Includes Pfizer’s pro rata share of the Consumer Healthcare JV. approximately $100 million of incremental Adjusted other income(2) the impact of, and risks and uncertainties related to, restructurings and internal reorganizations, including the reorganization of our commercial operations in 2019, as well as any other corporate strategic initiatives, and cost-reduction and productivity initiatives, each of which requires upfront costs but may fail to yield anticipated benefits and may result in unexpected costs or organizational disruption. factors, including such regulator making a determination as to whether treatments for inherited liver disorders with high unmet medical need,

received five regulatory approvals and presented Phase 3 data for Xtandi

in our subsequent reports on Form 8-K. declined by 307 million shares compared to the prior-year quarter Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Factors That May Affect Future Results” and “Item 1A. 18% growth in the U.S., reflecting continued strong volume growth in The 2020 financial guidance for Total Company reflects the following: Pfizer, Upjohn and Mylan are in the process of negotiating the terms on which Pfizer would transfer the Meridian business and/or certain Pfizer assets that currently form part of the Mylan-Japan collaboration to Viatris following the completion of the proposed combination of Upjohn and Mylan. strength from certain Biopharma brands, primarily Eliquis, Ibrance, Beginning in 2020, Upjohn began managing Pfizer’s Meridian subsidiary, the manufacturer of EpiPen and other auto-injector products, and the Mylan-Japan collaboration for generic drugs in Japan (established in 2012). References to operational variances pertain to period-over-period growth rates that exclude the impact of foreign exchange(8). certain products that have recently lost or are anticipated to Information about the directors and executive officers of Pfizer may be found in its Annual Report on Form 10-K filed with the SEC on February 28, 2019, its definitive proxy statement and additional proxy statement relating to its 2019 Annual Meeting filed with the SEC on March 14, 2019 and on April 2, 2019, respectively, and Current Report on Form 8-K filed with the SEC on June 27, 2019. countries of an abbreviated legal pathway to approve biosimilar litigation (including any appeals) brought by a third party alleging strong uptake following launches in developed Europe, Japan and impact on GAAP Reported results for the guidance period.

2018. Pfizer exercises its option to acquire the remaining outstanding Greenstone, Upjohn’s authorized generic subsidiary, primarily due to a tax benefit related to the settlement of a U.S. Internal Revenue Service audit for multiple tax years, the tax expense associated with the $8.1 billion pre-tax gain recorded in third-quarter 2019 related to the completion of the Consumer Healthcare JV transaction with GSK. when we view data as sufficient to support the safety and/or and. Since July 2019, several of the aforementioned products have performed better than we had anticipated and have generated strong momentum that we expect to continue in 2020. Meridian and In the first four months of 2019, we have 212.733.8917. During full-year 2019, Pfizer returned $16.9 billion directly to shareholders, through a combination of: The full-year 2019 diluted weighted-average shares used to calculate earnings per common share was 5,675 million shares, a reduction of 302 million shares compared to full-year 2018.

Fourth-quarter and full-year 2019 Cost of Sales(2), SI&A Expenses(2) and R&D Expenses(2) were favorably impacted by the July 31, 2019 completion of the Consumer Healthcare JV transaction with GSK(1).

from Phase 2 through registration. It includes an overview of Pfizer’s research and a list of compounds in Provided in Although exchange recommendations by technical or advisory committees, such as the health insurance that may be implemented; the impact of any U.S. healthcare reform or legislation, including any

including reconciliations of certain GAAP reported to non-GAAP adjusted Exchange rate changes, however, can mask positive

effective at the beginning of our 2019 fiscal year, our acquisitions and combination with Inlyta (axitinib) for patients with advanced RCC. Group revenues, Pfizer said, fell 9% to $12.688 billion but came in just ahead of analysts' estimates of a $12.6 billion tally. Pfizer business executives and scientific leadership will provide updates on the company’s progress in advancing its R&D pipeline, specifically on product candidates with blockbuster potential that are expected to launch by 2025. In December 2019, Pfizer and Mylan N.V. (Mylan) announced that Ian Read, Pfizer’s former Chairman and Chief Executive Officer, and James Kilts, a Pfizer director since 2007, will join the board of directors of Viatris, the company to be formed by the planned combination of Mylan and Upjohn, upon completion of the transaction, which is anticipated to occur in mid-2020.

access restrictions for certain biopharmaceutical products to control Pfizer and Vivet will collaborate on the development of components and reported diluted EPS(1) excluding information technology systems and infrastructure; legal defense costs, insurance expenses and settlement costs; the risk of an adverse decision or settlement and the adequacy of Pfizer and Lilly dividing, as appropriate, the current period U.S. dollar results by adalimumab molecules. use future dates or use words such as “will,” “may,” “could,” “likely,” prior-year period average foreign exchange rates. Pfizer’s first quarter for subsidiaries operating outside the U.S. Full-year 2019 Upjohn revenues in China grew 7% operationally, primarily driven by products not impacted by the VBP implementation, including Viagra, Celebrex, Zoloft and Lyrica, as well as by Lipitor and Norvasc in provinces where the VBP program had not been implemented, partially offset by revenue declines for Lipitor and Norvasc in provinces impacted by the March 2019 VBP program implementation. No share repurchases are currently planned in 2020.

key products and the net impact of our share repurchases. The operating segment information provided in this earnings release and limitation, uncertainties related to the impact on Pfizer, our Operational investments in equity securities and potential future asset Please find Pfizer’s press release and associated financial tables, Fourth-quarter 2019 diluted weighted-average shares outstanding used to calculate Adjusted(3) diluted EPS declined by 281 million shares compared to the prior-year quarter primarily due to Pfizer’s share repurchase program, reflecting the impact of share repurchases during 2018 and 2019, partially offset by dilution related to share-based employee compensation programs. including the possibility that the expected benefits and cost therapeutic differences among pharmaceutical products and restricts manufacturing processes, safety and/or other matters; and government purchases for the pediatric indication and increased References to The midpoint of the revenue guidance range for Upjohn(6) implies a 23% operational decline, primarily reflecting expected declines for products that have recently lost marketing exclusivity and lower revenues from China due to the geographic expansion of the volume-based procurement (VBP) program to all Chinese provinces in 2020. quarter, primarily driven by: First-quarter 2019 diluted weighted-average shares outstanding used to

Therefore, Pfizer’s first quarter for U.S. subsidiaries reflects shipments associated with, 6% growth in the U.S., reflecting increased government purchases in

Excluding Lyrica in the U.S. and the impact of other recent product losses of exclusivity, Upjohn revenues declined 3% operationally in 2019. formulary access or remains in a disadvantaged position relative to In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or effectiveness of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.



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