1、Breakthroughs that change patients lives May 1,2024First Quarter 2024 Earnings TeleconferenceIntroductionFrancesca DeMartinoChief Investor Relations Officer,Senior Vice President3First Quarter 2024 EarningsForward-Looking Statements and Non-GAAP Financial Informationl Our discussions during this con

2、ference 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 statements.We include forward-looking statements about,among other topics,our anticipated operatin

3、g and financial performance,including financial guidance and projections;changes to Pfizers commercial organization;reorganizations;business plans,strategy,goals and prospects;our Environmental,Social and Governance(ESG)priorities,strategy and goals;expectations for our product pipeline,in-line prod

4、ucts and product candidates,including anticipated regulatory submissions,data read-outs,study starts,approvals,launches,clinical trial results and other developing data,revenue contribution and projections,potential pricing and reimbursement,potential market dynamics,size and utilization rates,growt

5、h,performance,timing of exclusivity and potential benefits;strategic reviews,capital allocation objectives,an enterprise-wide cost realignment program(including anticipated costs,savings and potential benefits),dividends and share repurchases;plans for and prospects of our acquisitions,dispositions

6、and other business development activities,including our December 2023 acquisition of Seagen,and our ability to successfully capitalize on these opportunities;manufacturing and product supply;our ongoing efforts to respond to COVID-19,including our COVID-19 products and our expectations regarding the

7、 impact of COVID-19 on our business,operations and financial results;and other statements about our business,operations and financial results.Among other things,statements regarding revenue and earnings per share growth;anticipated operating and financial performance;the development or commercial po

8、tential of our product pipeline,in-line products,product candidates and additional indications or combinations,including expected clinical trial protocols,the timing and potential for the initiation and progress of clinical trials and data read-outs from trials;the timing and potential for the submi

9、ssion of applications for and receipt of regulatory approvals;the timing and potential for product launches and commercialization;expected profile and labeling;potential revenue;anticipated COVID-19 vaccination rates and Paxlovid treatment courses sold;expected breakthrough,best or first-in-class or

10、 blockbuster status or expected market entry of our medicines or vaccines;the regulatory landscape;and the competitive landscape are forward-looking and are estimates that are subject to change and subject to,among other risks,assumptions and uncertainties,clinical trial,regulatory and commercial su

11、ccess,demand,availability of supply,excess inventory write-offs and competitive and market dynamics.These statements may be affected by underlying assumptions that may prove inaccurate or incomplete,and are subject to risks,uncertainties and other factors that may cause actual results to differ mate

12、rially from past results,future plans and projected future results.Additional information regarding these and other factors can be found in Pfizers Annual Report on Form 10-K for the fiscal year ended December 31,2023 and its subsequent reports on Form 10-Q,including in the sections thereof captione

13、d“Risk Factors”and“Forward-Looking Information and Factors That May Affect Future Results”,as well as in our subsequent reports on Form 8-K,all of which are filed with the U.S.Securities and Exchange Commission and available at www.sec.gov and .Potential risks and uncertainties also include global e

14、conomic and/or geopolitical instability,foreign exchange rate fluctuations and inflationary pressures and the uncertainties regarding the impact of COVID-19.The forward-looking statements in this presentation speak only as of the original date of this presentation and we undertake no obligation to u

15、pdate or revise any of these statements.l Also,the discussions during this conference call will include certain financial measures that were not prepared in accordance with U.S.generally accepted accounting principles(GAAP).Additional information regarding non-U.S.GAAP financial measures can be foun

16、d on slides 15-16 and in our earnings release furnished with Pfizers Current Report on Form 8-K dated May 1,2024.Any non-U.S.GAAP financial measures presented are not,and should not be viewed as,substitutes for financial measures required by U.S.GAAP,have no standardized meaning prescribed by U.S.GA

17、AP and may not be comparable to the calculation of similar measures of other companies.l Todays discussions and presentation are intended for the investor community only;they are not intended to promote the products referenced herein or otherwise influence healthcare prescribing decisions.Definitive

18、 conclusions cannot be drawn from cross-trial comparisons or anticipated data as they may be confounded by various factors and should be interpreted with caution.All trademarks in this presentation are the property of their respective owners.l Certain of the products and product candidates discussed

19、 during this conference call are being co-researched,co-developed and/or co-promoted in collaboration with other companies for which Pfizers rights vary by market or are the subject of agreements pursuant to which Pfizer has commercialization rights in certain markets.Opening RemarksAlbert BourlaCha

20、irman and Chief Executive Officer5First Quarter 2024 EarningsQ1 2024:Strong Start to the YearBreakthroughs that change patients lives.119MYTD Q1 2024 with our medicines and vaccinesPatients Impacted11.See Slides 15-16 for definition.6First Quarter 2024 Earnings2024 Key PrioritiesExecuting with excel

21、lence 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 value7First Quarter 2024 EarningsAchieve World-Class Onco

22、logy Leadership1.Jointly developed and commercialized with Astellas Pharma Inc.2.Pfizer is working towards achievement of these 2030 goals,which are subject to,among other things,clinical trial,regulatory and commercial success and availability of supply.3.Blockbusters defined as peak revenue exceed

23、ing$1B.Q1 2024:Oncology Revenues+19%OpSuccessfulIntegration Highly experienced,best-of-both organizations Amplified impact of medical and commercial functions Double#of patients treated Increase#of blockbuster3 medicines from 5 to 8+Drive 10 x increase in proportion of revenue from biologics2030 Onc

24、ologyGoals2118First Quarter 2024 EarningsDeliver Next Wave of Pipeline InnovationSharpened Focus Across Therapeutic AreasExcellent Progress in Oncology Three pivotal Phase 3 study starts in Q1 2024:Atirmociclib selective CDK4 inhibitor Sigvotatug vedotin integrin-beta-6-directed ADC ELREXFIO 4th Pha

25、se 3 trial in multiple myeloma 50 sponsored abstracts at ASCO 2024,including:5-year PFS data for LORBRENA in 1L ALK+metastatic NSCLC(CROWN)Phase 3 data for ADCETRIS in DLBCL(ECHELON-3)Advancing respiratory portfolio:CDK4=Cyclin-dependent kinase 4;ADC=Antibody drug conjugates;ASCO=American Society of

26、 Clinical Oncology;PFS=Progression-free survival;ALK+=Anaplastic Lymphoma Kinase Positive;NSCLC=Non-small cell lung cancer;DLBCL=Diffuse large B-cell lymphoma;GTx=Gene Therapy;PK=Pharmacokinetics.marstacimabPotential approvalbefore year endosivelotorPhase 3 study start Execution across growing hemat

27、ology portfolio:9First Quarter 2024 EarningsMaximize Performance of New Products1.Prevnar family includes revenues from Prevnar 20/Apexxnar(pediatric and adult)and Prevnar 13/Prevenar 13(pediatric and adult).2.Vyndaqel family includes global revenues from Vyndaqel,as well as revenues for Vyndamax in

28、 the U.S.and Vynmac in Japan.Key Potential Growth DriversProtect/Grow Core Franchises and Key BlockbustersPrevnar family1family2Financial ReviewDavid DentonChief Financial Officer,Executive Vice President11First Quarter 2024 EarningsRevenues$14.9B (19)%op$12.5B1 11%opExcluding Comirnaty2 and Paxlovi

29、d,op growth primarily driven by legacy Seagen,Vyndaqel family,Eliquis,Abrysvo and Prevnar family,partially offset by lower revenues for Oncology biosimilars in U.S.,Sulperazon in ex-U.S.and IbranceQuarterly Income Statement HighlightsAdjusted2 R&D ExpensesAdjusted2 Cost of SalesDiluted EPSAdjusted2

30、SI&A ExpensesFX Impacts$3.0B (34)%op20.4%3 5.3 pptsDecrease in COS%driven primarily by favorable changes in sales mix,including lower sales of Comirnaty2 and,to a much lesser extent,the impact of final adjustment to Paxlovid revenue reversal recorded in Q4 2023Rep.2$0.55 (44)%Adj.2$0.82 (32)%opBoth

31、Reported2 and Adjusted2 diluted EPS include$0.11 favorable impact of final adjustment to Paxlovid revenue reversal recorded in Q4 2023$2.5B (1)%opPrimarily driven by lower spending as a result of our cost realignment program as well as lower spending on certain ongoing vaccine programs,largely offse

32、t by increased investments mainly to develop certain medicines acquired from Seagen$3.5B 3%opPrimarily driven by an increase in marketing and promotional expenses for recently acquired and launched products,partially offset by a decrease in marketing and promotional expenses for Paxlovid and Comirna

33、tyRevenue$(107)M (1)%Adj.2 Dil.EPS$(0.01)(1)%Primarily driven by USD strengthening against Turkish Lira,Japanese Yen and Chinese Renminbi1.Excludes Comirnaty2 and Paxlovid.2.See Slides 15-16 for definitions.3.Adjusted cost of sales as a percentage of revenues(COS%).12First Quarter 2024 EarningsQ1 20

34、24:Allocating Capital to Enhance Shareholder ValuePost-Seagen De-Levering,Expect More Balanced Capital AllocationBetween Reinvestment and Returning Value to Shareholders1.Current financial guidance does not anticipate any share repurchases in 2024.Reinvest in BusinessMaintain and Grow Our DividendSh

35、are Repurchases1De-lever Our Balance Sheet$2.4BReturned to shareholders$1.3BIn debt paid$2.5BIn internalR&DDriving a balanced capital allocation strategy to reinvest in our business and return value to shareholders*Additional$1.0B debt repayment expected in May 2024None plannedin 202413First Quarter

36、 2024 Earnings2024 Financial Guidance1:Maintains 2024 Revenue Range and Raises Adjusted1 Diluted EPS RangeRevenues$58.5 to$61.5 BillionAdjusted1 SI&A Expenses$13.8 to$14.8 BillionAdjusted1 R&D Expenses$11.0 to$12.0 BillionEffective Tax Rate on Adjusted1 Income15.0%Adjusted1 Diluted EPS$2.15 to$2.35(

37、previously$2.05 to$2.25)1.See Slides 15-16 for definitions and additional information regarding Pfizers 2024 financial guidance.14First Quarter 2024 EarningsQ&A SessionChris BoshoffChief Oncology Officer,EVPAlexandre de GermayChief InternationalCommercial Officer,EVPMikael DolstenChief Scientific Of

38、ficer&President,Pfizer R&DAamir MalikChief U.S.Commercial Officer,EVPAlbert BourlaChairman and CEODavid DentonChief Financial Officer,EVPFrancesca DeMartinoChief Investor Relations Officer,Senior Vice PresidentDoug LanklerGeneral Counsel,EVP15First Quarter 2024 EarningsFootnotes(Page 1 of 2)(1)As us

39、ed in this document,“Comirnaty”refers to,as applicable,and as authorized or approved,the Pfizer-BioNTech COVID-19 Vaccine;Comirnaty(COVID-19 Vaccine,mRNA)original monovalent formula;the Pfizer-BioNTech COVID-19 Vaccine,Bivalent(Original and Omicron BA.4/BA.5);the Pfizer-BioNTech COVID-19 Vaccine(202

40、3-2024 Formula);Comirnaty(COVID-19 Vaccine,mRNA)2023-2024 Formula;Comirnaty Original/Omicron BA.1;Comirnaty Original/Omicron BA.4/BA.5;and Comirnaty Omicron XBB.1.5.“Comirnaty”includes product revenues and alliance revenues related to sales of the above-mentioned vaccines.(2)Revenues is defined as r

41、evenues in accordance with U.S.generally accepted accounting principles(GAAP).Reported net income and its components are defined as net income attributable to Pfizer Imon shareholders and its components in accordance with U.S.GAAP.Reported diluted earnings per share(EPS)is defined as diluted EPS att

42、ributable to Pfizer Imon shareholders in accordance with U.S.GAAP.(3)Adjusted income and Adjusted diluted EPS are defined as U.S.GAAP net income attributable to Pfizer Imon shareholders and U.S.GAAP diluted EPS attributable to Pfizer Imon shareholders before the impact of amortization of intangible

43、assets,certain acquisition-related items,discontinued operations and certain significant items.See the reconciliations of certain GAAP Reported to Non-GAAP Adjusted information for the first quarter of 2024 and 2023.Adjusted income and its components and Adjusted diluted EPS measures are not,and sho

44、uld not be viewed as,substitutes for U.S.GAAP net income and its components and diluted EPS(2).See the Non-GAAP Financial Measure:Adjusted Income section of Managements Discussion and Analysis of Financial Condition and Results of Operations in Pfizers 2023 Annual Report on Form 10-K and the Non-GAA

45、P Financial Measure:Adjusted Income section in Pfizers earnings release furnished with Pfizers Current Report on Form 8-K dated May 1,2024 for a definition of each component of Adjusted income as well as other relevant information.(4)First-quarter 2024 Reported(2)and Adjusted(3)diluted EPS were favo

46、rably impacted by$0.11 resulting from a$771 million final adjustment to the estimated non-cash Paxlovid revenue reversal of$3.5 billion recorded in the fourth quarter of 2023,reflecting 5.1 million EUA-labeled treatment courses returned by the U.S.government through February 29,2024 versus the estim

47、ated 6.5 million treatment courses that were expected to be returned as of December 31,2023.(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 fi

48、nancial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses,certain acquisition-related expenses,gains and losses from equity securities,actuarial gains and losses from pension and postretirement plan remeasur

49、ements,potential future asset impairments and pending litigation without unreasonable effort.These items are uncertain,depend on various factors,and could have a material impact on GAAP Reported results for the guidance period.Financial guidance for full-year 2024 reflects the following:Does not ass

50、ume the completion of any business development transactions not completed as of March 31,2024.An anticipated immaterial impact in fiscal-year 2024 of recent and expected generic and biosimilar competition for certain products that have recently lost patent protection or that are anticipated to lose

51、patent protection.Exchange rates assumed are a blend of actual rates in effect through first-quarter 2024 and mid-April 2024 rates for the remainder of the year.Financial guidance reflects the anticipated unfavorable impact of approximately$0.4 billion on revenues and the anticipated favorable impac

52、t of approximately$0.02 on Adjusted(3)diluted EPS as a result of changes in foreign exchange rates relative to the U.S.dollar compared to foreign exchange rates from 2023.Guidance for Adjusted(3)diluted EPS assumes diluted weighted-average shares outstanding of approximately 5.75 billion shares,and

53、assumes no share repurchases in 2024.16First Quarter 2024 EarningsFootnotes(Page 2 of 2)(6)References to operational variances in this presentation pertain to period-over-period changes that exclude the impact of foreign exchange rates.Although foreign exchange rate changes are part of Pfizers busin

54、ess,they are not within Pfizers control and because they can mask positive or negative trends in the business,Pfizer believes presenting operational variances excluding these foreign exchange changes provides useful information to evaluate Pfizers results.(7)Pfizers fiscal year-end for international

55、 subsidiaries is November 30 while Pfizers fiscal year-end for U.S.subsidiaries is December 31.Therefore,Pfizers first quarter for U.S.subsidiaries reflects the three months ended on March 31,2024 and April 2,2023 while Pfizers first quarter for subsidiaries operating outside the U.S.reflects the th

56、ree months ended on February 25,2024 and February 26,2023.(8)The Patients Impacted metric is calculated from Pfizer and third-party datasets.Figures may be limited given the coverage provided by external sources(e.g.,calendar duration,geographic and product coverage)and are subject to change.Numbers

57、 are estimates and in some cases use global volume,daily dosage and number of treatment days to facilitate calculations.Methodologies to calculate estimates may vary by product type given the nature of the product and available data.Patients taking multiple Pfizer products may be counted as multiple

58、 patients towards total.Numbers do not include comprehensive estimated patient counts from Ex-US Access&Affordability programs.Historical estimates may periodically be subject to revision due to restatements in the underlying data source.lThe information contained on our website or any third-party website is not incorporated by reference into this presentation.