Pfizer (PFE) Earnings Report: Q2 2015 Conference Call...

CompanyName:Pf izerIncCompanyTicker:PFESector:HealthCareIndustry:Drugs

EventDescription:Q22015EarningsCallMarketCapasofEventDate:210.96BPriceasofEventDate:35.35

©2014TheStreet,Inc.Al l R ightsReserved Page1of23

Pfizer(PFE)EarningsReport:Q22015ConferenceCallTranscriptThefollowingPfizerconferencecalltookplaceonJuly28,2015,10:00AMET.Thisisatranscriptofthatearningscall:

CompanyPart icipants

ChuckTriano;PfizerInc.;SVPofIRIanRead;PfizerInc.;ChairmanandCEOFrankDAmelio;PfizerInc.;CFOMikaelDolsten;PfizerInc.;PresidentofWorldwideR&DGenoGermano;PfizerInc.;PresidentofGlobalInnovativePharmaAlbertBourla;PfizerInc.;PresidentofVaccinesOncology&ConsumerJohnYoung;PfizerInc.;PresidentofEstablishedPharma

OtherPart icipants

GreggGilbert;DeutscheBank;AnalystMarcGoodman;UBS;AnalystTimAnderson;Bernstein;AnalystJamiRubin;GoldmanSachs;AnalystMarkSchoenebaum;EvercoreISI;AnalystAndrewBaum;Citigroup;AnalystColinBristow;BofAMerrillLynch;AnalystVamilDivan;CreditSuisse;AnalystChrisSchott;JPMorgan;AnalystAlexArfaei;BMOCapitalMarkets;AnalystJohnBoris;SunTrustRobinsonHumphrey;AnalystJeffHolford;JefferiesLLC;AnalystDavidRisinger;MorganStanley;AnalystSeamusFernandez;LeerinkPartners;Analyst

MANAGEMENTDISCUSSIONSECTION

Operator :

WelcometoPfizer'ssecond-quarter2015earningsconferencecall.Today'scallisbeingrecorded.

Atthistime,IwouldliketoturnthecallovertoMr.ChuckTriano,SeniorVicePresidentofInvestorRelations.Pleasegoahead,sir.

ChuckT riano (SVPofIR):

Thankyou,operator.Goodmorning,andthanksforjoiningustodaytoreviewPfizer'ssecond-quarter2015performance.

Asusual,I'mjoinedtodaybyourChairmanandCEO,IanRead;FrankDAmelio,ourCFO;MikaelDolsten,PresidentofWorldwideR&D,AlbertBourla,PresidentofVaccines,Oncology,andConsumer;GenoGermano,PresidentofGlobalInnovativePharma;JohnYoung,PresidentofEstablishedPharma;andDoug




Lankler,ourGeneralCounsel.Theslidesthatwillbepresentedonthiscallcanbeviewedonourhomepage,Pfizer.com,byclickingonthelinkforPfizerquarterlycorporateperformancesecondquarter2015,whichislocatedintheInvestorPresentationsSectioninthelowerright-handcornerofthispage.

Beforewestart,I'dliketoremindyouthatourdiscussionsduringthisconferencecallwillincludeforward-lookingstatements,andactualresultscoulddiffermateriallyfromthoseprojectedinthesestatements.Factorsthatcouldcauseactualresultstodifferarediscussedinour2014AnnualReportonForm10-K,andinourreportsonForms10-Qand8-K.

DiscussionsduringthecallwillalsoincludecertainfinancialmeasuresthatwerenotpreparedinaccordancewithGenerallyAcceptedAccountingPrinciples.Reconciliationofthosenon-GAAPfinancialmeasurestothemostdirectly-comparableGAAPfinancialmeasurescanbefoundinourcurrentreportonForm8-K,datedtoday.

We'llnowmakesomepreparedremarks,andthenwe'llmovetoaQ&Asession.Withthat,I'llnowturnthecallovertoIanRead.Ian?

IanRead (ChairmanandCEO):

Thankyou,Chuck,andthankyouforjoiningourcallthismorning.DuringmyremarksthismorningIwillbrieflyrecapthehighlightsfromthequarter,providesomecommentsonkeyareasoffocuswithinthepipeline,andclosewithafewwordsaboutbusinessdevelopmentandthependingHospiraacquisition.

Startingwiththequarter,itwasanotherquarterofstrongoperationalperformance.Forthethirdconsecutivequarterwesawoperationalrevenuegrowth,excludingtheimpactofforeignexchange,anddespiteLOEheadwinds.Wecontinuetoseesolidrevenuegrowthfromournewerproducts,asaresultofinvestmentswe'vebeenmakinginR&Dandourcommercialoperations.

Specificallyinthesecondquarterascomparedtothesameperiodlastyear,Eliquisalliancerevenuesnearlytripledonaglobalbasis,andXeljanzrevenuenearlydoubled.Prevnar13revenueintheUSincreased87%,primarilyduetocontinuedstronguptakeinPrevnar13inadults,withmostofthegrowthintheoverallPrevnar13franchisecomingfromtheadultindicationinthisquarter.WehavedoneanexcellentjobforthefirsthalfofthisyearofgettingtopatientsandcapturingthepotentialofPrevnar13adultsintheUS,asevidencedbytheoutstandingyear-to-dateperformance,whichhasbeenprimarilydrivenbythecatch-upopportunity.

Overthenextfewyears,webelievethiscatch-upopportunityintheUSwillberobust.However,wewilllikelyneedtoexpendmoreefforttoreachtheseindividuals,andtheopportunitywillmoderateovertime,asthecatch-upopportunitybecomesfullyrealized.Andgivencurrentdemographicsandagingtrends,approximately4millionAmericanswillturn65eachyear,andapartoftheseadultswillbepartofourimmunizationeffort.

Aswemovethroughthecatch-uppopulationandgettoamorenormalizedadultimmunizationratedomestically,we'llbeexpandingoureffortstocaptureexpectednewgrowthoutsidetheUS.Giventheagingdemographictrends,weexpecttoobtainseveralpneumoniarecommendationsandreimbursementsbetween2016and2018inmanyinternationalmarkets.

Ibrancecontinuestobewell-receivedbyoncologiststreatingpostmenopausalwomenwithER-positiveHER2negativeadvancedbreastcancer,withapproximately3,000healthcarepractitionersalreadyprescribingIbrance.Thisisupfrom800attheendofthefirstquarter.Ourcurrentfirstlinemarketshareinthispatientpopulationwasapproximately22%duringthequarter,upfrom10%duringthefirstquarter.

WelookforwardtofilingforapprovalintheEUlaterthisyear,andareworkingtoaddthedatafromthe




PALOMA-3studytoourUSlabelforwomenwithHR-positiveHER2-negativemetastaticbreastcancer,whosediseasehasprogressedduringorafterendocrinetherapy.IwouldnotethatalloftheseproductsIjustmentionedarenowmeaningfulcontributorstoourbusiness.Wealsosawquarter-over-quarteroperationalgrowthfromseveralofourin-linekeyproducts,includingLyrica,Sutent,XalkoriandInlyta.

Inourconsumerbusiness,wesawquarter-over-quarteroperationalgrowthfromseveralbrandsincludingCentrum,Advil,Robitussinand[Immersion]CC.WeareseeingstrongperformancefromNexiumOTC,despiteadeclinethisquarter,duetothenon-recurrenceofinitialretailerstockingassociatedwiththelaunchlastMay.Sinceitslaunch,Nexiumhasgeneratedrevenuesofapproximately$300million,makingitoneofthelargestandmostsuccessfulRxtoOTCswitches.

RegardingotherRxtoOTCopportunities,wehavereceivedthetoplineresultsfromtheLipitoractualusetrialthatwascompletedlastDecember.Theresultsshowthatco-primaryendpointswerenotachieved.

BasedonouranalysisofthedataandrecentfeedbackfromtheFDAontheoverallprogram,wehavedecidedtoterminatetheprogram.Thatsaid,wecontinuetoevaluateotherproductsforpotentialRxtoOTCswitches.Andwithinemergingmarkets,revenuesincreased6%operationallycomparedtotheyear-agoquarter,drivenbyoperationalgrowthinPrevnar,Lyrica,andLipitor.

Thisquarterwasafavorableexampleofourtrackrecordofasolidoperatingperformance.Givenourstrongexecutionacrossthebusinessesduringthefirsthalfoftheyear,coupledwithanimprovedoperationaloutlookfortheremainderofthisyear,weareraisingthemidpointsofour2015financialguidanceforreportedrevenueby$500million,andforreporteddilutedEPSby$0.03pershareandadjustedEPSby$0.04.

Asweenterthesecondhalfofthisyear,ourstrategy,focusandprioritiesremainunchanged.Toplinegrowthremainsapriority.OverthelastthreequarterswehaveseentoplineoperationalgrowthonatotalCompanybasis.

Recentproductlaunchesinkeyin-lineproductshaveperformedwell,whiletheimpactfromtheremainingLOEshasdiminished.Forexample,theimpactfromtheCelebrexLOEwillbeannualizedafteranothertwoquarters,andZyvoxshortlyafterthat.Oncethishappens,we'llhaveputthemostsignificantLOEsbehindus,andexpecttoreturntoamoremeasuredcycleofproductlossofexclusivity.

Weremainsteadfastinoureffortstodeliverthenextwaveofpotentialnewinnovativetherapiesoverthecomingyears.Theareaswhereweseethelargestpotentialtobenefitpatients,andwherewe'refocusingourresourcesincludebuildingastrongimmuno-oncologyportfolio.ThroughourthroughouragreementwithMerckKGaA,webelievewehaveoneofthemostcomprehensiveIOplatformsindevelopmentinthepharmaindustrytoday.Wehave--weexpecttohavefivedifferentIOdrugsintheclinicthisyear,andupto10differentdrugsby2016.

Thekeytargetsincludeavelumab,theanti-PD-L1,OX40,4-1BB,ourvaccine-basedimmunotherapyregime,CCR2,[IDA1],andseveralbifunctionalantibodies.WebelievethatthesecombinationsarethekeytobetterpatientoutcomesinIO,andgiventhebreadthofourassets,wethinkwearewell-positionedtowinhere.Wewillbecollaboratingonupto20studieswithMerckKGaA,andweplantohaveuptosiximmunologyPhaseIIItrialsongoingbytheendoftheyearacrossseveraltumortypes,includingnon-smallcelllungcancer,ovarian,renal,bladder,andgastric.Oursecond-linenon-smallcelllungcancerregistrationstudyiscurrentlyrecruiting.

Andwherepossible,wewillbelookingtoacceleratethesestudies.Forexample,weareplanningtomovequicklyintoaregistrationstudywithavelumabincombinationwithInlytainkidneycancerlaterthisyear.




Wealsocontinuetobuildourpalbofranchise,movingourR&Deffortsintoearlystagesofthetreatmentparadigm,aswellasinnon-breastcancerindications.Incardiovascular,wehaveacomprehensivePhaseIIItrialprogramforbococizumab,ourinvestigationalPCSK9inhibitor,withpotentialtolowerlow-densitylipoproteincholesterolandimprovecardiovascularoutcomes.WeanticipateourLipitor-loweringtrialswillcompletein2016,andweestimatethatourCVoutcomesdatawillbeavailableinthefirsthalfof2018.

Theoutcomestudiesaretimetoeventtrials,soitisdifficulttopredictexactdates,butweanticipatethiswillbeconsistentwiththetimingofotherindustryoutcomestudiesexpectedbyourpeers.OurertugliflozinPhaseIIIprogramiswellunderway,andgivenJanuvia'srecentpositiveCVoutcomesclinicaltrialsresults,weremainenthusiasticaboutthedemandpotentialfortheertugliflozin-Januviacombination,inanareaofsignificantpatientneed.

Invaccines,werecentlystartedaPhaseIIbstudyforastaphaureusvaccine,anddependingupontheresults,itcouldserveasaregistrationalstudy.Also,thismonth,weinitiatedaPhaseIIstudytoevaluatethesafety,tolerability,andimmunogenicityofourinvestigationalCdifficilevaccine.Bothofthesevaccinescouldbekeytostemmingthespreadoftheleadingcausesofserioushealthcare-associatedinfections.

Inimmunology,theFDAacceptedourreviewforasupplementarynewdrugapplicationforXeljanzonce-a-daymodifiedreleasetablets.OurPDUFAdateisFebruaryofnextyear.Ifapproved,itwouldbringusonestepclosertoofferingthefirstandonlyonce-a-dayoralJAKkinaseinhibitortreatmentforthoselivingwithmoderatetosevereRA,whohavehadaninadequateresponseorintolerancetomethotrexate.Webelievethiswillbeanimportantproductmodification.

Inrarediseases,weenrolledthefirstpatientsinPhaseIIIclinicaltrialsassessingtheefficacyandsafetyofrivipansel,forthetreatmentofvaso-occlusivecrisisinhospitalizedindividualswithsicklecelldiseasewhoaresixyearsofageorolder.Andadditionalclinicalstudiesareunderwayforpreventionofsicklecellcrisisdisease.Webelievethiswasbuiltonourstrengthinresearchingandbringingtomarkettherapiesforhematologicalrarediseases,basedonourdeephistoryofhemophilia.

Inbiosimilars,westartedaPhaseIIIclinicaltrialofourpotentialbiosimilartoadalimumab,makingatotaloffivemonoclonalbiosimilarsnowinPhaseIIIdevelopment.Insterileinjectables,we'reexcitedabouttheopportunitytocombinePfizer'sbrandedportfolioinglobalcommercialorganization,withHospira'sdemonstratedR&Dcapability,andmanufacturingcapacityofsterileinjectableproducts,andthiswilloccuruponthecloseoftheacquisition.

Overall,asaresultoftheworkwehavedonetofocusourR&Deffortsintheareasthatwebelieveofferthegreatestpotentialfortherapeuticbenefitandchanceforcommercialsuccess,wearebuildingastrongerportfolioonbehalfofourpatientsthatwebelievewillcreatevalueforourshareholders.

Turningnowtoafewwordsonbusinessdevelopment.Itremainsenablerofourstrategies,andasI'vesaidbefore,isnotastrategyonitsown.Whileweareseeingstrongperformancefromourrecentproductlaunches,overthenextfewyears,wearelookingatbusinessdevelopmentasawaytoinvestingeneratingsustainednear-termandfuturegrowth.Knowingthatthenextwaveofourpotentialmajorregistrationsorlauncheswon'thappentill2017.Intheinterim,wehavethefinancialcapacitytoactuallyseekouttherightdealsattherightprice,thatwillcreatevalueforourshareholders.

Weareoptimisticthatwecanfindthesedealsaswegothroughtheperiodto2017.Inkeepingwiththisphilosophy,wehaveproactivelyevaluatedvirtuallyallofthedealsannouncedthisyear,andhavechosentopursueonlythosethatefficientlyusecapitaltostrengthenthebusiness,drivegrowth,andacceleratevalue.Forexample,wehaveenteredintoseveralagreementsyear-to-datethathave




bolsteredourscientificintegralcapabilities,andprovideduswiththepotentialfornewgrowthopportunities.OfparticularnotearethetwomostsignificanttransactionswithMerckKGaAinimmuno-oncology,andthependingacquisitionofHospira.

RegardingHospiraweareproceedingontrackandareawaitingregulatoryapprovalfromseveraljurisdictions.Wecontinuetoexpectthetransactiontocloseinthesecondhalfoftheyear.

Inclosing,Iampleasedwithourstrongfinancialposition,newandin-lineproductperformance,pipelineadvancements,andrecentbusinessdevelopmentactivity.Weareperformingwell,andfortheremainderofthisyear,wewillfocusonservice,strengtheningbothourinnovativeandestablishedbusinesses,tobestpositionthemfortheirlong-termsuccess.I'llnowturnitovertoFranktotakeyouthroughthefinancialdetailsofthequarter.

FrankDAmelio (CFO):

Thanks,Ian.Goodday,everyone.Asalways,thechartsIamreviewingtodayareincludedinourwebcast.

Second-quarter2015reportedrevenueswereapproximately$11.9billion,andreflectyear-over-yearoperationalgrowthof$125million,or1%,mainlydrivenbythestrongperformanceofPrevnar13adult,Eliquis,Ibrance,andXeljanz,allofwhichareearlyintheirlifecycles.TheadditionofvaccinesacquiredfromBaxterin2014,andoperationalgrowthof6%inemergingmarkets,mainlyduetoLipitorandPrevnar13.

ReportedrevenueswereunfavorablyimpactedbythelossofexclusivityofCelebrexandZyvoxintheUS,andLyricaincertaindevelopedEuropeanmarkets.AdjusteddilutedEPSwas$0.56versus$0.58intheyear-agoquarter.Thedecreasewasprimarilyduetothe$0.06negativeimpactofforeignexchange,andpartiallyoffsetbyalowereffectivetaxrate,andfewerdilutedweightedaveragesharesoutstanding,whichdeclinedby201millionsharesversustheyear-agoquarter,duetooursharerepurchaseprogram.Whichincludestheimpactofour$5billionacceleratedsharerepurchaseagreementexecutedinFebruaryof2015,andcompletedinJuly.

Iwanttopointoutthatexcludingtheunfavorableimpactofforeignexchange,adjusteddilutedEPSwouldhaveincreasedbyapproximately6%.ReporteddilutedEPSwas$0.42comparedwith$0.45intheyear-agoquarter,duetothepreviouslymentionedfactorsandtheunfavorableimpactofhigherlegalchargesandacquisition-relatedcostsassociatedwiththependingacquisitionofHospiraversustheyearagoquarter,aswellaschargesincurredduringthesecondquarterof2015forlegalentityalignmentactivities.Partiallyoffsetbylowerrestructuringandotherchargesassociatedwithcostreductionandproductivityinitiatives,lowerpurchaseaccountingadjustments,andalowereffectivetaxrateversustheyear-agoquarter.

Foreignexchangenegativelyimpactedsecond-quarterreportedrevenuesbyapproximately$1billionor8%,andpositivelyimpactedadjustedcostofsales,adjustedSI&Aexpenses,andadjustedR&Dexpensesintheaggregateby$518millionor7%.Asaresult,foreignexchangenegativelyimpactedsecond-quarteradjusteddilutedEPSbyapproximately$0.06comparedwiththeyear-agoquarter.

Nowmovingontothefinancialhighlightsofourbusinesssegments.Inthesecondquarter,globalinnovativepharmaceuticalrevenuesincreased8%operationallyyear-over-year,duetothestrongperformanceofrecently-launchedproductsincludingEliquisgloballyandXeljanzintheUS,andthecontinuedstrongperformanceofViagraintheUSandLyricaintheUSandJapan,whichwerepartiallyoffsetbydeclinesofRapamuneandBeneFIXintheUS.

Incomebeforetaxesincreased9%operationally,duetotheoperationalincreaseinrevenuesandthe2%operationaldecreaseincostofsales,partiallyoffsetbya6%operationalincreaseinSI&A




expenses,primarilyduetoadditionalpromotionalinvestmentincertainin-lineandrecentlylaunchedproducts.Andthe21%operationalincreaseinR&D,reflectingincrementalinvestmentsinourlate-stagepipeline,primarilyforbococizumab.

Second-quarterVOCrevenuesincreased29%operationally,duetothe52%operationalrevenuegrowthfromourglobalvaccinesbusinessasaresultofPrevnar13,whichgrew87%intheUS,duetocontinuedstronguptakeinadultsand10%internationally,andtheinclusionofBaxter'smarketedvaccinesinEurope.A36%operationalincreaseinoncologyrevenues,drivenbythelaunchofIbranceintheUSinFebruary,andtoalesserextentbySutent,Inlyta,andXalkori.

Incomebeforetaxesincreased51%operationally,mainlyduetoincreasedrevenuesandassociatedimprovementingrossmargin,anda16%operationaldecreaseinR&DexpensesasaresultoflowerclinicalspendforTrumenba,Prevnar13adult,andcertainoncologyproducts.Whichwerepartiallyoffsetbya15%operationalincreaseinSI&Aexpenses,duetoincreasedinvestmentinboththePrevnar13andIbrancelaunches.Inthesecondquarter,globalestablishedproductsrevenuesdecreased14%operationally,mainlyduetothelossofexclusivity,andimmediatemulti-sourcegenericcompetitionforCelebrexintheUS.

InDecemberof2014,genericcompetitionforZyvoxintheUS,andLyricaincertaindevelopedmarketsinEuropebeginninginthefirsthalfof2015.Andtoalesserextent,fromcontinuedgenericcompetitionforLipitorindevelopedmarkets,andtheterminationoftheSpirivaco-promotionagreementinmostcountries,includingtheUSinAprilof2014.Allofthesewerepartiallyoffsetbyoperationalgrowthof2%inemergingmarkets,primarilydrivenbyLipitor.

Incomebeforetaxesdeclined17%operationally,duetothedecreaseinrevenues,a1.5percentagepointoperationalincreaseincostofsalesasapercentageofrevenuesduetounfavorablechangeinproductmix,a3%operationalincreaseinR&Dexpensesreflectingincreasedspendinginourbiosimilarsandsterileinjectablesdevelopmentprograms,largelyoffsetbylowerpost-marketingclinicaltrialexpenses,allofwhichwerepartiallyoffsetbyan11%operationaldecreaseinSI&Aexpenses,drivenbycostreductionandproductivityinitiatives.

Becauseofourstrongoperationalperformanceandimprovedoperationaloutlookfortheremainderoftheyear,weareraisingthemidpointofour2015guidancerangesforreportedrevenuesby$500million,andthemidpointofouradjusteddilutedEPSguidanceby$0.04.Wenowexpectreportedrevenuestobeintherangeof$45billionto$46billion,andadjusteddilutedEPStobeintherangeof$2.01to$2.07.

WealsonowexpectreporteddilutedEPStobeintherangeof$1.38to$1.47.Inaddition,basedonouryear-to-dateresults,wenowexpectcostofsalesasapercentageofrevenuetobeintherangeof18%to18.5%versusourpreviousexpectationof18.5%to19.5%.

ToreflectincrementalexpensesforongoingPhaseIIIprograms,wenowexpectR&Dexpensestobeintherangeof$7.3billionto$7.6billionversus$6.9billionto$7.4billionpreviously.It'simportanttonotethatanychangesinforeignexchangeratessincemid-April,whichexcludetheimpactofpotentialdevaluationoftheVenezuelanBolivar,didnotmateriallyimpactourlatestguidance.

Ialsowanttopointoutthatwearecontinuingtoabsorbanestimated$3.4billionnegativeimpactduetocontinuingproductlossesofexclusivityanddecliningalliancerevenues,andanestimated$3.3billionnegativeimpactfromunfavorablechangesinessentiallyallforeignexchangeratesrelativetotheUSdollar,comparedtoforeignexchangeratesin2014.

Movingontokeytakeaways,weachievedanotherquarterofsolidfinancialperformance,primarilydrivenbyproductsthatareintheearlystagesoftheirlifecycles,Prevnar13adult,Eliquis,IbranceandXeljanz.AlsoIwanttopointoutthatthisisthethirdconsecutivequarterofoperationalrevenuegrowth.




Wehaveraisedthemidpointsofour2015reportedrevenueandEPSguidancerangestoreflectourstrongoperationalperformanceandimprovedoperationaloutlookfortheremainderof2015.WeachievedseveralkeyR&Dmilestonessinceourfirst-quarterupdate,includingFDAacceptanceofourNDAforXeljanzonce-daily,theanticipatedPDUFAdateFebruaryof2016,andthepresentationofdataforourimmuno-oncologyportfolioatASCO,whichincluded10abstractsonavelumabwithourpartnerMerckKGaA,andresultsfromourPhaseIstudyofouranti-4-1BBantibody.

Wecontinuetocreateshareholdervaluethroughprudentcapitalallocation.Todate,in2015,we'vereturned$9.6billiontoshareholdersthroughdividendsandsharerepurchases,andwecontinuetoexpecttoreturnapproximately$13billiontoshareholdersin2015throughacombinationofdividendsandsharerepurchases.

Finally,weremaincommittedtodeliveringattractiveshareholderreturnsin2015andbeyond.Now,I'llturnitbacktoChuck.


Thankyou,FrankandIan,forthesummary.Withthat,operator,canwepleasepollforquestions?

QUESTIONS&ANSWERS

Operator :

(OperatorInstructions)

GreggGilbert,DeutscheBank.

GreggGilbert (Analyst-DeutscheBank):

First,ontheimmuno-oncologyfranchise,whileyou'resomewhatbehind,Ian,canyoucommentonsomeoftheaspectsofyourstrategyinIOthatmightnotbefullyappreciatedbytheinvestmentcommunity?Andmysecondquestion,perhapsforeitherofyou,onthesubjectofwhatyoucallbusinessandlegalentityalignmentactivities,thosecostsaregrowingstrongly.Canyouofferanycolorastowhenthoseactivitiesmightwrapup,oratleastwhatsomekeymilemarkersarealongthewayonthatprocess?Thanks.


Thankyou,Gregg.WebelievethatwewillbefirstinsometumortypeswiththePD-L1fromMerck.Butwealsofeelit'sveryimportanttounderstandthatwe'rejustatthebeginningofthisimmuno-oncologywave,andwehave,asIhavecommentedpreviously,asubstantialnumberofassetsthatcanbecombinedandadded,bothwithimmuno-oncologyassets,andwiththebackbonetargetedtherapiesorchemotherapy,orwithInlyta,orwithXalkori,withIbrancepotentially.

Sowefeelthatasthismarketdevelops,what'sgoingtobereallyimportantistheabilitytohavecombinationproducts,andtheabilitytohaveamorefullercontrolofthetotalvalue,orthetotalpricingofthosecombinationproductstothepayers.SowebelievethatPfizerwillbeverywell-positioned,withmultiplecombinationsofimmuno-oncologyassets,andcombinationswithitsownin-lineassets,tobeveryeffectiveinthosecombinations.Frank,doyouwanttotalkaboutthe--

FrankDAmelio (CFO):

Sure.Onthebusinessandlegalentityalignment,letmerunthenumbersfirst,andI'llanswerthequestion.Whichisforthequarter,wespent$63millionyear-to-date,$164millioninbusinessandlegalentityalignmentcost.Isaidpreviously,weforecastedaspendofapproximately$400millionfortheyear,




we'llbegiveortakingthatrangeofapproximately$400million.Thespendwillcontinue,obviouslyfortherestof2015through2016,we'vetalkedaboutadecisiononalignmentinthefourthquarterof2016,bynolaterthanthefourthquarterof2016sospendingobviouslywouldcontinuethroughthen,atwhichpoint,wemakeadeterminationgoingforwardbasedonthedecision.


Thanks,Frank.Nextquestionplease,operator?

Operator :

MarcGoodman,UBS.

MarcGoodman (Analyst-UBS):

Firstquestionis,canyougiveusyourlatestthoughtsonwhat'sgoingoninChina,aswellasjustthebroaderemergingmarkets?Second,inthepressrelease,ittalkedaboutforPrevnar,theGAVIshipmentsandemergingmarketshadsomespecialprograms.Canyougiveusasenseofhowmuchofthatwasone-timersversuswhatweshouldexpectongoing?AndthenIthinkyoumentionedhowmuchFXhityourexpensesbutcanyoucarveoutthegrossmarginspecifically,andhowmuchthathadanimpact?Thanks.


Weremain,aswesaid,optimisticaboutthelong-terminChinaandtheemergingmarkets.Wecontinuetoseeasecularmovementtomiddle-classandwealthcreation.IwouldaskJohnYoung,whomanagesthemajorityofourbusinessintheemergingmarkets,tomakesomecommentsspecificallyonChina,andperhapshisviewoftheopportunitiesmorebroadlyinemergingmarkets.

JohnYoung (PresidentofEstablishedPharma):

Thanksforthequestion,Marc.IthinkIansaiditheadoninourview,insummaryform.It'sobviouslyasignificantpopulation,1.3billionpeople.Wecontinuetoseestrongeconomicgrowth,albeitmoderatingeconomicgrowth,butweenvisagethateconomicgrowthwillcontinue.

AndIthinkasIanhasalreadyflagged,weseeacontinuedcommitmentfromtheChinesegovernmenttoexpandaccesstohealthcare,toqualityhealthcare,tocitizens.Wedon'tseethattrendhaltingintheshorttomedium,eventhelonger-term.Andsowebelievethatactuallyformanufacturerssuchasourselves,whoareinpositionedwellinChinawithastrongexistingbase,astrongnetworkofjointventures,andaportfoliofranklythatiswell-suitedtotheneedsofChinesepatients,rangingfromourinnovativeportfoliowithoncologymedicinesandvaccinesinthefuture.Aswellastoday'sportfolio,suchasLipitor,whichisobviouslyaleadingtreatmenttohelptomanagecardiovasculardisease,whichisagrowingconcernforChinesepatients.

Sowhenyousumallofthatup,weknewthatwewillcontinuetoseesomepressuresonourbusinessinChinaandpricing.Wefactorthatintoourforward-lookingviews.ButwecontinuetoseeChinabeingasignificantopportunityforfuturegrowth.


Okay.Similarstoryhasplayedoutinmostoftheemergingmarketstooindifferingforms.Albert,doyouwanttotalkabouttheGAVIshipments,andthoseitemsthatwereraised?

Albert Bourla(PresidentofVaccinesOncology&Consumer):

Yes.Iwouldn'tcallthemone-time.WhatishappeningwiththeGAVIbusinessisthatthereisvolatility.




VolatilitydependswhenCDCwillplaceanorder,whenGAVIwillplaceanorder,orwhenNAPwilloccur,sothisvolatilitywillcontinue.Thisisthenormalcourseofavaccinesbusiness.Butingeneral,theoutlookisdoingverywellthisquarter,with5%overallgrowth.


Thankyou.Frank,ontheFX?

FrankDAmelio (CFO):

Sure.Marc,lotsofmovingparts,obviously,thatimpactgrossmargin.Favorableitemswouldbethingslikeouroncologyandalliancerevenuegrowth.AnunfavorableitemwouldbeourUSLOEs.

Butmaybetheeasiestwaytodothisismacrolevelwithnumbers.Q2lastyear,ourcostofsalesasapercentageofrevenue,18.9%.Thisquarter,17.9%.Ifweremoveforeignexchangefromthisquarter,whichreducedcostofsalesby$255million,that17.9%becomes18.4%,soroughlyflatyear-over-year.Ifyougoyear-to-date,lastyear,year-to-date17.9%,thisyear,year-to-date,17.3%.Ifweremoveforeign-exchange,that17.3%becomes18.2%.Onceagain,relativelyflatyear-over-year,withalotofmovingpartsimpactingthenumber.


Thankyou,Frank.Operator,nextquestion,please?

Operator :

TimAnderson,Bernstein.

T imAnderson (Analyst-Bernstein):

Thanks.IfIcouldgobacktothetopicofM&A,andIknowyoumadesomecommentsearlier.WatchingtheBigPharmaindustryforalmost20years,seemslikeBigPharmacompanieshaveveryoftennotparticipatedinbiotechM&A,becausethere'sbeenthislong-standingsensethatthevaluationsaretoohigh.AndifIlistentowhatseveralcompaniessay,nowatthecurrentpointintime,severalBigPharmacompaniesagain,raisethatconcern.IfIlookatwhatPfizerhasboughtovertheyears,it'sgenerallybeeneitherBigPharmacompaniesorothertypesoftargets,likeHospira.

Somyquestiontoyouis,howdoyoucurrentlyviewvaluationsinthebiotechspace,andhaveyouloosenedupatallonyourvaluationframework,suchthatyouthinkyoucanfindvalueinthebiotechlandscapeatthecurrentlevelsofvaluation?AndthenthesecondquestionisonEnbrel,andwhetheryouexpecttoseeanypressurecausedbybiosimilarRemicadenowbeingavailableinEurope,whetheryouexpectpressureinyour2016or2017,ormaybeeveninthecurrentyear?


Okay.I'llmakesomecommentsontheM&A,andthenI'llaskGenotocommentonEnbrelinEurope.Tim,Ibelievethatthemarketplaceisextremelyefficient,andthatthevaluationsinbiotechareinmanyways,pricedtoperfection.Butofthedealsthathavebeendone,wehavelookedatthem.Thedealsworkforsomecompaniesbecauseoftheirportfolio,becauseoftheirabilitytoachievesynergiesinwaysthatwecouldn't.

Wedoremaindisciplinedonourcostofcapital.Wethinklong-termthat'simportant,thatpeopleinvestinPfizerexpecttheirreturn--risk-adjustedreturnonthecostofcapital.Thatmeansthatwedon'texpecttofindvalueinthemarketplace.Therearealwaysopportunities.Westandready.Wehavethecash,wehavethecapability,wehavethemanagementteam.Wearecontinuallylookingforthoseopportunities.




AsIsay,I'moptimisticthatwe'llbeabletodeployourcapitalinawaythatwillincrementvaluetoshareholders.Iwouldsay,further,thatifyoulookattheestablishedproductsbusinessandtheinnovativebusiness,ifthereweretwoprojectsandbothofthemwererisk-adjustedequal,ourinclinationwouldbetodo,forportfolioreasonssomethingininnovativespaceratherthantheestablishedspace,giventhatwe'vedonetheHospiraacquisitionforestablished.Soonceagain,I'mverywellawarethatthereisanactivemarketofbusinessdevelopment.Wethinkwe'vedonetheonesthatareprudent.Weevaluateallouropportunities,andwe'reoptimisticthatwe'regoingtofindandhavesufficientcouragetofindthoseopportunitiesthatcomeintothemarketplace.Sowiththat,I'llpassitovertoGenotolookatEnbrel.

GenoGermano (PresidentofGlobalInnovativePharma):

Sure,Tim.Enbrelcontinuestodowell.Wehadgood2%operationalgrowththisquarteroutsidetheUnitedStates,onaverylargebase,sothebusinesscontinuestodeliverforus.WithregardtoRemicadebiosimilars,we'renotseeingasignificantimpactontheEnbrelbusiness.Giventhedifferentadministrationroutes,Remicadebeinginfusion,andEnbrelandHumiraandothersbeingself-injectedtherapies,wedon'tseealotofoverlapbutthere.There'salotofexperimentationgoingoncountrybycountry,sothere'salwaysapossibilitythatwe'llseesomenewthingshappening,butoverall,we'renotseeingareexpectingamajorshiftintheEnbrelbusinessrelatedtotheRemicadebiosimilar.


Thankyou,Geno.Operator,canwemovetothenextquestion,please?

Operator :

JamiRubin,GoldmanSachs.

JamiRubin (Analyst-GoldmanSachs):

Ian,inyourpreparedremarks,yousignaledM&Aactivityfocusedontoplinegrowthbridgingthegapto2017filings.Twoquestionsrelatedtothat.AreyoubackingofffrombreakinguptheCompanyofstrategyyououtlined--orcertainlyoutlinedtheoptionalityforacoupleyearsago?Whereareyouonthat?

Andnumbertwohowbigwouldyouconsidergoing?Canyouthrowoutsomeparametersthereintermsofsize?Isitallabouttoplinegrowth?Issynergiesabigconsideration,andalso,youhadtalkedbeforeabouttaxinversionsbeinganimportantpartofthatequationtoo,soifyoucanputthatinperspective?AndthenmylastquestionrelatestoLipitorOTC.Nowthatproductdoesn'tappeartobegoingforward,wouldyouconsiderputtingyourconsumerbusinessupforsale?Thanks.


Jami,asalwaysthreebigquestions.Onthebreak-up,wehavenotchangedourviewsonwantingtohavetheoptionalityofthebreakup.Wecontinuetospendconsiderableamountsofmoneypreparingandputtingourselvesinaplacetotriggerthatoptionalityifwetakethatdecision.AndasIsaid,we'velaidoutthecriteriaforthat,whichincludesourbusinessisdoingwell.Dowethinktheycoulddowellontheirown?Istheretrapvalueandisthereafter-taxvaluethatcouldbeachieved?Andwewillmakethatdecision,bythelatest,fourth-quarterof2016onwhethertotriggerthatoptionality.

Onyourquestionaboutbig,small,growthopportunities,look,welookatitfromthepointofviewofasapharmaceuticalcompany,wewanttobuy,theidealofcourseistobuyapipelineandalsoproductsthataregrowing.Theseproductsandopportunitiesyouhavetohaveabeliefinthefuture,oftenthefuturepotentialoftheproductsyou'rebuying.There'salotinvolvedinanacquisitionthislarge.It'sa




combinationofwhatyouthinktheportfoliowilldo,whatyoubelievethesynergieswillcomethroughontheoperationalside,andofcourse,taxandtaxplanningplaysaroleinthat.

Sotoacertainextent,thediscussionsthataregoingoninWashingtonrightnowaboutapotentialinternationaltaxreformdoesaffectthewaywelookatthedifferentopportunitieswehaveinthemarketplace.You'dexpectustobelookingatthatverycarefully.Certainly,anyacquisitionwedomakewillhaveabiasonthenear-termrevenueopportunitiesandonaccretion.

OTC,look,theconsumerbusinessisatremendousbusiness,atremendousstoreofvalue.WetalkedNexiumOTC,andithasbeenanincrediblesuccess.Wecontinuetoinvestintheconsumerbusiness.Wealwayslookatourbusinesses,allofthem,onaregularbasisandourstrategicplanvis-a-viswhatparttheyplayinthetotalvalueofPfizershareholders.Wearealwaysreviewingthat.Atthismoment,IthinktheconsumerbusinessisaveryvaluableandgrowingassetforPfizer.


Thanks,Jami.Ournextquestionplease,operator?

Operator :

MarkSchoenebaum,EvercoreISI.

MarkSchoenebaum(Analyst-EvercoreISI):

Thankyouforaveryclearopeningstatement.Allofyou,it'salwaysveryhelpful.Iwanttogobackandbuildonsomeofthequestionsthathavealreadybeenasked,butthefirstoneis,Ian,andIknowyougetaskedthiseveryquarter,andI'msureChucktellsyougetaskedthiseveryquarter,butthisquarter,Ithinkit'sbecomealittlebitmoreofafocusforinvestors.

ThewidespreadWallStreetrumorsthatyoumightbeinterestedinsomethinglikeanAllergan.Iunderstandyouwouldn'tcommentonthat,butcanyoucommentingeneralonyourinterestininvertingatthispoint?Whatthethresholdswouldneedtobeversuswhattheofficialthresholdsrightnowtomakeyoucomfortablethatsuchinversioncouldbecompleted?IsinversionstillapriorityforPfizer?

SecondquestionwasforFrank.Maybeyou'vedisclosedthis,I'mnotsure,soit'sashameonmeifyouhave,butI'veheardfromlittlebirdiesthatmoneythatyou'vealreadyspentpreparingforseparation,thismighthavebeenembeddedtoanearlieranswer,itwasn'tcleartome,butthemoneythatyou'vealreadyspentpreparingforseparationofPfizerisontheorderof$1billion.I'djustliketoknowifthatnumber,ifyouarewillingpubliclytotalkaboutwhetherornotthatnumberisrealistic.

Andthenthefinalquestionis,andthisisatougherone,Idon'tknowifyou'llbeabletoanswerit,butsomeofushavebeennowthinkingabout,ifandwhenPfizersplits,perhapsinsteadoffloatingoneormoreofthesecompanies,theymightbestrategicacquirerforoneormoreofthesecompanies.AndIthinkwe'realltryingtogetasenseofwhatthecostbasisisforthesecompanies,sothatwecouldunderstandifit'srealisticthatsomeonecouldbuythem,orwouldthetaxburdenonsuchatransactionwouldbeprohibitive?Idon'tknowifthere'sanyfingerinthewind,wordsofwisdomyoucangiveus,Frank.Thankyou.


Mark,ontheinversionquestion,thereasonyoudoanydealis,aswesaidbefore,anditsoundslikemotherhoodandapplepie,butitisbecauseyoubelieveit'sgoingtocreatevalueforshareholderslong-term.Andsowecanremaininterestedinthepotentialofaninversion,becauseitwouldfacilitateandenablewealthcreationforshareholders.ItwouldcertainlyalsopositionPfizerundercurrenttaxlawsto




be--itwouldliberateourbalancesheet,andwouldpositionustobefarmoreactiveintheM&Aspace,andcompetitive,whichiswhythereisallthispushtohavetaxreform,becauseatthemoment,theAmericancompaniesarenotascompetitiveasEuropeancompanies,giventhedifferenttaxrate.

SotheinversionisattractivebothbecauseitcreatesamajorvalueanditenablesyoutomeetthepremiumstoacquiretheCompany.Andit'sattractivebecauseitwillliberateyourbalancesheetforfutureactivityandspendingandcashflow.Andthat,initsturn,informsyouastowhatlevelofinversionyouwouldfindacceptable,whetheryouwantaninversionthatisbetween60and80orbelow60.Soit'sacomplexissue,andwe'renotfocusedtotallyoninversions.

It'sonlyacomponentofthebusinessdevelopmentstrategy,andonlycomesinwhenyoubelieveyouneedthatvaluethat'screatedbytheinversion,togettothepremiumtobuytheCompany.Butit'snotjust--inversionsisnotouronetrackbusinessdevelopmentstrategy.Withthat,I'llpassitovertoFranktoanswertheothertwodifficultquestions.

FrankDAmelio (CFO):

Thelittlebirdiequestions.Mark,year-to-datecumulativelytodate,becausethat'swhatyouasked,notyear-to-date,cumulativelytodate,wespent,giveortake,approximately$300million,whenIincludethe$164millionyear-to-datethisyear.Thethingtorememberaboutthesekindsofoptionalityprojects,thinkaboutcarve-outsasasense,there'samassiveamountofworkthatneedstobedone.Andwhenyou'relookingat--I'llcallitthetotalcoststructure,thesekindsofprojects,theydorunintothelowbillionsofdollars.That'sthenatureofwhattheydo.

Buthere'swhatyou'vegottoremember.Inthatnumber,there'staxleakage.Youdoeverythingyoucantominimizetaxleakage,butyou'vegottocreatemultiplelegalentities.Anytimeyou'recreatingmultiplelegalentities,ormorethanoneinthecountry,youcreatetaxexposure,taxleakage.There'spotentialleakageregardingdebtanddecision-makingyoumakearoundwhetherornotyou'regoingtorepurchasedebt.Andthenthere'sallthe,I'llcallitblockingandtackling,thatneedstobedoneinareaslikesystems.Legalentityandtaxplanning,regulatorywork,supplychain.It'samassiveamountofwork.

Andthinkaboutthevisual.ThisisaCompanythat'sbeenrestructuringforadecade.Integrating,puttingthingstogether,andnowyouwanttodosomethingwhereyou'retakingamajorpieceoftheCompanyandyou'regoingtocarveitoutinasense,undomuchoftheworkthatyou'vedonepreviously.Requiresalotofeffort,itcostsabunchofmoney.Butyear-to-date,whichiswhatyouaskedme,cumulativelytodate,it'sbeenabout$300million.


Thatbeingsaid,wedoseethelogicof,becausetherearetwodifferentbusinesses,andwedofeelthattheamountswewillneedtospendtoputourselvesinthepositiontocompleteoptionality,hasbeenmoneywellspentforshareholders,giventhepotentialupsideofwhatoptionalitycouldproduce.

FrankDAmelio (CFO):

It'sessentiallythecostofhavingtheoption,isreallywhatittranslatesto,Mark.It'sthecostofhavingtheoption.Andthenthelastpieceabouttaxbasis,obviously,it'sprematuretogetintotaxbasisofthebusinesses,butwhatIwouldsayis,tojustpunctuatewhatIansaid,thefourthcriteriaisbeingabletounlockthattrappedvalue,assumingthereissome,inataxefficientway.Soobviouslyanythingwewoulddowouldhaveextensivetaxplanning,andwouldminimizeobviously--ormaximizetheafter-taxreturnstoourshareholders.





Thanks,IanandFrank.Nextquestion,please,operator?

Operator :

AndrewBaum,Citigroup.

AndrewBaum(Analyst-Citigroup):

Threequestions,please.Firstly,justrevisitingthetaxquestion,couldyougiveussomesenseoverthenextthree,fiveyearswhereyoureffectivetaxrateisgoing,asthebusinesscurrentlystands,givingthechangeinmixofbusiness,particularlytheincreasingUScontribution?Andsecond,onthetax,viatheongoingdebatesinWashington,ortheprobabilityyoufeelofanymeaningfulchange,mayimprovetheeffectivetaxratethatyoupay?

Second,couldyoucommenthowtherecentTevaAllergandealimpactstheM&AlandscapefromthePfizerperspective?AndfinallyyouobviouslyreportedaverystrongquarterforPrevnar13.Towhatextentshouldweexpectaninventorydestockinthefollowingquarter?IE,howmuchofthisisindustrystocking,given,Iimagine,thatmostofthevaccinationsaregoingtohappeninadolescents.ButpleasecorrectmeifI'mwrong.


Thankyou,Andrew.Onthetaxquestion,wedon'tprojectourtaxrate.Therearejusttoomanyvariablesinthereincludingbusinessdevelopment,includingwherewemakeourearnings,includingpotentialchangesinUStaxlaw,andwegiveguidanceonayearlybasisonourtaxrate.Frank,youwanttoaddanything?

FrankDAmelio (CFO):

Justthatyear-to-date,ourtaxrate's25%.Ourguidancefortheyearis25%sofor2015,we'rerunningprettymuchrightaccordingtoourguidance.AndthenjusttopunctuatewhatIansaid,there'sjusttoomanymovingpartstotrytoprojectourtaxratesbeyondthecurrentyear,butwe'llobviouslyincludethe2016ratewhenweprovideour2016guidance.


Thankyou.OnDC,it'stoodifficulttospeculateonwhatwouldhappenontaxlegislation.IdothinkIamheartenedbytheconversationsthatareoccurring,andtheacknowledgmentinWashington,thatsomethinghastobedonetoallowglobalUScorporationstobecomecompetitive,giventhenatureoftheUStaxsystem.Andhopefullytheywilltakeactionearlierratherthanlatertoallowustobecompetitive,andIthinkwewillseethatunfoldinthenextfivemonths,astowhetherWashingtonwilltakeanyactiononthatornot.

OntheTevaAllergan,doesitchangelandscapeforus?Idon'tthinkitchangesthelandscapeforPfizerinanymaterialway.WecontinuetohaveourownstrategiesandpursueourownBDobjectivesandthisdoesn'timpactimpingeuponthat.Frank,wanttotalkaboutanythingelse?Andthenit'sAlbertonPrevnar13?


Yes,Andrew.I'mmonitoringtheinventories,andtherewasnosignificantinventorybuildinthequarter,soinventoriesdidn'tmateriallyaffecttheadultperformanceatall.





SoIthinkAndrew,whatyouneedtodoonPrevnar--whatweneedonPrevnar13adult,isyouhavethreeinfluences,orfourinfluencesgoingon.One,youhavetheunderlyingrateofUScitizensbecoming65,whichisabout4millionayear.YouhavethenintheUS,thebolusofcatch-upwhichissignificant,andwebelievewilllastcertainlythisyearandnext,andmaybeintothethirdyear.AndthenyouhaveyouhavetheprogressintheG6countriesaswegetandhavehadforourregistrationandlabelingchanges,toenableadultvaccinetobesoldtothe65andabove.

Andthere,ofcourse,youhaveahugecohort,probablysubstantiallylargerthantheUS,probablytwicethesizeoftheUS.Andthat'sgoingtotakemarketdevelopment.We'regoingtohavetoworkonthatcountrybycountry,butweseetherealso,themovementofthepopulationtoover65,plusthecatch-upopportunity.Sooverall,whenyoulookatthosewavesofopportunities,IfeelthatwefeelthattheadultvaccineisaninterestingongoinglargefranchiseforPfizer.


Thankyou.Nextquestion,please?

Operator :

ColinBristow,BankofAmerica.

ColinBristow(Analyst-BofAMerrillLynch):

Coupleofquickones.OnyourAvastinbiosimilar,youstartedthePhaseIIItrialwithaprimaryendpointofobjectiveresponserate.Canyoutalkaboutthediscussionsyou'vehadwithregulators,andwhetheryouanticipateobjectiveresponseratewillbeanapprovalendpoint?AndthentwoontheIOpipeline.Canyouwalkusthroughthekeyreadoutsweshouldbepayingattentiontooverthenext12months?Thanks.


Okay.Technicalquestionthere,Colin,onthat.Idon'tknowifMikael,youwanttoaddressthat.

MikaelDolsten (PresidentofWorldwideR&D):

Allofourfivebiosimilarshavebeenevolvedintheirdevelopmentstrategiesincloseconsultationswiththemajorregulatoryagencies,andparticularlyFDA.Sothatwillreflecttheinputandrobustnessintrialdesign,andwhatshouldbepredictedthebestchoiceofendpointforapprovalopportunity.


SoIthinkwefeelsatisfiedthatwehaveanagreementwiththemajoragenciesandtheendpointswillbetheonesnecessarytogetapproval.IOpipeline,Mikael,doyouwanttorunthroughthatorwhatyouthinkofthesignificantthingsgoingforward?Andwhenwearelikelytobeissuingresults?

MikaelDolsten (PresidentofWorldwideR&D):

SoI'mreallyexcitedaboutourIOpipeline.Andstartingwithanchordrug,avelumab,wehavenowmorethan1,000patientsthathavebeenonavelumab,andwefeelthatweseeaconsistentgoodresponserate,substantialclinicaldurability,andresponses,androbustsafetyprofile.AndwereportthatsomestudiesatASCO,andnowwehavepositivereadoutsinline,gastric,ovarian,andbladder,you'reaware,andIanalludedtothatwe'vestartedasecondlinelungcancertrial.Weexpectinarelativelynear-termopportunitytomovetofirstlineinthatsetting.OurexperienceincostvariousindicationswillleadthisyeartoonumerousannouncementsofPhaseIII,uptosixpivotalstudiesthatincludeseveralinlinegastric,ovarian,bladder,andrenal.




WealsoatASCOcommunicatedfavorabledateon4-1BB,alreadyseeninthePhaseIinfollicularlymphomashowinggoodtolerability,andtogetherwithrituximab,favorableresponses.Weareexpandingthatstudy.4-1BB,whichisauniquemolecule,oneofthefewIthinkinthisindustrythisadvanced,isalsoinstudieswithKeytruda,aswellasthesoon-to-beextensiveprogramwithavelumab.WealsohaverecentlyenteredclinicalstudieswithOX40asanotherpositiveeventforourimmuno-oncologypipeline,andwehavecommunicatedfavorabledatawithCCR2inpancreaticcancer.

Andlaterthisyear,weexpectvaccinetostartdosingforprostatecancer.Andwehavenumerouscompoundsandmeansthatwillalsoenternextyear.Soyouseereallyusevolvingaverycomprehensivemonotherapyandacombinationtherapy.Wewill,overtime,sharemoredata.ThereisanESMOconferencethatwillgiveyouanupdateonavelumabandwillincludeparticularlungcancer,ovarian,andalsosomebladder,weexpect.Andwewillcontinuetoinformyouabouttheprogressof4-1BB.


Thankyou,Mikael.Nextquestion,please?

Operator :

VamilDivan,CreditSuisse.

VamilDivan (Analyst-CreditSuisse):

TwoifIcould.Onebuildingalittlebitonwhatyoutalkedaboutearlieraroundtheamountofcostaroundplanningforapotentialsplit.DoyouhaveasenseofwhatthedissynergieswouldbetoactuallyexecuteasplitoftheCompanyatthispoint,ifyou'retryingtosplitintotwoparts?Ithinkyoumayhavesomesenseofthatbynow.AndasmoreofuscanundoonaPfizeronaself-enforcedbasisitwillbehelpfultohaveahowyouthinkthedissynergieswouldbe.

AndthenthesecondquestionIhadwasonthevaccineside,startingwiththeVOCbusiness,alotoffocusononcologyobviously,butcanyoutalkalittlemoregenerallyaboutyourstrategyinvaccines?You'reobviouslymakinggoodprogresswithPrevnarinadults.Staphismovingalong,thatobviouslylookspromising.Maybealittlebitmorebroadly,whereyouseeotherpotentialareasforvaluethere.Youhaveobviouslymadesomedeals,youhavematernalvaccines,youtalkedaboutCdiff.Whatyouthinkpeoplemightbeunderappreciatingwithyourvaccinesbusinessasopposedtohowyouseeitinternallyrightnow?Thanks.


Okay.Well,costofdissynergies,Frank,wanttomakeacommentonthat?

FrankDAmelio (CFO):

Justfrommyperspective,we'veobviouslybeenlookingatthis,we'vebeenanalyzingthedetail.IthinkI'dsummarizeitbysayingwedon'tseeitasbeingamaterialdissynergyrelativetooptionality,basedonourcurrentanalysis.


No.SoyourquestiononthevaccinesI'lltryanddoasummarizedanswer,andthenI'llaskAlbertifhewantstoaddanythingontoit.IthinkyouareseeinguscontinuetodriveandmaximizethePrevnar13opportunity,bothininfantsandadults.Webelievethattheopportunityinadultsisbroadanddeepanddurable,sowe'reconfidentinthat.WecontinuetoworkonPrevnar,onthePrevnarfamily,tolookatserverenhancements.




Webelievethere'sarealopportunitytoacceleratethe--aslongasthePhaseIItrialonthebacksurgeryperformsasweexpect,wethinkthere'sanopportunitytoacceleratethestaphaureusvaccine.WeareinPhaseIIwithwhatwebelieveisaverygoodvaccinewithC.difficile,andthenwe'vemadeacquisitionsofothervaccinesliketheBaxteracquisition,toaddsomecriticalmasstoourwhatourfieldforcecarries.WehaveTrumenba,whichwethinkwilldevelopovertimeasanimportantvaccine,andthenwe'vedoneacquisitionsandlicensingof--forvaccinesforinfants.Soyouwanttoaddsomemoredetailtothat,Albert?


Veryfewthingstoadd,Ian.Ithinkinvaccines,wehavesubstantialscientificcapabilities,andsignificantsubstrate,researchsubstrate,thatallowsustoseeoptimisticallythefuture.Andtohaveverygoodtrackrecordofdelivery.Withstaph,wehavealreadyinitiated,asIansaid,thePhaseIIbstudy,andthat'sin2,600patients.IfthePhaseIIbdatashowconsiderableefficacy,wewillconsiderrequestinganacceleratedapprovalfromthisproduct,andthestudythatwe'rerunningnowcouldpotentiallyservetosupportregistration.


Theyhavebreakthroughstatus,right?


Andbreakthroughstatus.SameaswithC.difficile.Thathasbreakthroughstatus,butalso,asyourecall,wehadoutedrecruitmentandvaccinationsinapreviouslyinitiatedPhaseIIbstudy,asaresultofsomecasesofrednessthatweobservedattheinjectionsite.Now,wehavealreadyrecentlyreceivedapprovalfromtheFDAtoinitiateanewPhaseIIprogramwithadifferentformulation,sowearemovingfullspeedinmaterializingthataswell.


Thanks.Thenextquestion,please?

Operator :

ChrisSchott,JPMorgan.

ChrisSchott (Analyst-JPMorgan):

FirstonewasjustalittlebitmorecoloronPrevnar13adult.Iappreciatetheearliercomments,butcanyougiveusalittlebitmorecolor?WhenyouthinkabouttheUScatchupbolus,howlargeisthatbolus,andhowfarthroughareyouatthispoint?Doyouhavenumbersinthatfront,wouldbeprettyhelpful.

Second,onyourPD-L1,Iknowyou'vehighlightedinthepastahighdiseasecontrolratethatwehaveseenwithsomeofthestudies.Whencanweseemoresurvivaldatathatcouldhelpusassessthatdiseasecontrolrate,versusmaybesomehigheroverallresponserateswe'reseeingfromotherproducts,aswethinkaboutthisasacombinableagentlonger-term?

Andthefinalonewascomingbacktobusinessdevelopment,doesseemlikewe'reseeingasignificantconsolidationintheindustryatthesametimewe'reseeinganuptickininnovation.IknowPfizerhasprioritiesintermsofwhatitneedstodo,givenitsproductcycle,butcanyouelaboratealittlebitmorehowthisrapidly-changingenvironmentisimpactingyourbusinessdevelopmentpriorities,eitherintermsoffurthersenseofurgency,willingnesstobroadenthescopeofwhatyou'relookingat?I'mtryingtounderstandhowthebackdropofthesectoreffectshowyou'repursuingdeals.Thanksverymuch.





Prevnar13,Albert?


AgainIwillexpresshowmyexcitementaboutthesuccessthatthey'reofhavingsofarwithPrevnarintheUS.Andbasicallyweareabletomakepneumoniavaccinationforadultsanage-basedeventsopeoplewhogetvaccinatedwhentheycometoageof65,ratherthanaseasonalevent.Butofcourse,wewereverysuccessfulincatchingupalotofpreviouslyvaccinated.

TogiveyouasenseofthenumbersintheUS,asIansaid,approximately4millionpeopleareturning65everyyear.In2014,whenwestartedwithPrevnar,therewasalargecohortofapproximately27millionpeoplethatwerepreviouslyvaccinated.Withanoldtechnologyvaccine,andtherewasalsoanothercohortof18millionpeoplethathadneverreceivedavaccine.Sointotal,45millionpeople.Usually,thereis2.6milliondeathsalso,thatarehappeningperyearinthatcohort.

Somain,wedon'thaveexactsplitofhowmuchiscatch-upandhowmuchisnormalbusinessintheUS,butgiventhemassivenumberofvaccinationsthatareoccurring,abigpartiscomingfromcatch-up,andthisisalot,aswesaid.That'swhywesaidthatthisyearwillcontinuegrowing,andwillbeverybig.Nextyearalsowillbesubstantial,verybig,mightnotgrowversus2015,butwillbeverybig.

Andthenwemoveinternational.Internationally,theagingdemographicsaremorecompellingthaninUS,becausethepercentageofpeoplethatarelivingabove65ismuchhigher.CountrieslikeJapanforexampleisalmostdoublethaninUSintermsofpercentage,14%approximatelyintheUSto26%27%28%inJapan,andthisiswhereweexpectin2017tostartgettingawaveofrecommendations,nowthatwe'vegotapprovalinEuropeforpneumonia.Thataslongaswegetrecommendation,thenreinvestmentcomes,andthenwestartcommerciallypenetratingveryaggressively,aswedidintheUS.


Thankyou,Albert.IbelievethatcohortintheG6countriesarearound94million?


That'scorrect.DoubletheUS.


Okay.PD-L1data?ThatweareinpartnershipwithMerckKGaA?


Soatamorehigherlevel,wecansaywhenwecarefullygothroughdatafromlung,ovarian,gastricandbladder,wherewehaveextensivenumberofpatientsfollowedforsixmonthsormore,weseeresponseratesthatareverycomparabletootherPD-L1agents.Ofcourse,itdependsonhowyoucutyourdata.Wehavegenerallylookedatresponserates,includingallpatients,andnotsolelyPD-L1positive,andthat'spartofourlong-termstrategy,thatitseemsthatpatientsthatevenhavelowexpressionofPD-L1willbenefit,particularlywhenyoulaterdevelopcombinationtherapies,soweaccumulateexperiencesacrossallPD-L1spectrum,butwillofcourse,invariousendpoints,lookatPD-L1positive.

Thatwasthestrategyinoursecondlinelungcancer,whichisall-inclusiveforlungcancerpatientsinsecondline,buttheprimaryendpointisonPD-L1positive.Diseasecontrolratesareveryhighinourstudies.Ingeneral,50%orhigheracrossseveralindications.Andwhenweagaincomparedtoothers,wheredowelookatdiseasecontrolrates,sixmonthsprogression-freesurvivaletcetera,we'revery




pleasedwithavelumab,bothforefficacyandtolerability.AndyouwillgetfurtherdataupdateatESMOoncologyconference.


Thankyou.GoingbacktoBD,welookatBDprobablyintwolargewaysatPfizer.Oneiswhenwe'relookingatindividualneedsofthebusinessunits,whichcanbelikeasmallertuck-inorcanbeanacquisitionofanindividualproduct.Whenwelookatindividualproducts,ittendstohavea--normally,because,veryoftenyou'rebuyingaproductatthebeginningofit's--eitherbeforeit'sapprovedorafterit'sapproved,butwe'relookingatitopportunitiestoexpandindications,andsowelookattherisk-adjustedreturn,andwemakeadecisionwhethertoparticipateinthatfranchise.Andthatcanbeinfluencedbytheabilitytocombineitwithourexistingtherapeuticareas,ifwecangetalsoadditionalsynergiesthroughoperationalsavings.Sothat'sonewaywe'relookingatBD,whichismoreopportunisticproductrelated.

ThesecondtypeofBDistryingtobuytechnology,likeperhapsgenetherapy,orselectuswhenwe'regoingtoCAR-Ttechnology,andthosetendtobelonger-terminvestments.AndthethirdtypeofBDiswhatyouwouldsayisamoretraditionalBD,wherewelookattotalcompanies,andtherethedriverofvalueoftenisexistingpipeline,existingproducts,potentialpipelineproducts,opportunitiesforsynergies,andpotentiallytaxsavingsandfutureliberationofthebalancesheet,becauseyou'renolongerconstrainedbytheUStaxsituation.SoIthinkwhatyou'vebeenseeinginthemarketplaceisforeigncompanieswithsignificanttaxadvantagestakingadvantageofacquisitionsintheUS,andbuildinguptheirorganization.

You'veseenarefocusingbysomecompanies,andyouhaveseen,aswiththeAllerganTevatransaction,whereoneCompanyistostrengthenitsportfolioandfocusbyacquiringthegenericoftheothercompany.Solook,weareactivelymonitoringthisprocess.Idon'tthinkwe'velostouttoanyopportunitiesthatwouldhavemadesensetoourshareholders.We'redeterminedifanopportunityisthere,thatwewillnotloseout.Wehavethewill,wehavethecapability,wehavethecapitalwehavethemanagementteam.SoIfeelthatfrankly,ourBDstrategyandphilosophyandapproachisappropriateforthispointintime,inthevaluecycles.


Thankyou,Ian.Nextquestion,please?

Operator :

AlexArfaei,BMOCapitalMarkets.

AlexArf aei(Analyst-BMOCapitalMarkets):

Congratulationsonastrongquarter.Firstonbiosimilars,youhavefiveantibodiesindevelopment.Youareobviouslymakingasignificantinvestmentthere.Canyouupdateusonyourupdatedviewsofthepotentialsizeofthebiosimilarmarket,inlightofwhatwe'reseeinginEurope,andhowweshouldthinkabouttheopportunityforPfizer?

Follow-uponthat,giventheseinvestments,howshouldwethinkaboutsomeoftheoverlappingassetsthatyou'regettingfromHospira?Andthenfinally,couldyoucommentontherecentPCSK9approvalandpotentialimplicationsforyourbococizumab?Thankyouverymuch.


Thanksforthequestion,Alex.Firstofall,intermsofyourquestionaboutthesizeofthemarket,we




continuetoseearoundabout$100billionofcurrentlypatentedbiologicmedicinesthatwilllosepatentprotectionoverthenextfiveto10years.That'sasignificantmarketopportunityforcompaniesthathavethetechnologyplatformcapability,andcurrentbiosimilarportfoliotobeabletocapitalizeonthatopportunity.Sowecontinuetothinkthatweareverywell-placed.AndinrelationtoyourquestionaboutHospira,wecontinuetoseethatourportfolioandHospira'sarehighlycomplementary.Andwe'reveryexcitedabouttheopportunitythatpresentspostclose.

OnthePCSK9approvalbyEuropefromAmgenandtheUS,bySanofi,Regeneron,IthinkweexpectitonLDLlowering.Idon'tseesubstantial--Iseemodestuseoftheseproductsuntiltheoutcomesdatacomesthrough.Wedon'tthinkwewouldbethatfarbehindonoutcomesdata.Ithinkthesizeofthemarketisdifficulttopredictatthistime.

ItreallydependsonhowtheCTEPdevelopmentcomesthrough.IftheCTEPs,whichareoral,comethrough,Icouldseeamarketthatissegmentedthreeways,IEstatinusesoyoucangettogoals,statinplusaCTEPorCTEPaloneifyou'restatinintolerant,andthenpotentiallyPCSK9beingheldinreserve,iftheCTEPcan'tgettothegoalsofthestatin.Soit'svery,verydifficulttopredicthowthismarketwillshakeoutinvalue.AndIthinkit'sinterestingtoseewhatwillhappenin2016,iftheCTEPsareimprovedandwhattypelabel,whattypeofpricingtheycometothemarketwith,andwhattypeofpricingweseedeveloponthePCSK9sasnegotiationsoccurwithmanagedcare.


Thankyou,Ian.Nextquestionplease,operator?

Operator :

JohnBoris,SunTrust.

JohnBoris (Analyst-SunTrustRobinsonHumphrey):

Congratulationsonthequarter.JustbacktoPrevnar13,canyouquantifytheshipmentsthatyoumadeintoGAVIandthevaccinealliance,andalsoprovidesomeadditionalcoloronwhichnationalimmunizationprogramsincludedPrevnar13intotheirprogram?Andthensecondly,onyourXeljanzfilingintheEU,canyoureminduswhatledtotherejection,andwhatremediesthatyou'vemadetothefiling?Ibelieveyoumentionedyou'reontracktofilebeforetheendoftheyearintheEU.ThatwouldhelpenhancetheabilitytosecureapprovalonXeljanzinEurope.Thanks.


GenocandealwiththeXeljanzquestion,andthenI'llseeifAlberthasanydataathand.That'sprettyspecificonyourquestion,Johnorifwewilljusthavetoanswertogeneralitiesrightnow.Butlet'sgettoGenofirst.


Thanks,John.IthinkthequestionsfromtheCHMPrevolvedalotaroundtheimmunesystemeffectsofXeljanz,understandingthesafetyprofile,primarily.Sowehavedonesomeadditionalpharmacologystudies.We'vedoneastudywithherpeszostervaccinetodemonstratealackofinterferencewiththeimmunogenicityofthevaccine,andofcourse,collectedlonger-termfollow-updatafromourlong-termextensionfilesandourpost-marketingsurveillancetrial.Soitwillbeacombinationofthesedatapointsthatwillcomprisetheresubmissionthatwe'replanningonforlaterthisyear.





Okay.Albert?


Idon'thavehandythenumbers.I'llhavetocomebacktoyou,butgenerallyinemergingmarketsthegrowthwas18%forpediatric,approximatelyforthequarter.Andthisvolatilitywillcontinuetoexist.


DependsonthetimingofNIP,timingofGAVI.Notsomethingthatweareparticularlyfocusedon.Wehaveafull-yearforecastwhichtakesintoaccountallthesefluctuations,andwe'vebuiltthatintothechangeinourguide.

FrankDAmelio (CFO):

That'sallpartofourrevenueguidance.


Okay.Thankyou.Ournextquestion,please?

Operator :

JeffHolford,Jefferies.

Jef f Holf ord (Analyst-JefferiesLLC):

Firstone,justaroundbusinessdevelopment,ifyoufollowonhere,doyouhaveabiastowardsOUSdomiciledcompanies,whenyou'relookingatopportunitiestohelpgrowtheGIPbusiness,givenwhereyourcashisheld?Second,becauseofyourfocusondoingBDinafewyearstobridgeto2017,doesthatmeanweshouldexpectmuchlesscashtobedivertedtowardssharerepurchases?Andthenlastly,justaroundtheBD,givenyourwantordesiretohelpboostthebusinesspriorto2017,doesn'tthatmean,giventimeforantitrustrevieworanyotherreviewsofthetransaction,thatshouldweshouldbeexpectingyoutocomplete,announceadditionaldealsduringthesecondhalfofthisyearforthemtocomeintothattimeframe?Andthenlastquestion,justonaseparatearea,canyoumaybeoutlineforusjustacoupleofthebiggestOTCswitchopportunitiesthatyouseethebusinesspotentiallyinthenexttwotothreeyears?Thankyou.


OntheOTCswitch,Idon'twanttogetintothatbecauseit'sconfidentialandhelpscompetitorspreparealongwithusinthemarketplace.SoIthinkyoucanlookatourportfolioandmakeassumptionsonyourownastowhichproductsaremorelikelytobeswitchedornot.

OntheBD,IhavenobiastowardsaUSorforeignCompany.Ihaveabiastothevaluecreation.Ihavenobiastowards,well,Ihaveabiasonourportfolio.Ifvaluationsareequalandopportunitiesareequal,IprefertodoaBDdealthatstrengthensourinnovativebusiness,asIthinkwe'vedonequiteabittostrengthentheestablishedbusiness.

Onthelesscashdependingonanacquisition,Ithinkitdependsonthetypeofacquisition,howit'sstructured,andIthinkit'stooearlytosay,butofcourseanydealwedowhatwedowe'llbelookingattotalshareholderreturns,andwewouldfactorthatintothetypeofdealwithrestructuring.Ithinkthat'sthemostwecansayatthistime,franklywiththat.

Andthenontiming,whenItalkabout2017,I'mtalkingabout--franklyIusethatasamark,given




conversationsIhavewithourowners,aboutthefactthatgreat,you'vegotgreatin-linemomentum,you'vegotthesenewproducts,you'vegotEliquis,andyou'vegotIbranceandadultvaccine,andalltheotherin-linesthataremovingwell.I'mjustlookingatwaysofincreasingourrevenuesaswedevelopourpipeline,andwestarttoseethatpipelinecometofruitionin2017andlaunchin2018,andwe'llseethoselaunches2017through2018through2019.

SoIthinkit'simportanttogetanyBDwedoright,andIdon'tfeelpressurizedtogetitrightby2017.What'simportantistogetitrighttocreatevalueforourshareholders.AndIdon'tthink,frankly,there'satimingpressureonustodoBD.

We'regoingtolookatit.WewanttodoBD.We'regoingtobeopportunistic,butwe'realsogoingtomakesurethatwemaketherightdecisionsforPfizershareholders.


Allright.Thankyou,Ian.Nextquestion,please?

Operator :

DavidRisinger,MorganStanley.

DavidRisinger (Analyst-MorganStanley):

Ihavetwoquestions.First,couldyouremindusabouttheex-USEnbrelexclusivitylosstiming?Andexpectationsfortimingofbiosimilarcompetitorlaunches?AndthenwithrespecttoIbrance,couldyoupleasediscusspotentialindicationsoutsideofbreastcancerandwhatkeytrialsweshouldbewatchingonthatfront?Thankyou.


Thankyou.Geno,couldyoudotheEnbrel?


EnbrelexclusivityexpiresneartheendofthisyearsoweexpecttoseebiosimilarpenetrationbeginningnextyearinEurope.


Okay.Ibranceindicationsoutsideofbreastcancer?


We'reveryexcitedaboutthepotentialofIbrance.AndIthinkwehavearealuniqueproprietaryknowledgeinunderstandinghowtousesciencearoundIbrance,combinationnewindications.Sowehaveanextensivecollaborativeresearchclinicalprogramsthatyoumaybeawareof,butinadditiontothat,I'mpleasedtosaythatwearestartinganumberofPfizer-sponsorednewstudies.Andverysoon,we'llstartonestudyinheadandneckcancer,HPV-negativepatientsthatarerecurrentmetastatic,combiningIbrancewithErbitux,withpriorexperienceofthatcombinationinacollaborativestudy,andnowlaunchingaPfizer-sponsored,whichcouldhaveaveryinterestingpathforward,ifdataisstrong.

Inadditiontothat,wehavegeneratedverycompellingpre-clinicaldataonhumantumorsforpancreaticcancer,whereparticularlythecombinationofIbrancewithpaclitaxelorAbraxanewasverypromising,andwearesoonstartingaPhaseIIstudyprecededbysafetylead-inwithIbranceandAbraxaneinpancreaticadvancedcancer.Wealsohavesignificanteffortinunderstandingpatientsthatprogresson




Ibranceafterhavinghadlongsignificantbenefitinbestcancer.AndyoulearnmoreaboutPfizer'sprogramindoubleandtriplecombination,thatalsocanfurtherexpandourstrongholdandleadershipinIbrance.


Thankyou.Ifwecouldtakeourlastquestion,please,operator?

Operator :

SeamusFernandez,Leerink.

SeamusFernandez (Analyst-LeerinkPartners):

Frank,maybecouldyouremindusthethresholdforcompletinganinversion?AndIaskthequestionparticularlysincesomesmallerdealsappeartohavegottenaslowas20%afterthetreasuryupdate.Soitwouldbehelpfultoknowwhatyourthoughtsareonthethresholdforinversion,becauseIthinkpreviouslyyouhadsaiditwasreally40%.Andthenseparatelyaspartofyouroptionalitycalculus,withthesplit,doyoualsoconsiderPfizerasapotentialtargetinthatcalculus,sincethiswouldappeartobeavalue-addoptionforshareholders?Thanks.

FrankDAmelio (CFO):

AreyousayingPfizerorthesplitofPfizer?


Seamuscan'treply.Okay.Probablythesplit,wethinkthatintheoptionality,bothcompanieswouldberobustandstrong,andwouldhavetheabilitytobesuccessfulcompaniesontheirown.Andwereallycan'tcommentonwhethertherewouldbeBDactivitytotryandbuythosecompanies.Theywouldbecompaniesthatwouldbeindependent,andcontinuetotryandprogresstheirownbusinessstrategies.Ontheinversion?

FrankDAmelio (CFO):

Priorto,I'llcallittheSeptember22proposedrulechangesbytheIRS,thehurdlewaslessthan80%,soourshareholdershadtoownlessthan80%ofthenewly-formedCompanythatweacquired,togetthefullbenefitsofaninversion.Thathurdlewasloweredtolessthan60%,whichmeanswe'dhavetodoalargeracquisitiontogetthefullbenefits.Solessthan80%tolessthan60%.


Theissuewiththis,Seamusisthatthefullbenefitornon-fullbenefitisveryidiosyncratic,dependingontheCompanyyou'redoingtheinversionon,andthecomplexityofthetaxrule.Soitmaybethatifyouareinbelow80butnotbelow60,youstillhavesubstantialbenefitsfromaninversion,andthereforedespitetheproposedrulechanges,oritmaybeondifferenttargetsyouneedtobeatbelowthe60threshold.Sotheuniverseisnotconstrictedorreducedtoonly60-40.It'sverydependentuponthetypeofassets,thestructure,wherethecashis,etceteraetcetera.

FrankDAmelio (CFO):

Verycompany-specific.


Verycompanyspecific.Thankyouverymuch.





Thankyou,andthankyouallforyourattentiontoday.

Operator :

Ladiesandgentlemen,thisconcludesPfizer'ssecondquarter2015earningsconferencecall.

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Pfizer (PFE) Earnings Report: Q2 2015 Conference Call...

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