Albert Bourla

辉瑞CEO布拉发表示，最惠国药价协议已经签署，并将持续到本届政府任期结束。

我认为这些协议已经签署，并将持续到本届政府任期结束。

原文 (en)

I think the agreements are signed and are going until the end of the term of this government,

布尔拉表示辉瑞暂时不做大型并购，转而聚焦已收购的癌症和肥胖症药物。

辉瑞首席执行官阿尔伯特·布尔拉表示，公司目前转而专注于通过收购获得的癌症和肥胖症药物。

原文 (en)

CEO Albert Bourla said the company is instead focusing on the cancer and obesity drugs it acquired through the ...

Bourla预计选举后分裂政府将限制立法变动，且不预期MFN药价协议会有任何变化。

但无论如何，看起来将出现分裂政府，所以我认为立法上不会有太多动作。我不预期MFN会有任何变化。我认为协议已经签署，并将持续到本届政府任期结束。

原文 (en)

But I think that in any case, looks like we will have a split government So I do not think that many things can move legislation wise. I do not expect any changes in MFN. I think the agreements are signed and are going until the end. Of the term of this government.

Bourla表示行业已从2025年对关税和MFN的担忧转为政策环境稳定，且预计将持续。

这与我一年前在2025年告诉你们的情况形成了巨大反差，当时我真的很担心关税或MFN可能带来的影响。我认为通过成功应对这些问题，我们带来了现在预计会持续的稳定性。

原文 (en)

it is a very big contrast vis a vis what I was telling you a year ago in 2025, I was really scared. About the implications that either tariffs or MFN could have. I think through the successful navigation, of those issues, we brought the stability that it is now projected to last.

Bourla将减肥药商业模式类比伟哥上市，认为自费支付和电商渠道会显著扩大国际市场规模。

人们愿意为自己看重的产品自掏腰包，无论是否报销。这使国际市场的规模大不相同。第二点是，由于这类上市具有消费属性，电商和互联网会像当年伟哥那样发挥关键作用。

原文 (en)

People are willing to pay out of pocket for products that they value irrelevant if they are reimbursed or not. That creates dramatically different size in the international markets. The second was that because of the consumer nature of these launch, the ecommerce and the Internet as it happened with Viagra.

Bourla表示AI正在改变药品推广方式，尤其是在患者层面。

再补充一个维度，AI正在改变目前的推广方式，不仅在医生层面，更重要的是在患者层面。

原文 (en)

And to add another dimension, AI is changing the way that promotions are happening right now. And not only at the physician's level, actually, even more importantly at the patient's level.

Bourla称辉瑞将在2026年推进10项减肥3期试验，包括转换至月制berobenatide的研究。

我们计划在2026年推进10项进行中和计划中的3期试验，其中包括一项评估从已获批周制疗法转换为我们在研月制GLP-1肽berobenatide的试验。

原文 (en)

We plan to advance 10 active and planned Phase 3 trials in 2026. Including 1 evaluating a switch from approved weekly therapies to our investigational monthly GLP-1 peptide berobenatide.

Bourla称辉瑞有望在2028至2033年实现经风险调整的高个位数营收复合增速。

我们有清晰路径实现目标：从2028年底到2033年底，经风险调整后的营收复合年增长率达到高个位数。

原文 (en)

We have line of sight to our aim of delivering a risk adjusted high single digit revenue CAGR from year-end 2028 through year-end 2033.

Bourla认为市场低估了辉瑞已上市产品，如Nurtec年化已近20亿美元。

我举两个例子，我认为大家需要重新评估。一是Nurtec，按年化计算我们已接近20亿美元，而市场预期到某年接近25亿美元。

原文 (en)

I will mention 2 as just examples that I think people need to reevaluate their assessment. 1, it is regarding Nurtec. That we are already close to $2 billion this.the way if you annualize it. And the street has us almost $2.5 billion by year 2020.

Bourla认为市场对Elrexfio仅6亿美元而竞品50亿美元的预测不合理，因其疗效相近且耐受性更好。

我再举Elrexfio的例子：市场预测竞品为50亿美元，而我们只有6亿美元。我们希望呈现疗效相近、耐受性和副作用更优的特征。

原文 (en)

I will also mention another example of Elrexfio. Where for a competing product, the street is forecasting $5 billion, and for us $600 million. We aspire to present the profile that is very similar in efficacy and better in tolerability and in side effects.

Bourla强调mevrometostat让辉瑞拥有全球全部权益，不同于只享有美国一半权益的Xtandi。

人们有时忘了Xtandi，我们在美国基本只拥有一半权益而已。而这里（mevrometostat）我们将拥有整个美国和全球国际市场。

原文 (en)

Sometimes people forget that Xtandi, which is 1 of our very big and strong product, we basically had half of the Xtandi in the U.S., and that is it. Here, we are going to have the whole US and the whole global international market.

Bourla表示辉瑞的目标是完全弥补专利到期的损失，预计2028年后恢复增长，2028至2033年实现高个位数增长。

我认为我们的目标是完全覆盖专利到期带来的缺口。2028年之后，我们预计公司将重回增长，并预测2028至2033年这五年将实现高个位数增长。

原文 (en)

I think uh our aim was to cover the whole thing. So post 28 uh we expect to turn into growth the company and to have made uh our projections that from 28 to 33 the 5year uh projections are high singledigit growth.

Bourla称辉瑞自新冠以来投入近800亿美元，约为第二名的两倍，被收购产品增长37%。

我们投入了近800亿美元，第二名大概约400亿美元。这个组合表现极好，被收购产品中80%来自三家公司，目前增长37%。

原文 (en)

We invested almost $80 billion. the second one probably around 40 and uh as you you've said uh the performance of this portfolio is doing extremely well actually the acquire products 80% of them were in uh three companies they are growing uh 37% right now

Bourla称减肥药市场规模巨大，辉瑞将在两年后以高度差异化的产品组合入局。

我认为机会巨大。这是最大的市场之一，催生了首家万亿美元市值公司礼来。我们两年后进入这个市场，带来的产品组合高度差异化。

原文 (en)

I think it's huge. The market is as you know one of the largest markets. This is the market that created the first $1 trillion company which is Lily with exceptional performance on the obesity. We are coming to this market now in two years and uh we are coming with a portfolio but it is highly differentiated very different.

Bourla认为每月一次给药将受到强烈偏好，使辉瑞既能争取新增GLP-1患者，也能转化维持期的每周制剂患者。

我们相信人们会非常偏好每月一次的产品，这不仅让我们能在每位新增GLP-1患者中获得可观份额，还能把处于维持期的每周制剂患者转到我们的每月制剂。

原文 (en)

We believe that uh for products that they are monthly there will be a huge preference from people and that will allow us not only to gain good market share of every new patient that is going into the GLP1s but also we can switch patients that they are already on their maintenance phase in the weekly products into our monthly.

Bourla表示，后期管线进展及近期大量关键数据读出，增强了辉瑞在重点领域扩大领先地位的机会。

我们后期管线的进展，加上近期预计将有大量关键性数据读出，正在增强我们在关键领域扩大领先地位的机会。

原文 (en)

Our late-stage pipeline progress, with a significant number of pivotal readouts expected near term, is strengthening our opportunity to extend our leadership in key areas.

Bourla承诺辉瑞即便在最紧张的情景下也会维持股息，并在专利到期期过后恢复增长。

我们非常有信心，即使在我们测算的最紧张情景下，我们也能维持股息。我想一劳永逸地向所有人说清楚：股息将会维持，并在专利到期（LOE）期过后重新开始增长。

原文 (en)

We feel extremely confident that, even in the most stretched scenarios that we are running, we will be able to maintain our dividend. I want once and for all to make that clear to all: the dividend will be maintained and, after the LOE period, will start growing again.

Bourla阐述了资本配置优先顺序：再投资、维持并逐步增加股息，以及保留回购等选择空间。

以合理回报对业务进行再投资，维持并随时间推移增加我们的股息，同时为未来提升价值的举措（包括股票回购）保留选择空间。

原文 (en)

Reinvesting in the business at appropriate returns, maintaining and, over time, growing our dividend and preserving optionality for future value-enhancing actions, including share repurchases.

Bourla 表示即使在最严峻情景下辉瑞也能维持股息，并将恢复股息增长与约 2028 年专利悬崖期结束挂钩。

CEO Albert Bourla 曾表示，即使在公司测算的最严峻情景下，公司也能维持股息；他将恢复股息增长与专利独占期丧失阶段的结束挂钩，辉瑞称该阶段将拖累收入至 2028 年。

原文 (en)

CEO Albert Bourla has said that even in the most stretched scenarios the company runs, it can maintain the dividend; he ties a return to dividend growth to the end of the loss-of-exclusivity period, which Pfizer says weighs on revenue through 2028.