Pfizer Inc at JPMorgan Healthcare Conference Transcript

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

Question: Chris Schott - JPMorgan - Analyst : Yes, a lot to dig into. So maybe I'll start with some bigger picture kind of new administration questions. I know that's top of mind for a lot of people as we head into this year. So maybe just would love to hear your thoughts. New administration coming on board, what are you most focused on in terms of potential changes in the health care environment and what that could mean for Pfizer?

Question: Chris Schott - JPMorgan - Analyst : To your focus. On the topic of vaccines, I know it's been particularly controversial. How do you think about any early reads from the administration and what could change for vaccines, or if anything, will change on the vaccine front?

Question: Chris Schott - JPMorgan - Analyst : Excellent. Pivoting to maybe the 2025 outlook for Pfizer, we're fresh off your guidance call. Can you just talk a little bit about the company's approach to setting expectations for this year? And maybe as part of that, just the visibility you have into the business as maybe the COVID piece of the franchise has become a bit less volatile than we've seen in the last four or five years?

Question: Chris Schott - JPMorgan - Analyst : Yes, just maybe more broadly, just talk about the key pushes and pulls for this year. What should we be most focused on in terms of those opportunities and anything balanced against that?

Question: Chris Schott - JPMorgan - Analyst : Can I just looking past 25, just how are you thinking about the overall growth profile for Pfizer shaping up both top line and from a margin perspective?

Question: Chris Schott - JPMorgan - Analyst : Sure, sure.

Question: Chris Schott - JPMorgan - Analyst : And on the margin front, I know you've articulated an opportunity for the gross margins to improve over time. What needs to be done to get that margin improvement? Is that just -- do you have a lot of line of sight on that?

Question: Chris Schott - JPMorgan - Analyst : Maybe pivoting to the pipeline that seems like the critical piece of the story over the next few years. What are you most excited about and most focused on at this point as we think about over the next 12 or 24 months in terms of the pipeline reporting out? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 13, 2025 / 5:45PM, PFE.N - Pfizer Inc at JPMorgan Healthcare Conference

Question: Chris Schott - JPMorgan - Analyst : And it seems like your comments today and some of your recent comments have pointed to maybe more prioritization towards these kind of mega products within the pipeline. I guess what does that process look like as we think about a new Head of R&D coming on board? Should we think about the pipeline maybe being a little more focused going forward or prioritized more than we've seen over the past few years? Just talk a bit about what we should expect with Chris stepping into the new role.

Question: Chris Schott - JPMorgan - Analyst : When I just think about the absolute R&D spend, are you happy with the amount of dollars spent now? I'm trying a sense of like, does that -- as you are focusing on some assets deprioritizing others, is that cost savings we should think about? Or is this more freeing up resources to put into those (inaudible)?

Question: Chris Schott - JPMorgan - Analyst : Okay. Excellent. Maybe pivoting to some of the individual pipeline assets. Starting with Danu. I know it's still a big area of focus for folks. Just as we think about the upcoming PK studies that you'll be looking at data, what are you looking for in those studies to inform a Phase 3 decision? And maybe just characterize the overall level of excitement around Danu at this point.

Question: Chris Schott - JPMorgan - Analyst : If you do move to Phase 3, just talk a little bit about the breadth of the Phase 3 you would envision. Is this something that you would need to run kind of a full spectrum of studies with outcomes, et cetera? Or is there a way to kind of maybe just look at weight loss, or HbA1c, in a way that maybe is a little bit (inaudible)?

Question: Chris Schott - JPMorgan - Analyst : And maybe just a last quick topic on this, just obesity more broadly. Just talk about your ambitions here as you think about not just Danu, but as a portfolio of assets with Pfizer.

Question: Chris Schott - JPMorgan - Analyst : Maybe moving over to the Oncology portfolio. You highlighted the CDK4 as one of the priority assets. Just talk about how you think about the opportunity, maybe first and second line but also the off-good potential in first line to maybe kind of beat the current standard of care of the CDK4/6? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 13, 2025 / 5:45PM, PFE.N - Pfizer Inc at JPMorgan Healthcare Conference

Question: Chris Schott - JPMorgan - Analyst : Yes, but sounds like your view is this is a first-line drug --

Question: Chris Schott - JPMorgan - Analyst : Great. Maybe just then going over to the SV opportunity. I know you've outlined a number of Phase 3 studies here. Can you just speak to the overall opportunity you would see with that asset and what you're most excited about?

Question: Chris Schott - JPMorgan - Analyst : With SV.

Question: Chris Schott - JPMorgan - Analyst : And what are the time lines we can think about when we can start to see some of that data?

Question: Chris Schott - JPMorgan - Analyst : Yes. Another one, the ADCs you mentioned, the PD-L1. That seems to be one where I know you have a lot of excitement in The Street is trying to still get their hands around the opportunity. So talk about the indications you're looking at there first and again, maybe a level of excitement here relative to some of the other ADCs you have in development?

Question: Chris Schott - JPMorgan - Analyst : But we can think about this going into a lot of those settings that have high PD-L1 expression would be --

Question: Chris Schott - JPMorgan - Analyst : Great. Another one you mentioned was the next-generation PAXLOVID. Just talk about the --

Question: Chris Schott - JPMorgan - Analyst : Oh yes, yes. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 13, 2025 / 5:45PM, PFE.N - Pfizer Inc at JPMorgan Healthcare Conference

Question: Chris Schott - JPMorgan - Analyst : That one.

Question: Chris Schott - JPMorgan - Analyst : How big of an opportunity could this be for Pfizer?

Question: Chris Schott - JPMorgan - Analyst : And we should think about that kind of steadily building up over time as those [four] --

Question: Chris Schott - JPMorgan - Analyst : Excellent. Made it to the last couple of minutes here. I mentioned the next generation PAXLOVID. Just talk about how big of an opportunity is there to -- like how much of an issue is there with the drug-drug interaction?

Question: Chris Schott - JPMorgan - Analyst : Excellent. We're just about of time. Albert, I really appreciate all the comments today. Thank you for joining us.