Business development and M&A strategy

“Now it's fair to say that those are fairly broad areas, they are big buckets that you can put lots of therapeutic indications in. If we were to explore adjacencies or indeed, therapeutic areas where historically Pfizer hasn't been active. I think, firstly, we'll be looking for truly breakthrough science that's tractable with a drug.”

“Specifically, as we come into 2025, given the strength of the company from a cash flow perspective, we have the capacity in the $10 billion to $15 billion ZIP code from a business development perspective within 2025 if we chose to focus in that area.”

“It is an illegal attempt by a foreign company to do an end run around antitrust laws, taking advantage of the government shutdown. What they want to achieve, not to get the products, to destroy them. What they want is to catch and kill an emerging competitor, which is a significant antitrust concern given Novo's dominant market position.”

“Obviously, the company has still significant resources to understand and how to deploy successfully transactions to bring science in-house, and we will continue to work aggressively to do so across all of our 4 therapeutic areas, and we continue to work across the globe to identify potential candidates for acquisition to help bring new and innovative medicines to patients.”

“We believe that Novo Nordisk offer is illusory and cannot constitute superior proposal under the terms of our merger agreement with Metsera because it violates antitrust law and there is a high risk it will never be consummated.”

“Obviously, you've seen us over the last 1.5 years or 2 years really lean into productivity across our platform. That productivity has allowed us to delever from roughly 4x to 2.7x. That's given us increased flexibility to do both business development as well as maintain and grow our dividend over time.”

“What you see now, it is a repeat an effort to cut and kill this emerging competitor, which is Pfizer, and to do that by evading the antitrust scrutiny and virtually get control, de facto control of the company as they will become the major shareholder and the major creditor without any regulatory scrutiny.”

“We are encouraged by the U.S. Federal Trade Commission's decision to grant early termination of the HSR waiting period, which is unprecedented during a government shutdown and clears the path to completing this transaction following the Metsera shareholder vote on November 13.”

“Business development remains an important priority. We continue to actively evaluate opportunities to execute additional science-driven value-creating transactions.”

“As we look at the environment, I mean, it clearly the what's happening does make it more complex. To get things done because the uncertainty everyone is wrestling with.”

“As it relates to the sellers, I would say that, you know, we continue to see at least in the conversations we've had, a little bit of a disconnect between what is the reality of the market that the sellers face and what is the expectation for value that they have.”

“We've been, I think, very balanced. Dean gave some great examples of where we are we are first in class and, frankly, best in class. We're also looking at other strategies where we might not be first, but we still think we can be best in class.”

“Since 2021, we've nearly tripled our late-phase pipeline through both the advancement of internally discovered compounds as well as the completion of numerous important business development transactions across multiple therapeutic areas of great unmet need including oncology, cardiometabolic, ophthalmology, and immunology.”

“Obviously, looking in the area up to $15 billion as our sweet spot, but as we have also highlighted for the right scientific deal, we would go bigger, but using the same methods, the same discipline, same approach we have used across everything we have done to date.”

“Business development remains a high priority. We are well positioned to pursue additional transactions when science and value align.”

“Our commitment to innovating for patients remains strong as we advance first and/or best-in-class medicines both through internal discovery and business development, which remains a top priority.”