Slide 1: First Quarter 2025 Earnings Teleconference
First Quarter 2025 Earnings Teleconference April 29, 2025 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President First Quarter 2025 Earnings 2
Slide 3: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information • Our discussions during this conference call will include forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such sta
Slide 4: Opening Remarks
Opening Remarks Albert Bourla Chairman and Chief Executive Officer First Quarter 2025 Earnings 4
Slide 5: Execution with Focus and Discipline on our Strategic Priorities
Execution with Focus and Discipline on our Strategic Priorities • Improve R&D productivity with sharpened focus • Expand margins and maximize operational efficiency • Achieve commercial excellence in our key categories • Optimize capital allocation First Quarter 2025 Earnings 5
Slide 6: Improve R&D Productivity with Sharpened Focus
Improve R&D Productivity with Sharpened Focus Strengthened our R&D Organization Commitment to Rigorous Portfolio Prioritization Chris Boshoff Chief Scientific Officer and President, R&D Oncology Internal Inflammation Vaccines and Immunology Medicine • Driving increased productivity Jeff Legos Annali
Slide 7: Strong Year of Pipeline Catalysts in 2025
Strong Year of Pipeline Catalysts in 2025 2025 Expect 4 regulatory decisions, 9 Phase 3 readouts and significant series of pivotal program starts1 Achievements YTD 2025 Regulatory Decisions Phase 3 Readouts Pivotal Program Starts • ABRYSVO (EU) • BRAFTOVI (BREAKWATER PFS) • Atirmociclib (CDK4i) RSV
Slide 8: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories 2025 Refined commercial model to deliver focused execution in both U.S. and International regions Oncology Vaccines Internal Medicine Inflammation 1 family2 and Immunology 1. Pfizer and Astellas have a collaboration agreement to co-develop PADCEV®.
Slide 9: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President First Quarter 2025 Earnings 9
Slide 10: Q1 2025 Revenues and Adjusted Diluted EPS
Q1 2025 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $13.7B $0.92 Solid First Quarter Results Delivering Robust Earnings Performance 1. See slides 21-22 for definitions, including with respect to non-GAAP financial measures. First Quarter 2025 Earnings 10
Slide 11: Quarterly Revenue and Non-GAAP Financial Highlights
Quarterly Revenue and Non-GAAP Financial Highlights1 Op. $ in billions, except EPS Q1 2025 Q1 2024 Key Highlights Change Decrease primarily driven by a decline in Paxlovid revenues, partially offset by 2 growth from the Vyndaqel family, Comirnaty1, and several other products across Revenue $13.7B $1
Slide 12: Q1 2025: Allocating Capital to Enhance Shareholder Value
Q1 2025: Allocating Capital to Enhance Shareholder Value Driving a balanced capital allocation strategy to reinvest in our business and return value to shareholders Maintain and De-lever Our Reinvest in Our Share Grow Our Balance Sheet Business Repurchases2 Dividend $2.4B < 3.25x $2.2B None complete
Slide 13: Delivering Operating Margin Expansion through Productivity Gains
Delivering Operating Margin Expansion through Productivity Gains Significant progress driving operational efficiency throughout our business 2024 2025 2026 2027 Phase 1 Manufacturing Optimization Program $1.5B Cost Realignment Program1 $4.5B $1.2B $5.7B Cost Realignment Program - R&D $0.5B Net Cost
Slide 14: Reaffirms 2025 Financial Guidance
Reaffirms 2025 Financial Guidance1 Revenues $61.0 to $64.0 Billion Adjusted1 SI&A Expenses $13.3 to $14.3 Billion Adjusted1 R&D Expenses $10.7 to $11.7 Billion Effective Tax Rate on Adjusted1 Income ~15.0% Adjusted1 Diluted EPS $2.80 to $3.00 1. See slides 21-22 for definitions, including with respe
Slide 15: Key Takeaways and Expectations
Key Takeaways and Expectations • Focused on maximizing commercial value of product portfolio • Committed to driving value-creating innovation and strengthening pipeline • Productivity gains and operating margin expansion driven by ongoing cost improvement programs • Continued focus on mitigation opp
Slide 16: Q&A Session
Q&A Session Questions Answers First Quarter 2025 Earnings 16
Slide 17: Select 2025 Pipeline Catalysts
Select 2025 Pipeline Catalysts Anticipated Regulatory Decisions Anticipated Phase 3 Readouts Potential Pivotal Program Starts Compound Indication Compound Indication Compound Indication RSV Infection BRAFTOVI 1H 2025 ABRYSVO (EU) (18-59 Years) ✔ (BREAKWATER PFS) 1L BRAFm mCRC ✔ Atirmociclib (CDK4i)
Slide 18: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress February 4, 2025 to April 28, 2025 Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved Focus Area Compound Indication Compound Indication Compound Indication Compound Indication Inflammation and Immun
Slide 19: Glossary: Select Pipeline Assets (1 of 2)
Glossary: Select Pipeline Assets (1 of 2) Phase of Compound Name Mechanism of Action Target Indication Development Submission Type BRAFTOVI® (encorafenib) + 1L BRAF-Mutant Metastatic Colorectal Cancer ERBITUX® (cetuximab) + BRAF kinase inhibitor Registration Product Enhancement (BREAKWATER) chemothe
Slide 20: Glossary: Select Pipeline Assets (2 of 2)
Glossary: Select Pipeline Assets (2 of 2) Phase of Compound Name Mechanism of Action Target Indication Development Submission Type 1L HER2+ Maintenance Metastatic Breast Cancer TUKYSA® (tucatinib) HER2 tyrosine kinase inhibitor Phase 3 Product Enhancement (HER2CLIMB-05) ER+/HER2- Metastatic Breast C
Slide 21: Footnotes (Page 1 of 2)
Footnotes (Page 1 of 2) (1) Pfizer does not provide guidance for U.S. generally accepted accounting principles (GAAP) Reported financial measures (other than revenues) or a reconciliation of forward- looking non-GAAP financial measures to the most directly comparable GAAP Reported financial measures
Slide 22: Footnotes (Page 2 of 2)
Footnotes (Page 2 of 2) (5) References to operational variances in this presentation pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate changes are part of Pfizer’s business, they are not within Pfizer’s control and because they ca