輝瑞 (PFE) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to Pfizer's second-quarter 2024 earnings conference call. Today's call is being recorded.

大家好，歡迎參加輝瑞 2024 年第二季財報電話會議。今天的通話正在錄音。

At this time, I would like to turn the call over to Francesca DeMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead, ma'am.

現在，我想將電話轉給首席投資者關係長兼高級副總裁 Francesca DeMartino。請繼續，女士。

Good morning, and welcome to Pfizer's earnings call. I'm Francesca DeMartino, 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 second quarter of 2024 via a press release that is available on our website at pfizer.com.

早安，歡迎參加輝瑞的財報電話會議。我是首席投資者關係官 Francesca DeMartino。我謹代表輝瑞團隊感謝您加入我們。此次電話會議透過 pfizer.com 上的音訊網路廣播進行。今天早些時候，我們透過新聞稿發布了 2024 年第二季的業績，該新聞稿可在我們的網站 pfizer.com 上取得。

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. Joining for the Q&A session, we also have Dr. Chris Boshoff, EVP and Chief Oncology Officer; Alexandre de Germay, EVP and Chief International Commercial Officer; Dr. Mikael Dolsten, Chief Scientific Officer and President of R&D; Doug Lankler, EVP and General Counsel; and Aamir Malik, EVP and Chief US Commercial Officer.

今天我們的董事長兼執行長 Albert Bourla 博士也加入了我的行列。以及我們的財務長戴夫丹頓 (Dave Denton)。艾伯特和戴夫準備了一些發言，然後我們將開始提問。參加問答環節的還有執行副總裁兼首席腫瘤學官 Chris Boshoff 博士； Alexandre de Germay，執行副總裁兼首席國際商務長； Mikael Dolsten 博士，首席科學長兼研發總裁； Doug Lankler，執行副總裁兼總法律顧問；以及執行副總裁兼美國首席商務官阿米爾·馬利克 (Aamir Malik)。

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.

在開始之前，我想提醒您，我們將做出前瞻性陳述並討論某些非公認會計準則財務指標。我鼓勵您閱讀我們幻燈片演示中的免責聲明、我們今天早上發布的新聞稿以及我們 SEC 文件中的披露內容，這些都可以在 pfizer.com 的 IR 網站上找到。電話會議中的前瞻性陳述存在重大風險和不確定性，僅在電話會議原始日期發表，我們不承擔更新或修改任何陳述的義務。

With that, I will turn the call over to Albert.

這樣，我就把電話轉給艾伯特。

Thank you, Francesca. Good morning, everyone. We are pleased to report that we've had a strong first half of the year, and our business is performing well. We drove progress in the second quarter with solid execution as we continue making a difference in the lives of patients around the world. Through the first six months of 2024, we reached more than 192 million patients with our medicines and vaccines.

謝謝你，弗朗西斯卡。大家，早安。我們很高興地報告，今年上半年我們表現強勁，業務表現良好。我們以紮實的執行力推動了第二季度的進展，並繼續為世界各地患者的生活帶來改變。截至 2024 年前六個月，我們的藥物和疫苗已惠及超過 1.92 億名患者。

Today, I will provide updates about how we continue advancing our key strategic priorities in the second quarter. I will also mention examples from just the past few weeks when we have achieved a series of regulatory approvals, pipeline advances, and other positive developments that we expect to fuel our progress through the rest of the year.

今天，我將提供有關我們如何在第二季度繼續推進關鍵策略重點的最新資訊。我還將提及過去幾週的例子，當時我們取得了一系列監管批准、管道進展以及其他積極進展，我們預計這些進展將推動我們在今年剩餘時間內取得進展。

We are pleased with the strong financial results coming from our disciplined execution. In the second quarter, for example, we achieved year-over-year revenue growth for the first time since the fourth quarter of 2022 when our COVID revenues had reached -- had peaked. Dave will talk about this and additional aspect of our financial performance as well, of course, our outlook and then we will take questions.

我們對嚴格執行所帶來的強勁財務表現感到滿意。例如，在第二季度，我們自 2022 年第四季以來首次實現了營收年增，當時我們的新冠疫情收入已達到高峰。戴夫也會談論我們財務表現的這個方面和其他方面，當然還有我們的前景，然後我們將回答問題。

Before we go further, I will touch on some recent announcements about our leadership team and Board of Directors. I'll start with Mikael Dolsten's coming departure. It's hard to find words that do justice to the substantial impact Mikael has had during his 15-year tenure at Pfizer. Mikael transformed our R&D engine, ultimately delivering 35 approvals that have been meaningful for millions of patients globally. I thank my colleague and my friend for these tremendous contributions to human health. I look forward to working closely with him over the coming months as we search for his successor. Until then, Mikael will continue to lead as our Chief Scientific Officer and President of Pfizer Research and Development.

在進一步討論之前，我將談談最近關於我們的領導團隊和董事會的一些公告。我將從米凱爾·多斯汀即將離開開始。很難找到言語來形容 Mikael 在輝瑞公司 15 年任期中所產生的巨大影響。 Mikael 改造了我們的研發引擎，最終獲得了 35 項批准，這對全球數百萬患者俱有重要意義。我感謝我的同事和朋友為人類健康做出的巨大貢獻。我期待在接下來的幾個月與他密切合作，尋找他的繼任者。在此之前，Mikael 將繼續擔任輝瑞首席科學長兼研發總裁。

I want to welcome Andrew Baum, our new Chief Strategy and Innovation Officer. Andrew brings deep clinical, scientific and biopharmaceutical sector expertise. And we are fortunate to have him to help save and guide our strategies. While Andrew is not able to join us today because he's relocating with his family to the United States, he will be with us for future quarterly calls.

我要歡迎我們新任首席策略和創新官安德魯·鮑姆 (Andrew Baum)。安德魯帶來了深厚的臨床、科學和生物製藥領域的專業知識。我們很幸運有他來幫助拯救和指導我們的策略。雖然安德魯今天無法加入我們，因為他要與家人一起搬到美國，但他將與我們一起參加未來的季度電話會議。

I also want to mention the recent addition of Cyrus Taraporevala to our Board. We are committed to strong government supported by directors with a breadth of unique experiences and skills exactly like Cyrus. Cyrus was President and CEO at State Street Global Advisors until he retired two years ago. And he brings vast experience in investment management and financial markets. We are thrilled to have him joining our Board.

我還想提一下最近加入我們董事會的 Cyrus Taraporevala。我們致力於建立由像賽勒斯一樣擁有豐富獨特經驗和技能的董事支持的強而有力的政府。賽勒斯 (Cyrus) 一直擔任道富環球投資顧問公司 (State Street Global Advisors) 的總裁兼首席執行官，直至兩年前退休。他帶來了投資管理和金融市場的豐富經驗。我們很高興他加入我們的董事會。

Now I will turn to our performance. The five strategic priorities we served at the beginning of the year remain unchanged. With our focus on the most important opportunities for advancing and strengthening our company, we are confident we remain on track in 2024.

現在我要談談我們的表現。年初我們服務的五項策略重點沒有改變。我們專注於推動和加強公司發展的最重要機遇，我們有信心在 2024 年繼續走上正軌。

In the second quarter, our colleagues moved our business forward in each key strategic area. As a reminder, they are achieving world-class oncology leadership, delivering the next wave of pipeline innovation, maximizing performance of our new products, expanding margins by realizing our cost base, and allocating capital in ways that will enhance shareholder value. We believe we are well positioned to continue creating value for our shareholders. I want to reinforce our commitment to maintaining and growing our dividend over time. And as Dave will discuss in more detail, we are raising our full-year '24 guidance ranges for revenue and adjusted diluted earnings per share.

第二季度，我們的同事在每個關鍵策略領域推動了我們的業務向前發展。提醒一下，他們正在實現世界級的腫瘤學領導地位，提供下一波管道創新，最大限度地提高新產品的性能，透過實現我們的成本基礎擴大利潤，並以提高股東價值的方式分配資本。我們相信我們有能力繼續為股東創造價值。我想加強我們對長期維持和增加股利的承諾。正如戴夫將更詳細討論的那樣，我們正在提高 24 年全年營收和調整後稀釋每股收益的指導範圍。

Now I'll turn to our progress towards achieving the first one, world-class oncology leadership. Last year, we acted on our bold vision of combining Seagen's transformative ADC medicines with Pfizer's expertise, innovation, and scale. We believe we could help people with cancer live better and longer lives and capture a differentiated opportunity to drive long-term sustainable growth for our company.

現在我將談談我們在實現第一個世界級腫瘤學領導地位方面所取得的進展。去年，我們實現了將 Seagen 的變革性 ADC 藥物與輝瑞的專業知識、創新和規模相結合的大膽願景。我們相信，我們可以幫助癌症患者過上更好、更長壽的生活，並抓住差異化的機會，推動我們公司的長期可持續成長。

At the halfway mark in 2024, we are on track to make this vision a reality, and we are pleased with the continued success of our integration. We've had high rates of colleague retention, and acquired Seagen products are contributing meaningfully to our revenue. In particular, PADCEV is rapidly progressing towards becoming the standard of care for patients with frontline locally advanced or metastatic urothelial cancer. We are pleased with the strength of other key products across our oncology portfolio.

2024 年已過半，我們預計將實現這一願景，我們對整合的持續成功感到高興。我們的同事保留率​​很高，收購的 Seagen 產品對我們的收入做出了重大貢獻。特別是，PADCEV 正在迅速發展成為第一線局部晚期或轉移性尿路上皮癌患者的護理標準。我們對我們的腫瘤產品組合中其他關鍵產品的實力感到滿意。

Xtandi, Lorbrena, Braftovi-Mektovi combination, for example, continue as significant growth drivers during this quarter. Our robust oncology commercial performance in the first half of 2024 included full FDA approval for Tivdak and European Medicines Agency approval for the Talzenna plus Xtandi combination. We also received positive CHMP opinion for the Braftovi-Mektovi combination and for PADCEV. The last one is a notable development because Pfizer receives royalty revenues for these products marketed in Europe by our partners.

例如，Xtandi、Lorbrena、Braftovi-Mektovi 組合繼續成為本季的重要成長動力。我們在 2024 年上半年的強勁腫瘤商業業績包括 FDA 對 Tivdak 的全面批准以及歐洲藥品管理局對 Talzenna 加 Xtandi 組合的批准。我們也收到了 CHMP 對 Braftovi-Mektovi 組合和 PADCEV 的正面意見。最後一項是一項值得注意的進展，因為輝瑞公司獲得了我們的合作夥伴在歐洲銷售的這些產品的特許權使用費收入。

These highlights illustrate how we are already delivering breakthroughs that dramatically improve the lives of people with cancer. Of course, we are also working to develop future breakthroughs where we have the opportunities to bring the most important new therapies to patients in need. I will review several recent pipeline highlights, starting with obesity.

這些亮點說明我們已經取得了突破性進展，顯著改善了癌症患者的生活。當然，我們也在努力開發未來的突破，以便我們有機會為有需要的患者帶來最重要的新療法。我將回顧最近的幾個亮點，從肥胖開始。

Earlier this month, we announced our plans to move forward with development of danuglipron, our oral GLP-1 receptor agonist that is the most advanced candidate in our robust clinical and preclinical obesity pipeline. In previously reported results from the Phase 2b study in obesity, danuglipron demonstrated what we believe is good efficacy in its twice-daily formulation. For tolerability, we previously reported the maximum rate of GI adverse events across all doses investigated. Looking at individual dose levels in our Phase 2b study, however, we observed tolerability profiles that are competitive for the class. Our efforts are now focused on developing the once-daily formulation essential to delivering a competitive oral product.

本月早些時候，我們宣布計劃推進 danuglipron 的開發，這是我們的口服 GLP-1 受體激動劑，是我們強大的臨床和臨床前肥胖產品線中最先進的候選藥物。在先前報告的肥胖 2b 期研究結果中，danuglipron 證明了我們認為其每日兩次配方的良好功效。對於耐受性，我們先前報告了所有研究劑量中胃腸道不良事件的最大發生率。然而，從我們 2b 期研究中的個別劑量水平來看，我們觀察到在該類別中具有競爭力的耐受性概況。我們現在的工作重點是開發每日一次的配方，這對於提供有競爭力的口服產品至關重要。

We were encouraged by a pharmacokinetic study evaluating multiple modified release technologies and formulations. This strengthened our confidence in potentially delivering a competitive once-daily pill at those level expected to be efficacious. We plan to conduct dose optimization studies in this second half of this year that are intended to inform our registration-enabling studies.

一項評估多種改良釋放技術和配方的藥物動力學研究令我們深受鼓舞。這增強了我們對可能提供具有競爭力的每日一次藥丸的信心，其水平預計有效。我們計劃在今年下半年進行劑量優化研究，旨在為我們的註冊研究提供資訊。

Obesity represents a growing area of patients in need, and it is a key area of focus for Pfizer's R&D programs. We believe these study results along with learnings from our previous Phase 2 studies and data that we have accumulated from more than 1,400 participant patients leave us well positioned to execute on a registration-enabling study as we work to deliver a competitive product in a rapidly growing market.

肥胖症患者的需求不斷增長，也是輝瑞研發計畫的重點領域。我們相信，這些研究結果以及我們先前的2 期研究的經驗教訓以及我們從1,400 多名參與者患者中積累的數據，使我們能夠在快速增長的市場中提供有競爭力的產品，從而能夠執行註冊研究。

When we hosted our Oncology Innovation Day in February, we shared the pipeline milestones that would mark our success over the next year, and we are already demonstrating progress. A highlight was our strong presence at the American Society of Clinical Oncology Annual Meeting last month, which was anchored by three positive Phase 3 readouts. Follow-up data from the Phase 3 CROWN study of Lorbrena in patients with ALK-positive metastatic noncell lung cancer showed 60% of patients on Lorbrena were living beyond five years without disease progression. This strengthens Lorbrena's position as an emerging standard of care in the frontline setting.

當我們在二月舉辦腫瘤學創新日時，我們分享了標誌著我們明年成功的管道里程碑，並且我們已經展示了進展。一個亮點是我們上個月在美國臨床腫瘤學會年會上的強勢亮相，該會議以三個積極的 3 期讀數為基礎。 Lorbrena 對 ALK 陽性轉移性非細胞肺癌患者進行的 3 期 CROWN 研究的後續數據顯示，60% 的 Lorbrena 患者存活超過 5 年而沒有疾病進展。這加強了 Lorbrena 作為前線環境中新興護理標準的地位。

Data from the Phase 3 ECHELON-3 study of Adcetris in combination with in lenalidomide and rituximab demonstrated a clinically meaningful improvement in overall survival for patients with relapsed or refractory diffuse large B-cell lymphoma. And data from Phase 3 study evaluating an Adcetris combination regimen showed progression-free data in patients with newly diagnosed classical Hodgkin lymphoma while significantly reducing side effects compared to a standard of care regimen used in Europe in this setting.

Adcetris 合併來那度胺和利妥昔單抗的 3 期 ECHELON-3 研究數據表明，復發或難治性瀰漫性大 B 細胞淋巴瘤患者的總生存期具有臨床意義的改善。評估 Adcetris 聯合方案的 3 期研究數據顯示，新診斷的經典霍奇金淋巴瘤患者無進展，同時與歐洲在這種情況下使用的標準護理方案相比，副作用顯著減少。

We have advanced our oncology clinical pipeline in 2024 with Phase 3 studies for sigvotatug vedotin, our integrin beta-6 directed ADC; atirmociclib, our selective CDK4 inhibitor; Elrexfio in the second-line setting in relapsed refractory multiple myeloma; and mevrometostat, our EZH2 inhibitor, which we are now moving to Phase 3 and anticipate enrollment beginning in August. We will continue working towards our 2030 oncology strategy goals of delivering eight or more blockbuster medicines and doubling the number of patients treated with our innovative cancer medicines.

我們已於 2024 年透過 sigvotatug vedotin（我們的整合素 beta-6 定向 ADC）的 3 期研究推進了我們的腫瘤臨床管道； atirmociclib，我們的選擇性 CDK4 抑制劑； Elrexfio 用於治療復發難治性多發性骨髓瘤的二線治療；和 mevrometostat，我們的 EZH2 抑制劑，我們現在正進入第 3 階段，預計將於 8 月開始入組。我們將繼續努力實現 2030 年腫瘤學策略目標，即提供八種或更多重磅藥物，並使接受我們創新癌症藥物治療的患者數量增加一倍。

We also have momentum with our vaccine programs. In our next gen PCV candidate, for example, we have advanced to a Phase 2 program in both adults and pediatrics based on encouraging clinical data that we received that highlights our industry-leading capabilities and expanding valency beyond 20 serotypes.

我們的疫苗計劃也勢頭強勁。例如，在我們的下一代PCV 候選藥物中，我們已根據收到的令人鼓舞的臨床數據，進入成人和兒科的2 期計劃，這些數據凸顯了我們行業領先的能力，並將效價擴展到20 种血清型以上。

We expect to be highly competitive by offering the largest serotype coverage in a single vaccine while strategically addressing the persistent medical need across invasive disease, antibiotic resistance, and challenging serotypes.

我們希望透過在單一疫苗中提供最大的血清型覆蓋率，同時策略性地解決侵襲性疾病、抗生素抗藥性和具有挑戰性的血清型方面的持續醫療需求，從而具有高度競爭力。

In RSV with ABRYSVO, I'm pleased to report that yesterday, we received an approval for ABRYSVO's Act-O-Vial presentation in the United States, a presentation that offers significant advantage such as never frozen, unique system-enabling, one-step reconstitution, highly valued by pharmacies. Additionally, we have submitted for label expansion in both the United States and Europe for adults 18 to 59.

在RSV with ABRYSVO 中，我很高興地報告，昨天，我們收到了ABRYSVO 在美國的Act-O-Vial 演示的批准，該演示提供了顯著的優勢，例如永不凍結、獨特的系統支持、一步式復溶，受到藥局高度重視。此外，我們也提交了在美國和歐洲針對 18 至 59 歲成年人擴展標籤的申請。

In our malignant hematology programs, we are also driving progress. Last week, we reported positive results from a Phase 3 study demonstrating the safety and efficacy of our one-time gene therapy candidate for people with hemophilia A. As we continue to advance our pipeline, additional milestones include expected updates later this year about our COVID/flu combination vaccine, about marstacimab for hemophilia A and B, and ponsegromab for cachexia, a wasting disorder associated with chronic diseases.

在我們的惡性血液學計畫中，我們也在推動進步。上週，我們報告了一項3 期研究的積極結果，證明了我們的一次性基因治療候選藥物對A 型血友病患者的安全性和有效性。里程碑包括預計今年稍後關於我們的新冠病毒的更新/flu 聯合疫苗，關於用於治療A 型和B 型血友病的marstacimab，以及用於治療惡病質（一種與慢性疾病相關的消耗性疾病）的ponsegromab。

Now I'll turn to our strength with the commercial execution of our business. Another strategic area of focus is protecting and growing our core product portfolio, while we also maximize the performance of our new products. We continue to see encouraging progress with our team's execution.

現在我將利用我們業務的商業執行力來發揮我們的優勢。另一個策略重點領域是保護和發展我們的核心產品組合，同時我們也最大限度地提高新產品的效能。我們繼續看到我們團隊的執行力取得了令人鼓舞的進展。

NURTEC is an example where we are rising to meet substantial demand. This product delivered strong results in the quarter with 44% year-over-year global operational revenue growth. We see additional opportunities for expanding share in both acute and prevention usage as well as growth opportunities in international markets, where we are making progress with our launches. I hope Alexander will be able to touch base on this during the Q&A session.

NURTEC 就是一個例子，我們正在努力滿足龐大的需求。該產品在本季度取得了強勁的業績，全球營運收入年增 44%。我們看到了擴大急性和預防用途份額的更多機會，以及國際市場的成長機會，我們在這些市場上的推出取得了進展。我希望亞歷山大能夠在問答環節中談到這一點。

Now I will touch on a few additional product portfolio highlights. In the pediatric segment, Prevnar 20 continues to demonstrate strong performance that reinforces a leadership position among pneumococcal vaccines in the United States, where our market share grew to greater than 80%.

現在我將談談一些其他產品組合的亮點。在兒科領域，Prevnar 20 繼續表現出強勁的表現，鞏固了在美國肺炎球菌疫苗中的領導地位，我們的市場份額增長至 80% 以上。

During this quarter, the performance of ABRYSVO was in line with seasonal vaccine trends. We remain confident in our full-year performance as we believe we are well positioned to help address the expected rising need later in the year among all the adults at increased risk for RSV.

本季度，ABRYSVO 的表現與季節性疫苗趨勢一致。我們對全年業績仍然充滿信心，因為我們相信我們有能力幫助滿足所有 RSV 風險增加的成年人在今年晚些時候預期不斷增長的需求。

LITFULO is a product we launched last year, and we are encouraged by strong demand. Approximately one out of every two new patients on advanced systemic therapies is receiving a LITFULO prescription, a position we expect to grow as we continue focusing on execution.

LITFULO 是我們去年推出的產品，強勁的需求令我們深受鼓舞。大約每兩名接受先進全身治療的新患者中就有一位正在接受 LITFULO 處方，隨著我們繼續專注於執行，我們預計這一地位將會增長。

We view VELSIPITY as a promising and much-needed option for adults with moderate to severe active ulcerative colitis. We are encouraged by recently securing preferred coverage for VELSIPITY at our first large national payer. We expect to see the impact of this in 2025. And now we are working to build on this with additional payers.

我們認為 VELSIPITY 對於患有中度至重度活動性潰瘍性結腸炎的成年人來說是一個有前途且急需的選擇。最近，我們在第一家大型國家付款機構獲得了 VELSIPITY 的優先保險，這讓我們深受鼓舞。我們預計將在 2025 年看到這一影響。

When we consider core products in our portfolio, we are also seeing positive impact from strong execution. The VYNDAQEL family of products offers a good example of how we are making a difference for patients in our business. We are accelerating growth by working with physicians to drive improvement in identifying appropriate patients with ATTR cardiomyopathy and helping patients to access and stay on the therapy once it is prescribed. With strong growth through the second quarter, we believe there is additional opportunity to identify more patients who could benefit from our VYNDAQEL products because of high unmet need. It is estimated that nearly half of those with this progressive and deadly disease have yet to be diagnosed.

當我們考慮產品組合中的核心產品時，我們也看到了強大執行力的正面影響。 VYNDAQEL 系列產品為我們如何為業務中的患者帶來改變提供了一個很好的例子。我們正在與醫生合作，推動改善識別合適的 ATTR 心肌病變患者，並幫助患者在處方後獲得並堅持治療，從而加速成長。隨著第二季的強勁成長，我們相信，由於需求未得到滿足，還有更多機會識別更多可以從我們的 VYNDAQEL 產品中受益的患者。據估計，近一半患有這種進行性致命疾病的患者尚未得到診斷。

Eliquis was another significant contributor to our results as we continue to claim greater share in a growing oral anticoagulant market.

Eliquis 是我們業績的另一個重要貢獻者，我們繼續在不斷增長的口服抗凝血劑市場中佔據更大的份額。

Now let me briefly wrap up. First, I would like to thank my more than 80,000 colleagues for the dedication they are showing each day to our purpose of delivering breakthroughs that change patients' lives. We are confident in our business. With our focus and execution along with our deep expertise in driving innovation and advancing our pipeline, we believe we are on track to deliver on our full-year financial commitments in 2024.

現在讓我簡單總結一下。首先，我要感謝我的 80,000 多名同事，感謝他們每天為我們的目標所表現出的奉獻精神，即實現改變患者生活的突破。我們對我們的業務充滿信心。憑藉我們的專注力和執行力，以及我們在推動創新和推進管道方面的深厚專業知識，我們相信我們預計在 2024 年兌現全年財務承諾。

I walked through our progress with three of our strategic priorities. And now Dave will cover our work to expand margins by realigning our cost base and allocate capital to enhance shareholder value as he discusses our financial performance and outlook.

我回顧了我們的三個策略重點的進展。現在，戴夫將在討論我們的財務表現和前景時，介紹我們透過重新調整成本基礎和分配資本以提高股東價值來擴大利潤率的工作。

With that, I turn it to you, Dave.

接下來，我把它交給你，戴夫。

Thank you, Albert, and good morning, everyone.

謝謝你，阿爾伯特，大家早安。

As we close out the first half of the year, I’m very pleased by our second-quarter results. We continue our relentless focus on execution demonstrating our ability to both protect and grow our core brands while also continuing to advance our science-led transformation by investing in key TAs to build durable franchises. Our initiatives to right size OpEx and to reduce cost of goods will result in a more efficient organization, setting the stage for strong capital returns and long-term improved shareholder returns enabling our commitment to both maintain and to grow our dividend.

隨著上半年的結束，我對第二季的業績感到非常滿意。我們繼續不懈地註重執行力，證明我們有能力保護和發展我們的核心品牌，同時透過投資關鍵技術援助來建立持久的特許經營權，繼續推進我們以科學為主導的轉型。我們調整營運支出規模和降低商品成本的措施將提高組織效率，為強勁的資本回報和長期改善的股東回報奠定基礎，使我們能夠致力於維持和增加股利。

This morning, I will briefly review our second-quarter results including some one-time items, touch on our capital allocation priorities, and wrap up with an update on our '24 financial guidance, our key priorities, and expectations for the remainder of the year.

今天早上，我將簡要回顧我們的第二季度業績，包括一些一次性項目，討論我們的資本配置優先事項，並總結我們的24 年財務指導、我們的關鍵優先事項以及對剩餘時間的預期的最新情況。

Turning first to Q2 performance versus the same period of last year; let’s walk down the P&L. Total company revenues for the quarter were $13.3 billion, reflecting operational growth of 3%. Our revenue and cash flow continue to be impacted by the post-pandemic COVID environment on a global basis but to a much lesser extent than prior quarters. Looking at the business excluding our COVID products, we demonstrated strong commercial execution across the enterprise resulting in 14% operational revenue growth in the quarter.

首先看第二季與去年同期的業績對比；讓我們沿著損益表往下走。該季度公司總收入為 133 億美元，營運成長 3%。我們的收入和現金流持續受到全球新冠疫情大流行後環境的影響，但影響程度比前幾季小得多。看看不包括我們的新冠病毒產品的業務，我們在整個企業中展現了強大的商業執行力，導致本季營運收入成長了 14%。

Performance was positively impacted by our continued focus on key products and geographies; refined allocation of commercial field resources globally; and further optimization of our marketing resources into key priority areas. Contributing to this performance was our acquired products from Seagen as well as Nurtec, alongside inline products Vyndaqel, Eliquis, and Xtandi. As expected, dampening our growth in the quarter were Xeljanz and Ibrance.

我們持續關注關鍵產品和地區，對業績產生了正面影響；全球商業領域資源精細化配置；進一步優化我們的行銷資源，投入重點優先領域。我們從 Seagen 和 Nurtec 購買的產品以及內聯產品 Vyndaqel、Eliquis 和 Xtandi 為這一業績做出了貢獻。正如預期的那樣，Xeljanz 和 Ibrance 抑制了我們本季的成長。

Adjusted gross margin for the second quarter was 79%, compared to 76% last year and was primarily the result of favorable sales mix from our non-COVID products as well as continued strong cost management across our manufacturing network. Improvements in our gross margin rate will continue to be a focus for the company over the next few years as we execute our recently announced manufacturing optimization program. This new program, and together with our cost realignment program, is focused on returning the company to pre-pandemic operating margins on a mixed adjusted basis excluding Comirnaty.

第二季調整後毛利率為 79%，而去年為 76%，這主要歸功於我們的非新冠產品的有利銷售組合以及整個製造網絡持續強有力的成本管理。隨著我們執行最近宣布的製造優化計劃，毛利率的提高將繼續成為公司未來幾年的重點。這項新計劃以及我們的成本調整計劃的重點是在混合調整的基礎上（不包括 Comirnaty）使公司恢復到疫情前的營業利潤率。

Phase 1 of the manufacturing optimization program, which focuses on operational efficiencies, is well underway now. This first phase is expected to deliver approximately $1.5 billion in savings by the end of 2027, some of which is anticipated to be realized beginning in 2025. Total Adjusted operating expenses increased by 5% operationally to $6.3 billion and include spending from our legacy Seagen business.

專注於營運效率的製造優化計畫的第一階段目前正在順利進行中。第一階段預計到 2027 年底將節省約 15 億美元，其中部分預計將於 2025 年開始實現。

Looking at the components, adjusted SI&A Expenses increased 8% driven primarily by marketing and promotional expenses for recently launched as well as acquired products. Adjusted R&D expenses increased 2% operationally driven primarily by increased spending related to the acquisition of Seagen, partially offset by lower spending primarily the result of our cost realignment program.

從組成部分來看，調整後的 SI&A 費用增加了 8%，主要是由於最近推出和收購的產品的營銷和促銷費用。調整後的研發費用增加了 2%，主要是由於與收購 Seagen 相關的支出增加，但部分被成本調整計劃導致的支出減少所抵消。

Q2 reported diluted earnings per share was $0.01, and our adjusted diluted EPS was $0.60. Unique one-time items included in our GAAP results and excluded from our adjusted results this quarte include a $1.3 billion charge related to our manufacturing optimization program primarily for severance, and a $230 million charge for IPR&D asset impairment and other related costs associated with the discontinuation of our DMD program.

第二季稀釋每股收益為 0.01 美元，調整後稀釋每股收益為 0.60 美元。我們的GAAP 業績中包含但不包括在本季度調整後業績中的獨特一次性項目包括與我們的製造優化計劃相關的13 億美元費用，主要用於遣散費，以及2.3 億美元的IPR&D 資產減值費用和與停產相關的其他相關成本我們的 DMD 計劃。

Additionally, we expect to record a charge of approximately $400 million in the third quarter of '24 after a decision was made in July to sell one of our facilities as a result of the discontinuation of the DMD effort.

此外，由於 DMD 工作的中止，我們於 7 月決定出售我們的一項設施，預計 2024 年第三季將產生約 4 億美元的費用。

Now let me quickly touch upon our capital allocation strategy, which is designed to enhance long-term shareholder value. Our strategy consists of maintaining and growing our dividend over time; reinvesting in our business at an appropriate level of financial return; and finally, making value-enhancing share repurchases after de-levering our balance sheet.

現在讓我快速談談我們的資本配置策略，該策略旨在提高長期股東價值。我們的策略包括隨著時間的推移維持和增加我們的股息；以適當的財務回報水準對我們的業務進行再投資；最後，在資產負債表去槓桿化後進行加值股票回購。

In the first half of 2024, we returned $4.8 billion to shareholders via our dividend; invested $5.2 billion in internal R&D; and as expected, the completed business development activity was minimal. Our commitment to de-levering our capital structure to a gross leverage target of 3.25 times remains a key priority. In support of that goal, year to date, we have paid down approximately $2.25 billion in maturing debt, including $1 billion in May of outstanding notes. And, though we did not monetize any Haleon shares in Q2, we expect to resume monetization our 23% Haleon stake in the future.

2024 年上半年，我們透過股利向股東返還 48 億美元；內部研發投資52億美元；正如預期的那樣，已完成的業務開發活動很少。我們承諾將資本結構去槓桿化至總槓桿率目標為 3.25 倍，這仍然是我們的首要任務。為了支持這一目標，今年迄今為止，我們已償還了約 22.5 億美元的到期債務，其中包括 5 月的 10 億美元未償票據。而且，儘管我們在第二季沒有將任何 Haleon 股票貨幣化，但我們預計未來將恢復將我們 23% Haleon 股份貨幣化。

I would also note that once our Haleon ownership is less than 20%, our accounting will transition from recording equity income and will no longer be included in our adjusted results. This change is factored into our long-term financial planning as well as our guidance.

我還要指出的是，一旦我們的 Haleon 所有權低於 20%，我們的會計將從記錄股權收入轉變，並將不再包含在我們的調整後業績中。這項變更已納入我們的長期財務規劃和指導中。

As we've previously stated, we expect operating cash flows to be significantly below typical levels this year and particularly during the first half of 2024, due to the timing of certain payments and one-time expenses. We expect heavy weighting of revenues to the fourth quarter as our businesses become more seasonal in nature with the potential that a high level of cash collections may carry over into Q1 of '25. Despite this near-term pressure, clearly, our objective remains to return to a more balanced capital allocation strategy over time.

正如我們之前所說，由於某些付款和一次性費用的時間安排，我們預計今年的營運現金流將大大低於典型水平，特別是 2024 年上半年。我們預計，隨著我們的業務變得更加季節性，高水準的現金回收可能會延續到 25 年第一季度，我們預計第四季度的收入將佔據重要地位。儘管存在短期壓力，但顯然，我們的目標仍然是隨著時間的推移恢復更加平衡的資本配置策略。

Now, let me spend just a few minutes on our outlook for the remainder of the year. We entered 2024 focused on delivering on our financial commitments as well as commercial performance. With a successful first half now complete, we believe it is appropriate to update our full-year earnings outlook to reflect our strong business performance. I’ll remind you that our revised guidance assumes the seasonal cadence of our product portfolio, and that we expect Paxlovid results to trend with infection rates.

現在，讓我花幾分鐘談談我們對今年剩餘時間的展望。進入 2024 年，我們的重點是兌現我們的財務承諾和商業表現。隨著上半年的成功完成，我們認為更新全年獲利前景以反映我們強勁的業務表現是適當的。我要提醒您的是，我們修訂後的指南假設了我們產品組合的季節性節奏，並且我們預計 Paxlovid 結果將隨感染率而變化。

With that said, we are raising our full-year revenue range by $1 billion and our adjusted diluted earnings per share by 30 cents. We now expect revenues in the range of $59.5 billion to $62.5 billion, and operational revenue growth excluding COVID products is now projected to be 9% to 11%. COVID product revenues are now expected to be $8.5 billion for the year, $5 billion for Comirnaty, and $3.5 billion for Paxlovid.

儘管如此，我們將全年收入範圍提高了 10 億美元，調整後的稀釋每股收益提高了 30 美分。我們目前預計營收在 595 億美元至 625 億美元之間，不包括新冠病毒產品的營運收入成長預計為 9% 至 11%。目前，預計今年新冠產品收入為 85 億美元，其中 Comirnaty 為 50 億美元，Paxlovid 為 35 億美元。

Our guidance for adjusted SI&A and adjusted R&D remains unchanged while our effective tax rate on adjusted income is now expected to be approximately 13%. And lastly, we expect adjusted diluted earnings per share of of $2.45 to $2.65 primarily reflecting the increase to the topline and the revised tax rate among other items. As a reminder, our EPS guidance includes an anticipated $0.40 of earnings dilution from the Seagen acquisition, largely due to the financing costs.

我們對調整後的 SI&A 和調整後的研發的指導保持不變，而調整後收入的有效稅率目前預計約為 13%。最後，我們預計調整後的稀釋每股收益為 2.45 美元至 2.65 美元，主要反映了收入的成長和其他項目的修訂後的稅率。提醒一下，我們的 EPS 指引包括預期因 Seagen 收購而帶來的 0.40 美元的收益稀釋，這主要是由於融資成本。

In closing, we remain on track to deliver at least $4 billion of net savings from our cost-realignment program by the end of the year. This improvement in our cost base alongside our new initiatives focused on manufacturing is expected to put us on strong footing towards margin expansion and improved financial returns. Additionally, our continued focus on execution and recent investments have positioned the company for continued success moving forward. This quarter’s results are a testament to the performance of our commercial business and our prudent approach to improving our cost base.

最後，我們仍有望在年底前透過我們的成本調整計畫實現至少 40 億美元的淨節省。我們成本基礎的改善以及我們專注於製造的新舉措預計將為我們在利潤率擴張和財務回報改善方面奠定堅實的基礎。此外，我們對執行力的持續關注和最近的投資使公司能夠繼續取得成功。本季的業績證明了我們商業業務的業績以及我們改善成本基礎的審慎方法。

Though we’ve had a strong first half, we do not take lightly the continuing focus needed to deliver in the second half considering the seasonality of our respiratory products. We are clearly striving to bring about improved performance on both top and bottom lines through focused execution and delivering on our near-term commercial and financial goals. 2024 is clearly a foundation year for Pfizer.

儘管我們上半年表現強勁，但考慮到呼吸產品的季節性，我們不會輕視下半年交貨所需的持續關注。我們顯然正在努力透過集中執行和實現我們的近期商業和財務目標來提高頂線和底線的績效。 2024 年顯然是輝瑞的奠基年。

Our achievements to date sets the stage for generating compelling shareholder value. Through our science-led transformation, we will methodically build off this base and with breakthroughs and innovation driving growth in the back half of this decade.

我們迄今為止所取得的成就為創造引人注目的股東價值奠定了基礎。透過以科學為主導的轉型，我們將有條不紊地建立這一基礎，並透過突破和創新推動本十年後半段的成長。

And with that, I'd now like to turn it back over to Albert to start the Q&A.

說到這裡，我現在想把它轉回給阿爾伯特開始問答。

Yes. Thank you, Dave. Let's start the Q&A session. Operator, please assemble the queue.

是的。謝謝你，戴夫。讓我們開始問答環節吧。接線員，請整理隊列。

(Operator Instructions)

（操作員說明）

Louise Chen, Cantor.

路易絲·陳，康托爾。

So I wanted to ask you on danuglipron. When do you expect to see the actual efficacy data? And if this product moves forward as anticipated, how hard would it be for you to manufacture?

所以我想問你有關 danuglipron 的問題。您預計什麼時候可以看到實際療效數據？如果這個產品如預期發展，你們製造起來會有多困難？

Mikael, you want to address it very quickly.

米凱爾，你想盡快解決這個問題。

Yeah. We are, as Albert said in the oral remarks, doing the dose optimization for PK and formulation to select potential doses for pending data progression to Phase 3, and we expect to share that first quarter.

是的。正如阿爾伯特在口頭發言中所說，我們正在對 PK 和配方進行劑量優化，以選擇潛在的劑量，以便將待定的數據進展到第 3 期，我們預計將分享第一季的情況。

Yeah. Thank you very much. Let’s move to the next question.

是的。非常感謝。讓我們轉向下一個問題。

Mohit Bansal, Wells Fargo.

莫希特·班薩爾，富國銀行。

Great. Thank you very much for taking my question. And just thinking about the cost guidance, cost measures here, just wanted to understand, how should we think about the margin expansion for the rest of the year. And then how should we think about it going forward in 2025 and 2026, especially as you head into the IRA territory?

偉大的。非常感謝您回答我的問題。只是考慮這裡的成本指導和成本衡量標準，只是想了解，我們應該如何考慮今年剩餘時間的利潤率擴張。那麼我們應該如何考慮 2025 年和 2026 年的未來，尤其是當你進入 IRA 領域時？

Perfect question for Dave.

戴夫的完美問題。

Yeah. So Mohit, just a couple of things. As you recall in my prepared remarks, we are focused on actually launched our manufacturing optimization program, the result of which will begin to yield results in 2025 and to generate over $1.5 billion in savings by 2027. As we think about margin expansion, just given the guidance that I provided for the balance of this year, it would imply that margin -- gross margin rates would actually improve versus the low-70s color that we’ve given previously to probably mid-70s at this point in time.

是的。莫希特，我只想說幾件事。正如您在我準備好的演講中所回憶的那樣，我們的重點是實際啟動我們的製造優化計劃，該計劃的結果將在2025 年開始產生成果，並在2027 年之前節省超過15 億美元。當我們考慮利潤率擴張時，剛剛給出根據我為今年剩餘時間提供的指導，這意味著利潤率——毛利率實際上會有所改善，而我們之前給出的70年代中期的顏色可能是70年代中期的。

We do expect that all these investments, both our cost realignment program and our investments from a manufacturing optimization program are all designed to improve operating margins to get us back to pre-pandemic levels in the near future.

我們確實希望所有這些投資，包括我們的成本調整計劃和製造優化計劃的投資，都是為了提高營業利潤率，以便我們在不久的將來恢復到大流行前的水平。

Thank you, Dave. Operator, the next question, please.

謝謝你，戴夫。接線員，請下一個問題。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Was just wondering, had two on the new product cycle side, how are you guys thinking about this upcoming RSV season? As we think about patients coming back in for a booster, as well as maybe an existing new group of patients coming in. And then on Elrexfio and myeloma, can you give us any color on the launch, either sales or market share there? And if you're still confident in that $4 billion opportunity.

只是想知道，在新產品週期方面有兩個，你們如何看待即將到來的 RSV 季節？當我們考慮患者回來接受加強治療時，以及可能會有一組現有的新患者進來時。份額？如果您仍然對這個價值 40 億美元的機會充滿信心。

RSV, why don't Aamir and then Alexandre speak about the royalty? And then Chris, you covered alerts.

RSV，為什麼阿米爾和亞歷山大不談皇室？然後克里斯，你報道了警報。

Hey, Terence, it's Aamir. For Abrysvo, I think we are very well positioned going into the fall season in the US for three main reasons. One is contracting. So we've significantly strengthened our contracting position. Many of those decisions were confirmed shortly after the June ACIP and are set to take effect in August, commensurate with the beginning of the season.

嘿，特倫斯，我是阿米爾。對於 Abrysvo 來說，我認為我們在進入美國秋季時處於非常有利的位置，主要有三個原因。一是承包。因此，我們顯著加強了我們的承包地位。其中許多決定在 6 月 ACIP 後不久得到確認，並將於 8 月生效，與賽季開始時一致。

The second is the ACIP guidance itself, with a recommendation for a single dose for all adults over 75 and those 60 to 74 that are at increased risk. We think that is just clear and strengthens the directive for those who are eligible for a vaccine.

第二個是 ACIP 指南本身，建議所有 75 歲以上的成年人以及 60 至 74 歲的高風險族群單次注射。我們認為這很明確，並加強了對那些有資格接種疫苗的人的指示。

And then thirdly is just Abrysvo itself. We've got great data including two seasons of durable efficacy data. As Albert alluded to earlier, we have both our current needle-free reconstitution kit that is never required to be frozen or thawed as well as our new active biosystem which offers many advantages and including 80% storage efficiency, so there's good options for customers.

第三就是 Abrysvo 本身。我們擁有大量數據，包括兩個季節的持久功效數據。正如Albert 之前提到的，我們既有目前無需冷凍或解凍的無針重組套件，也有新的活性生物系統，該系統具有許多優勢，包括80% 的儲存效率，因此為客戶提供了很好的選擇。

And I will also remind you that there's many healthcare providers and pharmacies that prefer simplifying their vaccine management by having one vaccine for both older adults and maternal, which only a Abrysvo can offer. So the combination of contracting the ACIP guidance and the value proposition of Abrysvo positions us well in the US.

我還要提醒您，許多醫療保健提供者和藥房更喜歡透過為老年人和孕產婦提供一種疫苗來簡化其疫苗管理，而這種疫苗只有 Abrysvo 才能提供。因此，簽訂 ACIP 指南和 Abrysvo 的價值主張相結合，使我們在美國處於有利地位。

And Alexandre, what about international markets.

亞歷山大，國際市場呢？

Yes, Terence, good question on Abrysvo. We are making great progress as well on the international fronts following the approval, remember, in the second half of 2023 in Europe and in the UK. We already are progressing nicely with vaccine technical committee recommending positively Abrysvo. So we got positive recommendation in the UK, in France, in Canada, in Australia and several other markets and in Saudi Arabia as well.

是的，Terence，關於 Abrysvo 的好問題。請記住，繼 2023 年下半年在歐洲和英國獲得批准後，我們在國際領域也取得了巨大進展。我們已經取得了良好的進展，疫苗技術委員會積極推薦 Abrysvo。因此，我們在英國、法國、加拿大、澳洲和其他幾個市場以及沙烏地阿拉伯都得到了積極的推薦。

So we are moving very nicely. Delighted that actually UK authority have selected Abrysvo for RSV prevention in older adults as well as in maternal immunization for pediatric for the next two years with an option of additional two years. And we also were selected in Canada specifically also for adult vaccination.

所以我們進展順利。令人高興的是，英國當局實際上已選擇 Abrysvo 在未來兩年內用於老年人 RSV 預防以及兒科孕產婦免疫接種，並可選擇額外兩年。我們也被加拿大專門選中用於成人疫苗接種。

Good news for file and let's go to Chris now.

好消息要歸檔，現在讓我們去找克里斯。

Thank you for the question on Elrexfio. As you saw, we recently demonstrated the updated median overall survival data for Elrexfio in the intent to treat 123 patient population in the late-line disease, where we see an overall survival of 24.3 months, which we believe is differentiated. Elrexfio also have a differentiated profile in terms of the safety profile as well as other factors including subcutaneous administration, flat non-weight-based dosing and a flexible dosing regimen overall. We've now launched in 16 countries and in fact in Japan, we were the first to launch and it's early days.

感謝您就 Elrexfio 提出問題。正如您所看到的，我們最近展示了 Elrexfio 的更新中位總生存期數據，旨在治療 123 名晚期疾病患者群體，我們看到總生存期為 24.3 個月，我們認為這是有差異的。 Elrexfio 在安全性和其他因素方面也具有差異化特徵，包括皮下給藥、非基於體重的固定劑量和靈活的整體給藥方案。我們現在已在 16 個國家推出，事實上，在日本，我們是第一個推出的，現在還處於早期階段。

We've also recently got approval in the EU and UK. In the US, total demand is plus 40% growth sequentially quarter-over-quarter and early next year or during 2025, you'll see the readouts for the bigger opportunities, which is MagnetisMM-5 in the double-class exposed population and then later in the year, potentially MagnetisMM-32, which is post-CD38. So overall, we remain confident that we've got a very differentiated molecule that could become a backbone across the continuum of care for multiple myeloma.

我們最近也獲得了歐盟和英國的批准。在美國，總需求環比增長 40%，明年初或 2025 年期間，您將看到更大機會的讀數，即雙層暴露人群中的 MagnetisMM-5，然後今年晚些時候，可能會推出MagnetisMM-32 ，即CD38 之後的版本。因此，總的來說，我們仍然相信我們擁有一個非常差異化的分子，它可以成為多發性骨髓瘤連續照護的支柱。

Thank you, Chris. Operator, next question please.

謝謝你，克里斯。接線員，請下一個問題。

Alex Hammond, Bank of America.

亞歷克斯·哈蒙德，美國銀行。

On Nurtec, can you walk us through the commercial strategy to expand share and acute and preventive usage, as well as the international markets. You've mentioned focusing on physician awareness in a different way and reducing friction for patient access any more color you can provide there. Thank you.

在 Nurtec 上，您能否向我們介紹擴大份額、敏銳和預防性使用以及國際市場的商業策略。您提到以不同的方式關注醫生的意識，並減少患者接觸您可以提供的更多顏色的摩擦。謝謝。

Thank you. Great questions. Aamir and then Alexandre.

謝謝。很好的問題。阿米爾，然後是亞歷山大。

Alex, on Nurtec in the US, I think there are a number of things that we've done in the first half of the year to strengthen our demand. So we revamp all of our consumer activation efforts. We sharpened the clinical value proposition and how we communicated that, including, but not only limited to the fact that we have an indication for treatment and prevention. We also realigned our field forces to ensure that we're really maximizing activation of both primary care and neurologist providers.

Alex，關於美國的 Nurtec，我認為我們在今年上半年做了很多事情來增強我們的需求。因此，我們改進了所有消費者激活工作。我們強化了臨床價值主張以及我們如何傳達這一點，包括但不限於我們有治療和預防的適應症。我們還重新調整了我們的現場力量，以確保我們真正最大限度地激活初級保健和神經科醫生的活力。

And then we made a lot of efforts through the co-pay support and other means to just reduce friction in patients actually getting access to Nurtec once a script is written. And so what you see this quarter for us is a combination of all of those things starting to take effect. So Nurtec TRx was up 28% over the prior year. Revenues were up close to 39% in the U.S. We maintain leadership from a TRx and NRx perspective at 49% and 48% share, respectively.

然後，我們透過共同支付支援和其他方式做出了很多努力，以減少編寫腳本後患者實際訪問 Nurtec 的摩擦。因此，您在本季看到的是所有這些事情開始生效的組合。因此，Nurtec TRx 比前一年增長了 28%。美國的營收成長了近 39%。

And there were 9,000 new Nurtec writers. So that's about 85% of all new CGRP writers. So as we look forward, we continue to see strength in Nurtec demand. We'll continue to manage the gross to net dynamics of that business, but we are optimistic about where we take it from here.

還有 9,000 名新的 Nurtec 作家。這大約佔所有新 CGRP 作家的 85%。因此，展望未來，我們將繼續看到 Nurtec 的需求強勁。我們將繼續管理該業務的總淨動態，但我們對未來的發展持樂觀態度。

Thank you. Alexandre?

謝謝。亞歷山大？

Yes. On the international front, we also have expanded access and the numbers of countries that we have introduced the product. As you know, the growth that you see in the second quarter versus the first quarter of 2024 is really the effect of the introduction of Nurtec in China at the beginning of this quarter. As of today, we have Nurtec reimbursed in 15 countries, including some of our key markets like UK, Spain. And what we see is once we get reimbursement, we had a significant uplift of the demand.

是的。在國際方面，我們也擴大了產品的准入範圍和國家數量。如您所知，您所看到的 2024 年第二季度與第一季相比的增長實際上是本季度初在中國引入 Nurtec 的效果。截至今天，我們已在 15 個國家/地區提供 Nurtec 報銷服務，其中包括英國、西班牙等一些主要市場。我們看到的是，一旦我們得到報銷，我們的需求就會顯著增加。

And so our focus now is to increase access and reimbursement in some of our key markets. Moving forward, we see significant growth behind Nurtec. And the reason behind that is there is to the international level, less than half of the diagnosed patients that are treated with prescription medicine. So that's why we think we have an opportunity with Nurtec.

因此，我們現在的重點是增加一些關鍵市場的准入和報銷。展望未來，我們看到 Nurtec 背後的顯著成長。背後的原因是，就國際水準而言，只有不到一半的確診患者接受處方藥治療。這就是為什麼我們認為我們有機會與 Nurtec 合作。

And I believe, Alexandre, that this year, we got almost 55 countries registered Nurtec in international markets, 55 markets. Of course, 15 received already reimbursement, and we are waiting for the remaining 40 to receive reimbursement. Let's move to the next question.

Alexandre，我相信今年，我們有近 55 個國家在國際市場上註冊了 Nurtec，55 個市場。當然，15人已經收到報銷，剩下的40人正在等待報銷。讓我們進入下一個問題。

Akash Tewari, Jefferies.

阿卡什·特瓦里，杰弗里斯。

Hey, thanks so much. On next-gen Prevnar, your team has been fairly quiet on its profile. Let's say that the next-gen product only hits 27 serotypes and not 31 like some of your peers. Why should we feel confident that Pfizer can retain a lion's share position in this market? And you mentioned the next-gen product actually having the largest serotype coverage. Does that imply greater than 31 serotypes of coverage?

嘿，非常感謝。在下一代 Prevnar 上，您的團隊對其個人資料相當安靜。假設下一代產品僅針對 27 种血清型，而不是像某些同類產品那樣針對 31 种血清型。為什麼我們應該對輝瑞能夠在這個市場上保持最大份額的地位充滿信心？您提到下一代產品實際上具有最大的血清型覆蓋範圍。這是否意味著覆蓋範圍超過 31 种血清型？

Mikael?

米凱爾？

As you know, we have worked over several decades in optimizing how to expand the number of serotypes while maintaining strong immune responses for as many as possible. We have not disclosed yet how many serotypes we have. We have recently pursued expansion of that next-gen into Phase 2 of both pediatric and adult and look forward to adult data to come quite soon, which will allow us to move swiftly in that indication.

如您所知，我們幾十年來一直致力於優化如何擴大血清型數量，同時保持盡可能多的強烈免疫反應。我們尚未透露我們有多少血清型。我們最近正在將下一代藥物擴展到兒科和成人的第二階段，並期待很快獲得成人數據，這將使我們能夠在該適應症方面迅速採取行動。

We have made significant improvement on existing and new serotypes through new technologies. And that is a deep capability. So it's not just about having the highest number of serotypes. It's really to show the consistency and the data before you can draw any conclusion. So we remain very confident in our ability to defend our leadership position and continue to expand it through these new technology tool bots.

我們透過新技術對現有和新血清型進行了重大改進。這是一種深層能力。因此，這不僅僅是擁有最多血清型的問題。它實際上是為了顯示一致性和數據，然後才能得出任何結論。因此，我們對捍衛我們的領先地位並透過這些新技術工具機器人繼續擴大這一地位的能力仍然非常有信心。

Thank you very much, Mikael. Next question, please.

非常感謝你，米凱爾。請下一個問題。

We'll take our next question from Chris Shibutani with Goldman Sachs.

我們將回答高盛克里斯‧涉谷 (Chris Shibutani) 提出的下一個問題。

I want to ask you about your views on the IRA, in particular, implications on revenue outlook for 2025 and 2026. Obviously, your employees, your partner Bristol on Eliquis made commentary that I think has been interpreted by the Street as being that this is a dynamic that could be manageable. We appreciate your specific reflections on the Pfizer portfolio. Thank you.

我想問您對 IRA 的看法，特別是對 2025 年和 2026 年收入前景的影響。管理的動態。我們感謝您對輝瑞產品組合的具體評價。謝謝。

I will ask Aamir to speak a little bit about the Eliquis specifically. And then, Dave, can you cover the general impact of IRA?

我將請阿米爾具體談談 Eliquis。然後，戴夫，您能介紹一下 IRA 的整體影響嗎？

Chris, as you noted, BMS led the discussions with CMS on Eliquis maximum fair price because they are the NDA holder, and they shared their perspective on that process during their earnings call last week. Honestly, we don't have much to add to what they said. We share their view that we have the ability to navigate the impact of IRA on Eliquis. And Eliquis will be an important drug in our portfolio for the foreseeable future.

Chris，正如您所指出的，BMS 主導了與 CMS 關於 Eliquis 最高公平價格的討論，因為他們是 NDA 持有者，並且他們在上週的財報電話會議上分享了他們對該流程的看法。老實說，我們對他們所說的話沒有什麼好補充的。我們同意他們的觀點，即我們有能力應對 IRA 對 Eliquis 的影響。在可預見的未來，Eliquis 將成為我們產品組合中的重要藥物。

Yes. And then I would just add to that, as we look at IRA across our platform, first, I think we were very fortunate Pfizer that we had one product selected. And secondly, if you look at the remaining products that are likely to be – that could potentially be selected, they are nearing the end of their patent protection life. So if you think about it from a net present value perspective, the impact on Pfizer is somewhat muted as you think about it economically.

是的。然後我想補充一點，當我們在整個平台上查看 IRA 時，首先，我認為輝瑞非常幸運，我們選擇了一種產品。其次，如果你看看其餘可能被選擇的產品，你會發現它們的專利保護期限已接近尾聲。因此，如果您從淨現值的角度考慮，那麼當您從經濟角度考慮時，對輝瑞的影響會減弱。

I will say this is a piece of legislation that clearly is harmful for supporting research and development in the sector. So we're hopeful that this could be changed in the future, but we will continue to actively manage our way through this.

我想說的是，這項立法顯然不利於支持該領域的研究和發展。因此，我們希望這種情況在未來能夠改變，但我們將繼續積極管理解決這個問題。

Thank you, Dave. Operator, next question, please.

謝謝你，戴夫。接線員，請下一個問題。

(Operator Instructions)

（操作員說明）

Dave Risinger, Leerink Partners.

戴夫‧瑞辛格 (Dave Risinger)，Leerink 合夥人。

Yes, thanks very much. And I guess I just wanted to start off by saying congratulations and best of luck to you, Mikael. So my questions are, first, could you please comment on your expectations for Phase 1 obesity candidates beyond once-daily danuglipron, including disclosures to watch over the next several months?

是的，非常感謝。我想我只是想先向你表示祝賀並祝你好運，米凱爾。所以我的問題是，首先，除了每日一次的 danuglipron 之外，您能否評論一下您對第一階段肥胖候選藥物的期望，包括未來幾個月需要關注的披露情況？

And then second, Dave, could you just contextualize the $1.5 billion in COGS reductions relative to the current annual run rate of about $15 billion? It seems like you're going to cut 10%. But how should we think about net reduction i.e., net COGS declines over the next three years? Thanks so much.

其次，Dave，您能否將 15 億美元的 COGS 削減與目前約 150 億美元的年運行率進行比較？看起來你要削減10%。但我們該如何看待未來三年的淨減少，也就是淨銷貨成本下降？非常感謝。

Yes. Mikael, why don't you give a little bit on the obesity candidates other than danu?

是的。米凱爾，為什麼不給達努以外的肥胖候選人一點意見呢？

Yes Yes. As you heard from Albert, danu is the more advanced drug with a large tolerability, safety and efficacy experience. As always, in our projects, we have additional drugs in the same class. It's in Phase 1, performing as expected. We have another mechanism of action that would combine with Oral GLP such as danu later in development of life cycle. And we have other mechanisms to protect part in kidney that could also be part of an internal medicine, larger cardiometabolic franchise. Thank you.

是的是的。正如您從 Albert 那裡聽到的，danu 是更先進的藥物，具有良好的耐受性、安全性和有效性經驗。像往常一樣，在我們的計畫中，我們還有同一類別的其他藥物。它處於第一階段，表現符合預期。我們有另一種作用機制，可以與口服 GLP（例如 Danu）在生命週期的後期開發中結合。我們還有其他機制來保護腎臟的一部分，這些機制也可能是內科、更大的心臟代謝專營權的一部分。謝謝。

And what about the cost reduction?

那麼成本降低又如何呢？

So let me just anchor us on a few facts here. First, the cost reduction effort that we currently have initiated is Phase 1 of a multiple-phase program. So this $1.5 billion savings is only a part of – or a piece of the story. We will tell more of the story as we define the program more specifically so you get more clarity on that.

因此，讓我在這裡介紹一些事實。首先，我們目前啟動的成本削減工作是多階段計畫的第一階段。因此，這 15 億美元的節省只是整個故事的一部分。當我們更具體地定義該計劃時，我們將講述更多故事，以便您對此有更清晰的了解。

Secondly, if you look at the $1.5 billion cost improvement effort, and you think about that on our cost of goods sold platform, where it's probably closer to $16 billion versus $15 billion, this is at anchor point.

其次，如果你看看 15 億美元的成本改進工作，並考慮我們的銷售成本平台，它可能接近 160 億美元而不是 150 億美元，這就是錨點。

Thank you. Operator, next question please.

謝謝。接線員，請下一個問題。

Kripa Devarakonda, Truist Securities.

Kripa Devarakonda，Truist 證券公司。

I have a question on the RSV in maternal market. How have you gained traction in the maternal market? Are you seeing any sort of setbacks? Just wondering if Pfizer needs to educate, build out or do some groundwork before the market really breaks open.

我有一個關於孕產婦市場 RSV 的問題。你們是如何在母嬰市場獲得關注的？您是否看到任何挫折？只是想知道輝瑞是否需要在市場真正開放之前進行教育、建設或做一些基礎工作。

And then a follow-up question on PADCEV, there are other radioligands and ADCs that are targeting Nectin-4. Are there -- how do you see the competitive landscape shaping up?

然後是關於 PADCEV 的後續問題，還有其他針對 Nectin-4 的放射性配體和 ADC。您如何看待競爭格局的形成？

Aamir about maternal RSV.

阿米爾關於母親 RSV 的資訊。

Sure, Kripa. So thanks for the question. I think let me start by just underscoring the interest that we see on maternal vaccination. So when you talk to OB/GYNs, there's a clear preference that they have to vaccinate during pregnancy. And similarly, you hear the same from pregnant mothers. Greater than 60% prefer vaccination versus vaccinating the baby, maternal vaccination.

當然，克里帕。謝謝你的提問。我想首先要強調我們對孕產婦疫苗接種的興趣。因此，當您與婦產科醫生交談時，他們明顯傾向於在懷孕期間接種疫苗。同樣，你也會從懷孕的母親那裡聽到同樣的說法。超過 60% 的人喜歡接種疫苗，而不是給嬰兒接種疫苗、母親接種疫苗。

So our launch on maternal did exceed our expectations. So we saw uptake rates through the end of January with about 11% of eligible mothers taking the vaccine. And that is significantly higher than other maternal immunization at the same point in the life cycle. I think key Tdap was less than 2% at the same time.

所以我們對母嬰的推出確實超出了我們的預期。因此，我們看到截至 1 月底的接種率，大約 11% 的符合條件的母親接種了疫苗。這明顯高於生命週期同一階段的其他孕產婦免疫接種。我認為關鍵的 Tdap 同時不到 2%。

So the other thing I will note is it does require education, as you know. And last year's maternal ACIP recommendation occurred just after the RSV maternal vaccination season began. So this season, we have the benefit of using the first half of the year to invest in that education of both HCPs as well as pregnant women, and we look forward to the season ahead.

所以我要指出的另一件事是，正如你所知，它確實需要教育。去年的孕產婦 ACIP 建議是在 RSV 孕產婦疫苗接種季節開始後不久提出的。因此，在這個季節，我們受益於利用上半年對醫護人員和孕婦的教育進行投資，我們期待著未來的季節。

And international anything to add?

國際化還有什麼要補充的嗎？

Yes, very, very few points. Just to say that following the approval, we also have great progress on the vaccine technical committee on vaccination in maternal in the UK we receive positive recommendation as well as in France, in Australia, Belgium, Austria, Argentina, so many other, including an interesting one, which is the power for Latin America.

是的，非常非常少的點。只是說，在獲得批准後，我們在英國孕產婦疫苗接種疫苗技術委員會上也取得了巨大進展，我們收到了積極的建議，在法國、澳大利亞、比利時、奧地利、阿根廷等許多其他國家，包括有趣的是，這就是拉丁美洲的力量。

And now we are progressing into access -- final access into those markets.

現在我們正進入准入階段——最終進入這些市場。

And about the competitiveness of PADCEV, Chris?

克里斯，關於 PADCEV 的競爭力？

We’re very pleased that in this quarter, as you’ve seen, we printed just shy of $400 million for PADCEV with sequential quarter-over-quarter growth of 15%. Based on the claims data through the end of May, we are seeing US first-line share increasing into the low 50% range. And as you know, the next opportunity is obviously in muscle invasive bladder cancer with two ongoing studies being conducted by Merck, which can expand the population to an additional 28,000 addressable patients.

我們非常高興的是，正如您所看到的，本季度我們為 PADCEV 印製了近 4 億美元，環比增長了 15%。根據截至 5 月底的索賠數據，我們看到美國的第一線醫療保險份額正在上升至 50% 的低水平。如您所知，下一個機會顯然是肌肉浸潤性膀胱癌，默克正在進行兩項研究，該研究可以將人群擴大到另外 28,000 名可尋址患者。

So overall, we are seeing that Padcev with pembrolizumab is becoming entrenched in the first-line setting as the standard of care and future studies, including future nectin-targeted medicines, radioligands or ADCs will likely have to do studies against Padcev plus pembrolizumab in the first-line setting, which could be challenging.

因此，總體而言，我們看到 Padcev 聯合派姆單抗正在成為一線治療標準，而未來的研究，包括未來的 nectin 靶向藥物、放射性配體或 ADC 可能必須針對 Padcev 聯合派姆單抗進行研究一線設置，這可能具有挑戰性。

Thank you, Chris. Next question, please.

謝謝你，克里斯。請下一個問題。

Trung Huynh, UBS.

Trung Huynh，瑞銀。

Firstly, on Prevnar, there wasn’t so much commentary in your prepared remarks here. Just interested for the quarter, was that impacted by any one-offs? And has there been any stocking dynamics or destocking at play here given the approval of (inaudible) and that anticipated launch?

首先，關於 Prevnar，您準備好的發言中沒有太多評論。只是對本季感興趣，是否受到任何一次性影響？鑑於（聽不清楚）的批准和預期的推出，這裡是否存在任何庫存動態或庫存減少？

And then secondly, just at ASCO, we saw some early KAT6 data in breast. The presenter was very, very excited. Can you perhaps talk about the opportunity here? How quickly can we get this through clinical studies? And when can we see the next set of longer-term data? Thanks very much.

其次，就在 ASCO，我們看到了一些早期的 KAT6 乳癌數據。主持人非常非常興奮。您能談談這裡的機會嗎？我們多快可以透過臨床研究得到這個結果？我們什麼時候可以看到下一組長期數據？非常感謝。

Aamir, what about this, the stocking?

阿米爾，這個襪子怎麼樣？

Yes. So on Prevnar, I’ll just provide context on the US performance dynamics. So the change year-over-year is predominantly a result of lower adult demand due to shrinkage of the opportunity size in that market. And the quarter-to-quarter change that you see is a function of the CDC order timing for pediatric vaccines, which tends to be quite lumpy as well as some of the adult vaccination dynamics of both shrinkage and seasonality.

是的。因此，在 Prevnar 上，我將僅提供有關美國表現動態的背景資訊。因此，同比變化主要是由於該市場機會規模縮小而導致成人需求下降。你看到的季度與季度的變化是疾病預防控制中心對兒科疫苗的訂購時間的函數，這些疫苗往往相當不穩定，以及一些成人疫苗接種的縮減和季節性動態。

And I think it’s important to continue to think about these two segments very differently in the US. So with pediatrics, as Albert had mentioned in his remarks, we exited Q2 with a share of 81%, which is up 71% in August.

我認為在美國繼續以截然不同的方式思考這兩個細分市場非常重要。因此，對於兒科，正如阿爾伯特在他的演講中提到的那樣，我們第二季度的份額為 81%，比 8 月增長了 71%。

And then the adult market continues to behave differently in the US in that it is contracting because there are just fewer eligible 65-plus adults and a more difficult-to-activate younger population. And that’s the same population that Merck’s V116 will be launching into.

然後，美國成人市場的表現繼續有所不同，因為符合條件的 65 歲以上成年人越來越少，而且年輕人口更難激活，所以它正在萎縮。這正是默克 V116 將推出的目標客群。

And in the international market?

那麼在國際市場上呢？

International, as you see first quarter, second quarter together for the first half, we grew by 2%, and this is in line with our expectation. What we see is, of course, we are going to capitalize on the very strong franchise that we are in Prevnar 13 with 140 exclusive NIP around the globe. And so as we get Prevnar 20 pediatric we are going to launch this product and switch from 13 to 20. Now in adults, it’s a very interesting dynamic because in adults, our vaccination was in Europe and outside of the country is quite limited.

國際方面，如你所看到的，上半年第一季、第二季加起來，我們成長了2%，這符合我們的預期。當然，我們看到的是，我們將利用 Prevnar 13 中非常強大的特許經營權，在全球擁有 140 個獨家 NIP。因此，當我們獲得Prevnar 20 兒科產品時，我們將推出該產品，並從13 種改為20 種。疫苗接種相當有限。

Now that we see Prevnar 20 registered and validated by VTC, we see significant pickup. And let me give you an example. In Germany, we got VTC recommendations for 60 and above, all-comers and at risk, from 18 to 59. And there, in Germany, since the beginning of the year, we see significant growth. We see that we will have similar trends in other major markets in Europe.

現在我們看到 Prevnar 20 已通過 VTC 註冊和驗證，我們看到了顯著的成長。讓我舉個例子。在德國，我們收到了針對 60 歲及以上、18 歲至 59 歲的所有參與者和高風險人群的 VTC 推薦。我們看到歐洲其他主要市場也將出現類似的趨勢。

Thank you. And Chris?

謝謝。克里斯呢？

Thank you very much for the question on KAT6. KAT6 is a first in category medicine. We’re very proud that this medicine was conceptualized and discovered at our laboratories in Ohio. As you’ve seen with the most recent data, objective response rate over 35% durable responses and well tolerated. We therefore plan to initiate a Phase 3 program over the next six months, and you’ll learn more about that. But thank you for the question. We’re also excited about KAT6.

非常感謝您關於KAT6的問題。 KAT6 是同類藥物中的首創。我們非常自豪這種藥物是在我們俄亥俄州的實驗室中概念化和發現的。正如您在最新數據中看到的那樣，客觀緩解率超過 35%，緩解持久且耐受性良好。因此，我們計劃在接下來的六個月內啟動第三階段計劃，您將了解更多相關資訊。但謝謝你的提問。我們也對 KAT6 感到興奮。

Thank you. We are very excited about it. Next question, please.

謝謝。我們對此感到非常興奮。請下一個問題。

Carter Gould, Barclays.

卡特·古爾德，巴克萊銀行。

Good morning. Thank you for taking the question. I guess first one, just a clarification. I guess when we think about the PK danuglipron data, the top line, on a month ago, are we going to see any of that data prior to the dose optimization data reading out early next year? And then as we think about timelines for danuglipron, some of your European peers have talked about potentially moving faster.

早安.感謝您提出問題。我想第一個，只是一個澄清。我想當我們考慮一個月前的 PK danuglipron 數據時，我們是否會在明年初讀出劑量優化數據之前看到任何這些數據？然後，當我們考慮 danuglipron 的時間表時，一些歐洲同行已經談到了可能會加快步伐。

And I think some of the timelines that are generally thrown out there, including potentially reaching market as early as 2028. Did Pfizer have sort of similar plans or think such plans would be feasible for danuglipron? Any color on that front would be helpful.

我認為通常會提出一些時間表，包括最早可能在 2028 年上市。前面的任何顏色都會有幫助。

Mikael?

米凱爾？

Yes, for your questions, we’ll likely present a comprehensive data set on PK after collecting all the data from the two studies, but we are looking into what’s the best way to sharing it timely. We have some of the most aggressive timelines when we agree a protocol with regulatory agency and pending data. And as Albert has said, if that becomes the case that we move forward pending data, you can bet that like every Pfizer program, it will be very fast.

是的，對於您的問題，在收集了兩項研究的所有數據後，我們可能會提供有關 PK 的全面數據集，但我們正在研究及時共享數據的最佳方式。當我們與監管機構和待定數據達成協議時，我們有一些最緊迫的時間表。正如艾伯特所說，如果我們向前推進待處理數據，你可以打賭，就像輝瑞的每個計劃一樣，它會非常快。

Thank you, Mikael. Next question, please.

謝謝你，米凱爾。請下一個問題。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

Great. Just two questions for me. Just coming back to danu again. I guess just bigger picture, do you expect the once-daily formulation will have an improved tolerability profile versus the twice daily? And maybe part of it as we think about the additional data you’re getting, will you get additional efficacy or tolerability data from these ongoing studies? Or is it really just PK, just as you’re trying to make a decision here. I just want to try to better understand what you’re going to have available to consider?

偉大的。對我來說只有兩個問題。剛剛又回到達努。我想從更大的角度來看，您是否認為每日一次的配方會比每日兩次的配方具有更好的耐受性？也許當我們考慮您獲得的額外數據時，您會從這些正在進行的研究中獲得額外的療效或耐受性數據嗎？或者這真的只是 PK，就像你試圖在這裡做出決定一樣。我只是想更了解您可以考慮什麼？

And then the second question I had was just on RSV. It sounds like some encouraging contracting updates. But can you just elaborate a bit more on the market as a whole? Is this a market you expect to grow in the US this year. On one hand, I’m balancing more visibility on who should be targeted and covered post ACIP.

我的第二個問題是關於 RSV 的。這聽起來像是一些令人鼓舞的合約更新。但可以詳細介紹一下整個市場嗎？您預計今年這個市場會在美國成長嗎？一方面，我正在平衡 ACIP 後應針對和覆蓋哪些人的更多可見性。

But at the same time there's no revax recommendation yet. And there could be maybe some challenges for pharmacies trying to figure out who's high risk and who's not in that 60- to 74-year-old population. So just like balance those two together, do you expect the market as a whole is growing this year?

但同時，還沒有 revax 建議。對於藥房來說，試圖找出 60 至 74 歲人群中誰是高風險人群、誰不是高風險人群可能會面臨一些挑戰。因此，就像平衡這兩者一樣，您預計今年整個市場會成長嗎？

Chris. Given that, for the interest of time let me tell you about Daniel. We have said it multiple times that is going to be PK data right now. We have done with Daniel 1,400 pace, so we feel very comfortable about the profile, we know the product. Right now the question is if we have a formulation that will allow us to take this product into Phase 3 registration enabling studies. We made an announcement because we feel that what we saw from the first round of testing multiple formulations, we felt encouraged that we have several that can deliver and one, but it was the preferred one and it is the one, but because it was the best of all, and now we are going to test it.

克里斯。有鑑於此，為了節省時間，讓我向您介紹一下丹尼爾。我們已經說過很多次了，現在就是PK數據。我們已經與丹尼爾一起完成了 1,400 步，所以我們對配置文件感到非常滿意，我們了解該產品。現在的問題是我們是否有一種配方可以讓我們將該產品納入第三階段註冊研究。我們宣布這一消息是因為我們覺得從第一輪測試多種配方中看到的結果讓我們感到鼓舞，因為我們有幾種可以交付的配方，但它是首選，而且是唯一的，但因為它是最重要的是，現在我們要測試它。

Also, we can speculate if tolerability will be better or not because of once a day compares to twice a day because we don't have the data, which I said in my prepared remarks for DANUBE. The profile that the DANUBE right now has based on the 1,400 patients that we have seen is very competitive both on tolerability and efficacy with whatever we have seen from others in the oral space so far. And in terms of timing right now, with everything we know, we are the only one with 2b data on an oral GLP-1 after, of course, Lilly. So right now for everything we know, we should be the second after Lilly if DANUBE progresses into registration-enabling studies.

此外，我們可以推測耐受性是否會更好，因為每天一次與每天兩次相比，因為我們沒有數據，這一點我在為多瑙河準備的發言中說過。 DANUBE 目前基於我們所見過的 1,400 名患者得出的資料在耐受性和療效方面與我們迄今為止從其他口腔領域所看到的資料相比都非常有競爭力。就目前的時間表而言，根據我們所知的一切，我們是繼禮來公司之後唯一一家擁有口服 GLP-1 2b 數據的公司。因此，目前就我們所知，如果 DANUBE 進入註冊研究階段，我們應該成為繼禮來公司之後的第二個。

Now let's go to RSV, Aamir.

現在我們來談談 RSV，阿米爾。

So Chris, what I would say is we are only in the second season now of a expanding market, right. So you had the first season last year, this year with the ACIP recommendation. As I mentioned earlier, we think that that provides clarity and it strengthens the need for those identified in the recommendation to get a vaccine. And we've had another six months plus of opportunity to educate HCPs as well as consumers, and we see growing relevancy and urgency of people to vaccinate. So we do think that the opportunity set expands.

所以克里斯，我想說的是，我們現在才處於市場擴大的第二季，對吧。去年是第一季，今年是 ACIP 推薦的。正如我之前提到的，我們認為這提供了明確性，並加強了建議中確定的人接種疫苗的必要性。我們還有另外六個月多的時間來教育醫護人員和消費者，我們看到人們接種疫苗的相關性和緊迫性越來越大。所以我們確實認為機會集在擴大。

Thank you. Operator, next question.

謝謝。接線員，下一個問題。

Tim Anderson, Wolfe Research.

蒂姆·安德森，沃爾夫研究中心。

Going back to IRA, so CMS is bound to make the disclosure of negotiated prices on this first list of ten drugs a very big production, it will claim it's a major win over the industry. Of course, it depends on how those prices compare to net prices, not list. My understanding is it's possible we get this news from CMS earlier than September 1st, possibly this week ahead of the congressional recess in early August. Do you agree it's possible we might get this news early?

回到 IRA，所以 CMS 必然會使這第一個十種藥物清單的協商價格的披露成為一個非常大的成果，它會聲稱這是對行​​業的重大勝利。當然，這取決於這些價格與淨價的比較，而不是清單。我的理解是，我們有可能在 9 月 1 日之前（可能是在 8 月初國會休會之前的本週）從 CMS 收到此消息。你同意我們有可能提前得到這個消息嗎？

I don't know. They have the decision making, so they will do what they think. I can't comment on that. I know have discussed that thing, but – so I will emphasize once more, if CMS says that that was a big win for them against the pharma industry, what I would say it was the whole law of IRA. It is a very big loss for innovation and for the crown jewel of American industry, which is the Life Science Technology business. But it is what it is. It is the law of the land.

我不知道。他們有決策權，所以他們會按照自己的想法去做。我無法對此發表評論。我知道已經討論過這件事，但是 - 所以我要再次強調，如果 CMS 說這是他們對抗製藥行業的巨大勝利，我會說這是 IRA 的全部法律。對於創新和美國工業皇冠上的明珠生命科學技術業務來說，這是一個巨大的損失。但是它就是這樣啊。這是這片土地的法律。

And we are doing our best to make sure that we minimize any impact, particularly in the future, because for now, as Dave said, we were probably in the next few years, the NPV that are at stake for us, It's quite small because most, we were fortunate not to have up to four products selected only one.

我們正在盡最大努力確保最大程度地減少任何影響，特別是在未來，因為就目前而言，正如戴夫所說，我們可能在未來幾年內，對我們來說至關重要的淨現值（NPV ）非常小，因為最重要的是，我們很幸運沒有多達四種產品只選擇了一種。

Next question, please.

請下一個問題。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉，TD·考恩。

Two questions. First, do you expect VYNDAQEL to grow up to the LOE or will competitors pressure sales and take majority share before that? Certainly seems VYNDAQEL faces some significant challenge? And secondly, assuming no booster doses, does Pfizer still peg peak RSV vaccine sales at $2 billion plus? That was guidance first provided in December 2022, and do you think you can capture a majority share this fall?

兩個問題。首先，您是否預期 VYNDAQEL 會成長至 LOE，還是競爭對手會在此之前施壓銷售並佔據多數份額？當然，VYNDAQEL 似乎面臨一些重大挑戰？其次，假設沒有加強劑量，輝瑞是否仍將 RSV 疫苗的最高銷售額定為 20 億美元以上？這是 2022 年 12 月首次提供的指導，您認為您可以在今年秋天獲得多數份額嗎？

Aamir, why don't you take the first one?

阿米爾，你為什麼不選擇第一個呢？

Sure. So Steve, on VYNDA maybe what's going on now and then what's to come with competition. So VYNDA is continuing to grow at a very healthy clip. This is a result of multiple factors, a very important one of which is we focused on expanding our HCP base that we're targeting as well as really investing in diagnosing and identifying patients. Diagnosis remains the biggest unmet need in this condition because there's almost half of patients that are still undiagnosed. So we do see a lot of growth opportunity in VYNDA.

當然。 Steve，在 VYNDA 上，也許現在會發生什麼，然後競爭會發生什麼。因此，VYNDA 正在繼續以非常健康的速度成長。這是多種因素共同作用的結果，其中一個非常重要的因素是我們專注於擴大我們的目標 HCP 基礎，並真正投資於診斷和識別患者。在這種情況下，診斷仍然是最大的未滿足需求，因為幾乎一半的患者仍未被診斷出來。所以我們確實在 VYNDA 看到了很多成長機會。

Now for this year it may not continue as the same clip that we've seen in Q1 and Q2, because we had a big bolus of enrollment patients in the beginning of the year, partially as a result of some of the IRA reforms, and the incremental diagnoses become harder and harder to find. But we do expect continued growth with VYNDAQEL. As far as competition, there's still a lot that needs to be understood exactly about the competitors, their data, their profile, what actions they're going to take.

現在，今年的情況可能不會像我們在第一季和第二季看到的那樣繼續，因為我們在年初有大量入組患者，部分原因是 IRA 的一些改革，並且增量診斷變得越來越難找到。但我們確實預計 VYNDAQEL 將持續成長。就競爭而言，關於競爭對手、他們的數據、他們的資料、他們將採取什麼行動，還有很多東西需要準確了解。

But what I will say is that we obviously welcome more treatment options for patients, but there's a lot that we're very confident in with VYNDA. There's a body of clinical evidence that includes five-year follow-up clinical trial data, and real world evidence including statistically significant mortality and CV hospitalization data that is in our label, as well as quality of life benefits that we think continue to position VYNDA well. But of course, with competition coming in, we will take that into consideration and provide further guidance as things evolve.

但我要說的是，我們顯然歡迎為患者提供更多治療選擇，但我們對 VYNDA 的許多治療方案都非常有信心。有大量臨床證據，包括五年追蹤臨床試驗數據，以及真實世界證據，包括我們標籤中具有統計意義的死亡率和心血管住院數據，以及我們認為繼續定位 VYNDA 的生活品質益處出色地。當然，隨著競爭的到來，我們會考慮到這一點，並隨著事情的發展提供進一步的指導。

Thank you. And again, in the interest of time, Steve, for the RSV, when we provided $2 billion was in the frame of a pipeline asset. What is the key potential annually? We don't give once the products are registered, typically projections not even for the next year, not for the peak years, but what I would say if everything – if anything, things have become more promising since the time that we gave this $2 billions, because we were all surprised how much the medical community and the recommended authorities are putting emphasis on the disease.

謝謝。再次，出於時間考慮，史蒂夫，對於 RSV，當我們提供 20 億美元時，它是在管道資產的框架內。每年的關鍵潛力是什麼？一旦產品註冊，我們就不會提供，通常甚至不是明年的預測，也不是高峰年份的預測，但我想說的是，如果一切- 如果有的話，自從我們提供以來，事情已經變得更有希望這 20 億美元，因為我們都驚訝於醫學界和建議的當局對這種疾病的重視程度。

So that's my comment. Sorry I couldn't be more specific to you. Next question, please.

這就是我的評論。抱歉，我無法更具體地告訴你。請下一個問題。

Vamil Divan, Guggenheim Securities.

瓦米爾·迪萬，古根漢證券公司。

Great. Thanks for taking my questions. Maybe a couple I could. One, you talked about the aggressive timeline that obesity. I assume for PCV next-gen, it's similarly aggressive. Maybe you just comment on sort of the time you think it would take to get that product to market, given you're now in Phase 2, and then the second one is more related to Paxlovid. In the first quarter, you had the big adjustment and you came in well above expectation, but to not raise the guidance now this quarter, you are raising the guidance.

偉大的。感謝您回答我的問題。也許我可以。一，你談到了肥胖的正面時間表。我認為下一代 PCV 也同樣具有攻擊性。也許您只是評論一下您認為將產品推向市場所需的時間，因為您現在處於第二階段，然後第二個階段與 Paxlovid 更相關。在第一季度，你們進行了重大調整，並且遠高於預期，但本季不提高指導，而是提高指導。

I'm curious if you can comment on anything you're seeing, sort of in the channels or what driving the confidence to raise the guidance now and then so tied to that, is that the main driver of, sort of the increased gross margin? So expectations. And is that just the product mix and cost management sort of combination, but just seeing if you can maybe parse out some of the main drivers of that impact.

我很好奇你是否可以對你所看到的任何東西發表評論，比如在渠道中，或者是什麼推動了人們不時提高指導的信心，與此密切相關的是，毛利率增加的主要驅動力？所以期待。這只是產品組合和成本管理的組合，只是看看你是否可以解析出這種影響的一些主要驅動因素。

Yes. For the next-gen, I’ll make it easy. We announced that we entered into Phase 2 studies, both in pediatric, and so one can calculate, you can't comment how long we take because these are event-driven studies, particularly when you go into Phase 3, right. So we don't know how long that will take, but. And we don't comment at this stage, but let's go to Paxlovid and explain the dynamics, Aamir.

是的。對於下一代，我會讓這一切變得簡單。我們宣布我們進入了兒科的第二階段研究，所以人們可以計算一下，你不能評論我們需要多長時間，因為這些是事件驅動的研究，特別是當你進入第三階段時，對吧。所以我們不知道這需要多長時間，但是。我們現階段不發表評論，但讓我們去找帕克斯洛維德解釋一下動態，阿米爾。

Yes. So for Pax in the US, you pointed to the momentum in Q1, which I'll remind you was a combination of both the true-up as well as ongoing utilization that was very high given the wave of COVID infection. What happened then is in the first half of Q2 infections were low. And the very clear trend that we see with Paxlovid is when there is a COVID infection wave, we have healthy Paxlovid utilization.

是的。因此，對於美國的 Pax，您指出了第一季的勢頭，我要提醒您的是，考慮到新冠病毒感染浪潮，實際利用率和持續利用率都非常高。然後發生的事情是第二季上半年感染率較低。我們在 Paxlovid 上看到的一個非常明顯的趨勢是，當出現新冠病毒感染浪潮時，我們可以健康地利用 Paxlovid。

So starting in May, all the way through June, there was increased COVID infection waves and our Paxlovid utilization followed. So we had about 35,000 treatment courses a week in April and May, peaking to about 100,000 in June. So we have seen continued utilization.

因此，從 5 月開始，一直到 6 月，新冠肺炎感染浪潮不斷增加，我們的 Paxlovid 使用率也隨之增加。因此，我們在 4 月和 5 月每週進行約 35,000 個療程，在 6 月達到高峰約 100,000 個。所以我們看到了持續的利用。

Now it is trickier for the wholesalers and end customers to manage utilization around the disease. That's a little bit unpredictable. So we did enter Q2 with higher than normal inventory levels, but the wave of utilization that we've seen in Q2 has helped normalize those inventory levels.

現在，批發商和最終客戶管理疾病的使用率變得更加棘手。這有點難以預測。因此，我們進入第二季度的庫存水準確實高於正常水平，但我們在第二季度看到的利用率浪潮有助於使這些庫存水準正常化。

And all of this dynamic combined with the fact that we've built a commercial model to successfully get Paxlovid to those who need it, including very healthy coverage with commercial payers, 90% of pharmacies across the U.S. already participating in our USG PAP program, and a simplified model for delivering that PAP program to patients when there is a COVID infection wave. We're confident about Paxlovid utilization.

所有這些動態與我們已經建立的商業模式相結合，成功地將 Paxlovid 提供給有需要的人，包括商業付款人的非常健康的覆蓋，美國 90% 的藥店已經參與了我們的 USG PAP 計劃，以及在出現新冠病毒感染浪潮時向患者提供PAP 計劃的簡化模型。我們對 Paxlovid 的利用充滿信心。

Yes. Thank you, Aamir.

是的。謝謝你，阿米爾。

And just real quickly, as you think about the guidance, I think your question was, was this, what was driving our improvement and guidance? This was one of many factors because our core business in general is doing quite well and our cost management programs are really taking hold. So this is one of multiple factors that drove that $0.30 raise.

很快，當您思考指導時，我認為您的問題是，這是什麼推動了我們的改進和指導？這是眾多因素之一，因為我們的核心業務總體上表現良好，而且我們的成本管理計劃確實正在發揮作用。因此，這是推動 0.30 美元加薪的多個因素之一。

Thank you, Dave. And also Vamil, I realized that I misspoke before when I said that it is event-driven, the next-gen. It is not. It's immunogenicity. Also, I can offer another point for you to try to estimate the timelines that next year, we expect to have the regulatory discussions about how the program should look like, and then we will form better understanding when we can have the Phase 3 readout. Next question, please. And I think the last question, operator last question, please. We cannot hear the operator.

謝謝你，戴夫。還有Vamil，我意識到我之前說錯了，當我說它是事件驅動的，下一代的。它不是。這是免疫原性。另外，我可以為您提供另一點，嘗試估計明年的時間表，我們預計將就該計劃的外觀進行監管討論，然後我們將在第三階段的結果公佈時形成更好的理解。請下一個問題。我認為最後一個問題，接線員最後一個問題，請回答。我們聽不到接線生的聲音。

Sorry for this technical problem. The technician just told me to wait a moment, please. Otherwise we will stop the call here.

對於這個技術問題，我們深表歉意。技術人員只是讓我稍等一下。否則我們將在這裡停止通話。

Evan Seigerman, BMO Capital Markets.

Evan Seigerman，BMO 資本市場。

Hey, guys, thank you for squeezing me in at the end. I would love for some comments on VYNDAQEL given the strength this quarter; you really came in ahead of consensus. Do you expect this continuing in the back half of the year into '25? And just given the IP in the next couple of years expiring, what can you do to extend this given the strength of this franchise?

嘿，夥計們，謝謝你們最後把我擠進去。鑑於本季度的實力，我希望對 VYNDAQEL 發表一些評論；你確實領先於共識。您預計這種情況會在今年下半年持續到 25 年嗎？鑑於該 IP 在未來幾年內即將到期，考慮到該特許經營權的實力，您可以採取哪些措施來延長這一期限？

Yeah, Amir?

是嗎，阿米爾？

Hey, Evan. So as I mentioned earlier, yes, we do expect to see continued growth momentum for VYNDA in the back half of this year and going forward for the reasons I described earlier. It may not be at the level that we saw in the first half of the year because of the Q1 bolus of patients, but the combination of what we're doing in terms of physician expansion, investment in driving diagnosis, and tailwinds from IRA reform do give us conviction around short-term VYNDAQEL growth.

嘿，艾文。因此，正如我之前提到的，是的，我們確實預計 VYNDA 在今年下半年將持續成長勢頭，並且由於我之前描述的原因，未來將繼續增長。由於第一季患者的增加，它可能不會達到我們上半年看到的水平，但結合我們在醫生擴張、推動診斷投資以及 IRA 改革的推動方面所做的努力確實讓我們對VYNDAQEL 的短期增長充滿信心。

Yeah. And when it comes to, IP right now, it's very difficult, once the product is getting generic, to be able to fight with a new molecule unless you have substantial differentiation. And VYNDAQEL has tremendous efficacy. So we do not expect that the market will continue being as big, particularly for us, after we see generics entering into it. So thank you for the question.

是的。現在就智慧財產權而言，一旦產品變得通用，就很難與新分子競爭，除非你有實質的差異化。 VYNDAQEL 具有巨大功效。因此，在我們看到仿製藥進入市場後，我們預計市場不會繼續那麼大，尤其是對我們來說。謝謝你的提問。

So I want to make some just closing remarks that we had a very strong first half of the year, and we are confident that we will deliver on our full-year financial commitments in '24. We are driving progress with solid execution as we continue to serve patients and grow our business. Execution makes the difference.

因此，我想在結論中指出，今年上半年我們表現非常強勁，我們有信心在 24 年兌現全年財務承諾。我們透過堅定的執行力推動進步，繼續為患者提供服務並發展我們的業務。執行力決定一切。

Thank you for your interest in Pfizer, and we hope you have a wonderful.

感謝您對輝瑞的關注，祝您度過愉快的時光。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。