? Third-Quarter 2020 Revenues of $12.1 Billion; Reported Diluted EPS(1) of $0.39, Adjusted Diluted EPS(2) of
$0.72
– 4% Operational Growth from Biopharma, Primarily Driven by the Ongoing Strong Performance of
Vyndaqel/Vyndamax, Growth from our Leading Portfolio of Biosimilars, as Well as Continued Strength
from Key Brands Including Eliquis, Ibrance, Xeljanz, Inlyta and Xtandi
? Updated and Tightened Ranges for Certain Components of Total Company(3) 2020 Financial Guidance,
Including a Slight Increase to the Midpoint of Adjusted Diluted EPS
(2) Guidance Range
? Reaffirmed All 2020 Financial Guidance Components for New Pfizer(4) and Upjohn(5) and the Projected
Revenue CAGR of At Least 6% for New Pfizer
(4) Through 2025
? COVID Vaccine Phase 2/3 Clinical Trial has Enrolled More Than 42,000 Participants, with Nearly 36,000
Having Received their Second Vaccination, as of October 26
? Continue to Expect to Close the Upjohn Transaction with Mylan N.V. (Mylan) in the Fourth Quarter of 2020
NEW YORK, NY, Tuesday, October 27, 2020 – Pfizer Inc. (NYSE: PFE) reported financial results for thirdquarter 2020 and updated and tightened certain components of Total Company(3) 2020 financial guidance, which
continues to reflect actual and anticipated business impacts from the novel coronavirus disease of 2019
(COVID-19) pandemic.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated, “As we enter the final stretch of what has been a
historically challenging year for the world, I could not be more proud of the extraordinary effort, dedication and
resolve shown by Pfizer colleagues to address the COVID-19 pandemic with unprecedented speed, while never
compromising on their commitment to the patient-centered, science-driven standards that guide everything we do.
I am more confident than ever in Pfizer’s future as we transition to a smaller, more agile, science-based
pharmaceutical company with what we believe is an industry-leading innovative pipeline, a portion of which we
were pleased to highlight at our recent investor day event.”
Frank D’Amelio, Chief Financial Officer and Executive Vice President, Global Supply, stated: “I am pleased with
our performance so far this year, including our ability to maintain a steady supply of medicines to the patients
who rely on them around the world during these uniquely challenging times. In the first nine months of the year,
our Biopharma business grew 7% operationally, despite a COVID-19-related negative impact of approximately
2%, driven by the strong performance of many of our key brands. This performance adds to our confidence in our
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ability to achieve our expectation of at least a 6% compound annual revenue growth rate through 2025 for New
Pfizer(4).”
Results for the third quarter and the first nine months of 2020 and 2019(6) are summarized below.
OVERALL RESULTS
($ in millions, except
per share amounts) Third-Quarter Nine Months
2020 2019 Change 2020 2019 Change
Revenues $ 12,131 $ 12,680 (4%) $ 35,961 $ 39,062 (8%)
Reported Net Income(1) 2,194 7,680 (71%) 9,022 16,609 (46%)
Reported Diluted EPS(1) 0.39 1.36 (71%) 1.60 2.92 (45%)
Adjusted Income(2) 4,071 4,214 (3%) 12,989 13,625 (5%)
Adjusted Diluted EPS(2) 0.72 0.75 (3%) 2.31 2.39 (4%)
REVENUES
($ in millions) Third-Quarter Nine Months
2020 2019 % Change 2020 2019 % Change
Total Oper. Total Oper.
Biopharma $ 10,215 $ 9,952 3% 4% $ 30,017 $ 28,429 6% 7%
Upjohn 1,916 2,351 (18%) (18%) 5,944 8,535 (30%) (29%)
Consumer Healthcare(7)
— 377 (100%) (100%) — 2,098 (100%) (100%)
Total Company $ 12,131 $ 12,680 (4%) (4%) $ 35,961 $ 39,062 (8%) (7%)
Beginning in 2020, Upjohn began managing Pfizer’s Meridian subsidiary, the manufacturer of EpiPen and other
auto-injector products, and a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in
Japan (Mylan-Japan). To facilitate comparison across periods, revenues and expenses associated with Meridian
and Mylan-Japan are reported in Pfizer’s Upjohn business in all periods presented.
Acquisitions and other business development activities completed in 2019 and in the first nine months of 2020
impacted financial results in the periods presented(7). 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(8)
.
2020 FINANCIAL GUIDANCE(9)
Financial guidance reflects management’s current expectations for operational performance, foreign exchange
rates as well as various COVID-19-related uncertainties, primarily those related to the severity, duration and
global macroeconomic impact of the pandemic.
Key guidance assumptions regarding these uncertainties broadly reflect an ongoing, gradual global recovery from
the macroeconomic and healthcare impacts of the COVID-19 pandemic. These assumptions are guided by the
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trajectory of the pandemic’s impact on Pfizer’s business to date, which was less severe at its peak than originally
anticipated, but is recovering at a somewhat slower pace than originally expected. Current guidance continues to
assume no revenue contributions from a potential COVID-19 vaccine.
Pfizer updated and tightened the ranges for certain components of Total Company(3) 2020 financial guidance,
including a slight increase to the midpoint of the Adjusted Diluted EPS(2)
guidance range, and reaffirmed all 2020
financial guidance components for New Pfizer(4) and Upjohn(5)
. Updated 2020 financial guidance for Total
Company(3) is presented below.
Revenues
$48.8 to $49.5 billion
(previously $48.6 to $50.6 billion)
Adjusted Cost of Sales(2) as a Percentage of Revenues 20.2% to 20.7%
(previously 19.5% to 20.5%)
Adjusted SI&A Expenses(2) $11.5 to $12.0 billion
(previously $11.5 to $12.5 billion)
Adjusted R&D Expenses(2) $8.8 to $9.1 billion
(previously $8.6 to $9.0 billion)
Adjusted Other (Income)/Deductions(2) Approximately $1.0 billion of income
(previously approximately $800 million of income)
Effective Tax Rate on Adjusted Income(2) Approximately 15.0%
Adjusted Diluted EPS(2) $2.88 to $2.93
(previously $2.85 to $2.95)
Financial guidance for Adjusted diluted EPS(2) continues to assume no share repurchases in 2020.
2020 Financial Guidance for New Pfizer(4)
Pfizer’s reaffirmed 2020 financial guidance for New Pfizer(4) is presented below. New Pfizer(4) financial guidance
reflects the Biopharma business as it is presently being managed and assumes the pending Upjohn combination
with Mylan was completed at the beginning of 2020.
Revenues $40.8 to $42.4 billion
Adjusted IBT Margin(10) Approximately 37.0%
Adjusted Diluted EPS(2) $2.28 to $2.38
Operating Cash Flow $10.0 to $11.0 billion

2020 Financial Guidance for Upjohn(5)
Pfizer’s reaffirmed 2020 financial guidance for Upjohn(5) is presented below. Upjohn(5) financial guidance reflects
a full-year 2020 contribution from the Upjohn business as it is presently being managed.
Revenues $8.0 to $8.5 billion
Adjusted EBITDA(11) $3.8 to $4.2 billion
CAPITAL ALLOCATION
? During the first nine months of 2020, Pfizer paid $6.3 billion of dividends, composed of dividends of $0.38
per share of common stock in each of the first, second and third quarters of 2020.
? No share repurchases have been completed to date in 2020. As of October 27, 2020, Pfizer’s remaining share
repurchase authorization was $5.3 billion. No share repurchases are currently planned in 2020.
? Third-quarter 2020 diluted weighted-average shares outstanding used to calculate Reported(1) and Adjusted(2)
diluted EPS was 5,633 million shares, a reduction of 16 million shares compared to the prior-year quarter
primarily due to Pfizer’s share repurchase program, reflecting the impact of share repurchases during 2019,
partially offset by shares issued for employee compensation programs.
QUARTERLY FINANCIAL HIGHLIGHTS (Third-Quarter 2020 vs. Third-Quarter 2019)
Third-quarter 2020 revenues totaled $12.1 billion, a decrease of $549 million, or 4%, compared to the prior-year
quarter, reflecting an operational decline of $444 million, or 4%, as well as the unfavorable impact of foreign
exchange of $104 million, or 1%. Excluding the impact of Consumer Healthcare(7), revenues declined 1%
operationally compared to the prior-year quarter.
Impact of COVID-19 on Third-Quarter 2020 Revenues
Third-quarter 2020 revenues included an estimated unfavorable impact of approximately $500 million, or 4%, due
to COVID-19, primarily driven by lower demand for certain products in China and unfavorable disruptions to
wellness visits for patients in the U.S., which negatively impacted prescribing patterns for certain products,
partially offset by increased adult uptake for Prevenar 13 in certain international markets resulting from greater
vaccine awareness for respiratory illnesses, as well as the recovery of a portion of the missed doses of Prevnar 13
in the U.S. from second-quarter 2020.
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Biopharma Revenue Highlights
Third-quarter 2020 Biopharma revenues totaled $10.2 billion, up 4% operationally, primarily driven by:
? Vyndaqel/Vyndamax global revenues of $351 million, up 125% operationally, driven by:
– 101% growth in the U.S., driven by the launches of Vyndaqel in May 2019 and Vyndamax in
September 2019 for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM); and
– 150% operational growth in international markets, primarily driven by the March 2019 launch of the
ATTR-CM indication in Japan and the February 2020 approval of the ATTR-CM indication in the
European Union (EU);
? Biosimilars global revenues of $424 million, up 80% operationally, primarily driven by recent oncology
biosimilar launches of Ruxience (rituximab), Zirabev (bevacizumab) and Trazimera (trastuzumab) in the
U.S. and other global markets, as well as continued growth from Retacrit (epoetin zeta), primarily in the
U.S.;
? Eliquis globally, up 9% operationally, primarily driven by continued increased adoption in non-valvular
atrial fibrillation as well as oral anti-coagulant market share gains. In the U.S., strong volume growth was
partially offset by a lower net price due to an increased impact from the Medicare “coverage gap” and
unfavorable channel mix;
? Prevenar 13 internationally, up 14% operationally, primarily reflecting continued strong pediatric uptake in
China, as well as increased adult uptake in certain international markets resulting from greater vaccine
awareness for respiratory illnesses, including specifically pneumococcal disease, due to the COVID-19
pandemic;
? Ibrance in the U.S., up 9%, primarily driven by increased cyclin-dependent kinase (CDK) class penetration
and Ibrance’s continued CDK market share leadership in metastatic breast cancer;
? Xeljanz globally, up 10% operationally, primarily driven by:
– 6% growth in the U.S., reflecting higher volumes within the rheumatoid arthritis (RA) and psoriatic arthritis (PsA) indications driven by continued improvements in formulary access, partially offset by increased discounts from recently-signed contracts which were entered into in order to unlock access to additional patient lives; and
– 23% operational growth in international markets, primarily reflecting continued uptake in the RA indication and, to a lesser extent, the ulcerative colitis (UC) indication in certain developed markets;

? Inlyta globally, up 41% operationally, primarily reflecting increased demand in the U.S. and certain
developed international markets following the approvals in 2019 for combinations of certain immune
checkpoint inhibitors and Inlyta for the first-line treatment of patients with advanced renal cell carcinoma;
and
? Xtandi in the U.S., up 18%, primarily driven by continued strong demand in the metastatic and nonmetastatic castration-resistant prostate cancer indications, as well as the metastatic castration-sensitive
prostate cancer indication, which was approved in the U.S. in December 2019,
partially offset primarily by lower revenues for:
? Prevnar 13 in the U.S., down 14%, primarily reflecting the unfavorable impact of timing associated with
government purchases for the pediatric indication and the impact of the revised Advisory Committee on
Immunization Practices (ACIP) recommendation for the adult indication to shared clinical decision making,
which was published by the Centers for Disease Control and Prevention (CDC) in the Morbidity and
Mortality Weekly Report in the fourth quarter of 2019, partially offset by the recovery of a portion of the
missed doses from second-quarter 2020 resulting from COVID-19;
? Enbrel internationally, down 21% operationally, primarily reflecting continued biosimilar competition in
most developed Europe markets as well as in Japan and Brazil;
? the Hospital business in emerging markets, down 11% operationally, primarily driven by lower demand for
certain anti-infective products in China due to lower infection rates driven by fewer elective surgical
procedures, shorter in-patient hospital stays and improved infection control compared to the prior-year
quarter;
? Ibrance in developed Europe, down 17% operationally, primarily reflecting continued strong volume growth,
more than offset by pricing pressures in certain developed Europe markets; and
? Chantix in the U.S., down 19%, primarily reflecting expected lower demand resulting from reduced doctor
visits, including wellness visits when Chantix is typically prescribed, due to COVID-19.
Upjohn Revenue Highlights
Third-quarter 2020 Upjohn revenues totaled $1.9 billion, down 18% operationally, primarily driven by the
following negative drivers, each of which was expected:
? Significant volume declines for Lyrica in the U.S. due to multi-source generic competition that began in July
2019;
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? Lower revenues for Lipitor and Norvasc in China due to the impact of the volume-based procurement (VBP)
program which was initially implemented in March 2019 and expanded nationwide in December 2019; and
? Lower volume for Celebrex in Japan, resulting from generic competition which began in June 2020.

GAAP Reported(1) Income Statement Highlights
SELECTED TOTAL COMPANY REPORTED COSTS AND EXPENSES(1)
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