Pfizer (PFE) Goldman Sachs 45th Annual Global Healthcare Conference summary

Strategic priorities and leadership changes

• Five-point plan for 2024 focuses on Seagen integration, pipeline evolution, new product launches, capital allocation, and commercial execution.

• Integration of Seagen is progressing well, with oncology business showing growth post-acquisition.

• Appointment of Andrew as head of strategy brings a fresh, critical perspective to capital prioritization and business development.

• Success metrics for leadership are tied to stock price performance and effective pipeline investment decisions.

• Recent structural changes emphasize oncology as a core business pillar, with dedicated leadership and resources.

Oncology focus and Seagen integration

• Seagen acquisition is seen as a transformative move, providing a robust ADC platform and expanding the pipeline.

• Integration efforts prioritized maintaining Seagen’s innovative culture and talent, with Chris Boshoff leading the combined oncology unit.

• Oncology business is managed with a dual focus on commercial performance and pipeline development.

• Seattle R&D footprint will be expanded, reflecting the scale and value of Seagen’s operations.

• Breast cancer remains a major focus, with next-generation CDK4, ADCs, and protein degraders in development.

Pipeline, modalities, and business development

• Current oncology strategy centers on ADCs, small molecules, and bispecific antibodies, with ongoing evaluation of new modalities like radiopharmaceuticals.

• Pipeline prioritization aims for best-in-class assets, especially in competitive areas like breast and prostate cancer.

• Business development is in a “breathing period” after $70+ billion in recent acquisitions, with focus on execution over large new deals.

• Smaller, targeted acquisitions in areas like obesity and oncology remain possible.