Slide 1: Second Quarter 2024 Earnings Teleconference
Second Quarter 2024 Earnings Teleconference July 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 l 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: Q2 2024: Driving Progress with Solid Execution
Q2 2024: Driving Progress with Solid Execution Breakthroughs that change patients’ lives. >192M Patients Impacted1 YTD Q2 2024 with our medicines and vaccines 1. See slides 17-18 for definition. Second Quarter 2024 Earnings 5
Slide 6: 2024 Key Priorities
2024 Key Priorities Executing with excellence against our strategic goals • Achieve world-class oncology leadership • Deliver the next wave of pipeline innovation • Maximize performance of our new products • Expand margins by realigning our cost base • Allocate capital to enhance shareholder value S
Slide 7: Achieve World-Class Oncology Leadership
Achieve World-Class Oncology Leadership Successful Q2 2024: Oncology YTD Q2 2024: Oncology Integration Revenues +27% Op Regulatory Decisions 1 1 3 FDA Full Approval • Strong commercial execution EMA • ~95% colleague retention Approval across Oncology 2 1 2 Positive CHMP Opinion 1. Jointly developed
Slide 8: Deliver Next Wave of Pipeline Innovation
Deliver Next Wave of Pipeline Innovation Weight Management Oncology • Obesity: Danuglipron advancing - dose • Three positive Phase 3 readouts (LORBRENA optimization studies planned 2H24, to inform CROWN 5-year data2, ADCETRIS ECHELON-3 registration enabling studies and HD213 studies) • Cachexia1: Po
Slide 9: Maximize Performance of New Products
Maximize Performance of New Products Recently Launched and Acquired Products Core Product Highlights family1 1. Vyndaqel family includes global revenues from Vyndaqel, as well as revenues for Vyndamax in the U.S. and Vynmac in Japan. Second Quarter 2024 Earnings 9
Slide 10: Financial Review
Financial Review David Denton Chief Financial Officer, Executive Vice President
Slide 11: Quarterly Statement of Operations Highlights
Quarterly Statement of Operations Highlights* Revenues Adjusted2 Cost of Sales Adjusted2 SI&A Expenses $13.3B 3% op $2.8B (6)% op $3.7B 8% op $12.8B1 14% op 2 Excluding Comirnaty and Paxlovid, op 20.8%3 2.8 ppts Primarily driven by an increase in marketing and promotional expenses for recently launc
Slide 12: YTD Q2 2024: Allocating Capital to Enhance Shareholder Value
YTD Q2 2024: Allocating Capital to Enhance Shareholder Value Driving a balanced capital allocation strategy to reinvest in our business and return value to shareholders Maintain and De-lever Our Reinvest in Share Grow Our Balance Sheet Business Repurchases1 Dividend $4.8B $2.3B $5.2B None planned Re
Slide 13: 2024 Financial Guidance: Raises Revenue Range and Adjusted Diluted EPS Range
2024 Financial Guidance1: Raises 2024 Revenue Range and Adjusted1 Diluted EPS Range $59.5 to $62.5 Billion Revenues (previously $58.5 to $61.5 billion) Adjusted1 SI&A Expenses $13.8 to $14.8 Billion Adjusted1 R&D Expenses $11.0 to $12.0 Billion 1 ~13.0% Effective Tax Rate on Adjusted Income (previou
Slide 14: 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 15: Selected Updates to Pipeline
Selected Updates to Pipeline YTD July 29, 2024 Regulatory Decisions Phase 3 Readouts Pivotal Program Starts Tivdak (US) 2L mCC ü ABRYSVO OA Second Season RSV Vaccine ü Atirmociclib 2L mBC ü Xtandi (EU) nmCSPC (EMBARK) ü ABRYSVO Adult Gene Therapy for 18-59 yrs at High Risk RSV Vaccine ü Sigvotatug v
Slide 16: Summary Updates to Pipeline Progress
Summary Updates to Pipeline Progress Late-Stage Development Pipeline Progress May 1 to July 29, 2024 Advanced to Phase 2 Advanced to Phase 3 Advanced to Registration Approved Focus Area Compound Indication Compound Indication Compound Indication Compound Indication Anti-Infectives Inflammation and I
Slide 17: Footnotes (Page 1 of 2)
Footnotes (Page 1 of 2) (1) 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
Slide 18: Footnotes (Page 2 of 2)
Footnotes (Page 2 of 2) (5) Second-quarter 2024 Reported(4) diluted EPS was unfavorably impacted by $0.18 resulting from a $1.3 billion one-time restructuring charge related to the Manufacturing Optimization Program. (6) The targeted $4 billion in net cost savings from our cost realignment program i