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  "notes": "The slide uses analyst quotes to build a case for competitive pressure on Pfizer's core product.",
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      "text": "Excerpts From Wall Street Research Analysts",
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      "text": "Based on our proprietary PCV market model (NOTE)... we continue to believe VAX-31, if successful, will take up the lion's share in a growing ~$10B+ future PCV market.",
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      "text": "VAX-31 APPEARS BEST-IN-CLASS & SHOULD LEAD THE EXPANDING ADULT + INFANT MARKET... VAX-31 met non-inferiority to PCV20 across the board... The ~$8B market could grow to over $13B by 2027",
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      "text": "Prevnar-20 is the leading pneumococcal vaccine, but Merck’s 21-valent Capvaxive for adults could be a headwind to growth; other 20+ valent vaccines for infants are in development at MRK, GSK, PCVX, and SNY.",
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      "text": "VAX-31 has the potential to displace Prevnar 20 (and one could argue even MRK's Capvaxive (PCV21), though we generally think ACIP may prefer having some redundancy in the system).",
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      "text": "Pfizer must continue to innovate with Prevnar to fend off looming threats.",
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      "kind": "title",
      "text": "... Though Now There Are Concerns About Threats to Pfizer’s PCV20 From Potential New Vaccines",
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