Dear Shareholders,

Pfizer made great strides in 2025 with a year of strong performance, disciplined execution and bold moves positioning us for future growth and lasting impact for patients around the world.

We delivered on our financial commitments, sharpened our strategy and strengthened the foundation for the years ahead. Guided by our purpose, we advanced science, accelerated innovation and helped patients gain access to medicines and vaccines they needed.

Our R&D pipeline is sharply focused on opportunities where we believe Pfizer’s scientific leadership and robust capabilities can make the greatest difference. Last year, we made progress with high-priority internal programs and completed strategic deals, including the acquisition of Metsera, Inc. and our in-licensing agreements with 3SBio Inc., and YaoPharma Co., Ltd.

Our U.S. and International Commercial teams were outstanding in turning scientific progress into real-world outcomes. We strengthened our leadership for key products while also building trust with clinicians making treatment decisions and patients navigating care.

We’re striving to increase our speed as we drive high-quality innovation to improve lives. 2025 was a year of progress, with improved productivity and margins made possible, in part, by simplifying and streamlining our business.

We also reached a voluntary agreement with the U.S. Government, supporting efforts to lower prescription drug costs and align prices with those in other developed countries. This removed uncertainties by providing greater clarity on pricing and a three-year grace period from certain U.S. tariffs.

2025 was a pivotal year for our performance, investments in our future and key strategic milestones. We are confident that we’re positioning Pfizer for growth toward the end of the decade, continued impact for patients and long-term shareholder value.

For full-year 2025 we reported total revenues of $62.6 billion compared with $63.6 billion the previous year, reflecting a year-over-year operational decline of 2%. Excluding contributions from our COVID-19 products, revenues grew 6% operationally⁽¹⁾. With strong contributions across our product portfolio, our performance reinforced the effectiveness of a commercial approach that optimized resources to focus on key products and geographies. Additionally, cost reduction programs helped us expand our operating margin and improve operational efficiency. We made significant progress through year-end 2025 and our cost realignment program is expected to deliver total net cost savings of approximately $5.7 billion by the end of 2026. We realized approximately $600 million in net cost savings by year-end 2025 with the first phase of our manufacturing optimization program, which is on track to deliver approximately $1.5 billion in net cost savings by the end of 2027.

In 2025, we returned $9.8 billion to shareholders via our quarterly dividend and invested $10.4 billion in internal R&D and approximately $8.8 billion in business development transactions, primarily reflecting the Metsera acquisition and the 3SBio licensing deal. Our capital allocation strategy is designed to enhance long-term shareholder value with priorities that include maintaining and, over the long term, growing our dividend, reinvesting in the business and, in the future, the potential to make share repurchases after de-leveraging our balance sheet. We expect to continue to de-lever over the longer term in a prudent manner to maintain a balanced capital allocation strategy.

Pfizer is dedicated to breakthrough medicines and vaccines that help people live better, longer lives. In 2025, we refocused our innovation engine by unifying our R&D organization and sharpening our strategy.

It was a very successful year of execution that produced high-quality results in key programs with the potential to create significant value for both patients and shareholders.

Oncology was a continued source of strength. Our progress included a series of potentially practice-changing data read-outs, regulatory approvals and multiple Phase 3 study starts.

We also reinvigorated Pfizer’s presence in obesity with the acquisition of Metsera. We’ve already shared encouraging results for our ultra-long-acting GLP-1 receptor agonist and are moving quickly to execute an expansive Phase 3 program. The scale of our global clinical, manufacturing and commercial capabilities places us in a strong position to accelerate development of our portfolio as we work to bring potentially differentiated medicines to patients in the high-growth therapeutic area of obesity.

We’ve created one of the most advanced and expansive manufacturing and supply networks in the world – driven by speed, scale and science.

Among our global network, Pfizer has more manufacturing facilities in the United States than in any other single country. We have one of the largest U.S. internal pharmaceutical manufacturing networks with a total of 13 manufacturing and distribution facilities. Nearly 40% of our colleagues work in our global manufacturing and supply network, guiding the production of about 45 billion doses of more than 500 medicines and vaccines each year for approximately 200 countries and territories. This scale and expertise give us a differentiated ability to deliver when it matters most, whether for routine care or urgent global health challenges.

At Pfizer, we aspire for health and well-being for all through equitable access to medicines and vaccines across the United States and around the world.

We’re proud of our longstanding partnerships with governments, non-governmental organizations (NGOs) and private-sector leaders to advance global health. In 2022, we launched Accord for a Healthier World, a groundbreaking initiative aiming to provide our entire portfolio of medicines and vaccines, for which we have global rights, to 45 lower-income countries on a not-for-profit basis. In 2025, we reached nearly 800,000 patients through the Accord – a fourfold increase from the previous year.

The Pfizer Foundation’s Innovation Awards in Community Health program, in partnership with Direct Relief, is funding safety-net clinics to support vaccine education and access for vulnerable populations. Community health centers are remarkable and skilled leaders in implementing innovative approaches to infectious disease education, screening, testing and treatment.

We’ve made bold, strategic investments in digital transformation as we continually reimagine how medicines and vaccines are discovered, developed and delivered. Over the past several years, our teams have moved to shape future innovation with powerful artificial intelligence (AI) tools.

In R&D, our scientists face the difficult task of identifying the targets and molecules most likely to succeed. AI is helping to power this work across discovery, development, regulatory and medical. It’s optimizing supply planning and manufacturing. In commercial, AI is helping colleagues work smarter with an AI-powered planning platform that helps us connect with healthcare providers at the right moment with the right information.

In a year marked by policy environment volatility and uncertainty, industry transformation and significant strategic opportunities for our company, I’ve been grateful for the active engagement and exceptional expertise of our Board of Directors. Their steady counsel has been invaluable as we’ve navigated complex decisions about strategic capital deployment and competitive positioning in a biomedical innovation landscape that continues to evolve.

The breadth of experience around our boardroom table – spanning areas such as medicine and science, healthcare and pharma, finance and capital markets, technology, regulatory affairs and global commerce – has been a steady guide. We benefit from directors willing to challenge assumptions and ask hard questions that make us a stronger, more resilient company. After years of dedicated service, Dr. Susan Hockfield will retire from the Board and will not stand for re-election in 2026. We extend our gratitude to Dr. Hockfield for her service, valued insights from her scientific and industry expertise and unwavering commitment to Pfizer and our shareholders.

At times over the past year, certain Directors have joined our management team in supporting an active engagement program to remain connected with our shareholders. I’m proud that we’ve also developed innovative approaches, including our Pfizer Pflash series for investors intended to serve as educational deep dives into our pipeline, products and people. Each Pfizer Pflash spotlights a specific product, therapeutic area or growth initiative. We’ve received positive reactions that these sessions are valuable forums for our stakeholders to learn more about strategic initiatives and hear from our business leaders.

Our strategy is clear: invest and execute today as we build for future growth.

In 2025, we delivered strong results, advanced innovation and strengthened our foundation. With a sharpened R&D pipeline, leading commercial capabilities and a world-class manufacturing network, we’ve entered 2026 with a bold strategy and confidence that we’re making progress toward creating lasting value for patients and our shareholders.

We have the right team, a clear strategy, and the support of valued stakeholders. Thank you for your continued partnership and trust as we continue to advance our purpose, Breakthroughs that change patients’ lives.

We encourage you to read our 2025 Annual Report on Form 10-K, which includes our audited consolidated financial statements as of and for the year ended December 31, 2025, and the sections captioned “Risk Factors” and “Forward-Looking Information and Factors that May Affect Future Results,” for a description of the substantial risks and uncertainties related to the forward-looking statements included herein.