輝瑞 (PFE) 2025 Q1 法說會逐字稿

Good day everyone and welcome to Pfizer's first-quarter 2025 earnings conference call. Today's call is being recorded.

大家好，歡迎參加輝瑞 2025 年第一季財報電話會議。今天的通話正在錄音。

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

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

Good morning and welcome to Pfizer's earnings call. I'm Francesca DeMartino, Chief Investor Relations Officer. On behalf of the Pfizer team, thank you for joining us. This call is being made available via audio webcast at pfizer.com.

早安，歡迎參加輝瑞公司的收益電話會議。我是首席投資者關係官 Francesca DeMartino。我代表輝瑞團隊感謝您的加入。此次電話會議將透過 pfizer.com 上的音訊網路廣播進行。

Earlier this morning, we released our results for the first quarter of 2025 via a press release that is available on our website at Pfizer.com. I'm joined today by Dr. Albert Bourla, our Chairman and CEO; and Dave Denton, our CFO. Albert and Dave have some prepared remarks, and we will then open the call for questions. Members of our leadership team will be available for the Q&A session.

今天早些時候，我們透過新聞稿發布了 2025 年第一季的業績，該新聞稿可在我們的網站 Pfizer.com 上查閱。今天和我一起出席的還有我們的董事長兼執行長 Albert Bourla 博士；以及我們的財務長 Dave Denton。阿爾伯特和戴夫準備了一些發言，然後我們將開始提問。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. 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.

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。我鼓勵您閱讀我們幻燈片演示中的免責聲明、我們今天早上發布的新聞稿以及我們向美國證券交易委員會提交的文件中披露的內容，這些都可以在 IR 網站 Pfizer.com 上找到。

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

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。說完這些，我將把電話轉給阿爾伯特。

Thank you, Francesca. Good morning, everyone. Thank you for joining our call. We are very pleased with our performance in the first quarter as we continue to execute with focus and discipline on our strategic priorities.

謝謝你，弗朗西斯卡。大家早安。感謝您參加我們的電話會議。我們對第一季的表現非常滿意，因為我們繼續專注並嚴格地執行我們的策略重點。

We are strengthening our R&D organization in our efforts to advance our pipeline and productivity, we are maximizing the value of key products in our commercial portfolio, and we are improving operating margins with our continued progress in making our company more efficient.

我們正在加強我們的研發組織，努力推進我們的產品線和生產力，我們正在最大限度地提高我們商業組合中關鍵產品的價值，我們正在透過不斷提高公司效率來提高營業利潤率。

In the current volatile external environment, the underlying strength of our business and strong relationships with government leaders across the world help us navigate with agility. While we continue to engage and plan for contingencies, we are focusing day to day on what we can do to move our business forward. I want to emphasize our continued confidence that we are well positioned to enhance shareholder value.

在當前動盪的外部環境中，我們業務的潛在實力以及與世界各國政府領導人的牢固關係幫助我們靈活地應對。在我們繼續參與並為應急事件做計劃的同時，我們每天都在關注如何推動我們的業務向前發展。我想強調的是，我們始終堅信自己有能力提升股東價值。

Now, I will turn to our top strategic priority in 2025, improving R&D productivity as we advance our pipeline with sharpened focus. We are intensifying our rigorous commercial assessment and portfolio prioritization from early clinical development. This means we will be disciplined in managing our portfolio, directing investment and attention to potential blockbuster or mega-blockbuster, and scrutinizing the total number of assets under development.

現在，我將談談我們 2025 年的首要策略重點，即在我們更加集中精力推進產品線的同時提高研發生產力。我們從早期臨床開發開始就加強嚴格的商業評估和投資組合優先排序。這意味著我們將嚴格管理我們的投資組合，將投資和注意力集中在潛在的大片或超級大片上，並仔細審查正在開發的資產總數。

Our danuglipron announcement earlier this month demonstrates our commitment to this approach. Discontinuing the development of danuglipron, one of the candidates in our obesity portfolio, although difficult, was the right decision for the company.

我們本月稍早宣布的 Danuglipron 表明了我們對這項方法的承諾。停止開發我們的肥胖候選藥物之一達努格利隆，雖然很困難，但對公司來說卻是正確的決定。

Going forward, we are committed to building our cardiometabolic pipeline, including obesity, by advancing internal programs such as our GIPR antagonist and pursuing external opportunities that could include partnerships or acquisitions. We will continue to be disciplined as we move through key decision points for our pipeline or our business development targets.

展望未來，我們致力於透過推進 GIPR 拮抗劑等內部項目並尋求包括合作或收購在內的外部機會來建立包括肥胖症在內的心臟代謝產品線。當我們在製定產品線或業務發展目標的關鍵決策點時，我們將繼續保持嚴謹的態度。

We believe we have the potential to address significant patient need with differentiated approaches that focus on supporting optimal weight management and related conditions. We will work on potential medicines and combination regimens that could be more accessible, better tolerated, easier to dose and more effective in supporting the right effects on body composition and muscle mass.

我們相信，我們有潛力透過專注於支持最佳體重管理和相關條件的差異化方法來滿足患者的大量需求。我們將研究更易於取得、耐受性更好、更容易給藥且更有效地對身體組成和肌肉質量產生正確影響的潛在藥物和聯合方案。

In addition to sharpening our focus in internal medicine, since expanding his role in January as our Chief Scientific Officer, Chris Boshoff has moved both thoughtfully and quickly in reshaping our R&D organization to also center on oncology, vaccines, and inflammation immunology in addition to internal medicines.

除了加強我們在內科的關注之外，自從今年 1 月擔任我們的首席科學官以來，Chris Boshoff 還深思熟慮並迅速重塑了我們的研發組織，除了內科以外，還關注腫瘤學、疫苗和發炎免疫學。

Chris has enhanced his leadership team with some terrific additions who are recognized as leaders in their field. Patrizia Cavazzoni is our new Chief Medical Officer, Jeff Legos is our new Chief Oncology Officer, and Jim List is our new Chief Internal Medicine Officer. These leaders each bring many years of experience, deep expertise and proven track records in guiding the discovery, development and approval of practice changing therapies and they are an excellent addition to our already strong cast of leaders in R&D.

克里斯已吸收一些在各自領域被公認為領導人物的優秀人才，增強了他的領導團隊。Patrizia Cavazzoni 是我們的新任首席醫療官，Jeff Legos 是我們的新任首席腫瘤學官，Jim List 是我們的新任首席內科官。這些領導者在指導改變實踐的療法的發現、開發和批准方面都擁有多年的經驗、深厚的專業知識和良好的業績記錄，他們是我們已經很強大的研發領導團隊的優秀補充。

We are on track for a strong year of anticipated pipeline catalysts in 2025. We are making progress toward anticipated multiple key milestones, including at least four regulatory decisions, up to nine Phase 3 readouts, and a significant series of pivotal program starts. With one of our key oncology programs, we aim to bring forward what could represent the first potential treatment advancement in more than 30 years for patients with BCG-naïve, high-risk non-muscle invasive bladder cancer.

我們預計在 2025 年迎來預期管道催化劑強勁發展的一年。我們正在朝著預期的多個關鍵里程碑邁進，包括至少四項監管決策、多達九項第三階段讀數以及一系列重要的關鍵計劃啟動。透過我們的一項關鍵腫瘤學項目，我們的目標是為未接受 BCG 治療的高風險非肌肉層浸潤性膀胱癌患者帶來 30 多年來首次的潛在治療進展。

We’re encouraged by a positive readout for the pivotal Phase 3 CREST trial of sasanlimab in combination with BCG, a current standard of care. We presented the full data from this study this past weekend at the annual meeting of the American Urological Association.

我們對 sasanlimab 與 BCG（目前的治療標準）聯合治療的關鍵性 3 期 CREST 試驗的積極結果感到鼓舞。我們上週末在美國泌尿科學會年會上公佈了這項研究的全部數據。

Non-muscle invasive bladder cancer is a condition predominantly treated by urologists. In multiple market research and focus group studies, urologists stated a significant preference for a subcutaneous PD1 because it can be used in their practices and eliminates the need to refer patients to infusion centers.

非肌肉層浸潤性膀胱癌是泌尿科醫師主要治療的疾病。在多項市場研究和焦點小組研究中，泌尿科醫生表示明顯偏好皮下 PD1，因為它可以在他們的實踐中使用，並且無需將患者轉診到輸液中心。

We also anticipate meaningful readouts this year for Padcev and Elrexfio. Padcev already is a core therapy in our Oncology portfolio. Padcev plus pembrolizumab is the most prescribed first-line treatment for locally advanced/metastatic urothelial cancer in the US. We are working toward more than doubling the total addressable patient population in the US for Padcev with potentially registrational interim data we expect this year from ongoing pivotal studies in muscle invasive bladder cancer.

我們也預計今年 Padcev 和 Elrexfio 將會有有意義的讀數。Padcev 已經是我們腫瘤學產品組合中的核心療法。Padcev 合併 pembrolizumab 是美國治療局部晚期/轉移性尿路上皮癌最常用的第一線治療方法。我們正致力於利用今年從正在進行的肌肉層浸潤性膀胱癌關鍵研究中獲得的潛在註冊中期數據，將 Padcev 在美國的總可尋址患者人數增加一倍以上。

We are also working to reach a significantly expanded population of patients with multiple myeloma. We're anticipating a Phase 3 readout this year for Elrexfio in a study for double-class exposed relapsed/refractory multiple myeloma. If successful and approved, this would more than double the addressable population versus the currently approved indication. In addition to the increased addressable population, moving to earlier lines of therapy is expected to increase the duration of treatment and potentially create an inflection point in Elrexfio's growth.

我們也致力於擴大多發性骨髓瘤患者族群。我們預計今年將在雙重暴露復發/難治性多發性骨髓瘤研究中對 Elrexfio 進行第 3 期讀數。如果成功並獲得批准，這將使可解決的人口數量比目前批准的適應症增加一倍以上。除了可尋址人群的增加之外，轉向早期治療預計會延長治療時間，並可能為 Elrexfio 的增長創造一個拐點。

We expect to begin pivotal studies for our investigational PDL1 vedotin ADC later this year for first-line metastatic head and neck squamous cell carcinoma and second-line non-small cell lung cancer. We also anticipate a first-line pivotal study start for SV, sigvotatug vedotin. This is a novel integrin beta 6- targeting vedotin ADC that, if successful and approved, has the opportunity to change the standard of care globally for IB6-expressing tumors.

我們預計今年稍後開始針對一線轉移性頭頸部鱗狀細胞癌和二線非小細胞肺癌的研究性 PDL1 vedotin ADC 的關鍵研究。我們也預期 SV、sigvotatug vedotin 的第一線關鍵研究即將開始。這是一種新型的針對整合素 β6 的 vedotin ADC，如果成功並獲得批准，則有機會改變全球 IB6 表達腫瘤的治療標準。

Both these ADCs, PDL1V and SV are potential first-in-class ADCs using a vedotin payload that elicits immunogenic cell death and in combination with an immune checkpoint inhibitor demonstrates significant results.

PDL1V 和 SV 這兩種 ADC 都是潛在的首創 ADC，它們使用 vedotin 有效載荷來引發免疫原性細胞死亡，並與免疫檢查點抑制劑結合使用，顯示出顯著的效果。

Early data for PDL1V and SV in combination with pembrolizumab are highly encouraging. With both ADCs, we are targeting non-small cell lung cancer, the most frequently diagnosed cancer globally and the leading cause of cancer-related deaths. Lung cancer represents a substantial area of patient need and a growing market with the highest projected CAGR in Oncology through 2030.

PDL1V 和 SV 與 pembrolizumab 聯合治療的早期數據非常令人鼓舞。利用這兩種 ADC，我們瞄準的是非小細胞肺癌，這是全球最常見的癌症，也是癌症相關死亡的主要原因。肺癌代表著患者需求的很大一部分，也是一個不斷增長的市場，預計到 2030 年其複合年增長率將在腫瘤學領域中最高。

In vaccines, another of our priority therapeutic areas, we see opportunities to enhance and augment our strong positions in the market. We're also planning a potential registrational study in adults later this year with our fourth-generation PCV candidate.

疫苗是我們的另一個重點治療領域，我們看到了增強和鞏固我們在市場上的強勢地位的機會。我們還計劃在今年稍後針對我們的第四代 PCV 候選藥物在成年人中開展一項潛在的註冊研究。

With our fourth- and fifth-generation PCV candidates, we believe we can build on our leadership in the industry. Our fourth-generation candidate covers 25 serotypes, including potentially improved immunogenicity for serotype 3, which is one of the largest remaining contributors of disease. We are also working to accelerate progress with our fifth-generation candidate, which is in preclinical development and covers over 30 serotypes

我們相信，憑藉第四代和第五代 PCV 候選人，我們可以鞏固我們在業界的領導地位。我們的第四代候選藥物涵蓋 25 种血清型，包括可能改善免疫原性的 3 型血清型，3 型是目前最大的疾病誘因之一。我們也致力於加速第五代候選藥物的研發進程，目前處於臨床前開發階段，涵蓋 30 多种血清型

As we continue to scrutinize the number of programs we are actively advancing, we'll have opportunities to accelerate or add others to help address significant patient need. One example is the recent accelerated start of a pivotal study of Nurtec for menstrually related migraine, which is estimated to impact more than half of women who experience migraine. We look forward to providing future updates about our pipeline progress as we continue to sharpen our focus on our most meaningful programs in prioritized therapeutic areas.

隨著我們繼續審查我們正在積極推進的項目數量，我們將有機會加速或增加其他項目以幫助滿足重要的患者需求。其中一個例子是最近加速啟動的一項針對月經相關偏頭痛的 Nurtec 關鍵研究，據估計，該研究將影響超過一半的偏頭痛女性。我們期待在未來提供有關我們的管道進展的最新信息，因為我們將繼續集中精力於優先治療領域中最有意義的項目。

Commercial excellence in our key categories is another 2025 strategic priority. More than a year ago we decided to separate the US and International operations. Under the leadership of Aamir Malik, our chief US Commercial Officer; and Alexandre de Germay, our Chief International Commercial Officer, we refined our commercial model to bring heightened focus helping us strategically prioritize our most impactful products and regions. It's working well.

我們重點類別的商業卓越是 2025 年的另一個策略重點。一年多前，我們決定將美國和國際業務分開。在我們首席美國商務官 Aamir Malik 的領導下；以及我們的首席國際商務官亞歷山大·德·熱爾邁 (Alexandre de Germay)，我們改進了商業模式，以提高專注度，幫助我們從戰略上優先考慮最具影響力的產品和地區。運作良好。

In the US, our team demonstrated focus, the strength of our key products and continuous improvement in execution. In International, we were back to operational growth in the first quarter across all parts of the division. This was the result of prioritization and disciplined focus on key growth drivers to maximize return and accelerate new product penetration there.

在美國，我們的團隊展現了專注力、主要產品的優勢以及執行力的持續改進。在國際業務方面，我們部門所有部門在第一季都恢復了營運成長。這是優先考慮並嚴格關注關鍵成長動力的結果，旨在實現最大回報並加速新產品的滲透。

Our performance was strong, both in the US and International markets across several key products, including the Vyndaqel family, Nurtec, Padcev and Lorbrena. Our Vyndaqel family of products had robust growth in the quarter, though we are seeing the impact of competition with a new market entrant and we anticipate this will continue through the year.

我們的多款主要產品（包括 Vyndaqel 系列、Nurtec、Padcev 和 Lorbrena）在美國和國際市場上均表現強勁。我們的 Vyndaqel 系列產品在本季度實現了強勁成長，儘管我們看到了來自新市場進入者的競爭的影響，但我們預計這種影響將持續全年。

We will work toward maintaining our market-leading position that has come from six years of establishing credibility and expertise with the cardiology community. Our team remains committed to addressing high unmet patient need by helping to improve diagnosis and ensuring appropriate patients with ATTR-CM receive treatment.

我們將努力保持市場領先地位，這一地位源於我們六年來在心臟病學界建立的信譽和專業知識。我們的團隊始終致力於透過協助改善診斷並確保適合的 ATTR-CM 患者接受治療來解決大量未滿足的患者需求。

Demand continued to strengthen for Nurtec, with revenue growing 40% operationally in the quarter. Our commercial teams effectively engaged with health care professionals and we were pleased with strong outperformance of our newly launched consumer campaigns. We are pleased with the continued strength also of our Oncology portfolio.

Nurtec 的需求持續增強，本季營運收入成長了 40%。我們的商業團隊與醫療保健專業人士進行了有效的合作，我們對新推出的消費者活動的強勁表現感到滿意。我們對腫瘤學產品組合的持續強勁表現感到滿意。

Padcev, for example, grew 25% operationally, driven by increased market share in first-line metastatic urothelial cancer. Lorbrena grew 39% operationally as we continued to see strong adoption with it emerging as a potential first-line standard of care for patients with ALK plus metastatic non-small cell lung cancer.

例如，Padcev 的營運成長了 25%，這得益於第一線轉移性尿路上皮癌市場份額的增加。Lorbrena 的運作成長了 39%，我們繼續看到其被廣泛採用，並成為 ALK 加轉移性非小細胞肺癌患者的潛在一線治療標準。

I&I is another key commercial category for Pfizer and we’re drawing on our extensive experience in launching medicines in this therapeutic area. Familiarity among health care professionals continued to improve for Cibinqo, which grew 42% operationally in the quarter.

I&I 是輝瑞的另一個關鍵商業類別，我們正在利用我們在該治療領域推出藥物的豐富經驗。Cibinqo 在醫療保健專業人士中的熟悉度持續提高，本季其營運成長了 42%。

Our commercial team is continuing to work toward increased patient access for this JAK inhibitor for patients ages 12 and up with moderate-to-severe atopic dermatitis. With Litfulo we’re encouraged by the growth we’ve seen to date.

我們的商業團隊正在繼續努力，為 12 歲及以上患有中度至重度異位性皮膚炎的患者提供更多獲得這種 JAK 抑制劑的機會。我們對 Litfulo 迄今為止所取得的成長感到非常鼓舞。

We’ll seek to further unlock access to this advanced systemic treatment for patients with severe alopecia areata. These highlights show how we are positioned to further expand and sustain our performance trajectory among our core brands. And with that, now I’ll turn it over to Dave to speak about the other two strategic priorities.

我們將進一步尋求為嚴重斑禿患者提供這種先進的系統治療方法。這些亮點顯示了我們如何進一步擴大和維持核心品牌的績效軌跡。現在，我將把時間交給戴夫來談談另外兩個策略重點。

Thank you, Albert, and good morning. I’ll begin this morning by reinforcing the fact that our solid financial results demonstrate our strong executional focus. We continue to concentrate on driving positive patient outcomes and delivering on our financial commitments, while navigating an ever-complex external environment.

謝謝你，阿爾伯特，早安。今天上午，我首先要強調的是，我們穩健的財務表現證明了我們強大的執行力。我們將繼續致力於推動積極的患者治療結果並履行我們的財務承諾，同時應對日益複雜的外部環境。

Our productivity improvement programs continue to drive a more efficient organization enhanced by our strong operating margin in the quarter. Going forward, we expect to improve our cash flows, reduce our debt leverage and have more flexibility for our three capital allocation pillars. Our focus remains on creating long-term shareholder value. We will continue to invest in our business for the long term while prudently returning capital to our shareholders.

我們的生產力改善計畫持續推動組織更有效率，本季強勁的營業利潤率也增強了這一優勢。展望未來，我們預期改善現金流，降低債務槓桿，並為三大資本配置支柱提供更大的靈活性。我們的重點仍然是創造長期股東價值。我們將繼續對我們的業務進行長期投資，同時審慎地向股東返還資本。

Now, let me start with our first-quarter results, touch on our capital allocation priorities, and then our cost improvement initiatives. I'll finish with a few comments on the macro environment, and our 2025 guidance, which we are reaffirming today.

現在，讓我先介紹一下我們的第一季業績，然後談談我們的資本配置重點，以及我們的成本改進措施。最後，我將對宏觀環境以及我們今天重申的 2025 年指引發表一些評論。

For the first quarter of 2025, we recorded revenues of $13.7 billion, a decline of 6% operationally. The decline was largely due to lower Paxlovid revenues, in part due to last year’s one-time Paxlovid revenue credit recorded in Q1 2024.

2025 年第一季度，我們的營收為 137 億美元，營運下降 6%。下降的主要原因是 Paxlovid 收入下降，部分原因是去年 Paxlovid 的一次性收入抵免記錄在 2024 年第一季。

In addition, US revenue was tempered by changes in the IRA Medicare Part D design, which took effect in the first quarter. Partially offsetting the decline was growth in several in-line products in the US and overall growth internationally.

此外，美國收入受到第一季生效的 IRA Medicare Part D 設計變化的影響。美國幾款同系列產品的成長以及國際市場的整體成長部分抵消了這一下降。

On the bottom line, we reported first quarter 2025 diluted EPS of $0.52 a share and Adjusted diluted earnings per share of $0.92, ahead of our expectations due to overall strong gross margin and cost management performance.

總體而言，我們報告 2025 年第一季稀釋每股收益為 0.52 美元，調整後每股稀釋收益為 0.92 美元，由於整體強勁的毛利率和成本管理績效，超出了我們的預期。

Our performance continues to show that our refined commercial approach is working. We continue to focus on key products and geographies, the deployment of our commercial field resources globally, and the continued optimization of our marketing resources into key priority areas.

我們的業績繼續表明，我們完善的商業方法正在發揮作用。我們繼續專注於重點產品和地區，在全球範圍內部署我們的商業領域資源，並繼續將我們的行銷資源優化到關鍵優先領域。

We saw strong contributions across our product portfolio, primarily driven by the Vyndaqel family, Comirnaty, Padcev, Nurtec and Lorbrena more than offset by declines in Paxlovid, Eliquis, Xeljanz and Ibrance. Adjusted gross margin for the first quarter expanded to approximately 81%, primarily the result of favorability in accrued royalties, partially offset by unfavorable product mix. Focus on cost management across our manufacturing network will remain a priority.

我們的產品組合做出了強勁貢獻，主要由 Vyndaqel 家族、Comirnaty、Padcev、Nurtec 和 Lorbrena 推動，這超過了 Paxlovid、Eliquis、Xeljanz 和 Ibrance 的下滑所抵消。第一季調整後的毛利率擴大至約 81%，這主要得益於應計特許權使用費的良好表現，但部分被不利的產品組合所抵消。關注整個製造網路的成本管理仍將是我們的首要任務。

Total Adjusted operating expenses were $5.2 billion for the first quarter of 2025, a 12% decline operationally versus last year.

2025 年第一季調整後總營運費用為 52 億美元，與去年相比營運下降 12%。

Looking at the components, Adjusted SI&A expenses decreased 12% operationally, primarily reflecting our ongoing productivity improvements driving a decrease in marketing and promotional spend for various products and lower spending in corporate enabling functions. Adjusted R&D expenses decreased 12% operationally, driven primarily by a decline in spending due to pipeline optimization efforts expected to be reinvested later this year and into next year.

從組成部分來看，調整後的 SI&A 費用營運下降了 12%，主要反映了我們持續的生產力改進，從而導致各種產品的行銷和促銷支出減少，以及企業支援職能支出降低。調整後的研發費用營運下降了 12%，主要原因是由於預計將在今年稍後和明年重新投資的管道優化工作導致支出下降。

We continue to be disciplined with our operational expense management. Q1 Reported diluted earnings per share were $0.52 and our Adjusted diluted EPS was $0.92 which benefited from our efficient operating structure, in addition to favorable global income tax resolutions in multiple tax jurisdictions spanning multiple tax years as well as a favorable change in the jurisdictional mix of earnings.

我們將繼續嚴格執行營運費用管理。Q1 報告的每股攤薄收益為 0.52 美元，調整後的每股攤薄收益為 0.92 美元，這得益於我們高效的營運結構，以及跨多個納稅年度的多個稅收管轄區的有利全球所得稅決議以及收益管轄結構變化的有利變化。

With that, now let me quickly touch upon our capital allocation strategy, which is designed to enhance long term shareholder value. Our strategy consists of maintaining and growing our dividend over time; reinvesting in our business at an appropriate level of financial return; and making value enhancing share repurchases.

現在，讓我快速談談我們的資本配置策略，該策略旨在提高長期股東價值。我們的策略包括隨著時間的推移維持和增加我們的股息；以適當的財務回報水平對我們的業務進行再投資；並進行增值股票回購。

In Q1, we returned $2.4 billion to shareholders via our quarterly dividend; invested $2.2 billion in internal R&D; and completed business development activity as expected was minimal. We achieved our 3.25 gross leverage target at the end of 2024, a key priority towards improving our capacity for business development.

第一季度，我們透過季度股息向股東返還了 24 億美元；在內部研發方面投資了 22 億美元；並且按預期完成的業務開發活動很少。我們在 2024 年底實現了 3.25 的總槓桿率目標，這是提高我們業務發展能力的關鍵優先事項。

In addition, the monetization of our Haleon investment has contributed to our improved cash position. As a reminder, in January, we monetized approximately $3.0 billion of our Haleon shares and, in March, we monetized the last tranche of our Haleon shares, receiving approximately $3.3 billion in net cash proceeds. With this sale we have now fully exited our ownership in Haleon. Overall, our objective remains to de-lever our balance sheet over time, which will further support our return to a more balanced allocation of capital between reinvestment and direct return to shareholders.

此外，我們對 Haleon 投資的貨幣化也促進了我們現金狀況的改善。提醒一下，今年 1 月，我們將約 30 億美元的 Haleon 股票貨幣化，3 月，我們將最後一批 Haleon 股票貨幣化，獲得約 33 億美元的淨現金收益。透過此次出售，我們現已完全退出 Haleon 的所有權。總體而言，我們的目標仍然是逐步降低資產負債表的槓桿率，這將進一步支持我們在再投資和直接回報股東之間實現更均衡的資本配置。

We continue to be disciplined with our operational expense management, progressing multiple cost improvement programs as we remain focused on driving long-term margin improvement over the coming years. We continue to expect initial savings from Phase 1 of our manufacturing optimization program in the latter part of this year with approximately $1.5 billion in savings from Phase 1 that's expected by the end of 2027. In addition, we are progressing the evaluation of other strategies to improve our network structure and product portfolio, respectively.

我們將繼續嚴格管理營運費用，推動多項成本改進計劃，同時繼續專注於推動未來幾年的長期利潤率改善。我們繼續預計，今年下半年製造優化計畫第一階段將帶來初步節省，預計到 2027 年底，第一階段將節省約 15 億美元。此外，我們正在評估其他策略，以分別改善我們的網路結構和產品組合。

As part of our goal to return to pre-pandemic operating margins, we remain on track to deliver on our goal of at least $4.5 billion in cumulative net cost savings from our ongoing cost realignment program by the end of this year. And today, we announced our expectation that this program will deliver an additional $1.2 billion in net savings, primarily in SI&A, in part by leveraging digital tools, including automation and AI, as well as simplification of business processes. The savings are expected to be fully realized by the end of 2027.

作為恢復到疫情前營業利潤率目標的一部分，我們仍有望在今年年底前透過正在進行的成本調整計劃實現累計至少 45 億美元的淨成本節約。今天，我們宣布，預計該計劃將帶來額外的 12 億美元淨節約，主要用於 SI&A，部分是透過利用包括自動化和人工智慧在內的數位工具以及簡化業務流程來實現的。預計到 2027 年底將完全實現節約。

Furthermore, we have identified additional opportunities to drive improvements in productivity and operational efficiency in our R&D organization, again, through enhanced digital enablement and automation. We expect approximately $500 million in savings associated with these efforts to be realized by the end of 2026 with the savings re-invested within R&D programs.

此外，我們還發現了更多機會，透過增強數位支援和自動化來提高研發組織的生產力和營運效率。我們預計，到 2026 年底，這些努力將節省約 5 億美元，並將這些節省的資金重新投資於研發項目。

Now, in total, we expect approximately $7.7 billion in savings by the end of 2027 to drive operating efficiency, strengthening our business with the potential of contributing significantly to our bottom line over the period.

現在，我們預計到 2027 年底將節省約 77 億美元，從而提高營運效率，增強我們的業務，並有可能在此期間為我們的盈利做出重大貢獻。

Now, let me turn to our full year 2025 guidance. As you are aware, the pharmaceutical industry is currently navigating a complex global landscape shaped by rapidly evolving trade and tariff policies. To help navigate this fluid environment, we've established a cross functional team to analyze a range of potential outcomes while developing strategies to help mitigate the potential impact to our business in both the short and long term.

現在，讓我來談談我們 2025 年全年的指導。眾所周知，製藥業目前正處於一個由快速變化的貿易和關稅政策所塑造的複雜的全球格局中。為了幫助應對這種不斷變化的環境，我們成立了一個跨職能團隊來分析一系列潛在結果，同時制定策略來幫助減輕短期和長期對我們業務的潛在影響。

These actions include the management of current inventory levels in certain jurisdictions, leveraging our domestic manufacturing footprint, and the potential production of certain API and products in the US. Should we be impacted by further tariffs in the future, we will assess the impact of the policies enacted and provide information at the appropriate time.

這些措施包括管理某些司法管轄區的當前庫存水準、利用我們的國內製造足跡以及在美國生產某些 API 和產品的潛在能力。如果我們將來受到進一步關稅的影響，我們將評估已頒布政策的影響並在適當的時候提供資訊。

Let me now spend a few minutes on our 2025 guidance which remains unchanged, and to be clear, does not include the potential impact of future changes in trade and tariff policies. We expect total company full-year 2025 revenues to be in the range of $61.0 to $64.0 billion, and full-year 2025 Adjusted diluted earnings per share to be in the range of $2.80 to $3.00, which reflects our expectation of strong contributions across our product portfolio and focus on disciplined cost management.

現在，請允許我花幾分鐘時間談談我們 2025 年的指導方針，該方針保持不變，而且要明確的是，它不包括未來貿易和關稅政策變化的潛在影響。我們預計公司 2025 年全年總收入將在 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 3.00 美元之間，這反映了我們對整個產品組合強勁貢獻的預期以及對嚴格成本管理的關注。

As we finish Q1 with earnings strength, and excluding the potential impact related to future tariffs and trade policy changes, we are currently trending toward the upper end of our Adjusted diluted earnings per share guidance

隨著我們第一季獲利強勁結束，並排除未來關稅和貿易政策變化帶來的潛在影響，我們目前正朝著調整後每股攤薄收益預期的上限邁進

In closing, let me emphasize several key aspects of our business. We will continue our focus and execution to maximize the commercial value of our product portfolio, and we remain committed to driving value-creating innovation while strengthening our pipeline.

最後，讓我強調一下我們業務的幾個關鍵方面。我們將繼續專注於並執行最大化我們產品組合的商業價值，並且我們將繼續致力於推動創造價值的創新，同時加強我們的產品線。

Additionally, our cost improvement programs are set to deliver operating margin expansion. Expected productivity gains will be driven by leveraging our digital capabilities and simplifying our business processes.

此外，我們的成本改進計劃將提高營業利潤率。透過利用我們的數位化能力和簡化我們的業務流程，我們將實現預期的生產力成長。

Our improved balance sheets set the stage for more balanced and enhanced capital deployment, focused on creating value for our shareholders. And with that, I will now turn it back over to Albert for Q&A.

我們改善的資產負債表為更平衡和增強的資本配置奠定了基礎，專注於為股東創造價值。現在，我將時間交還給 Albert 進行問答。

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

謝謝你，戴夫。接線員，請整理問答。讓我們開始問答。

Vamil Divan, Guggenheim.

瓦米爾·迪萬 (Vamil Divan)，古根漢美術館。

Great. Thanks so much for taking the questions. Maybe two if I could. So one, just, appreciate your prepared remarks. Mentioned the dividend. Your commitment to maintaining and growing the dividend over time. But I think we've just gotten sort of increasing questions about this from investors over the last few months, especially with some of the tariff uncertainty and how that might impact cash flows. And obviously, you're now talking about maybe getting more active on the business development side.

偉大的。非常感謝您回答這些問題。如果可以的話也許兩個。因此，我非常感謝您準備好的發言。提到了股息。您致力於長期維持和增加股利。但我認為，過去幾個月來，投資者對此提出了越來越多的疑問，尤其是關稅的不確定性以及這可能如何影響現金流。顯然，您現在談論的可能是在業務發展方面變得更加積極。

So maybe just to reinforce that if even one more time and nothing else just like the level of commitment you have there. And even if there's an impact from the tariff side, you still feel comfortable in being able to maintain and growth. And then my second question is --

所以也許只是為了再強調一次，而不是其他什麼，就像你在那裡所擁有的承諾程度一樣。即使受到關稅方面的影響，您仍然能夠安心地維持成長。我的第二個問題是--

Okay, yes, I just had one other, if I could. Just on the COVID business and just your views obviously understand the nuances around the Paxlovid sales this quarter. And obviously vaccine sales will come late in the year. But do you still see that business being relatively stable this year relative to last year, or has that changed from what your expectation for at the beginning of the year? Thank you.

好的，是的，如果可以的話，我還有另一個。僅就 COVID 業務而言，您的觀點顯然了解本季度 Paxlovid 銷售的細微差別。顯然疫苗的銷售將在今年稍後開始。但是，您是否仍然認為今年的業務與去年相比相對穩定，或者與年初的預期相比是否有所變化？謝謝。

Dave will tell you about dividend and then Amir and Alexandre about the comp.

Dave 會向您介紹股息，然後 Amir 和 Alexandre 會向您介紹公司狀況。

Yeah, Vamil, clearly consistent with my prepared remarks, the dividend remains a critical component and a key component of our capital allocation strategy. As you can tell, we've been very focused on improving the operating margin and performance of our business, thus improving our cash flow yield over time. This is all in support of all of our capital allocation priorities with dividend being a key component of that.

是的，瓦米爾，這與我準備好的發言明顯一致，股息仍然是我們資本配置策略的關鍵組成部分。如您所知，我們一直非常注重提高營業利潤率和業務業績，從而隨著時間的推移提高我們的現金流收益率。這一切都是為了支持我們所有的資本配置優先事項，其中股息是關鍵組成部分。

Thank you, Dave. And let's start with Amir.

謝謝你，戴夫。讓我們從阿米爾開始。

Thanks, Vamil. So you asked about Paxlovid. Paxlovid utilization trends very closely to infection rates, and we see a 50% treatment rate and close to an 80% fulfillment rate when there's infection. And we've set up a very good commercial model to do that.

謝謝，瓦米爾。所以你問到了 Paxlovid。Paxlovid 的使用趨勢與感染率非常接近，當發生感染時，我們看到治療率為 50%，完成率接近 80%。我們已經建立了一個非常好的商業模式來實現這一點。

I think what you saw in Q1 was largely the function of the fact that we have a lower winter wave, but we still treated over 750,000 patients starting the year with about 100,000 a week and tapering off at around 35,000 to 40,000.

我認為您在第一季度看到的情況主要是因為冬季疫情較低，但我們年初仍然治療了超過 750,000 名患者，每週約有 100,000 名患者，逐漸減少到 35,000 至 40,000 名左右。

And while these numbers are lower than the consensus numbers, they're very much in line with our expectations and what we track for the business. And what we've seen in multiple years now is that over the course of the year, you have two COVID waves, one in the summer and one in the winter. The peaks and valleys and the timing of those vary, but we have had consistently multiple waves.

雖然這些數字低於普遍預期，但它們非常符合我們的預期以及我們對業務的追蹤。我們多年來看到的情況是，一年有兩波新冠疫情，一波在夏季，一波在冬季。高峰和低谷以及它們出現的時間各不相同，但我們始終經歷多波波動。

And our baseline assumption is that we will have those waves this year as well, and that we will be able to execute our business, including Pax utilization in the way that I described, consistent with those waves.

我們的基本假設是，今年我們也將迎來這些浪潮，並且我們將能夠按照我所描述的方式開展我們的業務，包括 Pax 利用率，與這些浪潮保持一致。

We've also set up a model where we can successfully transition the Medicare patients out of USG and into our traditional Medicare model beginning March 1 of this year. And so we can't predict exactly what the timing and shape of those waves will be, but we're ready to execute again.

我們還建立了一個模型，從今年 3 月 1 日開始，我們可以成功地將醫療保險患者從 USG 轉移到我們的傳統醫療保險模型中。因此，我們無法準確預測這些波浪的具體時間和形狀，但我們已準備好再次執行。

Yeah, international, I will start with Comirnaty. As you know international Comirnaty is bigger than Paxlovid. Now on Comirnaty, we beat consensus quite nicely by $130 million, essentially driven by execution. As you know, in international, December is in the Q1 of 2025. So in December, we continue to execute our contracts in the UK and in Europe. And in competitive setup like in Japan, we maintain very strong leadership there until the end of the vaccination.

是的，國際面，我將從 Comirnaty 開始。如你所知，國際委員會比 Paxlovid 更大。現在，在 Comirnaty 上，我們以 1.3 億美元的超額收益超出了普遍預期，這主要是由執行力推動的。眾所周知，在國際上，12 月是 2025 年第一季。因此，12 月我們將繼續在英國和歐洲履行合約。在日本這樣的競爭環境中，我們在疫苗接種結束前一直保持著非常強大的領先地位。

Now, as we move into Q2 and Q3, we will start actually shipping our vaccine into Southern Hemisphere countries where vaccination campaign is going to start, and in particular, in Brazil, where we won the two-year contract adult, which is a very important vaccination country.

現在，隨著我們進入第二季度和第三季度，我們將開始將疫苗運送到即將開展疫苗接種活動的南半球國家，特別是巴西，我們在那裡贏得了為期兩年的成人疫苗接種合同，這是一個非常重要的疫苗接種國家。

Now, when we talk about look Paxlovid, you know Paxlovid is smaller internationally. And we performed as we were expected. We have now Paxlovid commercially sold in 49 markets. So there is no more advanced purchasing phenomenon. So it's really associated with utilization.

現在，當我們談論 Paxlovid 時，您知道 Paxlovid 在國際上規模較小。我們的表現正如預期的那樣。目前，我們已在 49 個市場上銷售 Paxlovid。所以不存在提前購買的現象。所以它確實與利用率有關。

The point is, in international, we have actually low utilization compared to the US. We still need to do some work in terms of utilization and treatment.

關鍵是，在國際上，與美國相比，我們的利用率實際上較低。在利用、處理方面我們還需要做一些工作。

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

謝謝你，亞歷山大。接線員，請回答下一個問題。

Evan Seigerman, BMO Capital Markets.

埃文·塞格曼 (Evan Seigerman)，BMO 資本市場。

Hi guys, thank you so much for taking my question. And I don't want to touch on the reasons for the danu discontinuation. But I more want to look forward, as you think about a potential obesity asset, what are some key aspects of the profile that you're looking for, either from an internal perspective or potentially externally? Thank you so much.

大家好，非常感謝你們回答我的問題。我不想談論 danu 停止的原因。但我更想展望未來，當您考慮潛在的肥胖資產時，您正在尋找的概況的一些關鍵方面是什麼，無論是從內部角度還是從潛在的外部角度？太感謝了。

Let's start with Chris and then go to Andrew.

讓我們從克里斯開始，然後是安德魯。

Thanks very much. Thanks for the question. Yeah, as Albert has stated, danuglipron was the right decision for Pfizer based on totality of data. And as we said previously, a single asymptomatic participant in a dose optimization study with rapid dose titration experience a potential drug-induced liver injury, which recovered rapidly after treatment discontinuation.

非常感謝。謝謝你的提問。是的，正如阿爾伯特所說，根據總體數據，達格利隆是輝瑞做出的正確決定。正如我們之前所說，在快速劑量滴定的劑量優化研究中，一名無症狀參與者經歷了潛在的藥物性肝損傷，但在停止治療後迅速恢復。

Although we're not 100% sure this is due to danuglipron, the risk was high enough for us to discontinue the program while still being committed to obesity and employing our global resources for other opportunities. Cardiovascular metabolic is one of our core strategies within internal medicine, an area with significant remaining unmet need. And just a reminder, for obesity alone up to 60% of patients discontinued current approved medicines after 24 months.

雖然我們不能 100% 確定這是由於達格利隆引起的，但風險足夠高，因此我們不得不停止該計劃，同時仍然致力於肥胖症治療，並利用我們的全球資源尋找其他機會。心血管代謝是我們內科領域的核心策略之一，該領域仍有大量未滿足的需求。需要提醒的是，僅就肥胖而言，就有高達 60% 的患者在 24 個月後停止服用目前核准的藥物。

We will continue to apply our global capabilities to advance our pipeline of differentiated oral medicines, including our oral GIPR antagonist currently in Phase 2 and advancing our preclinical portfolio to the clinic. We believe the future will be more fragmented based on differentiated or unique combinations with an emphasis on tolerability, accessibility, and convenience. The future will also become more personalized based on combinations addressing specific diseases associated with obesity and with metabolic dysfunction, including neurology, cardiovascular, and respiratory.

我們將繼續運用我們的全球能力來推進我們的差異化口服藥物產品線，包括目前處於第 2 階段的口服 GIPR 拮抗劑，並將我們的臨床前產品組合推進到臨床階段。我們相信，未來將更加碎片化，以差異化或獨特的組合為基礎，強調可容忍性、可及性和便利性。未來也將基於與肥胖和代謝功能障礙相關的特定疾病（包括神經病學、心血管和呼吸系統疾病）的組合而變得更加個人化。

And Andrew.

還有安德魯。

Yeah. I mean, I think Chris gave you a very full answer. I would just underline that although you referenced obesity, the role of incretins and potentially other modalities or targets more broadly needs not to be underestimated. And obviously, this extends beyond cardiovascular medicine. And we are interested in all the potential opportunities that exist with these molecules.

是的。我的意思是，我認為克里斯給了你一個非常完整的答案。我只想強調，雖然您提到了肥胖，但腸促胰島素以及潛在的其他方式或目標的作用不容小覷。顯然，這不僅限於心血管醫學。我們對這些分子中存在的所有潛在機會都很感興趣。

In terms of which assets or which portfolio of assets we're seeking to build I think there's two axes. Number one, obviously, is clinical differentiation. And Albert referenced some of the ways you can do that in terms of scheduling, tolerability, muscle preservation, but there are others too.

關於我們想要建造哪些資產或哪些資產組合，我認為有兩個軸心。顯然，第一點是臨床鑑別。阿爾伯特提到了一些可以在時間安排、耐受性、肌肉保存方面實現這一目標的方法，但還有其他方法。

But then separately, there's commercial differentiation, which really references the indications that we pursue. So I hope that gives you some idea of our direction of travel. And when we have something to say, you'll be the first to know.

但另外，還有商業差異化，其實指的是我們所追求的跡象。我希望這能讓您了解我們的旅行方向。當我們有話要說時，您會第一個知道。

Good to know.

很高興知道。

Tim Anderson, Bank of America.

美國銀行的蒂姆·安德森。

Thank you. I have a question on tariffs. I figured, if anyone is close to this, it's probably Pfizer, Albert, seeing as you’re Chairman of PhRMA. If sector-specific tariffs come through, do you think that's likely to be through the 232 investigation route? Or do you think it could still happen somehow through the IEPA route. To me, it seems like it would be 232, but not everyone agrees. And your best sense of timing for when everyone might have more information from the Administration.

謝謝。我對關稅有疑問。我想，如果有人接近這個目標，那很可能就是輝瑞公司，艾伯特，因為你是美國藥物研究和製造商協會的主席。如果針對特定產業的關稅得以實施，您認為有可能透過 232 調查途徑實施嗎？或者您認為它仍然可以透過 IEPA 途徑以某種方式實現。對我來說，似乎是 232，但並非所有人都同意。以及您何時可以從政府獲得更多資訊的最佳時機。

And then last question, is it an absolute pipe dream to think that sector-specific tariffs might really only be applied to countries that could, in fact, pose a threat to national security like China. It's hard to see Ireland being an enemy of the country.

最後一個問題，認為針對特定產業的關稅其實只適用於那些實際上可能對國家安全構成威脅的國家（如中國），這難道只是癡人說夢嗎？很難想像愛爾蘭會成為這個國家的敵人。

Thank you, Tim, and I would agree with the last comment that you made also. But let me tell you where we stand with tariffs. First of all, we had on April 2, an executive order, but basically placed tariffs across the board to everything we can see or feel or dream, except two things, pharmaceuticals and semiconductor.

謝謝你，提姆，我也同意你最後一則評論。但讓我告訴你我們的關稅立場。首先，我們在 4 月 2 日發布了一項行政命令，基本上對我們能看到、感覺到或想到的所有東西都徵收關稅，但藥品和半導體除外。

Clearly, there is risk going forward, but it's a very, very different ballgame. If you are part of the tariffs and you hope to be excluded, then if you are not part and you try not to be included. Then on April 14, the Administration made even more clear what is their concern with the pharmaceutical sectoral investigation.

顯然，未來仍存在風險，但情況將截然不同。如果你是關稅的一部分，你希望被排除在外，那麼如果你不是關稅的一部分，你就會試圖不被包括在內。4月14日，政府更明確地表達了對製藥業調查的擔憂。

And they made it clear by launching it through a 232, which, as you pointed out, it is an investigation that is connected with national security threats. This is not something new. The first Trump administration had expressed serious concerns about several essential medicines that they are made outside the US. The Biden continued with these concerns. Actually, the Trump administration had also a list created with those medicines in the first one. And now with the second Trump administration, not only through the 232, but through my discussions with the highest level of the government, they are confirming that this is their primary concern. And I think it's legitimate. I think no country wants to have critical medicines produced outside of the country, particularly, they don't want to have critical medicines produced in countries that tensions are high or can be escalated.

他們透過 232 號法案明確表示，正如你所指出的，這是一項與國家安全威脅有關的調查。這並不是什麼新鮮事。第一任川普政府曾對幾種在美國境外生產的基本藥物表示嚴重擔憂。拜登繼續表達這些擔憂。實際上，川普政府也制定了一份清單，第一份清單就包含了這些藥物。現在，隨著川普第二屆政府的上台，不僅通過232法案，而且透過我與政府最高層的討論，他們都確認這是他們最關心的問題。我認為這是合法的。我認為沒有一個國家願意在國外生產關鍵藥物，特別是不願意在局勢緊張或可能升級的國家生產關鍵藥物。

So there is, I think, a very clear distinction in the way that they look at it in terms of what products they are talking about. And there is a very clear distinction as to what comes from friendly countries or what comes from adversary countries.

因此，我認為，從他們談論的產品的角度來看，存在著非常明顯的差異。其中，來自友好國家和來自敵對國家的差異非常明顯。

So with all of that in mind and knowing that we are engaging and we have very productive discussions with all the Secretaries that are involved and the White House staff that are involved into that, I'm cautiously optimistic, as I said, given the data that we have not been there. And I hope that we will weather it successfully.

因此，考慮到所有這些，並且知道我們正在參與並與所有參與的部長和白宮工作人員進行了非常富有成效的討論，正如我所說的，考慮到我們還沒有到達那裡的數據，我持謹慎樂觀的態度。我希望我們能夠成功度過難關。

We will work with the Administration to make sure that their concern on national security will be addressed with the best possible way. I think that was the only question, right? So, let's go to the next question, please.

我們將與政府合作，確保以最佳方式解決他們對國家安全的擔憂。我想那是唯一的問題，對嗎？那麼，請讓我們進入下一個問題。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉 (Steve Scala)，TD Cowen。

And two questions. The first one is very similar to the one that Tim just asked. And that is, Albert, given your unique insights into the thinking in Washington do you think MFN legislation is only the most remote of possibilities or even simply not going to happen?

還有兩個問題。第一個問題與 Tim 剛才問的那個非常相似。那就是，阿爾伯特，鑑於您對華盛頓的想法的獨到見解，您是否認為最惠國立法只是最不可能實現的可能性，甚至根本不會發生？

And then secondly, what is the percent utilization of the US plants? It's great to have this vast network in the US, but if there's little or no excess capacity or flexibility, then it's a more limited advantage?

其次，美國工廠的使用率是多少？在美國擁有如此龐大的網路是件好事，但如果過剩容量或靈活性很少或根本沒有，那麼它的優勢就比較有限了？

Thank you very much for both questions. Look, on the MFN, first of all, I can't speak about what would be the intentions of the government, but I can comment on what I have seen so far. And the president issued an executive order that was focusing on pharmaceuticals. That was very, very extensive. So cover a lot of topics over that.

非常感謝您提出這兩個問題。首先，關於最惠國待遇，我無法談論政府的意圖，但我可以根據目前所看到的情況發表評論。總統發布了一項針對藥品的行政命令。那是非常非常廣泛的。因此涵蓋了很多主題。

MFN was not mentioned over there. On the contrary, what was mentioned over there was the pill penalty, but he instructed so that we will find ways to resolve. What was mentioned over there was PBM reform and transferring of rebates to the patient. What was mentioning over there was 340B reform.

那裡沒有提到最惠國待遇。相反那邊說的是藥丸懲罰，但他指示我們要想辦法解決。那裡提到的是 PBM 改革和將回扣轉移給病人。那邊提到的是340B改革。

So I would say that -- clearly, one can say that when the President issued an executive order, then you can read into what are the priorities of the Administration. And I think that so far, the way I have seen it, it is the pill penalty, it is the 340B, it is the PBM reform, and it is to lower the cost for the patients because right now in the US, the patients they are paying disproportionately out of pocket for their medicines compared to other medical interventions. So that's my two cents on that.

所以我想說——顯然，人們可以說，當總統發布行政命令時，你就可以了解政府的優先事項是什麼。我認為到目前為止，據我所見，這是藥丸懲罰，這是 340B，這是 PBM 改革，它是為了降低患者的費用，因為目前在美國，與其他醫療幹預措施相比，患者自付的藥費過高。這就是我對此的看法。

And again, I'm cautiously optimistic, but nothing is certain. And we are working continuously to influence the thinking and the decision making, in particular understanding what is it that they want to achieve so that we can provide productive solutions.

我再次表示，我持謹慎樂觀的態度，但沒有什麼是確定的。我們不斷努力影響人們的思維和決策，特別是了解他們想要實現的目標，以便我們能夠提供有效的解決方案。

On the percentage of utilization of our manufacturing sites, first of all, it is quite good. I don't want to go to the details, but there is ample room if there is a need to transfer production to accommodate. We have huge manufacturing capacity right now in the US, particularly for everything that is injectable. And the -- our ability, if there is any, is clearly there. And without the need to build new facilities, just utilize the current ones and transfer production there.

就我們生產基地的利用率而言，首先，它是相當好的。我不想談論細節，但如果需要轉移生產來適應，則有足夠的空間。我們目前在美國擁有龐大的生產能力，特別是所有註射劑的生產能力。而且──我們的能力，如果有的話，是顯而易見的。並且無需建造新設施，只需利用現有設施並將生產轉移到那裡。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

I have two here, if I may. First is on dividend and second is a follow-up to something Albert mentioned. Perhaps first on dividend. I know there's obviously LOEs coming up over the next three to four years with net income and free cash flow pressures. How much of that pressure could be offset by potential OpEx cuts that you're taking underway? I guess said differently, can you hold net income at or near the current levels? That's part one of the question.

如果可以的話，我這裡有兩個。首先是關於股息，其次是 Albert 提到的內容的後續內容。也許首先是股息。我知道未來三到四年內顯然會出現 LOE，帶來淨收入和自由現金流壓力。您正在採取的潛在營運支出削減措施可以在多大程度上抵消這種壓力？我想換一種說法，您能否將淨收入保持在當前水平或接近當前水平？這是問題的第一部分。

And then also, if a tariff impact approaching, I don't know, 15% to 20% of bottom-line kicks in, can you still confirm your commitment to dividend? And finally, Albert, you mentioned the distinction between friendly versus unfriendly countries, but in the initial tariff announcement, that didn't necessarily seem to hold true, so why should that apply in the case of pharma?

而且，如果關稅影響接近（我不知道）15% 到 20% 的底線，您還能確認對股息的承諾嗎？最後，阿爾伯特，您提到了友好國家和不友善國家之間的區別，但在最初的關稅公告中，這似乎不一定成立，那麼為什麼這適用於製藥業呢？

Dave, why don't you take the dividend question?

戴夫，你為什麼不回答股利問題？

Yes. So Umer, clearly, in my prepared remarks and what we said very consistently is our objective is to improve our operating margin performance over time. And we've said that knowing quite well that we have LOEs approaching. Some of the improvements in productivity that we are making are in design to improve operating margin in the face of those LOEs.

是的。因此，Umer，顯然，在我準備好的發言中，我們非常一致地表示，我們的目標是隨著時間的推移提高我們的營業利潤率表現。我們說過，我們很清楚 LOE 即將來臨。我們正在進行的一些生產力改進旨在提高面對這些 LOE 時的營業利潤率。

At the same time, our business is actually evolving such that particularly in the oncology space, where we're leaning into that business, and those products actually yield a very high gross margin and operating margin performance. So the short answer is yes, we can withstand that. And secondly, we're very focused on improving our operating margin over time in the face of those LOEs.

同時，我們的業務實際上正在不斷發展，特別是在腫瘤學領域，我們正傾向於該業務，而這些產品實際上產生了非常高的毛利率和營業利潤率表現。所以簡短的回答是，是的，我們可以承受。其次，面對這些 LOE，我們非常注重逐步提高我們的營業利益率。

Clearly, you've also heard us reiterate very specifically our focus on maintaining and growing our dividend over time, and we would continue to do that. And we work hard to understand the environment looking forward. And I don't want to hypothesize on what could happen, but clearly, we're watching the situation closely and our commitment to dividend is steadfast.

顯然，您也聽到我們非常具體地重申了我們的重點，即隨著時間的推移維持和增加我們的股息，我們將繼續這樣做。我們努力了解未來的環境。我不想假設會發生什麼，但顯然，我們正在密切關注局勢，我們對股息的承諾是堅定不移的。

And I think, David, you made also very clear quantitative calculations of what we expect. And when we put a number out there, we know that we can hit it. And David spoke about $7 billion by year 2027, while maintaining the R&D at the current levels of investment, which I think it is a key strategy to offset, first of all, to navigate an uncertain environment, that's the best way to do it is to be productive.

我認為，大衛，你也對我們的預期做出了非常清晰的定量計算。當我們給出一個數字時，我們知道我們可以實現它。戴維談到到 2027 年要達到 70 億美元，同時保持目前的研發投資水平，我認為這是抵消不確定性的關鍵策略，首先，要應對不確定的環境，最好的方法就是提高生產力。

Another comment I want to make on that is that the cuts are not across the Board or they are not by just reducing resources that are valuable. They are very strategic. And they are happening, first of all, with the deployment of technology.

對此我想說的另一點是，削減並不是全面的，也不僅僅是減少寶貴的資源。他們非常有戰略眼光。首先，這些變化是隨著技術的部署而發生的。

AI right now has a dramatic impact in the ways that we have able to secure cost reductions and digital technology in general, but also through significant business simplification that we are implementing. And we looked at every single thing of how we do things. And when you find simpler things of doing it, there is a significant cost element associated. So all in all, I think, as Dave said, we have our targets, and we are very confident. You can calculate it. We made them public, and we are very confident that we will achieve them by the year 2027.

目前，人工智慧不僅對我們降低成本和整體數位技術的方式產生了巨大影響，而且還透過我們正在實施的重大業務簡化產生了巨大影響。我們仔細研究了做事的每一件事。當你找到更簡單的事情來做這件事時，你會發現其中涉及相當大的成本因素。總而言之，我認為，正如戴夫所說，我們有自己的目標，而且我們非常有信心。你可以計算一下。我們已將這些目標公開，我們非常有信心在2027年實現這些目標。

Now as regards the tariffs if that would be on friendly or non-friendly countries, look, it's up to the government to decide what they're going to do. But it's very, very clear in my discussions. But national security concerns -- is very clear for my discussion at least, national security concerns are pretty much associated not with friendly countries.

至於關稅是否針對友好國家或非友好國家，這取決於政府的決定。但在我的討論中這一點非常非常清楚。但國家安全問題——至少在我的討論中非常清楚，國家安全問題與友好國家沒有太大關係。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

Just my first question on guidance. Pfizer's gross margins for this year, are we -- should we still think about full year gross margins in the mid-70s range? Or has that changed following some of the upside with 1Q?

這是我關於指導的第一個問題。輝瑞今年的毛利率，我們是否仍應該認為全年毛利率在 70% 左右？或者隨著第一季的一些上漲，這種情況已經改變了？

And maybe just a second part of that, I'm just interested in the level of conservatism that's baked into the guidance here. It seems like the year is off to a very strong start, particularly on the cost side. And just as we think about the progression in the rest of the year, should we think about any offsets from the upside we saw this quarter?

也許這只是其中的第二部分，我只是對這裡的指導所體現的保守程度感興趣。今年的開局似乎非常強勁，特別是在成本方面。當我們思考今年剩餘時間的進展時，我們是否應該考慮本季看到的任何上行趨勢的抵銷？

Yeah. Thanks, Chris. Dave here. Clearly, we are very confident in our outlook for 2025. As you noted, we entered -- we finished Q1 in a position of strength, both from a top line and a bottom-line perspective. As I look at our operating plan, we've exceeded both top line and bottom line in Q1 based on our expectations internally. So we're off to a very solid start.

是的。謝謝，克里斯。戴夫在這裡。顯然，我們對 2025 年的前景非常有信心。正如您所說，無論從營收或利潤的角度來看，我們在第一季都處於強勢地位。當我查看我們的營運計劃時，我發現根據內部預期，我們第一季的營收和利潤都超出預期。因此，我們的開局非常好。

Secondly, as I look forward, we're -- in Q1, we have three quarters left to go. I look at us maintaining our guidance range. But giving you some color that our top of it, we're essentially derisking the balance of the year from a financial delivery perspective.

其次，展望未來，我們──在第一季度，我們還剩下三個季度。我認為我們維持了我們的指導範圍。但給你一些顏色，我們的頂部，我們基本上從財務交付的角度降低今年的餘額風險。

We're still faced with some uncertainty from a macro environment perspective, so we're watching that cautiously. At the same time, we're prepared to go into the vaccination season in a position of strength, but really with still some uncertainty around how the macro environment might play out in that space as well. So I hope that helps.

從宏觀環境來看，我們仍然面臨一些不確定性，因此我們正在謹慎觀察。同時，我們準備以強勁的勢頭進入疫苗接種季節，但對於宏觀環境在該領域如何發揮作用仍然存在一些不確定性。我希望這會有所幫助。

I think from a gross margin perspective, off to a nice start. We haven't changed our guidance and our color on that. But we're continuing to focus on improving our gross margin over time and improving our operating margin over time, which I think is even a more critical component for us. And if you look -- in Q1, we posted a little over 40% from an operating margin perspective with really solid performance. So again, off to a really solid start.

我認為從毛利率的角度來看，這是一個好的開始。我們沒有改變對此的指導和態度。但我們將繼續專注於逐步提高我們的毛利率和營業利潤率，我認為這對我們來說是一個更關鍵的因素。如果你看一下——在第一季度，從營業利潤率的角度來看，我們的業績表現非常穩健，略高於 40%。所以，這又是一個真正穩固的開始。

Thank you. So you don't have any conservatives in your guidance. He is the best.

謝謝。所以你的指導中沒有任何保守派。他是最棒的。

Geoff Meacham, Citi.

花旗銀行的 Geoff Meacham。

I had two quick ones. Albert and Andrew, just from a strategy perspective, what would you say ranks as a higher priority just with respect to how you tier what would be multiple BD actions? Is it the TAM? Is it sales through LOE? Is it peak sales after? I wasn't sure how much that's evolved in the current macro backdrop?

我很快就吃了兩個。阿爾伯特和安德魯，僅從戰略角度來看，就如何對多個 BD 行動進行分級而言，您認為什麼具有更高的優先級？是 TAM 嗎？是透過LOE銷售嗎？之後是銷售高峰嗎？我不確定在當前的宏觀背景下這種情況發生了多大的變化？

And then I guess a question for Albert, what incentives would you want to see in tariff negotiations that would maybe tip the balance for Pfizer to increase manufacturing investments here in the US?

然後我想問阿爾伯特一個問題，您希望在關稅談判中看到哪些激勵措施，以促使輝瑞增加在美國的製造業投資？

Yes. On the strategy, maybe I make some comments and then I ask also, Andrew. It is very clear that we are facing -- everybody knows LOEs. Those LOEs are starting in '26, '27, '28, '26 is a smaller number, '27 is a bigger number, '28 is the biggest number, then goes down.

是的。關於該策略，也許我會發表一些評論，然後我也會問，安德魯。很明顯，我們正面臨著——每個人都知道 LOE。這些 LOE 分別從 '26、'27、'28 開始，'26 是較小的數字，'27 是較大的數字，'28 是最大的數字，然後依次下降。

LOEs are one-time events, right? So to prepare for that, we had a significant number of new launches that they are growing. And we did significant business development, but it is growing because they were all early assets, what we bought. So they were, let's say, having in front of them the growth period.

LOE 是一次性事件，對嗎？為了做好準備，我們推出了大量正在發展的新產品。我們進行了重大的業務開發，但業務仍在成長，因為它們都是我們購買的早期資產。因此，可以說，他們正處於成長期。

So what we project, it is that those growing assets will offset the LOEs in '26, '27, '28, more or less. And then following that because, of course, LOEs are a one-time event, they continue growing. And then we have a significant step up in the growth when the last LOE is going out.

因此，我們預測，這些不斷增長的資產將或多或少地抵消 26、27、28 年的 LOE。然後，由於 LOE 是一次性事件，因此它們會繼續增長。當最後一位 LOE 離開時，我們的成長將顯著加速。

Now what is our strategy in addition to having business development and new product launches. As we know that with the LOEs we are not going to be a strong top line growth story for the next three years, given the LOEs, we expect to become a EPS growth story. And this is why you see here right now the very acute focus on our improvement of margins. Also, we expect even more importantly, that will be a pipeline story during the next three years.

現在除了業務發展和新產品發布之外我們的策略是什麼？我們知道，由於 LOE，我們未來三年不會實現強勁的營收成長，考慮到 LOE，我們預計 EPS 將會成長。這就是為什麼您現在看到我們非常關注利潤率的提高。此外，更重要的是，我們預計這將是未來三年的一個管道故事。

We are very focused in the R&D productivity. We are -- we have learned from past mistakes in the R&D productivity. We are moving with very decisive steps to bring new Phase 3 studies. And I think once the studies start, also people will start modeling in their models or upgrading the probabilities of success as we are moving to Phase 3 studies to reflect what I just told you that as the pipeline matures, the growth post should look among the top tier of the industry. So that's more or less a strategy.

我們非常注重研發生產力。我們已經從過去在研發生產力方面的錯誤中學到了教訓。我們正在採取非常果斷的措施來進行新的第三階段研究。我認為，一旦研究開始，人們也會開始在他們的模型中建模或提高成功的機率，因為我們正在進入第三階段的研究，以反映我剛才告訴你的，隨著管道的成熟，成長崗位應該躋身行業頂級行列。所以這或多或少是一種策略。

Now, within that, we have $10 billion to $15 billion of capital to allocate that we are very prudent in how to do it, and Andrew will speak about it. But in the bottom line, it is that we would like to see in the first three years, a multiple expansion given the maturation of our pipeline. And of course, an EPS growth given our strong focus on the costs. And Andrew -- and the BD will be a bonus to all of that. What do you think?

現在，我們有 100 億到 150 億美元的資金可供分配，我們對如何分配非常謹慎，安德魯將會談論這一點。但歸根結底，我們希望在前三年內，隨著我們產品線的成熟，實現多倍擴張。當然，由於我們高度關注成本，每股盈餘也會成長。還有安德魯——以及 BD 將為這一切帶來額外的獎勵。你怎麼認為？

So just on -- I think Albert gave you a very clear answer. In answer, just picking up on the a specific question that you asked, I think it's all of the above, TAM, LOE as well as obviously as value.

所以就此而言——我認為艾伯特已經給了你一個非常明確的答案。作為回答，我只是回答您提出的一個具體問題，我認為以上所有都是 TAM、LOE，當然還有價值。

I think the other thing I would also add that perhaps you didn't mention is I'm very keen that we build sustainable franchises. And I'm thinking more of the longer term and the shorter term, but we need to have breadth and durability just as we've done internally with expanding and building on Ibrance franchise with our novel CDK4, CDK2s, and we have other assets as well within breast cancer and some with ADCETRIS. BD is another tool within our arsenal to build on the internal discovery and development that we have with our existing pipeline.

我想補充一點，也許您沒有提到，那就是我非常熱衷於建立永續發展的特許經營權。我更多地考慮的是長期和短期，但我們需要具有廣度和持久性，就像我們在內部所做的那樣，透過我們新穎的 CDK4、CDK2 擴展和建立 Ibrance 特許經營權，並且我們在乳腺癌領域還有其他資產，還有一些 ADCETRIS 資產。BD 是我們武器庫中的另一個工具，它可以利用我們現有的管道進行內部發現和開發。

On the tariff negotiations that you said, what would you expect to see so that you will invest in the US? I think it's certain. If I know that there will not be tariffs and the heavy certainty, then there are tremendous investments that can happen in this country, both in R&D and manufacturing.

關於您提到的關稅談判，您希望看到什麼以便您在美國投資？我認為這是肯定的。如果我知道不會有關稅和重大確定性，那麼這個國家就可以在研發和製造業進行巨大的投資。

And the reason is that the tax environment that has forced a lot of manufacturing outside the US has significantly changed now. We have a global minimum tax around 15% that has been established right now. So it's not as good in the US. Although when President Trump did the first tax, we had a huge inflection of capital coming back from Pfizer and others.

原因是，迫使大量製造業轉移到美國境外的稅收環境現在已經發生了重大變化。我們目前已確定全球最低稅率約為 15%。所以美國的情況不太好。儘管當川普總統第一次徵稅時，我們從輝瑞和其他公司獲得了大量資本回流。

And now I'm sure and I know because I talked to him, but he would like to see even a reduction in the current tax regime particularly for locally produced goods. So that would be a huge incentive to also bring manufacturing here, right?

現在我很確定，而且我知道，因為我和他談過了，但他希望看到現行稅收制度有所減少，特別是針對本地生產的商品。所以這將會是一個巨大的激勵，促使製造業來到這裡，對嗎？

And it's not that bad, but that requires a lot of capital. And in periods of uncertainty, everybody is controlling their cost as we are doing. And then it's very frugal with their investments as we are doing so that we are prepared for any day. So that's what I want to see.

這並不是那麼糟糕，但需要大量資金。在不確定的時期，每個人都像我們一樣控製成本。而且我們非常節儉地進行投資，以便為任何一天做好準備。這就是我想看到的。

Trung Huynh, UBS.

Trung Huynh，瑞銀。

Just another one on costs and guidance and one on BD. So on your cost realignment program, you announced an additional $1.2 billion saving by $27 million. How much of that can come out in '25? And how should we think about the step-up of costs for the rest of the year following what seems to be you guys exceeding savings targets, but also reiterating a guide?

還有一篇是關於成本和指導，還有一篇是關於 BD。因此，你們宣佈在成本調整計畫中額外節省 12 億美元，即 2,700 萬美元。25 年能產出多少？在你們似乎超額完成了儲蓄目標，但又重申了指導方針之後，我們應該如何看待今年剩餘時間成本的增加？

And then on BD, you've mentioned external opportunities. How much is the macro environment impacting your decision in the timing of BD given the volatility and unknowns? And then on the other side of the table, do you think sellers are hesitating given valuations are meaningfully lower than the start of the year?

然後關於 BD，您提到了外部機會。考慮到波動性和未知因素，宏觀環境對您在 BD 時機方面的決策有多大影響？那麼，從另一方面來看，您是否認為賣家會猶豫，因為估值明顯低於年初？

Dave, why don't you take the guidance and then Andrew, you can speak to BD a little bit. And I will also comment

戴夫，你為什麼不接受指導，然後安德魯，你可以和 BD 談談。我也會評論

On the cost side, keep in mind that we're focused on taking $4.5 billion out by the end of this year, well on track with that. The additional $1.2 billion that we've identified, probably modest delivery of that in 2025, most of that in '26 and '27, but maybe a little bit.

在成本方面，請記住，我們的目標是在今年年底前拿出 45 億美元，並按計劃完成。我們確定的另外 12 億美元，可能在 2025 年適度交付，其中大部分將在 2026 年和 2027 年交付，但也可能只有一點點。

I think from an R&D perspective, the $500 million that we're saving in improving productivity and R&D, largely that will happen this year to be reinvested in R&D late this year or maybe even bleed into next year to some degree.

我認為從研發的角度來看，我們在提高生產力和研發方面節省的 5 億美元，大部分將在今年年底重新投資於研發，甚至可能在某種程度上延續到明年。

Thank you. And on BD, Andrew, valuations are low, uncertain though is high, so how you see things?

謝謝。關於 BD，安德魯，估值很低，但不確定性很高，那麼您如何看待這種情況？

Yeah. I mean I think as you might imagine, we're very awake to the external environment, but we're comfortable with the $10 billion to $15 billion budget that Dave effectively forecast or gave at the beginning of this year.

是的。我的意思是，我想正如你可能想像的那樣，我們對外部環境非常警覺，但我們對戴夫在今年年初有效預測或給出的 100 億至 150 億美元的預算感到滿意。

In terms of the question of have sellers Adjusted to the new valuation the market is applying, I think it depends. I think generally, it takes some time in some categories where there is increasing therapeutic density because there's an ever-expanding array of assets mainly coming from China. I think there's an additional force, which is causing companies to become more amenable to lower valuations. But I think it really depends.

至於賣家是否已經適應市場正在應用的新估值的問題，我認為這要視情況而定。我認為總體而言，某些類別的治療密度需要一些時間才能提高，因為來自中國的資產範圍不斷擴大。我認為還有一種額外的力量，使得公司更容易接受較低的估值。但我認為這確實取決於情況。

And Trung, what I tell my team constantly is never let a good crisis go to waste. And with crisis, there are risks, but also there are tremendous opportunities because things are changing, the status quo change. So you need to be strategic. You need to be smart. You need to be disciplined. But you need as Warren Buffet said, sell when prices are high and buy when prices are low. And prices are low.

我不斷告訴我的團隊，永遠不要浪費一次好的危機。危機伴隨著風險，但同時也蘊藏著巨大的機遇，因為事物在變化，現狀在改變。所以你需要有策略。你需要聰明一點。你需要遵守紀律。但你需要像華倫巴菲特所說的那樣，在價格高時賣出，在價格低時買入。而且價格低廉。

Kerry Holford, Berenberg.

凱莉·霍爾福德，貝倫貝格。

Firstly, in the context of US tariffs and the debate there, I wonder if you might tell us what proportion of your US drug sales are currently made end to end in the US. Can you give some examples of brands that delivered end-to-end in the US today?

首先，在美國關稅和相關爭論的背景下，我想知道您是否可以告訴我們，目前貴公司在美國的藥品銷售中，有多少比例是在美國端到端銷售的。您能否舉出一些目前在美國提供端到端交付的品牌的例子？

And then a question for David on COGS. Can you just quantify the US dollar impact of that revision of estimated accrued lots in Q1? Can you tell us what that specifically relates to and just to confirm that's intended to be a one-off adjustment?

然後向 David 提問有關 COGS 的問題。您能否量化第一季預計累積批次的修訂對美元的影響？您能否告訴我們這具體涉及什麼，並確認這只是一次性調整？

Thank you, Kerry. Look, around which percentage of production we have here, et cetera, we are not disclosing this information. So we won't go into those details. When it comes to the impact of the US dollar, I will ask Dave to comment.

謝謝你，克里。你看，我們這裡的產量佔比是多少等等，我們不會透露這些資訊。所以我們不會討論這些細節。當談到美元的影響時，我會請戴夫發表評論。

Dave also you speak about the impact of IRA so that people can get a good picture of the puts and takes of the first quarter sales.

戴夫，您也談到了 IRA 的影響，以便人們能夠更好地了解第一季銷售的收益和利弊。

Yeah, sure. So maybe let's take this in points here. First, I know there's been a lot of volatility in FX, in currency fluctuations. We're probably an outlier in the sense that we gave guidance in December. So if you look point-to-point from December to now, FX is largely immaterial to us given the fact there's been a lot -- there's been a roller coaster ride to get from point A to point B. But right now, FX is largely not an impact to Q1 and for the balance of the year.

是的，當然。因此，我們可以在這裡分幾點來討論這個問題。首先，我知道外匯和貨幣波動很大。從我們在 12 月給出指導的角度來看，我們可能是一個異常值。因此，如果從 12 月到現在逐點來看，外匯對我們基本上無關緊要，因為從 A 點到 B 點就像坐過山車一樣。但目前，外匯基本上不會對第一季和今年的平衡產生影響。

Secondly, if you look at Medicare Part D redesigned, in Q1, it dampened our US revenues by approximately $650 million as we expected. That dampening will lessen in the back half of the year as we continue to offset that a bit with incremental prescriptions.

其次，如果你看一下重新設計的醫療保險 D 部分，在第一季度，正如我們預期的那樣，它使我們在美國的收入減少了約 6.5 億美元。隨著我們繼續透過增量處方來稍微抵消這種影響，這種抑製作用將在下半年減弱。

Third, included in our guidance that we didn't really speak about is there are some tariffs in place today, we anticipate those tariffs to be approximately $150 million for 2025. We are contemplating that within our guidance range, and we continue to again, trend to the top end of our guidance range even with those costs to be incurred this year.

第三，我們的指導方針中沒有真正談到的是目前實施的一些關稅，我們預計到 2025 年這些關稅將達到約 1.5 億美元。我們正在考慮將其納入我們的指導範圍，即使今年會產生這些成本，我們仍將繼續趨向於指導範圍的上限。

Akash Tewari, Jefferies.

Akash Tewari，傑富瑞。

I realize there's a lot of uncertainty on tariffs, but hearing Merck give color on Q1, it seems like some of your peers are hinting the bottom line impact of tariffs could be manageable. So let's say the tariffs are broadly 25% on your transfer price, which I'm sure is a scenario your teams planned for. Would it be fair to say that the bottom-line earnings impact would be a single-digit percent basis with reasonable mitigation steps.

我知道關稅方面存在著許多不確定性，但聽到默克公司對第一季的展望，似乎一些同行暗示關稅的底線影響是可以控制的。因此，假設關稅大致佔您的轉讓價格的 25%，我相信這是您的團隊計劃好的情況。是否可以公平地說，在採取合理的緩解措施的情況下，對底線收益的影響將達到個位數百分比？

Thank you, Akash. I will never go to that statement, and we have made statements in the past we have been burned. So I'm very cautious and careful about that. If there are tariffs, we have detailed contingency plans that they are minimizing the impact, but I'm right now focusing more on the fact that we should not have tariffs. And only if we have, we should try to implement measures. I'm sure all companies are doing the same. Sorry, I can be more specific. I know you're interested on that.

謝謝你，阿卡什。我永遠不會發表那份聲明，我們過去發表的聲明讓我們受到了傷害。所以我對此非常謹慎和小心。如果有關稅，我們有詳細的應急計劃，以盡量減少影響，但我現在更關注的是，我們不應該徵收關稅。只有在我們有了這些條件的情況下，我們才應該嘗試採取措施。我相信所有公司都在做同樣的事情。抱歉，我可以更具體一點。我知道你對此感興趣。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林。

Great. Maybe two for me. Another one on tariffs. I know Scott Gottlieb is on your Board referenced a Grand Bargain on the news a couple of weeks ago. And you've given a lot of color here, Albert, in terms of your discussions with the Administration. So can you confirm if something along those lines is in the works?

偉大的。對我來說也許有兩個。另一個是關於關稅的。我知道你們董事會的斯科特·戈特利布幾週前在新聞中提到了一項大交易。阿爾伯特，就您與政府的討論而言，您已經給了許多說明。那麼，您能否確認是否正在進行類似的工作？

And the second question is on the pipeline that you guys and your partner Arvinas recently reported some Phase 3 data for Vepdeg from the VERITAC-2 study. Just wondering how that data change or impact your strategy for this drug in the frontline setting.

第二個問題是關於你們和你們的夥伴 Arvinas 最近報告的來自 VERITAC-2 研究的 Vepdeg 的一些第 3 階段數據。只是想知道這些數據如何改變或影響您在前線環境中針對這種藥物的策略。

Thank you very much. Unfortunately, I'm not aware of Scott's comments on the Grand Bargain. Of course, I follow him on TV, but also more importantly, I speak with him very regular, very often. And he advised me in several topics. But I don't know his comments on Grand bargain.

非常感謝。不幸的是，我不知道斯科特對大交易的評論。當然，我在電視上關注他，但更重要的是，我經常和他交談。他在多個方面為我提供了建議。但我不知道他對「大妥協」的評論。

And clearly, right now, there are two things in the horizon. One, it is an executive -- one, it is 232 process on tariffs or pharmaceuticals that have been excluded from overall tariffs, geographical profile tariffs. And that's on national security.

顯然，目前有兩件事即將發生。一是，這是一項行政措施——一是，這是針對已被排除在總體關稅和地理分佈關稅之外的關稅或藥品的 232 程序。這就是關於國家安全的問題。

There is also an executive order of the president that is focusing on 340B, reducing the cost of patients, PBM reform, removing the pill penalty. Those are the things that we are engaged right now, not in any other type of markets. And then on Arvinas, I will ask Chris, to comment on that.

總統還發布了一項行政命令，重點關注 340B、降低病患費用、PBM 改革、取消藥丸懲罰。這些就是我們現在所從事的事情，而不是其他類型的市場。然後關於 Arvinas，我會請克里斯對此發表評論。

Thank you for the question. As you know, in the Phase 3 topline results, VERITAC-2 was reported in March and the last two months. We met the primary endpoint in the estrogen receptor 1 mutant population which was statistically significant and clinically meaningful for progression-free survival. Overall survival still too early, very immature, but we did not reach statistical significance and improvement in PFS and they intend to treat overall population.

謝謝你的提問。如您所知，在第 3 階段的頂線結果中，VERITAC-2 是在 3 月和過去兩個月報告的。我們在雌激素受體 1 突變族群中達到了主要終點，這對於無惡化存活期具有統計意義和臨床意義。整體存活率仍為時過早，非常不成熟，但我們尚未達到統計學意義和 PFS 的改善，他們打算治療整體族群。

We plan to present detailed results at ASCO. It's a late-breaking oral presentation. And we'll also start sharing the data with global regulatory authorities to potentially support regulatory filings. We are continuing the combinations with CDK4 atirmociclib, which we're excited about as well as with CAT6 on this project with vepdegestrant -- the combinations with vepdegestrant and shall then work with Arvinas to not just only file but work with Arvinas to discuss future plans for the Phase 3 program.

我們計劃在 ASCO 上展示詳細的結果。這是一篇最新的口頭報告。我們也將開始與全球監管機構分享數據，以潛在地支持監管備案。我們將繼續與 CDK4 atirmociclib 進行組合研究，我們對此感到非常興奮，同時也將繼續與 CAT6 一起在這個項目上與 vepdegestrant 進行組合研究——與 vepdegestrant 的組合研究，然後將與 Arvinas 合作，不僅提交申請，還將與 Arvinas 合作討論第 3 階段計劃的未來計劃。

Dave Risinger, Leerink.

戴夫·瑞辛格（Dave Risinger），Leerink。

Thanks very much, and thank you for all the updates. So I have two questions, Albert. First, current Washington leadership is very supportive of the traditional technology sector, but it's taking the opposite approach towards biotechnology. So not withstanding a few of the things that you mentioned that might be marginally positive, such as the pill penalty.

非常感謝，也感謝您提供的所有更新。所以我有兩個問題，阿爾伯特。首先，華盛頓現任領導階層非常支持傳統技術領域，但對生物技術卻採取了相反的態度。因此，儘管您提到的一些事情可能略有積極意義，例如藥丸懲罰。

Washington is actively degrading proven medical science, collapsing the NIH, and driving reduced investments in the biotechnology sector in the United States. Could you please comment on that? And how you and other biopharma companies are responding when you engage with Washington?

華盛頓正積極貶低已證實的醫學科學，解散美國國立衛生研究院，並減少美國生物技術領域的投資。您能對此作出評論嗎？當您和其他生物製藥公司與華盛頓接觸時，您有何反應？

And then separately, with respect to the 232 investigation, since we can't see what's going on outside, could you just explain exactly how that investigation is progressing? How Pfizer is engaging on the 232 investigation front? And what we should watch? And when should we see news on 232?

另外，關於 232 調查，由於我們無法看到外部發生的情況，您能否具體解釋一下該調查的進展？輝瑞在232調查方面進展如何？我們該關注什麼？我們什麼時候可以看到有關 232 的新聞？

Look, we are clearly concerned about several of the statements that we have seen and approaches regarding FDA and some statements that they are not in correlation with what science has proven over the decades and what the vast majority of the scientific community. When I say vast, I'm talking 99.9% are behind. And sometimes they use this 0.1% as a point to challenge the remaining.

你看，我們顯然對我們看到的有關 FDA 的一些聲明和方法感到擔憂，有些聲明與幾十年來科學所證明的事實以及絕大多數科學界的觀點不符。當我說絕大多數時，我指的是 99.9% 的人都落後了。有時他們會以這0.1%作為挑戰其餘人的切入點。

So I think there is scientific truth. And that scientific truth, it is well presented. And this is not only a US thing, it's not only the CDC and the FDA and the NIH, but it is the UK health authorities, and it is the French health authorities, and the Spanish health authorities, and Korean health authorities, and the Japanese, and Israel. And I can go on and on. So this thing of a conspiracy theory, but someone -- it's not that the whole world and the whole authorities of the world want to implement wrong side.

所以我認為存在科學真理。而這個科學真理被很好地展現出來了。這不僅是美國的事情，不僅是疾病預防控制中心、食品藥物管理局和國家衛生研究院的事情，也是英國衛生當局、法國衛生當局、西班牙衛生當局、韓國衛生當局、日本衛生當局和以色列衛生當局的事情。我還可以繼續說下去。因此，這是一個陰謀論，但有人——並不是整個世界和整個世界當局都想實施錯誤的政策。

So I am very convinced that we are in the right side of history, and those people are in the wrong. But I want to tell you that the -- those views are not expressed by the entire Administration. And there are many people that they don't share those views. And I would say that we had also a president that -- he spearheaded the Warp Speed Operation. And he created this miracle that saved --

所以我非常確信，我們站在歷史正確的一邊，而那些人是錯的。但我想告訴你們，這些觀點並非由整個政府表達的。但也有許多人不認同這些觀點。我想說，我們還有一位總統——他領導了「曲速行動」。他創造了這個奇蹟，拯救了--

I mean, there was no other country that had done something like that in the world. And the entire world was able to save their economies and survive based on what Operation Warp Speed did, the President and members of his Cabinet at the time on (inaudible) and Jared and all of them, they work with us to do.

我的意思是，世界上沒有其他國家做過這樣的事。而由於「曲速行動」的實施，全世界的經濟得以拯救並得以生存，當時的總統和內閣成員（聽不清楚）以及賈里德以及他們所有人與我們一起努力。

Actually, I told him that he should have received the Nobel Prize for that, and that was unfair that he didn’t. It was serious contribution. But the thing that I discussed with everyone in the Administration and I think that resonates a lot with Democrats and with Republicans, with everybody in the Administration, including HHS and everywhere. It is that Chinese right now are progressing with the speed of light in their science.

事實上，我告訴他，他應該因此獲得諾貝爾獎，但他沒有獲得，這對他來說不公平。這是一項重大貢獻。但我已經與政府中的每個人都討論過這件事，我認為這引起了民主黨人和共和黨人、政府中的每個人，包括衛生與公眾服務部和其他地方的強烈共鳴。那就是現在中國人的科學進步速度是光速的。

Biotech, it is dominant. The US has the dominant scientific position in biotech because we have created this ecosystem of biotech and pharma and academia and all of that. This is exactly what the Chinese have replicated in the last four years. And in the last four years, IRA was a significant setback for us that took down a lot of funding of the private sector towards biotech.

生物技術占主導地位。美國在生物技術領域佔據主導地位，因為我們創造了生物技術、製藥、學術等生態系統。這正是中國在過去四年所複製的。在過去四年中，IRA 對我們來說是一個重大挫折，它削減了私營部門對生物技術的大量資金。

So the biotech is now currently, also because of tariffs but also because of the four previous years, they are at historical low. And as a result, there is very little money going to the biotech. That China is doing the opposite. And right now, they are having very, very good science.

因此，生物技術目前處於歷史低位，這不僅是因為關稅，也是因為前四年的情況。結果是，流向生物技術的資金非常少。中國卻在做相反的事。現在，他們的科學水平非常非常好。

And I think that's something that they should -- everybody be concerned. And they should be concerned not only from commercial but also from national security point of view. Imagine if in the next pandemic, the medicines that will help, will not be invented in this country, but in another country. That will be a problem.

我認為這是每個人都應該關心的事情。他們不僅應該從商業角度感到擔憂，還應該從國家安全角度感到擔憂。想像一下，如果在下一次大流行中，有幫助的藥物不是在這個國家發明的，而是在另一個國家發明的。那將是一個問題。

Now the 232 investigation, it is an investigation, but it basically is launching. And then the Secretary of Commerce is running it and is gathering information to see if there is any national security risk with the way that medicines are available in the US, the supply chain of the medicines.

現在232調查雖然只是一項調查，但基本上已經啟動。然後，商務部長負責執行並收集信息，以查看美國藥品的供應方式和藥品供應鏈是否存在國家安全風險。

The process has been launched. They have requested information publicly. And companies will submit information, the PhRMA association will submit information. Everybody who has an interest on that will submit information and probably proposals. And those things will be assembled.

該進程已經啟動。他們已公開請求提供資訊。公司將提交信息，PhRMA 協會也將提交信息。對此感興趣的每個人都會提交資訊和提案。這些東西將會被組裝起來。

Although the time -- this process is time limited, which I think it is 270 days, I don't recall well, but it is -- I think they need to complete it with 270 days, knowing how fast this Administration works. I think they will do the work faster.

雖然這個過程是有時間限制的，我認為是 270 天，我記不太清楚了，但我認為他們需要在 270 天內完成，因為我知道本屆政府的工作速度非常快。我認為他們會更快完成工作。

Mohit Bansal, Wells Fargo.

富國銀行的 Mohit Bansal。

And I'll have one more for you. So pharmaceutical manufacturing is a little bit more complex. There are layers of API, manufacturing of drug substances as well as fill finish. And to my understanding, a fill finish majority of part is already in the US, but I would love to understand from your conversations, is there a specific focus of the Administration to bring the API part of it or the drug substance manufacturing part of it to the US? And how feasible it is to bring API or move into some friendly countries if not Americas? Would love to get your perspective on that.

我再給你一個。因此，製藥製造稍微複雜一些。有 API 層、藥物物質製造層、灌裝完成層。據我了解，大部分灌裝完成工作已經在美國進行，但我想從您的談話中了解，政府是否有特定的重點，將 API 部分或藥物物質製造部分轉移到美國？那麼，將 API 引入或轉移到一些友好國家（如果不是美洲）的可行性有多大？很想聽聽您對此的看法。

Yes. I think for things that they are considering national security, they are looking the entire value chain. So they want to see the precursors, the APIs, and where the products are made. And they are making very clear distinction, I think, on where those products are made so that they can assess the risk.

是的。我認為，對於他們考慮國家安全的事情，他們正在考慮整個價值鏈。因此他們想了解前驅物、API 以及產品的產地。我認為，他們對這些產品的產地做出了非常明確的區分，以便評估風險。

Transferring manufacturing, even under the most lucrative investments available and even under the most favorable regulatory framework to provide approvals, et cetera, it's a multi multiyear process. So it's not something that can be resolved within a year.

轉移製造業，即使在最有利的投資下，甚至在最有利的監管框架下提供批准等，這也是一個多年的過程。所以這不是一年內可以解決的問題。

So I believe they will focus on a manageable number of products, which are the most important so that they can have that built and secure the national security. But I think the question right now is on everything, on API, on precursors on where the products are made, et cetera.

因此我相信他們會把重點放在可控數量的產品上，這些產品是最重要的，這樣他們才能生產這些產品並確保國家安全。但我認為現在的問題是關於一切，關於 API、關於前驅物、關於產品的產地等等。

Courtney Breen, Bernstein.

考特尼·布林，伯恩斯坦。

A couple that we had, one clarification on tariffs. And apologies if we missed it. But this was just kind of if you can provide any comments on inventory and kind of work that you're doing already to bring inventory into the US.

我們有幾個問題，一個是關於關稅的澄清。如果我們錯過了，我們深感抱歉。但這只是詢問您是否可以對庫存以及您為將庫存帶入美國而開展的工作提供任何評論。

And then the second question is just on the pipeline. I know kind of you can ask some details about the things that you're looking to prioritize. But can we expect an R&D Day through -- at some point this year that will help us better understand the overall pipeline strategy and help us understand that reallocation and perhaps even better assess and evaluate that pipeline in our sell-side models?

第二個問題是關於管道的。我知道您可以詢問一些有關您想要優先考慮的事情的細節。但是，我們是否可以期待在今年某個時候舉辦研發日，以幫助我們更好地了解整體通路策略，幫助我們了解重新分配，甚至更好地評估和評價我們賣方模型中的管道？

Thank you, Courtney. I will ask Chris to comment on the pipeline. But on the tariffs, as David also said, I think, in the beginning, you can imagine, we have done everything that we have to do to make sure that we mitigate. So that includes inventories, of course, and many other things that we have built into the country so that we can weather any scenario that is needed. And every month, also, we're increasing those position, so to make sure that as I said in rainy days, we are well positioned. Chris, on pipeline.

謝謝你，考特尼。我會請克里斯對管道進行評論。但關於關稅，正如大衛所說，我認為，一開始，你可以想像，我們已經盡了一切努力來確保減輕關稅。當然，這包括庫存，以及我們在國內建立的許多其他東西，以便我們能夠應對任何需要的情況。而且每個月我們都會增加這些職位，以確保正如我在下雨天所說的那樣，我們處於有利地位。克里斯，在管道方面。

So thank you for the question. Just to -- a reminder, we've got a number of products that we're currently excited about that will read out later this year, for instance, Padcev's muscle invasive if that's positive, it will triple the population. Elrexfio, Albert mentioned double-class exposed will double the population. Sansanlimab, obviously read out just now. Potentially up to 38,000 patients eligible in the US.

謝謝你的提問。只是——提醒一下，我們目前對一些產品感到興奮，這些產品將在今年稍後公佈，例如，Padcev 的肌肉侵入性如果是積極的，它將使人口增加兩倍。Elrexfio，Albert 提到雙級暴露將使人口翻倍。Sansanlimab，顯然剛才已經讀過了。美國可能有多達 38,000 名患者符合資格。

And in a number of Phase 3 programs, we're accelerating or that already started or will start later this year. on the next six to nine months, including for oncology, the two ADCs Albert mentioned sigvotatug vedotin, PDL1V.

在許多第三階段專案中，我們正在加速推進，或者已經開始，或者將於今年稍後啟動。在接下來的六到九個月內，包括腫瘤學，Albert 提到的兩個 ADC sigvotatug vedotin、PDL1V。

Atirmociclib, continuing Phase 1 -- Phase 3 in first-line ER-positive breast cancer and vaccines, PCV fourth generation, but also potentially starting first and only-to-market opportunity with the C. difficile vaccine and for internal medicine ponsegromab, which again, discovered in-house, potential brand-new opportunity. This is opening a new field in cancer cachexia.

Atirmociclib 繼續進行 ER 陽性乳癌一線治療和疫苗、PCV 第四代的 1-3 期研究，但也可能開啟艱難梭菌疫苗和內科用藥 ponsegromab 的首個也是唯一的市場機會，這再次在內部發現了潛在的全新機會。這為癌症惡病質研究開闢了一個新的領域。

In terms of an R&D Day, we're not planning it, but as you know, we currently have the Pflashes which is organized by our IR team. The next one coming up will be on breast cancer, and we will continue throughout the year these Pflash events.

就研發日而言，我們還沒有計劃，但如您所知，我們目前有由 IR 團隊組織的 Pflashes。下一次活動的主題是乳癌，我們將全年繼續舉辦這些 Pflash 活動。

And in general, our intention is to provide as much visibility on our data as possible without undermining publications, of course. So I think the Pflashes are making very good job right now. And we can intensify also how we do that so that we have smaller bites of information that are referring to a specific product and after a month, another product, and after a month, another product rather than shower everyone with a lot of data and information in one day. But we will find the best way and we are listening right now.

總的來說，我們的目的是盡可能地提高我們資料的可見性，當然，前提是不會損害出版物。所以我認為 Pflashes 現在做得非常好。我們還可以強化這種做法，以便我們能夠獲得針對特定產品的較小信息片段，一個月後，我們會獲得另一種產品的信息，再過一個月，我們又會獲得另一種產品的信息，而不是在一天內向每個人提供大量的數據和信息。但我們會找到最好的方法，我們現在正在傾聽。

We are listening to all the analysts that they are giving us ideas on that. We are listening to all our investors. They are giving us ideas on how best to communicate our pipeline.

我們正在聽取所有分析師就此提出的想法。我們正在傾聽所有投資者的意見。他們為我們提供了有關如何最好地溝通我們的管道的想法。

Asad Haider, Goldman Sachs.

高盛的阿薩德·海德爾 (Asad Haider)。

Thanks for all the color on the macro and tariff side. I'll ask a couple of product-specific questions. First, on Vyndaqel, can you just double-click on how competitive dynamics are playing out in that market relative to your own expectations?

感謝您對宏觀和關稅的所有評論。我會問幾個與產品相關的問題。首先，關於 Vyndaqel，您能否雙擊一下該市場中的競爭動態相對於您自己的預期如何？

Second, on the internal oral GIPR agonist, can you remind us of the timelines on when we'll start to see more data? And then third, on these nine Phase 3 readouts that you're highlighting other than Elrexfio, which you've highlighted in the past, where do you see the biggest disconnect in analyst models relative to your own internal expectations?

其次，關於內部口服 GIPR 激動劑，您能否提醒我們何時可以開始看到更多數據的時間表？第三，除了您過去強調的 Elrexfio 之外，在您強調的這九個第三階段的讀數中，您認為分析師模型與您自己的內部預期之間最大的脫節在哪裡？

Aamir, you talk about Vyndaqel. Chris, maybe you explain on GIPR. And Andrew, you can speak about where the biggest differences are.

阿米爾，你談論 Vyndaqel。克里斯，也許你可以在 GIPR 上解釋一下。安德魯，你可以談談最大的差異在哪裡。

Thanks for the question. On Vynda in the US, I think we are off to a very good start in the new year. We've grown revenue and that is a combination of multiple things, including the fact that diagnosis rates are improving. We've improved access, and therefore, have had strong new patient starts, certainly versus last year, more than 70% and versus Q4, almost 20% new patient start growth and continued compliance with our existing base of patients.

謝謝你的提問。對於美國的 Vynda 來說，我認為我們在新的一年裡有一個非常好的開始。我們的收入有所增長，這是多種因素共同作用的結果，其中包括診斷率的提高。我們改善了就醫管道，因此新患者數量強勁，與去年相比增長了 70% 以上，與第四季度相比增長了近 20%，並且繼續保持我們現有患者群的依從性。

And all of that has driven very, very strong volume growth year over year and sequentially. And we are managing that revenue growth despite the offset of the impact of IRA Part D redesign that Dave spoke to.

所有這些都推動了銷量逐年、連續的強勁成長。儘管受到 Dave 提到的 IRA Part D 重新設計的影響，我們仍在管理收入成長。

Now we're obviously seeing impact of competition, principally ATTRUBY and -- principally on newly diagnosed patients. We'll continue to stay close and monitor that. how that evolves and how AMVUTTRA settles into the market as well. But the year is off to a good start. Our team is executing well, and we have confidence we will grow for the balance of the year.

現在我們顯然看到了競爭的影響，主要是 ATTRUBY 和——主要是對新診斷的患者的影響。我們將繼續密切關注並監測此事。它如何發展以及 AMVUTTRA 如何融入市場。但今年已經有了一個好的開始。我們的團隊表現良好，我們有信心在今年剩餘時間內繼續成長。

Alexandre, can you comment also on Vyndaqel in the international market that is growing very healthy over there?

亞歷山大，您能否評論一下 Vyndaqel 在國際市場上的健康發展？

Yeah, absolutely. So we had also a good growth of 36% this quarter above expectations from the analysts. What's driving that is essentially a significant increase in our treated population. We have actually reached a 52% growth in patient treated on Vynda in Q1 versus Q1 last year. So a very healthy trends.

是的，絕對是如此。因此，本季我們的成長也達到了 36%，高於分析師的預期。推動這現象的根本原因是接受治療的人數大幅增加。與去年第一季相比，今年第一季使用 Vynda 治療的患者數量實際上增加了 52%。這是一個非常健康的趨勢。

And we see that this trend will continue for essentially three reasons. One, because our diagnosis rate has potential to expand in pretty much all our key markets outside of the US. Two, because of profile, our clinical profile is differentiated and will support our standard of care status we be living in key market, And three, which is open underestimated, we, after three years of hard work have finally reached access, reimbursement in 46 markets.

我們認為這種趨勢將會持續下去，主要有三個原因。一是因為我們在美國以外的幾乎所有主要市場的診斷率都有擴大的潛力。第二，由於概況，我們的臨床概況是差異化的，並將支持我們在關鍵市場的護理標準地位；第三，這是被公開低估的，經過三年的努力，我們終於在 46 個市場實現了准入和報銷。

And we just received actually reimbursement in Korea in March of 2025. So that will kind of flow into our business and we'll continue to sustain a significant growth, we believe.

我們實際上剛剛在 2025 年 3 月在韓國收到了報銷款。因此，我們相信，這將會流入我們的業務，我們將繼續保持顯著的成長。

Thank you, Alexander. Chris, GIPR?

謝謝你，亞歷山大。克里斯，GIPR？

Oral small molecule GIPR antagonist was discovered in-house. It's potentially person class oral small molecule GIPR antagonist. And the Phase 2 study is now ongoing. This is a study in obesity in combination with liraglutide with the GLP-1. The PCD is listed on clinicaltrials.gov at the end of 2025.

口服小分子 GIPR 拮抗劑是在內部發現的。它是一種潛在的人類級口服小分子 GIPR 拮抗劑。目前，第二階段研究正在進行中。這是一項關於利拉魯肽與 GLP-1 聯合治療肥胖症的研究。PCD 將於 2025 年底在 clinicaltrials.gov 上列出。

So expect beginning 2026 potential data if the data positive in the Phase 2 study, then it could be a potential to be a using combinations to drive weight loss, both with internal or external opportunities.

因此，如果第 2 階段研究中的數據是正面的，那麼預計 2026 年開始的潛在數據，那麼它可能是一種利用組合來推動減肥的潛力，無論是內部還是外部機會。

Thank you very much, Chris, and then Andrew, disconnect between our projections that you came to interrogate very carefully and your colleagues in your previous life.

非常感謝你，克里斯，然後是安德魯，請你仔細審問我們的投影和你前世的同事之間的區別。

So I'd start with the two ADCs, which are now in Phase 3 first-line trials for non-small cell and head and neck. So SV and PD-L1V. Now part of the reason I think that the Street may have -- these may have flown under the radar is they move very, very quickly on the back of very strong Phase 1 data straight into Phase 3. And so I think some focus on that will be useful.

因此，我將從兩種 ADC 開始，目前它們正處於非小細胞和頭頸部的第 3 期一線試驗階段。所以是 SV 和 PD-L1V。現在，我認為這些措施之所以沒有引起華爾街的關注，部分原因在於，在非常強勁的第一階段數據的推動下，它們非常迅速地進入了第三階段。因此我認為關注這一點將會很有用。

We obviously have the benefit of having seen access to more data than you have, but we look forward to sharing that with you in the near future. And hopefully, that would align your expectations closer to ours internally.

我們顯然比你們擁有更多的數據，但我們期待在不久的將來與你們分享。希望這能讓您的期望與我們的期望更加一致。

Chris already mentioned C. diff, which will begin our Phase 3 end of this year, beginning of next year. very significant unmet medical need. And then -- and this is not by any means a comprehensive list. But the two other ones I would mention is the CDK4, which I name check previously, which builds on our legacy with Ibrance. It's the first-in-class. It promises much better tolerability and efficacy.

克里斯已經提到了艱難梭菌 (C. diff)，我們將在今年年底、明年年初開始第三階段的研究。非常重大的未滿足醫療需求。然後——這絕對不是一個完整的清單。但我想提到的另外兩個是 CDK4，我之前提到過，它是建立在我們與 Ibrance 的合作基礎上。這是同類產品中的首創。它有望帶來更好的耐受性和功效。

Again, it's in our frontline head-to-head trial versus the current standard of care. And that is a $15 billion-plus market. So very sizable an area that we have a lot of expertise in.

再次強調，這是我們與目前治療標準進行的頭對頭試驗。這是一個價值超過150億美元的市場。這是一個非常大的領域，我們擁有豐富的專業知識。

And then the final one is ponsegromab, which I've addressed before. Look, we need to see how the data pans out. If it translates into a meaningful progression-free survival benefit or even a survival benefit, then obviously, it's a home run in terms of the value to both patients. But in addition, the revenue potential, alternative is supportive care therapy, and that's still a significant product, albeit at a different price point and a different order of magnitude.

最後一個是ponsegromab，我之前已經討論過。瞧，我們需要看看數據結果如何。如果它能轉化為有意義的無進展生存益處甚至生存益處，那麼顯然，就對兩位患者的價值而言，這都是一次本壘打。但此外，具有收入潛力的替代方案是支持性護理療法，儘管價格點和數量級不同，但這仍然是一個重要的產品。

But nevertheless, there is a very substantial delta look further out between what I can see or we can see and how the Street is modeling some of those forecasts. So we look forward to hopefully narrowing the gap in the months ahead.

但儘管如此，我所看到的或我們所看到的與華爾街對其中一些預測的建模之間存在著非常大的差距。因此，我們希望在未來幾個月內縮小差距。

Thank you, Andrew. That was the last question. And just a couple of comments. We had a very solid performance in the first quarter. Keep in mind that already $650 million negative in the US have been already absorbed in the results of the first quarter because of IRA. And that's from a total of $1 billion net, $1.5 billion gross for the year.

謝謝你，安德魯。這是最後一個問題。還有一些評論。我們在第一季的表現非常穩健。請記住，由於 IRA，美國第一季的業績已經吸收了 6.5 億美元的負值。而全年淨收入總計 10 億美元，毛收入總計 15 億美元。

So it's a very strong start. I think in the strategic priorities, we continue to guide us in acting on our greatest opportunity. The discipline will continue. I think the team that we have running right now the company, probably the best I have ever seen in Pfizer. And Pfizer had traditionally very, very strong teams.

所以這是一個非常好的開始。我認為，在策略重點方面，我們將繼續引導我們抓住最大的機會。這項紀律將繼續下去。我認為我們現在管理公司的團隊可能是我在輝瑞見過的最好的團隊。輝瑞公司傳統上擁有非常非常強大的團隊。

So I'm cautiously optimistic that we will turn this around. And we will translate the very good operational performance over the last five quarters at least, into also meaningful shareholder value. Thank you very much, and till the next earnings call.

因此，我謹慎樂觀地認為我們能夠扭轉這種局面。我們將把至少過去五個季度的良好營運績效轉化為有意義的股東價值。非常感謝，期待下次財報電話會議。

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

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。