Cetuximab

辉瑞（Pfizer）2025 年第四季度及全年财报解读总结一、核心财务业绩：整体稳健，非新冠业务成增长引擎（一）2025 年全年关键数据 指标 2025 年数据 2024 年数据 同比变化（运营层面） 关键说明 总营收 625.79 亿美元 636.27 亿美元 下降 2% 剔除新冠药物（Paxlovid+Comirnaty）后，营收同比增长 6% 报告稀释每股收益（EPS） 1.36 美元 1.41 美元 下降 3% 按 GAAP 准则计算 调整后稀释 EPS 3.22 美元 3.11 美元 增长 4% 剔除无形资产摊销、并购相关成本等非经常性项目 调整后净利润 184.06 亿美元 177.16 亿美元 增长 4% 反映核心业务盈利能力（二）2025 年第四季度关键数据 指标 2025 年 Q4 数据 2024 年 Q4 数据 同比变化（运营层面） 关键说明 总营收 175.57 亿美元 177.63 亿美元 下降 3% 剔除新冠药物后，营收同比增长 9%，非新冠业务增长强劲 报告稀释每股亏损（LPS） -0.29 美元 0.07 美元 - 主要受 44 亿美元无形资产减值损失影响 调整后稀释 EPS 0.66 美元 0.63 美元 增长 5% 核心业务盈利持续改善 调整后净利润 37.86 亿美元 35.92 亿美元 增长 5% 运营效率提升推动利润增长二、营收结构分析：新冠业务下滑，多板块支撑增长（一）业务板块营收表现（2025 年 Q4） 业务板块 2025 年 Q4 营收（百万美元） 2024 年 Q4 营收（百万美元） 运营同比变化 核心驱动因素 全球生物制药（Biopharma） 17144 17413 -3% 新冠药物下滑拖累，非新冠产品部分抵消 Pfizer CentreOne（合同生产） 409 325 +22% 合同制造需求增加，API（活性药物成分）销售增长 Pfizer Ignite（早期创新） 4 26 -83% 业务战略调整，聚焦更成熟的创新项目（二）核心产品表现（2025 年 Q4）1. 增长类产品（运营同比增长）Abrysvo（呼吸道疫苗） ：全球营收 4.81 亿美元，同比 + 136%，受益于成人及孕产妇适应症在国际市场的推广，美国成人适应症市场份额提升。肿瘤生物类似药 ：全球营收 3.69 亿美元，同比 + 76%，美国市场净定价优势显著。Eliquis（抗凝血药） ：全球营收 20.2 亿美元，同比 + 8%，全球需求上升，且美国因《通胀削减法案》（IRA）取消医保覆盖缺口，净定价改善。Prevnar 家族（肺炎疫苗） ：全球营收 17.08 亿美元，同比 + 8%，国际市场成人适应症 uptake 提升，美国 50-64 岁人群接种需求受 CDC 推荐推动。Lorbrena（肺癌药物） ：全球营收 2.82 亿美元，同比 + 45%，美国、中国等市场一线 ALK + 非小细胞肺癌患者份额增加。2. 下滑类产品（运营同比下降）Comirnaty（新冠疫苗） ：全球营收 22.71 亿美元，同比 - 35%，国际市场合约交付量减少、接种率下降，美国推荐接种人群范围收窄。Paxlovid（新冠口服药） ：全球营收 2.18 亿美元，同比 - 70%，全球新冠感染率下降，国际政府采购减少。三、2026 年财务指引：重申目标，直面挑战与机遇（一）核心指引范围 指标 2026 年指引范围 关键假设 总营收 595-625 亿美元 新冠产品预计贡献约 50 亿美元，部分产品专利到期（LOE）预计拖累营收 15 亿美元 调整后稀释 EPS 2.80-3.00 美元 毛利率、运营利润率与 2025 年持平，调整后收入税率预计 15% 调整后销售、一般及管理费用（SI&A） 125-135 亿美元 聚焦核心治疗领域，控制非必要支出 调整后研发费用（R&D） 105-115 亿美元 支持约 20 项关键 III 期临床试验启动，包括肥胖、肿瘤领域（二）指引背后的关键因素不利因素 ：受 “最惠国”（Most-Favored-Nation）药品定价政策、TrumpRx 计划影响，以及部分产品专利到期（如部分仿制药 / 生物类似药竞争）。有利因素 ：2026 年计划启动约 20 项关键 III 期试验，包括从 Metsera 收购的超长效肥胖资产（10 项试验）、从 3SBio 引进的 PD-1×VEGF 双抗（PF-08634404，4 项试验）。四、资本配置：聚焦增长与股东回报（一）2025 年资本使用情况业务增长投入 ： 内部研发：104 亿美元，支持管线推进； 并购与授权：88 亿美元，主要用于收购 Metsera（肥胖领域）、从 3SBio 引进双抗资产。股东回报 ： 现金分红：98 亿美元，每股普通股分红 1.72 美元，维持股息稳定； 股票回购：2025 年未进行回购，剩余授权额度 33 亿美元，2026 年指引暂不包含回购计划。（二）资本配置框架 基于三大核心支柱： 维持并长期增长股息； 再投资于业务（包括并购潜在价值创造项目）； 未来在条件允许时，通过股票回购恢复股东资本返还。五、管线与业务进展：后期管线丰富，近期里程碑显著（一）2025 年 11 月以来关键产品进展 产品 / 项目 里程碑类型 关键成果 Braftovi（encorafenib） III 期结果（结直肠癌） 联合 cetuximab+FOLFIRI 治疗 BRAF V600E 突变转移性结直肠癌，客观缓解率（ORR）64.4% vs 标准治疗 39.2%（p=0.001），安全性与已知一致 Hympavzi（marstacimab） III 期结果（血友病） 治疗有抑制剂的血友病 A/B 患者，出血结局优于按需治疗，显著改善患者生活质量 Padcev（enfortumab vedotin） 监管批准（膀胱癌） 2025 年 11 月获 FDA 批准，联合 pembrolizumab 用于顺铂不耐受的肌层浸润性膀胱癌（MIBC）围手术期治疗；2025 年 12 月 EMA 受理同类适应症申请 Tukysa（tucatinib） III 期结果（乳腺癌） 一线维持治疗 HER2 + 转移性乳腺癌，联合曲妥珠单抗 + 帕妥珠单抗较安慰剂组降低疾病进展 / 死亡风险 35.9%（HR=0.641，p<0.0001）（二）管线更新 发布 2026 年 2 月最新管线，包含各阶段在研化合物的适应症、开发阶段及作用机制，可通过官网（www.pfizer.com/science/drug-product-pipeline）查询； 超长效 GLP-1（PF’3944/MET-097i）：2026 年 2 月公布 IIb 期 VESPER-3 研究阳性结果，每月给药一次，28 周体重下降达统计学显著，耐受性良好，无平台期，详细结果将于 2026 年 6 月 ADA 会议公布。六、风险提示 辉瑞在财报中提及多项潜在风险，可能影响未来业绩：研发与监管风险 ：临床试验结果不及预期、监管审批延迟或失败，管线推进受阻；市场竞争风险 ：仿制药 / 生物类似药竞争加剧，专利到期导致产品收入下滑；政策与定价风险 ：美国《通胀削减法案》（IRA）、“最惠国” 定价政策，以及国际市场药品降价压力；新冠业务不确定性 ：新冠感染率、接种率波动，新冠产品需求持续下滑；并购整合风险 ：近期并购（如 Metsera）后的整合效果不及预期，无法实现协同价值；供应链与运营风险 ：生产中断、供应链瓶颈，或 cybersecurity 攻击影响业务连续性。七、管理层观点CEO Albert Bourla ：2025 年执行力卓越，为未来增长奠定基础；2026 年是关键催化年，预计启动 20 项关键 III 期试验，持续战略投资以实现 2030 年行业领先增长。CFO David Denton ：2025 年财务表现稳健，非新冠业务营收增长 6%，财务纪律推动 EPS 强劲；2026 年指引重申，核心业务将继续支撑增长。

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) reported financial results for fourth-quarter and full-year 2025 and reaffirmed its full-year 2026 financial guidance(1) provided on December 16, 2025. EXECUTIVE COMMENTARY Dr. Albert Bourla, Chairman and CEO of Pfizer: “With excellent execution in 2025, we delivered a solid financial performance and strengthened Pfizer’s foundation for future growth. Looking ahead, 2026 will be an important year rich in key catalysts, including our expectation for approximately 20 key pivotal study starts, and continued strategic investment to maximize our opportunities for industry-leading growth at the end of the decade.” David Denton, CFO and EVP of Pfizer: “I’m pleased with our solid financial results in 2025. With focused commercial execution, we delivered full-year operational revenue growth of 6% for our non-COVID portfolio, and our continued financial discipline drove strong EPS performance. Today, we are reaffirming our full-year 2026 financial guidance.” OVERALL RESULTS Excluding Contributions from Paxlovid and Comirnaty, Revenues Grew 6% Operationally Excluding Contributions from Paxlovid and Comirnaty, Revenues Grew 9% Operationally Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates(4). Results for the fourth quarter and full year of 2025 and 2024(5) are summarized below. ($ in millions, except per share amounts) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Revenues $ 17,557 $ 17,763 (1 %) $ 62,579 $ 63,627 (2 %) Reported(2) Net Income/(Loss) (1,648 ) 410 * 7,771 8,031 (3 %) Reported(2) Diluted EPS/(LPS) (0.29 ) 0.07 * 1.36 1.41 (3 %) Adjusted(3) Income 3,786 3,592 5 % 18,406 17,716 4 % Adjusted(3) Diluted EPS 0.66 0.63 5 % 3.22 3.11 4 % * Indicates calculation not meaningful or results are greater than 100%. REVENUES ($ in millions) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Total Oper. Total Oper. Global Biopharmaceuticals Business (Biopharma) $ 17,144 $ 17,413 (2 %) (3 %) $ 61,199 $ 62,400 (2 %) (2 %) Pfizer CentreOne (PC1) 409 325 26 % 22 % 1,338 1,146 17 % 15 % Pfizer Ignite 4 26 (83 %) (83 %) 41 82 (50 %) (50 %) TOTAL REVENUES $ 17,557 $ 17,763 (1 %) (3 %) $ 62,579 $ 63,627 (2 %) (2 %) 2026 FINANCIAL GUIDANCE(1) Revenues $59.5 to $62.5 billion Adjusted(3) SI&A Expenses $12.5 to $13.5 billion Adjusted(3) R&D Expenses $10.5 to $11.5 billion Effective Tax Rate on Adjusted(3) Income Approximately 15.0% Adjusted(3) Diluted EPS $2.80 to $3.00 CAPITAL ALLOCATION In 2025, Pfizer deployed its capital in a variety of ways, which primarily included: $10.4 billion invested in internal research and development projects, and Approximately $8.8 billion invested in business development transactions, primarily reflecting the Metsera acquisition and the 3SBio in-licensing deal. Our capital allocation framework is designed to enhance long-term shareholder value, and is based on three core pillars: (i) maintaining and, over the long term, growing our dividend, (ii) reinvesting in the business, including maintaining the flexibility to deploy capital towards potential value-creating business development transactions, and (iii) in the future, the potential to resume the return of capital to shareholders through value-enhancing share repurchases. The company expects to continue to de-lever over the longer term in a prudent manner in order to maintain a balanced capital allocation strategy. No share repurchases were completed in 2025. As of February 3, 2026, Pfizer’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in 2026. For the fourth quarter of 2025, basic weighted-average shares outstanding of 5,686 million were used to calculate Reported(2) LPS and diluted weighted-average shares outstanding of 5,722 million were used to calculate Adjusted(3) diluted EPS. QUARTERLY FINANCIAL HIGHLIGHTS (Fourth-Quarter 2025 vs. Fourth-Quarter 2024) Fourth-quarter 2025 revenues totaled $17.6 billion, a decrease of $206 million, or 1%, compared to the prior-year quarter, reflecting an operational decrease of $484 million, or 3%, and a favorable impact of foreign exchange of $278 million. The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues, partially offset by an increase in revenues for Abrysvo, Oncology biosimilars, Eliquis, the Prevnar family, the Vyndaqel family, and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, revenues for the fourth quarter grew 9% operationally. Fourth-quarter 2025 operational revenue reflected higher revenues primarily for: more than offset primarily by lower revenues for: GAAP Reported(2) Statement of Operations Highlights SELECTED REPORTED(2) COSTS AND EXPENSES ($ in millions) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Total Oper. Total Oper. Cost of Sales(2) $ 5,272 $ 5,909 (11 %) (14 %) $ 16,067 $ 17,851 (10 %) (12 %) Percent of Revenues 30.0 % 33.3 % N/A N/A 25.7 % 28.1 % N/A N/A SI&A Expenses(2) 4,162 4,274 (3 %) (3 %) 13,794 14,730 (6 %) (7 %) R&D Expenses(2) 3,206 3,035 6 % 5 % 10,437 10,822 (4 %) (4 %) Acquired IPR&D Expenses(2) 212 88 * * 1,613 108 * * Other (Income)/Deductions—net(2) 4,514 2,358 91 % 94 % 6,724 4,388 53 % 55 % Effective Tax Rate on Reported(2) Income/(Loss) 0.1 % * (3.5 %) (0.4 %) * Indicates calculation not meaningful or results are greater than 100%. Fourth-quarter 2025 Cost of Sales(2) as a percentage of revenues decreased by 3.2 percentage points compared to the prior-year quarter, primarily driven by (i) a favorable change in sales mix including lower sales of Comirnaty, and (ii) lower amortization from the step-up of acquired inventory; partially offset by (iii) an unfavorable impact of foreign exchange and (iv) a lower favorable revision of our estimate of accrued royalties in the fourth quarter of 2025 compared to the prior-year quarter. Fourth-quarter 2025 SI&A Expenses(2) decreased 3% operationally compared to the prior-year quarter, primarily reflecting focused investments and ongoing productivity improvements that drove a decrease in marketing and promotional spend for various products and lower spending in corporate enabling functions, partially offset by an increase in liabilities payable to participants of our supplemental savings plan. Fourth-quarter 2025 R&D Expenses(2) increased 5% operationally compared to the prior-year quarter, driven primarily by an increase in spending in oncology and obesity product candidates, partially offset by a net decrease in spending due to pipeline focus and optimization including the expansion of our digital capabilities. Fourth-quarter 2025 Acquired In-Process R&D Expenses(2) increased $124 million compared to the prior-year quarter, driven primarily by a $150 million charge related to an in-licensing agreement with YaoPharma. The unfavorable period-over-period change in Other (income)/deductions—net(2) of $2.2 billion for the fourth quarter of 2025, compared to the prior-year quarter, was driven primarily by (i) higher intangible asset impairment charges in the fourth quarter of 2025, (ii) lower net gains on equity securities and (iii) the non-recurrence of gains on the partial sale of our previous investment in Haleon plc (Haleon) equity in the fourth quarter of 2024; partially offset by (iv) net periodic benefit credits associated with pension and postretirement plans incurred in the fourth quarter of 2025 versus net periodic benefit costs incurred in the fourth quarter of 2024. Included in Other (income)/deductions—net(2) are total non-cash intangible asset impairment charges of $4.4 billion that were taken in the fourth quarter of 2025 due to changes in development plans and updated long-range commercial forecasts. Pfizer’s effective tax rate on Reported(2) loss for the fourth quarter of 2025 reflects the jurisdictional mix of earnings as well as resolutions with tax authorities. Adjusted(3) Statement of Operations Highlights SELECTED ADJUSTED(3) COSTS AND EXPENSES ($ in millions) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Total Oper. Total Oper. Adjusted(3) Cost of Sales $ 5,066 $ 5,742 (12 %) (15 %) $ 15,141 $ 16,420 (8 %) (9 %) Percent of Revenues 28.9 % 32.3 % N/A N/A 24.2 % 25.8 % N/A N/A Adjusted(3) SI&A Expenses 4,080 4,275 (5 %) (5 %) 13,642 14,617 (7 %) (7 %) Adjusted(3) R&D Expenses 3,116 2,986 4 % 4 % 10,212 10,694 (5 %) (5 %) Acquired IPR&D Expenses(3) 212 88 * * 1,613 108 * * Adjusted(3) Other (Income)/Deductions—net 139 234 (41 %) (16 %) 827 1,031 (20 %) (11 %) Effective Tax Rate on Adjusted(3) Income 23.3 % 18.9 % 12.7 % 14.5 % * Indicates calculation not meaningful or results are greater than 100%. See the reconciliations of certain Reported(2) to non-GAAP Adjusted(3) financial measures and associated footnotes in the financial tables section of this press release located at the hyperlink below. FULL-YEAR REVENUE SUMMARY (Full-Year 2025 vs. Full-Year 2024) Full-year 2025 revenues totaled $62.6 billion, a decrease of $1.0 billion, or 2%, compared to full-year 2024, reflecting an operational decrease of $1.3 billion, or 2%, partially offset by a favorable impact of foreign exchange of $247 million. Excluding contributions from Comirnaty and Paxlovid, revenues for the full-year grew 6% operationally. The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues largely due to lower infection rates impacting Paxlovid demand as well as a narrower vaccine recommendation for COVID-19 in the U.S. impacting Comirnaty sales; partially offset by growth contributions led by the Vyndaqel family, Eliquis, Padcev, Lorbrena, Abrysvo, and Oncology biosimilars. RECENT NOTABLE DEVELOPMENTS (Since November 4, 2025) Product Developments Product/Project Milestone Recent Development Link Braftovi (encorafenib) Phase 3 Results January 2026. Announced positive results from Cohort 3, a separate, investigational randomized cohort of the pivotal BREAKWATER trial, evaluating Braftovi in combination with cetuximab and FOLFIRI (fluorouracil, leucovorin, and irinotecan) in patients with previously untreated metastatic colorectal cancer (mCRC) with a BRAF V600E mutation. At the time of analysis, the Braftovi combination regimen with FOLFIRI and cetuximab demonstrated a clinically meaningful and statistically significant improvement in confirmed objective response rate (ORR), as assessed by BICR, compared to patients receiving standard-of-care treatment FOLFIRI with or without bevacizumab (64.4% vs 39.2%, odds ratio =2.76, p=0.001). The safety profile of Braftovi in combination with cetuximab and FOLFIRI was consistent with the known safety profile of each respective agent. Full Release Hympavzi (marstacimab) Phase 3 Results December 2025. Announced detailed results from the Phase 3 BASIS study (NCT03938792) evaluating Hympavzi for adults and adolescents living with hemophilia A or B with inhibitors that demonstrated the superiority of investigational use of Hympavzi in improving key bleeding outcomes compared to on-demand (OD) treatment with bypassing agents. Full Release Padcev (enfortumab vedotin) Phase 3 Results December 2025. Pfizer and Astellas Pharma Inc. (Astellas) announced positive topline results from an interim analysis of the Phase 3 EV-304 clinical trial (also known as KEYNOTE-B15) for Padcev in combination with pembrolizumab. The pivotal study is evaluating the combination as neoadjuvant and adjuvant treatment (before and after surgery) versus standard of care neoadjuvant chemotherapy (gemcitabine and cisplatin) in patients with muscle-invasive bladder cancer (MIBC) who are eligible for cisplatin-based chemotherapy. The trial met its primary endpoint, demonstrating clinically meaningful and statistically significant improvements in event-free survival (EFS), and overall survival (OS), a key secondary endpoint. An additional secondary endpoint of pathologic complete response (pCR) rate for neoadjuvant Padcev plus pembrolizumab versus neoadjuvant chemotherapy was also met, and a clinically meaningful and statistically significant improvement was observed. The safety profile for Padcev plus pembrolizumab was consistent with the known profile of the treatment regimen. Full Release Regulatory December 2025. Astellas announced the European Medicines Agency (EMA) validated for review a Type II variation application for Padcev in combination with pembrolizumab, as neoadjuvant treatment (before surgery), and then continued after radical cystectomy (surgery) as adjuvant treatment (after surgery), for adults with MIBC who are ineligible for cisplatin-containing chemotherapy. The EMA’s Committee for Medicinal Products for Human Use and subsequently the European Commission are expected to share their opinion and decision in 2026. Full Release Regulatory November 2025. Pfizer and Astellas announced the U.S. Food and Drug Administration (FDA) approved Padcev in combination with pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph as neoadjuvant treatment and then continued after cystectomy (surgery) as adjuvant treatment for adult patients with MIBC who are ineligible for cisplatin-containing chemotherapy. The approval of this perioperative (before and after surgery) treatment was based on results from the pivotal Phase 3 EV-303 clinical trial (also known as KEYNOTE-905). Full Release Tukysa (tucatinib) Phase 3 Results December 2025. Announced detailed results from the Phase 3 HER2CLIMB-05 trial of Tukysa as part of an investigational first-line maintenance treatment combination, following chemotherapy-based induction, in patients with human epidermal growth factor receptor 2-positive (HER2+) metastatic breast cancer (MBC). The primary endpoint analysis showed a 35.9% reduction in the risk of disease progression or death among patients treated with Tukysa, trastuzumab, and pertuzumab compared to those treated with placebo, trastuzumab, and pertuzumab, as assessed by the investigator (hazard ratio [HR] of 0.641, 95% confidence interval (CI): 0.514-0.799; 2-sided p<0.0001). The combination demonstrated a manageable safety profile as a first-line maintenance therapy. Full Release Pipeline Developments A comprehensive update of Pfizer’s development pipeline was published today and is now available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of Pfizer’s research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration. Product/Project Milestone Recent Development Link Ultra-Long-Acting GLP-1 (PF’3944 / MET-097i) Phase 2b Results February 2026. Announced positive topline results from the Phase 2b VESPER-3 study investigating monthly maintenance dosing of the fully-biased, ultra-long-acting, injectable GLP-1 receptor agonist PF’3944 (MET-097i) in adults with obesity or overweight without type 2 diabetes. The study met its primary endpoint of statistically significant weight reduction at 28 weeks and demonstrated a competitive tolerability profile. Additionally, weight loss continued after the pre-planned switch from weekly to monthly dosing, with no plateau observed at 28 weeks. Detailed results from VESPER-3 will be presented on June 6, 2026 at the 86th Scientific Sessions of the American Diabetes Association®. Full Release Corporate Developments Topic Recent Development Link Business Development December 2025. Announced an exclusive global collaboration and in-license agreement with YaoPharma, a leading innovation-driven global healthcare company, for the development, manufacturing and commercialization of YP05002, a small molecule glucagon-like peptide 1 (GLP-1) receptor agonist currently in Phase 1 development for chronic weight management. Under the terms of the agreement, YaoPharma will complete an ongoing YP05002 Phase 1 clinical trial and granted Pfizer an exclusive license to further develop, manufacture and commercialize YP05002 worldwide. YaoPharma received an upfront payment of $150 million and is eligible to receive milestone payments associated with certain development, regulatory and commercial milestones up to $1.935 billion, as well as tiered royalties on sales, if approved. Full Release November 2025. Announced the completion of Pfizer’s acquisition of all outstanding shares of common stock of Metsera, a clinical-stage biopharmaceutical company accelerating the next generation of medicines for obesity and cardiometabolic diseases, for $65.60 in cash per Metsera share, representing an enterprise value of approximately $7.0 billion. Additionally, Metsera shareholders were granted a contingent value right (CVR) of up to $20.65 per share of Metsera stock in potential additional payments tied to the achievement of three specified clinical and regulatory milestones. Full Release ViiV Healthcare Limited January 2026. Pfizer reached an agreement with GSK plc and Shionogi & Co., Ltd to exit its 11.7% investment in ViiV Healthcare Limited. Under the terms of the agreement, Pfizer will receive $1.875 billion in cash. Completion of the transaction is expected to occur in the first quarter of 2026, subject to certain regulatory clearances in relevant markets. N/A PFIZER TO HOST CONFERENCE CALL Please find Pfizer’s press release and associated financial tables, including reconciliations of certain GAAP reported to non-GAAP adjusted information, at the following hyperlink: https://investors.pfizer.com/Q4-2025-PFE-Earnings-Release (Note: If clicking on the above link does not open a new webpage, you may need to cut and paste the above URL into your browser's address bar.) Pfizer will host a live conference call and webcast today, February 3, 2026, at 10:00 AM EST. To access the live conference call, the fourth-quarter 2025 earnings presentation, and the accompanying prepared remarks from management, visit our website at pfizer.com/investors. You can also listen to the conference call by dialing either 800-456-4352 in the U.S. and Canada or 785-424-1086 outside of the U.S. and Canada. The passcode is “10856”. The transcript and webcast replay of the call will be made available on our website at pfizer.com/investors within 24 hours after the end of the live conference call and will be accessible for at least 90 days. For additional details, see the financial schedules and product revenue tables within the press release located at the hyperlink above, and the attached disclosure notice. (1) Pfizer does not provide guidance for U.S. generally accepted accounting principles (GAAP) Reported financial measures (other than revenues) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP Reported financial measures 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 remeasurements, 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 2026 reflects the following: (2) (3) Adjusted income and Adjusted diluted earnings per share (EPS) are defined as U.S. GAAP net income/(loss) attributable to Pfizer Inc. common shareholders and U.S. GAAP diluted EPS/(LPS) attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items. See the accompanying reconciliations of certain GAAP Reported to Non-GAAP Adjusted information for the fourth quarter and full-year 2025 and 2024 in the press release at the hyperlink above. Adjusted income and its components and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income/(loss) and its components and diluted EPS/(LPS)(2). 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 and the accompanying Non-GAAP Financial Measure: Adjusted Income section of the press release located at the hyperlink above for a definition of each component of Adjusted income as well as other relevant information. (4) References to operational variances in this press release 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. (5) Pfizer’s fiscal year-end for international subsidiaries is November 30 while Pfizer’s fiscal year-end for U.S. subsidiaries is December 31. Therefore, Pfizer’s fourth quarter and full year for U.S. subsidiaries reflects the three and twelve months ended on December 31, 2025 and December 31, 2024, while Pfizer’s fourth quarter and full year for subsidiaries operating outside the U.S. reflects the three and twelve months ended on November 30, 2025 and November 30, 2024. DISCLOSURE NOTICE: Except where otherwise noted, the information contained in this earnings release and the related attachments is as of February 3, 2026. We assume no obligation to update any forward-looking statements contained in this earnings release and the related attachments as a result of new information or future events or developments. This earnings release and the related attachments contain forward-looking statements about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; reorganizations; business plans, strategy, goals and prospects; expectations for our product pipeline (including products from completed or anticipated acquisitions), in-line products and product candidates, including anticipated regulatory submissions, data read-outs, study starts, approvals, launches, discontinuations, clinical trial results and other developing data, revenue contribution and projections, pricing and reimbursement, market dynamics, including demand, market size and utilization rates and growth, performance, timing and duration of exclusivity and potential benefits; the impact and potential impact of tariffs and pricing dynamics; strategic reviews; leverage and capital allocation objectives; an enterprise-wide cost realignment program (including anticipated costs, savings and potential benefits); a Manufacturing Optimization Program to reduce our cost of goods sold (including anticipated costs, savings and potential benefits); dividends and share repurchases; plans for and prospects of our acquisitions, dispositions and other business development activities, including our acquisitions of Metsera and Seagen and our in-licensing agreements with 3SBio and YaoPharma, and our ability to successfully capitalize on growth opportunities and prospects; our voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts; manufacturing and product supply; our expectations regarding the impact of COVID-19 on our business, operations and financial results; and the expected seasonality of demand for certain of our products. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions and we cannot assure you that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as “will,” “may,” “could,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,” “hope” and other words and terms of similar meaning. Pfizer’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following: Risks Related to Our Business, Industry and Operations, and Business Development: the outcome of research and development (R&D) activities, including the ability to meet anticipated pre-clinical or clinical endpoints, commencement and/or completion dates for our pre-clinical or clinical trials, regulatory submission dates, and/or regulatory approval and/or launch dates; the possibility of unfavorable pre-clinical and clinical trial results, including the possibility of unfavorable new pre-clinical or clinical data and further analyses of existing pre-clinical or clinical data; risks associated with preliminary, early stage or interim data; the risk that pre-clinical and clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when additional data from our pipeline programs will be published in scientific journal publications, and if so, when and with what modifications and interpretations; and uncertainties regarding the future development of our product candidates, including whether or when our product candidates will advance to future studies or phases of development or whether or when regulatory applications may be filed for any of our product candidates, including as a result of clinical trial data or regulatory decisions or feedback that could impact the future development of our product candidates, including our vaccine candidates such as our next generation pneumococcal conjugate vaccine candidate; our ability to successfully address comments received from regulatory authorities such as the FDA or the EMA, or obtain approval for new products and indications from regulators on a timely basis or at all; regulatory decisions impacting labeling, approval or authorization, including the scope of indicated patient populations, product dosage, manufacturing processes, safety and/or other matters, including decisions relating to developments regarding potential product impurities; uncertainties regarding the ability to obtain or maintain, and the scope of, recommendations by technical or advisory committees, and the timing of, and ability to obtain, pricing/reimbursement, approvals and product launches, all of which could impact the availability or commercial potential of our products and product candidates; claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates, including claims and concerns that may arise from the conduct or outcome of post-approval clinical trials, pharmacovigilance or Risk Evaluation and Mitigation Strategies, which could impact marketing approval, product labeling, and/or availability or commercial potential; the success and impact of external business development activities, such as the November 2025 acquisition of Metsera, as well as risks and uncertainties related to the ability to identify and execute on potential business development opportunities; the ability to satisfy the conditions to closing of announced transactions in the anticipated time frame or at all, including the possibility that such transactions do not close; the ability to realize the anticipated benefits of any such transactions in the anticipated time frame or at all; the potential need for and impact of additional equity or debt financing to pursue these opportunities, which has in the past and could in the future result in increased leverage and/or a downgrade of our credit ratings and could limit our ability to obtain future financing; challenges integrating the businesses and operations; disruption to business or operations relationships; risks related to achieving or growing revenues for certain acquired or partnered products; significant transaction costs; and unknown liabilities; competition, including from new product entrants, in-line branded products, generic products, private label products, biosimilars and product candidates that treat or prevent diseases and conditions similar to those treated or intended to be prevented by our in-line products and product candidates; the ability to successfully market both new and existing products, including biosimilars; difficulties or delays in manufacturing, sales or marketing; supply disruptions, shortages or stock-outs at our facilities or third-party facilities that we rely on; and legal or regulatory actions; the impact of public health outbreaks, epidemics or pandemics on our business, operations and financial condition and results, including impacts on our employees, manufacturing, supply chain, sales and marketing, R&D and clinical trials; risks and uncertainties related to Comirnaty and Paxlovid or any potential future COVID-19 vaccines, treatments or combinations, including, among others, the risk that as the market for COVID-19 products remains endemic and seasonal and/or COVID-19 infection rates do not follow prior patterns, demand for our COVID-19 products has and may continue to be reduced or not meet expectations, which has in the past and may continue to lead to reduced revenues, excess inventory or other unanticipated charges; risks related to our ability to develop, receive regulatory approval for, and commercialize variant adapted vaccines, combinations and/or treatments; uncertainties related to recommendations and coverage for, and the public’s adherence to, vaccines, boosters, treatments or combinations, including uncertainties related to the potential impact of narrowing recommended patient populations; whether or when our EUAs or biologics licenses will expire, terminate or be revoked; risks related to our ability to accurately predict or achieve our revenue forecasts for Comirnaty and Paxlovid or any potential future COVID-19 vaccines or treatments; and potential third-party royalties or other claims related to Comirnaty and Paxlovid; trends toward managed care and healthcare cost containment, and our ability to obtain or maintain timely or adequate pricing or favorable formulary placement for our products; interest rate and foreign currency exchange rate fluctuations, including the impact of global trade tensions, as well as currency devaluations and monetary policy actions in countries experiencing high inflation or deflation rates; any significant issues involving our largest wholesale distributors or government customers, which account for a substantial portion of our revenues; the impact of the increased presence of counterfeit medicines, vaccines or other products in the pharmaceutical supply chain; any significant issues related to the outsourcing of certain operational and staff functions to third parties; any significant issues related to our JVs and other third-party business arrangements, including modifications or disputes related to supply agreements or other contracts with customers including governments or other payors; uncertainties related to general economic, political, business, industry, regulatory and market conditions including, without limitation, uncertainties related to the impact on us, our customers, suppliers and lenders and counterparties to our foreign-exchange and interest-rate agreements of challenging global economic conditions, such as inflation or interest rate fluctuations, and changes in global financial markets; the exposure of our operations globally to possible capital and exchange controls, economic conditions, expropriation, sanctions, tariffs and/or other restrictive government actions, changes in intellectual property legal protections and remedies, unstable governments and legal systems and inter-governmental disputes; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws, regulations or policy regarding tariffs or other trade or foreign policy and/or the impact of any potential U.S. Governmental shutdowns, including impacts on governmental agencies due to a shutdown; the risk and impact of tariffs on our business, which is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs or other retaliatory actions imposed by other countries; the impact of disruptions related to climate change and natural disasters; any changes in business, political and economic conditions due to actual or threatened terrorist activity, geopolitical instability, political or civil unrest or military action and the resulting economic or other consequences; the impact of product recalls, withdrawals and other unusual items, including uncertainties related to regulator-directed risk evaluations and assessments, such as our ongoing evaluation of our product portfolio for the potential presence or formation of nitrosamines, and our voluntary withdrawal of all lots of Oxbryta in all markets where it is approved and any regulatory or other impact on Oxbryta and other sickle cell disease assets; trade buying patterns; the risk of an impairment charge related to our intangible assets, goodwill or equity-method investments; the impact of, and risks and uncertainties related to, restructurings and internal reorganizations, as well as any other corporate strategic initiatives and growth strategies, and cost-reduction and productivity initiatives, including any potential future phases, each of which requires upfront costs but may fail to yield anticipated benefits and may result in unexpected costs, organizational disruption, adverse effects on employee morale, retention issues or other unintended consequences; the ability to successfully achieve our climate-related goals and progress our environmental and other sustainability priorities; Risks Related to Government Regulation and Legal Proceedings: the impact of any U.S. healthcare reform or legislation, including executive orders or other change in laws, regulations or policy, or any significant spending reduction or cost control efforts affecting Medicare, Medicaid, the 340B Drug Pricing Program or other publicly funded or subsidized health programs, including the Inflation Reduction Act of 2022 (IRA) and the IRA Medicare Part D Redesign, government cuts to Affordable Care Act (ACA) subsidies, or changes in the tax treatment of employer-sponsored health insurance that may be implemented; risks and uncertainties related to the impact of Pfizer’s voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts, including risks relating to entering into final agreements with the U.S. Government, which are currently being negotiated; U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, pharmaceutical product pricing, including international reference pricing (including Most-Favored-Nation drug pricing), intellectual property, product approval processes and pathways, reimbursement or access to or recommendations for our medicines and vaccines, tax changes or other restrictions on U.S. direct-to-consumer advertising; limitations on interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for our products as a result of highly competitive biopharmaceutical markets; risks and uncertainties related to changes to vaccine or other healthcare policy in the U.S., including: (i) risks and uncertainties relating to the evolving vaccine landscape; and (ii) the FDA's recently adopted policy of disclosing Complete Response Letters for unapproved drug candidates and the attendant risk of disclosure of trade secrets or confidential commercial information; legislation or regulatory action and/or policy efforts in markets outside of the U.S., such as China or Europe, including, without limitation, laws related to pharmaceutical product pricing, intellectual property, medical regulation, environmental protections, data protection and cybersecurity, reimbursement or access, including, in particular, continued government-mandated reductions in prices and access restrictions for certain products to control costs in those markets; legal defense costs, insurance expenses, settlement costs and contingencies, including without limitation, those related to legal proceedings and actual or alleged environmental contamination; the risk and impact of an adverse decision or settlement and risk related to the adequacy of reserves related to legal proceedings; the risk and impact of tax related litigation and investigations; governmental laws, regulations and policies affecting our operations, including, without limitation, the IRA, as well as changes in such laws, regulations or policies or their interpretation, including, among others, new or changes in tariffs, tax laws and regulations internationally and in the U.S., including the One Big Beautiful Bill Act, which was enacted on July 4, 2025, and is still subject to further guidance; the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024, government cost-cutting measures and related impacts on, among other matters, government staffing, resources and ability to timely review and process regulatory or other submissions; restrictions related to certain data transfers, including data security, data localization and cross border data transfer regulations, and transactions involving certain countries; and potential changes to existing tax laws, tariffs, or changes to other laws, regulations or policies in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries; Risks Related to Intellectual Property, Technology and Cybersecurity: the risk that our currently pending or future patent applications may not be granted on a timely basis or at all, or any patent-term extensions that we seek may not be granted on a timely basis, if at all; risks to our products, patents and other intellectual property, such as: (i) claims of invalidity that could result in loss of patent coverage; (ii) claims of patent infringement, including asserted and/or unasserted intellectual property claims; (iii) claims we may assert against intellectual property rights held by third parties; (iv) challenges faced by our collaboration or licensing partners to the validity of their patent rights; or (v) any pressure from, or legal or regulatory action by, various stakeholders or governments that could potentially result in us not seeking intellectual property protection or agreeing not to enforce or being restricted from enforcing intellectual property rights related to our products; any significant breakdown or interruption of our information technology systems and infrastructure (including cloud services); any business disruption, theft of confidential or proprietary information, security threats on facilities or infrastructure, extortion or integrity compromise resulting from a cyber-attack, which may include those using adversarial artificial intelligence techniques, or other malfeasance by, but not limited to, nation states, employees, business partners or others; and risks and challenges related to the use of software, systems and services that include artificial intelligence-based functionality and other emerging technologies. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our subsequent reports on Form 10-Q, in each case including in the sections thereof captioned “Forward-Looking Information and Factors That May Affect Future Results” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K. This earnings release may include discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or effectiveness of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether. The information contained on our website or any third-party website is not incorporated by reference into this earnings release. All trademarks mentioned are the property of their owners. Certain of the products and product candidates discussed in this earnings release are being co-researched, co-developed and/or co-promoted in collaboration with other companies for which Pfizer’s rights vary by market or are the subject of agreements pursuant to which Pfizer has commercialization rights in certain markets.