information beneath that so you can get a good sense of our importantly, our non COVID-19 products, which continued to trend very favorably in very well. Later on I'll say, the Optionality associated with our Kobo franchise as we cycle into next year. So obviously a lot more to come we're looking forward to sharing those very specific details. First year. Thank you, David and then I'm Gonna bogs, Norfolk Hello. Loans above the new. Our performance in the marketplace, including the price yes. So thanks for the question, Chris because it's a great opportunity. Attunity for us to share that. I'm seeing no tech performed as expected. In fact, with some really strong performance indicators that I'd like to share with you first of all on the Trs perspective, we grew 28% compared to last year. This time and sequentially because 6% versus last quarter. In fact on October 20th we saw the highest week at Trs <unk> and NR exits to date. That growth is also seen in the number of prescribers just this quarter alone we had 73000 prescribers right. And we are now moving at a clip of about 23000 right at a week, which is 30% more than your browser and double that of collector. Another good place to look at also in new to brand starts right N P or exit and when you look at that MBR X growth from Med Tech is higher then you'll probably end clipped a in all the decile physicians, but particularly in the desktop eight to 10, which as you know is where the highest prescribers. Who are the highest prescribers. And then when you look at pill count, we see something interesting there too we have been very intensely or intently driving. Our pill pack toward the larger co pack size, which is a 16 packs because our prevention indication and so when you look at the totality of all the pillars on the or the total volume of Appeals, we have a leading market share of that more than 50%. And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it. Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

Albert Bourla: Thank you David, so this was is 24 guidance, but you're not going to tell us?

David.

So this was about 24 guidance, but youre not going to do it right. So obviously, it's a little early for 2024, I will just say that.

[Company Representative] (ERA): Right. So obviously, it's a little early for 2024. I will just say that clearly, we had a clearing event as it relates to our COVID expectations for this year. So a lot of that risk is behind us as we think about the balance of this year. I do expect that the balance of this year will be very informative, particularly in the US, as we think about utilization trends, both for vaccination rates and, importantly, Paxlovid here in the US. That will allow us to have a better clarity as we cycle into 2024 of the utilization around those specific products, which will still be meaningful to us at an enterprise level.

Dave Denton: Right. So obviously, it's a little early for 2024. I will just say that clearly, we had a clearing event as it relates to our COVID expectations for this year. So a lot of that risk is behind us as we think about the balance of this year. I do expect that the balance of this year will be very informative, particularly in the US, as we think about utilization trends, both for vaccination rates and, importantly, Paxlovid here in the US. That will allow us to have a better clarity as we cycle into 2024 of the utilization around those specific products, which will still be meaningful to us at an enterprise level.

David M. Denton: Right so obviously, it's a little early for 2024, I will just say that clearly we had a clearing event as it relates to our COVID expectations for this year so a lot of that risk is behind us as we think about the balance of this year I do expect that the balance of this year will be very informative, particularly in the U.S. as we think about utilization trends both for vaccination rates and importantly at Paxlovid here in the U.S. that will allow us to have a better clarity cycling in 2024 of the utilization around those specific products, which will still be meaningful to us at an enterprise level. Clearly when we get to providing guidance, we'll give you a lot of information beneath that so you can get a good sense of our importantly, our non COVID-19 products, which continued to trend very favorably in very well. Later on I'll say, the Optionality associated with our Kobo franchise as we cycle into next year. So obviously a lot more to come we're looking forward to sharing those very specific details. First year. Thank you, David and then I'm Gonna bogs, Norfolk Hello. Loans above the new. Our performance in the marketplace, including the price yes. So thanks for the question, Chris because it's a great opportunity. Attunity for us to share that. I'm seeing no tech performed as expected. In fact, with some really strong performance indicators that I'd like to share with you first of all on the Trs perspective, we grew 28% compared to last year. This time and sequentially because 6% versus last quarter. In fact on October 20th we saw the highest week at Trs <unk> and NR exits to date. That growth is also seen in the number of prescribers just this quarter alone we had 73000 prescribers right. And we are now moving at a clip of about 23000 right at a week, which is 30% more than your browser and double that of collector. Another good place to look at also in new to brand starts right N P or exit and when you look at that MBR X growth from Med Tech is higher then you'll probably end clipped a in all the decile physicians, but particularly in the desktop eight to 10, which as you know is where the highest prescribers. Who are the highest prescribers. And then when you look at pill count, we see something interesting there too we have been very intensely or intently driving. Our pill pack toward the larger co pack size, which is a 16 packs because our prevention indication and so when you look at the totality of all the pillars on the or the total volume of Appeals, we have a leading market share of that more than 50%. And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it. Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

Clearly we had a.

Clearing event as it relates to our cobot expectations for this year. So a lot of that risk is behind us as we think about the balance of this year I do expect that the balance of this year will be very informative, particularly in the U S. As we think about utilization trends both for vaccination rates and importantly, a pack slow.

<unk>.

Here in the U S that will allow us to have a better clarity cycling in 2024 of the utilization around those specific products, which will still be meaningful to us.

David M. Denton: Clearly when we get to providing guidance, we'll give you a lot of information beneath that so you can get a good sense of our importantly, our non COVID products, which continued to trend very favorably and very well and later on we'll see the optionality associated with our COVID franchise as we cycle into next year so, obviously a lot more to come we're looking forward to sharing those very specific details after the first year. Thank you, David and then I'm Gonna bogs, Norfolk Hello. Loans above the new. Our performance in the marketplace, including the price yes. So thanks for the question, Chris because it's a great opportunity. Attunity for us to share that. I'm seeing no tech performed as expected. In fact, with some really strong performance indicators that I'd like to share with you first of all on the Trs perspective, we grew 28% compared to last year. This time and sequentially because 6% versus last quarter. In fact on October 20th we saw the highest week at Trs <unk> and NR exits to date. That growth is also seen in the number of prescribers just this quarter alone we had 73000 prescribers right. And we are now moving at a clip of about 23000 right at a week, which is 30% more than your browser and double that of collector. Another good place to look at also in new to brand starts right N P or exit and when you look at that MBR X growth from Med Tech is higher then you'll probably end clipped a in all the decile physicians, but particularly in the desktop eight to 10, which as you know is where the highest prescribers. Who are the highest prescribers. And then when you look at pill count, we see something interesting there too we have been very intensely or intently driving. Our pill pack toward the larger co pack size, which is a 16 packs because our prevention indication and so when you look at the totality of all the pillars on the or the total volume of Appeals, we have a leading market share of that more than 50%. And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it. Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

At an enterprise level.

[Company Representative] (ERA): Clearly, when we get to providing guidance, we'll give you a lot of information beneath that so you can get a good sense of, importantly, our non-COVID products, which continue to trend very favorably and very well. And we can layer on, I'll say, the optionality associated with our COVID franchise as we cycle into next year. So obviously, a lot more to come. We're looking forward to sharing those very specific details after the first of the year.

Clearly, when we get to providing guidance, we'll give you a lot of information beneath that so you can get a good sense of, importantly, our non-COVID products, which continue to trend very favorably and very well. And we can layer on, I'll say, the optionality associated with our COVID franchise as we cycle into next year. So obviously, a lot more to come. We're looking forward to sharing those very specific details after the first of the year.

Clearly when we get to providing guidance, we'll give you a lot of information beneath that so you can get a good sense of our importantly, our non COVID-19 products, which continued to trend very favorably in very well.

Later on I'll say, the Optionality associated with our Kobo franchise as we cycle into next year. So obviously a lot more to come we're looking forward to sharing those very specific details.

David M. Denton: Thank you, David and then Angela about the Nurtec loans, not the loans about the Nurtec performance in the marketplace, including the price yes. So thanks for the question, Chris because it's a great opportunity. Attunity for us to share that. I'm seeing no tech performed as expected. In fact, with some really strong performance indicators that I'd like to share with you first of all on the Trs perspective, we grew 28% compared to last year. This time and sequentially because 6% versus last quarter. In fact on October 20th we saw the highest week at Trs <unk> and NR exits to date. That growth is also seen in the number of prescribers just this quarter alone we had 73000 prescribers right. And we are now moving at a clip of about 23000 right at a week, which is 30% more than your browser and double that of collector. Another good place to look at also in new to brand starts right N P or exit and when you look at that MBR X growth from Med Tech is higher then you'll probably end clipped a in all the decile physicians, but particularly in the desktop eight to 10, which as you know is where the highest prescribers. Who are the highest prescribers. And then when you look at pill count, we see something interesting there too we have been very intensely or intently driving. Our pill pack toward the larger co pack size, which is a 16 packs because our prevention indication and so when you look at the totality of all the pillars on the or the total volume of Appeals, we have a leading market share of that more than 50%. And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it. Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

David M. Denton: Thank you, David and then Angela about the Nurtec loans, not the loans about the Nurtec performance in the marketplace, including the price

Michael Dolsten: Thank you, David. Angela about Nurtec, not alone, about the Nurtec performance in the marketplace, including the price.

Albert Bourla: Thank you, David. Angela about Nurtec, not alone, about the Nurtec performance in the marketplace, including the price.

First year. Thank you, David and then I'm Gonna bogs, Norfolk Hello.

Loans above the new.

Our performance in the marketplace, including the price yes. So thanks for the question, Chris because it's a great opportunity.

Angela Hwang: Yes, so thanks for the question Chris because it's a great opportunity for us to share that we are seeing Nurtec performed just as we expected, in fact, we found really strong performance indicators that I'd like to share with you, first of al from a TRs perspective, we grew 28% compared to last year this time and sequentially we grew 6% versus last quarter, in fact on October 20th we saw the highest week of TRs and NRs to date. That growth is also seen in the number of prescribers just this quarter alone we had 73000 prescribers right. And we are now moving at a clip of about 23000 right at a week, which is 30% more than your browser and double that of collector. Another good place to look at also in new to brand starts right N P or exit and when you look at that MBR X growth from Med Tech is higher then you'll probably end clipped a in all the decile physicians, but particularly in the desktop eight to 10, which as you know is where the highest prescribers. Who are the highest prescribers. And then when you look at pill count, we see something interesting there too we have been very intensely or intently driving. Our pill pack toward the larger co pack size, which is a 16 packs because our prevention indication and so when you look at the totality of all the pillars on the or the total volume of Appeals, we have a leading market share of that more than 50%. And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it. Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

Angela Huang: Yes. So thanks for the question, Chris, because it's a great opportunity for us to share that we are seeing Nurtec perform just as we expected, in fact, with some really strong performance indicators that I'd like to share with you. First of all, from a TRX perspective, we grew 28% compared to last year this time. And sequentially, we grew 6% versus last quarter. In fact, on October 20th, we saw the highest week of TRXs and NRXs to date. That growth is also seen in the number of prescribers. Just this quarter alone, we had 73,000 prescribers write Nurtec. And we are now moving at a clip of about 23,000 writers a week, which is 30% more than Ubrelvy and double that of Quilifta. Another good place to look is also in new-to-brand starts, right, and BRXs.

Angela Hwang: Yes. So thanks for the question, Chris, because it's a great opportunity for us to share that we are seeing Nurtec perform just as we expected, in fact, with some really strong performance indicators that I'd like to share with you. First of all, from a TRX perspective, we grew 28% compared to last year this time. And sequentially, we grew 6% versus last quarter. In fact, on October 20th, we saw the highest week of TRXs and NRXs to date. That growth is also seen in the number of prescribers. Just this quarter alone, we had 73,000 prescribers write Nurtec. And we are now moving at a clip of about 23,000 writers a week, which is 30% more than Ubrelvy and double that of Quilifta. Another good place to look is also in new-to-brand starts, right, and BRXs.

Attunity for us to share that.

I'm seeing no tech performed as expected.

In fact, with some really strong performance indicators that I'd like to share with you first of all on the Trs perspective, we grew 28% compared to last year. This time and sequentially because 6% versus last quarter. In fact on October 20th we saw the highest week at Trs <unk> and NR exits to date.

Angela Hwang: That growth is also seen in the number of prescribers just this quarter alone we had 73000 prescribers write at Nurtec and we are now moving at a clip of about 23000 writers at a week, which is 30% more than Ubrelvy and double that of Qulipta, another good place to look is also in new to brand starts right NBRxs and when you look at that NBRx growth from Nurtec is higher than Ubrelvy and Qulipta in all the deciles of physicians, but particularly in the decile 8 to 10, which as you know is where the highest prescribers are, who are the highest prescribers. And then when you look at pill count, we see something interesting there too we have been very intensely or intently driving. Our pill pack toward the larger co pack size, which is a 16 packs because our prevention indication and so when you look at the totality of all the pillars on the or the total volume of Appeals, we have a leading market share of that more than 50%. And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it. Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

Angela Hwang: That growth is also seen in the number of prescribers just this quarter alone we had 73,000 prescribers write at Nurtec and we are now moving at a clip of about 23,000 writers at a week, which is 30% more than Ubrelvy and double that of Qulipta, another good place to look is also in new to brand starts right NBRxs and when you look at that NBRx growth from Nurtec is higher than Ubrelvy and Qulipta in all the deciles of physicians, but particularly in the decile 8 to 10, which as you know is where the highest prescribers are, who are the highest prescribers.

That growth is also seen in the number of prescribers just this quarter alone we had 73000 prescribers right.

And we are now moving at a clip of about 23000 right at a week, which is 30% more than your browser and double that of collector.

Another good place to look at also in new to brand starts right N P or exit and when you look at that MBR X growth from Med Tech is higher then you'll probably end clipped a in all the decile physicians, but particularly in the desktop eight to 10, which as you know is where the highest prescribers.

Angela Huang: And when you look at that, MBRX growth for Nurtec is higher than Ubrelvy and Quilifta in all the deciles of physicians, but particularly in the decile 8 to 10s, which, as you know, is where the highest prescribers are or who are the highest prescribers. And then when you look at pill count, we see something interesting there too. We have been very intensely or intently driving our pill pack toward the larger pill pack size, which is the 16-pack, because of our prevention indication. And so when you look at the totality of all the pills or the total volume of pills, we have a leading market share there, more than 50%. And so I think when you look at all these indicators, at least from the way that we're looking at it, it's a very positive story. It's exactly how we see it.

And when you look at that, MBRX growth for Nurtec is higher than Ubrelvy and Quilifta in all the deciles of physicians, but particularly in the decile 8 to 10s, which, as you know, is where the highest prescribers are or who are the highest prescribers. And then when you look at pill count, we see something interesting there too. We have been very intensely or intently driving our pill pack toward the larger pill pack size, which is the 16-pack, because of our prevention indication. And so when you look at the totality of all the pills or the total volume of pills, we have a leading market share there, more than 50%. And so I think when you look at all these indicators, at least from the way that we're looking at it, it's a very positive story. It's exactly how we see it.

Angela Hwang: And then when you look at pill count, we see something interesting there too, we have been very intensely or intently driving our pill pack toward the larger co-pack size, which is a 16 packs because of our prevention indication and so when you look at the totality of all the pills on, or the total volume of pills, we have a leading market share there of more than 50%. And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it. Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

Who are the highest prescribers.

And then when you look at pill count, we see something interesting there too we have been very intensely or intently driving.

Our pill pack toward the larger co pack size, which is a 16 packs because our prevention indication and so when you look at the totality of all the pillars on the or the total volume of Appeals, we have a leading market share of that more than 50%.

Angela Hwang: And so I think when you look at all the indicators, at least from the way that we're looking at it, It's a very positive story, it's exactly how we see it, the expansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost CGRP, which tells you that most of the market is still an opportunity for us and and represents growth that we're really, really looking forward to and I think that we've put the right investments in the right places to generate this growth in the future. From a pricing perspective, obviously this is it's a product that is rebated.

And so I think when you look at all the indicators at least from the way that we're looking at it. It's a very positive story, it's exactly how we see it.

Angela Huang: The expansion into primary care, as you heard in Albert's comments, is what it is that we're after. And today, only 17% of the entire market is oral CGRPs, which tells you that most of the market is still an opportunity for us and represents growth that we're really looking forward to. And I think that we put the right investments in the right places to generate this growth in the future. From a pricing perspective, obviously, it's a product that is rebated. And so I think the way to think about it is that from a patient perspective, which is where we really put a lot of focus, we want to make sure that our patients are able to get these scripts, are able to get access for Nurtec, especially as you consider that we're trying to mobilize people away from topiramate and away from triptans onto all CGRPs.

The expansion into primary care, as you heard in Albert's comments, is what it is that we're after. And today, only 17% of the entire market is oral CGRPs, which tells you that most of the market is still an opportunity for us and represents growth that we're really looking forward to. And I think that we put the right investments in the right places to generate this growth in the future. From a pricing perspective, obviously, it's a product that is rebated. And so I think the way to think about it is that from a patient perspective, which is where we really put a lot of focus, we want to make sure that our patients are able to get these scripts, are able to get access for Nurtec, especially as you consider that we're trying to mobilize people away from topiramate and away from triptans onto all CGRPs.

Spansion into primary care as you heard in Albert's comments is what it is that we're after and today only 17% of the entire market is almost <unk> Rfps, which tells you that most of the market is still an opportunity for us and and represents growth that we're really really looking forward to and I think that we've put the right investments in there.

Right places to generate this growth in the future.

From a pricing perspective, obviously this is it's a product that is rebated.

Angela Hwang: From a pricing perspective, obviously this is it's a product that is rebated. So I think the way to think about it is that from a patient perspective, which is where we really put a lot of focus we want to make sure that all patients are able to get these scripts are able to get access fortinet check, especially as you consider that would you mind to mobilize people away from them. Topiramate and away from Triptans until all CGI P. So the gross to net effect here are significant and you see that quarter over quarter. Because we are making sure that we are able to provide access to patients. Who deserve and are eligible for <unk>. Thank you very much next question please. Next we have Mohit bansal with Wells Fargo. Great. Thank you for taking my question and I have a question regarding your asset class demand.

Angela Hwang: From a pricing perspective, obviously this is, it's a product that is rebated and so I think the way to think about it is that from a patient perspective, which is where we really put a lot of focus, we want to make sure that all patients are able to get these scripts, are able to get access for Nurtec, especially as you consider that we're trying to mobilize people away from Topiramate and away from Triptans onto our CGRP's so the gross finance effect here are significant and you see that quarter over quarter because we are making sure that we are able to provide access to patients who deserve and are eligible for Nurtec

So I think the way to think about it is that from a patient perspective, which is where we really put a lot of focus we want to make sure that all patients are able to get these scripts are able to get access fortinet check, especially as you consider that would you mind to mobilize people away from them.

Topiramate and away from Triptans until all CGI P. So the gross to net effect here are significant and you see that quarter over quarter.

Angela Huang: So the growth and effects here are significant. And you see that quarter over quarter because we are making sure that we're able to provide access to patients who deserve and are eligible for Nurtec.

So the growth and effects here are significant. And you see that quarter over quarter because we are making sure that we're able to provide access to patients who deserve and are eligible for Nurtec.

Because we are making sure that we are able to provide access to patients.

Who deserve and are eligible for <unk>.

Michael Dolsten: Thank you very much. Next question, please.

Albert Bourla: Thank you very much. Next question, please.

Thank you very much next question please.

Operator: Next, we have Mohit Banzal with Wells Fargo.

Next we have Mohit bansal with Wells Fargo.

Albert Bourla: Thank you very much next question please. Next we have Mohit bansal with Wells Fargo. Great. Thank you for taking my question and I have a question regarding your asset class demand.

Albert Bourla: Thank you very much next question please.

Albert Bourla: Next we have Mohit bansal with Wells Fargo. Great. Thank you for taking my question and I have a question regarding your asset class demand.

Operator: Next we have Mohit bansal with Wells Fargo.

Michael Dolsten: Great. Thank you for taking my question. And I have a question regarding your S1P at Trazumart. Would love to get your thoughts on the label. It seems like, I mean, you could avoid a lot of cardiac monitoring, but at the same time, there's this new requirement of eye exam as well as skin exam. How do you think about uptake considering these examinations before the start of the treatment, given that these doctors are not used to it?

Mohit Bansal: Great. Thank you for taking my question. And I have a question regarding your S1P at Trazumart. Would love to get your thoughts on the label. It seems like, I mean, you could avoid a lot of cardiac monitoring, but at the same time, there's this new requirement of eye exam as well as skin exam. How do you think about uptake considering these examinations before the start of the treatment, given that these doctors are not used to it?

Great. Thank you for taking my question and I have a question regarding your asset class demand.

Mohit Bansal: Great.,Thank you for taking my question and I have a question regarding your S1P Etrasimod, would love to get your thoughts on the labeled, It seems like, I mean, you could avoid a lot of cardiac monitoring, but at the same time, there's this new requirement of eye exam as well as skin exam, how do you think about uptake considering these examinations before the start of the treatment given that these doctors have not used to it. Yeah.

Would love to get your thoughts on the labels.

It seems like I.

I mean, you could avoid a lot of ideas, but at the same time, there's a new requirement of.

Like eye exam as well as skin exam.

How.

How do you think about uptake considering these.

These examinations before.

The stock of the Piedmont given that these doctors have much news to it.

Yeah.

Michael Dolsten: All right. Michael, quite a medical question. Would you like to answer it, please?

Albert Bourla: All right. Michael, quite a medical question. Would you like to answer it, please?

Albert Bourla: Alright, Mikael, quite medical question, would you like to answer to this?

Michael Dolsten: I'm happy to start on it. I think we have a very robust label for Velsipity. It's the only S1P in this drug class, old shots like this, that have a simple flat dosing and immediate start without any prior need for, let's say, cardiac rhythm exams like the other drug in this class. All S1P have various eye exams to monitor. And I think our label similarly has a recommendation to do that. So it's really nothing new. And our efficacy data in UC has been very favorable. So we are very optimistic that this can be a true best-in-class versus colitis.

Mikael Dolsten: I'm happy to start on it. I think we have a very robust label for Velsipity. It's the only S1P in this drug class, old shots like this, that have a simple flat dosing and immediate start without any prior need for, let's say, cardiac rhythm exams like the other drug in this class. All S1P have various eye exams to monitor. And I think our label similarly has a recommendation to do that. So it's really nothing new. And our efficacy data in UC has been very favorable. So we are very optimistic that this can be a true best-in-class versus colitis.

Mikael Dolsten: I'm happy to start on it, I think we have a very robust label for Etrasimod, it's the only S1P in this drug class for ulcerative colitis that have a simple flat dosing and a immediate start without any prior need for, let's say cardiac rhythm exams like the other drugs in this class, our S1P have values eye exams to monitor and I think our label similarly has a recommendation to do that so it's really nothing new and our efficacy data as you see has been very favorable, so we are very optimistic that this can be a true best in class which is collitis. Yes, sure I was just going to add to that that. I mean competitively we believe that we have an excellent efficacy and safety profile, we don't have a need to titrate up as Michael said, it all to ask assessments of standard versus. Our competitors at the initiation of therapy. So I think that this is a level playing field that we're in 70 patient support is an area of focus for us to ensure that patients are getting the assessments that they need. We feel that there this is pretty standard practice and will be able to launch this product.

I think we have a very robust label for addressing mode.

Only S lumpy in this drug class foods with flights that have them.

Is seems flat.

Flat to dosing and immediate start without any prior you need for.

Let's say.

Cardiac rhythm extends like the other broad Indian stars or less lumpy have values eye exams to monitor.

And I think our label Similarly has a recommendation to do that so it's really nothing new.

And our efficacy data and you'll see it has been very favorable. So we are very optimistic that this can be a true best in class routes licenses.

Angela Hwang: Sure, I was just going to add to that that I mean competitively we believe that we have an excellent efficacy and safety profile, we don't have a need to titrate up as Mikael said,but also as there are assessments of standard versus our competitors at the initiation of therapy, so I think that this is a level playing field that we're in, certainly patient support is an area of focus for us to ensure that patients are getting the assessments that they need but we feel that there this is pretty standard practice and will be able to launch this product as planned.

Michael Dolsten: And David, you want to add? Yes, please.

Albert Bourla: And David, you want to add? Yes, please.

Yes, sure I was just going to add to that that.

Angela Huang: Sure. I was just going to add to that that, I mean, competitively, we believe that we have an excellent efficacy and safety profile. We don't have a need to titrate up, as Michael said, but also our assessments are standard versus our competitors at the initiation of therapy. So I think that this is a level playing field that we're in. Certainly, patient support is an area of focus for us, right, to ensure that patients are getting the assessments that they need. But we feel that this is pretty standard practice, and we'll be able to launch this product as planned.

Angela Hwang: Sure. I was just going to add to that that, I mean, competitively, we believe that we have an excellent efficacy and safety profile. We don't have a need to titrate up, as Michael said, but also our assessments are standard versus our competitors at the initiation of therapy. So I think that this is a level playing field that we're in. Certainly, patient support is an area of focus for us, right, to ensure that patients are getting the assessments that they need. But we feel that this is pretty standard practice, and we'll be able to launch this product as planned.

I mean competitively we believe that we have an excellent efficacy and safety profile, we don't have a need to titrate up as Michael said, it all to ask assessments of standard versus.

Our competitors at the initiation of therapy. So I think that this is a level playing field that we're in 70 patient support is an area of focus for us to ensure that patients are getting the assessments that they need.

We feel that there this is pretty standard practice and will be able to launch this product.

Michael Dolsten: Thank you very much, Angela. Next question, please.

Albert Bourla: Thank you very much, Angela. Next question, please.

Albert Bourla: Thank you very much Angela next question please.

Operator: Next, we have Jeff Meacham with Bank of America.

Operator: Next we have Geoff Meacham with bank of America.

Geoff Meacham: Morning, everyone. Thanks for the question. Just have a couple of quick ones. First, I know CGEN obviously hasn't closed yet, but does all the emphasis on the ADCs from ESMO, does it affect how you guys prioritize the pipeline or maybe investments you could make today commercially? And the second question on Danu, Michael, I know a lot's been asked on the upcoming data, but from a commercial perspective, where do you see the bigger opportunities for differentiation and metabolic? Is it really just oral administration and obesity, or do you guys look more aggressively at related indications like cardio, renal, etc.? Thank you.

Geoff Meacham: Good morning, everyone, thanks for the question just have a couple of quick ones, First I noticed Seagen, obviously hasn't closed yet, but there's all the emphasis on ADCs from ESMO does it affect how you guys prioritize the pipeline or maybe investments you could make today commercially and the second question on Daniel Michael I know, a lot's been asked on the upcoming data from. From a commercial perspective, like where do you see the bigger opportunities for differentiation and metabolic is that really just oral administration and obesity or do you guys look more aggressively at related indications like cardio renal et cetera. Thank you. Crazy if you wanted to say thanks for the question about the season in their pipeline. Thank you very much.

First I noticed sea Gen, obviously hasn't closed yet, but theres all the emphasis on adcs from ESMO does it affect how you guys prioritize the pipeline or maybe investments you could make today commercially and.

Geoff Meacham: And the second question on Danu, Mikael I know a lot's been asked on the upcoming data but from a commercial perspective, like where do you see the bigger opportunities for differentiation in metabolic, is that really just oral administration and obesity or do you guys look more aggressively at related indications like cardio, renal etcetera. Thank you. Crazy if you wanted to say thanks for the question about the season in their pipeline. Thank you very much.

Geoff Meacham: And the second question on Danu, Mikael I know a lot's been asked on the upcoming data but from a commercial perspective, like where do you see the bigger opportunities for differentiation in metabolic, is that really just oral administration in obesity or do you guys look more aggressively at related indications like cardio, renal etcetera. Thank you. Crazy

And the second question on Daniel Michael I know, a lot's been asked on the upcoming data from.

From a commercial perspective, like where do you see the bigger opportunities for differentiation and metabolic is that really just oral administration and obesity or do you guys look more aggressively at related indications like cardio renal et cetera. Thank you.

Albert Bourla: Chris if you want to take the question about the Seagen and the pipeline. Thank you very much.

Albert Bourla: Chris if you want to take the question about the Seagen and the pipeline.

Michael Dolsten: Chris, you want to take the question about the season and the pipeline?

Albert Bourla: Chris, you want to take the question about the season and the pipeline?

Crazy if you wanted to say thanks for the question about the season in their pipeline.

Michael Dolsten: Thank you very much. Obviously, we remain very confident that we will close CGEN towards the end of this year, beginning next year. As you pointed out, there's a significant interest now in ADCs because of the potential that they could replace most of the chemotherapeutics in the future for most cancer types. CGEN obviously has a significant track record with four of the current approved ADCs from their laboratories. And as you've seen, three potential registration phase trials just read out with Paxlovid to Kaiser and sorry, with Paxlovid and with Ceftx, but also with a small molecule to Kaiser. They recently started two phase three studies, one with decitumab, vedotin, in combination with pembrolizumab in advanced metastatic HER2-positive or HER2-low bladder cancer. This is a program that we're very excited about. Already, decitumab received previously brachytherapy dissertation in the US.

Chris Boshoff: Thank you very much. Obviously, we remain very confident that we will close CGEN towards the end of this year, beginning next year. As you pointed out, there's a significant interest now in ADCs because of the potential that they could replace most of the chemotherapeutics in the future for most cancer types. CGEN obviously has a significant track record with four of the current approved ADCs from their laboratories. And as you've seen, three potential registration phase trials just read out with Paxlovid to Kaiser and sorry, with Paxlovid and with Ceftx, but also with a small molecule to Kaiser. They recently started two phase three studies, one with decitumab, vedotin, in combination with pembrolizumab in advanced metastatic HER2-positive or HER2-low bladder cancer. This is a program that we're very excited about. Already, decitumab received previously brachytherapy dissertation in the US.

Chris Boshoff: Thank you very much, obviously we remain very confident that we will close Seagen towards the end of this year beginning next year, as you pointed out there's significant interest now in ADCs because of the potential that they could took place in most of the chemotherapeutic in the future, on most cancer types. <unk>, obviously has a significant track record with both the current approved IDC and from the laboratory. <unk> seen three potential registration place trials, just read out past theft ties that soluble acetate. The tech stack, but also with baseball molecule to cause that. They recently started two phase III studies, one with the system that the Delta. With in combination with timber there's a map in its bonds metastatic her two positive for her. Bladder cancer. This is a program that's it. We've got excited about we're ready to sit democracy previously breakthrough therapy designation in the U S. And then also just about to start another phase III program in multiple cell lung cancer. <unk> site. It wouldn't be to six antibody. We remain very confident in the portfolio and the depth of expertise, bringing stupid about it but the discovery of a D C.

Thank you very much.

Obviously, we remain very confident that we will close season towards the end of this year beginning next year.

Hinted out basis significant interest now in <unk> because of the potential that they could took place mostly chemotherapeutic in the future, but less cancer types. <unk>, obviously has a significant track record with both the current approved IDC and from the laboratory.

Chris Boshoff: Seagen obviously has a significant drug record with both current approved ADCs and from their laboratories and as you've seen three potential registration phase trials, just readout for Padcev, Tukysa and starting with Padcev and with Tivdak but also with (inaudible) Tukysa and they recently started two Phase III studies, one with Disitamab vedotin in combination with Pembrolizumab in its bonds metastatic HER2 positive or HER2 low Bladder cancer, this is a program that we're very excited about, already tisotumab received previously breakthrough therapy designation in the U.S. And then also just about to start another Phase III program in multiple cell lung cancer with a B6A site. It wouldn't be to six antibody. We remain very confident in the portfolio and the depth of expertise, bringing stupid about it but the discovery of a D C.

<unk> seen three potential registration place trials, just read out past theft ties that soluble acetate.

The tech stack, but also with baseball molecule to cause that.

Chris Boshoff: And they recently started two Phase III studies, one with Disitamab vedotin in combination with Pembrolizumab in its bonds metastatic HER2 positive or HER2 low Bladder cancer, this is a program that we're very excited about, already tisotumab received previously breakthrough therapy designation in the U.S. And then also just about to start another Phase III program in multiple cell lung cancer with a B6A site. It wouldn't be to six antibody. We remain very confident in the portfolio and the depth of expertise, bringing stupid about it but the discovery of a D C.

Chris Boshoff: And they recently started two Phase III studies, one with Disitamab vedotin in combination with Pembrolizumab in its bonds metastatic HER2 positive or HER2-Low Bladder cancer, this is a program that we're very excited about, already tisotumab received previously breakthrough therapy designation in the U.S.

They recently started two phase III studies, one with the system that the Delta.

With in combination with timber there's a map in its bonds metastatic her two positive for her.

Bladder cancer. This is a program that's it.

We've got excited about we're ready to sit democracy previously breakthrough therapy designation in the U S. And then also just about to start another phase III program in multiple cell lung cancer.

Chris Boshoff: And they're also just about to start another Phase III program in multiple cell lung cancer with drug B6A, integrating beta-6 antibody so we remain very confident in their portfolio and the depth of expertise they're bringing to development and discovery of ADCs.

Michael Dolsten: And they also just about started another phase three program in non-small cell lung cancer with their B6A intervene beta-6 antibodies. So we remain very confident in their portfolio and the depth of expertise they're bringing to the development and discovery of ADCs.

And they also just about started another phase three program in non-small cell lung cancer with their B6A intervene beta-6 antibodies. So we remain very confident in their portfolio and the depth of expertise they're bringing to the development and discovery of ADCs.

<unk> site.

It wouldn't be to six antibody.

We remain very confident in the portfolio and the depth of expertise, bringing stupid about it but the discovery of a D C.

Michael Dolsten: Thank you. And then, Michael?

Albert Bourla: Thank you. And then, Michael?

Albert Bourla: Thank you, and then Mikael.

Michael Dolsten: Yeah. I think you asked about how could new oral glit in the obesity be positioned for maximal attractiveness and using Danres one example, pending, of course, our excitement to see the data. Well, clearly, as obesity and type 2 diabetes with overweight are moving from being treated from endocrinologists and metabolic physicians increasingly now to primary care, particularly with the impressive effects of these drug labs on obesity and body weight, oral agents in general are preferred. So I think a once-a-day drug such as the new reformulated potential danagliprum would have an interesting role there. I think there is also a growing discussion among opinion leaders in the field that patients regain weight when they stop the injectable, and in general, they are only available for maybe a year.

Mikael Dolsten: Yeah. I think you asked about how could new oral glit in the obesity be positioned for maximal attractiveness and using Danres one example, pending, of course, our excitement to see the data. Well, clearly, as obesity and type 2 diabetes with overweight are moving from being treated from endocrinologists and metabolic physicians increasingly now to primary care, particularly with the impressive effects of these drug labs on obesity and body weight, oral agents in general are preferred. So I think a once-a-day drug such as the new reformulated potential danagliprum would have an interesting role there. I think there is also a growing discussion among opinion leaders in the field that patients regain weight when they stop the injectable, and in general, they are only available for maybe a year.

Mikael Dolsten: Yeah, I think you asked about how could the new oral clipped in obesity be positioned for maximal attractiveness and using Danu as one example, pending of course, our excitement to see the data, well clearly as obesity and type two diabetes with overweight are moving from being treated from endocrinologists and metabolic physicians increasingly now to primary care, particularly with the impressive effects of this drug class on obesity and body weight, all our agents in general are preferred so I think , a once a day drug such as the new reformulated potential Danuglipron would have an interesting role there. I think there is also a growing discussion ammonia. Opinion leaders in the field that the patients regain weight when they stopped. Giftable and in general they are only available for maybe a year. So a normal AGM that couldnt be taken for a longer period or could also play a really interesting role to maintain a body weight at the low level. And finally, you're absolutely right the new data for these broadcasts suggests that patients could benefit from both cardiac and renal protection. And oral agents allowed me to build combination with rux before whether used in this population. So I'll just ask you to to protect the hearth et cetera. So I think that's why there is such a big interest in them drugs in this class. So thank you for the question.

B plus.

Positioned for maximal.

[noise] attractiveness and using downward as one example.

Pending of course, our excitement to see do they thought well clearly.

S obesity and type two diabetes with overweight or moving from being treated from annual chronologies and metabolic physicians increasingly now to primary care, particularly with.

Impressive effects of this drug class on the obesity and body weight.

Alright agents in general are pretty hard so I think.

Once a day.

Mikael Dolsten: I think there is also a growing discussion among pinion leaders in the field that the patients regain weight when they stopped the injectable and in general they are only available for maybe a year, so an oral agent that could be taken for a longer period could also play a really interesting role to maintain body weight at the low level. And finally, you're absolutely right the new data for these broadcasts suggests that patients could benefit from both cardiac and renal protection. And oral agents allowed me to build combination with rux before whether used in this population. So I'll just ask you to to protect the hearth et cetera. So I think that's why there is such a big interest in them drugs in this class. So thank you for the question.

Mikael Dolsten: I think there is also a growing discussion among opinion leaders in the field that the patients regain weight when they stopped the injectable and in general they are only available for maybe a year, so an oral agent that could be taken for a longer period could also play a really interesting role to maintain body weight at the low level.

Such as.

The new reformulated potential downward blip room would have interesting role there.

I think there is also a growing discussion ammonia.

Opinion leaders in the field that the patients regain weight when they stopped.

Giftable and in general they are only available for maybe a year. So a normal AGM that couldnt be taken for a longer period or could also play a really interesting role to maintain a body weight at the low level.

Michael Dolsten: So an oral agent that could be taken for a longer period could also play a really interesting role to maintain body weight at a low level. And finally, you're absolutely right. The new data for this drug class suggests that patients could benefit from both cardiac and renal protection. And oral agents allow you to build combination with drugs that already are used in this population, such as SGLT2 to protect the heart, etc. So I think that's why there is such a big interest in drugs in this class. So thank you for the question.

So an oral agent that could be taken for a longer period could also play a really interesting role to maintain body weight at a low level. And finally, you're absolutely right. The new data for this drug class suggests that patients could benefit from both cardiac and renal protection. And oral agents allow you to build combination with drugs that already are used in this population, such as SGLT2 to protect the heart, etc. So I think that's why there is such a big interest in drugs in this class. So thank you for the question.

Mikael Dolsten: And finally, you're absolutely right, the new data for this drug class suggests that patients could benefit from both cardiac and renal protection and oral agents allow you to build combination with drugs that already are used in this population such as F52 to protect the hearth etcetera, so I think that's why there is such a big interest in the drugs in this class. So thank you for the question.

And finally, you're absolutely right the new data for these broadcasts suggests that patients could benefit from both cardiac and renal protection.

And oral agents allowed me to build combination with rux before whether used in this population. So I'll just ask you to to protect the hearth et cetera. So I think that's why there is such a big interest in them drugs in this class. So thank you for the question.

Michael Dolsten: Thank you. Next question, please.

Albert Bourla: Thank you. Next question, please.

Albert Bourla: Thank you next question please.

Operator: Next, we have Tim Anderson with Wolf Research.

Operator: Next we have Tim Anderson with Wolfe research.

Tim Anderson: Okay, thank you, I have a couple of questions on Danuglipron, the early data set showed a QTC signal, do you think that was a red herring that won't show up in later data to me when I just think about drug classes and seeing QTC signals, it seems like an often persists in later datasets and then second question on mrna flu you mentioned that safety is the same as licensed vaccines does that mean tolerability wasn't well I, usually think of safety and Tolerability is technically being different from each other thank you. Very good. Thank you very much further questions, Mike and Bob question for you could you see for <unk>, and then a vulnerability to them Oh, Yeah. I mean, we have I think more than 1400 patients, sometimes gleeful and it's a very safe right. A very safe drug and we look forward to the readout on efficacy. As we have said before year end, so that's very straightforward. <unk> and mrna flu you had a very good comment. Particularly in the initial studies Tolerability is really what we focus on and Tolerability was similar to standard of care available vaccines, or Dod where mrna vaccines experienced from Pfizer and we haven't really.

Tim Anderson: Thank you. I have a couple of questions on danaglipron. The early dataset showed a QTc signal. Do you think that was a red herring that won't show up in later data? To me, when I just think about drug classes and seeing QTc signals, it seems like it often persists in later datasets. And then second question on mRNA flu, you mentioned that safety is the same as licensed vaccines. Does that mean tolerability was as well? I usually think of safety and tolerability as technically being different from each other. Thank you.

Thank you I have a couple of questions on Gannett clip Ron early data set showed a Q T. C signal do you think that was a red herring that.

Won't show up in later data to me when I, just think about drug classes and seeing Q T C signals.

It seems like an often persists and later datasets and then second question on mrna flu you mentioned that safety is the same as licensed vaccines does that mean tolerability wasn't well I, usually think of safety and Tolerability is technically being different from each other thank you.

Tim Anderson: And then second question on MRNA flu, you mentioned that safety is the same as licensed vaccines, does that mean tolerability was as well, I usually think of safety and tolerability as technically being different from each other thank you. Very good. Thank you very much further questions, Mike and Bob question for you could you see for <unk>, and then a vulnerability to them Oh, Yeah. I mean, we have I think more than 1400 patients, sometimes gleeful and it's a very safe right. A very safe drug and we look forward to the readout on efficacy. As we have said before year end, so that's very straightforward. <unk> and mrna flu you had a very good comment. Particularly in the initial studies Tolerability is really what we focus on and Tolerability was similar to standard of care available vaccines, or Dod where mrna vaccines experienced from Pfizer and we haven't really.

Michael Dolsten: Very good. Thank you very much for the questions. Michael, both questions for you. QTc for Danu and then tolerability on RTC.

Albert Bourla: Very good. Thank you very much for the questions. Michael, both questions for you. QTc for Danu and then tolerability on RTC.

Very good. Thank you very much further questions, Mike and Bob question for you could you see for <unk>, and then a vulnerability to them Oh, Yeah. I mean, we have I think more than 1400 patients, sometimes gleeful and it's a very safe right.

Tim Anderson: Very good, thank you very much for your questions, Mikael both question for you, QTC for Danu, and then a tolerability on MRNA vaccine. Oh, Yeah. I mean, we have I think more than 1400 patients, sometimes gleeful and it's a very safe right. A very safe drug and we look forward to the readout on efficacy. As we have said before year end, so that's very straightforward. <unk> and mrna flu you had a very good comment. Particularly in the initial studies Tolerability is really what we focus on and Tolerability was similar to standard of care available vaccines, or Dod where mrna vaccines experienced from Pfizer and we haven't really.

Albert Bourla: Very good, thank you very much for the questions, Mikael both question for you, QTC for Danu, and then a tolerability on MRNA vaccine.

Michael Dolsten: Yeah. I mean, we have, I think, more than 1,400 patients on danaglipron, and it's a very safe drug. It's a very safe drug. And we look forward to the readouts and efficacy, as we have said before year-end. So that's very straightforward. mRNA flu, you had a very good comment. Particularly in initial studies, tolerability is really what we focus on. And tolerability was similar to standard of care available vaccines or the other mRNA vaccines experienced from Pfizer. And we haven't really had any concerns about safety. So on both tolerability and safety, the statement stands that it looks like previous versions of our vaccines.

Mikael Dolsten: Yeah. I mean, we have, I think, more than 1,400 patients on danaglipron, and it's a very safe drug. It's a very safe drug. And we look forward to the readouts and efficacy, as we have said before year-end. So that's very straightforward. mRNA flu, you had a very good comment. Particularly in initial studies, tolerability is really what we focus on. And tolerability was similar to standard of care available vaccines or the other mRNA vaccines experienced from Pfizer. And we haven't really had any concerns about safety. So on both tolerability and safety, the statement stands that it looks like previous versions of our vaccines.

Tim Anderson: Oh Yeah, I mean, we have I think more than 1400 patients on Danuglipron and it's a very safe drug, it's a very safe drug and we look forward to the readout on efficacy as we have said before year end, so that's very straightforward, MRNA flu you had a very good comment, particularly in the initial studies, tolerability is really what we focus on and Tolerability was similar to standard of care available vaccines, or the other MRNA vaccines experienced from Pfizer and we haven't really had any concerns about safety so, on both Tolerability and safety the statement stands that, it looks like previous versions of our vaccines.

A very safe drug and we look forward to the readout on efficacy.

As we have said before year end, so that's very straightforward.

<unk> and mrna flu you had a very good comment.

Particularly in the initial studies Tolerability is really what we focus on and Tolerability was similar to standard of care available vaccines, or Dod where mrna vaccines experienced from Pfizer and we haven't really.

Are there any concerns about safety and so on both Tolerability and safety in the.

The states and stance that it looks like previous versions of our vaccines.

Michael Dolsten: Thank you, Michael. And let's go to the next question, please.

Albert Bourla: Thank you, Michael. And let's go to the next question, please.

Albert Bourla: Thank you Michael, Let's go to the next question. Please.

Operator: Next, we have Chris Shibutani with Goldman Sachs.

Operator: Next we have Chris Shibutani with Goldman Sachs.

Chris Shibutani: Thank you. Two questions, if I may. On the cost savings program, you've been outlining what the plan is for 2024. But if we look at the pattern of the spending for R&D and SINA in the quarter you just reported, I would observe that the magnitude of reduction in the R&D spend was greater than expected relative to SINA. How should we be interpreting this number? Is there anything to read across in terms of the relative amount of cost reductions coming from SINA versus R&D on the forward? And then a question on Abrisvo. First quarter sales were solid. Can you just elaborate how much may have been attributable to, for instance, inventory stocking versus actual demand? And if we look at prescription data, it looks like from the retail setting, there's about a 30% market share. Is this similar to what you're observing in the broader market?

Chris Shibutani: Thank you two questions if I may, on the cost savings program, you've been outlining what the plan is for 2024, but if we look at the pattern of the spending for R&D and SI&A in the quarter you just reported, I would observe that the magnitude of reduction the R&D spend was greater than expected relative to SI&A, how should we be interpreting this numbers or anything to read across in terms of the relative amount of cost reductions coming from SI&A versus R&D on the forward and then a question on <unk>. Bridgeville first quarter sales were solid can you just elaborate how much may have been attributable to inventory stocking versus actual demand and if we look at prescription data looks like from the retail setting there was about a 30% market share and is this similar to what you're observing in the broader market and how is this comparing with your expectations. Thank you.

<unk> observed that the magnitude of reduction in the R&D spend was greater than expected relative to <unk>, how should we be interpreting this numbers or anything to read across in terms of the relative amount of cost reductions coming from <unk> versus R&D on the forward and then a question on <unk>.

Chris Shibutani: And then a question on Abrysvo, first quarter sales were solid, can you just elaborate how much may have been attributable to inventory stocking versus actual demand and if we look at prescription data, looks like from the retail setting there was about a 30% market share, is this similar to what you're observing in the broader market and how is this comparing with your expectations. Thank you.

Bridgeville first quarter sales were solid can you just elaborate how much may have been attributable to inventory stocking versus actual demand and if we look at prescription data looks like from the retail setting there was about a 30% market share and is this similar to what you're observing in the broader market and how is this comparing with your expectations.

Chris Shibutani: How is this comparing with your expectations? Thank you.

How is this comparing with your expectations? Thank you.

Thank you.

Okay.

Michael Dolsten: Let me ask David to answer the question about the R&D and SINA expenses. And then Angela will take the prior brief.

Albert Bourla: Let me ask David to answer the question about the R&D and SINA expenses. And then Angela will take the prior brief.

Albert Bourla: Let me ask David to answer the question about the R&D and SI&A expenses, and then Angela will take on Abrysvo.

Question.

About Oh, they are R&D and <unk> expenses, and then on the level of executive by Bruce Yeah, Hey, Chris on the cost program I would not read into the allocation of savings in 'twenty three as it relates to 'twenty or obviously, we have a fairly robust program up and running today, we're working aggressively.

About Oh, they are R&D and <unk> expenses, and then on the level of executive by Bruce

Dave Denton: Yeah. Hey, Chris. On the cost program, I would not read into the allocation of savings in '23 as it relates to '24. Obviously, we have a fairly robust program up and running today. We're working aggressively on those programs and beginning to implement those programs. As we cycle into 2024, we'll give you and the markets specific color on how to think about those cost savings as we wrap into next year.

David M. Denton: Yeah, Hey Chris, on the cost program, I would not read into the allocation of savings in '23 as it relates to '24 obviously, we have a fairly robust program up and running today, we're working aggressively on those programs and in beginning to implement those programs as we cycle into 2024 we'll give you and the market some specific color on how to think about those cost savings as we ramp into. Into next year. Thanks.

Really on those programs and beginning to implement those programs as we cycle into 2024 will give you and the market specific color on how to think about those cost savings as we ramp into.

Into next year. Thanks.

Michael Dolsten: Thanks. Angela?

Albert Bourla: Thanks. Angela?

David M. Denton: Thanks, Angela

Angela Huang: Sure. So we're really pleased with our performance on Abrisvo. It has exceeded our expectations. You first asked whether this is all about stocking, and I can say that it isn't. Of course, there were stocking effects in the beginning because this was a new vaccine. But we're also closely tracking vaccination rates and uptake. And what you see is that there is very fast uptake. We were that really benefit from the fact that this was approved and in market prior to the vaccination season actually happening. So it was able to ride off of the coattails of flu vaccinations, which you know are very high, right, September, October. We have about a 70% co-administration rate. So the performance we're seeing on Abrisvo is truly driven by vaccinations. To your comment about market share, yes, we are seeing a similar market share to what you have just said.

Angela Hwang: Sure. So we're really pleased with our performance on Abrisvo. It has exceeded our expectations. You first asked whether this is all about stocking, and I can say that it isn't. Of course, there were stocking effects in the beginning because this was a new vaccine. But we're also closely tracking vaccination rates and uptake. And what you see is that there is very fast uptake. We were that really benefit from the fact that this was approved and in market prior to the vaccination season actually happening. So it was able to ride off of the coattails of flu vaccinations, which you know are very high, right, September, October. We have about a 70% co-administration rate. So the performance we're seeing on Abrisvo is truly driven by vaccinations. To your comment about market share, yes, we are seeing a similar market share to what you have just said.

Angela Hwang: Sure, so we are really pleased with our performance on Abrysvo, it has exceeded our expectations, you first asked whether this is all about stocking and I cannot say that it isn't of course they were stocking effect it and are in the beginning because this is a new vaccine, but we're also closely tracking vaccination rates in uptake and what you see is that there is very fast uptake, we were, and that really benefit from the fact that this was approved and in market prior to the vaccination season actually happening that was able to write off the coat tails of a flu vaccinations, which you know a very high, September, October and we have about a 70% co administration right. So these are that the payment the performance, we're seeing in Brazil is truly driven by vaccination. To your comment about market share, yes, we are seeing a similar market share to what you have just said. That is because right now the retail setting is driving a lot of the vaccination, but don't forget that that's not where all vaccinations are taking place. We also have non retail settings, such as health systems Doctors' offices. Those are and those are also being engaged and those particular setting is actually. Actually has a leading preference. They are smaller in proportion, but still. So I think we have to look at all channels off the market and finally I think that just from a momentum perspective, we expect things to continue you know the. Vaccinations really are happening last this time now October November December a big destination. From a where we are right now RMB is only 5% of the entire vaccination rates up. The eligible population. So I think that the conclusion is we're very early innings of this launch is doing better than we thought but that's where we are going to be I think is that it is a place where there's tremendous opportunity for driving uptake and in older adults and also makena, which as you know we just. Oh boy.

So we are really pleased with our performance on our Brazil has exceeded all expectations. When you first asked whether this is all about stocking and I cannot say that it isn't of course, they were stocking effect it and are in the beginning because this is a new vaccine.

But we're also closely tracking vaccination rates in uptake and what you see is that there is very fast uptake.

Angela Hwang: We were, and that really benefit from the fact that this was approved and in market prior to the vaccination season actually happening that was able to write off the coat tails of a flu vaccinations, which you know a very high, September, October and we have about a 70% co-administration rate. So these are the performance, we're seeing in Abrysvo is truly driven by vaccination. To your comment about market share, yes, we are seeing a similar market share to what you have just said. That is because right now the retail setting is driving a lot of the vaccination, but don't forget that that's not where all vaccinations are taking place. We also have non retail settings, such as health systems Doctors' offices. Those are and those are also being engaged and those particular setting is actually. Actually has a leading preference. They are smaller in proportion, but still. So I think we have to look at all channels off the market and finally I think that just from a momentum perspective, we expect things to continue you know the. Vaccinations really are happening last this time now October November December a big destination. From a where we are right now RMB is only 5% of the entire vaccination rates up. The eligible population. So I think that the conclusion is we're very early innings of this launch is doing better than we thought but that's where we are going to be I think is that it is a place where there's tremendous opportunity for driving uptake and in older adults and also makena, which as you know we just. Oh boy.

We were at that really benefit from the fact that this was approved and in market prior to the vaccination season actually happening that was able to write off the coat tails of a flu vaccinations, but you know a very high September October and we have about a 70% co administration right.

So these are that the payment the performance, we're seeing in Brazil is truly driven by vaccination.

Angela Hwang: So these are the performance, we're seeing in Abrysvo is truly driven by vaccination, to your comment about market share, yes, we are seeing a similar market share to what you have just said, that is because right now the retail setting is driving a lot of the vaccination but don't forget that that's not where all vaccinations are taking place. We also have non retail settings, such as health systems Doctors' offices. Those are and those are also being engaged and those particular setting is actually. Actually has a leading preference. They are smaller in proportion, but still. So I think we have to look at all channels off the market and finally I think that just from a momentum perspective, we expect things to continue you know the. Vaccinations really are happening last this time now October November December a big destination. From a where we are right now RMB is only 5% of the entire vaccination rates up. The eligible population. So I think that the conclusion is we're very early innings of this launch is doing better than we thought but that's where we are going to be I think is that it is a place where there's tremendous opportunity for driving uptake and in older adults and also makena, which as you know we just. Oh boy.

To your comment about market share, yes, we are seeing a similar market share to what you have just said.

Angela Huang: That is because right now, the retail setting is driving a lot of the vaccinations. But don't forget that that's not where all vaccinations are taking place. We also have non-retail settings such as health systems, doctors' offices. Those are also being engaged. And in those particular settings, Pfizer actually has a leading preference. They are smaller in proportion, but still. So I think we have to look at all channels of the market. Finally, I think that just from a momentum perspective, we expect things to continue. The vaccinations really are happening throughout this time now. October, November, December are big vaccination months. From where we are right now, RSV is only 5% of the entire vaccination rate of the eligible population. So I think that the conclusion is we're very early in the innings of this launch. We're doing better than we thought.

That is because right now, the retail setting is driving a lot of the vaccinations. But don't forget that that's not where all vaccinations are taking place. We also have non-retail settings such as health systems, doctors' offices. Those are also being engaged. And in those particular settings, Pfizer actually has a leading preference. They are smaller in proportion, but still. So I think we have to look at all channels of the market. Finally, I think that just from a momentum perspective, we expect things to continue. The vaccinations really are happening throughout this time now. October, November, December are big vaccination months. From where we are right now, RSV is only 5% of the entire vaccination rate of the eligible population. So I think that the conclusion is we're very early in the innings of this launch. We're doing better than we thought.

That is because right now the retail setting is driving a lot of the vaccination, but don't forget that that's not where all vaccinations are taking place. We also have non retail settings, such as health systems Doctors' offices. Those are and those are also being engaged and those particular setting is actually.

Angela Hwang: We also have non retail settings, such as health systems, Doctors' offices, those are and those are also being engaged and those particular setting is actually has a leading preference, they are smaller in proportion, but still, so I think we have to look at all channels of the market and finally I think that just from a momentum perspective, we expect things to continue you know the. Vaccinations really are happening last this time now October November December a big destination. From a where we are right now RMB is only 5% of the entire vaccination rates up. The eligible population. So I think that the conclusion is we're very early innings of this launch is doing better than we thought but that's where we are going to be I think is that it is a place where there's tremendous opportunity for driving uptake and in older adults and also makena, which as you know we just. Oh boy.

Actually has a leading preference.

They are smaller in proportion, but still.

So I think we have to look at all channels off the market and finally I think that just from a momentum perspective, we expect things to continue you know the.

Angela Hwang: And finally I think that just from a momentum perspective, we expect things to continue ,you know the Vaccinations really are happening throughout now October, November, December are big destination months, from a where we are right now RSV is only 5% of the entire vaccination rates of the eligible population. So I think that the conclusion is we're very early innings of this launch is doing better than we thought but that's where we are going to be I think is that it is a place where there's tremendous opportunity for driving uptake and in older adults and also makena, which as you know we just. Oh boy.

Angela Hwang: And finally I think that just from a momentum perspective, we expect things to continue ,you know the Vaccinations really are happening throughout this time now, October, November, December are big vaccination months, from a where we are right now RSV is only 5% of the entire vaccination rates of the eligible population.

Vaccinations really are happening last this time now October November December a big destination.

From a where we are right now RMB is only 5% of the entire vaccination rates up.

Angela Hwang: So I think that the conclusion is we're very early in the innings of this launch, now is doing better than we thought but at where we are going to be, I think is that it is a place where there's tremendous opportunity for driving uptake in older adults but also maternal, which as you know we just got the approval for.

The eligible population. So I think that the conclusion is we're very early innings of this launch is doing better than we thought but that's where we are going to be I think is that it is a place where there's tremendous opportunity for driving uptake and in older adults and also makena, which as you know we just.

Angela Huang: But that where we are going to be, I think, is a place where there's tremendous opportunity for driving uptake in all the results, but also maternal, which, as you know, we just got the approval for.

But that where we are going to be, I think, is a place where there's tremendous opportunity for driving uptake in all the results, but also maternal, which, as you know, we just got the approval for.

Oh boy.

Michael Dolsten: Thank you. Next question, please.

Albert Bourla: Thank you. Next question, please.

Albert Bourla: Thank you next question please.

Operator: Next, we have Carter Gold with Barclays.

Operator: Next we have Carter Gould with Barclays.

Carter Gold: Great. Good morning. Thank you for taking the questions. Maybe to go back to Oral Danu, when we do get the phase two data, what should our expectation be around communicating plans for phase three, which I guess is just a quicker way of saying what's a reasonable expectation for how quickly you could turn around the phase two and start a phase three and how much work Pfizer has already done on that front? And then maybe just coming out of ESMO, on the back of the EV302 data and the response, would Pfizer say that reaffirms their expectations or represents upside to their expectations when the deal was originally announced? Thank you.

Carter Gould: Great. Good morning. Thank you for taking the questions. Maybe to go back to Oral Danu, when we do get the phase two data, what should our expectation be around communicating plans for phase three, which I guess is just a quicker way of saying what's a reasonable expectation for how quickly you could turn around the phase two and start a phase three and how much work Pfizer has already done on that front? And then maybe just coming out of ESMO, on the back of the EV302 data and the response, would Pfizer say that reaffirms their expectations or represents upside to their expectations when the deal was originally announced? Thank you.

Carter Lewis Gould: Great Good morning, Thank you for taking the questions, maybe if you go back to oral Danu, when we do get the Phase II data, what should our expectations be around communicating plans for Phase III, which I guess, just a quicker way of saying, whats the reasonable expectation for how quickly you could turn around the Phase II and start a Phase III and how much work Pfizer has already on that front, and then maybe just coming out of ESMO. On the back of the EV 302 data and the response with Pfizer, saying thats reaffirms their expectations or represent upside to our expectations. When the deal was originally announced thank you.

Done on that front, and then maybe just coming out of ESMO.

Carter Lewis Gould: And then maybe just coming out of ESMO, on the back of the EV 302 data and the response with Pfizer saying that reaffirms their expectations or represents upside to their expectations when the deal was originally announced, thank you.

On the back of the EV 302 data and the response with Pfizer, saying thats reaffirms their expectations or represent upside to our expectations. When the deal was originally announced thank you.

Michael Dolsten: No, thank you very much. On the Danu, let me take that so I can spare a little bit Michael's time. We are expecting the data to show up before the end of the year. And of course, it's an important event. So we will have to make it publicly known when we know the data. And of course, when we are ready with our phase three, and we hope that the data are good so that we can move in a phase three. And I hope that we are going to do it in an expedited manner because speed is of essence in this battle between competing molecules. But we will announce our plans for phase three. I know the interest is very high right now, but I want to be very prudent in not saying things without the data.

Albert Bourla: No, thank you very much. On the Danu, let me take that so I can spare a little bit Michael's time. We are expecting the data to show up before the end of the year. And of course, it's an important event. So we will have to make it publicly known when we know the data. And of course, when we are ready with our phase three, and we hope that the data are good so that we can move in a phase three. And I hope that we are going to do it in an expedited manner because speed is of essence in this battle between competing molecules. But we will announce our plans for phase three. I know the interest is very high right now, but I want to be very prudent in not saying things without the data.

Albert Bourla: No, thank you, thank you very much, on the Danu let me take about stockings, then will be Mikael's time, We are expecting the data to show up before the end of the year and of course is an important event so we will have to make it publicly known when we know the data and of course when we are ready with our Phase III and we hope that the data are good so that you can move into Phase III and I hope what we are going to do it in an expedient manner because speed is of essence in this buffer between competing molecules, but we were announced 12 months for phase III I know the interest is. It's very high right now, but I wanted to be very prudent in not saying things with all the data. The Kingdom is areas that we haven't seen them again now let me move to Greece. So we can discuss about this.

So time we.

We are expecting good data to show up before the end of the year and of course is an important any back. So we will have to make is publicly known when we know David and of course, when we got Arabia with our phase three and we hope the data. So that you can move into phase III and I hope what we are going to do anything in an expedient manner.

Albert Bourla: And of course when we are ready with our Phase III and we hope that the data are good, so that you can move into Phase III and I hope that we are going to do it in an expedite manner because speed is of essence in this battle between competing molecules, but we were announced our advance for Phase III, I know the interest is very high right now, but I want to be very prudent in not saying things without the data, the data are (inaudible) seen them again, now let me move to Chris so that we can discuss about the ESMO.

Because speed is what lessons in this buffer between competing molecules, but we were around 12 months for phase III I know the interest is.

It's very high right now, but I wanted to be very prudent in not saying things with all the data.

Michael Dolsten: The data are the king, and the data, we haven't seen it again. Now, let me move to Chris so that we can discuss about the estimate.

The data are the king, and the data, we haven't seen it again. Now, let me move to Chris so that we can discuss about the estimate.

The Kingdom is areas that we haven't seen them again now let me move to Greece.

So we can discuss about this.

Michael Dolsten: And yeah, thank you for raising EV-302. These are truly monumental data for the field of bladder cancer and urothelial cancer. As you pointed out, with overall survival and progression-free survival nearly doubled, moving median overall survival for this population now towards nearly towards three years. We expect the final data to be even longer than 31.5 months. So this just reaffirms our belief that antibody-drug conjugates could become a standard of care across the treatment paradigm for many, many different tumor types.

Chris Boshoff: And yeah, thank you for raising EV-302. These are truly monumental data for the field of bladder cancer and urothelial cancer. As you pointed out, with overall survival and progression-free survival nearly doubled, moving median overall survival for this population now towards nearly towards three years. We expect the final data to be even longer than 31.5 months. So this just reaffirms our belief that antibody-drug conjugates could become a standard of care across the treatment paradigm for many, many different tumor types.

Chris Boshoff: Yeah, Thank you for raising 301, this are a truly monumental data for the field of bladder cancer and urothelial cancer and as you pointed out with overall survival and median progressively survival nearly doubled moving median overall survival for this population now towards nearly towards three years, we expect the final data to be above longer than 31.5 months, so this just reaffirms our belief that an antibody drug conjugate could become a standard of care across the treatment paradigm for many many different tumor types.

Progressive free survival nearly doubled moving median overall survival for this population now towards needed towards me, yes, we expect the final data to be above long ago 31 five months.

So is this just reaffirms our belief that an.

Antibody drug conjugate could become a standard of care across the treatment paradigm for many many different tumor types.

Michael Dolsten: Thank you very much. Next question.

Albert Bourla: Thank you very much. Next question.

Albert Bourla: Thank you very much next question.

Operator: Next, we have Akash Tuwari with Jefferies.

Okay.

Operator: Next we have of Akash Tewari with Jefferies.

Akash Tewari: Good morning. This is Ivy Allen for Akash. Thanks for taking our questions. Our question is also on danaglipron. So for the once-daily modified release version, is there any possibility to do a bridging study for QD formulation? And also for Danu, I think as we've heard a lot of times on the call that the trial is marked as completed in October, I know you haven't seen the top-line data. So at this point, are we waiting for data from the slower four-week titration cohort? Also, would it be fair to say that you will have discontinued the program already if there were any clinically significant serious safety issues with Danu? Thanks.

Ariel: Good morning. This is Ariel on for Akash, thanks for taking our questions, our question is also on Danuglipron, so for the once daily modify release version, is there any possibility to do upgrading study for studying formulation? and also for Danu, I think as we've heard a lot times on the call that the trial is marked as completed in October ,I know you haven't seen the top line data, So at this point are we awaiting for data from the slower four week titration cohort? also would it be fair to say that you will have discontinued the program already if there were any clinically significant serious safety issues with Danu, thanks.

As completed October I know you haven't seen the top line data. So at this point are we waiting for data from the slower four week titration cohort I would tell what is fair to say that you will have discontinued the program already and there weren't any clinically significant CMV.

Any issues with any thanks.

Yeah.

Michael Dolsten: Michael.

Albert Bourla: Michael.

Michael Dolsten: Yeah. On the once-a-day reformulated Danu, we have initially tested a standard swellable core technology and could show that it worked very well with Danu. And now to be able also to incorporate a more sophisticated technology, we work on a matrix technology. And all data suggests it's going to be a really intriguing alternative because, as you know, in diabetes, oral drugs, and obesity, you will over time end up with incorporating different drugs to prevent different downstream effects. And that's the beautiful of having this type of novel technology that you have a potential in the future to go to fix those combinations. And we are really masters in developing sophisticated formulations. And we will have this available in 2024.

Mikael Dolsten: Yeah. On the once-a-day reformulated Danu, we have initially tested a standard swellable core technology and could show that it worked very well with Danu. And now to be able also to incorporate a more sophisticated technology, we work on a matrix technology. And all data suggests it's going to be a really intriguing alternative because, as you know, in diabetes, oral drugs, and obesity, you will over time end up with incorporating different drugs to prevent different downstream effects. And that's the beautiful of having this type of novel technology that you have a potential in the future to go to fix those combinations. And we are really masters in developing sophisticated formulations. And we will have this available in 2024.

Mikael Dolsten: Yeah on the, on the once a day reformulated Danu, we have initially tested a standout swellable-core technology and could show that it worked very well with Danu and now to, be able also to incorporate a more sophisticated technology, we work in a matrix technology and all data suggests it's going to be a really intriguing alternative, because as you know in diabetes oral drugs and obesity, You will over time end up with incorporating different drugs to prevent different downstream effects and that's the beautiful of having these type of novel technology, that you have a potential in the future to go to fix dose combination, and we are really masters in developing sophisticated formulations and we will have this available in 2024, and there was a second part I think, or not, there was just a second part on the Danu¿

Once a day reformulate the dominant.

We have initially tested a standout sweat about core technology.

And could show that it works very well with them.

Now to them.

Be able also to incorporate a more sophisticated technology.

We work in a matrix technology and all data suggests it's going to be Uh huh.

And really.

Mikael Dolsten: Because as you know in diabetes oral drugs and obesity, You will over time end up with incorporating different drugs to prevent different downstream effects and that's the beautiful of having these type of novel technology, that you have a potential in the future to go to fix dose combination, and we are really masters in developing sophisticated formulations and we will have this available in 2024, and there was a second part I think, or not, there was just a second part on the Danu.

Intriguing alternative because as you know in diabetes This war on drugs and obesity.

You will over time end up with incorporating different drugs to prevent you from the downstream effects and that's the beautiful of having these type of novel technology that you have a potential in the future to go to fixed dose combination and we have really masked the city in developing sophisticated formulations.

And we would have.

It's available in 2024.

Michael Dolsten: And there was a second part, I think. Or not. There was a second part from Danu?

Albert Bourla: And there was a second part, I think. Or not. There was a second part from Danu?

And there was a second part.

Mikael Dolsten: And there was a second part I think, or not, there was just a second part on Danu? Okay, let's move then to the next question please, Thank you Akash for your question.

Hormones there was just a comparison.

Michael Dolsten: I think.

I think.

Okay.

Michael Dolsten: I maybe I was totally here. Okay. Let's move then to the next question, please. Thank you, Akash, for your question.

I maybe I was totally here. Okay. Let's move then to the next question, please. Thank you, Akash, for your question.

I wasn't at.

Albert Bourla: I just want to them to the next question. Please thank you our grasberg operations.

Operator: Next, we have Carrie Holford with Barrenberg.

Operator: Next we have Kerry Holford with Bernard.

Carrie Holford: Thank you. Two questions on vaccines for me, please. For anti-RSV, in August, GSK filed a lawsuit against Pfizer alleging patent infringement. So I wonder if you could just talk through the next steps here, perhaps a timeline that you anticipate for this. And should we think that this could ultimately result in some form of royalty payment from Pfizer to GSK? And then on Penbraya, how does the recent ACIP recommendation sit against your expectations for the sales ramp and peak potential for this vaccine? If the vaccine is effectively only used for dose two of three, does that significantly reduce the commercial opportunity you had anticipated for the vaccine? Thank you.

Kerry Holford: Thank you. Two questions on vaccines for me, please. For anti-RSV, in August, GSK filed a lawsuit against Pfizer alleging patent infringement. So I wonder if you could just talk through the next steps here, perhaps a timeline that you anticipate for this. And should we think that this could ultimately result in some form of royalty payment from Pfizer to GSK? And then on Penbraya, how does the recent ACIP recommendation sit against your expectations for the sales ramp and peak potential for this vaccine? If the vaccine is effectively only used for dose two of three, does that significantly reduce the commercial opportunity you had anticipated for the vaccine? Thank you.

Kerry Ann Holford: Thank you, two questions on vaccines for me please, firstly on RSV, in August GSK filed a lawsuit against Pfizer alleging patent infringement so, I wonder if you could just talk through the next steps here, perhaps a timeline that you anticipate for this and should we think that this will ultimately result in some form of royalty payments from Pfizer to GSK? and then on Penbraya, how does the recent

I'm trying to see.

Okay James.

Okay.

Say it again.

Imaging patent infringement side I Wonder if you can just totally the next steps here.

Perhaps the timeline that you anticipate.

Should we think that this could ultimately would help.

So some form of royalty payments.

Okay.

And then on patent Brian how does the recent recommendation fit against your expectations.

Yes, ma'am and peak.

So for this vaccine.

Kerry Ann Holford: And then on Penbraya, how does the recent ACIP recommendation sits against your expectations for the sales ramp and peak potential for this vaccine, if the vaccine is effectively only used for dose 2 of 3, does that significantly reduces the commercial opportunity you have anticipated for the vaccine, thank you.

The vaccine and protect the millennials.

Thanks Tina.

Does that significantly changed such a nice up interesting to you.

The vaccine.

Thanks.

Michael Dolsten: Yes. Doug, can you please answer the question about this legal situation with GSK?

Albert Bourla: Yes. Doug, can you please answer the question about this legal situation with GSK?

Albert Bourla: Yes, Doug can you please answer the question about this legal situation with GSK?

A question about the.

Illegal.

Doug Lenkler: Yes. So it's very, very early stages with respect to the RSV litigation. We have patents. We feel strongly about our own intellectual property. And it's certainly too early to say whether one party or the other will be required to pay any royalties or otherwise. Very early stages in that regard.

Doug Lankler: Yes. So it's very, very early stages with respect to the RSV litigation. We have patents. We feel strongly about our own intellectual property. And it's certainly too early to say whether one party or the other will be required to pay any royalties or otherwise. Very early stages in that regard.

Doug Lankler: Yeah, so it's very very early stages with respect to the RSV litigation, we have patents, we feel strongly about our own intellectual property and it's certainly too early to say, whether one party or the other will be required to pay any royalties or otherwise very early stages in that regard. Thank you. Until the budget environment, how do you feel about it sure we continue to feel confident about the peak sales. Is that right now we have the first set of recommendations, but API is also told US that we will have the opportunity again to come back next year. When we have additional data, which is when we will have the opportunity to look at the schedule for how clogs and these are being back. You know the schedule without there being delivered today and we'll have an opportunity again to take a look at the the benefit of a pen Brian in this population so I think. I feel like it's great that we have an opportunity to get out now and to begin vaccinating teenagers they'll have a second bite at the Apple, which will allow us to achieve our peaks out.

We have patents, we feel strongly about our own intellectual property and it's certainly too early to say, whether one party or the other will be required to pay any royalties or otherwise very early stages in that regard.

Albert Bourla: Thank you, and Angela about the Penbraya how do you feel about it? sure we continue to feel confident about the peak sales. Is that right now we have the first set of recommendations, but API is also told US that we will have the opportunity again to come back next year. When we have additional data, which is when we will have the opportunity to look at the schedule for how clogs and these are being back. You know the schedule without there being delivered today and we'll have an opportunity again to take a look at the the benefit of a pen Brian in this population so I think. I feel like it's great that we have an opportunity to get out now and to begin vaccinating teenagers they'll have a second bite at the Apple, which will allow us to achieve our peaks out.

Albert Bourla: Thank you, and Angela about the Penbraya how do you feel about it?

Michael Dolsten: Thank you. And Angela Bardet in the real, and how do you feel about it?

Albert Bourla: Thank you. And Angela Bardet in the real, and how do you feel about it?

Thank you.

Angela Hwang: Sure, we continue to feel confident about the peak sales, the reason is that, right now we have the first set of recommendations, but ACIP has also told us that we'll have the opportunity again to come back next year, when we have additional data, which is when we'll have the opportunity to look at the schedule for how clogs and v's are being back, You know, the schedule that they're being delivered to date and we'll have an opportunity again to take a look at the the benefit of Penbraya in this population, so I think, I feel like it's great that we have an opportunity to get out now and to begin vaccinating teenagers they'll have a second bite at the Apple, which will allow us to achieve our peaks sales

Until the budget environment, how do you feel about it sure we continue to feel confident about the peak sales.

Angela Huang: Sure. We continue to feel confident about the peak sales. The reason is that right now, we have the first set of recommendations. But ACIP has also told us that we'll have the opportunity again to come back next year when we have additional data, which is when we'll have the opportunity to look at the schedule for how quads and Bs are being the schedule that they're being delivered today. And we'll have an opportunity again to take a look at the benefit of Pembria in this population. So I feel like it's great that we have an opportunity to get out now and to begin vaccinating our teenagers. We'll have a second bite at the apple, which will allow us to achieve our peak sales.

Angela Hwang: Sure. We continue to feel confident about the peak sales. The reason is that right now, we have the first set of recommendations. But ACIP has also told us that we'll have the opportunity again to come back next year when we have additional data, which is when we'll have the opportunity to look at the schedule for how quads and Bs are being the schedule that they're being delivered today. And we'll have an opportunity again to take a look at the benefit of Pembria in this population. So I feel like it's great that we have an opportunity to get out now and to begin vaccinating our teenagers. We'll have a second bite at the apple, which will allow us to achieve our peak sales.

Is that right now we have the first set of recommendations, but API is also told US that we will have the opportunity again to come back next year. When we have additional data, which is when we will have the opportunity to look at the schedule for how clogs and these are being back.

Angela Hwang: Which is when we'll have the opportunity to look at the schedule for how clogs and v's are being back, You know, the schedule that they're being delivered to date and we'll have an opportunity again to take a look at the the benefit of Penbraya in this population, so I think, I feel like it's great that we have an opportunity to get out now and to begin vaccinating teenagers they'll have a second bite at the Apple, which will allow us to achieve our peaks sales

You know the schedule without there being delivered today and we'll have an opportunity again to take a look at the the benefit of a pen Brian in this population so I think.

I feel like it's great that we have an opportunity to get out now and to begin vaccinating teenagers they'll have a second bite at the Apple, which will allow us to achieve our peaks out.

Michael Dolsten: Thank you. Next question, please.

Albert Bourla: Thank you. Next question, please.

Albert Bourla: Thank you next question please.

Operator: Next, we have Andrew Baum with CITI.

Operator: Next we have Andrew Baum with Citi.

Andrew Baum: Thank you. Couple of questions. Would you comment on your stake in RBT 3101, the tier 1A, pending the approval of the licensing of the asset to Roche? Will you hang on to it, or is that subject to divestment? And then second, a question for Chris. Just looking at the recent EV302 data and with you seem to have the CGIN portfolio, when you think about the combination of ADCs with Pembro or with a PD1, do you believe the efficacy that you're seeing is associated with bet hedging, or do you think it's true synergy through an immunologic mechanism of increased cell death? Thank you.

Andrew Baum: Thank you couple of questions, would you comment on your stake in RVT-3101 TL1A, pending the approval of the licensing of the asset to Roche, will you hang on to it or is that subject to divestment and then second a question for Chris, I'm just looking at the recent EV 302 data in which you seem to have the Seagen portfolio, when you think about the combination of ADCs with Pembro or with a PD-1 do you believe the efficacy that you are seeing is associated with that hedging or do you think its trough synergy, through an immunologic mechanism or increased sell death, thank you.

Pending the.

Its approval that's the licensing of.

Do you have to rush when you hang onto it was that subject to divestment and then second a question for Chris.

Just looking at the recent EV 302 data, which you seem to have the <unk> portfolio.

When you think about the combination of Adcs with.

<unk> with a PD one do you believe the efficacy that you are seeing is associated with hedging or do you think its true synergy through anybody launching mechanism and increased sell day. Thank you.

Michael Dolsten: Amir, you want to speak a little bit about the Roche acquisition of TL1?

Albert Bourla: Amir, you want to speak a little bit about the Roche acquisition of TL1?

Albert Bourla: Aamir, if you want to speak a little bit about the Roche aquisition of TL1A

Ross acquisition the other one.

Aamir Malik: Yeah. So thanks for the question, Andrew. I think we're very pleased with the outcome of the TL1A program. When we created TELEVANT, we did this as an R&D prioritization decision. Just as a reminder, this was a phase two program that required significant phase three investment. And so we held on to a 25% stake. We also had rights to royalties on US sales as well as the full XUS and X Japan rights. And we did that all without any R&D spend. So Roche's proposed acquisition of TELEVANT will give us access to about $1.75 billion of pre-tax cash, which is the translation of our stake. And we still retain all the other rights. So we're looking forward to having Roche as a partner.

Aamir Malik: So thanks for the question Andrew I think we're very pleased with the outcome of the TL1A program, when we created Telavant, we did this as a R&D prioritization decision, just as a reminder, this is a Phase II program that required significant Phase III investment and so we held onto a 25% stake, we also had rights to royalties on U.S. sales as well as the full ex U.S and ex Japan rights. And we did that all without any R&D spend so Roche has proposed acquisition of <unk> will give us access to about $1 $75 billion of pre tax cash, which is the translation of our stake and we still retain all the other rights. So we're looking forward to having Roche has a partner. We're looking forward to the investments that they're going to make in advancing the clinical stage programs on a tier one eight and benefiting from our from the outcome of those.

When we created televisions, we did this as a R&D prioritization decision just as a reminder, this is a phase II program that required significant phase III investment and so we held onto a 25% stake. We also had rights to royalties on U S sales as well as the full ex U S and ex Japan rights.

And we did that all without any R&D spend so Roche has proposed acquisition of <unk> will give us access to about $1 $75 billion of pre tax cash, which is the translation of our stake and we still retain all the other rights. So we're looking forward to having Roche has a partner.

Aamir Malik: So Roche's proposed acquisition of Telavant will give us access to about $1.75 billion dollars of pre-tax cash, which is the translation of our stake and we still retain all the other rights, so we're looking forward to having Roche has a partner, we're looking forward to the investments that they're going to make in advancing the clinical stage programs on a TL1A and benefiting from the outcome of those.

Aamir Malik: We're looking forward to the investments that they're going to make in advancing the clinical stage programs on TL1A and benefiting from the outcome of those.

We're looking forward to the investments that they're going to make in advancing the clinical stage programs on TL1A and benefiting from the outcome of those.

We're looking forward to the investments that they're going to make in advancing the clinical stage programs on a tier one eight and benefiting from our from the outcome of those.

Michael Dolsten: And then Chris about the synergies or not.

Albert Bourla: And then Chris about the synergies or not.

Albert Bourla: And then Chris just about synergies.

Synergies.

Michael Dolsten: Thanks, Andrew. That's a very good question. As you know, CGIN pioneered the MMIE or orostatten-based payloads. And we see the potential synergy in combination with the PD1 with Axetris, with TEPDAC, and recently, as you've seen, with Axet. Although CGIN does have the next generation of ADCs with TOPA1 that will enter the clinic this year and next year, we don't know yet if the TOPA1s are going to show the similar type of immunogenicity as what appears to happen with the MMIE or orostatten-based payloads. So I think we're very confident that CGIN has both TOPA1 as well as orostatten-based payloads. In case with TOPA1s, we do not see what appears to be the correct type of synergy.

Chris Boshoff: Thanks, Andrew. That's a very good question. As you know, CGIN pioneered the MMIE or orostatten-based payloads. And we see the potential synergy in combination with the PD1 with Axetris, with TEPDAC, and recently, as you've seen, with Axet. Although CGIN does have the next generation of ADCs with TOPA1 that will enter the clinic this year and next year, we don't know yet if the TOPA1s are going to show the similar type of immunogenicity as what appears to happen with the MMIE or orostatten-based payloads. So I think we're very confident that CGIN has both TOPA1 as well as orostatten-based payloads. In case with TOPA1s, we do not see what appears to be the correct type of synergy.

No.

Chris Boshoff: That's a very good question asking those seeking pi in the M. N E R. That's in place. And we see the potential synergy in combination with the PD, one with that said twists with Tetra Tech and recent days, you've seen but I've said that if the season does have the next generation of Idt's total one that will enter the clinic next year, we don't know yet if the test coupons are going to show that. It's similar type of imaging. But. What appears to happen with Maggie or separately. So I think he's very confident that that season, both <unk> as well as our risk appetite. In case that took one we do not see what appears to be you're correct type of thing. Thank you very much Chris and let's go to the last question. Please.

Chris Boshoff: Thanks Andrew, that's a very good question, as you know, Seagen pioneered the MMAE or auristatin-based payloads and we see there's potential synergy in combination with the PD-1 with Adcetris, with Tyvdak and recently as you've seen with Padcev, although Seagen does have the next generation of ADCs with TOPO1 that will enter the clinic this year and next year, we don't know yet if the TOPO ones are going to show that similar type of Immunogenicity as what we, what appears to happen with MMAE auristatin-based payloads, so I think we're very confident that, that Seagen has both TOPO 1 as well as auristatin-based payloads in case with TOPO1 we do not see what appears to be you're correct type of thing.

And we see the potential synergy in combination with the PD, one with that said twists with Tetra Tech and recent days, you've seen but I've said that if the season does have the next generation of Idt's total one that will enter the clinic next year, we don't know yet if the test coupons are going to show that.

It's similar type of imaging.

But.

What appears to happen with Maggie or separately.

So I think he's very confident that that season, both <unk> as well as our risk appetite.

In case that took one we do not see what appears to be you're correct type of thing.

Michael Dolsten: Thank you very much, Chris. And let's go to the last question, please.

Albert Bourla: Thank you very much, Chris. And let's go to the last question, please.

Thank you very much Chris and let's go to the last question. Please.

Albert Bourla: Thank you very much Chris and let's go to the last question. Please.

Operator: Our last question comes from Evan Seagerman with BMO Capital Markets.

Operator: Our last question comes from Evan Siegerman with BMO capital markets.

Evan Seigerman: Hi, guys. Thank you so much for taking my question. So I have one on Danu and then a bigger picture one. So point of clarification on danuglipron, Mikkel, is the ultimate goal to develop the fixed dose combination with, say, an SGLT2 or other anti-diabetes drugs? You kind of had mentioned that in your commentary. And taking a big step back, how should we think about how you risk-adjusted your long-term revenue guidance? And do you plan on updating this figure as you have clinical or regulatory successes or failures, for example, with the approval of AstraZeneca? Thank you.

Evan Seigerman (BMO Capita: Hi, guys. Thank you so much for taking my question. So I have one on Danu and then a bigger picture one. So point of clarification on danuglipron, Mikkel, is the ultimate goal to develop the fixed dose combination with, say, an SGLT2 or other anti-diabetes drugs? You kind of had mentioned that in your commentary. And taking a big step back, how should we think about how you risk-adjusted your long-term revenue guidance? And do you plan on updating this figure as you have clinical or regulatory successes or failures, for example, with the approval of AstraZeneca? Thank you.

Evan David Seigerman: Hi guys, thank you so much for taking my questions, so I have one on Danu and then a bigger picture one. For point of clarification Danuglipron, the ultimate goal to develop the fixed dose combination with say <unk> two other anti diabetes drugs, you've kind of had mentioned that in your commentary and taking a big step back how should we think about how your risk adjusted your long term revenue guidance did you plan on updating this figure should have clinical or regulatory successes or failures for example, with you. Approval of a stress them. Thank you.

Evan David Seigerman: Hi guys, thank you so much for taking my questions, so I have one on Danu and then a bigger picture one.

Evan David Seigerman: A point of clarification on Danuglipron, Mikael is the ultimate goal to develop the fixed dose combination with say an SGLT2 or other anti diabetes drugs, you've kind of had mentioned that in your commentary and taking a big step back how should we think about how your risk-adjusted your long term revenue guidance, did you plan on updating this figure should have clinical or regulatory successes or failures, for example, with the approval of etrasimod, Thank you.

The ultimate goal to develop the fixed dose combination with say <unk> two other anti diabetes drugs, you've kind of had mentioned that in your commentary and taking a big step back how should we think about how your risk adjusted your long term revenue guidance did you plan on updating this figure should have clinical or regulatory successes or failures for example, with you.

Approval of a stress them. Thank you.

Michael Dolsten: Michael, can you please take the Danu question?

Albert Bourla: Michael, can you please take the Danu question?

Albert Bourla: Michael can you per se because yeah. Good question, Yeah, I mean to near term goal. It's really looked at today's thought wed said goes on within myself.

Albert Bourla: Michael can you please take

Mikael Dolsten: I mean the near term goal it's really looked at the data for both Albert and myself and pending review of course, that's an option with a once a day Danu to move forward in obesity and diabetes, I think we also commented that the upside with oral drugs are many in the sector and that's why it has been such a big interest and that includes fixed dose combination with drugs available with injectable, but we would keep it simple and clear, we'll review the data and take a decision about the potential in the obesity and diabetes once a day Danu, that's the near term.

Michael Dolsten: Yeah. I mean, the near-term goal is really to look at the data we've said, both Albert and myself. And pending review, of course, there's an option with a once-a-day Danu to move forward in obesity and diabetes. I think we just commented that the upside with oral drugs are many in this sector, and that's why it has been such a big interest. And that includes fixed dose combination, which aren't available with injectable. But we will keep it simple and clear. We'll review the data and take a decision about potential in obesity and diabetes once-a-day Danu. That's the near term.

Mikael Dolsten: Yeah. I mean, the near-term goal is really to look at the data we've said, both Albert and myself. And pending review, of course, there's an option with a once-a-day Danu to move forward in obesity and diabetes. I think we just commented that the upside with oral drugs are many in this sector, and that's why it has been such a big interest. And that includes fixed dose combination, which aren't available with injectable. But we will keep it simple and clear. We'll review the data and take a decision about potential in obesity and diabetes once-a-day Danu. That's the near term.

And pending review of course, that's an option with a once a day download to move forward with.

In diabetes.

I think we commented that the upside with oral drugs are many in the sector and that's why it has been such a big interest.

And that includes fixed dose combination with John's available with injectable, but we would keep it simple and clear will review the data and take.

Take a decision about.

Potential in the obesity and diabetes once a day down the road that's the near term. Thank.

Michael Dolsten: Thank you very much. And also about your question, if we are going to change the 20 billions or the 25 billions that we have declared. First of all, the 25 billions is billions that we are going to acquire by the end of 2030. According to our estimates, we have acquired, pending CGIN acquisition, 20 billions of that. If you see the analyst expectations for these acquisitions at the end of 2030, they are very, very close to what we have right now. And I think this is trending very nicely. And when you see the internal pipeline launches that we are having from our internal pipeline, which we declared at 20 billions, there is a gap between what we believe and what the analysts believe. And this is where we are focusing our attention. Right now, it is very early with the launches.

Albert Bourla: Thank you very much. And also about your question, if we are going to change the 20 billions or the 25 billions that we have declared. First of all, the 25 billions is billions that we are going to acquire by the end of 2030. According to our estimates, we have acquired, pending CGIN acquisition, 20 billions of that. If you see the analyst expectations for these acquisitions at the end of 2030, they are very, very close to what we have right now. And I think this is trending very nicely. And when you see the internal pipeline launches that we are having from our internal pipeline, which we declared at 20 billions, there is a gap between what we believe and what the analysts believe. And this is where we are focusing our attention. Right now, it is very early with the launches.

Albert Bourla: Thank you very much, and also about your question, if we are going to change the 20 billion or the 25 billions that we have declared, first of all the 25 billions it's the billions that we are going to acquire in revenues in 2030 according our estimates, we have acquired, pending Seagen acquisition, 20 billions so far, if you see the honest expectations for this acquisitions at the end of 2030 are very very close to what we have right now and I think this is trending very nicely. much when do you see the you don't know when it launches. But from our internal pipeline. We'd be glad to. There is a god between what we. Believing what oh beyond those. And. This is where we are focusing our investment right now is very directly. Some of them are doing better than what they sold some of them are doing worse than what we felt and before you realize the targeted 20 billion. He smoked anymore, what youre, saying of course, we will update. But I think what is important is that if you look at our business. Our core business is performing nicely, we continue to make traction we have obviously a lot of launches that we've completed its still several ahead of us we're excited about what <unk> could potentially bring to the company as we think about our focus now in oncology and then importantly, I think we've re baseline if you will the Cobra. Franchise, as we think about utilization in the back half of. This year and cycle into next year, we will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into 'twenty four and beyond so I think look forward to as we began. Into 2024, those expectation you laid those out specifically.

Albert Bourla: Thank you very much, and also about your question, if we are going to change the $20 billion or the $25 billions that we have declared, first of all the 25 billions it's the billions that we are going to acquire in revenues in 2030 according our estimates, we have acquired, pending Seagen acquisition, 20 billions so far, if you see the honest expectations for this acquisitions at the end of 2030 are very very close to what we have right now and I think this is trending very nicely.

Claire.

First of all the 25 video of species.

That's where I went to acquire everything from 'twenty therapy.

According to Rs.

Uh huh.

Spending Susan acquisition, 20 video and so you'll see the honest expectation.

Acquisitions.

So have you ever had a very cool.

What we have right now and I think this is trending very much when do you see the you don't know when it launches.

Albert Bourla: When you see the internal launches that we are having from our internal pipeline, we declared $20 billions, there is a gap between what we believe and what the analysts believe and this is where we are focusing our investment right now, is very early with the launches, some of them are doing better than what we thought, some of them are doing worse than what we thought and if we realize that the totality of $20 billions is not anymore what we think will be of course, we will update. But I think what is important is that if you look at our business. Our core business is performing nicely, we continue to make traction we have obviously a lot of launches that we've completed its still several ahead of us we're excited about what <unk> could potentially bring to the company as we think about our focus now in oncology and then importantly, I think we've re baseline if you will the Cobra. Franchise, as we think about utilization in the back half of. This year and cycle into next year, we will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into 'twenty four and beyond so I think look forward to as we began. Into 2024, those expectation you laid those out specifically.

But from our internal pipeline.

We'd be glad to.

There is a god between what we.

Believing what oh beyond those.

And.

This is where we are focusing our investment right now is very directly.

Michael Dolsten: Some of them are doing better than what we thought. Some of them are doing worse than what we thought. And if we realize that the totality of 20 billions is not anymore what we think will be, of course, we will update.

Some of them are doing better than what we thought. Some of them are doing worse than what we thought. And if we realize that the totality of 20 billions is not anymore what we think will be, of course, we will update.

Some of them are doing better than what they sold some of them are doing worse than what we felt and before you realize the targeted 20 billion.

He smoked anymore, what youre, saying of course, we will update.

Albert Bourla: But I think what is important of that is you look at our business, our core business is performing nicely, we continue to make traction, we have obviously a lot of launches that we've completed, it's still several ahead of us, we're excited about what Seagen could potentially bring to the company as we think about our focus now in oncology and then importantly, I think we've re-baselined if you will the COVID Franchise, think about utilization in the back half of. This year and cycle into next year, we will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into 'twenty four and beyond so I think look forward to as we began. Into 2024, those expectation you laid those out specifically.

David M. Denton: But I think what is important of that is you look at our business, our core business is performing nicely, we continue to make traction, we have obviously a lot of launches that we've completed, it's still several ahead of us, we're excited about what Seagen could potentially bring to the company as we think about our focus now in oncology.

Doug Lenkler: But I think what is important to that is we look at our business. Our core business is performing nicely. We continue to make traction. We have, obviously, a lot of launches that we've completed and still several ahead of us. We're excited about what CGIN could potentially bring to the companies we think about our focus now in oncology. And then, importantly, I think we've rebaselined, if you will, the COVID franchise. As we think about utilization in the back half of this year and cycling to next year, we will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into '24 and beyond. So I think look forward to, as we begin going into 2024, those expectations and laying those out specifically.

Chris Schott: But I think what is important to that is we look at our business. Our core business is performing nicely. We continue to make traction. We have, obviously, a lot of launches that we've completed and still several ahead of us. We're excited about what CGIN could potentially bring to the companies we think about our focus now in oncology. And then, importantly, I think we've rebaselined, if you will, the COVID franchise. As we think about utilization in the back half of this year and cycling to next year, we will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into '24 and beyond. So I think look forward to, as we begin going into 2024, those expectations and laying those out specifically.

But I think what is important is that if you look at our business.

Our core business is performing nicely, we continue to make traction we have obviously a lot of launches that we've completed its still several ahead of us we're excited about what <unk> could potentially bring to the company as we think about our focus now in oncology and then importantly, I think we've re baseline if you will the Cobra.

David M. Denton: And then importantly, I think we've re-baselined if you will the COVID Franchise, think about utilization in the back half of this year and cycle into next year, we will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into '24 and beyond, so I think you look forward to, as we began going into 2024, those expectation you laid those out specifically.

Franchise, as we think about utilization in the back half of.

This year and cycle into next year, we will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into 'twenty four and beyond so I think look forward to as we began.

Into 2024, those expectation you laid those out specifically.

Michael Dolsten: Okay. Thank you very much. So I would like just to say that if you walk away from today's call with just one takeaway, it should be that I think Pfizer's future remains bright. We have rebased our COVID expectations, and now I think it's very easy for everyone to be able to model what I think will be stable COVID revenues going forward. And with the recent, particularly with the recent amended Paxlovid supply agreement. And of course, we are having very strong performance of our inline and new products portfolio, excluding COVID. It's 10% growth this quarter. And that positions us to be able to have growing going forward. So I will now bring this call to an end. Thank you for joining us, and have a great rest of your day.

Albert Bourla: Okay. Thank you very much. So I would like just to say that if you walk away from today's call with just one takeaway, it should be that I think Pfizer's future remains bright. We have rebased our COVID expectations, and now I think it's very easy for everyone to be able to model what I think will be stable COVID revenues going forward. And with the recent, particularly with the recent amended Paxlovid supply agreement. And of course, we are having very strong performance of our inline and new products portfolio, excluding COVID. It's 10% growth this quarter. And that positions us to be able to have growing going forward. So I will now bring this call to an end. Thank you for joining us, and have a great rest of your day.

Albert Bourla: Okay, Thank you very much, so I would like just to say that you walk away from today's call with just one takeaway, should be that I think with Pfizer's future remains bright, we have rebased our COVID expectations and now I think it's very easy for everyone to be able to model what I think will be stable, COVID revenues going forward and with the recent, particularly with the recent amended Paxlovid supply agreement. f course, we are having very strong performance. Or. And your progress our portfolio, excluding corporate it's 10% growth this forklift and position us to be able to have. Growing going forward. So I will now bring this call to and then thank you for joining us and have a great rest of your. Good day. Yeah.

Just to say that you walk away from today's call with just one thing away should be like I've seen with Pfizer it sort of makes broad.

Based on our corporate expectations in all I think it's very easy for everyone to be able to model what.

They seem to be stable, a coffee revenues going forward.

And with the recent particularly with the recent amendment exploring some kind of agreement.

Of course, we are having very strong performance.

Albert Bourla: Of course, we are having very strong performance of our key line and new products at our portfolio, excluding COVID at 10% growth this quarter and that positioned us to be able to have growth going forward. So I will now bring this call to an end thank you for joining us and have a great rest of your day.

Or.

And your progress our portfolio, excluding corporate it's 10% growth this forklift and position us to be able to have.

Growing going forward. So I will now bring this call to and then thank you for joining us and have a great rest of your.

Good day.

Yeah.

Operator: Thank you, ladies and gentlemen. This concludes today's Pfizer Third Quarter 2023 earnings conference call. We appreciate your participation, and you may disconnect at any time.

Operator: Thank you ladies and gentlemen, this concludes today's Pfizer's third quarter 2023 earnings conference call, we appreciate your participation and you may disconnect at any time.

We appreciate your participation and you may disconnect at any time.

[music], thanks for using Webex or visit our website at www.

Operator: Thanks for using Webex. Visit our website at www.

Thanks for using Webex. Visit our website at www.

Okay.

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Hum.

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