Pfizer Ltd

Our Story of 75 Years—and Beyond.

Dear shareholders,

As we celebrate our 75^th year in India,

I find myself in a privileged position to reflect on our rich history and narrate our story of achievements, contributions, and milestones, while also sharing my perspective on the way forward for our great organisation.

This journey is a reflection on the decades gone by-and, more importantly, on the enduring values and purpose that have remained constant throughout. This is not just a corporate milestone—it is a shared achievement with every patient, healthcare professional, employee, and partner who has walked this path with us. Our legacy in India sits proudly within Pfizer Inc.'s 175-year global story, guided by our purpose—Breakthroughs that change patients' lives.

The Beginning of Our India Story

We are proud to have been in India for as long as India has been a republic. Since our first steps in India in 1950, we have had the privilege of being part of some of the most transformative moments in healthcare and shaping how innovations were introduced in India.

From being the first manufacturer of anti-diabetic medication in India to producing anti-tuberculosis drugs in our early years, and later pioneering advancements in antibiotics, Pfizer has built several trusted household brands.

Your Company played a pivotal role in shaping India's pharmaceutical capabilities and catering to the health requirements of millions—especially at a time when the nation faced severe foreign exchange constraints while having a high dependency on imports for lifesaving drugs. Your Company contributed significantly to building self-reliance by introducing key medicines, investing heavily in basic manufacturing, and facilitating technology transfer from Pfizer Inc., USA—laying the groundwork for the growth of a robust Indian pharmaceutical industry. In doing so, we have grown alongside the country—expanding our reach, deepening our impact, and evolving to meet the changing needs of society.

Decades of Transformation

In the decades following its entry, Pfizer was among the first multinationals to invest in local R&D, quality control, and product formulation. It continued to play a critical role in strengthening the supply chain for essential medicines, promoting knowledge transfer, and paving the way for broader healthcare advancements across India. A few of our locally developed household brands, like Becosules and Corex, went on to become leading brands in India in the later decades.

As I turned the pages of our past annual reports, Pfizer's deep-rooted intent to be not just in India, but truly for India—was evident even then. Your Company became a public company, listed on the Bombay Stock Exchange in 1966, thereby marking our entry into the Indian capital markets as well. Our commitment gained further momentum over the last few decades through a series of strategic acquisitions by Pfizer Inc., enabling us to consolidate and expand our presence across the country.

This legacy of resilience and progress reflects the strength of our foundations—built over decades of thoughtful leadership and shared purpose. Much of what we stand for today has been shaped by those who came before us—leaders who envisioned the path, teams who brought it to life, and a shared commitment that carried us through every chapter of this journey. Their foresight and stewardship helped navigate the Company through some of the most dynamic and challenging decades for India—ensuring that Pfizer remained steadfast in its purpose.

Over the decades, we have upheld their conviction that our work not only serves patients and caregivers, but also contributes meaningfully to building a healthier, more self-reliant India.

Turning to the Present

Our journey ahead remains anchored in purposeful choices—always made with patients at the heart. In recent years, your Company focused on consolidation—strengthening its base through deliberate choices that are now delivering results.

FY 2025 marked a return to growth, driven by strategic initiatives and strong execution. While the numbers are encouraging, it is the energy across our teams, our engagement with healthcare partners, and our collective confidence in the road ahead that stand out.

The year under review was one of our strongest, underpinned by operational discipline and consistent execution. While core brands—Prevenar, Eliquis, and Zavicefta—delivered significant volume-led growth, other key brands like Meronem and Minipress too delivered strong growth.

Eliquis emerged as a standout success for Pfizer post- LOE—delivering a 17% CAGR and reaching over 3X more patient lives, despite facing around 100 competitively priced generics. Its continued leadership in its represented market reflects the brand's strong clinical trust and Pfizer's relentless pursuit of excellence in a highly competitive landscape.

Your Company's sales for the financial year ended March 31, 2025 stood at Rs.2,128.36 Crore, which represents a growth of 2.3%. The profit before was Rs. 1,016.09 Crore represented an increase of 36.2%. The net gain of Rs. 172.81 Crore from the sale of Thane Land and Building also contributed to the increase in profit. Revenue growth, prudent capital allocation, cost efficiencies, and rigorous monitoring contributed to improved EBITDA margins and profit before tax compared to the previous year.

Your Board of Directors recommended a final dividend of Rs.35/- per share for the financial year ended March 31, 2025. As a token of appreciation, in our platinum year, the Board has also recommended a special dividend of Rs. 100/- per share, along with a special dividend of Rs.30/- per share, in view of the gain on sale of Thane Land and Building. The total proposed dividend of Rs. 165/- per share of Rs.10/- each reflects our continued commitment to delivering value to shareholders.

Vaccines remain central to our portfolio, evolving alongside our broader therapeutic offerings to meet market needs and our long-term vision. Prevenar 13, our pneumococcal conjugate vaccine, continues to lead its category—not only by market share but through its contribution to public health. We have rolled out targeted initiatives to raise awareness of vaccine-preventable diseases and partnered with corporate hospitals to build a stronger adult vaccination ecosystem. These efforts are helping improve coverage and stakeholder awareness. Pfizer remains committed to introducing advanced vaccines that support national public health priorities and strengthen disease prevention across age groups.

In the Internal Medicine business, we have deepened our reach through scientific education, strong on-ground distribution, and digital engagements. More than 2.7 lakh healthcare professionals prescribed our Internal Medicine brands this year—a signal of growing trust and relevance across key specialities like cardiology, gynaecology, nephrology, and orthopaedics. In response to evolving market conditions, we have revised our go-to-market model for some of our products within the Internal Medicine portfolio. This strategic shift aims to enhance market penetration and optimise product distribution, thereby maximising revenue potential. We sharpened our focus on portfolio optimisation, with strategic partnerships playing a key role.

At the forefront is our collaboration with GoApptiv—a technology-led distribution partner with deep market access. By aligning our portfolio with their digital capabilities, we have enabled consumer-centric brands to achieve wider and more targeted penetration. Our partnership with Mylan Pharmaceutical Private Limited has further expanded our marketing capabilities in neuropsychiatry and we are excited about how that collaboration is shaping up.

Our Hospitals Business Unit (HBU) - with its advanced anti-infectives portfolio - continues to serve institutions, including hospitals and nursing homes across India, with an aim to deliver meaningful patient impact through innovation and responsible stewardship. Zavicefta delivered strong growth in FY 2025 and the reintroduction of Magnex 1.5 gm further enhanced the therapeutic options in hospitals. Meronem, a critical care antibiotic for resistant infections, recorded robust unit growth with significant expansion into new institutions, driven by rising healthcare professionals' trust and focused marketing efforts.

At the heart of all this is our people. We have continued to invest in leadership development, inclusion, and employee wellbeing. Whether it's our "Grow" programme for the first-line managers, the launch of the "Flex10" hybrid work model, or our Abha women's network, the focus remains on building a workplace where colleagues feel heard, supported, and empowered to grow.

This commitment has already borne fruit, with five internal promotions to National Sales Leader roles— reflecting our belief in nurturing talent from within.

Our Annual Pulse Survey continues to serve as a valuable tool for measuring the colleague experience and guiding leadership action. The 2025 results were consistent with 2024, with colleagues expressing strong pride in the meaningful work they do, a clear understanding of priorities, and alignment with Pfizer's values.

Notably, 95% felt that leaders clearly communicated the Company's direction, while 94% felt the Company is well equipped to deliver quality work with integrity—a percentage improvement over the previous cycle.

Our commitment to society remains strong. Through our CSR initiatives, we are expanding access to quality healthcare, fostering innovation, and raising awareness of critical health issues in partnership with credible organisations.

At our Goa plant, we continue to embed sustainability into daily operations—reducing emissions, generating solar power, and fostering green thinking. With ?53% of energy needs met through on-site solar and a 44% reduction in greenhouse gas emissions since 2023, the site has set new benchmarks in green manufacturing.

The year under review also witnessed seamless leadership transitions across some of our core businesses. The new leaders who have taken charge of our Internal Medicine, Vaccines, and Hospitals businesses bring with them strong strategic insight, execution strength, and a sharp focus on patient impact. I am confident that under their stewardship, these verticals will continue to grow in relevance and performance—further strengthening our ability to serve the evolving needs of healthcare in India.

The next 25 years will see India take bold strides toward becoming a developed nation—and Pfizer is proud to be part of that journey. As I look ahead, I do so with optimism. We will continue to work with healthcare providers, communities, and policymakers to build an inclusive, resilient, and future-ready system that benefits patients across the country.

Our Company will also remain focused on bringing meaningful breakthroughs to India—while also showcasing India's capabilities to the world.

This moment is also one of gratitude. I would like to thank Mr. Uday Khanna and Mr. Sunil Lalbhai for their valuable contributions to the Board, and warmly welcome Mr. L. Krishnakumar and Ms. Sonia Singh to our Board. I also thank Mr. Pradip Shah for continuing as our Chairman and for his guidance over the years.

I would like to express my heartfelt thanks to our shareholders for their continued trust and belief in our purpose. I also extend my gratitude to Pfizer Inc. for its steadfast support and continued commitment to advancing healthcare in India—empowering us to bring science closer to those who need it most. I am deeply thankful to our most important stakeholders - healthcare partners, policy stakeholders, suppliers, and the broader ecosystem that enables us to deliver meaningful outcomes for patients across India.