BridgeBio Pharma (NasdaqGS:BBIO) FY Conference December 02, 2025 10:30 AM ET Company ParticipantsChinmay Shukla - VP of Strategic FinanceModeratorAll right. If we could get started, I'd like to welcome everyone to the Piper Sandler Healthcare Conference. With us is our next company. We have BridgeBio and Justin To, who is head of their Infigratinib, Skeletal Dysplasia program, and Chinmay Shukla, VP of Strategic Finance. Welcome, gentlemen. I guess, you know, first of all, congrats. I think, you know, if I ...

Summary of Pfizer's 2025 Conference Call Company Overview - **Company**: Pfizer Inc. (NYSE:PFE) - **Event**: 2025 Conference Call - **Date**: November 19, 2025 Key Points Industry Context - Pfizer is navigating a period of significant change with a focus on returning to growth by 2029 and 2030, amidst a wave of loss of exclusivity (LOE) for several products [2][22] Financial Performance and Cost Management - Pfizer has identified approximately **$7.7 billion** in cost improvements to be implemented over the next several years to enhance its cost structure [3] - By the end of 2025, Pfizer expects to achieve **$4.5 billion** of the targeted savings, with further opportunities for operational efficiencies in manufacturing and commercial operations [39][40] Research and Development (R&D) Strategy - Pfizer has restructured its R&D focus, promoting Chris Boshoff to lead the R&D organization, emphasizing oncology, vaccines, internal medicine, and inflammation & immunology (I&I) [3] - The company is actively pursuing business development transactions, including a partnership with **3SBio** to enhance its oncology portfolio and a recent acquisition of **Metsera** to enter the obesity treatment market [3][4] Obesity Market Entry - Pfizer's acquisition of Metsera is seen as a strategic move to compete in the obesity market, leveraging its strong commercial engine and manufacturing capabilities [6][8] - The Metsera platform offers a differentiated approach with a potential monthly dosage, which is critical for market competitiveness [9][11] - Pfizer anticipates that the recent Medicare coverage for obesity treatments could positively impact market dynamics [13] Future Growth and Product Pipeline - Pfizer is preparing for a significant LOE period, with **$17 billion** of products losing patent protection by the end of the decade, primarily between 2026 and 2028 [22][23] - The company aims to ensure that investments are appropriately allocated to support growth aspirations for 2029 and 2030 [24] Capital Allocation and M&A Strategy - Pfizer has set a **$15 billion** external capital commitment for acquisitions, with approximately **$5 billion** remaining after the Metsera deal [32] - The company is focused on enhancing its oncology and I&I portfolios, with a particular interest in identifying additional molecules or projects in I&I [33][34] Operational Efficiencies and Cash Flow Management - Pfizer has improved its working capital, achieving a free cash flow increase of **$3-$4 billion** in 2025 through better inventory management across its global operations [41][42] - The company expects to see a reduction in cash outflows related to cost-saving measures, which will enhance future cash flow [43][44] Conclusion - Pfizer is strategically positioning itself for future growth by managing costs, enhancing its R&D capabilities, and entering new markets such as obesity treatment, while navigating the challenges posed by upcoming LOEs. The focus remains on operational efficiencies and prudent capital allocation to support long-term growth objectives [2][24][32]

New York, NY, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Following a challenge submitted by Pfizer, Inc., BBB National Programs’ National Advertising Division will refer BridgeBio Pharma Inc. to the relevant government agencies for review and possible enforcement action for failure to participate in the National Advertising Division (NAD) inquiry. Pfizer and BridgeBio sell prescription medication to treat transthyretin amyloid cardiomyopathy, a progressive and fatal disease caused by the buildup of a protein called ...

Core Viewpoint - BridgeBio Pharma is competing with Pfizer and Alnylam Pharmaceuticals in the heart disease treatment market, claiming its drug is more effective and cost-efficient while accusing competitors of using "controversial strategies" [1][2]. Group 1: Competition Overview - The competition centers around the treatment of ATTR cardiomyopathy, which has significant market potential, attracting both large pharmaceutical companies and innovative startups [2]. - Pfizer's drug Vyndamax, approved in 2019, is projected to generate approximately $6.6 billion in revenue this year [2]. - BridgeBio's drug Attruby is expected to surpass $300 million in sales this year, with projections of reaching $2.1 billion by 2030 [3]. Group 2: Claims and Counterclaims - BridgeBio's CEO Neil Kumar criticized Pfizer's presentation of data as unfair, comparing it to contrasting the best performance of one runner with the worst of another [1][2]. - Pfizer responded to accusations regarding misleading information, claiming the video in question was a "misplay" and asserting that their data presentation is accurate [2][3]. Group 3: Regulatory and Market Dynamics - The FDA's Office of Prescription Drug Promotion (OPDP) oversees drug advertising, but it often only becomes aware of issues through complaints from competitors or doctors [5]. - There are concerns about OPDP's capacity to handle complaints due to significant staff reductions earlier this year [5]. Group 4: Research and Data Presentation - Kumar expressed dissatisfaction with a study published in the New England Journal of Medicine regarding Alnylam's drug Amvuttra, arguing that the data presented was adjusted in a misleading way [6]. - Alnylam's research head defended the adjustments made to the data, stating they were intended to clarify drug efficacy [7].

Core Insights - Alnylam Pharmaceuticals is a commercial-stage company with four marketed drugs, including Amvuttra, which is its primary revenue driver, generating $801.9 million in sales in the first half of 2025, reflecting an 89% year-over-year growth [2][10] - Amvuttra received label expansion approvals in the U.S. and EU for treating ATTR amyloidosis with cardiomyopathy, marking it as the first RNAi therapeutic approved for both ATTR-CM and hATTR-PN in adults [3][4] - Alnylam's stock has surged 93% in 2025, outperforming the industry and S&P 500, although the stock is considered expensive with a price/sales ratio of 24.10 compared to the industry average of 2.12 [8][12] Drug Performance - Amvuttra's sales growth is attributed to new patient starts and patients switching from Onpattro, with expectations for continued growth following the recent label expansion [2][4] - The label expansion is anticipated to further boost Amvuttra's uptake in the second half of 2025, with additional approvals expected in other regions [4] Competitive Landscape - Amvuttra faces competition from Pfizer's Vyndaqel/Vyndamax and BridgeBio's Attruby, which are already approved for ATTR-CM and offer advantages such as oral administration and lower list prices [5] - Pfizer's Vyndaqel family generated $3.1 billion in global revenues in the first half of 2025, a 27% increase year-over-year, indicating strong market demand [6] Financial Estimates - Alnylam's earnings estimates for 2025 have improved significantly, with projections rising from 93 cents to $3.39 per share, and for 2026 from $3.58 to $8.75 [15]