? First-Quarter 2022 Revenues of $25.7 Billion, Reflecting 82% Operational Growth; Excluding Contributions
from Comirnaty(1) and Paxlovid, Revenues Increased 2% Operationally
? First-Quarter 2022 Reported Diluted EPS(2) of $1.37 and Adjusted Diluted EPS(3) of $1.62
– Both Reported(2) and Adjusted(3) Diluted EPS Include a $0.05 Negative Impact for Acquired In-Process
R&D Expenses(4), Which Prior to First-Quarter 2022 Had Largely Been Excluded From Adjusted(3)
Results
? Reaffirms Full-Year 2022 Financial Guidance(4) for Revenues of $98.0 to $102.0 Billion, Which Includes
Operational Increases Offset by Approximately $2 Billion of Negative Foreign Exchange Impacts
– Reaffirms 2022 Revenue Guidance for Comirnaty(1) of Approximately $32 Billion, Despite a ~$1 Billion
Unfavorable Impact from Foreign Exchange
– Reaffirms 2022 Revenue Guidance for Paxlovid of Approximately $22 Billion, Despite a ~$0.5 Billion
Unfavorable Impact from Foreign Exchange
? Full-Year 2022 Financial Guidance(4) for Adjusted Diluted EPS(3) Revised to a Range of $6.25 to $6.45 Solely
to Reflect an $0.11 Negative Impact for an Accounting Policy Change to Include All Acquired In-Process
R&D Expenses(4) in Adjusted(3) Results
– Operational Increases Offset the Additional Negative Impact of $0.11 Due to Unfavorable Foreign
Exchange
? Provides Updates and New Data for Select Clinical Programs Related to COVID-19, Inflammation &
Immunology, Vaccines, Oncology and Rare Disease on Analyst Conference Call
NEW YORK, NY, Tuesday, May 3, 2022 – Pfizer Inc. (NYSE: PFE) reported strong financial results for firstquarter 2022 and updated certain components of 2022 financial guidance(4). Pfizer reaffirmed its previous 2022
revenue guidance, including its guidance for Comirnaty(1), the Pfizer-BioNTech SE (BioNTech) COVID-19
vaccine, and for Paxlovid, its oral COVID-19 treatment, despite unfavorable impacts from foreign exchange.
The first-quarter 2022 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: “I am very proud of our performance this
quarter, both from a financial perspective and from the standpoint of trying to be a force for good in the world.
We continue to supply the world with Comirnaty, which remains a critical tool for helping patients and societies
avoid the worst impacts of the COVID-19 pandemic, and we are on track to fulfill our commitment to deliver at
least 2 billion doses to low- and middle-income countries in 2021 and 2022, including at least 1 billion doses this
year. In addition, we are delivering on our production commitments for Paxlovid, which is already having a
profound impact on the lives of patients. In response to the devastating war in Ukraine, and as a company that is
- 1 -
dedicated to promoting human health, we have chosen to continue to supply the people of Russia with the
medications they need, and are donating all profits from our Russian subsidiary to humanitarian efforts in
Ukraine. We will continue to do all we can to support the health of all people, which is in line with our purpose:
Breakthroughs that change patients’ lives.”
Frank D’Amelio, Chief Financial Officer and Executive Vice President, stated: “I am pleased to report another
solid quarter for the company, highlighted by 82% operational revenue growth overall and 2% operational growth
excluding Comirnaty and Paxlovid. Operational growth this quarter excluding these COVID-19 products would
have been 5% if not for a 2% negative impact from losses of patent exclusivity for certain products and a 1%
negative impact from fewer selling days this quarter compared to the prior-year quarter. We also entered the open
market to repurchase shares of our stock for the first time since 2019. We will continue to thoughtfully deploy our
capital in a variety of shareholder-friendly ways with the goal of maximizing the value we provide to all of our
stakeholders, including patients and shareholders.”
Results for the first quarter of 2022 and 2021(5) are summarized below.
OVERALL RESULTS
($ in millions, except
per share amounts) First-Quarter
2022 2021 Change
Revenues $ 25,661 $ 14,516 77%
Reported Net Income(2) 7,864 4,877 61%
Reported Diluted EPS(2) 1.37 0.86 59%
Adjusted Income(3) 9,338 5,351 74%
Adjusted Diluted EPS(3) 1.62 0.95 72%
REVENUES
($ in millions) First-Quarter
2022 2021
% Change
Total Oper.
Pfizer Biopharmaceuticals
Group (Biopharma) $ 25,323 $ 14,125 79% 85%
Vaccines 14,941 4,894 * *
Hospital 3,191 1,886 69% 72%
Oncology 2,967 2,862 4% 6%
Internal Medicine 2,440 2,594 (6%) (3%)
Rare Disease 963 824 17% 23%
Inflammation & Immunology 821 1,065 (23%) (20%)
Pfizer CentreOne $ 338 $ 391 (13%) (11%)
TOTAL REVENUES $ 25,661 $ 14,516 77% 82%
* Indicates calculation not meaningful.

Beginning in the first quarter of 2022, Adjusted(3) financial measures include expenses for all acquired in-process
research and development (IPR&D) costs incurred in connection with upfront and milestone payments on
collaboration and in-license agreements, including premiums on equity securities, as well as asset acquisitions of
acquired IPR&D. Previously, certain of these items were excluded from Adjusted(3) results. The change to include
all acquired IPR&D expenses negatively impacted Adjusted(3) diluted EPS by $0.05 in first-quarter 2022 and had
no impact on Adjusted(3) diluted EPS in first-quarter 2021. In connection with this change, acquired IPR&D
expenses are now reported as a separate income statement line item and will equally impact both Reported(2) and
Adjusted(3) results. These costs were previously recorded within the R&D expenses line item. Prior period
amounts have been revised to conform to the current period presentation.
Also in the first quarter of 2022, Pfizer implemented a change in policy to exclude all amortization of intangibles
from Adjusted(3) income, which favorably impacted Adjusted(3) diluted EPS by $0.01 in first-quarter 2022 and by
$0.02 in first-quarter 2021. Prior period amounts have been revised to conform to the current period presentation.
Business development activities completed in 2021 and 2022(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. It also includes for the first time a new line item for acquired IPR&D expenses which, beginning in first-quarter 2022, are fully included within Adjusted(3) results for all periods presented.

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