Pfizer Sig Vedotin Trial Protocol Amendment

Pfizer has updated its sig vedotin Phase 3 trial protocol to focus exclusively on Overall Survival as the primary endpoint. Goldman Sachs maintains a Neutral rating, citing the trial's mid-year readout as a key sentiment driver.

Key Takeaways

• 1.Pfizer amended its Phase 3 study protocol for sig vedotin (SV) in 2L+ nsqNSCLC to make overall survival (OS) the sole primary endpoint.
• 2.The amendment was made for statistical reasons in consultation with the FDA to focus all alpha on OS, the regulatory gold standard.
• 3.Goldman Sachs maintains a Neutral rating with a $26 price target, viewing the SV trial outcome as a ~+/- mid-single digit share price driver.

Table of Contents

• Valuation and Risks
• PFE (Neutral)
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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