Pfizer Inc at Goldman Sachs Global Healthcare Conference Summary

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

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Okay, terrific. I think that really captures a lot of the key points that we'll try and get across in the next half hour here. A lot of structural change signals an adaptation of your strategy to the difficulties that you had in 2023. I do want to bring up, because we're in front of a Wall Street audience, that there was a point person who was brought in recently. Many of us know Andrew. I was a client myself 10 years ago. Andrew's probably on the live webcast. How's it going, Andrew? Talk about the appointment of his position within the company. And I think from a timeline standpoint, actually, you made some decisions about structure, oncology, US and international. So to a certain extent, he's coming in midstream as we're ramping towards executing on this new strategy. But what's that going to be like to have a whisperer like him with you and how do you think about that?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Excellent. And I think it would be very constructive to have someone who always has a little bit of a critical tone to a certain extent. How should we measure his performance? I just think about when Aamir joined, he was very quick to come out and say, we're going to put through capital deployment, M&A, $25 billion in revenues in the year 2030 based upon all the deals we're going to do between now. Mark my words. Watch me go. And he did accomplish a very significant amount. What's the right cadence to think about the impact of this? Because I think you reset a lot of the pillars of the business. You have some folks in place who are relatively newer in their roles. What's the right way to measure? Because I get the sense that investors are a little bit in sort of watchful waiting, not wanting to give you too much of the benefit of the doubt mode at these levels.

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Focusing on now sort of the center of gravity for the company, Oncology is really put to the forefront. Interestingly, you structured it. Oncology is the therapeutic area for that business. Then you have US and then International, so Oncology really getting highlighted here. We're coming off of the ASCO meeting. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 3:20PM, PFE.N - Pfizer Inc at Goldman Sachs Global Healthcare Conference Maybe highlight for us what you think is going to be something that we can really spend our time focusing on. Clearly, the Seagen legacy was across antibody drug conjugates. We have PADCEV as a notable success from recent late-stage data. But in particular, what's the right measuring stick for progress with this Oncology business coming out of ASCO for you guys?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Yes, and you're referring, obviously, to Chris Boshoff here. And it's interesting because his responsibilities are both sort of guiding the ultimate portfolio of the pipeline as well as on the commercialization side. And I listened at ASCO. He participated in a conversation where there was this question about whether he has to talk himself into certain things. And so when you think about oncology, where do you think the higher priority is? Is it on pipeline and on the [com], which I get kind of a sense for if I think back to the end of February when you did your Oncology Day. A lot of folks were paying attention to the entire scope of the presentation. And there was a fair balance of Phase 2 as opposed to talking about the commercial product. So with Chris having to wear both of these hats and kind of debate within himself, where would you say we should focus? Is it more on the pipeline? Is it on the commercial side where you have a pretty clear footprint? Just a sense for what makes sense. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 3:20PM, PFE.N - Pfizer Inc at Goldman Sachs Global Healthcare Conference

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Thinking about the footprint, obviously having a bi-coastal kind of presence, you talk a lot about how -- actually, Chris talked about how the Seagen business was relatively similarly sized to the legacy Pfizer business. So it was a little bit more of a merger of equals, and you keeping the management teams roughly equally balanced. How sustainable and relevant is it for you to be active in Seattle? I'm old enough to remember Genentech, Roche, and sort of thinking about how that was across so many time zones and became a little bit of a tactical sort of struggle here. And then I also think about Pfizer deals historically, Array in Boulder, Rinat in San Francisco. There is a longstanding tradition of large-cap pharmas acquiring smaller entities, having some initial process of capturing value, assets, talent, but then not necessarily having a footprint there. When you and I are sitting here four years from now, knock on wood, should we expect to see Seagen in Seattle and that being a success formula for you to have that footprint there?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : A question again about pipeline prioritization, how important it is. It seems to be in oncology to be best in class, even if not first in class. And I think about some of the areas that you're quite relevant, but it's competitive, for instance, in breast cancer. You have a pipeline of some efforts around CDK4, as opposed to just the legacy of IBRANCE there. Anything about how that realm will shape up and where Pfizer wants to be, particularly where you already have such a franchise, but it's competitive and thinking about best versus first in class for the next generation?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : You brought up a lot of different modalities. Maybe I can ask you to touch upon what the firm's view is on thinking about some other modalities. Radiopharmaceuticals, for instance, another very highly topical, active, engaged realm from a business development standpoint. What's the Pfizer house view on radiopharmaceuticals and your interest?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Got it. Let's move on to a little bit some of the other therapeutic areas and businesses, obviously the COVID portfolio, and more broadly, vaccines. We're actually seeing an update from your competitor today and their combined COVID and flu. Update us on where you guys are with your efforts and how we should be thinking about whether or not if we see similar data, which appears to show that the combination actually gives you a more maybe advantaged profile. Will this possibly help the sort of penetration in the US? What's your view currently on the outlook? And I know that you have some data coming as well.

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Last year was a difficult year in terms of thinking about the forecasting of the COVID revenues. It ended up being the actual delivery disappointment, and there were several set points. And I would say that most of the investors that I speak with thought about the final set point that happened kind of at the end of the year into this year seemed as if the pendulum had swung quite securely to the point of, well, they can't miss this number. When I say that, how do you feel about that? To a certain extent, it feels as if that would be very important.

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : You mentioned about the RSV, actually one of the more compelling products when you think about what the street has for 2025-2026. It really becomes material. You were somewhat brutally honest in terms of what the early commercial performance has been, which has some mixed components to it. So now we're going to have potentially a third entry here, which everyone has been anticipating. So how can you win in RSV?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Okay. Let's touch on some other areas: metabolic disease, obesity. Very logical from a Pfizer standpoint, the House of LIPITOR going back a decade ago, a difficult journey with the pipeline assets that you've had at this point. What is your appetite for still being in there?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : You have an asset in the clinic right now, Phase 1, but are you comfortable with what you actually have in house that's currently in the clinic? There's a little bit of a time race here versus our -- how acutely are you paying attention to what's happening around? Because there are plenty of small companies that are popping up with demonstrating some data that looks like they could go to the next level.

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : And then help me reconcile. So Aamir's goal of $25 billion in revenues by 2030, I think, based upon everything that was done, whether it's Seagen, you add 10, 10 plus; Arena; Global Blood; everything put together still gets you to about $20 billion to $21 billion. The priority is to pay down, so your capacity to do business development -- and this is intentionally linked over to obesity metabolic disease just because it is such a hot area and we also talked about radiopharmaceuticals. Should we expect you to do more tuck-in acquisitions, or is this a little bit of a breathing period because of the priorities the way you rank them for capital allocation?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Yes, you've got some time in there. I mean, it was pretty consistent with that. In the last five minutes, I want to take advantage of the fact that you are a CEO of one of the prominent companies here and to talk about a bigger-picture issue, and that would be the IRA process as it's unfolding, two topics that investors seem to care about. How's it going? I know you and your partner, Bristol, are involved with Eliquis, and to the extent that you can give a side eye or give us an eye roll or something, I think, when we were talking to our DC policy consultants. It's been kind of an interesting first year, but no one's really smiling. And then secondly, Medicare Part D redesigned 2025 implications. So maybe let's start on the second question. How should we think about what the House of Pfizer view is about the redesigned impact on the revenue forecasting, because some companies have sort of been optimistic and then pessimistic.

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : And then immediately after the framing of the IRA was done, everybody was thinking about the next derivative. It's like this is going to impact clinical development strategies, or everyone's going to shy away from small molecules versus biologics, et cetera. Then you get a couple of laps around the track and people get to calm down. Some people still believe that that's very critical towards ultimately being in your planning war rooms and deciding where you're going to go and when you're going to go earlier, et cetera. How relevant is (technical difficulty) the fact that IRA seems to be moving down the track here?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Great. Two last questions. Do you get the ultimate sign-off on that Super Bowl commercial? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 3:20PM, PFE.N - Pfizer Inc at Goldman Sachs Global Healthcare Conference

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Are you a Freddie Mercury fan?

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Okay. Well, a very happy 175th anniversary to Pfizer for a year of execution.

Question: Chris Shibutani - The Goldman Sachs Group, Inc. - Analyst : Great. Albert Bourla, thank you very much.