Pfizer, Inc. · NYSE:PFE
Pfizer — Investor Day (November 2025)
28 slides from Pfizer's investor day presentation, Nov 10, 2025
Slide 1: Pfizer Pflash: A Spotlight on the PF'4404 Clinical Development Strategy
Pfizer Pflash: A Spotlight on the PF’4404 (SSGJ-707 / PF-08634404) Clinical Development Strategy November 10, 2025 Classified – Confidential Presentation intended 1 for the investment community
Slide 2: Forward-Looking Statements and Other Notices
Forward-Looking Statements and Other Notices Our discussions during this presentation will include forward-looking statements about, among including making a determination as to whether the product's benefits outweigh its known risks other topics, Pfizer Oncology, PF’4404, an investigational bispeci
Slide 3: Speakers
Speakers Host Joining for Q&A Francesca Jeff Johanna Arati DeMartino Legos Bendell Rao Chief Investor Chief Oncology Chief Development PF’4404 Relations Officer Officer Officer Oncology Franchise Head 3
Slide 4: PF'4404: Bispecific Antibody with a Potentially Transformative MOA
PF’4404: Bispecific Antibody with a Potentially Transformative MOA PD-1 x VEGF Bispecific Antibodies Incorporate Two Validated MOAs in a Single Anti-PD-1 Agent and Have Potential to Combine Synergistically with Vedotin ADCs Anti-VEGF 1 2 Anti-VEGF (E.g., Bevacizumab) Anti-PD-1 (E.g., Pembrolizumab)
Slide 5: PF'4404 is a Strong Fit Within Pfizer Oncology Strategy
PF’4404 is a Strong Fit Within Pfizer Oncology Strategy Disease Area Focus Core Modalities Building on Established Presence Enabled by Deep Technical Expertise Antibody- Hematologic Small Drug Multispecific Breast Genitourinary Thoracic Gastrointestinal Malignancies Molecules Conjugates Antibodies (
Slide 6: Pfizer Capabilities: Well-Positioned for Value Creation with PF'4404
Pfizer Capabilities: Well-Positioned for Value Creation with PF’4404 PF’4404 pipeline-in-a-product potential is supported by productive interactions with global health authorities Rapid Execution Since Completing PF’4404 Licensing Agreement in July 2025 5 new INDs submitted 500+ >50 10 global clinic
Slide 7: Speed & Breadth: First Wave Includes Near-Term PF'4404 Trial Starts
Speed & Breadth: First Wave Includes 7 Near-Term PF’4404 Trial Starts Planned First Wave of Pfizer-Sponsored PF’4404 Trials, Including Two Phase 3 Trials Phase 1 Phase 2 Phase 3 Phase 3: 1L Sq and Nsq NSCLC Thoracic (NCT07222566)1 Phase 3: 1L mCRC GI (NCT07222800)2 GU Pipeline-in-a-Product Potential
Slide 8: Speed & Breadth: First Wave Includes Near-Term PF'4404 Trial Starts
Speed & Breadth: First Wave Includes 7 Near-Term PF’4404 Trial Starts Planned First Wave of Pfizer-Sponsored PF’4404 Trials, Including Two Phase 3 Trials Phase 1 Phase 2 Phase 3 Phase 3: 1L Sq and Nsq NSCLC Thoracic (NCT07222566)1 Phase 1/2: NSCLC Combination with ADCs Phase 2/3: 1L ES-SCLC Phase 1/
Slide 9: Depth: Develop Across Settings, Lines of Therapy & Novel Combos
Depth: Develop Across Settings, Lines of Therapy & Novel Combos Aim to attack cancer from multiple angles for maximal impact Displace Establish Expand SOC PD-1/L1 and VEGF Chemo-sparing SOC Into earlier lines of therapy and therapies with PF’4404 regimens with ADCs treatment settings Pfizer’s Portfo
Slide 10: Aligned with Regulators on Thoughtfully Designed Global Phase 3 Trials
Aligned with Regulators on Thoughtfully Designed Global Phase 3 Trials Positioning PF’4404 development program to move with rigor and speed Overall Enable Phase 3 Completed Enroll at least with robust Survival Pre-Phase 3 as primary endpoint 20% Dose- Advice or dual primary endpoint with of pivotal
Slide 11: Lung Cancer
Lung Cancer 11
Slide 12: Lung Cancer Remains a Significant Unmet Need
Lung Cancer Remains a Significant Unmet Need Substantial Opportunity for New Therapies >2.5 Million New Lung Cancer Diagnoses Globally in 20251 ~315k New U.S. ~375k ~1700k New China 32% Five Year U.S. Survival Across Stages for NSCLC2 New UK + Cases Cases ~180k 9% EU4 Cases New Japan Five Year U.S.
Slide 13: Lung Cancer is a Collection of Molecularly Distinct Diseases
Lung Cancer is a Collection of Molecularly Distinct Diseases Lung Cancer is Segmented by Histology, PD-L1 Expression and the Presence of Actionable Genomic Alterations (AGAs) Histologic Subtypes1,2 NSCLC PD-L1 TPS3 Nsq NSCLC AGA Status1 NSCLC: None Squamous ≥50 <1 48% ~23% ~32.5% ~35% BRAF V600 NSCL
Slide 14: Phase 2 Trial of PF'4404 + Chemo in First-Line Nsq and Sq NSCLC
Phase 2 Trial of PF’4404 + Chemo in First-Line Nsq and Sq NSCLC1 Open-label, randomized Phase 2 trial of PF’4404 + chemo vs. tislelizumab (anti-PD-1) + chemo conducted by 3SBio Part 1: 1L Non-Squamous NSCLC (n = 119) Part 2: 1L Squamous NSCLC (n = 125) PF’4404 (5 mg/kg Q3W) + paclitaxel + carboplati
Slide 15: Phase 2: Encouraging Efficacy with PF'4404 + Chemo in 1L Nsq NSCLC
Phase 2: Encouraging Efficacy with PF’4404 + Chemo in 1L Nsq NSCLC1 Durable responses with a confirmed ORR numerically higher than tislelizumab + chemo Phase 2 Data Evaluating PF’4404 + Chemo vs. Tislelizumab (Anti-PD-1 Approved in China) + Chemo 10 mg/kg PF’4404 + Chemo 100 70% 80 PR PR Ongoing 58.
Slide 16: Phase 2: Encouraging Efficacy with PF'4404 + Chemo in 1L Sq NSCLC
Phase 2: Encouraging Efficacy with PF’4404 + Chemo in 1L Sq NSCLC1 Cohort A Data: 10 mg/kg PF’4404 + Chemo (n=24) 75% cORR with Responses Achieved Durable Responses Achieved 100 Across PD-L1 Expression Levels 100 Change from Baseline, % 90 % % 80 CR CR CR Ongoing 80 Baseline, 70 PR PR PR 60 SD 60 SD
Slide 17: Manageable Safety with PF'4404 + Chemo in Phase 2 NSCLC Study
Manageable Safety with PF’4404 + Chemo in Phase 2 NSCLC Study1 AEs consistent with the known safety profile of chemotherapy combined with PD-1 and angiogenesis inhibitors TRAEs: any grade in >10% PF’4404 10 mg/kg + chemo (n = 105) Tislelizumab + chemo (n = 67) Anemia WBC count decreased Neutrophil c
Slide 18: Design of Phase 3 Trial in 1L Squamous & Non-Squamous NSCLC
Design of Phase 3 Trial in 1L Squamous & Non-Squamous NSCLC 1 Pfizer-sponsored Phase 3 trial of PF’4404 Global Double-Blind Phase 3 Trial of PF’4404 in 1L Squamous & Non-Squamous NSCLC N ≈ 700 PF’4404 (10 mg/kg Q3W) + Chemo2 Squamous Key Eligibility Criteria Histology R Followed by PF’4404 or pembro
Slide 19: Design of Phase 2/3 Trial in 1L Extensive Stage SCLC
Design of Phase 2/3 Trial in 1L Extensive Stage SCLC1 Pfizer-sponsored Phase 2/3 trial of PF’4404 Phase 2: Open-Label Phase 3: Double-Blind, Randomized PF’4404 Phase 3 Dose + 1:1 Randomization 1L ES-SCLC Chemo (n≈250) PF’4404 + Chemo (n≈40) Atezolizumab + Chemo (n≈250) Phase 2 Primary Endpoint2: cOR
Slide 20: Developing PF'4404 & ADCs Across the Lung Cancer Spectrum
Developing PF’4404 & ADCs Across the Lung Cancer Spectrum1 Early NSCLC 1L 2L+ ~140k new U.S. Cases3 ~140k new U.S. Cases3 ~70k treated U.S. Cases3 Resectable Unresectable Adv / Metastatic Squamous Nsq NSCLC (~87%)2 AGA-Targeted4 (ALK, BRAF) SV TPS ≥50% PF’4404 PDL1V PD-L1+ PF’4404 PF’4404 (TPS ≥1%)
Slide 21: Colorectal Cancer
Colorectal Cancer 21
Slide 22: Colorectal Cancer Represents a Significant Unmet Need
Colorectal Cancer Represents a Significant Unmet Need Opportunity for Improved Therapies Substantial Opportunity for New Therapies >1.5M New Colorectal Cancer Diagnoses Globally in 20251 ~190k New U.S. ~320k ~840k New China 2nd Most Common Cause of U.S. Cancer Related Deaths2 Cases New UK + Cases EU
Slide 23: Metastatic Colorectal Cancer: Several Molecularly Distinct Diseases
Metastatic Colorectal Cancer: Several Molecularly Distinct Diseases Treatment of metastatic colorectal cancer is guided by various tumor characteristics and genetic markers Microsatellite Instability Status1 Mutations / Gene Amplifications2-5 Mutant KRAS / NRAS: ~50% MSI-H / dMMR: ~5% Including KRAS
Slide 24: Encouraging Efficacy with PF'4404 + Chemo: Phase 2 1L mCRC Study
Encouraging Efficacy with PF’4404 + Chemo: Phase 2 1L mCRC Study1 PF’4404 (10 mg / kg Q2W) + mFOLFOX6 in 1L mCRC (n = 21) (Patients with known MSI-H / dMMR status excluded) 100 100 PR PR Ongoing Best Change from Baseline, % SD SD Change from Baseline, % 60 60 PD PD 20 20 -20 -20 PR -60 -60 SD PD -10
Slide 25: Manageable Safety with PF'4404 + Chemo: Phase 2 1L mCRC Study
Manageable Safety with PF’4404 + Chemo: Phase 2 1L mCRC Study1 Summary of AEs, n (%) Phase 3 Regimen 10 mg/kg Q3W + 10 mg/kg Q2W + 5 mg/kg Q3W + 5 mg/kg Q2W + Total (N = 88) XELOX (N = 21) mFOLFOX6 (N = 21) XELOX (N = 23) mFOLFOX6 (N = 23) TRAE 20 (95.2) 20 (95.2) 21 (91.3) 22 (95.7) 83 (94.3) Grade
Slide 26: Design of Phase 3 Trial in 1L Metastatic Colorectal Cancer
Design of Phase 3 Trial in 1L Metastatic Colorectal Cancer1 Pfizer-sponsored Phase 3 trial of PF’4404 Global Double-Blind Phase 3 Trial of PF’4404 in First-Line Metastatic Colorectal Cancer N ≈ 800 Key Eligibility Criteria PF’4404 (10 mg/kg Q2W) + mFOLFOX6 • Metastatic colorectal cancer • No prior s
Slide 27: Developing PF'4404 as a Backbone Therapy Across Tumor Types
Developing PF’4404 as a Backbone Therapy Across Tumor Types Seamless Fit with Pfizer Strategy Three-Pronged Development Strategy Deep expertise developing multispecific antibodies and with Speed: 7 planned near-term trial starts, including two Ph 3’s relevant tumor types Breadth: Multiple tumor type
Slide 28: Q&A
Q&A Moderator Francesca Jeff Johanna Arati DeMartino Legos Bendell Rao Chief Investor Chief Oncology Chief Development PF’4404 Relations Officer Officer Officer Oncology Franchise Head 28