Arvinas Inc and Pfizer Inc Announce ARV-471 Collaboration- Conference Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Eliana Rachel Merle - UBS Investment Bank, Research Division - Analyst : Congrats on the deal. Just in terms of moving into earlier-line settings, can you elaborate a bit on sort of what drives your confidence may be -- or maybe how you're thinking about the ability of 471 to show superiority versus, say, aromatase inhibitors and become a new endocrine backbone? I guess how are you thinking about how much we know about how much more degradation leads to greater efficacy and how to think about sort of the potential to displace sort of some of those earlier endocrine backbones?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Congrats on the partnership here. Just wanted to dive a bit deeper into the palbo combination strategy as well. Can you talk a little about what you're hoping to see over time from the 471-IBRANCE combo study to have confidence and superiority of that regimen versus CDK4/6 inhibitors in combo with aromatase inhibitors or fulvestrant? Wondering since, as you mentioned, fulvestrant has superiority versus AI as monotherapy, but that difference seems to get diluted a bit in context of CDK4/6 inhibitors. And then for the upcoming data at SABCS, can you give us a sense for the scope of data to expect there in terms of patient numbers and the [doubles]?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : Congrats on the deal. Two from me. So first, recognizing that it's a 50-50 split, could you just talk a little bit about the decision-making process around who will actually be doing what? What I mean is, will each -- will all decisions related to development plan, commercial strategy be made at a sort of like steering committee level? Or does one company or the other going to kind of drive certain aspects of the collaboration? And then secondarily, just I just want to confirm in terms of the actual deal-making process here. Were other companies that advance into later stages of diligence also able to see post December '20 update data? Or were -- or was it only Pfizer that had access to some of the early public data? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.