輝瑞 (PFE) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加輝瑞 2025 年第二季財報電話會議。今天的通話正在錄音。現在，我想將電話轉給首席投資者關係長兼高級副總裁 Francesca DeMartino。請繼續，女士。

Good morning and welcome to Pfizer's earnings call. I'm Francesca DeMartino, Chief Investor Relations Officer. On behalf of the Pfizer team, thank you for joining us. This call is being made available via audio webcast at Pfizer.com. Earlier this morning, we released our results for the second quarter of 2025 via a press release that is available on our website 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。本次電話會議將透過 Pfizer.com 的音訊網路直播進行。今天早上，我們已透過新聞稿發布了 2025 年第二季的業績，新聞稿可在我們的網站 Pfizer.com 上查閱。

I'm joined today by Dr. Albert Bourla, our Chairman and CEO; and Dave Denton, our CFO. 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。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 on Pfizer.com. Forward-looking statements on the call are subject to substantial risks and uncertainties that speak only as of the call's original date, and we undertake no obligation to update or revise any of the statements.

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。我建議您閱讀我們幻燈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提交給美國證券交易委員會 (SEC) 的文件中披露的內容，這些內容均可在輝瑞投資者關係網站 (Pfizer.com) 上查閱。電話會議中的前瞻性陳述受重大風險和不確定性的影響，這些風險和不確定性僅在電話會議召開之日有效，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 Francesca. Good morning, everyone. Thank you for joining our call. Our business is performing well, and I'm pleased with the progress we achieved in the second quarter. We advanced and strengthened our R&D pipeline, we worked to maximize the value of our commercial portfolio, and made further strides to expand our markets. We continue to be actively engaged with policymakers as we navigate the complicated and rapidly evolving geopolitical environment, while also remaining focused on advancing our business.

謝謝你，弗朗西斯卡。大家早安。感謝您參加我們的電話會議。我們的業務表現良好，我對第二季的進展感到滿意。我們推進並加強了我們的研發管道，努力實現商業組合價值的最大化，並進一步擴大了我們的市場。在應對複雜且快速變化的地緣政治環境的同時，我們繼續積極與政策制定者合作，同時繼續專注於推進我們的業務。

With our strong year-to-date performance, we are raising our Adjusted diluted EPS guidance for full-year 2025 and remain committed to our dividend. Our programs to expand margins through focused technology and simplification are working very well. We are driving productivity gains by leveraging technologies such as AI and automation. And we are also realizing the benefit of continued streamlining across our company. We believe Pfizer is well-positioned to continue creating meaningful value for patients and our shareholders.

憑藉今年迄今的強勁表現，我們將提高 2025 年全年調整後稀釋每股收益預期，並繼續致力於派發股息。我們透過集中技術和簡化來擴大利潤的計劃效果很好。我們正在利用人工智慧和自動化等技術來提高生產力。我們也意識到了持續精簡整個公司帶來的好處。我們相信輝瑞有能力繼續為病人和股東創造有意義的價值。

Our top strategic priority this year is, of course, improving R&D productivity. I'm proud of the outcomes we are driving and the meaningful milestones achieved during the quarter. Looking ahead, we believe key programs in our R&D portfolio offer significant opportunities to help address substantial patient need and drive Pfizer's growth in the coming years.

我們今年的首要策略重點當然是提高研發生產力。我為我們在本季取得的成果和所取得的有意義的里程碑感到自豪。展望未來，我們相信我們研發組合中的關鍵項目將提供重要機會，幫助滿足大量患者需求並推動輝瑞未來幾年的成長。

I will mention some highlights. ELREXFIO is a medicine that is performing very well with rapid growth and encouraging progress in claiming leading class share in new markets such as Japan, United Kingdom, and Spain. The clinical data in ELREXFIO’s initial heavily treated triple class exposed multiple myeloma indication, continue to be encouraging with medium overall survival of greater than two years, which is more than double the historical median overall survival in this population.

我將提到一些亮點。ELREXFIO 是一種表現非常出色的藥物，其成長迅速，並在日本、英國和西班牙等新興市場中佔據領先地位，取得了令人鼓舞的進展。ELREXFIO 最初針對接受大量治療的三類暴露型多發性骨髓瘤適應症的臨床數據繼續令人鼓舞，平均總生存期超過兩年，是該人群歷史平均總生存期的兩倍多。

Moreover, the majority of responding patients are maintaining their response at 30 months, and ELREXFIO has the potential to be a leading standard of care with a differentiated clinical profile. It is a convenient, subcutaneous, fixed dosing regimen, the only one, that now includes a once-every-four-week option for select days.

此外，大多數有反應的患者在 30 個月時仍保持著反應，ELREXFIO 有可能成為具有差異化臨床特徵的領先護理標準。它是一種方便的皮下固定劑量給藥方案，目前是唯一一種包括每四週一次特定日期給藥的方案。

New data presented at the American Society of Clinical Oncology Annual Meeting in newly diagnosed patients demonstrate ELREXFIO's potential to move to earlier multiple myeloma treatment settings. This data from part one of the MagnetisMM-6 study saw a confirmed response rate greater than 97%. And the manageable safety profile in combination with daratumumab and lenalidomide. The randomized portion of this Phase 3 study is now enrolling very well.

美國臨床腫瘤學會年會上發表的針對新診斷患者的新數據證明了 ELREXFIO 進入早期多發性骨髓瘤治療領域的潛力。MagnetisMM-6 研究第一部分的數據顯示，確認的回應率超過 97%。與達雷妥尤單抗和來那度胺併用具有可控的安全性。該 3 期研究的隨機部分目前招募情況良好。

By executing on MagnetisMM-6 and ELREXFIO's other ongoing Phase 3 trials, we aim to achieve label expansion, that, if approved, would collectively increase the addressable population, approximately fivefold, in the growing multiple myeloma market, expected to reach approximately $44 billion by year '27.

透過執行 MagnetisMM-6 和 ELREXFIO 的其他正在進行的 3 期試驗，我們旨在實現標籤擴展，如果獲得批准，將在不斷增長的多發性骨髓瘤市場中將目標人群增加約五倍，預計到 27 年將達到約 440 億美元。

Sigvotatug vedotin or SV is our first-in-class integrin-beta 6 ADC that could be a driver of growth later this decade. We are executing a robust development program with this investigational compound in non-small cell lung cancer. This includes our fully enrolled Phase 3 of SV monotherapy versus docetaxel in previously treated non-squamous patients that we expect data from next year.

Sigvotatug vedotin 或 SV 是我們一流的整合素 β6 ADC，可能成為本十年後期的成長動力。我們正在針對這種非小細胞肺癌研究化合物實施一項強有力的開發計畫。這包括我們已完全入組的 SV 單藥療法對比多西他賽在先前接受過治療的非鱗狀患者中的第 3 階段研究，我們預計明年將獲得數據。

In the second line-plus population, we have observed a durable 31% confirmed response rate which is favorable versus historical data with the docetaxel monotherapy. We are also enrolling a Phase 3 study of SV in combination with a PD-1 checkpoint inhibitor in first line non-small cell lung cancer with high PD-L1 expression based on encouraging Phase 1 data for this combination recently presented at ASCO. These results saw a 57% response rate and greater than 90% disease control, including responses in outpatients in the tumor proportion score greater than 50% subgroup which compares favorably to historical anti-PD-1 monotherapy. These results support an ambition to change standards of care to conventional chemotherapy-sparing regimens by leveraging the potential synergy between vedotin ADCs and PD-1 checkpoint inhibitors.

在二線加用族群中，我們觀察到持久的 31% 確認反應率，這與多西他賽單藥治療的歷史數據相比更為有利。基於最近在 ASCO 上公佈的該組合療法令人鼓舞的 1 期數據，我們也正在進行 SV 與 PD-1 檢查點抑制劑聯合治療 PD-L1 表達較高的一線非小細胞肺癌的 3 期研究。這些結果顯示，反應率為 57%，疾病控制率超過 90%，包括腫瘤比例評分大於 50% 亞組的門診患者的反應，這與歷史上的抗 PD-1 單藥療法相比更為有利。這些結果支持了透過利用 vedotin ADC 和 PD-1 檢查點抑制劑之間的潛在協同作用將治療標準改為傳統化療節約方案的雄心。

With our ongoing and planned trials in non-small cell lung cancer, SV has the potential to impact large patient population with the non-small cell lung cancer market expected to reach over $60 billion for year 2030. Our strategy is intended to deliver a first approval in previously-treated patients before moving into the first line setting, which is non-small cell lung cancer and includes more than half a million global patients.

透過我們正在進行和計劃中的非小細胞肺癌試驗，SV 有可能影響大量患者，預計到 2030 年非小細胞肺癌市場規模將超過 600 億美元。我們的策略是先在已接受治療的患者中獲得首次批准，然後再進入一線治療領域，第一線治療是非小細胞肺癌，涉及全球超過 50 萬名患者。

In a hematology, we continue to promote the differentiated profile of HYMPAVZI. In the quarter, we start positive topline data from the Phase 3b study evaluating HYMPAVZI for adults and adolescents with hemophilia A or B. The studies cohort of patients with inhibitors met its primary point, demonstrating a statistically significant and clinically meaningful 93% reduction in annualized bleeding rate, compared to on-demand treatment in patients 12 years or older which compares favorably to recent approved products for hemophilia A and hemophilia B.

在血液學方面，我們繼續推廣 HYMPAVZI 的差異化特徵。在本季度，我們開始從 3b 期研究中獲取積極的頂線數據，該研究評估了 HYMPAVZI 對患有 A 型或 B 型血友病的成人和青少年的療效。研究中，具有抑制劑的患者群組達到了其主要目標，與 12 歲或以上患者的按需治療相比，年化出血率顯著降低 93%，具有統計學意義和臨床意義，與最近批准的 A 型血友病和 B 型血友病產品相比，效果更佳。

These results further strengthen HYMPAVZI's differentiated profile as the first once-weekly fixed dose subcutaneous treatment for hemophilia A or B, administered in a convenient prefilled auto-injector pen. They also support the potential to expand its label to patients with hemophilia who develop inhibitors to factor replacement as we continue to execute on its launch in the previously-approved non-inhibitor population.

這些結果進一步強化了 HYMPAVZI 的差異化優勢，它是首個每週一次的固定劑量皮下注射治療 A 型或 B 型血友病的藥物，使用方便的預充自動注射筆給藥。他們也支持將其標籤擴展至產生因子替代抑制劑的血友病患者的可能性，因為我們將繼續在先前批准的非抑制劑族群中推出該藥物。

We have seen considerable quarter-over-quarter growth particularly in the hemophilia B market where subcutaneous treatments are only recently available. And following EU and Japan approvals at the end of last year, we are seeking reimbursement on pursuing early access pathways in other international markets as we grow our presence in the hemophilia market projected to reach nearly $10 billion for year 2030.

我們看到了顯著的季度環比增長，特別是在最近才開始提供皮下治療的血友病 B 市場。繼去年年底獲得歐盟和日本的批准後，我們正在尋求在其他國際市場上尋求早期獲取途徑的報銷，因為我們在血友病市場的份額不斷擴大，預計到 2030 年該市場的規模將達到近 100 億美元。

Moving to our vaccine portfolio. We are enthusiastic about our potential to deliver the first approved vaccine for C. difficile infection. Our second generation investigational vaccine candidate builds upon encouraging results from the prior Phase 3 global trial of our first generation candidate. This trial has demonstrated 100% efficacy against medically attended C. diff infection despite not achieving the study's primary endpoint.

轉向我們的疫苗組合。我們對推出首個獲準的艱難梭菌感染疫苗的潛力充滿熱情。我們的第二代候選疫苗研究建立在我們第一代候選疫苗先前進行的 3 期全球試驗的令人鼓舞的結果之上。儘管未達到研究的主要終點，但該試驗已證明對需要醫療治療的艱難梭菌感染有 100% 的療效。

With our second generation C. diff vaccine formulation, we have the potential to simplify the dosing schedule from three to two [doses] (corrected by company after the call). This candidate, now in Phase 2, increased the strength of the immune response fourfold, compared to the first-generation vaccine.

憑藉我們的第二代艱難梭菌疫苗配方，我們有可能將給藥方案從三次簡化為兩次[劑量]（公司在通話後已更正）。該候選疫苗目前處於第二階段，與第一代疫苗相比，其免疫反應強度提高了四倍。

Based on this newly announced Phase 2 data, we are preparing for a Phase 3 start before the end of this year. We will incorporate learnings from the previous CLOVER study to develop new primary endpoints focused on the prevention of severe disease outcomes rather than primary infection. If approved, the vaccine could significantly reduce the healthcare burden of the nearly 500,000 annual C. diff infections and approximately 30,000 annual deaths in the US alone.

根據新公佈的第二階段數據，我們正在為今年年底前啟動第三階段做準備。我們將結合先前 CLOVER 研究的經驗來開發新的主要終點，重點是預防嚴重疾病結果而不是原發性感染。如果獲得批准，該疫苗可以顯著減輕美國每年近 50 萬例艱難梭菌感染和約 3 萬人死亡所帶來的醫療負擔。

In another one of our Phase 3 products, we finished dosing the last phase in our study of a vaccine candidate for Lyme disease. If successful, we expect to submit for approval next year.

在我們的另一款 3 期產品中，我們完成了萊姆病候選疫苗研究的最後階段的給藥。如果成功，我們預計明年提交批准。

We also continue to strengthen our portfolio by harnessing external innovation through strategic business development. The recent closing of our Global ex-China in-licensing agreement with 3SBio grants us exclusive rights to develop, manufacture, and commercialize SSGJ-707, a bispecific antibody. Targeting PD-1 and VEGF, it has the potential to deliver breakthroughs for patients in the next way in PD-1 immunotherapy which is an established $55 billion market.

我們也透過策略性業務發展利用外部創新來持續加強我們的產品組合。我們最近與三生製藥達成的全球（中國以外）授權協議賦予我們開發、製造和商業化雙特異性抗體 SSGJ-707 的獨家權利。該藥物針對 PD-1 和 VEGF，有可能在 PD-1 免疫療法領域為患者帶來突破，而 PD-1 免疫療法目前是一個成熟的 550 億美元市場。

With comparing monotherapy data in advanced non-small cell lung cancer presented recently at ASCO, we review this promising cancer immunotherapy candidate as a seamless fit within Pfizer's oncology strategy. Given our deep experience in the development of antibody therapeutics and our differentiated industry-leading portfolio of ADCs, we intend to serve the data later this year for our plans for a Phase 3 program. With Pfizer's established presence and global reach, we believe SSGJ-707 has the potential to become a backbone therapy for multiple solid tumor types where the PD-1/VEGF mechanism could have significant impact.

透過比較最近在 ASCO 上公佈的晚期非小細胞肺癌單一療法數據，我們認為這種有前景的癌症免疫療法候選藥物與輝瑞的腫瘤學策略無縫契合。鑑於我們在抗體療法開發方面的豐富經驗以及我們差異化的行業領先的 ADC 產品組合，我們打算在今年稍後為我們的 3 期計劃提供數據。憑藉輝瑞的既定地位和全球影響力，我們相信 SSGJ-707 有潛力成為多種實體瘤類型的骨幹療法，而 PD-1/VEGF 機制可能會對這些實體瘤產生重大影響。

Across our pipeline, we continue to sharpen our focus on programs where the strength of our capabilities give us the greatest opportunities to address substantial patient need. We look forward to sharing future updates about our programs.

在我們的整個研發過程中，我們將繼續專注於那些能夠發揮我們優勢、為我們帶來最大機會來滿足大量患者需求的專案。我們期待分享有關我們計劃的未來更新。

Now let's move to commercial. Our commercial strategy is unlocking higher productivity and performance across both, our US and international divisions. With several of our established brands, we are pleased with our continued market leadership and growth.

現在讓我們轉向商業。我們的商業策略是提高美國和國際部門的生產力和績效。憑藉我們多個知名品牌，我們對持續的市場領先地位和成長感到滿意。

We delivered another solid quarter for our Vyndaqel family with 21% year-over-year operational growth. These products are the foundation of care for patients with a serious heart condition, ATTR cardiomyopathy, and we continue to see strong progress in diagnosing patients and providing broad access. While we continue to closely monitor the competitive impact of new entrants, we believe the Vyndaqel family is differentiated with a strong clinical profile contributed to continued volume growth.

我們為 Vyndaqel 家族帶來了另一個穩健的季度，年增 21%。這些產品是嚴重心臟病、ATTR 心肌病變患者護理的基礎，我們在診斷患者和提供廣泛治療機會方面繼續取得長足進展。雖然我們繼續密切關注新進業者的競爭影響，但我們相信 Vyndaqel 家族具有差異化，強大的臨床特性有助於銷售持續成長。

With Eliquis, we are the clear leader with robust demand in a growing anticoagulant market. Our international commercial teams are driving higher growth versus the market in our key countries with effective engagement with health care professionals to reinforce the favorable profile of these medicines. In the US, the BMS-Pfizer alliance recently announced a new direct to patient option for purchasing Eliquis via the alliances patient resource Eliquis 360 some more. This option offers an insured, under-insured or self-pay patients an opportunity to significantly lower out-of-pocket costs for Eliquis. Among some of our recently launched acquired brands, we are seeing strong underlying demand in competitive classes as we work to build expanded access and greater awareness and loyalty, of course, among health care professionals.

憑藉 Eliquis，我們在不斷成長的抗凝血劑市場中佔據了明顯的領先地位，需求旺盛。我們的國際商業團隊透過與醫療保健專業人士的有效合作來加強這些藥物的良好形象，從而推動我們主要國家市場的更高成長。在美國，BMS-輝瑞聯盟最近宣布了一項新的直接面向患者的選項，即透過聯盟患者資源 Eliquis 360 購買 Eliquis。此選項為有保險、保險不足或自費的患者提供了大幅降低 Eliquis 自付費用的機會。在我們最近推出的一些收購品牌中，我們看到競爭類別中存在強勁的潛在需求，因為我們致力於在醫療保健專業人士中建立更廣泛的管道並提高知名度和忠誠度。

With NURTEC, we continue driving strong commercial execution. We are pleased with the performance of new consumer campaigns and greater precision and effectiveness in serving compelling clinical data with health care processor. In the US, we achieved strong growth in total prescriptions and with 47% market share maintain leadership in the oral CGRP class, offset by pressures on net revenues from the impact of the IRA medical Part D redesign and the 340B program

借助 NURTEC，我們將繼續推動強勁的商業執行。我們對新的消費者活動的表現以及透過醫療處理器提供令人信服的臨床數據的更高精確度和有效性感到滿意。在美國，我們的處方總量實現了強勁增長，並以 47% 的市場份額保持了口服 CGRP 類藥物的領先地位，但 IRA 醫療 D 部分重新設計和 340B 計劃對淨收入造成的壓力有所抵消

Internationally, we are achieving strong performance in several key markets where we already have access and are encouraged by the potential to unlock additional opportunities by continuing to expand the

在國際上，我們在幾個已經進入的關鍵市場取得了強勁的業績，並透過繼續擴大我們的業務範圍，為釋放更多機會提供了潛力，這讓我們倍受鼓舞。

Padcev, a new -- a key product in our oncology portfolio is demonstrating strong performance and to see multiple avenues for future growth. Our ADC for the treatment of adult patients with locally advanced metastatic urothelial cancer achieved high year-over-year operational growth of 38% in the quarter with growing demand and the onetime favorable impact from to a wholesale distribution model for products. Padcev in combination with pembrolizumab has secured market share greater than 50% in first-line LA metastatic UC and is the standard of care first-line treatment.

Padcev 是我們腫瘤學產品組合中的新產品——一款關鍵產品，它表現出色，並看到了未來成長的多種途徑。我們的用於治療局部晚期轉移性尿路上皮癌成年患者的 ADC 在本季度實現了 38% 的同比高運營增長，這得益於不斷增長的需求以及產品批發分銷模式帶來的一次性有利影響。Padcev 與 pembrolizumab 聯合使用已在局部晚期轉移性潰瘍性結腸炎一線治療中佔據超過 50% 的市場份額，是標準的一線治療方案。

Additionally, we continue to anticipate Phase 3 readouts for PCV in muscle invasive bladder cancer in two ongoing studies. If successful and approved, we expect a significant expanded opportunity to treat patients with bladder cancer focused on the approximately 28,000 in the US with MIBC, approximately 80% of whom undergo cystectomy.

此外，我們將繼續預期兩項正在進行的研究中 PCV 在肌肉層浸潤性膀胱癌中的第 3 期讀數。如果成功並獲得批准，我們預計治療膀胱癌患者的機會將大大擴大，並專注於美國約 28,000 名 MIBC 患者，其中約 80% 接受膀胱切除術。

Cibinqo had strong 46% year-over-year operational growth with the quarter, driven by higher demand in the US and growth in key international markets where we have decided to focus. We believe there is additional market opportunities for Cibinqo responding to the need among patients with atopic dermatitis. We are seeing the clear impact of recent positive data released for several of our oncology products. It is contributing to strong growth in helping to establish these products as standard of care.

Cibinqo 本季的營運年增了 46%，這得益於美國需求的成長以及我們決定重點關注的關鍵國際市場的成長。我們相信，Cibinqo 還擁有更多滿足異位性皮膚炎患者需求的市場機會。我們看到了最近發布的幾種腫瘤產品的正面數據產生的明顯影響。它有助於將這些產品確立為護理標準，從而促進強勁成長。

LORBRENA achieved 48% year-over-year operational growth in the quarter, and we expect continued strength through 2025. It has a compelling efficacy profile supported by the CROWN study where the median progression free survival was not reached after five years of follow-up. LORBRENA is emerging as a standard of care for patients with first-line ALK-positive metastatic non-small cell lung cancer.

LORBRENA 本季實現了 48% 的同比營運成長，我們預計其成長動能將持續到 2025 年。它具有令人信服的療效，並得到了 CROWN 研究的支持，該研究顯示，經過五年的隨訪，中位無進展生存期尚未達到。LORBRENA 正成為第一線 ALK 陽性轉移性非小細胞肺癌患者的治療標準。

We saw continued momentum with Braftovi and Mektovi with 23% year-over-year operational growth in the second quarter. Results from the Phase 3 BREAKWATER trial saw the Braftovi combination regimen doubled median overall survival versus standard of care for treatment-naive patients with metastatic colorectal cancer with BRAF V600E-mutation. This represents a significant advancement of the approximately 4,000 patients diagnosed annually in the US with metastatic colorectal cancer with this mutation. They face a more than twofold greater mortality risk compared to patients with no BRAF mutation.

我們看到 Braftovi 和 Mektovi 繼續保持成長勢頭，第二季度營運年增 23%。階段 3 BREAKWATER 試驗的結果顯示，對於 BRAF V600E 突變的轉移性大腸直腸癌患者，Braftovi 聯合方案的中位總存活期比標準治療高出一倍。這對於美國每年診斷出患有這種突變的轉移性結直腸癌的約 4,000 名患者來說是一個重大進步。與沒有 BRAF 突變的患者相比，他們面臨的死亡風險高出兩倍以上。

XTANDI contributed strong 14% operational growth during this quarter. Demand is growing for patients with castration-sensitive prostate cancer and it is the top prescribed branded antigen receptor pathway inhibitor. With the presentation long-term overall survival data from the ARCHES trial, XTANDI is now the first and only androgen receptor pathway inhibitor to demonstrate an overall survival benefit at five years in men with metastatic hormone-sensitive prostate cancer. We also recently served positive top line results from the Phase 3 EMBARK study, making XTANDI the first and only androgen receptor inhibitor-based regimen to demonstrate overall survival benefit in non-metastatic hormone-sensitive prostate cancer with high-risk biochemical recurrence. This contributed to demand growth for XTANDI and we achieved 27% share in new-to-brand prescription.

XTANDI 本季貢獻了 14% 的強勁營運成長。去勢敏感性前列腺癌患者的需求正在成長，它是處方量最大的品牌抗原受體路徑抑制劑。隨著 ARCHES 試驗長期整體生存數據的公佈，XTANDI 現已成為第一個也是唯一一個證明對轉移性激素敏感性前列腺癌患者俱有五年總體生存益處的雄激素受體通路抑製劑。我們最近也發表了 3 期 EMBARK 研究的積極頂線結果，使 XTANDI 成為第一個也是唯一一個基於雄激素受體抑製劑的方案，證明其對具有高風險生化復發的非轉移性激素敏感性前列腺癌具有總體生存益處。這促進了 XTANDI 的需求成長，我們在新品牌處方中佔據了 27% 的份額。

This positive indicate how we are continuing to invest and focus in areas where we have leadership and expertise, contributed to ongoing progress with our oncology portfolio.

這一積極跡象表明，我們將繼續投資並專注於我們擁有領導力和專業知識的領域，為我們的腫瘤學產品組合的持續進步做出貢獻。

The strong performance in the US and the international divisions show why we remain confident in the commercial strategy we refined more than a year ago. In the quarter, for example, the key market and brand combination, we prioritized in our international divisions are outperforming with strong mid- to high single-digit growth across all regions. We will continue to advance this commercial strategy and expect to drive further progress through precision targeting engagement with patients and health care profession.

美國和國際部門的強勁表現顯示了我們為何對一年多前所製定的商業策略充滿信心。例如，在本季度，我們在國際部門優先考慮的關鍵市場和品牌組合在所有地區都表現出色，實現了強勁的中高個位數成長。我們將繼續推進這項商業策略，並期望透過與患者和醫療保健專業人士的精準定位互動來推動進一步的進步。

With that, I'll turn it over to Dave, who will walk through our additional strategic priorities and progress with expanding margins and optimizing capital allocation. Dave?

接下來，我將把時間交給戴夫，他將介紹我們的其他策略重點以及在擴大利潤率和優化資本配置方面的進展。戴夫？

Thank you, Albert, and good morning. To begin this morning, let me emphasize that our solid financial results are a clear reflection of our disciplined execution and strategic priorities. We remain focused on improving patient outcomes and meeting our financial goals while managing the complexities of the external environment.

謝謝你，阿爾伯特，早安。今天上午，首先我要強調的是，我們穩健的財務表現清楚地反映了我們嚴謹的執行力和策略重點。在應對複雜的外部環境的同時，我們仍將專注於改善患者的治療效果並實現我們的財務目標。

Our cost improvement initiatives have contributed to greater organizational efficiencies as demonstrated by our robust operating margins achieved this quarter. Going forward, we expect to improve our cash flow, reduce our debt leverage over time and increased flexibility across our three capital allocation pillars.

我們的成本改善措施有助於提高組織效率，本季實現的強勁營業利潤率就證明了這一點。展望未來，我們期望改善現金流，隨著時間的推移降低債務槓桿，並提高三大資本配置支柱的靈活性。

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 second quarter results, then I'll touch on our capital allocation priorities and then move to our cost improvement initiatives. I'll finish with a few comments on the macro environment as well as our 2025 guidance. For the second quarter 2025, we recorded revenues of $14.7 billion, an increase of 10% operationally. This increase was largely due to overall growth, both in the US and internationally.

現在，讓我先介紹一下我們的第二季業績，然後談談我們的資本配置重點，最後談談我們的成本改進措施。最後，我將對宏觀環境以及我們的 2025 年指導發表一些評論。2025 年第二季度，我們的營收為 147 億美元，營運成長 10%。這一成長主要歸功於美國和國際上的整體成長。

Partially offsetting the increase was an $825 million year-over-year unfavorable impact of higher manufacturer discounts resulting from the IRA Medicare Part D redesign, which took effect in the first quarter of '25, and overall is largely in line with our expectations.

部分抵消了這一增長的是，由於 IRA Medicare Part D 重新設計（於 25 年第一季生效）導致製造商折扣增加，同比產生了 8.25 億美元的不利影響，但總體而言，這基本上符合我們的預期。

On the bottom line, second quarter 2025 reported diluted earnings per share was $0.51, and Adjusted diluted earnings per share was $0.78, ahead of our expectations, primarily due to strong top line performance and our cost management execution. Our results demonstrate the effectiveness of our refined commercial strategy. We remain committed to prioritizing key products and markets, optimizing the global allocation of our commercial field resources and concentrating our marketing efforts on high priority areas.

總體而言，2025 年第二季報告的每股攤薄收益為 0.51 美元，調整後每股攤薄收益為 0.78 美元，超出我們的預期，這主要歸功於強勁的營收表現和我們的成本管理執行。我們的成果證明了我們完善的商業策略的有效性。我們將繼續致力於優先發展重點產品和市場，優化全球商業領域資源配置，並將行銷工作集中在高優先領域。

We saw strong contributions across our product portfolio, primarily driven by the Vyndaqel family, PAXLOVID, and Eliquis, partially offset by declines in IBRANCE. Also, I'd like to highlight a significant trend within our portfolio that we expect to fuel the company's top line for the next several years.

我們的產品組合貢獻強勁，主要由 Vyndaqel 系列、PAXLOVID 和 Eliquis 推動，但 IBRANCE 的下滑部分抵消了這一貢獻。此外，我想強調我們投資組合中的一個重要趨勢，我們預計這一趨勢將在未來幾年推動公司的收入成長。

Year-to-date, Pfizer's recently launched and acquired products delivered $4.7 billion in revenue while growing approximately 15% operationally versus last year. We plan to continue to invest behind these two product groups to drive their future performance and help enable the company to largely offset our LOEs over the next several years.

今年迄今為止，輝瑞公司新推出和收購的產品創造了 47 億美元的收入，同時營運收入較去年同期成長了約 15%。我們計劃繼續投資這兩個產品組，以推動它們未來的表現，並幫助公司在未來幾年內大幅抵消我們的虧損。

Adjusted gross margin for the second quarter was approximately 76%, primarily reflecting the product mix within the quarter. Looking at our Adjusted gross margin performance over the last two years, we have largely achieved percentages in the mid to upper 70s when adjusting for COMIRNATY, which, as you know, has a 50-50 gross profit split with our partner, BioNTech.

第二季調整後的毛利率約為 76%，主要反映了本季的產品組合。回顧我們過去兩年的調整後毛利率表現，經調整 COMIRNATY 後，我們的百分比基本上達到了 75% 左右，正如您所知，COMIRNATY 與我們的合作夥伴 BioNTech 的毛利潤分成比例為 50-50。

In addition, we believe the expected $1.5 billion savings from our Phase I of our manufacturing optimization program by the end of '27 will help bolster gross margins as we transition through the LOE period. Maintaining a strong emphasis on cost management throughout our manufacturing network will continue to be a key priority.

此外，我們相信，到 27 年底，我們的製造優化計畫第一階段預計將節省 15 億美元，這將有助於在我們度過 LOE 時期時提高毛利率。在我們的製造網路中，保持對成本管理的高度重視將繼續成為首要任務。

Total Adjusted operating expenses were $5.8 billion for the second quarter, an 8% decline operationally versus last year. Now looking at the components, Adjusted SI&A expenses decreased 8% operationally, primarily reflecting a decrease in marketing and promotional spend for various products as a result of our focused investments and ongoing productivity improvements.

第二季調整後總營運費用為 58 億美元，較去年同期下降 8%。現在來看看組成部分，調整後的 SI&A 費用在營運上下降了 8%，這主要反映了由於我們的重點投資和持續的生產力改進導致各種產品的行銷和促銷支出減少。

Adjusted R&D expenses decreased 9% operationally, driven primarily by a decline in spending due to pipeline optimization expected to be reinvested later this year and into next year. We continue to be disciplined with our operational expense management.

調整後的研發費用營運下降了 9%，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導致支出下降。我們將繼續嚴格執行營運費用管理。

Q2 reported diluted earnings per share was $0.51 and our Adjusted diluted earnings per share was $0.78, which benefited from our efficient operating structure in addition to our effective tax rate primarily driven by a favorable change in jurisdictional mix of earnings.

第二季報告的每股攤薄收益為 0.51 美元，調整後的每股攤薄收益為 0.78 美元，這得益於我們高效的營運結構以及主要受管轄區收益組合有利變化推動的有效稅率。

Now let me quickly touch on 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. In the first half of 2025, we returned $4.9 billion to shareholders via our quarterly dividend and we invested $4.7 billion in internal R&D. As previously mentioned, maintaining our gross leverage at an appropriate level is a key priority towards improving our capacity for business development. Our gross leverage at the end of the second quarter was approximately 2.7 times, which we are now setting as our new target, down from 3.25 times.

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。我們的策略包括長期維持和增加股利、以適當的財務回報水準對我們的業務進行再投資以及進行增值的股票回購。2025 年上半年，我們透過季度股息向股東返還了 49 億美元，並在內部研發方面投資了 47 億美元。如前所述，保持適當的總槓桿率水準是我們提高業務發展能力的重中之重。我們第二季末的總槓桿率約為 2.7 倍，我們現在將其設定為新的目標，低於 3.25 倍。

During Q2, we announced the licensing agreement with 3SBio, which closed in July of 2025. Our business development capacity is now approximately $13 billion following the 3SBio deal.

在第二季度，我們宣布與三生製藥達成許可協議，該協議於 2025 年 7 月完成。完成三生製藥交易後，我們的業務發展能力目前約為 130 億美元。

Lastly, first half 2025 operating cash flows at $1.8 billion was tempered primarily by large expected payments in the second quarter, including an approximately $2.1 billion TCJA repatriate in tax payment and our payment to BioNTech for our gross profit split. We expect to see improved cash flows in the back half of this year. Overall, we are focused on maintaining leverage at or below our new target to support a balanced allocation of capital between reinvestment and direct return to our shareholders.

最後，2025 年上半年的營運現金流為 18 億美元，主要受到第二季預期大額支付的影響，其中包括約 21 億美元的 TCJA 稅款匯回以及我們向 BioNTech 支付的毛利分成。我們預計今年下半年現金流將會改善。總體而言，我們專注於將槓桿率維持在新目標或以下，以支持在再投資和直接回報股東之間平衡資本配置。

We continue to be disciplined with our operational expense management, progressing multiple improvement programs as we remain focused on driving operating margin expansion over the coming years. We expect to begin realizing initial savings from the Phase 1 manufacturing optimization program in the latter part of this year. As part of our goal to return to pre-pandemic operating margin, 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.

我們將繼續嚴格管理營運費用，推動多項改善計劃，並繼續專注於推動未來幾年的營業利潤率擴張。我們預計在今年下半年開始從第一階段製造優化計畫中實現初步節約。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。

As a reminder, in total, we expect approximately $7.7 billion in savings by the end of '27 to drive operating efficiencies, strengthening our business with the potential of contributing significantly to our bottom line over the period. Of these savings, approximately $500 million identified in R&D will be reinvested in the pipeline, which we expect by the end of '26.

提醒一下，總的來說，我們預計到 27 年底將節省約 77 億美元，以提高營運效率，增強我們的業務，並有可能在此期間為我們的底線做出重大貢獻。在這些節省下來的資金中，約有 5 億美元用於研發，我們預計到 26 年底將重新投資於研發管線。

Now with that, let me turn to our full year '25 guidance. The pharmaceutical industry continues to navigate a complex global landscape influenced by rapidly changing proposed trade and tariff policies. Strategies to help mitigate the potential impact on our business in the short term have been implemented. And we continue to evaluate opportunities and develop plans, which will help mitigate the potential long-term impact of tariffs on our business and our operations.

現在，讓我來談談我們 25 年全年的指導。受快速變化的貿易和關稅政策的影響，製藥業繼續在複雜的全球格局中前進。我們已經實施了一些策略來幫助減輕短期內對我們業務的潛在影響。我們將繼續評估機會並制定計劃，這將有助於減輕關稅對我們的業務和營運的潛在長期影響。

That said, the company's guidance absorbs the impact of the currently imposed tariffs from China, Canada and Mexico as well as potential price changes this year based on the letter received on July 31 from President Trump.

也就是說，該公司的指導吸收了中國、加拿大和墨西哥目前徵收的關稅的影響，以及根據 7 月 31 日收到的川普總統的信件今年可能出現的價格變化。

Our non-COVID revenues continued to perform very well operationally and ahead of our plan. In addition, our guidance assumes favorable -- favorability to revenues due to foreign exchange rates. As a reminder, our plan assumes that a large majority of our COVID revenues are forecasted in both Q3 and Q4. Given this fact, we believe it is prudent to maintain our full year revenue outlook as we enter the second half of the year. We continue to expect full-year '25 revenues to be in the range of $61 billion to $64 billion.

我們的非新冠疫情收入在營運上持續表現良好，並且超出了我們的計劃。此外，我們的指導假設外匯匯率對收入有利。提醒一下，我們的計劃假設我們的大部分 COVID 收入預計在第三季和第四季實現。鑑於這一事實，我們認為在進入下半年之際維持全年收入預期是謹慎的做法。我們繼續預計 25 年全年營收將在 610 億美元至 640 億美元之間。

In addition, we now expect Adjusted SI&A to be in the range of $13.1 billion to $14.1 billion, Adjusted R&D to be in the range of $10.4 billion to $11.4 billion and our Adjusted effective tax rate of approximately 13%.

此外，我們現在預計調整後的 SI&A 將在 131 億美元至 141 億美元之間，調整後的研發將在 104 億美元至 114 億美元之間，調整後的有效稅率約為 13%。

Now given our strong performance to date as well as our outlook, including a favorable impact on foreign exchange, our more efficient cost structure as well as improvements in our Adjusted effective tax rate, we are raising our full year '25 Adjusted diluted earnings per share guidance by $0.10. This includes absorbing a $0.20 charge for acquired in-process R&D associated with the upfront payment for the 3SBio transaction.

鑑於我們迄今為止的強勁業績以及我們對未來的展望，包括外匯市場的有利影響、更高效的成本結構以及調整後有效稅率的改善，我們將2025年全年調整後攤薄每股收益預期上調0.10美元。這包括吸收與三生製藥交易預付款相關的0.20美元的在研研發費用。

So just to clarify, without the 3SBio deal, we would have raised our Adjusted diluted earnings per share guidance by $0.30. Of this amount, approximately two-thirds is due to our strong operational performance and our outlook. I will also point out that while we are raising our Adjusted diluted earnings per share guidance, we are partially derisking the expected COVID performance in the second half of this year.

因此需要澄清的是，如果沒有三生製藥的交易，我們的調整後稀釋每股收益預期將上調0.30美元。其中約三分之二的增幅得益於我們強勁的營運表現和良好的前景。我還要指出的是，雖然我們提高了調整後每股攤薄收益預期，但我們正在部分降低今年下半年預期 COVID 表現的風險。

As a result, our revised full year '25 Adjusted diluted earnings per share range is now $2.90 to $3.10 a share.

因此，我們修正後的 25 年全年調整後每股攤薄收益範圍現為每股 2.90 美元至 3.10 美元。

In closing, we will continue to focus on maximizing our product portfolio's value and driving innovation to strengthen our pipeline. With a stronger balance sheet, we plan to deploy capital more effectively. We will focus on increasing our R&D productivity by deploying AI and digital capabilities, reinvest appropriately to accelerate high-value R&D programs and pursue new growth opportunities through business development. Additionally, our cost improvement initiatives are beginning to expand operating margins through productivity gains and streamline processes.

最後，我們將繼續致力於最大化我們的產品組合的價值並推動創新以加強我們的產品線。憑藉更強勁的資產負債表，我們計劃更有效地配置資本。我們將專注於透過部署人工智慧和數位化能力來提高研發生產力，並適當地再投資以加速高價值研發項目，並透過業務發展尋求新的成長機會。此外，我們的成本改進措施開始透過提高生產力和簡化流程來擴大營業利潤率。

And so with that, I thank you for your attention. I will now open up for Q&A.

因此，我感謝您的關注。我現在開始問答環節。

(Operator Instructions)

（操作員指示）

Trung Huynh, UBS.

Trung Huynh，瑞銀。

Just there in your prepared remarks, you noted your guidance absorbs the potential price changes this year based on the letter you received from President Trump on July 31. That talks about impacting Medicaid with MFN. Does that imply you think something is going to happen this year? And if so, what's your broad assumption so we can kind of quantify that hit on your revenues and EPS. And then can you perhaps just give us your state of the union on the recent developments with MFN and tariffs?

在您準備好的發言中，您指出，根據 7 月 31 日收到的川普總統的信，您的指導吸收了今年潛在的價格變化。這談到了最惠國待遇對醫療補助的影響。這是否意味著您認為今年將會發生一些事情？如果是這樣，您的大致假設是什麼，以便我們可以量化這對您的收入和每股盈餘的影響。那麼，您能否向我們介紹最惠國待遇和關稅的最新發展？

And then just on the CDC recommendations for the vaccines. There was a reduced recommendation in May. The payer pullback or broader adult covered vaccinations. So just how are you sizing the '25 to '26 fall season versus last year? And can you comment on any progress with state mandates or payer negotiations to stabilize that coverage?

然後只是關於 CDC 對疫苗的建議。五月的建議減少。付款人撤回或更廣泛的成人覆蓋疫苗接種。那麼，與去年相比，您對 25 至 26 年秋季的預測如何？您能否評論一下在穩定該保險範圍方面，州政府授權或付款人談判方面取得的進展？

Thank you, Trung. Let me say I know many people would like to get clarity on the MFN situations of the tariff situations. And I'm not in a position to provide much light not because we aren't discussing. Right now, we are in very active discussions. I discussed at the highest levels of this government.

謝謝你，Trung。我知道很多人都想弄清楚最惠國待遇和關稅情況。我無法提供太多信息，並不是因為我們沒有討論。目前，我們正在進行非常活躍的討論。我與政府最高層進行了討論。

I discussed myself with the President after he sent the letter to me and all the others. We discussed a lot with the Secretary Kennedy. We discussed a lot with Dr. Oz who is responsible for implementing a lot of these things. And I would say only that these discussions are extremely productive. I think we understand where the President comes from, and we are engaging in a productive way to find solutions.

在總統將信發給我和其他所有人後，我與他討論了我自己的問題。我們與甘迺迪國務卿進行了很多討論。我們與負責實施這些事情的奧茲博士進行了許多討論。我只想說這些討論非常有成效。我認為我們理解總統的出發點，我們正在以富有成效的方式尋找解決方案。

But because we are in active discussions, it's inappropriate for me to start providing more details because I don't want to say things while we're discussing with them. So I understand that many others may have questions about that. And I'm not sure I can give more information than what I just told you that we had a letter that says a base of what the President wants. The letter asks a lot from us, but we are engaged in productive discussions with them. And in general I'm happy in the way that they listen to us and the way that we are trying collectively to find solutions, but from one hand, will make medicines affordable in the US. On the other hand, we'll make our industry even more competitive compared to China, which is progressing very rapidly to us.

但因為我們正在進行積極的討論，所以我不宜開始提供更多細節，因為我不想在與他們討論時說話。所以我理解很多人可能對此有疑問。我不確定我能否提供比我剛才告訴你的更多的信息，我們有一封信，其中說明了總統想要什麼。這封信向我們提出了很多要求，但我們正在與他們進行富有成效的討論。總的來說，我很高興他們聽取我們的意見，並共同努力尋找解決方案，一方面，這將使美國的藥品價格變得可負擔。另一方面，我們將使我們的行業比發展非常迅速的中國更具競爭力。

On the tariffs also, I don't have much news to add. We are waiting for the 232 report. And once we have that, we will see how this discussion. Again, on the tariffs, I had good discussions with Secretary Lutnick, with the US Trade representative, with Secretary Bessent, and, of course, with the President, with whom we have a special relation through the times of COVID. So that's all I can say.

關於關稅，我也沒有太多消息可以補充。我們正在等待232報告。一旦我們有了這些，我們就會看到討論如何進行。再一次，關於關稅問題，我與盧特尼克部長、美國貿易代表、貝森特部長，當然還有總統進行了良好的討論，在新冠疫情期間，我們與總統保持著特殊的關係。這就是我所能說的。

I don't know if -- Dave, you want to add something on what is included and how we think about it.

我不知道——戴夫，你想補充一些內容，包括哪些內容以及我們對此有何看法。

Yes. I just -- I would just say that the underlying strength of our business is allowing us to raise our guidance in the back half of the year. And with -- to Albert's point, with the work that's going on across the industry, we're able to come up with a range of scenarios, and we believe that those range of scenarios associated with potential timing of all this would allow us to absorb any impact this year based again on the underlying strength of our business today and performance today.

是的。我只是——我只想說，我們業務的潛在實力使我們能夠在下半年提高預期。正如阿爾伯特所說，透過整個行業正在進行的工作，我們能夠提出一系列情景，並且我們相信，與所有這一切的潛在時機相關的這些情景將使我們能夠吸收今年的任何影響，這再次基於我們當前業務的潛在實力和今天的業績。

And maybe, Aamir, you can comment on the CDC.

也許，阿米爾，你可以對 CDC 做出評論。

Yes. So I think your question was largely around COMIRNATY. So I'll mention the quarter and then our expectations for the season. COMIRNATY had a very strong quarter in Q2, and I think that's driven partially by gross to net capability. We've just become much more efficient and managing inventory in the marketplace, and we also saw a continued increase in our market share in the quarter.

是的。所以我認為你的問題主要與 COMIRNATY 有關。因此，我將提到本季以及我們對本季的期望。COMIRNATY 在第二季表現非常強勁，我認為這部分是由總淨容量推動的。我們的市場庫存管理效率大幅提升，本季我們的市佔率也持續成長。

So that's the quarter. Now as it relates to the season, we don't have a crystal ball, but what we are planning for is we anticipate an indication for the 65-plus population as well as those under 64 with underlying medical conditions. And that largely reflects the dynamic of how people vaccinate in the US today. We also don't anticipate any major changes in coverage by payers for this season.

這就是本季的情況。現在就季節而言，我們沒有水晶球，但我們正在計劃預測 65 歲以上人口以及 64 歲以下患有潛在疾病的人群的跡象。這在很大程度上反映了當今美國人接種疫苗的動態。我們也不認為本季付款方的報道會發生任何重大變化。

So this could have a modest effect on our vaccination rates, but we anticipate having a very strong season. In addition, I think we're very ready to execute against that. We have our supply and distribution capabilities, which are genuinely unmatched. We have a very robust plan for both physician as well as patient activation, and we monitor sentiment very closely. We've not seen dramatic changes in And we also have very strong contract positions, both in retail and non-retail. So we look forward to the season for the fall.

因此，這可能會對我們的疫苗接種率產生適度影響，但我們預計今年的疫苗接種旺季將會非常強勁。此外，我認為我們已經做好了執行這一目標的準備。我們擁有真正無與倫比的供應和分銷能力。我們針對醫生和患者的活化製定了非常強大的計劃，並且我們密切監測情緒。我們還沒有看到巨大的變化，而且我們在零售和非零售領域都擁有非常強大的合約地位。因此，我們期待秋天的到來。

Thank you. Next question, please.

謝謝。請回答下一個問題。

Chris Schott, J.P. Morgan.

摩根大通的克里斯·肖特。

All right, great. Thanks for the questions and congrats on the quarter. Just two for me. First on BD and capital allocation. Just what's driving the slightly lower target leverage for the company going forward? I think you lowered it by about a half turn or so. I just was looking for any color there.

好的，太好了。感謝您的提問，並祝賀本季取得佳績。對我來說只要兩個。首先討論 BD 和資本配置。究竟是什麼原因導致該公司未來的目標槓桿率略有下降？我認為你把它降低了大約半圈左右。我只是在那裡尋找任何顏色。

And just on the BD approach, is the approach here still to target a couple of smaller deals with that $10 billion to $15 billion of capacity you've previously talked about? Or is the thought maybe looking at one larger one.

就 BD 方法而言，這裡的方法是否仍然針對您之前談到的幾筆規模在 100 億美元至 150 億美元之間的較小交易？或者這個想法可能正在看著一個更大的。

Last really quick one just to slip in with just the recent PD-1 VEGF deal, I know you're going to think about doing combos with some of your ADCs. Will we see the Phase 3 data from those ADCs before you move forward? Or should we start to think about Pfizer starting development of those programs prior to those readouts? Thank you.

最後，簡單介紹一下最近的 PD-1 VEGF 交易，我知道您會考慮與一些 ADC 進行組合。在您繼續前進之前，我們會看到這些 ADC 的第三階段資料嗎？或者我們應該開始考慮輝瑞公司在讀數之前開始開發這些程序？謝謝。

Chris, as usual excellent questions, but David can take the first two and then I think the Chris can talk about PD-L1.

克里斯，像往常一樣，這個問題問得非常好，但是大衛可以回答前兩個問題，然後我認為克里斯可以談談 PD-L1。

So Chris, yes, we've actually improved our target from a leverage perspective down to 2.7 from 3.25 times. That's largely because we've improved our cash generation capability over the last -- a little faster than we anticipated post closing of the Seagen acquisition. So we're now sitting at 2.7 times. We will continue to delever over time. If we were to do a BD transaction, we might tick back up over that 2.7 times, but our objective is to still get down and continue to delever the balance sheet in the long term.

所以克里斯，是的，從槓桿率的角度來看，我們實際上已經將目標從 3.25 倍降低到了 2.7 倍。這主要是因為我們在過去提高了現金產生能力——比我們預期的 Seagen 收購完成後的速度要快一點。所以我們現在處於 2.7 倍。隨著時間的推移，我們將繼續去槓桿。如果我們進行 BD 交易，我們可能會回升至 2.7 倍以上，但我們的目標仍然是長期降低並繼續降低資產負債表的槓桿率。

Secondly, yes, most likely, we would attend to do a, I'll say, a smaller deal given the fact that our capacity is in the $13 billion ZIP code at this moment. And so I would expect us more from a smaller perspective from a transaction --

其次，是的，很有可能，我們會考慮做一筆規模較小的交易，因為目前我們的產能在 130 億美元左右。因此，我希望我們能從交易的更微觀角度--

It is 13 --

現在是13——

It is 13 only because we have essentially allocated some of the 3SBio transaction funds against our BD target.

之所以是 13，只是因為我們基本上已經將部分三生製藥交易資金分配給了我們的 BD 目標。

Thank you, Dave. And Chris, how do you think about developing the PD-L1 that I know we closed and we very rapidly executed on the plan even before we could close?

謝謝你，戴夫。克里斯，您如何看待開發 PD-L1？我知道我們已經完成了這項計劃，而且在完成之前我們就非常迅速地執行了這項計劃？

Thank you very much. As you know, we do have ongoing programs with the ADCs SV PD-L1, and that's all in Phase 3. We're not going to wait for readout from these studies, and we'll start earlier with Phase 1/2 combinations this year. In fact, with those ADCs in combination with SSGJ-707. How we look at SSGJ-707, it's really to be a potential backbone to replace single-agent PD-1, PD-L1.

非常感謝。如您所知，我們確實有針對 ADC SV PD-L1 的正在進行的項目，並且都處於第 3 階段。我們不會等待這些研究的讀數，今年我們將更早開始第 1/2 階段的組合研究。事實上，這些 ADC 與 SSGJ-707 結合使用。我們如何看待 SSGJ-707，它確實可以成為替代單一藥物 PD-1、PD-L1 的潛在骨幹藥物。

It's got a unique structure and the preclinical data suggests potential best in class regarding high affinity for PD-1 inhibition and potentially increase anti-angiogenic activity. You've seen the overall response rate in the first-line setting of 65%. We're confident in this molecule across the cancer areas or tumor areas that -- where we have significant capability, including thoracic GU and GI and we'll later this year announce a Phase 3 program SSGJ-707.

它具有獨特的結構，臨床前數據表明，它在 PD-1 抑制的高親和力方面具有同類最佳的潛力，並且可能增加抗血管生成活性。您已經看到一線設定的總體回應率為 65%。我們對這種分子在癌症或腫瘤領域具有強大的治療能力，包括胸腔泌尿生殖系統 (GU) 和胃腸道 (GI)，我們將在今年稍後宣布第三階段計劃 SSGJ-707。

Thank you, Chris. I really -- my team got me very excited about this molecule and they have presented to me a very aggressive development plan, but they plan to execute starting this year. We will share more news about the plan when we are in the year when we kick off the execution. Next question, please.

謝謝你，克里斯。我真的——我的團隊讓我對這種分子感到非常興奮，他們向我提出了一個非常積極的開發計劃，但他們計劃從今年開始執行。當我們開始執行該計劃時，我們將分享更多有關該計劃的消息。請回答下一個問題。

Alex Hammond, Wolfe Research.

沃爾夫研究公司的亞歷克斯·哈蒙德。

Thanks for taking our question. I guess one on MFN, just given your recently announced DTC patient option for purchasing Eliquis, how should we consider the applicability of this program to the remainder of your portfolio?

感謝您回答我們的問題。我想其中一個是關於 MFN 的，鑑於您最近宣布的購買 Eliquis 的 DTC 患者選項，我們應該如何考慮該計劃對您投資組合其餘部分的適用性？

Thank you, Alexandria. I think it very much will help. I can tell you that the direct-to-consumer was one of the four things that the letter of President Trump requested from me. From me and everybody else. We think it is a fantastic way to go ahead.

謝謝你，亞歷山大。我認為這將會非常有幫助。我可以告訴你，直接面向消費者是川普總統在信中向我提出的四項要求之一。來自我和其他人。我們認為這是一種非常棒的前進方式。

So we will work collaboratively to do it. Clearly, Pfizer has a good experience from the Pfizer For All, where we have a direct-to-consumer website that has a very, very high traffic. And also now we launched together with our partner, BMS, the Eliquis 360, which exactly does what basically that President Trump is asking us to do. Actually, I'm sure you've noticed that he tweeted himself. Here, he retweeted actually my tweet about the Eliquis.

因此我們將齊心協力完成這項任務。顯然，輝瑞從「輝瑞為所有人」計畫中獲得了良好的體驗，我們有一個直接面向消費者的網站，流量非常高。現在我們也與合作夥伴 BMS 共同推出了 Eliquis 360，它基本上實現了川普總統的要求。事實上，我相信你已經注意到他自己發了推文。在這裡，他實際上轉發了我關於 Eliquis 的推文。

And also, we have serious discussions in the industry. So I have connected -- of course, we had the Board, the CEO that we discussed it and also myself and connecting very often individually with all the major companies. And they are all ready to roll up the sleeves and execute something like that. So it remains to be seen. I don't want to speak more, as I said, because we are in active discussions. Next question.

而且我們在業界也進行了嚴肅的討論。因此，我與董事會、執行長進行了聯繫，我們討論過這個問題，當然，我自己也經常與各大公司進行單獨聯繫。他們都準備好捲起袖子去執行這樣的事情。因此，這還有待觀察。正如我所說，我不想多說，因為我們正在積極討論。下一個問題。

Mohit Bansal, Wells Fargo.

富國銀行的 Mohit Bansal。

Great, thank you very much for taking my question. Dave, I have a question regarding guidance. It does seem like you had quite a good quarter this quarter. And -- there is FX tailwind as well as operational reasons here. So wondering what is driving the intact guidance or even like not even like upping it to the higher end of the range, just would love to know your thought process in setting this guidance at this point. Thank you.

太好了，非常感謝您回答我的問題。戴夫，我有一個關於指導的問題。看起來本季你們的業績確實相當不錯。並且——這裡面既有外匯順風，也有營運原因。所以想知道是什麼推動了完整的指導，或者甚至不像將其提升到範圍的高端，只是想知道您在此時設定此指導的思考過程。謝謝。

Yes. Thank you. I think as we looked at guidance, as I said, we are essentially raising bottom in by $0.30 and then absorbing the $0.20 charge for 3SBio transaction. At the same time, we are looking at our future Q3 and Q4, and we're essentially derisking some of that. So this underlying strength of our business would have us increasing guidance even further from a profit perspective.

是的。謝謝。我認為，正如我所說，當我們查看指導時，我們基本上將底部提高了 0.30 美元，然後吸收了 3SBio 交易的 0.20 美元費用。同時，我們正在展望未來的第三季和第四季度，而我們基本上正在降低其中的一些風險。因此，我們業務的這種潛在優勢將使我們從利潤角度進一步提高指導。

But we, at this point in time, given the volatility that's potentially ahead of us in COVID, we think it's prudent to wait, hold, see how Q3 and Q4 come about and then update as appropriate from that perspective.

但目前，考慮到 COVID 可能帶來的波動，我們認為謹慎的做法是等待、持有，看看第三季和第四季的情況，然後從這個角度進行適當的更新。

Thank you, Dave.

謝謝你，戴夫。

Courtney Breen, Bernstein.

考特尼·布林，伯恩斯坦。

Thank you so much for taking the question. A couple for me. The first is on the efficiency that we're seeing kind of in your operating model and particularly around SG&A. It would be great if you're able to kind of give us some extra context around kind of where you kind of reallocating and investing versus where you're able to pull back and kind of some more context and detail and color around that, both within the US and ex US? And then secondarily, you've given us somewhat detail in terms of M&A and the $13 billion range, but can you give us a little bit more insight on the priorities?

非常感謝您回答這個問題。對我來說是一對。首先是我們在您的營運模式中看到的效率，特別是在銷售、一般和行政費用 (SG&A) 方面。如果您能為我們提供一些額外的背景信息，例如您在哪裡重新分配和投資，以及您在哪裡可以撤退，以及更多關於這方面的背景、細節和說明，無論是在美國境內還是美國境外，那就太好了？其次，您已經向我們提供了有關併購和 130 億美元範圍的一些細節，但您能否就優先事項向我們提供更多見解？

I know you've talked about kind of the obesity opportunity or cardiometabolic opportunity and immunology being areas of interest. Can you talk about kind of whether they still rank near the top or how you're seeing kind of opportunities out there that you might be interested in? Thanks so much.

我知道您已經談論過肥胖機會或心臟代謝機會以及免疫學等感興趣的領域。您能否談談他們是否仍然排名靠前，或者您如何看待您可能感興趣的機會？非常感謝。

Thank you, Courtney. Let's start with Alexandre to speak about the efficiency in international, and then Aamir can chime in on the US

謝謝你，考特尼。讓我們先從亞歷山大談談國際上的效率，然後阿米爾可以談談美國

Thanks for the questions. You remember about 18 months ago, when we started this journey at the International division, we said we will pick our growth driver, both from an in-line standpoint and the new product. And that combination will be different country by country based on the environment, the potential and the population to treat. That's what we did. So we've identified in our top 16 markets, those combinations, and then we invest to win in the sense that we looked at the share of voice that we need and then we reduce our investment everywhere else so that we can win in this area.

感謝您的提問。您還記得大約 18 個月前，當我們在國際部門開始這段旅程時，我們說過我們將從線內角度和新產品的角度來選擇我們的成長動力。根據環境、潛力和治療人群的不同，每個國家的組合都會有所不同。我們就是這麼做的。因此，我們在前 16 個市場中確定了這些組合，然後我們進行投資以贏得勝利，我們考慮了我們需要的聲音份額，然後我們減少了在其他地方的投資，以便我們能夠在這個領域獲勝。

And clearly, the growth that we are seeing coming out of that portfolio of assets where we focus is really remarkable because it's not just that we grew 6% at the international level overall, but it's also the quality of the growth. You see that we grow 9% in emerging markets, 9% in China, 7% in Europe. So it's kind of across the geography and it's also across the different category area, right? So specialty grew 9% driven by Primary care grew 4%, 6% excluding COVID, driven by Eliquis and our vaccines, and oncology grew 6% driven by and others. So clearly, it's really how we reduce the cost around the noncore assets and the non-key country that help us double down on the area where we wanted to grow.

顯然，我們所關注的資產組合的成長確實非常顯著，因為我們不僅在國際層面實現了 6% 的整體成長，而且成長品質也很高。您會發現，我們在新興市場成長了 9%，在中國成長了 9%，在歐洲成長了 7%。所以它有點跨越地理範圍，也跨越不同的類別區域，對嗎？因此，專科治療增長了 9%，這得益於初級保健增長了 4%，不包括 COVID 則增長了 6%，這得益於 Eliquis 和我們的疫苗，腫瘤學增長了 6%，這得益於其他因素。因此，很明顯，我們如何降低非核心資產和非關鍵國家的成本，實際上有助於我們在想要成長的領域加倍努力。

Thank you, Alexandre. Aamir?

謝謝你，亞歷山大。阿米爾？

Courtney, I'll give you a couple of different examples. When we implemented our new commercial model at the beginning of last year, we put in place a few fundamentals. One was having everything in one place and the benefit of scale. So for instance, we consolidated to a single agency partner, and that drove major efficiencies across the business. Second thing is we undertook a major resource reallocation exercise, both in terms of the products where we're investing as well as the channels that we're investing into.

考特尼，我舉幾個不同的例子。當我們在去年年初實施新的商業模式時，我們制定了一些基本原則。一是將所有東西集中在一個地方，享受規模效益。例如，我們合併為一個代理商合作夥伴，這大大提高了整個業務的效率。第二件事是，我們進行了重大的資源重新分配，包括我們投資的產品以及我們投資的管道。

And thirdly, we've just embraced technology and the way that technology can drive efficiency across every aspect of our consumer campaigns, our physician targeting and also Albert referred to our use of Pfizer Pflash and investment in the Pfizer brand, which, for instance, in the categories where we've deployed that, that model has resulted in about a 20% decrease in the cost per new NBRx. So these are just examples of how we're driving efficiency across the commercial business.

第三，我們剛剛採用了技術，並且技術可以提高我們消費者活動、醫生定位等各個方面的效率，Albert 也提到了我們對輝瑞 Pfizer Pflash 的使用和對輝瑞品牌的投資，例如，在我們部署的類別中，該模型已使每個新 NBRx 的成本降低了約 20％。這些只是我們如何提高整個商業業務效率的例子。

And it is -- I think for me, what really pleased me on is that we are able to reduce our cost, and at the same time, continue growing the top line, which is the key here. And that Pfizer was always good in commercial. I do think that we lost a little bit our way during the COVID because the priorities you can understand, where 100% devotion of the whole company to do something like that. But I'm very proud and pleased that we got up to our feet, and we now have developed a commercial machine, but it is really honoring the Pfizer tradition and taking it to the next level. And I will finish with some questions from the M&A.

我認為，對我來說，真正讓我高興的是，我們能夠降低成本，同時繼續增加收入，這就是關鍵。輝瑞的商業表現一直很好。我確實認為，在新冠疫情期間，我們有點迷失了方向，因為你可以理解，當時的優先事項是全公司上下 100% 投入去做這樣的事情。但我很自豪和高興，我們已經站了起來，現在已經開發出一種商用機器，但它確實尊重了輝瑞的傳統並將其提升到一個新的水平。最後，我將回答一些有關併購的問題。

You asked what would be the range in terms of priorities. And in terms of dollars, Dave talked to you. Clearly, with those dollars probably will be in fewer smaller transactions rather than one transaction all the remaining capital allocation. Clearly will be in the four areas that we are now active, which is the oncology, the vaccines, the internal medicine with cardiometabolic and obesity and with the I&I. On obesity, which is your specific question, clearly, we have interest in this area because this is an area that it is very big.

您詢問優先順序的範圍是多少。就美元而言，戴夫已經和你談過了。顯然，這些資金很可能將以更少筆規模較小的交易而不是一筆交易的方式分配所有剩餘的資本。顯然，我們現在活躍的四個領域是腫瘤學、疫苗、心臟代謝和肥胖症內科以及免疫學和免疫學。關於肥胖，也就是您提出的具體問題，顯然，我們對這個領域很感興趣，因為這個領域非常龐大。

Science is breaking. A lot of new things are coming up. And we have tremendous development capabilities in primary care type of business, and we have also tremendous commercial opportunities. And by the way, there is plenty of offering right now. I mean in China, China is booming in terms of how many opportunities we have -- our Chief Strategy Officer Andrew Baum that is responsible for BD..

科學正在突破。許多新事物正在湧現。我們在初級保健業務方面擁有龐大的發展能力，同時也擁有巨大的商業機會。順便說一句，現在有很多可供選擇的方案。我的意思是，就我們擁有的眾多機會而言，中國正在蓬勃發展——負責 BD 的首席戰略官 Andrew Baum...

He just came back from week long trip to China, and the opportunities are really, really very big. So also, there are here opportunities in the US. So there is a good substrate that we can source. We will be very disciplined with our company. We will not overpay. We will pay the real value that the asset presents.

他剛結束為期一周的中國之行回來，這裡真的有很大的機會。因此，美國也存在著機會。因此我們可以找到良好的基質。我們將嚴格遵守公司紀律。我們不會多付錢。我們將支付資產的實際價值。

With that, please go to the next question.

那麼，請進入下一個問題。

Dave Risinger, Leerink.

戴夫·瑞辛格（Dave Risinger），Leerink。

Thanks very much. Yes. So Albert, thank you for helping lead discussions with the Administration to ensure the future success of US biopharmaceutical innovation. Since you briefly mentioned competition from China, has Pfizer been helping the Administration understand the very strong support that the Chinese government provides to local biotech companies based in China? I asked the question given significant pressures on biotech companies in the United States. Thank you.

非常感謝。是的。所以，阿爾伯特，感謝您幫助領導與政府的討論，以確保美國生物製藥創新的未來成功。既然您簡單提到了來自中國的競爭，輝瑞是否幫助政府了解中國政府為中國本土生物技術公司提供的大力支持？鑑於美國生技公司面臨巨大壓力，我提出這個問題。謝謝。

Thank you, David. Also thank you for your kind words. I do. And I'm very vocal and I speak at all levels and not only in the Administration, but also in the Senate in the house. This is something that unites, I would say, one of the very few things that unites both Democrats and Republicans is their concern about China’s emerging superiority in several technology areas, but where it is very impressive it is in the biotech.

謝謝你，大衛。也感謝您的善意言辭。我願意。我非常直言不諱，我在各個層面發表意見，不僅在政府部門，而且在參議院和眾議院。我想說，這是民主黨和共和黨為數不多的幾個共同點之一，他們都擔心中國在多個技術領域逐漸顯現的優勢，但最令人印象深刻的是生物技術領域。

And I very clearly indicate that this is happening, it is real. I'll give you just some examples. In May, for the first time, Axios reported on the clinical studies in the world right now, China has the leading share -- surpassed the US. I did research myself on publications that are happening from Chinese scientists right now. And in CRISPR, for example, just to give one area, 42% of the global publications coming from China.

我非常明確地指出，這正在發生，這是真實的。我僅給你舉幾個例子。今年5月，Axios首次報導了目前全球的臨床研究，中國佔據領先地位，超過了美國。我確實對中國科學家目前正在發表的出版物進行了研究。以 CRISPR 為例，全球 42% 的出版品來自中國。

Actually, in structural biology, which is always was their forte, 62% came from China. And to end up, they are not doing -- they are not stealing patents, they're actually they are -- they have filed more patents than US this year. And so they are protecting well intellectual property and they are enhancing access to their local markets, and they are giving tremendous support, monetize support to their biotechnical ecosystem, which encourages a lot of private money going there. I explained all of that to the Administration. And I think they listen, and that's why I said before, we all look to find ways that from one hand, affordability and access of the American patients.

事實上，在結構生物學領域（這一直是他們的強項），62%來自中國。最終，他們並沒有竊取專利，事實上，他們今年申請的專利比美國還多。因此，他們很好地保護了智慧財產權，加強了進入當地市場的管道，並給予了巨大的支持，將對生物技術生態系統的支持貨幣化，從而鼓勵了大量私人資金流向那裡。我向政府解釋了這一切。我認為他們會聽取意見，這就是我之前所說的，我們都在尋找方法，一方面，提高美國患者的負擔能力和獲得治療的機會。

On the other hand, to the crown jewel, which is the biotech industry, needs to be supported by the government, by the Congress so that we can -- there is only so much you can do to slow down China. You won't slow them down. They are very good. What we can do is to focus to be better than them, and that should be our goal.

另一方面，生物技術產業這一皇冠上的明珠需要政府和國會的支持，這樣我們才能——我們能做的只有盡力減緩中國的發展。你不會減慢他們的速度。他們非常好。我們能做的就是集中精力比他們做得更好，這應該是我們的目標。

With that, next question.

那麼，下一個問題。

Kerry Holford, Berenberg.

凱莉·霍爾福德，貝倫貝格。

Thank you, a couple of questions for me, please. Firstly, looking at ADCETRIS to Q2 performance was a little weaker than anticipated. I understand these drugs are perhaps facing increased competitive pressures, we'll be interested to your strategy for reinvigorating that growth of those assets ex US. And then secondly, a question on the guidance, specifically tax and if I missed this earlier. But Dave, what has changed with regard to the tax outlook for this year? And how sustainable is this underlying 13% tax rate going forward? Thank you.

謝謝，請問我幾個問題。首先，從 ADCETRIS 第二季的表現來看，其表現略遜於預期。我知道這些藥物可能面臨越來越大的競爭壓力，我們對您重振美國以外這些資產成長的策略很感興趣。其次，關於指導的問題，特別是稅收，以及我是否之前錯過了這一點。但戴夫，今年的稅收前景有什麼改變？那麼，13%的基本稅率在未來還能撐多久呢？謝謝。

Dave, do you want to start with that? And then Aamir can --

戴夫，你想從那裡開始嗎？然後阿米爾可以--

Yes. Just on the tax side, there were some onetime discrete items that allowed us to improve our tax position this year. I would expect going forward with the new tax regs globally that we would be largely closer to the 15% level from a global tax perspective in the long term.

是的。僅在稅收方面，有一些一次性的獨立項目使我們今年的稅收狀況得到改善。我預計，隨著全球新稅法的實施，從長期來看，我們的稅率將基本上接近 15% 的水平。

Kerry, thanks for the question. I think your question is largely around the Seagen portfolio on the products. So we feel very good about how we integrated those products. As an example, we were able to cross-train all of our field forces, and now we're seeing the benefit of that come through in commercial performance. So if I look at Q2 and the entirety of our Seagen commercial portfolio, we grew 15% year-over-year.

克里，謝謝你的提問。我認為您的問題主要涉及 Seagen 產品組合。因此，我們對如何整合這些產品感到非常滿意。例如，我們能夠對所有現場人員進行交叉培訓，現在我們看到了其在商業表現中帶來的好處。因此，如果我看第二季和整個 Seagen 商業產品組合，我們會發現我們的年成長率為 15%。

And that was while managing some of the competitive headwinds that you alluded to on ADCETRIS, which we are starting to see now settle. In particular, we feel very good about the growth in Padcev. We have greater than 50% market share in the first line, and we see headroom to continue to expand that share especially in the cisplatinum eligible population where we are very focused. And it's also important to note that as part of the Seagen transaction, it was not only the in-line products, but the portfolio that came with it, which continues to perform very well.

那是在應對您提到的 ADCETRIS 的一些競爭阻力的同時，我們現在開始看到這些阻力逐漸平息。特別是，我們對 Padcev 的成長感到非常滿意。我們在一線市場的份額超過 50%，我們認為還有繼續擴大份額的空間，特別是在我們非常關注的順鉑適用人群中。值得注意的是，作為 Seagen 交易的一部分，不僅在線產品，而且隨之而來的產品組合也繼續表現良好。

Thank you. Next question, please.

謝謝。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。

Thank you so much for taking my question. Kind of a follow-up to the prior question. 1.5 years into the integration of Seagen, and really aside from Padcev, what do you believe are the two or three assets that have the potential to really drive a positive IRR for the $42 billion or so that you spent? And kind of a follow-up there is part of the market could SV capture in non-small cell lung cancer, if and when eventually approved? Thank you.

非常感謝您回答我的問題。這有點像是上一個問題的後續。 Seagen 整合已經 1.5 年了，除了 Padcev 之外，您認為哪兩三項資產有可能真正為您花費的 420 億美元帶來正的 IRR？那麼，如果最終獲得批准，SV 能否佔領非小細胞肺癌市場的一部分？謝謝。

Yes. I'll ask Chris to comment. Let's start that there is four main assets. But when we acquired the company, they were around $2 billion, even less of revenues. They will grow by year 2030 to $10 billion.

是的。我會請克里斯發表評論。首先，有四項主要資產。但當我們收購該公司時，他們的收入約為 20 億美元，甚至更少。到 2030 年，這一數字將成長至 100 億美元。

Now of course, the value was not only on that. The value was mainly in the platform of the ADC that we go together with the intellectual property, the capability, the people and the assets. And I will ask Chris to comment on the most important things that are coming out in the short term, medium-term and long-term process.

當然，價值不僅僅在於此。其價值主要體現在ADC平台，我們將其與智慧財產權、能力、人才和資產結合在一起。我將請克里斯對短期、中期和長期進程中出現的最重要的事情進行評論。

Thank you very much. So in the short term, said, and the readouts for the muscle invasive bladder cancer studies. As you recall, the current indication is 18,000 patients, the new indications will be up to 28,000. So this both platinum-eligible and platinum ineligible, and we expect those readouts in the next six months. And potentially, they could change the standard of care for this population.

非常感謝。因此，從短期來看，肌肉侵襲性膀胱癌研究的讀數也是如此。您還記得，目前的適應症是 18,000 名患者，新的適應症將達到 28,000 名。因此，這既符合白金資格，也不符合白金資格，我們預計這些讀數將在未來六個月內公佈。並且他們有可能改變這一人群的照護標準。

This next wave of studies we started Phase 3 trials in SV, sigvotatug vedotin. The second-line study is now fully recruited. In fact, it recruited much quicker than we expected. In the second-line space, what we've seen so far in the Phase I study in a late-line population with a 31% overall response rate and medium overall survival, albeit a single-line experience of 16.3 months. So that gives us confidence in SV.

下一波研究我們在 SV 開始了第 3 階段試驗，sigvotatug vedotin。二線研究目前已全面招募完畢。事實上，它的招募速度比我們預期的要快得多。在二線治療領域，我們目前在第一階段研究中看到的晚期患者群體的總體反應率為 31%，總體存活率中等，儘管單線治療經歷為 16.3 個月。這讓我們對 SV 充滿信心。

It's a payloads and what we've seen with the other studies with vedotin payloads, including with versus this potentially synergistic activity when we combine it with an anti-PD-1. So SV plus pembrolizumab has now been combined. As you know, overall, we've seen a response rate of approximately 60%. But in those -- in the population specifically, that's TPS-high or PD-L1 high expression, all patients so far in the Phase I trial have responded. And that obviously is very favorable to what you would expect from pembrolizumab alone.

這是一種有效載荷，我們在其他研究中也看到了 vedotin 有效載荷，包括當我們將其與抗 PD-1 結合時產生的這種潛在的協同作用。因此，SV 和 pembrolizumab 現已合併。如您所知，總體而言，我們的回覆率約為 60%。但在那些人群中，特別是 TPS 高或 PD-L1 高表達的人群中，到目前為止，第一階段試驗中的所有患者都產生了反應。這顯然比單獨使用 pembrolizumab 所預期的效果要好得多。

The next molecule PD-L1. That's it, again, another first-in-class molecule. We're accelerating that into a Phase 3 program for head-and-neck cancer, where we've seen response rate just shy of 60% in the combination with pembrolizumab. And then there's a whole new group of ADCs coming with one payload, including a follow-up to ADCETRIS, they currently two or three of these molecules showing highly encouraging data in Phase 1, and we'll update you in the future about those.

下一個分子是 PD-L1。就是這樣，又一個一流的分子。我們正在加速推進頭頸癌的 3 期治療計劃，我們已經看到與 pembrolizumab 聯合使用後緩解率略低於 60%。然後，還有一整組新的 ADC 帶著一個有效載荷而來，包括 ADCETRIS 的後續產品，目前其中兩三種分子在第 1 階段顯示出非常令人鼓舞的數據，我們將在未來向您更新有關這些資訊。

Thank you. So as I said, we are confident that not only will we recuperate the investment with a good return in the season, but I think it's transforming our oncology portfolio and business. Next question please.

謝謝。正如我所說，我們有信心，我們不僅會在本季度獲得良好的回報來收回投資，而且我認為這正在改變我們的腫瘤學產品組合和業務。請問下一個問題。

Carter Gould, Cantor.

卡特·古爾德，領唱者。

Good morning. Thanks for taking the question. I'm going to go back to the policy side. I guess, Albert, should investors have any expectation around a comprehensive deal that addresses the present objectives across MFN and tariffs, but also addresses the industry's concerns around enforcing IP protection, compounding, parity, IRA implementation. And then separately, put up a solid quarter year-on-year, but this is sort of the fourth quarter in a row where sequential growth was more muted or meager, is Vyndaqel US growth behind us, and I guess an answer in that can help frame the push-pulls between price and competition? Thank you.

早安.感謝您回答這個問題。我要回到政策方面。阿爾伯特，我想，投資者是否應該對一項全面的協議抱有期望，該協議不僅要解決最惠國待遇和關稅方面的當前目標，還要解決業界對執行知識產權保護、複利、平價、個人退休賬戶 (IRA) 實施等方面的擔憂。然後單獨來看，雖然本季同比增長穩健，但這是連續第四個季度環比增長較為疲軟或微弱，Vyndaqel 美國的增長是否已經落後，我想這個問題的答案是否有助於界定價格和競爭之間的拉鋸戰？謝謝。

Yes. Let me give a brief answer to the policy. Look, I don't know. We are in very active discussions. You know that the President is impatient, so he wants the results quickly.

是的。我先簡單回答一下這個政策。瞧，我不知道。我們正在進行非常積極的討論。你知道總統很不耐煩，所以他希望盡快得到結果。

We also want to come to a resolution quickly because I want to offer a certain to all of us and all of you as much as you can have in this period of time. Are we going to -- are we discussing in addition to all the things that are related MFN and tariffs, also things that are related with PBM reform, with 340B, with the pill penalty, absolutely. And you know that the PBM reforms is universally accepted that this to happen. There was a bipartisan bill and there is a clear indication that the President has spoken so many times about the middleman. Also with the pill penalty. He has spoken about it and also the Secretary Kennedy spoke about it.

我們也希望盡快達成解決方案，因為我想在這段時間內為我們所有人以及你們所有人提供盡可能多的幫助。我們是否要討論——除了與最惠國和關稅相關的所有事項之外，還要討論與 PBM 改革、340B、藥丸懲罰相關的事項，絕對要討論。你知道，PBM 改革已被普遍認可。有一項兩黨法案，而且有明顯跡象表明總統已經多次談到中間人的問題。還伴有藥丸懲罰。他已經談論過這個問題，甘迺迪國務卿也談論過這個問題。

And also, we are working on it. And of course, the 340B has become a major, major problem, right? Now the 340B is expected to exceed $62 billion this year. It's a program that has become bigger than Medicare Medicaid combined. So that's all fraud prices, but all of that is value goes from us out there to, let's say, hospitals and -- this value is not passed to the patients because they mark up those products in tremendous amounts, way more than you see in Part D. And we can't afford that. So we are discussing, we're explaining. It's more complicated. That's going to be because it involves hospital.

而且我們正在努力實現這一點。當然，340B 已經變成一個大問題，對吧？現在預計今年 340B 將超過 620 億美元。該項目的規模已經超過了醫療保險和醫療補助計劃的總和。所以這些都是欺詐價格，但所有這些價值都從我們這裡流向了醫院，而這些價值並沒有傳遞給病人，因為他們對這些產品的加價幅度非常大，遠遠超過你在 D 部分看到的幅度。我們承受不起這樣的價格。所以我們正在討論，我們正在解釋。這更加複雜。這是因為它涉及到醫院。

But the program is very good for the small hospitals that was intended. This is not about not having 340B. It's about having an abuse in the system. So Aamir, you want to state next question?

但該計劃對於目標小型醫院來說非常有益。這並不是沒有 340B 的問題。這是關於系統濫用的問題。那麼阿米爾，你想提出下一個問題嗎？

I'll speak quickly about Vyndaqel in the US, and then we'll touch on international, too. In the US, yes, we had a very strong quarter. We had 15% year-over-year growth. We maintained momentum in performance versus Q1, and there's a lot that's going on in this market right now. So that performance is a function of improving diagnosis as well as improving favorability dynamics.

我將快速談談美國的 Vyndaqel，然後我們也會談談國際市場。是的，在美國，我們本季的業績非常強勁。我們的年增長率為 15%。與第一季相比，我們的業績保持了良好的勢頭，目前市場上有很多事情正在發生。因此，性能是改善診斷以及改善偏好動態的功能。

So we continue to lead in the face of two competitors coming into that market, both in terms of total market share, but also importantly, lead in terms of first-line treatment-naive patient share. So we've got with TRx momentum and that's influenced the growth. KEYTRUDA is taking some first-line share, and it's a little too early to tell about the dynamics of we'll keep a close eye on that for the second half of the year. Now we do expect continued TRx volume growth, but there will be GTM pressure on US performance.

因此，面對進入該市場的兩家競爭對手，我們繼續保持領先地位，不僅在總市場份額方面，而且更重要的是，在未接受一線治療的患者份額方面也保持領先地位。因此，我們獲得了 TRx 的動力，並且影響了成長。KEYTRUDA 正在佔據一些一線市場份額，現在談論其動態還為時過早，我們將密切關注下半年的情況。現在我們確實預期 TRx 交易量將繼續成長，但美國的表現將面臨 GTM 壓力。

And that's a function of both the Medicare Part D design but also a result of contracting to maintain access for vedotin, both in Medicare and commercial, where we've maintained 90% access for the brand. So we do expect those dynamics to impact our sequential growth in the back half of this year.

這是 Medicare Part D 設計的功能，也是簽訂合約以維持 vedotin 訪問權限的結果，無論是在 Medicare 還是商業領域，我們都維持了該品牌 90% 的訪問權限。因此，我們確實預期這些動態將影響我們今年下半年的持續成長。

Yes. For international, so we have a very strong dynamic. So we have grown 32% for the quarter. But actually, since the beginning of the year, we have grown our patient treated by 50%. So it's clearly the -- what I was describing at the beginning in terms of focus on the key assets where we think we can have an impact. This one is clearly the demonstration of our focus on execution.

是的。對於國際來說，我們具有非常強大的活力。因此本季我們的成長了 32%。但實際上，自今年年初以來，我們治療的患者數量增加了 50%。所以很明顯——我在一開始就描述了對我們認為可以產生影響的關鍵資產的關注。這顯然是我們注重執行力的展現。

Moving forward, we think we're going to continue to grow on this product for three reasons. First, the WCS rate in international in most of our key markets is still significantly below what we have in the US and we normally see in this type of disease. Two, the Access takes a lot of time in international. You need to negotiate price and access in every single country, and it took us five years just to get to where we are, and competition will have to follow the same time line to get to the type of access that we get.

展望未來，我們認為我們將繼續發展該產品，原因有三。首先，在我們大多數主要市場的國際上，WCS 發病率仍然遠低於美國和我們通常看到的此類疾病的發生率。二是國際訪問耗時較長。你需要在每個國家協商價格和准入，我們花了五年時間才達到現在的水平，競爭對手也必須遵循同樣的時間表才能獲得我們所獲得的准入類型。

Just to illustrate my point is we just unlock U.K. and Australia at the end of last year. And we just unlocked South Korea at the beginning of this quarter. So just to give you a sense of it takes time and now we have access, we are unlocking the potential of those patients being in treated. And then finally, we think that the profile of our product and the experience of our key centers will help us establish to standard of care that we have developed with these assets. So we are very confident with the potential future growth also.

為了說明我的觀點，我們在去年年底剛解鎖了英國和澳洲。我們在本季初剛解鎖了韓國市場。所以只是為了讓您了解這需要時間，現在我們有了治療方法，我們正在釋放正在接受治療的患者的潛力。最後，我們認為我們的產品概況和主要中心的經驗將幫助我們建立利用這些資產開發的護理標準。因此，我們對未來的潛在成長也非常有信心。

Yes. And I'm very impressed with the performance in the coming international the way that we were not counting on that product before and now suddenly we see very big thrive. We're not counting in international and mainly US. Let's go to the next question, please.

是的。我對即將到來的國際市場的表現印象非常深刻，我們之前並沒有指望過這款產品，但現在我們突然看到了它的巨大發展。我們不計算國際數據，主要是美國數據。請讓我們進入下一個問題。

Asad Haider, Goldman Sachs.

高盛的阿薩德·海德爾 (Asad Haider)。

Great. Thanks for taking the question. Albert, just one more, if I may, on the policy front. Just given the comments you just made and then triangulating those back to your comments on MFN that it's now quantified and reflected into guidance to some extent, maybe just talk about what could cause large swings to those expectations from here? Or is your high-level view that we are now getting more granular around the central and potentially narrow range of outcomes directionally speaking? Thank you.

偉大的。感謝您回答這個問題。阿爾伯特，如果可以的話，我再問一個關於政策方面的問題。鑑於您剛才所作的評論，然後將其與您對最惠國待遇的評論進行三角測量，現在最惠國待遇已經量化並在一定程度上反映在指導中，也許只是談談從現在起什麼可能導致這些預期發生大幅波動？或者，從高層角度來看，我們現在對中心和潛在的狹窄結果範圍有了更細緻的了解？謝謝。

I mean our team is all over modeling several scenarios. There is no scenario that we have not assessed. There is no scenario, but we have not filed mitigation plans. And there is no scenario to haven't the probability of success. But the truth is that we don't know what will be because all of that are right now under active discussion.

我的意思是我們的團隊正在對幾種場景進行建模。沒有任何一種情況是我們未曾評估過的。沒有任何情景，但我們還沒有提出緩解計畫。且不存在沒有成功機率的情況。但事實是，我們不知道會發生什麼，因為所有這些現在都在積極討論中。

So -- and even if I have some ideas where we should increase of happening and where decrease happening, it's not appropriate now in the middle of the discussions and negotiations. We don't open the counts, right? So I can't really do that. Thank you. Next question.

所以——即使我對我們應該增加發生率和減少發生率有一些想法，但現在在討論和談判過程中並不合適。我們不公開計數，對嗎？所以我真的不能這麼做。謝謝。下一個問題。

Umer Raffat, Evercore.

烏默·拉法特（Umer Raffat），Evercore。

Hi guys. Thanks for taking my question. So I'll spare the MFN question, but I did want to ask Albert, I feel like some of the points you're making on this call regarding the China biotech ecosystem could possibly resonate with the Administration. But I guess, how is -- and I'm not even talking Pfizer specifically, but the industry broadly has been very active with a lot of out-licensing transactions to find the next layer innovation. So I guess is Administration pushing back with sort of balancing those two? And then separately, on your oncology side, I feel like this B6A trial in lung will obviously be very, very important.

嗨，大家好。感謝您回答我的問題。因此，我將不再談論最惠國待遇問題，但我確實想問艾伯特，我覺得您在這次電話會議上提出的有關中國生物技術生態系統的一些觀點可能會引起政府的共鳴。但我想，情況是怎麼樣的——我什至沒有具體談論輝瑞，但整個行業都非常活躍，進行了大量的對外許可交易，以尋找下一層的創新。所以我猜政府是否會採取某種平衡措施來平衡這兩者？然後，就腫瘤學方面而言，我覺得這項針對肺部的 B6A 試驗顯然非常非常重要。

And I was very intrigued to see that you shrunk the sample size from 670 down to 470, which presumably signals increased confidence. And my question is, did you take any interim look to see how the is tracking?

我很高興地看到，您將樣本量從 670 縮小到 470，這可能表明信心增強了。我的問題是，您是否進行過臨時觀察來了解追蹤情況？

Let me take the China one. And then I ask Chris, of course, to comment on the oncology. Look, I mean there is a lot of sensitivity in the and Senate in the house about everything that is happening in time, right? But I have to say the sensitivity is way more on things that we transfer there, technology that we transfer, then vice versa, things that we take from them to develop them and manufacture in the US, for example, our and I discussed the Chinese deal that we did with the members of the Congress, many members of the Congress. And I explained that we didn't give anything. We took their science and the license to develop, we would do it globally, not in China, to manufacturing.

讓我拿中國的那個來說吧。然後我當然請克里斯對腫瘤學進行評論。你看，我的意思是，眾議院和參議院對正在發生的一切都非常敏感，對吧？但我不得不說，敏感度更多地在於我們向那裡轉讓的東西，我們轉讓的技術，反之亦然，我們從他們那裡獲取東西，在美國開發和製造，例如，我們和我與國會議員，許多國會議員討論了我們與中國達成的協議。我解釋說我們什麼都沒給。我們獲得了他們的科學技術和開發許可，將在全球範圍內進行生產，而不是在中國。

We will do it in the US, not in China. And to commercialize it and we'll do it in the whole world and actually not in China yet because we don't have the license yet. So I think less sensitivity on this two ways. But don't take me wrong. China is something that is very high in the radar of the political life of the US and we need to be careful with that. Now let's go, Chris.

我們將在美國而不是中國進行這項工作。為了實現其商業化，我們將在全世界範圍內進行，但實際上還不在中國，因為我們還沒有獲得許可證。所以我認為這兩種方式的敏感度較低。但請不要誤會我的意思。中國是美國政治生活中高度關注的國家，我們需要對此保持警覺。現在我們走吧，克里斯。

Thanks for the question, So usually for studies, we recalculate effect size or study size based on emerging data from ongoing Phase 1/2 trials. And we did not unblind and there's no unblinding of ongoing Phase 3 programs.

感謝您的提問，通常對於研究，我們會根據正在進行的 1/2 期試驗的新數據重新計算效果大小或研究規模。我們並沒有揭盲，正在進行的第三階段專案也沒有揭盲。

Okay. Thank you. I knew that you will not say much. So let's go to the next question, please.

好的。謝謝。我知道你不會多說。那麼請讓我們進入下一個問題。

Rajesh Kumar, HSBC.

拉傑什·庫馬爾，匯豐銀行。

Hi. Thank you for taking my questions. The first one is on -- you said you'll absorb the potential impact from the letter this year. Can you confirm that if there were tariffs, et cetera, you can say the same about the next year as well. I know you don't have a guidance, but in terms of how prepared you are with inventory, et cetera and the pricing dynamics. Do you think current consensus sort of captures the effect for the next year?

你好。感謝您回答我的問題。第一個問題是——您說過您將在今年吸收這封信的潛在影響。您能否確認，如果有關稅等，那麼明年的情況也會如此。我知道您沒有指導，但就您對庫存等以及定價動態的準備程度而言。您認為目前的共識是否能反映出明年的影響？

The second one is on the balance sheet. Clearly, you are going with a lower financial gearing target and in effect, that gives you a bit more leeway on a lot of things. When you think of capital allocation, do you think you need to add more types of assets in oncology? Or would most of the balance sheet capacity be deployed in obesity, immunology, other areas that is if you have to deploy capital in oncology or different indications or different mechanisms you still need to add, then would you be comfortable going over the 2.7 times leverage? Thank you.

第二個是在資產負債表上。顯然，您將採用較低的財務槓桿目標，實際上，這會在很多事情上給您更多的迴旋餘地。當您考慮資本配置時，您是否認為需要在腫瘤學領域增加更多類型的資產？或者，大部分資產負債表容量是否會部署在肥胖症、免疫學或其他領域，也就是說，如果您必須在腫瘤學或仍需要添加的不同適應症或不同機制中部署資本，那麼您願意接受超過 2.7 倍的槓桿率嗎？謝謝。

Let's start with Dave. And then we will move to Alexandre.

讓我們從戴夫開始。然後我們將前往亞歷山大。

Yes. So as it relates to future years, '26 and '27, no, we can't -- we're not confirming or discussing the implication of tariffs or MFN on those out years. Once we have definitive information and knowledge will come back and share that with everyone. Secondly, on -- just from a BD perspective, even though others can comment on this as well, we have lowered our target or improved our target to 2.7 times because we are already at 2.7 times. So it's hard to have a target that we've exceeded so dramatically because our business has done so well.

是的。因此，就未來幾年（26 年和 27 年）而言，我們不能——我們不會確認或討論關稅或最惠國待遇對這些年份的影響。一旦我們獲得明確的資訊和知識，我們就會回來與大家分享。其次，僅從 BD 的角度來看，儘管其他人也可以對此發表評論，但我們已經降低目標或將目標提高到 2.7 倍，因為我們已經達到 2.7 倍。由於我們的業務表現非常好，因此我們很難如此大幅地超越既定目標。

And if an opportunity were to come along that made sense for us from a deep BD perspective, obviously, the -- we would out -- we would outstrip the target to be higher just like we did with Seagen, and we worked to get us back down to 2.7 over time. And maybe to Albert's point earlier, from a BD perspective, we're interested across the four areas in which we focus today and we'll continue to evaluate assets on the market in all of those four areas.

如果出現一個從深層 BD 角度來看對我們來說有意義的機會，顯然，我們會超越目標，就像我們對 Seagen 所做的那樣，我們會努力讓我們隨著時間的推移回到 2.7。也許正如艾伯特之前所說，從 BD 的角度來看，我們對今天關注的四個領域感興趣，並且我們將繼續評估這四個領域的市場資產。

Yes, just add to Dave's comments. Look, I think every potential licensing deal acquisition is value driven, although there is obviously some value and diversification. We've historically been very active through Seagen and more recently, 3SBio on oncology. However, as you know, Pfizer has a strong commercial heritage with significant strength in areas such as internal medicine, I&I. And obviously, we've got landmark drugs in those areas.

是的，只需補充 Dave 的評論。看，我認為每項潛在的授權交易收購都是由價值驅動的，儘管顯然存在一些價值和多樣化。我們過去一直透過 Seagen 以及最近與 3SBio 在腫瘤學領域非常活躍。然而，如您所知，輝瑞擁有強大的商業傳統，在內科、I&I 等領域具有顯著實力。顯然，我們在這些領域已經擁有了具有里程碑意義的藥物。

So we believe we have a right to will. And if the right opportunity comes up at the right price, you can be sure that we're going to pursue it.

因此我們相信我們有權選擇。如果有合適的機會和合適的價格出現，你盡可能相信我們將會抓住它。

Thank you. Next question, please.

謝謝。請回答下一個問題。

Tim Anderson, Bank of America.

美國銀行的蒂姆·安德森。

Thank you. I have a question on IRA. So you guys have two drugs where prices are being negotiated in the current year for implementation in '27, that's Ibrance, XTANDI -- one fear that at least we've had is that the new administration may press harder per bigger discount versus last year, potentially just to make a point. in general, not just for Pfizer product. So you're in the midst of those negotiations. Any color you can provide such as how those discussions are lining up with what you expected before those negotiations begin.

謝謝。我對 IRA 有疑問。因此，你們有兩種藥物的價格正在今年進行談判，以便在 2027 年實施，那就是 Ibrance 和 XTANDI——至少我們擔心的是，新政府可能會加大力度，提供比去年更大的折扣，可能只是為了表明一個觀點。一般來說，不只是針對輝瑞產品。所以你正處於這些談判之中。您可以提供任何細節，例如這些討論與談判開始之前您所預期的一致程度。

Look, as we said, we're in the middle of this negotiation again for the same reason, I can -- actually, it's not a lot by law to disclose aspects of the the negotiation. But I would say something. We have two products, as you said, for '27. Both of them are losing patent in '27. So for us, of course, we try to achieve the best, we can in the negotiations of the prices.

你看，正如我們所說的，我們再次處於這場談判之中，原因是一樣的，我可以——實際上，法律並沒有規定必須披露談判的具體細節。但我想說一點。正如您所說，我們針對 27 年推出了兩款產品。他們兩人的專利均於 1927 年失效。因此，對我們來說，當然，我們會盡力在價格談判中取得最好的結果。

But the heat on us is very small. The NPV is very small because it's really a few months of it -- it depends on the product, right?

但我們身上的熱度卻很小。NPV 非常小，因為它實際上只有幾個月的時間 - 這取決於產品，對嗎？

Next question, please.

請回答下一個問題。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉 (Steve Scala)，TD Cowen。

Thank you very much, two questions. Two questions. The first one, I apologize, is on MFN. But you have quantified the assumed impact of MFN in 2025, but you won't share your estimate. But I assume it's a big number, well above $500 million for Q4 alone and maybe several times that, which implies a strikingly high number for 2026. And I'm just wondering whether you would walk that number down.

非常感謝，有兩個問題。兩個問題。抱歉，第一個是關於最惠國待遇的。但您已經量化了 2025 年最惠國待遇的假設影響，但您不願分享您的估計。但我認為這是一個很大的數字，光第四季就遠超 5 億美元，甚至可能是這個數字的幾倍，這意味著 2026 年的數字會非常高。我只是想知道您是否會降低這個數字。

Second for Dave, you noted the positive underlying operational performance year-to-date. You also noted the positive inflection in FX year-to-date. Curious how the COVID expectations have changed. It seems they must have come down since revenue guidance is flat or unchanged or something else in the business turned in a little bit light? Thank you.

其次，對於戴夫來說，您注意到今年迄今為止的基本營運表現是積極的。您還注意到今年迄今外匯市場呈現正面變化。好奇 COVID 預期發生了怎樣的變化。看來他們肯定已經下調了，因為收入預期持平或沒有變化，或者業務中的其他方面出現了一些變化？謝謝。

Maybe on the COVID side, I don't know that our expectations at this moment have changed, but we still have a lot yet to go in Q3 and Q4. So as I think about our future projections, we're still internally working to achieve our number. But as my guidance reflects, we've now derisked some of that delivery in Q3, Q4. So I don't think anything has changed. We just know that COVID by itself because of the nature of that business will always be a little bit more sensitive and a little bit more fluid and harder to predict quarter-over-quarter.

也許就 COVID 方面而言，我不知道我們目前的期望是否發生了變化，但我們在第三季和第四季還有很多工作要做。因此，當我考慮我們未來的預測時，我們仍在內部努力實現我們的目標。但正如我的指導所反映的那樣，我們現在已經降低了第三季和第四季的部分交付風險。所以我認為一切都沒有改變。我們只知道，由於業務的性質，COVID 本身總是會更加敏感，更加不穩定，更難逐季預測。

So this is just allowing us to derisk that a bit. And then on the MFN perspective, we're not going to comment on those numbers at this point. Thank you, though.

所以這只是讓我們稍微降低風險。從最惠國待遇的角度來看，我們目前不會對這些數字發表評論。不過還是謝謝你。

And the final question.

最後一個問題。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林。

Great. Thanks for taking the questions. Great. Maybe just two on the pipeline. Just for atirmociclib, I was wondering if we'll get an update from the Phase 2 study on PFS potentially at San Antonio later this year? I know you've already committed moving into Phase 3, but I don't think we've seen anything on durability there. And then on LORBRENA, any thoughts about exploring that in the adjuvant setting? Thank you.

偉大的。感謝您回答這些問題。偉大的。也許只有兩個在管道上。僅針對 atirmociclib，我想知道我們是否會在今年稍後從聖安東尼奧的 PFS 第 2 階段研究中獲得最新消息？我知道您已經承諾進入第三階段，但我認為我們還沒有看到任何有關耐用性的進展。那麼關於 LORBRENA，您有什麼想法可以在輔助治療中探索它嗎？謝謝。

Thank you for the question. So atirmociclib, you're correct, as we stated, we're focusing now on the first-line space and focusing with six for second line, we remain very confident on all the data we've seen and the study, the first-line trial in ER-positive, HER2 negative breast cancer. The study is recruiting extremely well. In fact, both times faster than we actually planned or predicted. We've not disclosed the date when we will show on the second line, but we'll keep you posted on that. For there is no current plan for an adjuvant study.

謝謝你的提問。所以 atirmociclib，您說得對，正如我們所說的，我們現在專注於一線領域，並將六種藥物重點放在二線領域，我們對所看到的所有數據和研究、ER 陽性、HER2 陰性乳腺癌的一線試驗仍然非常有信心。這項研究的招募情況非常好。事實上，這兩次都比我們實際計劃或預測的還要快。我們尚未透露在第二行上映的日期，但我們會隨時向大家通報。因為目前還沒有輔助研究的計畫。

Thank you very much. And thank you for your attention. Just I want to say that I'm very pleased with the execution of this team in terms of the targets that we have set. I will describe Pfizer right now as a company with a very strong floor and no ceiling. And we plan to maintain the prudent way of allocating capital, the focus on execution, the relentless focus on our pipeline, productivity and big assets and improving our margins by the use of technology, focus and simplification of our business process.

非常感謝。感謝您的關注。我只想說，就我們設定的目標而言，我對這個團隊的執行非常滿意。我現在將輝瑞描述為一家具有非常強大的底線並且沒有上限的公司。我們計劃保持審慎的資本配置方式，專注於執行，堅持不懈地關注我們的管道、生產力和大資產，並透過使用技術、集中和簡化我們的業務流程來提高我們的利潤率。

Thank you very much and enjoy your summer to those that didn't take their vacation, like me.

非常感謝，祝福那些和我一樣沒有休假的人享受夏天。

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。