Pfizer made the decision to discontinue Pfizer Ignite and will begin winding down this business while collaborating closely with our Ignite partners to ensure continuity and the successful transition of work.

In the first quarter of 2025, Pfizer sold the remaining portion of its investment in Haleon for $6.3 billion. Pfizer intends to use the proceeds to support its capital allocation priorities.

Pfizer modified the atirmociclib 2nd line HR+/HER2- metastatic breast cancer Phase 3 study to a Phase 2 non-registrational study.

The Realigning Our Cost Base Program is expected to deliver total net cost savings of approximately $5.7 billion through 2027. The total net cost savings are composed of: (i) net cost savings of $4.5 billion expected to be achieved by the end of 2025, most of which was achieved by year-end 2024, and (ii) our recently announced additional anticipated net cost savings of $1.2 billion, primarily in SI&A, expected to be achieved by the end of 2027.

The company expects to begin to achieve initial savings from Phase 1 of this multi-phased program in the latter part of 2025 and continue to expect approximately $1.5 billion in net cost savings from this first phase by the end of 2027.

In connection with our acquisition of Seagen, we are focusing our efforts on achieving an appropriate cost structure for the combined company. We expect to generate approximately $1 billion of annual cost synergies, to be achieved by 2026. The one-time costs to generate these synergies are expected to be approximately $1.7 billion, incurred primarily from 2023 through 2025.

In September 2024, Pfizer announced that it was voluntarily withdrawing all lots of Oxbryta (voxelotor) for the treatment of sickle cell disease in all markets where it is approved...Pfizer's decision was based on the totality of clinical data that indicated at that time the overall benefit of Oxbryta no longer outweighed the risk in the approved sickle cell patient population.

The company is involved in numerous patent lawsuits, both as plaintiff and defendant. Adverse outcomes could result in loss of patent protection, significant damages, royalty payments, or sales restrictions.

Governments globally, as well as private third-party payors in the U.S., may use a variety of measures to control costs, including legislative or regulatory pricing reforms, drug formularies, cross country collaboration and procurement, price cuts, mandatory rebates, health technology assessments, forced localization as a condition of market access, “international reference pricing.

The company notes that Eliquis is among the first ten medicines subject to the Medicare Drug Price Negotiation Program, which will require them to offer a new Medicare price effective January 1, 2026.

Prevnar family sales are down 6% operationally due to lower pediatric indication sales, timing of shipments and lower demand due to competitive pressures in most international developed markets.

Oncology biosimilars face increasing competition, which is impacting sales and market share.

Restructuring charges and certain acquisition-related costs increased from $102 million to $678 million, indicating significant restructuring activities and associated costs.

Selling, informational and administrative expenses decreased $464 million in the first quarter of 2025, primarily reflecting ongoing productivity improvements as part of our cost realignment program.

The company expects to achieve $5.7 billion in cost savings through its cost realignment program by 2027.

Pfizer made the decision to discontinue Pfizer Ignite and will begin winding down this business while collaborating closely with our Ignite partners to ensure continuity and the successful transition of work.

Research and development expenses decreased $290 million in the first quarter of 2025, primarily driven by a net decrease in spending of $260 million due to pipeline focus and optimization, as well as lower compensation-related expenses.

The company expects cost savings of approximately $500 million from our recently announced expansion of this program related to our R&D re-organization to be realized by the end of 2026, with the savings expected to be reinvested in R&D programs.

In the first quarter of 2025, Pfizer sold the remaining portion of its investment in Haleon for $6.3 billion. Pfizer intends to use the proceeds to support its capital allocation priorities.

As of March 30, 2025, our remaining share-purchase authorization was $3.3 billion, with no repurchases in the first three months of 2025.

In April 2025, our BOD declared a dividend of $0.43 per share, payable on June 13, 2025, to shareholders of record at the close of business on May 9, 2025.

The company continues to successfully achieve our climate-related goals and progress our environmental sustainability and other priorities.

In response to requests from various regulatory authorities, manufacturers across the pharmaceutical industry, including Pfizer, are evaluating their product portfolios for the potential presence or formation of nitrosamines and we are actively engaging with regulatory authorities on this topic.

We are continuing to monitor and implement mitigation strategies to reduce any potential risk or impact including active supplier management, qualification of additional suppliers and advanced purchasing to the extent possible.

In 2025, for Comirnaty, we expect vaccination rates and market share in commercial markets and revenue phasing similar to 2024, primarily concentrated in the second-half of the year.

We are evaluating opportunities and developing plans which may help mitigate the potential impact of tariffs on our business and operations.

Uncertainties related to general economic, political, business, industry, regulatory and market conditions including, without limitation, uncertainties related to the impact on us, our customers, suppliers and lenders and counterparties to our foreign-exchange and interest-rate agreements of challenging global economic conditions, such as inflation or interest rate fluctuations, and recent and possible future changes in global financial markets.