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Speaker 1: For our Bloomberg radio and TV audiences worldwide. I'm delighted

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Speaker 1: to say that we are now joined by doctor Albert Borley.

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Speaker 1: He is vizor chairman and CEO. So doctor Borrow, thank

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Speaker 1: you so much for being here. Really appreciate it.

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Speaker 2: It's a great pleasure.

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Speaker 1: Earnings out today they were a little softer than perhaps

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Speaker 1: that was in part because of COVID. I mean, in

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Speaker 1: some ways you're a prisoner of your own success because

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Speaker 1: you brought the vaccine out. Gives us a sense of

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Speaker 1: where we are and what comes Provisor after COVID.

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Speaker 3: Yeah, the airnings actually was quite good when it comes

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Speaker 3: to the non COVID products. As you said, we were

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Speaker 3: growing ten percent. And for the COVID we had given

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Speaker 3: the news two weeks ago. We made some important announcements

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Speaker 3: that we rebased our COVID expectations and also we took

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Speaker 3: a lot of write offs.

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Speaker 2: So all of that came in this quarter.

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Speaker 3: So following the COVID era, Proviser I would call it

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Speaker 3: the COVID crisis because still COVID I think will be

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Speaker 3: around and will be a significant part of our revenues,

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Speaker 3: but will not be the epicenter of everything. We do

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Speaker 3: I think the epicenter moves to the acquisition of season

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Speaker 3: so moves to cancer. We are putting a lot of

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Speaker 3: capital over there and we are hoping that we will

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Speaker 3: be able to make a big difference on cancer as

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Speaker 3: we did with COVID. It's coming through our nineteen new

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Speaker 3: launches that we are expected to have and actually eighteen

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Speaker 3: of them already are happening right now, which will propel

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Speaker 3: the growth of the company as we are moving ahead,

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Speaker 3: and of course the vaccines is a crown as well,

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Speaker 3: will continue bringing products.

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Speaker 2: So as you.

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Speaker 1: Say, we're going to get to the other nine COVID issues,

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Speaker 1: but before that, you said COVID is still around. I

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Speaker 1: just got my shot two weeks ago. It's a Pfizer shot.

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Speaker 1: But where are you right now in the uptake at

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Speaker 1: the vaccine this time, because ironically a lot of us

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Speaker 1: are getting sort of a little inured to the dangers

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Speaker 1: of COVID. What are you anticipating in terms of vaccination.

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Speaker 2: Rates right now in the US?

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Speaker 3: We were anticipating before in the beginning of the year

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Speaker 3: around twenty four percent of Americans will take a COVID,

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Speaker 3: So right now is trending towards seventeen, but of course

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Speaker 3: we need to wait until the end of the year

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Speaker 3: to see. If you take into consideration, from January until now,

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Speaker 3: maybe seven and a half to eight percent of Americans

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Speaker 3: have received a shot, and then we are expecting these

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Speaker 3: months to be very important.

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Speaker 1: Right now, what about foulow ones and m r and A.

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Speaker 1: I know the originally I think that you were working

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Speaker 1: with the attack on flu m RNA. Where are you

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Speaker 1: in that process?

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Speaker 3: We presented today in our earnings results from our covid

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Speaker 3: flu and also you published two weeks ago.

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Speaker 2: We have a covid.

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Speaker 3: Flu combination vaccine that passed all the tests in phase two,

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Speaker 3: so it's ready to move to phase three. That give

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Speaker 3: us high confidence that will be with us in the

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Speaker 3: period of twenty five. Also presented for the first time

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Speaker 3: today data for a single flu which is again mRNA,

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Speaker 3: where it is the first time that the mRNA flu

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Speaker 3: vaccine demonstrated non inferiority and superiority against the standard of care.

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Speaker 3: So we are moving very rapidly in creating combinations with covid.

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Speaker 3: I saw it before, but seventeen percent of people are

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Speaker 3: getting covid, but forty eight percent of people are getting flu.

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Speaker 3: So I think that if you have a flu covid combination,

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Speaker 3: that it is given at the same cost, because it's

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Speaker 3: going to be zero copay with the convenience of one injection.

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Speaker 3: That will move the number of people that are getting

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Speaker 3: COVID to higher levels.

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Speaker 1: Where are we in that process? I mean I got

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Speaker 1: two shots. I got a flu shot and I got

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Speaker 1: a COVID hat at the same time. How far are

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Speaker 1: we away from having one shot?

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Speaker 3: I think in twenty five we will have it, of

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Speaker 3: course if science keeps proving that we are right, but

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Speaker 3: our timeline is in the flu season of twenty five

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Speaker 3: will have a combination vaccine.

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Speaker 1: So let's talk about the non covid the other part

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Speaker 1: of it that you talked about. It did show growth

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Speaker 1: or gain growth in you're earning vempers today ten percent.

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Speaker 4: Sorry, don't mean to tell you, sure ten percent.

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Speaker 2: It's an impressive and they're very proud. That's right.

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Speaker 1: When you look at those products that are coming online,

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Speaker 1: how many of those are grown internally and how many

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Speaker 1: through acquisitions.

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Speaker 3: There are From the nineteen launches that we are expecting,

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Speaker 3: eighteen are happening this year. We expect four from the outside,

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Speaker 3: fourteen from the inside. Some examples of the inside things

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Speaker 3: that came from our own pipeline is the rs V vaccine.

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Speaker 3: This was a significant bit for the earnings. Everybody including us,

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Speaker 3: were surprised how much people demand exist for this vaccine.

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Speaker 3: We had the new more cocal vaccine, but also was

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Speaker 3: a very big bit. Again, we were surprised how quickly

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Speaker 3: we are taking back the surf from a previous vaccine

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Speaker 3: that had displaced us for a few months only.

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Speaker 2: We are having inflammation assets.

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Speaker 3: We are having three or four oncology cancer assets with

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Speaker 3: the first product that we lost against lemphoma.

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Speaker 2: So it's a.

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Speaker 3: Variety of products now from the outside. Very good example

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Speaker 3: nerdek it's a great product. It's from Migraine. In October

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Speaker 3: we had the highest ever week with the highest scripts ever.

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Speaker 3: Right now more than seventy thousand physicians in the US

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Speaker 3: are prescribing nerd tech.

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Speaker 4: What does cycle cell is doing as well?

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Speaker 3: As I recall that's the second one and the cicle

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Speaker 3: cell not only the one that we have the exit

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Speaker 3: is doing very well, but also we are progressing a

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Speaker 3: second generation that would be way way more efficiently. If again,

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Speaker 3: now the science is in our favor because those patients

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Speaker 3: are really suffering the cicle cell disease patients.

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Speaker 1: You mentioned CJEN that acquisition, as I understand, it's been

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Speaker 1: approved by the European Union, but by the United States.

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Speaker 1: Where are you in that process?

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Speaker 3: We are now. The last step that remains is the

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Speaker 3: US clearance. As you said, two weeks ago, we got

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Speaker 3: unconditional clearance from the European Union where they saw no

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Speaker 3: overlap and no need for any further direction. We are

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Speaker 3: now discussing with the US FDC. We're a very collaborative

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Speaker 3: with our discussion with them, and still we expect that

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Speaker 3: the deal will close before the end of the year

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Speaker 3: or early next year.

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Speaker 1: And if in fact it does as close as you say,

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Speaker 1: what will that mean for your income statement?

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Speaker 3: Oh, it will mean first of all, that we are

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Speaker 3: getting a significant pipeline product that we need to invest

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Speaker 3: is not that is coming free, and we will continue

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Speaker 3: investing on that, but it's coming with already register products

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Speaker 3: that this year they are in the two point three

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Speaker 3: two point four I don't know expect what the analysts

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Speaker 3: are expecting, and it is growing exponentially, so it's going

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Speaker 3: to be we expect that season would give US ten

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Speaker 3: billion dollars of revenues by year twenty third.

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Speaker 4: Are you still in a market for more acquisitions?

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Speaker 2: Oh?

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Speaker 3: Yes, but of course right now this is a very

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Speaker 3: big one and already we have done a few before that,

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Speaker 3: so we want to consolidate right now and integrate the

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Speaker 3: two organizations. Very successful, so expect twenty four that is

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Speaker 3: not going to be a major an A activity from

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Speaker 3: our side is going to be, but not a major MNA.

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Speaker 2: Of course, we're going.

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Speaker 3: First to consolidate that start delivered, deleveraging a little bit,

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Speaker 3: and then of course we have way until we make

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Speaker 3: twenty five billions of revenues by year twenty third.

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Speaker 1: Well, and let me get to the overall numbers, because

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Speaker 1: you've been very open about the fact you have some

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Speaker 1: patents coming up and so you have to replace that.

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Speaker 4: I don't know what the number was. I think I heard.

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Speaker 3: Seventeen billion, seventeen, and I think maybe sixteen now sixteen.

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Speaker 1: Wells, I was going to say, how far are you

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Speaker 1: filling that seventeen billion dollar hole?

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Speaker 3: Well, the acquisitions that we have done so far are

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Speaker 3: giving us twenty billion revenues by year twenty thirty, so

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Speaker 3: we're going to lose sixteen likely and we are going

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Speaker 3: to replace with twenty by year twenty thirty. And that's

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Speaker 3: only for the acquisitions that we did. Now we are

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Speaker 3: launching eighteen products this year I think should be the eighteenth.

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Speaker 3: We estimate that they will give another twenty billions. That

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Speaker 3: would be basically the growth and of course on top

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Speaker 3: of that are all the pipeline assets.

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Speaker 1: One of the very hot topics is you know, is

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Speaker 1: weight loss drugs. Right now it is led by Novador,

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Speaker 1: Nordisk and Ozempic things like that. You have had some

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Speaker 1: products that you've been pursuing I think when you had

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Speaker 1: to drop out and have at least one more, maybe

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Speaker 1: two more in process. Give us an update on where

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Speaker 1: Pvizor is in developing a rival for Ozampek.

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Speaker 2: Yeah.

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Speaker 3: First of all, we need to understand that those products

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Speaker 3: are injectable, the zampic and the product of likelyly very

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Speaker 3: very good products. What we are working is oral presentation

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Speaker 3: of these products. We have one which is done new

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Speaker 3: that it is progressing right now, is in phase two

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Speaker 3: and we expect to have readoubts by the end of

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Speaker 3: the year. And today we announced we put in our

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Speaker 3: website so people saw it that we have another molecule

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Speaker 3: that we brought into the clinic, which is a follow

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Speaker 3: on molecule to that. So we are waiting to see

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Speaker 3: the results. It's all about data. Data will speak. If

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Speaker 3: the data are good, we are going to move into

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Speaker 3: phase three.

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Speaker 1: If you have an oral version and you take it

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Speaker 1: through trials successfully.

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Speaker 4: How many doses a day?

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Speaker 2: Right now?

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Speaker 3: The current pilit is twice a day, but we have

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Speaker 3: working in a reformulating that and to feel confident. But

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Speaker 3: if it moves, we will be able to do it

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Speaker 3: in once a day.

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Speaker 1: And will that be as effective in your judgment in

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Speaker 1: all likelihood as ozempic for example.

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Speaker 2: We need to see the date fair enough.

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Speaker 1: And when you talk about this, I think back in

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Speaker 1: January you said that you thought it could be a

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Speaker 1: source of as much as ten billion dollars in revenue

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Speaker 1: for Pfiser, maybe something like ten percent of an overall market.

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Speaker 1: I think we're roughly the numbers. Are you still on.

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Speaker 4: Track for that?

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Speaker 1: Do you still anticipate perhaps ten billion dollars in success?

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Speaker 3: When we made this projection, we thought that the market

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Speaker 3: would be ninety billion altogether, of which thirty would be

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Speaker 3: the urals. Right now, the market looks like would be

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Speaker 3: even bigger. So, yes, it is a sizeable opportunity if

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Speaker 3: you have an aural and the obesity drug.

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Speaker 1: And again, what's the time and by the end of

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Speaker 1: the year, you think you'll have results on this, by

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Speaker 1: the end of the year, will have a results on Danube. Yeah, fascinating.

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Speaker 1: Let's talk about the overall economics of Fiser these days.

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Speaker 1: Obviously you had a huge success for all of us.

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Speaker 1: By the way, in your vaccine, is that sort of

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Speaker 1: a one off? How do you regard that in the

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Speaker 1: longer term for Pfizer you sort of think that was

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Speaker 1: a sugar rush. We can't replicate that, so we got

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Speaker 1: to go back to where we were twenty nineteen.

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Speaker 3: No, I think it is not one off, and it

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Speaker 3: was not one It was twice right, So it was

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Speaker 3: one vaccine and one treatment. And what are the odds

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Speaker 3: that is by chance that the same company is developing

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Speaker 3: two medicines that fast during the pandemic. I think it's

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Speaker 3: a demonstration of the significant scientific capabilities that the company

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Speaker 3: is having. So those capabilities are going to be used

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Speaker 3: in developing medicines for other unmet medical needs. And they

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Speaker 3: refer to cancer, but there are other vaccines that they

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Speaker 3: need to be developed. We are having problems with immuno

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Speaker 3: immuno compromised people who have people problems with people that

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Speaker 3: they have very overacting immune systems. We have metabolic diseases,

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Speaker 3: obesity is one of them. We have undeffectives that you

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Speaker 3: are working. So there are a lot of theraptic areas

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Speaker 3: that you are working right now.

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Speaker 1: What about the M and R mRNA approach itself, because

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Speaker 1: that came as many a surprise. We hadn't had a

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Speaker 1: vaccine based on mRNA before you and Beyond Tech developed that.

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Speaker 1: Are there further applications of M RNA that you're working

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Speaker 1: on right now that you think are particularly hopeful.

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Speaker 2: Oh? Yes.

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Speaker 3: We presented today data from our flu mr NA vaccine,

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Speaker 3: which particularly the flu with covid combination, which was very successful.

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Speaker 3: And also we demonstrated that we had the first ever

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Speaker 3: mRNA flu vaccine that aceieved non inferiority and superiority against

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Speaker 3: the standard of care the normal flu. So that's one

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Speaker 3: of the examples. Are working on single vaccine with mRNA.

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Speaker 3: So the mRNA technology will continue, but Pfiser is mastering

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Speaker 3: multiple technologies. Our RSV, for example, was not mr NA vaccine,

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Speaker 3: was protein vaccine. Then our new mo coccer was not

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Speaker 3: an a marina or protein, was a conjugate vaccine. So

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Speaker 3: we are using the technologies so that we can pick

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Speaker 3: the right one for the right bag, Dak.

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Speaker 1: One of the things that you've been proud of is

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Speaker 1: the investment Advisors made in basic R and D, which

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Speaker 1: puts you in a position. I think it's fair to

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Speaker 1: say to develop the vaccine that we all benefited from.

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Speaker 1: Where are you right now and how you're investing in

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Speaker 1: R and D is suppose to other things. I know

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Speaker 1: that you're going through some cost cutting. You've announced some

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Speaker 1: cost cutting this year and going in the next year.

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Speaker 3: Oh yes, but still even with cost content in the

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Speaker 3: R and D, I think our R and D will

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Speaker 3: remain one of the highest R and D investments in

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Speaker 3: the industry.

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Speaker 2: In R Right when I took.

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Speaker 3: Over, our research was around seven billion dollars a year.

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Speaker 3: Right now in the guidance that we gave is around

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Speaker 3: twelve plus. So it's significant significant a belief. But also

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Speaker 3: keep in mind that when I took over in nineteen

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Speaker 3: Advisor the pharmaceutical revenues we were number four in the world.

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Speaker 2: Now we are number one.

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Speaker 3: Even after we reduced our COVID expectations. We will end

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Speaker 3: up the year with the number one pharmaceutical company in

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Speaker 3: terms of revenue from four to one. That happens because

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Speaker 3: we are invested.

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Speaker 1: We're speaking of doctor Albert Burley, his chairman and CEO

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Speaker 1: of Pfizer. So, doctor, on this question of how you

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Speaker 1: allocate capital from the C suite, as it were, you're

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Speaker 1: going to be cutting some R and ds. I understand it.

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Speaker 1: They're not immune from cuts. It's coming up. How do

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Speaker 1: you go through the process of saying, this week can

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Speaker 1: afford the cut, we can retrench on R and D,

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Speaker 1: this week can't. In part, let's be honest, so that

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Speaker 1: we're prepared for the next healthcare crisis. There's going to

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Speaker 1: be one at some point.

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Speaker 3: We are going to have, as you said, cost realignment

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Speaker 3: across the industries, across the corporation. So it's going to

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Speaker 3: affect everything, including R and D. So how we do that?

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Speaker 3: It is we have working on plans how to reduce

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Speaker 3: and relign our costs in the last several months. Somehow

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Speaker 3: telegraph the strait even of the second quarter energy when

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Speaker 3: I said that we are watching our COVID revenues and

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Speaker 3: if the COVID revenues are coming less than what we expect,

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Speaker 3: wequally re align our court so to make it more appropriate.

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Speaker 3: So this is what we are going to do, but

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Speaker 3: of course we do it with trying to maximize all

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Speaker 3: the projects that are extremely important and the important progress

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Speaker 3: financially are usually, if not all the times, the important

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Speaker 3: programs from medical need a product sell because someone needs them,

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Speaker 3: if not, they were not. So we are trying to

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Speaker 3: make sure that all of these projects will continue, and

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Speaker 3: we are very confident that we'll be able to make it.

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Speaker 1: I wonder what you've learned from your experience with COVID

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Speaker 1: and particularly in general, what you've learned, but specifically in

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Speaker 1: working with the government. What the government can do well

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Speaker 1: it doesn't do quite as well. What's the relationship there,

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Speaker 1: What could we improve in our healthcare system together?

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Speaker 3: Look, we work with many many governments, and the vast

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Speaker 3: majority of them we develop very cordial relations. Because it

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Speaker 3: was a crisis, they were counting on us and we

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Speaker 3: were delivering, so that we were able to develop really,

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Speaker 3: really very good relations. That applies to the government of

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Speaker 3: the US. Clearly they have their own real so they

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Speaker 3: are going back to what they have to deal with

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Speaker 3: all the governments, which is their financial fiscal let's say, containment,

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Speaker 3: and they have the tendency to forget that once upon a.

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Speaker 2: Day, once upon a time, we save the world.

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Speaker 3: Is industry. So it's not about fighter. I think it's

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Speaker 3: about the pharmaceutical industry. I think this industry demonstrated the

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Speaker 3: value that brings to society.

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Speaker 1: Are you speaking with the federal government United States? But

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Speaker 1: more broadly about things like public health? Because, as I recall,

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Speaker 1: one of the issues was not just getting a vaccine

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Speaker 1: but getting it distributed and that was not easy triguling

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Speaker 1: in a lot of parts of the world, but even

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Speaker 1: here in the United States, a lot of people didn't

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Speaker 1: have their own general practitioners that they could go to

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Speaker 1: to get the vaccine. Are we making progress in that?

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Speaker 1: Are you talking with them? Is the federal government opened

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Speaker 1: the PASSI we have more investment in public health.

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Speaker 3: In public health, we are talking a lot with the governments,

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Speaker 3: particularly in topics that they think we can contribute with

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Speaker 3: our knowledge, and COVID clearly was one of them. And

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Speaker 3: because of the importance of the issue, that highest levels

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Speaker 3: of the government and also the highest levels of the company.

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Speaker 3: So yes, I had numerous discussions both with the High

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Speaker 3: House and the AHS of how we can improve situation

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Speaker 3: for American public health.

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Speaker 1: Do you think that we're in a better position today

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Speaker 1: to deal with the next pandemic or whatever it is.

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Speaker 1: I mean, I'm not wishing that we have one, but

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Speaker 1: we can't rule out that possibility. A really better position,

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Speaker 1: given our experience at this point with Pfizer, with the government,

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Speaker 1: with others, a weirly better position to deal with it

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Speaker 1: than we were come twenty nineteen.

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Speaker 3: To answer the question, we need to think what really

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Speaker 3: made the difference, and what really made the difference in

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Speaker 3: this pandemic was the power of science.

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Speaker 2: So as long as we maintain a very.

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Speaker 3: Vibrant biotech pharmaceutical ecosystem together with academia in this country,

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Speaker 3: I think in the next pandemic still solutions will come

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Speaker 3: from this country and will come from this indust If not,

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Speaker 3: I'm afraid solutions will come from other countries, and I

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Speaker 3: think China is the one. But this a rising star

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Speaker 3: in terms of investing in science right now?

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Speaker 4: Well, what about that?

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Speaker 1: As you mentioned the very substantial amount of money that

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Speaker 1: you've increased in investing Advisor and our idea, what about

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Speaker 1: government funds, whether it's God through academia, whether it's NIH otherwise,

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Speaker 1: are we investing enough? Should we be rethinking how much

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Speaker 1: we're investing in basic science in this country to deal

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Speaker 1: with problems?

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Speaker 3: I guess I think our biggest problem is not how

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Speaker 3: much we invest, because the industry is increasing the investments,

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Speaker 3: and I think also the academia is well funded right now,

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Speaker 3: and NIH, I think is well funded. I'm sure they

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Speaker 3: want more, but they are well funded like all of us.

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Speaker 3: I think the issueses is more policies that will enable

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Speaker 3: investments from in smaller biotech companies that usually ninety nine

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Speaker 3: percent of them will fail, but the one percent would

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Speaker 3: be successful will provide the solutions to the world in

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Speaker 3: collaboration with that. So I think it's extremely important to

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Speaker 3: have policies that enhance innovation and investments is not going

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Speaker 3: to be a problem, doctor Broyer, and not from taxpayers

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Speaker 3: money from private money.

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Speaker 4: Doctory.

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Speaker 1: We're all very mindful what's going on around the world

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Speaker 1: right now, whether it's Ukraine or whether it's Israel in

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Speaker 1: the war with Hamas. Things like that that affect all

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Speaker 1: of us, including our businesses. Give us a sense as

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Speaker 1: a leader of a major corporation. How you deal with

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Speaker 1: things like that, particularly given your background, which is a

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Speaker 1: particularly distinctive background. I always like to talk about you

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Speaker 1: and your counterpart of Beyontech from very different backgrounds. Overcame

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Speaker 1: all sorts of differences, geographical differences, religious differences. How do

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Speaker 1: you deal with that, Advisor?

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Speaker 3: Look, clearly, as all we are very worried when we

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Speaker 3: have these conflicts, and the first thing that they're thinking

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Speaker 3: is our people in these countries. And of course also

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Speaker 3: we are interested because we are affecting the whole world now,

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Speaker 3: particularly with me and the crisis in is right. It's

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Speaker 3: also a very personal because son of a Holocaust survivor,

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Speaker 3: and the scenes that I saw happening with October seven,

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Speaker 3: with this attack but reminded me what my mother used

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Speaker 3: to tell me of how she was treated and how

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Speaker 3: her brothers were taken, all kids being killed in front

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Speaker 3: of the parents and then kill the partents because at

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Speaker 3: first they had to see it things that are unthinkable.

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Speaker 3: I never thought that I would see them live through

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Speaker 3: the discussions and what my mom was saying me, I

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Speaker 3: saw it, so I was personally very much affected.

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Speaker 1: Is it possible to separate those sorts of memories or

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Speaker 1: sense of feelings entirely from the business side. And I

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Speaker 1: don't mean just for you personally, Albert Borla, but you

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Speaker 1: have a lot of employees who are feeling a lot

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Speaker 1: of those versions of those feelings themselves.

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Speaker 3: Yes, and I think it's one thing to be the

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Speaker 3: head of a corporation and I need to do the

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Speaker 3: right thing as ahead of the corporation. I also am

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Speaker 3: a human being and I feel I have my own feelings.

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Speaker 1: Okay, doctor brother, thank you so much for being with us.

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Speaker 1: Really appreciated. That is doctor Albert Borle. He's vizor, chairman

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Speaker 1: and CEO. Back to you,