Hello and welcome to Pfizer's 2024 annual meeting of shareholders. Please note that today's meeting is being recorded. During today's meeting, we'll have a question-and-answer session by telephone only. If you entered the virtual meeting platform using a control number, you will be able to access the dial-in information by clicking the Q&A tab. Only attendees entering the meeting site using a control number can ask questions or make comments. Questions and comments will be handled as indicated in the rules of conduct and meeting procedures. Questions submitted in advance of the meeting that do not relate to the voting items listed in the order of business will be answered during the question-and-answer session. It is now my pleasure to turn today's meeting over to Margaret Madden, Pfizer's Corporate Secretary. Ms. Madden, please begin. Good morning. I am Maggie Madden, Pfizer's Corporate Secretary. Welcome to this year's annual meeting of shareholders. Today's meeting is being held virtually. I am joined today by Albert Bourla, Pfizer's Chairman and Chief Executive Officer. We also have the inspectors of election with us today, John [Leyno] and Kathryn Ladezinski from Computershare, participating by audio connection. In order to ensure fairness for all shareholders, it is important that you abide by the rules of our meeting, detailed in the rules of conduct and meeting procedures, which are available on the virtual meeting platform. We will take questions after the presentation of each proposal and have also set aside time for a general Q&A at the end of the meeting. During this meeting, we will provide projected financial and other forward-looking information, including anticipated operating and financial performance, growth potential, our expectations for our product pipeline, inline products and product candidates, business plans, strategies, and prospects, which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. For additional information on these factors, I refer you to the Item 1A, Risk Factors and Forward-Looking Information, and Factors That May Affect Future Results sections in our latest annual report on Form 10-K, which is filed with the U.S. Securities and Exchange Commission and is also included as an appendix to our 2024 proxy statement accessible via www.pfizer.com. These forward-looking statements speak only as of the date of this meeting, and we undertake no obligation to update or revise any of these statements. Now, please join me in welcoming Pfizer's Chairman of the Board and Chief Executive Officer, Albert Bourla. Thank you, Maggie. Good morning, everyone, and welcome to this year's annual meeting. We are also joined here today by Pfizer's board of directors, whom I will introduce to you later in the meeting, and by members of our executive leadership team. I would like to ask the executive leadership team please to stand as a group. Thank you. 2023 was a challenging year for our shareholders. Although we delivered on our projection for our non-COVID business, which achieved 7% operational revenue growth, we missed our initial projections for our COVID products. Our stock price saw a significant decline based on multiple factors, but this miss was one of the most important. The decline was also experienced similarly by other companies that were heavily exposed to COVID-related products. We know our shareholders are disappointed in the performance, as we are as well. The executive team, the board, and personally me, as the Chairman and CEO of this company, we accept responsibility for the company's performance against our targets. We are dedicated to reversing the situation, and we believe we have a good plan in place to make that happen. While 2023 had significant challenges, it also had some significant accomplishments and provided an opportunity to position our company for the next wave of progress and growth in 2024 and beyond. First, in 2023, we touched the lives of more than 600 million people around the world. We believe no other pharmaceutical company can claim such an incredible reach of patients with our products. Second, for the full year 2023, despite the challenges with the COVID projections, we recorded $58.5 billion in revenue, and we were the number one pharmaceutical company in terms of revenues from pharmaceutical-only products. This is a marked improvement from our number four position back in 2019. Third, 2023 was a record year for FDA approvals for Pfizer, with nine new molecular entity approvals and many more approvals for new indications in already approved products, making a productive year of pipeline execution. In fact, the second-highest number of new FDA molecular entity approvals from one company in 2023 was 3x lesser than what we achieved. Fourth, we closed the Seagen acquisition, which demonstrates our ability to interact effectively with regulators around the world, even in the current challenging environment. We believe that this acquisition marks the beginning of a new chapter in our oncology story and our fight against cancer. We are very proud to say that Pfizer was again recognized by a broad range of well-respected and prestigious organizations for its work in 2023. These included being recognized as one of the most ethical companies by Ethisphere, which is a recognition that we are receiving the last few years, one of the most admired companies by Fortune, which was for the third year in a row, and one of America's greatest workplaces to work by Newsweek. These are a testament to our colleagues' talent, dedication, and unwavering commitment to our purpose. As we prepare for 2024 to maximize the opportunities before us, we brought additional focus to our business by beginning to execute five strategic priorities. These are: achieving world-class oncology leadership, delivering the next wave of pipeline innovation, maximizing the performance of our new products, expanding margins by realigning our cost base, and allocating our capital in ways that will enhance shareholder value. Let me tell you about each one of them. Let's start with achieving world-class oncology leadership. The acquisition of Seagen is a giant leap forward in our goal of advancing our world-class oncology leadership. With Seagen's leading antibody-drug conjugate technology and portfolio, powered by Pfizer's capabilities and scale, we are confident that we will accelerate breakthroughs in cancer medicines to patients around the world. Importantly, we maintain key talent from both companies. The combined commercial infrastructure of Pfizer and Seagen is 3x the size of Seagen alone in the U.S. Our oncology pipeline doubled its size and is now armed with additional technologies that can help transform outcomes for patients. As I said before, importantly, we maintain key talent from both companies. We established an oncology commercial division and an end-to-end oncology R&D organization, and we enhanced a robust infrastructure so that we can rapidly develop medicines. 2023 was also a year of oncology approvals, including new indications in prostate cancer in the U.S. and a new treatment for multiple myeloma in the U.S. and European Union. We now have an industry-leading portfolio with over 25 approved innovative cancer medicines and biosimilars across more than 40 indications and more than 50 programs in clinical development. When it comes to delivering on the next wave of pipeline innovation, we will do with discovery and development across our therapeutic areas, which, in addition to oncology, include vaccines, anti-infectives, cardiovascular and metabolic diseases, and inflammation and immunology. We continue to make meaningful investments in research and development to support our robust pipeline. A few examples of our leadership include: First, our fourth-generation pneumococcal candidate recently entered the clinic and received FDA Fast-Track designation. Respiratory vaccine combinations are another area where we are poised to lead. Our second-generation flu vaccine was tested in a phase II COVID/flu combination study for 18-64-year-olds and has shown encouraging results in both the A and the B strains. This new construct has now moved into a phase III COVID/flu combination trial. Third, GBT601. This is our next generation and potentially best-in-class HbS polymerization inhibitor that represents a potential stepwise evolution over OXBRYTA for patients with sickle cell disease. Our GDF-15 neutralizing antibody, ponsegromab, has the potential to be the first FDA-approved treatment for cancer cachexia, a wasting condition. Data from a phase II trial of ponsegromab in cancer cachexia are expected later this year. And we recently started the first phase III trial for atirmociclib, a potential best-in-class, highly selective CDK4 inhibitor in development for metastatic breast cancer. We believe our development program has the potential to position atirmociclib as the replacement for CDK4/6 inhibitors across all HR-positive breast cancer settings and lines of therapy. And we have just started. Maximizing performance of new products and, of course, of core products will be achieved through a relentless focus on execution, with the goal of continuing to grow our top line. That's why we restructured our commercial operations into three parts: U.S., international, and oncology. This new structure is already showing executional accomplishments. We continue to be enthusiastic about the potential of Nurtec to help the more than 1 billion people living with migraines worldwide. With OXBRYTA, we will continue to educate healthcare practitioners and patients on the importance of proactively treating the underlying cause of sickle cell disease by reframing treatment goals to chronic, proactive treatment. With ABRYSVO, we are concentrating on increasing overall RSV market growth and market share. We were very pleased by the positive top-line results from phase III study of ABRYSVO in adults aged 18-59 at increased risk for RSV disease, which we announced recently. Pfizer is currently the only company with an RSV vaccine to help protect older adults, as well as infants, through maternal immunization. Additionally, we continue to protect and grow our core products with key blockbusters, including PREVNAR, VYNDAQEL, and ELIQUIS, while exploring further opportunities to advance a number of innovative combination regimens. Next, let me talk about our goal to realign our cost base. We do that so that we can continue bringing new and impactful treatments to market for years to come, and that required corrective steps. Because of the steps that we took, we are now on track to secure at least $4 billion in net savings by the end of year 2024. We are also very aware of the need to improve our cost of goods sold in the near-to-medium term, and as we have said previously, we are focused on this opportunity to improve our longer-term performance. Last but not least, let me speak about our capital allocation philosophy. We plan to allocate capital in a way that will enhance shareholder value. First and foremost, we plan to maintain and grow our dividend. Second, we expect to reduce our debt and deleverage our balance sheet. Of course, we plan to continue reinvesting in the business. And fourth, we will explore making share repurchases once the delivery goals are met. One way we will be more efficient, effective, and able to execute on the five strategic priorities that I just mentioned is through technology, especially artificial intelligence. Digital capabilities and AI are transforming healthcare, accelerating our ability to bring new breakthroughs to patients everywhere. For years, Pfizer has been harnessing digital and AI across the entire company to drive innovation and productivity on a global scale. I am excited about the virtually limitless possibilities that the unprecedented combination of science and technology presents. This year, also, Pfizer celebrates its 175th anniversary as one of the world's most innovative and trusted companies in healthcare. Proud as we are for what we have delivered to the world, our attention, as always, is on the future and building on our legacy through flawlessly executing. We are keenly aware that we have to earn your trust every day. By making progress in the ways that matter most to our patients, I am confident we will. And I am excited about what the future holds for our company and for the patients who count on us. We have the right products, the right people, and the right plan for great success in year 2024 and beyond. Pfizer is well-positioned for consistent growth potential going forward. In closing, I want to express my deepest gratitude to my incredible colleagues at Pfizer for a year of achievements and advancements, and I want to thank you for your continued support of our important work. Let's now proceed with the business portion of this meeting. Now it's time to proceed with the business portion of this meeting. We are scheduled to end by approximately 10:00 A.M., and we want to maintain an informative, productive, and orderly business meeting marked by fairness to our shareholders. Therefore, we will follow the order of business available on the virtual meeting platform. We will get right to the first item of business: a declaration of quorum. Notice of this meeting was given to all shareholders of record as of February 28, 2024. Shares representing at least 80.7% of the votes entitled to be cast at this meeting are present here today. This percentage represents a quorum. We now move to the next order of business: items requiring your vote. We have seven voting items in all: three that we address at every annual meeting, one that we address generally every five years, and three proposals from shareholders. To ensure fairness for all shareholders, it is important that you follow the rules of conduct and meeting procedures, which are available on the virtual meeting platform. Only shareholders who have entered the virtual meeting platform using their Control Number will be able to ask questions after each proposal and during the Q&A period. Information on how to participate can be found by clicking on the Q&A tab. In a moment, I will officially open the polls. Please note that if you have entered this meeting using a Control Number, you can still vote on the valid proxy voting items unless you are a participant in a Pfizer savings plan, as the voting submission deadline has now passed for this plan. If you have not yet voted but would like to do so, or if you have already voted but would like to change your vote, please use the virtual meeting platform to vote your shares. I declare the polls open as of 9:20 A.M. Eastern Daylight Time on April 25th, 2024. The polls will close today following the presentation of the items of business. We now turn to the first voting item: the election of directors. This year, the board has nominated 12 individuals to serve 1-year terms, all ending at our next annual meeting of shareholders. The director nominees are all current directors standing for reelection. You will find their extensive backgrounds in our proxy statements. In addition to me, the director nominees on item one are, and please stand as I call your name and please remain standing until I introduce all nominees: Ronald Blaylock, Susan Desmond-Hellmann, Joseph Echevarria, Scott Gottlieb, Helen Hobbs, Susan Hockfield, Dan Littman, Shantanu Narayen, Suzanne Nora Johnson, James Quincey, and James Smith. Ladies and gentlemen, your board of directors. Thank you. The board recommends that you vote for all director nominees. If you have any comments or questions concerning this voting item, please access the dial-in information displayed on the meeting platform. Maggie, were there any questions submitted in advance of today's meeting on this item? No, we did not receive any questions on this item. Operator, are there any shareholders on the line who would like to ask a question or make a comment concerning any of the nominees? To make a comment or ask a question on item one, you should have entered the meeting platform using your control number. Please press star one to ask a question on item one. As a reminder, please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. There are no questions at this time. Thank you. We now move to our next item. Item two is to ratify the selection of KPMG LLP as the company's independent registered public accounting firm for 2024. Two representatives from KPMG are participating by audio connection with us today: Melissa Taylor and Nicole Bonelli. The audit committee of the board of directors has done a thorough job of reviewing the performance of KPMG in 2023 and has selected KPMG as Pfizer's independent registered public accounting firm for the year 2024. The board has ratified this selection and recommends that you vote for this proposal. If you have any comments or questions concerning this voting item, please access the dial-in information displayed on the meeting platform. Maggie, were there any questions submitted in advance of today's meeting on this item? No, Albert, we didn't receive any advanced questions. Operator, are there any questions or comments on this voting item? Please press star one to ask a question on item two. As a reminder, please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. There are no questions at this time. Thank you. We now move to our next item. Item three is a management proposal asking our shareholders to approve the amended and restated Pfizer Inc. 2019 stock plan. The board recommends a vote in support of this proposal for the reasons set forth in the proxy statement. If you have any comments or questions concerning this voting item, please access the dial-in information displayed on the meeting platform. Maggie, were there any questions submitted in advance of today's meeting on this item? No, Albert, we didn't receive any questions on this item. Operator, are there any questions or comments on this voting item from online? Please press star one to ask a question on item three. As a reminder, please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. There are no questions at this time. Thank you. Let's move now to item four. Item four is a management proposal asking our shareholders to cast an advisory vote to approve the compensation of our company's named executive officers, identified in the summary compensation table in the executive compensation section of the 2024 proxy statement. While this advisory vote is non-binding, the compensation committee and the entire board of directors will review the results of the vote. Consistent with Pfizer's record of responsiveness, we will consider the feedback of shareholders and take that feedback into account in future decisions relating to our executive compensation program. Accordingly, for the reasons set forth in the proxy statement, the board recommends a vote for the resolution to approve, on an advisory basis, the compensation of the company's named executive officers, as stated in the proxy statement. If you have any comments or questions concerning this voting item, please access the dial-in information displayed on the meeting platform. Maggie, were there any questions submitted in advance of today's meeting on this item? No, Albert, we did not receive any questions on this item. Thank you. Operator, please, are there any questions or comments on this voting item? Please press star one to ask a question on item four. As a reminder, please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. There are no questions at this time. Thank you. We now move to our next item. The next item is a shareholder proposal submitted by Mr. Kenneth Steiner of Great Neck, New York. The proposal requests that the board of directors adopt an enduring policy that amends the governing documents as necessary in order that two separate people hold the Office of the Chairman and the Office of the CEO. Mr. Glenn Beatty is representing Mr. Steiner. Mr. Beatty, you have three minutes to move the proposal forward. Operator, please open the line for Mr. Beatty. Mr. Beatty, your line is now open. Thank you. Proposal four, independent board chairman, sponsored by Kenneth Steiner. Shareholders request that the board of directors adopt an enduring policy and amend the governing documents as necessary in order that two separate people hold the office of chairman and the office of the CEO. Selection of the chairman of the board: the board requires the separation of the offices of the chairman of the board and the chief executive officer. Whenever possible, the chairman of the board shall be an independent director. This proposal topic won 52% support at Boeing and 54% support at Baxter International. Boeing then adopted this proposal topic. There should be a rule against a person who has been a CEO and a chairman at the same time being named as lead director. Mr. Shantanu Narayen, Pfizer Lead Director, had years in the dual jobs of CEO and chairman. Past and present holders of both jobs at the same time would seem to have a special affinity with the Pfizer person who now has the two most important single jobs at Pfizer: Chairman and CEO. A special affinity is inconsistent with the oversight role of a lead director. A lead director is no substitute for an independent board chairman. A lead director cannot call a special shareholder meeting and cannot even call a special meeting of the board. A lead director can delegate most of his lead director duties to others and then simply rubber stamp it. There is no way shareholders can be sure of what goes on. A lead director can be given a list of duties, but there is no rule that prevents the chairman from overriding the lead director in any of the so-called lead director duties. The Pfizer board said it wanted the flexibility to implement the leadership structure best suited for Pfizer but failed to state how the best leadership structure would be determined. It is time for an independent board chairman since Pfizer's stock dropped from $47-$30 in the year before the submittal of this proposal. Please vote yes, independent board chairman, proposal four. Thank you. Thank you, Mr. Beatty, for the clear articulation of your arguments and also for staying on time. I appreciate it. The proposal has been moved. Thank you So, the board of directors opposes this proposal for the reasons set forth in the Proxy Statement. I don't have to repeat them. If you have any comments or questions concerning this voting item, please access the dial-in information displayed on the meeting platform. Maggie, were there any questions submitted in advance of today's meeting on this item? No, we did not receive any questions on this item. Operator, please, are there any questions or comments on this voting item? Please press star one to ask a question on item five. As a reminder, please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. We'll take our first comment from Glenn Beatty. Please go ahead, Mr. I just wanted to know. Please go ahead. Yes, when the vote happens, I just yes. Thank you. I just wanted to know how the vote what the percentages were or are when the vote is taken. Thank you. I guess you mean how the shareholders are voting on this proposal. We will see in a while the polls are still open, but we'll close in a while and we will see. Thank you for your question. Are there any other questions? Yes. So, we will see it in a while. It's not yet final, but in a while it will be the preliminary we will announce the preliminary results. Thank you. You are welcome. There are no further questions at this time. Thank you. We'll now move to our next item. The next shareholder proposal was submitted by Tara Health Foundation of San Francisco, California. The proposal requests that Pfizer publish an annual report at reasonable expense, analyzing the congruency of political, lobbying, and electioneering expenditures during the preceding year against publicly stated company values and policies, including Pfizer's stated goal to end discrimination against women, ensure equal opportunities for leadership, and access to reproductive health. Dr. Ruth Shaber is representing Tara Health Foundation. Dr. Shaber is presenting via a prerecorded video. So, Dr. Shaber, you have three minutes to move the proposal forward. Please play Dr. Shaber's video. My name is Dr. Ruth Shaber. I am Founder and President of the Tara Health Foundation, which is dedicated to improving the health and well-being of women and girls. In addition to my practice in obstetrics and gynecology, I served in a senior role at Kaiser Permanente for many years. I'm pleased to present our proposal, which asks Pfizer to publish an annual report analyzing the congruency of political, lobbying, and electioneering expenditures during the preceding year against publicly stated company values and policies. Among its corporate citizenship objectives, Pfizer has a stated goal to "end discrimination against women, ensure equal opportunities for leadership, and access to reproductive health." This laudable goal connects to our company's extensive portfolio of reproductive health products. These include a number of contraceptive products and misoprostol, a drug commonly prescribed for use as an abortive agent when combined with mifepristone. Alarmingly, the Supreme Court is currently deciding a case that seeks to make mifepristone unavailable to American women. Some politicians would also like to remove misoprostol from the market. Shareholders should be outraged that Pfizer's political spending patterns have supported numerous politicians and organizations sponsoring public policies designed to deny women access to its reproductive health products. Pfizer engages extensively in the political process through lobbying and making political donations, both directly and through its employee PACs. The campaign finance site, OpenSecrets, states that Pfizer ranks among the top 1% of political donors. Since the 2020 election cycle, Pfizer has made direct and indirect contributions of at least $5 million to candidates actively working to weaken women's access to reproductive healthcare. In the South, where extreme abortion bans are ubiquitous, Pfizer's contributions to anti-choice state candidates exceeded those to other candidates by a ratio of 3-to-1 in 2020. Its contributions to federal anti-choice candidates exceeded those to other candidates by a ratio of 2-to-1. Pfizer's misalignment in this area has not gone unnoticed. This spending pattern has drawn scrutiny from news outlets such as Bloomberg News, The Minnesota Daily, Agenda, and Forbes. Pfizer's shareholders and its other stakeholders deserve a responsible, far-sighted, and coherent public spending strategy that aligns with the company's values and product offerings. Public reporting on political spending provides an incentive to improve internal management of the process. Companies like AT&T and Cigna are leading the way in reporting on political spending misalignment. Pfizer can too. We offer this proposal as a friendly amendment to your existing management and oversight of political spending, which needs to prioritize strategic alignment of goals and contributions. Please vote yes on this proposal to move Pfizer toward a political spending footprint that is truer to its highest values and purpose. Thank you for your attention. Thank you, Dr. Shaber, and apologies. I mispronounced your name earlier. The proposal has been moved, and the board of directors opposes this proposal for the reasons set forth in the proxy statement. If you have any comments or questions concerning this voting item, please access the dial-in information displayed on the meeting platfor m. Maggie, were there any questions submitted in advance of today's meeting on this item? No, Albert, we didn't receive any questions on this item. Operator, are there any questions or comments on this voting item? Please press star one to ask a question on item six. As a reminder, please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. There are no questions at this time. Thank you. As previously disclosed, item seven was withdrawn by the proponent and therefore we will not be presented or voted upon today. Now, let's move to item number eight, which is the next and last voting item. The last shareholder proposal was submitted by the National Center for Public Policy Research of Washington, D.C. The proposal asks that Pfizer list the recipients of corporate contributions to third-party public policy of nonprofit organizations of $5,000 or more on Pfizer's website, along with the amount contributed and any material limitations or monitoring of the contributions. Ethan Peck is representing the National Center for Public Policy Research. Mr. Peck is presenting via a prerecorded audio. Mr. Peck, you have three minutes to move the proposal forward. Please play Mr. Peck's recording. Corporations have a fiduciary duty to their shareholders not to take sides on divisive issues, as their shareholders, who have varying political views, will always fall on both sides of any given divisive issue. Misappropriating shareholder money to give to organizations and charities that advance partisan and divisive agendas is absolutely a form of that. Corporations also have a fiduciary duty to their shareholders not to take any actions, and that includes which organizations and causes the company funds that may hold significant financial risks to shareholders. When corporations insert themselves in the middle of societal debates by funding activism on divisive issues, issues that are meant to be debated among citizens in the halls of Congress, not at corporations or in meetings like this, then they violate their fiduciary duty twice: once for using shareholder assets to push an agenda that those same shareholders are deeply divided about, and once for risking the value of shareholder assets by doing just that. Nonetheless, Pfizer has irresponsibly taken sides on many hot-button political issues, and it's always the left side, but usually the far-left side. For example, Pfizer has a paid partnership with HRC, an organization centered around advocating for the most divisive positions on the most controversial issues dividing our country. HRC openly lobbies for legislation to allow males to use women's restrooms and compete in girls' and women's sports, as well as for policies to give minors increased access to gender transition surgeries and hormone blockers. Pfizer also contributes to other organizations with similar agendas and scored a perfect 100 on HRC's Corporate Equality Index, which can only mean that Pfizer has met all of the index's criteria, which requires Pfizer to espouse and fund those exact divisive positions that HRC and others openly lobby for. But poll after poll shows that the majority of Americans, and therefore the majority of ultimate Pfizer shareholders, don't think that men should be allowed to compete in women's sports and use women's restrooms, and don't think that vulnerable minors are able to consent to such irreversible decisions. Nonetheless, Pfizer allocates assets belonging to all shareholders to fund those exact agendas that most Pfizer shareholders disagree with. This is a particularly obvious example, but Pfizer has done the same thing with organizations that take sides, and always the left side, of public disagreements on a number of issues, including sustainability and DEI. The company can't keep doing this. The majority of shareholders are not far left and disagree with the company funding this sort of activism. And again, this is in addition to the fact that it's financially risky to do this because of potential investor and consumer boycotts like we've seen at Target, Disney, Bud Light, and Planet Fitness that amounted in massive shareholder losses. We're not asking the company to espouse and support right-wing or conservative views, just pointing out that the company has a legal obligation not to fund or espouse left-wing views either. All our proposal request is that the company publish which organizations it contributes to, first of all because it's shareholder money, but also so that shareholders are aware of the extent to which the company is unnecessarily funding partisan agendas in violation of its fiduciary duty and taking on unnecessary financial risks also in violation of its fiduciary duty. Providing shareholders with this transparency is the first step in getting Pfizer back to neutral. Thank you. The proposal has been moved. The board of directors opposes this proposal for the reasons set forth in the proxy statement. If you have any comments or questions concerning this voting item, please access the dial-in information displayed on the meeting platform. Maggie, were there any questions submitted in advance of today's meeting on this item? No, Albert, we didn't receive any advanced questions. Operator, are there any questions or comments on this voting item? Please press star one to ask a question on item eight. As a reminder, please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. There are no questions at this time. Thank you. We have concluded the presentation of the items of business. We now move to the next order of business item, which is the final voting and closing the polls. If you would like to vote or change your vote, please submit your vote on the virtual meeting platform at this time. So, thank you. I now declare the polls officially closed as of 9:43 A.M. Eastern Daylight Time on April 25th, 2024. We now move to the next item on the order of business: the preliminary results of the voting. I will now ask Maggie Madden to provide the inspector's preliminary report on the voting. Maggie. The inspector's report is preliminary and is subject to the inspector's final tabulation, which should not significantly change the preliminary results. The final results will appear in a Form 8-K filed with the U.S. Securities and Exchange Commission within four business days of this annual meeting. The inspector's preliminary report shows that shares representing 80.7% of the votes entitled to be cast at this meeting were represented in person or by proxy, constituting a quorum. Proposal One: The inspector's preliminary report further shows that each of the 12 nominees for election as director named in Proposal One of the proxy statement received a favorable vote of at least 92.6% of the votes cast at this meeting. Proposal Two: The proposal to ratify the selection of KPMG LLP to serve as the independent registered public accounting firm for the company for 2024 received the following votes: 94.4% of the votes cast voted for the proposal, 5.6% of the votes cast voted against the proposal. Proposal Three: The votes who approved the amended and restated Pfizer Inc. 2019 stock plan received the following votes: 92.5% of the votes cast voted for the proposal, 7.5% of the votes cast voted against the proposal. Proposal Four: The advisory vote on executive compensation received the following votes: 91.9% of the votes casted for the proposal, 8.1% of the votes cast voted against the proposal. Proposal Five: The shareholder proposal regarding the adoption of an independent chair policy received the following votes: 34.6% of the votes cast voted for the proposal, 65.4% of the votes voted against the proposal. Proposal Six: The shareholder proposal regarding publishing a congruency report on political, lobbying, electioneering, and expenditures received the following votes: 13.7% of the votes cast voted for the proposal, 86.3% of the votes cast voted against the proposal. Proposal Seven was not voted on since it was withdrawn by the proponent. Proposal Eight: The shareholder proposal regarding publishing a report on corporate contributions received the following votes: 3.8% of the votes cast voted for the proposal, 96.2% of the votes cast voted against the proposal. The results of this preliminary report indicate that the shareholders of the company have elected all nominees for the board of directors as named in the proxy statement, have approved the proposal regarding ratification of the selection of our independent registered public accounting firm for the 2024 fiscal year, have approved the amended and restated Pfizer Inc. 2019 stock plan, have approved on an advisory basis the compensation of our named executive officers, and have not approved the three shareholder proposals. Thank you, Maggie. We now move to the next order of business, which is the question and answers. Having completed the voting items and reported on the voting, we welcome questions from our shareholders via telephone. As a reminder, to access the telephone number, please enter your control number on the virtual meeting platform, click on the Q&A tab. We now have approximately 15 minutes set aside for general questions and comments. We will follow the rules of conduct and meeting procedures for the handling of your questions. We will make every effort to answer all questions in the time allowed. We ask that you please focus your question on an issue of general importance to shareholders and limit to no more than two minutes. In the interest of fairness to our shareholders, if a question has already been substantially answered, we will move on to another shareholder's question. Maggie, before you open the phone line, did we receive any questions in advance of today's meeting? Yes, Albert. We received two questions in advance. We'll start with the pre-submitted questions and then turn to live questions. The first question was submitted by Gene Hugene l and asks: Pfizer's stock price has been incredibly disappointing to your shareholders. It is close to its 52-week low and has underperformed the S&P 500 and industry peers. What do you plan to do about it? Thank you for your question. First of all, we know that our shareholders are disappointed in our performance, and rightly so, and we are disappointed as well. There were multiple factors that led to this share price decline, but one of the most important was that we missed our initial COVID projections. This is very similar to what other companies that are heavily exposed to COVID also experienced. But I need to make clear: the executive team, the board, and personally me, as the Chairman and CEO of this company, we accept responsibility for the company's performance against our targets. We are dedicated to reversing the situation, and we believe we have a good plan in place to make that happen. This plan is based on five pillars that I presented earlier in the year in the JPMorgan conference. First, we are ensuring seamless integration of Seagen, and the integration is accelerating, not decelerating. Second, we are delivering on pipeline innovation with discovery and development across our therapeutic areas. Third, we try to maximize the performance of our new products and core products, and we had so many launches in the last 18 months, which is being achieved through a relentless focus on execution with the goal of continuing to grow our top line. Fourth, we are realigning our cost base, so that by doing that, we will continue bringing new and impactful treatments to market for years to come. This required some corrective steps that we took. The plan to realign our cost is an ambitious plan, as we announced it. We are on track to secure at least $4 billion in net savings by the end of 2024, that I think will be highly appreciated by shareholders. Finally, we plan to allocate capital with the expectation it will enhance shareholder value. We are very laser-focused on that. First, let me make a very clear comment that we have repeatedly stated, both me and the CFO and all the executives: We plan to maintain and grow our dividend. Second, we expect to reduce our debt and de-lever our balance sheet. Third, we plan to reinvest in the business. Fourth, we will explore making share repurchases once those delivering goals are met. We believe that this plan will reverse the situation, and my colleagues and I are already working very hard already on executing it. If we do right, I believe the stock price will respond positively to that. I know that our shareholders are watching carefully everything we say and we do, and we are committed to deliver on those commitments. So again, thanks for the question. Are there any other written questions? Yes, there's one more pre-submitted question. All right. Our next pre-submitted question is from Thomas Smith, and he asks: As a shareholder, I am deeply disappointed and, frankly, baffled that you missed earnings estimates so drastically. How could this have happened, and is this something that we should expect to happen again in the future? Thank you for your question. It's a great question that deserves a very clear answer. First of all, of course, you were disappointed, and we were even more disappointed that we missed our projections. And one of the reasons we are so disappointed that we missed our projections is that we are not usually doing that. It's a very unusual occurrence for us. Let me give you some numbers. In our last 20 quarterly earnings reports that I'm responsible for as CEO in the last five years, we beat, I repeat, we beat expectations for EPS in 18 of the 20. So it's something that we are not used to. But this year, we missed it. Now, the point I want to make is that we missed our initial projections only on the COVID portfolio, not on the performance of our non-COVID portfolio. Excluding COVID, we achieved a 7% operational revenue growth in 2023, which was in line with our initial expectations that we gave in January of last year. Excluding COVID, excuse me, now, on COVID, we missed it. And what is the reason why we missed the projections of our COVID products? There are two components. One is related to COMIRNATY, and the other is related to PAXLOVID. Regarding COMIRNATY, the drop in vaccination rates was substantial and unforeseeable, and it was surprising to all. As a result, in the U.S., although we had a very good, seamless transition from government-sponsored to commercial market, the volume of products used and sold was significantly reduced compared to our initial estimations that were based on higher projected vaccination rates. Outside the U.S., our initial projections were based on agreements that were already in place when we made these projections. However, because of the significant drop in vaccination rates, we had to renegotiate several of these agreements or reallocate deliveries under agreements with some governments that resulted in them purchasing in 2023 quantities far below their original commitments. So that's the reason for COMIRNATY. Now, let's move to PAXLOVID. One significant reason for missing estimates on the PAXLOVID was the return of Emergency Use Authorization labeled treatment courses from the U.S. government in a cashless transaction. We didn't return the cash. It was a return against credit for utilization of NDA-labeled treatment courses. Although, as I mentioned, this return did not have impact on cash flows, it affected revenues, as we had to reverse sales that were recorded previously. However, these negotiations allowed us to have a clean slate in all these markets with both products, and we can enter commercial markets this year in a seamless way. Finally, I want to refer also to an additional element that didn't affect sales, but affected profitability, and that was related with PAXLOVID. As the global utilization of PAXLOVID was reduced, we found ourselves with significant excess inventories of the raw materials that went into PAXLOVID, and that was written off. That was a multibillion-dollar hit. What happened there? When PAXLOVID was discovered in year 2021, it was the only oral medication against COVID with such profound efficacy on hospitalizations and death. At that time, I remind you, 2021, COVID was the most significant health issue around the world, with millions of people losing their lives because of it. All governments of the world expressed their immediate desire to procure significant quantities of this medication. The manufacturing of PAXLOVID required a very long lead time. If we wouldn't proceed with the manufacturing process of very high quantities, we wouldn't be able to supply for almost a year because it takes very long to be able, from the moment you make the decision to deliver a product. This could cost millions of lives that we could save by investing at risk to build these stockpiles. We made the decision to proceed, as I said, back in 2021. Now, these are the main reasons that resulted in a significant miss of our initial expectations on revenues and EPS that are related with the COVID products. I want to be clear: I, as the leader, take full accountability for the missed revenues and earnings against our targets. But I also want to make clear that I don't regret the decisions we made back in 2021 to invest at risk in building inventories and manufacturing. People were dying, and the lives of so many were saved because of these decisions. That's the reasons that we had to miss our projections and do the write-offs. Now, operator, we are now ready to take live questions. Please open the phone line and announce the name of the shareholder. To make a comment or ask a question, you should have entered the virtual meeting platform using your Control Number. If you entered the platform using a Control Number, you will be able to access the dial-in information by clicking the Q&A tab. Please press star one to ask a question. Please mute your computer or playback device before being called on to minimize background noise. We will now pause to compile the list. Our first question comes from Roy Waldron. Caller, your line is now open. Good morning. This is Roy Waldron, a Pfizer retiree and current shareholder. Now that the world has moved past the COVID-19 pandemic, there remain significant attacks by governments against pharmaceutical patents at the World Trade Organization and at the World Health Organization. They demand that you give away your IP protection for all your products to drug manufacturers in the poorest countries in the world. What is Pfizer's response to this? Thank you for the question. I agree with your assessment that there is a lot of discussion against the IP right now, which I think is completely unfounded, based on data and based on the impact that the IP system had on protecting lives of people. During COVID, it's very clear that the IP played no role in the availability of the product. Actually, the IP was what encouraged a lot of companies to invest at risk and develop the medicines that save the world. But all of us, and I will speak about Pfizer right now, we did the utmost to ensure that these vaccines will find their way on an equitable way everywhere. And for that, we took significant measures by pricing the product in a tier pricing that was the cost of a takeaway meal in the high-income countries, half of that in the middle-income countries. And for the low-income countries, we did an agreement with the U.S. government that we offered 1 billion doses completely free through the sponsoring of the U.S. government, completely free. Unfortunately, different reasons other than the cost and the availability of the product affected the utilization of these products, and thus has to do not with IP, but has to do with infrastructure in those countries, in vaccine hesitancy in these countries through conspiracy theories that were more, let's say, circulating in these places, and other reasons that had nothing to do with IP. We did exactly the same with PAXLOVID. Actually, with PAXLOVID, we did voluntary license to more than 30 generic manufacturers that covered almost with very minimal royalties and for some period with no royalties at all, covered 52% of the global population, the poorest 52% of the global population. Very few, if any, quantities were produced under this voluntary license so that it can be distributed to the world. So, it's very clear that this didn't affect. And that's why we were severely opposing the efforts and eventually the vote that happened in the World Trade Organization that waived the TRIPS agreement in terms of pandemic for biologicals. We expressed our disagreement after this decision, and we tried to explain to the world, Pfizer and other companies, and me personally, I visited a lot of governments: the WTO, the WHO. I spoke with all of them, explaining why this is not the right thing to do. And I'm very happy to report that the WTO rejected to waive the TRIPS for pandemic treatments, as they had done for pandemic vaccinations. So I think IP is extremely important, the intellectual property, for research, and we will continue doing our foremost to be able to defend our IP and the concepts that IP needs to be protected. It's property, irrelevant if it's intellectual and it's not material, but it needs to be protected. Thank you for the question. I think, operator, we can move to probably one more question, the last one, because we are already at 10:00 A.M. Our final question comes from Karen Boykin-Towns. Caller, your line is open. Good morning and thank you for the opportunity to ask a question. My name is Karen Boykin-Towns. I'm a retiree shareholder and serve as Vice Chair of the Board of the nation's oldest and largest civil rights organization, the NAACP. Last month, Pfizer released a report that audited and assessed its efforts to promote racial equity, diversity, and inclusion in the U.S. It was highly comprehensive. Unlike some companies who began their DE&I journey after the murder of George Floyd, the report documented that Pfizer created a formal DE&I strategy in 2005 and in 2008 hired its first Chief Diversity Officer, which happened to be one of the roles I served in during my 22-year career with the company. There has been progress. Goals have been met, set, and met. Others are on track. My question is: Within the last four months, both the Congressional Hispanic Caucus and the Congressional Black Caucus have sent letters to the largest companies, which includes Pfizer, concerned about the attacks on corporate DE&I programs and, as such, continued commitment to advancing equity in the workplace. Albert, can you please speak to Pfizer's greatest success in this space? What would you identify as the greatest challenges? And finally, in light of the political, legal, and financial pressures you face, what do you see as Pfizer's DE&I journey moving forward? Thank you. Thank you for the question. Yes, we have received those letters and many other letters that people are expressing their opinion on this matter. Let me say what is our opinion and what we do. In no way has Pfizer's commitment to DEI faltered. In fact, our programs will only grow. Yes, it's something that also I'm personally passionate about because, first of all, it is the right thing to do. Equity is not giving everyone the same. Equity is giving more to those that they need more. But also, time and again, evidence has shown that it is a fundamental tenet of a successful business strategy. Diverse management teams tend to achieve higher revenues. Companies with high levels of diversity are more likely to capture new markets. Companies that employ an equal number of men and women tend to generate more revenue, better successes. Now, what's more important? It is not what we feel it is important, but if we are progressing towards that goal. And let me offer several examples, which I remember, I know by heart because it's so, so I'm so, so proud about them: Representation for women at the Vice President level and above, at the end of 2023, was nearly 45%. You know what it was at the end of 2018 when I became CEO? 33%. So, from 33% to 45% at the top jobs of Pfizer. Representation for U.S. minorities at the VP level and above, at the end of 2023, was almost 31%, 30.5%, something like that. That was up from 19%, 19% to 31%, from the end of 2018. Also, in 2023, we commissioned a third party to conduct an independent assessment of our DEI strategy and impact on racial equity in the U.S. The assessment included a strategic review and interviews with Pfizer leaders, colleagues, and several different external shareholders. It was, I would say, very encouraging, very positive, and several opportunities that were identified to strengthen our efforts. We are taking them. Also, by the way, the assessment has been published and it is available on our website. While we have made positive strides, we remain committed to our efforts and we will continue to report on our progress, which we do in annual reports. Thank you for the questions and comments. I think that's the end right now. If your question was not answered at today's meeting, you may submit your question on the virtual meeting platform, which will be open until 11:00 A.M., Eastern Daylight Time. We will post the answers to unanswered pertinent questions on our website. Now, we move to our last order of business, which is the adjournment. The meeting is adjourned. Thank you very much.