Dear Shareholders,

While 2023 was a year of several challenges, it was also a year of significant accomplishments. A year that I believe sets up our company for incredible progress in 2024 and beyond, as we celebrate 175 years of breakthrough innovations that serve patients around the world.

First, the hard truth. We missed our 2023 initial projections, largely due to the decline in sales of our COVID-19 products.

We took corrective steps. We eliminated many uncertainties related to COVID-19 products and reduced COVID-19 product inventory to reflect anticipated future demand; we improved our commercial structure; and we launched a cost-realignment program to right-size our cost base. Difficult, but necessary, decisions were made, enabling us to be more efficient and effective. I am proud that we met our challenges with courage, compassion, and renewed commitment to our purpose.

In terms of achievements, there were many in 2023, among them:

• Approximately 618 million patients around the world were treated with our medicines and vaccinesⁱ;
• We received a record number of FDA approvals for new molecular entities;
• We completed our acquisition of Seagen, a critical step in our ambition to end cancer as we know it.

These accomplishments, combined with the resilience of our colleagues, are why I am optimistic about the future of Pfizer and what we will deliver to patients.

In 2022, we set an ambitious goal of changing one billion lives per year by 2027. I am proud to share the progress we made toward this goal in 2023. Approximately 618 million patients around the world were treated with our medicines and vaccinesⁱ. We streamlined our processes, enabling us to deliver breakthroughs more quickly without compromising quality. Additionally, we expanded our portfolio to help ensure that we are meeting the needs of different patient populations and addressing unmet patient needs.

For the full year 2023, we reported revenues of $58.5 billion, reflecting an operational decrease of 41% year over year, primarily due to a significant decline in revenues for our COVID-19 products. Excluding our COVID-19 products, we achieved 7% operational revenue growth, solidly in line with our expectations for non-COVID-19 product revenuesⁱⁱ.

2023 was a record-breaking year for FDA approvals for Pfizer, with nine new molecular entity approvals and many more approvals for new indications in already approved products. Our research and development success rates are notably higher than industry benchmarks, and we significantly reduced the time it takes to bring new products to market compared to five years ago. We are on an exciting trajectory that builds on a legacy of discovering, developing, and delivering breakthroughs that have changed patients’ lives since 1849.

As a company with equity as a core value, we have a deep passion and commitment to achieving global health equity. As part of this commitment, we have made substantive progress with our initiative, “An Accord for a Healthier World,” which aims to provide greater access to medicines and vaccines to 1.2 billion people living in 45 lower-income countries around the world. Seven countries have signed framework supply agreements with us, and we are actively working with their governments to help enable a seamless supply of selected products.

Our health equity work is just one element of Pfizer’s broader environmental, social, and governance (ESG) strategy. Learn more in our 2023 Impact Report.

Our recent acquisition of Seagen is a turning point in our oncology story. With Seagen’s leading antibody-drug conjugate technology and Pfizer’s capabilities and scale, we are confident that we will accelerate breakthroughs in cancer medicines to patients around the world. The combined commercial infrastructure of Pfizer and Seagen is three times the size of Seagen alone in the U.S. Our oncology pipeline doubled in size and is now armed with technologies that can help transform outcomes for patients.

For years, Pfizer has been harnessing Digital and Artificial Intelligence (AI) across the entire company to drive innovation and productivity on a global scale. For example, supercomputing, AI, and virtual in silico screening accelerate our scientific research by reducing computational times by 80-90%, and our industry-first Digital Operations Center and AI-powered manufacturing processes are increasing throughput by 20%, enabling us to deliver more medicines to patients faster.

Pfizer is a science-based company. We rely on facts. Providing accurate information – especially about vaccines and medicines – can avoid deadly consequences. We are committed to doing everything we can to build trust in science and promote accurate science-based information. These are key priorities for us, and we are advancing them through our digital channels and collaboration with healthcare organizations and key stakeholders.

I want to express my deepest gratitude to my incredible colleagues at Pfizer for another remarkable year of achievements and advancements. I am proud that Pfizer was once again recognized as one of the most innovative and ethical companies. We were named one of Fortune’s “World’s Most Admired Companies” and one of the “World’s Most Ethical Companies” by Ethisphere.

In 2024, Pfizer celebrates its 175th anniversary as one of the world’s most innovative and trusted companies in healthcare. Proud as we are of what we have delivered to the world, our focus, as always, is on the future and building on our legacy through flawless execution.

I believe Pfizer is well-positioned for consistent sustainable growth potential going forward. We have the right products, the right people, and the right plan for great success in 2024 and beyond.

Simply put, we will outdo yesterday.

Thank you for your continued support of our important work.

We encourage you to read our 2023 Annual Report on Form 10-K, which includes our audited consolidated financial statements as of and for the year ended December 31, 2023, 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.