Slide 1: Fourth Quarter 2023 Earnings Teleconference
Fourth Quarter 2023 Earnings Teleconference January 30, 2024 Breakthroughs that change patients' lives ®
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President
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
Slide 5: 2023: Building on a Strong Foundation
2023: Building on a Strong Foundation ~618M Highest Record Seagen Patients Treated Revenue Number with our medicines reported among peers for of FDA approvals transaction closed and vaccines1 first nine months of 20232 received3 1. See Slides 21-22 for definitions. 2. Pharmaceutical products only, e
Slide 6: 2024 Key Priorities
2024 Key Priorities Executing with excellence against our strategic goals • Achieve world-class oncology leadership • Deliver next wave of pipeline innovation • Maximize performance of our new products • Expand margins by realigning our cost base • Allocate capital to enhance shareholder value Fourt
Slide 7: Achieve World-Class Oncology Leadership
Achieve World-Class Oncology Leadership • 1 in 3 people will be diagnosed with cancer in their lifetime.1 Oncology represents one of the largest and fastest growing therapeutic areas2 • Seagen acquisition doubles the size of Pfizer’s oncology pipeline and late-stage development programs, and combine
Slide 8: Achieve World-Class Oncology Leadership: Anticipated 2024 Key Catalysts
Achieve World-Class Oncology Leadership Selected Anticipated 2024 Key Catalysts Phase 3 Phase 3 Early-Stage Commercial Data Readouts Study Starts Pipeline • PADCEV launch in • Vepdegestrant in 2L • CDK4i in post-CDK4/6 • FIP of up to 8 NMEs advanced/metastatic HR+ mBC (VERITAC-2) mBC across small mo
Slide 9: Deliver Next Wave of Pipeline Innovation
Deliver Next Wave of Pipeline Innovation Key Programs: 4th-Generation Seasonal Vaccine GBT-601 for PCV Candidate Combinations Sickle Cell Disease Prevnar is currently the only COVID/flu and Potentially building on PCV with FDA label for RSV combos Oxbryta efficacy pneumococcal pneumonia Ponsegromab
Slide 10: Maximize Performance of New Products
Maximize Performance of New Products Key Potential Growth Drivers Protect / Grow Core Franchises and Key Blockbusters Prevnar family1 family2 1. Prevnar family includes revenues from Prevnar 20/Apexxnar (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult). 2. Vyndaqel family includ
Slide 11: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President
Slide 12: FY 2023 Revenues and Adjusted Diluted EPS
FY 2023 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $58.5B $1.84 Ex-Comirnaty and Paxlovid, FY 2023 revenues grew 7% op, in line with our 6-8% op growth expectations for 2023 1. See Slides 21-22 for definitions. Fourth Quarter 2023 Earnings 12
Slide 13: Quarterly Statement of Operations Highlights
Quarterly Statement of Operations Highlights Revenues Adjusted2 Cost of Sales Adjusted2 SI&A Expenses $14.2B (42)% op $7.3B (26)% op $4.5B 1% op $12.0B1 8% op 51.0%3 12.0 ppts Primarily driven by timing of marketing and promotional activities, including those related to recently launched Excluding C
Slide 14: Efficient Cash Deployment Strategy Focused on Three Pillars
Efficient Cash Deployment Strategy Focused on Three Pillars Paying/Growing Reinvestment: FY 2023 Dividends: FY 2023 Share $10.7B $9.2B Repurchases1 in internal R&D returned to shareholders Post-Seagen De-Levering, Expect More Balanced Capital Allocation Between Reinvestment and Returning Value to Sh
Slide 15: Reaffirms 2024 Financial Guidance
Reaffirms 2024 Financial Guidance1 2024 Legacy Pfizer Royalty 2024 Seagen 2024 Financial 2023 Results Guidance Reclass2 Impact Guidance1 Revenues $58.5B $54.5 – $57.5B3 ~$1.0B ~$3.1B $58.5B-$61.5B Adjusted1 SI&A Expenses $14.4B $13.8B-$14.8B Adjusted1 R&D Expenses $10.6B $11.0B-$12.0B Effective Tax
Slide 16: Q&A Session
Q&A Session Albert Bourla David Denton Chris Boshoff Alexandre de Germay Chairman and CEO Chief Financial Officer, EVP Chief Oncology Officer, EVP Chief International Commercial Officer, EVP Mikael Dolsten Doug Lankler Aamir Malik Francesca DeMartino Chief Scientific Officer & General Counsel, EVP C
Slide 17: Appendix
Appendix
Slide 18: Excellent Progress Toward Expected Commercial Launches
Excellent Progress Toward Expected Commercial Launches1 ~$20B Potential Revenue ~$25B Potential Revenue expected for NME and expected from new new indications by 20302 BD deals by 20303 Vaccines Inflammation/Immunology Oncology Rare Disease Internal Medicine New Molecular Entity (NME) Launches 2022
Slide 19: Q4 2023 Summary Figures (1 of 2)
Q4 2023 Summary Figures (1 of 2) Revenue by Customer Group1 ($M) Top 7 Products by Revenue1 ($M) 2 3 Total Total $14,249 $14,249 6 4 5 % Operational Change % Operational Change Primary Specialty Business Prevnar Vyndaqel Care Care Oncology Innovation2 Total Comirnaty3 Eliquis4 family5 Ibrance family
Slide 20: Q4 2023 Summary Figures (2 of 2)
Q4 2023 Summary Figures (2 of 2) Revenue by Geography1 ($M) Revenue by Customer Group, Ex-COVID3 ($M) 4 Total Total $12,023 $14,249 84% of Total Revenue % Operational Change % Operational Change Ex-COVID Primary Specialty Business U.S.2 Dev EU Dev ROW EM Total Care Care Oncology Innovation4 Total (4
Slide 21: 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, the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5), Comirnaty (COVID-19 Vaccine, mRNA, 2023-2024 Formula), the
Slide 22: Footnotes (Page 2 of 2)
Footnotes (Page 2 of 2) (5) Pfizer does not provide guidance for 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-looking basis because it is unable