Pfizer, Inc.

Good day, everyone, and welcome to Pfizer's third quarter 2023 earnings conference call. Today's call is being recorded. At this time, I would like to turn the call over to Francesca DiMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead, ma'am.

Good morning and welcome to Pfizer's earnings call. I'm Francesca DiMartino, Chief Investor Relations Officer. On behalf of the Pfizer team, thank you for joining us. This call is being made available via audio webcast at Pfizer.com. Earlier this morning, we released our results for the third quarter of 2023. Our earnings materials can be accessed on the IR website at investors.pfizer.com. I'm joined today by Dr. Albert Bourla, our Chairman and CEO, Dave Denton, our CFO, and Dr. Michael Dolston, President, Pfizer Research and Development. Joining for the Q&A session, we will also have Angela Huang, Chief Commercial Officer and President, Global Pharmaceuticals Business, Amir Malik, our Chief Business Innovation Officer, Dr. Chris Boshoff, our Chief Oncology Research and Development Officer, and Doug Linkler, our General Counsel. Before we get started, I want to remind you that we will be making forward-looking statements. I encourage you to read the disclaimer on slide three. Additional information regarding these statements and our non-GAAP financial measures is available in our earnings release and in our SEC forms 10-K and 10-Q 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 uncertainty, 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 will turn the call over to Albert.

Thank you, Francesca. Hello, everyone, and thank you for joining us today. Pfizer continues to have a far-reaching and positive impact on human health. Through the first nine months of the year, more than 457 million patients around the world were treated with our medicines and vaccines. Compared with the first nine months of 2022, we have reached more patients in several key therapeutic areas, including oncology, cardiovascular disease, and anti-infectants. Patients will always be a North Star, and this figure serves as a testament to our leadership in innovation and our commitment to understanding and serving patients' needs. During the third quarter, we were encouraged by the continuous strong performance of Pfizer's non-COVID products, with revenue from these products growing 10% operationally compared with the year-ago quarter. We saw significant contributions from new launches and robust year-over-year growth for several key in-line brands. Our recently launched respiratory syncytial virus, the RSV vaccine, this is called Abrisvo, contributed $375 million in U.S. revenues. With the recent approval of the maternal indication, Pfizer is the only company with an RSV vaccine approved for preventing RSV in older adults and in infants via maternal immunization. We believe that Brisbane will be a significant and growing contributor to revenue, as many customers have indicated to us, that protecting both populations with one vaccine is desirable and a competitive advantage for a Brisbane. In the U.S. alone, there are approximately 80 million adults over age 60 who are eligible for RSV vaccination, and an estimated 1.5 million pregnant women are eligible for maternal immunization with a RSV vaccine between September 23 and January 24. NERTEC, Vaidura, and Oxbrita which were acquired in the fourth quarter of 2022, contributed 233 million and 85 million in global revenues, respectively. For Nurtek, in the US, oral CGRPs represent about 17% of the migraine market, and the unmet need is high. We believe oral CGRPs can ultimately be the first line therapy for migraine and could eventually account for as much as 40% of the overall migraine market. Primary care is a clear source of potential growth in the migraine marketplace. Year to date, Primer care health care providers wrote more than 6.1 million prescriptions for trapped times, compared with approximately 1 million for all our CGRPs, which highlights a significant potential opportunity for growth. Regarding Oxbrita, there is significant burden of illness and unmet need for patients suffering from sickle cell disease. An estimated 12 million people around the world have SCD, sickle cell disease, with the highest prevalence in countries with the lowest resources. While in the U.S. 95% of children survive to adulthood, 99% of children in other regions will die before they reach their fifth birthday, many without even ever being diagnosed. Our Vintakel family of products, including Vintakel, Vintamax, Vinmac, recorded 47% operational growth globally compared with the third quarter of 2022. This growth was driven largely by continued strong uptake of the transferretin amyloid cardiomyopathy in the case, primarily in the US and developed Europe. We estimate there are between 120,000 and 150,000 people suffering from ATTR cardiomyopathy, with the majority still not yet diagnosed. The largest unmet need continues to be the lack of general understanding and ability to diagnose this deadly disease, which is why we are focused on educational activities as the proven standard of care. Such efforts significantly contributed to this quarter's revenue increase in the U.S. And our prevenant family of products, prevenant 13 and prevenant 20, saw global revenue rise 15% operationally compared with a year-ago quarter. This increase was driven primarily by strong patient demand for Prevnar 20 adult in the U.S., the U.S. approval of Prevnar 20 pediatric and associated stocking, and growth of Prevnar 13 pediatric in certain emerging markets. These were partially offset by anticipated lower market share in the U.S. for Prevnar pediatric due to competitive entry. Of note, Prevener 20 adult remains the category-leading pneumococcal vaccine for adults in the U.S., with a 95% market share in the third quarter. Year-to-date revenues for our non-COVID products have grown 7% operationally, and we remain on track to deliver 6 to 8 operational revenue growth for these products for the full year. We continue to progress toward our goal of executing an unprecedented number of launches of new products or indications. Recent milestones include U.S. and EU approvals and launches of abridged or impregnated individuals, U.S. approval and launch of Erlexphere in relapsed refractory multiple myeloma, U.S. approval of our BRAFTOVI and MEKTOVI combination in BRAF-mutated metastatic non-small cell lung cancer. U.S. approval of VELCIPITY for moderate to severe ulcerative colitis. E.C. approval of LIPTHULO for severe alopecia areata. and U.S. approval of Canbria, the first and only pentavelan vaccine that provides coverage against the five most common serogroups causing meningococcal disease in adolescents and young adults 10 through 25 years of age. To date, we have now executed 13 of the 19 originally identified potential launches, with four other products approved and preparations being made for their launch. In fact, five of the six remaining potential launches have been largely de-risked from a technical perspective. The only one remaining would be our mRNA flu candidate. Given our recent positive results from our next generation mRNA flu COVID combination candidate and pending results for our 65 and older first generation, first three standalone mRNA flu study, Timing of our standalone mRNA flu is now expected after 2024. If successful, our next generation mRNA flu-COVID combination candidate is expected to market in 2025. Michael will share more about these programs shortly. We remain excited about our proposed acquisition of SIDS and the dramatic impact we think this combination can have on human health. One in three people will be diagnosed with cancer in their lifetime. So conquering cancer would have an almost unimaginable impact on humanity. We recently gained unconditional antitrust clearance from the EC, and we continue to expect the transaction to close in late 2023 or early 2024, subject to customary closing conditions, including clearance by the US FTC. We have raised 31 billion in acquisition financing so far and continue to expect incremental 2030 risk-adjusted revenues in excess of 10 billion and expected cost efficiencies of 1 billion to be realized by the end of year three post-close without impacting any R&D problem. With that, I turn it over to Dave. And after Dave, Michael will provide an update on our R&D pipeline. So Dave.