Slide 1: Pfizer Provides Full-Year 2026 Financial Guidance
Pfizer Provides Full-Year 2026 Financial Guidance December 16, 2025 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President 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 4
Slide 5: Resolution of Significant Uncertainties
Resolution of Significant Uncertainties Landmark Agreement with Mitigating Solidified U.S. Government Covid Impact Obesity Strategy – Voluntary agreement provides – Exceeded Adjusted diluted – Accelerating presence in greater clarity EPS expectations through obesity with highly Q3-25 differentiated
Slide 6: 2025 Strategic Priorities
2025 Strategic Priorities – Improve R&D productivity with sharpened focus – Expand margins and maximize operational efficiency – Achieve commercial excellence in our key categories – Optimize capital allocation 6
Slide 7: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President 7
Slide 8: Updated Full-Year 2025 Guidance: Reaffirms EPS and Revises Revenue
Updated Full-Year 2025 Guidance1: Reaffirms EPS and Revises Revenue Approximately $62.0 Billion Revenues (previously $61.0 to $64.0 Billion) Adjusted2 SI&A Expenses $13.1 to $14.1 Billion Adjusted2 R&D Expenses $10.0 to $11.0 Billion Effective Tax Rate on Adjusted2 Income Approximately 11.0% Adjuste
Slide 9: 2026 Revenue Guidance
2026 Revenue Guidance1 2025 Guidance2 2026 Guidance1 Reported Revenues ~$62.0B $59.5 – $62.5B (midpoint $61.0B) COVID-19 Products ~$6.5B ~$5.0B 2026 LOE Impact1 ~$(1.5B) Operational Growth Excluding COVID and ~ 4% LOE Products 2026 Revenues (at the midpoint) excluding COVID and LOEs expected to grow
Slide 10: Adjusted Diluted EPS Guidance and Year-Over-Year Anticipated Drivers
Adjusted1 Diluted EPS Guidance and Year-Over-Year Anticipated Drivers 2025 Guidance2 2026 Guidance1 Adjusted1 Diluted EPS $3.00 – $3.15 $2.80 – $3.00 (midpoint $3.08) (midpoint $2.90) $3.08 0.10 $2.90 (0.12) ~0.45 ~(0.60) 2025 Adj. Diluted Recent Productivity Business LOE Lower COVID Tax Rate FX / O
Slide 11: 2026 Guidance: Other Components
2026 Guidance1: Other Components Reported 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 Approximately 15.0% Adjusted1 Diluted EPS $2.80 to $3.00 1. See slide 17 for definitions, incl
Slide 12: Delivering Operating Margin Expansion through Productivity Gains
Delivering Operating Margin Expansion through Productivity Gains Significant progress driving operational efficiency throughout our business 2024 2025 2026 2027 Total Phase 1 Manufacturing $0.6B $0.7B $0.2B Optimization Program $1.5B Cost Realignment $5.1B $0.6B Program1 $5.7B $29.7B2 $24.1B3 $24.0B
Slide 13: Allocating Capital to Enhance Shareholder Value
Allocating Capital to Enhance Shareholder Value Driving a balanced capital allocation strategy to reinvest in our business and return value to shareholders Maintain Our Reinvest in Our De-lever Our Share Dividend Business Balance Sheet Repurchases3 $0.43/share ~$11B ~$6B Over 2.7x None First Quarter
Slide 14: Other Items
Other Items • Expected to generate robust cash flow from operations in 2026 • Adjusted full-year 2026 Gross Margin (%) is expected to be in the mid-70’s • New Global Hospital and Biosimilars organization beginning FY2026, designed to transform prioritization and delivery of medicines while providing
Slide 15: Key Takeaways
Key Takeaways • Anticipate ~$17 billion in annual revenue impact from LOE products by 2030 (vs 2025) • Anticipated growth towards the end of the decade expected to be driven by a maturing R&D pipeline, increasing sales from completed business development deals, and newly launched products • Strategi
Slide 16: Q&A Session
Q&A Session Questions Answers 16
Slide 17: Footnotes
Footnotes (1) Adjusted income and Adjusted diluted earnings per share (EPS) are defined as U.S. GAAP net income attributable to Pfizer Inc. common shareholders and U.S. GAAP diluted EPS attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain ac