Slide 1: Third Quarter 2022 Earnings Teleconference
Third Quarter 2022 Earnings Teleconference November 1, 2022 Breakthroughs that change patients' lives ®
Slide 2: Introduction
Introduction Christopher Stevo Senior Vice President, Chief Investor Relations Officer
Slide 3: Analyst Meeting
Analyst Meeting Near Term Launches and High Value Pipeline Programs December 12 Afternoon in NYC Third Quarter 2022 Earnings 3
Slide 4: 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 5: Opening Remarks
Opening Remarks Albert Bourla Chairman and Chief Executive Officer
Slide 6: Recent Highlights (1 of 2)
Recent Highlights (1 of 2) Positive pivotal data for several exciting pipeline programs… ...as well as exciting progress for... + RSV Vaccine Candidate Pediatric Metastatic Pentavalent Meningococcal GLP-1 Program in (Older Adults and Castration-resistant Vaccine Candidate Type 2 Diabetes Maternal) P
Slide 7: Recent Highlights (2 of 2)
Recent Highlights (2 of 2) A leader in the fight against Completed acquisitions Accord for a Healthier World COVID-19 Designed to close the health equity gap for... Migraine Sickle cell disease 1.2B People 45 Lower-income Omicron-adapted bivalent COVID-19 countries vaccine authorizations Global Fund
Slide 8: What's Next?
What's Next? Third Quarter 2022 Earnings 8
Slide 9: Fortifying our Long-Term Growth Plans
Fortifying our Long-Term Growth Plans Illustrative* 2025-2030 Projections ~$20B4 At least $25B3 ~$17B2 1 *For illustration purposes only and not intended to be to scale. All values at constant exchange rates. 1 Excludes 2022-2025 BD and 2022+ Launches 2 Midpoint of expected negative LOE impact of $1
Slide 10: We Have the Resources and Capabilities to Execute this Plan
We Have the Resources and Capabilities to Execute this Plan Accelerating R&D1 Commercial Leadership Manufacturing Excellence • Increased our end-to-end success • For the 3rd year in a row, Pfizer’s sales forces • Best in Industry customer service rate from FIH to approval from ~2% in have ranked #1
Slide 11: RSV Vaccine: Preparing for Potential Older Adult Launch Ahead of Fall 2023 Season
RSV Vaccine: Preparing for Potential Older Adult Launch Ahead of Fall 2023 Season and Potential Maternal Launch Common cause of Worst outcomes in Annual U.S. burden for Estimated annual cost acute respiratory illness older adults2 and those older adults (age ≥65): among adults hospitalized in adults
Slide 12: Etrasimod: Preparing for a Potential UC Launch in 2H 2023
Etrasimod: Preparing for a Potential UC Launch in 2H 2023 Market Opportunity Potential Best-in-Class* Ph3 Data: ELEVATE Trials Of UC patients don't retain long-term UC 52 Primary Endpoint4 52% remission1 P < 0.001 P < 0.001 27.0% 32.1% Expected UC market growth in the next 5 ~50% years2 7.4% (10/135
Slide 13: CGRPs for Migraines: Nurtec ODT / Vydura and Zavegepant
CGRPs for Migraines: Nurtec ODT / Vydura and Zavegepant U.S. Performance of Oral CGRPs1 Ex-U.S. Launch Activities Total Rx Volume (9/30)1 Approval Received in Five Markets 41,861 Nurtec ODT EU UK ISR KWT UAE Filed for Registration in an Additional 10 Markets zavegepant • Expect to launch zavegepant
Slide 14: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President
Slide 15: Efficient Cash Deployment Focused on Three Pillars
Efficient Cash Deployment Focused on Three Pillars: Q1 to Q3 2022 Capital Deployment for Enhancing Shareholder Value and Returning Capital ~$25 Billion Internal Paying/Growing Share External BD2 R&D1 Dividends Repurchases $7.8B1 ~$8B2 $6.7B $2.0B in spend returned to shareholders of capital returned
Slide 16: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights Revenues Adjusted1 Cost of Sales Adjusted1 SI&A Expenses $22.6B -2% op $6.0B -34% op $3.2B +23% op 27%2 -14.5 ppts Primarily driven by comparison to Decrease in COS% primarily due to significant Primarily driven by increased spending exceptionally strong growth
Slide 17: 2022 Financial Guidance: Revenues and Adjusted Diluted EPS
2022 Financial Guidance1: Revenues and Adjusted Diluted EPS Impact of Changes Previous Guidance in Foreign Current Guidance (as of July 28, 2022) Operational Changes Exchange Rates (as of Nov 1, 2022) Revenues $98.0 to $102.0 billion ~$1.7 billion (~$0.7 billion) $99.5 to $102.0 billion Operational
Slide 18: 2022 Financial Guidance: Other Components
2022 Financial Guidance1: Other Components 33.0% to 34.0% Adjusted1 Cost of Sales as a Percentage of Revenues (previously 32.0% to 34.0%) $12.8 to $13.3 Billion Adjusted1 SI&A Expenses (previously $12.2 to $13.2 billion) Adjusted1 R&D Expenses $11.5 to $12.0 Billion Approximately $1.4 billion Acquir
Slide 19: Scientific Updates
Scientific Updates Mikael Dolsten Chief Scientific Officer and President, Worldwide Research, Development and Medical
Slide 20: Select Scientific Franchises Aimed at Sustainable Growth
Select Scientific Franchises Aimed at Sustainable Growth Respiratory Bacterial Vaccines Metabolic Genetic Hematology 20-V Pneumococcal Hemophilia A GTx COVID-19 5-V Meningococcal Danuglipron Hemophilia B GTx RSV Group B Streptococcus PF-07081532 Marstacimab Flu Lyme DGAT2i / ACCi GBT601 C. Difficile
Slide 21: Establishing Respiratory Leadership
Establishing Respiratory Leadership Potential to address major causes of respiratory disease through vaccines and therapeutics Preclinical Phase 1 Phase 2 Phase 3 Registration COMIRNATY® COVID Next-Generation Vxs PAXLOVID™ Second-Gen Protease Inhibitor Tx modFlu FLU modFlu + COVID combo1 saRNA flu R
Slide 22: Leading the COVID-19 Treatment Landscape
Leading the COVID-19 Treatment Landscape Updated data from EPIC-HR1,2 and real-world evidence3-9 support efficacy profile of PAXLOVID Percent reduction with nirmatrelvir/ritonavir versus placebo1 Symptom Reduction and Alleviation2 Treatment reduced duration of symptoms compared to placebo, shortenin
Slide 23: RSVpreF Highly Efficacious Against RSV-LRTI in Older Adults
RSVpreF Highly Efficacious Against RSV-LRTI in Older Adults Phase 3 interim analysis primary endpoints met prespecified licensure criteria in interim analysis Total cases Case split ≥2 RSV-LRTI RSVpreF/Placebo VE 96.66% CI1 Mild Disease 44 11/33 66.7% (28.8%, 85.8%) Total cases Case split ≥3 RSV-LRT
Slide 24: RSVpreF: Potential Best-in-Class Safety Profile in Older Adults
RSVpreF: Potential Best-in-Class Safety Profile in Older Adults Adjuvant-free vaccine well-tolerated with no safety concerns in interim analysis Percentage of Participants with Reactogenicity Events by Maximum Severity Within 7 Days After Vaccination Local Reactions Compelling Efficacy and Safety Pr
Slide 25: RSVpreF Highly Efficacious Against Severe Infant MA-LRTI in Phase 3 IA
RSVpreF Highly Efficacious Against Severe Infant MA-LRTI in Phase 3 IA Potential first maternal vaccine for common, potentially life-threatening, respiratory illness in infants Primary Endpoint: Severe MA-LRTI Vaccine Efficacy Interim analysis of Phase 3 MATISSE clinical trial First 90 days of life
Slide 26: Building Upon Standard of Care in Prostate Cancer
Building Upon Standard of Care in Prostate Cancer CASTRATION SENSITIVE CASTRATION RESISTANCE Non-metastatic Metastatic Non-metastatic Metastatic Approved Phase 3 EMBARK TALAPRO-3 TALAPRO-2 Next-Generation Candidates with Potential to Transform Standard of Care CDK4 Inhibitor Potential: EZH2 Inhibito
Slide 27: TALAPRO-2: First Clinical Benefit with PARPi + XTANDI in mCRPC
TALAPRO-2: First Clinical Benefit with PARPi + XTANDI in mCRPC Potential for new standard of care for mCRPC irrespective of HRR gene mutation status Phase 3 TALAPRO-2 study evaluated TALZENNA in combination with XTANDI (enzalutamide) compared to placebo plus XTANDI in men with mCRPC, with or without
Slide 28: Oral GLP-1 RAs: Potential Full Agonist Differentiation
Oral GLP-1 RAs: Potential Full Agonist Differentiation Potential best-in-class oral small molecule with demonstrated dose responses PF-07081532 Phase 1b 4-6 Week Data: Danuglipron and PF-07081532 – Potential to: Mean (90% CI) Change from Baseline of Mean Daily Glucose (mg/dL) at End of Treatment D
Slide 29: GLP-1 RA Clinical Development Plan
GLP-1 RA Clinical Development Plan PF-07081532 Recently Completed Initiated Phase 1 (4-6-wk) Phase 2b study dose-ranging study (T2DM & Obesity) (T2DM) – NCT04305587 NCT05579977 Plan to Advance One Candidate to Phase 3 (T2DM and Obesity) Based on Efficacy, Tolerability and Dosing Danuglipron Recently
Slide 30: Select Scientific Franchises Aimed at Sustainable Growth: Milestones
Select Scientific Franchises Aimed at Sustainable Growth Recent and anticipated milestones Respiratory Metabolic modFlu Vx: Ph 3 Initiated 2nd Gen Protease Inhibitor Tx: Ph 1 Initiated Danuglipron: Ph 2b Data 2H 2023 modFlu + COVID Vx: Ph 1 Initiation 2022 PF-07081532: Ph 2b Data Q1 2024 Enhanced Sp
Slide 31: Footnotes (Page 1 of 4)
Footnotes (Page 1 of 4) (1) As used in this document, “Comirnaty” refers to, as applicable, and as authorized or approved, the Pfizer-BioNTech COVID-19 Vaccine, the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5), the Comirnaty Original/Omicron BA.1 Vaccine, and Comirnaty
Slide 32: Footnotes (Page 2 of 4)
Footnotes (Page 2 of 4) ▪ Includes an estimated benefit of approximately $0.06 on Adjusted diluted EPS(3) resulting from a change in policy for intangible amortization expense in which Pfizer began excluding all amortization of intangibles from Adjusted income(3) compared to excluding only amortizat
Slide 33: Footnotes (Page 3 of 4)
Footnotes (Page 3 of 4) ▪ On March 11, 2022, Pfizer announced the completion of its acquisition of Arena Pharmaceuticals, Inc., a clinical-stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases, for $100 per share, in cash. The total fair va
Slide 34: Footnotes (Page 4 of 4)
Footnotes (Page 4 of 4) (9) Paxlovid and emergency uses of the Pfizer-BioNTech COVID-19 Vaccine or the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5), have not been approved or licensed by the FDA. Paxlovid has not been approved, but has been authorized for emergency use
Slide 35: Appendix
Appendix
Slide 36: Q3 2022 Summary Figures (1 of 2)
Q3 2022 Summary Figures (1 of 2) Revenue by Therapeutic Area ($M) Top 7 Products by Revenue1 ($M) Total Total $22,638 $22,638 2 3 % Operational Growth % Operational Growth Primary Specialty Prevnar Vyndaqel/ Care Care Oncology PC1 Total Paxlovid Comirnaty2 Family Eliquis3 Ibrance Vyndamax Xeljanz -1
Slide 37: Q3 2022 Summary Figures (2 of 2)
Q3 2022 Summary Figures (2 of 2) Revenue by Therapeutic Area, Ex-COVID1 Revenue by Geography ($M) ($M) Total $10,722 Total 47% of Total $22,638 Revenue % Operational Growth Ex-COVID1 % Operational Growth Primary Specialty Care Care Oncology PC1 Total US EM Dev EU Dev ROW Total 11% -3% 3% -35% 2% 97%
Slide 38: New Launches / Co-promotions and Potential Product Launches
New Launches / Co-promotions and Potential Product Launches1 Product Candidate Anticipated Indication MOA Expected Launch New Molecular Entity (NME) Launches Ngenla (Ex-US) Growth Hormone Deficiency Once Weekly Human Growth Hormone 2022 Ritlecitinib Alopecia Areata JAK3/TEC inhibitor 2023 Elranatama
Slide 39: Strong Portfolio Progression Anticipated in Next 18 Months
Strong Portfolio Progression Anticipated in Next 18 Months Up to Up to Up to 18 15 19 Potential Projected Potential Approvals Pivotal Readouts Proof of Concept Readouts As of October 19, 2022, represents expected timing, subject to change, and subject to clinical trial and regulatory success, timefr
Slide 40: 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: 31 Cardiomyopathy discontinued GTx – Wilson Disease F
Slide 41: 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 RSV antiviral therapeutics Sisunatovir (Ph2); RV299 (N-protein inhibitor) (Ph 1) NEW Nurtec ODT, zavegepant, 5 pre-clinical CGRP assets – Migr