Pfizer Inc to Host Full-Year 2026 Guidance Call Transcript

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

Question: Terence Flynn - Morgan Stanley - Analyst : I guess two for me. First, I was just wondering, Dave, if you can give us any color at all about what's embedded for the agreement you signed with the US government regarding MFN for 2026. And then on Metsera, I think we were expecting to see or at least hear from you guys regarding some of the VESPER-3 monthly data. So just wondering if you can confirm if that trial is done, if you can give us any insight in terms of the monthly dosing schedule and then how that might tie into your Phase 3 plans in '26. Thank you.

Question: David Risinger - Leerink Partners LLC - Analyst : Thank you for the detailed update. So I have two questions. First, you've obviously done a great job executing on the efficiencies and bringing them forward. I'm just wondering how we should think about operating costs, i.e., for the SG&A line and for R&D beyond 2026. So is there a specific goal you have, for example, to grow costs modestly in '27 or keep them flat? And then separately, there's a note in one of the slides about $6 billion of BD capacity. Just wondering if you meant that to be for 2026. Thanks very much.

Question: Evan Seigerman - Bank of Montreal - Analyst : Two for me. Just walk me through some of the levers that that you can use to maybe drive upside to next year's numbers. I know you highlighted some on the call, but any others you want to focus on? And then I wanted to touch on some commentary you made around performance later in the decade. So I know you're not going to give guidance on trough earnings, but with your discussion around revenue growth in '29, 2030, let's think about what could contribute to trough earnings and how we should be maybe potentially modeling it as we think about your P&L in the next couple of years. Thank you so much.

Question: Louise Chen - Scotiabank GBM - Analyst : I just have two for you. First one, I wanted to ask you how you think about the magnitude of growth once you pull out of that trough EPS period in 2029 and 2030. And then, yeah, maybe if you could just give a little bit more color on what key products you think are going to drive that. And then secondly, if you could give more color on what the 15 obesity studies that you have planned for 2026 will be. Thank you.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : I just have a couple. The first, on metabolic disease, I just want to get your perspective on the price and volume assumptions looking to the end of the decade, just following the White House agreement and post the Metsera closing. Wasn't sure if those numbers align with kind of your deal assumptions. And then strategically, it does seem that vaccines are in a tougher spot in this environment. Does Pfizer look at this as short-term in terms of your investments? Or is there maybe a natural push in hemlock and metabolic where infectious disease will diminish in its contribution over time? Thank you.

Question: Jason Gerberry - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So my question is just, as we think about 2026 and sort of the obesity and PD-1 bispecific investment, should we be thinking that it's like a more of a partial year investment and then 2027 looks like more of a full encumbrance of the P&L as you get those programs up and running full year, steady state? And as you kind of navigate those P&L dynamics, any programs that are going to get delayed or terminated, any additional color you can just kind of provide as to how you navigate some of those puts and takes from a P&L perspective? Thanks. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Happy holidays to all of you as well. So a couple of questions. One, I want to double-click on the thought process that 2029 and '30, you could grow as well. So in our models, it can happen if you can extend tafamidis beyond 2029. Is that the thought process there as well? Or is that baked in there as well? And then the second one is on Metsera. Are we going to see data from the monthly dosing as well as the combination dosing in the first quarter as well? Or it is just the internal review at this point? Thank you.

Question: Christopher Schott - JPMorgan Chase & Co - Analyst : My first question was just on capital deployment and where a share repo might fit into the mix, I guess. Let's just consider where the stock price is. Is that part of the consideration at this point? Or as you work through the LOE cycle, is really the prioritization here for more on the BD side of things? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Carter Gould - Cantor Fitzgerald LP - Analyst : I wanted to double-click on the dividend strategy. We did see an evolution on that front with you sort of maintaining the dividend for the first time in sort of 16 years after steady increases. How should we think about the evolution of that strategy going forward, specifically sort of the push-pulls from here as we contemplate COVID, both EU contracts running off in '27 and the prioritization of business development? Thank you.

Question: Kerry Holford - Joh Berenberg Gossler & Co KG - Analyst : Just one last, please, on the tax rate guidance now back up to 15%. Dave, just interested to hear you talk about how that might evolve. Clearly, it's evolved more positively than expected through the course of this year. Can you envisage any flex on that into the year ahead? Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Chris LoBianco - Cowen and Company LLC - Analyst : This is Chris on for Steve Scala. Pfizer has been saying growth could return in 2028, but today is saying 2029 to '30. Why the push out? And second, what are the most important clinical readouts that Pfizer expects in 2026? Thank you.

Question: Asad Haider - Goldman Sachs Group Inc - Analyst : Most of mine have been answered as well. But maybe just going back to the obesity market, and Albert, your comments on how growth in the cash-based segment is giving you incremental confidence in your internal projections. So if you could just double-click on that comment a little bit more in the context of just consumerization trends impacting how you're thinking about US and OUS launch dynamics. Are there any analogs we should be looking at? And then maybe any updated framing on how you expect the oral versus injectable mix to evolve over time? Thanks. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.