Pfizer Inc Pfizer Pflash: A Spotlight on the PD-1 x VEGF Bispecific Antibody Transcript

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

Question: Nishant Gandhi - Citi - Analyst : Hey, guys. Good morning. This is Nishant calling for Geoff. Thanks for taking our questions and your useful presentation. I wanted to ask about the development plan. Do you believe that the upcoming summit therapeutics data from Harmony trial is a getting factor in determining how broadly your -- which indications you would develop this molecule further? And then second, you mentioned that you know you plan to this molecule with some of your ADCs. Maybe can you highlight a couple of agents that you think have strong potential to be developed in synergy with this molecule? Thank you.

Question: Malcolm Hoffman - BMO Capital Markets - Analyst : Hi, I'm Malcolm Hoffman on for Evan. Thanks for taking our question. You noted PD-1 binding affinity that increased hundredfold in the presence of VEGF. Can you provide some context as to whether other PD-1 x VEGF agents you undoubtedly reviewed prior to the deal also demonstrated this increased affinity, or is this increased affinity or is the magnitude higher than any other agent you have looked at? Thanks.

Question: Tim Anderson - Bank of America - Analyst : Thank you. A couple of questions, if I can. So you say you're highly confident in the molecule in the approach, can we take that to mean that you're also highly confident that the upcoming ASCO and summit data this year will show a clinically meaningful survival benefit in lung and not just that big PFS benefit that it's shown? I'm guessing your answer would be yes. And then a second question, just realistic launch timing ballpark in your first indication, ex-China, what would that be? Thank you.

Question: Trung Huynh - UBS AG - Analyst : Hi, guys. Thanks for putting this on. Just a couple on the data from me. So first on the dose response in that ASCO data, we did see the 20-milligram and 30-milligram doses underperform the 10-milligram on efficacy. I know you're not moving forward with these higher doses, but do you have a theory on why they underperformed? Is this due to lower dose intensity? I think you also noted that there was one unconfirmed response at the time of that data. Is that now confirmed? And then second, 3SBio shared some chemo combo data in non-small cell lung cancer in their corporate deck that had an ORR of 58% in that first line non-squamous lung population with the 10-milligram. That seems below that ASCO data in the monotherapy where you showed 65%. Just what do you think drove this delta? Thank you.

Question: Chris LoBianco - TD Securities - Analyst : Thank you. This is Chris on for Steve. We had a couple of questions on the diligence process. How many PD-1 x VEGF assets did Pfizer conduct in-depth diligence on before deciding on 707? How challenging was it for Pfizer to get comfortable with data generated only in China? And what were the three most important questions during your diligence process for 707? Thank you.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Great, thank you very much for taking my questions and thank you for this presentation. I have two questions. One is, so your competitors have talked about formation of Daisy Chain, and that could be the reason why they are seeing probably better efficacy and better safety. Given your structure, do you think that is -- that could be an issue here, or you, like, how should we think about that? That's number one. And number two, it does seem that in the combination prior trials with the PD-1 combinations, VEGF toxicity was an issue. So to that extent, higher potency of VEGF, do you think there could be detrimental effect there and how should we think about the higher potency in the context of a VEGF PD-1 bispecific here? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Trung Huynh - UBS AG - Analyst : Awesome. Thank you.

Question: Terence Flynn - Morgan Stanley - Analyst : Great, thanks so much for taking the question. I guess it's kind of two-part. Can you just talk about how you think about translatability of the ORR data and also safety tolerability in a Chinese population versus going to US, European population. Any puts and takes that you considered as you thought about mapping that data out and getting confidence that what we're seeing in a Chinese specific population across a number of these agents will translate through to similar results in European population. Thank you.

Question: Rajesh Kumar - HSBC Securities (USA) Inc - Analyst : Hi. Can you hear me?

Question: Rajesh Kumar - HSBC Securities (USA) Inc - Analyst : Thank you very much for taking the question. So the first question is on the sequencing of the development program. You clearly have shown a lot of ambition and various indications that you would develop. Can we just go through which -- what do you need to see in your first development program that you can give a green flag to the others? The second one is just on the timelines. When can we realistically see start of Phase 3 trials in approval? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Trung Huynh - UBS AG - Analyst : Sorry, just a very quick one. So apologies here. It just looks like there was a death in the 20-milligram arm in the ASCO data at 20 months, just wondering what drove that. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.