PFE Q3 '26

Moments, ranked

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   “We are first in a series of potential approvals for verobenatide in 2028, with planning of our go-to-market strategy well underway.”

   Management, 2.5x volume, adj. next 5 min: -0.58% raw vs +0.03% sector

   New, abnormal minute at the statement

   medium confidence

2. 211:05 ETQ&A▲ +0.40%

   “So we'll provide 2027 guidance around middle of December, like we did last year.”

3. 311:11 ETQ&A -0.05%

   “I want to say that I'm very proud of our performance through the third quarter and the execution.”

4. 410:06 ETprepared▼ -0.23%

   “We are leading the oral CGRP class in the US and are working to extend that position internationally.”

1. +0.23%0:00OperatorGood day, everyone, and welcome to Pfizer's third quarter 2026 earnings conference call. Today's call is being recorded. At this time, I would like to turn the call over to Francesca DiMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead, ma'am.
2. +0.23%0:17ManagementGood morning, and welcome to Pfizer's earnings call. I'm Francesca DiMartino, 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. I'm joined today by Dr. Albert Bourla, our Chairman and CEO, Cécile Guégant, 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.
3. +0.23%0:59ManagementBefore 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 uncertainty, speak only as of the call's original date, and we undertake no obligation to update or revise any of the statements. With that, I will turn the call over to Albert. Thank you, Francesca. Good morning, everyone, and thank you for joining our call. I'm pleased with another strong quarter for Pfizer.
4. -0.39%1:42ManagementOur 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 production, as well as the ongoing development of our products, 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. Before going further, I want to welcome Cecile Guigan as our Chief Financial Officer. Cecile brings more than 25 years of financial experience to our company, and she is a key figure in our business. She is a key figure in our business. She is a key figure in our business. She is a key figure in our business. She is a key figure in our business. She is a key figure in our business. She is a key figure in our business.
5. -0.34%2:26Managementand 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 year. next chapter requires. 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
6. -0.37%3:11Managementin 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 Siegen, Metcera and Bioheaven. 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 Siegen portfolio grew 39% year over year in the US in the quarter, driven by the strong performance of
7. -0.37%3:51ManagementPatzen. Bringing Siegen's medicines together with the strength and 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. Siegen 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
8. -0.59%4:34Managementconjugates that could bring meaningful improvements for patients with cancer. 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 third-party trials in the future, including phase three trials in 2026, including one evaluating a switch from approved weekly therapies to our investigational monthly GLP-1 peptide, verobenatide. We have made significant progress with enrollment across our pivotal verobenatide
9. -0.62%5:14Managementprogram, as well as our amylin combination program, where our phase 2b study is now fully enrolled. We are first in a series of potential approvals for verobenatide in 2028, with planning of our go-to-market strategy well underway. Bioheaven 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. for the oral CGRP class to be a key growth driver,
10. -0.62%5:57Managementeven 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 key countries, including the UK, Italy, and Japan. We are also encouraged by strong adoption when we are able to expand access. 2026 execution in R&D has been strong and we continue to prioritize the highest value opportunities for patients
11. -0.23%6:42Managementand 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 recommendations. We have eight 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,
12. -0.30%7:25Managementand chronic cancer, within inflammation and immunology. And of course, in pneumococcal vaccines. Chris will share more detail about our recent advancement in the recent months. 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. Thank you. revenue and adjusted earnings per share. This reflects our strong performance through the
13. -0.27%8:05Managementthird 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. 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
14. -0.27%8:43Managementand biomarker selection. The recent launch of Genesys, a new pharmacovigilance platform, shows our commitment to harnessing the technology and the technology to improve the quality of our products. We are also working to enhance 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. Genesys 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. With that, I will turn it over to the next speaker.
15. -0.04%9:22ManagementThank you Albert and good morning. I am proud to speak to you today as Pfizer's CEO. 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
16. +0.10%10:06Managementrigorous capital allocation and disciplined execution. Now I am pleased to share our third quarter results which demonstrate continued success in the field of finance and innovation. We have seen a significant increase in revenue from our non-covid product while product mix, productivity and cost management supported margin expansion and enabled continuous investment across a robust pipeline. This year's performance gives us the confidence to raise our full year 2026 revenue guidance as well as raise
17. +0.10%10:48Managementraise and narrow our adjusted diluted EPS guidance. Now onto the results. Start 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, start quarter 2026 reported diluted EPS was $0.56.
18. +0.20%11:29ManagementIn addition, adjusted diluted EPS of $0.87 exceeded our expectation, and includes the $0.10 charge related to the InnoVant transaction. This outperformance reflects cost discipline and improved productivity across the organization, even as we increase investment towards future growth drivers and advance several phase 3 study starts. We saw solid revenue contributions in the quarter from Ediquest Pets of the Vindican family, Nertec and Lorbrun,
19. -0.01%12:09Managementwhile our COVID-19 products and the Prevner family declined in the quarter. Our Launched and Acquired product contributed $1.4 billion in revenues from the InnoVant transaction. This outperformance contributed $1.4 billion in revenues from the InnoVant transaction. Our launch and acquire product contributed $3.8 billion in revenues and grew 32% operationally in the quarter, primarily driven by Patsaf up $255 million, Nartec up $135 million, and Lobrena up $114 million. We continue to invest behind this group of products to mitigate LOE headwinds over the next several years.
20. -0.01%12:49ManagementIn addition, this quarter's performance demonstrates clear progress against our objective of returning to growth towards 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 seven-year-old production. We are also investing $1.2 billion of net savings by the end of 2026 for ongoing cost improvement programs.
21. +0.02%13:30ManagementAs we announced last quarter, we are 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 operations, increased 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.
22. -0.12%14:15ManagementAdjusted gross margin for the third quarter was 77%, primarily reflecting favorable product performance. In the final quarter, we saw a significant increase in STA and employee sales, especially at the end of 2020, and continued cost management. And we look at the components of adjusted operating expenses of $6.8 billion. Adjusted SINA expenses increased 2% operationally, reflecting in part, an increase due to a lower favorable adjustment of U.S. healthcare reform fees, year-over-year offset, partially by lower and targeted marketing and promotional investments, and ongoing cost productivity improvements.
23. -0.12%14:58ManagementAdjusted R&D expenses increased 18% operationally, which includes planned investment in priority oncology and obesity programs, including several phase three study stocks. And acquired in-progress R&D decreased 52% operationally, primarily reflecting a $650 million charge related to the in-event transaction this quarter, compared to a $1.35 billion charge in the prior quarter related to the 3S biotransaction. Start quarter 2026 adjusted operating margin was 36%,
24. -0.40%15:43Managementreflecting effective cost management, strong non-COVID revenue performance, higher investment, and improved R&D performance. And I will note was tampered by the AIPR and discharge related to the in-event transaction. And as I mentioned earlier, start quarter adjusted diluted EPS was 87 cents. Based on our year-to-date performance, including continued growth across our non-COVID product and disciplined execution, we are raising our full year 2026 revenue to $1.35 billion.
25. -0.31%16:23ManagementThis is our new guidance by $1.5 billion at the midpoint. To a range of 62 to $64 billion. We are reaffirming our expectation of approximately $4 billion for the COVID products, with a majority of the Comirnatio revenues expected in the fourth quarter, consistent with the vaccination season. Exovid utilization will continue to be influenced by infection rates, infection rates and treatment demand. In addition, we now expect full year 2026 R&D expense to be in the range of $10.8 to $11.8 billion.
26. -0.25%17:06ManagementWe 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 InnoVant transaction. We are reaffirming all other components of our financial guidance. Our updated outlook reflects our confidence in the non-COVID product, progress across
27. -0.25%17:47Managementour cost improvement initiative, and expectation of full year adjusted gross margin in the mid 70s percentile. We continue our głosation and time saving activity,起來 our value dándĂž at floating edge price То есть, 2021ahah, REBOURT Z linux award for theқ order of return return at the voter-州 yang khdu's cousin range, and continued investment in our priority pipeline progress. Turning to capital allocation. Our capital allocation priorities remain unchanged. We invest in the business at appropriate returns, maintain & overtime growth our dividend, and deliver shareholder returns while preserving flexibility for future value SUR automobilevideo dŒ Florence,, who died on March skal fair wave screen. It hasn't been changing here ever since. For keen to make the ownurable chances of the Diop For Well being able to manage including share repurchases. Following the InnoVant transaction,
28. -0.21%18:32Managementwhich closed in the start quarter, our current BD capacity is approximately $6 billion. 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 start 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,
29. -0.15%19:15Managementwe expect leverage to remain around current levels or modestly higher during the LOE transition period. We remain focused. We remain focused on maintaining a strong financial position while continuing to invest in innovation and support shareholder returns. In conclusion, I want to leave you with two key takeaways. First, operational excellence. The non-COVID product continued to perform well, growing 7% operational, and our launch and acquired product grew starting 2.5 times. We are now at 2% operational,
30. -0.15%20:00Managementproviding further evidence of our strong capabilities and consistent execution. Second, financial discipline. We are improving operating efficiency while enabling increased pipeline investment in programs we believe offer the greatest potential for patients and shareholders. Together, this performance will help us to achieve the next level of performance. This performance demonstrates that we are executing our strategy, managing the upcoming LOE transition, and strengthen the foundation for a return to growth towards the end of the day.
31. -0.04%20:44ManagementWith that, I'll turn it over to Chris. Thanks, Cécile. Across our four therapeutic areas, we made strong progress last quarter. I'll provide colour on recent developments for some of these programs, starting with Alrexfeo, our internally discovered program for COVID-19. Our internally discovered BCMA-Bi-Specific, which has now delivered two positive phase III readouts and double-class exposed multiple myeloma. Most recently, in MM32, Alrexfeo monotherapy demonstrated a statistically significant and clinically meaningful improvement in progression-free survival versus investigators' choice of three established standard-of-care regimens. This is important because the choice of three standard-of-care regimens provides a robust representation
32. -0.21%21:27Managementof 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. At the time of the interim analysis, more than 75% of patients receiving Alrexfeo had not experienced disease progression or death from any cause, and the estimated 18-month progression-free survival rate was approximately 68%. Safety and health. Safety in MM32 was consistent with Alrexfeo's known profile and also potentially differentiated. With infection prophylaxis measures incorporated from the start of MM32,
33. -0.22%22:10Managementrates of grade III or higher infections were lower than those observed in MM5, Alrexfeo'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 MM5. 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 MM5. MM5 data are expected at a medical meeting before year-end and will provide further information on efficacy and safety. Taken together, these positive phase III results from MM32 and MM35
34. -0.22%22:55Managementstrengthen our confidence in moving Alrexfeo into earlier lines of treatment. We are building a compelling case of fixed-dose Alrexfeo monotherapy from first relapse regardless of prior CD38 exposure. And with additional pivotal studies in newly diagnosed multiple myeloma underway, Alrexfeo's eligible patient population could grow approximately five-fold, pending clinical and regulatory success. Moving next to a termocyclic, our potential first-in-class, highly selective CDK4 inhibitor. Building on the leadership we established with iBrands, we are advancing a termocyclic as a potential next-generation backbone for first-line and early HR-positive breast cancer.
35. -0.32%23:39ManagementOur CAT6 inhibitor, Provetrostat, is being developed in later-line settings. The termocyclic 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. We designed a termocyclic to maximize efficacy through greater CDK4 inhibition while improving tolerability by minimizing CDK6 engagement. A termocyclic is 33 times more selective for CDK4 versus CDK6 inhibitors,
36. -0.15%24:21Managementcomparing favorably versus the standard of care. Here are two datasets fueling enthusiasm for termocyclic. On the left are data presented at ESMO from the Phase 2, 4, Light 1 study of a termocyclic plus fulvestrin in patients with HR-positive HER2-negative breast cancer. All participants had previously received a CDK4 inhibitor, and notably 92% of the termocyclic participants were randomized within three months of receiving the inhibitor. The termocyclic regimen reduced the risk of disease progression or death by 40% compared to investigators' choice of fulvestrin or ifriolimus plus eczemestine. These results in a population with highly refractory or resistant disease
37. -0.20%25:05Managementincrease our confidence in our ongoing Phase 3 trial of a termocyclic versus investigators' choice of CDK4 inhibitor in the first-line setting. On the right are data for a termocyclic with a CDK4 inhibitor. On the right are data for a termocyclic Phase 2 study in early breast cancer. With a combination of a termocyclic 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 a termocyclic with a selective estrogen receptor degrader, Geridestrand, in a Phase 3 early breast cancer trial expected to initiate within the next few months.
38. -0.20%25:48ManagementThis study design has been aligned with regulators, building on the expected approval for Geridestrand in this setting. This slide shows folate 1 safety and tolerability data alongside results from pivotal studies of the three approved CDK4 inhibitors plus fulvestrin. These are cross-trial comparisons. Therefore, definitive conclusions cannot be drawn. These data further suggest that high CDK4 selectivity drives improved safety, safety and tolerability, enabling continuous dosing, excellent adherence and potentially greater efficacy. Grade 3 or higher neutropenia was numerically lower with a termocyclic than with any of the approved agents, with no grade 4 or 5 neutropenia reported.
39. -0.26%26:33ManagementAny grade diarrhea was lower than with abemocyclic and comparable to pulverocyclic and ribocyclic. Dose reductions due to adverse events were 14% with a termocyclic compared to 32 to 43% with a termocyclic. Turning to tubonatomic, 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. Updated results at ESMO strengthen our confidence
40. -0.04%27:18Managementas we expand tubonatomic's development. Since CITC25, confirmed response rate for the pivotal dose of tubonatomic 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 tislilizumab plus chemotherapy in this study. Median progressive free survival was nearly 14 months, for both histologies, an improvement of roughly 4 to 5 months versus the comparators. Notably, tislilizumab's efficacy was consistent with historical phase 3 results for the leading PD-1 antibody pembrolizumab,
41. +0.09%28:03Managementwhich supports the relevance of the control arms. We are also encouraged by how tubonatomic efficacy and safety results compare with phase 3 data for the PD-1 VEGF bispecific antibody ivumizumab. While recognizing the limitations of cross-trial comparisons. Now for INI, TILRECAMIC, a potential first-in-class trispecific antibody. TILRECAMIC 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, TILRECAMIC treatment led to placebo-adjusted response rate of about 50,
42. +0.09%28:47Managementand the TILRECAMIC test results in a 75% 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. These secondary endpoints in our ongoing phase 3 program are powered to test this hypothesis in a head-to-head setting. For safety, TILRECAMIC demonstrated a favorable profile. At subcutaneous doses, up to 400 mg once every 4 weeks, the observed frequency of conjunctivitis and injection site reactions were lower than rates reported with dupilumab and comparable to placebo.
43. +0.07%29:30ManagementBeyond atopic dermatitis, TILRECAMIC offers a pipeline and a product opportunity, targeting pathways that are validated by approved therapies across 9 different diseases. Late-stage studies are underway in severe asthma and moderate to severe COPD. Moving to our potential best-in-class pneumococcal conjugate vaccine program, building on PREFNA's 25-plus year legacy of effectiveness and safety, we are 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 PREFNA20 met the two-fold post-dose focus of the PECF-25 test results.
44. +0.15%30:14ManagementThe first was the post-dose IV IgG criterion, historically used to establish non-inferiority. Since the pediatric licensure of PREFNA20 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 for at least 22 of 25 serotypes in our pivotal study, taken together with sero-response data, functional OPA, T-test, and the totality of evidence approach to licensure.
45. +0.15%30:59ManagementThese 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 U.S. children under 12. The second is the PECF-35. This would represent an incremental increase of approximately 25 percentage points versus PREFNA20. Our phase 3 program is well underway, with the phase 3 lot-to-lot consistency study already fully enrolled. In adults, PCB35 extends the enhanced serotype 3 technology we validated with PCB25 to other key serotypes,
46. +0.29%31:42Managementand the phase 1 start expected this year. 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 MEFRA1, which based on the current event rate, is now expected in the first quarter of 2027. If successful, MEFRA1 could support approval for MEFRA-METASTAT, our in-house discovered potential first-in-class, easy H2 inhibitor for prostate cancer expanding our franchise. With that, I'll hand it back to Albert. Thank you, Chris. And in closing, operational excellence is driving a commercial momentum across our key growth brands.
47. +0.01%32:27ManagementAnd 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 towards 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
48. -0.04%33:12Managementfrom year-end 2020-8 through year-end 2033. Now we will move to Q&A. And operator, please assemble the queue.
49. -0.04%33:24OperatorThank you. If you'd like to ask a question, press star 1 on your keypad. To leave the queue at any time, press star 2. Once again, that is star 1 to ask a question. Our first question is from Dr. David. Our first question today will come from Chris Schott with JPMorgan. Your line is now open.
50. -0.04%33:42AnalystGreat. Thanks so much for the questions. I just had two pipeline ones. Maybe first on the tri-specific, to recommend this one in atopic derm, as we consider, I guess, first line versus second line usage, as we just think about the very well-entrenched and maybe just the timelines for the indications beyond AD that you're pursuing. The second question was then just pivoting over to the upcoming phase one, to a amylin and combo data that we're going to see. Here, can you just help set thinking about that data
51. -0.06%34:21Analystand then the type of titration schedule that's being used?
52. -0.06%34:29ManagementNo, thank you. Chris, would you like to cover the timelines of tri-specific and, of course, the amylin and the berobenatite questions? And then maybe, Alexander, you can speak a little bit about the commercial positioning. Thank you very much for the question. So, as you know, we've now started the phase three program for Turecumib in atopic dermatitis. We've now started the phase two studies. One of those studies include a head-to-head against dupilumab, and we also started the phase two, three study, a continuous design for COPD, and phase three studies for severe asthma with expected readouts in 2028 and 2029.
53. -0.15%35:10ManagementRegarding amylin GLP-1, as you're aware, the SOLACE-1 study has now completely recruited. That is the robustly designed, phase two B study for amylin single agent and amylin plus berobenatite in different doses and different titrations. We expect the readout for that study for efficacy the second half of 2027. The ongoing phase one, phase two A study will give an update at the end of this year, recognizing that study was designed for safety and PK, clinical pharmacology, not for efficacy. Thank you. And then what about the positioning of the tri-specifics? Yes, Chris, thanks for the questions.
54. -0.15%35:55ManagementI think we all know that this is a very large category. What we have learned with RCB and overall dermatology franchises, there is a lot of patients' profile that requires different type of therapy. And we see that very much with the JAK versus the MAD. And we see that there are some patients that actually move from one to the other, they drop off. There is a lot of circulation of those patients. 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. 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 phase. And as I said, as we move into the result of the study,
55. -0.11%36:39Managementwe 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 of all, we have to be able to see the results. First in class, strong efficacy, and clearly a MAD medical lead in this category. Thank you very much. Next question, please.
56. -0.11%36:57OperatorOur next question comes from Dave Reisinger with Lyric Partners. Please go ahead.
57. -0.02%37:02AnalystYes. 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 U.S. net price in the third quarter and going forward. My question is on U.S. net price in the third quarter and going forward. My question is on U.S. 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 U.S. net price prospects looking forward in the near term? Thank you.
58. -0.02%37:39ManagementThanks 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 ediquis, which started in Q3 of the January 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. Rather than dynamics around the gross-to-net.
59. -0.26%38:16ManagementAs we are looking into the future, obviously, I'm not commenting today on 2027, but we will obviously reflect into our guidance for 2027, the various dynamics that we are seeing, being IRA with two of our products entering in 2027, and any of the dynamics around the 340B impact and changes. So, as I said, we are looking at the performance of Q3, 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.
60. -0.26%38:54ManagementBut as a summary, the performance into Q3 is really a reflection of the strong execution, rather than dynamics around gross-to-net that would not continue. Very well. Thank you very much. Next question, please.
61. -0.35%39:12OperatorOur next question comes from Umar Rafat with Evercore ISI. Your line is now open.
62. -0.35%39:18AnalystHi, guys. Thanks for taking my question. 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 2026. So when I look now back at the data, I see that there's a lot of progress. I see that there's a lot of progress. But then when I look at the Fizer P&L, I'm seeing SG&A and R&D was about $24.5 billion back in 2022. 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 to $25 billion camp.
63. -0.27%40:00AnalystAnd I guess, how do you think about that heading into the dividend integrity, the cost lever heading into patent expiries? Thank you.
64. -0.27%40:10ManagementCecilia, why don't you take this question? Yes. So I'm going to start with Cecilia. 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 is 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 product and programs that we have. In addition to obviously the acquisition that we made.
65. -0.27%40:47ManagementAnd then on the S&A side, mostly coming from the commercial and marketing expenses as well as ESG. So what we are seeing today in our operating expenses, and I would then relate to just the third quarter, which had some one-time dynamics that drove the S&A up. We are still expecting, based on guidance, to see a decline in S&A. Versus last year. So that's the first piece that I would say. Going forward, we have announced our second phase of the program with a $2.5 billion of savings. Both in SG&A and in our cost of manufacturing.
66. -0.15%41:30ManagementThose 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 2020. Thank you very, very much, Yusil. Next question.
67. -0.15%41:47OperatorWe'll go next to Akash Tiwari with Jefferies. Your line is now open.
68. -0.15%41:53AnalystHey, thanks so much. Just a couple. I know in the spring you had a kind of 45-50 patient biomarker analysis on your STAT6. And you were going to make a decision on whether to go from stage one to stage two. Is there an update on that program? And really, how do you see that? And really, how do you think about tarc reduction and biomarker reduction to what we've seen with some of the degraders? And then on your GLP-1 amline, I think your phase one, two, you just updated on ClinTrials to 201 patients. I think it was originally planned to be closer to 400. Any color on what drove that decision with the amline GLP-1 combo with Mescera? Thank you.
69. -0.06%42:37ManagementChris, both questions goes to you. Okay. Thank you very much. So the first is on STAT6, potentially first in class oral STAT6 program. Thanks for the question. This is an area very important for us for the INI 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. Regarding the amline and vera-benotype, as I stated earlier, the SOLACE-1 study is fully recruited. That study is for efficacy reading out end of next year. And the phase one, two A study was adapted for the additional PK studies we are doing.
70. +0.07%43:18ManagementBut there's nothing really, nothing material changed in the trial. Thank you. Next question, please.
71. +0.07%43:28OperatorWe'll go next to Ramal Devan with Guggenheim. Your line is now open.
72. +0.07%43:33AnalystGreat. Thanks for taking my questions. Again, maybe on the pipeline. Thank you. Thank you for the question. One, we noticed that you posted a new phase one trial for your PI3K inhibitor on ct.gov last week. Heard what you said around a termocyclib in your CAT6. Curious if you can maybe just talk about how you see that asset sort of fitting into your broader breast cancer strategy. And then the other question maybe coming from Esmail. We saw the VOLGA data, the AstraZeneca release, that could suggest maybe less need for, you know, the use of fewer cycles of PADSAS in patients. You know, with bladder cancer. Curious if you have any sort of reactions to that data set or how it might impact how you think the use of PADSAS may play out in the future.
73. +0.24%44:15ManagementThanks. Yes. So firstly on the PI3K, we started to place one study on an internally discovered PIK3CA inhibitor. A reminder that genitalia with cell purity is also Pfizer discovered medicine. We have an ongoing clinical trial with Relay with their PIK3CA alpha, alpha, pan-alpha isoform selected inhibitor. And we're looking at the results. We have a form selected inhibitor called Zovigalacet. And the advantage, also in combination with a termocyclic, the advantage of termocyclic is we do not see DDIs, which has been experienced with all the other CDK4-6 inhibitors combining with the PIK3CA. So it's a potentially significant advantage to your point up to 40 percent of breast cancer,
74. +0.24%44:55Managementpositive breast cancer up to 20, 25 percent of two positive breast cancer will harbor a PIK3CA mutation. So it's an important area for us. The second question was on the Volga data. Just I'll start briefly. Firstly, this reinforces the use of PADCET for muscle invasive bladder cancer. It reinforces the use of PADCET in combination with the PD-1 for muscle invasive bladder cancer. It also reinforces the confidence we have in the study we've just started 309, which is bladder sparing PADCET, PEMBRALIZAMAP in a bladder.
75. +0.35%45:32ManagementPEMBRALIZAMAP in a bladder sparing setting, as well as the ongoing planned phase three trial with PADCET plus CUGINITIMET, which should also start later this year. I just want to remind on the Volga study, this was a no cisplatin eligible population. Pathological complete remission was lower than what we've seen with PEMBRO plus PADCET, which is important, including slightly lower event-free survival. And most importantly, this is a curative incentive setting. And most importantly, this is a curative incentive setting. So we're not clear yet which patients can be deescalated. So that's important for physicians. Who can you actually give less therapy to? Thank you. Thank you very much. Next question, please.
76. +0.11%46:15OperatorWe'll go next to Evan Seegerman with BMO Capital Markets. Your line is now open. Hi, guys.
77. +0.11%46:20AnalystHi, guys. Thank you so much for taking my question. Cecile, so as you inherit the capital allocation framework kind of established by your predecessor, how do you think about the marginal dollars that you can kind of 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? Yes, Cecile. Thanks, Evan.
78. +0.11%46:44ManagementSo our priorities are clear and they are not changing versus what was in place. I think we have a solid plan to get us through LOE and post-LOE. So our priorities, invest for growth, maintain or grow our dividend over time, and then keep a strong balance. So through the LOE period, operating cash flow, financial asset and access to capital market 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.
79. +0.04%47:24ManagementAnd in that situation, share repurchases become again one of the levers that we have in order to keep the dividend. So we have to be able to continue and enhance that shareholder value. Thank you very much. Next question, please.
80. +0.04%47:40OperatorWe'll go next to Steve Scala with TD Cowen. Please go ahead.
81. +0.04%47:44AnalystOh, thank you. Two questions. Given the push out of MeVPro1, were there any changes to MeVPro2 and 3 timelines? So that's the first question. Second question is for Cecile. So you started at Pfizer when Warner Lambert was being consolidated. Have you been able to get any feedback from the FDA? I think the biggest changes that we've made so far in the last couple of years have been through the acquisitions of Pharmacia, Wyeth, and Cgen, 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?
82. +0.03%48:29AnalystAnd what's the biggest change now than at any time in the last 25 years? Thank you.
83. +0.03%48:33ManagementGood question. Cecile, what do you think? Thank you. And just for the record, I came with Wyeth and 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. Thank you. 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 transaction and key acquisition that are today already kind of like a driving success.
84. -0.16%49:18ManagementWe're talking about PetsApp, we're talking about Nartech, and we see a lot of opportunities that still remains in the pipeline in Cgen, in Metzera. And we're also looking at the market, where we have a lot to execute both commercially and on an R&D side and on the commercial side. 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 large companies that we have in the four therapeutic areas that we're at.
85. -0.30%50:00ManagementSo looking at a BD acquisition is obviously strategically aligned, building upon our expertise, and then obviously providing the financial returns, appropriate returns that we would be expecting. Thank you, Cecilia. Chris, you want to comment a little bit on the timelines of Mevro and given the interest on the product, maybe Amir also you say a few things about the potential. Thank you very much. I'll be brief. Since we last spoke about it, the timelines have been updated for Mevro 1 and Mevro 2. A reminder, these are event-driven studies, so it's based on when we expect events to happen.
86. -0.30%50:40ManagementSo Mevro 1 will now read out Q1 2027 and Mevro 2, Q3 2027. And as you've seen at ESMO, we've got additional data, including compelling 8.9 months PFS. Jessica is correct, Mevro 2 is actually Q4 2027, the updated in clinicaltrans.gov. Thank you. And I think Mevro 1 you expect around February. Around February, correct. Very doubtful. This is the projections right now based on the way that events are accruing. And Amir, why are we so excited about Mevro in terms of the commercial opportunity? I think three things are probably why we're excited. One, I would just remind everybody that our current commercial footprint is in the last year.
87. -0.24%51:23ManagementOur current commercial footprint is anchored in the US alongside Astellas. But Mevro for us is a fully global opportunity in the US and outside the US. So that is very significant and exciting. Second, as Chris mentioned, Mevro 2 and 3, across Mevro 1, 2 and 3, I think we have the potential to position Mevro 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 EU, foreign UK, another 14,000 in Japan, and 30% of that population could be addressed even with Mevro 1.
88. -0.27%52:08ManagementSo 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. Thank you, Amir. And you know, sometimes people forget that. Actually, I think it's important. People forget that Extenda, which is one of our very big and strong products, we basically have half of the Extenda in the US, and that's it. Here we are going to have the whole US and the whole global international market. Next question, please.
89. -0.27%52:38OperatorWe'll go next to Jeff Meacham with Citibank. Please go ahead.
90. -0.27%52:43AnalystGreat. Morning, everyone. Thanks so much for the question. Just add to 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 OUS agreements? And the second question for Chris on vera-benetide, you guys have studied, have started a lot of studies across metabolic indications and beyond obesity, diabetes. I want to get your thoughts on expanding vera-benetide as a combo strategy into inflammation or neuropsych or even oncology, for example.
91. -0.37%53:26AnalystObviously, the science is really evolving here on GLP-1 synergies. Thank you.
92. -0.37%53:31ManagementReally, thank you, Jeff. 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. Thank you. 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. I think the agreements are signed and are going until the end of the term of this government.
93. -0.29%54:15ManagementAnd I expect that there will be a 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 contracts will have to be changed. I think the necessary changes are still in the works. I think, in two weeks' time, we will be really getting to a complete agreement on what we could have.
94. -0.29%54:57ManagementI think through the successful navigation of those issues, we brought the stability that is now projected to last, and has brought this confidence back to the investors to invest in the industry in our sector. Now, with that, I will turn it to Chris to comment on the GLP-1 and other things. to establish verbenotide as a potentially best-in-class monthly subcutaneous GLP-1 for obesity, and this is globally. 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 also will announce additional phase three studies in the coming months. In 2027,
95. -0.28%55:40Managementyou're absolutely correct, we hope to announce some additional studies looking at the backbone of our portfolio, including ionite, potential in oncology, you're right, this is an area, and you'll also see the acceleration of phase one programs and current programs that's pre-clinically that's highly differentiated in this space. Thank you. Very good. Next question, please.
96. -0.31%56:03OperatorWe'll go next to Alex Hammett with Wolf Research. Your line is open.
97. -0.31%56:07AnalystThank you, two from me. So as you look at Cywin 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 barobentide OUS? 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 FDA progressing? And are there any meaningful differences between the FDA and EMA? Thank you.
98. -0.31%56:35ManagementI'm not sure I understood the second question. Lyme disease, Lyme vaccine. Ah, the Lyme vaccine. Okay, yes. So Alexander, thank you, Alex, very much. Alexander, maybe you speak a little bit about our G1 vaccine. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. That's right. So thanks for the question. As you said, Alex, we we've introduced myelodipine in China at the end of April of this year, and we're satisfied with the way we are. We are progressing with learning a lot through the through the launch of mentioned telethonia in China and the things that we are clearly understanding is there are very different segments within these overall chronic weight management categories with patients that are all qualifying for. for the definition of chronic weight management,
99. -0.17%57:17Managementbut some of them have more an aesthetic-driven purpose with a very different profile of product that they will be looking. And their way of acquiring this product is actually very different. The way on the other opposite direction, which are very heavy people looking for much more efficacy, tolerability, it becomes a second point point. And so clearly what we are learning is it's confirming our strategy that if we want to be successful in chronic 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 activations of those channels will be amortized across the portfolio. So those are very, very key confirmation of our strategy. Now, specifically to ignoblutides, as you know,
100. -0.12%58:02Managementwe 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 comprehensive profile, but you also need to have type 2 diabetes. Because it's opened up the hospital channel, but it also opened 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. Second thing, our competitors have also access to reimbursements, and this is very important to compete effectively. And so I'm also very happy to report that since June, we passed the NLDL-2.
101. -0.12%58:44ManagementAnd 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. Thank you. And from my perspective, it's fascinating to see how the commercial model around the obesity is so different than anything else. And for us, it reminds us really of the times when we were in the hospital, and we were in the hospital, and we were in the hospital, and we were in the hospital, and we were in the hospital, and we were in the hospital. of the Viagra loans, 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.
102. -0.27%59:27ManagementThat creates dramatically different size in the international markets. The second was that because of the consumer nature of these loans, 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, even if we haven't already launched an obesity product because our vaccines and our PaxClovit and our
103. -0.27%60:08Managementexcuse me and our migraine products they are really having significant channel through the Pfizer for all which is our consumer let's say web port to the website 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 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
104. -0.27%60:52Managementand we are very happy that we are entering this market because I think it is cut for our capabilities with that I will ask Chris to comment on the Lyme disease thank you for the question 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 have also now filed in Canada and we continue
105. +0.12%61:35Managementour discussions with the FDA and should provide an update regarding this in Q4 in Q4 in Q4 in Q4 in Q4 in Q4 in Q4 in Q4 in Q4 this year thank you Alexander any comments here 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 pharmacists and so we are very excited with the opportunity the level of awareness of the population significantly higher than what we have in FSME so as we have built this muscle commercially. Once we have the approval, we're very much looking forward for the opportunity
106. +0.06%62:16Managementto commercialize this vaccine. 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 our file. Let's go to the next
107. +0.06%62:37Operatorquestion, please. Our next question comes from Michael Yee with UBS. Please go ahead.
108. +0.06%62:45AnalystGreat, thanks. Maybe two quick pipeline questions for Chris. On NevPro, you guys continue to be pretty bullish. I know there was a formulation change to lower the C-max and improve the tolerability. Maybe you could comment on how you feel about dropouts and the change in formulation to drive your effect. And then, to recommend your tri-specific against something you're pretty bullish on. Can you just comment on neutralizing antibodies or ADAs, things that can be tricky for bispecifics and tri-specifics, and how you feel about that?
109. +0.15%63:19ManagementThank you. Chris? Thank you very much. On the first question on meprometastat, as you pointed out, we did, for the Phase 3 study, adapted to have a more tolerable dose with food where we decreased the C-max . That's an excellent point. So, this is a very small amount, and it's a lot of food. It's a lot of food. So, it's a lot of food. So, it's a lot of food. So, it's a lot of food. So, it's a lot of food. So, it's a lot of food. So, it's a lot of food. So, it's a lot of food. So, it's a lot of food. So, Cmax, but similar AUC to what we've seen in phase one. So we're very confident in the PK data and the dose that was selected for the phase three study. Regarding tilrigamic, 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
110. +0.33%64:02Managementimpacting efficacy. And in fact, longer-term follow-up on the studies we previously demonstrated or showed, show us that we do not have an impact on efficacy. So, so far, so good. Very good. Let's keep it that way if you can. Next question, please.
111. +0.33%64:24OperatorOur final question today comes from Asad Haider with Goldman Sachs. Your line is now open.
112. +0.33%64:29AnalystGreat. Thanks for taking the question and congrats on the quarter, Cecile, and also many congratulations. 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? And then looking at longer term, you are reiterating line of sight to high single-digit revenue CAGR towards the end of the decade off of a 2028 base. So, what are your thoughts on that? So, First, of all, picking up on the surfer, as well as citing operating leverage and margin expansion given the costs realignment and initiatives, but consensus numbers are not ready for modeling that.
113. +0.40%65:12AnalystThere does seem to be a disconnect on both revenue and the earnings lines versus your own expectations. So as you examined 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 towards that period? Thank you.
114. +0.40%65:30ManagementCecile, please make the comments on both. So thanks, Esad, 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. This one obviously is the LOE impact, not only in the US with iBarns and Extendi and some other products, but also in international where we are seeing Eloquence being LOE at the end of 2026.
115. +0.08%66:02ManagementThe 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 and including MF and NRA, which we will reflect in our guidance. And then on our cost initiative program that will allow us to continue.
116. +0.08%66:32ManagementTo one, invest towards the growth opportunities that are the growth drivers that we have on the SINA 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 spend. So that's kind of like the key trends for 2027. But again, more to come as we release guidance later in the year. As it relates to our iSingle digit growth, Aspirations, Versus the street is if you look at where that difference is coming from, it's not really coming from one place on one product. And so is our growth trajectory either.
117. -0.10%67:14ManagementSo what we are seeing as a building block for growth trajectory, obviously one is a continued growth of a new and acquired product. Not only because the market is still growing, our penetration is still 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 patient and grow our presence on the market. The second thing is on the pipeline. So why they are some obvious products that are making a key difference in our view versus a street view obesity being one, some of the oncology product being one. What I will say is our growth trajectory doesn't rely on one single product or one single therapeutic area.
118. -0.10%67:57ManagementWe have a broad portfolio of products. Step several phase three. We are working on some of our drug delivery. We are making the order from theouth to the journey to the on going as well as upcoming catalyst over the 18 to 24 months, which should give confidence to the outside world. Also to see the opportunities that we are running in bringing breakthrough to patients in significant area of unmet need. Thank you Cecile. And I would add that me as CEO. When I see the difference. street projections, that of course creates to me the urgency to check our assumptions
119. +0.04%68:37Managementto 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 we know very well where are the discrepancies between the products. As Cecile said, there are not only on the pipeline, which many analysts, they do not cover. So you have the phenomenal that from 12, 13 analysts that are forming the overall performance of the year, and it's 31. For some products, only five analysts. They have this one and the others they don't.
120. +0.01%69:19ManagementSo this is something that is expected in pipeline. But we see also very big discrepancies. In already launched new products, 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 Noorter, that we are already close to $2 billion this way, if you analyze it. And the street has us almost two and a half by year 2030. So I think there is a discrepancy there. I will also. Mention another example of the Rexfield, where for a competing product, the street is
121. -0.02%70:03Managementforecasting five billions and for us, 600 million. We aspire to present the profile that is very similar in efficacy and better in in in tolerability and in side effects now remains to be proven. But I don't think the 600 million. It is a five billions. It is justifiable. Even with the current information. So I think that as more information is coming for our pipeline and redoubles, I think as
122. -0.02%70:41Managementmore 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 adjusting their numbers. And there will be a conversion, possibly. 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 goes 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. I see a team with tremendous talent, dedication, striving for breakthroughs that change patients' lives.
123. -0.05%71:25Managementlives. We look forward to sharing additional updates about our progress. And thank you for joining our call today. And thank you for your interesting advice. Thank you. This brings us to
124. -0.05%71:40Operatorthe end of today's meeting. We appreciate your time and participation. You may now disconnect.