Slide 1: First Quarter 2026 Earnings Teleconference
First Quarter 2026 Earnings Teleconference May 5, 2026 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President First Quarter 2026 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 2026 Earnings 4
Slide 5: Q1 2026: Strong Start to the Year
Q1 2026: Strong Start to the Year • Strong financial performance exceeded Q1'26 revenue and Adj. diluted EPS expectations • Three positive Phase 3 readouts, encouraging mid- stage results, and on track to start ~20 pivotal studies in 2026 • Significant positive legal developments improve growth prof
Slide 6: 2026 Strategic Priorities
2026 Strategic Priorities • Maximize value of key transactions • Deliver on critical R&D milestones • Invest to maximize post-2028 growth • Scale AI across our business First Quarter 2026 Earnings 6
Slide 7: Maximize Value of Key Transactions
Maximize Value of Key Transactions Q1'26 22% op revenue growth from launched and acquired products1 Seagen Metsera Biohaven 20% 10 41% YoY op revenue growth for pivotal studies expected to NURTEC YoY op revenue Seagen products advance in 2026 for growth berobenatide2, with VESPER-53 start in Q1 2026
Slide 8: Deliver on Critical R&D Milestones
Deliver on Critical R&D Milestones 4 Regulatory Decisions 8 Data Readouts ~20 Pivotal Study Starts HYMPAVZI (marstacimab) Berobenatide (PF’3944) Berobenatide (PF’3944)** PD-1xVEGF (PF’4404) Hemophilia A/B with Inhibitors Monthly Chronic Weight Management (VESPER-3) | Phase 2b 10 Studies 1L Endometri
Slide 9: Deliver on Critical R&D Milestones - Recent Successes
Deliver on Critical R&D Milestones - Recent Successes • PADCEV*: Reduced the risk of recurrence or death by nearly 50% in patients with cisplatin-eligible MIBC in Phase 3 EV-304 study; sBLA accepted for FDA priority review • ELREXFIO: Significantly improved PFS for DCE patients with relapsed or refr
Slide 10: Invest to Maximize Post-2028 Growth
Invest to Maximize Post-2028 Growth Striving for high single-digit 5-yr revenue CAGR1 Robust and accelerated Successful commercial Bolt-on business approach to R&D launch of new products development Maintain dividend 1. Covering period of YE-2028 to YE-2033. First Quarter 2026 Earnings CAGR=compound
Slide 11: Scale AI Across Our Business
Scale AI Across Our Business Expand AI to drive productivity, accelerate innovation & transform the pharma model Commercial R&D R&D • Accelerate discovery, development, and delivery of new medicines & vaccines • Compress timelines and improve decision-making Manufacturing / Supply • Unlock insights
Slide 12: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President First Quarter 2026 Earnings 12
Slide 13: Q1 2026 Revenues and Adjusted Diluted EPS
Q1 2026 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $14.5B $0.75 Focused execution drives strong performance 1. See slides 24-25 for definitions, including with respect to non-GAAP financial measures. First Quarter 2026 Earnings 13
Slide 14: Quarterly Revenue and Non-GAAP Financial Highlights
Quarterly Revenue and Non-GAAP Financial Highlights1 Op. $ in billions, except EPS Q1 2026 Q1 2025 Key Highlights Change Increase primarily driven by higher revenues for Padcev, Eliquis, Oncology Revenue 2 $14.5B $13.7B +2% biosimilars, Nurtec and several other products across categories, partially
Slide 15: Strong Revenue Growth from Launched and Acquired Products
Strong Revenue Growth from Launched and Acquired Products1 $ in Billions $3.1 22% $2.5 op YoY Q1 2025 Q1 2026 Upcoming LOEs expected to be partially offset by strong revenue growth from launched and acquired products 1. See slides 24-25 for definitions. LOE=loss of exclusivity; op=operational; YoY=y
Slide 16: Q1 2026: Allocating Capital to Enhance Shareholder Value
Q1 2026: Allocating Capital to Enhance Shareholder Value Driving a balanced capital allocation strategy to reinvest in our business and return value to shareholders Reinvest in Our Maintain and De-lever Our Share Business Grow Our Balance Sheet Repurchases2 Dividend $2.5B $110M $2.4B ~2.7x None comp
Slide 17: Reaffirms 2026 Financial Guidance
Reaffirms 2026 Financial Guidance1 Revenues $59.5 to $62.5 Billion Adjusted1 SI&A Expenses $12.5 to $13.5 Billion Adjusted1 R&D Expenses $10.5 to $11.5 Billion Effective Tax Rate on Adjusted1 Income ~15.0% Adjusted1 Diluted EPS $2.80 to $3.00 1. See slides 24-25 for definitions, including with respe
Slide 18: Key Takeaways and Expectations
Key Takeaways and Expectations Anticipate a pivotal year Focused on investing Post-'28 growth expected of pipeline catalysts in key assets to be driven by advancing pipeline and launched and acquired products Continued focus on execution, productivity gains and operating margin expansion to drive lo
Slide 19: Q&A Session
Q&A Session Questions Answers First Quarter 2026 Earnings 19
Slide 20: Pfizer Pipeline | Key Anticipated 2026 Catalysts
Pfizer Pipeline | Key Anticipated 2026 Catalysts Regulatory Decisions Data Readouts Pivotal Study Starts HYMPAVZI (marstacimab) Berobenatide (PF’3944) Berobenatide (PF’3944)** PD-1xVEGF (PF’4404) Hemophilia A/B with Inhibitors Monthly Chronic Weight Management (VESPER-3) | Phase 2b 10 Studies 1L End
Slide 21: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress February 4, 2026 to May 5, 2026 Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved Focus Area Compound Indication Compound Indication Compound Indication Compound Indication • Tilrekimig • Chronic •
Slide 22: 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 HYMPAVZI™ (marstacimab- Hemophilia (inhibitor cohort) (Biologic) (FAST TRACK, Anti-tissue factor pathway inhibitor Registration Product Enhancement hncq) ORPHAN – U.S.)
Slide 23: 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 Non-Small Cell Lung Cancer (squamous) (Symbiotic- PF-08634404 (PF'4404) PD-1xVEGF Bispecific Antibody Phase 3 Product Enhancement Lung-01) (Biologic)* 1L Non-Small Ce
Slide 24: Footnotes (1 of 2)
Footnotes (1 of 2) (1) ‘Launched and Acquired Products’ represent select recently launched and acquired products, including new indications. Launched products primarily include Prevnar 20 (Pediatrics), Abrysvo (Older Adult / Maternal), Elrexfio, Cibinqo, Talzenna, Litfulo, Ngenla, Hympavzi, Penbraya
Slide 25: Footnotes (2 of 2)
Footnotes (2 of 2) (6) Pfizer’s fiscal year-end for international subsidiaries is November 30 while Pfizer’s fiscal year-end for U.S. subsidiaries is December 31. Therefore, Pfizer’s first quarter for U.S. subsidiaries reflects the three months ended on March 29, 2026 and March 30, 2025, while Pfize