PFIZER INC
For the period ended Apr 23, 2026. Filed Mar 12, 2026.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 23, 2026 · Filed Mar 12, 2026
PFE$29.39-1.6%Stored close · as of Nov 6, 2026
Contents
Executive Compensation Program Summary
Executive Compensation
2025 EXECUTIVE COMPENSATION PROGRAM SUMMARY
| Element | Type/Form | Performance Measures | Program Design | Objectives | |
|---|---|---|---|---|---|
| Salary | Cash | Fixed cash compensation; reviewed annually and adjusted, as appropriate | A fixed amount of compensation for performing day-to-day responsibilities based on market data, job scope, responsibilities and experience. Generally reviewed annually for a potential increase based on a number of factors, including market levels, performance and compensation practices that are equitable within the organization. | Provides competitive level of fixed compensation that helps attract and retain high-performing executive talent. | |
| Annual Short-Term Incentive/Global Performance Plan (GPP) | Cash | Funded based on Pfizer’s performance and weighted as follows: | Aggregate pool funded based on the performance against Pfizer’s annual financial goals, and the achievement of pre-set pipeline goals (non-financial goals). Individual awards are based on operating unit/function performance, individual performance measured over the year, and consideration of plan funding. | Provides incentive to executives to achieve short-term results that create sustained future growth potential and long-term shareholder value. | |
| Metrics | |||||
| Total Revenue (40%) | A leading indicator of performance and value creation; provides a clear focus on growth; an important measure in our industry; understandable with a clear line of sight and employee impact. | ||||
| Adjusted Net Income* (40%) | A measure of income that provides focus on profitable growth and expense control within core operations; considered a strong indicator of sustained core performance over the long term with clear visibility and employee impact. | ||||
| Cash Flow from Operations (20%) | A measure that provides focus on generating cash in the short term to fund operations and research and to return funds to shareholders in the form of dividends and share repurchases (as applicable); focuses managers on expense control and on improving working capital; a strong link to long-term shareholder value creation. | ||||
| Pipeline Achievement Modifier of up to +/- 25 percentage points | A measure to recognize the progress and delivery of the research and development (R&D) pipeline, which is vital to Pfizer’s long-term success. | ||||
| Annual Long-Term Incentive Compensation (100% Performance-Based Equity) | 5-Year Total Shareholder Return Units (TSRUs)Represents 50% of total annual grant value | Absolute TSR | 5-Year TSRUs generally vest three years from the grant date and are settled on the fifth anniversary of the grant date.The value earned is equal to the difference between the settlement price (the 20-day average of the closing prices of Pfizer common stock ending on the settlement date) and the grant price (the closing stock price on the date of grant), plus the value of dividend equivalents accumulated over the term. This value, if any, is converted into shares by dividing it by the settlement price; no value is received if the TSR is negative. Accordingly, receipt of any value from these awards is contingent on absolute total shareholder return performance. | Provides direct alignment with shareholders as awards are tied to absolute TSR. | |
| Performance Share Awards (PSAs)Represents 50% of total annual grant value | Adjusted Diluted EPS* and relative TSR | PSAs have a three-year performance period starting on January 1st of the year of grant and generally vest on the third anniversary of the grant with value delivered, if any, based on performance.Paid based on the company’s performance against three one-year Adjusted Diluted EPS* goals, set annually, modified by relative TSR, as compared to the NYSE Arca Pharmaceutical Index (DRG Index or DRG), over a three-year period. The range of payout is 0%-200% based on financial performance and modified by relative TSR. The maximum payout is 200% of target but is capped at target if the TSR for the performance period is negative.Dividend equivalents paid during the performance period are applied to the number of shares earned under the award.Earned PSAs, including the dividend equivalents, are paid in cash to active employees and in shares to former employees. | Provides alignment with shareholders by aligning compensation to financial goals and relative TSR over a three-year performance period. | ||
- See “Financial Measures” for a comparison of U.S. GAAP net income and non-GAAP Adjusted Net Income for annual incentive purposes. Adjusted Diluted EPS, as the PSA performance measure, is defined as U.S. GAAP diluted EPS attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items; and is adjusted to reflect budgeted FX rates for the year and further refined to exclude certain other unbudgeted or non-recurring items including acquired in-process research and development expenses. See “Non-GAAP Financial Measure: Adjusted Income — Certain Significant Items” in the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) section in Pfizer’s 2025 Annual Report on Form 10-K for information about significant substantive and/or unusual items that are evaluated on an individual basis.
| 60 | Pfizer 2026 Proxy Statement |
Executive Compensation
2025 EXECUTIVE COMPENSATION PROGRAM SUMMARY (CONTINUED)
| Element | Plan/Program | Program Design | Objectives |
|---|---|---|---|
| Retirement | Savings Plan | A qualified savings plan providing participants with the opportunity to defer a portion of their eligible pay up to the IRC limitations (on a pre-tax, after-tax, or Roth basis) and receive a company matching contribution (i.e., defer 6.0% to receive a 4.5% matching contribution). In addition, since 2018, all participants receive an age- and service-weighted company-provided Retirement Savings Contribution (RSC) (5% to 9% of eligible pay). | Provides retirement benefits through elective deferrals, company matching contributions and RSC, up to Internal Revenue Code (IRC) limits. |
| Supplemental Savings Plan | A non-qualified savings plan providing participants a pre-tax savings opportunity relating to amounts in excess of the IRC limitations under the same formulas/features (matching contributions and RSC) as the qualified savings plan noted above. | Allows for deferrals, company matching contributions and RSC in excess of IRC limits. | |
| Pension Plan** | Qualified pension plan provides retirement income for eligible participants generally based on years of service and final average earnings; frozen as of December 31, 2017. | Provides retirement income based on tenure and compensation, up to IRC limits. | |
| Supplemental Pension Plan** | Non-qualified pension plan provides retirement income relating to compensation and benefits in excess of the IRC limitations under the same formula as the qualified pension plan noted above; frozen as of December 31, 2017. | Provides retirement income based on tenure and compensation in excess of IRC limits. | |
| Other | Perquisites | Certain other benefits provided to executives by the company consisting of limited reimbursement for personal financial planning services, an annual executive physical, home security and additional security services, as deemed necessary, and certain personal travel benefits for the CEO and other NEOs (including other ELT members). | Provides additional benefits consistent with competitive practices and safety concerns; increases efficiencies and allows more productive use of NEOs’ time, and therefore, greater focus on Pfizer-related activities. |
** Plans were closed to new participants effective January 1, 2011 and benefits were frozen on December 31, 2017 for all participants.
| 2026 Proxy Statement Pfizer | 61 |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.