Slide 1: First Quarter 2021 Earnings Teleconference
First Quarter 2021 Earnings Teleconference May 4, 2021 Breakthroughs that change patients' lives ®
Slide 2: Introduction
Introduction Chuck Triano Senior Vice President, Investor Relations
Slide 3: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information l 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
Slide 5: Q1 2021 Revenues Grew 42% Operationally; Excluding BNT162b2, Revenues Grew 8%
Q1 2021 Revenues Grew 42% Operationally; Excluding the Impact of BNT162b2, Revenues Grew 8% Operationally $1,643M +25% op $453M +88% op(1) U.S. $981M, +22% >23,500 patients diagnosed; Int'l $662M, +29% op >17,000 got prescription; >10,500 received drug Pfizer-BioNTech COVID-19 Vaccine $3,462M $538M
Slide 6: Updates on BNT162b2 Expected Strong Performance in 2021
Updates on BNT162b2 Expected Strong Performance in 2021 - Anticipate revenues of ~$26B for BNT162b2 in 2021 - This reflects ~1.6B doses expected to be delivered in 2021 under contracts signed as of mid-April 2021 - If additional contracts are signed, we will provide a Manufacturing and Supply guidan
Slide 7: Key Near-term Potential Milestones for COVID-19 Vaccine Program
Key Near-term Potential Milestones for COVID-19 Vaccine Program (2021)(1) 12-15 yr. EU 16-85 yr. US Maternal Ph 2 PCV20 + b2 Submission BLA Submission Safety Data Co admin. Readout Booster Pivotal 2-5 yr. Pivotal Readout 0.5-2 yr. Readout & US EUA Submission Pivotal Readout Apr May Jun Jul Aug Sept
Slide 8: Two Protease Inhibitor Antiviral Candidates
Two Protease Inhibitor Antiviral Candidates(1) Intravenously Administered Protease Oral Protease Inhibitor Inhibitor • Three development pathways will • In-patient Phase 1b studies in the U.S., evaluate: Spain, Belgium and Brazil – Compared with placebo • Expect to begin Phase 2/3 study in Q2 – Comp
Slide 9: mRNA Flu Vaccine
mRNA Flu Vaccine • Two potential mRNA approaches to a flu vaccine expected to enter the clinic in Q3 2021 • Will test multiple constructs in Phase 1/2 to facilitate selection of optimal tetravalent flu product dose regimen First Quarter 2021 Earnings 9
Slide 10: Selected Pipeline Updates (1 of 3)
Selected Pipeline Updates (1 of 3) VACCINES INTERNAL MEDICINE • 20-Valent Pneumococcal Conjugate Vaccine • Relugolix combination therapy candidate in adults ages 18 or older ◦ Collaboration with Myovant Sciences to ◦ FDA reviewing BLA with PDUFA date in June 2021 commercialize for uterine fibroids a
Slide 11: Selected Pipeline Updates (2 of 3)
Selected Pipeline Updates (2 of 3) INFLAMMATION & IMMUNOLOGY ONCOLOGY • Ritlecitinib (JAK3-TEC selective) • Talazoparib ◦ Phase 2b/3 study expected to read out in late Q3 ◦ TALAPRO-1: Phase 2 study in 2L+ patients with 2021 for alopecia areata DDR mutations • Abrocitinib ◦ TALAPRO-2: Phase 3 study i
Slide 12: Selected Pipeline Updates (3 of 3)
Selected Pipeline Updates (3 of 3) RARE DISEASE RARE DISEASE • Fidanacogene elaparvovec (Hemophilia B gene • Fordadistrogene movaparvovec (Duchenne therapy) muscular dystrophy gene therapy) ◦ Phase 3 lead-in study fully enrolled with more than ◦ Progressing our Phase 3 CIFFREO trial with 15 trial 40
Slide 13: Our Engagement in a Key Policy Issue: Affordable Access
Our Engagement in a Key Policy Issue: Affordable Access Ü Three key areas where we are focused on Ü At state level, addressing patient affordability: working with the Biden Administration and • Legislation to require 100% of negotiated Congress on meaningful solutions for patient rebates to be passe
Slide 14: Financial Review
Financial Review Frank D'Amelio Chief Financial Officer and Executive Vice President, Global Supply
Slide 15: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights REVENUES ADJUSTED COST OF ADJUSTED SI&A SALES(1) EXPENSES(1) $14.6B +42% op $4.2B +110% op $2.7B +7% op Primarily driven by BNT162b2, Eliquis, Primarily driven by sales of BNT162b2 which Reflecting, among other things, an increase in Vyndaqel, Xeljanz, Xtandi an
Slide 16: 2021 Financial Guidance
2021 Financial Guidance(1) $70.5 to $72.5 billion Revenues (previously $59.4 to $61.4 billion) 38.0% to 39.0% Adjusted Cost of Sales(1) as a Percentage of Revenues (previously 32.0% to 33.0%) Adjusted SI&A Expenses(1) $11.0 to $12.0 billion $9.8 to $10.3 billion Adjusted R&D Expenses(1) (previously
Slide 17: Assumptions Related To BNT162b2 within 2021 Financial Guidance
Assumptions Related To BNT162b2 within 2021 Financial Guidance(1) Approximately $26 billion Revenues for BNT162b2 (previously approximately $15 billion) Adjusted Income(1) Before Tax (IBT) High-20's as a Percentage of Revenues Margin For BNT162b2 Ü Revenue estimate reflects 1.6 billion doses expecte
Slide 18: Selected 2021 Financial Guidance Ranges Excluding BNT162b2
Selected 2021 Financial Guidance(1) Ranges Excluding BNT162b2 $44.6 to $46.6 billion Revenues (previously $44.4 to $46.4 billion) Adjusted Cost of Sales(1) as a Percentage of 21% to 22% Revenues Adjusted Diluted EPS(1) $2.50 to $2.60 Midpoint of Revenue Range Reflects 6% Op Growth Compared to 2020 R
Slide 19: Key Takeaways
Key Takeaways Delivered a strong quarter, highlighted by 42% operational revenue growth. Excluding revenues for BNT162b2 of $3.5 billion, revenues grew 8% operationally Raised FY 2021 financial guidance(1) for revenues to a range of $70.5B-$72.5B and Adjusted Diluted EPS(1) to a range of $3.55-$3.65
Slide 20: First Quarter 2021 Earnings Teleconference Q&A Session
First Quarter 2021 Earnings Teleconference Q&A Session May 4, 2021 Breakthroughs that change patients' lives ®
Slide 21: Footnotes (Page 1 of 2)
Footnotes (Page 1 of 2) (1) Revenues is defined as revenues in accordance with U.S. generally accepted accounting principles (GAAP). Reported net income and its components are defined as net income attributable to Pfizer Inc. and its components in accordance with U.S. GAAP. Reported diluted earnings
Slide 22: Footnotes (Page 2 of 2)
Footnotes (Page 2 of 2) ▪ On April 9, 2020, Pfizer signed a global agreement with BioNTech to co-develop a first-in-class, mRNA-based coronavirus vaccine program, BNT162, aimed at preventing COVID-19 infection. In connection with the agreement, Pfizer paid BioNTech an upfront cash payment of $72 mil