Pfizer Inc at UBS Global Healthcare Conference Transcript

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

Question: Trung Huynh - UBS Equities - Analyst : So with that said, Pfizer's had a bit of a mixed year so far. We had a very good 3Q, getting off a very good 3Q. There's been some change internally. Perhaps can you tell us how it's gone to the year so far?

Question: Trung Huynh - UBS Equities - Analyst : Excellent. And on priorities, you recently changed roles within Pfizer.

Question: Trung Huynh - UBS Equities - Analyst : You're now the Chief US Commercial Officer. You were the, I think, it was Innovation Officer at Pfizer. What's your short-term goals that you've got today and then a bit longer term?

Question: Trung Huynh - UBS Equities - Analyst : Interesting. And do you still have a partnership with the innovation team or your old role with regard to choosing prioritizations within the pipeline for you to then commercialize?

Question: Trung Huynh - UBS Equities - Analyst : And it's not very often we get someone like you to talk to us and it's quite topical today. We've seen Trump is going to be the next President of this country. Perhaps can you touch upon potential impact of him to healthcare and Pfizer? He's been -- in the past, he has looked at healthcare. He's tried to do stuff in the past. He is a very powerful President. But certainly in the lead up to this election, we haven't really heard an awful lot about healthcare being high up on his list of focus. So just perhaps some thoughts around Trump? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2024 / 8:30PM, PFE.N - Pfizer Inc at UBS Global Healthcare Conference

Question: Trung Huynh - UBS Equities - Analyst : You've mentioned access a few times in this. You are in areas which are very highly competitive. Some of these areas have very high rebate walls. Certainly, we've seen in migraine that happen potentially. Hopefully, in the next five years, you're going to have an obesities product. So how do you deal with moving into these areas where it's so competitive on a rebate wall?

Question: Trung Huynh - UBS Equities - Analyst : Okay. On this, so there's two parts to this question, I guess. So IRA is coming. We know that's coming January 1, 2025. We're going to have Part D reform. Perhaps can you talk about the pushes and pulls within your portfolio here, the impact of that for 2025? And then the second part, to your point, is come 2026, you've got Eliquis. It's on the list for negotiations. How are you thinking about a potential volume uplift for this product versus potentially being more aggressive in using other drugs because they don't get a rebate of Eliquis?

Question: Trung Huynh - UBS Equities - Analyst : Excellent, great. So let's shift gears a bit. Let's look down the P&L. We touched upon 2025. Obviously, we can't -- you're not going to give guidance here, but perhaps, can you just talk about the moving parts coming in 2025, specifically COVID as well just to touch on that and how we should be thinking?

Question: Trung Huynh - UBS Equities - Analyst : Okay, understood. That's great. And on the cost side, is there anything we should think about? We've gone -- I can't remember what it was at the start of the year for your gross margin but now meaningfully above that. So is there anything else we should concentrate on?

Question: Trung Huynh - UBS Equities - Analyst : Okay. And on the product side, I think, Seagen, that's obviously something you mentioned that's gone incredibly well. You have a $10 billion peak sales expectations. PADCEV has gone extremely well. Perhaps can you talk about the stuff beyond PADCEV, like coming through the pipeline, your excitement levels there.

Question: Trung Huynh - UBS Equities - Analyst : Excellent. And let's move to the PCV vaccine (inaudible) ACIP. Give the recommendation to 50 to 64, I think it was?

Question: Trung Huynh - UBS Equities - Analyst : Can you talk about that opportunity? And then in that ACIP meeting, we saw the Chair prefer CAPVAXIVE to your What are your thoughts there?

Question: Trung Huynh - UBS Equities - Analyst :

Question: Trung Huynh - UBS Equities - Analyst : Okay. Let's move on to RSV, another big growth driver for the company. What's your view on ACIP's decision to narrow the universal recommendation for RSV vaccination?

Question: Trung Huynh - UBS Equities - Analyst : Okay. And on the maternal side, there's some dynamics ongoing there. It looks like there's potentially going to be two antibodies available on the maternal side. How are you thinking about that impact? And could you use an antibody in conjunction with a vaccine?

Question: Trung Huynh - UBS Equities - Analyst : Okay, and let's switch to the pipeline. If you can name five of the key pipeline assets you think investors are sleeping on today?

Question: Trung Huynh - UBS Equities - Analyst : Okay. Let's -- we're in the last five minutes here, but let's switch gears a little. There were some press stories out yesterday surrounding a potential divestment of the Hospital business. How core is the Hospital business to you today? If you can give us some color around any metrics around the Hospital business, how much sales it has or EBITDA, that would be helpful Yes. But then a bit more broader, what's your thoughts about potential divestments of various parts of the business?

Question: Trung Huynh - UBS Equities - Analyst : That's fair enough. And I don't know if you can comment here, but how sacrosanct is your dividend today? Like is there ever a situation there you can never it come?

Question: Trung Huynh - UBS Equities - Analyst : So as you hopefully bring down your debt, when can we start to see Pfizer maybe dip its toes back into BD?

Question: Trung Huynh - UBS Equities - Analyst : Excellent. And my last question is really about confidence in the company. So it's been a few years now of investor confidence from quite high expectations that people had. So really, how are you guys at Pfizer going about restoring that confidence back into the business and belief in what management are doing?

Question: Trung Huynh - UBS Equities - Analyst : Excellent. Well said. Well, thank you very much. Thank you for coming.

Question: Trung Huynh - UBS Equities - Analyst : Thanks to team Pfizer and thank you for listening in.