“Clearly, it is our expectation to get back to, at a minimum, pre-COVID levels with one caveat is that we -- as we go forward, we do have a different mix of products within our portfolio, particularly the vaccine related to COVID.”

In context

“Flynn with Morgan Stanley. Terence Flynn: Maybe two for me. Dave, I was just wondering how we should think about steady-state operating margin here. Looking back pre-COVID, the Company was around mid- to high-30% range. So, is that how we should think about this when you gave us some of the parameters but just maybe how to think about steady state? And then, on the messenger RNA Phase 3 seasonal flu vaccine program, it looks like that trial was upsized based on clinicaltrials.gov. So just wondering, Mikael, if you can talk through timing of data and help frame expectations there. Thank you. Dr. Albert Bourla: Thank you, Terence. Let’s start with Dave Dave Denton: Yes. So, great question. As we think about our operating margin long term, clearly, our objective is to expand that over time. Clearly, it is our expectation to get back to, at a minimum, pre-COVID levels with one caveat is that we -- as we go forward, we do have a different mix of products within our portfolio, particularly the vaccine related to COVID. As you know that the vaccine, given the cost share that we have or profit share that we have with our partner, does dilute that product from an operating margin perspective. So a mix adjusted, you should see us back to those levels over time. But obviously, as we cycle into ‘24, we’ll give you a lot more clarity on all the puts and takes as we integrate Seagen, as we roll forward from a COVID franchise perspective, how that looks as well as all the developments that we have coming out the pipeline at this point in time. Dr. Albert Bourla: Thank you, David. Mikael mRNA flu. Dr. Mikael Dolsten: Yes. First, the totality of experience we have with mRNA for flu makes me very encouraged that this will be new modality as it was for COVID but now for flu, that engages two mechanisms, the B-cells”