Lance Glinn:
Welcome into another episode of the Inside the ICE House podcast. Today's guest is Dave Denton. He is the CFO of Pfizer. Dave, thanks so much for joining us Inside the ICE House. Happy to have you here.
Dave Denton:
Awesome to be here. Appreciate you hosting me today.
Lance Glinn:
So let's start with the big picture. When you look at Pfizer in 2026 after major acquisitions, pipeline expansion and shifts across the health landscape, all things we will discuss at length during this conversation, how would you just describe the current state of the company today and what is sort of most defining Pfizer right now?
Dave Denton:
Yeah. Well, interesting. We're coming into a phase where we have a fairly significant amount of either new starts of pipeline assets within our research and development portfolio and a bunch of readouts from a clinical perspective into '26. But maybe just a little bit of history lesson just real quickly. Pre COVID, the company had about $50 billion in revenue. It peaked at about $100 billion through COVID, 55 billion of that being the COVID franchise. That COVID franchise has now shrunk to about $5 billion. So we had a big windfall, if you will-
Lance Glinn:
Sure.
Dave Denton:
... as we went through that period. During that period, the proceeds that we earned through COVID, we reinvested back in the business, and we reinvested through business development and we reinvested within our pipeline, all with the focus of driving growth 'by 29 and '30, because we are faced with a bunch of LOEs, which I'm sure we'll go through that a little bit.
So our focus now is to make sure that we're investing appropriately over the next two or three years such that '29 and '30, Pfizer returns to a really solid growth platform.
Lance Glinn:
And let's talk about some of those investments and let's specifically look at one that were brought into the company. And now Pfizer has made a big investment in oncology, especially with the recent acquisition of Seagen for $43 billion. When you think about just the global cancer burden and the advancements that we've seen in targeted therapies over the last bunch of years, what made you and the leadership team conclude that now was the right time to lean heavily into oncology and go after a company like Seagen?
Dave Denton:
Yeah. Well, clearly oncology and cancer, there's a huge unmet patient need. At the moment, just I'll give you a good example. Lung cancer as an example, by the end of the decade, lung cancer by itself will be a $70 billion global franchise. And so these are big markets with big unmet patient needs. Seagen brought forth a leading ADC platform that allowed us to now enhance our research and platform in the oncology space and supplement it with what we already had within Pfizer. So leading into bladder cancer, lung cancer, blood cancer, and prostate cancer is kind of our four big focus areas. And Seagen really is allowing us to advance those therapies very rapidly at this point in time.
Lance Glinn:
And then what about Seagen though? Because you, I'm sure, come across dozens of M&A opportunities, right? And some look great on paper, but then when you take them off paper, they don't necessarily work. Some don't look great on paper, but then when you take them off paper and you really are able to combine the teams, they work great. So what about Seagen specifically? And that company stood out to you and the leadership team and said, "Hey, this is the company we're going to want to bring into ours."
Dave Denton:
Well, first and foremost, Seagen wasn't a startup. Seagen was a company that was 25 years in the making. It already had four products on the market when we acquired the company, that were doing really well within the ADC platform. It had 18 or 19 pivotal studies in the works as well. So this was essentially a proven technology. Now listen, the application of those technologies in a certain tumor types or certain areas are untested. And so we're really advancing those programs aggressively. But this was an area where you from a CFO perspective, it wasn't a complete flyer on a new technology. This technology was proven. Now there are things that need to be proven out to make it ultimately successful financially, and we're on a good path for that. But I liked it from that standpoint.
Lance Glinn:
And you said it, right? This wasn't an unknown, right? This was, as you I think mentioned in your intro, this was a proven commodity. And that means something over the course of an acquisition, especially when you're spending 40 plus billion dollars on.
Dave Denton:
Yeah. Yes, absolutely. And the good news is given the fact that it had products already in the market, those products weren't commercialized completely globally. They didn't have the reach that Pfizer does. We're commercial in about 170 countries, so immediately we could expand access to this important medicine to patients globally. So we could plug it into our commercial infrastructure. We had manufacturing capabilities to support the products almost on day one, and we had kind of a really rich history in oncology. So we had the necessary ingredients to really make Seagen successful. And so we're working on that.
Lance Glinn:
And when you look at Seagen's strengths, some of which you mentioned in your answer combined, obviously with Pfizer's global scale and all of the capabilities that it possesses, there obviously seems to be a lot of potential for accelerated innovations and commercialization, as you obviously mentioned before too. How do you envision this integration between the two companies and bringing Seagen in, really allowing for new breakthroughs in oncology?
Dave Denton:
Yeah, good point. I mean, I think if you look at the Seagen platform, really what we purchased was an R&D engine. And so that R&D engine, we essentially plugged it into our research and development platform. So as we think about... Sometimes when you do an acquisition, you talk about synergies. We didn't have a lot of cost synergies in the Seagen acquisition because it was mostly about how do you advance the ADC platform in oncology and with their scientists? So we just plugged that into our infrastructure.
We have a bit more financial strength just because of our size. So what we were able to do was to accelerate and expand the amount of clinical programs they had underway and work to make those clinical programs more in early stages of cancer, because you can reach more patients more quickly. And those are really expensive trials. The good news with Pfizer, we have the financial strength and wherewithal to be able to fund those programs.
Lance Glinn:
Sure.
Dave Denton:
So immediately we were able to accelerate the portfolio just because of our financial strength within our business model.
Lance Glinn:
Yeah. I mean, just through your answers, I can see why Seagen made a lot of sense. I could see why, like you said, there was a lot of sort of cohesion between the two prior to. And then when you're bringing Seagen in, obviously all of Pfizer's capabilities and strengths allows you to take what Seagen had, you mentioned the R&D, and really scale it at a much greater scale than maybe it was prior to. So I understand sort of the mechanisms and the strategic rationale, so to speak, of bringing in Seagen.
Dave Denton:
For sure. And just think about it in two other areas, like the commercial side. We have a field force of commercial professionals who are out calling on physicians. They immediately added these four products to their bag and were able to very quickly integrate that into our portfolio. So commercially, we were able to accelerate the development and the advancement of these programs, reaching more patients. And then secondly, Pfizer has a very big platform of manufacturing. We have 32 manufacturing plants globally. Seagen basically had no manufacturing internally. It was all outsourced. So we're bringing those platforms back into our manufacturing infrastructure and allowing us at scale to develop these drugs at a lower cost. So there are some financial synergies, but they're really about being more productive.
Lance Glinn:
And so staying on oncology, Pfizer also announced a global licensing agreement in the space with 3SBio. Now, what made this partnership so compelling? And how do you see the work between both parties fitting into Pfizer's broader oncology ecosystem?
Dave Denton:
Yeah. So the good news is that the fight in oncology is just not one technology or one therapy program. We're actually trying to advance different therapy programs. And this is another program that we think can, with the 3SBio asset, either in monotherapy or in combination with one of our products, we can advance the fight against cancer. Most likely lung cancer, but possible being able to use that platform-
Lance Glinn:
Sure. For others.
Dave Denton:
... in other types of tumors.
Lance Glinn:
And when it comes to the fight against cancer specifically, it does seem like it has to be a industry-wide fight, right? It can't just be one company, right? You bring in a Seagen, you obviously have this agreement with a 3SBio. How important is it for these sort of collaborations to happen to obviously find the best outcome for what I think is the most important stakeholder, and that's ultimately the patients?
Dave Denton:
For sure. Just look at what we've done recently. We've taken our PADCEV ADC and we've combined it with pembro, which is a Merck product. So we're looking to how we can work both in monotherapy and in dual therapy, be able to advance the fight against cancer. And so you're seeing pharma companies, both big and small, partner together with one another to go after these patients, to really bring quality of life and extend life to these patients. And I think that's one thing that's really core to Pfizer. It's probably core to a lot of pharma companies is this undying and unwavering focus on the patient and making sure that we're delivering ultimately to the patient cures and/or medicines that really change their lives.
Lance Glinn:
So I want to switch gears, excuse me, to metabolic health, right? Pfizer's acquisition of Metsera places it into one of the fastest growing therapeutic categories today. I mean, you can't watch any TV show without seeing ads or you can't go anywhere without seeing it for all these different metabolic drugs. What about Metsera's science or its platform made you and the leadership team confident that Pfizer could enter this highly competitive weight loss and metabolic disease market because it is now really highly competitive.
Dave Denton:
Yeah, for sure. It's a competitive space, but keep in mind, it's also a space that's incredibly large. Some people think 100, $150 billion annual market size globally-
Lance Glinn:
And it is something that has to continue, right? People can't just stop. It's something that doesn't end, so to speak. There's not an end date for when it's out.
Dave Denton:
I think that's right. I think these are medications that are maintenance. It actually, if not taken as a maintenance, ultimately you revert back to your prior condition. So this is a program that once you start, you're going to continue on therapy for a long period of time. I think what we got in Metsera was not one drug or one potential drug. We received a platform of multiple potential drugs that we can now plug in again to our infrastructure to develop over time. And I think the core to that is the one thing that we think is really differentiated is that an ultra long acting molecule that we think that not... Because today, most of these are taken on a weekly basis. The GLP-1s, this is probably, if successful, can be a monthly-
Lance Glinn:
Wow.
Dave Denton:
... therapy. So if you think about the fact that over time, a lot of people fall off therapy. And so instead of now taking four injections a month-
Lance Glinn:
Just take one.
Dave Denton:
... you're taking one, so now you have to just remind yourself 12 times a year, more likely that people will stay on therapy.
Lance Glinn:
And you had mentioned something in your answer, right? You said this wasn't just bringing in one drug or two drugs. It was bringing in a whole platform. How important is that to not just bring in a drug into what you're doing, but to bring in a whole platform and et cetera?
Dave Denton:
I think it's incredibly important because as I said, this is going to be a big market, 100, $150 billion market, but it's not going to be a uniform market. There's going to be a payer market where it's covered by insurance. It's going to be an out of-pocket commercial market. There's going to be people who want to be on this for a long period of time and maintain their weight at a certain level. There's people who want to maybe seasonally be on it. So there's going to be really segments of it. There's going to be people who would prefer maybe an oral medication versus an injection.
And so I thinking about the market, breaking it down into those segments and then making sure that you're developing products to meet the needs of those segments will be critically important. And so with a platform of potential medicines, you can easily accommodate that. And I think what's also important is we do have products in our pipeline legacy Pfizer that now we can potentially, again, in combination with some of the products from Metsera, create new medicines as well.
Lance Glinn:
And you mentioned in your answer, you sort of segmented it, right? There are going to people who want to take it every month or every week, whatever it might be. They're going to people who want to take it more seasonally. They're going to be the insurance payers, they're going to be the out of-pocket payers. So to me, that screams that this is a market that is going to be one that evolves, right? You're going to need to be durable. You're going to need to be adaptable if you really want to succeed in it. So how do you think about building that durable long-term leadership in the category and for it to become a major growth engine for Pfizer?
Dave Denton:
Well, I think it starts with the product. I mean, at the end of the day, the product needs to be differentiated in the marketplace. It needs to meet the needs of the patients, not just clinically, but also from a behavioral perspective. And I think I've heard this many times, good medicines don't sell themselves. I think that our commercial engine will allow us to have a bigger reach both to healthcare professionals, but also we have a long history in direct to consumer marketing. So if you think about that in the past, we'll be able to leverage that experience and reach more patients as we reach out to consumers specifically.
Lance Glinn:
Yeah, I like that. Medicines don't sell themselves. And obviously Pfizer's commercialization capabilities are humongous and a real engine for the company to provide services to patients, for sure. So I want to take these acquisitions and these partnerships together, right, sort of bunch them all through. When you see a potential deal or a potential opportunity, when it comes across your desk, when it comes across the leadership team's desk, how do you balance the financial realities with also the strategic potential? How do you make sure that both things are put into focus and it makes sense on both counts?
Dave Denton:
Yeah, it's a really good question and it's a really healthy balance and push and pull from a priorities' perspective. And we're always thinking about what is best. I think at the end of the day, we always start with the patient and the unmet patient need and understanding the size of the market. And as we think about potentially making investment, which by the way, over the last five years, we've basically done about between 75 and $80 billion of business development in the past four years. That's a pretty big allocation of capital into that space. Because we've already made those investments, our balance sheet is a bit more constrained than I'd like it to be. So we're a little levered, a little higher. We still have capacity to do six or seven billion dollars in business development over the next several years, but we're probably constrained a bit now at that point.
So what's most important for us going forward for the next two or three years is to really advance the pipeline of what we have internally developed and what we've purchased in these BD transactions to ultimately return to growth. And once we get into the growth cycle, again, our business development capacity will expand dramatically.
Lance Glinn:
And that return to growth, because you mentioned earlier, '29, 2030, that is sort of the goal or that's sort of what you're aiming for those years of return to growth?
Dave Denton:
That is correct. If you think about '26, '27, and '28, in the life cycle of products, we have several products that are losing patent protection. In '26, we'll lose about a billion and a half dollars. In '27, it's about three and a half to four billion, and in '28, it's about $6 billion. So those are significant headwinds to us from a top line perspective. The good news is we've done all these BDs and advanced our pipelines such that we're going to more or less kind of offset that over that period of time, but we're not going to be a growth engine during that period. But what we are going to do is after that's behind us, '29 and '30 can really be an area for us to launch and really return to growth.
Lance Glinn:
That makes sense. Yeah. It seems like '29, '30 could really be takeoff years-
Dave Denton:
Correct.
Lance Glinn:
... so to speak, for Pfizer and like you said, return to that growth. And look, Pfizer does operate a large established portfolio across many therapeutic areas. Obviously we talked about oncology, we mentioned metabolic drugs as well, but at the same time, these therapeutic areas, you need to deploy at times capital into high growth, future facing spaces too. How do you strike the balance between nurturing the existing portfolio, similar to the last question, of figuring out how do you balance the things in a deal? Just with the existing portfolio, how do you balance nurturing that while still investing in the next generation?
Dave Denton:
That's a really good question because we think about that a lot. And it's particularly true in the vaccine space. We have a lot of vaccines and if you think about what we've done in the vaccine portfolios, we've created the next generation vaccine. In not all cases are you creating kind of white space, you're improving your existing platform. You went from Prevnar 13 to Prevnar 20. Now we're working on something higher than that.
Lance Glinn:
Sort of an evolution of sort of the same things.
Dave Denton:
That's correct. So it's almost replacement revenue at some level. But I think what we've done from a company perspective, we spend about $11 billion annually on research and development internally. We think that's about the right level for us to advance our programs across the four therapeutic areas in which we support. And so we're going to kind of ring-fence that amount. And then we'll work to manage our cost structure, to deliver for earnings at a productive level, realizing we have headwinds for the next two or three years, but all again with line of sight of growing in '29 and '30. Because once you start to grow, you really can unlock the power of Pfizer and the financials.
Lance Glinn:
So I want to flip the conversation, pivot a little bit to your history. Now your earlier experience in the healthcare services span two decades or about two decades at CVS Health, that prior time I think gives you a really sort of unique lens on the evolution of the industry as a whole. Or I guess how has that background of being at CVS Health, being elsewhere and then coming to Pfizer, how has that background sort of influenced the way that you approach your role at Pfizer, especially in a world today that is as interconnected really as ever?
Dave Denton:
Yeah, good question. I think as I thought about my experience coming to Pfizer, maybe I didn't really understand drug development and the nuances of that. So that was kind of a learning experience for me, which was really great. But what I did understand was that I'll say the friction, if you will, and the complexity of how drugs ultimately make it to patients. And not just make it to patients from a logistics perspective and engaging with the pharmacist, but more importantly is how the reimbursement overlay with insurance and PBMs and formulas and copays and incentives and how all of those mechanisms operated in the background and influence what medicines are ultimately dispensed in the pharmacy counter and given to a patient.
So I think that experience and this focus on the consumer and the patient has really allowed me to pivot and put direction into our focus at Pfizer to make sure we're doing these things in a way that reduces the friction, allows for better access to our medications, and also really supports patients understanding the medication. So if they can understand it and understand the impact of that, they're more likely than not to stay on therapy longer.
Lance Glinn:
And speaking of that understanding, how important is that, right? Because I would think for something obviously like medicines and drugs and people want to be as informed as possible, how important is that education to make sure that people understand what Pfizer's doing, understand the benefits of what Pfizer is providing. How important and how much does Pfizer take into account that education perspective?
Dave Denton:
I think it's critically important. It's critically important in two areas. One is direct to the patient, but it's also making sure that their healthcare professional understands the medicine that they're prescribing. They understand the impact of it, both good and bad. Sometimes there's side effects in the beginning, so managing patients through the side effects is really important because it allows them to stay on therapy longer. So I think all of that is really critical. And as we think about advancing our commercial engine, we're actually using technologies to support our field force so they can have a more robust conversation with physicians. And so I look at that as a way in which we can really begin to improve adherence. And if you really step back at pharmaceuticals in general, I think in some cases this nuance is lost. I think if we actually made sure that patients were on therapy more completely and were using the proper regimen of prescription medication, while you might spend a little bit more in pharmacy, you actually save a lot in the other parts of the healthcare system.
Lance Glinn:
Yeah. Good point.
Dave Denton:
It's a really good return on investment. And I think we kind of get lost in the fact of, okay, we're going to try to manage pharmacy cost over here, then we're going to come over here and try to manage hospital costs or physician costs. If you step back and thought about more completely, you say, "Well, maybe I'd spend a little bit more and lean into pharmacy." That by itself-
Lance Glinn:
That saves money for hospital.
Dave Denton:
Yeah. So I think that nuance, and I think some health insurers understand that. I don't think it's fully comprehended completely, but that notion is something that we're working on as well.
Lance Glinn:
No, I think that's a great point. That's something I certainly wasn't thinking about coming in, but I think that makes a lot of sense, right? The more you spend on one, well, obviously no one wants to spend a ton of money, right? The more you spend on one, the more you can save on the other. So it's that sort of like domino effect essentially.
Dave Denton:
Yeah, because you think about like $100 in healthcare spend, about 17 or 18 of that hundred is in pharmacy. The rest of it is in the rest of the healthcare system. So it's a relatively small percentage. So if you move that 17 to 20, but could save five points someplace else, great ROI.
Lance Glinn:
So to your experience again, having spent those two decades at CVS Health, obviously now with Pfizer, you've, I said before, have seen the healthcare industry evolve, have seen it sort of change as the years through technology, through different shifts and landscape changes. How do you and how does Pfizer really prepare each day for a world that is constantly transforming, right? Between technology, between landscape shifts, you really can't remain complacent in what is going on. You have to constantly be thinking about what's next. How do you and Pfizer make sure that happens?
Dave Denton:
Yeah, really complicated environment-
Lance Glinn:
I'm sure we could do a full podcast-
Dave Denton:
... very complicated work.
Lance Glinn:
... on that question alone.
Dave Denton:
But I think first, I think what you can't do is lose sight of it. At the end of the day, you're working to create great medicines for really high unmet patient needs, and that has got to be your North Star. So I think you can't lose sight of that, number one. Secondly, clearly what has happened over time and continues to advance, and we talked about this with the obesity franchise, consumers are becoming more active in the healthcare ecosystem, and they're becoming more active because they know more. The technology is allowing them to get more information, to do research.
Lance Glinn:
It's information instantaneously.
Dave Denton:
Correct. So I think also making sure that you are communicating with those patients and making sure that you're advancing their knowledge, I think is critically important. And this is all about partnerships at some level. I think you can't always be at odds with the insurers and the PBMs. I think being able to work with the insurance overlay, whether that be the government because of Medicare and Medicaid, or whether it be the commercial infrastructure, leaning into those payer relationships are really important. And I think we and our teams have done a nice job of trying to figure out how do we work with them ultimately to get the best outcome for patients.
Lance Glinn:
Sure.
Dave Denton:
And we're using technology. There's a lot of talk about artificial intelligence and I think we're trying to embrace, we are embracing AI. We're probably in the first inning of how AI maybe can be used across our businesses and across biopharma in general. But I think being on top of that and investigating and experimenting and through trial and error, use these technologies to how you can unlock value.
Lance Glinn:
Is it more of a front end integration? Is it a backend integration?
Dave Denton:
I think at the moment we're probably more front end in the sense of we're using AI to help our field force have better engagement with healthcare professionals and focus on the right healthcare professional. We're using obviously in technology to code new programs. Those are straightforward. Whereas-
Lance Glinn:
But there are things that make things more efficient, right?
Dave Denton:
Correct.
Lance Glinn:
There are things that speed things up, right? Something that may have taken you an hour now takes you 10 minutes.
Dave Denton:
That's correct. I think where it's going to change though, ultimately, it's going to help discovery.
Lance Glinn:
Sure.
Dave Denton:
And I think we're working to advance the discovery utilization of AI. That's going to take some time, but I think because these technologies they need to learn and we need to learn how to use the most effectively, but I think that will be ultimately the unlock.
Lance Glinn:
Yeah. And a previous guest on the podcast, and I use this quote all the time because I thought it was great quote from him. He said, "AI is the worst it'll ever be right now." And to your point, we're only in sort of the first innings of what might even be more than a nine inning ballgame. So it is the worst it's ever been right now. Like you said, these technologies are going to continue to learn. It could have find its way into R&D and could help with drug discovery, drug acceleration. So I think, to that point, are there any sort of, not hopes, hopes is sort of the wrong word, but things about AI that sort of make you optimistic for what it could be in the future?
Dave Denton:
Yeah. I think in our research and development infrastructure, I think we partner with 20 or 25 different AI companies today because a lot of these companies at the moment have very narrow niches from a clinical perspective of what they're trying to do. So one area that we use a lot is, I'll call it protein mapping. So we understand what does a protein look like? How does that protein attract to a certain molecule? And if we can understand what it looks like in its totality, we can better use that to design medicines that protein can actually take that medicine to a specific cell, particularly like a cancer cell and say, "I want to kill this cancer cell." And so there's big unlocks there potentially, but that'll take some time to evolve and create that.
Lance Glinn:
But it is exciting, I think, for someone who's not a part of the pharmaceutical industry. It is exciting to see the potential unlocks that could come because I think there are potential unlocks that if harness the right way could really save a lot of lives and could really accelerate medicines forward in a pretty dramatic and pretty positive way. So I think it's exciting to see, while it will take time to see what the future could look like with AI, not necessarily at the helm, but benefiting what obviously a company like Pfizer is already doing. And to that same point, there does still always have to be that human component to it. It can't be a sole reliability on this technology.
Dave Denton:
That's right. And I think a couple things, and you said it well, is that even if there's not any new discovery, just using AI to improve the cycle time will save millions of lives across the industry if we do it right. So if we get a cancer drug to market six months earlier, if you've got patients, you're going to save their life, extend their life. So that part I think is really encouraging and really hopeful. And we actually see line of sight to that today on the cycle time, I think the discovery will take a little bit more time.
Lance Glinn:
When you step back, both in your role as CFO, but just as a leadership team as a whole, how do you evaluate whether you are succeeding, not just obviously financially, but strategically and scientifically, right? How does Pfizer really gauge that?
Dave Denton:
Well, I think at the end of the day, it's all about creating medicines. So I think we look and measure kind of our productivity of medicines or potential medicines as they go through the stages of development through discovery, through phase one, two, three, and ultimately into regulatory approval. And so we're constantly trying to measure our progress as we advance through those cycles. And keep in mind in the first phase of drug discovery and development, maybe there's a 15, 20% success rate. So what you have to do, and I think this is where kind of a financial mathematical lens is really important, is you need to make sure you have enough shots on goal, if you will, such that at the end of the day, you're creating and you're fueling your pipeline because in the beginning, eight out of 10 are going to drop away, so you're left with two. When you go forward, one of those has got to drop out. So you have to mathematically layer yourself in with potential medicines over time so that you're constantly feeding this beast, call it a commercial engine.
Lance Glinn:
Absolutely. Absolutely. And we talked earlier in our conversation about the current state of the company today. I think that was back in the first question, but as you look at the remainder of 2026, what the rest of the year holds, what should stakeholders from investors to employees, patients among many other groups, what should they understand about Pfizer's rest of the year outlook?
Dave Denton:
Yeah, I think we gave our guidance late in December, late last year, and I think as we look as we progress this year, we feel very confident in both our top line and our bottom line. I'll put a little asterisk on one franchise that's always tricky to predict and that's the COVID franchise. But again, these are years in which you're not going to see growth on a top line or bottom line for us. You're going to see both of those declining a bit as we go into '26 and beyond until we again return to growth in the back half of the decade.
Lance Glinn:
Looking out over the next several years, I know you talked about this eye on '29, 2030, as you then have that engine for growth and have that engine to really take off revenue wise. When you take all the acquisitions that we discussed into account and the different R&D opportunities and the different technologies, everything we stuffed into this conversation, to you, what does the next chapter of Pfizer really look like?
Dave Denton:
Well, I think the good news is if you think about strategically, at least for the rest of this decade, we set the stage. We came off the COVID high, we took the proceeds out of COVID, we reinvested in the business and we did business development to support our franchise going forward, all with the lens that we knew we had these LOEs coming up.
So we've kind of solved for strategically what's required for the end of the decade. Now the good news is the franchises that we have, we need to continue to develop them. Cancer in oncology is a huge market, much bigger than obesity in totality. And so if you look at the franchise that we have, we have a lot of substrate that continue to expand those franchises. So the good news, we don't need a lot of business development to supplement our business right now. We will do that because it'll be opportunistically supportive for us. But then today, we need to execute. So we're about execution, driving focus, and clinically focused in these areas that we've already developed.
Lance Glinn:
You need to execute. I'm excited to see Pfizer execute over the next bunch of years. Dave, thanks so much for joining us Inside the ICE House.
Dave Denton:
Thank you for having me. I really appreciate it.