PFIZER INC earnings calls

mevrometostat trial success

Q (Evan Seigerman · BMO): How does management define success for MEVPRO-1? Do they need to reproduce the Phase I benefit or is a smaller, clinically meaningful delay enough?

A: They said Phase I showed a large benefit but the MEVPRO studies are event-driven and their statistical plan targets about a 30% clinically meaningful benefit over standard of care. They expect control arm performance of 5 to 8 months and are confident in the experimental arm.

"However, the statistical analysis plan is based on a clinically meaningful benefit of approximately 30% over standard of care because that will be clinically meaningful." — Chris Boshoff

guidance drivers and Padcev

Q (Christopher Schott · JPMorgan): How much of the $1.5 billion guidance raise comes from Eliquis versus other products, and what should we expect for Padcev growth after label expansion?

A: They said the $1.5 billion upward revision is from strong performance across the non-COVID portfolio, including Eliquis and launched/acquired products, not one single driver. For Padcev, management later said Q2 grew over 20% with strong commercial execution and uptake in new settings.

"It comes from our key products, Eliquis being one of them with the drivers that our partner, BMS has described, but it's also coming from our launched and acquired products." — Cecile Guegan (CFO)

Padcev growth outlook

Q (Aamir Malik): How should investors think about Padcev growth going forward after the label expansion?

A: They said Padcev and pembrolizumab span the full disease continuum now and Q2 grew over 20%. New patient share in la/mUC is above 60%, uptake is strong in neoadjuvant MIBC, and they expect continued growth with upside from MIBC over time.

MEVPRO enrollment and events

Q (Umer Raffat · Evercore): Is the MEVPRO trial fully enrolled as of May and have the PFS events been reached?

A: They confirmed the trial is fully enrolled and the planned events have not yet been reached per the statistical analysis plan. They reiterated events are still outstanding.

"This trial is definitely fully enrolled, and we have not reached the events for the study, just to confirm." — Chris Boshoff

berobenatide combo goals

Q (Geoffrey Meacham · Citibank): What are you looking for in berobenatide combination studies on dosing, indications, efficacy and tolerability?

A: They said berobenatide is an ultra-long amylin with potential as a monthly therapy. The Phase I/IIa studies set dose and safety to inform the SOLIS-1 IIb placebo-controlled study, which they expect to read out in 2027, and early combos look well tolerated.

"So as we pointed out, the amylin is unique. It's ultra-long. It's a potential monthly therapy." — Chris Boshoff

atirmociclib data and 340B impact

Q (Akash Tewari · Jefferies): How does atirmociclib compare to CDK4/6s and what's the plan for adjuvant studies? Also, how would the proposed 340B reimbursement cut affect oncology?

A: They said atirmociclib is well tolerated and earlier randomized Phase II showed a hazard ratio of 0.6, a 40% reduction in risk of progression or death. They plan adjuvant trial design later this year to start by end of 2026; on 340B they said Pfizer is engaging regulators but cannot yet predict final outcomes.

"But as you've seen before, we said a hazard ratio is 0.6, which is a 40% reduction in the risk of disease progression or death and it's clinically meaningful and statistic for that randomized Phase II experience." — Chris Boshoff

dividend stability

Q (Terence Flynn · Morgan Stanley): What would have to happen for the Board to consider cutting the dividend?

A: They said they feel extremely confident they can maintain the dividend even in the most stretched scenarios. They also said after the LOE period they expect to start growing the dividend again.

"We feel extremely confident that we will -- even the most stretched scenarios that we are running, we will be able to maintain our dividend." — Albert Bourla (CEO·CHAIR)

vitiligo data and Tilrekimig plans

Q (Trung Huynh · RBC): Can you summarize TRANQUILLO 1 results versus TRANQUILLO 2 and explain the strategy and timing for Tilrekimig Phase III starts?

A: They said they will present full TRANQUILLO datasets at a conference later this year and that both 50 mg and 100 mg showed clinically meaningful and statistical results. Tilrekimig is a trispecific targeting IL-4, IL-13 and TSLP; they plan four Phase III studies including one versus Dupixent and programs in asthma and COPD.

"So Tilrekimig also includes TSLP, which is shown to enhance activity in allergic conditions, including in asthma and COPD." — Chris Boshoff

Tilrekimig vs Dupixent trial

Q (Steve Scala · TD Cowen): Will the Dupixent head-to-head trial be powered for superiority and were there major changes to the voluntary drug-cost agreement?

A: They said the voluntary agreement continues the prior memorandum of understanding and is consistent with other companies, and they are pleased with it. They confirmed the Phase III versus Dupixent will be a head-to-head trial powered for superiority.

"Indeed, this will be one of the first Phase III trials that will be head against Dupi and powered for superiority against Dupi." — Chris Boshoff

COVID franchise and business development

Q (Asad Haider · Goldman Sachs): Given lower COVID trends, what is the long-term outlook for the COVID franchise and how will you use remaining BD capacity?

A: They said vaccine revenues are more stable and less tied to seasonal infection swings, while Paxlovid sales track infection rates and are hard to predict year to year. On business development, they said most major bets are placed, they have about $6 billion to $7 billion remaining for strategic bolt-ons focused on oncology, immuno-inflammation, obesity and vaccines, and they expect these actions to support high single-digit growth after LOE in '28.

"If someone is not infected, it's not going to need Paxlovid." — Albert Bourla (CEO·CHAIR)