We improved the lives of hundreds of millions of patients and strengthened Pfizer in a year of execution and transformation.

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Dear Shareholders,

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2024 was a strong year of performance and positive impact for Pfizer. Our more than 80,000 global colleagues showed tremendous dedication as they continued their work to improve lives around the world, advance new breakthroughs and move our company forward. Through our disciplined execution we achieved or exceeded our goals for each of our five strategic priorities for 2024:

• 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

Delivering for patients and executing on our priorities is how we continue to earn and maintain trust as we advance our purpose. We also expanded global access to medicines and vaccines with our robust and diverse commercial portfolio. And we achieved a series of notable regulatory approvals and pipeline advancements.

Our strong 2024, driven by our focused execution while we implemented transformational changes, strengthened our foundation for continued progress in 2025.

As we look forward, we’re focused on the greatest opportunities to increase our impact for patients and further improve our financial performance.

We’ve made a bold bet to continue to improve the lives of people living with cancer. We’re further strengthening our leadership in developing cutting-edge medicines and vaccines. We’re using artificial intelligence (AI) and emerging technologies to drive extraordinary advances in how we discover, develop and deliver impactful new treatments. And, our commercial teams are positioned to continue supporting healthcare providers and patients in accessing the therapies they need.

2024 was a special year for Pfizer, our 175^th anniversary as a company. That’s 175 years of groundbreaking innovation and positive impact for millions of patients around the world. As proud as we are of what we’ve achieved, we’re even more excited about our future. We believe we have a clear strategy, scientific leadership and strong capabilities that position us to create sustained, long-term value for shareholders and positive impact for the people who place their trust in us for their health.

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Patient Impact

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In 2022, through our Purpose Blueprint, we set one of our boldest-ever goals as a company: to change the lives of one billion people a year by 2027.

In 2024, we continued working toward this ambition, with our medicines and vaccines reaching more than 414 million patients around the world.¹

Aiming high is embedded in our DNA at Pfizer — and it is this relentless ambition to help address some of the most significant health challenges of our time that continues to drive us in pursuit of our goal to change a billion lives a year by 2027.

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Performance

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For full-year 2024, we reported total revenues of $63.6 billion, reflecting 7% year-over-year operational growth. Our operational revenue growth when excluding contributions from our COVID-19 products was 12%.² With strong contributions across our product portfolio, our performance reinforced the effectiveness of a commercial approach we refined at the start of 2024 to focus on key products and geographies with optimized resources.

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Additionally, cost reduction programs helped us advance work to expand our operating margin and improve operational efficiency. Our cost realignment program is expected to deliver total net cost savings of approximately $4.5 billion by the end of 2025, most of which was achieved by year-end 2024. Our capital allocation strategy is designed to enhance long-term shareholder value with priorities that include: maintaining and growing our dividend over time, reinvesting in our business at an appropriate level of financial return and making share repurchases after de-levering our balance sheet. In 2024, we returned $9.5 billion to shareholders via our quarterly dividend, invested $10.8 billion in internal R&D and paid down approximately $7.8 billion of debt.

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Detailed information on our financial and operational performance can be found in our 2024 Annual Report on Form 10-K.

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Helping Patients

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Biopharmaceutical innovation accounts for many of the most promising advances in healthcare today and we’re proud of our work to develop cutting-edge medicines and vaccines. With 14 approvals received in 2024 from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), we advanced new treatment and vaccine options addressing significant areas of patient need.

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14 approvals received in 2024 from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA)

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Highlights included medicines offering renewed hope for patients with several types of advanced or metastatic cancers, including colorectal cancer, urothelial or bladder cancer, cervical cancer and prostate cancer, and a first-of-its-kind treatment for patients with hemophilia A or B, as well as vaccines protecting against respiratory syncytial virus (RSV) and pneumococcal disease.¹²

We intend to continue building on our decades-long commitment to reshaping the treatment landscape and helping to prevent potentially life-threatening infections.

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Expanding Access

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Breakthroughs only matter when they reach the people who need them. That’s why we go beyond the discovery, development and manufacturing of innovative medicines and vaccines to help ensure and expand access for people in the United States and around the world who face challenges in obtaining the treatments they need.

We have strong and innovative partnerships with governments, non-profit organizations and the private sector. In 2024, we launched “Change the Odds: Uniting to Improve Cancer Outcomes,” a three-year initiative with the American Cancer Society (ACS) to bridge the gap in cancer care disparities.¹³ We are proud to have been named their corporate partner of the year and will work to improve health outcomes in medically underrepresented communities across the United States.

Last year, I also had the privilege of leading a Pfizer team on a visit to Africa where we spent time with our partners working with us to reach more patients.

One of our visits was to a facility operated by Zipline, an organization that utilizes unique, drone-based delivery to bring Pfizer medicines and vaccines to remote areas.¹⁴ Pfizer has proudly operated in Sub-Saharan Africa for more than 70 years, and our collaboration with organizations like Zipline fuels our vision of a world where people’s access to care is not solely determined by where they live.

Dr. Albert Bourla, other Pfizer leaders, local officials and Pfizer partners stand with a model Zipline drone similar to those used in delivering Pfizer medicines and vaccines to remote areas across the continent of Africa.

We also continue to make meaningful progress with Accord for a Healthier World, our first-of-its-kind initiative working to enable access to our full portfolio of patented and off-patent medicines and vaccines for which Pfizer holds global rights on a not-for-profit basis to 1.2 billion people living in 45 lower-income countries.¹⁵ In Rwanda, our team visited King Faisal Hospital, a state-of-the-art healthcare facility. I will never forget what one healthcare professional there said: “Thanks to the Accord, we now have access to innovative products at affordable prices, offering our patients solutions that were previously unavailable.” These words perfectly capture what we are working to accomplish with the Accord.

Finally, I am proud that, in 2024, we achieved a milestone delivery of the one billionth dose of our pneumococcal conjugate vaccine for children in lower-income countries through Gavi, the Vaccine Alliance.¹⁶ This was the result of 15 years of partnership contributing to protecting millions of children.

These experiences provide many lessons about what works well, including effective public-private partnerships and investing in local health infrastructure and training of healthcare workers. We will continue seeking to expand partnerships that provide greater support for those in need as we build on our work to help address some of the world’s most prevalent diseases and health challenges.

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Spotlight

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Conquering Cancer

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In 2024, we made significant strides toward realizing our vision to accelerate breakthroughs that help people with cancer live better and longer lives. This work is essential as we expect a potentially dramatic rise in the millions of additional patients diagnosed with cancer in the coming decades, driven, in part, by societal megatrends of a growing and aging global population.

While the challenge is great, we’re determined and confident because the ability to fight cancer is substantially expanding thanks to the convergence of significant advances in science and technology. We’re taking decisive action now to continue our leadership in supporting patients with potential new generations of more precise and effective treatments.

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While the challenge is great, we’re determined and confident because the ability to fight cancer is substantially expanding.

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Over the past year, we drove a very successful integration with Seagen, a transformational deal and our largest acquisition in many years. We believe we now have one of the most experienced and capable oncology teams in the industry.

With our robust oncology portfolio, we’re making a meaningful difference in the lives of people with cancer today. PADCEV® (enfortumab vedotin-ejfv), for example, has become the new gold standard as the No. 1 prescribed first-line treatment in locally advanced/metastatic urothelial cancer in the United States. LORBRENA® (lorlatinib) is now the fastest growing anaplastic lymphoma kinase (ALK) inhibitor for patients with previously untreated, ALK-positive advanced non-small cell lung cancer (NSCLC). This builds on our leadership in developing targeted treatments that goes back to our success with XALKORI® (crizotinib), which transformed outcomes for patients with ALK-mutated NSCLC as the first biomarker-driven therapy for this patient population.

Looking forward, we intend to continue advancing our oncology strategy, aiming to deliver best-in-class or first-in-class small molecules, antibody-drug conjugates (ADCs) and non-ADC biologics, including bispecific and other next-generation antibodies. We’re prioritizing cancer types where we have specific capabilities and deep expertise across R&D, medical and commercial, including breast cancer, genitourinary cancer, hematology and thoracic cancer, which includes lung cancer.

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With our deep expertise, broad portfolio and global scale, we’ll continue pushing to expand our reach and impact — and to outdo cancer.

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Future Breakthroughs

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Our robust pipeline of potential new medicines and vaccines is at the very heart of our ability to change people’s lives — and the future looks bright for Pfizer. We had a strong year of R&D pipeline performance in 2024. In addition to 14 major market approvals, we had seven pivotal study starts and eight key Phase 3 readouts.

Within oncology, we’re advancing several promising new technologies, including next-generation ADCs that represent potential groundbreaking approaches to fighting cancer.

We believe that many of today’s most commonly used treatments, like chemotherapy, will continue to give way in the coming years to more precise and effective approaches. ADCs, for example, target cancer cells much like laser-guided missiles, delivering their cancer-killing drugs directly to tumors with the intent of reducing damage to healthy cells and limiting side effects for patients.

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We believe that many of today’s most commonly used treatments, like chemotherapy, will continue to give way in the coming years to more precise and effective approaches.

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Our R&D teams are focused where we have differentiated opportunities with our expertise and history of scientific leadership to help address significant unmet patient needs.

Pfizer has a strong track record of innovation in vaccines. We reported progress in 2024 with our leading work to protect against pneumococcal disease. Our fourth-generation pneumococcal conjugate vaccine candidate proceeded with Phase 2 studies in adults and children and, subject to positive data and alignment with regulatory agencies, we expect to start a Phase 3 study this year. This is important foundational work that could help us bridge to and accelerate progress with our fifth-generation candidate. We also are pursuing vaccines against three additional potentially devastating bacterial infections: Clostridioides difficile, or C. diff, Lyme disease and group B streptococcus.

We also made progress last year toward helping patients in need of new therapies for serious health conditions. With Phase 2 data we reported in 2024, we’re encouraged that ponsegromab has the potential to be meaningful for patients with cancer cachexia who lack treatment options for this life-threatening wasting condition.

We’re building on this success with decisive action intended to increase the value of our pipeline. Chris Boshoff, MD, Ph.D., has been appointed as our new Chief Scientific Officer. While serving as our Chief Oncology Officer, Dr. Boshoff guided our team in delivering a series of important new therapies. With his leadership, along with the addition last year of Andrew Baum, MA, BM ChB, as our new Chief Strategy and Innovation Officer, we’re bringing a sharpened focus to our R&D investments and directing them to the most impactful opportunities.

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Harnessing the Power of AI

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The power of digital technology and AI is leading to a transformative new era for improving global health. At Pfizer, we believe we’re well positioned as a leader within the biopharma industry in applying AI and emerging technologies to drive extraordinary advances in how we discover, develop, manufacture and distribute impactful new medicines and vaccines.

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Digital and AI are powering every aspect of our business, helping us move with greater speed, effectiveness and precision.

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We made great strides in 2024. Using our AI-powered OncoScout platform, we’re supercharging the search for compounds with the greatest likelihood of becoming powerful new cancer medicines that target the disease in more precise and effective ways. AI is critical in helping us pursue our goal to deliver at least eight potential blockbuster products and double the number of patients treated with our cancer medicines by 2030.

AI is improving the probability of success, or experimental validation, toward our target of up to 25%-30% improvement across Pfizer’s portfolio. We also use AI to review complex medical data to identify patients eligible for clinical trials, aiming to increase enrollment rates by more than 20%.

In our manufacturing operations, we’re using new digital and AI capabilities to run things more efficiently. For about half our products, we’re using AI and machine learning to better predict demand. This helps us plan our production better and keep the right amount of inventory on hand. We’ve also developed a digital assistant that can forecast when we might run low on certain products, allowing us to get ahead of potential shortages. This all supports our goal of consistently getting our critical medicines to the patients who need them.

AI is also speeding up Pfizer’s ability to submit critical scientific information. The Medical AI Assistant enhances operational efficiency by reducing the time to produce a first-draft manuscript by 40% and cutting the overall manuscript submission time by 15%.

In our marketing, we’re using AI to dynamically adjust our ad targeting. This helps us be more effective with our annual media budget and reach the right people more efficiently.

Digital and AI are powering every aspect of our business, helping us move with greater speed, effectiveness and precision. The impact we are seeing is widespread. Our AI use cases already have delivered $735 million in annual impact with initiatives across our company and we remain on track to achieve our goal of $2 billion in impact by 2026.

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Bringing Medicines to Market

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In 2024, we strengthened our approach to supporting patients and healthcare providers through our commercial organizations. At the start of the year, we created Pfizer U.S. Commercial and Pfizer International Commercial, enabling greater focus, agility and execution that helped us deliver strong results.

Our teams drove meaningful progress, improving performance of our newly launched products while also gaining and maintaining market share for several of our core brands across our portfolio of products, including with three vaccines: PREVNAR®,⁵ COMIRNATY® (COVID-19 Vaccine, mRNA) and ABRYSVO® (Respiratory Syncytial Virus Vaccine). We built momentum for NURTEC® ODT (rimegepant), supporting those living with migraine, and with our VYNDAQEL® Family⁶ of products where we saw progress in diagnosing more patients and improving access to this treatment for transthyretin amyloid cardiomyopathy. ELIQUIS® (apixaban)⁴ is another core brand for Pfizer that is prescribed to millions of patients and we made progress in strengthening its leadership position in a growing oral anticoagulant market.

We also acted on new opportunities with innovative approaches to supporting people with their health. We launched PfizerForAll.com in 2024, providing a more convenient way to seek information and arrange care. The initial focus of this platform is on conditions and needs affecting large numbers of people, including migraine, vaccines to help protect adults from respiratory illnesses and COVID-19 treatment.

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Well Positioned for the Years to Come

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Since 1849, when Charles Pfizer and Charles Erhart founded Pfizer in Brooklyn, New York, we’ve demonstrated a relentless commitment to innovation, taking on some of the world’s greatest health challenges and improving hundreds of millions of lives. It’s this proud history of caring that drives our colleagues to continue innovating for our future.

We’re proud to be recognized for our progress, including being listed for three consecutive years among the top 10 companies on Fortune World’s Most Admired Companies All-Stars. We ranked No. 4 in the 2024 Access to Medicine Index for our efforts to expand access to our products in low- and middle-income countries, rising two spots from the previous year.

I want to thank my colleagues for their commitment and hard work throughout 2024. With their focus and execution, we delivered on our financial commitments, strengthened our company, and, most importantly, made a difference for those who depend on our medicines and vaccines.

As we continue to focus on patients and advancing our purpose with integrity, I’m confident we’re well positioned for 2025 — and in the years to come — to develop and deliver the breakthroughs of tomorrow that will build on what we’ve done today.

Thank you for your continued belief in Pfizer and the important work we do every day.

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1. The Patients Reached 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 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 patients toward the total. Numbers include estimated patient counts from our “Accord for a Healthier World” program. Numbers do not include comprehensive estimated patient counts from Ex-U.S. Patient Support Programs. Historical estimates may periodically be subject to revision due to restatements in the underlying data source.
2. References to operational variances in this Annual Review pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate changes are part of Pfizer’s business, they are not within Pfizer’s 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 Pfizer’s results.
3. In the first quarter of 2024, we began presenting Royalty revenues, which were previously reported in Other (income)/deductions—net, as a separate line item within Total revenues in our consolidated statements of operations.
4. ELIQUIS reflects alliance revenues and product revenues.
5. PREVNAR Family includes Prevnar 20/Apexxnar (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult).
6. VYNDAQEL Family includes global revenues from VYNDAQEL, as well as revenues for VYNDAMAX in the U.S. and VYNMAC in Japan.
7. 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 (2023-2024 Formula); Comirnaty (COVID-19 Vaccine, mRNA) 2023-2024 Formula; Pfizer-BioNTech COVID-19 Vaccine (2024-2025 Formula); Comirnaty (COVID-19 Vaccine, mRNA) 2024-2025 Formula; Comirnaty Original/Omicron BA.1; Comirnaty Original/Omicron BA.4/BA.5; Comirnaty Omicron XBB.1.5; Comirnaty JN.1 and Comirnaty KP.2.
8. XTANDI primarily reflects alliance revenues and royalty revenues.
9. In the first quarter of 2024, we reclassified royalty income from Other (income)/deductions—net and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of operations. Prior-period amounts have been recast to conform to the current period presentation.
10. Reported net income is defined as Net income attributable to Pfizer Inc. common shareholders in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Reported diluted earnings per share (EPS) is defined as diluted EPS attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP.
11. Adjusted income and Adjusted diluted EPS are defined as U.S. GAAP Net income attributable to Pfizer Inc. common shareholders and EPS attributable to Pfizer Inc. common shareholders—diluted before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items. The Adjusted income and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and diluted EPS, have no standardized meaning prescribed by U.S. GAAP and may not be comparable to the calculation of similar measures of other companies. See the Non-GAAP Financial Measure: Adjusted Income section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2024 Annual Report on Form 10-K for an explanation of how management uses these non-GAAP measures, reconciliations to the most directly comparable U.S. GAAP measures and additional information.
12. U.S. FDA Approves Pfizer’s HYMPAVZI™ (marstacimab-hncq) for the Treatment of Adults and Adolescents with Hemophilia A or B Without Inhibitors | Pfizer. Pfizer.com. Published 2024. https://www.pfizer.com/news/press-release/press-release-detail/us-fda-approves-pfizers-hympavzitm-marstacimab-hncq.
13. Breaking Barriers in Cancer Care: The American Cancer Society and Pfizer Announce a $15 Million, Three-Year Initiative to Bridge the Gap in Cancer Care Disparities | Pfizer. www.pfizer.com. https://www.pfizer.com/news/press-release/press-release-detail/breaking-barriers-cancer-care-american-cancer-society-and.
14. Additional details about Zipline may be found here: https://www.pfizer.com/about/responsibility/global-impact/innovation-in-medicine-delivery.
15. Additional details about “Accord for a Healthier World” may be accessed here: https://www.accordforahealthierworld.com/en/.
16. Pfizer Supplies One Billionth Pneumococcal Conjugated Vaccine Dose for Vaccination of Children in Lower-Income Countries Through Gavi, the Vaccine Alliance | Pfizer. Published 2024. https://www.pfizer.com/news/press-release/press-release-detail/pfizer-supplies-one-billionth-pneumococcal-conjugated.

About This Review

This review covers Pfizer’s worldwide business and provides information on our activities for the year ending on December 31, 2024. It describes key dimensions of our purpose, strategy and performance.

Forward Looking Information

This Annual Review contains forward-looking statements about, among other topics, our anticipated operating and financial performance; changes to Pfizer’s R&D and commercial organizations; reorganizations, business plans, strategy, goals and prospects; expectations for our product pipeline, in-line products 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 and size, growth, performance, timing of exclusivity, potential benefits and breakthroughs; 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, and other business-development activities, as well as our ability to successfully capitalize on growth opportunities and prospects; the expected benefits of digital technology and AI; manufacturing and product supply; our ongoing efforts to respond to COVID-19, our expectations regarding the impact of COVID-19 on our business, operations and financial results; and our work to operate and advance strategic goals for operating in a responsible and sustainable manner, that are subject to substantial risks and uncertainties. We cannot guarantee that any forward-looking statement will be realized. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results, future plans, and projected future results.

A further list and description of risks, uncertainties, and other matters can be found in Pfizer's Annual Report on Form 10-K for the year ended December 31, 2024, and in Pfizer's subsequent reports on Form 10-Q, in each case including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results,” as well as in Pfizer's subsequent reports on Form 8-K. These reports are available on our website at www.pfizer.com and on the U.S. Securities and Exchange Commission's (SEC) website at www.sec.gov. The forward-looking statements in this Annual Review speak only as of the original date of this Annual Review, and we undertake no obligation to update or revise any of these statements as the result of new information or future events or developments or otherwise.

Data in this review covers the calendar year from January 1 to December 31, 2024, unless otherwise stated.

All trademarks are the property of their respective owners.

COMIRNATY® is a registered trademark of BioNTech SE.

ELIQUIS® is a registered trademark of Bristol-Myers Squibb Company.

XTANDI® is a registered trademark of Astellas Pharma Inc.

Corporate Shareholder Information

Stock Transfer Agent and Registrar

The principal market for our Common Stock is the New York Stock Exchange. Our stock is also traded on various U.S. regional stock exchanges.

Stock Transfer Agent and Registrar
Computershare Investor Services

P.O. Box 43006
Providence, RI 02940-3006
Telephone: 1-800-733-9393
Outside the U.S., Canada, and Puerto Rico:
1-781-575-4591
Internet: www.computershare.com/investor

Shareholder Services and Programs

Please contact our Stock Transfer Agent and Registrar, Computershare, with inquiries concerning shareholder accounts of record and stock transfer matters, and for information on the following services and programs:

1. Computershare Investment Program
   1. Direct purchase of Pfizer stock
   2. Dividend reinvestment
   3. Automatic monthly or bi-monthly investments
2. Book-entry share ownership
3. Direct deposit of dividends

Pfizer Public Policy Engagement for Global Public Health

Learn more about public policy at Pfizer:
www.pfizer.com/purpose/contributions-partnerships/political-partnerships

Useful Links

https://investors.pfizer.com/Investors/Overview/
https://www.pfizer.com/contact
https://www.pfizer.com/Privacy
https://www.pfizer.com/about/careers
https://www.pfizer.com/general/terms

Additional Information

Find more information about Pfizer online:
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www.youtube.com/Pfizer
www.linkedin.com/company/pfizer
www.x.com/Pfizer

We may use our website as a means of disclosing material information and for complying with our disclosure obligations under Regulation Fair Disclosure promulgated by the SEC. These disclosures are included on our website in the “About—Investors” or “Newsroom” sections. Accordingly, investors should monitor these portions of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts, as well as our social media channels (our Facebook page, Instagram account, YouTube page and LinkedIn page, and X (formerly known as Twitter)) accounts.

The information contained on our website, our Facebook, Instagram, YouTube, and LinkedIn pages, or our X accounts, or any third-party website, is not incorporated by reference into this 2024 Annual Review.

The 2024 Annual Review may contain references or links to other websites maintained by third parties over whom Pfizer has no control. Such links are provided merely as a convenience. Pfizer makes no warranties or representations of any kind as to the accuracy, currency, or completeness of any information contained in such third-party websites, and a link to this 2024 Annual Review from another website does not imply a relationship between Pfizer and any third party. Your use of any such third-party site or platform is at your own risk and will be governed by such third party’s terms and policies (including its privacy policy).