Chris Shibutani: Two questions, if I may. Aamir, with your prior role, you had talked about a $25 billion in revenues by 2030 that the company was looking to deliver based upon M&A. We have the impairment with Arena. Is there an update for that? And now that you’re in the role of U.S. Chief Commercial Officer, non-oncology, non-COVID, what would be on your wish list in your currency in terms of where you feel an opportunity to expand those revenues potentially through business development that could work to hit that $25 billion target by 2030? Then secondly, with the M&A activity across the industry, investors are always paying attention to what’s going on with the FTC. Having passed through this gauntlet with Seagen last year, is there anything you can comment about to help us think about how regulators are thinking about the M&A environment in terms of particularly size of deal or any other dimension that you think is worth being aware of that might have been your observations from your experience in ’23?
Albert Bourla: Thank you very much. Aamir, why don’t you take the question? By the way, let me clarify that Aamir’s responsibility includes COVID revenue. So go ahead, Aamir.
Aamir Malik: Okay. So Chris, there’s a lot in what you asked. Firstly, on the $25 billion goal that we put out there, I’ll just remind that we guided to $20 billion for what we plan on getting to by 2030 for the deals that we had done. And I would also just remind you that the $25 billion was a 2030 goal, so there is lots of time between now and 2030 to achieve that goal, consistent with our capital allocation priorities that Dave described. On your second question, I mean, to be honest, yes, everyone’s got a wish list, but my focus is on exactly what I described right now and what we talked about as a management team, which is delivering value from our launches and delivering value from the deals that we’ve done. So that’s where my focus is.
Now lastly, in terms of FTC, it’s not appropriate for us to comment on what the FTC is going to do or not do. But what I can say is that we feel very good about how we have operated with all regulators in all regulatory sites across the world to get done all the deals that we did. And I think that just speaks to our patient-centric approach and our collaborative nature with regulator.
Operator: Next, we have Akash Tewari with Jefferies.
Akash Tewari: Fair point on the Prevnar comments with the impairment charge and kind of the moving parts between adult pediatric and international. Consensus had modest top-line growth over the next few years for the entire franchise. Is that a reasonable expectation for investors, given the increased competition from Merck and the U.S. pool shrinking? And then do you have an internal view on what the ACIP recommendation will be regarding Prevnar and VV116?
Albert Bourla: Look, Aamir, why don’t you take the — is it the Prevnar expectations? We don’t comment on what the expectations of the Street are, right? So are we — and I think we gave a very good, let’s say, high-level trajectory how we see this market. In the U.S., the adult opportunity, it is mainly as always in with the adult, a catch-up opportunity. So where you come, you have a pool of all the people that are eligible, but some of them would choose to make the vaccine. Usually, that happens in the first year and maybe a little bit then on the second year. We have exhausted, I think, this opportunity with a 96% market share. So right now, I don’t think that we will see in the U.S. in the adult huge opportunity.
Merck competition is coming into that. So this is not a very big growth area for us because, as I said, this is not where we plan to do it. It’s huge when you launch them very quickly, goes down because then it is just the people that we are really graduate, they are going into this cohort in terms of age. The big opportunity is pediatric because it is four doses, it’s not one. And because it is a huge cohort every year, way bigger the cohort of newborns than people that are becoming 65. So that’s how we should see it. So there is nothing much to add into that.
Operator: Our last question will come from Evan Seigerman with BMO Capital Markets.
Evan Seigerman: Two questions from me. One, when you think about the additional $25 billion revenues by 2030, now that Seagen’s part of this business, where are we in getting to that metric? And then my second question is really on Oxbryta on sickle cell disease. When you bought the asset, you really — you noted that you plan to speed up the distribution of the drug to parts of the world most impacted by the disease. We haven’t really seen much OUS, given recent competitive approvals of in the Middle East. How do you think about the OUS opportunity in context of the competitive updates there? So Seagen and then thinking about some Oxbryta comments.
Albert Bourla: On Seagen, maybe I can take it because that’s an easy answer. From Seagen, we expect to get $10 billion by year 2030. That was a number that we put out there when we announced the acquisition. Since then, a few things that have reinforced our confidence in this number have occurred. The first one, it is that ADC became the hottest thing on the M&A activity. Everybody wants an ADC, which basically our big bet was in this technology. So it looks like there is an overall consensus among investors, companies, analysts that this is a technology that will deliver a lot. So that gives us a lot of comfort that happened after we announced. The second thing that also happened after we announced this $10 billion was that Seagen came out with significant readouts or significant products that were beyond our expectations.
But also what you don’t see but we see, they are advancing a lot of stuff that some of them we will show you in the 29 of February. So also, it was a bet in the technology, a bet in the company, we feel that we did very well in both. So the $10 billion is $10 billion of the $25 billion but we remain — we don’t change it, but we remain confident that we can make it. Then of course, in addition to that, there was an additional $10 billion for all the other things that we have done, and this $5 billion that we could execute. Now on Oxbryta, how Oxbryta is doing, Aamir?
Aamir Malik: Yes. So Evan, with regards to Oxbryta and then I’ll comment on the acquisition as well since you referred to that. We’re pleased with the U.S. performance. Q4 was up 30% over the prior year and 14% over the prior quarter. The prescription trends are very solid. We’ve made a lot of investments in customer-facing teams since we made that acquisition. So we like the momentum that we’re seeing in the U.S., and we expect to see more. Right now, the rest of the world is a very small part of Oxbryta revenue and that is something that will take time to develop and we’ll obviously look at that appropriately. And as you think about the GBT acquisition, it’s important to look at Oxbryta, but I also would remind you that we’re also very excited about GBT601, which we expect can bring a lot of value in addition to Oxbryta.
Some of it will — if it’s successful from a clinical and regulatory perspective, some sales will be cannibalized, but there will also be room for Oxbryta in the market to continue to grow. So when you look at the combination of the momentum in the U.S., an opportunity that’s yet to be developed outside the U.S. and 601, where we presented great data at ASH in December, we think that there’s a lot of value to be gained from this acquisition.
