Albert Bourla

Pfizer CEO Albert Bourla said the most-favored-nation drug pricing agreements are signed and will remain in place through the end of the current administration's term.

I think the agreements are signed and are going until the end of the term of this government,

Bourla said Pfizer is pausing big dealmaking for now and will focus on the cancer and obesity drugs it has already acquired.

CEO Albert Bourla said the company is instead focusing on the cancer and obesity drugs it acquired through the ...

Bourla expects a split government after the elections to limit legislative change and does not anticipate any changes to MFN drug pricing agreements.

But I think that in any case, looks like we will have a split government So I do not think that many things can move legislation wise. I do not expect any changes in MFN. I think the agreements are signed and are going until the end. Of the term of this government.

Bourla says the industry has moved from fear over tariffs and MFN in 2025 to a stable policy environment that should last.

it is a very big contrast vis a vis what I was telling you a year ago in 2025, I was really scared. About the implications that either tariffs or MFN could have. I think through the successful navigation, of those issues, we brought the stability that it is now projected to last.

Bourla likens the obesity drug commercial model to the Viagra launch, with out-of-pocket payment and e-commerce driving much larger international markets.

People are willing to pay out of pocket for products that they value irrelevant if they are reimbursed or not. That creates dramatically different size in the international markets. The second was that because of the consumer nature of these launch, the ecommerce and the Internet as it happened with Viagra.

Bourla says AI is changing pharma promotion, especially at the patient level.

And to add another dimension, AI is changing the way that promotions are happening right now. And not only at the physician's level, actually, even more importantly at the patient's level.

Bourla says Pfizer will advance 10 Phase 3 obesity trials in 2026, including a switch study to monthly berobenatide.

We plan to advance 10 active and planned Phase 3 trials in 2026. Including 1 evaluating a switch from approved weekly therapies to our investigational monthly GLP-1 peptide berobenatide.

Bourla says Pfizer has line of sight to a risk-adjusted high single-digit revenue CAGR from 2028 to 2033.

We have line of sight to our aim of delivering a risk adjusted high single digit revenue CAGR from year-end 2028 through year-end 2033.

Bourla argues the Street underestimates Pfizer's launched products such as Nurtec, which is already near $2 billion annualized.

I will mention 2 as just examples that I think people need to reevaluate their assessment. 1, it is regarding Nurtec. That we are already close to $2 billion this.the way if you annualize it. And the street has us almost $2.5 billion by year 2020.

Bourla says the Street's $600M forecast for Elrexfio versus $5B for a competitor is unjustified given similar efficacy and better tolerability.

I will also mention another example of Elrexfio. Where for a competing product, the street is forecasting $5 billion, and for us $600 million. We aspire to present the profile that is very similar in efficacy and better in tolerability and in side effects.

Bourla stresses that mevrometostat gives Pfizer full global rights unlike Xtandi, where it had only half the US market.

Sometimes people forget that Xtandi, which is 1 of our very big and strong product, we basically had half of the Xtandi in the U.S., and that is it. Here, we are going to have the whole US and the whole global international market.

Bourla says Pfizer aims to fully offset patent expirations, expecting a return to growth after 2028 with high single-digit growth through 2033.

I think uh our aim was to cover the whole thing. So post 28 uh we expect to turn into growth the company and to have made uh our projections that from 28 to 33 the 5year uh projections are high singledigit growth.

Bourla says Pfizer invested nearly $80 billion since COVID, about double the next-largest pharma investor, and the acquired products are growing 37%.

We invested almost $80 billion. the second one probably around 40 and uh as you you've said uh the performance of this portfolio is doing extremely well actually the acquire products 80% of them were in uh three companies they are growing uh 37% right now

Bourla calls the obesity market huge and says Pfizer will enter in two years with a highly differentiated portfolio.

I think it's huge. The market is as you know one of the largest markets. This is the market that created the first $1 trillion company which is Lily with exceptional performance on the obesity. We are coming to this market now in two years and uh we are coming with a portfolio but it is highly differentiated very different.

Bourla believes monthly dosing will be strongly preferred, letting Pfizer win new GLP-1 patients and switch maintenance-phase patients from weekly products.

We believe that uh for products that they are monthly there will be a huge preference from people and that will allow us not only to gain good market share of every new patient that is going into the GLP1s but also we can switch patients that they are already on their maintenance phase in the weekly products into our monthly.

Bourla said late-stage pipeline progress and numerous near-term pivotal readouts strengthen Pfizer's chance to extend leadership in key areas.

Our late-stage pipeline progress, with a significant number of pivotal readouts expected near term, is strengthening our opportunity to extend our leadership in key areas.

Bourla pledged that Pfizer will maintain its dividend even in the most stretched scenarios and resume growing it after the loss-of-exclusivity period.

We feel extremely confident that, even in the most stretched scenarios that we are running, we will be able to maintain our dividend. I want once and for all to make that clear to all: the dividend will be maintained and, after the LOE period, will start growing again.

Bourla outlined a capital allocation priority of reinvestment, a maintained and eventually growing dividend, and optionality for buybacks.

Reinvesting in the business at appropriate returns, maintaining and, over time, growing our dividend and preserving optionality for future value-enhancing actions, including share repurchases.

Bourla says Pfizer can maintain its dividend even in its most stretched scenarios, with dividend growth resuming after the loss-of-exclusivity period ends around 2028.

CEO Albert Bourla has said that even in the most stretched scenarios the company runs, it can maintain the dividend; he ties a return to dividend growth to the end of the loss-of-exclusivity period, which Pfizer says weighs on revenue through 2028.