Pfizer (PFE) Q4 FY25 earnings call: guidance and Q&A

Asked for more details on VESPER-3 tolerability, specifically vomit rates and differences between dosing arms, and how the monthly GLP-1 with solid but potentially lower weight loss than weekly or Zepbound would fit into the market.

Chris Boshoff stated full tolerability data would be at ADA, but noted encouraging distribution of AEs across weekly and monthly, with no alarm regarding discontinuations or significant AEs when switching to monthly. Aamir Malik emphasized the value proposition of competitive efficacy with lower medication burden (monthly dose) for patients, providers, and payers, highlighting persistency and simplicity. Alexandre de Germay added that the ex-US market is projected at $150 billion, with high out-of-pocket willingness to pay ($250-$350) and rapid time to market due to less reliance on reimbursement.

“I think what it suggests to us very clearly is that '3944 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-agonists. 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.”

asked by Chris Schott · answered by Chris Boshoff

Inquired about the Phase III design for VESPER-3, specifically regarding down-titration flexibility, and what other obesity pipeline data (including internal GIPR Phase II) might be presented at ADA.

Chris Boshoff clarified that VESPER-3 had only two step-up doses, but Phase III (VESPER-6) will test different titrations and the 9.6mg monthly dose. He mentioned updated data on the ultra-long-acting amylin ('3945) and potential early combination data with '3944 at ADA. He also highlighted the oral GIPR antagonist in Phase II and a potential quarterly-dosed injectable GLP-1 in Phase I.

“Regarding 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 MET-233, where the observed additive weight loss when combining '3944 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.”

asked by Vamil Divan · answered by Chris Boshoff

Asked if the placebo arm in VESPER-3 gained or lost weight, and about any potential strategies (like settlements) for Vyndaqel beyond its December '28 LOE.

Albert Bourla stated that for Vyndaqel, the company assumes patent loss at the end of 2028 and declined further comment due to sensitivity. Chris Boshoff noted that the VESPER-3 placebo arm was very stable, neither gaining nor losing weight, with full data to be presented at ADA.

“Right now, we are assuming that the patent will be lost at the end of 2028. And I don't have any other comments to make on that. These are very sensitive topics.”

asked by Steve Scala · answered by Albert Bourla

Inquired if monthly dosing is the longest feasible interval for PF'3944 to preserve efficacy, and how Pfizer plans to differentiate its broad Phase III program (e.g., non-metabolic indications, active comparators).

Chris Boshoff confirmed PF'3944 is aimed at monthly maintenance, but mentioned another Phase I molecule with potential for quarterly administration. He outlined initial Phase III studies (VESPER-4, -5, -6) for chronic weight management and type 2 diabetes, and stated plans for seven additional studies, exploring differentiation through combinations (amylin, GIPR) and other opportunities beyond cardiovascular/metabolic.

“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 therapy.”

asked by Geoffrey Meacham · answered by Chris Boshoff

Asked about the value proposition of the GLP-1-amylin injectable combination relative to monotherapy, and if it aims for ultra-high efficacy or targets GLP-1 non-responders, given the monotherapy's competitiveness.

Chris Boshoff stated that Pfizer will have optionality, developing both single-agent '3944 and the combination, expecting increased efficacy from the combination. Aamir Malik emphasized that the large obesity market has significant unmet needs, requiring a diverse portfolio to address different patient preferences and comorbidities, and highlighted Pfizer's strong commercial capabilities and digital platforms to win in this market.

“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 II study this year and then next year, start the Phase III study for the combination.”

asked by Jason Gerberry · answered by Chris Boshoff

Inquired about the known data for the in-licensed oral GLP-1 (YaoPharma) and Dave Denton's thoughts on the $7 billion BD capacity in the context of the recent dividend growth pause.

Dave Denton reiterated the focus on maintaining and growing the dividend over time, noting the ViiV asset monetization increased BD capacity to $7 billion, allowing redeployment for higher returns. Chris Boshoff explained that the YaoPharma oral small molecule (5002) is in Phase I, not on a Lupron scaffold, and Pfizer is transitioning work to the U.S. to conduct Phase I and combination studies with their GIPR antagonist.

“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.”

asked by Michael Yee · answered by David Denton

Asked about the metrics for AI investment and when/where the impact from the 1,200-GPU deployment would be seen, specifically if it affects R&D operations or primarily research.

Albert Bourla stated AI impacts everything from enabling functions to R&D, marketing, and manufacturing. Chris Boshoff detailed AI embedding in R&D functions (discovery, medical, regulatory, safety, clinical trial execution) to improve speed and reduce cost. Aamir Malik cited field force productivity and increased marketing ROI (MROI) as commercial benefits. Alexandre de Germay highlighted AI's role in pre-call planning, interaction quality improvement, advanced targeting, and accelerating regulatory approvals for promotional materials internationally. Dave Denton added that AI leverages vendor platforms and automates routine transactions across numerous markets.

“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.”

asked by Evan Seigerman · answered by Albert Bourla