PFIZER REPORTS FOURTH-QUARTER AND FULL-YEAR 2014 RESULTS; PROVIDES 2015 FINANCIAL GUIDANCE

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1 PFIZER REPORTS FOURTH-QUARTER AND FULL-YEAR 2014 RESULTS; PROVIDES 2015 FINANCIAL GUIDANCE Fourth-Quarter 2014 Reported Revenues (1) of $13.1 Billion; Full-Year 2014 Reported Revenues (1) of $49.6 Billion Fourth-Quarter 2014 Adjusted Diluted EPS (2) of $0.54, Reported Diluted EPS (1) of $0.19; Full-Year 2014 Adjusted Diluted EPS (2) of $2.26, Reported Diluted EPS (1) of $1.42 Repurchased $1.2 Billion and $5.0 Billion of Common Stock in Fourth-Quarter and Full-Year 2014, Respectively; Returned Nearly $12 Billion to Shareholders Through Share Repurchases and Dividends in 2014 Provides 2015 Financial Guidance NEW YORK, N.Y., Tuesday, January 27, 2015 Pfizer Inc. (NYSE: PFE) reported financial results for fourthquarter and full-year At the beginning of fiscal year 2014, the company began managing its commercial operations through a new global commercial structure consisting of two distinct businesses: an Innovative Products business and an Established Products business. The Innovative Products business is composed of two operating segments: the Global Innovative Pharmaceutical segment (GIP) (3) and the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) (3). The Established Products business consists of the Global Established Pharmaceutical segment (GEP) (3). Financial results for each of these segments are presented in the Operating Segment Information section. As a result of the full disposition of Zoetis Inc. (Zoetis) on June 24, 2013, the financial results of the Animal Health business are reported as a discontinued operation in the consolidated statements of income for the twelve months ended December 31, Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. Results are summarized below. OVERALL RESULTS ($ in millions, except per share amounts) Fourth-Quarter Full-Year Change Change Reported Revenues (1) $ 13,118 $ 13,558 (3%) $ 49,605 $ 51,584 (4%) Adjusted Income (2) 3,441 3,686 (7%) 14,530 15,288 (5%) Adjusted Diluted EPS (2) (4%) % Reported Net Income (1) 1,228 2,568 (52%) 9,135 22,003 (58%) Reported Diluted EPS (1) (51%) (55%) - 1 -

2 REVENUES ($ in millions) Favorable/(Unfavorable) Fourth-Quarter Full-Year % Change % Change Total Oper. Total Oper. GEP (3) $ 6,407 $ 7,160 (11%) (7%) $ 25,149 $ 27,619 (9%) (7%) GIP (3) 3,748 3,645 3% 6% 13,861 14,317 (3%) (2%) Global Vaccines (3) 1,318 1,118 18% 22% 4,480 3,965 13% 15% Consumer Healthcare (3) % 4% 3,446 3,342 3% 5% Global Oncology (3) % 14% 2,218 1,978 12% 14% Other (4) (38%) (41%) % 23% Total $ 13,118 $ 13,558 (3%) $ 49,605 $ 51,584 (4%) (2%) SELECTED TOTAL COMPANY ADJUSTED COSTS AND EXPENSES (2) ($ in millions) (Favorable)/Unfavorable Fourth-Quarter Full-Year % Change % Change Total Oper. Total Oper. Cost of Sales (2) $ 2,584 $ 2,672 (3%) 5% $ 9,134 $ 9,273 (2%) 2% Percent of Revenues (2) 19.7% 19.8% N/A N/A 18.5% 18.0% N/A N/A SI&A Expenses (2) 3,916 4,093 (4%) (2%) 13,721 14,172 (3%) (2%) R&D Expenses (2) 2,039 1,790 14% 15% 7,153 6,554 9% 9% Total $ 8,539 $ 8,555 4% $ 30,007 $ 29,999 2% Effective Tax Rate (2) 26.2% 27.7% 26.5% 27.5% 2015 FINANCIAL GUIDANCE (5)(6) Pfizer's 2015 financial guidance is summarized below. Reported Revenues (1) $44.5 to $46.5 billion Adjusted Cost of Sales (2) as a Percentage of Reported Revenues (1) 18.5% to 19.5% Adjusted SI&A Expenses (2) Adjusted R&D Expenses (2)(6) Adjusted Other (Income)/Deductions (2) $12.8 to $13.8 billion $6.9 to $7.4 billion Approximately ($500 million) of income Effective Tax Rate on Adjusted Income (2) Approximately 25.0% Reported Diluted EPS (1) $1.37 to $1.52 Adjusted Diluted EPS (2) $2.00 to $

3 A reconciliation of Pfizer's full-year 2014 financial results to certain components of its 2015 financial guidance, including certain significant factors impacting 2015 financial guidance, is below. Full-Year Financial Guidance (Excl. Pending OPKO Transaction (6) ) at 2014 FX Rates Impact of Mid- January 2015 FX Rates Compared to 2014 FX Rates Impact of Pending OPKO Transaction (6) 2015 Financial Guidance Reported Revenues (1) $49.6 billion $47.3 to $49.3 billion ($2.8 billion) $44.5 to $46.5 billion Reported Diluted EPS (1) $1.42 $1.57 to $1.72 ($0.17) ($0.03) $1.37 to $1.52 Adjusted Diluted EPS (2) $2.26 $2.20 to $2.30 ($0.17) ($0.03) $2.00 to $2.10 EXECUTIVE COMMENTARY Ian Read, Chairman and Chief Executive Officer, stated, During 2014, despite significant continued revenue headwinds from product losses of exclusivity and co-promote expiries, we were able to deliver modest adjusted diluted EPS (2) growth. This was achieved through a combination of incremental revenue generation from key inline products and recent product launches, responsible expense management as well as supportive capital allocation. We continued to focus on strengthening our innovative core and have made notable progress in this area through both internal advancements and strategic business development. As we look forward to 2015, we expect continued momentum with our pipeline, notably the potential U.S. approval of Ibrance (palbociclib) for advanced breast cancer, as well as anticipated strong growth in emerging markets and from our recent product launches in developed markets, including Eliquis, Xeljanz, Prevnar 13 in adults and Nexium 24HR. We are now in a position to commence over 20 registrational studies during the coming four years with candidates that are based upon strong science and target indications that have significant unmet need. Mr. Read continued, On the commercial front, our innovative and established businesses continue to benefit from a sharp focus on execution in their respective markets and we expect each will demonstrate continued improvement in their competitive positioning. Further, we remain in a strong financial position that will enable us to invest in our business at appropriate levels, continue to pursue attractive business development activities and also continue to return meaningful capital directly to our shareholders, Mr. Read concluded. Frank D Amelio, Chief Financial Officer, stated, For full-year 2014, I was pleased with our financial performance, the operational execution of our newly-formed businesses and our ability to continue delivering shareholder value through prudent capital allocation. Regarding our financial performance, we achieved or - 3 -

4 exceeded all elements of our 2014 financial guidance despite an operating environment that remains challenging. In addition, we began operating within our new commercial structure in 2014 and saw significant progress across each of our businesses. Finally, we continued to demonstrate our commitment to delivering significant value to shareholders by returning nearly $12 billion to shareholders through share repurchases and dividends in We are also providing our 2015 financial guidance, including ranges for reported revenues (1) of $44.5 to $46.5 billion and for adjusted diluted EPS (2) of $2.00 to $2.10. Our guidance for reported revenues (1) reflects the anticipated negative impact of $3.5 billion due to recent and expected product losses of exclusivity as well as $2.8 billion as a result of recent adverse changes in essentially all foreign exchange rates relative to the U.S. dollar compared to foreign exchange rates from last year, partially offset by anticipated revenue growth from certain other products. Our reported (1) and adjusted (2) diluted EPS guidance reflects a $0.17 unfavorable impact as a result of adverse changes in foreign exchange rates from last year. In addition, our reported (1) and adjusted (2) diluted EPS guidance reflects a $0.03 reduction for the planned upfront payment associated with the pending transaction with OPKO Health, Inc. (OPKO) (6). Finally, our guidance for reported (1) and adjusted (2) diluted EPS also reflects anticipated share repurchases totaling approximately $6 billion this year, including $715 million of our shares repurchased to date in These repurchases and planned repurchases will more than offset the potential dilution related to employee compensation programs, Mr. D'Amelio concluded. QUARTERLY FINANCIAL HIGHLIGHTS (Fourth-Quarter 2014 vs. Fourth-Quarter 2013) Reported revenues (1) decreased $440 million, or 3%, which reflects slight operational growth of $9 million, and the unfavorable impact of foreign exchange of $449 million, or 3%. Operational growth in developed markets was driven by the performance of certain key products, including Lyrica, Prevnar and Eliquis, as well as Xeljanz primarily in the U.S. Additionally, revenues in emerging markets increased 7% operationally, including strong operational growth from Lipitor, primarily in China, as well as Prevenar and Enbrel. This operational growth was offset primarily by the loss of exclusivity and subsequent multi-source generic competition for Celebrex in the U.S., the expiration of the co-promotion term of the collaboration agreement for Enbrel in the U.S. and Canada, the termination of the Spiriva collaboration in certain countries as well as by other product losses of exclusivity in certain markets. Established Products Business Highlights GEP (3) revenues decreased 7% operationally, primarily due to declining revenues from Lipitor in developed markets resulting from continued generic competition as well as the loss of exclusivity and subsequent launch of multi-source generic competition for Celebrex in the U.S. in December 2014, Detrol LA in the U.S. in January 2014 as well as Aricept in Canada in December Additionally, the co

5 promotion collaboration for Spiriva has terminated in most countries, including the U.S. in April 2014, or has entered its final year in other markets, which, per the terms of the collaboration agreement, has resulted in a decline in Pfizer s share of Spiriva revenues. These declines were partially offset by strong performance in emerging markets, where revenues increased 7% operationally, as well as by Lyrica in Europe. Innovative Products Business Highlights GIP (3) revenues increased 6% operationally, primarily due to strong operational growth from Lyrica, primarily in the U.S. and Japan, as well as the performance of recently launched products, including Eliquis globally and Xeljanz, primarily in the U.S. This growth was partially offset primarily by the expiration of the co-promotion term of the collaboration agreement for Enbrel in the U.S. and Canada on October 31, 2013; for a 36-month period thereafter, Pfizer is entitled to royalty payments that have been and are expected to continue to be significantly less than the share of Enbrel profits prior to the expiration of the co-promotion term, and those royalty payments are and will be included in Other (income)/ deductions net rather than in Revenues. VOC (3) revenues increased 14% operationally, reflecting the following: Global Vaccines (3) revenues grew 22% operationally. Prevnar 13 revenue in the U.S. increased 33%, primarily driven by increased uptake among adults following the positive recommendation from the U.S. Centers for Disease Control and Prevention s Advisory Committee on Immunization Practices for use in adults aged 65 and over in third-quarter 2014, partially offset by lower revenues generated by the pediatric indication due to the timing of government purchases compared to the year-ago quarter. International sales of Prevenar 13 were up 11% operationally, primarily reflecting the favorable impact of Prevenar's inclusion in additional national immunization programs in certain emerging markets compared with the year-ago quarter. Consumer Healthcare (3) revenues increased 4% operationally, primarily due to the launch of Nexium 24HR in the U.S. in late-may Global Oncology (3) revenues increased 14% operationally, primarily driven by the continued strong underlying demand for Xalkori globally, Inlyta in most markets as well as operational growth from Sutent, primarily in the U.S. and emerging markets. Income Statement Highlights Adjusted cost of sales, adjusted SI&A expenses and adjusted R&D expenses (2) in the aggregate increased $336 million operationally, or 4%, reflecting the following operational factors: - 5 -

6 higher adjusted cost of sales (2), primarily reflecting an unfavorable change in product mix; lower adjusted SI&A expense (2), primarily as a result of continued benefits from cost-reduction and productivity initiatives, partially offset by investments to support several recent product launches and other in-line brands; and higher adjusted R&D expense (2), primarily due to incremental expenses associated with the ongoing Phase 3 programs for bococizumab, palbociclib, ertugliflozin and certain other new drug candidates, as well as potential new indications for previously approved products, especially for Xeljanz. The effective tax rate on adjusted income (2) declined 1.5 percentage points to 26.2% from 27.7%. This decline was primarily due to a favorable change in the jurisdictional mix of earnings and the extension of the U.S. research and development (R&D) tax credit, which was signed into law in December 2014, partially offset by a decrease in the favorable impact of the resolution of certain tax positions, pertaining to prior years, with various foreign tax authorities. The diluted weighted-average shares outstanding declined by 159 million shares compared to the prioryear quarter, due to the company s ongoing share repurchase program. In addition to the aforementioned factors, fourth-quarter 2014 reported earnings were primarily impacted by the following: Unfavorable impacts: a charge associated with a collaborative arrangement with Merck KGaA, announced in November 2014, to jointly develop and commercialize an investigational anti-pd-l1 antibody currently in development as a potential treatment for multiple types of cancer. The charge includes an $850 million upfront cash payment as well as an additional amount of approximately $300 million reflecting the fair value for certain co-promotion rights for Xalkori granted to Merck KGaA; higher charges for certain legal matters, primarily reflecting a $400 million charge for an agreement in principle to resolve a securities class action pending against the company in New York federal court, which is subject to court approval; and a higher effective tax rate, primarily due to the non-recurrence of tax benefits recorded in fourthquarter 2013 related to certain audit settlements in multiple jurisdictions covering various periods. Favorable impacts: lower restructuring charges, expenses associated with cost-reduction initiatives and purchase accounting adjustments in fourth-quarter 2014 compared to the prior-year quarter

7 FULL-YEAR FINANCIAL HIGHLIGHTS (Full-Year 2014 vs. Full-Year 2013) Reported revenues (1) decreased $2.0 billion, or 4%, which reflects an operational decline of $1.1 billion, or 2%, and the unfavorable impact of foreign exchange of $912 million, or 2%. The operational decline was primarily due to the expiration of the co-promotion term of the collaboration agreement for Enbrel in the U.S. and Canada, the ongoing termination of the Spiriva collaboration in certain countries as well as the loss of exclusivity and subsequent multi-source generic competition for Detrol LA in the U.S. as well as other product losses of exclusivity in certain markets. Revenues in developed markets were favorably impacted by the growth of certain key products, including Lyrica, Prevnar, Eliquis, Xeljanz, Xalkori, Inlyta as well as Nexium 24HR. Additionally, revenues in emerging markets increased 7% operationally, including strong operational growth from Prevenar as well as from Lipitor, primarily in China, and from Enbrel, primarily in Latin America. Adjusted cost of sales, adjusted SI&A expenses and adjusted R&D expenses (2) in the aggregate increased $563 million operationally, or 2%, reflecting the following operational factors: higher adjusted cost of sales (2), primarily reflecting an unfavorable change in product mix; lower adjusted SI&A expense (2), primarily as a result of continued benefits from cost-reduction and productivity initiatives, partially offset by investments to support several recent product launches and other in-line brands; and higher adjusted R&D expense (2), primarily due to incremental expenses associated with the ongoing Phase 3 programs for bococizumab, palbociclib, ertugliflozin and certain other new drug candidates, as well as potential new indications for previously approved products, especially for Xeljanz. The effective tax rate on adjusted income (2) declined 1.0 percentage point to 26.5% from 27.5%. This decline was primarily due to a favorable change in the jurisdictional mix of earnings, partially offset by a decrease in the favorable impact of the resolution of certain tax positions, pertaining to prior years, with various foreign tax authorities as well as a decrease in the favorable impact of the U.S. R&D tax credit compared to last year. The diluted weighted-average shares outstanding declined by 471 million shares compared to last year, due to the company s ongoing share repurchase program and the impact of the Zoetis exchange offer, which was completed on June 24, In addition to the aforementioned full-year 2014 factors and the factors impacting fourth-quarter 2014 reported earnings, full-year 2014 reported earnings were also impacted primarily by the following: - 7 -

8 Unfavorable impacts: the non-recurrence in 2014 of income from the gain associated with the transfer of certain product rights to Pfizer s joint venture with Zhejiang Hisun Pharmaceuticals Co., Ltd. (Hisun) in China in first-quarter 2013; higher charges for certain legal matters, primarily driven by Neurontin-related matters in first-quarter 2014; the non-recurrence in 2014 of income from discontinued operations attributable to the company s Animal Health business in first-half 2013 through June 24, 2013, including the gain associated with the full disposition of Zoetis in second-quarter 2013; the non-recurrence in 2014 of income from a litigation settlement with Teva Pharmaceuticals Industries Ltd. and Sun Pharmaceutical Industries Ltd. in second-quarter 2013 for patent-infringement damages resulting from their at-risk launches of generic Protonix in the U.S.; and a non-tax deductible charge in third-quarter 2014 to account for an additional year of the Branded Prescription Drug Fee in accordance with final regulations issued by the U.S. Internal Revenue Service. Favorable impacts: lower restructuring charges, acquisition-related costs, purchase accounting adjustments and asset impairment charges compared to the prior-year; the non-recurrence in 2014 of a loss in third-quarter 2013 related to an option to acquire the remaining interest in a 40%-owned generics company in Brazil, and the income recorded in thirdquarter 2014 as a result of a decline in the loss from the option; and a lower effective tax rate. RECENT NOTABLE DEVELOPMENTS Product Developments Prevenar Pfizer announced in January 2015 that the European Medicines Agency s (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending that the indication for Prevenar 13 be expanded to include the prevention of pneumonia caused by the 13 pneumococcal serotypes in the vaccine in adults 18 years and older. Prevenar 13 is currently approved in Europe for the prevention of invasive pneumococcal disease in the same population. The CHMP s positive - 8 -

9 opinion will now be reviewed by the European Commission (EC). The decision on whether to approve Prevenar 13 for this indication will be made by the EC and will be applicable to all European Union member states plus Iceland, Lichtenstein and Norway. Trumenba (rlp2086, Meningococcal Serogroup B Bivalent Recombinant Lipoprotein vaccine) -- Pfizer announced in October 2014 that the U.S. Food and Drug Administration (FDA) granted accelerated approval for Trumenba for active immunization to prevent invasive disease caused by Neisseria meningitidis serogroup B in individuals 10 through 25 years of age. As part of the accelerated approval process under which Trumenba was approved, Pfizer will complete its ongoing Phase 3 studies to confirm the effectiveness of Trumenba against diverse serogroup B strains. Trumenba became available to healthcare providers in the U.S. in November Embeda -- Pfizer announced in October 2014 that the FDA approved an updated label for Embeda (morphine sulfate and naltrexone hydrochloride) extended-release capsules, for oral use, to include abusedeterrence studies. Embeda is indicated for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. Embeda is expected to be reintroduced in the U.S. in February Pipeline Developments Ibrance (palbociclib) In January 2015, Pfizer announced that the FDA had informed the company that there was no plan for an Oncologic Drugs Advisory Committee meeting for Ibrance. Pfizer also reported that it had entered label discussions with the FDA. The Prescription Drug User Fee Act (PDUFA) goal date for a decision by the FDA is April 13, Pfizer announced in October 2014 that the FDA accepted for filing Pfizer's New Drug Application (NDA) with Priority Review seeking approval for Ibrance, in combination with letrozole, as a firstline treatment for postmenopausal women with estrogen receptor positive, human epidermal growth factor receptor 2 negative advanced breast cancer who have not received previous systemic treatment for their advanced disease. Pregabalin Controlled-Release (CR) Formulation -- In December 2014, Pfizer announced top-line results from a double-blind Phase 3 study evaluating pregabalin CR formulation in adult patients with postherpetic neuralgia. The results showed that pregabalin CR resulted in a statistically significant positive effect compared to placebo in the primary endpoint, time to loss of therapeutic response (LTR) in pain reduction. This study was the final of three Phase 3 studies of the pregabalin CR formulation conducted to ascertain the potential use of pregabalin as a once-a-day therapy. The first study in adults with partial onset seizures with epilepsy did not meet its primary endpoint. In the second study in patients with fibromyalgia, - 9 -

10 pregabalin CR had a statistically significant positive effect compared to placebo in the primary endpoint, time to LTR in pain reduction. Pregabalin is the active ingredient for Lyrica. PF Pfizer announced in December 2014 the enrollment of the first patient in a multicenter Phase 2 clinical trial of the investigational compound PF in boys with Duchenne muscular dystrophy (DMD), a genetic disorder characterized by progressive muscle degeneration and weakness. The Phase 2 clinical trial will evaluate the safety, tolerability and efficacy of PF in boys aged six to less than 10 years old diagnosed with DMD regardless of genotype. PF was granted Orphan Drug designation in July 2012 and Fast Track Designation in November 2012 by the FDA. The EMA granted the investigational candidate Orphan Medical Product designation in February PF (Clostridium difficile (C. difficile) vaccine candidate) -- Pfizer disclosed in November 2014 that it decided to halt further recruitment and vaccination for its ongoing Phase 2 study. This decision was driven by several observed cases of severe local reactogenicity (redness). There were no systemic symptoms in any of the subjects and the majority of local reactions have been fully resolved. Pfizer is evaluating potential next steps for the C. difficile clinical development program. PF (Staphylococcus aureus (S. aureus) vaccine candidate) -- In October 2014, Pfizer presented data from a Phase 1/Phase 2 study evaluating the safety, tolerability and immunogenicity of a single-dose of its investigational 4-antigen S. aureus vaccine candidate in healthy adults. The study results demonstrated that PF was well tolerated in the 456 healthy adults 18 to 64 years old who randomly received a single intramuscular injection of PF or placebo. The study also showed rapid rises in functional antibody titers against S. aureus that were maintained through at least 12 months. PF , currently in Phase 2 clinical trials, was granted Fast Track designation by the FDA in February Corporate Developments Pfizer announced in January 2015 that it acquired a controlling interest in Redvax GmbH, a spin-off from Redbiotec AG, a privately held Swiss biopharmaceutical company, based in Zurich-Schlieren. This transaction provides Pfizer with access to a preclinical human cytomegalovirus vaccine candidate, as well as intellectual property and a technology platform related to a second, undisclosed vaccine program. Pfizer announced in December 2014 that it entered into an agreement with OPKO to develop and commercialize OPKO's long-acting human growth hormone (hgh-ctp) for the treatment of growth hormone deficiency in adults and children, as well as for the treatment of growth failure in children born small for gestational age who fail to show catch-up growth by two years of age. hgh-ctp has the potential to reduce the required dosing frequency of human growth hormone to a single weekly injection

11 from the current standard of one injection per day. The transaction is subject to customary Hart-Scott- Rodino approval and is expected to close during first-quarter In December 2014, Pfizer entered into a strategic collaboration with iteos Therapeutics SA (iteos) pursuant to which iteos will license to Pfizer rights to iteos' pre-clinical compounds targeting Indoleamine 2,3-dioxygenase (IDO1) and Tryptophan 2,3-dioxygenase (TDO2). Pfizer will be responsible for the development and commercialization of IDO1 and TDO2 drug candidates. Additionally, the parties will collaborate to discover and validate new targets that play key roles in the ability of tumors to evade immune responses. These new targets will be shared by iteos and Pfizer for further independent or collaborative development. iteos received from Pfizer an up-front payment of 24 million plus an equity investment and is eligible to receive future licensing fees and collaborative funding. Further, iteos will be eligible to earn potential milestone payments from Pfizer based on the achievement of specific development, regulatory and commercial milestones across the IDO1 and TDO2 programs, in addition to royalties on sales. iteos also has the opportunity to earn additional milestone and royalty payments for any of the new target programs that are advanced by Pfizer. Pfizer announced in December 2014 that it entered into an agreement with Spark Therapeutics to develop and commercialize SPK-FIX, a program incorporating a bio-engineered adeno-associated virus vector for the potential treatment of Hemophilia B expected to enter Phase 1/Phase 2 clinical trials in the first-half of Under the terms of the agreement, Spark Therapeutics will maintain responsibility for clinical development through Phase 1/Phase 2 studies. Pfizer will assume responsibility for pivotal studies, any regulatory approvals and potential global commercialization of the product. In December 2014, Pfizer announced that the Board of Directors declared a 28-cent first-quarter 2015 dividend on the company s common stock, payable March 3, 2015, to shareholders of record at the close of business on February 6, This represents an increase of 8% in the quarterly dividend per share, compared to 26 cents per share in first-quarter In December 2014, Pfizer announced that it completed the acquisition of Baxter International Inc. s (Baxter) portfolio of marketed vaccines for $635 million. The portfolio that was acquired consists of NeisVac-C and FSME-IMMUN/TicoVac. Pfizer also acquired a portion of Baxter s facility in Orth, Austria, where these vaccines are manufactured. Pfizer announced in November 2014 that it entered into an agreement with Merck KGaA to jointly develop and commercialize MSB C (proposed international non-proprietary name is avelumab), an investigational anti-pd-l1 antibody currently in development as a potential treatment for multiple types of cancer. Pfizer and Merck KGaA will explore the therapeutic potential of this novel anti-pd-l1 antibody as a single agent as well as in various combinations with Pfizer s and Merck KGaA s broad portfolio of

12 approved and investigational oncology therapies. Both companies will collaborate on up to 20 high priority immuno-oncology clinical development programs expected to commence in These clinical development programs include up to six trials (Phase 2 or 3) that could be pivotal for potential product registrations. In addition, separate from the PD-L1 programs, Pfizer and Merck KGaA will also combine resources and expertise to advance Pfizer s anti-pd-1 antibody into Phase 1 trials. The parties have also agreed to co-promote Pfizer s Xalkori in the U.S. and several other key markets. Under the terms of the agreement, Merck KGaA received an upfront payment of $850 million and is eligible to receive regulatory and commercial milestone payments of up to approximately $2 billion. Both companies will jointly fund all development and commercialization costs, and split equally any profits generated from selling any anti- PD-L1 or anti-pd-1 products from this collaboration. In October 2014, Pfizer announced that the Board of Directors authorized a new $11 billion share repurchase program, to be utilized over time. Including share repurchases to date, the current remaining share repurchase authorization is approximately $10.8 billion

13 For additional details, see the attached financial schedules, product revenue tables and disclosure notice. (1) Reported Revenues is defined as revenues in accordance with U.S. generally accepted accounting principles (GAAP). Reported Net Income is defined as net income attributable to Pfizer Inc. in accordance with U.S. GAAP. Reported Diluted EPS is defined as reported diluted EPS attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP. (2) Adjusted income and its components and Adjusted Diluted Earnings Per Share (EPS) are defined as reported U.S. GAAP net income (1) and its components and reported diluted EPS (1) excluding purchase accounting adjustments, acquisition-related costs, discontinued operations and certain significant items. Adjusted Revenues, Adjusted Cost of Sales, Adjusted Selling, Informational and Administrative (SI&A) expenses, Adjusted Research and Development (R&D) expenses and Adjusted Other (Income)/ Deductions are income statement line items prepared on the same basis as, and therefore components of, the overall Adjusted income measure. As described under Adjusted income in the Management s Discussion and Analysis of Financial Condition and Results of Operations section of Pfizer s Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2014, management uses Adjusted income, among other factors, to set performance goals and to measure the performance of the overall company. We believe that investors understanding of our performance is enhanced by disclosing this measure. See the accompanying reconciliations of certain GAAP reported to non-gaap Adjusted information for fourth-quarter and full-year 2014 and 2013, as well as reconciliations of full-year 2015 guidance for Adjusted income and Adjusted diluted EPS to full-year 2015 guidance for reported net income (1) and reported diluted EPS (1). The Adjusted income and its components and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS. (3) For a description of the revenues in each business, see the Our Strategy Commercial Operations subsection in the Overview of Our Performance, Operating Environment, Strategy and Outlook section of Pfizer's Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, (4) Other primarily includes revenues generated from Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales organization, and revenues related to our transitional manufacturing and supply agreements with Zoetis

14 (5) The 2015 financial guidance reflects the following: Does not assume the completion of any business development transactions not completed as of December 31, 2014, including any one-time upfront payments associated with such transactions, except for the planned $295 million upfront payment to be made to OPKO upon completion of the transaction announced in December 2014, expected in first-quarter Excludes the potential effects of the resolution of litigation-related matters. Exchange rates assumed are as of mid-january Excludes the impact of a potential devaluation of the Venezuelan bolivar or any other currency. Guidance for the effective tax rate on adjusted income (2) does not assume the renewal of the U.S. research and development (R&D) tax credit. The renewal of the R&D tax credit is not anticipated to have a material impact on the effective tax rate on adjusted income (2). Assumes diluted weighted-average shares outstanding of approximately 6.2 billion shares. Reconciliation of the 2015 Adjusted Income (2) and Adjusted Diluted EPS (2) guidance to the 2015 Reported Net Income Attributable to Pfizer Inc. and Reported Diluted EPS Attributable to Pfizer Inc. common shareholders guidance: ($ in billions, except per share amounts) Income/(Expense) Net Income Diluted EPS Adjusted income/diluted EPS (2) guidance $ $13.0 $ $2.10 Purchase accounting impacts of transactions completed as of December 31, 2014 (2.5) (0.41) Restructuring and implementation costs (0.8) - (1.1) (0.13) - (0.18) Business and legal entity alignment costs (0.3) (0.04) Reported net income attributable to Pfizer Inc./diluted EPS (1) guidance $8.5 - $9.4 $ $1.52 (6) Guidance for adjusted R&D expenses (2) reflects a planned $295 million upfront payment to be made to OPKO Health, Inc. (OPKO) upon completion of the transaction announced in December 2014, expected in first-quarter Contacts: Media Investors Joan Campion Chuck Triano Ryan Crowe Bryan Dunn

15 PFIZER INC. AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (1) (millions, except per common share data) Fourth-Quarter % Incr. / Full-Year % Incr. / (Decr.) (Decr.) Revenues $ 13,118 $ 13,558 (3) $ 49,605 $ 51,584 (4) Costs and expenses: Cost of sales (2) 2,701 2,794 (3) 9,577 9,586 Selling, informational and administrative expenses (2) 3,982 4,152 (4) 14,097 14,355 (2) Research and development expenses (2) 3,209 1, ,393 6, Amortization of intangible assets (3) 948 1,123 (16) 4,039 4,599 (12) Restructuring charges and certain acquisition-related costs (80) 250 1,182 (79) Other (income)/deductions net (4) 345 (18) * 1,009 (532) * Income from continuing operations before provision for taxes on income 1,803 3,061 (41) 12,240 15,716 (22) Provision for taxes on income (5) ,120 4,306 (28) Income from continuing operations 1,257 2,631 (52) 9,119 11,410 (20) Discontinued operations net of tax (21) (57) (63) 48 10,662 (100) Net income before allocation to noncontrolling interests 1,236 2,574 (52) 9,168 22,072 (58) Less: Net income attributable to noncontrolling interests (53) Net income attributable to Pfizer Inc. $ 1,228 $ 2,568 (52) $ 9,135 $ 22,003 (58) Earnings per common share basic: Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.20 $ 0.41 (51) $ 1.43 $ 1.67 (14) Discontinued operations net of tax (0.01) (100) (100) Net income attributable to Pfizer Inc. common shareholders $ 0.20 $ 0.40 (51) $ 1.44 $ 3.23 (55) Earnings per common share diluted: Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.20 $ 0.40 (50) $ 1.41 $ 1.65 (15) Discontinued operations net of tax (0.01) (100) (99) Net income attributable to Pfizer Inc. common shareholders $ 0.19 $ 0.39 (51) $ 1.42 $ 3.19 (55) Weighted-average shares used to calculate earnings per common share: Basic 6,296 6,443 6,346 6,813 Diluted 6,374 6,533 6,424 6,895 *Calculation not meaningful. See next pages for notes (1) through (5). Amounts may not add due to rounding. All percentages have been calculated using unrounded amounts

16 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONSOLIDATED STATEMENTS OF INCOME (1) The financial statements present the three and twelve months ended December 31, 2014 and December 31, Subsidiaries operating outside the United States are included for the three and twelve months ended November 30, 2014 and On June 24, 2013, we completed the full disposition of our Animal Health business, Zoetis Inc. (Zoetis) and recognized a gain of approximately $10.3 billion, net of tax, related to this disposal in Discontinued operations net of tax for the twelve months ended December 31, The operating results of this business through June 24, 2013, the date of disposal, are reported as Discontinued operations net of tax for the twelve months ended December 31, Certain amounts in the consolidated statements of income and associated notes may not add due to rounding. All percentages have been calculated using unrounded amounts. (2) Exclusive of amortization of intangible assets, except as discussed in footnote (3) below. Selling, informational and administrative expenses for full-year 2014 includes a $215 million charge to account for an additional year of the nontax deductible Branded Prescription Drug Fee in accordance with final regulations issued in the third quarter of 2014 by the U.S. Internal Revenue Service (IRS). (3) Amortization expense related to finite-lived acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute products, compounds and intellectual property is included in Amortization of intangible assets as these intangible assets benefit multiple business functions. Amortization expense related to intangible assets that are associated with a single function is included in Cost of sales, Selling, informational and administrative expenses or Research and development expenses, as appropriate. (4) Other (income)/deductions net includes the following: Fourth-Quarter Full-Year (millions of dollars) Interest income (a) $ (122) $ (112) $ (425) $ (403) Interest expense (a) ,360 1,414 Net interest expense ,011 Royalty-related income (b) (265) (218) (1,002) (523) Patent litigation settlement income (c) (1,342) Other legal matters, net (d) Gain associated with the transfer of certain product rights (e) (459) Net gains on asset disposals (f) (22) (220) (288) (320) Certain asset impairments (g) Business and legal entity alignment costs (h) Costs associated with the Zoetis IPO (i) 18 Other, net (j) (38) (77) (265) 170 Other (income)/deductions net $ 345 $ (18) $ 1,009 $ (532) (a) Interest income increased in fourth-quarter and in full-year 2014 due to higher cash equivalents and investment balances. Interest expense increased in the fourth quarter of 2014 due to the addition of new fixed rate debt in the second quarter of 2014 and interest expense decreased during full-year 2014, primarily due to the benefit of the effective conversion of some fixed-rate liabilities to floating-rate liabilities. (b) Royalty-related income increased in fourth-quarter and full-year 2014 primarily due to royalties earned on sales of Enbrel in the U.S. and Canada after October 31, On that date, the co-promotion term of the collaboration agreement for Enbrel in the U.S. and Canada expired, and Pfizer became entitled to royalties for a 36-month period thereafter. (c) In full-year 2013, reflects income from a litigation settlement with Teva Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries Ltd. for patent-infringement damages resulting from their "at-risk" launches of generic Protonix in the U.S. (d) In fourth-quarter 2014, primarily includes $400 million for an agreement in principle to resolve a securities class action pending against the Company in New York federal court, which is subject to court approval, partially offset

17 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONSOLIDATED STATEMENTS OF INCOME by $130 million of income from the reversal of two legal accruals where a loss is no longer deemed probable. In full-year 2014, primarily includes approximately $610 million for Neurontin-related matters (including off-label promotion actions and antitrust actions), $400 million for an agreement in principle to resolve a securities class action pending against the Company in New York federal court, which is subject to court approval, and approximately $56 million for an Effexor-related matter, partially offset by $130 million of income from the reversal of two legal accruals where a loss is no longer deemed probable. (e) In full-year 2013, represents the gain associated with the transfer of certain product rights to Pfizer's 49%-owned equity-method investment with Zhejiang Hisun Pharmaceuticals Co., Ltd. (Hisun) in China. (f) In full-year 2014, primarily includes gains on sales/out-licensing of product and compound rights (approximately $135 million) and gains on sales of investments in equity securities (approximately $116 million). In fourthquarter and full-year 2013, includes a gain of $125 million on the sale of a portion of our in-licensed generic sterile injectibles portfolio. (g) In fourth-quarter 2014, primarily includes an impairment charge related to Pfizer's 40%-owned equity-method investment in Laboratório Teuto Brasileiro S.A. (Teuto) and an impairment charge related to an indefinite-lived brand. In full-year 2014, primarily includes impairment charges related to an in-process research and development (IPR&D) compound for the treatment of skin fibrosis, developed technology rights and indefinite-lived brands, as well as an impairment charge related to Teuto. In fourth-quarter 2013, primarily includes impairment charges related to other finite-lived intangible assets and IPR&D compounds. In full-year 2013, primarily includes impairment charges related to developed technology (for use in the development of bone and cartilage) acquired in connection with our acquisition of Wyeth, IPR&D compounds, indefinite-lived brands and other finite-lived intangible assets. (h) In fourth-quarter and full-year 2014, represents expenses for planning and implementing changes to our infrastructure to operate our new business segments. (i) In full-year 2013, represents costs incurred in connection with the initial public offering of an approximate 19.8% ownership interest in Zoetis. Includes expenditures for banking, legal, accounting and similar services. (j) In full-year 2013, includes a loss on an option to acquire the remaining interest in Teuto (approximately $223 million). In full-year 2014, includes income resulting from a decline in the loss from the aforementioned option (approximately $55 million). (5) The Provision for taxes on income for fourth-quarter and full-year 2014 was favorably impacted by the change in the jurisdictional mix of earnings as a result of operating fluctuations in the normal course of business, and the extension of the U.S. R&D tax credit which was signed into law in December The Provision for taxes on income for fullyear 2014 was also favorably impacted by a decline in the non-tax deductible loss recorded in 2013 related to an option to acquire the remaining interest in Teuto since we expect to retain the investment indefinitely, the resolution of certain tax positions pertaining to prior years primarily with various foreign tax authorities, and the expiration of certain statutes of limitations. The Provision for taxes on income for full-year 2014 was unfavorably impacted by a non-tax deductible charge to account for an additional year of the Branded Prescription Drug Fee in accordance with final regulations issued by the IRS in the third quarter of The Provision for taxes on income for fourth-quarter and full-year 2013 was favorably impacted by U.S. tax benefits of approximately $430 million, representing tax and interest, resulting from a settlement with the IRS with respect to audits of the Wyeth tax returns for the years 2006 through date of acquisition. Full-year 2013 was also favorably impacted by international tax benefits of approximately $470 million, most of which occurred in the fourth quarter, representing tax and interest, resulting from the resolution of certain tax positions pertaining to prior years with various foreign tax authorities, and the expiration of certain statutes of limitations, as well as the extension of the U.S. R&D tax credit that was signed into law in January Full-year 2013 was also unfavorably impacted by (i) the tax rate associated with the patent litigation settlement income, (ii) the non-deductibility of goodwill derecognized and the jurisdictional mix of the other intangible assets divested as part of the transfer of certain product rights to Pfizer's 49%- owned equity-method investment with Hisun in China, and (iii) the aforementioned non-tax deductible loss related to the Teuto option, since we expect to retain the investment indefinitely

18 PFIZER INC. AND SUBSIDIARY COMPANIES RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (1) CERTAIN LINE ITEMS (millions of dollars, except per common share data) GAAP Reported (2) Purchase Accounting Adjustments Quarter Ended December 31, 2014 Acquisition- Related Costs (3) Discontinued Operations Certain Significant Items (4) Non-GAAP Adjusted (5) Revenues $ 13,118 $ $ $ $ (6) $ 13,112 Cost of sales (6) 2, (17) (110) 2,584 Selling, informational and administrative expenses (6) 3,982 (65) 3,916 Research and development expenses (6) 3,209 3 (1,173) 2,039 Amortization of intangible assets (7) 948 (919) 29 Restructuring charges and certain acquisition-related costs 130 (34) (96) Other (income)/deductions net (508) (130) Income from continuing operations before provision for taxes on income 1, ,946 4,673 Provision for taxes on income ,224 Income from continuing operations 1, ,555 3,449 Discontinued operations net of tax (21) 21 Net income attributable to noncontrolling interests 8 8 Net income attributable to Pfizer Inc. 1, ,555 3,441 Earnings per common share attributable to Pfizer Inc. diluted GAAP Reported (2) Purchase Accounting Adjustments Twelve Months Ended December 31, 2014 Acquisition- Related Costs (3) Discontinued Operations Certain Significant Items (4) Non-GAAP Adjusted (5) Revenues $ 49,605 $ $ $ $ (198) $ 49,406 Cost of sales (6) 9, (53) (491) 9,134 Selling, informational and administrative expenses (6) 14,097 1 (377) 13,721 Research and development expenses (6) 8,393 2 (1,243) 7,153 Amortization of intangible assets (7) 4,039 (3,884) 155 Restructuring charges and certain acquisition-related costs 250 (130) (121) Other (income)/deductions net 1, (1,716) (567) Income from continuing operations before provision for taxes on income 12,240 3, ,749 19,812 Provision for taxes on income 3,120 1, ,250 Income from continuing operations 9,119 2, ,780 14,562 Discontinued operations net of tax 48 (48) Net income attributable to noncontrolling interests Net income attributable to Pfizer Inc. 9,135 2, (48) 2,780 14,530 Earnings per common share attributable to Pfizer Inc. diluted (0.01) See end of tables for notes (1) through (7). Amounts may not add due to rounding

19 PFIZER INC. AND SUBSIDIARY COMPANIES RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (1) CERTAIN LINE ITEMS (millions of dollars, except per common share data) GAAP Reported (2) Purchase Accounting Adjustments Quarter Ended December 31, 2013 Acquisition- Related Costs (3) Discontinued Operations Certain Significant Items (4) Non-GAAP Adjusted (5) Revenues $ 13,558 $ $ $ $ (65) $ 13,493 Cost of sales (6) 2,794 7 (15) (114) 2,672 Selling, informational and administrative expenses (6) 4,152 3 (62) 4,093 Research and development expenses (6) 1,811 2 (23) 1,790 Amortization of intangible assets (7) 1,123 (1,086) 37 Restructuring charges and certain acquisition-related costs 635 (97) (538) Other (income)/deductions net (18) 17 (200) (201) Income from continuing operations before provision for taxes on income 3,061 1, ,102 Provision for taxes on income ,411 Income from continuing operations 2, ,691 Discontinued operations net of tax (57) 57 Net income attributable to noncontrolling interests 6 (1) 5 Net income attributable to Pfizer Inc. 2, ,686 Earnings per common share attributable to Pfizer Inc. diluted GAAP Reported (2) Purchase Accounting Adjustments Twelve Months Ended December 31, 2013 Acquisition- Related Costs (3) Discontinued Operations Certain Significant Items (4) Non-GAAP Adjusted (5) Revenues $ 51,584 $ $ $ $ (132) $ 51,452 Cost of sales (6) 9, (116) (220) 9,273 Selling, informational and administrative expenses (6) 14,355 8 (8) (183) 14,172 Research and development expenses (6) 6,678 3 (127) 6,554 Amortization of intangible assets (7) 4,599 (4,438) 161 Restructuring charges and certain acquisition-related costs 1,182 (252) (930) Other (income)/deductions net (532) Income from continuing operations before provision for taxes on income 15,716 4, ,128 Provision for taxes on income 4,306 1,198 (7) 313 5,810 Income from continuing operations 11,410 3, ,318 Discontinued operations net of tax 10,662 (10,662) Net income attributable to noncontrolling interests 69 (39) 30 Net income attributable to Pfizer Inc. 22,003 3, (10,623) ,288 Earnings per common share attributable to Pfizer Inc. diluted (1.54) See end of tables for notes (1) through (7). Amounts may not add due to rounding

20 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION CERTAIN LINE ITEMS (1) Certain amounts in the reconciliation of GAAP reported to Non-GAAP adjusted information and associated notes may not add due to rounding. (2) The financial statements present the three and twelve months ended December 31, 2014 and December 31, Subsidiaries operating outside the United States are included for the three and twelve months ended November 30, 2014 and On June 24, 2013, we completed the full disposition of our Animal Health business, Zoetis Inc. (Zoetis) and recognized a gain of approximately $10.3 billion, net of tax, related to this disposal in Discontinued operations net of tax for the twelve months ended December 31, The operating results of this business through June 24, 2013, the date of disposal, are reported as Discontinued operations net of tax for the twelve months ended December 31, (3) Acquisition-related costs include the following: Fourth-Quarter Full-Year (millions of dollars) Restructuring charges (a) $ 7 $ 60 $ 50 $ 108 Integration costs (a) Additional depreciation asset restructuring (b) Total acquisition-related costs pre-tax Income taxes (c) (35) (76) 7 Total acquisition-related costs net of tax $ 52 $ 77 $ 107 $ 383 (a) Restructuring charges include employee termination costs, asset impairments and other exit costs associated with business combinations. Integration costs represent external, incremental costs directly related to integrating acquired businesses, and primarily include expenditures for consulting and the integration of systems and processes. All of these costs and charges are included in Restructuring charges and certain acquisition-related costs. (b) Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions related to acquisitions. Included in Cost of sales for both fourth-quarter and full-year Included in Cost of sales for fourth-quarter Included in Cost of sales ($116 million) and Selling, informational and administrative expenses ($8 million) for full-year (c) Included in Provision for taxes on income. Income taxes includes the tax effect of the associated pre-tax amounts, calculated by determining the jurisdictional location of the pre-tax amounts and applying that jurisdiction s applicable tax rate. As applicable, each period may also include the impact of the remeasurement of certain deferred tax liabilities as a consequence of our plant network restructuring activities: in fourth-quarter 2014, there was an unfavorable impact; in full-year 2014, there was a favorable impact; and in full-year 2013, there was an unfavorable impact

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