Pfizer (PFE) Proxy Filing summary

Executive summary

• Achieved strong operational performance in 2025, reporting $62.6B in revenue, with 6% operational growth excluding COVID-19 products and a 2% overall decline year-over-year.

• Advanced R&D pipeline with 4 key regulatory approvals, 8 positive Phase 3 readouts, and 11 pivotal study starts; over 102 projects in the pipeline as of February 2026.

• Completed strategic acquisitions, notably Metsera for obesity therapies and in-licensing deals with 3SBio and YaoPharma, strengthening the pipeline in high-growth therapeutic areas.

• Returned $9.8B to shareholders via dividends and invested $10.4B in internal R&D and $8.8B in business development.

• Implemented cost realignment and manufacturing optimization programs, targeting $5.7B in net cost savings by end of 2026.

Voting matters and shareholder proposals

• Shareholders to vote on: election of 12 directors, ratification of KPMG LLP as auditor, approval of amended 2019 Stock Plan, advisory approval of executive compensation, and a shareholder proposal for an independent chair policy.

• Board recommends voting for all management proposals and against the independent chair policy proposal.

Board of directors and corporate governance

• Board comprises 12 nominees with diverse backgrounds in business, science, finance, technology, and public policy; 11 are independent.

• Annual evaluations and third-party assessments enhance board effectiveness; ongoing refreshment and onboarding of new directors.

• Board leadership structure reviewed annually; CEO serves as Chairman, with a Lead Independent Director providing robust oversight.

• Governance Committee oversees responsible business growth, board composition, and succession planning.