00:00So let's start broad here because when the average person or uninitiated investor thinks of Pfizer,
00:05they probably think about your COVID vaccine. And now in 2026, the COVID period is largely behind
00:12us. You have numerous patent expirations coming up and Pfizer is also entering into new markets
00:17altogether. So when you add it all together, what is the next era for Pfizer? I think we were
00:23preparing for this period of loss of exclusivity. It's 26, 28. We did significant acquisitions.
00:28One of them is in obesity, as you said, but Cigen in oncology and Nurtek in migraine.
00:35And this portfolio is performing extremely well. This year will be approximately $10 billion
00:40of sales growing double digit. Actually, last year, 25 and 26 will continue growing at double
00:48digit. So I think after the 28 period of Eloise, where we are not going to be a top line growth
00:54story, we will have exponential growth that will be leading the industry.
01:00So 28, it sounds like things improve, especially when you think about the growth forecast there.
01:04But until that time, you think about what you recently said at the fireside chat earlier today,
01:10no plans for buybacks. You do have these patent expirations coming up and you don't expect to put
01:15a GLP one on the market until 2028. So how do you keep investors engaged and attract new investors
01:22during that period?
01:23I think investors want to see catalysts. And this is a year that is very rich in catalysts.
01:28We are expecting readouts of studies that are significant. Two of them actually will be in
01:34obesity with MetSera portfolio. One, it is the ultra long 30 days data. So the monthly dosing data that
01:44will come in the first half of this year. The other is the combination of GLP-1 and amylin that
01:50also will come this year. But there are many more. L-Rexio, which is our myeloma drug, has a readout that
01:59if successful doubles the population that we are going after. The vaccine against the tick, thank you,
02:14which is a very big disease that there is no vaccines so far. And that's the first one, Lyme disease.
02:21So there are very rich in catalysts. And of course, we start a lot of phase three studies. So
02:26investors, I think, are watching all of that. And right now, for Aliza, it has a very low multiple.
02:31I think we should start migrating towards the average multiple and then exceed it as we go
02:37post-RLA. So plenty of catalysts coming up. Let's talk specifically about MetSera, because you won
02:43that hard-fought bidding war with Novo Nordisk. Certainly fun for someone who consumes news to watch.
02:51When you think about the obesity market, though, you know, you mentioned that this would be once
02:54monthly. What do you see as the key differentiating factor when it comes to what MetSera is developing?
03:00I think one, it is the monthly dosing. That's a very clear differentiation that creates significant
03:06advantages, not only in patient experience, but also in production and cost of goods and all of that.
03:14The second is the combination between amylin and PD-L1. We are looking for superior results
03:21than the current solution. So this combination not only will be a monthly, but hopefully can deliver
03:28better weight loss, placebo-adjusted, and better tolerability, which are the two things
03:35that are the Achille Hills of the GLP ones right now. And of course, there is an oral portfolio of peptides
03:41that is following. So it's a very complete, highly differentiated portfolio in the hands of a company
03:48that it is very good in commercial activities, particularly when it comes to products that
03:54they are very much consumer driven. I remind you, Viagra was a product that was behaving very
04:01similarly like the PD-L1, like the GLP-1s. Well, looking forward to those readouts as we get deeper
04:06into 2026. I do want to talk about M&A overall and what the strategy going forward is, because last year
04:12you earmarked up to $15 billion for deals to help replenish the pipeline. Where are you now? Do you
04:19feel pretty satisfied with the portfolio at hand? Are you still looking for more deals?
04:24I'm very satisfied with the portfolio at hand, and we invested almost 10 of these 15 billions,
04:28and then we have five to six that are remaining, and we plan to invest them. We don't have to invest
04:34them, but we're trying to make sure that we will find the right assets, as we found with our oncology
04:41and obesity acquisitions. And when it comes to cost cutting, you know, last month you said that
04:47you're going to reinvest about $500 million from savings, from your cost cutting efforts into R&D,
04:53and I'm curious, you know, where do you see that investment going? Should we be focusing on the
04:58obesity portfolio, or are there other areas of Pfizer where you plan to find out? Let's start that the
05:03oncology portfolio right now absorbs approximately 40% of our investments, and that will continue going
05:10out. But the newcomers are the obesity that, as I said, we start with more than 15 studies.
05:1810 of them will be pivotal, phase three studies. This is a significant investment, but also
05:22demonstrates how confident we are in investing in these molecules.
05:26And I do want to talk a little bit about the political landscape as well, because you were the
05:31first drugmaker to strike a pricing deal with President Trump last year, and I know that this
05:37is pretty much an impossible question, but do you feel like you're out of the woods when it comes
05:41to surprising tariff threats, price cuts, etc.? What have your conversations with the White House
05:47indicated so far?
05:49As you said, it's a very difficult question, but because of the uncertainty that we know exists
05:54always. But we have created very solid agreements, and we have created a political environment that
06:02there is good willingness from the White House to respect and actually to help us with pricing
06:12outside the U.S. They are helping us a lot, actually, with pricing outside the U.S., with
06:18UK being the most visible example. I think Secretary Latnik achieved a lot there. In UK, they made
06:26changes in their system that will invest way more in innovative medicines than before.
06:33So I'm optimistic that it's behind us.
06:35And I am curious. I mean, you think about how long you've been at the helm of Pfizer. When you
06:39compare and contrast just the frequency of communications that you're having with the
06:44Trump administration, how does that compare to past presidents at this point?
06:49Look, I was very close with the Trump administration in the beginning. I was very close with the Biden
06:54administration because we had to work together with COVID. That's right. With Trump, we worked
06:59together to develop the vaccine. It was all his baby, right? The oppression war speed. But with Biden
07:05was the period to scale it up, to invest it. I would say that we were always very close to the Congress
07:13and to the White House. I spent a lot of time in Washington myself, a lot. And given that you do spend
07:19so much time in Washington, and again, given that you were the first drugmaker to sign on to, you know,
07:24these drug pricing deals, what takeaways, you know, would you give to other CEOs who are currently
07:30in conversation with the White House?
07:32I think engage. Engage and discuss. I think I'm very proud of what we did. I think what we did
07:37opened the way for the entire industry. Probably already 17 companies now have signed up. And it
07:43is the same model like we opened and puts to bed an issue that was not sustainable. The big difference
07:51in pricing between U.S. and other rich nations. And now that it is probably resolved in a gradual
08:01way because it's all the new products. So it's a good deal. And the others should engage
08:05and do it the same.
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