PFIZER : INVESTOR DAY 2020 - DAY 1 - ELT Plenary Session Presentation

Albert Bourla

Chairman &

Chief Executive Officer

Pfizer Confidential

1

Forward-Looking Statements and Other Notices

Our discussions during Pfizer's Investor Day include forward-looking statements about our anticipated future operating and financial performance, business plans and prospects; expectations for our product pipeline, in-line products and product candidates, including anticipated regulatory submissions, data read- outs, study starts, approvals, revenue contribution, growth, performance, timing of exclusivity and potential benefits; manufacturing and product supply; our efforts to respond to COVID-19, including our investigational vaccine candidate against SARS-CoV-2 and our investigational protease inhibitor, and our expectations regarding the impact of COVID-19; our ability to successfully capitalize on growth opportunities and prospects; plans for and prospects of our acquisitions and other business development activities, including our proposed transaction with Mylan N.V. (Mylan) to combine Upjohn and Mylan to create a new global pharmaceutical company; plans relating to share repurchases and dividends; and other statements about our business, operations and financial results that are each subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Among other things, statements regarding revenue and earnings per share growth; the development or commercial potential of our product pipeline, in-line products, product candidates and additional indications, including expected clinical trial protocols, the timing of the initiation and progress of clinical trials and data read-outs from trials; the timing for the submission of applications for and receipt of regulatory approvals; expected breakthrough, best or first-in-class status, blockbuster status of our medicines or vaccines; and the impact of anticipated improvements to our clinical operation performance are forward-looking and are estimates that are subject to change and clinical trial and regulatory success. These statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from past results, future plans and projected future results. Additional information regarding these and other factors can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in our subsequent reports on Form 10-Q, including in the sections thereof captioned "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 www.pfizer.com. Potential risks and uncertainties also include the impact of COVID-19 on our sales and operations, including impacts on employees, manufacturing, supply chain, marketing, research and development and clinical trials. The forward-looking statements in these presentations speak only as of the original date of the presentation and we undertake no obligation to update or revise any of these statements. Today's discussions and presentations are intended for the investor community only; they are not intended to promote the products referenced herein or otherwise influence healthcare prescribing decisions. All trademarks in today's presentations are the property of their respective owners.

Pfizer's Transformation: A 10-year Journey

From "Old" Pfizer …

Diversified Enterprise

Scientific "Fast Follower"

EPS Growth through Large-Scale M&A and Share Repurchases

…to "New" Pfizer

Focused, Innovative Biopharma

"First-in-Class" Science Powerhouse

EPS Growth through Durable, Organic Topline Growth

3

Our Purpose: Breakthroughs that Change Patients' Lives

BOLD MOVES

1. Unleash the power of our people

1. Create room for meaningful work
2. Recognize both leadership and performance
3. Make Pfizer an amazing workplace for all

2. Deliver first-in-class science

1. Source the best science in the world
2. Double our innovation success rate
3. Bring medicines to the world faster

3. Transform our go-to-market model

1. Improve access through new payer partnerships
2. Address the patient affordability challenge
3. Transform the way we engage patients & physicians

1. 4. Win the digital race in pharma

2. Digitize drug discovery and development
3. Enhance health outcomes and patient experience
4. Make our work faster and easier

5. Lead

the conversation

1. Be known as the most patient-centric company
2. Drive pro-innovation/pro-patient policies
3. Focus the narrative on the value of our science

VALUES

Courage

Excellence

Equity

Joy

Think big, speak up, be

Focus on what matters, agree who does

Be inclusive, act with integrity, reduce

Take pride, recognize one

decisive

what, measure outcomes

healthcare disparities

another, have fun

4

Business Unit Structure Allows for Agility and Disciplined Capital Allocation

Capital Allocation Committee

(Comprised of Five Pfizer Executive Leaders)

Internal Medicine		Oncology		Rare Disease		Vaccines
Chief		Chief		Chief		Chief
Scientific		Scientific		Scientific		Scientific
Officer		Officer		Officer		Officer
Chief		Chief		Chief		Chief
Development		Development		Development		Development
Officer		Officer		Officer		Officer
Global		Global		Global		Global
Commercial		Commercial		Commercial		Commercial
President		President		President		President

Inflammation &

Immunology

Chief

Scientific

Officer

Chief

Development

Officer

Global

Commercial

President

Hospital

Chief

Scientific

Officer

Chief

Development

Officer

Global

Commercial

President

5

Reimagining the Way We Work

1. Simplify major corporate processes end-to-end

1. Streamline Enabling Functions interactions from 15 to 5
   Consolidate Shared Services
2. Centers from 20 to 6

Improve Ability to Get Things Done

Right-size

Corporate Cost

6

Aligning Incentives with a Culture of Innovation

Annual bonus for

ALL bonus-eligible

colleagues

will now be funded

based on both:

• Financial performance
  AND
• Success of the pipeline

7

Environmental, Social and Governance (ESG) Principles

Environmental

Greenhouse Gas Emissions

2020 Goal: 20% reduction

Achieved: 23% reduction*

Social

Equitable pay practices

between

Women and Men globally

and

Minority and Non-minority

in the US

Governance

All but one Director

independent

>50% of Board of Directors

is diverse based on gender or ethnicity

"Governance and

Sustainability Committee"

* 23% reduction from 2012-2019

8

Strong, Diverse and Balanced Board of Directors

Ron Blaylock	Albert Bourla	Don Cornwell	Sue Desmond-Hellmann, M.D., Ph.D.	Joe Echevarria

Scott Gottlieb, M.D.

Helen Hobbs, M.D.

Susan Hockfield, Ph.D.

Jim Kilts

Dan Littman, M.D., Ph.D.	Shantanu Narayen	Suzanne Nora Johnson	James Quincey	Jim Smith

9

Five Highly Accomplished Scientists to Our Board of Directors

Ron Blaylock	Albert Bourla	Don Cornwell	Sue Desmond-Hellmann, M.D., Ph.D.	Joe Echevarria

Scott Gottlieb, M.D.

Helen Hobbs, M.D.

Susan Hockfield, Ph.D.

Jim Kilts

	Dan Littman, M.D., Ph.D.	Shantanu Narayen	Suzanne Nora Johnson	James Quincey	Jim Smith

10

Time is Right to Pivot to Innovation

• Existing innovative portfolio with strong growth (9% operational revenue growth in first half 2020)
• No significant anticipated LOEs impact until 2026
• 5-yearrevenue CAGR expected to be at least 6%*
• 5-yearEPS CAGR expected to grow double-digits*

• Healthy and increasing dividend income
• Pipeline as strong as ever
• Strong balance sheet and financial strength

* Expectations are risk-adjusted, exclude any COVID-19 revenues, and	11
are following the expected completion of the Upjohn-Mylan transaction

Growth Outlook Beyond 2026

• Internal forecasts roughly in line with consensus estimates of $18-$20B in lost revenue due to patent expirations, beginning in 2026
• We believe our current pipeline will at least replace those lost revenues*

* Expectations are risk-adjusted, exclude any COVID-19 revenues, and	12
are following the expected completion of the Upjohn-Mylan transaction

Pfizer

of the new

Decade

Pfizer Confidential

13

Mikael Dolsten

Chief Scientific Officer and President,

Worldwide Research Development and

Medical (WRDM)

14

Pfizer's R&D Turnaround Journey

10	104	2010
Large Number of	High Volume	Narrow	Located Away	Siloed
Key Therapeutic Areas	of NMEs	Modality Base	from Major Bio Hubs	Decision Making

		Current
5	54
Focused on Areas	High Quality	Broad & Deep	Strategically located	Integrated
Where We Can Win	of NMEs	Modality Base	at Major Bio Hubs	Decision Making

NME (New Molecular Entities); 2010 NME counts as of year end; Current NME counts as of Q2 2020

15

Creation of Scientific Powerhouse Led to Step Change in Ph 2 Success Rate

Phase 2 Success Rates (NMEs1, 3 Year Rolling Average at Year End)

				53%
		47%
		(n=15)
~30% Industry Average2			(n=15)
38%
	(n=16)

17%

(n=24)

2017

2018

2019

2020 YTD (Aug)

1. % of NMEs (New Molecular Entity); transitioning from Phase 2 to Phase 3;
2. 3yr rolling average; 2020 year-to-date (YTD) estimate represents the 3-year rolling average from September 1, 2017 through August 31, 2020

16

Pfizer's FIH to Approval Rate Increased by >75% & Surpassed Industry Average1

20152019

~5%

>75%

~9%

~11%~8%

Industry

1 2019 compared to 2015. 3 yr rolling cohort for Phase 1 and 5 yr rolling for later phases; FIH (First in Human)

17

Deep Expertise in Biological Drivers of Human Diseases

ONCOLOGY		INFLAMMATION		VACCINES	RARE		INTERNAL
	& IMMUNOLOGY		DISEASE		MEDICINE
Cancer Vulnerabilities and		Selective and Novel		High Impact Bacterial &		Molecular Pathology of		Metabolic Dysfunction &
Drug Resistance		Cytokine Modulators		Viral Vaccines		Genetic Diseases		Cardiovascular Risk

18

Diversified Technologies Balanced Across Core & Emerging Areas

Core Technology Platforms

Small Molecules	Monoclonal Antibodies	Conjugate &	AAV	Clinical Supply
Precision Design	Precision Design	Engineered Vaccines	Gene Therapies	Accelerations

Emerging Technology Platforms

Protein	Multi-Specific	RNA	Gene Expression	AI, Multi-omics
Degraders	Biologics	Vaccines	Modulators	& Epidemiology

19

High Caliber R&D Talent Strategically Located at Biomedical Hubs

Therapeutic Area Hubs

ONCOLOGY	I&I, RARE DISEASE, INTERNAL MEDICINE	VACCINES

La Jolla, CA

Boulder, CO

Cambridge, MA

Pearl River, NY

Science & Technology Centers

Groton, CT		Sandwich, UK		St. Louis, MO		Andover, MA		Kit Creek/Sanford, NC

20

Up to 25 Breakthroughs in Patients Hands by 2025 to Drive Growth

Select examples only

			25 by 2025				2026 - 2028 Opportunities
2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
Xtandi	BRAF Combo	Lorbrena	Talzenna+Xtandi	Ibrance	CDK2/4/6	sasanlimab	CDK2 Selective	KAT6	HER2 ADC
ARCHES 	CRC 2L/3L	1L ALK NSCLC	TALAPRO2	PATINA	Breast	NMIBC	Breast	Breast	Breast
Vyndaqel	COVID-19	Ibrance	Xtandi	BCMA+CD3	RSV Maternal	BRAF Combo	BCMA+CD3	EIF4E	GUCY2C+CD3
ATTR CM 	Vaccine	PENELOPE	EMBARK	Triple MM	Vaccine	1L CRC	Double MM	Breast	Cancer
	Tanezumab	abrocitinib	ritlecitinib	PCV20 Pediatric	Mening. Penta	PRMT5	TYK2	JAK 'X'	EZH2
	OA	AD	Alopecia	Vaccine	Vaccine	Cancer	PsO	HS	Prostate
		Xeljanz	C diff	IFN-B	marstacimab	Top. brepocitinib	Top. brepocitinib	ROBO2	JAK 'X'
		AS	Vaccine	Dermatomyositis	Hemo A&B	AD	PsO	Neph. Synd	IBD
		PCV20 Adult	F IX GTx	F VIII GTx	Leap Frog	ritlecitinib	GBS Maternal	E-Selectin	brepocitinib
		Vaccine	Hemo B	Hemo A	Drug Device	Vitiligo	Vaccine	Sickle Cell	Lupus
		Somatrogon	Tanezumab	DMD GTx	ATM-AVI	Lyme Disease	Wilson's GTx	DGAT + ACC	TL1A
		Ped. GHD	Cancer Pain	Duchenne	Bacterial	Vaccine	Wilson's Disease	NASH	IBD
		3CL Inhibitor				p38 LMNA	Danuglipron	DGAT	Vupanorsen
		COVID-19				CM	Obesity	NASH	CVD
						Vupanorsen	Danuglipron	GDF15	KHK
						SHTG	T2D	Cachexia	NASH

• Approved; All dates (as of 9/2/2020) are subject to change and subject to clinical trial & regulatory success. Xtandi® (enzalutamide) is developed and marketed in the U.S. in collaboration with Astellas.​Bavencio® (avelumab) is co-developed and co-commercialized in collaboration with Merck KGaA, Darmstadt, Germany.​ Pfizer has exclusive rights toBraftovi® (encorafenib) and Mektovi® (binimetinib) in the U.S. and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialize the products in Japan and South Korea, Medison in Israel, and Pierre Fabre in all other countries.

21

Up to 25 Breakthroughs by 2025: Includes Internal & External Partnerships

Business Development and Bolt on M&A	Select examples only

				25 by 2025				2026 - 2028 Opportunities
	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
	Xtandi	BRAF Combo	Lorbrena	Talzenna+Xtandi	Ibrance	CDK2/4/6	sasanlimab	CDK2 Selective	KAT6	HER2 ADC
	ARCHES 	CRC 2L/3L	1L ALK NSCLC	TALAPRO2	PATINA	Breast	NMIBC	Breast	Breast	Breast
	Vyndaqel	COVID-19	Ibrance	Xtandi	BCMA+CD3	RSV Maternal	BRAF Combo	BCMA+CD3	EIF4E	GUCY2C+CD3
	ATTR CM 	Vaccine	PENELOPE	EMBARK	Triple MM	Vaccine	1L CRC	Double MM	Breast	Cancer
		Tanezumab	abrocitinib	ritlecitinib	PCV20 Pediatric	Mening. Penta	PRMT5	TYK2	JAK 'X'	EZH2
		OA	AD	Alopecia	Vaccine	Vaccine	Cancer	PsO	HS	Prostate
			Xeljanz	C diff	IFN-B	marstacimab	Top. brepocitinib	Top. brepocitinib	ROBO2	JAK 'X'
			AS	Vaccine	Dermatomyositis	Hemo A&B	AD	PsO	Neph. Synd	IBD
			PCV20 Adult	F IX GTx	F VIII GTx	Leap Frog	ritlecitinib	GBS Maternal	E-Selectin	brepocitinib
			Vaccine	Hemo B	Hemo A	Drug Device	Vitiligo	Vaccine	Sickle Cell	Lupus
			Somatrogon	Tanezumab	DMD GTx	ATM-AVI	Lyme Disease	Wilson's GTx	DGAT + ACC	TL1A
			Ped. GHD	Cancer Pain	Duchenne	Bacterial	Vaccine	Wilson's Disease	NASH	IBD
			3CL Inhibitor				p38 LMNA	Danuglipron	DGAT	Vupanorsen
			COVID-19				CM	Obesity	NASH	CVD
							Vupanorsen	Danuglipron	GDF15	KHK
							SHTG	T2D	Cachexia	NASH

• Approved; All dates (as of 9/2/2020) are subject to change and subject to clinical trial & regulatory success. Xtandi® (enzalutamide) is developed and marketed in the U.S. in collaboration with Astellas.​Bavencio® (avelumab) is co-developed and co-commercialized in collaboration with Merck KGaA, Darmstadt, Germany.​ Pfizer has exclusive rights toBraftovi® (encorafenib) and Mektovi® (binimetinib) in the U.S. and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialize the products in Japan and South Korea, Medison in Israel, and Pierre Fabre in all other countries.

22

Up to 25 Breakthroughs by 2025: Programs to be Discussed During R&D Day

Programs to be Discussed During R&D Day

Select examples only

			25 by 2025				2026 - 2028 Opportunities
2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
Xtandi	BRAF Combo	Lorbrena	Talzenna+Xtandi	Ibrance	CDK2/4/6	sasanlimab	CDK2 Selective	KAT6	HER2 ADC
ARCHES 	CRC 2L/3L	1L ALK NSCLC	TALAPRO2	PATINA	Breast	NMIBC	Breast	Breast	Breast
Vyndaqel	COVID-19	Ibrance	Xtandi	BCMA+CD3	RSV Maternal	BRAF Combo	BCMA+CD3	EIF4E	GUCY2C+CD3
ATTR CM 	Vaccine	PENELOPE	EMBARK	Triple MM	Vaccine	1L CRC	Double MM	Breast	Cancer
	Tanezumab	abrocitinib	ritlecitinib	PCV20 Pediatric	Mening. Penta	PRMT5	TYK2	JAK 'X'	EZH2
	OA	AD	Alopecia	Vaccine	Vaccine	Cancer	PsO	HS	Prostate
		Xeljanz	C diff	IFN-B	marstacimab	Top. brepocitinib	Top. brepocitinib	ROBO2	JAK 'X'
		AS	Vaccine	Dermatomyositis	Hemo A&B	AD	PsO	Neph. Synd	IBD
		PCV20 Adult	F IX GTx	F VIII GTx	Leap Frog	ritlecitinib	GBS Maternal	E-Selectin	brepocitinib
		Vaccine	Hemo B	Hemo A	Drug Device	Vitiligo	Vaccine	Sickle Cell	Lupus
		Somatrogon	Tanezumab	DMD GTx	ATM-AVI	Lyme Disease	Wilson's GTx	DGAT + ACC	TL1A
		Ped. GHD	Cancer Pain	Duchenne	Bacterial	Vaccine	Wilson's Disease	NASH	IBD
		3CL Inhibitor				p38 LMNA	Danuglipron	DGAT	Vupanorsen
		COVID-19				CM	Obesity	NASH	CVD
						Vupanorsen	Danuglipron	GDF15	KHK
						SHTG	T2D	Cachexia	NASH

• Approved; All dates (as of 9/2/2020) are subject to change and subject to clinical trial & regulatory success. Xtandi® (enzalutamide) is developed and marketed in the U.S. in collaboration with Astellas.​Bavencio® (avelumab) is co-developed and co-commercialized in collaboration with Merck KGaA, Darmstadt, Germany.​ Pfizer has exclusive rights toBraftovi® (encorafenib) and Mektovi® (binimetinib) in the U.S. and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialize the products in Japan and South Korea, Medison in Israel, and Pierre Fabre in all other countries.

23

Up to 25 Breakthroughs by 2025: Projected Approvals by 2021

Projected Approvals by 2021

Select examples only

			25 by 2025				2026 - 2028 Opportunities
2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
Xtandi	BRAF Combo	Lorbrena	Talzenna+Xtandi	Ibrance	CDK2/4/6	sasanlimab	CDK2 Selective	KAT6	HER2 ADC
ARCHES 	CRC 2L/3L	1L ALK NSCLC	TALAPRO2	PATINA	Breast	NMIBC	Breast	Breast	Breast
Vyndaqel	COVID-19	Ibrance	Xtandi	BCMA+CD3	RSV Maternal	BRAF Combo	BCMA+CD3	EIF4E	GUCY2C+CD3
ATTR CM 	Vaccine	PENELOPE	EMBARK	Triple MM	Vaccine	1L CRC	Double MM	Breast	Cancer
	Tanezumab	abrocitinib	ritlecitinib	PCV20 Pediatric	Mening. Penta	PRMT5	TYK2	JAK 'X'	EZH2
	OA	AD	Alopecia	Vaccine	Vaccine	Cancer	PsO	HS	Prostate
		Xeljanz	C diff	IFN-B	marstacimab	Top. brepocitinib	Top. brepocitinib	ROBO2	JAK 'X'
		AS	Vaccine	Dermatomyositis	Hemo A&B	AD	PsO	Neph. Synd	IBD
		PCV20 Adult	F IX GTx	F VIII GTx	Leap Frog	ritlecitinib	GBS Maternal	E-Selectin	brepocitinib
		Vaccine	Hemo B	Hemo A	Drug Device	Vitiligo	Vaccine	Sickle Cell	Lupus
		Somatrogon	Tanezumab	DMD GTx	ATM-AVI	Lyme Disease	Wilson's GTx	DGAT + ACC	TL1A
		Ped. GHD	Cancer Pain	Duchenne	Bacterial	Vaccine	Wilson's Disease	NASH	IBD
		3CL Inhibitor				p38 LMNA	Danuglipron	DGAT	Vupanorsen
		COVID-19				CM	Obesity	NASH	CVD
						Vupanorsen	Danuglipron	GDF15	KHK
						SHTG	T2D	Cachexia	NASH

• Approved; All dates (as of 9/2/2020) are subject to change and subject to clinical trial & regulatory success. Xtandi® (enzalutamide) is developed and marketed in the U.S. in collaboration with Astellas.​Bavencio® (avelumab) is co-developed and co-commercialized in collaboration with Merck KGaA, Darmstadt, Germany.​ Pfizer has exclusive rights toBraftovi® (encorafenib) and Mektovi® (binimetinib) in the U.S. and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialize the products in Japan and South Korea, Medison in Israel, and Pierre Fabre in all other countries.

24

Up to 25 Breakthroughs by 2025: Projected Pivotal Readouts by 2021

Projected Pivotal Readouts by 2021

Select examples only

			25 by 2025				2026 - 2028 Opportunities
2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
Xtandi	BRAF Combo	Lorbrena	Talzenna+Xtandi	Ibrance	CDK2/4/6	sasanlimab	CDK2 Selective	KAT6	HER2 ADC
ARCHES 	CRC 2L/3L	1L ALK NSCLC	TALAPRO2	PATINA	Breast	NMIBC	Breast	Breast	Breast
Vyndaqel	COVID-19	Ibrance	Xtandi	BCMA+CD3	RSV Maternal	BRAF Combo	BCMA+CD3	EIF4E	GUCY2C+CD3
ATTR CM 	Vaccine	PENELOPE	EMBARK	Triple MM	Vaccine	1L CRC	Double MM	Breast	Cancer
	Tanezumab	abrocitinib	ritlecitinib	PCV20 Pediatric	Mening. Penta	PRMT5	TYK2	JAK 'X'	EZH2
	OA	AD	Alopecia	Vaccine	Vaccine	Cancer	PsO	HS	Prostate
		Xeljanz	C diff	IFN-B	marstacimab	Top. brepocitinib	Top. brepocitinib	ROBO2	JAK 'X'
		AS	Vaccine	Dermatomyositis	Hemo A&B	AD	PsO	Neph. Synd	IBD
		PCV20 Adult	F IX GTx	F VIII GTx	Leap Frog	ritlecitinib	GBS Maternal	E-Selectin	brepocitinib
		Vaccine	Hemo B	Hemo A	Drug Device	Vitiligo	Vaccine	Sickle Cell	Lupus
		Somatrogon	Tanezumab	DMD GTx	ATM-AVI	Lyme Disease	Wilson's GTx	DGAT + ACC	TL1A
		Ped. GHD	Cancer Pain	Duchenne	Bacterial	Vaccine	Wilson's Disease	NASH	IBD
		3CL Inhibitor				p38 LMNA	Danuglipron	DGAT	Vupanorsen
		COVID-19				CM	Obesity	NASH	CVD
						Vupanorsen	Danuglipron	GDF15	KHK
						SHTG	T2D	Cachexia	NASH

• Approved; All dates (as of 9/2/2020) are subject to change and subject to clinical trial & regulatory success. Xtandi® (enzalutamide) is developed and marketed in the U.S. in collaboration with Astellas.​Bavencio® (avelumab) is co-developed and co-commercialized in collaboration with Merck KGaA, Darmstadt, Germany.​ Pfizer has exclusive rights toBraftovi® (encorafenib) and Mektovi® (binimetinib) in the U.S. and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialize the products in Japan and South Korea, Medison in Israel, and Pierre Fabre in all other countries.

25

Up to 25 Breakthroughs by 2025: Projected Early Stage Readouts by 2021

Projected Early Stage Readouts by 2021

Select examples only

			25 by 2025				2026 - 2028 Opportunities
2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
Xtandi	BRAF Combo	Lorbrena	Talzenna+Xtandi	Ibrance	CDK2/4/6	sasanlimab	CDK2 Selective	KAT6	HER2 ADC
ARCHES 	CRC 2L/3L	1L ALK NSCLC	TALAPRO2	PATINA	Breast	NMIBC	Breast	Breast	Breast
Vyndaqel
COVID-19	Ibrance	Xtandi	BCMA+CD3	RSV Maternal	BRAF Combo	BCMA+CD3	EIF4E	GUCY2C+CD3
ATTR CM 	Vaccine	PENELOPE	EMBARK	Triple MM	Vaccine	1L CRC	Double MM	Breast	Cancer
	Tanezumab	abrocitinib	ritlecitinib	PCV20 Pediatric	Mening. Penta	PRMT5	TYK2	JAK 'X'	EZH2
	OA	AD	Alopecia	Vaccine	Vaccine	Cancer	PsO	HS	Prostate
		Xeljanz	C diff	IFN-B	marstacimab	Top. brepocitinib	Top. brepocitinib	ROBO2	JAK 'X'
		AS	Vaccine	Dermatomyositis	Hemo A&B	AD	PsO	Neph. Synd	IBD
		PCV20 Adult	F IX GTx	F VIII GTx	Leap Frog	ritlecitinib	GBS Maternal	E-Selectin	brepocitinib
		Vaccine	Hemo B	Hemo A	Drug Device	Vitiligo	Vaccine	Sickle Cell	Lupus
		Somatrogon	Tanezumab	DMD GTx	ATM-AVI	Lyme Disease	Wilson's GTx	DGAT + ACC	TL1A
		Ped. GHD	Cancer Pain	Duchenne	Bacterial	Vaccine	Wilson's Disease	NASH	IBD
		3CL Inhibitor				p38 LMNA	Danuglipron	DGAT	Vupanorsen
		COVID-19				CM	Obesity	NASH	CVD
						Vupanorsen	Danuglipron	GDF15	KHK
						SHTG	T2D	Cachexia	NASH

• Approved; All dates (as of 9/2/2020) are subject to change and subject to clinical trial & regulatory success. Xtandi® (enzalutamide) is developed and marketed in the U.S. in collaboration with Astellas.​Bavencio® (avelumab) is co-developed and co-commercialized in collaboration with Merck KGaA, Darmstadt, Germany.​ Pfizer has exclusive rights toBraftovi® (encorafenib) and Mektovi® (binimetinib) in the U.S. and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialize the products in Japan and South Korea, Medison in Israel, and Pierre Fabre in all other countries.

26

Our Chief Scientific Officers

Oncology - La Jolla			Oncology - Boulder			Inflammation & Immunology
Jeffrey Settleman, PhD		Nicolas Saccomano, PhD		Michael S. Vincent, MD PhD
• PhD: Yale School of Medicine		•	PhD: Columbia University		•	MD-PhD: Indiana University
• Sr. Dir., Oncology, Genentech		•	CSO Array Biopharma		•	Sr. VP, Pharmatherapeutics, Pfizer
• Professor, Harvard Medical School		• CTO, Somalogic, CSO Bend Research		•	Translational Immunology Leadership
• Years at Pfizer: 1+		•	Years at Pfizer: 25+		•	Years at Pfizer: 9+
• Published 240+ original articles		• Published 80+ original articles		• Published 40+ original articles

Vaccines		Rare Disease			Internal Medicine
Kathrin U. Jansen, PhD		Seng H. Cheng, PhD		Morris Birnbaum, MD PhD
• PhD: Phillips Universitaet, Germany		• PhD: University of London		•	MD-PhD: Brown University
• Sr. VP, Vaccine R&D Wyeth		• VP, Genetic Diseases, Genzyme		• Professor, University of Pennsylvania
• Head of Microbial Vaccines, Merck		• Global Head, Rare Diseases, Sanofi		•	Investigator, Howard Hughes Institute
• Years at Pfizer: 11+		• Years at Pfizer: 2+		•	Years at Pfizer: 6+
• Published 180+ original articles		• Published 250+ original articles		• Published 220+ original articles

27

Rod MacKenzie

Chief Development Officer & Executive Vice President, Global Product Development

From Bottom Quartile in 2015…

Industry Ranking

Industry Ranking

Industry Ranking

Days 180	#14

160

140

120

100

80

60

40

20

0

80

70

60

50

40

30

20

10

0

#16

350

300

250

200

150

100

50

0

#7

Final Approved Protocol to First Subject First Visit

Primary Completion Date

to Database Release

Primary Completion Date

to Submission

29

Source:

To Top Quartile in 2019…

Industry Ranking

Days 180	#14 to #1
160
140
120
100
80
60
40	30 days
20
(18%)
0

Final Approved Protocol to First Subject First Visit

Industry Ranking

80	#16 to #2
70
60
50
40
30
20	39 days
10
(54%)
0

Primary Completion Date

to Database Release

Industry Ranking

350	#7 to #3
300
250
200
150
100
50	140 days
(44%)
0

Primary Completion Date

to Submission

30

Source:

Aspiring to Improve through 2021 and Beyond

49 days
29%
Days 180
160
140
120
100
80
60
40
20
0

Final Approved Protocol to First Subject First Visit

44 days
60%
80
70
60
50
40
30
20
10
0

Primary Completion Date

to Database Release

Projected
167 days
52%
350
300
250
200
150
100
50
0

Primary Completion Date

to Submission

31

Source: Centre for Medicines Research International Limited (CMR)

Improving Operational Performance Along 3 Dimensions

Organization &		Operational Excellence		Rigorous Focus
Culture		& Capabilities		on Cycle Times
Integrated global		Excellence across		Focus on
development organization		processes and systems		operationally-addressable
Patient centric culture,		Innovation transforming		cycle times
focused on continuous		clinical trials
improvement

32

Created a New PFE Division for Late-Stage Development in 2016

Consolidated 4 Existing Organizations-

2 from Commercial & 2 from Worldwide R&D to Create Unified Discipline of Excellence

Oncology	Clinical	I&I, IM,	Global
Development	Rare Disease,	Regulatory
Development	& Operations	Development	Affairs

Global Product

Development

33 33

Patient Centricity and Equity in Clinical Trials

Our Goal: Design clinical trials so that enrollment can reflect

the racial and ethnic diversity of the countries in which we operate and the epidemiology of the diseases we work to treat

Focused effort to build trust	Enhance partnership with sites	Build awareness of Pfizer trials
and relationships	on shared goals of participant	by making it easy to find information
with diverse communities	experience and access to trials	and connect with sites

34

Our Chief Development Officers

Jim Rusnak, MD, PhD	Bill Gruber, MD	Mike Corbo, RPh, PhD	Brenda Cooperstone, MD	Chris Boshoff, MD, PhD
Internal Medicine & Hospital	Vaccines	Inflammation & Immunology	Rare Disease	Oncology
• MD: University of Pittsburgh	• MD, Residency, Chief Residency,	• PhD: Rutgers University	• MD: McGill University	• MD: Royal Marsden & Royal
• PhD: University of Pittsburgh	Infectious Diseases	• RPh: Rutgers College of	• Residency: Montreal Children's	Free Hospitals, London
• Residency: Mayo Clinic	Fellowship: Baylor College of	Pharmacy	Hospital	• PhD: Institute of Cancer
• 11 Years at Pfizer; 20 Industry	Medicine and Texas Children's	• 9 Years at Pfizer; 31 Industry	• Clinical Fellowship: Children's	Research, London
• Eliquis, Chantix, Lyrica,	Hospital	• Adalimumab, Bevacizumab,	Hospital of Philadelphia	• Director, University College
Steglujan, Avapro, Nulojix,	• 21 Years at Pfizer, Industry	Eucrisa/Staquis, Infliximab,	• Research Fellowship: University	London Cancer Institute
Onglyza	• Reports to Kathrin Jansen, PhD,	Rituximab, Trastuzumab, Xeljanz,	of Pennsylvania	• Adj. Professor, Yale University
	Head of Vaccine R&D	Evra, Excedrin Quickmelts,	• 21 Years at Pfizer, Industry	• 7 Years at Pfizer, Industry
	• Prevnar, Prevnar 13, Trumenba,	Nulojix, Orencia	• BeneFIX, Prevnar, Rapamune,	• Bavencio, Braftovi, Ibrance,
	FluMist/Fluenz, FSMEImmun,		Refacto, Vyndaqel/Vyndamax	Inylta, Lorbrena, Xtandi
	Meningitec, Nimenrix

100 years industry experience bringing >30 medicines and vaccines to patients, with cumulative lifetime revenues in the region of approximately $150Bn

35

Focus on Operational Excellence and Capabilities

44 Workstreams, 700+ Colleague Volunteers, & 12 Months of Work Leading to:

Excellence Across Processes & Systems	Cost Efficiencies
Better Data Quality & Partner Experience	~$750M Reinvested in Portfolio

Adoption of clinical trial data standards	Eliminated redundant roles and activities
Simpler data collection and review processes	Renegotiated vendor agreements
Centralized, Pfizer-owned clinical	focused on milestone achievement
and operations data model	Resulted in many fewer protocol amendments

36

First-In-Industry Innovations are Transforming our Clinical Trials

Innovations to Accelerate Trials, Improve Quality, and Drive Efficiencies

	Breakthrough	Site-Less	Digitally Source	Automated Clinical
	Change Accelerator	Clinical Trial	Clinical Data	Document Creation
Crowd-source innovative	Improve the patient's	Digitize clinical data transfer	Digitize clinical content to
	Artificial Intelligence and	experience by bringing the	from any current EHR system or	enable re-use and
	Machine Learning	clinical trial to the patient	emerging source (wearables, apps)	automate authoring
	capabilities in 6 weeks

Discovered a novel	First regulatory-grade study	Integrated with Ochsner EHR	Automated protocol & study
Deep Learning capability	launched with Verily	for a Phase 2 oncology study	monitoring plan
Reduce database	Anticipated 50% reduction	0 data errors	20% reduction in time to
queries by 50%	in recruitment time and	Near real-time	author; 15% reduction in
	25% increase in retention	data availability	document review time

37

External Collaborations Are Improving Clinical Trial Productivity

Focus is on Improving Data Quality & Patient Experience, Expanding Access and Speeding Patient Recruitment

Creating faster, increased patient access	Deploying digital technology	Helping doctors and clinics become
to clinical trials and streamlining data	to re-engineer how we conduct	investigators and trial sites by providing
capture via Electronic Health Records	clinical trials in the first fully-remote	resources and support to run a trial
and mobile tools	registrational study	~abrocitinib for
~RSV maternal vaccine, NASH	~crisaborole, gene therapy	vitiligo, alopecia, psoriasis

Integrating and increasing the use of	Promoting harmonization	Engaging on social media and
real-world data in our oncology trials	in systems and processes across the	partnering with patient
~Ibrance for male breast cancer	biopharma industry to simplify	communities for recruitment
	clinical trials for all stakeholders	~Tanezumab™, Xeljanz™

Trademarks are the property of their respective owners and used for information purposes only

38

Removing 2.5 Years from First-in-Human to Approval Development Cycle Times

9.4 Years 5.2

4.2

Operationally Addressable

White space, strategy development,

planning, decision-making time,

time to recruit our clinical studies and

other areas in our control

Operationally Fixed

Regulatory review periods,

trial study period, statutory requirements associated with pricing & reimbursement

2017

39

FIH to Approval Clinical Operational Cycle Times Expected to Decrease by 2.5 YEARS by 2021

Times (years )					2.5 Years
Cycle	5.2
4.8	4.3
			3.5
				2.7
	2017	2018	2019	2020	2021
					40

Cycle Time Improvements are Demonstrated in ALL Phases of Clinical Development

Source of Cycle Time Savings	Cycle Time Savings Expected
Earlier Investment in Clinical Supplies	8 months
Streamlined Study Start Up	2 months
Targeted Clinical Trial Recruitment	5.5 months
Rapid Database Release	3 months
Automation of Processes	11.5 months
Total Reduction	2.5 years

41

COVID-19 Vaccine Trial Accelerated Development Timeline

First Approved	Regulatory Approval	First Subject First Visit	First Subject First Visit
Protocol to	for Phase 2b/3 to	to 6K Dosed	To 20K Dosed
First Subject First Visit	First Subject First Visit	in Phase 2b/3
12 Days	2 Hours	18 Days	35 Days

42

For Non-Small Cell Lung Cancer 2L First in Human to Approval in 4.8 years US Approval: November 2, 2018

Positive CROWN Study Results in 1L: August 2020

Previous Pfizer Median: 9.8 years

Industry Median: 7.8 years

43

Angela Hwang

Group President, Pfizer Biopharmaceuticals

44

Biopharma Positioned for Continued Growth

1	Expect At Least 6%+
2020-2025E Revenue CAGR

2	Confidence behind near-
term growth drivers

3	Exciting Pipeline with
Commercial Expertise

• Strong In-Line Performance
• • Already Generating 9% Growth in 1H20*
• No significant LoEs anticipated until 2026

•	Ibrance	•	Vyndaqel
•	Xtandi
•	Eliquis

• Oncology Biosimilars • Xeljanz
• Braftovi/Mektovi
• ~$15B potential pipeline revenue in 2025 (non-risk adjusted)
• Commercial scale with established field footprint
• Knowledge transfer across Biopharma to ensure launch excellence

*Operational Revenue Growth	45

Biopharma Business Units: $41.6B 2020 Revenue (2020 Guidance midpoint)

Internal Medicine

Michael Gladstone, Global President

• Up to 2 Primary Care launches by 2025
• 6 potential first-in-class metabolic MOAs in the pipeline

Vaccines

Nanette Cocero, Global President

• Up to 6 Innovative Vaccines by 2025
• ~$6B 2025 potential pipeline Rev

Inflammation &

Immunology

Richard Blackburn, Global President

• Up to 12 NMEs across 24 potential indications
• ~$3B 2025 potential pipeline Rev

Rare Disease

Suneet Varma, Global President

• Will be the only company with 3 Ph3 Gene Therapy programs
• ~$3B 2025 potential pipeline Rev

	Oncology			Hospital
Andy Schmeltz, Global President		Angela Lukin, Global President
•	Up to 14 potential approvals by 2025		•	#1 in Sterile Injectables and Anti-infectives
•	~$3B 2025 potential pipeline Rev		•	3 potential Novel NMEs and new drug
				device platforms by 2025

Emerging Markets

Susan Silbermann, President

• Extends our Innovative Portfolio with >140 launches in 2020

* Non-risk adjusted Revenue

46

At Least 6%+ 2020-2025E CAGR Supported By In-Line and Selected Pipeline Growth Drivers

Potential

Potential

Pipeline non-risk adjusted Revenue

Potential

Non-risk adjusted

Revenue

	In-line Incremental
Mid-Point	Revenue

$15B+

~$64.6B

$55.7B

Guidance
$8B+
$41.6B

>$3B Potential Peak: Abrocitinib, Vupanorsen, PCV20 Vx*

>$2B Potential Peak: DMD GTx

>$1B Potential Peak: RSV Vx, Talzenna, C. difficile Vx, ritlecitinib, Pentavalent Vx, Hem A GTx

$500M-$1B Potential Peak: marstacimab, somatrogon, Hem B GTx, LMNA-related DCM, Sterile Injectables

6%+ CAGR

'20-'25E

2020

2025

2020 mid-point guidance issued on July 28, 2020

Peak Revenues occur post-2025

*PCV20 not calculated as part of 2025 revenue of $15B (non- risk adjusted)

47

Select Launches by 2025

					vupanorsen
					(SHTG)
					sasanlimab
					(NMIBC)
		Talzenna			Braf/Mek
		(mCRPC)			(1L mCRC)
tanezumab	Lorbrena	Xtandi	BCMA + CD3		LMNA-related
(OA)	(1L ALK+ NSCLC)	(EMBARK)	(MM)		Dilated CM
Braf/Mek	abrocitinib	ritlecitinib	DMD GTx	marstacimab	recifercept
(CRC 2L/3L)	(AD)	(Alopecia)	(Pan Hem)	(achondroplasia)
Bavencio	Somatrogon	Hem B GTx	Hem A GTx	Penta Vx	Topical brepocitinib
(Bladder)	(Ped GHD)	(AD)
COVID Vx	PCV20 Adult Vx	C. difficile Vx	PCV20 Peds Vx	RSV Maternal Vx	ritlecitinib
(Vitiligo)
2020	2021	2022	2023	2024	2025

KEY

Vaccines Rare Disease

I&I

Oncology

Internal Medicine

Approval timelines are subject to change and subject to clinical trial, event rates, & regulatory success. Bavencio® (avelumab) is co-developed and co-commercialized in collaboration with Merck KGaA, Darmstadt, Germany.​ Pfizer has exclusive rights toBraftovi® (encorafenib) and Mektovi® (binimetinib) in the U.S. and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialize the products in Japan and South Korea, Medison in Israel, and Pierre Fabre in all other countries.

48

Commercial Excellence Case Studies

What We Learned Today

to Enable Tomorrow

49

Vyndaqel: Suspicion and Detection of ATTR-Cardiomyopathy Building Capabilities in Diagnosis

Diagnosis†

Treatment†

Vyndaqel

Market Share†

Written Scripts

Patients on

Therapy

Vyndaqel

Payer Mix

15%

85%

Vyndaqel: 80%

Hub + Non-Hub†

~10,300

6,200

20%		Commercial/
		Other
80%		Medicare

Capturing New Patients Through Education

Leading to Diagnosis

Estimated Cumulative US Diagnosis

Rate of ATTR-CM

25%

20%

15%

10%

5%

0%

Actual Estimate

† Estimates as of June 2020

50

Xeljanz: Positioned for Continued Growth in 2021+ With Strong Fundamentals to Lead Our JAK Pipeline

In 2021+ TRx Growth Expected to Continue with a

Significantly Lower Offset from Price

		% US Xeljanz Lives with							Xeljanz US Annual TRx
Access	100%				Favorable Access							550
FavorablewithCoverage	80%																								(Thousands)TRx	500
																									450
	60%
																									400
	40%																									350
																									300
%	20%																									250
																									200
Total	0%																									150
	2016 2017 2018	2019 July	2021
												2020							100
						Commercial				Medicare							2014 2015 2016 2017 2018 2019
						180M Lives				45M Lives
Source: Milliman XELJANZ Formulary Access Landscapes; Jul 2020							Source: IMS

Entrench in Rheumatology with

Ankylosing Spondylitis (AS) in 2021

	RA	PsA	UC		AS
Diagnosed	2,327	961	943		547
Treated	1,680	481	712		465
%Tx	72%	50%	76%		85%
On Advanced	571	180	129		56
Therapy
% On Advance	34%	37%	18%		12%
Therapies
%TNF	60%	60%	61%		89%
%Other Biologics	30%	37%	35%		11%
%Xeljanz	10%	3%	4%		0%
Xeljanz Launch	2012	2017	2018		2021E

Source: IQVIA, Decision Resources US Only

Prevalence, Diagnosed patients, patients treated all in 000's

AS Launch dependent on regulatory approval, PDUFA 4/19/2021

51

Significant 2021 Opportunity for Pfizer's Industry-Leading Oncology Biosimilar Portfolio

Growing Role for Oncology Biosimilars and

Recognition of Pfizer's Portfolio

US mAbs Biosimilar Penetration (July)

Bevacizumab	Trastuzumab	Rituximab
42%	40%	22%

Pfizer Oncology Biosimilars:

Portfolio Expectations

>$1B	Potential Global Revenue
in 2021

#1	Broadest Portfolio, with
6 Approved Oncology Biosimilars

70-90% Expected Preferred/Parity US mAb Access in 2021

52

Ibrance: A Standard of Care in Metastatic Breast Cancer (mBC) Building a Portfolio of Next-Gen CDK Inhibitors

HCPs Continue to See Ibrance Remaining the

Market Leader in mBC post-PALLAS

Ibrance Continued Confidence in mBC Leadership Supported By Real-World Data

"Not really, there isn't a negative impact [from the PALLAS news]. There are always negative trials in oncology…there will be no impact in how I approach mBC"

"The findings from monarchE will not change my opinion on the CDK4/6 inhibitors in the metastatic setting…" [KOL, Oncologist, Belgium]

B	PSM	Median OS (months)
100		NR	43.1

PAL+LET LET

8095% CI 95% CI (NE-NE)(34.2-NE)

0%	60
Survival,
40
Overall
20		Hazard Rate=0.58

"I won't extrapolate the results from adjuvant to metastatic. I would just see what the trials in each setting say and go by that data"

Internal Data: HCP Survey Q2/Q3 2020 N=20

		95% CI (0.46-0.73)
0		P<0.0001
0	6		12	18	24	30					48
	36	42
							Time, mo
Patients at risk, n:
	464	444		383	312	238	172	117	64	21
	464	411		357	285	222	160	103	53	23

DeMichele A, Cristofanilli M, Brufsky A, et al. Abstract P1-19-02: Overall survival for first-line palbociclib plus letrozole vs letrozole alone for HR+/HER2- metastatic breast cancer patients in US real-world clinical practice. Cancer Research. 2020;80(4 Supplement):P1-19-02.

53

Best in Class Commercial Organization

Unique Breadth & Depth of Therapeutic Areas

• Resource Sharing and Stronger Capital Allocation
• Continual shift of indirect to direct spending
• Strong track record of driving growth in each business unit

Setting New Standards for Launch

• Delivering Breakthroughs
• Industry leading capabilities in diagnosis, patient activation, and patient support
• Extending launches in Emerging Markets (including China)

Partner Throughout

Development

• Unique Triad structure for seamless partnership
• • Early Development → Late Development →
    Lifecycle Management
• Integrating Patient Centered Outcomes
• Pricing and Access Insights

54

Biopharma Positioned for Significant Growth to 2025 and Beyond

Commercial Excellence to Maximize Value Focused on

7 Key In-Line Growth		Exciting Late-Stage Pipeline
Drivers ~$8B Growth by		~$15B Growth by 2025
2025		(non-risk adjusted)

Delivering An Expected 6%+ 2020-2025E Revenue CAGR

55