Inside the Room: Key Questions from the Goldman Sachs Annual Global Healthcare Conference
June 17, 2025
Last week, Pfizer’s Chairman and CEO Albert Bourla sat down with Asad Haider, head of U.S. healthcare equity research for Goldman Sachs, at the bank’s 46th Annual Global Healthcare Conference. Their discussion covered a number of topics, including Pfizer’s financial performance, M&A priorities, and drug development pipeline.
Here is a summary of some of the questions that were asked – and the key takeaways from Albert’s responses to each.
Risks and Opportunities in the Pharmaceutical Industry
When asked about the external environment and the impact of potential policy changes on the industry, Albert discussed the risks that have emerged under the current administration but also highlighted several potential opportunities for improving healthcare, such as reforming the practices of pharmacy benefit managers (PBMs), whose misaligned incentives drive up the costs of medicines for U.S. patients.
Updates on Pfizer’s Productivity Improvement Initiatives
Albert reiterated Pfizer’s goal to continue to reduce operating expenses through its ongoing cost realignment program, which is expected to drive margin improvement. In particular, he emphasized that a key driver of these savings will be the deployment of technology, like automation, digitization and AI, which are helping Pfizer reduce both cost of goods sold and operating expenses.
Pfizer’s M&A Strategy
There were several questions on Pfizer’s M&A strategy following its recent licensing agreement with 3SBio (which is expected to close in Q3 2025, subject to fulfillment of customary closing conditions). Albert highlighted Pfizer’s focus on promising assets that address unmet medical needs, and shared that internal medicine and obesity are key areas of interest based on Pfizer’s current portfolio. However, he emphasized the importance of maintaining a disciplined approach to valuations for any potential asset.
Pfizer’s Product Pipeline
The discussion concluded with updates on the outlook for several of Pfizer’s products, including Phase 3 readouts expected by the end of the year for:
- ELREXFIO, which is approved to treat certain patients with relapsed or refractory multiple myeloma. A successful study and approval for the potential new indication would extend ELREXFIO’s benefit to a significantly greater number of patients.
- PADCEV, a medicine for patients with a certain type of bladder cancer. If successful in the Phase 3 trial and approved for the potential new indication (muscle-invasive bladder cancer), PADCEV, in combination with pembrolizumab, would provide a meaningful new option for patients and the addressable population would increase significantly.
Forward-looking statements included herein and in the linked content, including those related to our anticipated operating and financial performance, our productivity improvement initiatives, our research and development strategy and productivity, our product and pipeline advancements and candidates, and our capital allocation strategy and dividend, speak only as of the original date they were made and are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties.These reports are available at pfizer.com and the SEC’s website.