Slide 1: Second Quarter 2026 Earnings Teleconference
Second Quarter 2026 Earnings Teleconference August 4, 2026 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Second Quarter 2026 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 Second Quarter 2026 Earnings 4
Slide 5: 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 Second Quarter 2026 Earnings 5
Slide 6: Maximize Value of Key Transactions
Maximize Value of Key Transactions Q2'26 25% op revenue growth from acquired products1, 2 Seagen Metsera Biohaven 21% 10 17% YoY op revenue growth in U.S. pivotal studies expected to NURTEC YoY op revenue for Seagen products3 advance in 2026 for growth berobenatide4, with VESPER-65 start in Q2 2026
Slide 7: Deliver on Critical R&D Milestones
Deliver on Critical R&D Milestones1 Announced 3 of 4 Key Reported 6 of 8 Key Initiated 8 of ~20 Regulatory Approvals Data Readouts Pivotal Study Starts HYMPAVZI (marstacimab) Berobenatide (PF’3944) Berobenatide (PF’3944) PD-1xVEGF (PF’4404) Hemophilia A/B with Inhibitors Monthly Chronic Weight Manag
Slide 8: Invest to Maximize Post-2028 Growth
Invest to Maximize Post-2028 Growth Striving for high single-digit 5-yr revenue CAGR1 Robust and accelerated Successful commercial Bolt-on business approach to R&D launch of new products development Maintain dividend 1. Covering period of YE-2028 to YE-2033. Second Quarter 2026 Earnings CAGR=compoun
Slide 9: Scale AI Across Our Business
Scale AI Across Our Business Structural transformation opportunity to improve R&D output, productivity & competitive position Commercial R&D R&D • Build an end-to-end AI-native R&D organization • Progress with making petabytes of data AI ready Manufacturing / • Compress timelines and increase produc
Slide 10: Pfizer Drives Outperformance with Steady Execution
Pfizer Drives Outperformance with Steady Execution 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Revenue Adj.1 Diluted EPS Exceeded Expectations on Revenue in 9 of past 10 Quarters and Adj.1 Diluted EPS in 10 of past 10 Quarters2 1. See slides 36-37 for definitions, including with respect to non-GAAP
Slide 11: David Denton
David Denton Chief Financial Officer, Executive Vice President Second Quarter 2026 Earnings 11
Slide 12: Financial Review
Financial Review Cecile Guegan Incoming Interim Chief Financial Officer, Executive Vice President Second Quarter 2026 Earnings 12
Slide 13: Q2 2026 Revenues and Adjusted Diluted EPS
Q2 2026 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $15.0B $0.77 Focused execution drives strong performance 1. See slides 36-37 for definitions, including with respect to non-GAAP financial measures. Second Quarter 2026 Earnings 13
Slide 14: Quarterly Revenue and Non-GAAP Financial Highlights
Quarterly Revenue and Non-GAAP Financial Highlights1 Op. $ in billions, except EPS Q2 2026 Q2 2025 Key Highlights Change Increase primarily driven by higher revenues for Eliquis, Padcev, the Vyndaqel Revenue2 $15.0B $14.7B +1% family, Lorbrena and several other products across categories, partially
Slide 15: Strong Revenue Growth from Launched and Acquired Products
Strong Revenue Growth from Launched and Acquired Products1 $ in Billions 18%2 op YoY Upcoming LOEs expected to be partially offset by strong revenue growth from launched and acquired products 1. See slides 36-37 for definitions; 2. Excluding the impact of certain one-time benefits in Q2 2025, the Yo
Slide 16: Delivering Operating Margin Expansion through Productivity Gains
Delivering Operating Margin Expansion through Productivity Gains Significant progress driving operational efficiency throughout our business Expected through 2026 2027-2029 Total1 Manufacturing Optimization Program $1.3B $0.2B $1.5B $3.0B Cost Realignment Program $5.7B $1.0B $6.7B Cost Realignment P
Slide 17: YTD Q2 2026: Allocating Capital to Enhance Shareholder Value
YTD Q2 2026: Allocating Capital to Enhance Shareholder Value Driving a balanced capital allocation strategy to reinvest in our business and return value to shareholders Reinvest in Our Maintain and De-lever Our Share Business Grow Our Balance Sheet Repurchases3 Dividend $5.5B $4.9B ~2.7x None comple
Slide 18: 2026 Financial Guidance
2026 Financial Guidance1: Raises Midpoint of Revenue Range and Reaffirms Adjusted Diluted EPS Range Anticipated Anticipated Anticipated Previous 2026 Impact of Revised 2026 Impact of Non Impact of Financial Innovent Financial COVID-19 COVID-19 Guidance1 Biologics, Inc. Guidance1 Portfolio Portfolio
Slide 19: Key Takeaways and Expectations
Key Takeaways and Expectations Continued progress with Focused on investing Post-'28 high single-digit R&D pipeline in key assets revenue growth expected to be driven by advancing pipeline and launched and acquired products Continued focus on execution, disciplined capital allocation and productivit
Slide 20: Scientific Updates
Scientific Updates Chris Boshoff Chief Scientific Officer and President, Research and Development Second Quarter 2026 Earnings 20
Slide 21: LITFULO Phase 3 Supports Potential Expansion to Vitiligo
LITFULO Ph 3 Supports Potential Expansion to >1M in U.S. with Vitiligo1 Unique MOA inhibiting TEC family kinases and JAK3, driving a differentiated profile Phase 3 TRANQUILLO and Cross-Trial Comparison TRANQUILLO-2 Studies of LITFULO in Nonsegmental Vitiligo Placebo-Adjusted F-VASI75 Response Rates
Slide 22: PADCEV: Unprecedented Survival Data Across Bladder Cancer Settings
PADCEV: Unprecedented Survival Data Across Bladder Cancer Settings 23% YoY operational revenue growth in 2Q’26 Overall Survival Data in Phase 3 Trials of PADCEV + Pembrolizumab EV-302: la/mUC EV-303: Cisplatin-Ineligible MIBC EV-304: Cisplatin-Eligible MIBC 47% Reduced Risk of Death1 50% Reduced Ris
Slide 23: Pursuing the Next Wave of ADC Breakthroughs
Pursuing the Next Wave of ADC Breakthroughs* Powered by leading Seagen platform Developing Potential First-in-Class ADCs Across Targets and Payloads† B6C1 B6N2 CEACAM5C3 GPS4 IBI3028‡# Select Integrin Beta-6 Integrin Beta-6 CEACAM5 GPNMB EGFR x c-MET Phase 1 TOP1i (DAR 8) MMAE (DAR 8) TOP1i (DAR 8)
Slide 24: Emerging SV Data Support Advancement in Earlier-Line NSCLC
Emerging SV Data Support Advancement in Earlier-Line NSCLC SigVie-002: Ph 3 of SV vs. Docetaxel in Previously Robust Ph 1 Activity with SV + Pembro in 1L PD-L1 High Treated Non-squamous NSCLC (N=703)1 (TPS ≥50%) NSCLC Supports Ongoing Ph 3 Study3 Primary OS endpoint not met in overall population Ph
Slide 25: PF'4404 is a Potentially Transformative Next-Gen Backbone Therapy
PF’4404: Potentially Transformative Next-Gen Backbone Therapy PF’4404 is an anti-PD-1 x VEGF bispecific antibody Symbiotic Program: 2026 Ongoing and Planned Studies* Phase 1** Phase 2*** Phase 3 ~1 year after 3SBio deal close: NSCLC: Combo with SV# 1L Extensive Stage SCLC 1L mCRC nine studies, inclu
Slide 26: PF'4404 is a Potentially Best-in-Class Bispecific Antibody
PF’4404 is a Potentially Best-in-Class Bispecific Antibody Ph 2 Data: Robust Activity with PF’4404 Monotherapy at Benchmarking PD-1 x VEGF Bispecific Selected Pivotal Dose in 1L PD-L1+ NSCLC1* Monotherapy Activity in 1L PD-L1+ NSCLC* Ph 2 Waterfall Plot PF’4404 at Selected Pivotal Dose in Ph 2 (n=34
Slide 27: Mevrometostat: Potentially First-in-Class EZH2i for Prostate Cancer
Mevrometostat: Potentially First-in-Class EZH2i for Prostate Cancer Designed to combine with and extend XTANDI’s proven benefits across metastatic prostate cancer settings Randomized Ph 1b: 8.1 Month Improvement in Median rPFS Ongoing Phase 3 Program (14.3 months with Mevrometostat + XTANDI vs. 6.2
Slide 28: Berobenatide Phase 2b Efficacy
Berobenatide Ph 2b: Efficacy with Medium Monthly Ph 3 Dose Similar to or Better than Relevant Doses of Approved Weekly Therapies at Week 28 Placebo-Corrected % Change from Baseline Weight at Week 28 Cross-Trial Comparison in Berobenatide 4.8 mg QM Semaglutide Tirzepatide VESPER-3 Arm 41,3 2.4 mg QW4
Slide 29: Berobenatide Phase 2b Data and Modeling
Ph 2b Data & Modeling Support Berobenatide’s Potential for Efficacy Similar to Tirzepatide & Better than Semaglutide at Top Ph 3 Dose Ph 2b VESPER-1 Extension: 15.9% Weight Loss at 32 Model-Based Meta-Analysis Predictions Weeks with Top Weekly Phase 3 Dose (2.4 mg)1-3 Change from Baseline in Body We
Slide 30: Speed & Execution to Deliver Potential First Monthly GLP-1 RA Peptide
Speed & Execution to Deliver Potential First Monthly GLP-1 RA Peptide Targeting the first of a series of potential approvals beginning in 2028* Ongoing and Planned 2026 Phase 3 Berobenatide Studies VESPER-4: Weekly CWM (without T2D) Knee Osteoarthritis VESPER-4 Fully Enrolled VESPER-5 Fully Enro
Slide 31: Extensive Portfolio Designed to Meet Diverse Needs in Obesity
Extensive Portfolio Designed to Meet Diverse Needs in Obesity* Includes injectables with potential for monthly or longer dosing, once-daily oral, and novel combos Single Agent Injectable Combination Key Recent & Upcoming Events XIANWEIYING1 Berobenatide + (GLP-1 RA) Amylin Analog2 Phase 1/2a Amylin
Slide 32: A Look Ahead: Select Catalysts Anticipated Over Next 12 Months
A Look Ahead: Select Catalysts Anticipated Over Next 12 Months Regulatory Decisions Data Readouts Potential Pivotal Study Starts ELREXFIO (elranatamab) Berobenatide (PF’3944) + Amylin Analog* (PF’3945) Combo 2H 2026 2H 2026 / 1H 2027 Double-class Exposed Relapsed / Phase 1/2a Refractory Multiple Mye
Slide 33: Q&A Session
Q&A Session Questions Answers Second Quarter 2026 Earnings 33
Slide 34: Pfizer Pipeline Key Anticipated 2026 Catalysts
Pfizer Pipeline | Key Anticipated 2026 Catalysts Regulatory Decisions Data Readouts Pivotal Study Starts HYMPAVZI (marstacimab) Berobenatide (PF’3944) Berobenatide (PF’3944)** PD-1xVEGF (PF’4404) Hemophilia A/B with Inhibitors Monthly Chronic Weight Management (VESPER-3) | Phase 2b 10 Studies 1L End
Slide 35: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress May 5, 2026 to August 4, 2026: See Full Pipeline Update Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved (U.S. FDA) Focus Area Compound Indication Compound Indication Compound Indication Compound I
Slide 36: Footnotes (1 of 2)
Footnotes (1 of 2) (1) ‘Launched and Acquired Products’ represent select recently launched and acquired products, including new indications. Launched products primarily include Prevnar 20 (Pediatrics), Abrysvo (Older Adult / Maternal), Elrexfio, Cibinqo, Talzenna, Litfulo, Ngenla, Hympavzi, Penbraya
Slide 37: Footnotes (2 of 2)
Footnotes (2 of 2) (5) Approximately $5.7 billion of overall net cost savings from Pfizer’s ongoing cost realignment program are expected to be achieved by the end of 2026. An additional approximately $1.0 billion of anticipated net cost savings, in SI&A, is expected to be achieved from 2027 through