輝瑞 (PFE) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to Pfizer's fourth-quarter 2024 earnings conference call.

大家好，歡迎參加輝瑞 2024 年第四季財報電話會議。

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.

早安，歡迎參加輝瑞的財報電話會議。

I'm Francesca DeMartino, Chief Investor Relations Officer.

我是首席投資者關係官 Francesca DeMartino。

On behalf of the Pfizer team, thank you for joining us.

我代表輝瑞團隊感謝您的加入。

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

此次通話將透過 pfizer.com 上的音訊網路廣播進行。

Earlier this morning, we released our results for the fourth quarter and full year 2024 via a 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 年第四季和全年業績，可在我們的網站 pfizer.com 上查閱。

I'm joined today by Dr. Albert Bourla, our Chairman and CEO, and Dave Denton, our CFO.

今天與我一起出席的還有我們的董事長兼執行長 Albert Bourla 博士和財務長 Dave Denton。

Albert and Dave have some prepared remarks, and we will then open the call for questions.

阿爾伯特和戴夫已經準備好了一些發言，然後我們將開始提問。

Members of our leadership team will be available for the Q&A session.

我們的領導團隊成員將出席問答環節。

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

在我們開始之前，我想提醒您，我們將做出前瞻性陳述並討論某些非 GAAP 財務指標。

I encourage you to read the disclaimers in our slide presentation, the press release we issued this morning and the disclosures in our SEC filings, which are all available on the IR website at pfizer.com.

我鼓勵您閱讀我們投影片簡報中的免責聲明、我們今天早上發布的新聞稿以及我們向美國證券交易委員會(SEC) 提交的文件中披露的內容，這些內容均可在IR 網站pfizer.com 上查閱。

Forward-looking statements on the call are subject to substantial risks and uncertainties, speak only as of the call's original date, and we undertake no obligation to update or revise any of the statements.

電話會議中的前瞻性陳述受重大風險和不確定性的影響，僅代表電話會議最初日期的觀點，我們不承擔更新或修改任何陳述的義務。

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

說完這些，我將把電話轉給阿爾伯特。

Thank you very much, Francesca.

非常感謝，弗朗西斯卡。

Good morning, everyone.

大家早安。

Thank you for joining us today.

感謝您今天加入我們。

2024 was a strong year of execution and performance for Pfizer.

2024年是輝瑞執行力和業績強勁的一年。

We were guided by clear strategic priorities, and we met or exceeded our goals for each one, while also delivering on our financial commitments.

我們以明確的策略重點為指導，實現或超越了每個目標，同時履行了我們的財務承諾。

I'm pleased with the progress we made in executing transformative changes that strengthen our company.

我很高興看到我們在執行增強公司實力的變革方面取得了進展。

First, we successfully integrated the Seagen business, one of the largest investments we have made in the past decade, creating one of the best oncology companies in the industry.

首先，我們成功整合了Seagen業務，這是我們過去十年來最大的投資之一，打造了業內最好的腫瘤學公司之一。

At the start of 2024 before, we split our commercial operations into two divisions, US and international, and appointed two senior commercial leaders to increase focus in both.

在 2024 年初之前，我們將商業運營分為美國和國際兩個部門，並任命了兩位高級商業領導人來加強對兩個部門的關注。

Aamir Malik and Alexandre de Germay have done a tremendous job to upgrade our commercial capabilities.

阿米爾·馬利克 (Aamir Malik) 和亞歷山大·德·熱爾邁 (Alexandre de Germay) 為提升我們的商業能力做出了巨大貢獻。

They consolidated our external agencies down to one powerhouse global advertising company and leverage the power of AI to transform our marketing and selling engine.

他們將我們的外部代理商合併為一家強大的全球廣告公司，並利用人工智慧的力量來改變我們的行銷和銷售引擎。

New data-driven deployment of our commercial and medical field resources, precision micro-targeting in social media and elevation of the Pfizer brand and commercial communications are some of the strategies that have significantly increased our commercial and medical effectiveness and returns on investments.

我們在商業和醫療領域資源的新數據驅動部署、社交媒體的精準微定位以及輝瑞品牌和商業傳播的提升是顯著提高我們商業和醫療效率及投資回報率的一些策略。

We are seeing the impact of these actions in our strong financial performance and in the recognition of our market leaders.

我們從強勁的財務表現和市場領導者的認可中看到了這些舉措的影響。

We earned the top position in the 2024 IQVIA US Field Force Ranking report and improved our ranking to claim number one or two spot in 70% of the specialties in which we focus.

我們在 2024 年 IQVIA 美國現場力量排名報告中名列前茅，並在我們關注的 70% 的專業領域中提升排名，奪得第一或第二名。

I'm also proud of our strong year of pipeline progress in 2024, including more than a dozen approvals, seven pivotal study starts and eight key Phase 3 readouts.

我還為我們在 2024 年取得的強勁進展感到自豪，其中包括十多個批准、七個關鍵研究的啟動和八個關鍵的第三階段讀數。

I'm very excited with the changes in our R&D engine under its new leaders.

我對新領導下我們的研發引擎所發生的變化感到非常興奮。

Chris Boshoff moved fast to create four end-to-end R&D units focused on oncology, vaccines, internal medicine and inflammation and immunology.

克里斯·博肖夫迅速創建了四個端到端研發部門，專注於腫瘤學、疫苗、內科以及發炎和免疫學。

This structure fully empowers research units that can operate with a focus and agility of a biotech company while tapping into our differentiated enterprise-wide capabilities such as AI-powered drug discovery and development.

這種結構充分授權研究部門能夠以生物技術公司的專注度和靈活性運作，同時利用我們差異化的企業範圍能力，例如人工智慧驅動的藥物發現和開發。

Our focus on financial discipline also has yielded good results.

我們對財務紀律的重視也取得了良好的成效。

We ended the year with expanded margins after a series of actions to realign our cost base.

我們在採取一系列措施調整成本基礎後，今年的利潤率有所提高。

And we strategically deployed capital to enhance shareholder value, investing nearly $11 billion in support of internal R&D programs, delevering by $7.8 billion and returning $9.5 billion directly to shareholders through our dividends.

我們策略性地部署資本來提高股東價值，投資近 110 億美元支持內部研發項目，降低 78 億美元的槓桿率，並透過股息直接向股東返還 95 億美元。

Finally, we also reinforced our commitment to strong governance.

最後，我們也加強了對強而有力治理的承諾。

Our two new Board members bring deep expertise in financial markets and shareholder value creation.

我們的兩位新董事會成員在金融市場和股東價值創造方面擁有深厚的專業知識。

All these changes have created a strong foundation and allow us to start the new year from a position of strength.

所有這些變化都奠定了堅實的基礎，使我們能夠以強勁的勢頭開啟新的一年。

So now let me speak about our 2025 priorities.

現在讓我來談談我們的 2025 年優先事項。

Last year, we had a significant emphasis on improving our commercial effectiveness.

去年，我們非常重視提高商業效率。

In 2025, the emphasis will move to improving R&D productivity, while maintaining focus on margin expansion, commercial excellence and shareholder lending capital allocation.

2025 年，重點將轉向提高研發效率，同時繼續關注利潤率擴大、商業卓越和股東借貸資本配置。

Let me start with R&D.

讓我先從研發開始。

Across our pipeline, we believe we have a strong year of catalysts ahead of us and expect our new R&D organization to achieve multiple key milestones, including the possibility of at least four regulatory decisions, up to nine potential Phase 3 readouts and 13 potential pivotal program starts.

在我們的產品線中，我們相信，我們迎來了充滿催化劑的一年，並預計我們的新研發組織將實現多個關鍵里程碑，包括至少四個監管決策的可能性、多達九個潛在的3 期臨床試驗結果和13 個潛在的關鍵項目開始。

For example, with atirmociclib, our next-generation highly selective CDK4 inhibitor candidate, yesterday, we dosed our first patient in a Phase 3 study in first-line metastatic breast cancer.

例如，昨天，我們利用下一代高選擇性 CDK4 抑制劑候選藥物 atirmociclib 對一線轉移性乳癌的 3 期研究中的第一位患者進行了給藥。

We also anticipate starting an additional first-line study in combination with vepdegestrant, the ER degrader we are codeveloping with Arvinas.

我們也預計將與我們和 Arvinas 共同開發的 ER 降解劑 vepdegestrant 共同進行一項額外的一線研究。

Our ADC sigvotatug vedotin continues its Phase 3 study in second-line non-small cell and cancer.

我們的 ADC sigvotatug vedotin 繼續在二線非小細胞和癌症領域進行 3 期研究。

And this year, we expect to start a Phase 3 study in first-line non-small cell lung cancer.

今年，我們預計將啟動針對第一線非小細胞肺癌的第三階段研究。

Our PDL1 ADC candidate, a potential first-in-class PD-L1 targeting vedotin ADC, is expected to begin two Phase 3 studies this year, one in first-line metastatic head and neck squamous cell carcinoma and one in second-line-plus non-small cell lung cancer where the unmet need is significant.

我們的 PDL1 ADC 候選藥物是一種潛在的首創 PD-L1 靶向 vedotin ADC，預計今年將開始兩項 3 期研究，一項針對一線轉移性頭頸部鱗狀細胞癌，另一項針對二線以上非小細胞肺癌，這些疾病的未滿足需求很大。

We have a robust clinical development program aimed at expanding Elrexfio indications in multiple myeloma, and this year, we anticipate the readout of a Phase 3 study in double class exposed relapsed refractory multiple myeloma, that, if successful and approved, will triple the addressable population versus the currently approved indication.

我們擁有強大的臨床開發計劃，旨在擴大 Elrexfio 在多發性骨髓瘤中的適應症，今年，我們預計將完成針對雙重暴露復發難治性多發性骨髓瘤的 3 期研究，如果成功並獲得批准，可解決的人群將比目前批准的適應症增加三倍。

In vaccines, we expect to start the Phase 3 study this year for our PCV-25 candidate covering 25 serotypes.

在疫苗方面，我們預計今年將啟動涵蓋 25 种血清型的 PCV-25 候選疫苗的第三階段研究。

This is important foundational work that could help us bridge to and accelerate progress with our fifth generation PCV candidate covering more than 30 serotypes.

這是一項重要的基礎工作，可以幫助我們推進並加速第五代 PCV 候選疫苗（涵蓋 30 多种血清型）的進展。

This year, we also expect to start a Phase 3 study for our C. diff vaccine candy.

今年，我們也預計將啟動艱難梭菌疫苗糖果的第三階段研究。

In internal medicines, we remain on track to provide an upgrade of our dose optimization studies of danuglipron in the first quarter of this year.

在內科方面，我們將在今年第一季對 danuglipron 的劑量優化研究進行升級。

For ponsegromab, we expect to start a pivotal study this year in cancer cachexia, and ibuzatrelvir, our second-generation COVID-19 oral antiviral candidate, continues its Phase 3 start.

對於 ponsegromab，我們預計今年將啟動一項針對癌症惡病質的關鍵研究，而我們的第二代 COVID-19 口服抗病毒候選藥物 ibuzatrelvir 將繼續啟動其第 3 階段研究。

Within I&I, we continue to progress a portfolio of medicines that include two potential first-in-class tri-specific antibodies currently in Phase 2.

在 I&I 領域，我們繼續推進一系列藥物，其中包括兩種目前處於第 2 階段的潛在同類首創三特異性抗體。

Now, let's discuss our commercial strategy. 2024 was a strong year of commercial execution and we are pleased with our progress in improving performance of our newly launched products and gaining and maintaining market share for several of our core brands.

現在，讓我們討論一下我們的商業策略。 2024 年是商業執行強勁的一年，我們對在提高新推出產品的性能以及獲得和維持多個核心品牌的市場份額方面取得的進展感到滿意。

I will start by highlighting the strength and impact of our oncology portfolio.

我首先要強調的是我們的腫瘤學產品組合的優點和影響力。

Padcev plus pembrolizumab is an important growth driver as it has already become the number one prescribed first-line treatment for locally advanced metastatic urothelial cancer in the US.

Padcev 加 pembrolizumab 是一個重要的成長動力，因為它已經成為美國局部晚期轉移性尿路上皮癌的首選一線治療藥物。

We are expecting potential registrational interim data this year from ongoing pivotal studies in muscle invasive bladder cancer, which, if successful and approved, would nearly triple the total addressable patients in the US.

我們期待今年正在進行的肌肉層浸潤性膀胱癌關鍵研究能帶來潛在的註冊中期數據，該研究如果成功並獲得批准，將使美國可治療患者總數增加近三倍。

Braftovi/Mektovi achieved a 27% year-over-year worldwide operational growth and expanded its leadership position in multiple BRAF tumors, which are some of the hardest to treat cancer.

Braftovi/Mektovi 的全球營運規模年增 27%，並鞏固了其在多種 BRAF 腫瘤（最難治療的癌症之一）領域的領導地位。

Yesterday, we announced that BRAFTOVI in combination with cetuximab mFOLFOX6 showed statistically significant and clinically meaningful improvement in progression-free survival and overall survival in patients with metastatic colorectal cancer with BRAF V600E mutation.

昨天，我們宣布，BRAFTOVI 與西妥昔單抗 mFOLFOX6 聯合使用，在 BRAF V600E 突變的轉移性結直腸癌患者的無進展生存期和總生存期方面顯示出統計學上顯著和臨床意義上的改善。

We are very excited with the robust improvement in PFS and OS and are looking forward to presenting this data in a scientific conference.

我們對 PFS 和 OS 的顯著改善感到非常興奮，並期待在科學會議上展示這些數據。

Lorbrena, a treatment for adults with ALK-positive metastatic non-small cell lung cancer, achieved 37% worldwide year-over-year operational growth and is emerging as a potential standard of care in the first-line setting.

Lorbrena 是一種用於治療 ALK 陽性轉移性非小細胞肺癌成人患者的藥物，其全球銷售額同比增長 37%，並有望成為一線治療的潛在標準。

Following last June's unprecedented CROWN trial data showing 60% of patients were alive without disease progression after five years, Lorbrena has seen a double-digit share increase in the first line in both new patient starts and new prescribers.

去年 6 月史無前例的 CROWN 試驗數據顯示，60% 的患者在五年後仍然存活，病情沒有進展。

Elrexfio had a strong performance in 2024 with more than $130 million in full year revenue and increasing overall share within the class of BCMA directed bispecific antibodies for patients with triple class-exposed relapse or refractory multiple myeloma in the United States.

Elrexfio 在 2024 年表現強勁，全年收入超過 1.3 億美元，並且在美國針對三重類別暴露復發或難治性多發性骨髓瘤患者的 BCMA 定向雙特異性抗體類別中的整體份額不斷增加。

I also want to comment about our COVID-19 portfolio.

我還想評論一下我們的 COVID-19 投資組合。

We continue to see stabilizing patterns in the disease burden with a strong correlation between the COVID-19 burden of disease and Paxlovid utilization.

我們繼續看到疾病負擔呈現穩定模式，且 COVID-19 疾病負擔與 Paxlovid 的利用率之間存在強烈的相關性。

We see the same stabilizing patterns in US vaccination rates at relatively low levels.

我們看到美國的疫苗接種率在相對較低的水平上呈現出同樣的穩定模式。

Our assumptions for 2025 are on par with this 2023 and 2024 patterns.

我們對 2025 年的假設與 2023 年和 2024 年的模式一致。

And with the multiyear contracts we have secured in international markets, we are confident that our COVID-19 portfolio will continue to be a predictable and durable contributor to our business.

憑藉我們在國際市場簽訂的多年期合約，我們相信，我們的 COVID-19 產品組合將繼續為我們的業務做出可預測且持久的貢獻。

In another key category, our Vyndaqel family of products achieved continuing momentum with year-over-year growth in the US and 32% operational growth in international markets.

在另一個關鍵類別中，我們的 Vyndaqel 系列產品繼續保持強勁勢頭，在美國實現了同比增長，在國際市場的營運成長了 32%。

We drove progress in diagnosing more patients and improving access to this treatment from -- for transthyretin amyloid cardiomyopathy.

我們推動了對更多患者的診斷以及改善轉甲狀腺素澱粉樣心肌病變治療機會的進展。

Eliquis is a core brand for Pfizer with 10% worldwide year-over-year operational growth.

Eliquis 是輝瑞的核心品牌，其全球業務年增 10%。

It is prescribed to millions of patients and we continue to strengthen its leadership position in a growing oral anticoagulant market.

它被應用於數百萬患者，我們將繼續加強其在不斷增長的口服抗凝血劑市場的領導地位。

We are also pleased with the ongoing positive momentum for Nurtec with 36% worldwide year-over-year operational growth, driven by strong commercial execution.

我們也對 Nurtec 持續保持的積極勢頭感到高興，在強勁的商業執行的推動下，其全球營運業務同比增長了 36%。

Nurtec is a leader in the oral CGRP class used for treating and preventing migraine with about 49% market share, and we see opportunities for continued growth.

Nurtec 是治療和預防偏頭痛口服 CGRP 領域的領導者，佔有約 49% 的市場份額，我們看到了持續成長的機會。

Our respiratory vaccines, Abrysvo and Prevnar 20, also are key products in our commercial portfolio.

我們的呼吸道疫苗 Abrysvo 和 Prevnar 20 也是我們商業產品組合中的關鍵產品。

We have achieved a market leadership position for the season in shipped doses for Abrysvo with an approximately 13 percentage points increase in market share, and remain confident in our ability to retain our position through strong commercial execution even as we see a decrease in the total adult RSV market volume, driven by a reduction in vaccination rates in the US for the older adult indication.

我們在本季度的 Abrysvo 出貨劑量方面取得了市場領導地位，市場份額增加了約 13 個百分點，並且我們仍然有信心通過強大的商業執行力來保持我們的地位，即使我們看到成人 RSV 市場總量有所下降，這是由於美國老年人疫苗接種率的下降。

We have achieved positive momentum in key regions such as Europe and Latin America and are also seeing a strong demand for our maternal indication.

我們在歐洲和拉丁美洲等主要地區取得了積極的發展勢頭，並且也看到了對我們的母體適應症的強勁需求。

Abrysvo's season-to-date cumulative maternal vaccination rate nearly tripled compared to last season.

與上一季相比，阿布賴斯沃本季迄今的累計孕產婦疫苗接種率幾乎增加了兩倍。

With Prevnar, we are confident that we are well positioned for strong sustained leadership with over 87% market share in the US across indications.

憑藉 Prevnar，我們有信心保持強大的持續領導地位，在美國各個適應症領域擁有超過 87% 的市場份額。

Globally, the pediatric market accounts for approximately two-thirds of our Prevnar revenues, and we also continue to make progress for the adult indication in key international markets.

在全球範圍內，兒科市場約占我們Prevnar收入的三分之二，同時我們也持續在主要國際市場在成人適應症方面取得進展。

We are encouraged by opportunities to maintain our leadership in the PCV space with our next-generation PCV-25 candidate mentioned earlier.

我們很高興有機會利用前面提到的下一代 PCV-25 候選藥物來保持在 PCV 領域的領先地位。

In Phase 1, we demonstrated potentially improving immunogenicity for serotype 3, one of the largest contributors of disease at approximately 20% of invasive disease in adults aged 65 and older in the United States and Europe.

在第 1 階段，我們證明了 3 型血清型的免疫原性可能得到改善，3 型血清型是導緻美國和歐洲 65 歲及以上成年人侵襲性疾病的最大因素之一，約佔 20%。

Across our commercial portfolio in 2025, we are confident that we are in a strong position to build in our 2024 success and achieve commercial excellence in our key categories of oncology, cardiovascular, migraine, vaccines and I&I.

在我們 2025 年的商業組合中，我們有信心佔據有利地位，能夠在 2024 年取得成功，並在腫瘤學、心血管、偏頭痛、疫苗和 I&I 等關鍵類別中實現商業卓越。

With that, I will turn it over to Dave.

說完這些，我會把麥克風交給戴夫。

Thank you, Albert, and good morning, everyone.

謝謝你，阿爾伯特，大家早安。

I'll build on Albert's comments by reinforcing that we are very pleased with the financial results for both the fourth quarter as well as the full year of 2024.

我將在阿爾伯特的評論基礎上強調，我們對第四季和 2024 年全年的財務表現非常滿意。

These results demonstrate that our focus and execution against our strategic priorities are driving both positive patient outcomes as well as financial and operational strength.

這些結果表明，我們對策略重點的關注和執行既推動了患者的積極治療效果，也增強了財務和營運實力。

In addition to our strong top line performance, our cost reduction programs are creating a more efficient organization, driving operating margin improvement.

除了強勁的營收表現之外，我們的成本削減計畫還有助於創建更有效率的組織，從而提高營業利潤率。

And as we move into 2025, these efforts will continue to lay the groundwork for potential increased capital returns and reinforce our commitment to maintaining and growing our dividend while enhancing long-term shareholder value.

隨著我們進入 2025 年，這些努力將繼續為潛在的資本回報增加奠定基礎，並加強我們在提高長期股東價值的同時維持和增加股利的承諾。

With that said, let me start with our full year and fourth quarter results, then I'll touch on our capital allocation priorities.

話雖如此，讓我先從我們的全年和第四季度業績開始，然後再談談我們的資本配置重點。

I'll finish up with a few comments on our 2025 guidance, which we are reaffirming today, and our near-term expectations that will continue to drive our growth potential in the latter half of the decade.

最後，我將就我們今天重申的 2025 年指引和近期預期發表一些評論，這些預期將繼續推動我們在 2020 年後半期的成長潛力。

For the full year of 2024, we recorded revenues of $63.6 billion versus $59.6 billion last year.

2024 年全年，我們的收入為 636 億美元，而去年為 596 億美元。

Importantly, our operational revenue growth when excluding contributions from our COVID products was 12%, exceeding our expectations of 9% to 11%.

重要的是，扣除 COVID 產品貢獻後，我們的營業收入成長率為 12%，超過了我們預期的 9% 至 11%。

Full year 2024 Adjusted gross margins expanded to 74% as we continued to drive cost improvements across our manufacturing network.

隨著我們繼續推動整個製造網路的成本改進，2024 年全年調整後毛利率擴大至 74%。

On the bottom line, we reported full year 2024 diluted EPS of $1.41 versus $0.37 last year, and Adjusted diluted earnings per share of $3.11 versus $1.84 last year, significantly ahead of expectations due to our overall strong P&L performance.

總體而言，我們報告 2024 年全年攤薄每股收益為 1.41 美元，而去年為 0.37 美元，調整後每股攤薄收益為 3.11 美元，而去年為 1.84 美元，由於我們整體強勁的損益表現，大大超出預期。

Now, turning to the fourth quarter performance versus the same period last year, let me walk down the P&L.

現在，讓我們來看看第四季與去年同期的業績，讓我來看看損益表。

Total company revenues were $17.8 billion versus $14.6 billion in the fourth quarter of last year.

公司總營收為 178 億美元，去年同期為 146 億美元。

Once again, our non-COVID-19 products exhibited robust performance with revenues of $13.7 billion reflecting 11% operational year-over-year growth.

我們的非 COVID-19 產品再次表現強勁，營收達到 137 億美元，年增 11%。

This performance continues to show that our refined commercial approach is working.

這一表現繼續表明我們完善的商業方法正在發揮作用。

We continue to focus on key products and geographies.

我們將繼續專注於重點產品和地區。

We've refined how we allocate our commercial field resources globally.

我們已經改進了在全球範圍內分配商業領域資源的方式。

And we're further optimizing our marketing resources into key priority areas.

我們正在進一步優化我們的行銷資源，將其投入到重點優先領域。

We saw strong contributions across our product portfolio, primarily driven by the Vyndaqel family, Padcev, Eliquis and Nurtec, partially offset by declines in Abrysvo and Xeljanz.

我們的產品組合貢獻強勁，主要由 Vyndaqel 家族、Padcev、Eliquis 和 Nurtec 推動，但 Abrysvo 和 Xeljanz 的下滑部分抵消了這一影響。

Adjusted gross margin in the fourth quarter was approximately 68%, primarily the result of a net unfavorable mix related to our COVID-19 products, primarily due to the Comirnaty profit split with BioNTech and applicable royalty expenses.

第四季調整後的毛利率約為 68%，主要由於與我們的 COVID-19 產品相關的淨不利組合，主要是由於 Comirnaty 與 BioNTech 的利潤分割以及適用的特許權使用費費用。

This was partially offset by our ongoing focus on cost management across our manufacturing network, as I previously mentioned.

正如我之前提到的，這在某種程度上被我們持續關注製造網路的成本管理所抵消。

And as we previously communicated, long-term improvements in gross margin will remain a key focus for the company over the next few years.

正如我們之前所說，未來幾年，長期提高毛利率仍將是公司關注的重點。

We expect to begin to achieve initial savings from phase one of our manufacturing optimization program in the latter part of 2025 and continue to expect approximately $1.5 billion in savings from this first phase by the end of 2027.

我們預計將在 2025 年下半年從製造優化計畫的第一階段開始實現初步節約，並預計到 2027 年底將從第一階段實現約 15 億美元的節約。

We continue to evaluate other strategies to improve our network structure and as well as our product portfolio.

我們將繼續評估其他策略來改善我們的網路結構和產品組合。

And we plan to share more information on those components of the program once it becomes available.

我們計劃在該計劃的這些組成部分可用之後分享更多相關資訊。

Total Adjusted operating expenses are essentially flat operationally at $7.3 billion in the fourth quarter of 2024.

2024 年第四季調整後總營運費用基本持平，為 73 億美元。

And I will note that this amount includes spending acquired via our Seagen transaction.

我要指出的是，這個金額包括我們透過 Seagen 交易獲得的支出。

Looking at the components specifically, Adjusted SI&A expenses decreased 4% operationally, driven primarily by a decrease in marketing and promotional spend for various products, including both commodity Comirnaty and Paxlovid, partially offset by an increase in spending for certain oncology and recently launched and acquired products.

具體來看各個組成部分，調整後的 SI&A 費用在營運上下降了 4%，主要原因是包括商品 Comirnaty 和 Paxlovid 在內的各種產品的營銷和促銷支出減少，但部分被某些腫瘤學和最近推出和收購的產品的支出增加所抵消。

Adjusted R&D expenses increased 8% operationally, driven primarily by net increase in spending, mainly to develop certain product candidates acquired from Seagen, partially offset by lower spending on certain ongoing vaccine programs and certainly as a result of our cost realignment program.

調整後的研發費用在營運上增加了8%，主要原因是支出淨增加，主要用於開發從Seagen 收購的某些候選產品，但部分被某些正在進行的疫苗計劃的支出減少所抵消，當然這也是我們成本調整計畫的結果。

We continue to be disciplined with our operational expense management and delivered on our goal of at least $4 billion in net cost savings from our cost realignment program.

我們繼續嚴格控制營運費用管理，並透過成本調整計畫實現至少 40 億美元的淨成本節約目標。

Q4 reported diluted earnings per share was $0.07, and our Adjusted diluted earnings per share was $0.63, benefiting from our top line performance as well as our efficient operating structure, partially offset by a higher effective tax rate driven primarily by jurisdictional mix.

第四季報告的每股攤薄收益為0.07 美元，調整後每股攤薄收益為0.63 美元，這得益於我們的營收表現和高效的營運結構，但主要受司法管轄區組合推動的更高有效稅率部分抵銷了這一影響。

In support of our goal to enhance R&D productivity and to focus on high-impact medicines, our fourth quarter GAAP results reflect strategic decisions in our development plans and updated long-range revenue forecasts for several medicines.

為了支持我們提高研發效率和專注於高影響力藥物的目標，我們第四季度的 GAAP 業績反映了我們發展計畫中的策略決策和幾種藥物的最新長期收入預測。

And as a result, we recorded approximately $2.9 billion in noncash intangible asset impairments related to several medicines in development as well as several in-line products.

結果，我們記錄了與幾種正在開發的藥物以及幾種在研產品相關的約 29 億美元的非現金無形資產減損。

These decisions reinforce our focus on future growth as well as innovation.

這些決定強化了我們對未來成長和創新的關注。

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

現在，讓我簡單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 maintaining and growing our dividend over time, reinvesting in our business at an appropriate level of financial return, and finally, making value-enhancing share repurchases after 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、以適當的財務回報水平對我們的業務進行再投資，以及最後在降低資產負債表槓桿率後進行增值的股票回購。

In 2024, we returned $9.5 billion to shareholders via our quarterly dividend, invested $10.8 billion in internal R&D, and as expected, completed business development activity was minimal.

2024 年，我們透過季度股息向股東返還了 95 億美元，在內部研發上投資了 108 億美元，正如預期的那樣，已完成的業務開發活動很少。

Our commitment to delevering our capital structure to a gross leverage target of 3.25 times by the end of 2025 remains a key priority.

我們致力於在 2025 年底將資本結構降低至 3.25 倍的總槓桿率目標，這仍然是我們的首要任務。

In support of that goal, in 2024, we delevered by approximately $7.8 billion, paying down approximately $2.3 billion in maturing debt and approximately $5.5 billion in commercial paper.

為了實現該目標，到 2024 年，我們將去槓桿約 78 億美元，償還約 23 億美元的到期債務和約 55 億美元的商業票據。

And in January 2025, we monetized another tranche of our Haleon shares, which for reporting purposes is a Q1 '25 event.

2025 年 1 月，我們將另一部分 Haleon 股份貨幣化，從報告目的而言，這是 2025 年第一季事件。

We received approximately $3 billion in net cash proceeds, and now our ownership in Haleon was reduced from approximately 15% to approximately 7%.

我們獲得了約 30 億美元的淨現金收益，現在我們在 Haleon 的所有權從約 15% 減少到約 7%。

We intend to monetize our remaining Haleon investment in a prudent fashion during 2025.

我們打算在 2025 年期間以審慎的方式將剩餘的 Haleon 投資貨幣化。

Overall, in Q4, we generated robust operating cash flows which, combined with the most recent Haleon net sales proceeds of approximately $3 billion, resulted in significant free cash flow generation as we enter 2025.

總體而言，在第四季度，我們產生了強勁的營運現金流，再加上最近 Haleon 約 30 億美元的淨銷售收益，將在我們進入 2025 年時產生大量自由現金流。

Our objective remains to delever and return to a more balanced allocation of capital between reinvestments and direct return to shareholders over time.

我們的目標仍然是降低槓桿率，並隨著時間的推移，在再投資和直接回報股東之間實現更均衡的資本分配。

Given we issued our full year 2025 financial guidance on December 17, let me just hit a few highlights.

鑑於我們於 12 月 17 日發布了 2025 年全年財務指引，我只介紹幾個重點。

We expect total company full year '25 revenues to be in the range of $61 billion to $64 billion and full year '25 Adjusted diluted earnings per share to be in the range of $2.80 to $3 a share, which reflects our expectation of strong contributions across our product portfolio as well as our focus on disciplined cost management.

我們預計公司2025 年全年總營收將在610 億美元至640 億美元之間，2025 年全年調整後每股攤薄收益將在2.80 美元至3 美元之間，這反映了我們對公司整體業務強勁貢獻的預期。

Importantly, we believe the steps taken to right size our cost base will put us on a strong footing towards increased operational efficiency and support our goal to return to pre-pandemic operating margins.

重要的是，我們相信，採取適當規模的成本基礎措施將為我們提高營運效率奠定堅實基礎，並支持我們實現恢復疫情前的營業利潤率的目標。

In further support of this initiative, we now expect to deliver overall net savings of $4.5 billion from our ongoing cost realignment programs by the end of 2025, while continuing to advance programs that will improve cost of goods sold in the years to come.

為了進一步支持這項舉措，我們目前預計到 2025 年底，我們正在進行的成本調整計畫將帶來 45 億美元的整體淨節約，同時在未來幾年繼續推進改善銷售成本的計畫。

As a reminder, the impact of the IRA Medicare Part D redesign is expected to be a net headwind to the company's revenue of approximately $1 billion across our product portfolio, dampening growth by approximately 1.6% versus 2024.

提醒一下，IRA Medicare Part D 重新設計的影響預計將對公司整個產品組合約 10 億美元的收入產生淨阻力，與 2024 年相比增長約 1.6%。

The impact of catastrophic coverage is expected to exceed the potential volume benefit from the reduction of the patient out-of-pocket cap, leading to a negative impact beginning in early in the year, while the positive impact of lower patient out-of-pocket costs is expected to build throughout this year.

預計災難保險的影響將超過降低患者自付費用上限帶來的潛在收益，導致年初開始產生負面影響，而降低患者自付費用上限帶來的正面影響預計成本將在今年全年增加。

As the IRA is felt more acutely in higher-priced medicines, we expect Vyndaqel, Ibrance, Xtandi and Xeljanz to reach catastrophic coverage much earlier in the year.

由於 IRA 在高價藥品中的影響更加明顯，我們預計 Vyndaqel、Ibrance、Xtandi 和 Xeljanz 將在今年稍早達到災難性覆蓋。

And due to these changes, we expect a higher gross to net impact on our revenues for all drugs in the beginning of 2025 that is expected to moderate throughout the remainder of the year when compared to 2024.

由於這些變化，我們預計 2025 年初所有藥品的毛收入與淨收入的影響將更高，與 2024 年相比，預計在今年剩餘時間內這種影響將有所緩和。

And lastly, I will mention that we continue to monitor currency fluctuation as the year progresses.

最後，我要說的是，隨著時間的推移，我們將繼續監測貨幣波動。

So in closing, let me just emphasize several key aspects of our business.

最後，我只想強調我們業務的幾個關鍵方面。

We believe our financial targets for 2025 are both reasonable and achievable, reinforcing our commitment to operational excellence.

我們相信，我們 2025 年的財務目標合理且可實現，這加強了我們對卓越營運的承諾。

We also believe our revenue volatility is largely in the past as COVID-related uncertainties have diminished.

我們也相信，由於與 COVID 相關的不確定性已經減少，我們的收入波動基本上已經成為過去。

Additionally, our cost improvement programs have set the stage for ongoing margin expansion.

此外，我們的成本改進計劃為持續擴大利潤奠定了基礎。

We will continue our focus and execution to maximize the commercial value of our product portfolio.

我們將繼續專注和執行，以最大化我們產品組合的商業價值。

And our new R&D leadership is committed to driving value-creating innovation and strengthening our pipeline.

我們新的研發領導層致力於推動創造價值的創新並加強我們的產品線。

And lastly, we have a clear path to reloading our balance sheet, enabling enhanced capital deployment in pursuit of additional opportunities to strengthen our business and create value for our shareholders.

最後，我們有明確的途徑來重載我們的資產負債表，從而能夠加強資本配置，尋求更多機會來加強我們的業務並為我們的股東創造價值。

We are dedicated to maintaining and growing our dividend and meeting our delevering targets by the end of 2025, providing for a more balanced capital allocation.

我們致力於在 2025 年底前維持和增加股利並實現去槓桿目標，實現更均衡的資本配置。

And with that, I'll turn it back to Albert to start the Q&A session.

現在，我將把話題轉回給阿爾伯特，開始問答環節。

Yes.

是的。

Thank you, David.

謝謝你，大衛。

But before we turn to the questions, I would like to close the year with one comment.

但在開始回答這些問題之前，我想用一句話來結束這一年。

Pfizer knows how to execute well when we set our focus on something.

當我們把注意力集中在某件事上時，輝瑞公司知道如何很好地執行。

We saw what we could do in 2020 when we rapidly developed and prepared to manufacture billions of doses of the COVID-19 vaccine, in '21 when we repeated the same with Paxlovid, and in 2022 when, with successful commercialization, we exceeded $100 billion in full year revenue.

2020 年，我們迅速研發並準備生產數十億劑新冠疫苗，看到了我們的能力；2021 年，我們又研發了 Paxlovid，並準備生產；2022 年，隨著 Paxlovid 的成功商業化，我們的全年收入超過了 1000 億美元。

In 2023, despite the difficulties with the rebased COVID-19 expectations, we invested in our future with a big bet in oncology with the acquisition of Seagen.

2023 年，儘管重新調整後的 COVID-19 預期帶來了困難，但我們仍透過收購 Seagen 在腫瘤學領域進行了大舉投資，投資於我們的未來。

And last year, we exceeded expectations repeatedly with four consecutive quarters of strong financial performance from our disciplined commercial execution.

去年，我們憑藉嚴格的商業執行連續四個季度強勁的財務業績屢屢超出預期。

Now, as we are directing similar focus and our proven ability to execute on our R&D pipeline, we are confident that we are well positioned to drive meaningfully improved productivity.

現在，由於我們將重點放在類似的領域，並已證明我們在研發流程上的執行能力，我們有信心，我們有能力顯著提高生產力。

And with that, operator, please assemble the queue.

接線員，請集合隊列。

(Operator Instructions) Steve Scala, TD Cowen.

（操作員指示）史蒂夫·斯卡拉（Steve Scala），TD Cowen。

I have two questions.

我有兩個問題。

First, on the danuglipron dose optimization data, it's apparently still on track for the first quarter of this year.

首先，就 Danuglipron 的劑量優化數據來看，今年第一季的計畫顯然仍在按計畫進行。

What is the range of possible outcomes?

可能的結果範圍有哪些？

And is dropping this version of the compound a possibility?

放棄這個版本的化合物有可能嗎？

And what would be the next step?

那下一步該怎麼做？

Second question is, Chris Boshoff, I assume he's on the line.

第二個問題是，Chris Boshoff，我想他在線上。

Under the heading of nothing is perfect, can you share with us two or three things in the Pfizer R&D portfolio or system that you think need to be fixed?

沒有什麼是完美的，您能否與我們分享一下輝瑞研發組合或系統中您認為需要修復的兩三件事？

New leaders usually say they want to move quicker, but sometimes they also thoroughly go through the portfolio and shed many projects.

新領導者通常會說他們希望行動更快，但有時他們也會徹底檢查投資組合併放棄許多項目。

Is that also a possibility?

這也是一種可能嗎？

Chris?

克里斯？

So we start with danu.

因此我們從 danu 開始。

So for danu, just to be clear, we, as we stated previously, we're now targeting first quarter to have data from the ongoing dose optimization and formulation study, the PK study, and we're on track to deliver that in Q1.

因此，對於 danu，需要明確的是，正如我們之前所說，我們現在的目標是在第一季度獲得正在進行的劑量優化和配方研究、PK 研究的數據，並且我們有望在第一季度交付這些數據。

And we haven't seen the data yet, but obviously, that data will then determine decisions for the future of danuglipron.

我們還沒有看到數據，但顯然，這些數據將決定 danuglipron 的未來。

On your second question, as we've recently announced, we already focused our portfolio further.

關於您的第二個問題，正如我們最近宣布的那樣，我們已經進一步集中了我們的投資組合。

We've now established four end-to-end therapeutic areas: oncology, vaccines, internal medicine and I&I.

我們現在已經建立了四個端到端治療領域：腫瘤學、疫苗、內科和I&I。

And part of that will be to focus on those opportunities that could provide the biggest value both for patients but also for Pfizer.

其中一部分將集中在那些可以為患者和輝瑞帶來最大價值的機會。

So you will see during the coming months how we further focus and execute and accelerate those medicines, we believe, could be potential future blockbusters.

因此，您將在接下來的幾個月中看到我們如何進一步關注、執行和加速這些藥物，我們相信這些藥物可能會成為未來的重磅炸彈。

Thank you, Chris.

謝謝你，克里斯。

And Steve, you're right, usually new leaders are taking their time to assess.

史蒂夫，你說得對，新領導者通常會花時間評估。

But the good news with Chris is that he knew really the Pfizer organization.

但對克里斯來說，好消息是他確實了解輝瑞公司。

And I'm very impressed with the speed and thoughtfulness that he's deploying his changes.

他部署變革的速度和周到令我印象深刻。

Already he announced the new organizations that selected a lot of leaders, and refocused our pipeline in collaboration with Andrew Baum.

他已經宣布了選拔大量領導人的新組織，並與安德魯·鮑姆 (Andrew Baum) 合作重新調整了我們的人才管道。

Geoff Meacham, Citibank.

花旗銀行的傑夫‧米查姆。

Just had a couple of quick ones.

剛剛吃了幾口。

So for the COVID franchise, you guys talked about stabilizing revenue for this year.

因此，對於 COVID 系列來說，你們談到了穩定今年的收入。

Maybe just give us some level of conviction and your level of investments in this business kind of going forward.

也許只是給我們一些信心和您對未來這項業務的投資水平。

I think most investors kind of would like for it to kind of be viewed as just maybe upside to the story.

我認為大多數投資者都希望將其視為故事的正面方面。

And then from a capital allocation perspective, when you guys think about the appetite for potential BD, as you reprioritize or look at the pipeline and evaluate a lot of the assets in, say, early to mid-development, just want to get a sense from you guys for the appetite for growing out the number of TAs, if you had more optimization to do that can be achieved through BD.

然後從資本配置的角度來看，當你們考慮對潛在 BD 的需求時，當你們重新確定優先級或查看管道並評估早期到中期開發中的大量資產時，只是想從你們那裡了解對增加 TA 數量的需求，如果你們有更多的優化要做，可以透過 BD 來實現。

Aamir?

阿米爾？

So Geoff, on COVID, maybe I'll start with Paxlovid.

因此，Geoff，關於 COVID，也許我會從 Paxlovid 開始。

You saw Albert describe, we have multiple years now of reference where Paxlovid utilization tracks directly to the level of disease outbreak.

正如阿爾伯特所描述的，我們有多年的參考數據，其中 Paxlovid 的使用直接與疾病爆發的水平相關。

And the year 2024 was no different.

2024年也不例外。

So we know that to be the case.

我們知道情況確實如此。

And we've also put in place a very effective commercial model in Paxlovid that allows us to deliver on that and continue to improve.

我們還在 Paxlovid 中建立了一個非常有效的商業模式，使我們能夠實現這一目標並不斷改進。

In fact, if you look at 2024, we had higher physician treatment rates than 23% and we also had gains in market share versus 23%.

事實上，如果展望 2024 年，我們的醫生治療率將高於 23%，而且我們的市場份額也將有所增長。

So we know we have a model that works.

所以我們知道我們有一個有效的模型。

And with regards to resource allocation, we have targeted our resource modeling for Paxlovid so that we are investing the places where it's relevant when it's relevant.

至於資源分配，我們已經針對 Paxlovid 建立了資源模型，以便我們在相關的時候對相關的地方進行投資。

So we have a very, very tailored model.

因此我們有一個非常非常客製化的模型。

And I think you see that in the results.

我想您從結果中就可以看出這一點。

We had a very big summer and early fall wave of COVID in '24.

2024 年夏季和初秋，我們經歷了一波規模龐大的新冠疫情。

And then we had a milder and shorter winter wave.

然後，我們迎來了更溫和、更短暫的冬季浪潮。

And you see that reflected in Paxlovid utilization.

您可以看到這反映在 Paxlovid 的使用率上。

And we've also ensured that we have the right pricing model in place and put in place a new agreement with the US government on our Paxlovid contract that defines the eligibility for the USG pack going forward.

我們還確保我們擁有正確的定價模型，並就 Paxlovid 合約與美國政府達成新協議，該協議定義了未來 USG 包的資格。

So there is clarity on that for January, February and going into March.

因此，一月、二月和三月的情況很明確。

And with regards to vaccinations on Comirnaty, again, we saw a pattern in '24 that very closely mirrored '23.

關於 Comirnaty 的疫苗接種情況，我們再次發現 24 年的模式與 23 年的模式非常相似。

So vaccination rates were quite stable.

因此疫苗接種率相當穩定。

Again, here, we also saw an improvement in our market share position for Comirnaty, and we are confident that our commercial execution both with regards to the retail setting and the nonretail setting will continue to put us in good stead as we move forward.

同樣，在這裡，我們也看到 Comirnaty 的市場份額有所提高，我們相信，我們在零售和非零售環境的商業執行將繼續為我們未來的發展提供良好的支持。

Thank you.

謝謝。

And of course, in international, the same time here, we have contracts with our multiyear contracts that they are covering not only this year but the year after.

當然，在國際上，我們同時簽訂了多年期合同，這些合約不僅涵蓋今年，還涵蓋後年。

So all of that makes us feel that this is a very stable and predictable revenue stream.

所以這一切都讓我們覺得這是一個非常穩定且可預測的收入來源。

Why don't we go to capital allocation and then, Dave, maybe also, Andrew, you can comment on the BD.

我們為什麼不去討論資本配置，然後，戴夫，也許，安德魯，你可以對 BD 發表評論。

So just, Albert, I'll be real quick.

所以，阿爾伯特，我會很快說完。

From a capital allocation perspective, I'm very pleased with the company's cash flow generation throughout 2024 as we've continued to enhance our cash flow yield, number one; number two, continue to aggressively delever.

從資本配置的角度來看，我對公司 2024 年全年的現金流產生感到非常滿意，因為我們一直在提高現金流收益率，這是第一；第二，繼續大力去槓桿。

And now as we enter 2025, we'll be in a position from a cash and a delevering perspective to have a more balanced capital allocation strategy, allowing us to do a slightly bigger business development programs if so desired in 2025.

現在，當我們進入 2025 年時，從現金和去槓桿的角度來看，我們將擁有更平衡的資本配置策略，這使我們能夠在 2025 年開展稍大一些的業務發展計劃（如果願意的話）。

And with that, maybe I'll pass it over to Andrew to give some context around how we're thinking about that.

說到這裡，也許我會把它交給安德魯，讓他介紹我們對此的看法。

Yes.

是的。

So to recap what Chris says, we have narrowed our current therapeutic areas to four, so oncology, vaccines, I&I, and internal medicine.

所以，總結克里斯所說的，我們已經將目前的治療領域縮小到四個，分別是腫瘤學、疫苗、免疫與免疫學以及內科。

Now, it's fair to say that those are fairly broad areas, they are big buckets that you can put lots of therapeutic indications in.

現在，可以說這些都是相當廣泛的領域，它們是可以放入許多治療指徵的大桶。

If we were to explore adjacencies or, indeed, therapeutic areas where historically Pfizer hasn't been active, I think, firstly, we'll be looking for truly breakthrough science that's tractable with a drug.

如果我們要探索鄰近領域，或輝瑞歷史上尚未活躍的治療領域，我認為，首先，我們會尋找真正可用藥物處理的突破性科學。

Second, an unmet medical need that we feel that can be monetized.

第二，我們認為尚未滿足的醫療需求是可以貨幣化的。

And thirdly and most importantly, we have to have the talent with it in order to develop those assets if we go into a therapeutic area that is one that is unfamiliar to us, or we don't have historically that

第三，也是最重要的一點，如果我們進入一個我們不熟悉的治療領域，或者我們歷史上沒有這樣的治療領域，我們必須擁有開發這些資產的人才。

[backbone of talent].

【人才骨幹】

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特 (Chris Schott)。

Just two questions for me.

我只有兩個問題。

Just coming back to capital deployment.

剛剛回到資本部署問題。

Dave, just to build on those comments, you talked about slightly larger BD transactions.

戴夫，基於這些評論，您談到了稍大一些的 BD 交易。

Can you just help size the range of what Pfizer is able to look at from here and how you think about balancing business development versus share repo, which I think you talked about as you started to delever would be part of the story?

您能否幫助估算一下輝瑞目前能夠關注的範圍，以及您如何看待平衡業務發展與股票回購，我認為您在開始去槓桿時談到了這一點，這將是故事的一部分？

The second is on the RSV market.

第二個是RSV市場。

Can you talk a little bit about the thinking on the size of the opportunity from here and the potential for growth, given some of the 2024 results, both the US as well as globally?

考慮到 2024 年美國和全球的一些業績，您能否談談您對當前機會規模和成長潛力的看法？

Yes.

是的。

So as far as capital deployment goes, Chris, I think the good news is the company has a very robust cash flow generation capabilities.

因此就資本部署而言，克里斯，我認為好消息是該公司擁有非常強大的現金流創造能力。

And over time, we'll be able to do both dividends as well as BD as well as value-enhancing share repurchases.

隨著時間的推移，我們將能夠同時進行股息、 BD 以及增值股票回購。

Specifically, as we come into 2025, given the strength of the company from a cash flow perspective, we have the capacity in the $10 billion to $15 billion ZIP code from a business development perspective within 2025 if we chose to focus in that area.

具體來說，當我們進入2025 年時，考慮到公司從現金流角度的實力，如果我們選擇專注於該地區，那麼從業務發展角度來看，我們在2025 年內就擁有100 億至150 億美元郵政編碼的產能。

Thank you.

謝謝。

Aamir and Alexandre, the RSV?

阿米爾和亞歷山大，RSV 嗎？

Very quickly, in the US, firstly, the market did decrease in 2024, and that's something that we have been signaling for quite some time.

很快，在美國，首先，市場在 2024 年確實會下滑，這是我們相當長一段時間以來一直在發出的信號。

This was because of ships in ACIP as well as the early adopters of the vaccine in 2023.

這是因為 ACIP 中的船隻以及 2023 年疫苗的早期採用者。

The important thing for us, the things that we can control, the strength of our commercial execution led us to the leading market share of doses shipped to end-customers at 50% for 2024, and an improvement in the shots in arms market share by 18 percentage points versus last year.

對我們來說，最重要的是我們能夠控制的事情，以及我們強大的商業執行力，這讓我們在2024 年向終端客戶運送的疫苗劑量市場佔有率達到50%，並且在武器注射市場份額方面也取得了進步。

And our maternal indication also performed very well, tripling the uptake from last season.

我們的母體適應症也表現得非常好，比上一季增加了三倍。

Now, as we look forward, in the absence of any major policy or ACIP change in '25, the RSV market without that is likely not to grow, but there are a lot of catalysts for midterm growth.

現在，我們展望未來，如果 25 年沒有任何重大政策或 ACIP 變化，那麼沒有這些的 RSV 市場可能不會成長，但中期成長有許多催化劑。

One is any policy updates to year-round vaccination.

一是全年疫苗接種政策的更新。

Second, age expansion for 18 to 59 year-olds that are at risk, where we have great data, as well as potential revaccination recommendations as data becomes more available.

第二，將年齡範圍擴大到 18 至 59 歲的高風險族群，我們在這方面擁有豐富的數據，隨著數據的可用性，可以提出潛在的重新接種疫苗的建議。

So those are midterm growth catalysts.

所以這些都是中期成長催化劑。

And in the meantime, we remain confident in our ability to execute as that evolves.

同時，我們對我們的執行能力仍然充滿信心。

So on the international front, Chris, what we see in this quarter is the beginning of the financial impact of the work we've done in approving and getting through the BTC and the payers for Abrysvo.

因此，克里斯，在國際方面，我們在本季度看到的是我們在批准和透過 BTC 以及 Abrysvo 付款人方面所做的工作開始產生財務影響。

And in the countries where we received positive [ETC] and got reimbursement, we start to see great execution working hand-in-hand with the authority in

在我們收到積極 [ETC] 並獲得報銷的國家，我們開始看到與當局攜手合作的出色執行

[SGP].

[新加坡政府資訊公開]

Let me give you two examples in marginal immunization.

讓我舉兩個邊緣免疫的例子。

So in the UK after winning the exclusive tender, healthcare professionals vaccinated with Abrysvo over 60% of the eligible pregnant women in just one quarter in Q4.

因此在英國贏得獨家招標後，僅在第四季度的一個季度內，醫護專業人員就為 60% 以上的符合條件的孕婦接種了 Abrysvo 疫苗。

In France, in competitive setting, Abrysvo was administered to over 40% of the eligible pregnant women in the Q4 alone.

在法國的競爭環境中，僅在第四季度就有超過 40% 的符合條件的孕婦使用了 Abrysvo。

So clearly, we see a potential as we move into 2025 in the MI, great opportunity to expand usage and to expand the vaccination.

因此顯然，隨著 MI 邁入 2025 年，我們看到了巨大的潛力，有很大的機會擴大使用範圍並擴大疫苗接種。

And of course, that is not just in the developed market but also in emerging markets.

當然，這不僅發生在已開發市場，也發生在新興市場。

And for instance, as you know, Abrysvo was listed at the Pan-America Health Organization.

例如，如您所知，Abrysvo 已被列入泛美衛生組織。

And so starting this year, we can have Latin American country to start contracting Abrysvo.

從今年開始，我們就可以讓拉丁美洲國家開始感染 Abrysvo。

Now, in the OA, we start also to see some traction and the vaccination campaign in the UK already reached 44% of the eligible population and regional vaccination was granted late 2024 in about half of the German population and we're expecting to get a full German population access in Q1 2025.

現在，在 OA 中，我們也開始看到一些進展，英國的疫苗接種活動已經覆蓋了 44% 的符合條件人口，大約一半的德國人口在 2024 年底獲得了區域性疫苗接種，我們預計到 2025 年第一季度，德國全民都可以接種疫苗。

So again, on both maternal immunization and order adults, plenty of opportunity to grow.

因此，再次強調，無論是孕產婦免疫或成人免疫，都有足夠的成長機會。

Vamil Divan, Guggenheim Securities.

古根漢證券的 Vamil Divan。

Maybe a couple if I could on the pipeline.

如果我可以在管道上的話，也許有幾個。

So Prevnar Valent 25 you mentioned starting Phase 3 in adults this year.

您提到，Prevnar Valent 25 今年將在成人患者中開始第 3 階段治療。

Just curious if you can comment on what you've seen so far gives you comfort in moving up for when we might see the data publicly.

我只是好奇，如果您能對迄今為止所看到的情況發表評論，當我們可能公開看到數據時，您會感到安心。

And also any updates on the pediatric population and when you -- where things stand there.

以及關於兒科人口的任何最新情況以及那裡的情況。

And then the second one is on ponsegromab.

第二個是關於ponsegromab。

And just you have the, obviously, cancer cachexia, which you're starting Phase 3, we also noticed in the Phase 2 heart failure program, you increased the patient enrollment significantly there.

顯然，您正處於癌症惡病質的第三階段，我們也注意到，在第二階段的心臟衰竭計畫中，您顯著增加了病患招募人數。

Just curious if you can provide any perspective on what drove that change and just maybe your broader views on the heart failure rate opportunity for that product?

只是好奇您是否可以提供一些關於推動這種變化的原因的觀點，以及您對該產品心臟衰竭發生率機會的更廣泛的看法？

Chris?

克里斯？

So first all, PCV-25, as Albert mentioned, this is an ongoing Phase 2 study with a potential best-in-class vaccine.

首先，正如 Albert 所提到的，PCV-25 是一項正在進行的第 2 階段研究，有望成為同類最佳疫苗。

The Phase 2 study is ongoing in both adults and in pediatrics.

階段 2 研究正在成人和兒科中進行。

As we've mentioned earlier, Serotype 3 is very important and is emerging as a very important serotype with up to 20% to 30% of the population actually developed serotype 3.

正如我們之前提到的，血清型 3 非常重要，並且正在成為一種非常重要的血清型，實際上多達 20% 到 30% 的人口患有血清型 3。

So we're very pleased that we're now seeing what looks like best-in-class immunogenicity against serotype 3.

因此，我們非常高興，現在我們看到了針對 3 型血清型的最佳免疫原性。

On the pediatric front, as you mentioned, the study is ongoing.

在兒科方面，正如您所說，研究仍在進行中。

So we hope to provide additional data later this year.

因此我們希望今年稍後提供更多數據。

But everything we've seen so far suggests to us that we've got improved immunogenicity of PCV-25 versus our current vaccine.

但到目前為止我們所看到的一切都表明，與我們目前的疫苗相比，PCV-25 的免疫原性有所提高。

Just a reminder as well, we do have a fifth generation vaccine 30-plus, that's also now in preclinical development that we hope to launch in Phase 1 later this year.

也要提醒一下，我們確實有 30 多種第五代疫苗，現在也處於臨床前開發階段，我們希望在今年稍後推出第一階段。

On ponsegromab, very quickly, we're excited about the data for cancer cachexia.

關於 ponsegromab，我們很快就對癌症惡病質的數據感到興奮。

And the cancer cachexia study should start later this year in a Phase 3 experience.

癌症惡病質研究將於今年稍後啟動第三階段實驗。

And we stopped the development of the cardiovascular study.

我們停止了心血管研究的進行。

Thank you.

謝謝。

And I want to also emphasize that the development strategy on PCV-30-plus involves the development of PCV-25, so refined strategy, which is development and regulatory, that will allow us to accelerate 30-plus by investing now in 25, which will come earlier, of course, to the market.

我還想強調的是，PCV-30-plus 的發展策略涉及 PCV-25 的發展，因此，完善的策略（即發展和監管）將使我們能夠透過現在投資 25 來加速 30-plus 的發展，這當然會更早進入市場。

And I think there was a question also on the penetration of PCV.

我認為 PCV 的滲透力也有問題。

But right now, both pediatric and adult, we have very, very high market share.

但目前，無論是兒科還是成人，我們的市佔率都非常高。

We reported actually 87% market share.

我們實際報告的市佔率為 87%。

Courtney Breen, Bernstein.

考特尼·布林，伯恩斯坦。

And thanks for the details on kind of how you're thinking about the R&D organization.

感謝您詳細介紹了您對研發組織的看法。

Just a clarifier, and perhaps you can help us understand the strategy a little bit more here.

只是一個澄清，也許您可以幫助我們在這裡更多地理解這個策略。

It sounds like you're shifting into four R&D organizations.

聽起來你正在轉向四個研發組織。

I also heard reference though to end-to-end area.

我還聽到了對端到端區域的引用。

So can you talk about whether these are similar or different to how oncology was set up earlier this year -- earlier last year?

那麼您能談談這些與今年早些時候——去年早些時候的腫瘤學建立方式是否相似或不同嗎？

And then additionally, can you talk a little bit about how you're allocating investment across R&D across those four separate engines?

另外，您能否談談如何在這四個獨立引擎的研發中分配投資？

How are you making sure that the bar is high in all of those different therapeutic areas and ensuring you've got the right prioritization given the independence of these units?

您如何確保在所有這些不同的治療領域都有較高的標準，並確保在這些部門獨立的情況下得到正確的優先排序？

Thank you.

謝謝。

That's a great question.

這是一個很好的問題。

So Chris, start, and then Andrew can chime in.

首先請 Chris 開始，然後 Andrew 可以加入討論。

.

。

Yes.

是的。

So thank you very much for the question.

非常感謝您的提問。

So for oncology, as you stated, since the beginning of 2023, we had an end-to-end organization covering discovery, early-stage development, late-stage development as well as medical.

因此，對於腫瘤學，正如您所說，自 2023 年初以來，我們就擁有一個端到端的組織，涵蓋發現、早期開發、後期開發以及醫療。

And we already had that in vaccine since 2009.

我們從 2009 年起就已經在疫苗中加入了這種成分。

And now we build the same structure for I&I and internal medicine.

現在我們為I&I和內科建立了相同的結構。

So essentially, all four of those will be end-to-end organizations, for quicker decision-making and quicker handover between discovery, Phase 1, and then from early development into late-phase development.

因此，從本質上講，這四個組織將是端到端的組織，以便在發現、第一階段以及從早期開發到後期開發之間更快地做出決策和更快地交接。

Andrew, regarding the

安德魯 (Andrew) 關於

--

--

Yes, Courtney, you hit up on a critical question.

是的，考特尼，你提出了一個關鍵問題。

So historically, when you look back, there's no shortage of first-in-class breakthrough molecules that we've successfully shepherded through development.

因此，從歷史上看，當你回顧過去時，你會發現，我們成功開發了許多同類首創的突破性分子。

However, some of those really have not delivered in terms of financial revenues, and therefore, to shareholders.

然而，其中一些公司實際上並未實現財務收入，因此也並未為股東帶來收益。

And the key issue is really ensuring that we have successful portfolio prioritization, bringing that commercial lens to much earlier during the process and having estimates that are derived in an unbiased way and a dynamic and subject to continued revision.

而關鍵問題實際上是確保我們成功地對投資組合進行優先排序，在流程的早期階段引入商業視角，並以公正的方式得出動態且可不斷修訂的估算。

So in my role as chair with the PMT since I joined Pfizer partnering with Chris, we have been working through that pipeline, starting with the late-stage assets, but then moving earlier, to make sure the decisions we make drug by drug, indication by indication are ones that are going to deliver value for shareholders as well as the patients.

因此，自從我加入輝瑞並與克里斯合作擔任 PMT 主席以來，我們一直在研究該管道，從後期資產開始，然後向前推進，以確保我們針對每個藥物、每個適應症做出的決定都能為股東和患者帶來價值。

Thank you for the question, Courtney.

謝謝你的提問，考特尼。

And I want also to chime in and say that in the R&D organization that we have right now, I think it's very, very, very strong capabilities.

我還想插話說，我認為我們目前的研發機構的能力非常非常強大。

And it's proven with the number of approvals.

批准的數量已經證明了這一點。

We have 13, right, last year and even same number in '23.

去年我們有 13 個，23 年也是一樣的數字。

No one even had even close to these numbers.

甚至沒有人接近這些數字。

If you see our success rate at 17% compared to 10%, 11% of the industry.

如果你發現我們的成功率為 17%，而產業平均成功率為 10% 至 11%。

Very few that have these success rates.

很少人能達到這樣的成功率。

And in time to the market, we are having approximately 5.6 years when most of the industry is in seven, eight years after improvements.

就上市時間而言，我們只花了大約 5.6 年的時間，而大多數行業則需要七、八年的時間才能完成改進。

However, looking back, I don't think that we necessarily -- we could have done way better in choosing the right products to focus our R&D capabilities, which is, I think, what now, Chris and Andrew, with the commercial assessments, will try to do.

然而，回顧過去，我認為我們不一定——我們可以做得更好，選擇正確的產品來集中我們的研發能力，我認為，現在，克里斯和安德魯，有了商業評估，會盡力去做。

The good news is that if it was a question of capabilities to improve R&D productivity, that would be a multiyear undertake.

好消息是，如果這是一個提高研發生產力的能力問題，那麼這將是一項多年的工作。

When it is a question of refocusing your investments, that's way more quick.

當需要重新調整你的投資時，這會更快。

And I'm very optimistic that the results will come out very, very quickly.

我非常樂觀地認為結果很快就會出來。

With that, let's go to the next question.

那麼，我們來討論下一個問題。

Evan Seigerman, BMO Capital Markets.

埃文·塞格曼 (Evan Seigerman)，BMO 資本市場。

Congrats on all the progress.

祝賀你取得的所有進展。

So given RFK Jr.'s approval by the Senate Finance Committee this morning, can you walk me through how you plan on working with him as a likely head of HHS, especially with his views on vaccines and general skepticism of the pharma industry?

因此，鑑於羅伯特·甘迺迪(RFK Jr.) 今早獲得參議院財政委員會的批准，您能否向我介紹一下，您計劃如何與他合作，他可能是衛生與公眾服務部(HHS) 的負責人，尤其是他對疫苗的看法和對製藥業的普遍懷疑態度？

Yes.

是的。

I was also informed that the Senate committee voted in favor of him.

我還獲悉，參議院委員會投票支持他。

So I think his confirmation is pretty much secure right now.

因此我認為他的確認現在基本上已經板上釘釘了。

Of course, we will see what the full Senate will do.

當然，我們將看看參議院全體會議將採取什麼行動。

Look, I mean, we have with the Trump administration, as the pharma industry, in particular, what's big as Pfizer, have very good relations.

你看，我的意思是，我們與川普政府以及製藥業，特別是像輝瑞這樣的大型企業，有著非常良好的關係。

Personally, myself, I have a very long-lasting relationship with the President, but was cemented during the Operation Warp Speed when we developed the vaccine for COVID, and I know that the President is very proud of what was able to accomplish, and he has made public statements on that.

就我個人而言，我與總統有著非常長期的關係，但在我們開發 COVID 疫苗的「曲速行動」期間，我們的關係得到了鞏固，我知道總統對我們所取得的成就感到非常自豪，他也就此發表了公開聲明。

We met with Mr. Kennedy -- actually, the President introduced me to him and we had dinner offered together, and we tried to understand his view.

我們與甘迺迪先生會面——實際上是總統把我介紹給他，我們一起共進晚餐，並試圖了解他的觀點。

I focus more not on the things that we clearly disagree, like the vaccines, but on the things that we can agree and we can do things together.

我更關注的不是我們明顯意見不一致的事情，例如疫苗，而是我們可以達成一致、可以共同做事的事情。

And those are things in chronic diseases, in cardiovascular diseases, and more importantly, in cancer, which is something that is very, very high in the mind of the President.

這些是慢性病、心血管疾病，更重要的是癌症，這是總統非常重視的問題。

And it is also very in the mind of Mr. Kennedy.

甘迺迪先生也非常認同這一點。

I met him a few times also after that, and we expect that we will have a collaboration.

此後我也見過他幾次，我們期待合作。

It's not my -- do I expect that we will agree on everything on vaccines?

這不是我的——我是否期望我們就疫苗的所有問題達成一致？

I don't know.

我不知道。

But I think probably, as I hear all the statements that have been done by him and by the administration, he will have a way more tempered view on how to interact with the vaccines.

但我想，當我聽到他和政府發表的所有聲明時，他可能會對如何與疫苗互動有一個更溫和的看法。

But I don't want to speak about him further.

但我不想進一步談論他。

I think there are a lot of opportunities that probably outweigh the risks that we have with the radical change that we will see from the Trump administration, actually, that we are seeing now with the Trump administration.

我認為，川普政府即將帶來的根本性變革，實際上，我們現在看到的川普政府的變革，為我們帶來了很多機遇，這些機會可能大於風險。

So I'm cautiously optimistic.

因此我持謹慎樂觀的態度。

Now, let's move to the next question.

現在，我們來討論下一個問題。

Kripa Devarakonda, Truist Securities.

Devarakonda 先生，Truist Securities 成員。

Congratulations on the progress.

祝賀你取得進展。

I have a question on your breast cancer franchise.

我對您的乳癌特許經營權有一個疑問。

You recently announced a strategy for developing your CDK4 in frontline -- first-line breast cancer as a monotherapy and also in combination with vepdeg, the ER PROTAC.

您最近宣布了一項開發 CDK4 用於一線乳癌的策略——作為單一療法以及與 ER PROTAC vepdeg 聯合使用。

As the landscape evolves with other CDK4/6 inhibitors, different combinations, how do you see Pfizer's portfolio in breast cancer evolve over the next few years?

隨著其他 CDK4/6 抑制劑和不同組合的發展，您認為未來幾年輝瑞在乳癌領域的產品組合將如何發展？

Do you see this as the strategy is getting a piece of the broader pie?

您是否認為這項策略能夠獲得更廣泛的利益？

Or are there areas with your CDK4 and your -- with vepdeg where you think you could establish a niche?

或者您認為您可以在 CDK4 和 vepdeg 領域中建立利基市場嗎？

And also with the Phase 3 data from vepdeg expected any time in first quarter, what needs to happen with these data for it to be considered competitors?

另外，預計 vepdeg 的第三階段數據將在第一季的任何時候公佈，這些數據需要如何變化才能被視為競爭對手？

Chris?

克里斯？

Thank you very much.

非常感謝。

Thank you for the question.

感謝您的提問。

We are very fortunate because we've got a lot of optionality now in breast cancer.

我們非常幸運，因為我們現在在乳癌治療方面有很多選擇。

I'll start with CDK4.

我將從 CDK4 開始。

We believe this is a best-in-class CDK inhibitor.

我們相信這是一流的 CDK 抑制劑。

And what we've seen for compliance and the rate of specifically treatment-related AEs as well as discontinuations, we are very optimistic that CDK4 could not only replace [I] brands, but all CDK4/6 inhibitors early-line breast cancer, including first line as well as potentially in the future also in the adjuvant setting.

從依從性和具體治療相關不良反應以及停藥的發生率來看，我們非常樂觀地認為，CDK4 不僅可以取代 [I] 品牌，還可以取代所有 CDK4/6 抑制劑早期乳癌，包括第一線治療，以及未來潛在的輔助治療。

As Albert has mentioned, we are pleased that the first line study is now ongoing, that CDK4, atirmociclib in combination with letrozole.

正如 Albert 所提到的，我們很高興看到目前正在進行第一線研究，即 CDK4、atirmociclib 與來曲唑的聯合治療。

To your point, we also expect the readout for vepdeg in the second-line setting with a derisk study that includes ESR1 population as well as all-comer population.

正如您所說，我們還期望在二線環境中對 vepdeg 進行讀數，其中包括 ESR1 人群以及所有人群的去風險研究。

And that medicine potentially could become a replacement for backbone [endocrine] treatment.

這種藥物有可能成為骨科（內分泌）治療的替代品。

We are planning a study in the first-line setting combining vepdeg plus CDK4 in first-line ER-positive breast cancer.

我們計劃在一線環境中對 vepdeg 和 CDK4 進行聯合治療，用於治療一線 ER 陽性乳癌。

I also just quickly want to mention CDK -- [CAT 6] because CAT 6 is a differentiated epigenetic molecule.

我還想快速提一下 CDK——[CAT 6]，因為 CAT 6 是一種分化的表觀遺傳分子。

This is a first-in-category medicine.

這是一種同類藥物中的首創藥物。

You've seen the data, very exciting, very encouraging data in later-line disease.

你已經看到了數據，非常令人興奮，非常鼓舞人心的後期疾病數據。

And we're accelerating that also into a registration study with an ongoing Phase 3 trial in second-line-plus ER-positive breast cancer.

而且我們正在加速推進一項註冊研究，目前正在進行二線加 ER 陽性乳癌的 3 期試驗。

Was there a question also for danu?

還有針對 danu 的問題嗎？

No, it was not.

不，事實並非如此。

Okay, good.

好的，很好。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林 (Terence Flynn)。

Great.

偉大的。

Maybe two for me on the pipeline.

對我來說，管道上可能有兩條。

On Elrexfio first, just on the commercial side, can you talk about what you're seeing in terms of uptake at the academic versus community centers?

首先談談 Elrexfio 的商業面，您能談談學術中心和社區中心對其的接受程度嗎？

Are you seeing any broadening out into the community setting?

您是否看到了社區環境的拓展？

Or is that really going to be contingent on getting some of the earlier line data that you're expecting later this year from the Phase 3 trial?

或者這真的取決於您在今年稍後從第三階段試驗中獲得的一些早期數據嗎？

And then on danuglipron, on the dose optimization study, can you just kind of clarify how much data you're going to share later this quarter?

然後關於 danuglipron 的劑量優化研究，您能否澄清一下本季稍後您將分享多少數據？

Will we get weight loss data?

我們會獲得減肥數據嗎？

Will we get tolerability data?

我們會獲得耐受性數據嗎？

How much data will be in the initial press release?

最初的新聞稿會包含多少數據？

Thank you.

謝謝。

Aamir?

阿米爾？

Yes.

是的。

We're very excited about the momentum on Elrexfio.

我們對 Elrexfio 的發展勢頭感到非常興奮。

We continue to see increase in share in new patient starts quarter-over-quarter, in the class.

我們繼續看到該類別新患者的比例逐季度增加。

And the uptick also does include community receptivity and awareness and new account adoptions.

而且這一增長還包括社區接受度和認知度以及新帳戶的採用。

And obviously, with the whole slew of trials, assuming they're successful to follow, I think there's a lot of momentum behind Elrexfio.

顯然，隨著一系列試驗的進行，假設它們能夠成功，我認為 Elrexfio 將會擁有很大的發展動力。

And over the course of this year, we expect it to grow rapidly, driven primarily by increased demand in our top 100 accounts as well as increased adoption in the community setting, which I think positions Elrexfio very, very well for the future as we expand indications into earlier lines of therapy in '26 and beyond.

今年，我們預計它將快速增長，主要原因是我們前 100 個帳戶的需求增加以及社區環境中採用率的提高，我認為這將為 Elrexfio 的未來發展奠定良好的基礎。治療方法中得到了應用。

Thank you.

謝謝。

And myself, I was quite impressed with community oncologist uptake of this product as quickly as it happened in the US.

就我個人而言，我對美國社區腫瘤學家對該產品的接受速度之快感到非常印象深刻。

But also, we have very good news for Elrexfio in international market.

但同時，我們也為 Elrexfio 在國際市場上帶來了非常好的消息。

Alexandre?

亞歷山大？

Yes, indeed Elrexfio was commercially launched in already six markets in 2024, out of our top 15 markets, quite fast penetration.

是的，Elrexfio 確實在 2024 年已經在 6 個市場進行商業推廣，在我們的前 15 個市場中，滲透速度相當快。

And of course, in 2025, we are expecting to get an additional 18 markets and four additional of our top 15 markets will launch this year.

當然，到 2025 年，我們預計將新增 18 個市場，而我們前 15 個市場中的另外 4 個將在今年啟動。

But the combination of the expanded access plus the performance of the brands where we already have introduced the product gives us great confidence for accelerated growth.

但擴大的通路加上已經推出產品的品牌的業績，讓我們對加速成長充滿信心。

And to give you a sense, Japan is the second largest market outside of the US, and we had a significant and very rapid demand in Japan where Elrexfio was introduced first to market, BCMA bispecific.

給大家一個大概的了解，日本是美國以外第二大市場，我們在日本有龐大且非常迅速的需求，Elrexfio（BCMA 雙特異性）是日本第一個推向市場的藥物。

And that's -- we've seen an immediate acceleration of utilization actually deep into the community in Japan.

我們已經看到日本社區深處的利用率立即加速。

And where we've launched with other products, BCMA bispecific, like in the UK, in Spain, in Italy, or markets where we have demonstrated Elrexfio leadership, and we expect to continue this leadership position in 2025.

我們已經在英國、西班牙、義大利等市場推出了其他產品，BCMA 雙特異性抗體，或者我們已經展示出 Elrexfio 領導地位的市場，我們預計在 2025 年將繼續保持這一領導地位。

So the combination of increased access and where we already introduced the growth expansions, there are two reasons why we believe the product has great potential.

因此，結合增加的訪問量和我們已經引入的成長擴展，我們相信該產品具有巨大潛力有兩個原因。

In general, Elrexfio because we do think that it is a mega blockbuster, but will become.

總的來說，我們確實認為 Elrexfio 是一部超級大片，但會成為。

You need to understand that already in the first year, we had more than $130 million of sales.

您需要了解，第一年我們的銷售額就已經超過 1.3 億美元。

And this is in a very niche indication.

這是一個非常小眾的跡象。

This is triple refractory, which means patients that they have short duration of treatment and they are really failed after everything else that was tried.

這是三重難治性治療，這意味著患者的治療時間很短，並且在嘗試了所有其他方法後仍然失敗。

As we move to -- we have four Phase 3 studies, right?

隨著我們進入—我們有四個第三階段的研究，對嗎？

One could read this year.

今年就可以讀。

And that not only triples the population, so we go to bigger population, but also expands significant duration of treatment.

這不僅使人口增加了兩倍，從而擴大了人口規模，而且還大大延長了治療時間。

And the fact it is true as we go to the next line and to the first line.

當我們翻到下一行和第一行時，事實確實如此。

So we think that in the US and international, this product will become a very big oncology product for Pfizer.

因此我們認為，在美國和國際上，該產品將成為輝瑞非常重要的腫瘤學產品。

And with that, let's -- danu, Chris.

好了，讓我們--達努，克里斯。

Yes.

是的。

Just what we said it earlier, so in Q1, we expect the PK data, we're on target for that.

正如我們之前所說的那樣，因此在第一季度，我們預計 PK 數據將達到目標。

Remember, this is looking at different formulations and will determine the dose selection for once-a-day tablet, for once a day approach for a potential taking forward into a registration strategy.

請記住，這是在研究不同的配方，並將確定每日一次的藥片的劑量選擇，以及每日一次的方法，以便有可能納入註冊策略。

Although you mentioned weight loss, weight loss is a secondary endpoint on the study.

雖然您提到了減肥，但減肥是研究的次要終點。

This is a smaller study.

這是一項規模較小的研究。

It's an in-unit study.

這是一項單位內學習。

So it may not be that reliable for weight loss from a small number of patients.

因此，對於少數患者來說，它可能不那麼可靠。

Mohit Bansal, Wells Fargo.

富國銀行的莫希特·班薩爾 (Mohit Bansal)。

Maybe if you can talk a little bit about Prevnar.

也許你可以稍微談談 Prevnar 的事情。

How are you seeing Prevnar share?

您如何看待 Prevnar 的股價？

You did talk about the market share here, but in terms of peds versus adults, how are you seeing the market share evolving, now that also Capvaxive has an expansion in the next few years.

您確實談到了這裡的市場份額，但就兒科和成人而言，您認為市場份額將如何變化，因為 Capvaxive 在未來幾年也會擴張。

There is also a lower added eligibility in terms of age.

在年齡方面，附加資格要求也較低。

So can you talk a little bit about these dynamics?

那麼您能稍微談談這些動態嗎？

And how do you see market evolving here?

您認為這裡的市場會如何發展？

All right.

好的。

Let's start with international and then we go to the US for a change.

讓我們先從國際開始，然後去美國改變。

Okay.

好的。

All right.

好的。

So on Prevnar, as you know, in international, two-thirds of the business comes from the pediatric indication.

如您所知，Prevnar 在國際上三分之二的業務來自兒科適應症。

And this kind of macro view with our Prevnar pneumococcal vaccine, we have maintained exclusivity and IP in about 140 markets around the world.

從這個宏觀角度來看，憑藉我們的Prevnar肺炎鏈球菌疫苗，我們在全球約140個市場維持了獨佔權和智慧財產權。

So that gives you the sense of the breadth of our pneumococcal vaccine.

這讓您了解我們的肺炎鏈球菌疫苗的廣度。

And as we move over the time, our intention is, of course, to replace our Prevnar 13 to Prevnar 20.

隨著時間的推移，我們的目的當然是將 Prevnar 13 替換為 Prevnar 20。

So now of course, they are -- now if we go into the details, in emerging markets, we have a very large part of babies every year, so around 76 million new babies.

所以現在當然是——現在如果我們詳細了解一下，在新興市場，我們每年都會有大量的嬰兒出生，大約有 7600 萬名新生嬰兒。

And of course, alongside our great collaboration with the GAVI organization, we have a commercial organizations where we have demonstrated this year a double-digit growth of our Prevnar franchise.

當然，除了與 GAVI 組織的良好合作之外，我們還有一個商業組織，今年我們的 Prevnar 特許經營權實現了兩位數的成長。

So a great execution in emerging markets.

因此，我們在新興市場的執行非常出色。

Now, in the developed markets, following the EMA and the Japan approval, remember in March only of 2024, we've started to gain BTC approval and funding.

現在，在已開發市場，繼 EMA 和日本批准之後，請記住，僅在 2024 年 3 月，我們就已經開始獲得 BTC 批准和資金。

And where we start to see that, we see that we are recapturing very quickly some of the business that went to competition.

當我們開始看到這一點時，我們發現我們正在迅速奪回一些競爭對手的業務。

So give you an example, in Japan.

舉個例子，在日本。

Prevnar 20, as I said, was approved in March.

正如我所說，Prevnar 20 已於三月獲得批准。

We got the BTC recommendation in October, and our market share in first dose went from 3% in September to 86% in December.

我們在10月份獲得了BTC的推薦，我們在第一劑中的市場份額從9月份的3％上升到了12月份的86％。

So we see that Prevnar 20 gets approved, we really have an opportunity to regain that business.

因此，我們看到 Prevnar 20 獲得批准，我們確實有機會重新獲得這項業務。

And on the other side, here, again, we've seen a very strong growth in 2024 that we continue to expect significant growth just because we are expanding access in more mature markets with our Prevnar 20 adults.

另一方面，我們再次看到 2024 年實現了非常強勁的成長，我們將繼續預計將顯著成長，因為我們正在透過 Prevnar 20 成人疫苗在更成熟的市場中擴大覆蓋範圍。

Aamir, in the US?

阿米爾，在美國？

In the US, let me start with the adult market.

在美國，我先從成人市場說起。

We have, right now, a very strong position in the adult market.

目前，我們在成人市場佔有非常強勢的地位。

Now, we are going to face competitive pressure over the course of 2025 from

現在，我們將在 2025 年面臨來自

[capacity].

[容量]。

But we are confident that we will continue to maintain meaningful market share.

但我們有信心繼續保持有意義的市場佔有率。

A lot of that has to do with our commercial execution, as well as the fact that many accounts, particularly nonretail accounts, prefer to stock a single vaccine.

這在很大程度上與我們的商業執行有關，也因為許多帳戶（尤其是非零售帳戶）傾向於儲存單一疫苗。

So we'll see that evolve over the course of the year.

因此，我們將看到這一情況在今年內逐漸演變。

And while we don't think that there's much catch-up opportunity in the 65-plus, we also think there is growth opportunity in the 50 to 64 age group that brings about 30 million adults into the eligible population.

雖然我們認為 65 歲以上的人沒有太多的補繳機會，但我們也認為 50 至 64 歲年齡層有成長機會，這將使約 3,000 萬成年人成為符合繳費條件的人口。

So those will be the dynamics in adult.

這些就是成年人的動態。

Now, in peds, there, again, we have very significant market share.

現在，在兒科領域，我們再次擁有非常大的市場份額。

And on the theme of improved market share across all of our vaccines, we saw a 12 percentage point improvement from August to August '23 to December '24 in our pediatric market share.

在我們所有疫苗的市佔率提高方面，從 2023 年 8 月到 2024 年 12 月，我們的兒科疫苗市佔率提高了 12 個百分點。

And here, we expect this to be a much more stable market.

我們預計這將是一個更穩定的市場。

We plan to retain that kind of leadership share, and we expect volumes to be more stable here.

我們計劃保留這種領導份額，我們預計這裡的銷量會更加穩定。

Dave Risinger, Leerink Partners.

Dave Risinger，Leerink Partners。

Yes.

是的。

So my question is just going back to RFK Jr. So assuming he is confirmed as HHS Secretary, and given his history of suing manufacturers and his commentary on lawsuits in the hearings last week, could you just help us understand his ability as HHS Secretary to remove US vaccine liability protections that manufacturers currently benefit from and allow manufacturers the freedom to develop and sell vaccines that save lives?

所以我的問題只是回到羅伯特·肯尼迪 (RFK Jr.)。

Yes.

是的。

Look, I don't want to comment because these are legal issues, but I believe that the liability is through Senate -- through Congress approval.

聽著，我不想發表評論，因為這些都是法律問題，但我相信責任是透過參議院——通過國會的批准。

So I don't think anyone can change that without, let's say, Senate approval.

因此我認為，未經參議院批准，任何人都無法改變這一事實。

I know that that creates a turbulence into the market today and with RFK, it was almost certain that he will get confirmed.

我知道這會給今天的市場帶來動盪，而有了羅伯特甘迺迪的提名，他幾乎肯定會得到確認。

And we have engaged with him early enough so that we can mitigate all the issues.

我們很早就與他進行了接觸，以便能夠緩解所有問題。

If he does the things that he has said in the past, because during the hearings, yes, of course, clearly, he tempered his statements on vaccines.

如果他確實像過去那樣做的話，那麼在聽證會上，是的，當然，很明顯，他在疫苗問題上緩和了言論。

But if he tries to do some of the things that he said in the past, I think that he won't it from the industry, he will find it from the industry, he will find it from the total medical community and the total scientific community and payers, that they don't want to see a reduction in vaccination because that's a very cost-effective way of controlling health care costs.

但如果他試圖做他過去說過的一些事情，我認為他不會從行業中找到答案，他會從行業中找到答案，他會從整個醫學界和整個科學界中找到答案社區和付款人不希望看到疫苗接種減少，因為這是控制醫療保健成本的一種非常經濟有效的方式。

And more than important, this is not what the Trump administration would like to see, another health crisis.

更重要的是，這不是川普政府希望看到的另一場健康危機。

So I would say that I feel cautiously optimistic that they will be very, very prudent with everything they try to do.

因此我想說，我謹慎樂觀地認為，他們會非常非常謹慎地對待一切嘗試。

Let's go to the next question.

我們來看下一個問題。

Trung Huynh, UBS.

瑞銀 (UBS) 的 Trung Huynh。

Just two from me.

我只差兩個了。

So firstly, going back to Abrysvo, I think Aamir noted potential policy changes in RSV.

首先，回到阿布里斯沃，我認為阿米爾注意到了 RSV 中潛在的政策變化。

So do you have any insight if there's going to be a discussion from ACIP on revaccination or cohort expansion this year?

那麼，您是否知道 ACIP 今年是否會討論重新接種疫苗或擴大接種群體的問題？

I guess that could be a positive for your guide.

我想這對你的指南來說可能是一件好事。

And then two, on Padcev's potential registrational muscle invasive bladder cancer trial, in general, I think cystectomy is used to cure patients in this setting.

其次，關於 Padcev 的潛在註冊性肌肉層浸潤性膀胱癌試驗，總的來說，我認為膀胱切除術可用於治癒這種情況下的患者。

So just wondering how you're going to position this, and how quick could you penetrate this population if approved?

所以我只是想知道您將如何定位這個，以及如果獲得批准，您將多快滲透到這個人群中？

Thank you.

謝謝。

Very quickly, Aamir, on Abrysvo, and then we go

阿米爾，我們很快就回到 Abrysvo，然後我們繼續

(multiple speakers) --

（多位發言者）——

Yes.

是的。

What I described, Trung, were the catalysts that could result in market expansion for Abrysvo.

我所描述的，Trung，是可能導致 Abrysvo 市場擴張的催化劑。

Obviously, it's too early and not our place to comment on what exactly ACIP is going to take on it, when.

顯然，現在還為時過早，我們無權評論 ACIP 究竟會在何時採取何種措施。

And Chris, on Padcev.

還有克里斯，關於 Padcev。

So thank you for the question.

感謝您的提問。

Reminder that this is an event-driven study.

提醒一下，這是一項事件驅動的研究。

So we hope by the end of this year, but if event doesn't happen, we'll move a little bit on.

所以我們希望在今年年底前實現這一目標，但如果沒有實現，我們就會稍微推遲一點。

Muscle invasive, about 28,000 population in the US alone, so it could more than double, as we mentioned, triple the population currently eligible.

肌肉侵入性，僅在美國就有大約 28,000 人口，因此正如我們所提到的，它可能會使目前符合條件的人口增加一倍以上，甚至是三倍。

Currently, there's no standard of care treatment other than surgery, cystectomy, for patients considered cisplatin ineligible.

目前，對於不適合接受順鉑治療的患者，除了手術、膀胱切除術外，沒有其他標準治療方法。

So there's two studies, one for cisplatin-eligible and one for cisplatin-ineligible.

因此有兩項研究，一項針對是否適合順鉑，一項針對是否適合順鉑。

For the cisplatin-eligible, currently is dominated by new adjuvant chemotherapy.

對於適合順鉑治療的患者，目前以新輔助化療為主。

So there's a real need for both adjuvant and new adjuvant treatment and replace chemotherapy in the setting of cisplatin-eligible disease.

因此，對於適合使用順鉑治療的疾病，確實需要輔助治療和新的輔助治療以及替代化療。

And of course, for cisplatin-ineligible disease, it will completely change the future treatment paradigm.

當然，對於不適合使用順鉑的疾病，它將徹底改變未來的治療模式。

So we're very excited if these studies are positive and what we've seen.

因此，如果這些研究結果是正面的，我們會感到非常興奮。

We've got confidence in these data from earlier studies.

我們對早期研究的這些數據很有信心。

So yes.

所以是的。

Akash Tewari, Jefferies.

Akash Tewari，傑富瑞（Jefferies）。

Just on QD danuglipron, it looks like you're using a bi-layer immediate release and matrix technology here.

僅在 QD danuglipron 上，看起來您在這裡使用了雙層速釋和基質技術。

But you don't actually test your bilayer formulation until the second half of your weight loss trial.

但你實際上直到減肥試驗的後半段才測試雙層配方。

Is that what your team is waiting on before you make a formal update?

在進行正式更新之前，您的團隊正在等待什麼嗎？

Or is it perhaps the Lilly orforglipron data that's also going to factor into this decision?

或者也許禮來 (Lilly) 或福格利普龍 (forglipron) 的數據也會影響這個決定？

I don't think we can disclose the technology.

我認為我們不能公開這項技術。

I know that there were speculations into the marketplace, but we haven't disclosed the technology.

我知道市場上有猜測，但我們還沒有透露這項技術。

So I'm not sure we can say much.

所以我不確定我們還能說多少。

But Chris, do you want to add anything?

但是克里斯，你想補充什麼嗎？

No, I don't think we need to add right now.

不，我認為我們現在不需要添加。

Chris Shibutani, Goldman Sachs.

高盛的 Chris Shibutani。

A quick one on the pipeline and another on business development strategy.

快速討論一下管道，再談一下業務發展策略。

On the pipeline, I noticed in Phase 2, you've advanced the GIP antagonist.

在管道上，我注意到在第 2 階段，您已經推進了 GIP 拮抗劑。

Is that something that you'll be continuing to share data on, particularly as a monotherapy?

您是否會繼續分享相關數據，特別是作為單一療法的數據？

And do you have any efforts on going to do a combination?

您是否會努力進行組合？

In terms of business development strategy, I think the vocabulary you used included a capacity of perhaps in the $10 billion to $15 billion ZIP code.

在業務發展策略方面，我認為您使用的詞彙包括了可能在 100 億美元到 150 億美元郵遞區號範圍內的容量。

And I'm curious to know what you're solving for.

我很好奇想知道你要解決什麼問題。

And I asked this in part because, historically, there had been a view of using cash to acquire $25 billion in revenue by the end of the decade.

我之所以問這個問題，部分原因是，從歷史上看，人們曾經認為到本世紀末可以用現金實現 250 億美元的收入。

But now when we think about where we are in this decade, and we think could be solving for structurally, there seem to be approaches sourcing assets from China, for instance.

但現在，當我們思考未來十年我們所處的位置，並認為可以從結​​構上解決時，似乎有一些方法可以從中國購買資產。

Many of your competitors are doing this.

您的許多競爭對手都在這樣做。

Are you solving for near current revenues, or are you looking to use other methods, including perhaps partnerships over M&A?

您是否正在解決接近當前收入的問題，或者您希望使用其他方法，包括合作而非併購？

That would be helpful.

那將會很有幫助。

Yes.

是的。

A little bit on the BD, on this one, you can chime in.

關於 BD，關於這一點，你可以加入討論。

We had -- very clear about so far we have acquired $20 billion of 2030 revenues.

我們非常清楚到目前為止我們已經獲得了 200 億美元的 2030 年收入。

We are very confident that we will hit this number, very confident.

我們非常有信心達到這個數字，非常有信心。

So that's so far, so good on that, right?

到目前為止一切都很好，對吧？

Looking forward, of course, we are looking at more strategic opportunities right now, which will enhance pipeline in areas that we would like to play rather than near-term revenues on BD.

當然，展望未來，我們現在正在尋找更多的策略機遇，這將增強我們想要涉足的領域的管道，而不是 BD 的短期收入。

I would ask Andrew to comment, and then if you can speak, Chris, about the GIPR antagonist.

我想請安德魯 (Andrew) 發表評論，然後克里斯 (Chris)，如果你可以談談 GIPR 拮抗劑的話。

Sure.

當然。

So Chris, nice to hear your voice.

所以克里斯，很高興聽到你的聲音。

So on the BD side, Albert said the keyword, which is strategic.

因此在 BD 方面，Albert 說的關鍵字是策略。

So everything we do will be doing through a strategic lens of building around our core competencies or building competencies in areas that maybe we have not been in previously, if that's what we decide to do.

因此，我們所做的一切都將從戰略角度出發，圍繞著我們的核心競爭力進行建設，或者在我們以前可能沒有涉足的領域建立競爭力，如果我們決定這樣做的話。

On your point regarding China, it has not escaped our attention.

關於你提到的有關中國的問題，我們並沒有逃過他們的注意。

Of course, the innovation from China across multiple therapeutic areas.

當然，來自中國的創新涉及多個治療領域。

And indeed, that was most evident with oncology seven years ago, but now it's expanding to most therapeutic areas.

事實上，七年前這種現像在腫瘤學領域最為明顯，但現在它已擴展到大多數治療領域。

They're mostly fast-forwards, but I expect that will change as well.

它們大多是快轉的，但我預計這也會改變。

It's a scenario that we are very, very active in.

這是我們非常非常活躍的一個場景。

We continue to have very fruitful discussions, and let's just see where we go -- have interest.

我們繼續進行非常有成效的討論，讓我們看看我們會取得什麼進展——有興趣嗎？

We have a very strong footprint in China, and that includes commercial, but we have a very strong R&D footprint that they are looking at Chinese innovation because they are progressing very fast, and to identify -- Chris?

我們在中國有非常強大的影響力，包括商業影響力，但我們的研發影響力也非常強大，他們正在關注中國的創新，因為他們的進步非常快，並且要確定——克里斯？

On the GIPR antagonist, this is potentially a first-in-class oral small molecule GIPR antagonist.

就 GIPR 拮抗劑而言，這可能是一流的口服小分子 GIPR 拮抗劑。

It's currently in an ongoing Phase 1 placebo-controlled study, evaluating the GIPR antagonist in adults with obesity on the background of GLP-1 receptor agonist.

目前正在進行一項 1 期安慰劑對照研究，在 GLP-1 受體激動劑的背景下評估 GIPR 拮抗劑對肥胖成年人的療效。

If the data from the Phase 2 study are positive, we may potentially be able to develop also fixed-dose combinations, including with GLP-1, including potentially danuglipron in the future.

如果第 2 階段研究的數據是正面的，我們可能也能夠開發固定劑量組合，包括 GLP-1，包括未來可能的 danuglipron。

Alex Hammond, Wolfe Research.

亞歷克斯‧哈蒙德，沃爾夫研究公司。

On Vyndaqel, with new competitors on the market and on the way, can you walk us through how we should think about the near-term commercial dynamics?

關於 Vyndaqel，隨著市場上出現了新的競爭對手，您能否向我們介紹我們應該如何看待近期的商業動態？

Where can we see the largest share impact newly prescribed patients or switches?

我們在哪裡可以看到對新處方患者或轉換患者影響最大的份額？

Thank you, Alex.

謝謝你，亞歷克斯。

Aamir?

阿米爾？

Yes.

是的。

Vynda obviously had very significant momentum in '24.

顯然，Vynda 在 24 年有著非常顯著的發展勢頭。

You saw the growth rates and that was due in large part to the commercial efforts and the attention and investment we put behind it.

您看到了成長率，這在很大程度上歸功於我們為此付出的商業努力以及關注和投資。

We saw improvement in diagnosis rate as well as new patient starts.

我們看到診斷率和新患者數量的改善。

And we also did benefit from what was a onetime bolus of annual enrollment patients in the first quarter of '24 due to favorable affordability.

而且由於價格便宜，我們也受惠於 24 年第一季一次性增加的年度入院病患。

So as we look into '25, there's both headwinds and tailwinds, and we're confident in the growth of Vynda, obviously at a different rate than it grew in '24.

因此，當我們展望25年時，既有逆風也有順風，我們對 Vynda 的成長充滿信心，顯然其成長速度與24年不同。

We do see increased diagnosis education, growth in the prescriber base.

我們確實看到診斷教育的增加和處方人員數量的增長。

And there will continue to be favorable affordability conditions.

而有利的負擔能力條件仍將持續存在。

But we do expect that there will be some headwinds.

但我們確實預期會遇到一些阻力。

Obviously, you referred to two new market entrants.

顯然，您提到了兩個新的市場進入者。

That will have some impact that remains to be seen both on switching patients as well as new patient starts.

這將對轉換患者和新患者的開始產生一些影響，目前還不清楚。

I think it's also important to remember that there will be impact of IRA on Vynda.

我認為同樣重要的是要記住 IRA 會對 Vynda 產生影響。

And the effect that it has on the calendarization of our GTN, with more of the GTN impact coming earlier in the year as we reach the catastrophic phase.

它對我們的 GTN 日曆化產生了影響，隨著我們進入災難階段，GTN 受到的影響會在年初顯現出來。

Now, with all of that said, I think we remain really confident and excited.

現在，說了這麼多，我想我們仍然充滿信心和興奮。

With Vynda, we've got a robust clinical profile that has data both from the clinical trial and the long-term extension.

透過 Vynda，我們獲得了強大的臨床檔案，其中包含來自臨床試驗和長期擴展的數據。

We've got 5-year real-world data on THAOS.

我們獲得了有關 THAOS 的 5 年真實世界數據。

We've got strong access, and we are confident in our position as the standard of care.

我們擁有強大的管道，我們對自己作為護理標準的地位充滿信心。

And let's move to the last question.

我們來討論最後一個問題。

Tim Anderson, Bank of America.

美國銀行的蒂姆·安德森。

I have a question on just obesity strategy.

我有一個關於肥胖策略的問題。

So to me, late entrant companies with one lead asset might struggle unless they have real clinical differentiation.

因此對我來說，擁有領先資產的後期進入公司可能會陷入困境，除非他們有真正的臨床差異化。

It could be in a better position if they have a collection of assets.

如果他們擁有一系列資產，其地位可能會更好。

There's naturally turnkey solutions out there in terms of companies that any larger company could either partner with or acquire outright.

就公司而言，自然存在交鑰匙解決方案，任何較大的公司都可以與之合作或直接收購。

How is Pfizer looking at its BD efforts in this regard, either partnership or acquisition, that could bring you one or more assets that aren't far away from being in Phase 3?

輝瑞如何看待其在這方面的 BD 努力，無論是合作還是收購，都可能為您帶來一項或多項距離進入第 3 階段不遠的資產？

Andrew?

安德魯？

Tim, so I agree with your assertion that obesity is heterogeneous and likely require a set of tools encompassing both modalities and different delivery devices in order to manage what is a lifelong condition.

提姆，所以我同意你的斷言，肥胖是異質的，可能需要一套涵蓋兩種方式和不同輸送設備的工具來管理終身疾病。

These assets do exist.

這些資產確實存在。

Some are scattered, some have portfolios.

有些是分散的，有些有投資組合。

But you can imagine that, of course, we are looking at all the opportunities and trying to understand what delivers the most value to patients and, obviously, to Pfizer shareholders.

但你可以想像，我們當然正在尋找所有的機會，並試著了解什麼能為病人和輝瑞股東帶來最大的價值。

Thank you very much.

非常感謝。

And I think that concludes our call.

我想我們的通話到此結束。

Thank you all for your interest.

謝謝大家的關注。

2024 was a strong year of performance.

2024 年是業績強勁的一年。

And our 2025 strategic priorities are very clear.

我們的2025年策略重點非常明確。

We are planning to execute as well on them as we executed in 2024.

我們計劃像 2024 年那樣執行這些目標。

Thank you very much and have a nice day.

非常感謝，祝您有愉快的一天。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。