Pfizer Inc at Truist Securities Life Sciences Summit (May Series) Transcript

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

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : <_ALACRA_META_ABSTRACT>So Chuck, I can't believe it was over 20 years ago when we met. You were new to in-house IR, and I was new to covering pharma. It's hard to believe we're that old. Preliminary congrats on your retirement, although it doesn't sound like Albert and Frank are ready to let you go just yet, especially when your stock capped down a little bit, right on the heels of Albert's announcement, which you should make sure you point out. But it's been a great journey. And again, a preliminary congrats and best of luck. Don't be a stranger. So I'd love to start, Chuck, with just your reflections on how Pfizer has evolved during your tenure. Since we're used to hearing it from other execs, I'd like to hear from you.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : That was super helpful and interesting walk down memory lane. It jogs the memories loose there. I just wish you could have made all that happen in 2 years instead of the many years that it took and finish all that change happen. Let's shift to a more mundane topic of the quarter in sort of some recurrent themes that have come up since the call clarifications are making, any confusion that exists since we're so close to you having just reported, it's still fresh. So what would you say about that?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : So a few questions, basically. So one, the durability is certainly important to how we think about the effect on the DCF, et cetera. But what about the fact that J&J had its issues? Is there a bit of a perception shift in the amount of share you can hold on to regardless of the size of the pie? Did you notice anything there from a competitive perception standpoint?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : I was just going to ask you that. I mean, are you going to advise your successor that it should always be kept aside because we will never know how durable it is, and we hope it's not durable for (inaudible)?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Well unless your bosses convince you to stay long term, it won't be your problem to deal with that decision. I was intrigued by comments made on the call about, if I heard it correctly, COVID vaccine plus Prevnar. Is that a co-formulation? Is that just doing a study to show that they can be dosed together safely? Is that an attempt to kind of redefine how older folks should get everything in 1 visit? What was behind that comment? I don't think it came up.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Right, not a co-formulation but delivered at the same -- on the same-day for the logistics of that visit or not necessarily?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Sure. Makes a lot of sense. And then just to shut the door on sort of the mRNA stuff. You've talked about flu. You haven't talked specifically about anything beyond flu, except that it would be owned by Pfizer, with potentially royalty and milestones on anything beyond flu? Is that fair?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Got it. I have some product-specific questions, but I want to go back to sort of the 6% CAGR, which some folks think sort of might define the Albert Bourla tenure already. He's been pretty out front there that this is a growth company that will be driven by multiple drivers. He's believed the Street is not really ascribing too much credit for your ability to hit that. So where do we stand now on this sort of buy-in to the 6% externally versus when it was initially put out there. And maybe talk about the pushes and pulls of things you've acknowledged on better and worse than that original set assumptions.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Is Pfizer expecting an AdCom for the class or that product? What can you say about that?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Right. About the deal, does sort of Pfizer -- doing big deals is sort of history, right? As I recall, folks used to think about Pfizer as being on the prowl for big deals and being willing to take sort of capacity out of the system, et cetera. I think since Albert took over, that's been pretty much sloshed, and there's an assumption now that Pfizer is willing to do acquisitions, but they'd be more of the bolt-on variety and in no way needed to hit the 6%. Do I have that right? Do you think that's the appropriate mindset?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : I believe never say never goes back to Warner-Lambert days and then Pfizer came up and shortly after, that was -- those words were uttered by (inaudible)?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : One of the, sort of M&A theme is that of having this COVID upside that may not be durable. It doesn't sound like the management team is willing to change whatever screens and criteria you would have been using before, simply because you could theoretically afford more dilution or something like that. Am I right on that?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Sure. Well, in 2 minutes that we have left, I'd love to hear everything you know about the potential effects of tax reform and direct pricing legislation. So maybe if you can hit the high level approve time... REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 05, 2021 / 5:50PM, PFE.N - Pfizer Inc at Truist Securities Life Sciences Summit (May Series)

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Thank you, Chuck. We're about out of time here. Again, all the best to you. I know we'll be talking.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Thanks to Truist clients who are tuning in an hour later. This ends the session. Goodbye. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 05, 2021 / 5:50PM, PFE.N - Pfizer Inc at Truist Securities Life Sciences Summit (May Series)