? First-Quarter 2021 Revenues of $14.6 Billion, Reflecting 42% Operational Growth; Excluding Revenues for BNT162b2 of $3.5 Billion, Revenues Grew 8% Operationally Including a Negative 5% Impact from Pricing
? First-Quarter 2021 Reported Diluted EPS(1) of $0.86, Adjusted Diluted EPS(2) of $0.93
? Raises Full-Year 2021 Guidance(3) for Revenues to a Range of $70.5 to $72.5 Billion and Adjusted Diluted
EPS(2) to a Range of $3.55 to $3.65, Primarily Reflecting Updates to Anticipated Contributions from
BNT162b2 Partially Offset by Additional R&D Expenses for Vaccines to Protect Against COVID-19 as Well as Other mRNA-Based Development Programs and COVID-19 Antivirals
– Now Anticipates Revenues of Approximately $26 Billion for BNT162b2, Reflecting 1.6 Billion Doses
Expected to be Delivered in 2021 Under Signed Contracts as of Mid-April 2021
– Raises Revenue Guidance Range Excluding BNT162b2 by $200 Million, Reflecting Continued Strong Performance of the Business
? Enters Into Contracts to Supply BNT162b2 to Canada and Israel for Periods Beyond 2021; Currently Negotiating Similar Potential Contracts with Multiple Other Countries
? Maintains Quarterly Dividend for Second-Quarter 2021 at $0.39/Share; Dividend Will Not Be Reduced as a
Result of the Initiation of a Quarterly Dividend by Viatris Inc. (Viatris)(4)
NEW YORK, NY, Tuesday, May 4, 2021 – Pfizer Inc. (NYSE: PFE) reported financial results for first-quarter 2021 and raised 2021 guidance(3) for revenues and Adjusted diluted EPS(2) driven by the updated expectations for
contributions to 2021 performance from BNT162b2, the Pfizer-BioNTech SE (BioNTech) COVID-19 vaccine, as well as the strong performance of the business excluding BNT162b2, partially offset by anticipated additional
R&D investments into vaccines to protect against COVID-19, as well as other mRNA-based development programs and COVID-19 antivirals.
Additionally, Pfizer published this morning on its website the first-quarter 2021 earnings presentation and accompanying prepared remarks from management.

EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “I am extremely proud of the way we have
begun 2021, delivering strong financial results in the first quarter. Even excluding the growth provided from
BNT162b2, our revenues grew 8% operationally, which aligns with our stated goal of delivering at least a 6% compound annual growth rate through 2025. In addition, we have achieved important clinical, regulatory and
commercial milestones across our pipeline and portfolio while also continuing to increase our capacity to supply urgently-needed doses of BNT162b2 to the world. Each of these accomplishments further demonstrates our
commitment to Pfizer’s purpose: Breakthroughs that change patients’ lives.”

Frank D’Amelio, Chief Financial Officer and Executive Vice President, Global Supply, stated: “I am very happy with the performance of all of our therapeutic areas this quarter. Multiple innovative and biosimilar products across our portfolio delivered growth, demonstrating the strength of our business and the depth and breadth of our growth drivers. I am also pleased with our recent announcement that we will maintain our dividend for secondquarter 2021 at the current level, even after Viatris begins paying its dividend. This will make 2021 the 12th year
in a row with a dividend increase. I remain confident in Pfizer’s ability to continue to deliver on our commitments to our patients and shareholders in 2021 and beyond.”
Results for the first quarter of 2021 and 2020(5) are summarized below.

OVERALL RESULTS
($ in millions, except
per share amounts) First-Quarter
2021 2020 Change
Revenues $ 14,582 $ 10,083 45%
Reported Net Income(1) 4,877 3,355 45%
Reported Diluted EPS(1) 0.86 0.60 44%
Adjusted Income(2) 5,262 3,546 48%
Adjusted Diluted EPS(2) 0.93 0.63 47%
REVENUES
($ in millions) First-Quarter
2021 2020 % Change Total Oper.
Vaccines $ 4,894 $ 1,611 * *
Oncology 2,862 2,435 18% 16%
Internal Medicine 2,594 2,332 11% 10%
Hospital 2,343 2,088 12% 10%
Inflammation & Immunology 1,065 978 9% 7%
Rare Disease 824 639 29% 25%
Total Revenue $ 14,582 $ 10,083 45% 42%
* Indicates calculation not meaningful.
Following the completion of the spin-off of the Upjohn Business(4) in the fourth quarter of 2020, Pfizer now
operates as a focused innovative biopharmaceutical company engaged in the discovery, development, manufacturing, marketing, sales and distribution of biopharmaceutical products worldwide.
Revenues and expenses associated with the Upjohn Business(4) for first-quarter 2020 have been recategorized as discontinued operations and excluded from Adjusted(2) results. Pfizer’s Meridian subsidiary, the manufacturer of
EpiPen and other auto-injector products, which had been reported within the results of the Upjohn Business(4) in the first three quarters of 2020,
is now included within the Hospital therapeutic area for all periods presented.

Business development activities completed in 2020 and 2021 impacted financial results in the periods presented(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 changes that exclude the
impact of foreign exchange rates(6)
.
2021 FINANCIAL GUIDANCE(3)
Financial guidance reflects management’s current expectations for operational performance, foreign exchange
rates and management’s current projections as to the severity, duration and global macroeconomic impact of the
COVID-19 pandemic.
Key guidance assumptions included in these projections broadly reflect a continued recovery in macroeconomic
and healthcare activity throughout 2021 as more of the population becomes vaccinated against COVID-19. These
assumptions are guided by the trajectory of current infection rates in many parts of the world and the expected
timeline for broad access to effective vaccines.
Pfizer is raising its guidance ranges for revenues, Adjusted cost of sales(2) as a percentage of revenues, Adjusted
R&D expenses(2) and Adjusted diluted EPS(2) to reflect the updated expectations for contributions to 2021
performance from BNT162b2 and the continued strong performance of the business excluding BNT162b2,
partially offset by anticipated additional R&D investments into vaccines to protect against COVID-19, as well as early research investments into other mRNA-based development programs and COVID-19 antivirals. Current 2021 financial guidance is presented below.
Revenues
$70.5 to $72.5 billion
(previously $59.4 to $61.4 billion)
Adjusted Cost of Sales(2) as a Percentage of Revenues 38.0% to 39.0%
(previously 32.0% to 33.0%)
Adjusted SI&A Expenses(2) $11.0 to $12.0 billion
Adjusted R&D Expenses(2) $9.8 to $10.3 billion
(previously $9.2 to $9.7 billion)
Adjusted Other (Income)/Deductions(2) Approximately $2.2 billion of income
Effective Tax Rate on Adjusted Income(2) Approximately 15.0%
Adjusted Diluted EPS(2) $3.55 to $3.65
(previously $3.10 to $3.20)

The midpoint of the guidance range for revenues represents 71% growth from 2020 revenues, including an expected $1.3 billion, or 3%, favorable impact from changes in foreign exchange rates. The midpoint of the updated guidance range for Adjusted diluted EPS(2) reflects a 59% increase over 2020 actual results, including an expected $0.09, or 4%, benefit due to favorable changes in foreign exchange rates.
Financial guidance for Adjusted diluted EPS(2) is calculated using approximately 5.7 billion weighted average
shares outstanding, and does not currently assume any share repurchases in 2021.
Update to Assumptions Related to BNT162b2 Within Guidance
Due to additional supply agreements that have been signed since the previous guidance release, Pfizer is updating
the revenue assumptions related to BNT162b2 incorporated within the above guidance ranges. The updated assumptions are summarized below.

see & read more on
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