Slide 1: Fourth Quarter 2024 Earnings Teleconference
Fourth Quarter 2024 Earnings Teleconference February 4, 2025 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Fourth Quarter 2024 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 Fourth Quarter 2024 Earnings 4
Slide 5: 2024: Strong Execution in Year of Transformative Changes
2024: Strong Execution in Year of Transformative Changes Leader in Refined Transformed our Disciplined Reinforced Oncology commercial model R&D engine financial execution governance • Successful • Increased focus with • Created 4 end-to- • Progress with • 2 new Board integration of Seagen split of U
Slide 6: 2025 Key Priorities
2025 Key Priorities • Improve R&D productivity with sharpened focus • Expand margins and maximize operational efficiency • Achieve commercial excellence in our key categories • Optimize capital allocation Fourth Quarter 2024 Earnings 6
Slide 7: Improve R&D Productivity with Sharpened Focus
Improve R&D Productivity with Sharpened Focus • A year of key pipeline catalysts ahead 2025 • Expect 4 regulatory decisions, 9 Phase 3 readouts, 13 potential pivotal program starts1 Oncology Vaccines Internal Inflammation Medicine and Immunology • Atirmociclib (CDK4i) • PCV-25 candidate • Danuglipro
Slide 8: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories 1 2 #1 +27% op3 +37% op3 $133M Rx for 1L la/mUC (U.S.) FY 2024 revenues ~3x BREAKWATER 1L share Increasing Potential to increase U.S. Robust improvement increasing overall share addressable patient in PFS and OS NPS and new prescribers within BCMA
Slide 9: COVID-19 Trends Demonstrate Sustainability of Portfolio
COVID-19 Trends Demonstrate Sustainability of Portfolio PAXLOVID utilization remains steady and Year-over-year U.S. COVID-19 vaccine consistent with COVID-19 waves market administrations largely aligned COVID-19 Burden and Paxlovid Utilization COVID-19 Cumulative Admins 2023 v. 2024 350,000 0.8% 300
Slide 10: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories family1 +90% (U.S.) +32% op2 (ex-U.S.) +36% op2 ~49% market share leader in oral CGRP class +10% op2 1. Vyndaqel family includes global revenues from Vyndaqel, as well as revenues for Vyndamax in the U.S. and Vynmac in Japan. 2. Revenue operational
Slide 11: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories Next-gen technology in PCV25 drove over 4x improvement1 in ST3 response vs. Prevnar 20 in Ph 1 Ph 1 Data in Adults Ages 18-49 ST3 Immune Response2 Expanding U.S. ~87% market leadership market share across indications (U.S.) Strong revenue • Serotyp
Slide 12: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President Fourth Quarter 2024 Earnings 12
Slide 13: FY 2024 Revenues and Adjusted Diluted EPS
FY 2024 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $63.6B $3.11 Ex-COVID Products, FY 2024 Revenues Grew 12% Op, Higher than Our Expectations of 9 to 11% 1. See slides 23-24 for definitions, including with respect to non-GAAP financial measures. Fourth Quarter 2024 Earnings 13
Slide 14: Quarterly Revenue and Non-GAAP Financial Highlights
Quarterly Revenue and Non-GAAP Financial Highlights1 Op. $ in billions, except EPS Q4 2024 Q4 2023 Key Highlights Change $17.8B $14.6B +21% Excluding Paxlovid and Comirnaty1, op growth of 11%, primarily driven by legacy 2 Revenue Seagen, Vyndaqel family, Eliquis, Nurtec ODT/Vydura, and Xtandi, parti
Slide 15: FY 2024: Allocating Capital to Enhance Shareholder Value
FY 2024: Allocating Capital to Enhance Shareholder Value Driving a balanced capital allocation strategy to reinvest in our business and return value to shareholders Maintain and De-lever Our Reinvest in Share Grow Our Balance Sheet Business Repurchases Dividend $9.5B $7.8B $10.8B None completed 1 Re
Slide 16: Reaffirms 2025 Financial Guidance
Reaffirms 2025 Financial Guidance1 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 slides 23-24 for definitions, including with respe
Slide 17: Key Takeaways and Expectations
Key Takeaways and Expectations • Revenue volatility largely in the past as COVID-related uncertainties have diminished • Stage is set for margin expansion – Commercial execution, cost improvement & productivity focus • New R&D leadership dedicated to value-creating innovation • Balance sheet being r
Slide 18: Q&A Session
Q&A Session Questions Answers Fourth Quarter 2024 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) 1L BRAFm mCRC (18-59 Years) (BREAKWATER PFS) Atirmociclib (CDK4i) 1L
Slide 20: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress October 29, 2024 to February 3, 2025 Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved Focus Area Compound Indication Compound Indication Compound Indication Compound Indication Inflammation and Imm
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 ABRYSVO® (EU) Prophylactic vaccine – protein subunit Respiratory Syncytial Virus Infection (18-59 Years) Registration Product Enhancement ADCETRIS® (brentuximab CD30-dir
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 Combo w/ XTANDI® (enzalutamide) for DNA Damage TALZENNA® (talazoparib) PARP inhibitor Repair (DDR)-Deficient Metastatic Castration Sensitive Phase 3 Product Enhancement
Slide 23: Footnotes (Page 1 of 2)
Footnotes (Page 1 of 2) (1) As used in this document, “Comirnaty” refers to, as applicable, and as authorized or approved, the Pfizer-BioNTech COVID-19 Vaccine; Comirnaty (COVID-19 Vaccine, mRNA) original monovalent formula; the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/B
Slide 24: Footnotes (Page 2 of 2)
Footnotes (Page 2 of 2) (6) References to operational variances in this presentation pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate changes are part of Pfizer’s business, they are not within Pfizer’s control and because they ca