Pfizer Inc. (PFE) 43rd Annual J.P. Morgan Healthcare Conference (Transcript)

Pfizer Inc. (NYSE:PFE) 43rd Annual J.P. Morgan Healthcare Conference Call January 13, 2025 12:45 PM ET

Company Participants

Albert Bourla – Chairman & Chief Executive Officer

Conference Call Participants

Chris Schott – JPMorgan

Chris Schott

Good morning, everybody. I’m Chris Schott at JPMorgan, and it’s my pleasure to be hosting this fireside chat with Albert Bourla, Chairman and CEO of Pfizer. Albert, happy New Year. Thanks for joining us.

Albert Bourla

Happy New Year and happy New Year to everyone.

Chris Schott

I know you’re going to make some opening comments and then we’ll jump into the questions from there.

Albert Bourla

Yes, if I may. So, a year ago in the same stage, you and me, we’re sitting here and I expressed my dissatisfaction and my disappointment for Pfizer’s performance in 2023. And then also I articulated the plan that we have built with five priorities that I projected on the screen that we are going to execute so that we can turn around the situation. A year later, in the same stage, I’m very pleased that all the goals that we had set in all five priorities were achieved and exceeded in most of the cases.

I remind you the five priorities that was about oncology, and particularly Seagen, that was a major, for us, acquisition. It was about turning around our commercial engine. It was — and maximizing the new products. It was about reducing the cost, and we announced that we’re going to take $4 billion out of our cost. It was about pushing our pipeline, and, of course, it was about capital allocation that will be shareholder-friendly. We achieved all of that, and, at the same time, I think, we did significant transformative changes in Pfizer.

We, of course, integrated Seagen, but doubled the size of our R&D