Pfizer, Inc.

Good day, everyone, and welcome to Pfizer's first quarter 2026 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 first quarter 2026 via press release that is available on our website at Pfizer.com. I'm joined today by Dr. Albert Bourla, our chairman and CEO, and Dave Denton, our CFO. Albert and Dave have some prepared remarks, and we will then open the call for questions. Members of our leadership team will be available for the Q&A session. Before we get started, I want to remind you that we will be making forward-looking statements and discussing certain non-GAAP financial measures. I encourage you to read the disclaimers in our slide presentation, the press release we issued this morning, and the disclosures in our SEC filings, which are all available on the IR website on Pfizer.com. 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 the statements. With that, I will turn the call over to Albert.

Thank you, Francesca. Good morning, everyone. Thank you for joining our call. It's a wonderful day here in New York. We've had a strong start to the year. Our business continues to perform well, and we are making strategic progress. One of our great strengths is the ability to execute. And we have delivering performance. on our financial commitments, while we also invest to strengthen Pfizer for future growth and impact. In the first quarter, we exceeded expectations for both total revenues and adjusted diluted earnings per cent. We have made progress so far this year in delivering our 2026 critical R&D milestones, including three positive phase three readouts and encouraging mistakes readouts for both approved and investigational methods. We are keeping pace with our robust agenda of approximately 20 planned pivotal studies starts this year. We also had two significant legal developments that improved our growth profile post-2028 and, of course, our cash flow outlook. Our recent settlement agreements resolving infringement of patent related to Vindamax have the potential to change the growth profile of the company significantly post-2028. This gives us greater confidence that starting in 2029, we will enter a five-year period of high single-digit revenue CAGR. Additionally, we view the recent Belgium court ruling regarding Comirnaty contracts with EU member countries as a positive for future EPS and cash flow. The improved visibility into our cash flow provides a positive for our longer-term capital allocation priorities, including, of course, our ability to preserve and support the dividend. As we look to the rest of the year, we are clearly focused on our most impactful opportunities to create value for patients and our shareholders. We previously shared our strategic priorities for 2026, and I will walk you through the progress you are making on all four. Our launched and acquired products had a tremendous start to the year with 22% growth. Three of our business development transactions represent about 8% of the invested capital in recent years, and they are all progressing very well. Oncology represents our most advanced and concentrated area of research and commercial focus, and our season acquisition is a central reason why. Since bringing the company to Pfizer, we have transformed our oncology organization, unifying our team, expanding our commercial portfolio, and advancing a leading ADC platform. The 20% year-over-year operational revenue growth in the quarter of our seeds and products shows that we have made good progress in deepening our presence within the oncology community. We continue to strengthen physician engagement, and drive greater recognition of the clinical value of our medicine. We are also executing with focus to maximize the value of our Macera acquisition. This underpins the strategy intended to position Pfizer as the leader in the next generation of obesity therapies. We intend to advance 10 phase three studies this year, and we are targeting a first approval in 2028 from a portfolio that includes ultra-long-acting peptides with the potential, if successful, developed and approved for competitive efficacy and tolerability with a differentiated monthly maintenance dosing schedule. The success we have achieved with Nurtec, since our BioHeaven acquisition, shows the power of our leading field force and commercial capabilities at work. Nurtec contributed in the first quarter with 41% operational growth driven by robust demand for both acute and preventive migraine treatments. We continue to see a meaningful growth opportunity in the oral CGRP class of medicines for patients with migraine. Of course, 2076 is a pivotal year for R&D, and I'm pleased with our early progress this quarter. While we have a large active pipeline, we rely on a rigorous and disciplined approach to focus resources where we see the greatest potential. We are targeting approximately 20 pivotal study starts, eight key data readouts, and four regulatory decisions this year. Our critical R&D milestones reinforce how we are concentrating investment in key areas such as oncology, metabolic disease, and vaccines, where we have existing commercial infrastructure, scientific expertise, and significant opportunity for competitive differentiation. Roughly half our anticipated key data results and regulatory decision in 2026 are expected to come from oncology, where we are advancing multiple programs across areas such as breast, genital area, thoracic, gastrointestinal, and blood cancer. During the quarter, we presented notable EV304 study findings for PADSEV at ASCO-GU. The results show that PADSEV and pembrolizumab reduces the risk of recurrence or death by nearly 50% in patients with cisplatin-eligible muscle-invasive bladder cancer. Combined with the recent compelling data from the EV303 trial, This highlights the potential for this regimen to become the new standard of care for patients with muscle-invasive bladder cancer, regardless of cisplatin eligibility. Bladder cancer is diagnosed in more than 600,000 patients each year globally, including an estimated 85,000 in the U.S., MIBC represents approximately 30% of all these bladder cancer cases. The positive top-line results we saw last week from the Phase III Magnetism MN5 study of L-rexfuel represent a meaningful step towards our goal of reaching more patients earlier in the course of their disease. In this study, L-rexfuel significantly improved progression-free survival for double-class exposed patients with relapsed or refractory multiple myeloma, who receive at least one prior line of treatment. This is a significant opportunity to address patient needs. Multiple myeloma, an aggressive and currently incurable blood cancer, is the second most common type of blood cancer worldwide, with over 36,000 new cases each year in the United States and over 187,000 new cases globally. During the quarter, we also served randomized phase two data for athermocycline, our potential first-in-class CDK4 inhibitor in patients with HR2 HER2 negative breast cancer who received prior CDK4-6 inhibitor-based treatment. This data suggests athermocycline has the potential to differentiate from the CDK4-6 inhibitor class with improved efficacy and vulnerability. reinforcing our confidence in the molecule. Looking ahead, we remain focused on accelerating this investigational medicines development in first line and early breast cancer, where it may provide even greater impact for patients. We view this as an important opportunity to deliver a next-generation backbone therapy, building on Pfizer's long commitment to patients with breast cancer. In vaccines, we have been working with regulators on the pathway for expanding coverage through our next generation pneumococcal conjugate vaccine to extend our leadership in this competitive space. Yesterday, we initiated our phase three program for our 25 valent pediatric vaccine candidate with increased valency and next generation serotype three technology. I am also pleased to provide an update on our strategy in the adult market. We have decided to advance directly to our fifth generation adult vaccine candidate. And today, I am proud to share for the first time that it includes coverage for 35 serotypes. We believe this gives us the strongest opportunity to maintain our current market leadership in the adult market over the long term, and we expect to enter clinical development this year. In INI, we announced a positive readout in March from a phase 2 trial of tirurecumine, our investigational tri-specific antibody in atopic dermatitis. We intend to advance a broad clinical development program for this investigational medicine, which was discovered in-house at Pfizer and is currently being evaluated in atopic dermatitis and also in asthma and COPD. We remain on track with our commitment and our continued focus on what matters most, maximizing the long-term value of our pipeline for patients, as I hope. We are investing with strategic discipline and focus to build the foundational, supporting our aim of high single-digit five-year revenue cake. It's vital that our R&D organization has the resources to advance our robust pipeline, including both internally discovered programs and opportunities we have added through strategic moves, such as our acquisition of Metcera and our licensing agreements with 3S Bayer and Yalthal. Our commercial teams are leaders in translating scientific progress into real-world impact. We are furthering investments to provide them with capabilities, technology and support, helping our medicines reach the right patients at the right time so we can deliver sustained value. We also remain deeply committed to our shareholders. We intend to maintain and over time grow our dividend as we continue to deliver and build long term value. Embedding the use of artificial intelligence across our company is a key strategic priority, and we are driving continued progress in R&D, commercial, manufacturing, and core enterprise functions. We are empowering our colleagues to accelerate innovation by pairing frontier AI tools tailored to function and role with comprehensive and continuously updated training. One of the areas where we see the most substantial promise is the discovery, development, and delivery of new medicines and vaccines. Leveraging the power of AI to compress timelines and improve decision-making is central to our innovation strategy. We are embedding AI into each functional line of R&D. Pfizer has a vast repository of small and large molecule translational and clinical data. And AI is creating the opportunity to unlock insights that could drive a significant impact on how we discover and develop medicines and vaccines. So without now, I will turn it over to Dave to speak about the financial performance of the company.