Pfizer, Inc.

Good day, everyone, and welcome to Pfizer's first quarter 2023 earnings conference call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Chris Stivo, Senior Vice President and Chief Investor Relations Officer. Please go ahead, sir.

Thank you, Chelsea. Good morning, everyone. Welcome to Pfizer's first quarter earnings call. I'm joined today by Dr. Albert Borla, our Chairman and CEO, Dave Denton, our CFO, and Dr. Michael Dolston, President of Worldwide Research and Development in Medical. Joining for the Q&A session, we will also have Angela Wong, Chief Commercial Officer and President, Global Biopharmaceuticals Business, Amir Malik, our Chief Business Innovation Officer, Dr. William Pow, our Chief Development Officer, and Doug Lankler, our General Counsel. Before we begin the call, I want to remind you of some logistical items. The materials for this call and other earnings-related materials on the investor relations section of Pfizer.com. Please see our forward-looking statements disclaimer on slide three. Additional information regarding these statements and our non-GAAP financial measures is available in earnings release in our SEC forms 10K and 10Q under risk factors and forward-looking information and factors that may affect future results. forward-looking statements on the call are subject to substantial risks and uncertainties. Speak only as of the call's original date, and we undertake no obligation to update or revise any of these statements. With that, I'll turn the call over to Albert.

Thank you, Chris. Hello, everyone, and thank you for joining us today. Q1 was a solid foundational quarter in what we expect to be an exciting year for Pfizer and patients. Our financial results were as we anticipated. Our non-COVID revenues grew 5% operationally compared with the year-ago quarter. While overall, revenues declined 26% operationally, primarily due to a previously communicated and expected decline in Comirnaty revenues. Even with Comirnaty's decline, our COVID franchises remain significant contributors to the business, with a combined 7.1 billion in revenues during the quarter. This growth was driven primarily by recently acquired products, Nortec for migraine and Toxbrita for sickle cell disease, our anti-infective Sulperazone, Eliquis in the non-valvular atrial fibrillation indication in the US, and our Vintaker family of products for the treatment of transthyretin amyloid cardiomyopathy. We also continue to be proud of our patient impact. During the first quarter, more than 250 million patients were treated with our medicines and vaccines. With this solid start to the year, we remain on track to grow our non-COVID revenues by 7-9% operationally in 2023. That's because the majority of our potential near-term product launches, as you can see mapped out on this slide, are expected to occur in the second half of the year, following regulatory approvals were not yet secured. As such, we expect our non-COVID revenues to grow at a faster rate in the second half of the year than in the first. Overall, we are in the midst of an 18-month period in which we expect to launch up to 19 potential new products and indications. Over the first four months of the year, we have made excellent progress towards this goal with the approval of Zalstret, an expanded indication for Sibinco to include adolescents, and last week's approval of Prenvar 20 for pediatric use, all in the U.S., We also have secure regulatory filing acceptances for Erna Latano, for Bractovi and Mectovi for non-small cell lung cancer, and for our RSV maternal vaccine candidate, which if approved would be the first vaccine for administration to pregnant individuals to help protect against the complications of RSV disease in infants from birth through six months. In addition, the U.S. Food and Drug Administration has granted priority review and the European Medicines Agency has accepted our MAA filing for review of Talzina for use in combination with Xtandi for patients with newly diagnosed metastatic castration resistant prostate cancer based on the TalaPro2 results. Regarding our COVID-19 franchise, we continue to expect 2023 to be in transition year as the virus continues to mutate and we move from advanced purchases under government contracts to more transitional supply arrangements in the commercial model for both Comirnaty and Pax Clovis in the US. As previously discussed in 2023 and 2024, we expect vaccine utilization to decline compared with 2022. Then, starting in 2025 and continuing in 2026 and beyond, we expect to see an increase in COVID-19 vaccination rates, assuming the successful development and approval of various COVID combination vaccines. Outside the U.S., we expect these general trends to be similar, with some variations from country to country. Regarding Pax Clovis, we continue to expect the government inventory that was built around the world last year to be absorbed by the end of this year. We then expect that in years 24 and beyond, the courses sold and courses used will more closely align. With its robust efficacy, consistent safety profile, and potential to help mitigate the burden of COVID-19 on patients and their families, health systems and society, tax clothing is proving to be an important and durable complementary tool to vaccination strategies. for the estimated 40% of the global adult population at high risk for progressing to severe disease. Now let's take a look at Pfizer's next potential moonshot, the battle against cancer. Oncology remains a core therapeutic area for Pfizer, and we believe the proposed acquisition of Cigen will enhance our position in this important space. Integration planning is already underway, and we continue to expect the deal to close in late 2023 or early 2024, subject to the satisfaction of customary closing conditions. By combining seedless category-leading antibody drug conjugate technology with Pfizer's scale, expertise, and capabilities, We believe we can accelerate potential breakthroughs in cancer medicines and introduce new solutions to patients around the world. The potential combined commercial infrastructure for Pfizer and Cigen will be three times the size of that of Cigen alone in the US and four or five times larger globally. As a result, we believe acquiring Cigen could contribute more than 10 billion in 2030 risk-adjusted revenues. with potential significant growth beyond 23rd. Even with a season deal, given the strength of our balance sheet and cash flows, we continue to have the flexibility to take additional actions to create shareholder value. Dave will provide more details on this during this presentation. One of the key areas of focus for Pfizer in 2023 is continuing to build trust, which is a key asset for every biopharmaceutical company. Since the beginning of the year, we have received two accolades that demonstrate we are doing just that. In February, Pfizer was named to the top 10 of Fortune's most admired companies list. for the second year in a row. And in March, Ethisfair recognized Pfizer as one of the world's most ethical companies, also for the second year in a row. At Pfizer, trust is everything. It gives us our license to operate, allows us to attract the best talent, and enables us to deliver breakthroughs that change patients' lives. With that, I will turn it over to Dave. After Dave, Michael will provide an update on our R&D pipeline. Dave?