Slide 1: Pfizer Provides Full-Year 2025 Financial Guidance
Pfizer Provides Full-Year 2025 Financial Guidance December 17, 2024 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President 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 4
Slide 5: Strategic Priorities
5 Strategic Priorities Executing with excellence against our strategic goals • Achieve world-class Oncology leadership • Deliver the next wave of pipeline innovation • Maximize performance of our new products • Expand margins by realigning our cost base • Allocate capital to enhance shareholder valu
Slide 6: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President 6
Slide 7: Reaffirms 2024 Financial Guidance
Reaffirms 2024 Financial Guidance1 Revenues $61.0 to $64.0 Billion Adjusted2 SI&A Expenses $13.8 to $14.8 Billion Adjusted2 R&D Expenses $11.0 to $12.0 Billion Effective Tax Rate on Adjusted2 Income ~13.0% Adjusted2 Diluted EPS $2.75 to $2.95 1. Last updated on October 29, 2024. 2. See slide 15 for
Slide 8: 2024 Baseline - Financial Guidance
2024 Baseline - Financial Guidance1 2024 Guidance1 2024 Non-Recurring (Baseline excluding 2024 Guidance Items Non-Recurring Items) Reported Revenues $61.0 – $64.0B ~($1.2B) $59.8 – $62.8B Adjusted2 Diluted EPS $2.75 – $2.95 ~($0.30) $2.45 – $2.65 2024 Non-Recurring Items • 2024 benefit from one-time
Slide 9: 2025 Financial Guidance: Revenue and Adjusted Diluted EPS
2025 Financial Guidance1: Revenue and Adjusted1 Diluted EPS 2024 Guidance2 (Baseline excluding 2025 Financial Operational non-recurring items) Guidance1 Growth3 Reported Revenues $59.8 – $62.8B $61.0 – $64.0B ~ flat to ~ 5% (midpoint $61.3B) Adjusted1 Diluted EPS $2.45 – $2.65 $2.80 – $3.00 ~ 10% to
Slide 10: Inflation Reduction Act (IRA) Impact in 2025
Inflation Reduction Act (IRA) Impact in 2025 2025 IRA Part D Redesign Items Impacting Our Business • $2,000 annual out-of-pocket cap and new Prescription Payment Plan • Sunsetting of the Coverage Gap Discount Program and addition of new manufacturer discounts in the initial and catastrophic coverage
Slide 11: 2025 Key Product Assumptions and Considerations
2025 Key Product Assumptions and Considerations Materially stable vaccination rates and market share in U.S. and revenue phasing similar to 2024, primarily concentrated in the back-half of the year with the distribution Comirnaty* between Q3 and Q4 dependent on the timing of strain selection and app
Slide 12: 2025 Financial Guidance: Other Components
2025 Financial Guidance1: Other Components Reported 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 slide 15 for definitions, includi
Slide 13: Key Takeaways
Key Takeaways • Expect modest operational revenue growth in 2025 compared to the midpoint of our 2024 baseline guidance1 • Expect meaningful ~ 10% to ~ 18% operational growth2 in Adjusted3 Diluted EPS in 2025 compared to the midpoint of our 2024 baseline guidance1 • Maintain our strong commitment to
Slide 14: Q&A Session
Q&A Session Questions Answers 14
Slide 15: Footnotes
Footnotes (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 on a forward-