Pfizer inc (PFE) Q4 2025 Earnings Call Transcript

Pfizer inc (NYSE: PFE) Q4 2025 Earnings Call dated Feb. 03, 2026

Corporate Participants:

Francesca DiMartino — chief investor relations Officer and Senior Vice President.

Albert Bourla — Chairman of the Board & CEO

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Dave Denton — Chief Financial Officer

Analysts:

Chris Schott — Analyst

Vomil Divan — Analyst

Steve Scala — Analyst

Jeff Meacham — Analyst

Terrence Flood — Analyst

Akash Tiwari — Analyst

Asad Haider — Analyst

Courtney Breen — Analyst

Umar Rafat — Analyst

Jason Gerbery — Analyst

Michael — Analyst

Mohit Bansal — Analyst

Evan Segerman — Analyst

Dave Rising — Analyst

Louise Chen — Analyst

Presentation:

operator

Sa. Sa. Sa. Sa. Sam. Sa. Sam. Sa.

operator

Good day everyone and welcome to Pfizer’s fourth quarter 2025 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.

Francesca DiMartino — chief investor relations Officer and Senior Vice President.

Good 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.com earlier this morning we released our results for the fourth quarter and full year 2025 via a press release that is available on our website@pfizer.com I’m joined today by Dr. Albert Bourla, our chairman and CEO Dr. Chris Boshoff, our Scientific Officer, Chief Scientific Officer and Dave Denton, our cfo. Albert. Chris and Dave have some prepared remarks and we will then open the call for questions.

Members of our leadership team will be available for the Q and A session. Before 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 uncertainties 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.

Albert Bourla — Chairman of the Board & CEO

Thank you Francesca. So so 2025 was a very good year for Pfizer. I’m very pleased with strong execution to deliver and frankly over deliver on our financial commitments. We exceeded expectations for revenues and adjusted diluted EPS while also returning 9.8 billion to shareholders via our quarterly dividend. We grew overall operational revenue for full year 2025 when excluding COVID 19 product, achieved solid double digit growth in recently launched and acquired products and expanded adjusted gross margins. Strategic actions in 2025 helped us resolve significant uncertainty including achieving greater clarity on pricing and tariffs and demonstrating the underlying resilience of our business to deliver EPS.

Despite the lowest ever COVID 19. We achieved four key approvals, eight critical readouts and initiated 11 pivotal studies and our Medcera Yao Pharma and 3S bio deals helped strengthen our robust pipeline. Overall, 2025 reinforced how well Pfizer can execute. We strengthened a foundation positioning us for growth towards the end of the decade Continued impact for patient and long Term shareholder value we have once again defined strategic priorities for the year ahead which we presented at JP Morgan. 2026 is an important year in a pivotal investment period as we strive for industry leading growth after several key products lose patent or regulatory exclusivity in the next few years.

Seedsen, MSERA and Bioheaven are the most significant strategic acquisitions in recent years. They have transformative potential for Pfizer and we are focused on maximizing the value of inline product portfolios and accelerating pipeline development. We made continued progress last year integrating legacy seeds and products into our commercial portfolio. I’m also pleased with notable advances in our development programs including recent FDA approval for padsf in combination with Pembro or patients with muscle invasive bladder cancer who are ineligible for cisplatin containing chemotherapy. We are encouraged by the opportunity to build on this with an expected regulatory decision for patients with cisplatin eligible MIBC.

If successful, we will substantially expand the US addressable population with up to approximately 22,500 additional patients across both cis eligible and cis ineligible muscle invasive bladder cancer, up from about 19,000 patients in metastatic urothelial cancer. We have a clear strategy aiming for Pfizer leadership in the next generation of therapy for chronic weight management with a highly differentiated Medcera pipeline portfolio, our Yao Pharma exclusive global collaboration and licensing agreement, and other Pfizer programs such as our oral GPR antagonist candidate. Since closing our Bioheaven acquisition a few years ago, we have globally scaled a leading migraine portfolio.

It strengthened our product mix to drive significant impact both for patients and our commercial performance. Nortek has a strong market leadership position in the oral CGRP class. In 2025 in Q4 we captured 83% of new CGRP writer volume and remain the leader in new patient starts. I expect 2026 to be also a very rich year for key catalysts and we intend to deliver on our critical R and D milestones. Milestones this year we anticipate progress with approximately 20 recently initiated and planned key pivotal studies with 10 of them in the matera portfolio and 4 with our anti PD1VGF bispecific.

Among eight expected key readouts, we anticipate one for SV, our novel potential first in class integrin beta 6 targeting the dot in ADC. The readout will be in second line plus non squamous metastatic non small cell lung cancer which affects about 50,000 patients in the US and more than 200,000 patients globally. We are also expecting Key phase theory readouts for Elprexvio in double class exposed relapsed refractory multiple myeloma and for our Lyme disease vaccine candidate. The foundation of our strategy in obesity and adjacent condition is targeting breakthrough medicines in what could be 150 billion mark.

Earlier today we announced encouraging results from our VSEPR3 study which previously was known as Metcera 097i, the ultra long acting investigational next generation injectable GLP1 receptor agonist. In a few moments, Chris Boshoff, our Chief Scientific Officer, will walk through additional details and our plans for advancing our obesity portfolio this year. Oncology is another source of strength and I’m excited by opportunities for significant progress in 2026 that would build on our established presence in breast, in zenituitary, in thoracic and gastrointestinal cancer and of course blood cancers. In addition to promising programs such as the sv, our oncology team is moving quickly with a Robust program for 4404 the bispecific antibody license last year from 3S Bio.

We have seven near term planned or recently started trials for 4404, including two large global phase 3 studies anchoring our efforts to establish this investigational medicine as a potential backbone therapy across multiple tumor types. We’re also pleased that the FDA has granted him Banji Breakthrough Therapy designation for investigation in younger pediatric patients age 6 to 11 in hemophilia B with or without inhibitor. That’s an important innovative medicine today and we are investigating the full potential of him Babzi to support more patients living with hemophilia. Our third strategic priority is investing to maximize post2028 growth. We are committed to fully supporting a robust and accelerated approach to R and D, the successful commercial launch of new products and bolt on business development while maintaining our robust dividend.

And finally, we are scaling artificial intelligence across R and D manufacturing, commercial and patient engagement to improve productivity and accelerate innovation. We have been setting the foundation with AI ready data, agentic workflows and compute capacity to meet the growing AI demand. Over the next two years we are expanding to more than 1,200 GPUs largely driven by R&D applications of AI. In R& D, we are embedding AI across discovery, development, regulatory and medical to increase productivity and accelerate the pipeline and timelines. AI is optimizing supply planning and manufacturing, contributing to our manufacturing optimization program goals. In commercial, AI is helping to accelerate new product launches, delivery insights for dynamic targeting and supporting personalized messaging and real time marketing content.

So with that and after I describe the four priorities which describe the full picture of what you plan to do in 2026, I will turn it over to Chris to discuss for the news of the day which are the Misera long acting announcement of Vesper thank you Albert.

Chris Boshoff — Chief Scientific Officer and President, Research and Development

It is my pleasure to discuss the Vespa 3 study results today and provide more color to our press release this morning. These data are an important advancement in our obesity portfolio because they increase significantly our confidence in the Phase three monthly dosing study that we expect to start later this year. To start, I’d like to review how the structure of PF3944 drives its long half life. Prior GLP1 receptor agonists that rely on albumin binding to extend half life require dissociation from the albumin protein for optimal receptor engagement. 3944 binds the GLP1 receptor while still bound to albumin due to lipidation at the terminal end of the amino acid chain rather than the middle.

This allows for reduced clearance without reduced receptor engagement resulting in a half life exceeding other agents that require albumin dissociation for binding. A key differentiator of SCP 3944 is its extended half life which supports monthly dosing. Furthermore, given 3944’s length of 41amino acids, the molecule is considered a biologic and would be eligible for regulatory review via the BLA pathway. The right side of the slide shows previously reported Data from the Phase 2B Vespa1 study evaluating 3,944 dosed weekly and without titration. These data show dose dependent placebo adjusted weight loss of up to 14.1% at week 28 demonstrating the molecule’s potential to deliver efficacy that is competitive with the standard of care and potentially best in class among mono agonists.

In our Currently ongoing weekly phase 3 study of 3944 Vespa 4, we are also testing a higher dose of 2.4mg weekly with Vespa 3. We aim to achieve two key objectives. First, to demonstrate that we could achieve continued weight loss when switching from weekly to monthly subcutaneous injections and maintain 3944’s efficacy while reducing the dosing frequency 4502nd, to demonstrate that 3944 could switch to a four fold equivalent monthly dose while maintaining a well tolerated and favorable safety profile. Today I will walk you through these data which demonstrate we’ve successfully achieved both the Vasper 3 Phase 2B study was designed to evaluate 3944 with monthly maintenance dosing following a titration period of up to 12 weeks.

The study compares four different dosing regimens versus placebo with a pre specified interim tolerability analysis at week 12 and a primary reporting milestone at week 28. OM1 and OM3 are low and medium dose regimens that we plan to advance. Two Phase three and these two study arms are the focus of the data we are sharing today. Starting with our first objective, I’m pleased to share that we observed robust statistically significant weight loss across all doses tested at week 28. Placebo adjusted weight loss was 10% and 12.3% for our planned low and medium phase 3 doses, respectively.

These results are shown in the blue bars and represent the trial’s efficacy estimate in the teal bars or model prediction of the potential efficacy we would expect with monthly maintenance dosing of 3,944 in a study of adults with obesity or overweight and without type 2 diabetes. Similar to VSEPR3, a model based meta analysis approach was used to generate these predictions. This approach uses a mathematical model to capture the weight loss trajectory over time and the dose response relationship. This model was built taking into account the observed data from the VSEPA3 trial, the available data from other 3944 clinical studies and data from published trials of other weight loss for the low and medium dose regimens.

We see excellent concordance between our VSEPA3 clinical data in blue and our model predictions in teal. Applying the same model to project the potential efficacy of the planned Phase 3 high dose regimen of 9.5-point milligrams monthly, we predict placebo adjusted weight loss of nearly 16% at week 28. Note, the high dose is already being studied in the Vespa 4 Phase 3 study as a 2.4 milligram weekly dose. Collectively, our clinical data and model predictions show that 3,944 can deliver robust weight loss after switching to monthly administration and suggest that we can potentially achieve increased efficacy with a higher dose.

Moreover, VSEPA3 data do not show a weight loss plateau reached at week 28. Projecting continued weight loss is expected as the study continues through Week 64. With these results, we are confident that 3944 has the potential to deliver efficacy that is competitive with the standard of care and potentially best in class among mono agonists with a differentiated monthly dosing format. Next, I’ll turn your attention to the second objective of Vespa 3 demonstrating a well tolerated and favorable safety profile for 3944 when switching to a four fold equivalent monthly dose similar to our first objective, I’m pleased to report that year 23944 delivered invest 33944 displayed a well tolerated and favorable safety profile that is consistent with what has been Observed with weekly GLP1 receptor agonists.

Observed gastrointestinal treatment Emergent adverse events were predominantly mild or moderate with no more than one instance of severe nausea or vomiting in any dose group and no instances of severe diarrhea treatment. Discontinuation rates for Vespa 3? S weekly and monthly phases both show a compelling profile across the dose regimens planned for inclusion in Phase three. Five participants discontinued due to adverse events in each of the weekly and monthly phases. There were no discontinuations due to adverse events in the placebo group. We’re encouraged by these results as they serve as an important proof of concept for the delivery of our four fold equivalent monthly dose that maintains competitive tolerability, particularly given the study protocol did not permit down titration.

The totality of tolerability data support our plans to evaluate a higher monthly dose of 9.6 milligram in Phase 3, which is the monthly equivalent to the 2.4 milligram weekly dose currently being studied in the ongoing Vespa 4 trial. Today’s encouraging results bolster our expansive obesity program. This year we plan to advance 20 plus obesity trials including 10 phase three studies of 3,944 that span chronic weight management, obesity associated comorbidities and opportunities to increase patient optionality and access. We are targeting the first of a series of potential approvals in 2028. Looking to our earlier stage programs, we are enthusiastic about Phase two studies with our ultra long acting amelon amylin analog which we believe has the potential for class leading efficacy and combatability with 3,944 in a monthly dosing format.

We previously reported positive early data from the single ascending dose combination study which showed well tolerated starting doses and additive weight loss. We plan to show updated combination data later this year. We continue to advance our potentially first in class oral GIPA antagonist agonist that is in phase two and additional phase one studies of agents with diverse modalities and mechanisms. These include an injectable ultra long acting GIPA agonist, a potential quarterly dose injectable GLP1 receptor agonist and oral candidates. To summarize, today’s results are clear Vespa 3 achieved its two main objectives, reinforcing 3944’s potential potent and tolerable monthly profile.

The ultra Long acting GLP1 receptor agonist serves as a foundation to our differentiated investigational obesity portfolio, delivering robust weight loss with no plateau observed at week 28 in Vespa 3 while also maintaining competitive tolerability when switching to a pole fault equivalent monthly dose. We are primed to execute across a expansive phase three program of 3944 targeting potential approvals starting in 2028 and we are pursuing differentiated combination approaches with earlier stage agents that have the potential to deliver greater optionality to address the diverse unmet needs of patients. With that I’ll turn it back to.

Albert Bourla — Chairman of the Board & CEO

Albert oh thank you Chris. And I just wanted to say that today results provide a compelling validation of our unique unique proprietary ultra long acting peptide platform. For the first time we have shown that the GLP1 receptor agonist peptides can be administered monthly while maintaining the potential for competitive efficacy and safe. We are pleased with this important milestone for the platform that reinforces both the differentiation of our technology and the significant long term value creation opportunities that represents. And with that now I will turn it over to Dave that he will discuss the excellent results of the quarter.

So Dave, great.

Dave Denton — Chief Financial Officer

Thank you Chris and Albert and good morning everyone. Let me begin today by highlighting that our strong financial performance for both the fourth quarter and the full year directly reflects our continued disciplined execution of our key strategic priorities. We resolve certain and significant uncertainties in our business and made strategic investments aimed at driving revenue growth later this decade. And being on looking ahead, Pfizer is approaching an exciting phase where recently launched and acquired products and a strong pipeline are anticipated to spur growth towards the end of this decade. With that said, this morning I’ll provide our full year and fourth quarter 2020 fourth full year and fourth quarter 2025 results.

Then I’ll touch on our cost improvement initiatives as well as our capital allocation priorities. I’ll finish with a few comments on our 26 guidance which we are reaffirming. For the full year 2025 we recorded revenues of $62.6 billion versus $63.6 billion last year, representing a 2% operational decline. Importantly, our operational revenue growth, when excluding contributions from our COVID 19 projects was 6% full year 2025. Adjusted gross margins expanded to 76%. In line with our expectations, we will continue to drive cost improvements going forward across our manufacturing network. And on the bottom line, we reported full year 2025 diluted EPS of $1.36 versus $1.41 last year and adjusted diluted earnings per share of $3.22 versus $3.11 ly ahead of expectations.

Pfizer’s recently launched and acquired set of products delivered $10.2 billion in revenues for for the full year of 25 while growing approximately 14% operationally versus last year. We plan to continue to invest behind these two product groups to drive their future performance to enable the company to partially offset our loes over the next several years. Now turning to 4Q25, we recorded revenues of $17.6 billion, a decrease of 3% operationally versus the same period of lynch, largely driven by an approximate 40% operational year over year decline in our Covid products. The decline was primarily due to commodities receiving a narrow recommendation for vaccines in the US and Paxlovid which experienced reduced demand from lower infection rates.

Having said that, our non Covid product performance was solid, growing 9% operationally versus the same period of last year. Our results demonstrate the effectiveness of a refined commercial strategy. We saw solid contributions across our product portfolio, primarily driven by Abrisvo, Eliquis, Prevnar and the Vindical family. Adjusted gross margin for the fourth quarter was approximately 71%, primarily reflecting the product mix in the quarter, including lower commodity sales versus fourth quarter of 24 as well as continued strong cost management. Future improvements in our manufacturing footprint remain a top priority going forward. As a reminder, over the past two years our adjusted gross margins have generally remained in the mid to upper 70s excluding commodity, which has a 50:50 profit split with our partner BioNTech.

We achieved approximately $600 million in savings from phase one of our manufacturing optimization program through 2025, with additional savings expected in 26 and 27. Total adjusted operating expenses were 7.4 billion for 4Q25 in line with last year. But looking at the components, adjusted SI and expenses decreased 5% operationally, primarily driven by focused investments and ongoing productivity improvements. That drove a decrease in marketing and promotional spending, spend for various products and lower spending in corporate enabling functions. Adjusted R and D expense increased 4% operationally, primarily driven by an increase in spending in oncology and obesity product candidates, partially offset by a net decrease in spending due to pipeline focus and optimization, including the expansion of our digital capabilities.

Now turning to the bottom line, in the fourth quarter our reported diluted gas performance was a loss per share of $0.29. Our adjusted diluted earnings per share performance was a profit of 66 cents ahead of our expectations due to our overall gross margin and cost management performance. In support of our goal to enhance R and D productivity and focus on high impact medicines. Our fourth quarter GAAP results reflect strategic decisions in our development plans and updated long range revenue forecast for certain products and pipeline assets. As a result, we record approximately 4.4 billion of non cash intangible asset impairments related to several medicines in development as well as inline products.

It is important to note that one of the asset indications we deprioritize was dicitimab. Vodotin in bladder cancer is largely the result of the recently strong study readout, expanded indications and related higher long term revenue projections for PADSV. PADSV is an asset we will continue to invest behind and thus diminishing the value of DV in bladder cancer. I will also mention while impairment decisions are based on current valuations of individual assets, overall the CEGEN portfolio is progressing ahead of our expectations. These decisions highlight our focus on delivering future growth as well as innovation. We are on track to deliver the majority of the anticipated $7.2 billion in total net cost savings from our productivity programs by the end of 2026.

We expect additional savings of $700 million in 26 and 200 million in 27 from phase one of the manufacturing optimization program for a total of $1.5 billion in savings by the end of of 27. In addition, we exceeded our savings targets through 25 from our cost Realignment program and as previously communicate the R and D savings achieved in 25 under under the cost Realignment program is expected to be reinvested in 26 and is reflected in our 26 R&D guidance range. We remain committed to achieving the expected $5.7 billion of total net sales savings from our cost realignment program by the end of 26 at which time we will have met our savings commitment under the program.

Going forward we will continue to focus on identifying further productivity opportunities and efficiencies. Now let me quickly touch upon our capital allocation strategy which is designed to enhance long term shareholder value. Our strategy consists of maintaining and over long over the long term growing our dividend in reinvesting in our business at the appropriate level of financial return and in the future the potential to make value enhancing share repurchases and in 25 we returned $9.8 billion to shareholders via the quarterly dividend, invested $10.4 billion in internal R&D and invested approximately 8.8 billion in business development transactions, primarily reflecting the Metsera acquisition and the 3S bio licensing deal.

And as a reminder, our leverage is expected to end 2025 at near our 2.7 times target following the close of the METSERA transaction. However, given the next few years of LOE headwinds, we expect the leverage to remain at this current level or slightly higher through the LOE period. Additionally, the planned sale of our stake in VIIV will further improve our balance sheet sheet when including the V proceeds, we have approximately $7 billion in BD capacity. Now let me turn quickly to our full year 26 guidance again, which remains unchanged. We expect total company full year 26 revenues to be in the range of 59 and a half to 62 and a half billion dollars and full year 26 adjusted diluted earnings per share to be the range of $2.80 to $3 a share share, which reflects our expectations of strong contributions across our product portfolio, mid-70s adjusted gross margin, continued focus on strong cost management, all while prioritizing investments in our business to drive growth by the end of this decade.

Our Covid products are expected to trend lower again in 26 with revenues of approximately $5 billion. We continue to expect stable revenue contributions from our non Covid product portfolio which incorporates an expectation of approximately $1.5 billion in revenue compression due to products impacted by anticipated generic entry in 26. Revenues at the midpoint, excluding Covid and LOE products are expected to grow approximately 4% operationally year over year. And lastly, I will mention that we will continue to monitor currency fluctuation as the year progresses. In closing, let me continue to emphasize that over the next few next few years our focus is on investing in key assets and managing upcoming LOEs, mainly from 2026 through 2028.

At the end of the decade, growth is expected to be driven by our advancing R and D pipeline, the business development initiatives we’ve already executed, and the ongoing progress of products we’ve recently launched or acquired. Our goal is to invest strategically, balancing cost savings with funding high value products designed to ensure long term and sustainable growth potential for our shareholders. And with that, I’ll turn it back to Albert and begin the Q and A.

Albert Bourla — Chairman of the Board & CEO

Thank you. David, Congratulations for an excellent quarter. Now Operator, please assemble the queue.

operator

Thank you. If you’d like to ask a question, press Star one on your key. To leave the queue at any time, press Star two. Once again, that is Star one to ask a question. Our first question will come from Chris Schott with JP Morgan. Please go ahead.

Chris Schott — Analyst

Great. Thanks so much for the question. Just had Maybe a two parter on the Vesper 3 data, I guess first, can you just elaborate any more on the tolerability you saw here? And maybe just specifically, is there anything more you can say about vomit rates or any differences you saw between the Myers mild or moderate dosing arms? And then just maybe bigger picture, if we consider the two doses that are moving forward from Vesper 3, it seems like you have a drug that clearly has solid weight loss. It’s got monthly dosing at the same time, that weight loss might be a bit below what you saw the weekly or Zepbound.

I just want to hear your views on what role you see that, that type of profile playing in the market. Thanks so much.

Albert Bourla — Chairman of the Board & CEO

Excellent. And of course I will start with Chris, which I suspect expect will be the one who will receive most of the questions today. And I love it. So. And then maybe we’ll ask also the commercial guys to speak a little bit about it. So Chris, why don’t you speak?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Yeah, thanks for the question. So obviously we will share the full tolerability data at our oral presentation at ADA in June. We are really encouraged by the observed distribution of AES across weekly and monthly. And you could have expected potentially that when patients switch to a four fold higher dose, we’re going to have have a higher number of sudden discontinuations and nausea and vomiting. We did not nicely distribution between the monthly as well as the weekly. Just to remember, for this study there was no step down titration was allowed, which is unusual for obesity trials.

But that will obviously not happen in the phase three study. We will allow down titration regarding the different doses. As we pointed out, low and medium was presented today. The higher dose is already being tested in Vespa 4 because previous prediction models indicated that it will be well tolerated. And we should test 2.4 milligrams weekly, which is happening now. And in the monthly study we’ll test 9.6 as pointed out.

Chris Schott — Analyst

All right, why don’t we go. I mean, how do you see this playing commercially?

Albert Bourla — Chairman of the Board & CEO

Yeah. And then Alexander, I think when you look at the clinical data, I think what it suggests to us very clearly is that 3.9 from an efficacy perspective has the potential to deliver efficacy that’s competitive with the standard of care and potentially best in class against mono. So we think when you take that efficacy and then you combine it with a lower medication burden through a monthly dose, that’s a value proposition that’s going to resonate with patients, with providers and with payers because persistency and simplicity matter better and it Also gives us the opportunity to switch patients from weekly onto monthly therapy.

So we think 3944 is going to be a compelling therapy full stop. And then you add to that the opportunity that exists from the other assets that we have in our portfolio with our commercial capabilities to execute in the US and international. And I think it gives us a lot of confidence around the commercial potential.

Chris Schott — Analyst

Yeah, thank you Amir. The surprise I think so far with this market it is how well it is performing outside the U.S. so Alexander, what’s your take?

Albert Bourla — Chairman of the Board & CEO

That’s right, yes. What’s really interesting in this category is actually the size of the market ex us projected to be 150 billion and 40% of that is actually ex us. There are two things that are really interesting in this category that are unique and that reinforce the potential of these assets. First is the is the out of pocket category because in most countries when we introduced innovation we have to go through reimbursement negotiation and often translate into price reduction. In this category we see that there are high willingness to pay out of pocket across all mature market either be in Europe or in Australia or in Canada.

And we see the price point being across 250 to 350 which is higher than what we had expected. And when we look at the latest release from our competitors in this category we see that there is higher willingness to pay from from all those geography including actually also emerging market where we also see high prevalence. The second thing is the time to market because it’s going to be mostly an out of pocket category category. The time after approval at the EMEA will be instantaneous where we will be able to actually commercialize those products that that will drive also rapid penetration in the market.

Chris Schott — Analyst

Thank you Alexander. Next question please.

operator

Our next question comes from Vomil Divan with Guggenheim Securities. Please go ahead.

Vomil Divan — Analyst

Great, thanks for taking the question. So just maybe building off this Chris, you just talked a little bit about this prior question around down titration in phase three. Can you just elaborate a little bit more on that kind of how you Designing your Phase 3s and allowing for flexibility as patient may be dealing with any sort of side effects and maybe that improves overall the profile you see from phase two. And then my other question is actually just beyond Vesper 3 you mentioned this would be at ADA. I’m curious what other data we may get from either your internal programs or from the Medcera portfolio at ADA and specifically your internal gpr.

Do you expect to provide that phase II data there? Thank you.

Albert Bourla — Chairman of the Board & CEO

Thank you very much for the question just reminder again for the Vespa 3 data we presented today, there’s only two step up doses. You used to four five step up doses to get to the desired dose. In this study it was only two step up doses. So the phase three designed for Vespa 6 will test different titrations as well as as we pointed out the additional dose of 9.6mg which is currently being tested in Vespa 4 as 2.4mg weekly. Regarding the next the rest of the portfolio, we’re obviously excited about the platform in general. It’s a very differentiated platform.

As you know. We previously presented data for the ultra long acting Amylin 3945 also called MED233 where the observed additive weight loss when combining 390 and 3945 was 5% at day 8 and single agent ultra long amylin previous data showed at day 36 8.4% placebo adjusted weight loss. So we should share later this year including at ada updated data on the amylin and potential early data for the combination of the amylin plus 3944. We also as you know in our portfolio excited about the rest of the phase two programs which including a first in potential first in class GIPA antagonist oral that was discovered conceptualized internally that’s currently the randomized phase two experience and also the more broader phase one program of peptides including an ultra long GLP1 that’s potentially three monthly quarterly that’s currently in phase one as well as our additional oral portfolio including the the oral GLP1 recently acquired from Yo Pharma.

Albert Bourla — Chairman of the Board & CEO

Thank you Chris. Next question please.

operator

Our next question comes from Steve Scala with TD Cowan. Please go ahead.

Steve Scala — Analyst

Thank you so much. In the VSEPRS3 data did the placebo arm gain weight or lose weight? And the second question is not on obesity, but Pfizer has been been quite adamant about no life beyond December 28th. For Vindical, should we completely rule out any sort of strategy whatsoever such as settlement with generic companies on patents Pfizer holds?

Albert Bourla — Chairman of the Board & CEO

Thank you Steve. Let me take the vintagel because I have been asked multiple times. Right now we are assuming that the patent patent will be lost at the end of 2028 and I don’t have any other comments to make on that. You know these are very sensitive topics. So I’m moving to to Chris now to talk about the placebo arm. What was the the weight loss there?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Again the full data we presented ADA but in this case when but three actually the placebo on was very stable, not really up or down, but you’ll see the data at ada.

Albert Bourla — Chairman of the Board & CEO

All right, thank you very much. The next question please.

operator

Our next question comes from Jeff Meacham with Citibank. Please go ahead.

Jeff Meacham — Analyst

Hey guys. Morning and congrats on the data today. Again a few on on the new data today. So when you look at the pkpd, are you guys set with monthly being the longest dosing interval to preserve efficacy or is it potentially feasible to extend to every two month dosing and then on your phase three plans, is it your sense these are elected to be the standard type of metabolic studies that we’d expect to do? Or would you pursue any maybe inflammation or neuropsych indications or would you pursue GLP1 after comparator studies you’re trying to think of how you could separate yourself in a broad phase three program.

Thank you.

Albert Bourla — Chairman of the Board & CEO

Yeah, thank you. Thank you, Jeff. So Chris, monthly or more and then additional studies.

Chris Schott — Analyst

So thank you for the question. So 3944 is as we demonstrated, the first peptide that can be administered monthly and potentially yes we can go longer but for 3944 our aim is as a monthly maintenance maintenance therapy. As I mentioned, we do have another molecule, a peptide currently in phase one which has a pro drug, a pro peptide with a potential for three monthly administration that’s currently in phase one and we should in the next couple of months get additional PKPD data from that molecule which will be our potential opportunity to go to 3 monthly.

The second question, the initial phase 3 programs, best before 5 and 6 verse before is the one in patients without type 2 diabetes that’s currently ongoing with weekly testing including the high dose of 2.4 milligram weekly Vespa 5 in patients with with type 2 diabetes and Vespa 6, the study that will include monthly dosing. Beyond that we plan to start seven studies. We haven’t showed or revealed what these studies are going to be. But you’re absolutely correct that beyond cardiovascular metabolic we are looking at other opportunities to differentiate and also to differentiate with our combinations.

For instance with amylin or with the GIPA currently in phase one.

Albert Bourla — Chairman of the Board & CEO

Thank you. Next question please.

operator

Thank you. Our next question comes from Terrence Flood with Morgan Stanley. Please go ahead.

Terrence Flood — Analyst

Hi, thanks for taking the questions. Maybe two also for me on the VSEPR3 data. I know you want to hold a lot of the data until ada, but just was wondering if you can provide any high level details on the baseline characteristics. So either BMI or gender mix. I know sometimes those can vary across studies. And then on the tolerability side, again, one question when you have, you know, longer dosing intervals is the duration of GI side effects. And so any qualitative commentary there if that’s longer than one or two days. Thank you.

Albert Bourla — Chairman of the Board & CEO

Thank you, Chris. Again, that goes to you.

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Okay, just to start with the demographics, the study was conducted in the US only and I think as you know, there are differences especially in AE intolerability discontinuations between us only patient populations. So that’s one. The rest of the detailed demographics will be presented at ada, but it’s an as expected from a small US based phase two study. The next question was.

Albert Bourla — Chairman of the Board & CEO

What was the next question? Tolerability. As we stated before, we are encouraged by the overall tolerability. It is similar to what you expect for GLP1 class, but specifically we can move to monthly with a distribution of AES across weekly and monthly. That didn’t give us alarm that switching to monthly suddenly there’s a cluster of discontinuations or significant ies. As I pointed out earlier as well, there’s only one severe nausea, one severe vomiting across the whole program, no severe diarrhea. So overall we’re very encouraged by the safety profile. And again, ADA will share the whole IE profile.

Albert Bourla — Chairman of the Board & CEO

Thank you. Kristen. Next question please.

operator

Thank you. Our next question comes from Akash Tiwari with Jefferies. Please go ahead.

Akash Tiwari — Analyst

Hey, thanks so much. So the DATTO data in second line plus NSCLC has been pretty underwhelming so far versus docetaxel. Is your team confident that you can deliver a superior profile with your upcoming phase three with B6A or are you going to need to enrich in B6A high expense expressing patients. Can you help frame expectations for this readout?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Chris? So you’re referring to sigvototac for Dotan? Yes. Correct. Okay, so this is a second line study I should point out against docetaxel, the phase three study. There’s also additional phase three study ongoing. Just a reminder which is first line which is sigvotetac podotin plus pembrolizumab versus pembrolizumab in the TPS high PD L1 high population in the single agent activity we’ve seen was the response rate was over 30% with a median overall survival in the phase two study which approached 16.3 months. So overall we encouraged by the data with the combination study with ASV paspembolizumab, we saw overall response rate of 57% with disease control rate of over 90%.

So we are confident in the two studies. I agree with you that the second line study against docetaxel, none of the ADCs have really showed a benefit over docetaxel. But everything we’ve seen so far, so you know, gives us confidence in the trial that will be the first study to read out. And the second study to read out will be the one with pembrolizumab versus pembrolizumab map. It’s an event driven study. Events are slower than we expected. So that could mean either OMR performing better. But we should update you on the study results in the coming months, first half of this year.

Albert Bourla — Chairman of the Board & CEO

Excellent, Chris. So then next question please.

operator

Thank you. We’ll go next to Asad Haider with Goldman Sachs. Please go ahead.

Asad Haider — Analyst

Great. And thanks for all the detail on the clinical catalysts. Maybe just one on portfolio realignment. Albert, with respect to just this recent divestment of your stake in the HIV joint venture with Glaxo, just broadly, what innings are we in in terms of just portfolio pruning or realignment? Noting that you’ve also recently announced a new reorganization incorporating your global hospital and biosimilars business. Thanks.

Albert Bourla — Chairman of the Board & CEO

I think Chris can also comment on that. But let me, given that you addressed the question to me me, I think we have done most of the pruning of our pipeline right now. So the things that we are continuing right now at large are things that we believe they are the ones to invest and we keep investing very, very few exceptions of things that they were already there and we had some issues to discontinue or to divest. So I think from that aspect, I think we are doing very well. Chris, anything to add there?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Yeah, we’re focusing just on the four therapeutic areas and we during 2025 significant prioritization and focus the program and as you know, identified up to 500 million savings in R D which is now reinvested in phase three programs. And this year, as Albert pointed out, we plan to start approximately 20 phase three programs driving the portfolio.

Albert Bourla — Chairman of the Board & CEO

And maybe Dave also can add a little bit color that. But I just wanted to say that when you speak about realigning, creating synergies or creating cost savings in R and D that we reinvest, we don’t mean going forward with discontinuation of programs. Actually with increase of programs, it’s going to be by deploying AI, which already happened in 2025 with excellent results that creates significant productivity gain. This is where we are reducing the cost of R and D and we all reinvested to more programs that as you see, we are starting 20 pivotal studies in 26.

Dave?

Dave Denton — Chief Financial Officer

Yeah, I just would just add on to that. As we look at our inline portfolio of products, we always continue to look to see how we can maximize the value. Veev is just a good example of a a non strategic asset for us monetizing that in such the way that we can redeploy that capital at higher returns in the future. As you pointed out, we did create a sterile, injectable and bio similar set of products of which we’re focused on driving productivity across that set of product portfolio. And we will continue to do that as we think about our product portfolio going forward.

Albert Bourla — Chairman of the Board & CEO

Thank you very much Dave. Next question please.

operator

Thank you. Our next question comes from Courtney Breen with Bernstein. Please go ahead.

Courtney Breen — Analyst

Thanks so much for the question today. Just perhaps building on the conversation that was just taking place as you talk about the 20 plus pivotal studies that are starting this year, we’re seeing kind of a midpoint $11 billion guide for R&D in 26. How do we think about 27 as these studies start to annualize and then kind of combining that with the element that you just raised, Albert, of the AI investments, the 1200 GPU deployment that you’re making, kind of when and where will we begin to see impact from that strategy and will that impact anything in the operations of R and D of those pivotal trials? Or should we be thinking more about innovation on the reset side over the long run? Thank you so much.

Albert Bourla — Chairman of the Board & CEO

Thank you. That’s a very good question. As you can understand, we don’t give guidance for 2027, but I will ask Dave to give some color.

Dave Denton — Chief Financial Officer

Yeah, I guess contextually if you just think about R and D as we cycled from 25 into 26 with the business development transactions that we’ve done, we’ve actually increased the burden and the load of work that needs to be done within our R and D infrastructure. At the same time, we’re investing about $11 billion in R& D. So we’re being able to be more productive in the infrastructure across R and D and take on more substrate to be able to focus on creating medicines for the end of the decade and beyond. So I think what we’re trying to do is continue to reinfresh improve the productivity across our R and D print platform, to invest those dollars back into R and D, to continue to forward advance the programs that we have underway and the Programs, what we’re developing, as you know, 2026 is a big start year for us from a science perspective.

We will continue to focus on those investments going forward.

Albert Bourla — Chairman of the Board & CEO

Thank you, Dave. Next question please.

operator

Thank you. Our next question comes from Umar Rafat with Evercore isi, please go ahead.

Umar Rafat — Analyst

Hi guys. Two quick ones if I may. First, on the glip monotherapy, could you remind us if the 9.6 milligram monthly dose was a reaction to the data today or was that already being contemplated? And then secondly on the emerging tolerability data for your Glip plus Amyn combo, how are you feeling on that? And do you think you can fit the Glip plus Amylin in a single pill? Thank you.

Albert Bourla — Chairman of the Board & CEO

Okay, thank you. So on the first question, a reminder that the 2.4mg is already being tested as a weekly regimen as a high dose in Vespa 4. And that decision was made based on the modeling based meta analysis. And as we showed today, our modeling predicts very well between what we actually observed observed and what the modeling predicted for 3.2 and 4.8. So we have confidence in the modeling also for 9.6 or the 2.4 milligrams. Which basically what you say is that the 9.6 it is the 2.4 correct. Four times weekly. It is a 9.6 monthly correct, yes. Any other, what is the second part? Combination. The combination. So just a reminder that the combination is monthly. It’s amylin plus GLP1 ultra long monthly subcutaneous. So it’s not in the pill. We do have an oral portfolio and we do have some other oral medicines discovered internally which we’ve not revealed yet. But currently our oral medicines, PLP1 and GIPA, not the Amylon as oral.

Albert Bourla — Chairman of the Board & CEO

And how do you feel about this data?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

We’ll show data for the amyloid plus GLP1 monthly data. For the ultra long acting monthly data at ada, the earlier data we’ve shown, reminder of the combination of 3,944 plus 3,945 was 5% at day eight. That was early data that was shown and we’ll update those data later this year.

Albert Bourla — Chairman of the Board & CEO

All right, Chris, thank you very much. Next question please.

operator

Thank you. Our next question comes from Jason Gerbery with Bank of America. Please go ahead.

Jason Gerbery — Analyst

Hey guys. Morning. Thanks for taking my question and apologize for the background noise. But just based on today’s Vesper 3 update, just kind of curious how you’re thinking about the value add of the GLP, the GLP1, amylin injectable combination relative to the monotherapy. And are you really looking to kind of compete in that ultra high efficacy tier with agents like Lilly’s Triple G, or is the value add potentially more in GLP1 non responders? Just sort of curious because it seems like what you have with the monotherapy approach can make you competitive with Zeppbound and Maritide.

So just sort of curious how you think about the combo and where that fits.

Albert Bourla — Chairman of the Board & CEO

Why don’t I ask Chris to give a little bit of science behind this combination and then I will ask Amir and Alexander to comment on how that can be marketed.

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Yeah, we will have optionality because we are developing in phase through both the single agent 3944 as well as the combination 3944 plus 3945. Everything we’ve seen thus far suggests to us to your point, that we should get increased efficacy for the combination. And that’s why we hope to update data later this year, start the phase two study this year and then next year start the phase three study for the combination.

Jason Gerbery — Analyst

And then Amir, how do you see seeing this playing as portfolio?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Yeah, Jason. So I think the quick answer would be, look, I think we’re in the very early innings of a large market where there is still significant unmet need, right? There’s more convenient dosing that’s needed, higher weight loss for certain BMI patients, GI tolerabilities need to improve maintenance strategies, friction in the patient journey. So our belief is that there’s not going to be one single asset that serves all those patients. People are going to have different starting points, goals, preferences on their dosing and route of administration, comorbidities, their willingness to pay. And what you need to win in a market like that is one, you need a great portfolio of products that can serve all those patient needs and two, you need really differentiated capabilities.

And I think with Chris describing not only our data today, but some of the other things that we have in our portfolio, we have the first piece in place and emerging and we feel very confident about our commercial capabilities, whether it’s our customers, field forces that are the top ranked in the US and already are seeing the majority of GLP1 prescribers or the digital platforms that we’re building, like Pfizer for all that have touched over 25 million patients. So when you put that all together, we have a lot of confidence in our ability to win commercially in this market with these assets.

Albert Bourla — Chairman of the Board & CEO

Thank you. And Alexandra, any additional. Okay, let’s Go to the next question, please.

operator

Thank you. Our next question comes from Michael. Yes, with ubs. Please go ahead.

Michael — Analyst

Thank you. Two questions, one for Chris and one for Dave. On the oral glp, one that you guys recently in license. Can you just remind us how much information you knew or what data you already had? I believe there’s already a large phase one ongoing, so that should add some comfort there. But tell us about what you knew already on that molecule. And then for Dave, you reiterated 7 billion of capacity. Can you just talk about the ability to do more in the context of the recent dividend pause or at least dividend growth pause recently, given that that doesn’t happen very often and how you think about your dividend.

Albert Bourla — Chairman of the Board & CEO

Thank you. Let me start with Dave for a change this time. And then we go to Chris.

Dave Denton — Chief Financial Officer

Yeah. So clearly our focus is maintaining our dividend at the moment and growing our dividend over time. So it’s a very important and critical structure and component of our capital allocation program. And again, we do have coming into this year we had $6 billion in BD capacity. It’s actually gone up a bit as we’ve announced the pending liquidation of the Veeva asset. So that actually is a good example of how we’re looking at the set of assets that we have within Pfizer and understanding how we can best monetize them over time. So with that I’ll turn it over to Chris.

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Thank you very much. 5002 is the Yao Pharma oral small molecule which is not on a Danoglupron scaffold. It’s currently in phase one and we’ve acquired it through an exclusive global collaboration and license agreement with Yao Pharma. And we plan to conduct phase one studies and also combination studies with our GIPA antagonist that’s currently in a random minimized experience in phase two. And we currently transitioning all the work to the US to start the phase one studies in the US including manufacturing.

Albert Bourla — Chairman of the Board & CEO

In the US thank you. Next question please.

operator

Thank you. We’ll go next to Alex Hammond with Wolff Research. Please go ahead. Thanks for taking the question. So one of the key readouts guided for 26 is that Lyme disease vaccine Valor study. So I have a few on this. When could we expect an update and what are expectations for the launch? If positive, what does vaccine contracting look like and what channels will be the key target for you? And I guess finally how big could this opportunity really be?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Yes, Lyme disease. Yes, thank you. I’ll start. So thank you very much. This could be a first in class vaccine for Lyme disease. The phase three valid trial. It’s a multivalent protein subunit vaccine targeting all six outer surface proteins of Borrelia burgdorferi. The study we expect to read out first half of this year. There’s a reminder. Approximately 400,000 people in the US and 132,000 people in Europe affected by Lyme disease and as you know, significant long term morbidity and long term sequelae. So a vaccine specifically in certain regions, regions of the world could be very, very important.

Albert Bourla — Chairman of the Board & CEO

Thank you, Chris. We are eagerly awaiting to see the data that that could be a huge solution for an unmet medical need. Let’s move to the next question please.

operator

Thank you. We’ll go next to Mohit Bansal with Wells Fargo. Please go ahead.

Mohit Bansal — Analyst

Great. Thank you very much for taking my question. And one more on the Vasper program here, would like to understand what kind of target profile you are looking at from the phase three trial. I’m asking because with the GLP1 you kind of see mid to high teens kind of weight loss. There’s an optimized GLP1 and if you try to push it beyond that you could probably start to run into tolerability issues. What makes you think that this longer acting GLP1 could provide higher weight loss than that that with a little better tolerability or you think that monthly is probably the biggest differentiator here.

Thank you, Chris.

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Thank you very much. So it’s both we expect competitive weight loss and the data we show today, including with the predictions what to expect from the 9.6mg at 16mg weight loss predicted at week 28, it’s highly competitive, tolerable to be highly competitive. And then of course monthly dosing which will be highly differentiated. Just to point out we are also planning a phase three study which will evaluate switching. So patients already on weekly therapy doing well to switch those patients to monthly dosing.

Albert Bourla — Chairman of the Board & CEO

Thank you, Chris. And this is not only ours of course weekly to monthly but also other GLP1s that are in the market market and they want to move after they achieve a weight loss into a maintenance with only one injection rather than with four. Of course there is also the oral solutions but that’s going for one weekly to one daily pill. Some will do it but I think our research shows that most would like if they are already used nito and they would like to switch mostly to a more convenient needle which is once a month.

Next question please.

operator

Thank you. We’ll go next to Evan Segerman with BMO Capital Markets. Please go ahead.

Evan Segerman — Analyst

Hi guys. Thank you so much for taking my question. I just wanted to touch on your comments around investment in AI, how what are some metrics you’re putting around that and more broadly, I just want to ensure that this is going to derive a good return on your investment versus just kind of feeding into the hype.

Albert Bourla — Chairman of the Board & CEO

It’s a very good question and let me start but then I will ask specific marketing achievements and R and D achievements through AI in general. There are things in AI that the technology is ready now and those are deployed going very, very fast. And certainly I cannot do everything but certainly can do more than what it is used right now to do. And that has to do with how successful you are in implementing it, embedding it into your organizational footprint, embedding it into your business processes and also creating AI literacy among the employees that eventually are using this AI with that clearly affects everything from enabling functions and maybe Dave can speak a little bit about the things that we are doing there.

I mean when I say enabling functions from finance, hr, legal, you name it. And of course in R and D where we have seen already significant productivity enhancements in marketing that it is helping us to maximize the RNG right now. And in manufacturing where very big part of the savings that were achieved were achieved of a successful deployment of AI use case that is called the golden butts. Chris, you want to give some specific examples?

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Yeah, thank you very much for the question. So as you pointed out in R and D we’re embedding AI in each function, meaning in discovery, medical, regulatory, safety, pharmacovigilance, clinical trial execution. And we’re recruiting and embedding AI engineers in each of those functions to work with the scientists and the clinicians. How to measure success, productivity, productivity, speed and cost to be brings costs down by embedding AI and obviously accelerating speed.

Evan Segerman — Analyst

What about in commercial?

Albert Bourla — Chairman of the Board & CEO

Yep, Evan, I think metrics are at the heart of everything that we’re doing with AI. I’ll give you two very specific examples. One is our field force productivity. We’re using AI to not only help train our field forces but also help make their time with physicians maximize so we invest more time with physicians rather than behind screens. Second is on the marketing side we measure mroi and you’ve seen us be very disciplined as Dave alluded to in our sine spend, particularly as we’re trying to grow revenue for a lot of our launch and acquired brands.

And AI has absolutely helped us increase our mrois by being Much, much more targeted about where we invest.

Albert Bourla — Chairman of the Board & CEO

Thank you Alexander. You did fantastic things. Also in international with AI.

Albert Bourla — Chairman of the Board & CEO

Yeah, that’s right. I mean every step of the way when we interact with our customer is subject to an improvement with AI. Let me give you an example. Pre core planning for rep is actually done better when it is done with AI. The quality of the interaction is listen so that we can re rerun those interactions so that we can improve the quality of the interaction. We can also do targeting in a better way so that we have advanced targeting thanks to AI. And finally imagine that operating globally with very different regulatory requirements require every country to redo and reassess every promotional pieces.

With AI we can do that instantly in all those markets. We don’t need to rerun all those productivity at every country. So that has massive impact on productivity and speed to market.

Chris Boshoff — Chief Scientific Officer and President, Research and Development

And Dave, maybe we. Yeah, maybe just two points from an enabling functions perspective. I think about AI in us leveraging our vendors because we have big vendor technology platforms across our enterprise and as they make investments in their platform, we’re taking advantage of those and embedding those within our process which is increasing our productivity. And then secondly think about, about our business model. We have a, we have routine transactions but we have a large number of products that are across literally hundreds of markets. So AI is allowing us to use those data sets to essentially automate some of those transactions to make it very efficient that today we deploy resources to be able to do that.

So now the technology is enabling us to be a lot more productive.

Albert Bourla — Chairman of the Board & CEO

Yeah. So in closing, that’s why we put it as one of the four imperative strategic priorities we plan to do, which is to scale up because we have so big success. Many people are asking us how is possible that Pfizer was able to take so much cost out of its operations without affecting the top line. And the answer is AI. We didn’t just cut cost, what we did is we improved productivity. And the main lever, of course there were simplification efforts that also took place, but the main lever was the successful deployment of AI where basically we are reducing the cost without that being seen in the activity.

So very excited about the prospects of AI. Next question please.

operator

Thank you. Our next question comes from Dave Rising with Lyrink Partners. Please go ahead.

Dave Rising — Analyst

Yes, thanks very much and thanks for all the updates. So my question is for Chris. Chris, could you talk a little bit more about met233i which I believe is now numbered 3945. Specifically the bias of Amylin relative to Calcitonin, the implications of for the efficacy and tolerability profile and the data we should expect at ada. Thanks very much.

Albert Bourla — Chairman of the Board & CEO

Thank you very much for the question. So this is an ultra long acting amylon which was previously shown to have a monotherapy efficacy of 8.4% placebo just at weight loss at day 36 6. It’s a dual molecule so it’s not biased to the one it’s placebo like tolerability was previously shown with the monotherapy and that gave confidence for the starting the combination of 3,944 and 3,945 or three previously early data shown at day eight, 5% weight loss. But obviously that’s very early so we will update those data later this year. This is important combination for us because we believe with this combination we can have best in class efficacy with a monthly dosing which will be highly differentiated for this, for this combination.

Albert Bourla — Chairman of the Board & CEO

Thank you. Thank you, Chris. And now it’s time for the last question.

operator

Thank you. Our final question comes from Louise Chen with Scotiabank. Please go ahead.

Louise Chen — Analyst

Hi. Thanks for taking my questions. I wanted to ask you first, it’s been a couple of years since you’ve completed the acquisition of cgen and I’m just curious how that integration has gone and then how does that deal really increase your leadership in oncology? And then just the second quick question of your PD1 VEGF. It’s becoming a more crowded market. So just curious where you expect to stand out with respect to your pipeline. I mean there’s some indications that are coming before yours, but is there anything special that you would like to call out?

Albert Bourla — Chairman of the Board & CEO

Thank you. Thank you. Thank you, Luis. And clearly CISION has been integrated on research, commercial, manufacturing and multiple other levels. But given that Chris was the leader that drove the integration during the first sensitive year, Chris, maybe you want to make a comment how the integration of CSM went and this continue doing.

Chris Boshoff — Chief Scientific Officer and President, Research and Development

Thank you very much for the question. So firstly we have have a vibrant community of scientists and clinicians in Seattle. I believe we’re one of the biggest employers for in the biotech or biopharma industry in that in that region. Most of the colleagues actually remained at Pfizer, which is just a testament of our culture and the success of the integration. A number of programs has started and being accelerated including as you’ve seen the readout for 303 and 304 for pats. We are planning an additional phase three study for pads. It’ll start later this year. So important study for us and for patients because that is to study to potentially replace cystectomy which as you know leads to significant morbidity and mortality.

We also accelerate a number of other programs into phase three including SV, with two phase three studies ongoing, an additional phase three study that’s going to start PD L1V and another phase three program ongoing in non small cell lung cancer and a number of Phase 1 ADCs that’s differentiated including using the Integrin Beta 6 antigen as a marker with new payloads including Topo 2 and different new oristatin based payloads. So integration overall seizure going very very well. Regarding 4404, it is a differentiated molecule. What we’ve seen in the preclinical data was a hundredfold increase for the affinity for PD1 in the presence of VGF and binding to all isoforms of vgfa.

So preclinical data highly encouraging overall encouraged by the field. Now as you know we’ve recently seen from China first line non small cell lung data that was positive. The data we’ve seen with a combination of 4404 with chemotherapy are highly encouraging. And as we accelerate the program as you’ve seen and started phase three programs already for colorectal cancer and earlier this year, we’ll also start with first line phase three with non small cell lung cancer and then endometrial cancer and bladder cancer including combinations with our ADC portfolio.

Albert Bourla — Chairman of the Board & CEO

Thank you Chris. Very exciting. So thank you very much everyone. Clearly I’m very proud of what we achieved in 2025 in multiple horizons. The last piece of the puzzle was revealed today with the fourth quarter results which were stellar. We beat with a significant margin revenues and earnings in the face of the lowest ever Covid season, but generated the lowest ever revenues because because of the way that this strain was mild. Now we are already in 2026 and this is a pivotal year because it marks the first year of an alloy cycle but already started this year and we’ve been preparing for that for many years with the acquisitions we have done strategic and licensing agreements, while also we were sharpening our focus on the most impactful interaction internal programs.

Our U.S. and international commercial organizations have refined models to strengthen leadership with key product portfolios. Streamlining and financial discipline are of course ongoing priorities. We will continue strategic investment in future growth and value creation for our shareholders, including by maintaining and over the long term growing our dividend. Our 2026 strategic agenda is clear and I’m confident in the progress we will achieve. Thank you for your interest in PFIZER and we look forward to continuing to share our progress with you in the year ahead.

operator

Thank you. This brings us to the end of today’s meeting. We appreciate your time and participation. You may now disconnect.

operator

Sam. Sa.