Pfizer's CFO reveals the substantial Q1 financial hit from new Medicare regulations:

“If you look at Medicare Part D redesigned, in Q1, it dampened our US revenues by approximately $650 million as we expected. That dampening will lessen in the back half of the year as we continue to offset that a bit with incremental prescriptions.”

— David Denton, CFO

Pfizer discloses tariff impacts already built into their financial outlook:

“Included in our guidance that we didn't really speak about is there are some tariffs in place today, we anticipate those tariffs to be approximately $150 million for 2025. We are contemplating that within our guidance range, and we continue to again, trend to the top end of our guidance range even with those costs to be incurred this year.”

— David Denton, CFO

Two key cancer drugs could see their markets double in the near future:

“We also anticipate meaningful readouts this year for Padcev and Elrexfio. Padcev already is a core therapy in our Oncology portfolio. Padcev plus pembrolizumab is the most prescribed first-line treatment for locally advanced/metastatic urothelial cancer in the US. We are working toward more than doubling the total addressable patient population in the US for Padcev with potentially registrational interim data we expect this year from ongoing pivotal studies in muscle invasive bladder cancer.”

“We are also working to reach a significantly expanded population of patients with multiple myeloma. We're anticipating a Phase 3 readout this year for Elrexfio in a study for double-class exposed relapsed/refractory multiple myeloma. If successful and approved, this would more than double the addressable population versus the currently approved indication.”

— Albert Bourla, CEO

A single safety signal ended Pfizer's obesity drug:

“[Discontinuing] danuglipron was the right decision for Pfizer based on totality of data. And as we said previously, a single asymptomatic participant in a dose optimization study with rapid dose titration experience a potential drug-induced liver injury, which recovered rapidly after treatment discontinuation.”

“Although we're not 100% sure this is due to danuglipron, the risk was high enough for us to discontinue the program while still being committed to obesity and employing our global resources for other opportunities. Cardiovascular metabolic is one of our core strategies within internal medicine, an area with significant remaining unmet need. And just a reminder, for obesity alone up to 60% of patients discontinued current approved medicines after 24 months.”

— Chris Boshoff, Chief Scientific Officer

US policy has weakened domestic biotech while strengthening China's position:

“Biotech, it is dominant. The US has the dominant scientific position in biotech because we have created this ecosystem of biotech and pharma and academia and all of that. This is exactly what the Chinese have replicated in the last four years. And in the last four years, IRA was a significant setback for us that took down a lot of funding of the private sector towards biotech.”

“So the biotech is now currently, also because of tariffs but also because of the four previous years, they are at historical low. And as a result, there is very little money going to the biotech. That China is doing the opposite. And right now, they are having very, very good science.”

— Albert Bourla, CEO

Pfizer completes its strategic exit from Haleon:

“In January, we monetized approximately $3.0 billion of our Haleon shares and, in March, we monetized the last tranche of our Haleon shares, receiving approximately $3.3 billion in net cash proceeds. With this sale we have now fully exited our ownership in Haleon.”

— David Denton, CFO