輝瑞 (PFE) 2026 Q3 法說會逐字稿

Please stand by. Your meeting is about to begin. Good day, everyone, and welcome to Pfizer's third-quarter 2026 earnings conference call. Today's call is being recorded.

請稍候。您的會議即將開始。各位早安，歡迎參加輝瑞（Pfizer）2026 年第三季財報電話會議。今天的電話會議將進行錄音。

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.

此刻，我想把電話會議交給投資人關係長兼資深副總裁 Francesca DeMartino。女士，請開始。

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 third quarter 2026 via a press release that is available on our website at Pfizer.com.

各位早安，歡迎參加輝瑞的財報電話會議。我是投資人關係長 Francesca DeMartino。我謹代表輝瑞團隊，感謝各位加入我們。本次電話會議將透過 Pfizer.com 的音訊網路直播提供收聽。今天稍早，我們已透過新聞稿公布 2026 年第三季業績，新聞稿可於 Pfizer.com 網站取得。

I'm joined today by Dr. Albert Bourla, our Chairman and CEO; Cecile Guegan, our CFO, and Chris Boshoff, our Chief Scientific Officer. After their prepared remarks, we will open the call for questions. Members of our leadership team will be available for the Q&A session.

今天與我一同出席的有：董事長暨執行長 Albert Bourla 博士、財務長 Cecile Guegan，以及首席科學長 Chris Boshoff。在他們的準備發言之後，我們將開放提問。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, speak only as of the call's original date, and we undertake no obligation to update or revise any of the statements.

在開始之前，我想提醒各位，我們將發表前瞻性陳述，並討論若干非 GAAP 財務衡量指標。我鼓勵各位閱讀我們簡報投影片中的免責聲明、我們今天早上發布的新聞稿，以及我們向美國證券交易委員會（SEC）提交文件中的揭露內容；上述資料皆可於 pfizer.com 的投資人關係網站取得。本次電話會議中的前瞻性陳述受重大風險與不確定性影響，僅以電話會議原始日期為準，且我們不承擔更新或修訂任何陳述之義務。

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

接下來，我把電話會議交給 Albert。

Thank you, Francesca. Good morning, everyone, and thank you for joining our call. I'm pleased with another strong quarter for Pfizer. Our excellent commercial execution, including 32% operational revenue growth in the quarter for our launched and acquired products shows the underlying strength of our business. Financial discipline and ongoing productivity improvement are driving efficiency and contributing favorably toward our margins. And with continued progress of our high-value R&D programs, we believe that we are on a pathway to the next stage of meaningful growth.

謝謝你，Francesca。各位早安，感謝各位參加我們的電話會議。我對輝瑞再度交出強勁的一季感到欣慰。我們卓越的商業執行力，包括本季已上市與併購產品的營收（以營運口徑計）成長 32%，展現了我們業務的基本面實力。財務紀律與持續的生產力提升正推動效率，並對我們的利潤率帶來正面貢獻。隨著我們高價值研發計畫持續取得進展，我們相信正走在邁向下一階段具意義成長的道路上。

Before going further, I want to welcome Cecile Guegan as our Chief Financial Officer. Cecile brings more than 25 years of finance leadership and the proven ability to deliver new sources of growth. She stood out in a global search for her expertise, her deep knowledge of Pfizer and our industry, and a strategic vision that I believe will help Pfizer unlock sustained long-term value for patients and shareholders. I'm looking forward to Cecile's partnership, and I'm confident she will help us execute with the discipline and ambition this next chapter requires.

在進一步說明之前，我想歡迎 Cecile Guegan 加入並擔任我們的財務長。Cecile 擁有超過 25 年的財務領導經驗，並具備開創新成長來源的實證能力。在全球遴選中，她以其專業、對輝瑞及本產業的深厚了解，以及我相信能協助輝瑞為病患與股東釋放可持續長期價值的策略視野而脫穎而出。我期待與 Cecile 的合作，也有信心她將協助我們以本章節所需的紀律與企圖心落實執行。

Now let me cover several highlights of our progress in this quarter. As you know, over the last few years, we have invested close to $80 billion in transactions that have equipped us with key products contributing to current commercial momentum and platforms with transformative potential. About 80% of this investment was for Seagen, Metsera, and Biohaven, and we are making good progress in maximizing the value of each one. We are pleased with the overall performance of our acquired products, which grew 37% operationally in this quarter. Our legacy Seagen portfolio grew 39% year over year in the US in the quarter, driven by the strong performance of Padcev.

接下來我將說明本季進展的幾項重點。如各位所知，過去幾年我們在各項交易上的投資接近 800 億美元，使我們取得了有助於當前商業動能的關鍵產品，以及具變革潛力的平台。其中約 80% 的投資用於 Seagen、Metsera 與 Biohaven，而我們在最大化各項投資價值方面進展良好。我們對併購產品的整體表現感到滿意，本季其營收（以營運口徑計）成長 37%。我們既有的 Seagen 產品組合在美國本季年增 39%，主要由 Padcev 的強勁表現所帶動。

Bringing Seagen's medicines together with the strengthened reach of our commercial organization has deepened our presence in the Oncology community. We now offer physicians and care teams a broader set of options and more expertise, helping patients and driving growth for Pfizer. Seagen did more than strengthen our commercial position. It also expanded our ability to discover oncology breakthroughs, doubling the size of our early-stage pipeline at the time we closed the acquisition. In our late-stage development programs, we are advancing potential antibody-drug conjugates that could bring meaningful improvements for patients with cancer.

將 Seagen 的藥物與我們商業組織強化後的觸及範圍結合，已加深我們在腫瘤領域社群中的布局。我們如今能為醫師與照護團隊提供更廣泛的選擇與更多專業支援，協助病患並推動輝瑞成長。Seagen 不僅強化了我們的商業地位。它也擴大了我們發現腫瘤學突破的能力，在完成收購時使我們早期研發管線規模倍增。在後期開發計畫方面，我們正推進具潛力的抗體藥物複合體（ADC），有望為癌症病患帶來具意義的改善。

I'm pleased with the pace of progress over the past year with our expansive clinical development program across our obesity portfolio. We plan to advance 10 active and planned Phase 3 trials in 2026, including one evaluating a switch from approved weekly therapies to our investigational monthly GLP-1 peptide, berobenatide. We have made significant progress with enrollment across our pivotal berobenatide program, as well as our amylin combination program, where our Phase 2b study is now fully enrolled. We are working toward the first in a series of potential approvals for berobenatide in 2028, with planning of our go-to-market strategy well underway.

我對過去一年我們在肥胖產品組合之廣泛臨床開發計畫所展現的進展速度感到滿意。我們計畫於 2026 年推進 10 項進行中與規劃中的第 3 期試驗，其中包括一項評估從已核准的每週療法轉換至我們研發中的每月一次 GLP-1 胜肽 berobenatide 的研究。我們在 berobenatide 關鍵性計畫的受試者招募方面已取得顯著進展；同時在我們的 amylin 聯合療法計畫中，第 2b 期研究目前也已完成全數收案。我們正朝向 2028 年 berobenatide 可能取得的一系列核准中的首項核准邁進，上市策略規劃也已在積極推動中。

Biohaven also has been a strategically important addition for Pfizer. In the quarter, Nurtec grew by 33% operationally, driven by underlying demand and excellent commercial execution. We see a real opportunity to help patients with migraine and for the oral CGRP class to be a key growth driver, even as we manage market dynamics in a competitive field. We are leading the oral CGRP class in the US and are working to extend that position internationally. We are seeing international growth as more patients can now get this treatment in countries including the UK, Italy, and Japan. We are also encouraged by strong adoption when we are able to expand access.

Biohaven 也是對輝瑞具有策略重要性的新增資產。本季 Nurtec 的營收（以營運口徑計）成長 33%，主要由基本需求與卓越的商業執行所驅動。即使我們在競爭激烈的市場中管理市場動態，我們仍看到協助偏頭痛病患的實質機會，且口服 CGRP 類別可望成為關鍵成長動能。我們在美國口服 CGRP 類別中居於領先地位，並正努力將此優勢延伸至國際市場。隨著更多病患如今可在包括英國、義大利與日本等國家取得此治療，我們正看到國際市場的成長。當我們能夠擴大可近性時，我們也受到強勁採用率的鼓舞。

2026 execution in R&D has been strong, and we continue to prioritize the highest-value opportunities for patients and future growth across our four therapeutic focus areas. Our excellent progress showcases our momentum in advancing our strategy. In recent months, we achieved two key regulatory decisions, one key pivotal readout, and eight key pivotal study starts, alongside strong data we presented at several recent medical congresses. We are excited by the pipeline opportunities in areas of strategic focus and commercial strength. This includes late-stage programs across tumor types in oncology, including multiple myeloma, breast cancer, and lung cancer, within Inflammation & Immunology, and of course, in pneumococcal vaccines. Chris will share more detail about our recent advancements in the recent months.

2026 年我們在研發（R&D）方面的執行表現強勁，我們持續在四大治療重點領域中，優先聚焦對病患與未來成長最具價值的機會。我們的優異進展展現了推動策略落地的動能。近幾個月，我們取得兩項關鍵法規決策、一項關鍵樞紐性試驗讀出，以及八項關鍵樞紐性研究啟動，同時也在近期多場醫學會議上發表了強勁數據。我們對於在策略聚焦與商業優勢領域中的研發管線機會感到振奮。這包括腫瘤領域涵蓋多種腫瘤類型的後期計畫（包括多發性骨髓瘤、乳癌與肺癌）、發炎與免疫領域，以及當然也包括肺炎鏈球菌疫苗。Chris 將就我們近幾個月的最新進展分享更多細節。

Our pipeline strategy is grounded in discipline, prioritization, and accelerated execution, and we are confident that we are advancing our most significant opportunities for future patient impact and growth. Today, we are raising our guidance for full-year 2026 revenue and adjusted earnings per share. This reflects our strong performance through the third quarter and confidence in our ability to execute our strategies. Along with our financial discipline and the progress we continue to make with our R&D pipeline, we believe Pfizer is well positioned to drive growth toward the end of the decade and create sustained value for patients and shareholders over the long term.

我們的研發管線策略以紀律、優先排序與加速執行為基礎；我們有信心正推進對未來病患影響與成長最重要的機會。今天，我們上調 2026 全年營收與調整後每股盈餘（EPS）指引。這反映了我們截至第三季的強勁表現，以及對我們執行各項策略能力的信心。結合我們的財務紀律與研發管線持續取得的進展，我們相信輝瑞已具備良好定位，可在本十年末推動成長，並在長期為病患與股東創造可持續的價值。

We have deployed AI in our business with the goal of improving efficiency in manufacturing and sharpening how we engage physicians and patients. In R&D, we are working to accelerate innovation with faster target validation and better molecule and biomarker selection. The recent launch of GENESIS, a new pharmacovigilance platform, shows our commitment to harnessing advanced AI and intelligent automation for global safety monitoring. This typically involves a lengthy manual process for more than 600 products in over 120 countries. GENESIS takes on the administrative burden so our safety scientists can spend their time where it matters most, assessing causality, detecting safety signals, and protecting patients.

我們已在業務中部署 AI，目標是提升製造效率，並強化我們與醫師及病患互動的方式。在研發方面，我們正致力於透過更快速的標的驗證，以及更佳的分子與生物標記選擇，加速創新。近期推出的 GENESIS（全新藥物安全監測平台）展現我們致力於運用先進 AI 與智慧自動化，以進行全球安全監測。這通常涉及一項冗長的人工流程，涵蓋超過 600 項產品、遍及 120 多個國家。GENESIS 承擔行政負擔，使我們的安全科學家能將時間投入在最重要之處：評估因果關係、偵測安全訊號並保護病患。

With that, I will turn it over to Cecile.

接下來，我把時間交給 Cecile。

Thank you, Albert, and good morning. I am proud to speak to you today as Pfizer CFO. I'm looking forward to continuing to work alongside the executive leadership team and lead a world-class finance organization. I am genuinely excited about what we can achieve together, and I will approach this role with financial discipline and a focus on translating Pfizer's scientific and commercial progress into durable shareholder value. I am confident in our strategy and that as a team we can deliver durable long-term value for shareholders with rigorous capital allocation and disciplined execution.

謝謝你，Albert，大家早安。我很榮幸今天以輝瑞（Pfizer）財務長（CFO）的身分與各位對話。我期待持續與執行領導團隊並肩合作，並領導一個世界級的財務組織。我對我們能共同達成的成果感到由衷振奮，我將以財務紀律為本，並專注於把輝瑞在科學與商業上的進展轉化為可持續的股東價值。我對我們的策略充滿信心，也相信作為一個團隊，我們能透過嚴謹的資本配置與有紀律的執行，為股東交付可持續的長期價值。

Now I am pleased to share our third-quarter results, which demonstrate continued commercial execution and financial discipline. Revenues from our non-COVID products delivered solid growth, while product mix, productivity, and cost management supported margin expansion and enabled continuous investment across our robust pipeline. This year's performance gives us the confidence to raise our full-year 2026 revenue guidance as well as raise and narrow our adjusted diluted EPS guidance.

現在我很高興分享我們第三季的業績，這些結果展現了持續的商業執行力與財務紀律。我們非 COVID 產品的營收帶來穩健成長，而產品組合、效率提升與成本管理支持了毛利率擴張，並使我們得以持續投資於強健的研發管線。今年的表現讓我們有信心上調 2026 全年營收指引，同時上調並收斂我們的調整後稀釋每股盈餘（EPS）指引。

Now on to the results. Third-quarter 2026 revenue of $16.6 billion came in ahead of our expectation, with strong 7% operational revenue growth of our non-COVID products, driven by key brands in the US and select international markets, offset by lower revenues from our COVID-19 products. On the bottom line, third-quarter 2026 reported diluted EPS was $0.56. In addition, adjusted diluted EPS of $0.87 exceeded our expectation and includes the $0.10 charge related to the Innovent transaction. This outperformance reflects cost discipline and improved productivity across the organization, even as we increase investment toward future growth drivers and advance several Phase 3 study starts.

接著看業績結果。2026 年第三季營收為 166 億美元，高於我們的預期；其中非 COVID 產品實現強勁的 7% 營運（operational）營收成長，主要由美國及部分國際市場的關鍵品牌帶動，但被 COVID-19 產品營收下滑所部分抵銷。在獲利方面，2026 年第三季公告（reported）稀釋 EPS 為 0.56 美元。此外，調整後稀釋 EPS 為 0.87 美元，優於我們的預期，且包含與 Innovent 交易相關的 0.10 美元費用。這項優於預期的表現反映了全組織的成本紀律與生產力提升，即便我們加大對未來成長動能的投資，並推進多項第三期（Phase 3）研究啟動。

We saw solid revenue contributions in the quarter from Eliquis, Padcev, the Vyndaqel family, Nurtec, and Lorbrena, while our COVID-19 products and the Prevnar family declined in the quarter. Our launched and acquired products contributed $3.8 billion in revenues and grew 32% operationally in the quarter primarily driven by Padcev, up $255 million, Nurtec, up $135 million, and Lorbrena, up $114 million. We continue to invest behind this group of products to mitigate LOE headwinds over the next several years.

本季 Eliquis、Padcev、Vyndaqel 系列、Nurtec 與 Lorbrena 帶來穩健的營收貢獻；而我們的 COVID-19 產品與 Prevnar 系列本季則呈現下滑。我們已上市與併購取得的產品合計貢獻 38 億美元營收，本季營運口徑成長 32%，主要由 Padcev 增加 2.55 億美元、Nurtec 增加 1.35 億美元，以及 Lorbrena 增加 1.14 億美元所帶動。我們持續加大對這一組產品的投資，以緩解未來數年專利到期（LOE）帶來的逆風。

In addition, this quarter's performance demonstrates clear progress against our objective of returning to growth toward the end of the decade. Cost discipline and continued optimization across the company, including our manufacturing footprint, remain priorities. We are making meaningful progress with our productivity initiatives and remain on track to deliver nearly all of the anticipated $7.2 billion of net savings by the end of 2026 from ongoing cost improvement programs.

此外，本季表現也清楚展現我們朝向在本十年末重返成長的目標取得進展。成本紀律與全公司持續優化（包括我們的製造據點布局）仍是優先事項。我們在生產力計畫方面取得實質進展，並仍按計畫在 2026 年底前，透過持續的成本改善方案實現預期 72 億美元淨節省中的幾乎全部。

As we announced last quarter, we're initiating the next phase of these programs to deliver an anticipated additional $2.5 billion of net cost savings from 2027 through 2029. These savings support increased operating efficiency and contribute favorably to our margins. At the same time, we continue to prioritize investment in pipeline programs that we believe have the greatest potential to deliver meaningful breakthroughs for patients and create long-term value for our shareholders. Adjusted gross margin for the third quarter was 77%, primarily reflecting favorable product mix and continued cost management. When we look at the components of adjusted operating expenses of $6.8 billion, adjusted SI&A expenses increased 2% operationally, reflecting in part an increase due to lower favorable adjustments of US healthcare reform fees year over year, offset partially by lower and targeted marketing and promotional investments toward growth drivers and ongoing cost productivity improvements.

如同我們在上一季宣布的，我們正啟動這些計畫的下一階段，預期在 2027 至 2029 年期間額外帶來 25 億美元的淨成本節省。這些節省將支持營運效率提升，並對我們的利潤率帶來正面貢獻。同時，我們仍優先投資於我們認為最有潛力為病患帶來重大突破、並為股東創造長期價值的研發管線計畫。第三季調整後毛利率為 77%，主要反映有利的產品組合以及持續的成本管理。在調整後營業費用 68 億美元的組成方面，調整後銷售、資訊與行政（SI&A）費用以營運口徑增加 2%，部分反映美國醫療改革費用（US healthcare reform fees）相較去年同期有利調整減少所致；但部分被針對成長動能而降低且更精準的行銷與推廣投資，以及持續的成本生產力改善所抵銷。

Adjusted R&D expenses increased 18% operationally, which includes planned investment in priority oncology and obesity programs, including several Phase 3 study starts. Acquired in-process R&D decreased 52% operationally, primarily reflecting a $650 million charge related to the Innovent transaction this quarter, compared to a $1.35 billion charge in the prior-year quarter related to the 3SBio transaction. Third-quarter 2026 adjusted operating margin was 36%, reflecting effective cost management, strong non-COVID revenue performance, higher investment in the business, and I will note was tempered by the AIPR&D charge related to the Innovent transaction. And as I mentioned earlier, third quarter adjusted diluted EPS was $0.87.

調整後研發（R&D）費用以營運口徑增加 18%，其中包含對優先腫瘤與肥胖計畫的既定投資，包括多項第三期（Phase 3）研究啟動。併購取得的在研研發（Acquired in-process R&D）以營運口徑下降 52%，主要反映本季與 Innovent 交易相關的 6.5 億美元費用，相較之下，去年同期與 3SBio 交易相關的費用為 13.5 億美元。2026 年第三季調整後營業利益率為 36%，反映有效的成本管理、非 COVID 營收的強勁表現，以及對業務的更高投資；同時我也要指出，該數字受到與 Innovent 交易相關的 AIPR&D 費用所抑制。如我先前提到，第三季調整後稀釋 EPS 為 0.87 美元。

Based on our year-to-date performance, including continued growth across our non-COVID products and disciplined execution, we are raising our full-year 2026 revenue guidance by $1.5 billion at the midpoint to a range of $62 billion to $64 billion. We are reaffirming our expectation of approximately $4 billion for the COVID products, with a majority of the Comirnaty revenues expected in the fourth quarter, consistent with the vaccination season. Paxlovid utilization will continue to be influenced by infection rates and treatment demand.

基於我們年初至今的表現，包括非 COVID 產品持續成長與有紀律的執行，我們將 2026 全年營收指引在中位數上調 15 億美元，至 620 億至 640 億美元區間。我們重申對 COVID 產品約 40 億美元的預期，其中 Comirnaty 的大部分營收預計將在第四季入帳，與疫苗接種季節一致。Paxlovid 的使用量將持續受到感染率與治療需求的影響。

In addition, we now expect full-year 2026 R&D expense to be in the range of $10.8 billion to $11.8 billion. We are raising and narrowing our full-year 2026 adjusted diluted EPS guidance to a range of $2.95 to $3.05. This represents an increase of $0.10 at the midpoint while absorbing the $0.10 per share impact of the Innovent transaction. We are reaffirming all other components of our financial guidance. Our updated outlook reflects our confidence in our non-COVID products, progress across our cost improvement initiatives, an expectation of full-year adjusted gross margin in the mid-70s percent range, and continued investment in our priority pipeline programs.

此外，我們目前預期 2026 全年研發費用將落在 108 億至 118 億美元區間。我們將 2026 全年調整後稀釋 EPS 指引上調並收斂至 2.95 至 3.05 美元區間。這代表在中位數上增加 0.10 美元，同時吸收 Innovent 交易帶來的每股 0.10 美元影響。我們重申財務指引的其他所有組成項目不變。我們更新後的展望反映我們對非 COVID 產品的信心、成本改善計畫的進展、對全年調整後毛利率落在 70% 中段區間的預期，以及對優先研發管線計畫的持續投資。

Turning to capital allocation. Our capital allocation priorities remain unchanged: reinvest in the business at appropriate returns, maintain and over time grow our dividend, and deliver shareholder returns while preserving flexibility for future value-enhancing actions, including share repurchases. Following the Innovent transaction, which closed in the third quarter, our current BD capacity is approximately $6 billion.

接著談資本配置。我們的資本配置優先順序維持不變：以適當報酬再投資於業務、維持並隨時間推動股利成長、在保留未來可提升價值行動（包括庫藏股回購）彈性的同時，為股東帶來回報。在第三季完成交割的 Innovent 交易之後，我們目前的商務開發（BD）資金量能約為 60 億美元。

In the first nine months of 2026, we invested $9.2 billion in internal and external R&D and returned $7.3 billion to shareholders through our quarterly dividend. Our third quarter year-to-date 2026 operating cash flow was $8.8 billion, and leverage ended the quarter at 2.6 times, slightly below our 2026 target of 2.7 times. Given the impact of upcoming LOEs, we expect leverage to remain around current levels or modestly higher during the LOE transition period. We remain focused on maintaining our strong financial position while continuing to invest in innovation and support shareholder returns.

2026 年前九個月，我們在內部與外部研發共投資 92 億美元，並透過季度股利向股東返還 73 億美元。截至第三季年初至今，2026 年營運現金流為 88 億美元；槓桿比率在季末為 2.6 倍，略低於我們 2026 年 2.7 倍的目標。考量即將到來的專利到期（LOE）影響，我們預期在 LOE 過渡期間，槓桿比率將維持在目前水準附近或略為提高。我們仍專注於維持強健的財務狀況，同時持續投資創新並支持股東回報。

In conclusion, I want to leave you with two key takeaways. First, operational excellence. The non-COVID products continue to perform well, growing 7% operationally, and our launched and acquired products grew 32% operationally, providing further evidence of our strong capabilities and consistent execution.

總結而言，我想留給各位兩個關鍵重點。第一，營運卓越。非 COVID 產品持續表現良好，營運面成長 7%，而我們已上市及併購的產品營運面成長 32%，進一步證明我們強大的能力與一貫的執行力。

Second, financial discipline. We are improving operating efficiency while enabling increased pipeline investments in programs we believe offer the greatest potential for patients and shareholders. Together, this performance demonstrates that we are executing our strategy. Managing the upcoming LOE transition and strengthening the foundation for return to growth toward the end of the decade.

第二，財務紀律。我們在提升營運效率的同時，也加大對我們認為對病患與股東最具潛力之專案的研發管線投資。綜合而言，這些表現顯示我們正在落實既定策略。一方面管理即將到來的 LOE（專利到期）轉換期，另一方面強化重返成長的基礎，目標在本十年末期前後恢復成長。

With that, I'll turn it over to Chris.

接下來我把時間交給 Chris。

Thanks, Cecile. Across our four therapeutic areas, we've made strong progress last quarter. I'll provide color on recent developments in some of these programs, starting with Elrexfio, our internally discovered BCMA bispecific, which has now delivered two positive Phase 3 readouts in double-class exposed multiple myeloma. Most recently, in MM-32, Elrexfio monotherapy demonstrated a statistically significant and clinically meaningful improvement in progression-free survival versus investigator's choice of 3 established standard-of-care regimens. This is important because the choice of three standard-of-care regimens provides a robust representation of how CD38-refractory multiple myeloma is treated today in a patient population that is growing as anti-CD38 therapy moves in the first-line setting, and the results themselves were strong.

謝謝你，Cecile。在我們四個治療領域中，上季都取得了強勁進展。我將就其中部分專案的近期進展補充說明，先從 Elrexfio 談起；這是我們內部發現的 BCMA 雙特異性抗體，目前已在雙類別暴露的多發性骨髓瘤中取得兩項正向的第三期試驗讀出結果。最近在 MM-32 試驗中，Elrexfio 單藥治療相較於研究者選擇的三種既有標準治療方案，在無惡化存活期方面展現具統計顯著且具臨床意義的改善。這點很重要，因為三種標準治療方案的選擇，能充分反映當今 CD38 難治型多發性骨髓瘤在臨床上的治療方式；隨著抗 CD38 治療前移至一線治療，這類病患族群正在擴大，而試驗結果本身也相當強勁。

At the time of the interim analysis, more than 75% of patients receiving Elrexfio had not experienced disease progression or death from any cause, and the estimated 18-month progression-free survival rate was approximately 68%. Safety in MM-32 was consistent with Elrexfio's known profile, and also potentially differentiated with infection prophylaxis measures incorporated from the start of MM-32. Rates of Grade 3 or higher infections were lower than those observed in MM-5, Elrexfio's first positive pivotal trial in double-class exposed multiple myeloma. For context, such infection prophylaxis measures were not in place at the start of MM-5. These were instituted following early deaths due to infections that were concentrated in China and two other countries during the COVID wave, impacting the overall hazard ratio of MM-5.

在期中分析時，接受 Elrexfio 治療的病患中，超過 75% 尚未出現疾病惡化或任何原因死亡，估計 18 個月無惡化存活率約為 68%。MM-32 的安全性與 Elrexfio 已知的特性一致，且由於自 MM-32 一開始即納入感染預防措施，安全性可能也具差異化優勢。三級或以上感染的發生率低於 MM-5（Elrexfio 在雙類別暴露多發性骨髓瘤中的首個取得正向結果之關鍵性試驗）所觀察到的水準。補充說明，MM-5 在試驗開始時並未採行此類感染預防措施；在 COVID 流行期間，因感染造成的早期死亡事件集中發生於中國及另外兩個國家，之後才導入相關措施，並影響了 MM-5 的整體風險比（hazard ratio）。

MM-5 data are expected at a medical meeting before year-end and will provide further information on efficacy and safety. Taken together, these positive Phase 3 results from MM-32 and MM-5 strengthen our confidence in moving Elrexfio into earlier lines of treatment. We are building a compelling case of fixed-dose Elrexfio monotherapy from first relapse regardless of prior CD38 exposure. And with additional pivotal studies in newly diagnosed multiple myeloma underway, Elrexfio's eligible patient population could grow approximately fivefold, pending clinical and regulatory success.

MM-5 的資料預計將於年底前在一場醫學會議上公布，並提供更多療效與安全性資訊。綜合而言，MM-32 與 MM-5 這兩項第三期試驗的正向結果，強化了我們將 Elrexfio 推進至更早治療線別的信心。我們正在建立一個具說服力的證據基礎：固定劑量的 Elrexfio 單藥治療可用於首次復發，且不受既往 CD38 暴露與否影響。此外，隨著多項新診斷多發性骨髓瘤的額外關鍵性研究正在進行中，若臨床與法規審查皆成功，Elrexfio 的符合條件病患族群規模可望約增加五倍。

Moving next to atirmociclib, our potential first-in-class highly selective CDK4 inhibitor. Building on the leadership we established with Ibrance, we are advancing atirmociclib as a potential next-generation backbone for first-line and early HR-positive breast cancer. Our KAT6 inhibitor, prifetrastat, is being developed in later-line settings. Atirmociclib was designed in-house to improve upon CDK4/6 inhibitors, the current standard-of-care backbone for HR-positive breast cancer. A key limitation of this class is safety and tolerability, with CDK6 inhibition being a key contributor to adverse events.

接著談 atirmociclib，我們潛在的同類首創（first-in-class）高選擇性 CDK4 抑制劑。在我們以 Ibrance 建立的領先地位基礎上，我們正推進 atirmociclib，作為一線與早期 HR 陽性乳癌的下一代基礎用藥（backbone）的潛在選項。我們的 KAT6 抑制劑 prifetrastat，則在較後線治療情境中開發。atirmociclib 由內部設計，旨在優化現行標準治療基礎用藥——CDK4/6 抑制劑。此類藥物的一項關鍵限制在於安全性與耐受性，其中 CDK6 抑制被認為是造成不良事件的重要因素。

We designed atirmociclib to maximize efficacy through greater CDK4 inhibition while improving tolerability by minimizing CDK6 engagement. Atirmociclib is 33 times more selective for CDK4 versus CDK6, comparing favorably versus the standard of care. Here are two datasets fueling enthusiasm for atirmociclib. On the left are data presented at ESMO from the Phase 2 FOURLIGHT-1 study of atirmociclib plus fulvestrant in patients with HR-positive, HER2-negative breast cancer.

我們設計 atirmociclib 的目標，是透過更強的 CDK4 抑制來最大化療效，同時藉由降低 CDK6 作用來改善耐受性。相較於 CDK6，atirmociclib 對 CDK4 的選擇性高出 33 倍，與標準治療相比具競爭力。以下兩組資料推動了市場對 atirmociclib 的高度期待。左側為在 ESMO 發表的第二期 FOURLIGHT-1 研究數據，評估 atirmociclib 合併 fulvestrant 用於 HR 陽性、HER2 陰性乳癌病患。

All participants had previously received a CDK4/6 inhibitor, and notably, 92% of atirmociclib participants were randomized within three months of discontinuing a CDK4/6 inhibitor. The atirmociclib regimen reduced the risk of disease progression or death by 40% compared to investigator's choice of fulvestrant or everolimus plus exemestane. These results in a population with highly refractory or resistant disease increase our confidence in our ongoing Phase 3 trial of atirmociclib versus investigator's choice of CDK4/6 inhibitor in the first-line setting.

所有受試者先前皆接受過 CDK4/6 抑制劑治療；值得注意的是，92% 的 atirmociclib 受試者在停止 CDK4/6 抑制劑治療後三個月內即完成隨機分派。與研究者選擇的 fulvestrant 或 everolimus 合併 exemestane 相比，atirmociclib 方案將疾病惡化或死亡風險降低 40%。在高度難治或具抗藥性的族群中取得此結果，提升了我們對正在進行之第三期試驗的信心；該試驗在一線治療情境中，比較 atirmociclib 與研究者選擇的 CDK4/6 抑制劑。

On the right are data from atirmociclib's Phase 2 study in early breast cancer. With the combination of atirmociclib plus letrozole, 88% of participants' tumors demonstrated complete cell-cycle arrest compared to only 18% versus letrozole alone. These results support our plan to combine atirmociclib with the selective estrogen receptor degrader, giredestrant, in a Phase 3 early breast cancer trial expected to initiate within the next few months. This study design has been aligned with regulators, building on the expected approval for giredestrant in this setting.

右側為 atirmociclib 在早期乳癌第二期研究的數據。在 atirmociclib 合併 letrozole 的組合下，88% 受試者的腫瘤呈現完全細胞週期停滯（complete cell-cycle arrest），相較之下，單用 letrozole 僅為 18%。這些結果支持我們的計畫：在預計未來數月內啟動的第三期早期乳癌試驗中，將 atirmociclib 與選擇性雌激素受體降解劑（SERD）giredestrant 合併使用。此研究設計已與監管機關對齊，並建立在 giredestrant 預期於此適應症獲准的基礎之上。

This slide shows FOURLIGHT-1 safety and tolerability data alongside results from pivotal studies of the three approved CDK4/6 inhibitors plus fulvestrant. These are cross-trial comparisons, therefore definitive conclusions cannot be drawn. These data further suggest that high CDK4 selectivity drives improved safety and tolerability, enabling continuous dosing, excellent adherence, and potentially greater efficacy.

本投影片將 FOURLIGHT-1 的安全性與耐受性數據，與三款已核准 CDK4/6 抑制劑合併 fulvestrant 的關鍵性研究結果並列呈現。由於這些屬於跨試驗比較，因此無法得出定論。不過，這些數據進一步顯示，高 CDK4 選擇性可能帶來更佳的安全性與耐受性，使得可連續給藥、依從性佳，並可能帶來更高療效。

Grade 3 or higher neutropenia was numerically lower with atirmociclib than with any of the approved agents, with no Grade 4 or 5 neutropenia reported. Any-grade diarrhea was lower than with abemaciclib and comparable to palbociclib and ribociclib. Dose reductions due to adverse events were 14% with atirmociclib compared to 32% to 43% with the approved agents.

在 atirmociclib 治療下，三級或以上嗜中性白血球低下的發生率在數值上低於任何一款已核准藥物，且未通報四級或五級嗜中性白血球低下。任何等級的腹瀉發生率低於 abemaciclib，且與 palbociclib 與 ribociclib 相當。因不良事件而需減量的比例，atirmociclib 為 14%，相較之下已核准藥物為 32% 至 43%。

Turning to tivunatamig, we are advancing an extensive program for this potentially best-in-class PD-1 VEGF bispecific antibody, with over 1,200 patients treated globally and a consistent safety profile. This includes two ongoing Phase 3 trials, with two additional Phase 3 trials expected to begin this year.

接著談 tivunatamig。我們正推進一項廣泛的開發計畫，針對這款可能為同類最佳（best-in-class）的 PD-1/VEGF 雙特異性抗體；目前全球已治療超過 1,200 名病患，且安全性特徵一致。此計畫包含兩項正在進行的第三期試驗，並預計今年再啟動另外兩項第三期試驗。

Updated results at ESMO strengthen our confidence as we expand tivunatamig's development. Since SITC 2025, confirmed response rates for the pivotal dose of tivunatamig plus doublet chemotherapy from the ongoing Phase 2 study have risen by roughly 20 percentage points in non-squamous and squamous first-line non-small cell lung cancer. They now stand at approximately 80%, exceeding those of tislelizumab plus chemotherapy. In this study, median progression-free survival was nearly 14 months for both histologies, an improvement of roughly four to five months versus the comparators. Notably, tislelizumab's efficacy was consistent with historical Phase 3 results for the leading PD-1 antibody pembrolizumab, which supports the relevance of the control arms. We are also encouraged by how tivunatamig efficacy and safety results compared with Phase 3 data for the PD-1 VEGF bispecific antibody ivonescimab, while recognizing the limitations of cross-trial comparisons.

在 ESMO 公布的更新結果，強化了我們在擴大 tivunatamig 開發上的信心。自 SITC 2025 以來，正在進行的第二期研究中，tivunatamig 的關鍵劑量合併雙藥化療（doublet chemotherapy）在非鱗狀與鱗狀一線非小細胞肺癌的確認反應率，約提升了 20 個百分點。目前約為 80%，高於 tislelizumab 合併化療。在本研究中，兩種組織學類型的中位無惡化存活期皆接近 14 個月，較對照組約改善 4 至 5 個月。值得注意的是，tislelizumab 的療效與領先的 PD-1 抗體 pembrolizumab 之歷史第三期結果一致，支持對照組的相關性。同時，我們也對 tivunatamig 的療效與安全性結果相較於 PD-1/VEGF 雙特異性抗體 ivonescimab 的第三期數據所呈現的表現感到鼓舞，但也理解跨試驗比較的限制。

Now for I&I, tilrekimig, a potential first-in-class trispecific antibody. Tilrekimig was designed in-house to simultaneously target multiple complementary drivers of type 2 inflammation, IL-4, IL-13, and TSLP. Phase 2 results in atopic dermatitis provide compelling proof of concept. At the top monthly doses, tilrekimig treatment led to placebo-adjusted response rates of about 50% for EASI-75, defined as a 75% or greater improvement in the Eczema Area and Severity Index. While cross-trial comparisons have limitations, these Phase 2 data suggest the potential for superiority over dupilumab, the current standard-of-care biologic. Key secondary endpoints in our ongoing Phase 3 program are powered to test this hypothesis in a head-to-head setting.

現在談到 I&I 的 tilrekimig，這是一款具潛力的同類首創三特異性抗體。Tilrekimig 為內部自行設計，可同時鎖定第 2 型發炎的多個互補驅動因子：IL-4、IL-13 與 TSLP。異位性皮膚炎的第 2 期結果提供了有力的概念驗證。在最高的每月劑量下，tilrekimig 治療使 EASI-75 的經安慰劑校正反應率約為 50%；EASI-75 定義為濕疹面積與嚴重度指數（EASI）改善達 75% 或以上。雖然跨試驗比較有所侷限，但這些第 2 期數據顯示其可能優於 dupilumab（目前的標準治療生物製劑）。我們正在進行的第 3 期計畫中的關鍵次要終點，已具備檢定力可在頭對頭試驗情境下驗證此一假設。

For safety, tilrekimig demonstrated a favorable profile at subcutaneous doses up to 400 milligrams once every four weeks. The observed frequency of conjunctivitis and injection-site reactions were lower than rates reported with dupilumab and comparable to placebo. Beyond atopic dermatitis, tilrekimig offers a pipeline-in-a-product opportunity, targeting pathways that are validated by approved therapies across nine different diseases. Late-stage studies are underway in severe asthma and moderate-to-severe COPD.

在安全性方面，tilrekimig 於每四週一次、最高 400 毫克的皮下注射劑量下，展現出良好的安全性概況。觀察到的結膜炎與注射部位反應發生頻率，低於 dupilumab 報告的比率，且與安慰劑相當。除異位性皮膚炎之外，tilrekimig 也提供「一品多適應症」的管線機會，鎖定的途徑已在九種不同疾病中由已核准療法所驗證。重度氣喘與中度至重度 COPD 的後期研究正在進行中。

Moving to our potential best-in-class pneumococcal conjugate vaccine program, building on Prevnar's 25-plus-year legacy of effectiveness and safety, we're advancing next-generation candidates designed for leading serotype and invasive disease coverage in Pediatrics. PCV25 delivered strong Phase 2 results. All 20 serotypes shared with Prevnar 20 met the twofold post-dose four IgG criterion historically used to establish non-inferiority. Since the pediatric licensure of Prevnar 20 in 2023, the FDA established an updated, more stringent 1.5-fold non-inferiority criterion that is incorporated into our Phase 3 design. Given the Phase 2 results and tighter confidence intervals expected with a much larger sample size in Phase 3, modeling predicts this criterion will be met with least 22 of 25 serotypes in our pivotal study.

接著談我們具潛力的同類最佳肺炎鏈球菌結合型疫苗計畫：在 Prevnar 逾 25 年的有效性與安全性傳承基礎上，我們正推進下一代候選疫苗，目標是在兒科提供領先的血清型與侵襲性疾病涵蓋。PCV25 取得強勁的第 2 期結果。與 Prevnar 20 共有的 20 種血清型，皆符合歷來用於建立非劣性的「接種後第 4 次 IgG 達兩倍」標準。自 2023 年 Prevnar 20 取得兒科許可後，FDA 建立了更新且更嚴格的 1.5 倍非劣性標準，並已納入我們的第 3 期設計。基於第 2 期結果，以及第 3 期更大樣本數預期帶來更緊的信賴區間，模型預測在我們的樞紐性研究中，至少 25 種血清型中的 22 種將可達成此標準。

Taken together with seroresponse data, functional OPA titers, and the totality-of-evidence approach to licensure, these results provide confidence as we aim to deliver a best-in-class pediatric pneumococcal vaccine protecting against serotypes that collectively cause an estimated 84% of invasive disease cases in US children under 5. This would represent an incremental increase of approximately 25 percentage points versus Prevnar 20. Our Phase 3 program is well underway, with the Phase 3 lot-to-lot consistency study already fully enrolled. In adults, PCV35 extends the enhanced serotype 3 technology we validated with PCV25 to other key serotypes, with the Phase 1 start expected this year.

結合血清反應資料、功能性 OPA 抗體效價，以及以「整體證據」作為核准依據的方法，這些結果讓我們更有信心，朝向提供同類最佳的兒科肺炎鏈球菌疫苗邁進；該疫苗可防護的血清型合計估計造成美國 5 歲以下兒童約 84% 的侵襲性疾病病例。相較於 Prevnar 20，這將代表約增加 25 個百分點的增量提升。我們的第 3 期計畫進展順利，其中第 3 期批次間一致性研究已完成全數收案。在成人方面，PCV35 將我們在 PCV25 上驗證的強化血清型 3 技術延伸至其他關鍵血清型，預計今年啟動第 1 期。

Looking ahead, we expect a strong cadence of regulatory decisions, data readouts, and pivotal study starts over the next 12 months. These include a readout from MEVPRO-1, which, based on the current event rate, is now expected in the first quarter of 2027. If successful, MEVPRO-1 could support approval for mevrometostat, our in-house discovered potential first-in-class EZH2 inhibitor for prostate cancer, expanding our franchise.

展望未來 12 個月，我們預期將迎來密集的法規決策、數據讀出與樞紐性研究啟動。其中包括 MEVPRO-1 的讀出；依目前事件發生率推估，現預期於 2027 年第一季取得結果。若成功，MEVPRO-1 可望支持 mevrometostat 的核准；該藥為我們內部發現、具潛力的同類首創 EZH2 抑制劑，用於前列腺癌，並可擴大我們的產品版圖。

With that, I'll hand it back to Albert.

接下來我把時間交還給 Albert。

Thank you, Chris. And in closing, operational excellence is driving our commercial momentum across our key growth brands, and I would say importantly with our launched and acquired products. Our capital allocation strategy, on the other hand, is designed to create long-term shareholder value. And our late-stage pipeline progress, with a significant number of pivotal readouts expected near term, is strengthening our opportunity to extend our leadership in key areas and make a difference for patients. I'm confident Pfizer is well positioned for growth toward the end of this decade and for long-term shareholder value creation. We have line of sight to our aim of delivering a risk-adjusted high-single-digit revenue CAGR from year-end 2028 through year-end 2033.

謝謝你，Chris。最後總結，營運卓越正推動我們在關鍵成長品牌上的商業動能，我認為尤其重要的是，這也涵蓋我們已上市與併購而來的產品。另一方面，我們的資本配置策略旨在創造長期股東價值。而我們後期管線的進展——近期預期將有相當數量的樞紐性讀出——正在強化我們延伸關鍵領域領導地位、並為病患帶來改變的機會。我有信心，輝瑞在本十年末之前的成長，以及長期股東價值創造方面，都具備良好定位。我們已清楚可見達成目標的路徑：自 2028 年底至 2033 年底，實現經風險調整後的高個位數營收年複合成長率（CAGR）。

Now we will move to Q&A. And Operator, please assemble the queue.

現在我們進入問答環節。接線員，請安排提問順序。

(Operator Instructions) Chris Schott, JPMorgan.

（接線員指示）Chris Schott，摩根大通。

I just had two pipeline ones. Maybe first on the trispecific tilrekimig, how are you thinking about the positioning of this one in atopic derm as we consider, I guess, first-line versus second-line usage, as we just think about the very strong data you presented versus a very well-entrenched standard of care? And maybe just a second part of that, just talk about the timelines for the indications beyond AD that you're pursuing?

我有兩個關於管線的問題。第一個是關於三特異性抗體 tilrekimig：在異位性皮膚炎方面，考量你們展示的非常強勁數據，以及目前根深蒂固的標準治療，你們如何思考它的定位——例如一線對比二線的使用？另外作為第二部分，也請談談你們在 AD 之外所追求適應症的時程規劃？

The second question was then just pivoting over to the upcoming Phase 1/2a amylin and combo data that we're going to see here. Can you just help us set some expectations about how you're thinking about that data, and then the type of titration schedule that's being used in that study, just to help us kind of frame out what we're going to see with that readout?

第二個問題是轉到我們即將看到的第 1/2a 期 amylin 與聯合療法數據。你能否協助我們建立一些預期：你們如何看待那份數據，以及該研究採用的劑量遞增（titration）時程是什麼，幫助我們更好地理解這次讀出會呈現什麼？

Chris, would you like to cover the timelines of the trispecific and, of course, the amylin and berobenatide questions? And then maybe Alexandre, you can speak a little bit about the commercial positioning?

Chris，你願意說明三特異性的時程，當然也包括 amylin 與 berobenatide 的問題嗎？然後或許 Alexandre，你可以談談商業定位？

So as you know, we've now started the Phase 3 program for tilrekimig in atopic dermatitis, two studies. One of those studies includes a head-to-head against dupilumab. And we also started the Phase 2/3 study, a continuous design for COPD, and Phase 3 studies for severe asthma, with expected readouts in 2028 and 2029.

如你所知，我們已在異位性皮膚炎啟動 tilrekimig 的第 3 期計畫，共兩項研究。其中一項研究包含與 dupilumab 的頭對頭比較。我們也已啟動 COPD 的第 2/3 期研究（連續式設計），以及重度氣喘的第 3 期研究，預計分別於 2028 年與 2029 年讀出。

Regarding amylin GLP-1, as you're aware, the SOLIS-1 study has now completely recruited. That is the robustly designed Phase 2b study for amylin single agent and amylin plus berobenatide in different doses and different titrations. We expect the readout for that study for efficacy in the second half of 2027. The ongoing Phase 1 and 2a study, we'll give an update at the end of this year, recognizing that study was designed for safety and PK clinical pharmacology, not for efficacy.

關於 amylin GLP-1，如你所知，SOLIS-1 研究目前已完成全數收案。這是一項設計嚴謹的第 2b 期研究，評估 amylin 單藥，以及 amylin 與 berobenatide 併用，在不同劑量與不同遞增方案下的表現。我們預期該研究的療效讀出將在 2027 年下半年取得。至於正在進行的第 1 期與第 2a 期研究，我們將在今年底提供更新；需注意該研究設計重點在安全性與 PK 臨床藥理，而非療效。

And then what about the positioning of the trispecifics? How do you think about it?

那麼三特異性抗體的定位呢？你們怎麼看？

So I think we all know that this is a very large category. What we have learned with our Cibinqo and overall Dermatology franchises, there is a lot of patient profiles that require different types of therapy, and we see that very much with the JAK versus the mAb, and we see that there are some patients that actually move from one to the other. There is a lot of circulation of those patients. We are building capabilities across US and International, and we see that we are making good progress.

我想大家都知道這是一個非常大的類別。從我們的 Cibinqo 以及整體皮膚科產品線中學到的是：有許多不同的病患族群需要不同類型的治療；我們在 JAK 與單株抗體（mAb）之間看得很清楚，也看到有些病患確實會從一種治療轉換到另一種。這些病患之間的流動性很高。我們正在美國與國際市場建立相關能力，也看到我們正取得良好進展。

So, for instance, as you saw in this quarter in International, we reached like $100 million combined between our two assets in Dermatology for the quarter. So we start having a nice base, and as I said, as we move into the results of the study, we will be able to actually capture some of those lapsed patients and naive patients with a very specific profile that we are defining. So first-in-class, strong efficacy, and clearly unmet medical need in this category.

所以，舉例來說，如同你在本季國際市場所看到的，我們皮膚科兩項資產本季合計達到約 1 億美元。因此我們開始有一個不錯的基礎；而且如我所說，隨著我們進入研究結果的揭盲，我們將能夠針對我們正在界定的一個非常特定的患者輪廓，實際上重新爭取部分曾中斷治療的患者以及初治（naive）患者。因此，這將是同類首創（first-in-class）、療效強勁，且在此類別中明顯存在未被滿足的醫療需求。

Next question please.

下一題，請。

Dave Risinger, Leerink Partners.

Dave Risinger，Leerink Partners。

Yes, thanks very much. And I wanted to say congratulations to Cecile on your new role as CFO of Pfizer, and look forward to working with you. My question is on US net price in the third quarter and going forward. Could you comment on any gross-to-net benefits to net sales in the third quarter, including from any 340B scrubbing, and discuss US net price prospects looking forward in the near term?

是的，非常感謝。我也想恭喜 Cecile 擔任輝瑞（Pfizer）新任財務長（CFO），並期待與你合作。我的問題是關於美國第三季的淨價格以及未來走勢。你能否評論第三季是否有任何毛到淨（gross-to-net）因素對淨銷售帶來助益，包括任何 340B 清理（scrubbing）的影響，並談談短期內美國淨價格的前景？

Thanks very much, first, for your good wishes. So as it relates to the pricing in Q3, with the exception of, as we were expecting, the impact on Eliquis, which started in Q3 of the January net price decrease, I would say there is not really any very material change into our gross-to-net dynamics during the third quarter. So the performance that we are seeing is, for the most part, driven by strong market performance and volume rises and dynamics around the gross-to-net.

首先非常感謝你的祝福。就第三季定價而言，除了如我們所預期的 Eliquis 影響——其 1 月份淨價格下調的影響在第三季開始反映——我會說第三季我們的毛到淨動態並沒有出現任何非常重大的變化。因此，我們看到的表現多半是由強勁的市場表現與銷量成長所驅動，以及與毛到淨相關的動態所致。

As we are looking into the future, obviously not commenting today on 2027, but we will obviously reflect into our guidance for 2027 the various dynamics that we are seeing, be it IRA, with two of our products entering in 2027, and any of the dynamics around the 340B impact and changes, including the credit rebate model implemented starting in January, and also obviously some of the MFN impacts that we have following the agreement we have with the government.

展望未來，我們今天當然不會評論 2027 年的細節，但我們會在 2027 年的指引中反映我們所看到的各種動態，包括 IRA（通膨削減法案）——我們有兩項產品將於 2027 年納入——以及任何與 340B 影響與變動相關的動態，其中包括自 1 月起實施的信用回扣（credit rebate）模式；此外，也包括我們與政府達成協議後所面臨的一些 MFN（最惠國）影響。

But as a summary, the performance into Q3 is really a reflection of the strong execution rather than dynamics around gross-to-net that we don't see.

但總結來說，第三季的表現主要反映的是強勁的執行力，而不是我們所未見到的、圍繞毛到淨的動態變化。

Very well. The next question, please.

很好。下一題，請。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

Albert, there's clearly been a lot of progress on SG&A improvements over the last couple of years. And I acknowledge that it's not step function, but there's been improvement. But then I recall Dave, before he moved on, had mentioned that majority of the total net cost savings of $7.2 billion will be delivered by the end of '26. So when I look now back at the Pfizer P&L, I'm seeing SG&A and R&D was about $24.5 billion back in 2022.

Albert，過去幾年在 SG&A 改善方面顯然取得了很大進展。我也理解這不是一步到位的躍升，但確實有改善。不過我記得 Dave 在離任前曾提到，72 億美元的總淨成本節省中，多數將在 2026 年底前實現。因此當我回頭看輝瑞的損益表（P&L），我看到 2022 年的 SG&A 與 R&D 約為 245 億美元。

It's about the same in 2026 as well. And I acknowledge R&D has gone up a bit, SG&A has come back a bit, but the broader dynamics on OpEx are still broadly in that $24 billion to $25 billion camp. And I guess, how do you think about that heading into the dividend integrity, the cost lever, heading into patent expiries?

到 2026 年也大致相同。我也承認 R&D 有小幅上升、SG&A 有回落一些，但營運費用（OpEx）的整體動態仍大致落在 240 億到 250 億美元的區間。我想問的是，在面對股利穩健性（dividend integrity）、成本槓桿，以及專利到期（patent expiries）之前，你們如何看待這件事？

Cecile, why don't you take this question?

Cecile，要不你來回答這題？

Yeah. So as I mentioned earlier, we are on track to delivering the $7.2 billion of savings that we had implemented as part of our first phase of the cost improvement programs. Those savings were in different places. One, in our manufacturing footprint or cost; two, in R&D, but reinvested. And we are indeed increasing our R&D investment in order to support the pipeline and programs that we have, in addition to, obviously, the acquisitions that we made.

好的。如我先前提到的，我們正按計畫推進，將實現第一階段成本改善計畫所設定的 72 億美元節省。這些節省來自不同面向：第一，在我們的製造版圖或製造成本；第二，在研發（R&D），但我們將其再投資。而我們確實正在提高研發投資，以支持我們的產品線（pipeline）與各項計畫，此外也包括我們所進行的併購。

And then on the SI&A side, mostly coming from the commercial and marketing expenses as well as the SG&A. So what we are seeing today in our operating expenses, and I don't relate to just the third quarter, which had some one-time dynamics that drove the SI&A up, we are still expecting, based on guidance, we'll see a decline in SI&A versus last year. So that's the first piece that I would say.

接著在 SI&A 方面，主要來自商業與行銷費用以及 SG&A 的節省。因此就我們目前看到的營運費用而言——我不只針對第三季，因為第三季有一些一次性因素推升了 SI&A——根據指引，我們仍預期 SI&A 相較去年會下降。這是我想先說的第一點。

Going forward, we have announced our second phase of the program with $2.5 billion of savings, both in SG&A and in our cost of manufacturing. Those will translate into savings, so we are expecting to see those translating and mitigating the margin erosion as part of the LOE transition in 2027 to 2029.

展望未來，我們已宣布第二階段計畫，將再節省 25 億美元，涵蓋 SG&A 以及製造成本。這些將轉化為節省，因此我們預期可在 2027 到 2029 年的 LOE（獨占權到期）轉換期中，對毛利率侵蝕起到緩解作用。

Next question.

下一題。

Akash Tewari, Jefferies.

Akash Tewari，Jefferies。

Just a couple. I know in the spring, you had a 45-, 50-patient biomarker analysis on your STAT6, and you were going to make a decision on whether to go from Stage 1 to Stage 2. Is there an update on that program, and really how do you think about TARC reduction and biomarker reduction to what we've seen with some of the degraders?

兩個小問題。我知道今年春天你們對 STAT6 做了 45 到 50 名患者的生物標記分析，並且要決定是否從第 1 階段進入第 2 階段。這個計畫有沒有更新？以及你們如何看待 TARC 降幅與生物標記降幅，相較於我們在一些降解劑（degraders）上看到的結果？

And then on your GLP-1 amylin, I think your Phase 1/2, you just updated on ClinicalTrials to 201 patients. I think it was originally planned to be closer to 400. Any color on what drove that decision with the amylin GLP-1 combo with Metsera?

另外關於你們的 GLP-1/胰淀素（amylin），我想你們的第 1/2 期在 ClinicalTrials 上剛更新為 201 名受試者。我記得原本規劃接近 400 名。能否說明一下，與 Metsera 合作的胰淀素 + GLP-1 組合為何做出這個決定？

Chris, both questions go to you.

Chris，這兩題都請你回答。

Okay. So the first one, STAT6, potentially first-in-class oral STAT6 program. Thanks for the question. And this is an area very important for us for the I&I portfolio. As we previously stated, we've adapted the program to incorporate some additional DDI studies. So we should give you a readout for the STAT6 later this year.

好的。第一題，STAT6，可能是同類首創的口服 STAT6 計畫。謝謝你的提問。這個領域對我們 I&I（免疫與發炎）產品組合非常重要。如我們先前所述，我們已調整該計畫，以納入一些額外的 DDI（藥物交互作用）研究。因此我們應該會在今年稍晚提供 STAT6 的讀出結果。

Regarding the amylin and therapeutic, as I stated earlier, the SOLIS-1 study is fully recruited. That study is for efficacy, reading out end of next year, and the Phase 1/2a study was adapted for the additional PK studies we are doing. But there's really nothing materially changed in the trial.

至於胰淀素與治療項目，如我先前所說，SOLIS-1 研究已完成招募。該研究是用於評估療效，預計在明年年底讀出；而第 1/2a 期研究則為了我們正在進行的額外 PK（藥物動力學）研究而做了調整。但試驗本身並沒有任何實質性的改變。

Next question, please.

下一題，請。

Vamil Divan, Guggenheim.

Vamil Divan，Guggenheim。

Again, maybe on the pipeline, one, we noticed that you posted a new Phase 1 trial for your PI3K inhibitor on CT.gov last week. Heard what you said around atirmociclib and your KAT6. Curious, can you maybe just talk about how you see that asset sort of fitting into your broader breast cancer strategy?

同樣可能是關於產品線（pipeline）。第一，我們注意到你們上週在 CT.gov 上為你們的 PI3K 抑制劑發布了一項新的第 1 期試驗。也聽到你們對 atirmociclib 和 KAT6 的說法。我很好奇，你們能否談談你們如何看待這項資產融入你們更廣泛的乳癌策略？

And the other question may be coming from ESMO. We saw the VOLGA data that AstraZeneca released that could suggest maybe less need for the use of fewer cycles of Padcev in patients with bladder cancer. Curious if you have any reactions to that data and how it might impact how you think the use of Padcev may play out in the future.

另一個問題可能來自 ESMO。我們看到阿斯特捷利康（AstraZeneca）發布的 VOLGA 數據，可能暗示在膀胱癌患者中，使用較少療程的 Padcev 的需求可能降低。想請問你們對該數據有何看法，以及它可能如何影響你們對 Padcev 未來使用情境的判斷。

Yes. So firstly on the PI3K, we started a Phase 1 study on an internally discovered PI3KCA inhibitor. But a reminder that gedatolisib with Celcuity is also a Pfizer-discovered medicine. We have an ongoing clinical trial with Relay with the PI3KCA alpha, pan-alpha isoform-selective inhibitor called zovegalisib, also in combination with atirmociclib. The advantage of atirmociclib is we do not see DDIs, which has been experienced with all the other CDK4/6 inhibitors combining with the PI3KCA, so potentially significant advantage. To your point, up to 40% of HR-positive breast cancers, up to 20% to 25% of HER2-positive breast cancer will harbor a PI3KCA mutation. So it's an important area for us.

是的。所以首先談到 PI3K，我們已啟動一項針對內部研發之 PI3KCA 抑制劑的第一期研究。但提醒一下，與 Celcuity 合作的 gedatolisib 也是 Pfizer 研發的藥物。我們也與 Relay 進行一項正在進行的臨床試驗，使用名為 zovegalisib 的 PI3KCA α、泛 α 亞型選擇性抑制劑，並同樣與 atirmociclib 併用。atirmociclib 的優勢在於我們沒有看到藥物交互作用（DDI），而其他所有 CDK4/6 抑制劑與 PI3KCA 併用時都曾出現 DDI，因此這可能是相當顯著的優勢。如你所說，最多約 40% 的 HR 陽性乳癌、以及最多約 20% 到 25% 的 HER2 陽性乳癌會帶有 PI3KCA 突變。因此這對我們而言是重要領域。

The second question was on the VOLGA data. Just I'll start briefly. Firstly, this reinforces the use of Padcev for muscle-invasive bladder cancer. It reinforces the use of Padcev in combination with a PD-1 for muscle-invasive bladder cancer. It also reinforces the confidence we have in the study we've just started, EV-309, which is bladder-sparing Padcev-pembrolizumab in a bladder-sparing setting, as well as the ongoing planned Phase 3 trial with Padcev plus tivunatamig, which should also start later this year.

第二個問題是關於 VOLGA 的數據。我先簡要說明。首先，這些結果強化了 Padcev 用於肌肉浸潤性膀胱癌的使用。也強化了 Padcev 與 PD-1 聯合用於肌肉浸潤性膀胱癌的使用。同時也增強了我們對剛啟動之 EV-309 研究的信心；該研究是在保留膀胱（bladder-sparing）的治療情境下使用 Padcev- pembrolizumab；此外，Padcev 加上 tivunatamig 的第三期試驗也在規劃進行中，預計今年稍晚也會啟動。

I just want to remind on VOLGA, this was a non-cisplatin-eligible population. Pathological complete remission was lower than what we've seen with pembrolizumab plus Padcev, which is important, including slightly lower event-free survival.

我也想提醒一下關於 VOLGA：這是一個不適合使用順鉑（cisplatin）的族群。其病理完全緩解率低於我們在 pembrolizumab 加 Padcev 中所見的結果，這點很重要，且包括事件無存活期也略低。

And most importantly, this is a curative-intent setting. So we're not clear yet which patients can be de-escalated. So that's important for physicians, who can you actually give less therapy to.

而且最重要的是，這是在以治癒為目標（curative-intent）的治療情境。因此我們目前尚不清楚哪些病人可以降階治療（de-escalated）。這對臨床醫師很重要：究竟哪些病人實際上可以接受較少的治療。

Next question, please.

下一個問題，請。

Evan Seigerman, BMO Capital Markets.

Evan Seigerman，BMO Capital Markets。

Cecile, so did you inherit the capital allocation framework established by your predecessor? How do you think about the marginal dollars that you can invest from here between internal R&D and other bolt-on? You talked about BD capacity, deleveraging, and eventually restarting buybacks. Where do you currently see the highest prospective return for shareholders?

Cecile，所以你是否承接了前任所建立的資本配置框架？你如何看待從現在起可投入的邊際資金，在內部研發與其他補強型併購（bolt-on）之間的取捨？你提到 BD 能力、去槓桿，以及最終重啟庫藏股回購。你目前認為對股東而言，最高的前瞻性報酬來源在哪裡？

Yes, Cecile?

是的，Cecile？

So our priorities are clear, and they are not changing versus what was in place. I think they are -- we have a solid plan to get us through LOE and post LOE. So our priorities: invest for growth, maintain and grow our dividend over time, and then keep a strong balance.

我們的優先事項很清楚，而且相較於既有安排不會改變。我認為——我們有一個穩健的計畫，能帶我們度過專利到期（LOE）以及 LOE 之後的階段。因此我們的優先事項是：投資以促進成長、隨時間維持並提高股利，並且維持強健的資產負債表。

So through the LOE period, our operating cash flow, financial assets, and access to capital markets will give us the ability to continue to invest and maintain the dividend. As we go post-LOE period, our operating cash flow grows with the levers, and we have other options to continue to increase shareholder value. And in that situation, share repurchases become again one of the levers that we have in order to be able to continue to enhance that shareholder value.

因此在 LOE 期間，我們的營運現金流、金融資產以及進入資本市場的能力，將使我們能持續投資並維持股利。進入 LOE 後期，我們的營運現金流會隨著各項槓桿而成長，而我們也有其他選項可持續提升股東價值。在那種情況下，股票回購將再次成為我們可用的槓桿之一，以便持續提升股東價值。

Next question, please.

下一個問題，請。

Steve Scala, TD Cowen.

Steve Scala，TD Cowen。

Two questions. Given the pushout of MEVPRO-1, were there any changes to MEVPRO-2 and 3 timelines? So that's the first question.

兩個問題。鑑於 MEVPRO-1 的時程延後，MEVPRO-2 與 3 的時間表是否有任何變動？這是第一個問題。

Second question is for Cecile. So you started at Pfizer when Warner-Lambert was being consolidated, have been through the acquisitions of Pharmacia, Wyeth, and Seagen, and many BD deals, including that for Eliquis. I think it could be argued that Pfizer's most successful products have come through deals, and in each of those years, as it is now, Pfizer viewed its pipeline as very good. So given this history, why doesn't Pfizer make another big deal its primary focus? Or would you say that the pipeline is significantly better now than at any time in the last 25 years?.

第二個問題是給 Cecile。你在 Warner-Lambert 併入整合時加入 Pfizer，也經歷了 Pharmacia、Wyeth 與 Seagen 的收購，以及許多 BD 交易，包括 Eliquis 的那筆。可以說 Pfizer 最成功的一些產品來自交易，而在那些年份——就像現在一樣——Pfizer 也認為自己的產品線（pipeline）非常好。那麼基於這段歷史，為什麼 Pfizer 不把再做一筆大型交易作為主要重點？或者你會說，現在的產品線明顯比過去 25 年任何時候都更好？

Good question. Cecile, what do you think?

好問題。Cecile，你怎麼看？

Just for the record, I came with Wyeth, and so don't have the history on all the deals. But I think Wyeth was one of the best acquisitions that we did, and I've seen since then a transformation of Pfizer and a strengthening, definitely, of our pipeline over the last 25 years.

先澄清一下，我是隨 Wyeth 一起加入的，因此並沒有參與所有交易的完整歷史。但我認為 Wyeth 是我們做過最成功的收購之一，而自那之後我也看到 Pfizer 的轉型，以及在過去 25 年我們的產品線確實持續強化。

So what I would say is, in terms of our priorities, right, so we have, as Albert reiterated earlier, we have invested very significantly over the past few years in key transactions and key acquisitions that are today already kind of like driving success. We're talking about Padcev, we're talking about Nurtec, and we see a lot of opportunities that still remain in the pipeline in Seagen, in Metsera. So we have a lot to execute, both commercially and on an R&D side and on the commercial side.

所以我想說的是，就我們的優先事項而言——正如 Albert 先前再次強調的——過去幾年我們在關鍵交易與關鍵收購上投入非常多，而這些如今已在推動成功。我們談的是 Padcev、我們談的是 Nurtec，而我們也看到在 Seagen、在 Metsera 的產品線中仍有許多機會。因此我們有很多需要執行的工作，無論是在商業化層面、研發層面，以及商業端的執行。

So really, as we look at BD going forward and considering our capital allocation priorities, our focus is really on more bolt-on acquisitions that are going to complement the large and rich portfolios that we have in the four therapeutic areas that we're having. So looking at BD acquisitions, obviously strategically aligned, building upon our expertise, and then obviously providing the financial returns, appropriate returns that we would be expecting.

因此，當我們展望未來的 BD，並考量我們的資本配置優先事項時，我們的重點確實更偏向補強型收購（bolt-on acquisitions），以補充我們在四個治療領域所擁有的龐大且豐富的產品組合。所以在評估 BD 收購時，當然要在策略上契合、建立在我們的專業之上，並且也要帶來我們所期望的財務報酬、適當的報酬。

Chris, you want to comment a little bit on the timelines of MEVPRO, and given the interest on the product, maybe Aamir also, you say a few things about the potential.

Chris，你要不要就 MEVPRO 的時間表稍微評論一下？鑑於大家對這個產品的興趣，也許 Aamir 你也可以談幾句其潛力。

I'll be brief. Since we last spoke about it, the timelines have been updated for MEVPRO-1 and MEVPRO-2. A reminder, these are event-driven studies. So it's based on when we expect events to happen. So MEVPRO-1 will now read out Q1 2027 and MEVPRO-2 Q3 2027. And as you've seen at ESMO, we've got additional data, including compelling 8.9 months PFS.

我簡短說明。自我們上次談到以來，MEVPRO-1 與 MEVPRO-2 的時間表已更新。提醒一下，這些都是事件驅動（event-driven）的研究。因此是依據我們預期事件發生的時間點。所以 MEVPRO-1 現在將在 2027 年第一季讀出（read out），MEVPRO-2 在 2027 年第三季。而且如你在 ESMO 所見，我們有更多數據，包括具吸引力的 8.9 個月無惡化存活期（PFS）。

Just to correct, MEVPRO-2 is actually Q4 2027, the update in clinicaltrials.gov.

更正一下，MEVPRO-2 實際上是 2027 年第四季，這是 clinicaltrials.gov 上更新的資訊。

And I think MEVPRO-1, you expect around February.

而我想 MEVPRO-1 你預期大約在二月。

Around February, correct.

大約二月，沒錯。

The readout. This is the projection right now based on the way that events are accruing. And I mean, why are we so excited about MEVPRO in terms of the commercial opportunity?

讀出。這是目前基於事件累積（accruing）的情況所做的預估。那麼，我們為什麼對 MEVPRO 的商業機會如此興奮？

I think three things are probably why we're excited. One, I would just remind everybody that our current commercial footprint is anchored in the US alongside Astellas, but MEVPRO for us is a fully global opportunity in the US and outside the US. So that is very significant and exciting.

我認為我們之所以感到興奮，可能有三個原因。第一，我想提醒大家，我們目前的商業版圖主要是與安斯泰來（Astellas）一起以美國為核心，但對我們而言，MEVPRO 在美國以及美國以外都是一個完全全球性的機會。因此，這非常重要，也令人振奮。

Second, as Chris mentioned MEVPRO 2 and 3, across MEVPRO1, 2, and 3, I think we have the potential to position MEVPRO as a multi-indication franchise, so that gives us lots of surface area to compete in. And finally, if we just think of the total patient populations, we're talking about over 50,000 in the US, close to 50,000 in the EU4 and UK, another 14,000 in Japan. And 30% of that population could be addressed even with MEVPRO- . So there's a significant patient population, a global opportunity, and clearly an area that we have deep commercial expertise. Those are the things that get us excited about it.

第二，正如 Chris 提到的 MEVPRO 2 和 3，綜觀 MEVPRO 1、2 與 3，我認為我們有潛力將 MEVPRO 定位為一個多適應症的產品系列（franchise），這讓我們有很大的競爭空間。最後，如果我們只看整體病患族群，我們談的是美國超過 50,000 人，EU4 與英國接近 50,000 人，日本另外還有 14,000 人。而其中有 30% 的族群，即使僅靠 MEVPRO- 也可能可以被涵蓋。因此，這是一個龐大的病患族群、一個全球性的機會，而且顯然也是我們具備深厚商業專業能力的領域。這些就是讓我們對此感到興奮的原因。

And sometimes people forget that Xtandi, which is one of our very big and strong products, we basically have half of the Xtandi in the US, and that's it. Here, we are going to have the whole US and the whole global international market.

而且有時候大家會忘記，Xtandi 是我們非常大且非常強的產品之一，但我們基本上在美國只擁有 Xtandi 的一半權益，就只有這樣。在這裡，我們將擁有整個美國以及全球所有國際市場。

Next question, please.

下一個問題，請。

Geoffrey Meacham, Citibank.

Geoffrey Meacham，花旗銀行（Citibank）。

Great. Good morning, everyone. Just have two. The first, bigger picture, Albert, from a policy perspective, I know obviously hard to have certainty on, especially given today. But as you look to 2027, what are your thoughts on the potential risks of changes to MFN or perhaps greater scrutiny on the prior US agreements?

很好。各位早安。我有兩個問題。第一個、比較宏觀的問題，Albert，從政策角度來看，我知道很難有把握，尤其是以今天的情況而言。但當你展望到 2027 年時，你對 MFN 可能變動的風險，或是對先前美國協議可能受到更嚴格審視的風險，有什麼看法？

And the second question for Chris on berobenatide. You guys have started a lot of studies across the metabolic indications and beyond obesity, diabetes. Want to get your thoughts on expanding berobenatide as a combo strategy into inflammation or neuroscience or even oncology, for example. Obviously, the science is really evolving here on the GLP-1 synergies.

第二個問題是問 Chris，關於 berobenatide。你們已經在代謝相關適應症上啟動了很多研究，且不僅限於肥胖與糖尿病。想請你談談，是否考慮把 berobenatide 作為聯合用藥策略，擴展到發炎、神經科學，甚至腫瘤等領域。顯然，GLP-1 協同效應的科學在這裡正快速演進。

On the policy perspectives, clearly policy affects a lot our industry, and we are monitoring it very carefully. We are waiting to see what will happen today in the election, but I think that in any case, it looks like we will have a split government. So I don't think that many things can move legislation-wise. I don't expect any changes in MFN.

就政策觀點而言，政策顯然會在很大程度上影響我們這個產業，我們也正非常密切地監測。我們在等待看看今天選舉會發生什麼，但我認為無論如何，看起來我們將會是分裂政府（split government）。因此我不認為在立法層面會有太多事情能推動。我不預期 MFN 會有任何變動。

I think the agreements are signed and are going until the end also of the term of this government. And I expect that there will be renewed interest in the Congress to investigate several things, but I don't expect policy changes, frankly. It's a very big contrast with what I was telling you a year ago. In 2025, I was really scared about the implications that either tariffs or MFN could have. I think through the successful navigation of those issues, we brought the stability that is now projected to last and has brought, I think, this confidence back to the investors to invest in the industry, in our sector.

我認為相關協議都已簽署，並且也會持續到本屆政府任期結束。我預期國會會重新燃起興趣去調查若干事項，但坦白說，我不預期會有政策變更。這與我一年前跟各位說的形成很大對比。在 2025 年時，我確實非常擔心關稅或 MFN 可能帶來的影響。我認為透過成功地處理這些議題，我們帶來了如今預期可持續的穩定性，也讓投資人對投資本產業、我們這個領域的信心回來了。

Now with that, I will turn it to Chris to comment on the GLP-1 and other things.

接下來，我把時間交給 Chris，請他就 GLP-1 與其他事項做評論。

Yeah, I'll just quickly start. So our goal is initially to establish berobenatide as a potentially best-in-class monthly subcutaneous GLP-1 for obesity, and this is globally. And we are starting, as you've seen, additional studies now for knee osteoarthritis, as well as for obstructive sleep apnea with or without PAP. And we'll also announce additional Phase 3 studies in the coming months.

好的，我先快速說明。我們的目標是先將 berobenatide 建立為一款可能同級最佳（best-in-class）的每月一次皮下注射 GLP-1，用於肥胖症治療，而且這是全球性的目標。如你所見，我們也已開始進行其他研究，包括膝骨關節炎，以及合併或不合併 PAP 的阻塞型睡眠呼吸中止症。我們也會在未來幾個月宣布更多第三期研究。

In 2027, you're absolutely correct. We hope to announce some additional studies looking at the backbone of our portfolio, including its potential in oncology. You're right, there's an interesting area, and you'll also see the acceleration of Phase 1 programs and current programs that's preclinically, that's highly differentiated in this space.

至於 2027 年，你說得完全正確。我們希望能宣布一些額外研究，著眼於我們產品組合的核心基礎（backbone），包括其在腫瘤領域的潛力。你說得對，這是一個很有意思的領域；你也會看到第一期計畫以及目前仍在臨床前階段、且在此領域高度差異化的計畫加速推進。

Very good. Next question, please.

非常好。下一個問題，請。

Alex Hammond, Wolfe Research.

Alex Hammond，Wolfe Research。

Two for me. So as you look at Sciwind Biosciences GLP-1 launch in China, how are both the obesity and the diabetes markets playing out so far, and how is that shaping your thoughts on the commercial opportunity for berobenatide OUS?

我有兩個問題。首先，當你們看 Sciwind Biosciences 的 GLP-1 在中國上市後，肥胖與糖尿病市場目前的發展情況如何？這又如何影響你們對 berobenatide 在美國以外（OUS）商業機會的看法？

And then on the Lyme disease vaccine, can you update us on the regulatory path forward following the recent submission in Europe? How are your discussions with the FDA progressing, and are there any meaningful differences between the FDA and EMA?

另外，關於萊姆病疫苗，在近期於歐洲遞交申請之後，你們能否更新一下後續的法規路徑？你們與 FDA 的討論進展如何？FDA 與 EMA 之間是否存在任何實質差異？

I'm not sure I understood the second question.

我不確定我是否理解第二個問題。

Lyme disease. Lyme vaccine.

萊姆病。萊姆病疫苗。

The Lyme vaccine. Okay. Yes. So Alexandria, thank you, Alex, very much. Alexandre, maybe you speak a little bit about our GLP-1 in China and what you expect from it?

萊姆病疫苗。好的，是的。所以 Alexandria，謝謝你，Alex，非常感謝。Alexandre，也許你先談談我們在中國的 GLP-1，以及你對它的預期？

That's right. So thanks for the question. As you said, Alex, we've introduced ecnoglutide in China at the end of April of this year, and we're satisfied with the way we are progressing. We're learning a lot through the launch of ecnoglutide in China. And the things that we are clearly understanding is there are very different segments within this overall chronic weight management category with patients that are all qualifying for the definition of chronic weight management. But some of them have more aesthetic-driven purpose, with a very different profile of product that they will be looking.

沒錯。謝謝你的提問。如你所說，Alex，我們在今年 4 月底於中國推出了 ecnoglutide，我們對目前的推進方式感到滿意。我們透過 ecnoglutide 在中國的上市學到了很多。我們清楚理解到，在整個慢性體重管理（chronic weight management）這個大類別中，存在非常不同的細分族群；這些病患都符合慢性體重管理的定義。但其中有些人更偏向以外觀（aesthetic）為導向，其所尋求的產品特性會非常不同。

And their way of acquiring this product is actually very different than the way on the other opposite direction, which are very heavy people looking for much more efficacy. Tolerability becomes a second point. And so clearly, what we are learning is it's confirming our strategy that if we want to be successful in weight management, we need to have a portfolio. And you need to have a portfolio also because you will need to activate all those different channels, and the cost of activation of those channels will be amortized across the portfolio. So those are very key confirmations of our strategy.

而且他們取得這項產品的方式，實際上也與另一端完全不同；另一端是體重非常高、追求更高療效的人。在那種情況下，耐受性就成為第二個考量點。因此，我們明確學到的是：這印證了我們的策略——若要在體重管理領域取得成功，我們需要一個產品組合（portfolio）。你也需要產品組合，因為你必須啟動所有這些不同通路，而啟動通路的成本可以分攤（amortized）到整個產品組合上。所以，這些都是對我們策略非常關鍵的驗證。

Now specifically to ecnoglutide, as you know, we also understood from the get-go that to be successful in chronic weight management in China in particular, you need two things. Of course, you need a good profile, and we have a very competitive profile, but you also need to have type 2 diabetes because it opens up the hospital channel, but it also opens up, for local regulations, the e-commerce channels. I'm very happy to say that since the end of October, we actually got the approval of our type 2 diabetes, which opened up that channel.

再具體談到 ecnoglutide，如你所知，我們從一開始就理解到：若要在中國、尤其是在慢性體重管理領域取得成功，你需要兩件事。當然，你需要良好的產品特性，而我們的特性非常具競爭力；但你也需要第二型糖尿病適應症，因為這能打開醫院通路，同時也能依據當地法規打開電商通路。我很高興地說，自 10 月底以來，我們實際上已獲得第二型糖尿病的核准，從而打開了該通路。

Second thing, our competitors have also access to reimbursement, and this is very important to compete effectively. And so I'm also very happy to report that since June, we passed the NRDL committees, and now we're expecting the final review by the end of this month so that hopefully we can introduce our product into the overall hospital reimbursement system. The combination of those two things will really be the start of our penetration of the market.

第二點，我們的競爭對手也能取得報銷，這對於有效競爭非常重要。因此我也很高興報告，自 6 月以來，我們已通過 NRDL 委員會，目前預期在本月底前完成最終審查，期望能將我們的產品納入整體醫院報銷體系。這兩件事的結合，將真正成為我們切入市場、提升滲透率的起點。

And from my perspective, it's fascinating to see how the commercial model around obesity is so different than anything else. And for us, it reminds us really of the times of the Viagra launch because there are a lot of similarities. People are willing to pay out of pocket for products that they value, irrelevant if they are reimbursed or not. That creates dramatically different size in the international market.

從我的角度來看，很有意思的是，圍繞肥胖的商業模式與其他任何領域都非常不同。對我們而言，這讓我們想起威而鋼上市時期，因為有很多相似之處。人們願意自掏腰包購買他們重視的產品，無論是否獲得報銷。這使得國際市場的規模呈現截然不同的樣貌。

The second was that because of the consumer nature of these launches, the e-commerce and the Internet, as it happened with Viagra, that was the first product that was available basically on Internet, plays a key role. And of course, we are pretty much into that space already, rather than if we haven't already launched an obesity product, because our vaccines and our Paxlovid and our migraine product, they are really having significant channel through PfizerForAll, which is our consumer, let's say, web port to the website.

第二點是，由於這些上市具有消費者導向的特性，電商與網際網路（就像威而鋼當年一樣——那基本上是第一個可在網路上取得的產品）扮演關鍵角色。當然，我們幾乎已經在這個領域深耕，而不是等到我們推出肥胖產品之後才開始，因為我們的疫苗、Paxlovid 以及偏頭痛產品，透過 PfizerForAll（我們面向消費者的、可以說是通往網站的網路入口）已經建立了相當重要的通路。

So I think we are learning a lot right now in China, after we have learned a lot in our Viagra thing. And to add another dimension, AI is changing the way that the promotions are happening right now, and not only at the physicians' level, actually even more importantly at the patients' level. So we are learning a lot, and we are very happy that we are entering this market because I think it is cut for our capabilities.

所以我認為，我們現在在中國學到很多，這是在我們威而鋼業務中已經累積大量經驗之後的延伸。再補充一個面向，AI 正在改變目前推廣進行的方式，不僅是在醫師層級，實際上更重要的是在病患層級。因此我們正在學到很多，也非常高興進入這個市場，因為我認為這非常符合我們的能力。

With that, I will ask Chris to comment on the Lyme disease.

接下來，我請 Chris 來談談萊姆病。

We all know Lyme disease incidence is now the burden of the disease is increasing globally. The EMA has validated the MAA for Pfizer and Valneva's Lyme disease vaccine candidate. With the validation, the CHMP will now begin its assessment of the MAA, and the CHMP is expected to issue an opinion on Marketing Authorization in 2027. We've also now filed in Canada, and we continue our discussions with the FDA and should provide an update regarding this in Q4 this year.

我們都知道，萊姆病的發生率——也就是疾病負擔——正在全球上升。EMA 已完成對輝瑞與 Valneva 萊姆病疫苗候選產品 MAA 的受理確認（validation）。在完成受理確認後，CHMP 將開始對該 MAA 進行審查，並預期在 2027 年就上市許可（Marketing Authorization）出具意見。我們也已在加拿大提交申請，並持續與 FDA 討論，預計在今年第四季就此提供最新進展。

Alexandre, any comments here?

Alexandre，這裡有什麼補充嗎？

Yeah, no, I think it's a very exciting opportunity. Just to remind you that we already have an FSME franchise in Europe, and we know how to activate tick-borne populations in those endemic areas because we have a sales force, we have a commercial play with pharmacies. And so we are very excited with the opportunity. The level of awareness of the population is significantly higher than what we have in FSME. So as we have built these muscles commercially, once we have the approval, we're very much looking forward to the opportunity to commercialize this vaccine.

是的，沒有，我認為這是一個非常令人振奮的機會。提醒大家，我們在歐洲已經有 FSME（蜱傳腦炎）產品線，我們也知道如何在那些流行地區觸及蜱媒高風險族群，因為我們有銷售團隊，也有透過藥局的商業運作模式。因此我們對這個機會感到非常興奮。大眾對此疾病的認知程度，顯著高於我們在 FSME 的情況。因此，當我們在商業端已建立這些能力後，一旦獲得核准，我們非常期待將這款疫苗商業化的機會。

Yeah. And the awareness of the disease, of course, in the US, it's skyrocketing right now because we do have an increase of severity and incidence. So we are looking forward to concluding the discussion with FDA and submitting a file.

是的。而且在美國，對這個疾病的認知當然正在快速攀升，因為我們確實看到嚴重度與發生率都在增加。因此我們期待完成與 FDA 的討論並提交申請資料。

And let's go to the next question, please.

接下來請進入下一個問題。

Michael Yee, UBS.

UBS 的 Michael Yee。

Great. Maybe two quick pipeline questions for Chris. On MEVPRO, you guys continue to be pretty bullish. I know there was a formulation change to lower the Cmax and improve the tolerability. Maybe you could comment on how you feel about dropouts and the change in formulation to drive your effect?

很好。我有兩個關於研發管線的快速問題想問 Chris。關於 MEVPRO，你們持續相當看好。我知道你們做了配方調整，以降低 Cmax 並改善耐受性。能否談談你們對退出率（dropouts）的看法，以及配方變更如何推動你們的效果？

And then on tilrekimig, your trispecific, again, something you're pretty bullish on. Can you just comment on neutralizing antibodies or ADAs? Things can be tricky for bispecifics and trispecifics, and how you feel about that.

另外關於 tilrekimig，你們的三特異性（trispecific）產品，同樣也是你們相當看好的項目。能否談談中和抗體或 ADA（抗藥抗體）的情況？雙特異性與三特異性產品在這方面可能比較棘手，你們對此的看法如何？

On the first question on mevrometostat, as you pointed out, we did, for the Phase 3 study, adapt to have a more tolerable dose with food, where we decrease the Cmax but see similar AUC to what we've seen in Phase 1. So we're very confident in the PK data and the dose that was selected for the Phase 3 study.

關於第一個、mevrometostat 的問題，如你所指出的，我們在第三期研究中做了調整，採用隨餐給藥、耐受性更佳的劑量；在降低 Cmax 的同時，AUC 與我們在第一期所見相近。因此我們對藥物動力學（PK）數據以及第三期研究所選定的劑量非常有信心。

Regarding tilrekimig, we have not seen functional neutralizing antibodies or functional ADAs thus far. You're absolutely correct, for any bispecific or trispecific, that's a long-term risk. But so far, we haven't seen anything impacting efficacy. And in fact, longer-term follow-up on the studies we've previously demonstrated will show us that we do not have an impact on efficacy. So far, so good.

至於 tilrekimig，目前為止我們尚未看到具功能性的中和抗體或具功能性的 ADA。你說得完全正確，對任何雙特異性或三特異性產品而言，這都是一項長期風險。但到目前為止，我們沒有看到任何影響療效的情況。事實上，對我們先前已展示的研究進行更長期追蹤，將會顯示我們的療效未受到影響。目前為止一切良好。

Very good. Let's keep it that way if you can, please. Next question, please.

非常好。如果可以的話，請保持這樣。下一個問題，請。

Asad Haider, Goldman Sachs.

高盛的 Asad Haider。

Great. Thanks for taking the question, and congrats on the quarter, Cecile, and also many congrats and best of luck to you. A couple for you. First, just on 2027, appreciate the context provided earlier on price dynamics with respect to IRA and 340B, et cetera. But just any additional high-level qualitative framing on other pushes and pulls next year to be aware of ahead of formal guidance? And how should we be thinking about your guidance philosophy relative to Dave's, broadly speaking?

很好。謝謝讓我提問，也恭喜本季表現，Cecile，也再次恭喜你並祝你一切順利。我有幾個問題想請教你。首先關於 2027 年，感謝你先前就 IRA、340B 等價格動態所提供的背景。但在正式指引發布前，是否還能就明年其他需要留意的推力與拉力，提供一些更高層次的定性框架？以及更廣泛地說，我們應該如何看待你們的指引哲學相對於 Dave 的做法？

And then looking longer term, you are reiterating line of sight to high-single-digit revenue CAGR toward the end of the decade off of a 2028 base, as well as citing operating leverage and margin expansion given the cost realignment initiatives. But consensus numbers are not really modeling that. There does seem to be a disconnect on both revenue and the earnings lines versus your own expectations. So as you examine Street forecasts, what are the key assumptions that you think are getting most mismodeled in the P&L relative to your own internal expectations as you look out toward that period?

再看更長期，你們重申以 2028 年為基期、在本十年末期達成高個位數營收 CAGR 的可見度（line of sight），同時也提到在成本重整措施下的營運槓桿與利潤率擴張。但市場一致預估數字並沒有真正反映這些。看起來在營收與獲利線上，市場預估與你們自身預期之間存在落差。因此當你們檢視華爾街預測時，就你們內部對那段期間的預期而言，你認為損益表（P&L）中哪些關鍵假設被最嚴重地建模錯誤？

Cecile, please make the comments on both.

Cecile，請就這兩點都做評論。

So thanks, Asad, for your question and also for your good wishes. So we'll provide 2027 guidance around middle of December, like we did last year. So I will only for now provide high-level key drivers that we are seeing in 2027. One, obviously, is the LOE impact, not only in the US with Ibrance and Xtandi and some other products, but also in International, where we are seeing Eliquis being at the end of 2026.

謝謝你，Asad，提出問題，也謝謝你的祝福。我們將在 12 月中旬左右提供 2027 年指引，就像去年一樣。因此目前我只先提供我們在 2027 年看到的高層次關鍵驅動因素。第一，顯然是專利到期（LOE）的影響，不僅在美國包含 Ibrance、Xtandi 以及其他一些產品，也包括國際市場；我們看到 Eliquis 將在 2026 年底到期。

The other thing that I would say is, obviously, offsetting that is the ramp-up of our launched and acquired portfolio, which again, as you have seen, is having a very strong performance opportunity for growth, and then obviously pricing, including MFN and IRA, which we will reflect in our guidance. And then on our cost initiative program that will allow us to continue to, one, invest toward the growth opportunities, the growth drivers that we have on the SI&A marketing and commercial space, and then increase the productivity and deliver savings both on the commercial spend and as well on the general and administrative side. So that's kind of like the key trends for 2027, but again, more to come as we release guidance later in the year.

我還想補充的一點是，顯然用來抵銷上述影響的，是我們已上市與併購產品組合的加速放量；如各位所見，這些產品再次展現出非常強勁的表現與成長機會，另外當然還有定價因素，包括 MFN 與 IRA，我們都會在財測指引中反映。此外，我們的成本倡議計畫將使我們能夠持續：第一，投資於成長機會與成長驅動因素，特別是在 SI&A 的行銷與商業領域；第二，提高生產力，並在商業支出以及一般與行政費用兩方面帶來節省。以上大致就是 2027 年的關鍵趨勢，但如前所述，待我們在今年稍晚發布指引時，還會有更多資訊。

As it relates to our high-single-digit growth aspiration versus the Street, if you look at where that difference is coming from, it's not really coming from one place or one product, and so is our growth trajectory either. So what we are seeing as the building block for our trajectory, obviously one is the continued growth of our new and acquired products, not only because the market is still growing or penetration increasing, but also on top of it, we are bringing new indications onto those products in order to be able to continue to address more patients and grow our presence on the market.

關於我們追求的高個位數成長目標相較於市場一致預期（Street）的差異，如果你看這個差距的來源，其實並不是來自單一地方或單一產品；我們的成長軌跡也同樣不是。因此，我們所看到的成長軌跡基石，第一當然是新產品與併購產品的持續成長，不僅因為市場仍在成長或滲透率提升；此外，我們也在這些產品上新增適應症，以便能持續觸及更多病患並提升我們在市場上的能見度與份額。

The second thing is on the pipeline. So while there are some obvious products that are making a key difference in our view versus Street view, obesity being one, some of the oncology products being one, what I will say is our growth trajectory doesn't rely on one single product or one single therapeutic area. We have a broad portfolio of products, several Phase 3 ongoing, as well as upcoming catalysts over the 18 to 24 months, which should give confidence to the outside world also to see the opportunities that we are having in bringing breakthroughs to patients in significant areas of unmet need.

第二點是關於研發管線。因此，雖然確實有一些產品在我們的觀點與市場一致預期之間造成關鍵差異——例如肥胖症是一項、部分腫瘤產品也是——但我要說的是，我們的成長軌跡並不依賴單一產品或單一治療領域。我們擁有廣泛的產品組合，數個第三期試驗正在進行中，且在未來 18 到 24 個月也將有多項催化事件，這也應能讓外界更有信心，看見我們在重大未被滿足醫療需求領域為病患帶來突破的機會。

Thank you, Cecile. And I would add that me as a CEO, when I see the difference between our internal projections and the Street projections, that of course creates to me the urgency to check our assumptions to make sure that in light of different opinions from the analysts, we are correct or not. So we have done that repeatedly, and we came to the conclusion that we tell you that we expect to have a high-single-digit from '28 to '33. And you know very well where are the discrepancies between the products. And as Cecile said, they are not only on the pipeline, which many analysts, they do not cover.

謝謝你，Cecile。我也想補充，作為執行長，當我看到我們內部預測與市場一致預期之間的差異時，這當然會讓我產生緊迫感，去檢視我們的假設，確保在分析師不同看法之下，我們的判斷是正確與否。因此我們已反覆做過這件事，並得出結論：我們告訴各位，我們預期在 2028 年到 2033 年將達到高個位數成長。而且你們也很清楚產品之間的差異在哪裡。如 Cecile 所說，差異不僅在研發管線上——許多分析師其實並未涵蓋。

So you have the phenomenon that from 12, 13 analysts that are forming the overall performance of the 2031, for some products only five analysts, they have this one and the others they don't. So this is something that is expected in pipeline. But we see also very big discrepancies in already launched new products that there's a big difference. I will mention two as just examples that I think people need to reevaluate their assessment. One, it is regarding Nurtec that we are already close to $2 billion. The way, if you go on your analysis, and the Street has us to almost $2.5 billion by year 2030. So I think there is a discrepancy there.

因此你會看到一個現象：在構成 2031 年整體表現預估的 12、13 位分析師之中，對某些產品只有 5 位分析師有納入，其他人則沒有。所以這在研發管線上是可預期的。但我們也看到，在已經上市的新產品上也存在非常大的落差，差異相當明顯。我舉兩個例子，我認為大家需要重新評估他們的判斷。第一個是 Nurtec，我們目前已接近 20 億美元。如果你看你們的分析，市場一致預期到 2030 年幾乎是 25 億美元。所以我認為這裡存在落差。

I will also mention another example, the Elrexfio, where for a competing product, the Street is forecasting $5 billion and for us $600 million. We aspire to present a profile that is very similar in efficacy and better in tolerability and in side effects. Now, remains to be proven, but I don't think the $600 million versus $5 billion is justifiable, even with the current information.

我也再舉另一個例子：Elrexfio。對於一個競品，市場一致預期預測 50 億美元，而對我們卻只預測 6 億美元。我們希望呈現的產品特性是在療效上非常相近、且在耐受性與副作用方面更佳。當然仍有待證明，但即便以目前資訊來看，我不認為 6 億美元對比 50 億美元是合理的。

So I think that as more information is coming for our pipeline and readouts, I think as more information is coming for the performance actually of the new products, and that includes new launches and acquired products, I think the Street probably will start adju3sting their numbers and there will be a convergence of the play.

因此我認為，隨著我們的研發管線與試驗讀出有更多資訊出來，也隨著新產品（包括新上市與併購產品）實際表現有更多資訊出來，我認為市場一致預期可能會開始調整他們的數字，並且會出現趨於一致的情況。

But with that, I think that we come to the end of our call. I want to say that I'm very proud of our performance through the third quarter and the execution, and my thanks go to my Pfizer colleagues. As I visit with our people, and I do that in our labs and in manufacturing sites and in markets across the world, I see a team with tremendous talent, dedication, striving for breakthroughs that change patients' lives. We look forward to sharing additional updates about our progress.

那麼，我想我們的電話會議也接近尾聲。我想說，我對我們截至第三季的表現與執行力感到非常自豪，也要感謝我的輝瑞同仁。當我與我們的同仁交流——我會在實驗室、製造據點以及全球各地市場這麼做——我看到的是一支極具才華、投入奉獻、致力於帶來能改變病患生命之突破的團隊。我們期待與各位分享更多關於我們進展的最新資訊。

And thank you for joining our call today and thank you for your interest in Pfizer.

也感謝各位今天參與我們的電話會議，並感謝各位對輝瑞的關注。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。各位現在可以斷線。