Slide 1: Fourth Quarter 2025 Earnings Teleconference
Fourth Quarter 2025 Earnings Teleconference February 3, 2026 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Fourth 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 Fourth Quarter 2025 Earnings 4
Slide 5: FY 2025: Strong Execution & Strengthening for the Future
FY 2025: Strong Execution & Strengthening for the Future Strong Financial Resolved Strengthened Performance Uncertainty Pipeline • Exceeded FY'25 revenue and • Greater clarity on pricing & • 4 key approvals, 8 critical Adj. diluted EPS expectations tariffs readouts & 11 key pivotal study starts • So
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 Fourth Quarter 2025 Earnings 6
Slide 7: Maximize Value of Key Transactions
Maximize Value of Key Transactions With Seagen, Metsera, Biohaven acquisitions, focused on maximizing value for in-line products and accelerating pipeline development Oncology Obesity Migraine • PADCEV* + pembro • ~20 clinical studies planned • NURTEC maintains market MIBC (EV-303 & EV-304)1 to adva
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) ELREXFIO (elranatamab) HYMPAVZI (marstacimab) PD-1xVEGF (PF’4404) Hemophilia A/B with Inhibitors Double-class Exposed Relapsed / Refractory Multiple Myeloma Moderate Hemophilia A
Slide 9: Invest to Maximize Post-2028 Growth
Invest to Maximize Post-2028 Growth Striving for industry-leading revenue growth by end of decade Robust and accelerated Successful commercial Bolt-on business approach to R&D launch of new products development Maintain dividend Fourth Quarter 2025 Earnings 9
Slide 10: Scale AI Across Our Business
Scale AI Across Our Business Expand AI to drive productivity, accelerate innovation & transform the pharma model R&D Manufacturing / Supply Commercial • Increasing productivity & • Enabling MOP Phase 1 • Accelerating new product accelerating the pipeline launches • Golden Batch optimizes • Embedding
Slide 11: Scientific Updates
Scientific Updates Chris Boshoff Chief Scientific Officer and President, Research and Development Fourth Quarter 2025 Earnings 11
Slide 12: PF'3944 (MET-097i): Fully Biased, Ultra-Long-Acting GLP-1 RA
PF’3944* (MET-097i): Fully Biased, Ultra-Long-Acting GLP-1 RA Structural differentiation of PF’3944 enables extended half-life and confers potential for monthly dosing VESPER-1 (Ph 2b) Demonstrated Efficacy PF’3944 Structure Enables Extended Half-Life of Weekly PF’3944 Without Titration1 PF’3944 Cli
Slide 13: VESPER-3 Achieved Two Key Objectives
VESPER-3 Achieved Two Key Objectives 1 Demonstrate PF’3944 could drive continued weight loss when switching from weekly to monthly subcutaneous injections and maintain its efficacy while reducing the dosing frequency 4-fold 2 Demonstrate PF’3944 could switch to a 4-fold equivalent monthly dose while
Slide 14: VESPER-3 Evaluates Monthly Maintenance Dosing of PF'3944
VESPER-3 Evaluates Monthly Maintenance Dosing of PF’3944* Randomized, double-blind Phase 2b trial in participants with obesity or overweight without type 2 diabetes** Study Week 0 4 8 12 28 64 Arm 1 (n = 54) 0.4 mg QW 0.8 mg QW 3.2 mg Monthly Arm 2 (n = 54) 0.8 mg QW QW Injections with current 3.2 m
Slide 15: Clinical Data & Model Predictions for Doses Moving to Ph 3
Clinical Data & Model Predictions at Week 28 for Doses Moving to Ph 3‡ 9.6 mg Monthly# Arm 1 (3.2 mg Monthly) Arm 3 (4.8 mg Monthly) (Planned High Ph 3 Dose) Placebo-Subtracted % CFB -3 -10.0 -9.9 -12.3 -12.2 -15.8 Dose Not Tested in (-12.3, -7.6) (-13.8, -7.0) (-14.6, -9.9) (-16.9, -8.7) (-21.9, -1
Slide 16: Safety & Tolerability as Expected, In-line with Weekly GLP-1 RA Class
Safety & Tolerability as Expected, In-line with Weekly GLP-1 RA Class VESPER-3 Discontinuations from Treatment Due to Adverse Events‡ Weekly Phase Monthly Phase (Weeks 1-12) (Weeks 13-28) Group n (%) n (%) Placebo (n = 53) 0 (0%) 0 (0%) PF’3944 Dose Regimens Planned for Inclusion in 5 (4.6%) 5 (4.6%
Slide 17: Key Obesity Trials Anticipated to Advance in 2026, Including Ten Ph 3s
Key Obesity Trials Anticipated to Advance in 2026, Including Ten Ph 3s Weekly PF’3944 in Participants with Obesity or Overweight and without T2D (VESPER-4) Weekly PF’3944 in Participants with Obesity or Overweight with T2D (VESPER-5) Monthly PF’3944 in Participants with Obesity or Overweight (VESPER
Slide 18: VESPER-3 Provides Proof of Concept for Monthly Dosing
VESPER-3 Provides Proof of Concept for Monthly Dosing Ultra-Long-Acting GLP-1 RA Anchors Pfizer’s Differentiated Investigational Obesity Portfolio Robust Weight Loss in Phase 2b Competitive Tolerability in Phase 2b Continued weight loss with monthly dosing, no plateau Switch to 4-fold equivalent mon
Slide 19: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President Fourth Quarter 2025 Earnings 19
Slide 20: FY 2025 Revenues and Adjusted Diluted EPS
FY 2025 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $62.6B $3.22 Strong Performance Drives Adjusted Diluted EPS Beat 1. See slide 33 for definitions, including with respect to non-GAAP financial measures. Fourth Quarter 2025 Earnings 20
Slide 21: Strong Revenue Growth from Recent Launches and Acquired Products
Strong Revenue Growth from Recent Launches1 and Acquired Products2 $ in Billions 14% op YoY Upcoming LOEs expected to be partially offset by strong revenue growth from recent launches and acquired products 1. Recently Launched products primarily includes: Prevnar 20 (Pediatrics), Abrysvo (Older Adul
Slide 22: Quarterly Revenue and Non-GAAP Financial Highlights
Quarterly Revenue and Non-GAAP Financial Highlights1 Op. $ in billions, except EPS Q4 2025 Q4 2024 Key Highlights Change Decrease primarily driven by a year-over-year decline in COVID-19 product Revenue2 $17.6B $17.8B -3% revenues Adj.1 Cost of Sales Decrease primarily driven by a favorable change i
Slide 23: Delivering Operating Margin Expansion through Productivity Gains
Delivering Operating Margin Expansion through Productivity Gains Significant progress driving operational efficiency throughout our business 2026 2027 Total1 Phase 1 Manufacturing Optimization Program $0.7B $0.2B $1.5B Cost Realignment Program $0.6B $5.7B Cost Realignment Program - R&D2 $0.5B Net Co
Slide 24: FY 2025: Allocating Capital to Enhance Shareholder Value
FY 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 $9.8B $10.4B $8.8B ~2.7x None com
Slide 25: 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 slide 33 for definitions, including with respect t
Slide 26: Key Takeaways and Expectations
Key Takeaways and Expectations • Anticipate a pivotal year of pipeline catalysts • Focused investment in key assets & managing upcoming LOEs • Post-2028 growth expected to be driven by advancing pipeline, BD initiatives, and ongoing progress of recently launched & acquired products Continued focus o
Slide 27: Q&A Session
Q&A Session Questions Answers Fourth Quarter 2025 Earnings 27
Slide 28: 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) 1L BRAFm mCRC (BREAKWATER PFS) Atirmociclib (CDK4i) 1L m
Slide 29: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress November 5, 2025 to February 3, 2026 Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved Focus Area Compound Indication Compound Indication Compound Indication Compound Indication • LITFULO • Chronic
Slide 30: Glossary: Select Pipeline Assets (1 of 3)
Glossary: Select Pipeline Assets (1 of 3) 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.) E
Slide 31: Glossary: Select Pipeline Assets (2 of 3)
Glossary: Select Pipeline Assets (2 of 3) Phase of Compound Name Mechanism of Action Target Indication Development Submission Type PF-07831694 Prophylactic vaccine – protein subunit Clostridioides difficile (C. difficile) – updated formulation Phase 3 New Molecular Entity 2L+ Non-Small Cell Lung Can
Slide 32: Glossary: Select Pipeline Assets (3 of 3)
Glossary: Select Pipeline Assets (3 of 3) Phase of Compound Name Mechanism of Action Target Indication Development Submission Type PF-07872412 Prophylactic vaccine – polysaccharide conjugate Pneumococcal Infection (FAST TRACK – U.S.) Phase 2 New Molecular Entity PF-07976016 GIPR antagonist Chronic W
Slide 33: Footnotes
Footnotes (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 on a forward-