- Full-Year 2021 Revenues of $81.3 Billion, Reflecting 92% Operational Growth; Excluding Contributions
from Comirnaty(1) and Paxlovid, Revenues Grew 6% Operationally to $44.4 Billion
- Fourth-Quarter 2021 Revenues of $23.8 Billion, Reflecting 106% Operational Growth; Excluding
Contributions from Comirnaty(1) and Paxlovid, Revenues Declined 2% Operationally Driven Primarily by the
Impact of Fewer Selling Days Compared to the Prior-Year Quarter
- Full-Year 2021 Reported Diluted EPS(2) of $3.85, Adjusted Diluted EPS(3) of $4.42; Fourth-Quarter 2021
Reported Diluted EPS(2) of $0.59, Adjusted Diluted EPS(3) of $1.08
- Provides Full-Year 2022 Record-High Guidance(4) for Revenues of $98.0 to $102.0 Billion and Adjusted
Diluted EPS(3) of $6.35 to $6.55, Reflecting 23% and 46% Year-Over-Year Growth at the Midpoints, Respectively
– Raises 2022 Revenue Guidance for Comirnaty(1) to Approximately $32 Billion, Reflecting Doses
Expected to be Delivered Under Supply Contracts Signed as of Late-January
– Issues Initial 2022 Revenue Guidance for Paxlovid of Approximately $22 Billion, Reflecting Treatment
Courses Expected to be Delivered Primarily Under Supply Contracts Signed or Committed as of LateJanuary
? Provides Updates and New Data for Select Clinical Programs Spanning Vaccines, Hospital, Oncology, Rare
Disease and Internal Medicine on Analyst Conference Call

NEW YORK, NY, Tuesday, February 8, 2022 – Pfizer Inc. (NYSE: PFE) reported strong financial results for fourth-quarter and full-year 2021 and provided 2022 total company financial guidance(4). In addition, Pfizer raised its previous 2022 revenue guidance for Comirnaty(1), the Pfizer-BioNTech SE (BioNTech) COVID-19 vaccine, and provided for the first time 2022 revenue guidance for its oral COVID-19 treatment, Paxlovid.
The fourth-quarter 2021 earnings presentation and accompanying prepared remarks from management as well as the quarterly update to Pfizer’s R&D pipeline can be found on the Pfizer website.

EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “In the early days of the COVID-19 pandemic, we committed to use all of the resources and expertise we had at our disposal to help protect populations globally against this deadly virus, as well as to offer treatments to help avoid the worst outcomes when infections do occur.
We put billions of dollars of capital on the line in pursuit of those goals, not knowing whether those investments would ever pay off. Now, less than two years since we made that commitment, we are proud to say that we have delivered both the first FDA-authorized vaccine against COVID-19 (with our partner, BioNTech) and the first
FDA-authorized oral treatment for COVID-19.”
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Dr. Bourla continued: “These successes have not only made a positive difference in the world, but I believe they
have fundamentally changed Pfizer and its culture forever. Everywhere I look in the company, I see colleagues
who are inspired by what we have achieved to date and filled with determination to be part of the next
breakthrough that could change the world for patients in need. As we enter a new year, I look forward to all we
will accomplish together.”
Frank D’Amelio, Chief Financial Officer, Executive Vice President, stated: “As I prepare to retire as CFO of
Pfizer, I am proud to see that the company is performing better than at any other time during my nearly 15 years
here. Today we are issuing guidance for the coming year which, if achieved, would represent the highest level of
annual revenues and Adjusted diluted EPS(3) in Pfizer’s long history. In addition, we just concluded a year where
we provided tremendous value to society, including to both patients and shareholders. In 2021, we exceeded our
goal of manufacturing 3 billion doses of Comirnaty(1), a monumental and unprecedented achievement by our
Global Supply colleagues. Finally, we have prudently deployed our capital through multiple business
development transactions in recent months to advance our strategies, always with an eye toward bolstering growth
in the latter half of this decade and beyond. I have never been more confident in the future of Pfizer.”
Results for the fourth quarter and full-year 2021 and 2020(5) are summarized below.

OVERALL RESULTS
($ in millions, except per share amounts) Fourth-Quarter Full-Year
2021 2020 Change 2021 2020 Change
Revenues $ 23,838 $ 11,634 105% $ 81,288 $ 41,651 95%
Reported Net Income(2) 3,393 847 * 21,979 9,159 *
Reported Diluted EPS(2) 0.59 0.15 * 3.85 1.63 *
Adjusted Income(3) 6,239 2,434 156% 25,236 12,727 98%
Adjusted Diluted EPS(3) 1.08 0.43 152% 4.42 2.26 96%
* Indicates calculation not meaningful.

REVENUES
($ in millions) Fourth-Quarter Full-Year
2021 2020 % Change 2021 2020 % Change Total Oper. Total Oper.
Pfizer Biopharmaceuticals
Group (Biopharma) $ 23,456 $ 11,325 107% 108% $ 79,557 $ 40,724 95% 92%
Vaccines 13,914 2,001 * * 42,625 6,575 * *
Oncology 3,242 3,024 7% 8% 12,333 10,867 13% 12%
Internal Medicine 2,235 2,308 (3%) (3%) 9,329 9,003 4% 2%
Hospital 1,884 1,861 1% 1% 7,301 6,777 8% 5%
Inflammation & Immunology 1,231 1,267 (3%) (2%) 4,431 4,567 (3%) (4%)
Rare Disease 950 865 10% 12% 3,538 2,936 20% 19%
Pfizer CentreOne 382 308 24% 25% 1,731 926 87% 84%
TOTAL REVENUES $ 23,838 $ 11,634 105% 106% $ 81,288 $ 41,651 95% 92%
* Indicates calculation not meaningful.
Pfizer CentreOne, the company’s contract development and manufacturing organization which previously had been managed within the Hospital therapeutic area, has been moved for all periods presented into a separate operating segment to reflect the company’s revised management structure which went into effect starting in the fourth quarter of 2021. Additionally, revenues and expenses associated with the former Upjohn Business(6) and Pfizer’s former Meridian(6) subsidiary, the manufacturer of EpiPen and other auto-injector products, for all periods
presented have been recategorized as discontinued operations and excluded from Adjusted(3) results.
Business development activities completed in 2020 and 2021(5) impacted financial results in the periods presented(6). 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(7)


2022 FINANCIAL GUIDANCE(4)
Pfizer’s 2022 financial guidance is presented below. This guidance includes management’s expectations for
contributions from the entire company, including Comirnaty(1) and Paxlovid.
Revenues $98.0 to $102.0 billion
Adjusted Cost of Sales(3) as a Percentage of Revenues 32.2% to 34.2%
Adjusted SI&A Expenses(3) $12.5 to $13.5 billion
Adjusted R&D Expenses(3) $10.5 to $11.5 billion
Adjusted Other (Income)/Deductions(3) Approximately $1.8 billion of income
Effective Tax Rate on Adjusted Income(3) Approximately 16.0%
Adjusted Diluted EPS(3) $6.35 to $6.55
The midpoint of the guidance range for revenues represents 23% growth from 2021 revenues, including an
expected $1.1 billion, or 1%, unfavorable impact from changes in foreign exchange rates compared to 2021.
The guidance for 2022 revenues also includes:
? an anticipated $32 billion of revenue for Comirnaty(1), which includes doses expected to be delivered in
fiscal 2022(5) under contracts signed as of late-January 2022; and
? an anticipated $22 billion of revenue for Paxlovid, which includes treatment courses expected to be delivered
in fiscal 2022(5), primarily relating to supply contracts signed or committed as of late-January 2022.
The midpoint of the guidance range for Adjusted diluted EPS(3) reflects a 46% increase over 2021 actual results,
including an expected $0.06, or 1%, unfavorable impact from changes in foreign exchange rates compared to 2021.
Financial guidance for Adjusted diluted EPS(3) is calculated using approximately 5.8 billion weighted average
shares outstanding, and assumes no share repurchases in 2022. The expected increase in weighted average shares
outstanding compared to 2021 of approximately 100 million shares has an unfavorable impact on 2022 Adjusted
diluted EPS(3) of $0.10 at the midpoint of the guidance range.

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