Dear Shareholders,

2024 was a strong year of performance and positive impact for Pfizer. Our more than 80,000 global colleagues showed tremendous dedication as they worked 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. This included expanding global access to medicines and vaccines with our robust and diverse commercial portfolio. We also achieved a series of notable regulatory approvals and pipeline advancements.

In 2024, our medicines and vaccines reached more than 414 million patients around the world⁽¹⁾.

We will continue working to discover, develop and bring forward innovative medicines and vaccines to help address some of the most significant global health challenges.

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 our commercial approach that we refined at the start of 2024 to focus on key products and geographies with optimized resources.

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 in debt.

With 14 approvals received in 2024 from the U.S. Food and Drug Administration or the European Medicines Agency, we advanced new treatment and vaccine options addressing significant areas of patient need.

Highlights included medicines offering renewed hope for patients with metastatic colorectal cancer, advanced urothelial cancer, cervical cancer and several types of prostate cancer, as well as vaccines protecting against respiratory syncytial virus (RSV) and pneumococcal disease.

We’re proud of our strong and innovative partnerships with governments, non-profit organizations and the private sector to help expand access to medicines and vaccines for people in the United States and around the world who face challenges in obtaining treatments they need.

Last year we achieved the milestone delivery of the one billionth dose of our pneumococcal conjugate vaccine for children in lower-income countries through Gavi, the Vaccine Alliance. This was the result of 15 years of partnership contributing to protecting millions of children. 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.

We had a strong year of R&D pipeline performance in 2024. In addition to more than a dozen major market approvals, we had 7 pivotal study starts and 8 key Phase 3 readouts.

In 2024, we made significant strides toward realizing our vision for accelerating breakthroughs that help people with cancer live better and longer lives. We drove a very successful integration with Seagen, a transformational deal and our largest acquisition in many years. Pfizer is the third largest biopharmaceutical company in oncology in the U.S. by revenue as of December 31, 2024, and we believe we now have one of the most experienced and capable oncology teams in the industry.

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 are prioritizing the cancer types where we have specific capabilities and deep expertise across research and development, medical and commercial, including breast cancer, genitourinary cancer, hematology and thoracic cancer.

Our R&D teams are also pursuing breakthroughs in other important areas, such as advancing our leadership in protecting against pneumococcal disease and developing a potential therapy for patients with cancer cachexia who lack treatment options for this life-threatening wasting condition.

We are working to further 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 are bringing a sharpened focus to directing our R&D investments toward the most impactful opportunities.

Artificial Intelligence (AI) and emerging technologies are revolutionizing the discovery, development and delivery of impactful new medicines and vaccines, and we believe Pfizer is well positioned as a leader within the biopharma industry. We continue to advance our strategic roadmap for incorporating AI across every aspect of our business, helping us move with greater speed, effectiveness and precision.

We reinforced our commitment to strong governance in 2024 by refreshing our Board of Directors with the addition of Mortimer (Tim) J. Buckley and Cyrus Taraporevala, two new members who bring extensive expertise in financial markets and shareholder value creation. After many years of dedicated service, Dr. Helen Hobbs will retire from the Board and will not stand for re-election in 2025. We extend our gratitude to Dr. Hobbs for her service, scientific expertise, valuable industry insights and unwavering commitment to Pfizer and our shareholders.

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 patients and others we’re privileged to serve.

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.

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 that 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 engagement and support of Pfizer and the important work we do every day.

We encourage you to read our 2024 Annual Report on Form 10-K, which includes our audited consolidated financial statements as of and for the year ended December 31, 2024, 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.