Slide 1: Second Quarter 2025 Earnings Teleconference
Second Quarter 2025 Earnings Teleconference August 5, 2025 1
Slide 2: Introduction
Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Second 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 Second Quarter 2025 Earnings 4
Slide 5: Execution with Focus and Discipline on our Strategic Priorities
Execution with Focus and Discipline on our 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 Second Quarter 2025 Earnings 5
Slide 6: Elrexfio: Potential to Become a SOC BCMA Bispecific Antibody
Elrexfio: Potential to Become a SOC BCMA Bispecific Antibody Rapid, YoY quarterly revenue growth (~280%1), and leading class share in new markets (e.g., Japan) Encouraging Data Across Multiple Differentiated and Convenient Dosing Pivotal Program with Potential to Deliver Myeloma Treatment Settings R
Slide 7: Sigvotatug Vedotin: Potential First-in-Class ADC for NSCLC
Sigvotatug Vedotin* (SV): Potential First-in-Class ADC for NSCLC Sigvotatug vedotin ADC targets integrin-beta 6 (IB6), which is expressed in over 90% of NSCLC tumors Encouraging Data with Both SV Ongoing and Potential Upcoming Potential to Address Important Monotherapy & Pembro Combo Phase 3 Trials
Slide 8: Hympavzi: Latest Ph Data Further Strengthen Differentiated Profile
Hympavzi: Latest Ph 3 Data Further Strengthen Differentiated Profile Potential to expand indication to address the increased disease burden of patients with hemophilia with inhibitors1 Recent Positive Data in Differentiated Profile Addressing an Important Unmet Need Hemophilia A / B with Inhibitors#
Slide 9: C. difficile: Potential to Deliver First Approved Vaccine
C. difficile: Potential to Deliver First Approved Vaccine New vaccine in Ph 2 builds on first-gen candidate that showed potential to significantly reduce C. diff healthcare burden Next-Generation Program of Clinical Data Show Promising Potential Addressing an Important Unmet Need Updated Formulation
Slide 10: 3SBio's '707: Seamless Strategic Fit
3SBio's '707: Seamless Strategic Fit PD-1 x VEGF bispecific (PF-08634404): a potentially transformative MOA with broad development opportunities Seamless fit with Pfizer strategy Encouraging Ph 1/2 safety, efficacy MOA and target indications aligned with core modalities and franchise presence Potent
Slide 11: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories Continued market leadership and growth with established brands unlocking higher productivity, Q2 '25 performance across U.S. and International divisions 2 family1 • 21% YoY operational growth • 6% YoY operational growth • Foundation of care for pat
Slide 12: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories Strong underlying demand in competitive classes among recently launched and acquired Q2 '25 products which grew ~15% op YoY 1 • Strong commercial execution • 38% YoY operational growth2 • 46% YoY operational growth driving growth in TRx, 47% market
Slide 13: Achieve Commercial Excellence in our Key Categories
Achieve Commercial Excellence in our Key Categories Positive data contributing to growth and helping establish key Oncology products as standards Q2 '25 of care 1 2 • 48% YoY operational growth • 23% YoY operational growth • 14% YoY operational growth • CROWN: Phase 3 study • BREAKWATER: Braftovi •
Slide 14: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President Second Quarter 2025 Earnings 14
Slide 15: Q2 2025 Revenues and Adjusted Diluted EPS
Q2 2025 Revenues and Adjusted1 Diluted EPS Revenues Adjusted1 Diluted EPS $14.7B $0.78 Solid Second Quarter Results Demonstrate Disciplined Execution 1. See slides 27-28 for definitions, including with respect to non-GAAP financial measures. Second Quarter 2025 Earnings 15
Slide 16: Quarterly Revenue and Non-GAAP Financial Highlights
Quarterly Revenue and Non-GAAP Financial Highlights1 Op. $ in billions, except EPS Q2 2025 Q2 2024 Key Highlights Change Increase primarily driven by an increase in revenues for the Vyndaqel family, 2 Comirnaty, Paxlovid, Padcev, Eliquis and several other products across categories Revenue $14.7B $1
Slide 17: Strong Revenue Growth from Recent Launches and Acquired Products
Strong Revenue Growth from Recent Launches1 and Acquired Products2 $ in Billions $4.7 $4.1 15% op YoY 1H 2024 1H 2025 Upcoming LOEs expected to be largely offset by strong revenue growth from recent launches and acquired products 1. Recently Launched products primarily includes: Prevnar 20 (Pediatri
Slide 18: YTD Q2 2025: Allocating Capital to Enhance Shareholder Value
YTD Q2 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 $4.9B $4.7B ~2.7x None comple
Slide 19: 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 Phase 1 Manufacturing Optimization Program $1.5B Cost Realignment Program1 $4.5B $1.2B $5.7B Cost Realignment Program - R&D $0.5B Net Cost
Slide 20: 2025 Financial Guidance
2025 Financial Guidance1: Reaffirms 2025 Revenue Range and Raises Adjusted1 Diluted EPS Range Revenues $61.0 to $64.0 Billion Adjusted1 SI&A Expenses $13.1 to $14.1 Billion (previously $13.3 to $14.3 billion) 1 $10.4 to $11.4 Billion Adjusted R&D Expenses (previously $10.7 to $11.7 billion) 1 ~13.0%
Slide 21: Key Takeaways and Expectations
Key Takeaways and Expectations • Focused on maximizing commercial value of product portfolio • Committed to driving value-creating innovation and strengthening pipeline • Productivity gains and operating margin expansion driven by ongoing cost improvement initiatives • Continued focus on mitigation
Slide 22: Q&A Session
Q&A Session Questions Answers Second Quarter 2025 Earnings 22
Slide 23: 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) ✔ (BREAKWATER PFS) 1L BRAFm mCRC ✔ Atirmociclib (CDK4i)
Slide 24: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress April 29, 2025 to August 4, 2025 Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved Focus Area Compound Indication Compound Indication Compound Indication Compound Indication • PF-07275315 • Asthma (
Slide 25: Glossary: Select Pipeline Assets (1 of 2)
Glossary: Select Pipeline Assets (1 of 2) Phase of Compound Name Mechanism of Action Target Indication Development Submission Type BRAFTOVI® (encorafenib) + 1L BRAF-Mutant Metastatic Colorectal Cancer ERBITUX® (cetuximab) + BRAF kinase inhibitor Registration Product Enhancement (BREAKWATER)* chemoth
Slide 26: Glossary: Select Pipeline Assets (2 of 2)
Glossary: Select Pipeline Assets (2 of 2) Phase of Compound Name Mechanism of Action Target Indication Development Submission Type ER+/HER2- Metastatic Breast Cancer* (VERITAC 2) vepdegestrant (ARV-471) ER-targeting PROTAC® protein degrader Phase 3 New Molecular Entity (FAST TRACK – U.S.) PF-0727531
Slide 27: Footnotes
Footnotes (Page 1 of 2) (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
Slide 28: Footnotes
Footnotes (Page 2 of 2) (4) On track to deliver approximately $7.7 billion in anticipated overall savings (approximately $7.2 billion of net cost savings) from previously announced cost improvement initiatives: ▪ Approximately $4.5 billion of overall net cost savings from Pfizer’s ongoing cost reali