Second-Quarter 2019 Revenues of $13.3 Billion, Reflecting 2% Operational Growth Driven by 6%
Operational Growth from Pfizer Biopharmaceuticals Group
Second-Quarter 2019 Reported Diluted EPS(1) of $0.89, Adjusted Diluted EPS(2) of $0.80
Updated 2019 Financial Guidance Primarily to Reflect the Anticipated August 1, 2019 Formation of the
Consumer Healthcare Joint Venture with GlaxoSmithKline plc(3) and the Anticipated Near-Term Completion
of the Array BioPharma Inc. Acquisition
Announces Reverse Morris Trust Transaction to Combine Upjohn and Mylan, Creating a New Global
Pharmaceutical Company
NEW YORK, NY, Monday, July 29, 2019 – Pfizer Inc. (NYSE: PFE) reported financial results for second-quarter
2019 and updated certain components of its 2019 financial guidance.
Results for the second quarter of 2019 and 2018(4) are summarized below.
OVERALL RESULTS
($ in millions, except
per share amounts) Second-Quarter Six Months
2019 2018 Change 2019 2018 Change
Revenues $ 13,264 $ 13,466 (2%) $ 26,382 $ 26,373 —
Reported Net Income(1) 5,046 3,872 30% 8,929 7,432 20%
Reported Diluted EPS(1) 0.89 0.65 37% 1.56 1.24 26%
Adjusted Income(2) 4,520 4,593 (2%) 9,410 9,147 3%
Adjusted Diluted EPS(2) 0.80 0.77 4% 1.65 1.52 8%

REVENUES
($ in millions) Second-Quarter Six Months
2019 2018 % Change 2019 2018 % Change
Total Oper. Total Oper.
Biopharma $ 9,595 $ 9,434 2% 6% $ 18,779 $ 18,315 3% 6%
Upjohn 2,807 3,147 (11%) (7%) 5,882 6,267 (6%) (3%)
Consumer Healthcare(3) 862 886 (3%) 1% 1,721 1,791 (4%) (1%)
Total Company $ 13,264 $ 13,466 (2%) 2% $ 26,382 $ 26,373 — 4%
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 growth rates that exclude the impact of foreign exchange(5).

2019 FINANCIAL GUIDANCE(6)
Pfizer’s updated 2019 financial guidance is presented below, reflecting the following:
Anticipated August 1, 2019 formation of the Consumer Healthcare joint venture (JV) with GlaxoSmithKline
plc (GSK)(3):
– Includes revenue and expense contributions associated with Pfizer’s Consumer Healthcare business
through July 31, 2019.
– Includes Pfizer’s pro rata share of the JV’s anticipated earnings, which will be recorded on a
quarterly basis in Adjusted other (income)/deductions(2), from August 1, 2019 through the end of
2019. Pfizer will record its share of the JV’s anticipated earnings on a one-quarter lag; therefore,
updated 2019 financial guidance for Adjusted other (income)/deductions(2) and Adjusted diluted
EPS(2) now reflects Pfizer’s share of two months of the JV’s earnings that are expected to be
generated in third-quarter 2019, which will be recorded by Pfizer in fourth-quarter 2019.
Anticipated near-term completion of the Array BioPharma Inc. (Array) acquisition and completion of the
Therachon Holding AG (Therachon) acquisition (see Corporate Developments section of this press release
for additional details on these transactions).
A reconciliation of certain components of Pfizer’s updated 2019 financial guidance to its financial guidance
provided in April 2019 is presented below. Amounts for revenues do not sum due to rounding.

Anticipated Impact of:
2019 Financial Guidance Provided in April 2019 Updated 2019 Financial Guidance
Pending Formation of the Consumer Healthcare JV(3) Pending Array Acquisition and
Completed Therachon Acquisition
Revenues ($ in billions) $52.0 to $54.0 ($1.5) $0.1 $50.5 to $52.5
Adjusted Diluted EPS(2) $2.83 to $2.93 ($0.03) ($0.04) $2.76 to $2.86

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