Slide 1: First Quarter 2022 Earnings Teleconference
First Quarter 2022 Earnings Teleconference May 3, 2022 Breakthroughs that change patients' lives ®
Slide 2: Introduction
Introduction Christopher Stevo Senior Vice President, Chief Investor Relations Officer
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
Slide 5: Q1 2022 Key Highlights
Q1 2022 Key Highlights Strong Financial Key Growth Drivers Performance $13.2B * op $1.5B * op $1.8B +12% op U.S. $2.3B, +14% U.S. $1.0B, * U.S. $1.1B, +10% Int'l $10.9B, * op Int'l $455M, * op Int'l $713M, +14% op +82% $1.6B +23% op $612M +41% op $464M +35% op Prevnar (3) Oncology Operational Revenu
Slide 6: Comirnaty: Continuing to Supply the World
Comirnaty: Continuing to Supply the World Cumulative Share of Doses(1) Nearly (2) (3) 3.4B doses shipped to 179 countries to date (1) Market share data includes only those markets in which Pfizer operates and that report market share data (2) Includes all markets in Developed Markets(3) plus Emergin
Slide 7: Comirnaty: Regulatory Milestones
Comirnaty: Regulatory Milestones 12-15 50+ & 12+ Immuno- 12-Month Booster compromised Frozen Shelf Life EUA/CMA 2nd Booster/4th Dose Extension EUA Aspire to Achieve 24-Month Shelf Life Recently submitted EUA application to FDA for booster for children 5 to 11 years, and look forward to filing in oth
Slide 8: Comirnaty: Boosters
Comirnaty: Boosters ~74% of consumers, on average across major markets(1), report they have received a 3rd dose/booster(2) >96% of healthcare providers, Continue to evaluate on average across major ~13% potential next-gen vaccines, markets(1), recommend a 3rd including variant-specific dose/booster
Slide 9: Paxlovid: Delivering on Our Commitments
Paxlovid: Delivering on Our Commitments >6M PAXLOVID Manufacturing Capacity treatment courses produced in Q1, all of Fully Allocated to Existing Orders which have been shipped ~8M treatment courses shipped to date International fiscal Q1 ended Feb 27 and majority of treatment courses were produced i
Slide 10: Paxlovid: Expanding Access Globally
Paxlovid: Expanding Access Globally The Italian government In the U.K., Paxlovid will In Canada, increasing recently announced an now be included in the supply and lifting of expansion of prescribing national Panoramic Study, COVID-19 restrictions is into primary care which we expect will expected t
Slide 11: Paxlovid: Nearly Ten-Fold Growth in U.S. Utilization
Paxlovid: Nearly Ten-Fold Growth in U.S. Utilization U.S. Estimated Utilization (NPA)(1) vs. Cases(2) U.S. Market Share(3) (%) HCPs using more Paxlovid, as utilization is HCPs prescribe Paxlovid over any other increasing faster than number of COVID-19 COVID-19 oral antiviral therapy cases (1) Estima
Slide 12: Paxlovid: Expanding Access in U.S.
Paxlovid: Expanding Access in U.S. >33K sites with Paxlovid supply (a 4x increase since late-Feb) of recent COVID-19 cases occur 77% within 5 miles of closest retail point of care (up from 23% since Feb) >2.2K Test to Treat locations open, ~1.1K locations added in April U.S. government intends to do
Slide 13: Business Development Strategy: Etrasimod
Business Development Strategy: Etrasimod Potential Best-in-Class Asset etrasimod Recent positive phase 3 results in moderately-to-severely active ulcerative colitis First Quarter 2022 Earnings 13
Slide 14: Business Development Strategy: ReViral
Business Development Strategy: ReViral Potential Business Development 1st Deal Counted Toward This $25B Ambition Annual revenue for ReViral's RSV programs, if successful, has the Could add at least... potential to reach or exceed…(1) $25B of risk-adjusted revenues to $1.5B our 2030 top-line expectat
Slide 15: Business Development Strategy: Partner of Choice for Biotechs
Business Development Strategy: Partner of Choice for Biotechs First Quarter 2022 Earnings 15
Slide 16: ESG Update (1 of 2)
ESG Update (1 of 2) Diversity, Equity, and Inclusion Business Ethics Pay Equity Russia & Ukraine Globally, female colleagues paid In U.S., minorities paid Donating all profits of No longer initiate new Ceasing all future our Russian subsidiary clinical trials in Russia investments with local >99% 10
Slide 17: ESG Update (2 of 2)
ESG Update (2 of 2) Equitable Access and Pricing Business Ethics COVID-19 Treatment Patient Centricity Agreement to supply up to Will not profit from sales of our COVID-19 treatment to 4M treatment courses of Paxlovid to 95 Recognized as one of the World's Most Ethical 2021 Global Survey - Ranked 1s
Slide 18: Welcome William Pao and David Denton
Welcome William Pao and David Denton Dr. William Pao David Denton Chief Development Officer, Chief Financial Officer, Executive Vice President Executive Vice President First Quarter 2022 Earnings 18
Slide 19: Scientific Updates
Scientific Updates Mikael Dolsten Chief Scientific Officer and President, Worldwide Research, Development and Medical
Slide 20: Advancing Breakthroughs at the Speed of Science
Advancing Breakthroughs at the Speed of Science Q1 2022 Earnings Call Pipeline Updates COVID-19 Science Areas Inflammation & Immunology RSV • Ulcerative Colitis • ReViral Antiviral Franchise Candidates • Ritlecitinib Immunology Franchise Oral Protease inhibitor Oncology Vaccines Rare Disease • Lorla
Slide 21: COMIRNATY: Comprehensive Clinical Strategy
COMIRNATY: Comprehensive Clinical Strategy Data-Driven Approach Across Patient Populations and Variants 1 EVALUATING Real-world Vaccine Effectiveness 2 DEMONSTRATING Higher Immunogenicity with Booster 3 EXPANDING Vaccine to Pediatric Populations 4 ADDRESSING Emerging Variants of Concern First Quarte
Slide 22: COMIRNATY: Data-Driven Booster Strategy
COMIRNATY: Data-Driven Booster Strategy Booster (Third Dose) Drives Strong Neutralization in Ages 5-11 and Omicron Sub-lineages in Adults Robust Boost Against WT and Omicron Observed BA.2 and Other Omicron Sub-lineages Following Third COMIRNATY dose in Ages 5-111 Effectively Neutralized with Three D
Slide 23: COMIRNATY: Data-Driven Booster Strategy
COMIRNATY: Data-Driven Booster Strategy Second Booster (Fourth Dose) EUA for Ages 50 and Above Enables Increased Protection Lower Rates of Hospitalization1, Severe Illness1,2 and Death1 Observed with 4th Dose During Omicron Pandemic Real World Data from Israel1, 2 Covid-19-Related Hospitalization Se
Slide 24: COMIRNATY: Pediatric (6 months through 4 years) Update
COMIRNATY: Pediatric (6 months through 4 years) Update Jan 31, 2022✔ Feb 1, 2022 ✔ May-June 2022 June 2022 Initiate 3rd dose evaluation EUA rolling Ped submission: EUA rolling submission Anticipated FDA Advisory in pivotal study 2-dose data to start 3-dose data to be added committee / EUA CDC ACIP r
Slide 25: PAXLOVID: Broad Clinical Program to Address Patient Needs
PAXLOVID: Broad Clinical Program to Address Patient Needs High Risk Standard Risk Household Contact Study EPIC-HR1 EPIC-SR EPIC-PEP Trial Size 2,246 1,980 2,957 Milestone Anticipated NDA Decision 2H 20222 Pivotal Readout 2H 20222 Pivotal Readout Reported Pediatric Immunocompromised Study EPIC-Peds E
Slide 26: Etrasimod: Potential Best-In-Class Oral Ulcerative Colitis Drug
Etrasimod: Potential Best-In-Class Oral Ulcerative Colitis Drug Acquisition of Arena Closed March 11, 2022 with Potential 2023 FDA Approval Anticipated Drug Profile Potential Best-in-Class Efficacy Oral, once-a-day administration • Met primary endpoint of clinical remission at week 12 Rapid onset of
Slide 27: Etrasimod: S1P Mechanism Has Broad Potential Beyond UC
Etrasimod: S1P Mechanism Has Broad Potential Beyond UC Phase 1 Phase 2 Phase 3 Ulcerative Colitis Elevate UC 12 Moderate to Severe Patients Elevate UC 52 Moderate to Severe Patients Elevate UC OLE Moderate to Severe Patients Gladiator UC Moderate Patients Adolescents 12-18 Moderate to Severe Patient
Slide 28: Ritlecitinib: Unique Cytokine Modulation to Address Drivers of Disease
Ritlecitinib: Unique Cytokine Modulation to Address Drivers of Disease • Potent pan-TEC family inhibitor, spares IL-10 protective cytokine • Spares activity on JAK1, JAK2 and TYK2 - the dominant JAK activity of existing effective oral JAK agents • Potential to address underlying drivers of a broad r
Slide 29: Ritlecitinib Phase 2b Study in Vitiligo
Ritlecitinib Phase 2b Study in Vitiligo No Plateau of Efficacy Observed at Week 48 Across Light and Dark Skin Types Facial Vitiligo Area Severity Index (F-VASI) Improvement (48 weeks) Change from Baseline in F-VASI (%) Baseline Week 48 Placebo 200/50 mg -51.1% 50mg 200/50mg -60.2% 100/50mg 200
Slide 30: Agreement to Acquire ReViral Augments RSV R&D Leadership
Agreement to Acquire ReViral Augments RSV R&D Leadership Complementary Strategy Leveraging Pfizer’s Expertise Significant Unmet Need Globally, with No Approved Treatments ~64M 3M ~160,000 Over Infections Annually1 Hospitalized Annually 2-6 Deaths Annually1 Pfizer RSVpreF Vaccine Program ReViral Anti
Slide 31: ReViral Acquisition: Potential Best-in-Class RSV Antivirals
ReViral Acquisition: Potential Best-in-Class RSV Antivirals Sisunatovir: Oral RSV F-Protein Inhibitor Phase 2 Healthy Adult Challenge Study Met Primary Endpoint of Change in Viral Load Significant Reduction of Viral Load 3 Mean Viral Load (log10 PFUe/ml) sisunatovir Sisunatovir 350mg 2 Sisunatovir 2
Slide 32: 3 Year Follow-Up Data from Phase 3 CROWN Trial of LORBRENA
3 Year Follow-Up Data from Phase 3 CROWN Trial of LORBRENA Results Presented at AACR1 Confirm Prolonged PFS in First-Line ALK+ NSCLC Progression Free Survival in ITT Population ITT Lorlatinib (n=149) Crizotinib (n=147) Events 49 92 PFS, median NR 9.3 (95% CI), months (NR–NR) (7.6–11.1) HR (95% CI) 0
Slide 33: 3 Year Follow-Up Data from Phase 3 CROWN Trial of LORBRENA
3 Year Follow-Up Data from Phase 3 CROWN Trial of LORBRENA Time to Intracranial Progression Longer with lorlatinib than crizotinib ITT Time to Intracranial Progression in ITT Population Lorlatinib (n=149) Crizotinib (n=147) Events 9 51 TTP, median NR 16.6 (95% CI), months (NR–NR) (11.1–NR) HR (95% C
Slide 34: Lyme Vaccine: Positive Pediatric Phase Data
Lyme Vaccine: Positive Pediatric Phase 2 Data Robust Immunogenicity Across all Age Groups and OspA Serotypes 18-65 yo anti-OspA IgG GMT (U/mL) 10000 Potential to provide protection to population 12-17 yo 5-11 yo with greatest risk of Lyme disease • Strong immunogenicity profile observed in study 100
Slide 35: Portfolio with Potential Therapy for All Persons with Hemophilia
Portfolio with Potential Therapy for All Persons with Hemophilia Complementary Candidates with anti-TFPI mAb Therapy Marstacimab and Gene Therapies Clinical Programs marstacimab Hemophilia B Gene Therapy1 Hemophilia A Gene Therapy2 • Novel non-factor treatment candidate • Updated Phase 1b/2 data pre
Slide 36: Key 2022 Milestones
Key 2022 Milestones Select Examples Only Key Regulatory ● CIBINQO atopic dermatitis Jan-US ● PAXLOVID High Risk CMA Jan-EU Decisions ● NGENLA growth hormone deficiency Feb-EU ● VYDURA acute and prophylactic treatment of migraine Apr–EU ○ COMIRNATY 6 month through 4 yr. old EUA 1H-US ○ PAXLOVID High
Slide 37: Financial Review
Financial Review Frank D'Amelio Chief Financial Officer, Executive Vice President
Slide 38: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights Revenues Adjusted(1) Cost of Sales Adjusted(1) SI&A Expenses $25.7B +82% op $10.0B * $2.5B -4% op 39%(2) +10.4 ppts Primarily driven by Comirnaty(1), Paxlovid, Primarily driven by sales of Comirnaty(1), Primarily driven by lower spending on Prevnar family in U.S
Slide 39: 2022 Financial Guidance
2022 Financial Guidance(1) Revenues $98.0 to $102.0 Billion 32.0% to 34.0% Adjusted(1) Cost of Sales as a Percentage of Revenues (previously 32.2% to 34.2%) Adjusted(1) SI&A Expenses $12.5 to $13.5 Billion $11.0 to $12.0 Billion Adjusted1) R&D Expenses(1) (previously $10.5 to $11.5 billion) ~$0.9 Bi
Slide 40: Capital Allocation Framework
Capital Allocation Framework Achieve Medical Breakthroughs Return Capital to Shareholders R&D Investments Commitment to Dividend • 333 consecutive quarters of dividend payments • Prioritize six core therapeutic areas, and emerging • 12 consecutive years of dividend increases technology platforms • P
Slide 41: Key Takeaways
Key Takeaways Delivered a strong quarter: Revenues +82% op in Q1 2022 • +2% op excluding Comirnaty(1) and Paxlovid in Q1 2022, reflecting +4% volume growth and -3% pricing(2) ◦ Would have been +5% op if not for -2% LOE impact and -1% impact from fewer selling days in quarter Reaffirmed FY guidance(1
Slide 42: Footnotes (Page 1 of 3)
Footnotes (Page 1 of 3) (1) Comirnaty includes direct sales and alliance revenues related to sales of the Pfizer-BioNTech SE (BioNTech) COVID-19 vaccine, which are recorded within Pfizer’s Vaccines therapeutic area. It does not include revenues for certain Comirnaty-related manufacturing activities
Slide 43: Footnotes (Page 2 of 3)
Footnotes (Page 2 of 3) ▪ Reflects an anticipated negative revenue impact of $0.7 billion due to recent and expected generic and biosimilar competition for certain products that have recently lost patent protection or that are anticipated to lose patent protection during fiscal-year 2022. ▪ Exchange
Slide 44: Footnotes (Page 3 of 3)
Footnotes (Page 3 of 3) • On November 9, 2021, Pfizer and Biohaven Pharmaceutical Holding Company Ltd. (Biohaven) announced a strategic collaboration and license agreement for Pfizer to commercialize rimegepant and zavegepant for the treatment and prevention of migraines outside of the U.S., subject
Slide 45: Appendix
Appendix
Slide 46: Q1 2022 Summary Figures (1 of 2)
Q1 2022 Summary Figures (1 of 2) Sales by Therapeutic Area ($M) Top 7 Products by Revenue ($M) (1) Total Total $20,276 $25,661 79% of Total Revenue (2) % Operational Growth % Operational Growth Internal Rare Vaccines Hospital Oncology Medicine Disease I&I PC1 Total Prevnar Vyndaqel/ Comirnaty(1) Pax
Slide 47: Q1 2022 Summary Figures (2 of 2)
Q1 2022 Summary Figures (2 of 2) Sales by Therapeutic Area, Ex-COVID(1) ($M) Sales by Geography ($M) Total $10,964 Total 43% of Total $25,661 Revenue % Operational Growth Ex-COVID(1) % Operational Growth Internal Rare Vaccines Hospital Oncology Medicine Disease I&I PC1 Total US Dev EU Dev ROW EM Tot
Slide 48: Strong Portfolio Progression Anticipated in Next 18 Months
Strong Portfolio Progression Anticipated in Next 18 Months Up to Up to Up to 16 19 15 Potential Projected Potential Approvals Pivotal Readouts Proof of Concept Readouts (1) As of May 2, 2022, represents expected timing, subject to change, and subject to clinical trial and regulatory success, timefra
Slide 49: Bolstering the Pipeline with Recent Business Development Opportunities
Bolstering the Pipeline with Recent Business Development Opportunities Select Examples Year Therapeutic Area Organization Asset/Indication Status Since Close BRAFTOVI & MEKTOVI – Cancer; LMNA – Cardiomyopathy Approvals: 1; Pivotal Starts: 2; FIH: 3(1) GTx – Wilson Disease Fast Track Designation (FDA
Slide 50: Bolstering the Pipeline with Recent Business Development Opportunities
Bolstering the Pipeline with Recent Business Development Opportunities Select Examples Year Therapeutic Area Organization Asset/Indication Status Since Close 2022 NEW RSV antiviral therapeutics Transaction Pending(1) Oncology Internal Medicine Hospital *NEW = recent deals Rare Disease Vaccines Infla
Slide 51: Pfizer's ESG Performance: R-Factor
Pfizer’s ESG Performance: R-Factor™ Top 10% of Companies R-FactorTM 0 100 Responsibility Factor, or R-FactorTM was developed by State Street Global Advisors as their scoring mechanism to measure the performance of a What does company’s business operations and governance as it relates to financially