A：In 2025, Pfizer had a strong year with over delivery on financial commitments, exceeding expectations for revenues and adjusted diluted EPS. They returned $9.8 billion to shareholders via quarterly dividends and grew overall operational revenue for the full year. Excluding COVID-19, the company's non-COVID-19 products achieved solid double-digit growth, and recently launched and acquired products expanded adjusted gross margin.

A：For the year ahead, Pfizer has defined strategic priorities which include focusing on industry-leading growth, especially as key products lose patent or require regulatory approval. The company aims to maximize the value of their current product portfolios and accelerate pipeline development. Specific acquisitions like Sivic (mesce) and Biohaven are considered transformative and integration of legacy products into the commercial portfolio is ongoing.

A：Pfizer received an FDA approval for a drug in combination with Pem for patients with muscle invasive bladder cancer who are ineligible for chemotherapy containing C-platinum. This approval could substantially expand the addressable population by up to 2,500 additional patients across both first and second-line treatments for bladder cancer.

A：In 2026, Pfizer expects a rich year with key catalysts and aims to deliver on critical R&D milestones. They anticipate progress with approximately 20 recently initiated and planned pivotal studies, with 10 in the material portfolio and 4 with their anti-PD1 VGF-specific studies. Notable among the expected pivotal studies is one for Svelton, a novel potential therapy targeting the integrin beta 6, in second-line treatment for metastatic non-squamous non-small cell lung cancer.

A：The Vesper 3 study results are important as they provide significant advancement in the obesity portfolio. They demonstrate that the extended half-life of PF-3944 allows monthly dosing and suggests continued weight loss with reduced dosing frequency while maintaining efficacy and a favorable safety profile. These data significantly increase confidence in the upcoming three-month dosing study that is expected to start later in the year.

A：The clinical data and model predictions show that 3944 can deliver robust weight loss after switching to monthly administration, with potential increased efficacy with a higher dose. There is no indication of a weight loss plateau at week 20 and continued weight loss is expected through week 64.

A：The Vespa 3 study reported that 3944 displayed a well-tolerated and favorable safety profile, consistent with what has been observed with weekly GLP-1 receptor agonists. No treatment discontinuations due to adverse events were observed in the placebo group, and the discontinuation rates were compelling across the dose regimens.

A：The plans for phase 3 include evaluating a higher monthly dose of 9.6 mg of 3944, which is the monthly equivalent to the 2.4 mg weekly dose currently being studied. This decision is based on the totality of tolerability data and the aim to maintain competitive tolerability.

A：The obesity program is advancing with over 20 trials, including 10 phase 3 studies of 3944, covering chronic weight management, obesity-related comorbidities, and patient access. The first potential approval is targeted for 2028.

A：The ultra long acting amylin analog is believed to have the potential for class-leading efficacy and combinability with 3944 in a monthly dosing format. Positive early data from the single ascending dose combination study showed well-tolerated starting doses and additive weight loss.

A：The outcomes of the Vespa 3 study validated the potential of 3944 by demonstrating a robust weight loss profile with no observed plateau at week 28 and competitive tolerability when switching to a monthly dose, setting the stage for an expansive phase 3 program with potential approval starting in 2028.

A：The recent financial performance and strategic investments signify a continued disciplined execution of key strategic priorities, resolving significant business uncertainties, and making investments aimed at driving revenue growth later in the decade. Pfizer is on track for an approaching phase with recently launched and acquired products anticipated to spur growth towards the end of this decade.

A：For full year 2025, revenues are forecasted to be $62.6 billion, with an operational decline of 2% from last year, and adjusted gross margins expanded to 76%. Adjusted diluted EPS is expected to be $3.22, ahead of the prior year's $3.11. Fourth quarter revenues are projected at $17.6 billion, with a 3% operational decrease versus the same period of the prior year, primarily driven by a decline in COVID-19 related products. Non-COVID product performance grew 9% operationally.

A：The strategic focus of the fourth quarter includes non-scalability and tangible asset impairments related to certain medicines in development, strategic decisions in the development plans, and updated long-range revenue forecasts. Pfizer aims to enhance R&D productivity, focus on high-impact medicines, and deliver cost savings. They expect to meet their savings commitment under the cost realignment program by the end of 2026 and continue focusing on productivity opportunities and efficiencies.

A：Pfizer's capital allocation strategy is designed to enhance long-term shareholder value. This includes maintaining and growing the dividend, reinvesting in the business, potential share repurchases, and managing leverage. In 2025, they returned $9.8 billion to shareholders through dividends, invested in R&D, and completed business development transactions. Pfizer expects to further reduce leverage following the Mecera transaction and is targeting a 2.7 times debt-to-Ebitda ratio. They have approximately $7 billion in buyback capacity after the V sale and remain committed to achieving the expected $5.7 billion in cost savings by the end of 2026.

A：The molecule currently undergoing phase 3 programs is VPA 4, which is in patients with type 2 diabetes and includes weekly testing with a high dose of 2.4 mg weekly. Additionally, Vespa 5 and Vespa 6 are included in studies with type 2 diabetes, where Vespa 6 will include monthly dosing.

A：Demographics from the Vesper 3 data study were conducted in the US only, and there are differences in demographics and tolerability between US-only patient populations. Detailed demographics will be presented at the ADA conference. Regarding tolerability, the data showed overall tolerability similar to the GLP-1 class, with no significant increase in discontinuations or severe adverse events (AES) when switching to monthly dosing. There was only one severe case of nausea, one severe episode of diarrhea, and no severe cases of vomiting across the whole program.

A：The company is encouraged by the overall tolerability data presented in the Vesper 3 study, which is similar to what is expected for the GLP-1 class. There was no cluster of discontinuations or significant adverse events when switching to monthly dosing.

A：The company is confident in delivering a superior profile with its upcoming phase 3 B6 A study for second line NSCLC. Data from a first-line study showed an overall response rate of over 30% with a median overall survival approaching 16.3 months. The second line study against DOS attack is expected to read out first, followed by the study with pembrolizumab, which is an event-driven study.

A：The company is focusing on post-therapeutic areas and has prioritized and focused its programs to identify up to 500 million savings in research and development (R&D), which is being reinvested in phase 3 programs. The company plans to start approximately 20 pivotal R&D programs in 2026 and is deploying artificial intelligence (AI) to create productivity gains and reduce the cost of R&D.

A：The company does not provide guidance for 2027 but aims to continue reinforcing and improving productivity across its R&D platform. With the investments in R&D infrastructure, it expects to be able to take on more workload and focus on creating medicines for the end of the decade and beyond.

A：The 9.6 mg monthly dose of glip monotherapy is a continuation of the dosing strategy based on modeling predictions, with the 2.4 mg already being tested weekly. The company has confidence in the modeling for predicting outcomes based on observed data. Regarding the new molecule's combination, the company is evaluating emerging tolerability data, and it has not disclosed if glip plus AMOLED can be fit into a single pill.

A：The early data for the combination of GLP-1 and amylin injectable showed a 5% improvement at day 8. However, these are preliminary results and the company plans to update the data later in the year.

A：The company plans to leverage the increased efficacy expected from the combination to compete in the ultra-high efficacy tier of treatments, potentially targeting GLP-1 non-responders as well. They aim to demonstrate value in monotherapy and explore the combination's potential in different patient segments.

A：The combination of GLP-1 and amylin is being developed with the potential for increased efficacy. The company plans to update data later in the year and start phase 2 and 3 studies. The marketing strategy will depend on the differentiation capabilities of the company's portfolio and its ability to serve various patient needs with a range of products.

A：The company believes that there is a large, underserved market for weight loss and management treatments, and the combination could address significant unmet needs in terms of dosing convenience, higher weight loss for certain patients, and improved gastrointestinal tolerability and maintenance strategies.

A：The oral GLP-1 molecule, which is not on a D-arylethylamine (DAE) scaffold, is currently in phase 1 studies and a collaboration and license agreement was acquired from a global partner, YavoPharma. The company plans to conduct phase 1 studies and combination studies with their GI antagonist, which is in a randomized phase 2 study. The work is being transitioned to the U.S., including manufacturing.

A：The phase 3 trial for the Lyme disease vaccine is a multivalent protein subunit vaccine targeting all six outer surface proteins of Borrelia burgdorferi. The study is expected to read out in the first half of the year. There are around 440,000 people affected by Lyme disease in the U.S. and 132,000 in Europe, and the potential market could be very significant. A vaccine could be particularly important in certain regions of the world.

A：The phase 3 trial is expected to demonstrate competitive weight loss results with the longer-acting GLP-1, which includes competitive tolerability and the advantage of monthly dosing. The data predictions suggest highly competitive results, even at lower doses, and the potential for higher weight loss with improved tolerability compared to optimized GLP-1.

A：AI is being embedded in each function within the company including discovery, medical, regulatory, safety, pharmacovigilance, clinical trial execution, and other areas such as finance, HR, and legal. Specific achievements include productivity enhancements in marketing and cost reductions in manufacturing. In terms of commercial impact, AI is used to train field forces and optimize their interactions with physicians, as well as to increase marketing returns on investment by making more targeted advertising decisions.

A：AI allows for instant reevaluation and adaptation to different regulatory requirements in various markets, which is particularly beneficial when operating globally and needing to adjust promotional materials in different countries.

A：AI has increased productivity by leveraging vendor technology platforms and automating routine transactions. It has enabled the company to use data sets to automate processes, resulting in cost reduction without impacting revenue, and it is a key strategic priority for scaling up.

A：Met 2, 3, 3 is an ultra-long acting amylin with shown efficacy in monotherapy for weight loss and a favorable tolerability profile. The combination of this medication with others is anticipated to have best-in-class efficacy with monthly dosing, which is highly differentiated in the market.

A：The integration of Celgene has been successful across research, commercial, and manufacturing, with several programs being started or accelerated. Despite the crowded market for PD-1/VEGF therapies, the company is confident in its pipeline, especially with new agents like 4404, which showed positive data and is being developed with potential indications including non small cell lung cancer and bladder cancer.

A：Future plans for 4404 include additional phase 3 studies, one of which is planned to start later in the year. Early data showed high affinity for PD1 and binding to all isoforms of VEGF. Positive non small cell lung cancer data from China was reported, and the drug is showing encouraging results when combined with chemotherapy, with plans for phase 3 trials in colorectal cancer and other diseases.