We began 2019 by launching what we call our Purpose Blueprint – the roadmap that will guide our company for the foreseeable future and help us deliver on our purpose: Breakthroughs that change patients’ lives. The Blueprint includes five “bold moves” intended to pivot Pfizer from an era of revenue stabilization to one of expected sustained growth:

1. Unleash the power of our people. We are further building on our inclusive, engaging work environment to recognize and reward both performance and leadership and empower all colleagues to bring their best selves to work for the benefit of patients.

2. Deliver first-in-class science. We aim to create and source the best science in the world. We will bring forward only our most promising and transformational products within our six therapeutic areas – with a focus on getting them to patients as quickly as possible. 

3. Transform our go-to-market model. We are partnering with others to address the patient affordability challenge by exploring new, flexible payment approaches, including value-based agreements, and being bold in how we expand access to our medicines.   

4. Win the digital race in pharma. We are using big data and such digital technologies as machine learning and artificial intelligence to expedite the drug discovery and development process and enhance patient experiences and outcomes.  

5. Lead the conversation. We are engaging with policymakers and other stakeholders to advocate for policies that allow innovation to flourish while ensuring patient access to the latest therapies – all while communicating the value our science brings to society. 

Every plan we develop, every action we take, and every dollar we spend is aligned with these bold moves because we believe they are what will help us deliver breakthroughs for patients, drive our growth, and create value for shareholders and other stakeholders. Our Purpose Blueprint also includes four core values – courage, excellence, equity and joy – that define how we will behave in creating the culture needed for an innovative, science-based company to thrive.

We began the second half of the year with a series of actions designed to strengthen each of our businesses and transform Pfizer into a singularly focused, science-driven company. Over the course of one month, we announced the planned combination of our Upjohn division and Mylan to create the largest specialty generic company; completed the acquisition of Array BioPharma, a commercial stage biopharmaceutical company focused on targeted small molecule medicines to treat cancer and other diseases of high unmet need; created the Joint Venture between Pfizer Consumer Healthcare and Glaxo SmithKline to form the world’s largest consumer healthcare business; and completed the acquisition of Therachon, a clinical-stage biotechnology company focused on rare diseases.

We did it because we believe this is the absolute right path forward for our company and the patients who rely on our innovative medicines and vaccines. We expect our sharper focus will enable us to create greater value for all stakeholders. 

These actions and results have brought us to an exciting point in Pfizer’s history. When you take a big-picture view over the last decade, you can see that Pfizer has deliberately and thoughtfully divested its non-biopharma businesses through a series of value-creating transactions. At the same time, we have been refining and focusing our approach to R&D to best advance our purpose.  

As a result, following the expected close of the Upjohn-Mylan transaction, we believe Pfizer will be better positioned to serve patients and deliver consistent growth. We will be a science-based company with a singular focus on innovative biopharmaceuticals. We will retain our entire pipeline and all the key growth drivers currently in our product portfolio.  

We expect the anticipated new wave of compounds currently in the pipeline, along with scientific projects from our investment in Vivet Therapeutics and our licensing agreement with Akcea Therapeutics, will help support long-term growth for our business. In fact, we expect the new Pfizer's five-year revenue compound annual growth rate to be approximately 6% on a risk-adjusted basis and for that growth to begin immediately upon the close of the transaction between Upjohn and Mylan. 

While 2019 was about driving change, 2020 will be all about executing. This includes: 

• Continuing our commercial momentum and preparing our potential new product launches. 

• Advancing our internal pipeline and augmenting it with mid-stage R&D programs through targeted bolt-on business development opportunities. 

• Setting up Upjohn to be in a strong position when it combines with Mylan to become Viatris.  

• And continuing to lead the conversation with policymakers around the world as we work to address the affordability challenge facing patients. 

Thank you for your continued support of the work we do every day in support of our purpose. 

Dr. Albert Bourla
Chairman & Chief Executive Officer

We encourage you to read our 2019 Financial Report, which includes our financial statements as of and for the year ended December 31, 2019. Please also refer to our Annual Report on Form 10-K for the year ended December 31, 2019, including the sections captioned "Risk Factors" and "Forward Looking Information and Factors that May Affect Future Results," for a description of the substantial risks and uncertainties related to the forward-looking statements included herein. Patient counts included herein are estimates derived from multiple data sources.