PFIZER INC

Previous wording

Manufacturing Optimization Program––In the third quarter of 2026, we announced the next phase of our multi-year program designed to reduce our cost of goods sold focused on network structure changes, product portfolio enhancements and additional operational efficiencies which is expected to deliver additional anticipated savings of approximately $1.5 billion through 2029, some of which is expected to begin being realized in 2027. The one-time costs to achieve the savings associated with this phase of the program are expected to be approximately $4.0 billion, with approximately 60% of non-cash expenditures. The costs to achieve these savings are expected to be incurred through 2029.

Current wording

Manufacturing Optimization Program––In the third quarter of 2026, we announced the next phase of our multi-year program designed to reduce our cost of goods sold focused on network structure changes, product portfolio enhancements and additional operational efficiencies which is expected to deliver additional anticipated savings of approximately $1.5 billion from 2027 through 2029. The one-time costs to achieve the savings associated with this phase of the program are expected to be approximately $4.0 billion, with approximately 60% representing non-cash expenditures. The costs to achieve these savings are expected to be incurred through 2029.

Previous wording

Our Business Development Initiatives––We are committed to strategically capitalizing on growth opportunities, primarily by advancing our own product pipeline and maximizing the value of our existing products, but also through various business development activities. For a description of the more significant recent transactions through February 26, 2026, the filing date of our 2025 Form 10-K, see Note 2 in our 2025 Form 10-K. In addition, for a discussion of our acquisition of Metsera in November 2025 and other recent business development initiatives see Note 2, as well as the following:

Current wording

Our Business Development Initiatives––We are committed to strategically capitalizing on growth opportunities, primarily by advancing our own product pipeline and maximizing the value of our existing products, but also through various business development activities. For a description of the more significant recent transactions through February 26, 2026, the filing date of our 2025 Form 10-K, see Note 2 in our 2025 Form 10-K. In addition, for a discussion of our acquisition of Metsera in November 2025 and other recent business development initiatives, see Note 2.

Previous wording

Our Second Quarter and First Six Months of 2026 Performance

Current wording

Our Third Quarter and First Nine Months of 2026 Performance

Previous wording

Total Revenues––Total revenues increased $381 million, or 3%, in the second quarter of 2026 to $15.0 billion from $14.7 billion in the second quarter of 2025, reflecting an operational increase of $164 million, or 1%, as well as a favorable impact of foreign exchange of $217 million, or 1%. The operational increase was driven by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Lorbrena and several other products across categories, partially offset by a decline in COVID-19 product revenues and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 5% operationally.

Current wording

Total Revenues––Total revenues decreased $71 million in the third quarter of 2026 to $16.6 billion from $16.7 billion in the third quarter of 2025, or relatively flat on a percentage basis, reflecting an operational decrease of $57 million, as well as an unfavorable impact of foreign exchange of $15 million. The operational decrease was driven by a decline in revenues from COVID-19 products, the Prevnar family, and several other products across categories, largely offset by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Nurtec ODT/Vydura, Lorbrena and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 7% operationally.

Previous wording

Total revenues increased $1.1 billion, or 4%, in the first six months of 2026 to $29.5 billion from $28.4 billion in the first six months of 2025, reflecting an operational increase of $469 million, or 2%, as well as a favorable impact of foreign exchange of $648 million, or 2%. The operational increase was driven by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Lorbrena, Nurtec ODT/Vydura, Oncology biosimilars and several other products across categories, partially offset by a decline in COVID-19 product revenues and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 6% operationally.

Current wording

Total revenues increased $1.0 billion, or 2%, in the first nine months of 2026 to $46.1 billion from $45.0 billion in the first nine months of 2025, reflecting an operational increase of $412 million, or 1%, as well as a favorable impact of foreign exchange of $634 million, or 1%. The operational increase was driven by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Nurtec ODT/Vydura, Lorbrena, Oncology biosimilars and several other products across categories, partially offset by a decline in revenues from COVID-19 products, the Prevnar family and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 7% operationally.

Previous wording

See the Total Revenues by Geography and Total Revenues––Selected Product Discussion sections within MD&A for more information, including a discussion of key drivers of our revenue performance for certain products.

Current wording

See the Total Revenues by Geography and Total Revenues––Selected Product Discussion sections within MD&A for more information, including a discussion of key drivers of our revenue performance for certain products, and Note 13C for additional information on our operating segments and products, including product revenues.

Previous wording

Income/(Loss) from Continuing Operations Before Provision/(Benefit) for Taxes on Income/(Loss)–– Loss from continuing operations before provision/(benefit) for taxes on income/(loss) in the second quarter of 2026 was $653 million, compared to income of $3.0 billion in the second quarter of 2025, primarily due to (i) charges for intangible asset impairments and certain legal matters (both recorded in Other (income)/deductions––net) and (ii) increases in Restructuring charges and certain acquisition-related costs, Research and development expensesand Cost of sales, partially offset by (iii) a net gain in 2026 from the sale of our previous investment in ViiV (recorded in Other (income)/deductions––net), and (iv) higher revenues.

Current wording

Income from Continuing Operations Before Provision/(Benefit) for Taxes on Income–– The increase in Income from continuing operations before provision/(benefit) for taxes on income of $51 million, to $3.4 billion in the third quarter of 2026 from $3.3 billion in the third quarter of 2025, was primarily due to (i) decreases in Acquired in-process research and development expensesand Cost of sales, (ii) the non-recurrence of an intangible asset impairment charge recorded in the third quarter of 2025, and (iii) lower charges for certain legal matters (both (ii) and (iii) recorded in Other (income)/deductions––net), partially offset by (iv) increases in Restructuring charges and certain acquisition-related costsand Research and development expenses, (v) net losses on equity securities in the third quarter of 2026 versus net gains on equity securities in the third quarter of 2025, and (vi) increases in the fair value of our contingent consideration liabilities (both (v) and (vi) recorded in Other (income)/deductions––net).

Previous wording

The decrease in Income from continuing operations before provision/(benefit) for taxes on income of $3.3 billion, to $2.5 billion in the first six months of 2026 from $5.8 billion in the first six months of 2025, was primarily due to (i) charges for intangible asset impairments and certain legal matters, and increases in the fair value of our contingent consideration liabilities (all recorded in Other (income)/deductions––net) and (ii) increases in Cost of salesand Research and development expenses, partially offset by (iii) a net gain in 2026 from the sale of our previous investment in ViiV (recorded in Other (income)/deductions––net), and (iv) higher revenues.

Current wording

The decrease in Income from continuing operations before provision/(benefit) for taxes on income of $3.3 billion, to $5.9 billion in the first nine months of 2026 from $9.2 billion in the first nine months of 2025, was primarily due to (i) charges for intangible asset impairments and certain legal matters, and increases in the fair value of our contingent consideration liabilities (all recorded in Other (income)/deductions––net), and (ii) increases in Research and development expenses, Cost of salesand Restructuring charges and certain acquisition-related costs, partially offset by (iii) a net gain in 2026 from the sale of our previous investment in ViiV (recorded in Other (income)/deductions––net), (iv) higher revenues, and (v) a decrease in Acquired in-process research and development expenses.

Previous wording

See the Analysis of the Condensed Consolidated Statements of Operations section within MD&A and Notes 3 and 4. For information on our tax provision and effective tax rate, see the Provision/(Benefit) for Taxes on Income/(Loss) section within MD&A and Note 5.

Current wording

See the Analysis of the Condensed Consolidated Statements of Operations section within MD&A and Notes 3 and 4. For information on our tax provision and effective tax rate, see the Provision/(Benefit) for Taxes on Income section within MD&A and Note 5.

Previous wording

Intellectual Property Rights and Collaboration/Licensing Rights––The loss, expiration or invalidation of intellectual property rights, patent litigation settlements and judgments, and the expiration of co-promotion and licensing rights can have a material adverse effect on our revenues. We anticipate a significant reduction of revenue from patent-based or regulatory exclusivity expiries in 2026 through 2030 as several of our in-line products experience these expirations, with the rate of the reduction of revenues from patent-based or regulatory exclusivity expiries expected to significantly accelerate over the next few years. In 2026, we now expect an unfavorable revenue impact from patent-based or regulatory exclusivity expiries of approximately $1.1 billion.

Current wording

Intellectual Property Rights and Collaboration/Licensing Rights––The loss, expiration or invalidation of intellectual property rights, patent litigation settlements and judgments, and the expiration of co-promotion and licensing rights can have a material adverse effect on our revenues. We anticipate a significant reduction of revenue from patent-based or regulatory exclusivity expiries in 2026 through 2030 as several of our in-line products experience these expirations, with the rate of the reduction of revenues from patent-based or regulatory exclusivity expiries expected to significantly accelerate over the next few years. In 2026, we expect an unfavorable revenue impact from patent-based or regulatory exclusivity expiries of approximately $1.1 billion.

Previous wording

Regulatory Environment/Pricing and Access––Government and Other Payor Group Pressures––Pricing and access pressures from governments globally, as well as private third-party payors in the U.S., continue to impact our global operations. With respect to the U.S., we expect to see continued focus by the U.S. government and states on regulating drug pricing and access to medicine, including but not limited to, international reference pricing, including Most-Favored-Nation (MFN) drug pricing. We continue to monitor and evaluate the implementation of the IRA, including the Medicare Drug Price Negotiation Program (MDPNP) and its government-set Maximum Fair Price (MFP) which became effective for Eliquis on January 1, 2026. Negotiated prices for Ibrance and Xtandi are effective in 2027. While Xeljanz remains a selected drug through 2028, the Centers for Medicare and Medicaid Services has determined that bona fide marketing of a generic version of Xeljanz still exists. Accordingly, no MFP for Xeljanz will be finalized or take effect. The IRA also made significant changes to the Medicare

Current wording

Regulatory Environment/Pricing and Access––Government and Other Payor Group Pressures––Pricing and access pressures from governments globally, as well as private third-party payors in the U.S., continue to impact our global operations. With respect to the U.S., we expect to see continued focus by the U.S. government and states on regulating drug pricing and access to medicine, including but not limited to, international reference pricing, including Most-Favored-Nation (MFN) drug pricing. We continue to monitor and evaluate the implementation of the IRA, including the Medicare Drug Price Negotiation Program (MDPNP) and its government-set Maximum Fair Price (MFP) which became effective for Eliquis on January 1, 2026. Negotiated prices for Ibrance and Xtandi are effective in 2027. While Xeljanz remains a selected drug through 2028, the Centers for Medicare and Medicaid Services has determined that bona fide marketing of a generic version of Xeljanz exists. Accordingly, no MFP for Xeljanz will be finalized or take effect. The IRA also made significant changes to the Medicare Part D benefit design (IRA Medicare Part D Redesign), which took effect beginning in 2025. We do not expect a material, incremental impact from the IRA Medicare Part D Redesign in 2026 versus the baseline set in 2025. In addition, changes to the Medicaid Drug Rebate Program or the 340B Program, including legal or legislative developments at the federal or state level with respect to the 340B Program, could have a material impact on our business. The Department of Health and Human Services (HHS) has announced a 340B pilot program, expected to begin in January 2027, that is expected to include Eliquis, Ibrance and Xtandi. The 340B pilot program is subject to ongoing litigation. We are evaluating the potential impact. See the Item 1. Business––Pricing Pressures and Managed Care Organizationsand ––Government Regulation and Price Constraints and the Item 1A. Risk Factors––Pricing and Reimbursement sections, and the Overview of Our Performance, Operating Environment, Strategy and Outlook––Our Operating Environment section of the MD&A of our 2025 Form 10-K and The Global Economic Environment––Global Trade Environment section below.

Previous wording

Policy/Regulatory Environment––New and potential policy, regulatory or other changes from the U.S. Presidential administration, Congress and states, including, among others, increased, decreased, withdrawn or new regulatory requirements, including changes in requirements for licensure, changes, delays or failure to receive recommendations, reimbursement and regulatory approvals and coverage for our vaccines and medicines, as well as potential impacts on our activities in markets outside of the U.S., could have a material adverse effect on our business, earnings, cash flows, liquidity and financial guidance.

Current wording

Policy/Regulatory Environment––New, proposed and potential policy, regulatory or other changes from the U.S. Presidential administration, Congress and states, including, among others, increased, decreased, withdrawn or new regulatory requirements, including changes in requirements for licensure, changes, delays or failure to receive recommendations, reimbursement and regulatory approvals and coverage for our vaccines and medicines, as well as potential impacts on our activities in markets outside of the U.S., could have a material adverse effect on our business, earnings, cash flows, liquidity and financial guidance.

Previous wording

We have not seen a significant disruption of our supply chain in the first six months of 2026 and through the date of filing of this Form 10-Q, and all of our manufacturing sites globally have continued to operate at or near normal levels. We continue to monitor potential supply chain impacts from geopolitical and trade developments. We do not anticipate the availability of raw materials to have a significant impact on our operations in 2026, but are monitoring potential supply chain disruptions as a result of ongoing geopolitical and trade negotiations, which could, among other things, impact costs. For information on risks related to product manufacturing, see the Item 1A. Risk Factors––Product Manufacturing, Sales and Marketing Risks section of our 2025 Form 10-K.

Current wording

We have not experienced a significant disruption of our supply chain in the first nine months of 2026 or through the date of filing of this Form 10-Q, and substantially all of our manufacturing sites globally have continued to operate at or near normal levels. We continue to monitor potential supply chain impacts from geopolitical and trade developments. We do not currently anticipate the availability of raw materials to have a significant impact on our operations in 2026, but are monitoring potential supply chain disruptions as a result of ongoing geopolitical and trade negotiations, which could, among other things, impact costs. For information on risks related to product manufacturing, see the Item 1A. Risk Factors––Product Manufacturing, Sales and Marketing Risks section of our 2025 Form 10-K.

Previous wording

Global Trade Environment––Issued or future executive orders or other new or changes in laws, regulations or policies regarding tariffs or other trade or foreign policy, could have a material adverse effect on our business, earnings, cash flow, liquidity and financial guidance. While the U.S. Supreme Court’s February 2026 decision related to executive authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA) did not have a material impact on our consolidated financial statements, the regulatory landscape continues to evolve. Specifically, on April 2, 2026, the U.S. Government announced Section 232 tariffs on imported patented pharmaceuticals and their ingredients, up to a 100% duty to address national security concerns regarding supply chain reliance (the April 2, 2026 Section 232 Executive Order). These measures, featuring exemptions for commitments to onshore and invest in U.S. manufacturing, became effective for Pfizer on July 31, 2026. We have reached final binding agreements with the U.S. Government, ratifying the arrangements first announced in September 2025. Under these agreements, we have voluntarily committed to implement measures designed to make certain drug prices for U.S. patients more comparable to those in other developed countries, allow U.S. patients to purchase certain medicines at significant discounts to current retail prices and further invest in our U.S. manufacturing. Pursuant to the agreements, the applicable tariff rate under the April 2, 2026 Section 232 Executive Order for Pfizer products will be zero until January 20, 2029. We will continue to monitor developments and any potential impacts on our future financial results and business. For additional information on risks related to our global operations and changes in laws, see the Item 1A. Risk Factors—Global Operationsand ––Changes in Laws and Accounting Standards sections of our 2025 Form 10-K.

Current wording

Global Trade Environment––Issued or future executive orders or other new or changes in laws, regulations or policies regarding tariffs or other trade or foreign policy, could have a material adverse effect on our business, earnings, cash flow, liquidity and financial guidance. The regulatory landscape continues to evolve, and on April 2, 2026, the U.S. Government announced Section 232 tariffs on imported patented pharmaceuticals and their ingredients, up to a 100% duty to address national security concerns regarding supply chain reliance (the April 2, 2026 Section 232 Executive Order). These measures, featuring exemptions for commitments to onshore and invest in U.S. manufacturing, became effective for Pfizer on July 31, 2026. We have reached final binding agreements with the U.S. Government, ratifying the arrangements first announced in September 2025. Under these agreements, we have voluntarily committed to implement measures designed to make certain drug prices for U.S. patients more comparable to those in other developed countries, allow U.S. patients to purchase certain medicines at significant discounts to current retail prices and further invest in our U.S. manufacturing. Pursuant to the agreements, the applicable tariff rate under the April 2, 2026 Section 232 Executive Order for Pfizer products will be zero until January 20, 2029. We will continue to monitor developments and any potential impacts on our future financial results and business. However, there can be no assurance that the U.S. Government will not modify, or adopt new tariff or trade measures that could affect our products. For additional information on risks related to our global operations and changes in laws, see the Item 1A. Risk Factors—Global Operationsand ––Changes in Laws and Accounting Standards sections of our 2025 Form 10-K.

Previous wording

Second Quarter of 2026 vs. Second Quarter of 2025 and First Six Months of 2026 vs. First Six Months of 2025

Current wording

Third Quarter of 2026 vs. Third Quarter of 2025 and First Nine Months of 2026 vs. First Nine Months of 2025

Previous wording

•the non-recurrence of a favorable revision of our estimate of accrued royalties in the first quarter of 2025;

Current wording

•the non-recurrence of a favorable revision to our estimate of accrued royalties in the third quarter of 2025.

Previous wording

The increase in Cost of sales as a percentage of revenues in the first six months of 2026 was primarily due to the non-recurrence of a favorable revision of our estimate of accrued royalties in the first quarter of 2025, and an unfavorable impact of foreign exchange.

Current wording

The increase in Cost of sales as a percentage of revenues in the first nine months of 2026 was primarily due to the non-recurrence of favorable revisions to our estimate of accrued royalties in the first nine months of 2025, partially offset by the favorable impact of changes in sales mix.

Previous wording

•an increase of $70 million in implementation costs associated with our cost realignment program.

Current wording

•an increase of $20 million in implementation costs associated with our cost realignment program,

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•a decrease of $100 million in marketing and promotional spend on various products from more targeted investments and ongoing productivity improvements,

Current wording

•a decrease of $80 million in marketing and promotional spend on various products from more targeted investments and ongoing productivity improvements.

Previous wording

•a $100 million unfavorable change in sales mix.

Current wording

•a $100 million unfavorable impact of foreign exchange; and

Previous wording

•an increase of $40 million in implementation costs associated with our cost realignment program; and

Current wording

•an increase of $95 million in implementation costs associated with our cost realignment program,

Previous wording

•lower spending of $130 million in corporate enabling functions; and

Current wording

•lower spending of $190 million in corporate enabling functions; and

Previous wording

Research and development expenses increased $327 million in the second quarter and $614 million in the first six months of 2026, driven primarily by an increase in spending of $240 million and $420 million, respectively, in certain oncology and obesity product candidates, which was anticipated.

Current wording

•net increases in spending of $230 million and $610 million, respectively, in certain oncology and obesity product candidates, which was anticipated; and

Previous wording

Manufacturing Optimization Program––In the third quarter of 2026, we announced the next phase of this program designed to reduce our cost of goods sold. This phase is focused on network structure changes, product portfolio enhancements and additional operational efficiencies, and is expected to deliver additional savings of approximately $1.5 billion through 2029, some of which is expected to begin being realized in 2027. We previously announced that we remain on track to deliver anticipated net cost savings from the first phase of this program of approximately $1.5 billion by the end of 2027 (with approximately $1.3 billion of these net cost savings expected to be realized by the end of 2026). With the additional anticipated savings, we now expect total net cost savings of approximately $3.0 billion from the program through 2029.

Current wording

Manufacturing Optimization Program––In the third quarter of 2026, we announced the next phase of this program designed to reduce our cost of goods sold. This phase is focused on network structure changes, product portfolio enhancements and additional operational efficiencies, and is expected to deliver additional savings of approximately $1.5 billion from 2027 through 2029. We previously announced that we remain on track to deliver anticipated net cost savings from the first phase of this program of approximately $1.5 billion by the end of 2027 (with approximately $1.3 billion of these net cost savings expected to be realized by the end of 2026). With the additional anticipated savings, we now expect total net cost savings of approximately $3.0 billion from the program through 2029.

Previous wording

The unfavorable period-over-period changes of $3.0 billion in the second quarter of 2026 and $2.9 billion for the first six months of 2026 were primarily driven by (i) intangible asset impairment charges, (ii) charges for certain legal matters, and (iii) increases in fair value of our contingent consideration liabilities, partially offset by (iv) a net gain in 2026 from the sale of our previous investment in ViiV. See Notes 4 and 7A.

Current wording

The unfavorable period-over-period change of $2.7 billion for the first nine months of 2026 was primarily driven by (i) intangible asset impairment charges, (ii) increases in fair value of our contingent consideration liabilities, and (iii) charges for certain legal matters, partially offset by (iv) a net gain in 2026 from the sale of our previous investment in ViiV. See Notes 4 and 7A.

Previous wording

Following comprehensive review and analysis of the totality of the data, Pfizer submitted updated analyses to the EMA, FDA and other regulators. In the EU, the EMA’s referral procedure concluded in October 2025, with the EMA adopting a negative opinion on benefit-risk for Oxbryta for the treatment of hemolytic anemia due to SCD, recommending that the marketing authorization for the product remain suspended. In July 2026, Pfizer engaged with the FDA to discuss the FDA’s assessment of the data and it was determined that there is no viable pathway for returning Oxbryta to market in the U.S. Consistent with the FDA’s recommendation, on July 31, 2026, Pfizer notified the FDA that it is voluntarily withdrawing the NDAs for Oxbryta.

Current wording

Following comprehensive review and analysis of the totality of the data, Pfizer submitted updated analyses to the EMA, FDA and other regulators. In the EU, the EMA’s referral procedure concluded in October 2025, with the EMA adopting a negative opinion on benefit-risk for Oxbryta for the treatment of hemolytic anemia due to SCD, recommending that the marketing authorization for the product remain suspended. In July 2026, Pfizer engaged with the FDA to discuss the FDA’s assessment of the data and it was determined that there is no viable pathway for returning Oxbryta to market in the U.S. Consistent with the FDA’s recommendation, on July 31, 2026, Pfizer notified the FDA that it is voluntarily withdrawing the NDAs for Oxbryta. As of November 2026, Pfizer has notified regulators outside the U.S. that it is voluntarily withdrawing the marketing authorization for Oxbryta.

Previous wording

In December 2024, the FDA issued a partial clinical hold for osivelotor, which prohibited Pfizer from enrolling new participants into osivelotor clinical studies. The FDA has since permitted initiation of osivelotor studies and confirmed enrollment may proceed outside of sub-Saharan Africa and for participants who have not relocated from sub-Saharan Africa within the last six months. Enrollment of new participants began in the first quarter of 2026.

Current wording

In December 2024, the FDA issued a partial clinical hold for osivelotor, which prohibited Pfizer from enrolling new participants into osivelotor clinical studies. The FDA has since permitted initiation of osivelotor studies and confirmed enrollment may proceed outside of sub-Saharan Africa and for participants who have not relocated from sub-Saharan Africa within six months of screening. Enrollment of new participants began in the first quarter of 2026.

Previous wording

(a)Items that reconcile GAAP Reported to non-GAAP Adjusted balances are shown pre-tax. Our effective tax rates for GAAP Reported income/(loss) from continuing operations were: 62.4% and 2.1% for the three and six months ended June 28, 2026, respectively, and 4.6% and (0.8)% for the three and six months ended June 29, 2025, respectively. See Note 5. Our effective tax rates for non-GAAP Adjusted income were 14.1% and 15.5% for the three and six months ended June 28, 2026, respectively, and 13.2% and 10.3% for the three and six months ended June 29, 2025, respectively.

Current wording

(a)Items that reconcile GAAP Reported to non-GAAP Adjusted balances are shown pre-tax. Our effective tax rates for GAAP Reported income from continuing operations were: 3.9% and 3.2% for the three and nine months ended September 27, 2026, respectively, and (6.5)% and (2.9)% for the three and nine months ended September 28, 2025, respectively. See Note 5. Our effective tax rates for non-GAAP Adjusted income were 14.0% and 14.9% for the three and nine months ended September 27, 2026, respectively, and 7.9% and 9.5% for the three and nine months ended September 28, 2025, respectively.

Previous wording

(d)Includes employee termination costs, asset impairments and other exit costs related to our cost-reduction and productivity initiatives not associated with acquisitions. See Note 3.

Current wording

(c)Includes employee termination costs, asset impairments and other exit costs related to our cost-reduction and productivity initiatives not associated with acquisitions. See Note 3.

Previous wording

(f)For the second quarter and first six months of 2026, the total Other (income)/deductions––netadjustments of $1.0 billion and $850 million, respectively, primarily include: (i) a net gain of $1.870 billion for the second quarter and the first six months from the sale of our previous investment in ViiV, partially offset by (ii) charges of $867 million for the second quarter and $1.0 billion for the first six months for certain legal matters, primarily representing certain product liability and other legal expenses. For the second quarter and first six months of 2025, the total Other (income)/deductions––netadjustments of $512 million and $678 million, respectively, primarily included charges of $422 million for the second quarter and $564 million for the first six months for certain legal matters, primarily representing certain product liability and other legal expenses.

Current wording

(e)For the first nine months of 2026, the total Other (income)/deductions––netadjustment of $871 million primarily includes: (i) a net gain of $1.870 billion from the sale of our previous investment in ViiV, partially offset by (ii) charges of $1.0 billion for certain legal matters, primarily representing certain product liability and other legal expenses. For the third quarter and first nine months of 2025, the total Other (income)/deductions––netadjustments of $177 million and $855 million, respectively, primarily included charges of $191 million for the third quarter for certain legal matters, primarily representing certain product liability expenses and $755 million for the first nine months for certain legal matters, primarily representing certain product liability and other legal expenses.

Previous wording

Debt Capacity––Lines of Credit––As of the date of the filing of this Form 10-Q, we had access to a $7.0 billion committed revolving credit facility maturing in October 2030, which may be used for general corporate purposes including to support our global commercial paper borrowings. In addition to the revolving credit facility, our lenders have provided us an additional $226 million in lines of credit, essentially all expiring within one year. Essentially all lines of credit were unused as of the date of the filing of this Form 10-Q.

Current wording

Debt Capacity––Lines of Credit––As of the date of the filing of this Form 10-Q, we had access to a $7.0 billion committed revolving credit facility maturing in October 2031, which may be used for general corporate purposes including to support our global commercial paper borrowings. In addition to the revolving credit facility, our lenders have provided us an additional $220 million in lines of credit, essentially all expiring within one year. All lines of credit were unused as of the date of the filing of this Form 10-Q.

Previous wording

Capital Allocation Framework––Our capital allocation framework is designed to enhance long-term shareholder value and is based on three core pillars: reinvesting in the business, maintaining and, over the long term, growing our dividend, and in the future, the potential to make share repurchases after de-levering our balance sheet. Given the anticipated unfavorable impact from patent-based or regulatory exclusivity expiries over the next few years, we expect leverage to remain around current levels, or modestly higher, through this transition period. Over time, we expect to continue to de-lever in a prudent manner in order to maintain a balanced capital allocation strategy.

Current wording

Capital Allocation Framework––Our capital allocation framework is designed to enhance long-term shareholder value and is based on three core pillars: (i) reinvesting in the business, including maintaining the flexibility to deploy capital towards potential value-creating business development transactions, (ii) maintaining and, over the long term, growing our dividend, and (iii) in the future, the potential to resume the return of capital to shareholders through value-enhancing share repurchases after de-levering our balance sheet. Given the anticipated unfavorable impact from patent-based or regulatory exclusivity expiries over the next few years, we expect leverage to remain around current levels, or modestly higher, through this transition period. We expect to continue to de-lever over the longer term in a prudent manner in order to maintain a balanced capital allocation strategy.

Previous wording

Dividends––In April 2026, our BOD declared a dividend of $0.43 per share, paid on June 12, 2026, to shareholders of record at the close of business on May 8, 2026. In June 2026, our BOD declared a dividend of $0.43 per share, payable on September 1, 2026, to shareholders of record at the close of business on July 24, 2026.

Current wording

Dividends––In October 2026, our BOD declared a dividend of $0.43 per share, payable on December 7, 2026, to shareholders of record at the close of business on November 6, 2026.

Previous wording

Common Stock Purchases—As of June 28, 2026, our remaining share-purchase authorization was $3.3 billion, with no repurchases in first six months of 2026. See Note 12 in our 2025 Form 10-K for more information on our publicly announced share-purchase plan.

Current wording

Common Stock Purchases—As of September 27, 2026, our remaining share-purchase authorization was $3.3 billion, with no repurchases in the first nine months of 2026. See Note 12 in our 2025 Form 10-K for more information on our publicly announced share-purchase plan.

Previous wording

“aim,” “seek,” “potential,” “hope” and other words and terms of similar meaning or by using future dates; however, the absence of the foregoing words or expressions does not mean that a statement is not forward-looking.

Current wording

These statements may be identified by using words such as “will,” “may,” “could,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,” “hope” and other words and terms of similar meaning or by using future dates; however, the absence of the foregoing words or expressions does not mean that a statement is not forward-looking.

Previous wording

In particular, forward-looking information in this Form 10-Q includes statements relating to specific future actions, performance and effects, including, among others, the expected benefits of the organizational changes to our operations; our anticipated operating and financial performance; our expectations regarding the impact of COVID-19 on our business, operations and financial results; the expected revenue, seasonality of demand and phasing for certain of our products; expected patent terms; the expected impact of patent expiries and generic and biosimilar competition; the expected pricing pressures on our products and the anticipated impact to our business; the expected impact of the IRA Medicare Part D Redesign; the benefits expected from our business development transactions, including, among others, our acquisitions of Metsera and Seagen and our agreements with 3SBio, YaoPharma and Innovent; the availability of raw materials; our efforts to mitigate the impact, and potential impact, of tariffs and pricing dynamics on our business and operations; global economic and/or geopolitical instability, foreign exchange rate fluctuations and inflationary pressures; our anticipated cash flows and liquidity position; the anticipated costs, savings and potential benefits from certain of our initiatives, including our enterprise-wide Realigning Our Cost Base Program and our Manufacturing Optimization Program designed to reduce our cost of goods sold; our voluntary agreements with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts; our expectations regarding product supply; our expectations regarding AI and our ability to successfully integrate and scale our AI initiatives; our planned capital spending; our capital allocation framework; our expectations regarding leverage; and expectations regarding legal proceedings and compliance with existing and anticipated laws and regulations.

Current wording

In particular, forward-looking information in this Form 10-Q includes statements relating to specific future actions, performance and effects, including, among others, the expected benefits of the organizational changes to our operations; our anticipated operating and financial performance; our expectations regarding the impact of COVID-19 on our business, operations and financial results; the expected revenue, seasonality of demand and phasing for certain of our products; expected patent terms; the expected impact of patent expiries and generic and biosimilar competition; the expected pricing pressures on our products and the anticipated impact to our business; the expected impact of the IRA Medicare Part D Redesign; the benefits expected from our business development transactions; the availability of raw materials; our efforts to mitigate the impact, and potential impact, of tariffs and pricing dynamics on our business and operations; global economic and/or geopolitical instability, foreign exchange rate fluctuations and inflationary pressures; our anticipated cash flows and liquidity position; the anticipated costs, savings and potential benefits from certain of our initiatives, including our enterprise-wide Realigning Our Cost Base Program and our Manufacturing Optimization Program designed to reduce our cost of goods sold; our voluntary agreements with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts; our expectations regarding product supply; our expectations regarding AI and our ability to successfully integrate and scale our AI initiatives; our planned capital spending; our capital allocation framework; our expectations regarding leverage; and expectations regarding legal proceedings and compliance with existing and anticipated laws and regulations.

Previous wording

•the outcome of R&D activities, including the ability to meet anticipated pre-clinical or clinical endpoints, commencement and/or completion dates for our pre-clinical or clinical trials, regulatory submission dates, and/or regulatory approval and/or launch dates; the possibility of unfavorable pre-clinical and clinical trial results, including the possibility of unfavorable new pre-clinical or clinical data and further analyses of existing pre-clinical or clinical data; risks associated with preliminary, early stage or interim data; the risk that pre-clinical and clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when additional data from our pipeline programs will be published in scientific journal publications, and if so, when and with what modifications and interpretations; and uncertainties regarding the future development of our product candidates, including whether or when our product candidates will advance to future studies or phases of development or whether or when regulatory applications may be filed for any of our product candidates, including as a result of clinical trial data or regulatory decisions or feedback that could impact the future development of our product candidates, including our vaccine candidates such as our next generation pneumococcal conjugate vaccine candidate;

Current wording

•the outcome of R&D activities, including the ability to meet anticipated pre-clinical or clinical endpoints, commencement and/or completion dates for our pre-clinical or clinical trials, regulatory submission dates, and/or regulatory approval and/or launch dates; the possibility of unfavorable pre-clinical and clinical trial results, including the possibility of unfavorable new pre-clinical or clinical data and further analyses of existing pre-clinical or clinical data; risks associated with preliminary, early stage or interim data; the risk that pre-clinical and clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when additional data from our pipeline programs will be published in scientific journal publications, and if so, when and with what modifications and interpretations; and uncertainties regarding the future development of our product candidates, including whether or when our product candidates will advance to future studies or phases of development or whether or when regulatory applications may be filed for any of our product candidates, including as a result of clinical trial data or regulatory decisions or feedback that could impact the future development of our product candidates, including our vaccine candidates such as our next generation pneumococcal conjugate vaccine candidates;

Previous wording

•competition, including from new product entrants, in-line branded products, generic products, private label products, biosimilars and product candidates that treat or prevent diseases and conditions similar to those treated or intended to be prevented by our in-line products and product candidates;

Current wording

•competition, including from new product entrants, in-line branded products, generic products, private label products, biosimilars and product candidates that treat or prevent diseases and conditions similar to those treated or intended to be prevented by our in-line products and product candidates, including as a result of competitor contracts with customers;

Previous wording

Risks Related to Government Regulation and Legal Proceedings

Current wording

Risks Related to Government Regulation, Legal Proceedings, and Changes in Laws and Accounting Standards

Previous wording

•U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, pharmaceutical product pricing, including international reference pricing (including Most-Favored-Nation drug pricing), intellectual property, product approval processes and pathways, reimbursement or access to or recommendations for our medicines and vaccines, tax changes or other restrictions on U.S. direct-to-consumer advertising; limitations on interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for our products as a result of highly competitive biopharmaceutical markets;

Current wording

•U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, pharmaceutical product pricing, including international reference pricing (including Most-Favored-Nation drug pricing), intellectual property, product research, development and approval processes and pathways, reimbursement or access to or recommendations for our medicines and vaccines, tax changes or other restrictions on U.S. direct-to-consumer advertising; limitations on interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for our products as a result of highly competitive biopharmaceutical markets;