“If we were to do a BD transaction, we might tick back up over that 2.7x, but our objectives to still get down and continue to delever the balance sheet in the long-term.”

In context

“e just to slip in was just the recent PD-1 VEGF deal. I know you're going to think about doing combos with some of your ADCs. Will we need to see the Phase III data from those ADCs before you move forward? Or should we start to think about Pfizer starting development of those programs prior to those readouts? Albert Bourla: Chris, as usual excellent question, but David can take the first two and then I think Chris can talk about PD-L1 back then. David M. Denton: So Chris, yes, we've actually improved our target from a leverage perspective down to 2.7 from 3.25x. That's largely because we've improved our cash generation capability over the last -- a little faster than we anticipated post-closing of the Seagen acquisition. So we're now sitting at 2.7x. We will continue to delever over time. If we were to do a BD transaction, we might tick back up over that 2.7x, but our objectives to still get down and continue to delever the balance sheet in the long-term. Secondly, yes, most likely, we would attend to do a -- I'll say, a smaller deal given the fact that our capacity is in the $13 billion ZIP code at this moment. And so I would expect this more from a smaller perspective from a transaction. Albert Bourla: Yes. And I think it's [indiscernible]. David M. Denton: It's 13 only because we have essentially allocated some of 3SBio transaction funds against our BD target. Albert Bourla: Thank you, Dave. And Chris, how do you think about developing the PD-L1 VEGF that I know we closed, and we are very rapidly executed on the plan even before we could close. Chris Boshoff: Thank you very much. As you know, we do have ongoing programs with the IDCs SV PDL1V, and Padcev all in Phase III. We're not going to wait for readout from these studies, and we'll”