Q4 2023 Pfizer Inc Earnings Call

January 30, 2024

Operator: Good day everyone, and welcome to Pfizer's 4th Quarter 2023 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Francesca DiMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead ma'am.

Good morning, and welcome to Pfizer's earnings call. I'm Francesca DiMartino, 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 fourth quarter and full year 2023 via a press release that is available on our website at Pfizer.com. I'm joined today by Dr. Albert Bourla, our Chairman and CEO, and Dave Denton, our CFO. Albert and Dave have some prepared remarks, and we will then open the call for questions.

Joining for the Q&A session, we also have Dr. Chris Boshoff, EVP and Chief Oncology Officer, Alexandre Desjardins, EVP and Chief International Commercial Officer, Dr. Mikael Dolsten, Chief Scientific Officer and President of R&D, Doug Lankler, EVP and General Counsel, and Amir Malek, EVP and Chief U.S. Commercial Officer. Before we get started, I want to remind you that we will be making four looking statements and discussing certain non-GAAP financial measures. I encourage you to read the disclaimers in our slide presentation, the press release we issued this morning, and the disclosures in our SEC filings, which are all available on the IR website on Pfizer.com. 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.

Albert Bourla: Thank you, Francesca. Good morning, everyone, and thank you for joining us. I'm pleased to discuss some of the highlights from the fourth quarter and full year 2023 and, of course, the compelling year we have ahead. I would like to begin with a few reflections on 2020. As you know, we missed our initial internal projections and street expectations, predominantly related to our COVID products, which affected our stock price performance. Despite however this challenging year, there were a few great things that happened in 2023 that may have gotten lost amidst the missed expectations.

Albert Bourla: First, in 2023 Pfizer impacted the lives of more than 160 million people approximately around the world. We believe there is no other company that can reach as many people as patients as Pfizer. If you multiply this with our brand equity and awareness, it creates a connection with consumers that can be a very strong asset. Second, despite the declining revenue from our COVID project, As of the reported results of the first nine months of 2023, we were the number one pharmaceutical company in terms of revenues from pharma-only products, a marked improvement from our fourth position in 2010. Next. 2023 was a record year for FDA approvals with nine new molecular entity approvals from Pfizer and many more approvals for new indications in already approved products, marking a very productive year of pipeline execution for Pfizer. Finally, we close the season.

Albert Bourla: In the current regulatory environment, Being able to close such a large acquisition demonstrates our ability to successfully engage with regulatory bodies. Our deliberate and strategic efforts throughout 2023 created a strong foundation to support, We are now focused on maximizing the opportunities that have positioned us for success and our team is driving confidently as we start 2024. From the advent of penicillin to the development of the COVID-19 vaccine, Pfizer has been at the forefront of medical and pharmaceutical breakthroughs for the past 175 years. This year is our 175th anniversary, that have not only changed patients' lives, but have changed history. Our strategy to continue to build on our proud history of innovation and commercial excellence is supported by the power and strength of our unmarked global scale and footprint spanning commercial, financial, medical, regulatory, manufacturing, and government relations.

Albert Bourla: We have a clear view on how we will deliver operational, commercial, and financial success across our board. Our confidence stems from the opportunity we have to bring additional focus to our business by executing five strategic priorities. We will get into each in more detail, but the five key priorities for Pfizer this year are, First of all, to achieve a world-class oncology leadership, to deliver the next wave of pipeline innovation. Maximize the performance of our new product, expand margins by realigning our cost space, Allocate Capital to Enhance Shareholder Market.

Albert Bourla: I'm confident that Pfizer is well positioned to execute, and that we can deliver meaningful value for our patients and ourselves. Let's start with our first priority, which is to achieve a world-class oncology leadership, which I believe we are in a strong position. As a reminder, one in three people will be diagnosed with cancer in their lifetime.

Albert Bourla: Oncology represents one of the largest and fastest growing therapeutic areas. Completing the acquisition of CIDN doubled our oncology research and resources overnight, and meaningfully extended the rich and medical impact of our U.S. commercial and medical footprint with a range of portfolio expansion opportunities boosted by Citizen's broad and deep pipeline. Seasons in Lyme medicine are expected to immediately enhance Pfizer's top-line growth, and our combined portfolio provides the opportunity to lead genitourinary cancers and be a leader in breast cancer and deliver at least eight potential blood vascular products by 2030. We look forward to providing more information about our oncology platform at our Pfizer Oncology Innovation Day on February, As we build our leadership position... We have multiple potential key oncology catalysts in 2024, but we are acutely focused on, On the commercial side, the passive launch in locally advanced metastatic bladder cancer in combination with pembrolizumab and the standing launch in non-metastatic castration-sensitive prostate cancer. We are excited by the strength of our PATCHF EV302 data and recent FDA approval as it represents an opportunity to broaden the reach of this potentially practice-changing, platinum-free regimen to even more patients in the front-line metastatic orophilia cancer study. Thank you.

Albert Bourla: The recent approval doubles the addressable population, which had already doubled this past spring. We are also looking forward to phase three data readouts from the DESCIS-GRAM in second line HR positive metastatic breast cancer and BRAF-COVI in first line BRAF colorectal cancer. We also plan to advance our late stage pipeline with phase 3 starts of CDK4 in post-CDK4-6 metastatic breast cancer and B6a in non-small cell lung cancer. Building on Pfizer's potential medicines, the pipeline across breast cancer, denuclear cancer, hematology and CRC, our CDK4 inhibitor could be a compelling follow on to iBRA. And finally, in the early stage pipeline, we look forward to initiating first inpatient studies of four new ABC candidates this year, where we believe we have acquired the expertise to be a leader. Our second priority is to deliver the next wave of pipeline innovation with discovery and development across our therapeutic areas outside of oncology. In vaccines, anti-infectives, internal medicine, metabolic, and inflammation immunology.

Albert Bourla: In 2024, we plan to continue to make meaningful investments in R&D. Pfizer's R&D budget is one of the highest in the industry, and supports our robust pipeline. We are pursuing cutting-edge science across modalities and platforms to deliver the next generation of potential breakthroughs. We are also leveraging AI and other digital tools across the value chain to increase speed and success. Starting first with our fourth generation.

Albert Bourla: PCV Vaccine Candidate, who has recently entered the clinic and received FDA's fast track designation. Building on our deep heritage with Prevna, we aim to solidify our leadership in the pneumococcal vaccine space by increasing valency and serotype immunogenicity while maintaining our unique FDA label which includes both IPD and pneumococcal pneumonia in adults. Respiratory vaccine combination, are another area where we are poised to Building upon our successful COVID-19, with a first-generation stand-alone mRNA flu vaccine data demonstrated relatively efficacy versus a recommended flu vaccine in 18 to 64-year-olds but did not meet success criteria for immunogenicity for the B strain. Our second generation flu vaccine was tested in a phase 2 COVID flu combination study for 18 to 64 years old and has shown encouraging results in both VA and the beaten strain. This new construct has now moved already into a phase three COVID flu combination trial. Moving next, to ZBP 601, our next generation and potentially best in class. HBS or Immunization Inhibitor, represents a potential stepwise evolution of Oxbride for sickle cell disease.

Albert Bourla: Recent data presented at AHA 2023, demonstrated multiple blood parameters approaching normal ranges with treatment, suggesting the PT601 may have the potential to deliver strong efficacy with the convenience of a once-daily pill. We have reaffirmed our commitment to our emerging cardiometabolic program, with several early clinical development companies. On the other end.., of the Way Management Spectrum, we have Consegrama, our GDF-15 neutralizing antibody for cancer cachexia, with Phase 2 data expected later this year, of Sacrament has the potential to be first in class and the first FDA approved treatment for cancer, cachexia, which accounts for 20-30% of all cancer deaths. Significant. All said for your.., is of course to maximize the performance of our new products and core franchise, through a relentless focus on execution to continue growing our top line. To do this, we are prioritizing and focusing while leveraging data to make changes quickly and adapt.

Call is being recorded.

[music].

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.

Okay.

[music].

Good morning, and welcome to Pfizer's earnings call My 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 advisor Dot com.

Speaker Change: Good day, everyone and welcome to Pfizer's fourth quarter 2023 earnings Conference call.

Yeah.

Earlier. This morning, we released our results for the fourth quarter and full year 2023 via a press release that is available on our website advisor dot com.

Speaker Change: Good day, everyone and welcome to Pfizer's fourth quarter 2023 earnings Conference call.

Speaker Change: Today's call is being recorded.

Speaker Change: At this time I would like to turn the call over to Francesca Demartino, Chief Investor Relations Officer, and senior Vice President.

Speaker Change: Today's call is being recorded.

I'm joined today by Dr. Albert Dula, our chairman and CEO and Dave Denton our CFO.

At this time I would like to turn the call over to Francesca Demartino, Chief Investor Relations Officer, and senior Vice President.

Francesca Demartino: Go ahead, Matt.

And Dave have some prepared remarks, and we will then open the call for questions.

Matt: Good morning, and welcome to Pfizer's earnings call My 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 advisor Dot com.

Francesca Demartino: Please go ahead ma'am.

Joining for the Q&A session. We also have Dr. Chris Bosh off EVP and Chief Oncology Officer, All exam does your May EVP and Chief International Commercial Officer, Dr. Michael Dosed, and Chief Scientific Officer, and President of R&D, Doug Link learn EVP and general counsel and a mere Malik EVP and chief.

Yeah.

Francesca Demartino: Good morning, and welcome to Pfizer's earnings call My 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.

Speaker Change: Earlier. This morning, we released our results for the fourth quarter and full year 2023 via a press release that is available on our website advisor dot com.

Francesca Demartino: Earlier. This morning, we released our results for the fourth quarter and full year 2023 via a press release that is available on our website at Pfizer Dot com.

Speaker Change: I'm joined today by Dr. Albert Dula, our chairman and CEO and Dave Denton our CFO.

U S commercial officer.

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

Speaker Change: Albert and Dave have some prepared remarks, and we will then open the call for questions.

I'm joined today by Dr. Albert boiler, our chairman and CEO and Dave Johnson, our CFO.

Speaker Change: Joining for the Q&A session. We also have Dr. Chris Bosh off EVP and Chief Oncology Officer, Alexander as your May EVP, and Chief International Commercial Officer, Dr. Michael <unk>, Chief Scientific Officer, and President of R&D, Doug linked <unk>, EVP, and general counsel and a mere Malik EVP and chief.

Albert and Dave have been prepared remarks, and we will then open the call for questions.

Speaker Change: Joining for the Q&A session. We also have Dr. Chris Bosh off EVP, and Chief Oncology Officer, Alexander as your mate EVP and Chief International Commercial Officer, Dr. Michael Dalton, Chief Scientific Officer, and President of R&D, Doug linked alert EVP and general counsel and a mere Malik EVP and chief.

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 good morning to everyone and thank you for joining us I'm pleased to discuss some of the highlights from the fourth quarter.

<unk> U S commercial officer.

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

U S commercial officer before we get started I want to remind you that we will be making forward looking statements and discuss discussing certain non-GAAP financial measures.

Full year revenue was RMB three and of course, the compelling here we've heard of it.

I'd like to begin with a few reflections for on premise registry.

Heard you to read the disclaimers in our slide presentation. The press releases, we issued this morning and the disclosures in our SEC filings, which are all available on the IR website on Pfizer.

Speaker Change: 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 good morning to everyone and thank you for joining us I'm pleased to discuss some of the highlights from the fourth quarter.

As you know we missed our initial internal projections and street expectations predominantly related to our coffee products, which affected our stock price performance.

Despite his however, these challenges a year there were a few great things our company blended 23 Bucks makeup of glaucoma lost I mean to me.

The expectation.

Speaker Change: With that I will turn the call over to Albert. Thank you Francesca good morning, everyone and thank you for joining us I'm pleased to discuss some of the highlights from the fourth quarter and full year 2023 and of course the compelling here.

First we blended 23 fires that impacted the lives of more than 160 20 million people approximately around the world.

Full year of 2023 and of course, the compelling here we've heard of it.

Albert Dula: We'd like to begin with a few reflections on 2023.

We believe there is no other company that can reach as many people as patients as Pfizer.

Albert Dula: As you know we missed our initial internal projections and street expectations predominantly relates to our coffee products, which affected our stock price performance.

Albert: I would like to begin with the SKU selection.

You multiply this with our brand equity and.

It creates a connection with consumers that can be a very strong positive for us.

Albert: The 23.

Albert: As you know we missed our release the already signed up protection and street expectations predominantly relates to our coffee products, which affected our stock price performance.

Despite the decline in revenue from our corporate progress.

Albert Dula: Despite this however, this challenging year, but we are a few great things as a company in 2023 Bucks makeup a girlfriend a loss I mean, the missed expectation.

The reported results over the first nine months of 2023, we were the number one pharmaceutical company in terms of revenues from Fatima <unk> products, a marked improvement from our fourth position in 2019.

Speaker Change: However, these talented whereas <unk> great things are happening in 'twenty to 'twenty, three but make them go up in the last I mean, the missed expectation.

Albert Dula: First Randy twenty-three Pfizer impacted the lives of more than 160 20 million people approximately around the world.

Speaker Change: Randy twenty-three Pfizer impacted the lives of more than 160 20 million people approximately are all doing well.

Albert Dula: We believe there is no other company that can reach as many people as patients as Pfizer if you multiply this with our brand equity and awareness.

Next 12 to 23 was a record year for FDA approvals with nine new molecular entity improve us from Pfizer and many more approvals for new indications and already approved programs, marking a very productive year of pipeline execution of our price.

Speaker Change: We believe there is no other company that can reach as many people as patients with Pfizer. If you multiply this with our brand equity and it works. It creates a connection with consumers that can be a very strong asset for us second.

Albert Dula: It creates a connection with consumers that can be a very strong positive for us.

Albert Dula: Despite the decline in revenue from our corporate progress.

Finally, we closed the Seaton acquisition.

Albert Dula: The reported results over the first nine months of 2023, we were the number one pharmaceutical company in terms of revenues from Fatima <unk> products, a marked improvement from our fourth position in 2019.

Speaker Change: Second despite the decline in revenue from our coffee programs.

In the current regulatory environment.

Speaker Change: Oh the reported results for the first nine months from 'twenty to 'twenty. Three we were the number one pharmaceutical company in terms of revenues from Fatima only product.

Able to close such a large acquisition demonstrates our ability to successfully engage with our regulatory bodies.

Albert Dula: Next 12 to 23 was a record year for FDA approvals with nine new molecular entity improve us from Pfizer and many more approvals for new indications in already approved programs, marking a very productive year of pipeline execution of our pricing.

Our deliberate and strategic efforts throughout 2023 created a strong foundation to support us.

Speaker Change: Marked improvement from our fourth position in 2019.

Speaker Change: Next.

Speaker Change: We have 23 was a record year for FDA approvals with nine new molecular entities improve us from Pfizer and many more approvals for new indications in already approved programs, marking a very productive year of pipeline execution.

We are now focused on maximizing the opportunities that have positioned us for success and our team is driving comfortably as we start to Wendy to end before.

Finally, we closed the Seaton acquisition.

From the advent of initiatives with the development of the COVID-19 vaccine Pfizer has been at the forefront of medical and pharmaceutical breakthroughs for the past 175 years. This year is our 176 anniversary.

Albert Dula: In the current regulatory environment.

Able to close such a large acquisition demonstrates our ability to successfully engage with regulatory bugs.

Speaker Change: Finally, we closed the season.

In the current regulatory environment.

Speaker Change: Able to close such a large acquisition demonstrates our ability to successfully engage with regulatory bodies.

Our deliberate and strategic efforts throughout 2023 created a strong foundation to support us.

But because I'm not the only change patients' lives, but could change.

Speaker Change: Our deliberate and strategic efforts throughout 2023 created a strong foundation to support US we are in.

Albert Dula: We are now focused on maximizing the opportunities that have positioned us for success and our team is driving confidently as we start to Wendy to end before.

Our strategy to continue to build on our proud history of innovation and commercial excellence is supported by the power of the strength of our unmatched global scale and footprint spanning commercial financial medical regulatory manufacturing and government relations.

Speaker Change: Now focus on.

Speaker Change: Maximizing the opportunities that have positioned us for success and our team is driving coincidentally as we start to earn.

From the advance the initiatives with the development of the COVID-19 vaccine Pfizer has been at the forefront of medical and pharmaceutical breakthroughs for the past 175 years.

Speaker Change: He ran before.

Speaker Change: From the advent of initiatives with the development of the COVID-19 vaccine Pfizer has been at the forefront of medical and pharmaceutical breakthroughs for the past 175 years.

We have a clear view on how we will deliver the rest of them commercial and financial success across our business.

Albert Dula: Yeah. It is a honda fit 75th anniversary.

Our confidence stems from the opportunity we have to bring additional focus to our business by executing five strategic priorities.

But not only with sainsbury since lives, but could change.

Speaker Change: Yeah. He saw a Honda 70 seats on the bus.

Albert Dula: Our strategy to continue to build on our proud history of innovation and commercial excellence is supported by the power the strength of our unmatched global scale and footprint spanning commercial financing medical regulatory manufacturing and government relations.

But not all of these things based on swipes, but because St.

We will get into each in more detail, but the five key priorities for Pfizer. This year's this year at <unk>.

Speaker Change: Our strategy to continue to build on our problems you've started up innovation and commercial excellence is supported by the power the strength of our unmatched global scale and footprint spanning combustion financial medical regulatory and manufacturing and government related.

First of all to achieve a world class oncology leaders.

To deliver the next wave of pipeline innovation.

We have a clear view on how we will deliver the rest of the commercial and financial success across our business.

To maximize the performance of our new products.

Speaker Change: We have a clear view on how we will deliver the rest of the commercial and financial success across our business.

Expand margins, but realigning our cost base.

Albert Dula: Our confidence stems from the opportunity we have to bring additional focus to our business by executing five strategic priorities we.

Allocate capital to enhance shareholder value.

Speaker Change: Our confidence stems from the opportunity we have to bring additional focus to our business by executing five strategic priorities.

I am confident that Pfizer is well positioned to execute.

Albert Dula: We will get into each in more detail, but the five key priorities for Pfizer was years, because you're up first.

And that we can deliver meaningful value for our patients and our shareholders.

Speaker Change: We will get into each in more detail, but the five key priorities for Pfizer. This year's this year.

First of all to achieve a world class oncology leaders.

Let's start with our first priority, which is to achieve a world class from college degree, which I believe we are in a strong position to do that.

Albert Dula: To deliver the next wave of pipeline innovation.

First of all to achieve a world class oncology leaders.

Albert Dula: To maximize the performance of our new products.

As a reminder, one in three people will be diagnosed with cancer in their lifetime on.

To deliver the next wave of pipeline in the basin.

Expand margins, but realigning our cost base.

Ecology represents one of the largest and fastest growing therapeutic areas.

Speaker Change: To maximize the performance of our new products.

Albert Dula: Allocate capital to enhance shareholder Buck.

Expand margins, but realigning our cost base.

Completing the acquisition of a season doubled our oncology research and resources overnight.

Albert Dula: I am confident that Pfizer is well positioned to execute.

Speaker Change: Allocate capital to enhance shareholder Buck.

And meaningfully expanded that recent medical impact of our U S commercial and medical footprint with a range of portfolio expansion opportunities is boosted by seasons broad and deep pipeline.

And that we can deliver meaningful value for our patients and our shareholders.

Speaker Change: I am confident that Pfizer is well positioned to execute.

Let's start with our first priority, which is to achieve a world class from college degree this year, which I believe we are in a strong position to do it.

Speaker Change: And we can deliver meaningful value for our patients and our shareholders.

Speaker Change: Let's start with our first priority, which is let's see if it weren't classroom callers leadership, which I believe we are in a strong position.

[noise] seasons in line medicines are expected to immediately enhance pfizer's top line growth and our combined portfolio provides the opportunity to lead the uterine cancers and be a leader in breast cancer and deliver at least a potential blockbuster product by 27.

Albert Dula: As a reminder, one in three people will be diagnosed with cancer in their lifetime.

Albert Dula: <unk> represents one of the largest and fastest growing therapeutic areas.

Speaker Change: As a reminder, one in three people will be diagnosed with cancer in their lifetime.

Completing the acquisition of a season doubled our oncology research and resources overnight.

Speaker Change: Ecology represents one of the largest and fastest growing therapeutic areas.

Albert Dula: And meaningfully expanded the recent medical impact of our U S commercial and medical footprint with a range of portfolio expansion opportunities is boosted by seasons broad and deep pipeline.

Speaker Change: Completing the acquisition of Seaton and doubled our oncology research and resources overnight.

We look forward to providing more information about our oncology platform.

And meaningfully expanded.

Our Pfizer oncology innovation day on February 29.

Speaker Change: Recent medical impact of our U S commercial and medical footprint with a range of portfolio expansion opportunities boosted by seasons.

As we build our leadership position.

Albert Dula: [noise] seasons in line medicines are expected to immediately enhance pfizer's top line growth and our combined portfolio provides the opportunity to lead the uterine cancers and be a leader in breast cancer and deliver at least a potential blockbuster product by 'twenty start.

We have multiple potential key oncology catalysts in 2024.

Speaker Change: And deep pipeline.

But we are acutely focused on.

Speaker Change: [noise] seasons in line, maybe it is unexpected to immediately enhance pfizer's top line growth and our combined portfolio provides the opportunity to lead <unk> cancers and be a leader in breast cancer and deliver at least a potential blockbuster.

On the commercial side, the positive loans in locally advanced or metastatic bladder cancer in combination with <unk> and perimeter elysium up and expand the launch in non metastatic castration sensitive prostate cancer.

Albert Dula: We look forward to providing more information about our oncology platform.

Speaker Change: Blockbuster products by 'twenty start.

We are excited by the strength of our parts of EV 302 data and the recent FDA approval as it represents an opportunity to broaden their reach of this potentially practice changing clotting and three regimen to even more patients in the frontline with Asahi Cougar affiliate cancer segment.

Albert Dula: Pfizer oncology innovation day on February 29.

Speaker Change: We look forward to providing you more information about our oncology platform.

As we build our leadership position.

Speaker Change: Our Pfizer oncology innovation day on February 19.

We have multiple potential key oncology catalysts in 2024.

Speaker Change: As we build our leadership position we have.

But we are acutely focused on.

Boswell potential key oncology catalysts in 2024.

Albert Dula: On the commercial side the parts of balloons in locally advanced or metastatic bladder cancer in combination with <unk> and perimeter of leasing them up and expand the launch in non metastatic castration sensitive prostate cancer.

Speaker Change: We are acutely focused on.

Essentially.

The recent approval doubles, the addressable population, which had already doubled this stream.

Speaker Change: On the commercial side the positive relaunch in locally advanced metastatic bladder cancer in combination with <unk>.

We are also looking forward to phase III data readouts from the desk is in second line HR positive metastatic breast cancer.

We are excited by the strength of our parts of EV 302 data and the recent FDA approval as it represents an opportunity to broaden the reach of this potentially practice changing clotting and three regimen to even more patients in the frontline with Asahi Cougar affiliate cancer segment.

Speaker Change: A number of leasing them up.

Speaker Change: The expanded launch in non metastatic castration sensitive prostate tests.

We are excited by the strength of our positive EV 302 data and the recent FDA approval as it represents an opportunity to broaden their reach of this potentially practice changing clocking in free regimen, so even more patients in the frontline metastatic <unk> cancer.

And brushed Ov in first line breast colorectal cancer.

We also plan to advance our late stage pipeline with phase III starts of syndicate for impulse CDK four six metastatic breast cancer.

Albert Dula: Essentially.

Albert Dula: The recent approval doubles, the addressable population, which had already doubled this stream.

And B six eight in non small cell lung cups.

Speaker Change: Essentially.

Speaker Change: The recent approval doubles, the addressable population, which had already doubled this street.

Albert Dula: We are also looking forward to phase III data readouts from but this just dropped in second line HR positive metastatic breast cancer.

Building on Pfizer.

Okay.

As soon as the pipeline of course breast concept, the new three concept and mythology, and CRC or CDK <unk> inhibitor could be a compelling follow ons to hybrids.

Speaker Change: We are also looking for work with phase III data Readouts from this gets at that in second line <unk> positive metastatic breast cancer and breast Dolby in first line breast colorectal cancer.

And brushed Ov in first line breast colorectal cancer.

Finally in the early stage pipeline, we look forward to initiating first in patient studies.

Albert Dula: We also plan to advance our late stage pipeline with phase III starts of syndicate for impulse CDK four six metastatic breast cancer.

We also plan to advance our late stage pipeline with phase III starts of syndicate for impulse CDK four seats in metastatic breast cancer.

For new ADC candidates this year, where we believe we have acquired the expertise to be a leader.

And B six eight in non small cell lung cancer.

Albert Dula: Building on Pfizer.

Our second priority is to deliver the next wave of pipeline innovation with discovery and development across our therapeutic areas outside of our guidance.

Speaker Change: And B six eight in non small cell lung cups.

Speaker Change: You bet.

Speaker Change: As soon as the pipeline of course breast constants in uterine cancer, and mythology, and CRC or CDK <unk> inhibitor could be a compelling follow on two hybrids.

Building on Pfizer.

Speaker Change: Yep.

In vaccines auditing segments, internal medicine, metabolic diseases and inflammation immunology.

Speaker Change: The pipeline of course breast constants in Utah.

Speaker Change: And my colleagues in CFC, our CDK <unk> inhibitor could be a compelling follow on two items.

Speaker Change: Finally in the early stage pipeline, we look forward to initiating first in patient studies.

In 2024, we plan to continue to make meaningful investments in R&D and.

Speaker Change: And finally in.

For new ADC candidates this year, where we believe we have acquired the expertise to be a leader.

Speaker Change: In the early stage pipeline, we look forward to initiating first in patient studies.

In fast Pfizer's R&D budget is one of the highest in the English and supports our robust pipeline.

Speaker Change: <unk> <unk> agency candidates this year, where do we believe we have acquired the expertise to be a leader.

We are pursuing cutting edge science across modalities and platforms deliver the next generation of potential breakthroughs.

Speaker Change: Our second priority is to deliver the next wave of pipeline innovation with discovery and development across our therapeutic areas outside of oncology and vaccines auditing check internal medicine, but the bowling diseases and inflammation immunology.

Speaker Change: Our second priority delivering the next wave of pipeline innovation with discovery and development across all therapeutic areas outside of Hong Kong in.

We are also leveraging AI and other digital tools across the value chain to increase speed and success rates.

Speaker Change: In vaccines.

In 2024, we plan to continue to make meaningful investments in R&D and.

Starting first with our fourth generation.

Second internal medicine, metabolic diseases and inflammation immunology.

P C V vaccine candidate.

Speaker Change: In fast Pfizer's R&D budget is one of the highest in the English and supports our robust pipeline.

Speaker Change: In 'twenty to 'twenty four we plan to continue to make meaningful investments in R&D.

<unk> recently entered the clinic and receive FDA fast track designation.

Speaker Change: Fast Pfizer's R&D budget is one of the highest in dangerous and supports our robust pipeline.

Speaker Change: We are pursuing cutting edge science across modalities and platforms deliver the next generation of potential breakthrough.

Building on our deep heritage with prevalent we aim to solidify our leadership in the pneumococcal vaccine space by increasing balancing serotypes immunogenicity, while maintaining our unique FDA label, which includes both IBD and pneumococcal pneumonia in adults.

Speaker Change: We are pursuing cutting edge science across modalities and platforms deliver the next generation of potential breakthroughs.

Speaker Change: We are also leveraging AI and other digital tools across the value chain to increase speed and success rates.

Speaker Change: Starting first with our fourth generation.

Respiratory vaccine combinations.

Speaker Change: P C V vaccine Congress.

Another area, where we are poised to lead.

Speaker Change: We recently entered the clinic and receive FDA fast track designation.

Starting first with our fourth generation.

Building upon our successful Covid vaccine.

PCV vaccine candidate.

With the first generation Standalone mrna flu vaccine data.

Speaker Change: Building on our deep heritage with prevalent we aim to solidify our leadership in the pneumococcal vaccine space by increasing balance sheet and serotype immunogenicity, while maintaining our unique.

Speaker Change: We recently entered the clinic and receive FDA fast track designation.

Great.

A relatively efficacy vessels set of commended flu vaccine in 18 to 64 year olds, but did not meet success criteria for immunogenicity for the briefs threats.

Speaker Change: <unk> FDA label, which includes both IPD and pneumococcal pneumonia in adults.

Our second generation flu vaccine, what's especially in a phase II Kobe Farooq combination study for 18 to 64 years old and has shown encouraging results in both VA and strengths.

Respiratory vaccine combinations are another area, where we are poised to lead.

Yeah.

Speaker Change: Building upon our successful Covid vaccine.

Speaker Change: Respiratory vaccine combinations.

Speaker Change: With a first generation standalone mrna flu vaccine data than.

Speaker Change: Another area, where we are poised to lead.

This new construct because now moved already into a phase III COVID-19 flu combination product.

Speaker Change: Building upon our successful coffee proxy with.

Speaker Change: Demonstrate relative.

Speaker Change: Relatively efficacy vessels they recommended flu vaccine in 18 to 64 year olds, but did not meet success criteria for immunogenicity for the briefs threats.

With the first generation Standalone mrna flu vaccine data.

Moving next to GBP six Oh Wow.

Speaker Change: Demonstrate relative.

Speaker Change: Relatively efficacy vessels set a call mandate flu vaccine 18 to 64 year olds.

Our next generation and potentially best in class a.

H B S wholly mineralization inhibitor represents a potential step wise evolution over bright for sickle cell disease.

Our second generation flu vaccine, what's especially in a phase II Kobe Farooq combination study for 18 to 64 years old and saw encouraging results in both VA and strengths.

Speaker Change: Do you look me success criteria for even go to Dennis for the weeks threats. Our second generation flu vaccine was especially in a phase II Kobe predict combination study for 18 to 64 years old and saw encouraging results in both VA and strengths.

Recent data presented a H H 'twenty to 'twenty three.

Speaker Change: This new construct because now moved already into a phase III coffee flu combination product.

Demonstrated multiple blood parameters approaching normal ranges with treatment, suggesting GPT 601 may have the potential to deliver a strong efficacy with a convenience of a once daily pill.

Speaker Change: This new construct because now moved already into a phase III coffee, Peru combinations right.

Speaker Change: Moving next to GBP six Oh Wow.

Speaker Change: Our next generation and potentially best in class a.

Speaker Change: Moving next to GBP six Oh, what are they.

Speaker Change: H B S poorly mineralization inhibitor.

We have reaffirmed our commitment to our emerging cardio metabolic programs with several early clinical development compounds.

Speaker Change: Generation and potentially best in class.

Speaker Change: Ah represents a potential step wise appaloosa over bright for sickle cell disease.

H B S wholly meet.

Speaker Change: Jason can you hear me, though.

Speaker Change: Represents a potential.

Speaker Change: Recent data presented a a H 'twenty to 'twenty three.

On the other hand.

Speaker Change: Weis appaloosa over bright for sickle cell disease.

The way of monitoring the spectrum, we have on serum or did the F 15, neutralizing antibody for concert cachexia with phase II data expected later this year.

Speaker Change: Demonstrated multiple blood parameters approaching normal ranges with treatment, suggesting deputy 601 may favor the potential to deliver a strong efficacy with a convenience of a once daily pill.

Speaker Change: Recent data presented a H H 'twenty to 'twenty three.

Demonstrated multiple blood parameters approaching normal ranges with treatment, suggesting GPT six Oh I may have the potential to deliver a strong efficacy with a convenience of a once daily pill.

On segment has the potential to be first in class and the first FDA approved treatment for cancer for cancer, Cachexia, which accounts for 20, 30% of all cancer deaths significant southeast.

Speaker Change: We have reaffirmed our commitment to our emerging cardio metabolic programs with several early clinical development compounds.

On the other end.

Our third priority is.

Speaker Change: The way Manav in our spectrum, we have configure them up or did the F 15, neutralizing antibody before concert cachexia with phase II data expected later this year.

Of course to maximize the performance of our new products and core franchises through a relentless focus on execution to continue growing our top line.

On the other hand.

Speaker Change: The way models in respect to we have on serum or <unk> neutralizing antibody for constant kicks, yet with phase II data expected later this year.

So the way to do this we are prioritizing and focusing while leveraging data to make changes quickly and adapt.

Speaker Change: When Sigma has the potential to be first in class and the first FDA approved treatment for Cancun for cancer, Cachexia, which accounts for 27% of all cancer deaths significant southeast.

Speaker Change: Well the <unk> has the potential to be first in class and the first FDA approved treatment for cancer.

Our Pfizer U S commercial and our Pfizer International commercial organizations will leverage and more focused efficient structure to drive execution excellence in their respective markets.

Speaker Change: Cancer, Cachexia, which accounts for 27% of all cancer deaths.

Our third priority is.

Speaker Change: Of course to maximize the performance of our new products and core franchise through a relentless focus on execution to continue growing our top line.

And expand reach drive growth over the next several years.

<unk> studies.

Speaker Change: I'll set of priorities.

So to discuss a few examples.

Speaker Change: Of course to maximize the performance of our new products and core franchises through relentless focus on execution to continue growing our top line.

We continue to be very enthusiastic about the potential up north to help the more than 1 billion people living with migraine slow right.

Speaker Change: So the way to do this we are prioritizing and focusing while leveraging data to make changes quickly and abdominal.

Speaker Change: So did we do this we are prioritizing and focusing while leveraging data to make changes quickly and adapt.

Speaker Change: Our Pfizer U S commercial and our Pfizer international commercial organizations.

S axis and prescriptions in the U S and globally continues to increase.

We will continue to focus on direct to consumer marketing and reducing barriers to access and affordability for health care practitioners and pace.

Speaker Change: Our Pfizer U S commerce, and Pfizer International commercial organizations.

Speaker Change: Leverage and more focused efficient structure to drive execution excellence in their respective markets.

Speaker Change: Leverage and more focused efficient structure to drive execution excellence in their respective markets and expand rights to drive growth over the next several years.

Speaker Change: And expand rates drive growth over the next several years.

With oak surprising.

We will continue to educate healthcare practitioners and patients on the importance of proactively treating the underlying cause of sickle cell disease by reframing treatment goals to chronic proactive three.

Speaker Change: So to discuss a few examples.

Speaker Change: We continue to be very enthusiastic about the potential up north to help the more than 1 billion people living with migraine slow right.

We discuss a few examples.

Speaker Change: We continue to be very enthusiastic about the potential up north to help the more than 1 billion people living with migraine slow right.

With a bridge.

Speaker Change: S axis and prescriptions in the U S and globally continues to increase.

We are focused on increasing overall RSV market grow and markets everybody, establishing Odyssey vaccination is a year round discussion and expanding our retail constructing and offerings.

Speaker Change: We will continue to focus on direct to consumer marketing and reducing barriers to access and affordability for health care practitioners and pace.

Speaker Change: As access and prescriptions in the U S and globally.

Speaker Change: To increase we will continue to focus on direct to consumer marketing and reducing barriers to access and affordability for health care practitioners and pace.

With like surprising.

With <unk> we.

Speaker Change: We will continue to educate healthcare practitioners and patients on the importance of proactively treating the underlying cause of sickle cell disease by reframing treatment goals to chronic proactive III.

We're focused on educating healthcare practitioners in both academic institutions and in the community awareness building a new patient trials.

Speaker Change: With oak surprising.

Speaker Change: We will continue to educate healthcare practitioners and patients.

Speaker Change: Partners are proactively treating the underlying cause of sickle cell disease by reframing treatment goals to chronic proactive III.

Coming off the initial launch of velocity.

Speaker Change: With our bodies.

We are focused on helping in soup patient in excess to the CBD as a first line advanced therapy oral ops.

Speaker Change: We are focused on increasing overall RSV market growth and market. So everybody is operating thing honestly vaccination is a year round discussion and expanding our retail constructing and offerings.

With a breeze.

We are focused on increasing overall RSV market growth and market. So everybody is doubling seem odd as remoxy, Nathan as a year round discussion and expanding our retail constructing and offerings.

With the Lyft Hulu, we continue to accelerate their consideration of advanced systemic treatments for appropriate alopecia route the patients and further unlock access to liquidity.

Speaker Change: With <unk>, we are focused on educating healthcare practitioners in both academic institutions and in the community awareness building a new patient trials.

In addition of course, we'll continue to protecting drove our confront sizes and keep blockbusters, including premier or winter Kurland Leds, while exploring further opportunities to advance a number of innovative combination regiments.

Speaker Change: With <unk>, we are focused on educating healthcare practitioners in both academic institutions and community awareness is building a new patient trials.

Speaker Change: Coming off the initial launch of the occipital.

Speaker Change: We are focused on helping in soup patient access to those typically at first line advanced therapy oral ops.

Speaker Change: Coming off the initial launch of <unk>.

We believe we are well positioned to bring our global commercial manufacturing and supply capabilities to accelerate current and future marketed products.

Speaker Change: We are focused on helping in soup patient access to those typically at first line advanced therapy or <unk>.

Speaker Change: With <unk>, we continue to accelerate their consideration of advanced systemic treatments for appropriate alopecia or other patients and further unlock access to liquidity.

Speaker Change: With <unk>, we continue to accelerate their consideration of advanced systemic treatments for appropriate alopecia route the patients and further unlock access to it.

We believe all of these components support our growth potential through 2024.

Speaker Change: In addition of course, we'll continue to protect and grow our contract sizes, and keep blockbusters, including pregnant or vintage Portland, Leds, while exploring further opportunities to advance a number of innovative combination regimens.

And drive growth potential into 2025.

We plan to provide updates throughout.

Speaker Change: In addition of course, we'll continue to protecting drove our contract sizes and keep blockbusters, including <unk> vintage Portland, Leds, while exploring further opportunities to advance a number of innovative combination regimens.

Throughout the year on how we are advancing these strategic priorities and with that I will turn the call over to Dave who will discuss our financial performance our initiative to realign our cost base and our capital allocation strategy to enhance shareholder value.

Speaker Change: We believe we are well positioned to bring our global commercial manufacturing and supply capabilities to accelerate current and future marketed products.

Thank you Albert and good morning to everyone. As we enter 2024, we're clearly focused on a small number of critical priorities. These priorities include building a world class oncology organization ensure.

We believe all of these components support our growth potential through 2024 and drive growth potential into 2025.

We believe all of these components support our growth potential through 2024.

Speaker Change: We plan to provide updates.

Speaker Change: Throughout the year on how we are advancing these strategic priorities and with that I will turn the call over to Dave who will discuss our financial performance our initiative to realign our cost base and our capital allocation strategy to enhance shareholder value.

Ensuring the next wave of pipeline innovations.

And drive growth potential into 2025.

<unk>, our new product portfolio performance with a more efficient commercial structure.

We plan to provide updates throughout the year on how we are advancing these strategic priorities and with that I'll turn the call over to Dave who will discuss our financial performance.

And finally, right sizing our cost base.

With that said I'll start this morning, with our full year and our fourth quarter results, then I'll touch upon our capital allocation priorities.

Dave: Initiative to realign our cost base and our capital allocation strategy to enhance shareholder value.

Dave Denton: Thank you Albert and good morning to everyone. As we enter 2024, we're clearly focused on a small number of critical priorities. These priorities include building a world class oncology organization ensure.

I'll finish this morning with a few comments on our 2020 for guidance in the near term expectations that set this year as a foundational year to drive our growth potential in the latter half of the decade.

Dave: Yeah.

Dave: Thank you Albert and good morning to everyone. As we enter 2024, we're clearly focused on a small number are critical priorities. These priorities include building a world class oncology organization.

Dave Denton: Ensuring the next wave of pipeline innovations.

For the full year 2023, we recorded revenues of $58 5 billion achieving.

Dave Denton: Maximizing our new product portfolio performance with a more efficient commercial structure.

Dave: Ensuring the next wave of pipeline innovations.

Achieving 7% operational growth solidly in line with our expectations when excluding contributions from both commodity impacts logo.

Dave Denton: And finally, right sizing our cost base.

Maximizing our new product portfolio performance with a more efficient commercial structure.

With that said I'll start this morning, with our full year and our fourth quarter results, then I'll touch upon our capital allocation priorities I'll finish. This morning with a few comments on our 2020 for guidance in the near term expectations that set this year as a foundational year to drive our growth potential in the latter half of the decade.

Dave: And finally, right sizing our cost base.

The significant sales decline in our COVID-19 products, including the $3 $5 billion revenue reversal for <unk> were the primary driver of an overall, 41% operational decrease year over year.

With that said I'll start this morning, with our full year and our fourth quarter results, then I'll touch upon our capital allocation priorities.

Dave Denton: For the full year 2023, we recorded revenues of $58 5 billion, achieving 7% operational growth solidly in line with our expectations when excluding contributions from both commodity impacts Logan.

And with the expectation that CGM will be substantial growth contributor in 2024 and beyond our full year and fourth quarter results include approximately $120 million in season product revenue. After the close of the acquisition on December 14th.

Dave: For the full year 2023, we recorded revenues of $58 5 billion, achieving 7% operational growth solidly in line with our expectations when excluding contributions from both commodity impacts Logan.

Dave Denton: The significant sales decline in our COVID-19 products, including the $3 $5 billion revenue reversal for <unk> were the primary driver of an overall, 41% operational decrease year over year.

On the bottom line, we reported full year 2023 diluted EPS of <unk> 37 cents, a share a 93% year over year decline and adjusted diluted earnings per share of $1 84.

Dave: A significant sales decline in our COVID-19 products, including the $3 $5 billion revenue reversal for tax low that were the primary driver of an overall, 41% operational decrease year over year.

Dave Denton: And with the expectation that CGM will be substantial growth contributor in 2024 and beyond our full year and fourth quarter results include approximately $120 million in season product revenue. After the close of the acquisition on December 14th.

Down 72% versus Earl y.

Dave: And with the expectation that CGM will be substantial growth contributor in 2024 and beyond our full year and fourth quarter results include approximately $120 million.

This decline is primarily due to a significant decrease in sales for both commodity impacts looping the.

The impact of the $3 $5 billion reversal for Pac smooth revenues in the fourth quarter related to an expected return of an estimated $6 5 million unused EUA label treatment courses from the U S government.

Dave Denton: On the bottom line, we reported full year 2023 diluted EPS of <unk> 37 cents, a share a 93% year over year decline and adjusted diluted earnings per share of $1.84 down 72% versus Earl y.

Dave: <unk> product revenue after the close of the acquisition on December 14th.

Dave: On the bottom line, we reported full year 2023 diluted EPS of <unk> 37 cents, a share a 93% year over year decline and adjusted diluted earnings per share of $1.84 down 72% versus Earl y.

And finally, a noncash inventory write off and other charges of $5 6 billion recorded in the third quarter for Pac slowly and to a lesser extent commodity.

Dave Denton: This decline is primarily due to a significant decrease in sales for both commodity impacts loop at the.

Now turning to the quarter I'd like to highlight that we delivered a solid 8% year over year operational revenue growth.

Dave Denton: The impact of the three and a half billion dollar reversal for <unk> revenues in the fourth quarter related to an expected return of an estimated six and a half million unused EUA label treatment courses from the U S government.

Dave: This decline is primarily due to a significant decrease in sales for both commodity impacts looming.

Again, excluding commodity impacts a little bit.

Dave: The impact of the $3 $5 billion reversal for <unk> revenues in the fourth quarter.

Contributing to this strong performance were our newly approved RSV vaccine as well as <unk> and Alagoas, partly offset by lower revenues from <unk> and the prep nor family.

Dave: <unk> to an expected return of an estimated $6 5 million unused EUA label treatment courses from the U S government.

Dave Denton: And finally, a noncash inventory write off and other charges of $5 6 billion recorded in the third quarter for <unk> and to a lesser extent commodity.

However, our Q4 results both top and bottom line.

Dave: And finally, a noncash inventory write off and other charges of $5 6 billion recorded in the third quarter for Pac slowly and to a lesser extent commodity.

Continued to be significantly and negatively impacted by our COVID-19 products on a year on year basis.

Dave Denton: Now turning to the quarter I'd like to highlight that we delivered a solid 8% year over year operational revenue growth.

Revenues declined 42% operationally the results of a significant decrease in both commodity and <unk> sales.

Dave: Now turning to the quarter I'd like to highlight that we delivered a solid 8% year over year operational revenue growth again, excluding commodity impacts a little bit.

Again, excluding commodity impacts a little bit.

Contributing to this strong performance were our newly approved RSV vaccine as well as then to kill in Alagoas, partly offset by lower revenues from <unk> and the prep nor family.

Adjusted cost of sales as a percentage of revenues increased by 12 percentage points, driven primarily by the $3 5 billion noncash tax little bit revenue reversal and to a much lesser and lesser extent unfavorable changes in sales mix.

Dave: Contributing to the strong performance, where our newly approved RSV vaccine as well as then to kill and Alex was partly offset by lower revenues from <unk> and the prep and our family.

Dave Denton: However, our Q4 results both top and bottom line.

Dave Denton: Continued to be significantly and negatively impacted by our COVID-19 products on a year on year basis.

Overall, our adjusted operating expenses declined 10% compared to Q4 of last year.

Dave: However, our Q4 results both top and bottom line.

Dave Denton: Revenues declined 42% operationally the results the significant decrease in both commodity impacts <unk> sales.

Dave: You need to be significantly negatively impacted by our COVID-19 products on a year on year basis.

Adjusted <unk> expenses increased 1% operationally in the quarter, primarily driven by the timing of marketing and promotional activities, including those related to recently launched and acquired products.

Dave: Revenues declined 42% operationally the results the significant decrease in both commodity impacts slow with sales.

Dave Denton: Adjusted cost of sales as a percentage of revenues increased by 12 percentage points, driven primarily by the $3 5 billion noncash tax loaded revenue reversal and to a much lesser and lesser extent unfavorable changes in sales mix.

Dave: Adjusted cost of sales as a percentage of revenues increased by 12 percentage points, driven primarily by the $3 5 billion noncash <unk> revenue reversal and to a much lesser extent unfavorable changes in sales mix.

And consistent with our strategy, we have been focused on re prioritizing our R&D spending to enhance overall returns.

Adjusted R&D expenses decreased 24% operationally driven primarily by lower spending across both vaccine programs and certain acquired assets as well as lower compensation related expenses.

Dave Denton: Overall, our adjusted operating expenses declined 10% compared to Q4 of last year.

Dave: Overall, our adjusted operating expenses declined 10% compared to Q4 of last year.

Dave Denton: Adjusted <unk> expenses increased 1% operationally in the quarter, primarily driven by the timing of marketing and promotional activities, including those related to recently launched and acquired products.

Dave: Adjusted <unk> expenses increased 1% operationally in the quarter, primarily driven by the timing of marketing and promotional activities, including those related to recently launched and acquired products.

Both our reported diluted loss per share of <unk> 60 cents NRI journalist adjusted diluted earnings per share of <unk> 10 cents for the quarter were negatively impacted by the $3 $5 billion tax little bit revenue reversal, which dampened EPS by approximately 54 cents.

Dave Denton: And consistent with our strategy, we have been focused on re prioritizing our R&D spending to enhance overall returns.

Dave: And consistent with our strategy, we have been focused on prioritizing our R&D spending to enhance overall returns adjusted.

Dave Denton: Adjusted R&D expenses decreased 24% operationally driven primarily by lower spending across both vaccine programs and certain acquired assets as well as lower compensation related expenses.

Continued declines in both commodity impacts slow with sales also negatively affected our performance in the quarter.

Adjusted R&D expenses decreased 24% operationally driven primarily by lower spending across both vaccine programs and certain acquired assets as well as lower compensation related expenses.

Foreign exchange movements had an immaterial impact compared to last year's fourth quarter.

Dave Denton: Both our reported diluted loss per share of <unk> 60 cents NRI journalist adjusted diluted earnings per share of <unk> 10 cents for the quarter were negatively impacted by the $3 5 billion tax little bit revenue reversal, which dampened EPS by approximately 54.

As we are increasingly focused on prioritizing our investments to drive forward looking growth. Our GAAP results include a $1 4 billion intangible asset impairment charge associated with the trust the mud based on changes in development plans for additional indications and overall revenue expectations.

Dave: Both our reported diluted loss per share of <unk> 60, <unk> adjusted diluted earnings per share of 10 cents for the quarter were negatively impacted by the $3 $5 billion tax little bit revenue reversal, which dampened EPS by approximately 54 cents.

Dave Denton: Continued declines in both commodity impacts <unk> sales also negatively affected our performance in the quarter.

But I will point out that this product is still projected to contribute over $1 billion in peak annual sales.

Dave: Continued declines in both commodity impacts <unk> sales also negatively affected our performance in the quarter.

Foreign exchange movements had an immaterial impact compared to last year's fourth quarter.

Additionally, we recorded a nearly $1 billion intangible asset impairment for <unk> 13, reflecting a transition to vaccines with higher serotypes coverage.

Dave: Foreign exchange movements had an immaterial impact compared to last year's fourth quarter.

Dave: As we are increasingly focused on prioritizing our investments to drive forward looking growth. Our GAAP results include a $1 4 billion intangible asset impairment charge associated with the trust somewhat based on changes in your development plans for additional indications and overall revenue expectations, but.

As discussed in prior quarters, our capital allocation strategy is designed to enhance shareholder value and is based on three core pillars.

First is growing our dividend second is reinvesting in the business and finally as making share repurchases after delivering our balance sheet.

Dave Denton: But I will point out that this product is still projected to contribute over $1 billion in peak annual sales.

Dave: But I will point out that this product is still projected to contribute over $1 billion in peak annual sales.

Dave Denton: Additionally, we recorded a nearly $1 billion intangible asset impairment for <unk> 13, reflecting a transition to vaccines with higher stereotypes coverage.

For 2023, we returned $9 $2 billion to shareholders via our quarterly dividend, we've invested $10 $7 billion in internal R&D.

Dave: Additionally, we recorded a nearly $1 billion intangible asset impairment for <unk>.

And finally, we have invested approximately $44 billion in completed business development transactions net of acquired cash essentially for the acquisition of Seaton.

Dave: <unk>, reflecting a transition to vaccines with higher stereotypes coverage.

As discussed in prior quarters, our capital allocation strategy is designed to enhance shareholder value and is based on three core pillars.

Dave: As discussed in prior quarters, our capital allocation strategy is designed to enhance shareholder value and is based on three core pillars.

First is growing our dividend second is reinvesting in the business and finally as making share repurchases after delivering our balance sheet.

Our expectation is to maintain and grow our dividend while deleveraging our capital structure with a gross leverage target of three in a quarter's time.

First is growing our dividend second is reinvesting in the business and finally as making share repurchases after delevering our balance sheet.

For 2023, we've returned $9 $2 billion to shareholders via our quarterly dividend, we've invested $10 $7 billion in internal R&D.

And our goal is to preserve our credit ratings and access to tier one commercial paper.

Upon achieving our delevering goals, we anticipate returning to a more balanced capital allocation strategy inclusive of share repurchases now.

Dave: For 2023, we returned $9 $2 billion to shareholders via our quarterly dividend, we've invested $10 $7 billion in internal R&D.

Dave Denton: And finally, we've invested approximately $44 billion in completed business development transactions net of acquired cash essentially for the acquisition of Seaton.

Now given that we issued our full year 2020 for revenue and adjusted diluted earnings per share guidance on December 13th Let me just hit a few of the highlights.

Dave: And finally, we've invested approximately 44 billion in completed business development transactions net of acquired cash essentially for the acquisition of CJ <unk>.

Dave Denton: Our expectation is to maintain and grow our dividend while deleveraging our capital structure with a gross leverage target of three in a quarter's time.

We expect total company full year 'twenty for revenues to be in the range of $58 5 billion to $61 5 billion.

Dave: Our expectation is to maintain and grow our dividend while deleveraging our capital structure with a gross leverage target of three in a quarter's time.

Dave Denton: And our goal is to preserve our credit ratings and access to tier one commercial paper.

So expectation of strong contributions across our product portfolio.

Dave Denton: Upon achieving our delevering goals, we anticipate returning to a more balanced capital allocation strategy inclusive of share repurchases.

And our goal is to preserve our credit ratings and access to tier one commercial paper.

Importantly, excluding commodity impacts loaded we anticipate operational revenue growth of 8% to 10%.

Dave: Upon achieving our delevering goals, we anticipate returning to a more balanced capital allocation strategy inclusive of share repurchases now.

Now given that we issued our full year 2020 for revenue and adjusted diluted earnings per share guidance on December 13th Let me just hit a few of the highlights.

We remain confident on delivering at least $4 billion of net savings from our cost realignment program by the end of this year.

Dave: Now given that we issued our full year 2020 for revenue and adjusted diluted earnings per share guidance on December 13th Let me just hit a few of the highlights.

Dave Denton: We expect total company full year 'twenty for revenues to be in the range of $58 5 billion to $61 5 billion.

We believe right sizing the cost base will put us on a strong footing towards margin expansion and increased operational efficiency moving forward.

Dave: We expect total company full year 'twenty for revenues to be in the range of $58 5 billion to $61 5 billion.

Dave Denton: Which we saw expectation of strong contributions across our product portfolio.

We expect adjusted diluted earnings per share to be in the range of $2.05 to $2.25 a share for the full year of 2024.

Dave: Which reflects our expectation of strong contributions across our product portfolio.

Dave Denton: Importantly, excluding commodity impacts loaded we anticipate operational revenue growth of 8% to 10%.

Dave: Importantly, excluding commodity impacts slow, but we anticipate operational revenue growth of 8% to 10%.

And as a reminder, this range is inclusive of an anticipated 40 cents of earnings dilution from procedure acquisition.

We remain confident on delivering at least $4 billion of net savings from our cost realignment program by the end of this year.

Dave: We remain confident on delivering at least $4 billion of net savings from our cost realignment program by the end of this year.

And again with the vast majority of this dilution, resulting from our financing costs associated with the deal.

Dave Denton: We believe right sizing the cost base will put us on a strong footing towards margin expansion and increased operational efficiency moving forward.

Cycling into 2024, we have significantly invested in our business to fuel our long term growth and the foundation is set to deliver on our commitments to enhance long term shareholder value.

Dave: We believe right sizing the cost base will put us on a strong footing towards margin expansion and increased operational efficiency moving forward.

Dave Denton: We expect adjusted diluted earnings per share to be in the range of $2.05 to $2 25, a share for the full year of 2024.

Dave: We expect adjusted diluted earnings per share to be in the range of $2.05 to $2 25.

We are acutely focused on driving near term performance, while solidifying our growth expectations for the back half of this decade.

Dave Denton: And as a reminder, this range is inclusive of an anticipated 40 cents of earnings dilution from the <unk> acquisition.

Dave: A share for the full year of 2024.

That I'd like to turn it back over to Albert to begin our Q&A session. Thank you without let's start the Q&A session. Operator, please assemble the queue.

Dave: And as a reminder, this range is inclusive of an anticipated 40 cents of earnings dilution from the <unk> acquisition.

Dave Denton: And again with the vast majority of this dilution, resulting from our financing costs associated with the deal.

At this time, if you would like to ask a question. Please press star one on your telephone keypad.

Dave: And again with the vast majority of this dilution, resulting from the financing costs associated with the deal.

Dave Denton: Cycling it into 2024, we have significantly invested in our business to fuel our long term growth and the foundation is set to deliver on our commitments to enhance long term shareholder value.

Dave: So I can read into 2024, we have significantly invested in our business to fuel our long term growth and the foundation is set to deliver on our commitments to enhance long term shareholder value.

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

Once again that is star.

Dave Denton: We are acutely focused on driving near term performance, while solidifying our growth expectations for the back half of this decade.

I want to ask a question.

And our first question comes from Robyn Karnofsky <unk> with <unk> Securities.

We are acutely focused on driving near term performance, while solidifying our growth expectations for the back half of this decade.

Dave Denton: With that I'd like to turn it back over to Albert to begin our Q&A session without let's start the Q&A session. Operator, please assemble the queue.

Thank you guys for taking my question.

So maybe I'll just keep it on this question, but then if I'm doing your math from your guidance of margins and what does that mean for fiscal year 'twenty four by my math the margins for other Biopharma would have dropped about 60 to about 60%.

Dave: With that I'd like to turn it back over to Albert to begin our Q&A session. Thank you without let's start the Q&A session. Operator, please assemble the queue.

Dave Denton: At this time, if you would like to ask a question. Please press star one on your telephone keypad.

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.

The other margin can you just help me understand your guidance and triangulate that with what.

Albert Dula: Once again that is star.

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

I wanted to ask a question.

Your your topline and bottom line guidance tie ins and triangulate triangulating that with your margin guidance. Thank you.

And our first question comes from Robyn Karnofsky <unk> with <unk> Securities.

Albert: Once again that is star one to ask a question.

Yeah. So maybe this is Dave correct our guidance for gross margin, although we don't provide it specifically we would give us some color around the fact that it's approximately 70% obviously our focus going forward is to improve our margin rate and more importantly, improve our operating.

Robyn Karnofsky: Thank you guys for taking my question.

Albert: And our first question comes from Robyn Karnofsky <unk> with <unk> Securities.

Robyn Karnofsky: So maybe I'll just keep it on this question, but then if im doing your math from your guidance of margins and what does that means for fiscal year 'twenty four by my math the margins for other Biopharma would have dropped about 60 to about 50%.

Robyn Karnofsky: Thank you guys for taking my question.

So maybe I'll just keep it on this question, but then if I'm doing your math from your guidance of margins and what does that means for fiscal year 'twenty four by my math the margins for other Biopharma would have to drop about 60 to about 60%.

Our margin rate to the bottom line.

Robyn Karnofsky: The other margin can you just help me understand your guidance and triangulate that with what you are.

As we look here at 2024, there's a few things that have compressed our margin rate versus as Covid has.

Robyn Karnofsky: Your topline and bottom line guide tie ins and triangulate triangulating that with your margin guidance. Thank you.

Robyn Karnofsky: The other margin just help me understand your guidance and triangulate that with what.

Robyn Karnofsky: Your topline and bottom line guide science and triangulate Triangulating that with your margin guidance. Thank you.

Has declined year over year.

Robyn Karnofsky: Yes. So maybe this is Dave are correct our guidance for gross margin, although we don't provide it specifically we would give us some color around the fact that it's approximately 70% obviously our focus going forward is to improve our margin rate and more importantly, improve our operating.

That has served to I'll say delever, if you will.

The P&L as Covid takes up us and cover some fixed overhead, but importantly, whats happening is we are in sourcing products that we've recently acquired those that in sourcing requires time before we get up to peak yield and performance. So that in the short term dampens gross.

Robyn Karnofsky: Yes. So maybe this is Dave correct our guidance for gross margin, although we don't provide it specifically we would give us some color around the fact that it's approximately 70% obviously our focus going forward is to improve our margin rate and more importantly, improve our operating.

Our margin rate to the bottom line.

Robyn Karnofsky: As we look here at 2024, there's a few things that have compressed on margin rate versus as Covid has.

Dave: Our margin rate to the bottom line.

Right, but has a trajectory to improve gross margin rate over time, and then secondly, we have new launches that are coming online late in Q3.

Dave: We look here at 2024, there's a few things that have compressed our margin rates versus ex Covid has has declined year over year.

Robyn Karnofsky: Has declined year over year.

Robyn Karnofsky: That has served to I'll say delever, if you will.

Robyn Karnofsky: The P&L as Covid takes up us and cover some fixed overhead, but importantly, what's happening is we are in sourcing products that we've recently acquired.

Late in the second half of 2023 and moving into 'twenty. Four again those are not at peak performance, yet that will ultimately improve gross gross margin rate as we cycle into later years and then finally I will say that over the last several years, we have absorbed some amount of inflation within our cost of goods sold.

Dave: That has served to I'll say delever, if you will.

Dave: The P&L as Covid takes up us and cover some fixed overhead, but importantly, what's happening is we are in sourcing products that we've recently acquired those that in sourcing requires time before we get up to peak yield and performance. So that in the short term dampens gross.

Robyn Karnofsky: That in sourcing requires time before we get up to peak yield and performance. So that in the short term dampened gross margin rate, but has a trajectory to improve gross margin rate over time, and then secondly, we have new launches that are coming online late in Q3.

That is an area of opportunity for us as we think about improving performance longer term. So I hope that gives you some color. Thank.

Dave: Right, but has a trajectory to improve gross margin rate over time, and then secondly, we have new launches that are coming online late in Q3.

Thank you David Operator next question please.

Robyn Karnofsky: Late in the second half of 2023 and moving into 'twenty. Four again those are not at peak performance, yet that will ultimately improve gross gross margin rate as we cycle into later years and then finally I will say that over the last several years, we have absorbed some amount of inflation within our cost of goods sold.

We have Carter Gould with Barclays.

Good morning, Thanks for taking the questions maybe.

Dave: Late in the second half of 2023 and moving into 'twenty. Four again those are not at peak performance, yet that will ultimately improve gross gross margin rate as we cycle into later years and then finally I will say that over the last several years, we have absorbed some amount of inflation within our cost of goods sold.

Maybe another kind of a finance question here.

Certainly R&D and <unk> was meaningfully below kind of where you guys set the guide there.

Should we think about that does this reflect sort of faster cost cutting because it just.

Robyn Karnofsky: That is an area of opportunity for us as we think about improving performance longer term. So I hope that gives you some color. Thank.

More an artifact of the later integration of <unk> and clearly you are reaffirming your guide, but just maybe if you just sort of check that box for us that would be helpful. Thank you.

That is an area of opportunity for us as we think about improving performance longer term. So I hope that gives you some color. Thank.

Thank you David Operator next question please.

Robyn Karnofsky: We have Carter Gould with Barclays.

Sure probably not much to read into that obviously R&D came in at a little favorable than our expectations. Previously a part of this is the fact that we are very focused on are realigning.

Thank you Dave Gretel next question please.

Good morning, Thanks for taking the questions maybe.

Dave: Next we have Carter Gould with Barclays.

Maybe another kind of a finance question here.

Good morning, Thanks for taking the questions.

Carter Gould: Certainly R&D and <unk> was meaningfully below kind of where you guys set the guide there.

We aligned our cost base, so consistent with the program and then secondly, there probably is some timing that.

Maybe another kind of finance question here.

Carter Gould: Should we think about that does this reflect sort of faster cost cutting or is it just.

R&D and <unk> was meaningfully below kind of where you guys set the guide there how should we think about that does this reflect sort of faster cost cutting.

Dampening R&D in the fourth quarter that will slide into 2024 and into 2025. So there is some timing implications too.

More an artifact of the later integration of S churn and I'm clearly you're reaffirming your guide, but just maybe if you just sort of check that box for us that would be helpful. Thank you.

Carter Gould: The more an artifact that the later integration of S churn and clearly you are reaffirming your guide, but just maybe if you just sort of check that box for us that would be helpful. Thank you.

That performance level, but I think importantly back to my prepared remarks is our focus is on delivering net savings of $4 billion and B look through the end of 2023 about half of that we have achieved already we're now focused on achieving the additional $2 billion or so as we cycle into 2024 and all eyes are on.

Speaker Change: Sure probably not much to read into that obviously R&D came in at a little favorable than our expectations previously a par.

Speaker Change: Sure probably not much to read into that obviously R&D came in at a little favorable than our expectations. Previously a part of this is the fact that we are very focused on are.

This is the fact that we are very focused on our <unk>.

Speaker Change: Realigning our cost base, so consistent with the program and then secondly, there probably is some timing that dampening.

Speaker Change: Realigning our cost base, so consistent with the program and then secondly, there probably is some timing that.

On that objective.

Speaker Change: Dampening R&D in the fourth quarter that will slide into 2024 and into 2025. So there is some timing implications too.

Thank you Dave.

High confidence on the number that we gave let's move to the next question. Please.

Speaker Change: Dampening R&D in the fourth quarter that will slide into 2024 and into 2025. So there is some timing implications too.

Our next question will come from Louise Chen with Cantor.

Speaker Change: That performance level, but I think importantly back to my prepared remarks is our focus is on delivering net savings of $4 billion and B look through the end of 2023 about half of that we have achieved already we're now focused on achieving the additional $2 billion or so as we cycle into 2024 and all eyes are on.

Okay.

Speaker Change: That performance level.

Speaker Change: I think importantly back to my prepared remarks is our focus is on delivering net savings of $4 billion and B look through the end of 2023 about half of that we have achieved already we're now focused on achieving the additional $2 billion or so as we cycle into 2024 and all eyes are on that objective.

Let me please make sure that you're on mute.

Hi, sorry with me that so thanks for taking my question here I wanted to ask you on your patent our franchise first of all for the fourth generation PCV could you give more color on how it compares and contrasts with primary 'twenty and then just on the crab not order timing issue was that U S or ex U S. Thank you.

Speaker Change: That objective.

Speaker Change: Thank you Dave.

Speaker Change: High confidence on the number that we gave let's move to the next question. Please.

Speaker Change: Thank you Dave.

Speaker Change: Our next question will come from Louise Chen with Cantor.

Speaker Change: High confidence on the number that we gave let's move to the next question. Please.

I mean, why don't you take the prevalent restaurant and then maybe Alexander you can add a little bit color on the on the the situation in the U S. So what is the situation in the pregnant with the orders.

Speaker Change: Okay.

Our next question will come from Louise Chen with Cantor.

Louise Chen: Let me please make sure that you're on mute.

Okay.

Louise Chen: Hi, sorry with me that.

Louise Chen: Louise Please make sure that you're on mute.

Louise Chen: Thanks for taking my question here I wanted to ask you on your patent our franchise first of all for the fourth generation PCV could you give more color on how it compares and contrasts with primary 'twenty and then just on the crab not order timing issue with that <unk>. Thank you.

So.

Luis with with regards to crafting or is it the pediatric business.

Louise Chen: Hi, sorry with me that so thanks for taking my question here I wanted to ask you on your <unk> franchise first of all for the fourth generation PCV could you give more color on how it compares and contrasts with preliminary 2000, and then just on the <unk> order timing issue was that U S or ex U S. Thank you.

We often see some lumpiness in quarterly revenues, given the timing and impact of CDC orders. So it's difficult to kind of map that all out quarter by quarter. So you should expect that on the pediatric business, but the pediatric business otherwise, we're very happy with how our launch is progressing and the growth momentum that we see there.

Louise Chen: I mean, why don't you take the prevalent question and then maybe Alexander you can add a little bit color on that.

On the the situation in the U S. So what is the situation in the prevalent with the orders.

Louise Chen: I mean, why don't you take that question and then maybe Alexandra that you can add a little bit color on that.

On the adult business I think it's different in the sense that we have a 96% market share that we closed the adult business with at the end of the year, but it's really important to keep in mind that we are operating in a market where the patient pool is steadily decreasing there was a big catch up opportunity.

Speaker Change: On the the situation in the U S. So what is the situation in the prevalent with the orders.

Speaker Change: Yeah. So.

With regards to crafting or is it the pediatric business.

Louise Chen: So.

Alexander: We often see some lumpiness in quarterly revenues, given the timing and impact of CDC orders. So it's difficult to kind of map that all out quarter by quarter. So you should expect that on the pediatric business, but the pediatric business otherwise, we're very happy with how our launches progressing in the growth momentum that we see there.

Louise Chen: Luis with with regards to <unk>.

Speaker Change: Is it the pediatric business.

Speaker Change: We often see some lumpiness in quarterly revenues, given the timing and impact of CDC orders. So it's difficult to kind of map that all out quarter by quarter. So you should expect that on the pediatric business, but the pediatric business otherwise, we're very happy with how our launch is progressing and the growth momentum that we see there.

<unk> versus the prior recommendation and we've worked through that catch up opportunity already so the remaining patients are generally those that are aging into the 65 plus population.

As well as those with underlying medical conditions and those are harder to activate patients. So we.

We expect that business to continue to face that smaller patient population going forward and we also expect competition would be one six.

Speaker Change: On the adult business.

Speaker Change: It's different in the sense that we have a 96% market share that we closed the adult business with at the end of the year, but it's really important to keep in mind that we are operating in a market where the patient pool is steadily decreasing there was a big catch up opportunity versus the prior recommendation in deep work.

Emerging that will make the adult market more competitive, but we see a lot of growth potential in the pediatric market Alexander how it was forever a situation I mean, the last floor or.

Versus the prior recommendation in deep work through that catch up opportunity already so the remaining patients are generally those that are aging into the 65 plus population.

Or in the year in international markets. It's a.

Good question to ask you know the majority of our ex U S business is driven by tender.

Speaker Change: Through that catch up opportunity already so the remaining patients are generally those that are aging into the 65 plus population.

Alexander: As well as those with underlying medical conditions and those are harder to activate patients. So we.

Of course, we book the sales when we ship the product it doesn't reflect utilization and then the government's schedule their campaign in their respective market. The reality is that we continue to <unk> 130 market around the world and at the same time as we continue to progress both on the pediatric as you saw last week, the kitchen peoples opinion and then.

Alexander: We expect that business to continue to face that smaller patient population going forward and we also expect competition would be one six.

As well as those with underlying medical conditions and those are harder to activate patients. So.

Speaker Change: We expect that business to continue to face that smaller patient population going forward and we also expect competition would be one six.

Alexander: Emerging that'll make the adult market more competitive, but we see a lot of growth potential in the pediatric market. Alexander Hall was is forever situation I mean, the last quarter or.

Speaker Change: Emerging that will make the adult market more competitive, but we see a lot of growth potential in the pediatric market. Alexander Hall was as <unk> situation I mean, the last quarter or in the year and international markets. Yes. Good question to ask you know the majority of our ex U S business is driven by tender.

Are we going to go into the final approval and then our vaccine technical company cheese and pricing and all those market. So that will take a bit of time, but at the same times, we see some positive chief traction on the animals franchise, where we have launched in over 30 markets and we see some very good development with the recommendation of the vaccine Technical Committee to give you an example.

Or in the year in international markets.

Alexander: With good question to assume that the majority of our ex U S business is driven by tender.

And of course, we book the sales when we ship the product, but it doesn't reflect utilization and then the government's schedule their campaign in their respective markets. The reality is that we continue to <unk> and 130 market around the world and at the same time as we continue to progress both on the pediatric as you saw last week, the Sachin <unk> positive opinion in <unk>.

Speaker Change: And of course, we book the sales when we ship the product, but it doesn't reflect utilization and then the government's schedule their campaign in their respective markets.

We used to have very limited access on a printed out 13 in country like Germany, France, and UK and we just received.

Speaker Change: <unk> is that we continue to <unk> 130 market around the world and at the same time as we continue to progress both on the pediatric as you saw last week. The Sachin <unk> positive opinion, and then we're going to go into the final approval and then.

A recommendation from the BTC in Germany that actually recommended usage.

Alexander: We're going to go into the final approval and then.

Alexander: Vaccine technical company cheese and pricing in all those markets. So that will take a bit of time, but at the same times, we see some positive traction on the <unk> franchise, where we have launched in over 30 markets and we see some very good developments with the recommendation of the vaccine Technical Committee to give you. An example, we used to have very limited access on a printed out.

Pip that 'twenty and all that it's over 16 as well as the at risk population for <unk>, which we believe we have a significant growth opportunity at increasing vaccination in the adult population ex U S and Michael to conclude our work.

The vaccine technical company achieved in pricing in all of those market. So that will take a bit of time, but at the same times, we see some positive chief traction on the <unk> franchise, where we have launched in over 30 markets and we see some very good developments with the recommendation of the vaccine Technical Committee to give you. An example, we used to have very limited access on the R&R.

The fourth generation revenue, Yeah, I'm very pleased that the fourth generation how sensitive clinical studies, it's a pass through designation from U S FDA, indicating a unique.

Alexander: Our team in country, like Germany, France, and UK and we just received the recommendation from the BTC in Germany that actually recommended usage of.

Speaker Change: <unk>.

Our product offering.

Speaker Change: Like Germany.

Hence in UK and we just received a.

Alexander: Tim that 'twenty is all that October 16, as well as the at risk population for <unk>, which we believe we have a significant growth opportunity at increasing vaccination in the adult population ex U S and Michael to conclude it was about the fourth generation revenue Yeah, I'm very pleased that the <unk>.

And.

This includes some of the new technology, we have developed that gives us a really cutting edge tool box, whether it's timothy carriers formulations.

Speaker Change: A recommendation from the BTC in Germany that actually recommended usage.

That's when she is all that through October 16, as well as the at risk population for <unk>, which we believe we have a significant growth opportunity at increasing vaccination in the adult population ex U S and Michael to conclude.

And of course, it relies on the unique.

Hi, it's a platform to have.

Alexander: Generation has entered clinical studies, it's a pass through designation from U S FDA, indicating a unique.

Potential.

Prevention of both invasive disease, which is the smaller disease burden and pneumococcal disease, which causes more than 150000 hospitalizations and to the best of my knowledge. We are the only one that can address both of them. So we feel very good about that and think of Microsoft to summarize.

Mikael Dolsten: The fourth generation revenue, yes, I'm very pleased that the fourth generation attempted clinical studies et cetera.

Alexander: Offering.

Mikael Dolsten: <unk> designation from U S FDA.

Alexander: And.

Michael: It includes some of the new technology, we have developed that gives us a really cutting edge tool box, whether it's chemistry carriers formulations.

Mikael Dolsten: <unk> unique.

Mikael Dolsten: Offering.

And.

Mikael Dolsten: It includes some of the new technology, we have developed that gives us a really cutting edge tool box, whether its tenancy carriers formulations.

The pregnant, which I know it using their minds before let's start with the Comercio it's wrong.

Michael: And of course, it relies on the unique.

U S clearly be adult opportunity, we have taken the cream basically of the cutoff of opportunity versus property. Once you are getting a recommendation from CDC prototypes.

Michael: <unk> platform to have.

Mikael Dolsten: And of course, it relies on the unique.

Michael: <unk> shown.

Michael: Prevention of both invasive disease, which is the smaller disease burden and pneumococcal disease, which causes more than 150000 hospitalizations and to the best of my knowledge. We are the only one that can address both of them. So we feel very good about that empty, but think of Microsoft to summarize.

The platform to have.

Mikael Dolsten: 10 show.

Mikael Dolsten: Prevention of both invasive disease, which is the smaller disease burden and pneumococcal disease, which causes more than 150000 hospitalizations and to divest of.

Market the pull of Facebook has been largely exhausted, which have already 96% of the market settle that so this is not the market via a dog or if not what do you expect that will continue to see growth in the U S. Could you I think a very different story because our markets that is now growing and three we have a indications like will continue growing very strongly so we're expecting the U S. The breadwinner.

Speaker Change: In my knowledge, we are the only one that can address both of them. So we feel very good about that entry. Thank you Michael so to summarize.

The pregnant, which I know it using their minds before let's start with the Comercio it's wrong.

Michael: U S. Clearly the adult opportunity we have taken the cream basically of the cutoff opportunity, which is happening once you aren't getting recommendation from CDC prototypes.

Speaker Change: Pregnant, which I know it using the mine as a whole let's start with the Comercio it's wrong.

Situations will be a strong growth story in pediatrics International both where you expect to see growth of course will be.

U S clearly be adult opportunity, we have taken the claim basically of the cutoff opportunity because it's happening once you are getting a recommendation from CDC prototypes.

The products are just being.

Michael: Market the pool of patients has been largely exhausted, we have already 96% of the market settle VAT. So this is not the market via a dog or abnormal if you expect that we will continuously grow in the U S. Could you I think a very different story because our markets that is now growing and three we have a indications like will continue growing very strongly so we're expecting the U S with revenue.

Launched and then recommendations are falling so there is a delay in the international higher than yours, everybody is in the U S. So we expect to see growth.

Speaker Change: This market the pool of patients has been largely exhausted, we have already 96% of the market settle VAT. So this is not the market via a dog or if not what do you expect that will continue to see growth in the U S. Could you I think a very different story because our market is now growing.

The adult and pediatric I want to reemphasize that we.

We have basically to receive a payment of a feeling more than hundred Congress combo 15th competency.

Michael: Situations will be a strong growth story in pediatrics International loan book, where you expect to see growth of course will be the.

Oh for tenders, and we plan to convert about Malibu.

Speaker Change: Indications like will continue growing very strongly so are we expecting the U S. The bremner situations will be a strong growth story in pediatrics International both where you expect to see growth of course will be the.

And then on the fourth generation, we are moving full speed.

Michael: The products have just been launched.

Loans and then recommendations are falling so there is a delay in the international higher than usual everybody is in the U S. So we expect to see growth.

We think that our expertise will allow us to build a portal development.

Speaker Change: The products have just been launched.

But we're really compete very very nicely as it holds or not edison and towards a successful and fast.

Speaker Change: Launched and then recommendations are falling so there is a delay in the international higher than usual as there is in the U S. So we expect to see growth.

Michael: The adult and pediatric I want to reemphasize that we have basically to see with your parent are feeling more than hundred Congress Congress 15th competency.

So back to the story and let's move to the next question. Please.

The adult and I believe you wanted to reemphasize that we have basically two CBT will spread across that feeling more than hundred Congress Congress.

Next we have a question from Trung Nguyen with UBS.

Michael: Oh for tenders and we plan to convert about Malibu to trend and then on the fourth generation, we are moving full speed.

Hi, guys. Thanks for taking my question Trung from UBS two please.

Speaker Change: The competency.

Speaker Change: Oh for tenders, and we plan to convert about Malibu.

So in your prepared remarks. She 90, if you took a $1 4 billion impairment charge associated with the address of mode can you add more color here.

Michael: Think that our expertise will allow us to build a portal development vaccine, but we're really compete very very nicely as it holds I know there are some and towards a successful and fast so back to the story and let's move to the next question. Please.

Speaker Change: And then on the total generation, we are moving full speed.

Speaker Change: Think that our expertise will allow us to build the portal development vaccine, but we're really compete very very nicely as I talked to another person and so we'll do that successfully enforced so back to the story and let's move to the next question. Please.

Did that reevaluation and any feedback on how that launch has gone.

Michael: Next we have a question from Trung Nguyen with UBS.

Secondly on <unk>. So can you give us some color on how your contracting has evolved in 'twenty four 'twenty three.

Trung Nguyen: Hi, guys. Thanks for taking my question Trung from UBS.

Speaker Change: Next we have a question from Trung Nguyen with UBS.

Please.

Trung Nguyen: So in your prepared remarks, you noted you took a $1 4 billion impairment charge associated with Trans Mountain can you add more color here, what prompted that reevaluation and any feedback on how that launch has gone.

Trung Huynh: Hi, guys. Thanks for taking my question Trung from UBS T. Please.

And based on that what's your market share do you think you can capture this year versus the 35% last year. Thank you.

Trung Huynh: In your prepared remarks. She makes it you took a $1 4 billion impairment charge associated with traffic can.

Thank you very much and why don't you think they'd be impairment question and then I'll move through commercial guys. Yes. So on a try some odd keep in mind that this product, we still anticipate to be over $1 billion in peak sales as you know there are multiple indications.

Trung Huynh: Can you add more color here, what prompted that reevaluation.

Trung Nguyen: Secondly on <unk>. So can you give us some color on how you're contracting has evolved in 24 versus 23 and.

Speaker Change: And any feedback of how that launches column.

Speaker Change: Secondly on a price.

And based on that what's your market share do you think you can capture the here versus the 35% last year. Thank you.

Can you give us some color on how you're contracting has evolved in 24 versus 23.

Attributed to this medicine in financially as you look at that medication, they're worse.

Speaker Change: And based on that what's your market share do you think you can capture this year versus the 35% last year. Thank you.

Speaker Change: Thank you very much and why don't you think they'd be impairment question and then I'll move through commercial guys. Yes. So on a tried some odd keep in mind that this product, we still anticipate to be over $1 billion in peak sales as you know there are multiple indications.

<unk>.

There were additional indications that met the crime financial criteria for an impairment, which we took in the quarter.

Thank you very much why don't you take the impairment question and then I'll move to commercial guys. Yes. So <unk> keep in mind that this product, we still anticipate to be over $1 billion in peak sales.

Clinically, obviously clinically theres still some work that will be ongoing and supported the asset so with that thank you very much. So maybe oh, it's a trusler commercially how the loans are doing in the horizon for sure. So I'll start with the <unk> as we call it.

Speaker Change: [noise] attributed to this medicine in financially as you look at that medication they're worse.

Speaker Change: You know there are multiple indications.

<unk> to this medicine.

Speaker Change: <unk>.

Speaker Change: There were additional indications that met the crime financial criteria for an impairment, which we took in the quarter.

Speaker Change: In financially as you look at that medication, they're worse.

So.

Speaker Change: There were additional indications that met the crisis financial criteria for an impairment, which we took in the quarter.

Just in terms of the product's value proposition. We think this is a very promising oral option for moderate to severe UC patients.

Speaker Change: Clinically, obviously clinically theres still some work that will be ongoing and supported the asset so with that thank you very much. So I mean, maybe oh, it's a trusler commercially how that long as we're doing on the horizon for.

Got strong efficacy that patients and physicians that we've exposed us to they want to start transitioning from conventional therapy to damn therapy.

Speaker Change: Clinically, obviously clinically theres still some work that will be ongoing and supported the asset so with that thank you very much. So maybe oh, it's across look commercially how the loans are doing in the horizon.

Sure So I'll start with <unk> as we call it.

And it gives them an option also to maintain once a day oral routine with many already onset of beginning with an injection or infusion. So about 80% of those patients that haven't progressed and advanced therapy prefer an oral option, but only about 10% of those patients actually get one so there's a very clear need here.

Speaker Change: So just.

Speaker Change: Just in terms of the product's value proposition. We think this is a very promising oral option for moderate to severe UC patients.

Speaker Change: Sure So I'll start with <unk>.

Speaker Change: All right.

Speaker Change: So just.

Just in terms of the product value proposition. We think this is a very promising oral option for moderate to severe UC patients.

Strong efficacy that patients and physicians that we've exposed us to they want to start transitioning from conventional therapy to damn therapy.

Speaker Change: <unk> strong efficacy that patients and physicians that we are exposed to this too.

<unk> can now it can help us and the benefit risk profile for adults. It but he is also very very strong.

Speaker Change: And it gives them an option also to maintain once a day oral routine with many already on instead of beginning with an injection or infusion. So about 80% of those patients that haven't progressed in advance therapy prefer an oral option, but only about 10% of those patients actually get one so there's a very clear need here.

Speaker Change: Want to start transitioning from conventional therapy <unk> therapy.

So we accrue we received approval at the end of last year and so we invested efforts in building HCP and patient awareness on the label and on the value proposition.

But I just wanted to remind you that with any immuno inflammatory product at <unk>.

Speaker Change: But he can that can help us head and the benefit risk profile for adults. It but he is also very very strong.

<unk> time to get broad national access and that is where our focus is right now is ensuring that we secure of El <unk> access as a first line advanced therapy oral option and that's going to take some time to put in place and when we have that in place to why we see upside in the month of the launch but the other breathable.

<unk> can now it can help us fed and the benefit risk profile for adults. It but he is also very very strong.

Speaker Change: So we accrue we received approval at the end of last year and so we invested efforts in building, our HCP and patient awareness on the label and on the value proposition.

Speaker Change: We approved we received approval at the end of last year and so we invested efforts in building HCP and patient awareness on the label and on the value proposition.

Speaker Change: But I just wanted to remind you that with any immuno inflammatory product. It takes time to get broad national access and that is where our focus is right now is ensuring that we secure about 50 access as a first line advanced therapy oral option and that's going to take some time to put in place and.

On our bridge BOE I'll comment briefly on the adult and then on the on the maternal Monday adult vaccine I think the market was clearly ahead of everyone's expectations and not limited by assured clinical decision, making versus a routine recommendation.

Speaker Change: I just wanted to remind you that with any immuno inflammatory product it take.

Speaker Change: <unk> time to get broad national assets and that is where our focus is right now is ensuring that we secure about 50 access as a first line advanced therapy oral option and that's going to take some time to put in place and when we have that in place, while we see upside momentum for launch well north of Brazil.

When we have that in place, while we see upside momentum well north of Brazil.

We would like to do better than the 30.

Speaker Change: On a British vote I'll comment briefly on the adult and then on the on the maternal Monday adult vaccine I think the market was clearly ahead of everyone's expectations and not limited by assured clinical decision, making versus a routine recommendation.

<unk> 37 per cent sure that you referred to as well so we're very focused going forward on.

On a British vote.

Speaker Change: I'll comment briefly on the adult.

Retail contracting for the 'twenty four 'twenty five season, but I will also mention that we are doing that with real thoughtfulness on ensuring that we secure a profitable share in those contracts and also differentiating using our maternal indication. We also see opportunities in the non retail setting where for example, with the Jay system and with IBM we have.

Speaker Change: And then on the on the maternal Miami adult vaccine I think the market was clearly ahead of everyone's expectations and not limited by assured clinical decision, making versus the routine recommendation.

Speaker Change: We would like to do better than the 30.

Speaker Change: 37% share that you referred to as well so we're very focused going forward on retail.

We would like to do better than the.

Speaker Change: 37% share that you referred to as well so we're very focused going forward on.

Sure.

Speaker Change: Retail contracting for the 'twenty four 'twenty five season, but I will also mention that we are doing that with real thoughtfulness on ensuring that we secure a profitable share in those contracts and also differentiating using our maternal indication. We also see opportunities in the non retail setting where for example, with adjacent men with IBM, we have thoughts.

And we're going to also focus on new opportunities that we're currently studying with the British though adults age 18 and older with underlying medical conditions as well as our new packing presentation to better fit our customer needs. So we.

We see momentum there and on the maternal side, where only a few months and but we're encouraged by what we're seeing as the person maternal vaccine to prevent <unk> from birth to six months. When they are the most vulnerable more than 65% of women prefer to get the maternal vaccine versus having there.

Speaker Change: <unk> sure.

Speaker Change: And we're going to also focus on new opportunities that we're currently studying with the bridge, though adults age 18 and older with underlying medical conditions as well as our new packing presentation to better fit our customer needs. So we we we see momentum there and on the material side, where only a few months and but we're encouraged by what we're seeing.

Speaker Change: Strong chair.

Speaker Change: And we're going to also focus on new opportunities that we're currently studying with the bridge itself.

Adults age 18, and older with underlying medical conditions as well as our new packing presentation to better fit our customer need so we.

Immunized with a monoclonal antibody.

And we think that the label provides us opportunity to grow that segment as well. Thank.

Speaker Change: We see momentum there and on the material side, where only a few months in but we're encouraged by what we're seeing as the person maternal vaccine to prevent <unk> from birth to six months when they are the most vulnerable.

Speaker Change: As the person maternal vaccine to prevent in fence from birth to six months when they are the most vulnerable more than 65% of women prefer to get the maternal vaccine versus having they're immunized with a monoclonal antibody.

Thank you Amanda next question please.

Our next question comes from Terence Flynn with Morgan Stanley.

Great. Thanks for taking the questions two from me I guess the first one is just a commonality rest of world was ahead of consensus expectations. This quarter. Just wondering if there were any one time benefits in that number or if that's a fair go forward sales level to think about through 2026, given the existing EU contract and then the <unk>.

Speaker Change: More than 65% of women preferred to get the <unk>.

Speaker Change: And we think that the label provides us opportunity to grow that segment as well. Thank.

Speaker Change: Channel vaccine versus having they're immunized with a monoclonal antibody.

Speaker Change: Thank you Matt next question please.

And we think that the label provides us opportunity to grow that segment as well. Thank.

Speaker Change: Our next question comes from Terence Flynn with Morgan Stanley.

Thank you Matt next question please.

One is I noticed that Dan a good Brian wasn't mentioned in the PR or the prepared remarks, just wondering if that a once daily PK trial completed yet and what the next steps are there. Thank you.

Terence Flynn: Great. Thanks for taking the questions two from me I guess the first one is just a commonality rest of world was ahead of consensus expectations. This quarter. Just wondering if there were any onetime benefits in that number or if that's a fair go forward sales level to think about through 2026, given the existing EU contract and then the <unk>.

Speaker Change: Our next question comes from Terence Flynn with Morgan Stanley.

So thank you very much very very quickly on the timing we didn't miss it because we don't have anything sustainable. So that's the only thing but it is a program, which is a composed whereas a lot of experiments that we're doing now in terms of moving it to once a day and we will speak only when we have data we don't want to become a lot of the focus again of another.

Speaker Change: One is I noticed that Denny Brian wasn't mentioned in the PR or the prepared remarks, just wondering if that a once daily PK trial completed yet and what the next steps are there. Thank you.

I noticed that deneke, let Brian wasn't mentioned in the PR or the prepared remarks, just wondering if that a once daily PK trial completed yet and what the next steps are there. Thank you.

Scott's a bug reserves and moving it through Alexander to discuss about the murder in the rest of the world outside the U S. But what are the dynamics of other than that that's right up there.

Speaker Change: Thank you very much very very quickly on the timing we didn't miss it because we don't have anything sustainable. So that's the only thing but it is a program, which is a composed whereas a lot of experiments are going to bring it all in terms of moving it to once a day and you know we were speak only wonder if a day, but we don't want to become a lot of the focus again of another.

Terence Flynn: Yeah.

Thank you very much maybe very quickly on the timing, we didnt mentioned, because we don't have anything sustainable. So that's the only thing but it is a program which is composed with a lot of experiments that we're doing now in terms of moving it to once daily and.

Several emmons playing out on the call me that T franchise first to what we see as restrictions on vaccination guidelines right. So versus the previous years, we see that the guidelines are really focusing on the older population is as what is the at risk population.

Speaker Change: Scholes, but that being said I'm moving it through Alexander to discuss about the commodity in the rest of the world outside the U S. What are the dynamics of what's been done and that's why that are several emmons playing out on the call me that T franchise first to what we see as restrictions on vaccination guidelines right so versus the previous years, we see that the guidelines are.

Terence Flynn: Speak only wonder if a day, but we don't want to become a lot of the focus again with another earnings calls, but that being said I'm moving it to Alexander to discuss about <unk> and the rest of the world outside the U S. What are the dynamics of other than that that's why that several M is playing out on the company that cheap franchise first to what we see is.

But we have as you know are already signed several contracts with European Commission, Canada, UK and Australia and following the approval in August last year, we started to execute on our contract with the European countries as a matter of fact, some countries have decided to advance some of their older I mean 2024 into 2023.

Speaker Change: Really focusing on the older population is as what is the at risk population.

Don vaccination guidelines right. So there's just a previous years, we see that the guidelines are really focusing on the older population as well as the at risk population, but.

So that they can execute their vaccination campaign properties.

Alexander Hall: But we have as you know are already signed a similar contract with the European Commission, Canada, UK and Australia and following the approval in August last year, we started to execute on our contract with the European countries as a matter of fact, some countries have decided to advance some of their older I mean 2024 into 2023.

The other trend that we see is that actually we don't see major vaccination upticks in the in the future years. We think that's what we have seen in 2023 2024 campaign is really the the.

But we have as you know are already signed a similar contract with the European Commission, Canada, UK and Australia and following the approval in August last year, we started to execute on our contract with the European countries as a matter of fact, some countries have decided to advance some of the older 2020 into 2023.

Type of vaccination, we will see and that will be and that will carry on the next few years. The only area, where there is a potential future growth in terms of vaccination uptake is is if we can increase all co administration with the flu vaccines where in all the.

Alexander Hall: That they can execute their vaccination campaign properties.

Alexander Hall: The other trend that we see is that actually we don't see major vaccination upticks in the in the few trigger we think that's what we have seen in 2023 2024 campaign is really the the.

Terence Flynn: That they can execute their vaccination campaign properties.

Terence Flynn: The other trend that we see is that actually we don't see major vaccination uptake in the in the future years. We think that's what we have seen in 2023 2024 campaign is really the type.

All key market the rate of vaccination in truly is actually higher that it is or could be coming on that so we believe that there is potentially.

The type of explanation, we will see and that will be and that will carry on to the next few years. The only area, where there is a potential future growth in terms of vaccination uptake is is if we can increase all who administration with the flu vaccines where in all the.

And opportunities the last point that I want to say is as you see that the accumulated satisfaction is evolving towards a seasonal pattern. So you still you had a very strong Q4 like you expect in <unk>.

Type of explanation, we will see and that will be and that will carry on the next few years. The only area, where there is a potential future growth in terms of vaccination uptake is.

Flu vaccination type of market and that's what we see also to be expected in 2024 and actually as I was reading some of your models in the financial community.

Alexander Hall: All key market the rate of vaccination in truly is actually higher than it is for <unk> could be coming on that so we believe that there is potentially here oh opportunity. The last point that I want to say is as you see that the community.

Terence Flynn: If we can increase all administration is the flu vaccines, where in all the.

Terence Flynn: All key market the rates of vaccination in truly is actually higher than it is for me on that you said, we believe that there is potentially.

There is some confusion that we will have a higher.

Alexander Hall: Fifth fashion is evolving towards a seasonal pattern. So you're still going to have a very strong Q4 that you expect in <unk>.

Q1, Q2, which I believe will be more towards the second part of vigor, but of course in line with the guidance. Thank.

Terence Flynn: Fortunately the last point that I want to say is as you see that the accumulated.

Fashion is evolving towards a seasonal pattern. So you still you had a very strong Q4 like you would expect.

Thank you very much that Exxon next question. Please.

Alexander Hall: Flu vaccination type of market and that's what we see also to be expected in 2024 and actually as I was reading some of your models in the financial community.

Our next question will come from <unk> <unk> with Evercore ISI.

Terence Flynn: Flu vaccination type of market and Thats, what we see also to be expected in 2024 and actually as I was reading some of your models in the financial community.

Thanks for taking my question Albert So I was looking at SEC filings from <unk> and they disclosed that Pfizer was open to putting out a bit on servile after phase III data, which would've been in 2024.

Alexander Hall: I think there is some confusion that we will have a higher Q1, Q2, which I believe will be more towards the second part of vigor, but of course in line with the guidance.

Terence Flynn: I think there is some confusion that we will have a higher Q1, Q2, which I believe will be more towards the second part of the year, but of course in line with the guidance.

Speaker Change: Thank you very much that Exxon next question. Please.

Meaning.

Hum.

Also noticed that you were saying you're not open to a buyback in 2024 and deleveraging remains a top priority. So I just want to balance those two especially also in the context of where the stock stands.

Evercore ISI: Our next question will come from <unk> with Evercore ISI.

Speaker Change: Thank you very much that Exxon next question. Please.

Speaker Change: Our next question will come from <unk> <unk> with Evercore ISI.

Evercore ISI: Thanks for taking my question. So I was looking at SEC filings from <unk> and they disclosed that Pfizer was open to putting out of bed on servile after phase III data, which would've been in 2024.

Well look I will ask Dave to speak about it but.

Steve Scala: Thanks for taking my question, Alex So I was looking at SEC filings from service and they disclosed that Pfizer was open to putting out of bed on servile after phase III data, which would've been in 2024, meaning.

<unk> talked about were looking everything.

And we are engaging in everything doesn't mean, but that's our obligation. We are doing all the work it doesn't mean Burger in Pennsylvania. This will deviate from the capital allocation strategy, but we have just articulated and batteries.

Evercore ISI: Meaning.

Evercore ISI:

Evercore ISI: Also noticed that you were saying you're not open to a buyback in 2024 and deleveraging remains a top priority. So I just want to balance those two especially also in the context of where the stock stands.

Steve Scala: I also noticed that you were saying you're not open to a buyback in 2024 and deleveraging remains a top priority. So I just want to balance those two especially also in the context of where the stock stands.

Number one priority is our dividend and a growing dividend.

Speaker Change: Well look I will ask Dave to speak about it but.

It's a year of execution required to deliver it's as David said and then once we bring our deliveries to the levels that we are aspiring will start also moving into.

Speaker Change: But we are looking everything.

Speaker Change: And we are engaging in everything doesn't mean, but that's already gave some we are doing all over the world. It doesn't mean that our eventual need this will deviate or the capital allocation strategy, but we have just articulated and batteries.

Alex: Well look I will ask Dave to speak about this but the fact that we're looking at everything.

And we are engaging in everything doesn't mean, but that's already gave some we are doing all of it works. It doesn't mean that our retention rate. This will deviate to the capital allocation strategy, but we have just articulated and that this month.

Served by box and of course.

M&A.

Speaker Change: Number one priority is our dividend and a growing dividend.

Which means that for 'twenty four we will see everything in existence, because we never say never to business development opportunities could come but our strategy is that people don't see anything major business development in terms of the dollars David did I say it well.

Speaker Change: It's a year of execution, we tried to deleverage that David served and then once we bring our deliveries to the levels that we are those borrowings were started also moving into.

Dave: The number one priority is our dividend and a growing dividend.

It's a year of execution, we've tried to deleverage as David said and then once we bring our deliveries to the levels that we are aspiring will start also moving into.

Speaker Change: Served by box and of course.

Correct. Thank you very much.

Speaker Change: M&A.

Good picture. Thank you.

Speaker Change: Which means that for 'twenty four we will see everything in existence, because we never say never to business development opportunities could come with our struggles at it is that people don't see anything major business development in terms of the dollar David did I say it well.

Dave: Several buy box and of course.

The.

The other question of equipment I think that will ship right. Yes. Thank you Omar. Thank you very much let's go to the next question. Please.

Dave: M&A.

Dave: Which means that for 'twenty four we will see everything in existence, because we never say never to business development opportunities could come but our strategy is that you will not seen anything major business development.

Next we have Tim Anderson with Wolfe research.

Thank you.

Maybe for Amir so eloquent.

Speaker Change: Correct. Thank you very much.

The biggest drug in the initial list of 10 drugs for IRA.

Speaker Change: Good day, Sir Thank you.

Dave: So $4 David did they say it well.

Speaker Change: And the other question for me I think about bullshit right. Yes. Thank you Omar. Thank you very much let's go to the next question. Please.

Correct: Correct. Thank you very much.

S has until February <unk> to provide you. The initial proposed negotiated price. So that's two days away. So two questions. Here can you confirm you Havent already received an initial proposal yet.

Speaker Change: Good day, Sir Thank you.

Speaker Change: Uh huh.

The other question of equipment I think that will ship right. Yes. Thank you Omar. Thank you very much let's go to the next question. Please.

Speaker Change: Next we have Tim Anderson with Wolfe research.

Tim Anderson: Thank you.

Speaker Change: Next we have Tim Anderson with Wolfe research.

Maybe for Amir so eloquent.

And second question can we expect that at some point between now and September 1st which was the deadline that they have to make the final price public that you would give some invest invest for some sort of directional information on how those discussions are going are we going to be kind of in the dark until September 1st.

Tim Anderson: This is the biggest drag on the initial list of 10 drugs for IRA.

Tim Anderson: Thank you.

Tim Anderson: Maybe for Amir so eloquently.

Tim Anderson: S has until February <unk> to provide you. The initial proposed negotiated price. So that's two days away. So two questions. Here can you confirm you Havent already received an initial proposal yet and second question can we expect that at some point between now and September 1st which is the deadline that they have to.

Tim Anderson: With.

Tim Anderson: The biggest drug on the initial list of 10 drugs for IRA.

Tim Anderson: CMS has until February <unk> to provide you. The initial proposed negotiated price. So that's two days away. So two questions. Here can you confirm you Havent already received that initial proposal yet and second question can we expect that at some point between now and September 1st which is the deadline that they have.

So I mean are you planning to give licensing more give us sustained.

So Tim as you can appreciate this whole price setting authority in Medicare This is new and pharma companies, obviously beginning to understand this process with the federal government. The rules are complicated. So we're wrapping our minds around it our alliance partner BNS is taking lead and engaging with our with CNS and an official process as we determine the.

Tim Anderson: Make the final price public that you'll give some invest invest for some sort of directional information on how those discussions are going are we going to be kind of in the dark until September 1st.

Tim Anderson: To make the final price public that you would give some invest invest for some sort of directional information on how those discussions are going are we going to be kind of in the dark until September one.

Speaker Change: So amir.

Speaker Change: Plumbing forgive license anymore.

Speaker Change: Yes.

Price for all the questions.

Speaker Change: And as you can appreciate this whole price setting authority in Medicare This is new and pharma companies, obviously beginning to understand this process with the federal government. The rules are complicated. So we're wrapping our minds around it our alliance partner BNS is taking the lead in engaging with our CNS and an official process as we determine the <unk>.

So I mean are you.

In part D that will begin in January 2026, and also as I'm sure. You can appreciate we're not going to comment on an ongoing price setting process of negotiation.

Planning to give rise to more give us.

Tim Anderson: And as you can appreciate this whole price setting authority in Medicare, It's new in pharma companies, obviously, beginning to understand this process with the federal government. The rules are complicated. So we're wrapping our minds around it our alliance partner E&S is taking lead and engaging with that with CMS and an official process as we determine the <unk>.

It's been a difficult time to comment on these things because they are ongoing so he's very inappropriate about sort of complicates things I understand but there is a need for people to understand because that's an important.

Speaker Change: Price for all the questions.

Speaker Change: In part D that will begin in January 2026, and also as I'm sure. You can appreciate we're not going to comment on an ongoing price setting process and negotiation.

And we will try as soon as possible and practical to be able to provide the level of detail you are looking at everybody's working so that they can more appropriately.

Tim Anderson: For Alex with in part D that will begin in January 2026, and also as I'm sure. You can appreciate we're not going to comment on an ongoing price setting process of negotiation.

You're very much let's move to the next question. Please.

Speaker Change: It's been a difficult thing to comment on these things because they are ongoing so he's very inappropriate then about sort of complicates things I understand but there is a need for people to understand because that's an important.

Our next question will come from Andrew Baum at Citi.

Tim Anderson: It's very difficult to comment on these things because they are ongoing so he's very inappropriate, but sort of could complicate things I understand but there is a need for people to understand because that's an important.

Many thanks couple of questions. Please.

Speaker Change: Product and we will try as soon as possible and practical to be able to provide the level of the services. You are looking at everybody's working shoulder like I'm older properties.

Sense to me.

Under your leadership and commercial focus.

And we will try as soon as possible and practical to be able to provide the level of detail. You are looking at everybody is looking like a morgan properties. Thank.

What key products would you guide us to of recent launches that we should look for in terms of acceleration of rollout trajectory and it doesn't have to be recently launched establish ones as well.

Speaker Change: Thank you very much let's move to the next question. Please.

Speaker Change: Okay.

Speaker Change: Our next question will come from Andrew Baum at Citi.

Speaker Change: Thank you very much let's move to the next question. Please.

Andrew Baum: Many thanks couple of questions. Please.

Speaker Change: Our next question will come from Andrew Baum with Citi.

Then second to Mike could you just share a little bit more information about your next generation.

Andrew Baum: First to them there.

Andrew Baum: Under your leadership and commercial focus.

Andrew Baum: Many thanks couple of questions. Please first.

PCV vaccine, specifically, how many Sarah <unk> and I'm, assuming that given it's a new technology, you will lose the ability to grandfather.

Andrew Baum: First to EMEA.

Andrew Baum: Key products would you guide us to of recent launches that we should look for in terms of acceleration of rollout trajectory and it doesn't have to be recently launched establish ones as well and then second to Mike could you just shed a little bit more information about your next generation piece.

Andrew Baum: Under your new leadership and commercial focus.

Andrew Baum: Key products would you guide us to of recent launches that we should look for in terms of acceleration of rollout trajectory and it doesn't have to be recently launched establish ones as well and then second to Mike could you just share a little bit more information about your next generation.

Pneumonia claim from the cockpit to trial into the profile as it matures if you could confirm that would be great.

Thank you very much Andrew your assumption I don't think it is correct, but Michael will answer.

PCV vaccine, specifically, how many <unk> and I'm, assuming that given it's a new technology you will lose the ability to grandfather, the pneumonia claim from the cockpit to trial into the profile as it matures if you could confirm that would be great.

Let's first go to Amir, who basically give us if you're how you see in 'twenty for the priority of this sort of commercially secured so I mean the U S.

Mike: PCV vaccine, specifically, how many <unk> and I'm, assuming that given it's a new technology you will lose the ability to grandfather the NIM.

So Andrew I'll take a step back and yep.

Mike: Ammonia claim from the Capex a trial into the profile as it matures if you could confirm that would be great.

Speaker Change: Thank you very much Andrew your assumption I don't think it is correct, but Michael will answer.

Let me start by saying.

And very excited by this rolling this opportunity and also to do it with the team that we built which is a.

Thank you very much Andrew your assumption I don't think it is correct, but Michael will answer.

But let's first go to Amir, who basically give us if you're how you see in 'twenty for the priority of this sort of commercially secured so I mean, the U S. Yeah.

A mix of both seasoned Pfizer leaders as well as experienced leaders from outside of Pfizer I mean, my focus and we can talk about specific products. We've touched on many of them already but my focus overall is on execution excellence.

Speaker Change: But let's first go to Amir, who basically give us if you're how you see in 'twenty for the priority of this of the commercial execution in the U S. Yes.

So Andrew I'll take a step back.

Let me start by saying I've been very excited by this rolling this opportunity and also to do it with the team that we've built which is a.

In our primary care and specialty care portfolio, we have a lot of great brands, we have some really enduring franchises and Alex with <unk> spend quite a bit of time talking about that.

Amir: So Andrew I'll take a step back.

Speaker Change: Yes, let.

Amir: Let me start by saying I've been very excited by this rolling this opportunity and also to do it with the team that we built which is at <unk>.

Amir: A mix of both seasoned Pfizer leaders as well as experienced leaders from outside of Pfizer I mean, my focus and we can talk about specific products. We've touched on many of them already but my focus overall is on execution excellence.

Our focus there is to defend and grow where we can and we do see some opportunities.

Amir: Mix of both season, Pfizer leaders as well as experienced leaders from outside of Pfizer I mean, my focus when we can talk about specific products. We've touched on many of them already but my focus overall is on execution excellence.

We also have to acknowledge that we have some brands that have great value propositions, but they happen to be in highly competitive categories. It's been very very well entrenched competitors.

In our primary care and specialty care portfolio, we have a lot of great brands, we have some really enduring franchises and Alex with <unk> spend quite a bit of time talking about that.

Amir: Our primary care and specialty care portfolio, we have a lot of great brands, we have some really enduring franchises and Alex with <unk> I've spent quite a bit of time talking about that.

So in a situation like that my focus is principally.

Amir: Our focus there is to defend and grow where we can and we do see some opportunities.

Let's really prioritize the actions that can grow each of the brands and we can talk about the individual launches. There is a lot of operational focus on blocking and tackling including contracting and then when we look at our main resources, we have our field force, our advertising and promotion dollars and our medical capabilities just prioritizing exactly.

Amir: We also have to acknowledge that we have some brands that have great value propositions, but they happen to be in highly competitive categories. It's been very very well entrenched competitors.

Amir: Our focus there is to defend and grow where we can and we do see some opportunities.

Amir: And we also have to acknowledge that we have some brands that have great value propositions, but they happen to be in highly competitive categories with some very very well entrenched competitors.

So in a situation like that my focus is principally less really prioritize the actions that can grow each of the brands and we can talk about the individual launches. There is a lot of operational focus on blocking and tackling including contracting and then when we look at our main resources, we have our field force our.

Where we put those that is what I'm focused on with me and my management team and as I mentioned, we see opportunities in some of the core franchises in defending and growing our share.

Amir: So in a situation like that my focus is principally.

Amir: Let's really prioritize the accident that can grow each of the brands and we can talk about the individual launches. There is a lot of operational focus on blocking and tackling including contracting and then when we look at our main resources, we have our field force our advertising and promotion dollars in our medical capabilities just prioritizing exactly.

But then also in a in a number of our launches.

Rising and promotion dollars and our medical capabilities, just prioritizing exactly where we put those that is what I'm focused on with me and my management team and as I mentioned, we see opportunities in some of the core franchises in defending and growing our share but then also.

And you know Albert mentioned in his opening remarks, what we hope and expect to do with a British though with no tax.

LOE savings. So those are all brands that we're going to continue to focus on including some of our recent acquisitions like a spider itself.

Amir: Where we put those.

Speaker Change: That is what I am focused on with me and my management team.

Speaker Change: And as I mentioned, we see opportunities in some of the core franchises in defending and growing our share.

I think governments, Andrew let me take a deliberate who've lost most of the other core myself leaders to comment a little bit on their priorities and of course that will give you a better sense of the whole picture Alexander and international as you're taking over what are your key priorities are.

In a number of our launches.

And you know Albert mentioned in his opening remarks, what we hope and expect to do with a British though with neuro tact with lithium.

Speaker Change: But then also in in a number of our launches.

Speaker Change: Albert mentioned in his opening remarks, what we hope and expect to do with a British though with narrow tact with lithium.

The LOE savings. So those are all brands that we're going to continue to focus on including some of our recent acquisitions like upside as well.

For the question and the opportunity to share my priorities. My main focus is really to focus on the area, where we can generate material growth with improved return on investment is my mantra. How are we going to do that my top four market in the order, China, Japan, Germany, and France represents 40% of our international divisions.

Speaker Change: The LOE savings. So those are all brands that we're going to continue to focus on including some of our recent acquisitions like looks bright as well.

But governments, Andrew let me take the Liberty the Black Scholes there'll be other commercial leaders to comment a little bit on their priority because that will give you a better sense of the whole picture Alexander and international as you're taking over what are your key priorities.

Speaker Change: I think governments, Andrew let me take the Liberty blocks closer to the other commercial leaders to comment a little bit on better priorities because that will give you a better sense of the whole picture Alexander and international as you're taking over what are your key priorities.

Its quite concentrated those full market will report directly to me. So that we can have the resources and support the country to execute on their plan at best and to generate the most gross up top.

Thanks for the question and the opportunity to share my priorities. My main focus is really to focus on the area, where we can generate material growth with improved return on investment is my mantra. How are we going to do that my top four market in the order, China, Japan, Germany, and France represents 40% of our International Division.

Alexander Hall: Thanks for the question the emphasis and the opportunity to share my priorities. My main focus is really to focus on the area, where we can generate material growth with improved returns on investments. This is my mantra how are we going to do that my top four market in the order, China, Japan, Germany, and France represents 40% of our International Division.

15 country represents 70% of our total international so it's again quite concentrated what I'm actually doing currently is in each of those market. We are selecting for drivers of gross what other key inline in the key new products, where we can have material impact with our improved return on investment so well give you an example.

So its quite concentrated those full market will report directly to me. So that we can have the resources and support the country to execute on their plan at best and to generate the most growth.

Alexander Hall: So its quite concentrated those full market will report directly to lead so that we can have the resources and she pulled the country to execute on their plan at best and to generate the most growth.

She is going to be different from one country to the other because the archetype and the dynamic of this market are different so last week I was in Japan, and so for instance, <unk> diagnosis rate is half did Jack this is right that we have in the U S and in France. So we review last week the plan too.

15 countries, representing 70% of our total international so it's again quite concentrates is one of them actually doing currently is in each of those market. We are selecting for drivers of gross what other key inline in the key new products, where we can have material impact with improved return on investment. So give you an example.

Alexander Hall: 15 country represents 70% of our total international So it's again quite council traces what I'm actually doing currently is in each of those market. We are selecting our drivers of growth what are the key inline in the key new products, where we can have material impact with improved return on investment. So give you an example.

Go and catch those to increase the diagnosis rate and we're going to continue to of course are tracking Lindsay cushion in Germany adequate have stayed very strong and adequate franchise. We believe we have a gross too.

She is going to be different from one country to the other because the archetype and the dynamic of this market are different so last week I was in Japan, and so for instance, <unk> <unk> rate is half did Jack this is right that we have in the U S and any prints. So we review last week the plan too.

Of course, he is going to be different from one country to the other because the archetype and the dynamic of just market difference. So last week I was in Japan, and so for instance, <unk>. Jack. This is right is half Jack This is right that we have in the U S and in France. So we review last week the plan too.

The type of opportunity and I am next week in Germany to actually review the plan on the yet equally precisely and we'll do the same thing on the new products and he's gonna be for instance, low grain out in China as you know lung cancer in China is unfortunately are affecting a large proportion of the population.

Go and catch those to increase the diagnosis rate and we're going to continue to of course are tracking Lindsay cushion in Germany adequate has a very strong and adequate franchise. We believe we have a gross to the type of opportunity and I'm next week in Germany to actually review the plan on the Eddie Please precisely and we'll do the same thing on the new products.

Alexander Hall: Go and catch those to increase the dose is right and we're going to continue to of course are tracking the attrition in Germany. I think we have very strong adequate franchise. We believe we have gross too.

As a matter of fact, the proportion of the lung cancer that can benefit from no brainer in the worldwide communities was one 7% in China, It's actually 7%. So we believe we have a huge opportunity what are we doing is actually developing a plan last week when I was visiting China too quickly gets a little greater.

Alexander Hall: <unk> opportunity and him next week in Germany to actually review the plan on the yet equally precisely and we'll do the same thing on the new products and he is going to be for instance, look arena in China as you know lung cancer in China is unfortunately are affecting a large proportion of the population.

He is gonna be for instance, look arena in China as you know lung cancer in China is unfortunately are affecting a large proportion of the population.

Those patients that could benefit from the clinical outcome. So this is really what I'm doing in each of the.

As a matter of fact, the proportion of the lung cancer that can benefit from the winter in the worldwide communities was one 7% in China, It's actually 7%. So we believe we're a huge opportunity what are we doing is actually developing a plan last week when I was visiting China too quickly gets a little greater.

The 15th country than frankly, the rest of the year will it be simply tracking like I say cushion.

Alexander Hall: As a matter of fact, the proportion of the lung cancer that can benefit from the winner in the worldwide community diesel was one 7% in China, It's actually 7%. So we believe we have a huge opportunity what are we doing is actually developing a plan last week when I was visiting China too quickly gets a little greater.

In all the metrics both from actually cheese medical activities and K P. S for each of our key product. Thank you and then maybe Chris also on the commercial front. How are you thinking of the oncology in the U S alone.

Those patients that could benefit from the clinical outcome. So this is really what I'm doing in each of the.

Thank you and I'll bet, our biggest priority right now as of this continue at T. O D business. We've done a lot of work in the last nine months during integration planning and we don't want to Miss a beat and is now moving towards flawless execution with immediate priorities, obviously, the partnership launched foot bonds metastatic bladder cancer.

The 15 country than frankly, the rest of the year will it be simply tracking like I say cushion tracking all the metrics both from activity cheese medical activities and Kpis for each of our key product. Thank you and then maybe Chris also on the commercial front. How are you seeing of the oncology in the U S at volt.

So as those patients that could benefit from the clinical outcome. So this is really what I am doing in each of the.

Alexander Hall: 15 country than frankly, the rest of the year will it be simply tracking legacy cushion.

Alexander Hall: In all the metrics both from activity cheese medical activities and Kpis for each of our key products. Thank you and then maybe Chris also on the commercial front. How are you seeing of the oncology in the U S alone.

<unk> to study the launch of <unk> in non metastatic castration sensitive prostate cancer from the embark trial. The early launch and also focus on access and awareness given 2024 hour rate in late line multiple myeloma and hotel Zena, we're up to 25% of patients with metastatic <unk>.

Thank you and all that and our biggest priority right. Now is obviously continue at T. O D business. We've done a lot of work in the last nine months during integration planning and we don't want to Miss a beat and is now moving towards flawless execution with immediate priorities. Obviously, the partnership launched for advanced metastatic bladder cancer.

Speaker Change: Thank you.

I'll bet.

Chris Bosh: Our biggest priority right now is updating continue at DSD business, we've done a lot of work.

Chris Bosh: Last nine months during integration planning and we don't want to Miss a beat and is now moving towards flawless execution with immediate priorities. Obviously, the past set launch with bonds metastatic bladder cancer from the <unk>. Two study the launch of <unk> in non metastatic castration sensitive prostate cancer from the embark trial the early.

Resistant prostate cancer would be eligible in the U S for the from the Taliban two indications. Thank you Richard.

<unk> to study the launch of <unk> in non metastatic castration sensitive prostate cancer from the embark trial. The early launch and also focus on access and awareness given 2024 hour rates.

And then let's go through micro dosing if you can make some comments on the on the next generation as much as you are concerned about the states. Yeah. I think we have a very strong position with good momentum in the PCB congregate and I I think Alexandra you mentioned just the positive recommendation, we got four piece of these trends.

In late line multiple myeloma and hotel Zena, we're up to 25% of patients with metastatic castration resistant prostate cancer would be eligible in the U S for the from the telephone to indication and then let's go to Michael Goldstein. If you can make some comments on the on the next generation as much as we are concerned about the savings.

Chris Bosh: Loans and also focus on access in a way of giving 2024 hour rates in.

Chris Bosh: In late line multiple myeloma and portals Zander, we're up to 25% of patients with metastatic castration resistant prostate cancer would be eligible in the U S for the from the telephone to indication. Thank you.

In Europe we.

Building on that unique platform and as Andrew did say here, we are able what you've called grandfather in unique claims for the hardware segment for pneumococcal pneumonia, it's really the major.

And then let's go to Michael Goldstein, if you can make some comments on the on the next generation as much as you can say about the states. Yeah. I think we have a very strong position with good momentum.

Yeah, I think we have a very strong position with good momentum in the PCB quantity and I think Alexandra you mentioned just the positive recommendation, we got four piece of these trends in Europe now we're building on that unique platform and as Andrew did say here, we are able to call.

Mm 150000 U S hospitalizations.

Michael Goldstein: PCB congregate and I I think Alexandra you mentioned just the positive recommendation, we got for Pcbs in Europe now we're building on that unique platform and as Andrew say here, we are able what you've called grandfather.

And to the best of our knowledge.

That is a platform with a new fourth generation as was with the third generation will be the only one that can carry that claim based on as you said the original kept us bodies now the new generation will contain more sacrifice.

Grandfather in unique claims for the hardware segment for pneumococcal pneumonia, it's really the major.

Michael Goldstein: Unique claim.

Mm 150000 U S hospitalizations.

Michael Goldstein: Segment for Coca pneumonia, it's really the major.

Has applicability for adults and possibly pediatric.

And to the best of our knowledge.

Michael Goldstein: Budd.

That is a platform with a new fourth generation as was with the third generation will be the only one that can carry that claim based on as you said the original kept US thought he is now the new generation will contain more separate sites.

100000 U S hospitalization.

We have done with all of ours.

And it also will include improvements on existing seller types to all together get there very good increase coverage burst in that piece of it.

And to the best of our knowledge.

That is a platform with a new fourth generation as well with a third generation will be the only one that can carry that claim based on as you said the original kept the thought is now the new generation will contain more separate pipes.

And I do think we are the one that really can continue this expansion or more terabytes.

S applicability of four adult and possibly pediatric.

Unique conjugation chemistry carrier somebody formulations, and I am cautious to abandon any sabotage where do you work on the fundamentals.

We have done with all of ours.

Michael Goldstein: It has applicability for adult and possibly pediatric.

And it also will include improvements on existing seller types to all together get there very good increased coverage burst in that piece of it.

Speaker Change: We have done with all of ours.

The characterization was cause disease for example, pneumonia he smokes very well described so maintaining the coverage as we have unique.

Speaker Change: And it also will include improvements on existing seller types to all together get the very good increase coverage both in the PCP.

And I do think we are the one that really can continue this expansion or more terabytes.

You need conjugation chemistry carrier somebody formulations, and I am cautious to abandon any server side, where do you work from the models.

Speaker Change: And I do think we are the one that really can't continued its expansion of more sacrifice.

It's not really happening with the.

Other product.

Differentiation, so I feel very good about the fourth generation. Thank you Mike Let's go to the next question. Please.

Speaker Change: Our unique communication tenancy carriers, some reformulation and I am cautious to abandon et cetera, where do you work with lymphoma models.

The characterization what cause disease for example, pneumonia he smokes very well.

Our next question will come from Geoff Meacham with Bank of America.

Cried so maintaining the coverage as we have unique.

Speaker Change: The characterization whats cause disease for example, pneumonia is not that bad.

Good morning, everyone. Thanks, so much for the question.

And it's not really happening with the.

Albert the oncology franchise following sea Gen I suspect it will probably be one of your bigger growth drivers for Pfizer going forward. The question is is there an intermediate or long term target as a percent of revenue that you're looking to achieve for this segment and then are there technologies beyond ADC that you think could be additive to the pipeline. Thank you.

Well describe so maintaining the coverage as we have unique.

Other product.

Need differentiation, so I feel very good about the fourth generation. Thank you Michael Let's go to the next question. Please.

Speaker Change: And it's not really happening with them.

Other product.

Speaker Change: Differentiation, so I feel very good about the fourth generation. Thank you Mike Let's go to the next question. Please.

Our next question will come from Geoff Meacham with Bank of America.

Good morning, everyone. Thanks, so much for the question.

Speaker Change: Our next question will come from Jeffrey Chen with Bank of America.

Yes.

Very generally and then I'll ask Chris to comment a little bit on the technologies, but the we are having here I.

Louise Chen: Good morning, everyone. Thanks, so much for the question.

Kind of say, how much oncology were completed with a clearly.

We have given expectations of oxygen and we say that we expect it to be a $10 billion by 2030 from three points. One when we gave guidance in the 'twenty 'twenty four and actually feel very good about with them. The more data come in when we gave with tens of billions or we were not aware of some of the results followed.

<unk>.

It's a very general and I will ask Chris to comment a little bit on the technologies, but the we are having here I kind of say how much oncology, we're competing with but clearly.

Louise Chen: And then are there technologies beyond ADC that you think can be additive to the pipeline. Thank you.

Louise Chen: Yes.

Louise Chen: General and then I'll ask Chris to comment a little bit on the technologies that we are having here I can't say how months oncology, we're competing with but clearly we.

The project and so we feel very very good about.

We have given expectations about season, and we say that we expect it to be a $10 billion by 2030 from 3.1, when we gave guidance in the 'twenty 'twenty four and actually feel very good about the time the more data come in when we gave with tens of billions or we won't have to wear off some of the results, but the follow up.

No.

Did you say about the Pfizer.

Louise Chen: We have given expectations about citizens and we say that we.

Pipeline.

Colin I think it was also among the strongest in our current therapeutic areas. So I think the combination of Mizuho.

Louise Chen: We expect it to be a $10 billion by 2030 from $3. One when we gave guidance in the <unk>.

He is giving us, let's say a lot of strength, but Chris why don't you comment a little bit about.

Chris Bosh: 24, and actually we feel very good about with them the more data come in when we gave with tens of billions or we will look at where some of the results, but the follow the projections. So we feel very very good.

The project and so we feel very very good about.

How you see the R&D evolution of oncology the platforms, we are going to base your strategies. Thank you.

No.

Did you say about the Pfizer.

Pipeline.

So we didn't look modalities, we want to focus on for now or those who we see we have significant strengths and capabilities, including with medicinal chemistry, our protein engineering as well as our strength in cancer biology with April, but a focus on small molecules, especially from a la Jolla site.

Chris Bosh: Evolves about now.

Carlos I think it was also among the strongest in.

Chris Bosh: I have to say about the Pfizer pipeline in oncology I think it was also among the strongest in our car T therapeutic area. So I think the combination of Mizuho.

Our current therapeutic areas. So I think the combination of Mizuho.

Is giving us, let's say a lot of strength.

Why don't you comment a little bit about.

How you see the R&D evolution of oncology the platforms, we are going to base your strategies.

Chris Bosh: <unk> is giving us, let's say a lot of strength.

Chris Bosh: Chris why don't you comment a little bit in bulk.

Bi specifics, both la Jolla, and new Seattle site, and a D C and Seattle, So small molecules biologics as you know we do have an interest also in allogeneic car T cells with the formation of allergies that company, we still follow another significant interesting, but we're now focusing on those three modalities, where we see significant opt.

Chris Bosh: How you see the R&D evolution of oncology the platforms, we are going to base your strategies.

Thank you.

Chris Bosh: Thank you.

Chris Bosh: So we didn't look modality, we want to focus on for now are those who we see we have significant strengths and capabilities.

Chris Bosh: <unk> with medicinal chemistry, our protein engineering as well as our strength in cancer biology, we therefore focus on small molecules, especially from a la Jolla site by specific as opposed to La Jolla.

<unk> combinations for example, doing small molecules idc's, but also potentially in the future ADC.

By specifics, both La Jolla, and new Seattle sites, and a D C and Seattle, So small molecules biologics as you know we do have an interest also in allogeneic car T cells with a formation of allergies that company, we still follow another significant interesting, but we're now focusing on those three modalities, where we see significant opt.

ADC for Bispecific.

Thank you next.

Chris Bosh: <unk> sites and ADC in Seattle small molecules biologics as you know we do have an interest also in allogeneic car T cells.

Next question please.

Our next question comes from Keith <unk> with Wells Fargo.

Great. Thank you very much for taking my question maybe.

<unk> of allergies that company, we followed up a significant interesting, but we're now focusing on those three modalities, where we see significant opportunity also combinations for example, doing small molecules.

Attunity also combinations for example, doing small molecules adcs, but also potentially in the future ADC.

Maybe a question on the attack the trends in market share as well as pricing.

ADC from bi specific.

Just wanted to make sure that is there a significant price delta between.

Thank you next.

Next question please.

Chris Bosh: But also potentially in the future.

Take price versus the competitor price I mean, the discounts that they are often given that.

Our next question comes from Keith <unk> with Wells Fargo.

Chris Bosh: So by specific.

Speaker Change: Thank you next question please.

Great. Thank you very much for taking my question maybe.

But that has multiple things in the headache market.

Speaker Change: Our next question comes from Mohit Bansal with Wells Fargo.

Maybe a question on the attack the trends in market share incentive pricing.

There is a does that do you expect this to grow or decline over 2024 on pricing. Thank you.

Mohit Bansal: Great. Thank you very much for taking my question maybe.

Just wanted to make sure that is there a significant price delta between.

Mohit Bansal: Maybe a question on the attack the trends in market share as well as pricing.

Well. Thank you very much I made about north Akron and generally migraine for I'm sorry, yeah.

Price versus the competitor price I mean, the discounts that they are often given that you.

Mohit Bansal: Just wanted to make sure that is there a significant price delta between.

So Mike Thanks for the question. So you know we are we were encouraged by Q4 or are near Tech and I'll also include some comments on that strategy.

Take price versus the competitor price I mean, the disclosed that they are often given that comp.

A company that has multiple I think tinder.

Headache market.

And if there is a does that do you expect this to grow or decline over 2024 on pricing. Thank you.

As part of my response.

Mohit Bansal: That has multiple things in the headache market.

We were up more than 30% versus the prior year and 20 over 20% versus the prior quarter and there's a few things that are encouraging nortek continues to be the number one prescribed <unk>. So we have leading T Rx volume and share inter.

Thank you very much I made about Norfolk and in general the migraine front sorry, yeah. So.

There is that do you expect this to grow or decline over 2024 on pricing. Thank you.

Thanks for the question. So we are we were encouraged by Q4 for a near Tech and I'll also include some comments on that.

Thank you very much I made about Norfolk and in general the migraine front sorry, yes.

Speaker Change: Thanks for the question. So we are we were encouraged by Q4 for a near Tech and I'll also include some comments on that.

Interestingly more than 90% of new prescribers in the category many of whom are primary care physicians are prescribing a near tech and our pills per Rx is also over the last several quarters and <unk> been steadily writing so we continue to see opportunity and theirs.

As part of my response.

Speaker Change: We were up more than 30% versus the prior year and 20 over 20% versus the prior quarter.

Speaker Change: And there's a few things that are encouraging nano-tech continues to be the number one prescribed <unk>. So we have leading T Rx volume and share.

There's a few things to keep in mind, one is there's still a lot of unmet need.

Interestingly more than 90% of new prescribers in the category many of whom are primary care physicians are prescribing a near tech and our pills per Rx is also over the last several quarters and have been steadily writing. So we continue to see opportunity and theirs.

Albert referred to it in his written remarks, but theres a lot of patients are diagnosed very few get an Rx therapy <unk> has still only less than 20% of the Rx market, but as you point out. This is also a very competitive category, but he lives and you've already and you know I won't comment specifically on their pricing strategies versus ours.

Speaker Change: Interestingly more than 90% of new prescribers in the category. Many of whom are primary care physicians are prescribing near tech and our pills per Rx is also over the last several quarters and have been steadily writing. So we continue to see opportunity and.

There's a few things to keep in mind. One is there's still a lot of unmet need Albert referred to it in his written remarks, but theres a lot of patients are diagnosed very few get an Rx therapy <unk> has still only less than 20% of the Rx market, but as you point out. This is also a very competitive category, but he was saying.

G can play a role in all of it but our focus for <unk>.

Speaker Change: There's a few things to keep in mind. One is there's still a lot of unmet need Albert referred to it in his written remarks, but theres a lot of patients are diagnosed very few get an rx therapy or <unk> is still only less than 20% of the Rx market, but as you point out. This is also a very competitive category, but he left.

One I think we want to be sharper and more competitive in our patient engagement and activation.

Two we have an opportunity with our field force.

Focus on both the most relevant C. G. R. P writers and as I said Tcp's Pcp's right two thirds of trip hands, but only about a little over a third of C. G. R. P. So there is an opportunity there and then patient access and experience yeah, theres an opportunity to really reduce the friction there and I will also mentioned that spreads.

A L D and I won't comment specifically on their pricing strategies versus ours and <unk> play a role in all of it but our focus for <unk>.

Speaker Change: And you brought a D and I won't comment specifically on their pricing strategies versus ours and <unk> play a role in all of it.

One I think we want to be sharper and more competitive in our patient engagement and activation.

Speaker Change: Our focus for <unk>.

Two we have an opportunity with our field force to fill.

Speaker Change: One I think we want to be sharper and more competitive in our patient engagement and activation.

Because with an intranasal, we think we can have a very nice complement to an oral or either rapid pain relief and there's also the unmet need for patients that have nausea, and vomiting from the use of an oral so we want to continue to invest in growing our <unk> franchise.

On both the most relevant <unk> writers and as I said Tcp's Pcp's right two thirds of trip amps, but only about a little over a third of <unk>. So there is an opportunity there and then patient access and experience. Yeah. There is an opportunity to really reduce the friction there and I will also mentioned that spreads.

Speaker Change: Two we have an opportunity with our field force to focus on both the most relevant <unk> writers and as I said Tcp's Pcp's right two thirds of trip and but only about a little over a third of <unk>. So there is an opportunity there and then patient access and experience. Yes, there is an opportunity to really.

Our next question please.

Our next question comes from Steve Scala with Cowen.

Because with an intranasal, we think we can have a very nice complement to an oral or either rapid pain relief and there's also unmet need for patients that have nausea, and vomiting from the use of an oral so we want to continue to invest in growing our R&R taken desperate franchise.

Reduce the friction there and I will also mentioned that spread because with an intranasal. We think we can have a very nice complement to an oral for either rapid pain relief and Theres also unmet need for patients that had nausea and vomiting from the use of an oral so we want to continue to invest in growing the R&R taken desperate franchise.

Cowen.

Thank you two questions first one on <unk> I know Pfizer doesn't want to provide an update but clearly the company has greater insight than we do into how the once daily version is performing in the phase one PK trial, so I'd like to ask how would you characterize that performance so far.

Our next question please.

Our next question comes from Steve Scala with Cowen.

Speaker Change: Thank you Amit next question please.

Thank you two questions first one on <unk> I know Pfizer doesn't want to provide an update but clearly the company has a greater insight than we do into how the once daily version is performing in the phase one PK trial, so I'd like to ask how would you characterize that performance so far.

In the absence of any visibility, it's kind of hard for us to be confident in the outlook for this program.

Speaker Change: Our next question comes from Steve Scala with Cowen.

Steve Scala: Thank you two questions first one on Daniel upon I know Pfizer doesn't want to provide an update but clearly the company has greater insight than we do into how the once daily version is performing in the phase one PK trials. So I'd like to ask how would you characterize that performance so far.

Second question is a new weight loss agent with added to phase one designated 601.

Can you tell us what the mechanism is please thank you very much.

Yes, Steve I'm going to disappoint you because you are asking things as others have said, we are not willing to disclose at this stage for multiple reasons on the clearly on Daniel we have more information than the answer is very normal with everything we're doing because we're having a very complicated because as I said multiple.

In the absence of any visibility, it's kind of hard for us to be confident in the outlook for this program.

Speaker Change: In the absence of any visibility, it's kind of hard for us to be confident in the outlook for this program.

Question as a new weight loss agent with added to phase one designated 601.

Second question is a new weight loss agent with added to phase one designated 6016 can you tell us what the mechanism is please thank you very much.

Can you tell us what the mechanism is please thank you very much.

Experiments are plumbed right now, but because we don't have new data, we're not going to comment on the on the new weight loss of molecules, we said, but unfortunately, they don't disclose their mechanism of action. The reason is because first of all it's too early and we don't want to give competitions my finger.

Yes, Steve I'm going to disappoint, you because you are asking things ease up as I've said, we don't know if you're willing to disclose at this stage for multiple reasons on the clearly on Daniel will have more information than the answer is very normal with everything that we're doing because we're having a very complicated because as I said multiple.

Speaker Change: Yes.

Speaker Change: Steve I'm going to disappoint, you because you are asking things ease up as I've said, we are not willing to disclose at this stage for multiple reasons on the clearly on value. We'll have more information than I was just very normal with everything we're doing because we're having a very complicated because as I said.

Strengths above that so.

Experiments plumbed right now, but because we don't have new data are another growing momentum in the on the new weight loss of molecules, we said, but unfortunately, they don't disclose their mechanism of action. The reason is because first of all it's too early and we don't want to see if competition is not going to.

I'm, sorry to disappoint, you, but who does not months.

At this stage hopefully as we said the midyear is what do you expect to have more information on that let's go to the next question. Please.

Experiments plant right now, but because we don't have new data, we're not going to comment on that and on the new way low some molecules, we said that unfortunately.

Next we have David Risinger with Leerink partners.

Speaker Change: Disclose the mechanism function there isn't is because first of all it's too early we don't want to give competition with vaccines.

Strength above that so I'm, sorry to disappoint you, but we're just not months to offer at this stage hopefully as we said the midyear is what I expect we'll have more information on but let's go to the next question. Please.

Yeah.

Thanks, very much and thanks for all the updates so I have two questions. Please first is for Dave could.

Speaker Change: Strength above that so I'm.

Speaker Change: I'm, sorry to disappoint, you, but who does not months.

Could you. Please discuss the 24 gross margin prospects some detail I think on the last call.

Speaker Change: At this stage hopefully as.

Speaker Change: As we said the mid year is what I expect we'll have more information on that let's go to the next question. Please.

Yeah.

Next we have David Risinger with Leerink partners.

Discussed.

Essentially a low 70% gross margin, but if you can comment on that in more detail that would be helpful.

Yeah.

Speaker Change: Next we have David Risinger with Leerink partners.

Thanks, very much and thanks for all the updates so I have two questions. Please first is for Dave.

And the second question is for Michael.

Speaker Change: Yeah.

If Daniel upon once daily does have a profile that youre looking for.

David Risinger: Thanks, very much and thanks for all the updates so I have two questions. Please first is for Dave.

Could you. Please discuss the 24 gross margin prospects in some detail I think on the last call.

David Risinger: Could you. Please discuss the 24 gross margin prospects some detail I think on the last call you had discussed.

Would the company then conduct the phase two a dose ranging study to assess the efficacy and tolerability in order to decide.

It's got us.

Essentially a low 70% gross margin, but if you can comment on that in more detail that would be helpful.

David Risinger: Essentially a low 70% gross margin, but if you can comment on that in more detail that would be helpful.

Sign a dose to advance the phase <unk> phase three thank you.

And the second question is for Michael.

If Danny Brown once daily does have a profile that you're looking for.

Thanks, very quickly Michael our resolve are gone.

Speaker Change: The second question is for Michael.

Speaker Change: Yes, Danny Brown once daily does have.

So and then I will go through the year.

The company then conduct the phase two a dose ranging study to assess the efficacy and tolerability in order to decide.

You heard that Oh, let's say that we are running a number of them.

Michael: Profile that youre looking for with.

Michael: The company then conduct the phase two a dose ranging study to assess the efficacy and tolerability in order to.

<unk> experiments to garner insights that molecule and we have a second list.

It's a sign of dose to advance our phase two b your phase three thank you.

You know fyffes I have always been open to consider different types of.

Michael: The signing of dose to advance.

Thanks, Dave.

Quickly Michael are resolved the venue so and then I will go through the year.

Speaker Change: I used to be your phase three thank you.

Clinical study design and in general in General we tend to move into direct you whenever date by supportive, but if there is a large safety database.

Speaker Change: Thanks, Dave.

You heard that Oh, let's say that we are running a number of them.

Speaker Change: Quickly Michael resolve the value.

Michael: We can go through that.

Go experiments to garner insights that molecule and we have a second lift.

Michael: You heard that Oh, let's say that we are running a number of them.

Two phase III with a lead in phase.

Michael: Then it goes to explain them.

You know fyffes I have always been open to consider different types of.

No we have to look at each program by program. So we will have all the data we will be able to share with you. Yes lets go to a model where we can so it was a good morning.

Michael: Got her insight and that molecule and secondly.

Clinical study design and in general in General we tend to move into.

Michael: You know fyffes I have always been open to consider different types of.

David This is Dave Denton I'll be very brief here, obviously, it's vindicated our 24 gross margin.

Michael: Clinical study design and in general in General we tend to move into.

Direct you whenever date by supportive, but if there is a large safety database.

Phase III with a lead in phase.

Expectations are in the low seventies as we discussed previously.

Michael: Direct you whenever date by supportive, but if there is a large safety database.

No we have to look at each program by program. So we will have all the data we will be able to share with you. Yes lets go to the gross margin wherever we can so it was a good morning.

She knows recycling into 24, there's a few things that are happening as I indicated earlier, one is as Covid comes down we're kind of deleveraging how has COVID-19 had absorbed a lot of fixed overhead. So that's compressing gross margins.

Michael: Into phase III with a lead in phase.

Michael: We have to look at each program by program. So we will have all the data we will be able to share with you. Yes lets go to a model where we can sell.

So David this is Dave and I'll be very brief here, obviously, it's indicated our 24 gross margin.

Secondly, we are in the process of in sourcing many of the acquired products over the last couple of years and as we in source. The short term effect of that is dampening on gross margin, but gives us an opportunity to improve gross margins as yields improve over time.

David M. Denton: Good morning, So David this is Dave Denton I'll be very brief here, obviously indicated our 24 gross margin.

Expectations are in the low seventies as we've discussed previously.

You know as we cycle into 24, there's a few things that are happening as I indicated earlier, one is as Covid comes down we're kind of deleveraging Alice Covid had absorbed a lot of fixed overhead. So that's compressing gross margins.

Expectations are in the low seventies as we've discussed previously.

David M. Denton: As you know as we cycle into 24, there's a few things that are happening as I indicated earlier, one is as Covid comes down we're kind of deleveraging.

And then finally or two things finally, here's our new launches have that same characteristic as we as we launch a new product yields and performance and are not at peak performance that will be an opportunity for us going forward and then finally, we have absorbed some inflation over time that it's an opportunity for us to pick up.

David M. Denton: Covid had absorbed a lot of fixed overhead so thats compressing gross margins.

David M. Denton: Secondly, we are in the process of in sourcing many of the acquired products over the last couple of years and as we in source. The short term effect of that is dampening on gross margin, but gives us an opportunity to improve gross margins as yields improve over time.

Out over the next several periods, so again, an opportunity for us to enhance performance over time, but again, we're in this roughly low seventy's for 'twenty 'twenty four is our expectation.

David M. Denton: And then finally or two things finally, here's our new launches have that same characteristic as we as we launch a new product yields and performance and are not at peak performance that will be an opportunity for us going forward and then finally, we have absorbed some inflation over time that it's an opportunity for us to pick up.

Let me add a little bit more color here about.

The.

Nothing.

Explore is a big product, but they are manufactured in the same facilities.

Out over the next several periods, so again, an opportunity for us to enhance performance over time, but again, we're in this roughly low seventy's for 'twenty 'twenty four is our expectation.

There are separate facilities. So they are not affecting like modest there'll be other programs. So the margins were really absorbing in both facilities. When you have such a huge volume production and volume production of course, the margins are where our shooters me.

David M. Denton: Over the next several periods, so again, an opportunity for us to enhance performance over time, but again, we're in this roughly low seventy's for 2024 is our expectation.

David Let me add a little bit more color here about.

The.

David M. Denton: David Let me add a little bit more color here, but.

Coming out of Memphis.

Extraordinary are big products, but they are manufactured in the same facilities, but.

David M. Denton: The.

Most programs were seriously taking a lot of the of the overhead.

Comment.

It's a big product, but they are manufactured in the same facilities, but.

There are separate facilities. So they are not affecting the commodities there'll be other programs. So the margins were really absorbing in both facilities. When you have such a huge volume production and volume production of course the margins.

So as we are reducing our expectations for corporate.

Two very realistic leasing targets. It doesn't mean that we have eliminated our capacity to produce more.

David: There are separate facilities. So they are not affecting the commodities there'll be other brokers. So the margins were really absorbing in both facilities. When you have such a huge volume production and volume production of course.

So demand is that because that would be north of.

Cedars me.

Most programs were seriously taking a lot of the of the overhead no as we are reducing our expectations for corporate.

Not responsible first of all from public health perspective, but also from.

David: Margins were a seriously.

Our investors' money perspective, so that's why so far we maintain August capacity, although the revenue so I'm not sure there's a significantly better the second things like babies that keep in mind, all basically our New York resistance, but brought so many new programs. They went from smaller rather than the old ones, but they didn't really have their own money funds.

David: Gross product, we're seriously taking a lot of the of the overhead no as we are reducing our expectations for corporate.

Into very realistic.

These targets it doesn't mean that we have made with our capacity to produce more if.

David: Two veterinary.

The demand is that because that would be north up.

Are we seeing targets. This doesn't mean that we have eliminated our capacity to produce more.

We're not responsible for support from public health perspective, but also from.

David: Remind me is that because that would be north up are not responsible for us are awesome poverty color perspective, but also from a our investors' money perspective. So that's why so far we maintain all of its capacity.

Our investors' money perspective, so that's why so far we maintain all of its capacity, although the revenue so I'm not sure there's a significantly but the second thing is that the babies that keep in mind, all basically all of our New York resistance, but brought so many new products. They went from smaller rather than Portland, but they didn't really have their own money funds.

So these were all on source and those sorts of course is way more expensive than when you are able to bring the plants forever.

Talking about the manufacturing, but it takes three years to be able to do so if there's a lots of them.

David: So I'm not sure if there's a significantly but the second thing is that the babies that keep in mind, all basically all of your acquisitions.

Then last but not least we have a disproportional amount of your own and those new loans.

So these were all of them source and those sorts of course is way more expensive than when you are able to bring the plants wherever it shortly.

David: So many new products they went from smaller rather than problems that they didn't really have their own manufacturing.

They are coming with a very big cost when you're building infrastructure for something new to be developed but of course.

David: These were all on source and those sorts of course is way more expensive than when you are able to bring it to our plants wherever resources, but the manufacturing, but it takes three years to be able to do so there is a lots of them for the last but not least we have disproportional amount of neurons and those new launches.

You'll build it for your Pip revenues, but of course, you start with very low revenues and then those are going up so they can restructure as well, but then higher revenues with these new programs are coming is always the case with new products with modest means unexpected so.

But the manufacturing, but it takes three years to be able to do so if there's a lots of them for the last but not least we have a disproportional amount of neurons and those new launches.

Coming with a very big cost when you're building infrastructure or something you have to be developed but of course.

It's a it's not something about gross margins you can see it in the knobs received in years the improvement but clearly.

David: We are coming with a very big cost when you build infrastructure or something you have to be developed but of course.

You'll be able to as part of your pick revenues, but of course, you start with very low revenues and then those are going up so they've restructured as well, but then higher revenue from these new products are coming is always the case with new products, but modestly so I'd expect so.

This is an area of of the we know why are you stopping and what's already on how we can improve it.

David: You'll be able to put your pick revenues, but of course, you start with very low revenues and then those are going up so they can restructure as well, but then higher revenue for these new products are coming is always the case with new products, but modestly it's unexpected so.

So let's go to the next question.

Our next question comes from Chris Schott with J P. Morgan.

It's a it's not something about gross margin you can see it in the knobs received in years the improvement, but clearly this.

Great. Thanks, so much for the question and maybe just for David Albert just kind of building on mid to longer term margin piece of the equation at.

It's not something about gross margins you can see it in the knobs received in years the improvement, but can you hear me.

This is an area of of the we know why stopping to what's already on how we can improve it.

It sounds like we should think about margin recovery is a gradual process versus a snap back is that fair and I guess kind of bigger picture question. I was asking is just how do we think about reasonable longer term margins, maybe not giving specific timelines, but can.

So let's go to the next question.

David: This is an area like the we know why somebody would start really on how we can improve.

Our next question comes from Chris Schott with J P. Morgan.

Speaker Change: So let's go to the next question.

Great. Thanks, so much for the question and maybe just for David Albert just kind of building on mid to longer term margin piece of the equation.

Speaker Change: Our next question comes from Chris Schott with J P. Morgan.

Can we think about kind of like mid to high 30% operating margins is still a reasonable target for Pfizer or just kind of factoring in some of the dynamics. We're seeing now do we need to kind of rethink where where margins can go over time. Thank you.

Great. Thanks, so much for the question and maybe just for David Albert just kind of building on mid to longer term margin piece of the equation.

No I think Youre, absolutely correct mid to high Thirty's is a reasonable target for us with a slight caveat is the sense that the vaccine program commodity has shared as you know our gross margin level with a partner and so thats dampening to gross margins and operating profit so I'll say slightly mix adjusted for that.

It sounds like we should think about margin recovery is a gradual process versus a snapback is that fair and I guess kind of bigger picture question. I was asking is just how do we think about reasonable longer term margins, maybe not giving specific timelines, but can.

Speaker Change: Can we think about kind of like mid to high 30% operating margins is still a reasonable target for Pfizer or just kind of factoring in some of the dynamics. We're seeing now do we need to kind of rethink where where margins can go over time. Thank you.

Products.

No I think Youre, absolutely correct mid to high Thirty's is a reasonable target for us with a slight caveat is the sense that the vaccine program <unk> has shared as you know our gross margin level with a partner. So that's dampening to gross margins and operating profit so I'll say slightly mix adjusted for that.

And then from a from a progression standpoint, yes, you need to think about this as a gradual steady improvement story over the next several periods.

Speaker Change: No I think Youre, absolutely correct mid to high Thirty's is a reasonable target for us with a slight caveat the sense that the vaccine program <unk> has shared as you know.

Thank you next question please.

Our next question comes from <unk> Kumar with HSBC.

Speaker Change: Most margin level with a partner so thats dampening to gross margins and operating profit so I'll say slightly mix adjusted for that product.

Product.

And then from a from a progression standpoint, yes, we have to think about this as a gradual steady improvement story over the next several periods.

Hi, there good afternoon.

Just on the medium term our margin profile.

Speaker Change: And then from a from a progression standpoint, yes, you to think about this as a gradual steady improvement story over the next several periods.

Thank you for the color you provided.

If you think about the you know.

Thank you next question please.

Growth aspirations you have you know.

Our next question comes from <unk> Kumar with HSBC.

Hum.

Just Patrick quantity you factor the sacrificing some of the margins.

Thank you next question please.

Speaker Change: Our next question comes from <unk> Kumar with HSBC.

Hi, there good afternoon.

So if you were to say hit the top end of your growth profile would be looking at mid 30.

Just on the medium term our margin profile.

Ankur Kumar: Hi, there good afternoon.

Thank you for the color you provided.

Anil Kumar: Just on the medium term our margin profile.

<unk> gross margin or lower or.

If you think about the.

What is the balance that and the second one you briefly touched on your capital allocation priorities earlier.

Growth aspirations you have you know.

Hemant Kumar: Thank you for the color you've provided.

Hum.

Does that require you factor the sacrificing some of the margins.

Speaker Change: Think about the.

Kumar: <unk> aspirations you have.

Obviously cost cutting and deleveraging.

So if you were to say hit the top end of your growth profile would be looking at mid <unk>.

Just Patrick Quad, you faster sacrificing some of the margins.

Deleveraging is the priority for 2024.

Kumar: So you if you were to say hit the top end of your growth profile would be looking at mid 30.

In the medium term.

<unk> gross margin or lower or.

Oh, the therapy areas, where you would deploy more capital.

What is the balance there and the second one you briefly touched on your capital allocation priorities earlier.

Kumar: <unk> gross margin or lower or.

After 2020 for deleveraging.

John.

Kumar: What is the balance there and the second one you briefly touched on your capital allocation.

Thank you David Yeah. So maybe on the margin discussion is obviously, what we said is have invested pretty substantially in our business over the past couple of years, so largely the investment phase.

Obviously cost cutting and deleveraging.

Deleveraging is the priority for 2024.

Kumar: <unk> earlier, you, obviously cost cutting and.

In the medium term.

Deleveraging is the priority for 2024.

Which are the areas, where you would deploy more capital after 2020 for deleveraging it's John.

At least from a business development standpoint is behind US you know we have work to invest to improve performance going forward, but the big dollars are.

Kumar: In the medium term.

Kumar: Oh the therapy.

Kumar: You would deploy more capital.

Thank you.

David.

Kumar: After 2020 for deleveraging exercise.

Yeah. So maybe on the margin discussion is obviously, what we've said is have invested pretty substantially in our business over the past couple of years, so largely the investment phase.

Already invested now it's an execution story and a continued improvement story.

Speaker Change: Thank you.

Speaker Change: David Why don't you tell you, yes, so maybe on the margin discussion is obviously, what we said is having invested pretty substantially in our business over the past couple of years, so largely the investment phase.

So you should expect that to occur over the next several periods, obviously the higher the revenue the better performance because you get to leverage your fixed costs. So clearly the higher the those revenue targets and achievements happened the better improvement from a margin perspective, you should expect.

From a business development standpoint is behind US we have work to invest to improve performance going forward, but the big dollars are already invested now it's an execution story and a continued improvement story.

David: At least from a business development standpoint is behind US we have work to invest to improve performance going forward, but the big dollars are.

From Us and then from a capital allocation perspective, I think you said it right. We are at the mall, but focused on executing our plan focused on.

So you should expect that to occur over the next several periods.

David: Already invested now it's an execution story and a continued improvement story.

Obviously, the higher the revenue the better performance because you get to leverage your fixed cost. So clearly the higher the those revenue targets achievement happen the better improvement from a margin perspective, you should expect from US and then from a capital allocation perspective, I think you said it right.

So you should expect that to occur over the next several periods.

Supporting our dividend growth overtime, but importantly, beginning to delever is recycling.

David: Obviously, the higher the revenue the better performance because you get to leverage your fixed costs. So clearly the higher.

And then from a priority standpoint.

Revenue targets and achievements happened in the <unk>.

Clearly we've made a significant investment in oncology you should expect to us to put the investment thesis behind that franchise going forward clearly that's number one.

David: Better improvement from a margin perspective, you should expect from US and then from a capital allocation perspective, I think you said it right. We are at the moment focused on executing our plan focused on.

At the moment focused on executing our plan focused on AR.

Supporting our dividend growth overtime, but importantly, beginning to delever is recycling.

And I would add to upholding the oncology, where clearly we have right now the biggest part of our R&D expenses and we have a significant also part of our <unk> expenses are the other areas that we are putting a lot of emphasis when it comes to the reserve could you only vaccines. It as it comes through and we plan to drive significant productivity.

David: Supporting our dividend growth overtime, but importantly, beginning to delever as recycling operations.

<unk>.

Yes.

And then from a priority standpoint.

Clearly we've made a significant investment in oncology you should expect to us to put the investment thesis behind that franchise going forward clearly that's number one.

David: And then from a priority standpoint.

David: We've made a significant investment in oncology you should expect to us to put the investment thesis behind that franchise going forward clearly that's number one.

And I would urge the polling the oncology, where clearly we have right now the biggest part of our R&D expenses and we have a significant also part of our <unk> expenses.

In internal medicine, our metabolic franchise. It is an area, but we are very excited obesity is part of what we do believe that obesity is a big market and is.

David: And I would add to that following the oncology, where clearly we have right now the biggest part of our R&D expenses and we have a significant also part of our <unk> expenses.

<unk> is growing.

The other areas that we are putting a lot of emphasis when it comes to the reserve clearly vaccines. It as it comes through and we plan to significantly.

We do believe that Pfizer has the capability that allows us to play and win.

The area. So that's an area. We will continue investing immuno inflammation will cover significant investments is the other area and of course, we have a were among the few hours because of the virus on the on the effect of steel.

David: The other areas that we are putting a lot of emphasis when it comes to the reserve clearly vaccines. It as it comes through and we plan to drive significant productivity and internal medicines, our metabolic franchise. It is an area, but we are very excited obesity is part of what we do believe that obesity is a big market.

Productivity.

Arnaud on medicines, our metabolic franchise it is an area.

Very excited obesity is part of what we do believe of obesity is a big market and is growing and we do believe that Pfizer has the capabilities that allows us to play in weight and about the area. So that's an area. We'll continue to invest in immuno inflammation, who have significant investments is the other area and of course, we have.

The investments so those are the areas, but we will monitor oncology number one when vaccines with the Baltic diseases inflammation and the Virals are they ones, but we are continuing to invest next question. Please.

David: <unk> is growing and we do believe that Pfizer has the capabilities that allows us to play in weight.

David: So that's an area, we'll continue investing immuno inflammation, who have significant investments is the other area and of course, we have a were among the <unk> because of the virus on the on the effect of steel.

Yeah.

We're among the <unk>.

Next we have Kerry holford with Eric Berg.

On B.

The effect of steel.

Thank you Kevin just company a pipeline question for me please.

So those are the areas, but we will monitor oncology number one when vaccines with the Baltic diseases.

On August <unk>.

Thank you to the Mt Todd.

David: Investments. So those are the areas, but we will monitor oncology number one when vaccines with the Baltic diseases.

Brian. Thank finally next tax season.

Based on the Virals are the big ones, but we are continuing to invest next question. Please.

Okay.

And then okay.

David: Based on the virus, while they want but we are continuing to invest next question. Please.

Thanks, Scott she highlighted today.

Next we have Kerry holford with Eric Berg.

<unk> indicated for <unk>.

Thank you James Company a pipeline question for me please.

Next we have Kerry holford with Eric Burke.

Okay.

I think I can read out these two products, thanks, Keith I'm not sure.

Firstly on <unk>.

He convinced that you're getting now.

Kerry Holford: Thank you Karen just a couple of pipeline questions from me. Please.

What was your question on RSV.

Hi, Brian. Thanks, Finally next tax season.

Kerry Holford: On IFC.

So understand whether youre getting to publish the data.

Okay.

Turning now to take that Brian.

And then I would say on the key.

Finally next tax season.

Scott you've highlighted today.

The following season.

Speaker Change: C K.

Thanks Shane.

Okay.

Kate for Lincoln.

And then our key safety stocks you've highlighted today okay. Thanks.

Yes.

Yes, I got to think of Vancouver, I guess why don't you take about my Columbia are reasonable and then Chris.

Lincoln in fact, I think I can read out for those two products.

Kate: Kate for Lincoln.

I'm not sure.

What was your question on RSV.

Speaker Change: <unk> AC.

I think I can read out for those two products.

We continue to accumulate important RSV.

And so I guess, Tom whether youre getting to publish the data.

Speaker Change: I'm not sure.

And expansion of the how to this important vaccine can be used so you should expect.

Speaker Change: What was your question on RSV.

That's fine.

Speaker Change: So understand whether youre getting teams combination.

Okay.

Yes.

This first half of the year like the Q2.

Speaker Change:

Yes, I got to think of it I think or I guess why don't you take about my Columbia, Bridgeville and then Chris.

Speaker Change: The following season headwinds.

Sure more from our clinical trials, including full second season, but also expansion into additional age groups. You can know something probably little skull, where vaccine trials and we think that will be very nice to get a lot of high risk groups across the large ate spend to be addressed.

Speaker Change: Yes, yes.

Speaker Change: Yes, I got you. Thank you. Thank you I guess why don't you take about Michael M. B, a reasonable and then increase.

We continue to accumulate important RSV.

And expansion of the hold to this important vaccine can be used so you should expect.

Speaker Change: We continue to accumulate important RSV.

And expansion of the hold to this important vaccine can be used so you should expect.

This first half of the year like the Q2.

Thank you Michael and then Chris.

Sure more from our clinical trials, including full second season, but also expansion into additional age groups. As you can know something probably about scope. We have active trials and we think that will be very nice to be a lot of high risk groups across the large ate spend to be addressed.

Thanks very much for the question. So the immediate Readouts for this year second half 'twenty 'twenty four will be the <unk> in second line.

Speaker Change: These first half of the year like the Q2 that we share more from our clinical trials, including full second season.

All my receptor positive metastatic breast cancer, the very thick to study also second half 'twenty 'twenty four we expect or anticipate results from breakwater very important indication.

Speaker Change: Also expansion into additional age groups as you can know something probably let's call. It we have active trials and we think that will very nicely a lot of high risk.

Thank you Michael and then Chris.

Up to 12% of colorectal cancer with brachytherapy in first line and BRAF CRC, the new studies, starting right now with all these exciting to sit to map in phase III programs and then also I Hope later this year for E Z H two those would appear in critical cross dock and <unk>.

Patients are left with the question should be immediate readouts for this year second half 'twenty 'twenty four will be the <unk> in second line.

Speaker Change: Across the large ate spend to be addressed thank.

Speaker Change: Thank you Michael and then Chris.

Thank you very much for the question.

Speaker Change: Immediate readouts for this year second half 'twenty 'twenty four will be <unk> in second line.

Well my receptor positive metastatic breast cancer, the very thick to study also second half 'twenty 'twenty four we expect or anticipate results from breakwater very important indication.

Chris: All my receptor positive metastatic breast cancer <unk> study also second half 'twenty 'twenty four we expect we anticipate results from Brightwater very important indication.

Finally completion dates.

Beyond 2025, and 26, but obviously that could be into liberty into interim results with earlier results. Thank you very much guys for answering <unk> question, Let's go to the next question. Please.

And up to 12% of colorectal cancer with brachytherapy in first line and BRAF CRC. The new studies, starting right now you've got all these exciting to sit to map in phase III programs and then also I Hope later this year for E. C. H two those would appear in critical cross dock and <unk>.

Chris: And up to 12% of colorectal cancer with brachytherapy in first line and BRAF CRC. The new studies, starting right now with CDK, Paul excited to map in phase III programs and then also I Hope later this year for easy access to those.

The next question comes from Chris Sheppard, Tony with Goldman Sachs.

Finally completion dates and beyond 2025, and 26, but obviously that could be into liver.

Thank you very much two questions if I may.

I'm here with your prior role you had talked about a $25 billion in revenues by 2030 that the company was looking to deliver based upon M&A.

First of all Scott.

Chris: Project completion dates and beyond 2025, and 26, but obviously that could be deliberate.

Interim results with earlier results. Thank you very much guys for answering <unk> question, Let's go to the next question. Please.

Speaker Change: Interim results with earlier results. Thank you very much guys for answering <unk> question, Let's go to the next question. Please.

We have the impairment with arena is there any update for that and now that you're in the world of U S beef.

The next question comes from Chris Sheppard, Tony with Goldman Sachs.

Thank you very much two questions if I may.

<unk> commercial officer non oncology non COVID-19.

The next question comes from Chris Tony with Goldman Sachs.

I'm here with your prior role you had talked about a $25 billion in revenues by 2030 that the company was looking to deliver based upon M&A.

What would be on your wish list in your currency in terms of where you feel an opportunity to expand those revenues, particularly for business development that could work to hit that $25 billion target by 2030, and then secondly, with the M&A activity across the industry investors are always.

Chris Schott: Thank you very much two questions if I may.

I'm here with your prior role you had talked about a $25 billion in revenues by 2030 that the company was looking to deliver based upon M&A. We have the impairment with arena is there any update for that and now that you're in the world of U S Chief commercial officer non oncology non COVID-19.

We have the impairment with arena is there an update for that and now that you're in the world of U S beef.

<unk> commercial officer non oncology non COVID-19.

Attention to what's going on with the FTC, having pass through this gauntlet with last year, but anything you can comment about help us think about how regulators are thinking about the M&A environment in terms of particularly the size of deal or any other dimension that I think is worth.

What would be on your wish list in your currency in terms of where you feel an opportunity to expand those revenues the placements of business development that could work to hit that $25 billion target by 2030, and then secondly, with the M&A activity across the industry investors are always.

Chris Schott: What would be on your wish list in your currency in terms of where you feel an opportunity to expand those revenues the placements of business development that couldnt work to hit that $25 billion target by 2030, and then secondly, with the M&A activity across the industry.

Where that might have been.

Paying attention to what's going on with the FTC, having pass through this gauntlet with 10 last year. So anything you can comment about help us think about how regulators are thinking about the M&A environment in terms of particularly size of deal or any other dimension that I think is worth.

So from your experience in 23, thank you.

Thank you very much I mean, why don't you take the question by the way, let me clarify that mirrors theres possibilities includes coffey.

Chris Schott: We're always paying attention to what's going on with the FTC, having pass through this gauntlet with Ken last year. So anything you can comment about to help us think about how regulators are thinking about the M&A environment in terms of particularly size of deal or any other dimension I think is worth.

Revenue. So go ahead from here, Okay. So Chris there's a lot in what you ask firstly on the 25 billion a goal that we put out there I'll just remind that we guided to 20.

Where that might have been.

So from your experience in 23, thank you.

Or what we plan on getting to by 2030 or the deals that we had done and I would also just remind you that the 25 billion with a 2030 coal so there is.

Thank you very much I mean, why don't you take the question by the way, let me clarify that mirrors Theres possibilities includes coffee revenue. So go ahead from here. Okay. So Chris there's a lot in what you ask firstly on the 25 billion a goal that we put out there I'll just remind that we guided to 20.

Chris Schott: I'm aware of that might have been.

Chris Schott: Observations from your experience in 23, thank you.

Speaker Change: Thank you very much I mean, why don't you take the question by the way, let me clarify about the mirrors theres possibility includes coffey.

Lots of time between now and 2030 to achieve that goal a consistent with our capital allocation priorities that Dave described on your second question I mean to be honest, yes, everyone's got a wishlist, but my focus is on exactly what I described right now and what we've talked about as a management team which is.

Revenue. So go ahead from here, Okay. So Chris there's a lot in what you ask firstly on the 25 billion goal that we put out there I'll just remind that we guided to 20 or what we plan on getting to by 2030 or the deals that we had done and I would also just.

Or what we plan on getting to by 2030 for the deals that we had done and I would also just remind you that the 25 billion with a 2030 coal so there is.

Delivering value from our launches and delivering value from the deals that we've done so that's where my focus is.

Lots of time between now and 2030 to achieve that goal consistent with our capital allocation priorities that Dave described on your second question I mean to be honest, yes, everyone's got a wishlist, but my focus is on exactly what I describe right now and what we've talked about as a management team which is.

Speaker Change: To remind you that the 25 billion with a 2030 goal. So there is.

Now lastly in terms of the FTC, it's not appropriate for us to comment on what.

Speaker Change: Lots of time between now and 2030 to achieve that goal consistent with our capital allocation priorities that <unk>.

He is going to do or not do but what I can say is that we feel very good about how we have operated with all regulators and in all regulatory bodies across the world to get done all the deals that we did and I think that just speaks to our patient centric approach and our collaboratively with regulators.

Speaker Change: Dave described on your second question I mean to be honest, yes.

Speaker Change: Yes, everyone's got a wishlist, but my focus is on exactly what it is right now and what we've talked about as a management team, which is delivering value from our launches and delivering value from the deals that we've done so that's sort of myself.

Delivering value from our launches and delivering value from the deals that we've done so that's where my focus is.

Now lastly in terms of the FTC, it's not appropriate for us to comment on what.

Thank you.

Next question please.

Speaker Change: Now lastly in terms of the FTC, it's not appropriate for us to comment on what you can be.

Next we have a cash tomorrow with Jefferies.

Okay.

Speaker Change: He is going to do or not do but what I can say is that we feel very good about how we have operated with all regulators and all regulatory bodies across the world to get done all the deals that we did and I think that just speaks to our patient centric approach and our collaborative.

Your point on the prepared comments with the impairment charges and kind of the moving parts between adult pediatric an international consensus had modest topline growth over the next few years for the entire franchise is that a reasonable expectation for investors given the increased competition from Merck in the U S pool shrinking and then do you have an internal view on what the Afib.

Thank you.

Next question please.

Next we have a cash tomorrow with Jefferies.

Speaker Change: Right.

Speaker Change: Thank you.

Speaker Change: Next question please.

Okay.

Station will be regarding private RMB 116, thank you.

Your point on the prepared comments with the impairment charge and kind of the moving parts between adult pediatric an international consensus had modest topline growth over the next few years for the entire franchise is that a reasonable expectation for investors given the increased competition from Merck in the U S pool shrinking and then do you have an internal view on what the Asa Branca.

Speaker Change: Next we have a cash to Ari with Jefferies.

Okay.

Oh, Wow I mean, why don't you say Oh.

Ari: And your point on the prepared comments with the impairment charge and kind of the moving parts between adult pediatric an international consensus had modest topline growth over the next few years for the entire franchise is that a reasonable expectation for investors given the increased competition from Merck in the U S pool shrinking and then do you have an internal view on what the Afib recommendation.

Is it are they prep and our expectations are we don't comment on what the expectations of the street alright, So Ari and I think we gave a very good let's say high level trajectory, how we see this market in the U S.

<unk> will be regarding <unk> 116, thank you.

Look Oh Wow, I mean, why don't you say Oh they are.

Speaker Change: We'll be regarding <unk> 116, thank you.

Opportunity it is mainly as always and it will be a dog or cat solvable through it. So when did you come you'll have a full of all the people who are eligible to vote.

Is it are they prep and our expectations are we don't comment on what the expectations of the street alright, So Ari.

Speaker Change: Look Oh Wow I.

Speaker Change: Why don't you take the.

Is it are they perhaps are not expectations are.

Ari and I think we gave a very good let's say at high level.

Speaker Change: We don't comment on what the expectations of the Street alright. So.

Some of them will choose to make them.

What has happened in the first year and maybe a little bit on the second year, we have exhausted that this opportunity with a 96% of markets. So right now I don't think that we will see in the U S. In VR dog huge opportunity for merit competitions coming into that so this is not a very big.

The trajectory how we see this market in the U S.

Speaker Change: Ari and I think we gave a very good let's say at high level.

Oh for community. It is mainly as always will be adult cut solvable securely. So why did you come you'll have a pool of all the people who are eligible to vote.

Speaker Change: The trajectory how we see this market in the U S.

Yeah.

Speaker Change: Opportunity it is mainly as always with the adult it cuts off hopefully clearly so when you come you'll have a full of all the people who are eligible.

Some of them will choose to make them usually what happens in the first year and maybe a little bit then on the second year, we have exhausted by this opportunity with a 96% of markets. So right now I don't think that we will see in the U S. In the adult huge opportunity to merit competition.

Growth area for us.

Because as I said this is not where we plan to do it just curious when you launch them very quickly goes down because then it is just the people that we are really good they are going into this cohort regardless of phase the big opportunity.

Speaker Change: Some of them will choose to make the vaccine.

What has happened in the first year and maybe a little bit on the second year, we have exhausted by saying this.

Speaker Change: The opportunity with <unk> 96 per cent markets, So right now I.

Coming into law. So this is not a very big growth area for us.

Speaker Change: Don't think that we will see in the U S can be adult huge opportunity to merit competitions coming into that so this is not a very big growth area for us.

Both of these four doses is not long and it because it is a huge cohort every year way bigger of a cohort of new borrowings and then people becoming 65, if it got so bad.

Because as I said this is not where we plan to do it just curious when you launch them very quickly goes down because I mean, it is just for the people that we are really good at the rate. They are going into this cohort regardless of phase the big opportunity. We foresee. These four doses he is not alone.

Speaker Change: Because as I said this is not where we plan to do it just curious when you launch them very quickly, but it was done because then it is the people that we are really good they are going into this cohort regardless of phase the big opportunity.

How we should see so.

Nothing much to add things move up.

Next question please.

Thank you.

Because it is a huge cohort every year way bigger of a cohort of new borrowings and then people, but that's the comments 65, because it got.

Our last question will come from CCAR men with BMO capital markets.

Speaker Change: We foresee these four doses theres not one and.

Everyone. Thank.

Speaker Change: It is a huge cohort every year way bigger of a cohort of new borrowings and then people that could come in at 65.

Thank you so much.

So that's how we should see so.

Thank you Albert and I appreciate it.

There's nothing much to add into that.

Two questions from me one when you think about the the additional 25 billion revenues by 2030 now that CJ as part of this business where are we in getting to that metric and then my second question is really on ox Friday in sickle cell disease. You know when you bought the asset you really you noted that you plan to speed up the distribution of the drug to parts of the world.

Speaker Change: So that's how we should see so.

Next question please.

[laughter].

Speaker Change: Uh huh.

Speaker Change: There's nothing much to read into that.

Thank you.

Our last question will come from Evan CCAR men with BMO capital markets.

Speaker Change: Next question please.

Thank you.

Hi, everyone.

Speaker Change: Our last question will come from Evan <unk> with BMO capital markets.

Thank you so much.

Thank you Oliver and I appreciate it two questions from me one when you think about the you know the additional 25 billion revenues by 2030 now that C. J as part of this business where are we in getting to that metric and then my second question is really on ox Friday in sickle cell disease. When you bought the asset you really you noted that you've.

Most impacted by that.

Evan: Hi, guys. Thank you so much.

We haven't really seen much O U S. Given recent.

Evan: Oh, Thank you Albert I appreciate it two questions from me one when you think about the the additional 25 billion revenues by 2030 now that C. J as part of this business where are we in getting to that metric and then my second question is really on ox Friday in sickle cell disease. When you bought the asset you really you noted that you plan.

Recent competitive approvals cash Debbie you know in the Middle East how do you think about the O U S opportunity and contact center.

Competitive updates there so it see Gen and then thinking about some occupied.

Trying to speed up the distribution of the truck to parts of the world most impacted by the <unk>.

Oh, My Susan maybe I can I can take it because that's a museum.

You haven't really seen much O U S. Given recent.

Evan: To speed up the distribution of the drug to parts of the world most impacted by.

I'm sorry.

Recent competitive approvals cash Debbie you know in the Middle East how do you think about the O U S opportunity and contact center.

From a season, we expect to get tens of billions or by year, three and disheartening, but was a number that we put out there when we announced the acquisition of.

Evan: The disease, you haven't really seen much O U S.

Evan: Even recent competitive approvals cash Debbie you know in the Middle East how do you think about the O U S opportunity and context.

Competitive updates there so see Gen and then thinking about some occupied.

Since then a few things that have reinforced our country business member Turbocar.

Evan: Competitive updates there so see Gen and then thinking about some occupied a comment.

Susan maybe I can I can take it because that's a museum.

First of all it is the agency became the harvesting on the M&A activity everybody wants.

Sure.

Speaker Change: Oh, My Susan maybe I can I can take it because that's an easy answer.

From a season, we expect to get tens of billions or by year 'twenty Sharpie I thought it was a number that we put out there when we announced the acquisition of.

And ABC.

Susan: From a season, we expect to get tens of billions.

Basically our big bet worst in this technology. So it looks like there is a an overall consensus among investors companies I'm a list of Oh. This is a technology that will deliver a lot. So that gave us a lot of comfort about copper and after we announced the second thing about the <unk>.

Susan: That's when we started.

It seems that a few things that have reinforced our country business member Turbocar.

Speaker Change: I thought it was a number that we put out there when we announced the acquisition.

First of all it is the agency became the hottest thing on the M&A activity everybody wants.

Speaker Change: Since then things have reinforced our country business number type of care.

First of all it is up agency became the harvesting on the M&A activity everybody wants.

And ABC.

So happened after we announced this 10 billion.

Basically our big bet worse in this technology. So it looks like there is a.

Was about syndrome came out with a significant resolves a significant products.

Speaker Change: And ABC.

Basically our big bet worse in this technology. So it looks like there is a.

Overall from sensors among investors companies on the list of the pieces of technology, but we'll deliver a lot. So that gives us a lot of call four of our carpet after we announced the second thing about the also happened after we announced the spin.

And that were beyond our expectations, but also what you don't see it but we see they are advancing a lot of stuff, but some of them don't move with sodium beta N D. A.

Overall from sensors among investors companies analyst.

Speaker Change: This is a technology, but we'll deliver a lot. So that gave us a lot of call four of our copper enough, where we announced a second thinking about also happened after we announced this $10 billion.

Was about syndrome came out with a significant for a result, a significant products.

Nine for February. So also it was a bad thing that's acknowledging the particular company we feel about the we did very well in both so the $10 billion, we spend billions of the 25, but we remain we don't change it but what are your main policy because we can make and then of course. In addition to that there was an additional 10 billion was for <unk>.

It was about.

Speaker Change: Since it came out with a significant readouts are significant products and but were beyond our expectations, but also what you don't see it but we see they are advancing a lot of stuff, but some of them didn't move a soldier on the 28 2009 for February so also.

But were beyond our expectations, but also what you don't see it but we see they are advancing a lot of stuff, but some of them moved with Sony Roomba to M. B a 2009 for February. So also it was a bad thing the technology and the best as a company we feel about the we did very well in both.

All the other things that could have dominant despite billions, but we put the execute knobs on op surprised us how proprietary is doing a mirror.

The 10 billion of system failures of the 25, but we remain we don't change it but what are your main policy because we can make and then of course. In addition to that there was an additional 10 billion was for all the other things that could have dominant despite billions, but with the.

Speaker Change: So it was a bad thing the technology and the best as a company we feel about the we did very well in both so the $10 billion system billions of the 25, but we remain we don't change it but what are your main policy because we can make and then of course. In addition to that there was an additional 10 billion was for all the other things that could have diamond.

So and then with regards to ups freight and then I'll comment on the acquisition as well since you referred to that.

We're pleased with the U S performance, the Q4 was up 30% over the prior year and 14% over the prior quarter.

Execute knobs on oak surprised though.

On the prescription trends are very solid we've made a lot of investments in customer facing team since we made that acquisition.

Speaker Change: Despite billions, but the.

Brian how are you doing I'm here.

Execute knobs on op surprised us.

So and then with regards to ups freight and then I'll comment on the acquisition as well since you referred to that.

So we like the momentum that we're seeing in the U S and do you expect to see more right now the rest of the world is a very small part of our spread of revenue that is something that will take time to develop and now we will obviously look at that appropriately and as you think about the GBT acquisition, it's important to look.

Speaker Change: Brian.

I'm here, yes.

Speaker Change: So and then Hum.

We're pleased with the U S performance, the Q4 was up 30% over the prior year and 14% over the prior quarter.

Speaker Change: With regards to upside and then I'll comment on the acquisition in Boston as you referred to that.

Speaker Change #100: We're pleased that the U S performance.

On the prescription trends are very solid we've made a lot of investments in customer facing team. Since we made that acquisition. So we like the momentum that we're seeing in the U S and do you expect to see more right now the rest of the world is a very small part of our stride of revenue that is something that will.

Speaker Change #100: Q4 was up 30% over the prior year and 14% over the prior quarter.

Speaker Change #100: On the prescription trends are very solid we made a lot of investments in customer facing team. Since we made that acquisition. So we like the momentum that we're seeing in the U S.

Right, but I also would remind you that we're also very excited about GBP 601, which we expect.

Can bring a lot of value. In addition to write off some of it will.

To be more right now the rest of the world is a very small part of our revenue that is something that will take time to develop and now we will obviously look at that appropriately and as you think about the GBT acquisition. It's important to look at our stride, but I also would remind you that.

Time to develop and now we will obviously look at that appropriately and as you think about the GBT acquisition. It's important to look at our stride, but I also would remind you that.

Successful from a clinical and regulatory perspective.

Some sales will be cannibalized, but there will also be room for a spider and are in the market to continue to grow. So when you look at the combination of the momentum in the U S and opportunity that's yet to be developed outside the U S and 601, where we presented great data at Ash in December we think that there's a lot of value to be gained from this acquisition.

We're also very excited about GBP 601.

Which we expect can bring a lot of value. In addition to write off some of it will you know if it's successful from a clinical and regulatory perspective.

Speaker Change #100: We're also very excited about GBP 601.

Speaker Change #100: Which we expect can bring a lot of value in addition to a slight up.

And I will ask the same exactly what it is it would be the acquisition. When we did the acquisition, we announced our projections, we're getting from the surface. It seems that things have improved in terms of our confidence to deliver these numbers and I'm not talking only about the surprise is performing exactly as we thought it would but the most important I'm sorry. This is that we've had.

Speaker Change #100: Some of it will if it's successful from a clinical and regulatory perspective.

Speaker Change #100: Some sales will be cannibalized, but there will also be room for a spider and are in the market to continue to grow. So when you look at the combination of the momentum in the U S and opportunity that's yet to be developed outside the U S and 601, where we presented great data at Ash in December we think that there is a lot of value to be gained from this acquisition.

And I will ask the same exactly what it is it would be the acquisition. When we did the acquisition we announced our projections. We're good friends. It seems that things have improved in terms of our confidence to deliver these numbers and I'm not talking only about little surprised is performing exactly as we thought it would but the most important I'm sorry. This is that we've had.

But we didn't have when we made the acquisition on the 601, but has the potential to become a transformative therapy.

The sickle cell and really really brings to the next step change if things if the phase III.

Speaker Change #100: I will let Steve is the same exactly what it did beat the acquisition when we did the acquisition, we announced our projections were getting when they started it seems that things have improved in terms of our confidence to deliver these numbers and I'm not talking only about what surprised is performing exactly as we thought it would but the most department I'm sorry. This is that we've had data.

Let's say reconfirms the phase II results. So also over there I think what we announced if you allow me more confident.

But we didn't have when we made the acquisition of a 600 watt, but has the potential to become a transformative therapy mystical cell and really really brings to the next step change if things if the phase III.

We shouldn't be able to lets say hopefully exit source without I think respond to end the call. In summary, we are optimistic about the year ahead.

Speaker Change #100: We didn't have when we made the acquisition almost 600 watt, but has the potential to become a transformative therapy, the sickle cell and really really brings to the next step change if a vaccine if the phase III.

We have defined our five key priorities.

We'll keep us focused.

But I repeat again this would be a year of execution you have assembled at <unk>.

And it confirms the phase II results. So also over there I think what we announced if you love them more confident but we shouldn't be able to let's say and hopefully exit without I think respond to end the call. In summary, we are optimistic about the year ahead.

Speaker Change #100: Reconfirms the phase II results.

<unk>.

Okay.

Also over there I think what we announced if you allow them more confident but we shouldn't be able to let's say corporate exit so without I think respond to end the call. In summary, we are optimistic about the year ahead.

But I believe are absolutely the right leaders to execute.

And I know that the whole world was impressed with the way that we executed.

We have defined our five key priorities that will keep us focused.

Congress strategies, how we were able to execute on the R&D front on the manufacturing wrong and on the commercial from with two products the vaccine or the highest markets are and.

But I repeat again.

Speaker Change #100: We have defined our five key priorities that will keep us focused.

<unk> would be a year of execution you have a simple.

I repeat again this would be a year of execution you have a sample.

Team behind it.

Believe are absolutely the right leaders to execute.

Speaker Change #100: <unk> about.

And I know that the whole world was impressed with the way that we executed.

With a product in our in our oral antiviral we plan to repeat the same execution excellence level.

Speaker Change #100: Uh huh.

Speaker Change #100: Was that they believe are absolutely the right leaders to execute.

Congress strategies, how we were able to execute on the R&D front on the manufacturing wrong and on the commercial front with two products the vaccine with the highest market share and with the.

Speaker Change #100: And I know that.

Speaker Change #100: Whole world was impressed with the way that we executed.

We are building our oncology leadership as we are progressing the next wave of our pipeline.

Coffees strategies, how we were able to execute on the R&D front on the manufacturing wrong and on the commercial front with two products the vaccine with the highest market sorry.

We are maximizing the performance of all these new launches.

Product being in the oral antiviral we plan to repeat the same execution excellence level as we are building our oncology leadership as we are progressing the next wave of our pipeline.

As we execute our cost realignment program, starting this year with us, but also with you will see the results, but also of course the program to improve the gross margins. If you want to see results in all because it takes so long about restocking model as we speak.

Speaker Change #100: With their products.

Speaker Change #100: The aura.

Speaker Change #100: We plan to repeat the same execution excellence level as we are building.

And laser focused in maximizing value for shareholders with the way you allocate all covered.

We are maximizing the performance of all of these new launches have happened.

Speaker Change #100: <unk> leadership.

We are progressing the next wave of our pipeline.

We execute our cost realignment program, starting this year with SMA, but also with your wishes of results, but also of course, the broken them to improve the gross margins. If you want to see results in all because it takes so long, but we start with small as we speak and laser focused in maximizing value for shareholders with a wave of relocate olive garden.

The team is there to make sure but this will happen and I think we should meet again in three months and then we'll see how we are progressing against both the stated goals. Thank you very much bye bye.

Speaker Change #100: We are maximizing the performance of all of these new launches have happened as we execute our cost realignment program. Starting this year with SMA, but also what you would see the results, but also of course the program to improve the gross margins. If you want to see results in all because it takes so long, but we started now as we speak and laser huh.

Thank you ladies and gentlemen, this does conclude today's pfizer's fourth quarter 2020 earnings conference call.

The team is there to make sure that this will happen and I think we should meet again in three months and then we'll see how we are progressing against both the stated goals. Thank you very much bye bye.

Speaker Change #100: In maximizing value for shareholders with the way you allocate all company.

We appreciate your participation you may disconnect at this time.

Speaker Change #101: The team is there to make sure but this will happen and I think we should meet again in three months and then we'll see how we are progressing against both Stacey. Thank you very much Paul.

[music].

Thank you ladies and gentlemen, this does conclude today's pfizer's fourth quarter 2023 earnings conference call.

Speaker Change #102: Bye bye.

Yeah.

Speaker Change #103: Thank you ladies and gentlemen, this does conclude today's pfizer's fourth quarter 2023 earnings conference call.

Appreciate your participation you may disconnect at this time.

Yeah.

Speaker Change #104: We appreciate your participation and you may disconnect at this time.

[music].

Speaker Change #104: Yeah.

[music].

Speaker Change #104: Hum.

[music].

Speaker Change #104: Yes.