輝瑞 (PFE) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to Q1 2024 earnings conference call.

大家好，歡迎參加 2024 年第一季財報電話會議。

Today's call is being recorded.

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.

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。

Please go ahead, ma'am.

請繼續，女士。

Good morning, and welcome to Pfizer's earnings call in French activity, Martino, Chief Investor Relations Officer.

早安，歡迎參加輝瑞在法國舉行的財報電話會議，首席投資者關係官馬蒂諾。

On behalf to advisory team you for joining us.

我謹代表您的顧問團隊加入我們。

This call is being made available via audio webcast at pfizer.com.

此次電話會議透過 pfizer.com 上的音訊網路廣播進行。

Earlier this morning, we released our results for the third quarter of 2024 via press release that is available on our website at pfizer.com.

今天早些時候，我們透過新聞稿發布了 2024 年第三季的業績，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, Alberta and Dave have some prepared remarks, and we will then open the call for questions.

今天，我們的董事長兼執行長 Albert Bourla 博士和我們的財務長 Dave Denton 也加入了我的行列，Alberta 和 Dave 發表了一些準備好的發言，然後我們將開始提問。

Members and are available for the Q&A session, including Dr. Andrew Bond, who recently joined Pfizer as EVP and Chief Strategy and Innovation Officer.

參加問答環節的成員包括最近加入輝瑞擔任執行副總裁兼首席策略和創新官的安德魯邦德博士。

Before we get started, I want to remind you that we will be making forward-looking statements and discussing certain non-GAAP financial measures.

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。

I encourage you to read the disclaimers in our So my presentation, the press release we issued this morning and the disclosures in our SEC filings, which are all available on the IR website, pfizer.com forward looking statements on the contrary to the subject to substantial risks and uncertainties and speak only as of the polls original date obligation to update or revise any of the statements.

我鼓勵您閱讀我們的簡報中的免責聲明、我們今天早上發布的新聞稿以及我們向SEC 提交的文件中的披露內容，這些內容均可在IR 網站、pfizer.com 上獲取，這些前瞻性聲明與以下內容相反重大風險和不確定性，並且僅在投票原始日期時發言，有更新或修改任何聲明的義務。

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

這樣，我會將電話轉給艾伯特。

Certainly run system.

當然是運作系統。

Good morning, everyone, and thank you for joining us and boots or do you continue to execute.

大家早安，感謝您加入我們，靴子還是繼續執行。

And we are pleased to report another quarter of strong performance regarded by our purpose of delivering breakthroughs that change patients' lives, and I'm proud of these have reached more than 270 million patients with our medicines and vaccines.

我們很高興地報告另一個季度的強勁業績，我們的目標是實現改變患者生活的突破，我很自豪我們的藥物和疫苗已經惠及超過 2.7 億患者。

The first nine months of 2014 before from execution excellence is starting to delivers, was market share gains in the US and international wireless, robust growth in revenues and EPS.

2014 年前九個月，卓越的執行力開始發揮作用，美國和國際無線市場份額不斷增加，收入和每股盈餘強勁成長。

As a result, we are raising guidance raises and for our full year 2020 fourth of our revenues and absorption diluted earnings per share.

因此，我們提高了指導方針，並將 2020 年全年收入和吸收攤薄每股收益的四分之一。

In January, we presented in the five key priorities that guide Pfizer during our year to produce today, you will hear how we advanced our business in the third quarter was sort of visits.

一月份，我們提出了指導輝瑞公司今年生產的五個關鍵優先事項，今天，您將聽到我們如何在第三季度推進我們的業務，就像參觀一樣。

By Your Side, we're focused on high line by line showing our progress with the first three.

在你身邊，我們專注於逐行展示我們在前三項方面的進展。

Dave will discuss our continued work to reduce our cost base, expand our margins and strategically deploy markup.

戴夫將討論我們為降低成本基礎、擴大利潤和策略性部署加價而持續進行的工作。

So we will review our financial performance during the quarter and explain why we believe we are well positioned to deliver financial commitments and create long-term value for shareholders.

因此，我們將回顧本季的財務業績，並解釋為什麼我們相信我們有能力履行財務承諾並為股東創造長期價值。

And then we'll take questions.

然後我們將回答問題。

So with that, I'll turn to our performance against our during Corp.

因此，我將轉向我們在公司期間的表現。

Stated simply, oncology is a year and delivered another quarter of strong performance with 71% year over year.

簡而言之，腫瘤學今年又一個季度表現強勁，年增 71%。

Performance growth resulting from solid product portfolio, but includes like this season and legacy Pfizer box set a goal to achieve your question goal as the leaders in the U.S. We are already is the third-largest biopharma company in oncology by running through the first half of 2024.

業績成長源自於堅實的產品組合，但包括本季和傳統輝瑞盒子設定的目標是實現作為美國領導者的問題目標。 2024 年。

And we are proud of the progress we are making toward our goal demand continued to increase.

我們為我們在實現需求持續成長的目標方面所取得的進展感到自豪。

For example, the market leader for four types of advanced prostate cancer grew 28% year over year phones and grew by 77% in the quarter versus the same quarter from a year ago.

例如，四種晚期前列腺癌市場領導者的手機年增 28%，本季與去年同期相比成長 77%。

We are encouraged by the opportunity to further advance the prostate cancer treatment landscape, say some of the exciting overall survival data earlier this month from the Phase three follow-up study in the study does zone and convenience and with extended demonstrated statistically significant overall survival benefit in patients with metastatic castration resistant prostate cancer becoming the first and only such combination to do so driving scientific breakthroughs in January cancers is one of the key areas of focus in oncology, the dollar or two results.

我們對進一步推進前列腺癌治療前景的機會感到鼓舞，本月早些時候，該研究中第三階段後續研究的一些令人興奮的總體生存數據確實區域和便利性，並且長期證明具有統計顯著的整體存活效益在轉移性去勢抵抗性前列腺癌患者中，成為第一個也是唯一一個這樣的組合，推動一月份癌症的科學突破，是腫瘤學關注的關鍵領域之一，一兩美元的結果。

So how we continue innovating to improve survival for men with prostate cancer, which is the second most common cancer in men and the fifth most common cause of cancer death among men worldwide.

那我們如何繼續創新來提高前列腺癌男性的生存率，前列腺癌是男性第二大常見癌症，也是全球男性第五大常見癌症死亡原因。

We showed continued momentum during the quarter with the ongoing launch of Puxin with pembrolizumab for patients with advanced metastatic bladder cancer.

我們在本季持續推出針對晚期轉移性膀胱癌患者的 Puxin 合併派姆單抗，顯示出持續的勢頭。

Regardless of their ability to receive splicing based chemotherapy.

無論他們是否有能力接受基於剪接的化療。

This combination has quickly become the most prescribed first-line treatment in the US for locally advanced or metastatic urothelial cancer in prostate cancer, really 31% operational growth this quarter, which were Bremner a treatment for adults with a positive metastatic renal cell lung cancer piece of our five years of grounded in the US for annual meeting, we are observing an acceleration of first line new patient starts from the room oil and in particular, keep our key markets of the US, China, Germany and France.

該組合已迅速成為美國治療前列腺癌中局部晚期或轉移性尿路上皮癌最常使用的一線治療方法，本季業務增長確實達到31%，這是Bremner 為患有轉移性腎細胞肺癌的成人患者提供的一種治療方法在我們紮根美國參加年會的五年中，我們觀察到一線新患者從房間油開始的加速，特別是保持我們的美國、中國、德國和法國的主要市場。

Probably and most of the company made some also achieved strong year over year growth in the third quarter of 32%, primarily driven by growth in the metastatic non-small cell cancer indication.

可能大多數公司的一些產品在第三季度也實現了 32% 的強勁同比增長，這主要是由轉移性非小細胞癌適應症的增長推動的。

And we continue to be pleased by strong performance with the launch direction, which has about 8% sequential revenue growth over the second quarter and before in the U.S., we have more than double our new patient starts in February.

我們仍然對上市方向的強勁表現感到滿意，第二季度營收環比增長約 8%，在此之前，在美國，我們 2 月份的新患者啟動數量增加了一倍多。

Insofar we were able to cut some of the competition and loans as the first to market BCMA bispecific having to address an unmet medical need for patients with triple class exposed multiple myeloma.

到目前為止，作為第一個上市的 BCMA 雙特異性藥物，我們能夠減少一些競爭和貸款，必須解決三級暴露多發性骨髓瘤患者未滿足的醫療需求。

We believe a ratio has the potential to be a transformative treatment option for people with multiple myeloma.

我們相信比率有可能成為多發性骨髓瘤患者的變革性治療選擇。

And we are continuing to advance development with for ongoing registrational studies in earlier lines of therapy.

我們正在繼續推進早期療法的註冊研究的開發。

But the positive and approve could support certainly a way more expanded patient population.

但積極和批准肯定可以支持更多擴大的患者群體。

Now it's unfair to some select highlights of our continued strategic and advancing our pipeline.

現在，這對我們持續策略和推進管道的一些精選亮點是不公平的。

We are prioritizing opportunities where we have scientific leadership and deep capabilities to address significant unmet need.

我們正在優先考慮擁有科學領導力和深厚能力的機會，以解決重大的未滿足需求。

Barry, I spoke to the strength of our market with oncology medicines online, however, is what excites us demos.

巴里，我在網路上談到了我們的腫瘤藥物市場的實力，然而，令我們示範興奮的是。

Lung cancer is the number one cause of cancer-related death around the world at the recent progress with our long-term top line results from farmers trial evaluating profit, Toby and Mick, David, in patients with brand this 600 E. mutant metastatic non-small cell lung cancer, which then was still compelling efficacy for patients.

托比和米克、大衛對患有該600 種大腸桿菌突變體的轉移性非轉移性患者的利潤進行了農民試驗的長期頂線結果，最近取得了進展，肺癌是世界範圍內癌症相關死亡的頭號原因。

We are also rapidly advancing to next generation ADC candidates with the potential to make significant impact on the more than 300,000 patients with non-small cell lung cancer in the U.S., the first piece, slick water to Vidaza Quicksilver now in Phase three, and we are planning additional pivotal trials in the coming months.

我們也正在快速推進下一代 ADC 候選藥物，有可能對美國超過 30 萬名非小細胞肺癌患者產生重大影響，第一個產品，Vidaza Quicksilver 的滑水現在處於第三階段，我們正在計劃在未來幾個月進行更多關鍵試驗。

The other one is the M. one AVADC.

另一款是 M.one AVADC。

We are equally encouraged by the updated Phase one data.

我們同樣對更新的第一階段數據感到鼓舞。

We presented the SBC and we are planning for registration enabling trials in 2020.

我們介紹了 SBC，並計劃在 2020 年進行註冊試驗。

Are they need to add a pipeline is expanding.

他們是否需要增加一條正在擴展的管道。

We are starting and novel novel and other novel ADC.

我們正在開始小說小說和其他小說ADC。

You see them up adopting registration incentive trials, urothelial cancer and maybe a momentous time.

你會看到他們採用註冊激勵試驗、尿路上皮癌，也許還有一個重要時刻。

Our novel EZH2 inhibitor is another example of the progress our pipeline.

我們的新型 EZH2 抑制劑是我們產品線進展的另一個例子。

This has been said, I think, as a new potential treatment for men who have metastatic castration resistant prostate cancer, and we are enrolling currently patients into Phase three studies to build on the foundation for our brands, we are making progress with development of two candidates we believe can replace the current backbones of ER positive HER2 negative breast cancer hospital.

我認為，作為一種針對患有轉移性去勢抵抗性前列腺癌的男性的新的潛在治療方法，我們目前正在將患者納入第三階段研究，以建立我們品牌的基礎，我們正在通過兩種藥物的開發進展我們相信候選者可以取代目前 ER 陽性 HER2 陰性乳癌醫院的骨幹力量。

Most cited potential first-in-class CDK4 inhibitor for a second line Phase three trial, a lot Phase three study by early 2025, and we expect the first Phase three data in the coming months for that Gestra and estrogen receptor degrader vote that we are co-developing Redbox with our rigs, our fourth-generation PCB candidate in Phase two adults and pediatrics covers 25 zero times, including improved immunogenicity, four serotypes very, very important, which is one of the largest remaining contributors of disease.

最被提及的潛在一流CDK4 抑制劑用於二線三期試驗，到2025 年初進行大量三期研究，我們預計在未來幾個月內獲得Gestra 和雌激素受體降解劑投票的第一個三期數據與我們的設備共同開發Redbox，我們在成人和兒科第二階段的第四代PCB 候選藥物覆蓋了25 個零次，包括改進的免疫原性，四种血清型非常非常重要，這是剩餘的最大的疾病貢獻者之一。

We are focused on building on our leadership in the industry by continued to expand policy with our fifth-generation candidate, which is in predevelopment that covers over 30 zero effect in the last several months, we cannot run the potential new vaccine against seed that, which is considered an urgent public health threat, but logs and Simple Plex leveraging experience from our previous to that program, we have developed a new formulation for a second candidate after and currently in Phase one data.

我們致力於透過繼續擴大第五代候選疫苗的政策來鞏固我們在行業中的領導地位，該候選疫苗正處於預開發階段，在過去幾個月中涵蓋了30 多種零效應，我們無法針對以下種子運行潛在的新疫苗，這被認為是一個緊急的公共衛生威脅，但日誌和Simple Plex 利用我們之前該計劃的經驗，我們為第一階段數據之後和當前的第二個候選者開發了一種新的配方。

With this new formulation, we have advanced in our Phase two study of it.

有了這個新配方，我們的第二階段研究取得了進展。

We are also working to support significant unmet need for about 90 million Americans and EUR200 million Europeans in areas of Lyme disease.

我們也致力於為萊姆病地區約 9,000 萬美國人和 2 億歐元歐洲人未滿足的重大需求提供支援。

Tlac spin is a vaccine candidate.

Tlac spin 是一種候選疫苗。

We are co-developing that is intended to protect against the six most prevalent serotypes in North America and Europe.

我們正在共同開發，旨在預防北美和歐洲六種最受歡迎的血清型。

A Phase three trial is underway and pending positive data and regulatory approval, VLA. 15 would become the only vaccine available to help even the acute severe and long-term health consequences of Lyme disease globally.

第三階段試驗正在進行中，等待積極的數據和監管部門的批准，VLA。 15 將成為唯一可用於緩解全球萊姆病急性、嚴重和長期健康後果的疫苗。

Fortunately, he is the standard of care COVID-19 oral treatment for those at high risk of progressing to securities million.

幸運的是，他正在為那些進展到證券百萬高風險的人提供標準的護理COVID-19口服治療。

However, that is an opportunity to expand both our therapeutic impact and market position or our next-generation oral antiviral candy.

然而，這是擴大我們的治療影響和市場地位或我們的下一代口服抗病毒糖果的機會。

It was a true definitely.

這絕對是真的。

We have demonstrated a robust antiviral activity at all dose and without the need for return of boosting, we have addressed the drug drug interactions and the metallic data associated with backlog.

我們已經在所有劑量下證明了強大的抗病毒活性，並且不需要恢復加強，我們已經解決了藥物相互作用和與積壓相關的金屬數據。

We expect to start a Phase three study in the coming months.

我們預計在未來幾個月內開始第三階段研究。

We are also moving forward with our Phase three program in non segmental vitiligo with three domestic mini economy.

我們也透過三個國內微型經濟推進非節段性白斑症的第三階段計畫。

But with a differentiated this develop in-house at Pfizer for has the potential to be an expansion of indications for at least through look, which is currently approved in severe alopecia around vitiligo like alopecia areata is an autoimmune disease with high unmet need.

但輝瑞公司內部開發的這種差異化產品有可能至少擴大外觀的適應症，目前已批准用於白斑症周圍的嚴重脫髮，如斑禿，這是一種自身免疫性疾病，其需求未得到滿足。

It is the leading cause for skin pigmentation and affects nearly 3 million patients in the U.S. alone.

它是皮膚色素沉澱的主要原因，光在美國就有近 300 萬患者受到影響。

We are also enthusiastic about our two first-in-class trispecific antibodies with early data demonstrating excellent three in one province.

我們也對我們的兩種一流的三特異性抗體充滿熱情，早期數據表明三特異性抗體在一個省內表現出色。

We believe these programs has the potential to deliver improved efficacy in atopic dermatitis with an ongoing evaluating safety and efficacy.

我們相信，透過持續評估安全性和有效性，這些計劃有可能提高異位性皮膚炎的療效。

We had the Phase two readout of Funds segment, which is another cloud, discover and develop.

我們有基金部分的第二階段讀數，這是另一個雲，發現和開發。

Thus, we are encouraged by the potential for a breakthrough for patients with cancer cachexia CULOTTA treatment options for this life-threatening wasting condition that currently has no the FDA approved treatments.

因此，我們對癌症惡病質患者 CULOTTA 治療方案的突破潛力感到鼓舞，這種治療方案可治療這種危及生命的消耗性疾病，目前 FDA 尚未批准治療方法。

The met its primary endpoint of change from baseline in body weight compared to placebo book across all doses tested at the highest dose evaluated salt improvements from baseline in appetite that kicks your symptoms, physical activity and muscle mass.

在最高劑量下測試的所有劑量中，與安慰劑相比，該藥物達到了體重相對基線變化的主要終點，評估了食慾相對基線的改善，從而消除了症狀、體力活動和肌肉質量。

Based on these positive results, we expect to advance to a registration-enabling study next year.

基於這些積極的結果，我們預計明年將推進註冊研究。

Our Phase two study in patients with heart failure related Protexia is ongoing.

我們針對心臟衰竭相關 Protasia 患者的第二期研究正在進行中。

We remain on track with our dose optimization studies for the new group, our oral GLP-1 receptor agonist and look forward to discussing more about this in early 2025.

我們仍在對新組（口服 GLP-1 受體激動劑）進行劑量優化研究，並期待在 2025 年初對此進行更多討論。

Our broader obesity portfolio.

我們更廣泛的肥胖產品組合。

We continue to advance our early-stage candidates, including our oral small molecule giftware antagonist, which is advancing to Phase two in 2020 for this year and additional once daily oral GLP-1 receptor agonist in Phase one.

我們繼續推進我們的早期候選藥物，包括我們的口服小分子禮物拮抗劑，今年將在 2020 年進入第二階段，以及第一階段每日一次的口服 GLP-1 受體激動劑。

The highlight today across important therapeutic areas.

今天的重點是重要的治療領域。

So far, we have made meaningful advancements with our pipeline.

到目前為止，我們的管道已經取得了有意義的進展。

As we announced earlier this year.

正如我們今年早些時候宣布的那樣。

Dr. Michael Goldstein, Pfizer's Chief Scientific Officer, will depart from Pfizer after 15 years of leading Pfizer's reserves.

輝瑞首席科學官 Michael Goldstein 博士在領導輝瑞儲備 15 年後將離開輝瑞。

Have our progress for selecting a successful is not quite advanced, and we look forward to announcing an update soon.

我們選擇成功的進度還不是很先進，我們期待盡快宣布更新。

Now I will turn to our commercial business and another one and priorities is maximizing the performance of our new products.

現在我將轉向我們的商業業務，另一個優先事項是最大限度地提高我們新產品的效能。

I'm pleased that the decisive actions we took to enhance our commercial organization at the beginning of the year are yielding satisfactory results will not that we sold 28% total prescription growth and continued in the autumn seats, RP class.

我很高興我們在年初為加強商業組織而採取的果斷行動正在產生令人滿意的結果，這不會導致我們的處方總銷量增長 28%，並在秋季座位 RP 類別中繼續增長。

Importantly, 85% of primary care to museums for, I think the CGRP prescriptions for the first time since 85%.

重要的是，85%的初級保健都交給了博物館，我認為CGRP處方是85%以來的首次。

And this shows the progress we are making in primary care as well as our work with payers to remove that barriers for timely patient access and three, among our vaccine speaking, we are very pleased with our performance in the launch of revenue trend, which has already achieved 83% market share in pediatric and 97% in adults with last week's and by the Advisory Committee on Immunization Practices to expand adult vaccination and to include all adults aged 50 and older.

這表明我們在初級保健方面取得的進展，以及我們與付款人的合作，以消除患者及時獲得服務的障礙，第三，在我們的疫苗方面，我們對我們在推出收入趨勢方面的表現感到非常滿意，這已經上週，免疫接種實踐諮詢委員會擴大了成人疫苗接種範圍，將所有 50 歲及以上的成年人納入其中，兒​​童疫苗接種市場份額已達到 83%，成人疫苗接種市場份額達到 97%。

We believe premium brand is well positioned to serve and expanded population in the United States outside what we are predominantly serving the pediatric market and following the recent Q1 in Japan and for the year, we are gaining factors impacting concomitant recommendations and several market in volumes with umbrella.

我們相信，除了我們主要服務於兒科市場之外，優質品牌處於有利地位，可以服務和擴大美國人口，繼日本最近第一季度和今年之後，我們正在獲得影響伴隨推薦和幾個市場數量的因素傘。

We continued improving our US markets that position with strong commercial execution.

我們透過強大的商業執行力繼續改善我們的美國市場地位。

Our market share of sales to retailers and clean it out of wholesalers has exceeded 50% for the quarter, and our market set of sorts in arms in the retail setting has increased for nine consecutive weeks through mid-October, currently reaching 43% last week's FDA approval for a reasonable for 18 to 59, who are at increased risk of lower respiratory tract disease caused by RSV.

本季我們對零售商和批發商的銷售市佔率已超過 50%，截至 10 月中旬，我們在零售領域的市佔率已連續九週成長，目前已達到上週的 43%。 18 至59 歲的族群，這些人罹患RSV 引起的下呼吸道疾病的風險較高。

Kokomo serve an expanding population overlap with the rise in COVID-19 infection in the summer and early fall, we have responded to increased demand for packs love it as we launched in the U.S. commercial market beginning of the year.

隨著夏季和初秋 COVID-19 感染的增加，科科莫服務的人口重疊不斷擴大，我們已於今年年初在美國商業市場推出了 Love it 包，以應對不斷增長的需求。

Our better-than-expected growth during the quarter for OpEx level reflects higher infection rates and the strong commercial execution of RP.

我們本季營運支出水準的成長優於預期，反映出更高的感染率和 RP 強大的商業執行力。

Our ability to execute effectively includes improving patient access, raising awareness of this treatment option, expand the use of alternative care and also continuing to educate healthcare providers.

我們有效執行的能力包括改善患者的可及性、提高對這種治療方案的認識、擴大替代護理的使用以及繼續教育醫療保健提供者。

The demand for Backstrom, it seems to have somebody lives in the slide.

對於Backstrom的需求，似乎有人住在投影片裡。

You can see the total number of patients treated with back slowly in 24, which is very similar to the same period in 23.

可以看到接受背部緩慢治療的患者總數為 24，這與同期的 23 非常相似。

It appears to be closely correlated with each wave of COVID-19, but also appear to have very similar potency, 23 and 24, the 63% operational growth in the third quarter of our fintech.

它似乎與每一波 COVID-19 密切相關，但也似乎具有非常相似的效力，23 和 24，我們的金融科技第三季的營運成長了 63%。

Our family of products is a direct result of our progress in expanding the healthcare provider base and supporting conditions in identifying more patients who can benefit from the center as well as our work to improve patient access and adherence to therapy.

我們的產品系列是我們在擴大醫療保健提供者基礎和支持條件方面取得進展的直接結果，以識別更多可以從該中心受益的患者，以及我們在改善患者獲取和堅持治療方面所做的工作。

Internationally.

國際上。

The material is reimbursed in 44th markets right now and more are expected next year.

目前，該材料已在 44 個市場報銷，預計明年將有更多市場報銷。

While diagnostic great value across markets.

同時診斷在整個市場上都具有巨大的價值。

The unmet medical need remains significant as illustrated by the 10% increase of patients on treatment in the third quarter versus the second quarter of 2024.

未滿足的醫療需求仍然很大，2024 年第三季接受治療的患者數量比第二季增加了 10%。

In the U.S., we were pleased by the 70 some percent quarterly operational growth and continue to progress with expanding access with Citibank of a treatment for patients, 12 and Bob with moderate to severe exam, I couldn't read and respond to other treatments and 27% growth in the US, the second to third quarter of 2024, with lead for the first and only FDA-approved prescription pill for both adults and adolescents and young as 12 with severe alopecia areata right now, and I will turn it over to Dave.

在美國，我們對 70% 的季度營運成長感到高興，並繼續擴大花旗銀行治療患者的使用範圍，12 歲和鮑勃患有中度至重度檢查，我無法閱讀和回應其他治療，並且繼續取得進展2024 年第二至第三季度，美國的成長率為27%，其中第一個也是唯一一個獲得FDA 批准的處方藥的領先地位，適用於目前患有嚴重斑禿的成人和青少年以及12 歲青少年，我將把它轉交給戴夫.

Thank you, Albert, and good morning, everyone.

謝謝你，阿爾伯特，大家早安。

I will build on Albert's comments by reinforcing that we were very pleased with the financial results for the third quarter of 2020.

我將在 Albert 的評論的基礎上強調我們對 2020 年第三季的財務業績非常滿意。

For these results demonstrate that our focus in our execution against our five strategic priorities for driving positive patient outcomes and continued good financial, an option operational strength.

這些結果表明，我們在執行五個策略重點時重點關注，以推動積極的患者治療結果和持續良好的財務狀況，這是一種選擇營運優勢。

In addition, top-line performance, our cost reduction programs are creating a more efficient organization, setting the stage for increased capital, which putting our commitment to both maintaining growing our dividends, all while enhancing shareholder value.

此外，在營收方面，我們的成本削減計劃正在創建一個更有效率的組織，為增加資本奠定了基礎，這使我們致力於保持股息成長，同時提高股東價值。

This morning, I'll briefly review our key three P and L performance, and I'll highlight our capital allocation priorities and touch upon our full year 2024 financial guidance.

今天早上，我將簡要回顧我們的三個關鍵損益表表現，並重點介紹我們的資本配置優先事項並談及我們的 2024 年全年財務指導。

Additionally, as we approach the end of the year, I will also share several modeling considerations as we begin to plan for 2025.

此外，隨著年底的臨近，我還將分享一些在我們開始規劃 2025 年時的建模注意事項。

Turning first to performance versus the same period last year.

首先來看與去年同期的表現。

Let me walk down the P&L.

讓我來看看損益表。

Total company revenues were $17.7 billion, representing an impressive 32% operational growth.

公司總收入達 177 億美元，營運成長高達 32%，令人印象深刻。

Our COVID-19 products were significant contributors with packs low-bid generating 2.7 billion in revenue.

我們的 COVID-19 產品做出了重要貢獻，低價出價的產品包創造了 27 億美元的收入。

This included 442 million related to delivery and 1 million treatment courses to the US government Strategic National Stockpile commodity.

其中包括與美國政府國家戰略儲備商品交付相關的 4.42 億美元和 100 萬個治療療程。

Our COVID-19 vaccine contributed 1.4 billion in revenue.

我們的 COVID-19 疫苗貢獻了 14 億美元的收入。

Our COVID-19 products will not the only drivers during the quarter.

我們的 COVID-19 產品並不是本季唯一的驅動因素。

Our non-COVID product also exhibited robust performance with record $13.6 billion, reflecting 14% operational year over year growth.

我們的非新冠產品也表現強勁，銷售額達到創紀錄的 136 億美元，營運年增 14%。

This performance shows that our refined commercial approach is working.

這一表現表明我們精緻的商業方法正在發揮作用。

We continue to focus on key products in geography.

我們持續關注地理領域的關鍵產品。

We refined how we allocate our commercial field resources globally, and we're further optimizing our marketing marketing resources into a priority areas.

我們優化了全球商業領域資源的配置方式，並進一步將行銷資源優化到優先領域。

We stopped saw strong contribution from our recently acquired CGM products, including concept, which can continue this momentum following the results of the EV. three last year.

我們看到了最近收購的 CGM 產品（包括概念）的強大貢獻，它可以在電動車的結果之後繼續保持這種勢頭。去年三個。

Other key growth drivers included into Cal L. requests, exam D and Neurotech, partially offset by declines in Zelle genes.

其他關鍵成長驅動因素包括 Cal L. 請求、考試 D 和 Neurotech，但部分被 Zelle 基因的下降所抵消。

And I Brands adjusted gross margin for the current third quarter is approximately 72%, primarily the result of a net unfavorable mix related to our COVID-19 products, primarily due to the COVID prop.

I Brands 目前第三季的調整後毛利率約為 72%，這主要是由於與我們的 COVID-19 產品相關的淨不利組合的結果，這主要是由於 COVID 支撐。

A commodity profits were split with BioNTech and applicable royalty expenses as well as slight dampening down to the associated costs incurred with the withdraw of Oxbryta.

商品利潤與 BioNTech 和適用的特許權使用費以及因 Oxbryta 撤回而產生的相關成本略有下降。

All of this was partially offset by our ongoing focus on cost management across our manufacturing network.

所有這些都被我們持續關注整個製造網路的成本管理所部分抵消。

We continue to expect gross margins to be in the mid 70s for the full year and as previously communicated, long-term improvements in grocery and a key focus for the Company over the next several years.

我們仍然預計全年毛利率將在 70 多歲左右，正如之前所傳達的那樣，雜貨業務的長期改善將是公司未來幾年的重點。

We expect to achieve savings from phase one of our mark manufacturing optimization program beginning in 2025 and deliver approximately $1.5 billion in savings for the first phase by the end of 2027.

我們預計從 2025 年開始，我們的標記製造優化計畫第一階段將實現節省，並在 2027 年底前為第一階段節省約 15 億美元。

In parallel, we continue to evaluate our strategy for both Phase two and Phase Phase three, which will focus on network structure and product portfolio, respectively.

同時，我們繼續評估第二階段和第三階段的策略，分別著重於網路結構和產品組合。

And we expect to have more information to share on those components of the program once they become available.

我們希望在該計劃的這些組件可用後能夠分享更多資訊。

Total adjusted operating expenses decreased 2% operationally to $5.8 billion.

調整後營運支出總額下降 2%，達到 58 億美元。

And I will note that this amount includes spending acquired via our CEO, Jim transaction.

我要指出的是，這筆金額包括透過我們的執行長吉姆交易獲得的支出。

And looking at the components, adjusted SI. and A. expenses increased 1% operationally, driven primarily by marketing and promotional expenses from recently launched and acquired products, partially offset by a reduction in the US healthcare reform countries.

並查看組件，調整 SI。 A. 營運費用增加了 1%，主要是由最近推出和收購的產品的營銷和促銷費用推動的，但部分被美國醫療改革國家的費用減少所抵消。

Adjusted R&D expenses decreased 4% operationally, driven by lower spending on certain vaccine programs as well as our cost realignment program, partially offset by an increase in spending region acquisition.

調整後的研發費用在營運上下降了 4%，這是由於某些疫苗項目的支出減少以及我們的成本調整計劃造成的，但部分被支出區域採購的增加所抵消。

We continue to be disciplined with our operational expense management and remain on track to deliver at least 4 billion in net cost savings from our cost realignment programs by year end, two three reward reported diluted earnings per share $0.78 for the quarter, and our adjusted diluted earnings per share was $1.6, benefiting from our top line performance and efficient operating structure as well as a favorable tax rate driven primarily by jurisdiction.

我們繼續嚴格執行營運費用管理，並預計在年底前透過成本調整計畫實現至少40 億美元的淨成本節省，二三獎勵報告本季稀釋後每股收益為0.78 美元，調整後稀釋後每股收益為0.78 美元。

As mentioned last quarter or unique one-time items included in our GAAP results and excluded from our adjusted results this quarter include a $420 million charge related to the expected sale of one of our facilities resulting from the discontinuation of program earlier this year.

正如上個季度所提到的，我們的GAAP 業績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4.2 億美元的費用，該費用與今年早些時候計劃終止導致的一項設施的預期銷售相關。

Now let me quickly touch upon our capital allocation strategy, which is designed to enhance long-term shareholder value.

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。

Our strategy consists of both maintaining and growing our dividend over time, reinvesting in our business and appropriate loved turned and making value-enhancing share repurchases after delevering our balance sheet.

我們的策略包括隨著時間的推移維持和增加股息、對我們的業務進行再投資、適當的轉股以及在去槓桿化資產負債表後進行增值股票回購。

In the first nine months of 24, we returned 7.1 billion to shareholders via our quarterly dividend invested 7.8 billion in internal R&D.

24 年前 9 個月，我們透過季度股息向股東回報了 71 億美元，投資了 78 億美元用於內部研發。

And as we expected, completed a completed and activity was minimal.

正如我們所預期的，完成了一個已完成的任務並且活動很少。

Our commitment to deleveraging our capital structure to a gross leverage target of three in a quarter times remains a key priority in support of that gold.

我們致力於將資本結構去槓桿化，將總槓桿率目標提高到四分之一倍，這仍然是支持黃金的關鍵優先事項。

Year to date, we have delevered by approximately $4.4 billion, paying down approximately 1 billion maturing debt and approximately 2.1 billion in commercial paper.

今年迄今為止，我們已減少了約 44 億美元的槓桿化，償還了約 10 億美元的到期債務和約 21 億美元的商業票據。

And in October, we monetize and other carriers, which forward for event we wish we received approximately 3.5 billion net cash proceeds and our ownership and he used from approximately 23% to approximately 15%.

10 月份，我們與其他業者貨幣化，我們希望收到約 35 億美元的淨現金收益，我們的所有權從約 23% 增至約 15%。

Year to date, we received received approximately $6.9 billion net cash proceeds from the sale of our peers.

今年迄今為止，我們從出售同業中獲得了約 69 億美元的淨現金收益。

We intend to modernize monetize our remaining Haley on investment in a prudent fashion, considering our cash flow requirements and future market conditions.

考慮到我們的現金流需求和未來的市場狀況，我們打算以謹慎的方式將剩餘的 Haley 投資貨幣化。

But overall, in Q three, we've generated were both robust operating cash flows, which combined with the helium net net sale proceeds of approximately 3 million, resulting in a significant free cash flow generation.

但總體而言，在第三季度，我們產生了強勁的營運現金流，再加上約 300 萬美元的氦氣淨銷售收益，產生了大量的自由現金流。

As we entered the fourth quarter, our objective remains to de-lever and return to a more our balanced allocation of capital between reinvestment and direct return to shareholders.

當我們進入第四季時，我們的目標仍然是去槓桿化並恢復再投資和直接回報股東之間更平衡的資本分配。

Over time, we spend just a few minutes on our outlook for the full year.

隨著時間的推移，我們只花了幾分鐘的時間來展望全年。

Based on our focused execution and strong year-to-date results, we are raising our full year 24 revenue guidance by 1.5 billion and our adjusted diluted earnings per share by $0.3.

基於我們專注的執行力和年初至今的強勁業績，我們將 24 財年全年收入指引提高 15 億美元，調整後稀釋每股收益提高 0.3 美元。

We now expect revenues in the range of 61 to say, $64 billion.

我們現在預計收入在 61 到 640 億美元之間。

And operational revenue growth, excluding COVID-19 products is unchanged at 9% to 11% and takes into consideration reduction of sales associated with Oxbryta.

營運收入成長（不包括 COVID-19 產品）維持在 9% 至 11% 不變，並考慮到 Oxbryta 相關銷售額的減少。

Covid-19 product revenues are now expected to be 10.5 billion, $5 billion for commodity and 5.5 billion for packs lowered our guidance for adjusted SI&A adjusted R&D and our effective tax rate on adjusted income remains unchanged.

目前，Covid-19 產品收入預計為105 億美元，商品收入為50 億美元，包裝收入為55 億美元，這降低了我們對調整後SI&A 調整後研發的指導，並且調整後收入的有效稅率保持不變。

And lastly, adjusted diluted earnings per share of $2.75 to $2.95, primarily reflecting the top line increase and absorbing the Oxbryta impact.

最後，調整後的稀釋每股收益為 2.75 美元至 2.95 美元，主要反映了營收成長並吸收了 Oxbryta 的影響。

As a reminder, our EPS guidance and participated $0.4 of earnings dilution from the CGS acquisition, largely due to financing costs.

提醒一下，我們的 EPS 指導和參與 CGS 收購導致的收益稀釋為 0.4 美元，這主要是由於融資成本。

Now as we began to look towards next year, I wanted to touch on a few modeling considerations.

現在，當我們開始展望明年時，我想談談一些建模注意事項。

As we previously previously discussed, there are several non-recurring items included in our 2024 results.

正如我們之前討論的，我們 2024 年的業績中包含幾個非經常性項目。

First, during 2020 for global revenue included a U.S. government revenue credit crew up and the fulfillment of our obligation to the U.S. national strategic stockpile.

首先，2020 年全球收入包括美國政府收入信貸的增加以及我們對美國國家戰略儲備的義務的履行。

Second, given our ownership is now below 20%, we will no longer record equity income from that investment, our adjusted earnings beginning in 2025%.

其次，鑑於我們的所有權現在低於 20%，我們將不再記錄該投資的股權收入，我們的調整後收益將從 2025% 開始。

And finally, our 2020 14 adjusted income was favorably impacted by timing with respect to the impact of Pillar two and to a lesser extent, audit settlements.

最後，我們的 2020 年 14 調整後收入受到第二支柱的影響以及審計結算的影響（較小程度）的有利影響。

All and these items are expected to have a favorable impact on full year 2024 for adjusted diluted earnings per share of approximately $0.3.

所有這些項目預計將對 2024 年全年產生有利影響，調整後的稀釋每股收益約為 0.3 美元。

In closing, I'm extremely pleased with our third quarter 2024 results and our overall shipments this year.

最後，我對我們 2024 年第三季的業績和今年的整體出貨量感到非常滿意。

Our team remains dedicated to strong operational execution, and we believe our cost saving programs will drive enhanced operating leverage over time that will enable us to consistently deliver on our financial commitments to our shareholders.

我們的團隊仍然致力於強大的營運執行力，我們相信，隨著時間的推移，我們的成本節約計劃將提高營運槓桿，使我們能夠始終如一地履行對股東的財務承諾。

We are committed to driving long patients who scientific leadership, portfolio strength and power activity across all aspects of our business.

我們致力於推動長期患者在我們業務的各個方面發揮科學領導力、投資組合優勢和動力活動。

So with that, I'll now turn it back over to Dave is time for Q&A.

因此，我現在將其轉回給戴夫，現在是問答時間了。

But before we take our first question, I want to briefly address a topic that by noise in the minds of many, we seek to be attentive to our shareholders and are always open to hearing their perspective.

但在我們回答第一個問題之前，我想簡要討論一個主題，即在許多人的腦海中，我們尋求關注我們的股東，並始終願意聽取他們的觀點。

We had a meeting with Starboard Value.

我們與 Starboard Value 進行了會面。

two weeks ago, I was there was our Lead Director and our Head of Investor Relations.

兩週前，我們的首席董事和投資者關係主管也在那裡。

Permitting was constructive and Carson they presented saying that they made public last week.

許可是建設性的，卡森他們介紹說他們上周公開了。

And given the proximity to our quarterly earnings today, mainly in listening mode, why we agreed with some of the points they raise have vastly different views on many of, for example, they expressed dissatisfaction with our total shareholder return.

鑑於今天接近我們的季度收益，主要是在聆聽模式下，為什麼我們同意他們提出的一些觀點，但對許多觀點卻有很大不同，例如，他們對我們的股東總回報表示不滿。

We are not satisfied viable for.

我們不滿足於可行。

We believe we are executing on the best path forward to increase shareholder value.

我們相信，我們正在走上增加股東價值的最佳道路。

On the other side, they saw our capital deployment for business development.

另一方面，他們看到了我們業務發展的資金配置。

We believe that our dealers will produce significant shareholder returns and some of them like season or biotech have been transformative for Pfizer.

我們相信我們的經銷商將為股東帶來可觀的回報，其中一些回報（例如季節或生物技術）已經為輝瑞帶來了變革。

The important thing is what we do to improve performance.

重要的是我們如何提升績效。

We presented the five-point plan aiming to create shareholder value, but because guided our decision-making all year long, we remain focused on executing this plan and on delivering our commitments, including driving long-term shareholder value.

我們提出了旨在創造股東價值的五點計劃，但由於全年指導我們的決策，我們仍然專注於執行該計劃並兌現我們的承諾，包括推動長期股東價值。

We will engage proactively with our shareholders, including Starboard.

我們將積極與包括 Starboard 在內的股東合作。

We'll consider all good ideas that are often.

我們會考慮所有常見的好點子。

And with that, please assemble the queue to discuss our third-quarter performance and pipeline.

接下來，請大家聚集起來討論我們第三季的業績和管道。

Thank you.

謝謝。

At this time, if you'd like to ask a question, please press the star and one on your telephone key pad and you may remove yourself from queue at any time by pressing star two.

此時，如果您想提問，請按電話鍵盤上的星號和一號，您可以隨時按星號二將自己從隊列中刪除。

Once again, that is star one to ask a question.

再說一次，這是提問的明星。

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

我們將回答高盛 Chris Shibutani 提出的第一個問題。

Your line is open.

您的線路已開通。

Good morning and thank you very much.

早安，非常感謝。

I wanted to ask questions about the pipeline, in particular with regard to obesity, where we appreciate the additional insights into what you have in the Albert.

我想詢問有關管道的問題，特別是有關肥胖的問題，我們感謝您對阿爾伯特的更多見解。

You previously said they can believe that Pfizer can be the number two company on the market with an oral that would imply that Daniel GRiP projects, the lead asset there.

您之前說過，他們可以相信輝瑞可以成為市場上排名第二的公司，口頭上暗示丹尼爾 GRiP 項目是那裡的主要資產。

How are you just have two additional assets that we find intriguing and a GLP-1 oil that has and things one that is once a day but would only be behind?

你們怎麼可能只有兩種我們覺得有趣的額外資產和一種 GLP-1 石油，其中一種每天一次但只會落後？

And then now an oral GIP. antagonist, which I think is a source of debate.

現在是口服 GIP。對手，我認為這是爭論的根源。

Can you frame what your strategy is, how important it is to be second market versus perhaps having a differentiated approach with these two assets?

您能否闡述您的策略是什麼？

Thank you.

謝謝。

Look, I will ask Michael to comment because some of it is a lot of activities going on right now, Covad, but my general comment is booked.

聽著，我會請邁克爾發表評論，因為現在有很多活動正在進行，Covad，但我的一般評論已被預訂。

As I have said, if Don, you moves past based on what we know right now, we should be the second borrow into the market provided throughout the first one will be success.

正如我所說，如果唐，你根據我們現在所知道的情況過去了，我們應該是第二個進入市場的人，前提是第一個人會成功。

And then the other ones will not come before us.

然後其他人就不會出現在我們面前。

But so far, this is what situation looks like.

但到目前為止，情況是這樣的。

There are lots and there is a significant need for oral solution Renova.

口服溶液 Renova 的需求量大，需求量很大。

So there is no doubt that if successful, we will have our decent market share over there.

因此，毫無疑問，如果成功，我們將在那裡擁有可觀的市場份額。

But the organ, I think it is the obesity market is developing, let's say, nicely also in terms of science that we are exploring several other opportunities right now, the two that we've had many market because we believe with more both about the Daniel and the other two.

但是器官，我認為肥胖市場正在發展，可以說，在科學方面也很好，我們現在正在探索其他幾個機會，這兩個我們已經有很多市場，因為我們相信更多關於丹尼爾和另外兩個人。

Mike?

麥克風？

Thank you, Albert.

謝謝你，艾伯特。

As you heard the numbers from remote before the meeting, we continue to execute on our directly from plan, which includes the once-a-day profile with the modified release type of system.

正如您在會議前從遠端聽到的數字一樣，我們繼續直接執行我們的計劃，其中包括具有修改後的系統發布類型的每日一次設定檔。

And we do believe that once a day with modified, please could have some really special features and being the second overall would help really to have a strong foot into this market.

我們確實相信，每天進行一次修改，請可以擁有一些非常特殊的功能，並且成為第二名將真正有助於在這個市場上站穩腳跟。

In the same way, we have seen the injectable being split between two different products.

同樣，我們也看到注射劑被分成兩種不同的產品。

I don't expect this oral will differ that much in the world class.

我不認為這個口語在世界級比賽中會有那麼大的差異。

So that's why we were key launches are which could add better tolerability and more efficacy.

這就是為什麼我們專注於推出可以增加更好的耐受性和更多功效的產品。

And we're right now initiate the Phase two studies on the back bone of LEAP engine and more advanced bets.

我們現在正在啟動 LEAP 引擎的骨幹和更先進的賭注的第二階段研究。

This huge segment in drives and have more offerings as we evolve.

隨著我們的發展，這個巨大的細分市場將驅動並提供更多產品。

And you have heard those sold and application of the funds, and that's why we have a second once-a-day agent.

您已經聽說過那些出售和資金的應用，這就是為什麼我們有第二個每天一次的代理商。

Thank you, Michael, for the next question, please.

謝謝邁克爾，請回答下一個問題。

Thank you.

謝謝。

We'll take our next question from Christopher difficult around that with to ask.

我們將接受克里斯托弗提出的下一個問題，並圍繞這個問題提出困難。

Your line is open.

您的線路已開通。

Hey, guys.

嘿，夥計們。

Thank you so much for taking my questions.

非常感謝您回答我的問題。

I'm asking your question on your recent.

我問的是你最近的問題。

We have some headroom at program.

我們的計劃還有一些空間。

And now CapEx, TA reported positive Phase two data.

現在，資本支出、TA 報告了積極的第二階段數據。

And just broadly speaking, this program has been previously highlighted as well for the registrational trial.

從廣義上講，該計劃之前也曾在註冊試驗中得到強調。

When would a tire that you replicate your Phase two in a logical, the patient, the physician, would you need to heal outcomes like survival and also adding away details of the registrational trial.

當你在邏輯上複製第二階段的輪胎時，病人、醫生，你需要治癒生存等結果，並添加註冊試驗的細節。

Can you help us understand how big of an opportunity you see for this drug?

您能幫助我們了解您認為這種藥物有多大的機會嗎？

Thank you so much.

太感謝了。

Come on with firm might go a little bit on the science and then maybe Andrew can speak about the potential size of the CapEx, I think in general or cancer agents, and this is more into the supportive care.

來吧，公司可能會談論一點科學，然後安德魯也許可以談論資本支出的潛在規模，我認為一般來說或癌症藥物，這更多的是支持性護理。

We are addressing certain segments of unmet patient needs with which relates to be able to regain their performance status with better bodyweight, have higher activity and be able to go go through more treatment cycles, which Chiodo often translate to better long-term survival, as you know of that is always dependent on how patients crossover vehicle trial.

我們正在解決某些未滿足的患者需求，這些需求涉及能夠以更好的體重恢復體能狀態、進行更高的活動並能夠經歷更多的治療週期，Chiodo 通常將其轉化為更好的長期生存，因為您知道，這始終取決於患者如何交叉車輛試驗。

So I do think initial registration will come from Siemens by endpoint as in our Phase two study, clearly aim to translate that better patient foremost to better outcomes that are more harder endpoints going through more treatment cycles and treatment that correlated better cancer outcome over this is will be shown in multiple cancer types.

因此，我確實認為最初的註冊將來自西門子的終點，就像我們的第二階段研究一樣，明確的目標是將更好的患者轉化為更好的結果，這是更困難的終點，經過更多的治療週期和與更好的癌症結果相關的治療是將在多種癌症類型中顯示。

We do think similar to other product that earlier have been heavily used in support of cancer care is could be a very unique year.

我們確實認為，與早期大量用於支持癌症護理的其他產品類似，今年可能是非常獨特的一年。

And in addition, today, we are running a heart failure studies looking at the same.

此外，今天我們正在進行一項心臟衰竭研究，以探討相同的問題。

So the opportunity also large chronic disease.

所以患慢性病的機會也大。

And with that and what are some comments on the potential of this molecule?

那麼對於這個分子的潛力有什麼評論呢？

Yes, hello, crypto.

是的，你好，加密貨幣。

And building on Michael's comments and look, X is a massive unmet medical need.

根據邁克爾的評論和看法，X 是一個巨大的未滿足的醫療需求。

It's and 50% to 80% of patients with oncology suffer from it, particularly as you know, with them tragic and non-small cell lung cancer, roughly about 20% to 30% in heart failure.

50% 到 80% 的腫瘤患者患有這種疾病，特別是如您所知，他們患有悲慘的非小細胞肺癌，大約 20% 到 30% 患有心臟衰竭。

And COPD on the size of the market really depends on whether it's viewed as a supportive care therapy.

而慢性阻塞性肺病的市場規模實際上取決於它是否被視為一種支持性護理療法。

But also obviously, as Michael mentioned, whether you have outcome benefit and obviously, depending on the outcome of these trials will be looking at different price points.

但顯然，正如邁克爾所提到的，你是否有結果效益，顯然，根據這些試驗的結果，將考慮不同的價格點。

So the size of the market or particularly the size of this drug is going to be very much informed by the data that we deliver in the pending Phase two and Phase three trials.

因此，市場的規模，特別是這種藥物的規模，將在很大程度上取決於我們在即將進行的第二階段和第三階段試驗中提供的數據。

Thank you.

謝謝。

Next question, please.

請下一個問題。

Thank you.

謝謝。

We'll take our next question from Omar Saad with Evercore ISI.

我們將接受 Evercore ISI 的 Omar Saad 提出的下一個問題。

Your line is open.

您的線路已開通。

Hi, guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

I feel like it's still the engagement with some of your shareholders and the new shareholders.

我覺得這仍然是與一些股東和新股東的接觸。

So perhaps it might be too premature to ask much further on that.

因此，現在進一步詢問這個問題可能還為時過早。

So instead, maybe if I I'll focus on pipeline briefly.

因此，也許我會簡單地關注管道。

I know you mentioned, Michael, that the oral CGRP antagonist add better tolerability and more efficacy.

我知道你提到過，Michael，口服 CGRP 拮抗劑可以增加更好的耐受性和更有效的效果。

It sounded like you were implying it's more ink elemental to what an oral Glip could do as a stand alone.

聽起來你是在暗示它對於口語 Glip 獨立的功能更重要。

Could you just lay that into context?

你能把它放在上下文中嗎？

For example, in the four week Phase one study rent, did it hit 4% to 5% weight loss?

例如，在為期四週的第一階段研究租金中，是否達到了4％至5％的減肥效果？

And secondly, the more than 30 valent pneumococcal vaccine, these as disclosed this morning and does it have more than one carrier protein?

其次，今天早上披露的超過 30 價的肺炎球菌疫苗，它是否具有不止一種載體蛋白？

Thank you very much.

非常感謝。

Michael?

麥可？

Yes, I think the video game for us to act in concert on has been well documented in in a few different peptides setting.

是的，我認為我們協同行動的視頻遊戲已經在一些不同的肽設定中得到了很好的記錄。

So we aim to be the powers to document is with oral approach, and that could really nice differentiation for patients that need a more and faster achievement of the treatment objectives.

因此，我們的目標是成為透過口頭方法記錄的權力，這對於需要更多更快實現治療目標的患者來說確實是一個很好的區分。

And that's what we want to reveal right low under our new platform for for PCB generalists and five, we include a number of technical improvement on we don't disclose those today, but we did we're open to mention that our PCB fourth-generation, which covers 25 serotypes as an example, and improved serotype stream based on new technology that moves it forward beyond what we believe any other technology accomplish and why is that important for them?

這就是我們想要在 PCB 通才和五人的新平台下透露的內容，我們包括一些技術改進，我們今天沒有透露這些，但我們確實願意提及我們的 PCB 第四-例如，涵蓋25 种血清型的一代，以及基於新技術的改進血清型流，使其超越了我們認為任何其他技術所取得的成就，為什麼這對他們來說很重要？

When serotypes, we cover somewhere between 15% to 30% of the disease in different countries and improving ROE that can have a big.

當進行血清分型時，我們涵蓋了不同國家 15% 至 30% 的疾病，並提高了 ROE，這可能會產生很大的影響。

You're adding a number of broader infrequent serotypes as we go to the more than 30 day loan, it will be a question of such improvement on and many more times.

當我們進行超過 30 天的貸款時，您將添加一些更廣泛的罕見血清型，這將是一個需要多次改進的問題。

Thank you, Michael.

謝謝你，麥可。

And next question.

下一個問題。

Thank you.

謝謝。

We'll take our next question from from win with UBS.

我們將回答瑞銀集團的下一個問題。

Your line is open.

您的線路已開通。

Hi, guys.

嗨，大家好。

Sorry, I wasn't on me that churn went from UBS.

抱歉，我並沒有註意到瑞銀集團的流失。

Thanks for taking my questions.

感謝您回答我的問題。

I have to say thanks very much for the comments on the activist investor, you said you disagreed with the store to capital deployment and then you cited significant shareholder returns, CDN and by BioNTech, what's the difference between banking and perhaps what The Street's thinking here on BD?

我必須非常感謝對激進投資者的評論，你說你不同意商店資本部署，然後你引用了重要的股東回報、CDN 和 BioNTech，銀行業之間的區別是什麼，也許華爾街的想法是什麼BD 上？

And then how do you intend to restore investor confidence back into the company so that bridge between your expectations and the Street can be aligned?

那麼您打算如何恢復投資者對公司的信心，以便您的期望與華爾街之間的橋樑保持一致？

And then just on your commitment to deleveraging events on the prepared remarks here, is there an appetite to delever even can sell the hospital business and five fully divest the highly on stake earlier and you do have products going off with NOV soon as that could give you a little bit more flexibility on the balance sheet?

然後，就您在此處準備好的發言中對去槓桿化事件的承諾而言，是否有去槓桿化的興趣，甚至可以出售醫院業務，並且五家公司更早完全剝離高度持股的股份，而且您確實有產品與NOV 一起上市，一旦這可以給你在資產負債表上有更多的靈活性嗎？

So of course, here, why don't we start with this one and then I'll update you a little bit the activist here.

當然，我們為什麼不從這個開始，然後我會向您介紹這裡的活動家的最新情況。

So first, on the delevering point, yes, our objective is to delever as rapidly as possible.

首先，在去槓桿化方面，是的，我們的目標是盡快去槓桿化。

And I think the Company has been laser focused on doing that, given the fact that we've taken out about $4.4 billion in there to date, and we'll see community that.

我認為公司一直專注於這樣做，因為迄今為止我們已經拿出了約 44 億美元，我們將看到社區這樣做。

Secondly, without speaking directly around any from PD. opportunities here, we're always looking to evaluate the infrastructure that we have in the assets that we currently maintain appears availability to, I'll say, monetize some of those assets over time to further support our delevering activity.

其次，沒有直接談論任何來自 PD 的人。在這裡的機會，我們一直在尋求評估我們目前維護的資產中的基礎設施，我想說的是，隨著時間的推移，我們可以將其中一些資產貨幣化，以進一步支持我們的去槓桿化活動。

So I would say all options are on the table and will continue to evaluate what makes the most sense for us strategically long term.

因此，我想說，所有選擇都已擺在桌面上，並將繼續評估對我們的長期策略最有意義的選擇。

As regards the our projections compared to the street presence in the business developments, first of all, let's start by saying that the by far the biggest, the biggest season and the biotech embedded and involve us, I think that's the big move on season where when we I made the deal and the On and on the magnitude that we are very, very stable.

至於我們的預測與商業發展中的街頭存在相比，首先，讓我們首先說，迄今為止最大的、最大的季節和生物技術嵌入並涉及我們，我認為這是季節的重大舉措，其中當我們達成交易時，我們非常非常穩定。

The other ones that also you had two BOPs Biohaven with Norfolk, which we are on our plans for the second quarter Street expectations.

其他的還有諾福克的兩個 BOP Biohaven，我們正在對第二季的計劃進行街道預期。

It is covering 80% of the West, but we have made and probably way more in terms of revenue and the most important thing, newbuild, those seven, for example, or the biotech with our development of mRNA infrastructure around the world and the season acquisition.

它涵蓋了西方80% 的地區，但我們在收入和最重要的事情方面已經取得了並且可能更多，例如，新建，這七個，或者隨著我們在世界各地和季節的mRNA 基礎設施的開發，我們在生物技術方面取得了更多的成果。

But with all are taking over the ABC. tech knowledge of it was a unique unique asset is transformational for Pfizer is not the revenue growth that we are seeing right now and will continue seeing all the way towards the end of the games.

但隨著所有人接管了ABC。它的技術知識是一種獨特的獨特資產，對輝瑞來說具有變革性，這不是我們現在看到的收入成長，並將在比賽結束時繼續看到。

But it is too a disease one already Phase three.

但這也是一種已經進入第三階段的疾病。

The other is about to start Phase three.

另一個即將開始第三階段。

We got from from season ones we and the other that you deal with one agency close, our mega blockbuster, see there are technical success, mega blockbusters, and we are moving to Phase three because we have seen very positive earlier data.

我們從第一季和另一季中得知，您與一家機構密切合作，我們的超級大片，看到技術上的成功，超級大片，我們正在進入第三階段，因為我們看到了非常積極的早期數據。

The same reason, we are starting with a decent amount of the IMiDs and it's very tough anomaly.

同樣的原因，我們從相當數量的 IMiD 開始，這是非常困難的異常。

So I would say, but I but I think we truly think about the invested capital and will demonstrate significant value for shareholders.

所以我想說，但我認為我們真正考慮了投資資本，並將為股東展示巨大的價值。

But I wanted also to make final comments a full or any discussion with activities, but no longer if we agree or disagree on them or what has happened, I think the most important thing is what do we are doing going forward?

但我還想對活動進行全面或任何討論，但不再是我們同意或不同意它們或發生了什麼，我認為最重要的是我們接下來要做什麼？

And Starbucks has not presented any specific actions, but they suggested something this pertains from that point in the beginning of the year already a year ago, we have already started changing a lot of things.

星巴克還沒有提出任何具體行動，但他們從一年前的年初就提出了一些建議，我們已經開始改變很多事情。

Over the past nine months, we have implemented same slide, which is our commercial model to separate the US and international and appointed new leaders who have not delivered three consecutive quarters of revenue and indexed fits.

在過去的九個月裡，我們實施了同樣的幻燈片，這是我們將美國和國際分開的商業模式，並任命了未連續三個季度實現收入和指數擬合的新領導者。

We integrate.

我們整合。

It seems that entry and then two in oncology research organization to ensure their success, yes, full integration of the overseas and pipeline.

看來，進入然後兩個腫瘤學研究組織才能確保他們的成功，是的，海外和管道的全面整合。

And we have retained the vast majority of the legacy than corporates.

我們保留了企業以外的絕大多數遺產。

And we have delivered multiple multiple successful results from that.

我們已經從中取得了多項成功的成果。

We reduce OpEx by EUR4 billion, which to execute successfully without negatively affecting the top line.

我們減少了 40 億歐元的營運支出，成功執行該支出不會對營收產生負面影響。

We announced an additional plans to reduce manufacturing costs by 1.5 billion, which so far is delivering satisfactory results.

我們宣布了額外降低製造成本15億的計劃，目前效果令人滿意。

We brought him on Rumo, which is a knowledgeable resets analyst to help prioritize our R&D pipeline and future business development.

我們聘請了 Rumo，他是一位知識淵博的重置分析師，幫助我們確定研發管道和未來業務發展的優先順序。

We are advancing now the process of selecting a new scientific officer, and we have enhanced our Board was terrific directors who have deep expertise in corporate governments and send holder value, Chris.

我們現在正在推進選擇新科學官員的過程，我們已經加強了我們的董事會，他們是出色的董事，他們在公司政府方面擁有深厚的專業知識，並為股東帶來價值，克里斯。

So why do we believe it is our August sales results are as an investment of five point plan, but we roll out already in January of last.

那麼為什麼我們認為我們八月的銷售業績是作為五點計劃的投資，但我們去年一月份就已經推出了。

So as I said in my personnel or let's say, remarks, we provided to shareholders, including Star Wars and consider any good ideas.

因此，正如我在我的人事或言論中所說，我們向股東提供了包括《星際大戰》在內的任何好點子。

They create long-term shareholder value.

他們創造長期股東價值。

But I don't think that the statements something Mr. Sands is a really fragmented because it's coming 60 months late.

但我不認為 Sands 先生的聲明真的是支離破碎，因為它晚了 60 個月。

Next question, please.

請下一個問題。

Thank you.

謝謝。

Take our next question from Luis.

回答路易斯的下一個問題。

Can we can tie your line is open.

我們可以聯絡您的線路嗎？

Thanks for taking my question.

感謝您提出我的問題。

I just had to go here.

我只得去這裡。

First one, I wanted to ask you how we should take questions and calls for sales and EPS in 2025.

第一個，我想問您我們應該如何回答有關 2025 年銷售額和每股盈餘的問題和電話。

And when you might give guidance, could it be as early as this year?

什麼時候可以提供指導，最早可以在今年嗎？

And then second one, just so I'm just wondering how the integration is coming along and you have any update to some of the metrics that you paid like sales in 2030?

然後是第二個，我只是想知道整合進展如何，您對 2030 年銷售額等支付的一些指標有任何更新嗎？

And what have you, Sidney Axys and Thank you.

你有什麼，西德尼·阿克西斯，謝謝你。

Okay, Dave Lesar.

好的，戴夫·萊薩。

Yes.

是的。

So thank you.

所以謝謝你。

Regarding 2025 is really topical because we're in the middle.

關於 2025 年確實是一個熱門話題，因為我們正處於中間。

You can imagine building our 2025 financial plan here across all of our business lines.

您可以想像在這裡制定我們所有業務線的 2025 年財務計畫。

It up to your point, there's going to be a lot of pushes and pulls as we think about growth into next year on both our core core business as well as our core business.

根據您的觀點，當我們考慮明年我們的核心業務和核心業務的成長時，將會有很多推動和拉動。

It is our expectation that is we will provide guidance for 2025, most likely by the end of this year.

我們的期望是我們將為 2025 年提供指導，最有可能在今年年底。

So stay tuned more to come.

所以請繼續關注更多內容。

We will lay out all the pushes and pulls.

我們將列出所有的推力和拉力。

We'll give guidance for 2025.

我們將給予 2025 年的指導。

So you can get a very clear understanding of our business in the the opportunities to enhance shareholder value, not longer term.

這樣您就可以非常清楚地了解我們的業務中提升股東價值的機會，而不是長期的。

Chris, can you give us an update on the season?

克里斯，你能給我們介紹一下這個賽季的最新情況嗎？

Grayson speak a little bit about the commercial, but also focus on the US is a significant one.

格雷森談了一些關於廣告的內容，但對美國的關注也很重要。

Thank you very much for the question.

非常感謝你的提問。

And overall, we're very pleased with the integration to date, and we've retained the vast majority of colleagues at legacy Sagent, and we now have over 1,500 colleagues and working in our facilities in Basel just as so as you saw the global revenue in Q3, we printed eight tenants that 4 million from legacy stage and an update, as Pat said, printed over EUR400 million in Q2 to a stage and year to date delivered for us to 3 billion, which is 38% year over year on a pro forma basis.

總的來說，我們對迄今為止的整合感到非常滿意，我們保留了舊Sagent 的絕大多數同事，我們現在有1,500 多名同事，在我們位於巴塞爾的工廠工作，就像您看到的全球一樣在第三季的收入中，我們印製了8 個租戶，從傳統階段印製了400 萬歐元，正如帕特所說，更新後，第二季度印製了超過4 億歐元到一個階段，今年迄今為止為我們交付了30 億歐元，年增38%備考基礎。

And we continue to execute very well on the portfolio.

我們的投資組合繼續執行得很好。

On the pipeline, we started Phase three studies with the system at the delta in urothelial cancer, HER2 low, which is up to 40% of bladder cancer.

在研發過程中，我們開始對三角洲尿路上皮癌、HER2 低水平（佔膀胱癌的 40%）系統進行第三階段研究。

Seatbelt attack.

安全帶攻擊。

The dose and the differentiated basic, say, started the first Phase three study in non-squamous, this non-small cell lung cancer.

例如，劑量和差異化基礎開始了針對非鱗狀非小細胞肺癌的第一個三期研究。

That's what we saw the most significant data.

這就是我們看到的最重要的數據。

And we're also planning to start the combination of the Delta plus pembrolizumab in the first-line setting of non-small cell lung cancer and recently discussed and aligned with the FDA on the trial design and on the dosing.

我們還計劃在非小細胞肺癌的一線治療中開始聯合使用 Delta 和派姆單抗，並且最近與 FDA 就試驗設計和劑量進行了討論和協調。

We also progressing as it started Phase three program with the PD L. one C. and don't tend to see in combination with pembro masks and early next year.

隨著 PD L. one C. 啟動第三階段計劃，我們也取得了進展，並且不會在明年初與 pembro 面罩結合使用。

So overall, great and commercial performance so far, we haven't missed a beat and we continue to on the pipeline value accrues.

總體而言，到目前為止，我們取得了出色的商業表現，我們沒有錯過任何一個機會，並且我們將繼續在管道中增加價值。

Next question, please.

請下一個問題。

Thank you.

謝謝。

We'll take our next question from Geoff Meacham with Citi.

我們將回答花旗銀行傑夫‧米查姆 (Geoff Meacham) 提出的下一個問題。

Your line is open.

您的線路已開通。

Morning, everyone, and thanks so much of that question.

大家早安，非常感謝這個問題。

Just had a couple of quick ones, Michael, another one on obesity.

剛剛吃了幾個快速的，邁克爾，另一個關於肥胖的。

And I know you've added assets, athlete, LeBron and appreciate that it's early, but wanted to ask you what does success look like on efficacy just given the bar today?

我知道你已經增加了資產、運動員、勒布朗，並且很高興現在還為時過早，但想問你，根據今天的標準，成功的功效是什麼樣的？

And then sort of how does Pfizer view orals versus longer acting injectables when you think about Metsa Pfizer's making in this category?

然後，當您想到 Metsa Pfizer 在這一類別中的產品時，輝瑞如何看待口服藥物與長效注射藥物？

And then real quick, all of our on the IRA RPC seems here to stay.

然後很快，我們在 IRA RPC 上的所有內容似乎都會保留下來。

But when you think about the potential for a new administration or what do you what was what would Pfizer like to see obviously beyond closing the gap between orals and biologics on exclusivity?

但是，當您考慮新政府的潛力時，或者您認為輝瑞除了縮小口服藥物和生物製劑之間在排他性方面的差距之外，還希望看到什麼？

Thank you.

謝謝。

Michael.

麥可.

So for all roads to keep it very in ROE.

因此，所有道路都必須保持 ROE。

I think if you don't have a number of advantages, one is, of course, that combines well with all other drugs that are involved in cardiometabolic continues to gain logo outcomes.

我認為，如果你沒有很多優勢，當然，其中一個優勢就是與涉及心臟代謝的所有其他藥物良好結合，繼續獲得標誌性的結果。

And what you're looking for for, I would say is 10% to 20% of the way, the lower range of four that firstly, the operation is where it goes to your overall oral combination of edge towards that very much similar to what you can see with a peptide.

我想說的是，你要尋找的是 10% 到 20% 的方式，四個較低的範圍，首先，操作是你的整體口語組合的優勢，非常類似於你可以用肽看到。

So I kept it very well.

所以我把它保存得很好。

I would with a lower end of the aspirational range, the lower for both single agents that will edge above the combi agents that can aspire to go about 15 allege about Urban Edge above that market, not only known zones on IRA.

我希望將理想範圍的下限設定為較低，即兩個單一代理人的較低值將略高於組合代理人，這些代理人可以渴望在該市場之上約15 聲稱Urban Edge 高於該市場，而不僅僅是IRA 上的已知區域。

Clearly IRA overall is a negative comparison and does not promote.

顯然，IRA 總體上是一種負面比較，並不具有促進作用。

I clearly, but people could provide investments, but there also some good fix biology.

我很清楚，但人們可以提供投資，但也有一些很好的修復生物學。

So clearly, I would like to see that the out of pocket a little bit about the next year would be $167 per month for all your medicines for seniors.

很明顯，我希望明年為老年人提供的所有藥物的自付費用為每月 167 美元。

We want to be maintained.

我們希望被維護。

But the Visa force price-setting, it's not a negotiation.

但 Visa 強制定價，這不是談判。

And also the penalty peeled between are things that make sense and is not only on IRA.

而且，兩者之間的懲罰是有意義的，並且不僅僅是 IRA 上的。

I would mention what the 34 debate right now.

我想提一下現在的 34 場辯論。

It is one of the biggest issue and it is our Mexico and it is a way that it is evolving and it is creating significant transfer of funds from where it needs to be used for people to bolster the types of business.

這是最大的問題之一，這是我們的墨西哥，這是一種正在發展的方式，它正在創造大量的資金轉移，這些資金需要用於人們支持業務類型。

So for 30 40 b. reform is something that the myself and the entire fleet.

所以對於 30 40 b。改革是我自己和整個艦隊的事情。

I'm sorry for both.

我對兩人都很抱歉。

Thank you for your question.

謝謝你的提問。

Next question, please.

請下一個問題。

Thank you.

謝謝。

We'll take our next question from Terence Flynn with Morgan Stanley.

我們將回答摩根士丹利特倫斯·弗林的下一個問題。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks.

謝謝。

Appreciate the questions.

感謝您提出的問題。

two for me.

給我兩個。

I guess first one is on the RSB. opportunity.

我猜第一個是在 RSB 上。機會。

Just wondering what you see as the most likely outcome here for revaccination frequency and the potential impact on a longer-term market opportunity?

只是想知道您認為重新接種頻率最可能的結果是什麼以及對長期市場機會的潛在影響？

And then the second question is more of a clarification on your CDK guided to start in first line Phase three study early next year.

第二個問題更多的是澄清你們的 CDK 指導明年初開始一線三期研究。

Just wondering, Tom, if you can share more detail there on the design, if that would be ahead versus I brands and if it would be in combo with the uptake or if that's a monotherapy type design.

湯姆，我只是想知道，您是否可以分享更多有關設計的細節，這是否會比 I 品牌領先，是否會與吸收相結合，或者是否是單一療法類型的設計。

Thank you.

謝謝。

Forex.

外匯。

I mean, would you like to speak a little bit about the RSV and yet from mass media channels to directly answer your question, so it how the market evolves, it's going to be a function of how a SIP recommendation, the evolve, and that includes revaccination timeframe, as you mentioned, but also to build populations.

我的意思是，您想談談 RSV 嗎？ 但從大眾媒體管道直接回答您的問題，所以市場如何演變，它將取決於 SIP 推薦、演變的方式，以及正如您提到的，包括重新接種疫苗的時間表，也包括建立人口。

I don't know, it's really productive for us to predict how a SIP is going to evolve these recommendations, but we do feel confident in the resource profile.

我不知道，預測 SIP 將如何發展這些建議對我們來說確實很有成效，但我們確實對資源概況充滿信心。

And importantly, what I would like to highlight is we feel very confident in our ability to pull that profile through.

重要的是，我想強調的是，我們對實現這一目標的能力非常有信心。

You heard Albert describe our momentum in the US market, particularly in light of dramatic improvements in our market share versus last year.

您聽到 Albert 描述了我們在美國市場的發展勢頭，特別是考慮到我們的市場份額與去年相比有了顯著提高。

And we continue to be ready to advance in vaccinations in the fourth quarter as well.

我們也繼續準備在第四季推進疫苗接種工作。

Nothing I would say is the FDA's recent approval of the 18 to EUR59.

我不想說什麼 FDA 最近批准了 18 至 59 歐元。

That risk population makes a brisk, though the only RSV vaccine that's indicated that protect patients as young as 18 of our areas of oh eight, and it further strengthens the SAP perspective on the viability of that resolved.

儘管唯一的 RSV 疫苗表明可以保護我們地區 8 歲以下 18 歲的患者，但該風險族群的反應非常活躍，並且它進一步強化了 SAP 對該解決方案可行性的看法。

Last thing I'll say is on maternal, um, we have also had really good momentum on now on our Brazil maternal indication.

我要說的最後一件事是關於產婦，嗯，我們現在在巴西產婦指標方面也取得了非常好的勢頭。

We see very strong signals in uptake for the month of September.

我們看到 9 月的吸收訊號非常強烈。

We percent uptake, which is a full doubling of where we ended the last season.

我們的吸收率是上個賽季結束時的兩倍。

And we continue to see uptake amongst OB GYNs and health systems.

我們繼續看到婦產科醫生和衛生系統的採用。

First, four weeks of this season, the units that we shipped into those systems are up 56% from the first four weeks of last season.

首先，在本賽季的第四周，我們運送到這些系統的單位數量比上賽季的前四周增加了 56%。

So we see momentum on now of Brazil, and we look forward to future updates and Alexandria once we have something on these international because that's also an important market for Rajeev, since even though it's still not material yet, we actually making very good progress.

因此，我們現在看到了巴西的勢頭，一旦我們在這些國際賽事上有所進展，我們就期待未來的更新和亞歷山大，因為這對拉吉夫來說也是一個重要的市場，因為儘管它還不是實質性的，但我們實際上取得了非常好的進展。

So on the other folks, we actually got etc. recommendations to finish the year in large markets like UK and Germany, in France and Canada, Australia and Saudi Arabia and a lot of other mid-sized market and what's positive share recommendation that we will be funding.

因此，在其他方面，我們實際上得到了一些建議，以結束今年在英國和德國、法國和加拿大、澳大利亞和沙烏地阿拉伯等大型市場以及許多其他中型市場的建議，以及我們將採取哪些積極的股票建議是資金。

And as you know, at the second quarter, we said that we won't be excess UK Attendo.

如您所知，在第二季度，我們表示我們不會成為過多的英國 Attendo。

That's what did we also won that the Canadian tender.

這就是我們贏得加拿大招標的原因。

Now in terms of reimbursement, we just got actually with regional reimbursement in Germany and we we are launching at a peak in October in Germany that all the others, the large market that the refi market up to that are in phase of negotiations.

現在就報銷而言，我們實際上剛剛在德國獲得了區域報銷，我們將在 10 月在德國推出高峰期，所有其他市場，即再融資市場，都處於談判階段。

On the other side, the last thing I want to say is actually we are watching video bridging study in 2025 in China so that we can do an NDA filing, which is also an important market for us on the pediatric side.

另一方面，我最後想說的是，實際上我們正在觀看2025年中國的視頻橋接研究，以便我們可以進行NDA備案，這對我們兒科方面來說也是一個重要的市場。

But we are making good progress.

但我們正在取得良好進展。

We also got can, etc., recommendation in large markets like UK, Spain, France and Australia.

我們也在英國、西班牙、法國和澳洲等大市場得到了罐頭等的推薦。

Several other mid-sized market, actually, yesterday we've just got also the Pan Pan American Health Organizations that cover four key markets in the in the in the Americas that actually released an addressable there are as yet, is it a recommendation.

其他幾個中型市場，實際上，昨天我們剛剛得到了覆蓋美洲四個主要市場的泛美衛生組織，該組織實際上還發布了一個可尋址的目標，這是一個建議嗎？

So we're gaining also reimbursement in France and just launched in France recently.

因此，我們在法國也獲得了報銷，最近剛在法國推出。

But there, again of pediatric, once we got all those positive recommendation, we are moving into a reimbursement.

但在兒科方面，一旦我們得到所有這些積極的建議，我們就會進行報銷。

So we see great potential.

所以我們看到了巨大的潛力。

It's going to take a bit of time because we go through all those different steps that we see good potential than absolute.

這將需要一些時間，因為我們經歷了所有這些不同的步驟，我們看到了比絕對更好的潛力。

Thank you.

謝謝。

And then why don't you go to Chris for the question on the design of the Phase three?

那你為什麼不去找克里斯詢問有關三期設計的問題呢？

And thank you very much for the question on a total of cyclic as elective CDK4 inhibitor business and not another small molecule that was conceptualized undiscovered in other therapies in Doha.

非常感謝您提出關於選擇性 CDK4 抑制劑業務的整體循環問題，而不是關於多哈其他療法中尚未發現的另一種小分子的問題。

And as you know, is currently in a Phase three program for second-line plus and hormone receptor-positive breast cancer and best in class two class highly selective CDK4 inhibitor.

如您所知，目前正處於二線+和荷爾蒙受體陽性乳癌的第三階段計劃中，並且是二類最佳高選擇性 CDK4 抑制劑。

And as you know, CDK. six leads to some of the vulnerabilities, including the bone marrow toxicity ticketing was CDK four, which drive breast cancer preparation.

如您所知，CDK。六個導致一些漏洞，包括骨髓毒性票務是CDK的四個，它驅動乳癌的準備。

So we've been pleased with the current date, including the safety and tolerability.

所以我們對目前的日期感到滿意，包括安全性和耐受性。

The early clinical data support the potential for more complete and continuous dosing with CDK four.

早期臨床數據支持 CDK 4 更完整和連續給藥的潛力。

And as you've seen, we've got no grade four neutropenia, no grade three or a no grade four.

正如您所看到的，我們沒有四級中性粒細胞減少症，沒有三級或四級。

And treatment-related AEs was observed with aligned with the FDA on the first line and hormone receptor-positive breast cancer study, which is start in the coming months, and it will be against physician's choice of CDK4/6 inhibitor.

與治療相關的 AE 與 FDA 一致在一線和荷爾蒙受體陽性乳癌研究中觀察到，該研究將在未來幾個月開始，這將違背醫生對 CDK4/6 抑制劑的選擇。

Thank you for your next question, please.

謝謝你的下一個問題。

Thank you.

謝謝。

We'll take our next question from Evan Seigerman with BMO Capital Markets.

我們將回答 BMO 資本市場的 Evan Seigerman 提出的下一個問題。

Your line is open.

您的線路已開通。

Thank you for taking my questions.

感謝您回答我的問題。

I have one for Andrew.

我有一份給安德魯。

Honorable our I believe it's a first call on the other side.

尊敬的我們，我相信這是對方的第一次通話。

Can you first four months or so?

前四個月左右可以嗎？

Can you help us better understand your findings regarding the portfolio?

您能幫助我們更了解您對投資組合的發現嗎？

And more broadly, how do you have to shape and focus the wide variety of assets that there has to drive sustainable growth?

更廣泛地說，您必須如何塑造和集中各種資產來推動永續成長？

So wireless, you are in the dark side.

如此無線，你就處於黑暗面。

What is your opinion?

你的意見是什麼？

Questions?

問題？

Lighting, Adam, thank question.

照明，亞當，謝謝問題。

Be I think in response to our first question is coming from finance.

我認為回答我們的第一個問題來自金融。

I guess from as I step into the life side rather than the job site.

我想是從我踏入生活而不是工作現場開始的。

And but in terms of the question, look, I always regarded finalizes R&D engine highly just because when you look at the stream of molecules that have been internally discovered at Pfizer over the years past, our inhibits SaaS, CDK4/6 inhibitor, Jack's, please vote, and that's clearly a very, very strong record that discovery and execution.

但就問題而言，你看，我一直高度重視最終確定的研發引擎，因為當你看看過去幾年輝瑞內部發現的分子流時，我們的抑制 SaaS、CDK4/6 抑制劑、傑克的、請投票，這顯然是發現和執行方面非常非常有力的記錄。

And it's not just small molecules.

而且不只是小分子。

I hasten to add.

我趕緊補充。

You see that in vaccines and other guys, the cell therapies and bispecific for me when I made the move, this was absolutely key in terms of a company that had this because you don't have this than life is very, very difficult now in answer to where I hope to add value coming forward.

你看，在疫苗和其他方面，當我採取行動時，細胞療法和雙特異性對我來說，這對於擁有這種技術的公司來說絕對是關鍵，因為你沒有這個，現在的生活非常非常困難回答我希望在未來增加價值的地方。

I think as Albert alluded to earlier, historically, perhaps we may exceed areas where that commenced hasn't translated into the type of revenues you want to point to is that this is a much easier challenge to sold.

我認為，正如阿爾伯特早些時候提到的那樣，從歷史上看，也許我們可能會超越那些尚未轉化為收入類型的領域，你想指出的是，這是一個更容易銷售的挑戰。

It's a matter of taking this incredibly powerful mission points you get in the right direction so that we are targeting those areas that translates into revenue.

問題在於如何將獲得的極其強大的任務點引向正確的方向，以便我們瞄準那些能夠轉化為收入的領域。

That's one thing that I think the COVID experience shows you is once Pfizer focuses, execution is something you should feel comfortable that.

我認為新冠疫情的經驗向你表明，一旦輝瑞專注於執行力，你就應該感到放心。

Thank you, Andrew and Evan, for the question.

謝謝安德魯和埃文提出的問題。

Next question, please.

請下一個問題。

Thank you.

謝謝。

And once again to ask a question, please press star one and we'll take our next question from Corning brand with Bernstein.

再次提問，請按星號一，我們將與伯恩斯坦一起回答康寧品牌的下一個問題。

Your line is open.

您的線路已開通。

Hi, everyone, and thanks so much for the containers is coming from anything from at building on the last question.

大家好，非常感謝容器來自最後一個問題的建造。

And by 28 in the presentation today, it suggested that in the last three months ended supply to today, there has been no meaningful pipeline on, albeit there are a number of pipeline action kind of suggested to the initial 10 we're suggesting is that likely as a response to the reset and cost-cutting that's coming on?

截至今天 28 日的演示中，它表明在過去三個月中截止到今天，沒有任何有意義的管道在運行，儘管我們建議的最初 10 個管道中建議採取一些行動：可能是對即將發生的重置和成本削減的回應？

My first question is how will you ensure that this is inherently in the quarter?

我的第一個問題是，您將如何確保這是本季固有的？

And how are you balancing the need to kind of take stock and Koch while ensuring high crack high-potential opportunities again accelerated through the pipeline?

您如何平衡盤點和科赫的需求，同時確保高潛力的機會再次加速通過管道？

Then maybe I will ask the two R&D has could comment on.

然後也許我會問兩個研發部門可以發表評論。

But first, let's start with Chris.

但首先，讓我們先從克里斯開始。

Yes.

是的。

Thank you for the question.

謝謝你的提問。

So just remind us this year, we've already started eight new first inpatient study faith in oncology, which I believe makes us the number one and company in terms of Phase one clinical trial start.

所以請提醒我們，今年我們已經開始了八項新的腫瘤學首次住院研究，我相信這使我們成為第一階段臨床試驗啟動的第一和公司。

And in the coming months, we expect potential Phase three readouts for breakwater, which is a very important indication for us in BRAF mutated colorectal cancer, which is up to 10% of colorectal cancer.

在接下來的幾個月裡，我們預計防波堤可能會出現第三階段讀數，這對我們來說是 BRAF 突變大腸直腸癌的一個非常重要的跡象，這種癌症佔結直腸癌的 10%。

That will be in the first line setting a big unmet need because this particularly poor prognosis patients presenting could be replicated colorectal cancer.

這將是第一線提出了一個巨大的未滿足的需求，因為這種預後特別差的患者可能會複製結直腸癌。

We also expect readouts Burberry attack to have yard in process tactics.

我們也預期 Burberry 攻擊的讀數會包含在策略中。

We're co-developing with Danisco ER-positive, second-line plus metastatic breast cancer, critical Crest, which is sustainable and subsided and not a differentiated subcut 81 in combination with BC see in non-muscle invasive bladder cancer.

我們正在與 Danisco 合作開發 ER 陽性、二線加轉移性乳腺癌 Critical Crest，它是可持續且消退的，而不是與非肌肉層浸潤性膀胱癌中所見的 BC 組合的分化亞切 81。

We will also present in the come up.

我們也將在接下來的內容中介紹。

And that months, Phase two randomized data pools may permit that.

那幾個月，第二階段隨機資料池可能會允許這樣做。

And this is a randomized Phase two data in patients with prostate.

這是前列腺患者的隨機二期資料。

And so we've seen the data provided us the confidence to initiate two Phase three programs in the coming months will also start additional Phase three studies, as I mentioned, significant fall in first-line ER-positive breast cancer at the delta, the combination with pembrolizumab and PD-L1 high first-line non-small cell lung cancer cuts safe with a positive breast cancer sort of rise, quite impressive from the oncology side of the market.

因此，我們看到這些數據使我們有信心在未來幾個月內啟動兩個三期計劃，還將啟動額外的三期研究，正如我提到的，三角洲地區一線ER 陽性乳腺癌的發病率顯著下降，與 pembrolizumab 和 PD-L1 聯合使用，一線非小細胞肺癌的治療安全性有所提高，乳腺癌陽性率有所上升，這從市場的腫瘤學方面來看相當令人印象深刻。

What's involved there?

那裡涉及什麼？

As you know, you know, we thought we had in Q2 focus by this quarter, display from that move at the most valuable part of that, right?

如您所知，我們認為本季我們的重點是第二季度，從這項舉措中展示出其中最有價值的部分，對吧？

And when you look over the next 18 months and including here and the loan quality, we will have up to 40 different opportunities to fill the left side of I guess you were eager to see progress on underwriter, and it will include the Board will be divided between potential approvals, project in pivotal readouts and potential approval closer than that did not even include further seamless in clinical development.

當你展望未來 18 個月，包括這裡和貸款品質時，我們將有多達 40 個不同的機會來填補左邊的空缺，我猜你渴望看到承銷商方面的進展，其中將包括董事會潛在批准、關鍵讀數項目和潛在批准之間的差距比這更接近，甚至不包括臨床開發的進一步無縫。

Thank you.

謝謝。

Gartner for the question.

Gartner 的問題。

Next question, please.

請下一個問題。

Thank you.

謝謝。

We'll take our next question from Steve Scala with Cowen.

我們將回答 Steve Scala 和 Cowen 提出的下一個問題。

Your line is open.

您的線路已開通。

Thank you very much.

非常感謝。

Pfizer has previously stated it anticipated having visibility on term COVID product sales based on 2024 trends since we are now nearing the end of 2024.

輝瑞先前曾表示，由於現在已接近 2024 年底，預計將根據 2024 年趨勢了解新冠肺炎產品的長期銷售情況。

I'm wondering what that long-term number is.

我想知道這個長期數字是多少。

And then secondly, thus far, or how have the Phase three booster data for the RSV vaccine in adults in house and FES, does the data show a similar step down in booster immunogenicity as did the GSK vaccine?

其次，到目前為止，RSV 疫苗在成人和 FES 的第三階段加強數據如何，數據是否顯示出與 GSK 疫苗類似的加強免疫原性下降？

Thank you.

謝謝。

All right.

好的。

So and stability, let's assume maybe I'm going to want to make a commodity, but also from and why don't we let me just comment on performance.

因此，就穩定性而言，讓我們假設我可能想要製造一種商品，但為什麼我們不讓我只評論性能呢？

I think I think both on tax loaded and community.

我想我既考慮稅負又考慮社區。

And I think with our performance to date as well as the quarter, which show us is that going into it category where we understand what the volumes are likely to be, and we believe these are going to be durable businesses going forward.

我認為，從我們迄今為止以及本季的業績來看，這向我們表明，進入這一類別，我們了解可能的銷量，並且我們相信這些將是未來持久的業務。

So just as an example, unpacks loaded, even if you take the one-time items that Dave alluded to aside for a moment, we've seen excellent COVID treatment course utilization, right?

舉個例子，打開已裝載的包裝，即使您暫時將戴夫提到的一次性物品放在一邊，我們也看到了出色的新冠治療療程利用率，對吧？

Even just in the summer wave that happened over the course of the third quarter, we saw an average of about 100,000 courses of treatment at the start of July, growing to about 225,000 treatment courses in mid August that declined.

即使僅在第三季發生的夏季浪潮中，我們也看到 7 月初平均約有 100,000 個療程，到 8 月中旬增長到約 225,000 個療程，並有所下降。

And we've built a very durable commercial engine to support that with increase in treatment rates with very viable reimbursement, both on the government side as well as on the commercial side and a way to activate HCPs and consumers who need treatment.

我們已經建立了一個非常耐用的商業引擎來支持這一目標，透過非常可行的報銷來提高治療率，無論是在政府方面還是在商業方面，以及一種激活 HCP 和需要治療的消費者的方法。

And similarly on the vaccine, our goal this year with community and we had the benefit of being able to start three weeks before last year.

同樣，在疫苗方面，我們今年與社區的目標也是如此，我們的好處是能夠在去年前三週開始。

It was to start the season with plenty of vaccine in fridges, both in the retail setting as well and in the health system setting and the ability to do that quite well.

本賽季開始，冰箱裡就備有大量疫苗，無論是在零售環境還是在衛生系統環境中，並且有能力很好地做到這一點。

When you look at where vaccination is this year versus last year, a little bit higher, actually, but a big part of that, it's just a function of the calendar and that we expect to see vaccinations continue in October through December, and the shape of that curve will continue to evolve.

當你看看今年的疫苗接種情況與去年相比，實際上有點高，但其中很大一部分，這只是日曆的函數，我們預計疫苗接種會在 10 月到 12 月繼續進行，並且形狀該曲線將繼續演變。

But all of this makes us confident that we're seeing a durable vaccines and tax than the four international this that extender.

但這一切都讓我們相信，我們將看到比四個國際疫苗和稅收更持久的疫苗和延長劑。

Thanks the question.

謝謝提問。

As it took and saying same principles, we see enduring business in Korea that you just said.

正如您剛才所說的，我們遵循並說出了同樣的原則，我們在韓國看到了持久的業務。

I want to remind everyone that in the international division, we close on 30th of August.

我想提醒大家，國際賽區8月30日關閉。

So basically, you don't see any sales of community simply because for most market after their vaccination campaign in September.

所以基本上，你看不到任何社區銷售，只是因為對於大多數市場來說，在 9 月的疫苗接種活動之後。

Having said that, we are progressing very nicely into our key regions or so years.

話雖如此，我們在關鍵地區的進展非常順利，大約幾年了。

First, we got the approval of the January data actually in July, and we got the KP. to assess the textile September sales, basically a 3rd of August.

首先，我們實際上在7月就得到了1月數據的批准，我們得到了KP。評估紡織9月銷售情況，基本上是8月3日。

We started to work with all of healthcare authorities partner in Europe, where we had to implement the there to your contract that is in place sensing in the UK and Canada.

我們開始與歐洲的所有醫療保健機構合作夥伴合作，我們必須將英國和加拿大現有的合約落實到我們的合約中。

We've also worked with the authority to actually execute on contracts in Japan.

我們也與日本當局合作實際執行合約。

We also got to the vaccine approved in mid-September.

我們也獲得了九月中旬批准的疫苗。

And a community is actually the only PFS a vaccine never frozen, which could be a competitive advantage considering the distribution model in Japan.

社區實際上是唯一一個從未冷凍過疫苗的 PFS，考慮到日本的分銷模式，這可能是競爭優勢。

So again, we see this as it and doing business.

再說一遍，我們就是這樣看待並開展業務的。

And we see our, as I said, executing our existing contract in our key location from it's probably AMA. actually samples could with Q3 for us.

正如我所說，我們看到我們在關鍵地點執行現有合同，這可能是 AMA。實際上可以為我們提供第三季的樣品。

And it is actually very good because it satisfies of perception that actually is a sustainable business with sustainable demand, which is the COVID wave.

它實際上非常好，因為它滿足了人們的看法，即實際上是一個具有可持續需求的可持續業務，這就是新冠浪潮。

And we had quite a stronger spring waste in Europe and Asia, and that's illustrated contributed to this.

我們在歐洲和亞洲有相當多的春季廢物，這說明了這一點。

Just to close, I want to say that 47 countries outside of US acquisition from advanced, but chasing into commercial.

最後，我想說的是，美國以外的 47 個國家從先進的採購中，但正在追逐商業化。

So as we see in the U.S. cities and enduring and now the sales that we see quarter after quarter to reflect the absolute demand and reflect a waste as they are received the Japan region of the world.

因此，正如我們在美國城市看到的那樣，現在我們看到的銷售量持續不斷，每個季度都反映了絕對需求，並反映了世界日本地區收到的浪費。

And Steve, also I can't resist also making some comments in the five-and-a-half years of FCI. had 23 earnings releases of with when do we beat EPS at Bloomberg agreements?

Steve，我也忍不住對 FCI 五年半的經驗發表一些評論。已經發布了 23 份收益報告，我們何時能超越彭博協議的每股盈餘？

And I don't like the one books that was in Q3 last year and we missed it because of a call we severely miscalculating.

我不喜歡去年第三季的那本書，我們錯過了它，因為我們嚴重誤判了一個電話。

Yes, there are excuses that burden on the last pandemic was 100 years ago, so we didn't have as a benchmark.

是的，有藉口說上次大流行的負擔是 100 年前，所以我們沒有作為基準。

But the and also we had to reduce at $56 billion of quarterly revenues in 2022, we can take the guidance of 22.

但是，我們還必須在 2022 年將季度收入減少 560 億美元，我們可以採用 22 的指導。

So reducing the 40% of what used to be, however, live the group.

因此，減少了 40% 的數量，然而，居住在該群體中。

But we've got this wrong and Austin Madera and everybody else and the reality was, but it was not ready to buy flow.

但我們錯了，奧斯汀·馬德拉和其他人，現實是，但它還沒有準備好購買流量。

So we are going to CapEx would not when we speak about COVID because we don't want to miss again and the but I would like to say, but when they see the brands of the COVID business, ex-COVID, which for us is even more important because of the higher level of profitability in this basically identical the utilization of last year compared to this year.

因此，當我們談論新冠疫情時，我們不會進行資本支出，因為我們不想再次錯過，但我想說的是，當他們看到新冠業務的品牌時，前新冠疫情，對我們來說是更重要的是，與今年相比，去年的利用率基本上相同，因此獲利水準更高。

So far, we had 4.9 million patients, 3.2 to 3 with Foxconn.

到目前為止，我們有 490 萬名患者，其中富士康的患者比例為 3.2 比 3。

I think the US compared to 5.2 million people last year, the same period, the treatment rates have improved from 50% last year to 67%.

我認為美國與去年同期的520萬人相比，治療率已經從去年的50%提高到了67%。

And the fulfillment when it was with the on because now there is a co-pay from 88%, went to 81%, but is very, very stayed the same as the COVID vaccination.

當初使用時的滿足感是因為現在共付額從 88% 上升到了 81%，但與新冠疫苗接種的情況非常非常一致。

And what do you see the trends of complex medicine?

您認為複雜醫學的趨勢是什麼？

The utilizations are basically the same like the last year, more or less.

利用率與去年基本持平。

And still it's early in the season, so they could be fluctuations over there.

而且現在還處於賽季初期，因此那裡的情況可能會出現波動。

But the so I think your human but the salary consider a COVID as a normal business.

但我認為你的人，但工資將新冠病毒視為正常業務。

Now it's absolutely room and this is how we are.

現在完全是空間了，這就是我們的樣子。

But we will stop separating our business for COVID non-COVID because it's Pfizer business and without our last mile, go comment on the policy or is it?

但我們將停止將我們的業務與新冠病毒和非新冠病毒分開，因為這是輝瑞的業務，沒有最後一英里，就去評論政策吧，是嗎？

Yes.

是的。

Thank you for your question.

謝謝你的提問。

We have started to accumulate data on both durability, all revaccination for as the on the majority of patients that we expected to go to a pharmacy for revaccination on the titers for remainder of the one and even two years, which is firm, you know, punctuate the quality of our vaccine, but they, of course, decline gradually.

我們已經開始累積關於耐久性和所有重新接種疫苗的數據，因為我們預計大多數患者將在一年甚至兩年的剩餘時間裡去藥房重新接種疫苗，這是堅定的，你知道，破壞了我們疫苗的質量，但它們當然會逐漸下降。

And we can have some meaningful improvement in those type.

我們可以對這些類型進行一些有意義的改進。

The with a booster pumps.

帶有增壓泵。

I believe that likely three years we'll see a drop in the tighter that mix to boost really improve meaningful data protection for a So I looked at a substantial fraction of the patient, and that's what we are going with it as three years is the degree of control.

我相信，很可能三年後，我們會看到更嚴格的混合措施有所下降，以促進真正改善有意義的資料保護，所以我研究了很大一部分患者，這就是我們將要採取的措施，因為三年是控製程度。

But otherwise, it's performing exactly as expected for a high-quality vaccine in patient groups that go to physician offices that are more immuno compromised, moderate to severe patients that may benefit once a year, and that will be more of physician directly do.

但除此之外，它在前往醫生辦公室就診的免疫功能較弱的患者群體中的高質量疫苗的表現完全符合預期，中度至重度患者可能每年受益一次，而這將更多地由醫生直接做。

So, I hope that we give you a bit of anomaly how this will of all.

因此，我希望我們能夠向您提供一些異常現象，這到底是如何發生的。

Thank you.

謝謝。

Michael mixed, Instant Book.

邁克爾混合，即時預訂。

Thank you.

謝謝。

Our next question from Rajesh Kumar from with HSBC line is open.

匯豐銀行拉傑什庫馬爾 (Rajesh Kumar) 提出的下一個問題已開放。

Hi there.

你好呀。

My my apologies.

我的抱歉。

I was on mute.

我當時處於靜音狀態。

So two questions, if I may have what other what is the impact of Part D and IRA or new business next year?

那麼兩個問題，如果我可能還有其他影響，D 部分和 IRA 或明年的新業務是什麼？

Are there any in the numbers you're calling out, which might help with modeling that would be very helpful to understand if there are any contracts.

您所調用的數字中是否存在任何可能有助於建模的數據，這對於了解是否存在任何合約非常有幫助。

And the second one is I appreciate that color on the CE Gen pipe pipeline and you know how you're progressing and how to get under appreciates the size of the opportunity.

第二個是我很欣賞 CE Gen 管道上的顏色，你知道自己進展如何，以及如何把握機會的大小。

P. and the sell side estimates clearly do not reflect your optimism at when you benefit that you're more confident of what you need to see to increase your longer-term guidance on future.

P. 和賣方的估計顯然並不能反映您的樂觀情緒，因為您對需要看到的內容更有信心，以增加對未來的長期指導。

Thank you.

謝謝。

They can you take the IRA impact next year?

他們明年能承受 IRA 的影響嗎？

So I'll just hit on it very briefly.

所以我會簡單地談一下它。

Obviously, the IRA and that the our redesign enhanced pluses in pool pushes us to us as we cycle into next year when we provide guidance by the end of this year, we will give you you are on the net impact of that as we think about our business.

顯然，IRA 和我們重新設計的增強池優勢將我們推向明年，當我們在今年年底之前提供指導時，我們將向您提供我們所考慮的淨影響我們的業務。

So more to come off, hold tight on that and there are puts and takes So positive things, right?

所以還有更多的事情要發生，緊緊抓住這一點，並且有看跌期權和索取，所以積極的事情，對吧？

So we need to assess it as we are because we are building now this calculation patients as we are building our budgets for next year's season pipeline.

因此，我們需要對其進行評估，因為我們現在正在建立這種計算患者，同時我們正在為明年的季節管道製定預算。

Kris, thank you for the questions.

克里斯，謝謝你的提問。

So I think last year at this time, we didn't expect we have passed set approved in first-line bladder and everyone and focus of that approval for the first half of this year.

所以我認為去年這個時候，我們沒想到我們已經通過了一線膀胱和今年上半年的批准重點。

Obviously, the approval happened very early because of the precedented data.

顯然，由於有先例數據，批准很早就發生了。

And so I think the performance commercially, it's really as we expected to exceed that, what we expected in 2020 for the rest of the pipeline.

因此，我認為商業性能確實正如我們預期的那樣，超出了我們在 2020 年對其餘管道的預期。

Now the new malls that kills like that attack that does tend to sit to map the IB as well as next generation.

現在，像這樣的攻擊那樣致命的新購物中心確實傾向於繪製 IB 以及下一代的地圖。

And CD. 30 IDTCOC. will come to see center.

還有CD。 30 IDTCOC。會來看看中心。

So the Atoka wells on and we will present next year.

因此，Atoka 將會繼續發展，我們將在明年推出。

Currency is more updated data details on these, including in combination with pembrolizumab, fully supported that delta and for DB. and book PD-L1, the as well as and really high clean candidate for 35, see the next generations 30 MCD. 30.

貨幣是關於這些的更多更新的數據詳細信息，包括與 pembrolizumab 的組合，完全支持該 delta 和 DB。並預訂 PD-L1，以及 35 的真正高清潔候選者，請參閱下一代 30 MCD。 30.

So I think by showcasing and releasing more data next year will help all of you to build confidence in the pipeline.

因此，我認為透過明年展示和發布更多數據將幫助大家建立對管道的信心。

Chris, and thank you for the question on RMS.

Chris，感謝您提出有關 RMS 的問題。

Our next question, please.

請我們下一個問題。

Thank you.

謝謝。

Want to take our next question from has collaborated with Jefferies.

我們的下一個問題是與 Jefferies 合作的。

Your line is open.

您的線路已開通。

Hey, thanks so much.

嘿，非常感謝。

So looking at some of your IP around 25 billion partner, it looks like you'll have a step-up versus your previous 20 valent vaccine, but it is AeroTech coverage could lag, meaning 20 versus Merck and backside approach and by 10% or more in older adults.

因此，看看您的一些約250 億價合作夥伴的IP，看起來您將比之前的20 價疫苗有所提升，但AeroTech 的覆蓋範圍可能會滯後，這意味著20 價與默克和背面方法相比，會低10% 或更多發生於老年人。

How confident are you that this Fortune back, you could add a bottle of preferential rack from some of your peers down in adult?

您有多大信心，這次《財富》回來了，您可以在成人中添加一瓶來自您的同齡人的優惠架？

And then number two, can you talk about what special properties you're once daily modified release, again, a good run can have outside of improved half-life that investors might be underappreciating.

第二，你能談談你每天修改發布的特殊屬性嗎？ 再次，良好的運行除了改善半衰期之外還可以帶來投資者可能低估的影響。

I think those earlier comments that out to buy.

我認為之前的評論表明要購買。

Thank you.

謝謝。

But you know, the 25 a loan that you asked about the fourth-generation, we are aspiring to be the one that's proceeds the pediatric market, which is where the bulk of them use of doses.

但你知道，你問的關於第四代的 25 筆貸款，我們渴望成為兒科市場的收益者，這是他們中大部分人使用劑量的地方。

But we also because of this unique improvement or server type screen, that is a formal report, the level of the other targets over time, we'll bring an overall value satellite segment that will be very meaningful benefit.

但我們也因為這種獨特的改進或伺服器類型螢幕，即正式報告，隨著時間的推移，其他目標的水平，我們將為衛星細分市場帶來非常有意義的整體價值。

As you have heard, we are working on our fifth generation that will include both improved portfolio such as we've had three, four and beyond.

正如您所聽說的，我們正在開發第五代產品，其中將包括改進的產品組合，例如我們已經擁有的第三代、第四代以及更多產品。

Any of those serotypes that you're talking about numbers with you 30 plus years to keep a bit of the details for the future?

您與您談論了 30 多年的那些血清型中的任何一個，以便為未來保留一些細節？

Full acuity?

全敏銳度？

I think in general, you saw, of course, with the injectable when you and from that once a day to once a week and we've got a smoother profile and reduce the number of peaks that many patients better on them.

我認為總的來說，您當然看到了注射劑，從每天一次到每週一次，我們得到了更平滑的輪廓並減少了許多患者更好的峰值數量。

So that so what disease we are keeping our eyes on modified release, you will have a more smooth profile.

因此，我們密切注意改良釋放的疾病，您將擁有更順暢的輪廓。

You avoid certainly have additional high peaks that we have, and that's not something we have seen in other formulation of other drug.

您肯定會避免我們所具有的額外高峰，而這不是我們在其他藥物的其他配方中看到的。

That's why I think we are trying to be attentive in order to have our eyes on the scope of that can help to make this product a really nice oral product with some differentiation.

這就是為什麼我認為我們正在努力集中註意力，以便我們關注其範圍，這有助於使該產品成為真正優秀的具有一定差異化的口服產品。

Thank you, Michael.

謝謝你，麥可。

Next question.

下一個問題。

Thank you.

謝謝。

We'll take our next question from the mill design with Guggenheim Securities.

我們將與古根漢證券公司一起回答工廠設計的下一個問題。

Your line is open.

您的線路已開通。

Great taking my questions over to you about how to keep it to say.

很高興將我的問題轉交給您，了解如何保留它。

one, just on the guidance for the full year, you increase the total sales guidance by one.

第一，僅就全年指導而言，您將總銷售指導增加一。

So I guess you're lowering the non-COVID by about 500 million, I guess somebody that has Oxbryta.

所以我猜你將非新冠病毒感染率降低了大約 5 億，我猜有人患有 Oxbryta。

I'm wondering if there's anything else you might call out where yields are coming to your expectations for the full year?

我想知道您是否還有其他問題可以指出全年收益率達到您的預期的情況？

And then second one for tied to try that news from a pure retail, we noticed the activity takes on one of our mature.

然後第二個是捆綁嘗試來自純零售的訊息，我們注意到活動呈現出我們成熟的一面。

So that seems to be progressing selling.

因此，銷售似乎正在取得進展。

If I could just curious to hear contemplating or have you made any changes to that approach and mechanism that see similar type right into honoring it by the situation?

如果我只是好奇地想聽聽思考，或者您是否對這種方法和機製做出了任何改變，以根據情況尊重類似的類型？

Should we should think about carrying over into the fund thinking vector of growth?

我們是否應該考慮將成長思維納入基金思維向量？

Yes.

是的。

Our guidance from a revenue perspective, you're absolutely correct.

我們從收入角度的指導，你絕對是對的。

We increased our overall guidance by NOK1 billion as we increase Paxil by two, which implies that $500 million compression someplace else in the business.

當我們將 Paxil 增加 2 倍時，我們將整體指引增加了 10 億挪威克朗，這意味著業務其他方面將壓縮 5 億美元。

Think about that is largely Oxbryta in the Oxbryta headwind and maintaining our 9% to 11% growth rate and our non-COVID business, which actually implies that our baseline business is actually performing quite well.

想想看，這主要是 Oxbryta 處於 Oxbryta 逆風中，並保持了 9% 至 11% 的增長率和我們的非新冠業務，這實際上意味著我們的基準業務實際上表現得相當不錯。

And I want to remind that the non-COVID business was 14% growth this quarter.

我想提醒一下，本季非新冠疫情業務成長了 14%。

Then, Michael?

那麼，邁克爾?

Yes.

是的。

So surveillance or which was previously called six are well on.

因此，監視或以前稱為「六」的監視正在順利進行。

Yes, I am Jim encouraged about that opportunity.

是的，吉姆對這個機會感到很鼓舞。

And of course, we tried here to incorporate learnings.

當然，我們在這裡嘗試整合所學到的知識。

How surprised that was developed to our volatility as, as you know, does drive was already approved 2019 when we did exit acquisition or a bit later and with several programs already up and running 61 bite.

這對我們的波動性是多麼令人驚訝，因為正如你所知，當我們退出收購時或稍後，驅動器已經在 2019 年獲得批准，並且多個程式已經啟動並運行 61 位元。

So that's a tenfold lower, does it has more potency and brings more improvement for anemia as what it's done both.

因此，它的含量降低了十倍，但它的效力是否更強，並且對貧血有更多的改善，就像它所做的那樣。

So therefore, it has performed very well in our Phase two and looked really nice intolerability.

因此，它在我們的第二階段表現得非常好，看起來非常令人難以忍受。

So I'm optimistic about the world about trial learnings.

所以我對嘗試學習的世界持樂觀態度。

Opex breakdown was performed in low reasons that is in a part of the world were it's really difficult to do the type of high quality consistent through clinical trials.

在世界的某些地區，進行營運支出細分的原因很簡單，因為透過臨床試驗很難達到高品質的一致性。

And as we investigated in some of those learnings, we don't surprise that we have as a countermeasure for August was developed or entirely on high performance side that have a history of delivering great like develop.

當我們調查其中一些經驗時，我們並不感到驚訝，因為我們已經開發了 8 月的對策，或者完全在高性能方面，並且具有提供類似開發的偉大歷史。

This will obviously also to support a profile.

這顯然也將支援設定檔。

So I'm optimistic and asked as a final end here, please remember, when we did the GBT., the our eyes were really all those developers or maybe up to 80% of the value of the deal.

所以我很樂觀，並要求作為最後的結局，請記住，當我們進行 GBT 時，我們的眼睛實際上是所有這些開發人員，或者可能高達交易價值的 80%。

But off-price allowed some early entrance into the market and will continue to investigate those price time.

但折扣允許一些人提前進入市場，並將繼續調查這些價格時間。

Keep you updated what we look from time to market.

讓您隨時了解我們對市場的最新看法。

Next question, please.

請下一個問題。

Thank you for take our next question.

感謝您接受我們的下一個問題。

Dave Risinger with Leerink Partners.

戴夫·瑞辛格 (Dave Risinger) 與 Leerink Partners 合作。

Your line is open.

您的線路已開通。

Yes.

是的。

Thanks very much, and thanks for taking all these questions today.

非常感謝，感謝您今天提出所有這些問題。

So my first question relates to cost cutting ahead.

所以我的第一個問題與提前削減成本有關。

Obviously, the companies are engaged in significant SG&A and R&D efficiency initiatives.

顯然，這些公司正在實施重大的銷售、行政管理和研發效率措施。

But I'm curious about whether management seize opportunities for further R & D reductions.

但我很好奇管理層是否抓住機會進一步削減研發費用。

And then with respect to be over 30 Valence conjugate vaccine candidate in preclinical development, given management's prior statements about its R&D initiatives, I'm assuming that that will be an adjuvanted that I just wanted to want to confirm that.

然後，關於臨床前開發中的 30 多種價結合疫苗候選藥物，考慮到管理層先前關於其研發計劃的聲明，我假設這將是一種佐劑，我只是想確認這一點。

Thank you.

謝謝。

Let me take a quick today savings domain, the S&A and R&D with these significant reductions as we were very careful to make them that way, but will not affect our pipeline and will not affect our business.

讓我快速回顧一下今天的儲蓄領域，S&A 和研發費用大幅減少，因為我們非常小心地做到了這一點，但不會影響我們的管道，也不會影響我們的業務。

So we are very happy with what has happened now.

所以我們對現在發生的事情感到非常高興。

Are we going to not continue being efficient?

我們不會繼續保持高效嗎？

Of course, we look, I think I see tremendous opportunities ahead of us that we can put some of the less our why driven investments that we are doing both in R&D and the financing as part of what would be, of course, more productive with a trend to be able to control the costs and absorb that cost in place.

當然，我們認為，我認為我們看到了擺在我們面前的巨大機遇，我們可以將我們在研發和融資方面進行的一些不太受原因驅動的投資作為當然更富有成效的投資的一部分。並吸收該成本的趨勢。

So you should see a constant big cost focus, very cost conscious culture as we move on now, Michael, on the first development, yes, you know, they clearly were timely question.

因此，當我們現在繼續前進時，你應該看到持續的大成本關注，非常注重成本的文化，邁克爾，在第一個開發中，是的，你知道，他們顯然是及時的問題。

I think we really have been breaking new ground in our CFB technology platforms, and we will obviously very pleased to get some of our new technology is validated.

我認為我們確實在 CFB 技術平台上取得了新突破，而且我們顯然非常高興我們的一些新技術得到驗證。

We're just sort of types we that you heard about in the fourth generation the 20 to 25 million.

我們只是你聽過的第四代人，即 20 至 2500 萬人。

You know, the components that allows us to go far beyond 30 includes a very sophisticated new type of chemistry that was a certain type of service can give with several notable improvement in tight or there are minor or more the success, the initial formulation changes that can give some to quite significant fold increase.

您知道，使我們能夠遠遠超過 30 的組件包括非常複雜的新型化學物質，這種化學物質可以在緊密或有較小或更多成功的情況下提供一些顯著的改進，最初的配方變化可以給一些相當顯著的倍數增加。

And that may or may not include any events and are also areas that we're gaining on the use of carriers that we haven't been working on TCV before that add to this toolbox.

這可能包括或不包括任何事件，也是我們透過使用營運商而獲得的領域，在添加到此工具箱之前我們尚未在 TCV 上進行過工作。

So we are right now bringing all of these data together.

因此，我們現在正在將所有這些數據匯總在一起。

And why do we see we have a lot with the advent as seen in our CDO allow us to go from three to two.

為什麼我們看到我們有很多隨著 CDO 的出現而讓我們從三個變成兩個。

And we'll have a toolbox of new edibles patterns meeting will be necessary or not.

我們將擁有一個新的食用模式工具箱，無論是否有必要。

It's too early to tell us.

現在告訴我們還為時過早。

I acknowledge your good skills in the vaccine technology, and we feel that we get closer to selecting candidates.

我承認您在疫苗技術方面的出色技能，我們認為我們離選擇候選人更近了一步。

Okay.

好的。

Next question, please.

請下一個問題。

Thank you.

謝謝。

Next question from Chris Schott with JPMorgan.

摩根大通的克里斯·肖特 (Chris Schott) 提出了下一個問題。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks very much.

非常感謝。

And just two quick ones here.

這裡只有兩個快速的。

Just first on margin structure and following up on the prior question, is a mid to high 30% adjusted kind of operating margin adjusted for commonality still fair for Pfizer?

首先是關於利潤結構，並跟進先前的問題，針對通用性進行調整的中高 30% 調整後的營業利潤率對輝瑞來說是否仍然公平？

And what's a rough time line to get there?

到達那裡的大致時間是多少？

And my second question was just on the vendor, Kelvin Amax franchise.

我的第二個問題是關於供應商 Kelvin Amax 特許經營權。

Obviously very strong year this year versus this thing out to next year.

與明年的情況相比，今年顯然非常強勁。

We've got the Part D redesign.

我們對 D 部分進行了重新設計。

We've got incremental competition.

我們的競爭越來越激烈。

Is volume opportunity here to think about this as a franchise is going to generating healthy growth?

當特許經營權將產生健康成長時，是否有機會考慮這一點？

Or should we think about growth slowing significantly going forward?

或者我們應該考慮未來成長顯著放緩？

I think you have just started.

我想你才剛開始。

So first, obviously a mid to high 30s is very much of our business model.

首先，顯然 30 多歲的中高層是我們的商業模式。

We're very focused against that.

我們非常反對這一點。

We continue to march to make progress against that over time.

隨著時間的推移，我們將繼續前進，爭取在這一問題上取得進展。

So we don't have a specific date for at least at this point in time.

因此，至少目前我們還沒有具體的日期。

But as we continue to progress both this year and we give guidance for next year, you should see us continue to progress on that front.

但隨著我們今年繼續取得進展並為明年提供指導，您應該會看到我們在這方面繼續取得進展。

And I think component was also a little bit the question.

我認為組件也是一個問題。

Yes.

是的。

Well, I think commodity obviously is a down draft in Alberta.

嗯，我認為阿爾伯塔省的大宗商品顯然處於下降趨勢。

So obviously, adjusted for the size of that important.

顯然，調整大小很重要。

But having said that, we continue to make investments in our business such that we're more productive top-to-bottom, therefore expanding our operating margin profile of the Company.

但話雖如此，我們繼續對我們的業務進行投資，以提高我們自上而下的生產力，從而擴大我們公司的營業利潤率。

That said, we don't want to speak the products there amongst right, because it's a little bit misleading because it depends on multiple things.

也就是說，我們不想談論其中的產品，因為它有點誤導，因為它取決於多種因素。

We did it because of the extraordinary circumstances in 22.

我們這樣做是因為22年的特殊情況。

But is there I know you're not promote the product box.

但我知道你不是在推銷產品盒嗎？

Clovis is variable margin and are not based on below Gilbarco.

Clovis 是可變邊距，並且不是基於下面的 Gilbarco。

Why don't we start international this time and then we end up with a mere on partly the redesigned.

為什麼我們這次不從國際化開始，然後我們最終只能進行部分重新設計。

Okay.

好的。

So national, all what we had a very strong year and we continue to grow very strongly this quarter at 31% to 31%.

在全國範圍內，我們度過了非常強勁的一年，本季我們繼續以 31% 至 31% 的速度強勁成長。

Actually our total patient treated at increased by 14% in the third quarter, the second quarter.

事實上，我們第三季、第二季接受治療的患者總數增加了 14%。

So this is despite the fact that we are growing and we continue to add new patients on treatment.

因此，儘管我們正在成長，並且不斷增加接受治療的新患者，但情況仍然如此。

This is essentially the result of three things.

這本質上是三件事的結果。

one, the establishment of the date of care, pretty much in all the countries where we were owed to the establishment of a robust infrastructure of care, which in the level, the has two objectives season treatment of these complex disease.

一，建立照護日期，幾乎所有國家都應建立健全的照護基礎設施，在這一層面上，有兩個目標，即治療這些複雜疾病的季節。

So this is a complex disease and finding those patients takes times and we have a robust at the third element, increased access.

因此，這是一種複雜的疾病，找到這些患者需要時間，我們在第三個要素上有一個強大的能力，即增加獲取機會。

Today, we have 45 countries where we had reimbursements and we just recently had in the in this quarter to country the EU, okay?

今天，我們有 45 個國家獲得了報銷，我們最近在本季度向歐盟國家/地區提供了報銷，好嗎？

And those projects were two significant countries that have started to reimburse in that growth.

這些項目是兩個已開始償還這種成長的重要國家。

So moving forward, we really see that those treated with continue to deliver and drive growth in the key international markets.

因此，展望未來，我們確實看到那些接受治療的人繼續在主要國際市場上實現並推動成長。

And if you didn't rates in our major international market, we still see some potential to it is that jet business.

如果您沒有對我們的主要國際市場進行評級，我們仍然看到噴射機業務的一些潛力。

So that will be the driver of the next few quarters.

因此，這將成為未來幾季的驅動力。

I mean, so certain, Chris, in the U.S., I'll give you a little bit of color.

我的意思是，克里斯，在美國，我肯定會給你一點顏色。

Obviously, vendors at a very strong growth this year.

顯然，今年供應商的成長非常強勁。

Adding a big part of that has been just a direct result of the commercial effort and attention that we've put on it where we've seen our growth in the diagnosis rate and new patient starts.

其中很大一部分是我們在診斷率和新患者開始成長方面所投入的商業努力和關注的直接結果。

And new patient starts are up at 61% versus last year, and they're up about 3% quarter over quarter as well.

新患者入院數量比去年增加了 61%，季度較上季也增加了約 3%。

And we're also improving compliance rates significantly with existing patients for the market.

我們也顯著提高了市場現有患者的依從率。

And there's a lot of patients that remain undiagnosed.

還有很多患者仍未確診。

So there's significant opportunity there, and we will have tailwinds as we go forward.

因此，那裡存在著巨大的機會，我們在前進的過程中也會順風順水。

So we continue to put attention on this, and that's going to be largely Kris diagnosis and education, the prescribed array that we're growing as well as affordability conditions.

因此，我們繼續關注這一點，這主要是克里斯的診斷和教育、我們正在種植的處方系列以及負擔能力條件。

And we've turned to agents 2025.

我們轉向了 Agent 2025。

But we do think that the volume yet meaningfully lower levels than what we've seen year to date.

但我們確實認為，成交量仍明顯低於我們今年迄今所看到的水平。

And a big part of that is obviously headwinds.

其中很大一部分顯然是逆風。

We're going to see from the changing market landscape where we will have a new competitive entrants that will impact new patient starts as well as potential switching of existing patients onto some of these options.

我們將從不斷變化的市場格局中看到，我們將看到新的競爭者進入，這將影響新患者的開始以及現有患者可能轉向其中一些選擇。

So those are some puts and takes on the index.

這些是指數的一些看跌期權和看跌期權。

Higher will be a piece of that as well, as Dave mentioned, and we'll have more to share about 25 specifics when we get guidance.

正如 Dave 所提到的，Higher 也將是其中的一部分，當我們獲得指導時，我們將分享大約 25 個細節。

Okay.

好的。

And the last question was.

最後一個問題是。

Thank you.

謝謝。

We'll take our last question from Mohit Bansal with Wells Fargo.

我們將回答富國銀行 Mohit Bansal 提出的最後一個問題。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thank you for using mean and and Plus Fund Congress on phenomenal Hyatt and Andrew Baum.

感謝您對傑出的凱悅和安德魯鮑姆使用平均和加號基金國會。

So maybe I'll take a step back.

所以也許我會退後一步。

Can you comment something about a bill if there was any stocking in this quarter, this particular market is a lot of cloud like no stocking driven in fourth and first quarters for how you're thinking about that.

如果本季有庫存，您能否對帳單發表評論，這個特定市場充滿雲，就像第四季度和第一季沒有庫存驅動一樣，您對此有何看法。

It looks like from the IQVIA trends, price implied price jumped a lot.

從IQVIA的走勢來看，價格隱含價格上漲了不少。

So you could help us understand what is going on there and how should we think about think about this particular product and coming quarters?

那麼您可以幫助我們了解正在發生的事情以及我們應該如何考慮這個特定產品和未來幾季的情況？

Thank you.

謝謝。

Which product was prospect is located and Brazil operations to name a few comments on Brazil.

哪些產品是潛在客戶所在的地方以及巴西的業務，僅舉幾篇關於巴西的評論。

So we wanted to, as I mentioned before, we start this vaccination season with a Brazil in fridges in retailers imminently where the volume is as well as with health systems.

因此，正如我之前提到的，我們希望從零售商冰箱中的巴西疫苗開始這個疫苗接種季節，這些疫苗的數量以及衛生系統即將達到預期。

So we worked with our customers and our channel partners to make sure that we were appropriately staff, and that's reflected in our in our Q3 numbers.

因此，我們與客戶和通路合作夥伴合作，確保我們擁有適當的員工，這反映在我們的第三季數據中。

Now what we have also seen over the course of Q3 is that administration volumes and for visible that began in in August over the course of the quarter has continued to steadily rise.

現在，我們在第三季度也看到，從 8 月開始的管理量和可見度在整個季度持續穩定上升。

Now they are at lower volumes than from a market perspective where it they were last year to reasons for that, including timing of the COVID vaccines as well as the change in the East recommendations.

現在，從市場角度來看，它們的銷售量低於去年，原因包括新冠疫苗的接種時間以及東部建議的變化。

But we anticipate that there will be volumes to continue into the fourth quarter.

但我們預計第四季的銷售將會持續。

And then finally, our results are also a function of what Albert mentioned is our significant improvement in May market share.

最後，我們的結果也是阿爾伯特提到的我們五月市佔率顯著提高的函數。

So we've doubled our market share into our end customers from wholesalers.

因此，我們將批發商終端客戶的市佔率增加了一倍。

And our market share of actual shots in arms of administrations in the retail setting in the middle of October was at 43%.

10 月中旬，我們在零售環境中的實際射擊市場佔有率為 43%。

So those are all the dynamics that are going into play for a Bridgeville performance.

這些都是布里奇維爾表演中發揮作用的所有動力。

It's in Q three and heading into Q4.

它處於第三季度並進入第四季度。

Thank you, and thank you, everyone, for your attention that it was another good quarter for Pfizer.

謝謝你們，也謝謝大家的關注，這對輝瑞來說又是一個好的季度。

I think we are continuing to execute the five point plan, but we have presented at the beginning of the year.

我認為我們正在繼續執行五點計劃，但我們已經在年初提出了。

There is an underlying operational growth of our business.

我們的業務有潛在的營運成長。

There's a realization of the COVID, the business to now we feel comfortable to forecasted and we have seen strong growth from the remaining part of the business.

隨著新冠疫情的發生，我們對業務的預測感到滿意，並且我們看到業務其餘部分的強勁成長。

We have seen strong performance from new products and most of them, they have risen.

我們看到新產品的強勁表現，其中大多數都有所上漲。

I know this quarter, which shows that a staggering.

我知道這個季度，這表明了一個驚人的事實。