Slide 1: Third Quarter 2025 Earnings Teleconference
Third Quarter 2025 Earnings Teleconference November 4, 2025 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Third 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 Third Quarter 2025 Earnings 4
Slide 5: Q3 2025: Pivotal Strategic Milestones
Q3 2025: Pivotal Strategic Milestones Agreement with Proposed Acquisition Close of 3SBio U.S. Government of Metsera1 Licensing Agreement • Voluntary agreement • Opportunity to accelerate and • Potential foundational provides greater clarity expand presence in obesity backbone in our Oncology with hi
Slide 6: Potentially Practice Changing Therapies Highlighted at ESMO 2025
Potentially Practice Changing Therapies Highlighted at ESMO 2025 ** *** * Phase 3 EV-303 Trial Overall Survival1 Single Arm Phase 2 PHAROS Trial OS5,6 Phase 3 EMBARK Trial Overall Survival7 XTANDI + PADCEV + Pembro Overall Survival, % 67% Leuprolide Overall Survival, % Overall Survival, % 54% 49% Le
Slide 7: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories Q3 '25 Continued to build on our market leadership for key products in U.S. and International markets family1 2 • 7% YoY operational growth • 22% YoY operational growth • 13% YoY operational growth • Foundation of care for patients • Market leader
Slide 8: Achieve Commercial Excellence in our Key Categories: Prevnar family
Achieve Commercial Excellence in our Key Categories Q3 '25 Achieving momentum with vaccine portfolio in International markets Prevnar family1 • 17% YoY operational growth in ex-U.S. • 75% YoY operational growth in ex-U.S. • Leader in pediatric PCV market with achieving significant International ~140
Slide 9: 2025 Strategic Priorities
2025 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 Third Quarter 2025 Earnings 9
Slide 10: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President Third Quarter 2025 Earnings 10
Slide 11: Q3 2025 Revenues and Adjusted Diluted EPS
Q3 2025 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $16.7B $0.87 Solid Third Quarter Results Demonstrate Focused Execution 1. See slides 23-24 for definitions, including with respect to non-GAAP financial measures. Third Quarter 2025 Earnings 11
Slide 12: Quarterly Revenue and Non-GAAP Financial Highlights
Quarterly Revenue and Non-GAAP Financial Highlights1 Op. $ in billions, except EPS Q3 2025 Q3 2024 Key Highlights Change Decrease primarily driven by a year-over-year decline in COVID-19 product Revenue2 $16.7B $17.7B -7% revenues Decrease primarily driven by a favorable revision of estimated accrue
Slide 13: Strong Revenue Growth from Recent Launches and Acquired Products
Strong Revenue Growth from Recent Launches1 and Acquired Products2 $ in Billions $7.3 $6.7 9% op YoY YTD Q3 2024 YTD Q3 2025 Upcoming LOEs expected to be largely offset by strong revenue growth from recent launches and acquired products 1. Recently Launched products primarily includes: Prevnar 20 (P
Slide 14: 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 15: YTD Q3 2025: Allocating Capital to Enhance Shareholder Value
YTD Q3 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 Reinvest in Our De-lever Our Share Grow Our Business Balance Sheet Repurchases2 Dividend $7.3B $7.2B $1.6B ~2.7x None
Slide 16: 2025 Financial Guidance
2025 Financial Guidance1: Reaffirms 2025 Revenue Range; Raises and Narrows Adjusted1 Diluted EPS Range Revenues $61.0 to $64.0 Billion Adjusted1 SI&A Expenses $13.1 to $14.1 Billion $10.0 to $11.0 Billion Adjusted R&D Expenses 1 (previously $10.4 to $11.4 billion) ~11.0% Effective Tax Rate on Adjust
Slide 17: 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 initiatives • Reached landmark agreement wit
Slide 18: Q&A Session
Q&A Session Questions Answers Third Quarter 2025 Earnings 18
Slide 19: 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 20: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress August 5, 2025 to November 4, 2025 Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved Focus Area Compound Indication Compound Indication Compound Indication Compound Indication • PF-07261271 • Inflam
Slide 21: 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 sasanlimab (PF-06801591) + High-Risk Non-Muscle-Invasive Bladder Cancer (CREST) Bacillus Calmette-Guerin (BCG) Anti-PD-1 Registration New Molecular Entity (Biologic) Cis
Slide 22: 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 sigvotatug vedotin 1L Metastatic Non-Small Cell Lung Cancer (mNSCLC) Integrin beta-6-directed antibody-drug conjugate Phase 3 Product Enhancement (PF-08046047) (TPS high
Slide 23: Footnotes
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 24: Footnotes
Footnotes (Page 2 of 2) (4) On track to deliver approximately $7.7 billion in anticipated overall savings (approximately $7.2 billion of net cost savings) from previously announced cost improvement initiatives: ▪ Approximately $4.5 billion of overall net cost savings from Pfizer’s ongoing cost reali