Pfizer Inc Analyst and Investor Call to Discuss Proposed Acquisition of Metsera Summary

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

Question: Dave Risinger - Leerink Partners - Analyst : Thanks very much and let me add my congratulations as well. So I wanted to ask a couple of questions, please. First, I think, Jim, you just commented that you will see more VESPER-1 and -3 data in the future. Can you just clarify exactly what you've seen to date and what you haven't seen yet that you'll see in the future, please? Second, you mentioned that you expect Metsera to disclose this data. Could you talk about expected disclosure timing? And then third, if you could please talk about Metsera's oral peptide candidates in a little bit more detail and your level of conviction in the oral peptide opportunity? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 22, 2025 / 12:00PM, PFE.N - Pfizer Inc Analyst and Investor Call to Discuss Proposed Acquisition of Metsera

Question: Evan Seigerman - BMO Capital Markets - Analyst : Hi guys, thank you so much for taking the question and congrats on the deal. I'm sure it's been very busy on your end. Just in your due diligence, maybe could you expand a little more why you opted to go for the peptide route versus the small molecules, especially on the heels of the enthusiasm at the EASD last week. Maybe characterize the challenges and issues you saw with the small molecule from your own internal experience and, of course, through your diligence?

Question: Umer Raffat - Evercore ISI - Analyst : Hi guys, thanks for taking my question, and congrats on the deal. Two questions, if I may. And I just want to be very, very clear that this is something -- when you said you've looked at the data and you're comfortable, I just want to make sure I'm interpreting it right. Number one, there were three specific data points that were generated on VESPER-3 so far; a, the weight loss with titration being competitive with weight loss without titration from VESPER-1; two, they transition from weekly to monthly and that transition continued to keep the weight loss going. And number three, no major new GI issues during that monthly transition. So could you confirm that you have a good sense around that and you're very comfortable because I think that's very relevant. Thank you very much.

Question: Kerry Holford - Joh Berenberg Gossler & Co KG - Analyst : Thank you for taking my question. Firstly, on Phase 3 start, for MET-097. I think I heard you correctly say that it would start to weekly Phase 3, first half of next year, and the monthly in the second half next year, so just interested to hear why there might be a delay to starting up monthly study more data required, is it device related perhaps. Just any commentary you're willing to give there. And then more broadly, I mean, clearly, there's a lot of competition coming. Many of you and your peers are working to bring products to market for obesity in the back end of the decade. So I would just be interested to hear what your assumptions are in terms of degree of competition, pricing, how much in the market do you expect to be funded by our insured channels versus cash pay a gap also what do you envisage in terms of the split between orals and injectables.

Question: Chris Schott - JPMorgan - Analyst : Great, thanks so much and congrats on the deal. Just two for me. First, can you just talk about manufacturing and capacity you'll have to make these products, just what did the company already in place? And how are you thinking about scaling that as you think about the commercial opportunity over time? And the second one for me was just on the amylin space. We're obviously seeing a number of players moving assets forward here. Can you just elaborate a little bit more about the profile you're seeing with the Metsera drug and how that compares or differentiates from others in development? Is it just any additional color there would be appreciated? Thank you.

Question: Terence Flynn - Morgan Stanley & Co Ltd - Analyst : Hi, thanks so much for taking the questions. Maybe two for me. I was just wondering if you can speak to how competitive the process might have been for the deal? And then the second one is with respect to upcoming Phase 3 trials. How are you thinking about the control arm in some of these studies, as I imagine the standard of care is changing across a number of these diseases as some of the other companies with injectables receive approvals across a range of indications. So do you expect to have to do active control studies? Or you think placebo-controlled studies will still be possible?

Question: Geoff Meacham - Citibank - Analyst : Hey guys, thanks for the question and congrats on the deal. Just have a couple. The first is just given the longer dosing interval, are there out-of-the-box indications that you guys are considering? I know you mentioned diabetes, but thinking cardio or inflammation or maybe even neuropsych. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 22, 2025 / 12:00PM, PFE.N - Pfizer Inc Analyst and Investor Call to Discuss Proposed Acquisition of Metsera And then the second question, obviously, data dependent, but how do you guys think about the markets by the time you launch? Are you planning for perhaps a larger consumer-driven market with out-of-pocket costs being a big component? And if so, what investments can you make to that end?

Question: Carter Gould - Cantor Fitzgerald LP - Analyst : Great, good morning and congrats on the deal. I guess for Andrew and Jim, in response to the earlier amylin question, emphasized combinability. I guess based on your due diligence and your own view of the market, is there an internal view on the importance of amylin as a monotherapy? Or do you see this less important commercially or more just as a step is opening up the combo? Any comments would be appreciated. Thank you.

Question: Rajesh Kumar - HSBC Securities (USA) Inc - Analyst : Hi, good morning, thanks for taking my questions. The first one is after this deal, how would the balance sheet look and what is the remaining capacity for future deals at the end of the year? If you could get some color around that. Second is that I appreciate the color on your strategic positioning that you could get monthly, weekly oral, it's a platform. You went for amylin plus GLP combination, but not a double or triple G, which there were a few assets out there which could have played into that. So -- any color on why amylin as a mechanism one for you would be very helpful to understand. And finally, look at your commentary around developing around obesity and adjacent indications. Would you be also looking at an outcome study? I would imagine you would need to, but is that something on the cards eventually? Or is it something which is more near term? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 22, 2025 / 12:00PM, PFE.N - Pfizer Inc Analyst and Investor Call to Discuss Proposed Acquisition of Metsera