Pfizer Inc. (NYSE:PFE) Q1 2024 Earnings Call Transcript

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Albert Bourla: Thank you very much. Next question. We’ll take 2 more questions because we are running out of time. So next question please.

Operator: We’ll take our next question from Tim Anderson with Wolfe Research. Your line is open.

Tim Anderson: So it’s a busy pipeline readout year. I’m wondering, Mikael, can you just point to perhaps the one or two bigger upcoming readouts that excite you the most, where your confidence is high as that could be value creating? So I’m not looking for a description of everything reading out. Just maybe 1 or 2 that excites you the most.

Albert Bourla: Thank you. Mikael, excite us all.

Mikael Dolsten: Yes, yes. I’m excited about the potential approval for Marstacimab for both hemophilia A and B to continue to grow our hematology franchise momentum. DMD gene in therapy, we actually today got the equivalent of Breakthrough Designation RMAT based on the early clinical data available, so we are super excited about that. And relatively near term, the readout is coming. COVID/flu combination vaccine, 18 to 59 readout Phase 3. And then, one mid pipeline Ponsegromab cachexia which I think pending readout has really a breakthrough mechanism.

Albert Bourla: That’s fantastic. Anything from your side, Chris?

Chris Boshoff: Perhaps just to mention again the potential unprecedented new 5-year data for Lorbrenla, which will be presented at ASCO. We could define the growth of Lorbrenla over the next decade. There’s two other upcoming readouts.

Albert Bourla: Must be good, if you’re talking to that enthusiast.

Chris Boshoff: And there’s two other readouts that’s important to us, one is Breakwater, which is the first-line opportunity in BRAF-positive colorectal cancer. A reminder that, that’s up to 12% of colorectal cancer. Particularly poor prognosis so we’re looking forward to that readout, Breakwater and then also, as mentioned earlier, VERATEC-2 in second-line ER-positive breast cancer, which can define also help to define the future path for VERATEC-2.

Albert Bourla: Thank you very much. And the last question, please.

Operator: Our last question will come from Steve Scala with TD Cowen. Your line is now open.

Steve Scala: I have two questions. In the Pfizer mRNA flu vaccine efficacy trial, was superior efficacy versus approved flu vaccine shown in the 65-plus cohort? This data was to have been presented last year but I don’t believe we’ve ever gotten an update. And then, secondly, your interest in obesity more broadly. So the outlook for danuglipron is not good. Bolt-ons don’t look likely, and this is just one very simple data point. There are post things on pfizer.com for obesity clinical lead physician suggesting something is moving forward. So what exactly is moving forward in obesity at Pfizer? Thank you.

Albert Bourla: Yes. On the obesity end, Mikael also can comment, of course, together with the mRNA flu vaccine. But I said multiple times that first of all, metabolic is an area that we have traditionally very big strength in terms of research. And this is an area that we have the right to win. So we are strong and to keep investing in the whole area because we have the infrastructure. And obesity is a very big part of it, given the magnitude of the market. So we will be very active in the obesity with current mechanism of actions and new mechanisms of actions. We said repeatedly that we had 3 agents right now in the clinic, and we have multiple that are pre-clinical that we are progressing. But we don’t have anything to say per se right now because on that you are waiting, some other data and for the other ones, it’s too early to speak about them.

So that’s why we are not commenting much of that. And we will, let’s say, continue being very active in the obesity space and one we’re in now. Now what about the mRNA flu vaccine and anything you want to add also to the obesity line?

Mikael Dolsten: I think you said it so well on obesity. I’ll focus on mRNA vaccine and just say that we did share that we had a very robust payable data for 18 to 59 in the outcome event trial on the first-generation flu mRNA platform. We actually further refined that product in order to expand activity against these serotypes although the disease is dominated by A, we saw an opportunity to do that. And that technology is now with the COVID/flu combo vaccine running for 18 to 59 years old and relatively soon, we’ll have a readout. We think that’s really the near-term opportunity to bring both of the viruses under one simple administration approach. For the 65-plus, what you referred to was an early trial with the first generation. We have now moved focus to the second generation and are in preparation of subsequent clinical studies on that.

Albert Bourla: Thank you, Mikael. So thank you, operator, and thank you, everyone for your interest. That was a very good call. In summary, we are very pleased with the solid start in 2024. We are cautiously optimistic about the year ahead. And with our continued progress in executing our five priorities, we are confident that we will continue to deliver for our patients, shareholders, and our company. Thank you again for your interest in Pfizer. We hope you have a wonderful day. Thank you.

Operator: Thank you. This does conclude today’s program. Thank you for your participation. You may disconnect at any time and have a wonderful day.

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