Angela Hwang: We continue to feel confident about the peak sales. The reason is that, right now, we have the first set of recommendations, but the ACIP has also told us that we will have the opportunity again to come back next year when we have additional data, which is when we will have the opportunity to look at the schedule or how [indiscernible] are being – the schedule that they’re being delivered today. And we’ll have an opportunity again to take a look at the benefit of PENBRAYA in this population. So I feel like it’s great that we have an opportunity to get out now and to begin vaccinating our teenagers. We’ll have a second bite at the apple, which will allow us to achieve our peak sales.
Operator: Next, we have Andrew Baum with Citi.
Andrew Baum: A couple of questions. Would you comment on your stake in RVT-3101, the TL1A, pending the approval of the licensing of the asset to Roche? Will you hang on to it? Or is that subject to divestment? Second question for Chris. Just looking at the recent EV-302 data and with – you seem to have the Seagen portfolio, when you think about the combination of ADCs with pembro or with a PD-1, do you believe the efficacy that you’re seeing is associated with that hedging or do you think it’s true synergy through an immunologic mechanism of increased cell death?
Aamir Malik: I think we’re very pleased with the outcome of the TL1A program. When we created Televant, we did this as an R&D prioritization decision. Just as a reminder, this was a Phase 2 program that required significant Phase 3 investment. And so we held on to a 25% stake. We also had rights to royalties on US sales, as well as the full ex-US and ex-Japan rights. And we did that all without any R&D spend. So Roche’s proposed acquisition of Televant will give us access to about $1.75 billion of pretax cash, which is the translation of our stake, and we still retain all the other rights. So we’re looking forward to having Roche as a partner. We’re looking forward to the investments that they’re going to make in advancing the clinical stage programs on TL1A and benefiting from the outcome of those.
Chris Boshoff: That’s a very good question. As you know, Seagen pioneered the MMAE auristatin-based payloads, and we see this potential synergy in combination with a PD-1 with [indiscernible]. Although Seagen does have the next generation of ADCs with topo 1 that will enter the clinic this year – next year, we don’t know yet if the topo 1s are going to show the similar type of immunogenicity as what appears to happen with the MMAE auristatin based payloads. So I think we’re very confident that Seagen has both topo 1 as well as auristatin based payloads in case with topo 1s we do not see what appears [indiscernible].
Operator: Our last question comes from Evan Seigerman with the BMO Capital Markets.
Evan Seigerman: I have one on danu and then a bigger picture one. So, a point of clarification on danuglipron. Mikael, is the ultimate goal to develop the fixed dose combination with, say, an SGLT2, other anti-diabetes drugs. You kind of mentioned that in your commentary. And taking a big step back, how should we think about how you risk adjusted your long term revenue guidance? Did you plan on updating this figure as you have clinical or regulatory successes or failures, for example, with the approval of etrasimod?
Mikael Dolsten: The near term goal is really look at the data, as we have said, both Albert and myself, and pending review, of course, there’s an option with a once a day danu to move forward in obesity and diabetes. I think we have commented that the upside with oral drugs are many in the sector. That’s why it has been such a big interest. And that includes fixed dose combination, which aren’t available with injectables. But we will keep it simple and clear. We’ll review the data and take a decision about potential in obesity and diabetes once a day danu. That’s the near term.
Albert Bourla: And also about your question, if we are going to change the $20 billions or the $25 billions that we have declared, first of all, the $25 billion is billions that we’re going to acquire revenue in 2030. According to our estimates, we have acquired, pending Seagen acquisition, $20 billion so far. If you see the analyst expectations for this acquisitions, at the end of 2030, are very, very close to what we have right now. And I think this is trending very nice. When you see the internal pipe, the launches that we are having from our internal pipeline, which we declared $20 billions, there is a gap between what we believe and what the analysts believe. And this is where we are focusing our attention right now. It’s very early with the launches.
Some of them are doing better than what we thought. Some of them are doing worse than what we thought. And if we realize that the totality of $20 billion is not anymore what we think will be, of course, we will update.
Dave Denton: But I think what is important is that is if you look at our business, our core business is performing nicely. We continue to make traction. We have obviously a lot of launches that we’ve completed and still several ahead of us. We’re excited about what Seagen could potentially bring to the company as we think about our focus now in oncology. And then importantly, I think we’ve rebaselined, if you will, the COVID franchises. Think about utilization in the back half of this year and cycle into next year. We will then take a step back and look at what would be prudent as we think about the revenue in totality of this company as we cycle into 2024 and beyond. So I think you look forward to, as we begin going into 2024, those expectation of laying those out specifically.
Albert Bourla: Okay, thank you very much. I would like just to say that if you walk away from today’s call with just one takeaway, it should be that I think Pfizer’s future remains bright. We have rebased our COVID expectations, and now I think it’s very easy for everyone to be able to model what I think will be stable COVID revenues going forward. And with the recent – particularly with the recent amended Paxlovid supply agreement. And of course, we are having very strong performance of our [indiscernible] and new products portfolio excluding COVID. It’s 10% growth this quarter. And that position us to be able to have growing things going forward. So I will now bring this call to an end. Thank you for joining us and have a great rest of your day.
Operator: Thank you, ladies and gentlemen. This concludes today’s Pfizer third quarter 2023 earnings conference call. We appreciate your participation and you may disconnect at any time.
