Second-Quarter 2015 Reported Revenues(1) of $11.9 Billion
Second-Quarter 2015 Adjusted Diluted EPS(2) of $0.56, Reported Diluted EPS(1) of $0.42
Raised Midpoints of 2015 Financial Guidance(3) Ranges for Reported Revenues(1) by $500 Million and
Reported(1) and Adjusted(2) Diluted EPS by $0.03 and $0.04, Respectively, Due to Strong Performance to
Date and Improved Business Outlook
Second-Quarter 2015 Reported Revenues(1) for the Innovative Products Business Grew 17% Operationally,
Primarily Driven by U.S. Launches of Prevnar 13 Adult and Ibrance
NEW YORK, N.Y., Tuesday, July 28, 2015 – Pfizer Inc. (NYSE: PFE) reported financial results for secondquarter
2015 and announced increases to the midpoints of its 2015 financial guidance(3) ranges for reported
revenues(1) and reported(1) and adjusted(2) diluted EPS.
The company manages its commercial operations through 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)(4) and the Global Vaccines, Oncology and
Consumer Healthcare segment (VOC)(4)
. The Established Products business consists of the Global Established
Pharmaceutical segment (GEP)(4). Financial results for each of these segments are presented in the Operating
Segment Information section.
Some amounts in this press release may not add due to rounding. All percentages have been calculated using
unrounded amounts. Results for the second quarter and first six months of 2015 and 2014 are summarized below.

OVERALL RESULTS
($ in millions, except
per share amounts) Second-Quarter Six Months
2015 2014 Change 2015 2014 Change
Reported Revenues(1) $ 11,853 $ 12,773 (7%) $ 22,717 $ 24,126 (6%)
Adjusted Income(2) 3,525 3,769 (6%) 6,721 7,434 (10%)
Adjusted Diluted EPS(2) 0.56 0.58 (3%) 1.07 1.15 (7%)
Reported Net Income(1) 2,626 2,912 (10%) 5,002 5,241 (5%)
Reported Diluted EPS(1) 0.42 0.45 (7%) 0.80 0.81 (1%)

REVENUES
($ in millions) Second-Quarter Six Months
2015 2014 % Change 2015 2014 % Change
Total Oper. Total Oper.
Innovative Products $ 6,630 $ 6,126 8% 17% $ 12,368 $ 11,376 9% 17%
GIP(4) 3,497 3,547 (1%) 8% 6,572 6,623 (1%) 7%
Global Vaccines(4) 1,580 1,097 44% 52% 2,908 2,022 44% 52%
Consumer Healthcare(4) 840 912 (8%) (2%) 1,648 1,673 (1%) 4%
Global Oncology(4) 713 570 25% 36% 1,240 1,058 17% 27%
Established Products $ 5,090 $ 6,513 (22%) (14%) $ 10,104 $ 12,503 (19%) (12%)
GEP(4) 5,090 6,513 (22%) (14%) 10,104 12,503 (19%) (12%)
Other(5) 133 134 — 2% 244 247 (1%) 1%
Total $ 11,853 $ 12,773 (7%) 1% $ 22,717 $ 24,126 (6%) 2%
SELECTED TOTAL COMPANY ADJUSTED COSTS AND EXPENSES(2)
($ in millions)
(Favorable)/Unfavorable Second-Quarter Six Months
2015 2014 % Change 2015 2014 % Change
Total Oper. Total Oper.
Cost of Sales(2) $ 2,123 $ 2,320 (8%) 2% $ 3,930 $ 4,306 (9%) 4%
Percent of Revenues(1) 17.9% 18.2% N/A N/A 17.3% 17.8% N/A N/A
SI&A Expenses(2) 3,372 3,486 (3%) 3% 6,449 6,506 (1%) 5%
R&D Expenses(2) 1,732 1,714 1% 3% 3,609 3,326 9% 10%
Total $ 7,226 $ 7,520 (4%) 3% $ 13,988 $ 14,138 (1%) 6%
Effective Tax Rate(2) 25.6% 27.9% 25.0% 26.5%
2015 FINANCIAL GUIDANCE(3)
The ranges for certain components of Pfizer's 2015 financial guidance have been updated as set forth below:
Reported Revenues(1) $45.0 to $46.0 billion
(previously $44.0 to $46.0 billion)
Adjusted Cost of Sales(2) as a Percentage of Reported Revenues(1) 18.0% to 18.5%
(previously 18.5% to 19.5%)
Adjusted SI&A Expenses(2) $12.8 to $13.8 billion
Adjusted R&D Expenses(2) $7.3 to $7.6 billion
(previously $6.9 to $7.4 billion)
Adjusted Other (Income)/Deductions(2) Approximately ($500 million) of income
Effective Tax Rate on Adjusted Income(2) Approximately 25.0%
Reported Diluted EPS(1) $1.38 to $1.47
(previously $1.32 to $1.47)
Adjusted Diluted EPS(2) $2.01 to $2.07
(previously $1.95 to $2.05)

EXECUTIVE COMMENTARY
Ian Read, Chairman and Chief Executive Officer, stated, “Our second-quarter and year-to-date financial
performance is the result of continued business momentum, driven by solid execution of recent product
launches in our Innovative Products business, notably Ibrance and Prevnar 13 in adults in the U.S., along with
continued growth from Eliquis and Xeljanz, increased focus on and support of growth initiatives within our
Established Products business as well as shareholder-friendly capital allocation. For the remainder of 2015, we
look forward to completing the pending acquisition of Hospira, Inc. (Hospira), which we expect will
meaningfully enhance our Established Products business, particularly in sterile injectables and biosimilars, and
continuing to advance our late-stage pipeline in important areas such as oncology and immuno-oncology,
vaccines, rare disease, cardiovascular disease and biosimilars. I continue to see both of our businesses as highly
focused, well managed and competitively positioned in their key markets.”
Frank D’Amelio, Chief Financial Officer, stated, “Overall, I am very pleased with our second-quarter 2015
financial results. We were able to grow revenues by 1% excluding the impact of foreign exchange, marking the
third consecutive quarter of operational revenue growth, despite the continued significant negative impact from
product losses of exclusivity, primarily Celebrex and Zyvox in the U.S. and Lyrica in certain developed Europe
markets.
“As a result of our strong operational performance to date coupled with an improved operational outlook for the
remainder of the year, we are raising the midpoint of our 2015 financial guidance(3) range for reported
revenues(1) by $500 million and the midpoint of our guidance range for adjusted diluted EPS(2) by $0.04.
Changes in foreign exchange rates since mid-April 2015 did not materially impact our latest guidance,” Mr.
D'Amelio concluded.
QUARTERLY FINANCIAL HIGHLIGHTS (Second-Quarter 2015 vs. Second-Quarter 2014)
Reported revenues(1) decreased $920 million, or 7%, which reflects operational growth of $125 million, or 1%,
more than offset by the unfavorable impact of foreign exchange of $1.0 billion, or 8%. Excluding the impact of
foreign exchange, adjusted diluted EPS(2) increased by approximately 6%.
Operational revenue growth in developed markets was driven by the performance of several key products,
including Prevnar 13 in adults, Eliquis, Ibrance and Xeljanz -- all products that are early in their life cycles -- as
well as from vaccines acquired last year from Baxter International Inc. (Baxter). In emerging markets, revenues
increased 6% operationally, reflecting continued strong operational growth, primarily from Lipitor and Prevenar.

Operational revenue growth was partially offset primarily by the loss of exclusivity and immediate multi-source
generic competition for Celebrex in the U.S. as well as Zyvox in the U.S. and Lyrica in certain developed
Europe markets.
Innovative Products Business Highlights
Revenues for the Innovative Products business increased 17% operationally, reflecting the following:
GIP(3) revenues increased 8% operationally, primarily due to strong operational performance of recently
launched products, including Eliquis globally and Xeljanz in the U.S., in addition to the continued strong
performances of Lyrica in the U.S. and Japan and Viagra in the U.S. Operational growth was partially
offset by generic competition for Rapamune in the U.S., which began in October 2014, and by increased
competition for BeneFIX in the U.S.
VOC(3) revenues increased 29% operationally, reflecting the following:
– Global Vaccines(3) revenues increased 52% operationally. Prevnar 13 revenue in the U.S. increased
87%, primarily driven by continued strong uptake among adults. International revenues increased
25% operationally, driven by Prevenar 13, which grew 10% operationally, primarily reflecting
increased shipments associated with Gavi, the Vaccine Alliance, the favorable impact of Prevenar's
inclusion in additional national immunization programs in certain emerging markets compared with
the year-ago quarter, as well as the inclusion in second-quarter 2015 of revenues associated with the
acquisition of Baxter’s portfolio of marketed vaccines in Europe.
– Consumer Healthcare(3) revenues decreased 2% operationally, primarily due to the non-recurrence of
initial retailer stocking associated with the launch of Nexium 24HR in the U.S. in the prior-year
quarter. Excluding Nexium 24HR, the Consumer Healthcare business in the U.S. increased 5%,
driven by increased promotional support for key brands. Additionally, revenues from emerging
markets increased 11% operationally, primarily driven by China and Venezuela.
– Global Oncology(3) revenues increased 36% operationally, primarily driven by strong momentum following the February 2015 U.S. launch of Ibrance for advanced breast cancer and, to a lesser extent,
stronger demand for Sutent, Inlyta and Xalkori in most markets.
Established Products Business Highlights
GEP(3) revenues decreased 14% operationally, primarily due to the loss of exclusivity and immediate launch of multi-source generic competition for Celebrex in the U.S. in December 2014 as well as generic competition for Zyvox in the U.S. beginning in first-half 2015 and for Lyrica in certain developed Europe markets beginning in first-quarter 2015. Revenues for Lipitor in developed markets declined as a result of continued generic competition. Additionally, the co-promotion collaboration for Spiriva has terminated in
most countries, including in the U.S. in April 2014. These declines were partially offset by growth in
emerging markets, where revenues increased 2% operationally, primarily driven by Lipitor.
Income Statement Highlights
Adjusted cost of sales, adjusted SI&A expenses and adjusted R&D expenses(2) in the aggregate increased
$225 million operationally, or 3%, reflecting the following operational factors:
– higher adjusted cost of sales(2), primarily reflecting an increase in sales volume partially offset by a
decrease in royalty expense;
– higher adjusted SI&A expense(2), primarily reflecting increased investments to support recently
launched products and other in-line products, largely offset by continued benefits from cost-reduction
and productivity initiatives; and
– higher adjusted R&D expense(2), primarily due to incremental investment in the late-stage pipeline,
primarily bococizumab, partially offset by lower clinical trial spend for Trumenba, Prevnar 13 adult,
and certain oncology products, as well as the completion of postmarketing commitments for certain
in-line products.
The effective tax rate on adjusted income(2) declined 2.3 percentage points to 25.6% from 27.9%. This
decline was primarily due to a favorable change in the jurisdictional mix of earnings partially offset by a
decline in tax benefits associated with the resolution of certain tax positions pertaining to prior years, with
various foreign tax authorities.
The diluted weighted-average shares outstanding declined by 201 million shares compared to the prioryear
quarter due to Pfizer’s share repurchase program, including the impact of the $5 billion accelerated
share repurchase agreement executed in February 2015 and completed in July 2015.
In addition to the aforementioned factors, second-quarter 2015 reported earnings were primarily impacted
by the following:
Unfavorable impacts:
– higher legal charges and acquisition-related costs associated with the pending acquisition of Hospira
in second-quarter 2015 compared to the prior-year quarter; and
– higher charges incurred in second-quarter 2015 for business and legal entity alignment activities.

Favorable impacts:
– lower restructuring and other charges associated with cost-reduction and productivity initiatives and
lower purchase accounting adjustments in second-quarter 2015 compared to the prior-year quarter;
and
– a lower effective tax rate, primarily due to a favorable change in the jurisdictional mix of earnings
partially offset by a decline in tax benefits associated with the resolution of certain tax positions
pertaining to prior years, with various foreign tax authorities.
RECENT NOTABLE DEVELOPMENTS
Product Developments
Ibrance (palbociclib) -- Pfizer announced in May 2015 study results demonstrating palbociclib in
combination with fulvestrant was superior to treatment with a standard of care, fulvestrant, by significantly
extending progression-free survival (PFS) in women with hormone receptor-positive, human epidermal
growth factor receptor 2-negative (HER2-) metastatic breast cancer whose disease has progressed during
or after endocrine therapy (Hazard Ratio: 0.42, median PFS: 9.2 vs. 3.8 months, in their respective arms,
p<0.000001). Results from the Phase 3 PALOMA-3 study were presented as a late-breaker at the 51st
Annual Meeting of the American Society of Clinical Oncology (ASCO) in June 2015. The PALOMA-3
study met its primary endpoint of PFS at the interim analysis and was stopped early in April 2015 due to
efficacy based on an assessment by an independent Data Monitoring Committee. Benefit from palbociclib
was demonstrated across all pre-specified subgroups, including both pre/perimenopausal and
postmenopausal patients. At the time of the PFS analysis, overall survival (OS) data were immature. The
adverse events observed with palbociclib in combination with fulvestrant in PALOMA-3 were consistent
with their respective labeled adverse event profiles. Pfizer plans to submit a supplemental New Drug
Application to the U.S. Food and Drug Administration (FDA) in fourth-quarter 2015 for potential inclusion
of data from the PALOMA-3 study in the U.S. label. Additionally, Pfizer intends to file a Marketing
Authorisation Application for palbociclib with the European Medicines Agency (EMA) in third-quarter
2015. The planned EMA submission will include data from the PALOMA-1 study, which evaluated
palbociclib plus letrozole in women with estrogen receptor positive, HER2- locally advanced or newly
diagnosed metastatic breast cancer, as well as data from the PALOMA-3 study.
Trumenba -- Pfizer announced in June 2015 that the U.S. Centers for Disease Control and Prevention's
(CDC) Advisory Committee on Immunization Practices (ACIP) voted to recommend that decisions to vaccinate adolescents and young adults 16 through 23 years of age against serogroup B meningococcal (MenB) disease should be made at the individual level with healthcare providers. Specifically, the ACIP voted that a MenB vaccine series may be administered to adolescents and young adults 16 through 23 years of age to provide short-term protection against most strains of MenB disease. The preferred age for MenB vaccination is 16 through 18 years of age. This recommendation expands the CDC’s ACIP February
2015 recommendation for MenB vaccination.
see and read more on
https://www.pfizer.com/system/files/presentation/Q2_2015_PFE_Earnings_Press_Release_asdfenlfi.pdf