Pfizer Ltd

Including Management Discussion and Analysis Report

Your Company's sales for the financial year ended March 31, 2025 stood at Rs.2,128.36 Crore as compared to Rs.2,081.04 Crore in the previous year, which represents a growth of 2.3%.

The profit before tax for the financial year ended March 31, 2025, was Rs.1,016.09 Crore as compared to Rs.746.07 Crore in the previous year, representing a growth of 36.2%. The profit after tax stood at Rs.767.60 Crore for the financial year ended March 31, 2025, as compared to Rs.551.33 Crore in the previous year.

The Net Profit Margin has changed by 33.85% mainly on account of the gain on sale of the Company's Leasehold rights and Buildings at Thane toZoetis Pharmaceutical Research Private Limited.

None of the ratios other than the above have undergone a change of more than 25% as compared to the previous financial year.

The Return on Net Worth is computed as percentage of Net Income by Average Shareholders' Equity.

The change in return on Net Worth was primarily on Account of gain on Sale of Company's Leasehold rights and Buildings at Thane to Zoetis Pharmaceutical Research Private Limited, higher sales and improved cost efficiencies during the year under review.

The Board of Directors at its Meeting held on May 19, 2025, recommended a final dividend of Rs.35/- per equity share of Rs.10/- each (350%) and a special dividend of Rs.100/- per equity share of Rs.10/- each (1000%) in view of 75^th year of Pfizer in India, and a special dividend of Rs.30/- per equity share of Rs.10/- each (300%) on account of the gain on sale of the Company's Leasehold rights and Buildings at Thane to Zoetis Pharmaceutical Research Private Limited, aggregating to a total dividend of Rs.165/- per equity share Rs.10/- each (1550%) for the financial year ended March 31, 2025. The payout for the said dividend will be Rs.754.84 Crore.

The recommended Dividend is in accordance with the Dividend Distribution Policy of the Company approved by the Board of the Directors. The said policy is available on the website of the Company at: https://www.pfizerltd.co.in/files/pfizer limited dividend distribution policy.pdf

India's economic outlook for 2025 remains generally positive, though growth is expected to moderate compared to previous years. The GDP is projected to expand by ~5.5-5.7%, supported by robust private consumption, public spending, and sustained momentum in the services sector. That said, a mild slowdown in manufacturing activity and reduced government expenditure may temper overall growth.

The World Bank forecasts a steady 6.7% GDP growth in FY 2026, reaffirming India's position as the fastest- growing major economy. This outlook is underpinned by continued strength in services and a revitalized manufacturing base, aided by infrastructure upgrades and tax reforms. According to the World Bank's Global Economic Prospects Report-January 2025, India's resilience reinforces its growing influence in the global economy.

India is poised to retain its status as the fastest-growing major economy, with projections indicating it could become the world's third-largest consumer market by 2026 and third-largest economy by 2027.

While the outlook remains favourable, challenges persist—including global trade tensions, a potential slowdown in private investment, and the need for continued structural reforms to sustain higher growth.

Reciprocal tariffs introduced by the United States have added further uncertainty to the outlook. The Reserve Bank of India (RBI) has cautioned that these tariff developments may dampen exports and weaken domestic demand, prompting a downward revision of its growth forecast from 6.7% to 6.5%.

The US Government's reciprocal tariff policy is likely to significantly impact Indian pharmaceutical companies, particularly those exporting to the US market. USA is India's largest market for pharmaceutical exports, accounting for~31% of India's total pharmaceutical exports in FY 2024.

To counter these challenges, India is likely to focus on diversifying exports, negotiating trade agreements, and boosting domestic manufacturing. The country is also poised to benefit from supply chain realignments and foreign direct investment diversification. However, the global slowdown driven by trade tensions remains a key risk. RBI maintains that calibrated policy support can enable India to navigate this volatility and strengthen its position within the emerging global economic landscape.

Industry Overview - Pharmaceuticals

The Indian Pharmaceutical Market (IPM) recorded a turnover of Rs.233,261 Crore during the period from April 2024 to March 2025, registering a growth of 8.0% as against 7.5% in the previous year (2022-25 CAGR 7.9%). Price increase (4.3%) continues to be the key growth driver, followed by contribution from new introductions (2.3%).

The Chronic segment has grown at 9.8% over MAT March 2024, while the Acute segment has registered growth of 6.9%. Growth in the Acute segment was impacted by slowdown in anti-infective, gynaecology and respiratory segments. Price is the predominant growth factor in both the segments.

As per the IQVIA Prognosis report for FY 2025, the Indian Pharmaceutical Market (IPM) is forecast to grow at a CAGR of 8% between 2024 and 2029, reaching ~ Rs.3,53,000 Crore by 2029. The key drivers for market growth include, recent and future product launches including innovative new drugs in a wide variety of therapy classes, as well as new anti-obesity treatments, expansion of promotional coverage beyond metros and Tier 1 markets, rising health awareness and affordability, increasing penetration of health insurance.

However, growth may be constrained by the rising share of trade and non-branded generics, and continued pricing pressure under the Drug Price Control Order (DPCO), particularly following the expansion of the National List of Essential Medicines (NLEM) in 2022.

• Product Launches: New product introductions are expected to be a key growth driver, particularly

in therapeutic areas such as cardiac care, antidiabetics, and oncology. The anti-obesity segment is also projected to gain traction, on account of rising obesity prevalence. The World Obesity Federation estimates 5-6% of individuals aged between 15-49 in India are clinically obese, with several related drugs currently under regulatory review.

* Health Insurance Expansion: Health insurance penetration-both public and private-is expected to continue to rise. Enrolment under the Central Government's "Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana" (AB-PMJAY), which targets ~600 Million low-income individuals and senior citizens over 70, has accelerated over the past year. Simultaneously, demand for private health insurance is increasing, with ~18% of the population currently covered under individual or group —a figure anticipated to grow further. Traditionally focused on hospitalisation or lump-sum benefits, private insurance offerings are evolving, supported by increased investment in broader and more comprehensive coverage options.

• Expansion of Promotional Coverage: Improvements in health and transport infrastructure, coupled with rising incomes and greater health awareness, are fuelling increased demand for medicines in Tier 1 and Tier 2 cities. In response, several leading Indian pharmaceutical companies are expanding their sales forces to broaden promotional coverage in these regions. Co-marketing partnerships are also on the rise. Additionally, both multinational and leading domestic players are increasingly adopting alternative go-to-market models, including collaborations with contract sales and promotional agencies to enhance market reach beyond the major urban centres.

• Private Hospital Sector Growth: In response to the rapidly increasing demand for private hospital care, major corporate hospital groups are expanding their networks. The strong growth in the sector is attracting substantial private equity and venture capital investment, supporting both network expansion and the emergence of single-specialty players. While Tier 1 cities are expected to benefit first, rising demand in Tier 2 and 3 locations will likely drive medium-term expansion. This consolidation in the private hospital sector is expected to influence pharmaceutical manufacturers, who are increasingly engaging with large healthcare groups that hold significant bargaining power.

• Rise of Trade Generics: Trade generics—dispensed through discount-led models rather than promotion- driven prescribing—are emerging as a growing threat to the traditional branded generics market. Priced similarly to branded alternatives but without the physician-based promotion, trade generics allow manufacturers to offer substantial discounts to distributors. This makes them particularly attractive to retail pharmacies and hospitals, which benefit from higher margins. In response, many of India's leading pharmaceutical companies—as well as some multinationals—have established dedicated trade generic divisions. The segment is also seeing increasing participation from smaller, regional players, a trend likely to continue.

• Regulatory Reforms: In March 2024, the Department of Pharmaceuticals (DoP) introduced a revised Uniform Code for Pharmaceutical Marketing Practices (UCPMP), replacing the voluntary 2014 version.

The updated Code outlines stricter regulations on marketing conduct, sets limits on promotional items and samples, and defines guidelines for engagement with medical practitioners. The new framework is already prompting behavioural changes among pharmaceutical companies and has led to more restrictive approaches to their marketing practices.

i Operating Environment and Strategic Landscape

The government continues to promote self-reliance under the "Atmanirbhar Bharat" and "Make in India" initiatives, while renewing the focus on domestic innovation that is both sustainable and globally competitive. Several policy measures reflect this strategic direction, including the Production Linked Incentive (PLI) Scheme, the Promotion of Research & Innovation in Pharma MedTech Sector (PRIP) Scheme, and the Patents (Amendment) Rules, 2024.

The draft National Pharmaceutical Policy places strong emphasis on improving regulatory efficiency alongside strengthening domestic capabilities, your Company has consistently advocated for a regulatory environment that is predictable, time-bound, transparent, and aligned with global standards—critical factors for ensuring timely access to lifesaving medicines and reinforcing confidence in product quality.

Reflecting such engagements, the regulatory authority has issued an executive order identifying a list of reference countries. This aims to accelerate access to new drugs by potentially waiving local clinical trial requirements for certain categories, including orphan drugs, gene and cell therapies, pandemic-related treatments, defence-related drugs, and those offering significant therapeutic advancement—provided they are already approved in countries such as the US, UK, Japan, Australia, Canada, and the European Union.

To further align with international best practices, the Government has revised Schedule - M Good Manufacturing Practices (GMP) guidelines.

These reforms, if implemented effectively, are expected to reduce delays, improve compliance with global standards, and enable faster and safer delivery of effective medicines.

Your Company continues to advocate for innovative funding mechanisms to enhance affordability, while underscoring the importance of maintaining high-quality standards for medicines manufactured, sold, and exported from India.

Pfizer has urged fast-tracking of patent applications through a time-bound process. Recommendations included establishing clear timelines across various stages of the patent office workflow and empowering controllers to dismiss frivolous pre-grant oppositions— ensuring that only credible objections are considered.

The notification of the Patents (Amendment) Rules, 2024 in March is a welcome step in this direction.

Your Company remains committed to pursue further reforms to reduce delays in patent grants and strengthen enforcement mechanisms.

(Business and Financial Performance Overview

Vaccines have been pivotal in advancing public health by controlling, reducing, and eliminating life-threatening infectious diseases. Your Company's Vaccine division champions immunisation as a vital means to protect individuals across all age groups and aims to redefine disease prevention for longer and healthier lives.

The division currently focuses on Prevenar 13, a Pneumococcal Conjugate Vaccine approved for use in infants (from 6 weeks), toddlers, adolescents, adults, and the elderly against pneumococcal disease—a serious infection caused by streptococcus pneumoniae, which can lead to pneumonia, meningitis, sepsis, and even death, particularly in young children, the elderly, and the immunocompromised.

Pfizer continues to strengthen its presence in the paediatric market. Your Company remains committed to establish "Life course vaccination" in India. Its initiatives are aimed at increasing awareness and educating stakeholders about vaccine-preventable diseases. Key efforts include strengthening healthcare provider conviction through dissemination of Indian consensus guidelines on adult vaccination, partnering with corporate hospitals to establish Centres of Excellence, and enhancing public awareness through targeted campaigns—such as the Duty@50 initiative— to support the development of a stronger adult vaccination ecosystem.

: • Targeting 13 common serotypes, Prevenar

13 is India's first and only approved conjugate vaccine for all age groups.

• • Maintained leadership in the private

pneumococcal vaccines market with:

- 56.7% Unit share

- 70% Value market share (MAT March 2025)

• Received multiple accolades for impactful campaigns:

- e4M Health & Wellness Award for Best

Integrated Campaign (Be a Pneumom) - Paediatric segment. :

- e4M Award for innovative Public Awareness initiative (Lung Star Show) - Adult segment. ;

- Impact Awards for Best Influencers

Campaign - Driving measurable patient : impact. ;

The Internal Medicine ("IM") business of your Company remains a key revenue contributor. It continues to strengthen engagement with Health Care Professionals ("HCPs") and expand patient impact through the adoption of diverse operational models aimed at improving reach and effectiveness.

The increase was particularly notable across specialities such as dentistry, gynaecology, orthopaedics, cardiology, and nephrology, indicating broader acceptance and growing belief among HCPs. This growth in HCP confidence and patient reach has been driven by robust scientific dissemination of the latest clinical updates, engagement with key opinion leaders (KOLs), strengthened distribution networks to ensure ease of access, and therapy support programmes aimed at improving treatment outcomes.

Your Company has been focusing on optimizing its portfolio. A key strategy in this effort has been collaborating with our technology-based partner, GoApptiv, which brings significant distribution capabilities through its tech-based solutions. This strategic move has already started yielding positive results, enabling deeper market penetration for consumer-centric brands- enhancing the reach of our IM brands today and laying a foundation for long-term growth.

Achieved through in-clinic excellence, tailored engagements, improved segmentation, targeting, and expansion.

• Enhanced Customer Reach: Leveraged omnichannel promotion and virtual outreach to -10,000 HCPs, with a focused effort on young HCPs in government and private medical colleges through a dedicated team.

Ensuring ease of access through various channel expansion initiatives.

Eliquis (Apixaban)—a Factor Xa Inhibitor—is a leading oral anticoagulant, predominantly prescribed by cardiologists, neurologists, physicians/pulmonologists, vascular surgeons, and orthopaedic surgeons for the management of atrial fibrillation and venous thromboembolism. After the loss of exclusivity (LOE), many generic brands have increased its competition in the market.

Your Company focused on expanding Eliquis' reach across additional cities, specialities, and HCPs to drive higher unit sales and patient access. Post LOE, Eliquis achieved a CAGR of 17% and reached ~3X more patients, despite presence of around 100 competitively priced generics. It continues to hold the #1 position among NOACs in the represented market with a 35% market share (+3%).

Eliquis has been at the forefront of promoting first- in-class anti-coagulation science through educational programmes, including case-based panel discussions, symposia of international and national experts on updates in AF/VTE management, and public awareness initiatives on atrial fibrillation on radio and electronic media.

• Prof. Renato Lopes [Duke University, USA (Cardiology)], investigator of landmark trials such as "Aristotle", "Augustus", and others, had visited India for a multi-city tour, reaching over 3,000 FICPs. His insights and expertise were invaluable, fostering exchange of knowledge and enhancing Pfizer's educational outreach.

• Your Company's partnership with the European Society of Cardiology launched an upskilling programme—"Action AF 2.0" Dr. Gregory Lip and Dr. G Andrei Dan were the speakers at the launch and it was a tremendous success. This programme aimed to upskill more than 1500 young and upcoming cardiologists in anticoagulation Knowledge, Aptitude and Practices (KAP), to ensure that next-gen cardiologists would be well-equipped to manage anticoagulation therapy effectively.

• Your Company released a book, endorsed by

Dr. Renato Lopes, on "The Evolving Landscape of Stroke Prevention" at the CSI - National Congress. It is a comprehensive guide, offering critical information to HCPs and reinforcing Pfizer's dedication to education and resource development.

The Company established the first "Anticoagulation Center of Excellence" at AIG Hospital, Hyderabad.

The centre is set to enhance patient outcomes by delivering specialised anticoagulation care and setting a benchmark for best practices in the field.

The Listen to Your Heartbeat campaign, conducted in collaboration with Voice of Healthcare (VOH), reached -15,000 patients via platforms such as YouTube, Linkedln, and Instagram to raise awareness about Atrial Fibrillation (AF).

Minipress XL (Prazosin) continues to hold a leadership position in the uncontrolled hypertension segment, with a 45% market share.

Your Company has sustained its focus on increasing awareness and bridging knowledge gaps among healthcare professionals through targeted medicomarketing initiatives, engaging with physicians, nephrologists, and cardiologists.

Your Company's Neuroscience portfolio includes category-leading brands. Pacitane (Trihexyphenidyl) holds a 68% market share in its therapeutic segment, while Ativan (Lorazepam) remains one of the largest anxiolytic brands in the benzodiazepine market with a 6% share, despite supply constraints. In FY 2025, your Company entered into a partnership with Mylan Pharmaceuticals Private Limited which further expanded Company's capabilities in neuropsychiatry.

The partnership has enabled Pfizer to deliver proven, evidence-based solutions in psychiatry, while accelerating market penetration. Mylan's strengths in marketing, omnichannel engagement, and strong presence in neuropsychiatry—through therapy focus and participation in key conferences—are expected to enhance your Company's reach and support improved patient care. Going forward, the collaboration aims to deepen through data-driven insights, field force integration, and a shared commitment to patientcentric innovation.

Your Company has a strong presence in the respiratory segment, particularly in cough management and oral corticosteroid therapies.

Its flagship brand—Corex Dx—continues to lead the dry cough market in value and volume, with a 15% value share and a 13% volume market share (1% gain compared to last year). By focusing on increasing prescriptions and building prescriber confidence, Pfizer has enhanced HCP connections and engagement. This effort has driven the science behind cough management and the importance of rational cough combinations. Looking ahead, the Company to remains committed to expand its presence in the productive cough segment with the line extension. Corex LS.

Your Company's women's healthcare portfolio is a market leader in its represented market with 11% market share.

Flagship brands such as Folvite and Ovral L continue to maintain their leadership positions in the represented market, contributing to strong growth across the consolidated portfolio. Pfizer leads the hormonal segment with a 22% market share and holds a 25% share in the folic acid and combinations RPM category.

Focus on the HCP engagement and patient awareness helped drive robust prescription growth. Folvite ranked among the top five brands—4^th most prescribed brand by gynaecologists. Targeted HCP segmentation and distinct brand positioning based on indication-specific preferences also supported growth. As a result, Folvite line extensions recorded accelerated performance in their respective RPMs, outpacing overall market growth.

Your Company continues to support patients and consumers in the women's healthcare segment through pill-plus initiatives aimed at improving treatment outcomes. One such programme is PIHU—supporting the pregnancy journey through extended care such as diet consultation, 24x7 non-clinical query resolution, psychological counselling, and yoga, among others. Pfizer initiated diagnostic camps to improve the detection of anaemia, a widely prevalent yet often undiagnosed condition. These efforts, along with targeted HCP and consumer engagement programmes, have been well received by leading gynaecologists.

Pfizer is dedicated to increasing awareness on menopause and its management among young gynaecologists.

Your Company continues to lead the oral contraceptive (hormonal pills) market, with Ovral Leading the way. Ovrall has recently received approval from the Drugs Controller General of India (DCGI) for three new indications related to menstrual disorders. The primary strategic goal is to strengthen brand trust among gynaecologists and general practitioners with gynaecology practice.

Your Company's commitment to the "Science First" approach is reinforced through partnerships with leading scientific associations such as the Federation of Obstetric and Gynaecological Societies of India (FOGSI), the Indian Menopause Society (IMS), and the Indian Society of Perinatology and Reproductive Biology (ISOPARB). These collaborations aim to strengthen scientific knowledge among gynaecologists through innovative digital platforms, fostering greater awareness and improved management of women's health across all life stages—from menarche to menopause.

The Company has an established presence in the gastroenterology segment with key brands such as Gelusil, Mucaine and Neksium. The focus for Neksium, an Esomeprazole Proton Pump Inhibitor (PPI), has been on delivering clinical excellence through targeted in-clinic engagement with key specialities, including Gastroenterologists and orthopaedics.

Leading brands such as Gelusil and Mucaine have reinforced your Company's strong position in the antacids segment. Gelusil, backed by a legacy of over five decades, continues to enjoy widespread trust and daily usage across millions of Indian households. Its consistent quality and brand equity have contributed to a dominant presence in high-potential states.

In addition, to address the needs in hyperacidity management, your Company launched Gelusil RAFT—a targeted brand designed to treat recurrent hyperacidity and enhance patient outcomes.

Mucaine has maintained its leadership position in the antacids market. The brand's success is represented by:

• Strong prescriptions across various specialities, with a prescriber base of 50,000.

• Focused efforts on gynaecologists, surgeons,

CPs, and GPs, supported by co-promotion from two teams.

Channel partners continue to play a pivotal role in growth and market reach. Their widespread geographic presence has enabled deeper penetration and ensured last-mile availability. Throughout its journey, your Company has effectively leveraged retailers, modern trade and other distribution partners to support seamless product availability and influence consumer purchase behaviour through trust and accessibility.

It has also focused on Point-of-Sale (PoS) activation as a strategic lever to convert consumer intent into purchase. In-store initiatives—ranging from branded displays to seasonal visibility drives—have contributed to increased product off-take. Your Company has also intensified focus on nursing homes and small hospitals, helping sustain momentum.

Pfizer organised a workshop in collaboration with the American Society of Gastrointestinal Endoscopy ("ASGE"). The workshop focused on complex endoscopy and GERD cases, while also updating participants on the latest advancements in gastroenterology and surgical technologies.

Pfizer has established a strong presence in the pain and inflammation segment through its legacy brands—Dolonex (Piroxicam) and Wysolone (Prednisolone)—both of which have served the Indian market for over four decades and continue to lead in their respective categories. Your Company remains actively engaged in addressing Osteoarthritis (OA) and Low Back Pain (LBP) through targeted medico-marketing initiatives and collaborations with organisations such as state chapters of the Orthopaedic Society and the Indian Dental Association.

Your Company remains committed to expanding the Becosules portfolio, which currently includes seven SKUs tailored to diverse consumer needs. Continuous innovation is central to the brand's strategy, with a focus on developing new SKUs that align with evolving consumer preferences.

Your Company launched the Becosules+ Syrup, designed to help patients, especially children, to fend off infections and build strong immunity.

The re-launch of your Company's iconic brand Becosules in 2025 with new, user-friendly packaging marks a strategic step towards sustainable growth.

By enhancing packaging, improving user experience, and reinforcing market presence, the initiative aims to revitalise the brand and drive meaningful growth. This refresh is designed to align with evolving consumer expectations and ensure continued relevance in a dynamic marketplace.

Pfizer's Hospitals Business Unit (HBU) continues to lead with its advanced anti-infectives portfolio, serving institutions including hospitals and nursing homes across India. Anchored in science and supported by strategic stakeholder engagement, HBU remains focused on delivering meaningful patient impact through innovation and responsible stewardship.

Zavicefta has maintained the leadership position in the Ceftazidime+Avibactam market with an exceptional 48% market share as on MAT March'2025. Driven by increasing clinician confidence and rising demand across a growing number of hospitals. Indicated for Hospital- Acquired Pneumonia (HAP/VAP), Complicated Intra- Abdominal Infections (cIAI), Complicated Urinary Tract Infections (cUTI), and associated Bacteremia, Zavicefta has demonstrated robust clinical outcomes and has been recognised across Pfizer's global network for its therapeutic impact.

HBU amplified its focus on early and appropriate use of critical therapies through collaborative initiatives with clinicians and microbiologists.

These efforts have strengthened clinical decisionmaking and reinforced Pfizer's leadership in antimicrobial innovation. Your Company continues to have a strong presence across the anti-bacterial spectrum—from beta-lactam/beta-lactamase inhibitor (BL/BLI) combinations to high-end anti-infectives.

The reintroduction of Magnex 1.5 gm addressed the needs in mild to moderate UTIs and LRTIs, further enhancing therapeutic options in hospitals. Meronem, a critical care antibiotic for resistant infections, recorded robust unit growth of 140% (MAT March 2025), with significant expansion into new institutions, driven by rising HCP trust and focused market efforts.

HBU remains committed to ensuring appropriate anti-infective use through its strong Antimicrobial Stewardship (AMS) framework—spanning awareness, education, and implementation. Pfizer's flagship initiative, KNOW Antimicrobial Resistance (KNOW AMR), continued to raise awareness about Antimicrobial Resistance ("AMR") and promote responsible antibiotic use. The campaign's digital footprint reached millions and mobilised HCPs and the public alike.

Looking ahead, the HBU is poised to strengthen its leadership in hospital anti-infectives with the upcoming launch of Emblaveo (Aztreonam-Avibactam), for which the Company has received marketing authorisation.

As a next-generation BL/BLI, Emblaveo addresses critical unmet needs in managing infections caused by multi-drug-resistant pathogens. A robust launch plan is underway to reinforce Pfizer's role in advancing infection management in India.

Pfizer is a global leader in developing innovative therapies for patients with chronic autoimmune diseases. The Inflammation and Immunology (I&I) vertical is focused on advancing next-generation treatments in this area. Your Company has two advanced therapies that address a range of conditions, including rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, juvenile idiopathic arthritis, psoriasis, and ulcerative colitis.

Enbrel is the first Tumour Necrosis Factor (TNF) inhibitor launched globally, for chronic indications like Rheumatoid Arthritis (RA), Ankylosing Spondylitis (AS), Psoriatic Arthritis (PsA), Psoriasis (PsO) and Juvenile Idiopathic Arthritis (JIA). It is available with pre-filled pen and syringe options and is applied subcutaneously among paediatric and adult patients. With a legacy spanning over two decades, Enbrel continues to deliver meaningful patient outcomes for your Company.

Your Company launched 'Betrecep' in July 2023 as a second brand toXeljanz (Tofacitinib). Betrecep is an India-specific access initiative aimed at addressing affordability and access barriers, enabling patients with rheumatic diseases to obtain original Tofacitinib at a more affordable price. According to the IQVIA MAT March 2025 data, Pfizer's Betrecep has climbed to 5^th rank in the competition-heavy market, (>70 brands). Pfizer has also expanded its coverage to other specialities like dermatologists and orthopaedics, and has driven advocacy for oral advanced therapies for chronic immunological conditions.

Your Company's manufacturing operations are carried out in complete compliance with local laws, and in alignment with Pfizer Global's Quality, Compliance, and Environment Health and Safety standards.

• Your Company has successfully sustained the Integrated Manufacturing Excellence Programme (IMEx) across the Goa site—Pfizer's internal production system—ensuring consistent value delivery through widespread adoption of IMEx practices by all colleagues.

• In recognition of these efforts, your Company received the 2024 Pfizer Global Service Performance Team Award for exceptional progress in enhancing capacity utilisation and fostering a high- quality work environment at the site.

Your Company places strong emphasis on environmental sustainability by implementing green energy initiatives and waste minimisation projects, while adhering to stringent global standards on safety, environmental health, and occupational hygiene.

Your Company continues to advance its green energy journey through a 1,500 kWp solar project installed at the Goa plant. This initiative has enabled -53% of the plant's total energy demand for manufacturing operations to be met through renewable sources.

Since the project's inception in 2019, your Company has achieved a cumulative reduction of 4,381 tonnes of C0₂ emissions.

Your Company continues to prioritise energy conservation through the deployment of high-efficiency production machinery and utility systems. As a result, the Goa plant has achieved a 31.6% reduction in greenhouse gas emissions.

The Company has significantly enhanced its air-to-ocean supplies from global sites, contributing to a reduction in carbon emissions and ranking among the top three markets in this initiative globally.

Supply Chain

Over the years, your Company's supply chain operations have significantly advanced its processes, talent, and digital systems.

Pfizer India has been recognised as one of the best-performing markets within Pfizer globally, achieving a 100% green metric. This includes forecast accuracy, inventory and write-off targets, and automated forecasts.

The Company has embarked on its journey towards a next generation supply chain, focusing on intelligent toolsets, self-healing data, algorithmic issue detection, and automated execution. These are aimed at enhancing operational efficiency and effectiveness.

In FY 2025, your Company revitalised a Colleague Resource Group (CRG) at the Goa site to further advance Diversity, Equity, and Inclusion (DEI) efforts. The CRG led multiple programmes aimed at training and motivating colleagues to foster a culture rooted in DEI principles.

Your Company also continued the quarterly Compliance Champions awards programme to reinforce and sustain a strong compliance and data integrity culture at the Goa site. The IMEx way of working continues to be implemented to drive best-in-class performance.

Additionally, Pfizer conducted a wide range of safety, quality, and operational excellence trainings—including Six Sigma Yellow and Green Belt, Lean Yellow, Green, and Black Belt, innovation, and other capability-building programmes. Site colleagues actively applied Six Sigma and Lean methodologies to improve safety, quality, and operational efficiency.

Your Company introduced the Qualtrics tool to capture customer feedback, enabling actionable insights to enhance the experience and drive improvements in its Net Promoter Score (NPS). In addition, the Conexium tool was deployed to automate order processing for key customers, further improving operational efficiency.

In line with its commitment to customer delight, the supply chain team engaged with key customers through the "Umang" programme, facilitating the exchange of best practices and identifying opportunities to enhance customer satisfaction.

Your Company also continued its annual engagement with students through its summer internship programme, fostering learning and talent development. This year, Pfizer enrolled students from IIM Mumbai and Indore.

In FY 2025, the Medical Affairs team played a critical role in advancing Pfizer's scientific leadership and strengthening its engagement with the healthcare ecosystem across key therapeutic areas. In vaccines, the team actively addressed vaccine hesitancy and worked to disseminate the latest scientific information on pneumococcal conjugate vaccines (PCVs), highlighting their clinical efficacies. Through targeted medical education meetings, the team reached -6,000 healthcare professionals (HCPs) across diverse specialities and achieved -200,000 HCP touchpoints via omnichannel initiatives. Scientific engagement was further enhanced through three publications in reputed medical journals and the presentation of four papers and posters at national and international conferences.

In its effort to drive greater awareness on pneumococcal vaccination, the team focused on high-risk groups, paediatricians, and paediatric postgraduate students through peer-level communication and seminars.

Additionally, it disseminated the updated "Indian Consensus Guideline on Adult Immunisation'' developed by the Association of Physicians of India in collaboration with 13 medical associations, using a mix of one-on- one interactions and hospital-level medical education. Evidence generation and peer-to-peer engagement also played a key role in improving access to pneumococcal vaccines for special populations, including patients with sickle cell disease and the elderly.

In Internal Medicine, the team conducted focused medical education programmes across therapy areas such as cardiology through C-CON, Primary Cardiac and Thrombosis Care Symposiums, and EKG sessions, engaging -2,000 HCPs. It partnered with the Association of Physicians of India to publish and launch the NOAC Handbook at APICON 2024, with nearly 1,500 copies distributed. Webinars conducted in collaboration with medical societies such as NAMS, VSI, and ISTH-RRCs focused on anticoagulation stewardship in venous thromboembolism (VTE), reaching -2,200 HCPs.

LEAP SPAF was a national-level webinar conducted in association with the Cardiological Society of India (CSI), focused on complex cases of stroke prevention in atrial fibrillation (SPAF) and cancer-associated thrombosis from an Indian clinical perspective. The initiative aimed to promote guideline-directed medical therapy among super-specialists. Through the effective use of digital channels, the programme successfully reached and educated over 2,200 HCPs.

The team also led evidence generation and insight- driven planning for migraine management, including a Patient Advisory Board to better understand unmet needs. An abstract on the socioeconomic burden of migraine was accepted at the European Headache Congress 2024. Educational initiatives were conducted at IANCON 2024, CREST Neuroconclave, DNACON, and across 20+ army hospitals, engaging neurologists and reaching millions through HCP-targeted media.

Further, the team successfully led indication expansion for combined hormonal pills in India for abnormal uterine bleeding, endometriosis, and primary dysmenorrhoea.

In the Hospital segment, efforts were focused on addressing antimicrobial resistance (AMR) through stewardship education and surveillance, especially in Tier 2 cities. The team engaged HCPs from 100 hospitals on optimising rapid diagnostic practices to ensure early, targeted therapy for multidrug-resistant gram-negative infections. These efforts led to >11,000 HCP touchpoints through diverse channels such as webinars, CMEs, and in-person discussions. Outcomes from investigator- sponsored research, including non-interventional studies, contributed to the real-world evidence base for targeted antibiotics. Through the ATLAS surveillance programme, the team continues to monitor national antibiotic resistance trends, sharing findings across medical forums and publications. Notably, the team received a Bronze Award at the Annual Medical Affairs Summit for its initiatives in antimicrobial stewardship.

Across all initiatives, the Medical Affairs team continues to serve as a strategic partner—bridging science and strategy, ensuring evidence-based decision-making, and maintaining the highest standards of scientific integrity and patient-centricity.

Pfizer Healthcare Experience Studio (PHEX)

The PHEX team focuses on strengthening the capabilities of the Company's Marketing and Sales teams through high-impact digital innovations, strategic thinking, and scientific storytelling. It has effectively bridged expectation gaps by designing tailored digital engagement strategies for the Company's brand teams.

The PHEX team has created an adaptive content framework that aligns with both HCPs and patient journeys. The framework is driving omnichannel alignment across touchpoints for consistent messaging and customer experience. Last year, the team played a pivotal role in raising "Pneumococcal Awareness" through an integrated marketing campaign and designing a connected healthcare ecosystem for expectant mothers, offering beyond-the-pill support to enhance awareness and preventive care.

The PHEX team has consistently empowered your Company's marketing efforts. In collaboration with business teams, PHEX is poised to shape new commercial dynamics, with a strong focus on upcoming brand launches planned for the year ahead.

Digital Initiatives

Your Company has increasingly adopted digital innovation to enhance agility, operational efficiency, and patient centricity— contributing meaningfully to overall business growth. Over the past year, Pfizer significantly enhanced its digital engagement with HCPs through various platforms, including omnichannel, website, virtual reality solutions, and connecting with experts. The Company has introduced multiple digital solutions to raise disease awareness amongst patients. It also upgraded its technology backbone by transitioning from the older SAP platform to the advanced S/4HANA system, enabling more efficient business operations and real-time analytics.

Your Company aspires to be a leader in the pharmaceutical industry in the adoption and advancement of Artificial Intelligence (AI). While Pfizer deploys AI globally in critical areas such as drug discovery and development, it has adopted generative AI tools in India in a secure manner, to improve employee productivity and operational efficiency.

The Company has consistently maintained robust and evolving cybersecurity controls globally to safeguard information against external threats.

In FY 2025, the People Experience team at your Company continued to work towards improving employee experience, to bolster both professional and organisational growth. The PX team undertook several initiatives under Colleague Engagement, Growth & Development and Compensation & Benefits. Pfizer will continue to nurture a purpose-driven workplace that attracts, nurtures and retains top talent.

Your Company fosters a collaborative environment by bringing together individuals with diverse perspectives and experiences, grounded in a strong merit-based culture. This approach is consistently implemented by identifying qualified candidates and evaluating them based on their skills, capabilities, and performance.

The objective is to ensure equal opportunities for all individuals to demonstrate their merit. Pfizer's leaders promote a culture of accountability and transparency, encouraging employees to openly share their views and concerns.

Your Company puts utmost emphasis on employee recognition to inspire a sense of belonging, motivation, drive engagement and productivity. The global rewards and recognition programme—"Bravo"—provides employees with a platform to acknowledge and celebrate peers who exemplify Pfizer's values and make a meaningful impact on the Company, colleagues, teams, or patients.

During the year under review, your Company introduced the Actionable Attitudes leadership mindset—Anchor in trust, Challenge convention, Embrace uncertainty. Engage with compassion, Progress over perfection, and Rise above. Complementing Pfizer's core values and behaviours, this framework defines the attitudes every employee is encouraged to embody to create a more dynamic, innovative, and compassionate workplace. Actionable Attitudes are embedded in internal talent movement decisions and have also been integrated into the Company's Talent Acquisition Framework to ensure the recruitment of individuals who align with and demonstrate this mindset in the way they deliver results and lead others.

By investing in career development, your Company reinforces its commitment to employee growth, recognises their potential, and equips them to navigate emerging challenges and capitalise on new opportunities.

Pfizer conducts "Structured Talent Review"—annual discussions with the leadership team—to take collective ownership of enterprise talent and strengthen the succession pipeline by emphasising the accelerated development of "Fast and Far" talent. Through tailor-made development plans and by proactively providing new, unconventional career paths, the Company's endeavour is to build more enterprise-1 eve I leadership talent.

Your Company continues to promote a culture where careers are seen as a series of enriching experiences, in line with its philosophy of non-linear career progression. In 2025, this approach was reflected in the activation of the career lattice, with over 270 talent moves—nearly double the number recorded in FY 2024.

The Company launched "Grow"—a managerial effectiveness programme—in FY 2025, for its first-line sales managers. Grow focuses on building leadership and managerial skills to enable these managers to become future leaders by building upon a few key skills - communication, business acumen, collaboration and leadership. Nearly 160 managers participated in this programme over a 10-month period, demonstrating a strong upward shift in competency score.

Your Company is also committed to nurturing new and young talent. In FY 2025, Pfizer onboarded 10 summer interns from leading pharmaceutical institutes, fostering collaboration with emerging talent and providing interns with valuable exposure to launch successful careers in the healthcare sector.

Your Company believes that the collective passion and strong customer and patient-centric mindset of its people are central to fulfilling its purpose— breakthroughs that change patients' lives. To support employees in living this purpose every day, your Company offers a robust and differentiated benefits proposition that helps attract, engage, and retain top talent. The Company also remains committed to promoting and supporting the overall wellness of its colleagues.

• Improved hospitalisation & life insurance policies

The Company provides a creche allowance to support new mothers in balancing work and childcare responsibilities. A new digital health partner, "Visit", now provides teleconsultations, diagnostics, dental, and vision services. Additionally, Pfizer also has an onsite health clinic, Employee Assistance Programme (EAP), and a mental health partner - Spring Health, for 24/7 crisis support and free therapy and coaching for mental wellbeing, a fitness partner Exos, and a healthcare partner KEPRO. Your Company has implemented work policies that support colleagues in working effectively from home and their local offices. This includes the "FlexlO" programme launched in 2024, offering colleagues in hybrid roles 10 workdays per year to work from a different location within the country.

For 2025, your Company enhanced its insurance coverage to include disability, advanced treatment methods, emerging medical technologies, HIV/AIDS care, and other medical conditions—making the policy more comprehensive and effective for its colleagues.

Your Company's commitment to pay equity for all colleagues is based in its values and intention to continue to build a highly motivated workforce. Your Company remains committed to equitable pay practices, with compensation determined by role, education, experience, performance, and location.

A key measure of the effectiveness of your Company's Benefits and Wellness initiatives is the continuous review and analysis of colleague benefit uptake. In 2024, 80 male colleagues availed paternity leave, and 40% of colleagues utilised caregiver leave in its first year of introduction. Additionally, 13 mothers benefited from the enhanced creche allowance. These figures reflect your Company's commitment to being a listening organisation— one that designs and implements benefits that truly support the needs of its workforce.

Pfizer is focused on creating a diverse and inclusive workplace, with a particular focus on gender diversity. Over the last few years, various measures implemented have led to significant improvements in the company's diversity metrics. Your Company has achieved a stronger gender balance in the Board of Directors and leadership team.

Your Company's women's resource group—"Abha"— made significant progress through the year. Established in 2023 as a community for the empowerment, recognition, and celebration of women, Abha strives to address critical issues on women's health, growth and development, and steer important conversations on DEI.

In 2024, Abha launched the "Pay-it-forward Mentoring Programme" on International Women's Day. The programme is designed to foster a synergistic relationship between the mentor and mentees, enabling colleagues'growth and building strong connections within the organisation. In its first edition, Abha was exclusively focused on mentoring as a growth enabler for a cohort of the Company's customer-facing women colleagues. They were mentored by senior leaders from the Sales and Marketing teams.

Talent Development and Growth Architecture

Your Company is committed to preparing colleagues for the future by continuously strengthening their medical expertise, business acumen, digital capabilities, and leadership skills. To support this, the Medical Career Architecture was introduced—a structured framework that maps the career journey of medical professionals within a corporate environment, from entry-level roles to leadership positions. It outlines a stepwise progression, clearly defining the skills, experiences, and cross-functional exposure required at each stage to ensure seamless career development. The Medical Affairs team comprises over 50 colleagues, and in 2024, 20% of eligible team members participated in a comprehensive Development Centre to prepare for next-level roles.

The Company's Growth Architecture Framework enables the front-line sales colleagues to navigate through varied career paths in Pfizer, strengthening the availability of talent for future leadership roles. It has enabled Pfizer to swiftly identify the right talent and support their development through continuous learning and guidance. In addition, it has been supplemented with a learning architecture to provide differential experiences to this high-potential talent pool through structured learning interventions and key projects.

Your Company maintains appropriate systems of internal control, including monitoring procedures, to ensure that all assets are safeguarded against loss from unauthorised use or disposal. Your Company policies, guidelines and procedures provide for adequate checks and balances, and are meant to ensure that all transactions are authorised, recorded and reported correctly. The Compliance Controls and Risk (CCR) Lead within the Risk Management and Compliance (RM&C) team is responsible for ensuring the effectiveness of internal controls through continuous monitoring.

CCR provides independent assurance to senior management, the Risk Management Committee, and the Audit Committee on the Company's risk management, control environment, and governance processes. The Internal Audit function is further supported by an independent Chartered Accountancy firm, which conducts audit reviews to strengthen oversight and accountability. The Internal Auditor reviews the effectiveness and efficiency of these systems and procedures to ensure that all assets are protected against loss and that the financial and operational information is accurate and complete in all respects.

The Audit Committee approves and reviews audit plans for the year based on internal risk assessment. Periodic audits are conducted on an ongoing basis and significant deviations are brought to the notice of the Audit Committee; following which, corrective action is recommended for implementation. All these measures facilitate timely detection of any irregularities, and early remedial steps.

The Risk Management and Compliance function operates through an integrated Enterprise Risk Management (ERM) framework, offering a comprehensive view of risks across all business areas. This approach focuses on identifying key strategic, business, and operational risks and implementing effective mitigation measures. Aligned with the Company's purpose—Breakthroughs that change patients' lives—the ERM framework keeps a "patients- first" lens at the core of its risk management strategy. The process involves evaluating risks based on their likelihood and impact, enabling the Company to prioritise critical risks and ensure focused attention from the management team.

CCR conducts periodic risk assessments to identify risks to the key objectives of the Company. During the risk assessment exercise, current as well as emerging risks which may impact Pfizer's objectives, are considered and assessed based on their likelihood and impact. These risks, along with mitigation action plans, are recorded in the risk register. This risk register includes commercial, operational, financial, regulatory, legal, business, and compliance risks. All the key risks along with mitigating plans are presented and discussed biannually with the Risk Management Committee and the Audit Committee.

Compliance and Ethics

Your Company remains steadfast in its commitment to building trust in science and sharing accurate, evidence-based information. This commitment is advanced through digital platforms and strategic collaborations with healthcare organisations and key stakeholders.

Your Company's purpose and values are the bedrock of ethical decision-making and groundbreaking innovations, prioritising integrity, safety, and quality through proactive, business-led risk management.

Your Company prides itself on a robust compliance framework that skilfully identifies and mitigates emerging risks through strategic risk-taking and accountable leadership. During FY 2025, the Compliance team launched a few innovative initiatives aimed at fostering a culture of ethics and integrity at the grassroots level. The team has instituted a proactive and holistic risk and compliance governance framework, harnessing cutting-edge digital technology for effective monitoring and early risk mitigation.

To instil a compliance-driven culture across all layers of the organisation, your Company initiated several impactful interventions:

• Effective Governance by Management: The Market Quality Risk Committee, consisting of the leadership team, periodically monitors and reviews transactions with a discerning eye, ensuring adherence to the highest standards of integrity.

• Culture-Shaping Initiatives: The compliance culture is deeply embedded in the Company's value system, with initiatives such as the "Compliance Champions Premiere League" (CCL), "Compliance Elevate", and compliance messaging during Plan of Action meetings and town halls. 70 colleagues from various functions across the country have been appointed as "Compliance Champions", acting as an extended arm of the Compliance team.

This measure ensures that Pfizer instils the spirit of compliance across stakeholders. The CCL framework has significantly contributed to your Company's compliance-driven culture.

• Policy Point: A centralised repository is maintained containing all local and global policies, facilitating easy access for colleagues, especially new joiners.

• Training and Communication Plan: Designed to ensure continuous reinforcement of a culture of ethics and integrity during the entire life cycle of an employee.

Pfizer's "My Anti-Corruption Policy and Procedures" ("MAPP") addresses local statutory requirements, while also incorporating best practices from other markets. The leadership's tone and ongoing training initiatives fortify your Company's commitment to compliance and ethical standards. Policies are continually updated to evolving environments and emerging risks.

Your Company's "Office of the Ombuds" serves as a confidential and impartial resource for colleagues to discuss work-related issues, questions, or concerns.

It offers valuable insights and perspectives to help colleagues develop effective strategies and resolve workplace challenges. The Office of the Ombuds is accessible to all colleagues, regardless of their title or role, ensuring that everyone has a trusted platform for support and guidance.

Legal

Your Company's Legal Division is dedicated to delivering pragmatic solutions that align with both legal requirements and commercial objectives. As a specialised function, it partners proactively with the business from the early stages of strategy and programme development to support compliant and innovative initiatives—reinforcing Pfizer's commitment to putting Patients First.

The Legal Division continues to lead on several fronts, particularly in supporting digital initiatives aimed at expanding reach to physicians and enhancing patient awareness through the use of technology. Its key areas of focus include:

• Compliance with Laws and Regulations: Ensuring adherence to applicable laws related to employment, contracts, intellectual property, privacy, and other regulatory domains.

• Legal Advice and Representation: Providing legal counsel across operational areas, drafting and negotiating contracts, representing the Company in legal proceedings, and proactively managing litigation to minimise operational risks.

• Risk Management: Identifying potential legal and operational risks and developing effective mitigation strategies.

• Intellectual Property (IP) Protection: Safeguarding the Company's IP rights by proactively addressing infringements and ensuring entitlement protection through litigation where necessary.

The Finance Division has served as a strong and effective business partner, providing strategic guidance and leadership while upholding the highest standards of internal controls and corporate governance. It has played a key role in driving performance, supporting the rollout of new go-to-market (GTM) strategies, facilitating change management, and leading several enterprisewide initiatives.

During the year under review, your Company's Finance team partnered strongly with each business units to develop and execute various key projects and provided strategic direction to the external business partnerships. The team played a key role in establishing the strategic partnership with Mylan Pharmaceuticals Private Limited in the Central Nervous System (CNS) therapy area. It also led the successful completion of the transaction involving the transfer of unexpired leasehold rights for the Thane land and building to Zoetis Pharmaceutical Research Private Limited.

The Finance Division also played a pivotal role in ensuring fiduciary integrity and upholding high standards of corporate governance. The Division oversees risk management and identifies potential financial and business risks and implement strategies to mitigate them. It contributed to the development of governance policies, strengthened investor relations, institutionalised effective internal controls, and consistently supported strong business performance and financial prudence.

Pfizer remains committed to maintaining a safe, healthy, and sustainable workplace through the implementation of robust Environment, Health and Safety (EHS) programmes. The Company continues to embed EHS principles across its operations, reinforcing employee well-being, operational excellence, and environmental responsibility.

EHS governance has been further enhanced with active leadership involvement, regular inspections, and structured employee engagement. These measures are aimed at cultivating a safety-first culture across all sites and field operations.

To reinforce safe practices among field-based colleagues, Pfizer continues to deploy its digital driver safety training platform. Quarterly training modules are rolled out to ensure the timely dissemination of relevant knowledge, while weekly communications serve to maintain consistent focus. Additionally, all new field colleagues undergo defensive driving training prior to deployment.

Recognising climate change as a pressing global challenge, Pfizer has undertaken targeted initiatives to reduce its environmental footprint. Efforts are directed at minimising emissions from key sources such as food waste, single-use plastics, general waste (including paper, wood, and metal), e-waste, and excess energy and water consumption. These initiatives form part of the Company's broader commitment to sustainability and environmental stewardship.

The Corporate Affairs Division reinforces Pfizer's vision of delivering Breakthroughs that change patients' lives by creating an enabling environment that supports ease of doing business. This is achieved through active engagement in government relations, public policy, external communications, patient advocacy, and corporate social responsibility. In FY 2025, the Division led multiple initiatives in policy advocacy, stakeholder engagement, and large-scale partnerships—focused on enhancing corporate and therapy-area reputation, as well as driving impactful community and colleague engagement programmes.

Your Company has actively engaged with the Central Government and key states, maintaining ongoing dialogue with government stakeholders both directly and through industry associations such as FICCI (Federation of Indian Chambers of Commerce and Industry), USISPF (US-India Strategic Partnership Forum), OPPI (Organisation of Pharmaceutical Producers of India), and USIBC (US-India Business Council). These engagements have focused on matters of policy and regulation critical to the business.

Your Company actively enhanced its reputation through various initiatives with the Government in specific therapy areas and by implementing CSR programmes aligned with key national policies such as Startup India.

Some of the key issues your Company advocated for were - favou rable taxation concessions, policy amendment pertaining to drug lag, strengthening of the Intellectual Property Rights regime to incentivise innovation and reduce delays and other such matters that arose during the year. Specific representations and recommendations on policy-level issues such as existing challenges, with reference to global best practices, import and trade of patented medicines in India, price control mechanisms on drugs, strengthening of the IPR ecosystem, inclusion of innovative therapies under Government programmes and others, were also submitted to the Government.

Guided by its Purpose—Breakthroughs that Change Patients' Lives—Pfizer continues to deliver high-impact CSR initiatives aimed at improving health outcomes across India. The Company's flagship programmes focus on nurturing healthcare innovation, enhancing access to care, supporting government health priorities, and responding to humanitarian needs.

In FY 2025, CSR projects advanced across the following strategic areas:

• Promoting Indian innovation and intellectual property in healthcare

• Undertaking awareness and access initiatives in partnership with NGOs, government agencies, and healthcare providers

• Supporting national and state government health priorities

Addressing Antimicrobial Resistance (AMR)

In collaboration with Americares India Foundation (AIF), Pfizer continued to strengthen its national response to AMR:

• Project Parivartan focused on institutional strengthening across 11 small and mid-sized hospitals. The first phase recorded a 37% increase in hand hygiene adherence, a 42% reduction in hospital-acquired infections, and a 14% reduction in multidrug-resistant organisms. The project also reported a 31% improvement in antibiotic adherence and progress in surgical prophylaxis, de-escalation, and IV-to-oral antibiotic conversions.

• In 2024, the project entered its second phase in Goa in partnership with the state government, Goa Medical College, and the Directorate of Health Services. This four-year phase aims to strengthen infection control and antimicrobial stewardship across 41 public healthcare facilities.

• The OPEN-AMR online learning platform, developed with the Trained Nurses Association of India (TNAI), offers WHO- aligned IPC and AMS training in nine Indian languages. The programme continues to receive strong engagement from nursing professionals nationwide.

Collaboration with ICMR on AMR Awareness

Pfizer's ongoing collaboration with the Indian Council of Medical Research (ICMR) supports national AMR stewardship by enhancing awareness and strengthening the response to antimicrobial resistance.

Health Infrastructure in Goa

In Borim, North Goa, Pfizer and AIF upgraded three government primary schools and four Anganwadi Centres, benefiting 509 children. The project focused on improving WASH (Water, Sanitation, and Hygiene) infrastructure, enhancing classrooms and kitchens, and promoting hygiene education.

Pfizer-Tata Cancer Care Foundation Project

In partnership with Tata Cancer Care Foundation (TCCF), the project aims to improve early detection and reduce cancer-related morbidity and mortality through:

• Health and wellness kiosks in eight cities offering counselling, lifestyle disorder prevention, and cancer screening services.

• Community outreach in eight locations to increase screening coverage and establish referral pathways.

• Capacity building of frontline health workers including ASFIAs, ANMs, and CHOs. In FY 2025, the initiative directly impacted 2,77,318 beneficiaries through screening, awareness, training, and ongoing care.

Project Aastha: Support for Cancer Patients

Implemented by Doctors For You (DFY), Project

Aastha provides critical support throughout the cancer care journey:

• As of March 2025, the programme has supported over 6.75 lakh beneficiaries.

• Services include helpline support (operational from 8 a.m. to 8 p.m.), guidance on financial aid, accommodation, subsidised food and travel, and emotional counselling.

• Awareness sessions are conducted across hospitals on health observance days such as World Cancer Day, Global Flandwashing Day, and Yoga Day.

• Additional initiatives include gap funding under "Bridge the Gap", and the donation of wigs and breast prostheses to female cancer patients.

• Aastha Help Desks are operational across 15 government hospitals in 11 states and 2 Union Territories.

Pfizer INDovation: Driving Healthcare Innovation Pfizer INDovation, a flagship initiative in partnership with NITIAayog, Department of Pharmaceuticals, NIPER Ahmedabad, FITTIIT Delhi, and Social Alpha, supports health-tech startups across diagnostics, devices, oncology, and digital health:

• The first cohort concluded with five startups receiving Rs.65 Lakh each for clinical validation, regulatory approval, and pilot deployment.

The cohort secured follow-on funding and was showcased at global forums including the World Health Assembly in Geneva.

• A dedicated NIPER-A edition supported six early-stage startups with Rs.25 Lakh each. These ventures focused on critical areas such as HPV testing, breast health, diarrhoea differentiation, chronic kidney disease, peripheral artery disease, and gastrointestinal cancer diagnostics. All six were pre-approved under the DoP's PRIP and Meditech initiatives.

• In 2025, the second cohort will support 14 startups across development and deployment tracks with grants of up to Rs.60 Lakh each. The deployment pathway will facilitate pilot implementation at Ayushman Arogya Mandirs to demonstrate clinical efficacy.

Shortfall in CSR Spend

The CSR funds were earmarked for six key projects- (i) Tata Trusts Cancer Care Project (ii) Project Aastha - Cancer Care Patient helpdesks through Doctors for You, (iii) Project Parivartan and OPEN- AMR Online Learning Platform with Americares, (iv) Goa Community Development Project (v) Pfizer INDovation project and (vi)Tata Marathon 2025.

Given the scale and ongoing nature of CSR programs, the Company could not utilize the funds earmarked for - (i) Project Aastha-Cancer Care Patient helpdesks through Doctors for You (ii) Project Parivartan and Online Learning Platform with Americares (iii) Pfizer INDovation project for the financial year under review. These CSR projects are long term in nature and continuing projects which would require the Company to release the funds in a phased manner.

As per the provisions of the Companies Act, the unspent CSR amount of Rs.6.97 Crores has been transferred to Pfizer Limited-Corporate Social Responsibility Unspent Account FY 2024-25 and would be subsequently spent on Company's ongoing CSR projects within a period of three years.

A brief outline of the initiatives undertaken during the year and details of CSR projects undertaken by the Company during the financial year under review are provided in the Corporate Social Responsibility Report which forms part of this Report and annexed herewith as "Annexure - A ".

(Significant Transactions

The Company on November 1, 2023 entered into an agreement to transfer and assign its unexpired leasehold rights in the land located at Thane, along with the sale of the structures and buildings situated thereon, to Zoetis Pharmaceutical Research Private Limited. The transaction was agreed upon for a lump sum consideration of Rs.264.40 crore, subject to requisite approvals from the relevant regulatory authorities. Pursuant to the approval received from Maharashtra Industrial Development Corporation in this regard, the Company entered into a Deed of Assignment and Sale dated March 29, 2025 with Zoetis Pharmaceutical Research Private Limited and completed the transaction, effective the said date

(Whistle Blower / Vigil Mechanism

Your Company is dedicated to fostering a culture in which all Directors, Employees and Stakeholders can ask questions, raise concerns, and report potential misconduct without the fear of retaliation. Your Company has established a Whistle Blower / Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Company's code of conduct or ethics policy.

The said policy provides for adequate safeguards against victimization and direct access to the level supervisors. The e-mail ID for reporting genuine concerns is: corporate.compliance(5>pfizer.com. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at Chairman.IndiaAuditcom(5>pfizer.com

No person has been denied access to the Audit Committee Chairman. A quarterly report on the Whistle Blower complaints received and action taken thereon is placed before the Audit Committee for its review.

The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("the Act") seeks to protect women colleagues against sexual harassment at workplace. Your Company has specially designed training modules to help all colleagues and contingent associates understand what constitutes sexual harassment at workplace, how to address it and Pfizer's role in preventing it. Your Company has constituted an Internal Complaints Committee under the purview of the Act and has ensured adherence to the Act.

The details of complaints filed and disposed of during the Financial Year under review are as under:

Your Company also remains committed to promoting and supporting the overall wellness of its colleagues by offering robust and differentiated benefits. During the year under review your Company has duly complied with the applicable provisions of the Maternity Benefit Act, 1961.

The Board currently comprises of a total of 7 Directors, including 3 Independent Directors, 1 Non-Executive Non-Independent Director and 3 Executive Directors.

Mr. Pradip Shah, Non-Executive Non Independent Director, is the Chairman of the Board, Ms. Meena Ganesh, Mr. Lakshmanan Krishnakumar and Ms. Sonia Singh are the Independent Directors and Ms. Meenakshi Nevatia, Mr. Amit Agarwal and Mr. P Rengan are the Executive Directors on the Board.

The Board of Directors of the Company at their Meeting held on July 29, 2024, pursuant to the recommendation of Nomination and Remuneration Committee, appointed Mr. Lakshmanan Krishnakumar (DIN: 00423616) and Ms. Sonia Singh (DIN: 07108778) as Independent Directors of the Company for a term of 5 years with effect from July 29, 2024. The said appointments were approved by the shareholders at the 73^rd Annual General Meeting of the Company, held on August 28, 2024.

Mr. Pradip Shah completed his second term as an Independent Director on November 9, 2024. The Board of Directors of the Company at their Meeting held on July 29, 2024, pursuant to recommendation of Nomination and Remuneration Committee appointed Mr. Shah as a Non-Executive Non Independent Director, liable to retire by rotation. The said appointment was approved by the shareholders at the 73^rd Annual General Meeting of the Company, held on August 28, 2024.

Mr. Uday Khanna and Mr. Sunil Lalbhai ceased to be the Directors of the Company upon completion of their second term as Independent Directors with effect from the end of the day on November 9, 2024 and February 13, 2025, respectively. Your Directors wish to place on record their appreciation of the contributions made by Mr. Khanna and Mr. Lalbhai during their tenure as Independent Directors of the Company.

In accordance with the provisions of the Companies Act, 2013, Mr. Amit Agarwal, (DIN: 10465938) retires by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment.

All Independent Directors have given the declaration that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board is of the opinion that the Independent Directors of the Company have fulfilled the conditions as specified in SEBI Listing Regulations, and are Independent of the management and possess requisite qualifications, experience, proficiency and expertise.

During the year under review, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees and commission.

Ms. Meenakshi Nevatia, Managing Director, Mr. Amit Agarwal, Executive Director - Finance 8i Chief Financial Officer, Mr. P. Rengan, Executive Director - Plant Operations and Mr. Prajeet Nair, Director - Corporate Services & Company Secretary are the Key Managerial Personnel of the Company.

Your Company has devised a Performance Evaluation Framework which sets a mechanism for the evaluation of the Board as a whole. Chairman of the Board,

Board level Committees and Individual Directors. The Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework. The performance evaluation of each individual Director, Chairman of the Board, the Board as a whole and its Committees was carried out through a rating mechanism and deliberations.

The said performance evaluation was conducted based on the parameters stated in the templates designed under the aforesaid framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India.

During the year under review, one Meeting of the Independent Directors was held on May 17, 2024, without the presence of the Executive Directors.

At the said Meeting, the Independent Directors carried out a performance evaluation of Non-Independent Directors, the Board as a whole, the performance of the Chairman of the Company and its Committees, and the quality, content and timeliness of the flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Company's business to enable them to contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarise the Independent Directors with the strategic operations and functions of the Company. Your Company also circulates news and articles related to the industry and provides specific regulatory updates to the Independent Directors on a regular basis.

The details of the Familiarization Programs carried out during the year are available on Company's website; https://www.pfizerltd.co.in/files/Familiarization-Program-for-Independent-Directors-FY-2024-25.pdf

The Board has on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration Policy is available on the website of the Company: https://www.pfizerltd.co.in/files/Pfizer-Limited- Nomination-&-Rem uneration-Policy.pdf

The details of the meetings of the Board and its Committees are provided in the Corporate Governance Report which forms part of this Report and annexed herewith as "Annexure - F".

Based on the framework of Internal Financial Controls and compliance systems established and maintained by the Company, audits conducted by the Internal Auditor, Statutory Auditor, including the audit of Internal Financial Controls, Cost Auditor and Secretarial Auditor, reviews performed by the management, the Board and its Committees, the Board is of the opinion that the Company's internal financial controls were adequate and operating effectively during the financial year under review.

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013, for the financial year ended March 31, 2025:

1. That in the preparation of the annual financial statements for the year ended March 31, 2025 the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

2. That such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently, and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2025 and of the profit of the Company for the year ended on that date;

3. That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. That the annual financial statements have been prepared on a going concern basis;

5. That proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

6. That systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

The details pertaining to the composition of the Audit Committee are included in the Corporate Governance Report, which forms part of this Report and annexed herewith as "Annexure - F".

Risk Management Policy

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report and annexed herewith as "Annexure - F".

i Related Party Transactions

All Related Party Transactions that were entered during the financial year were on an arm's length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interests of the Company at large.

The Company had entered in materially significant related party transactions with Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same is within the limit duly approved by the members at the 65^th Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

All related party transactions are reviewed and certified by an Independent third party expert firm to establish compliance with the applicable regulations, policy and limits.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Company's website: www.pfizerltd.co.in/files/ revisedrelatedpartytransactionpolicypfizerwebsite.pdf

None of the Directors have any material pecuniary relationships or transactions vis-a-vis the Company. Pursuant to Section 134 of the Companies Act, 2013 and Rules made thereunder, particulars of transactions with related parties as required under Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC- 2, forms part of this Report and annexed herewith as "Annexure - B".

The Company has not granted any loans, guarantees, or investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31, 2025.

During the financial year under review, the Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet.

Transfer to Reserves

The Company has not transferred any amount to the general reserves during the year under review.

There have been no material changes and commitments affecting the financial position of the Company between the end of the Financial Year and date of this report.

Disclosures of Orders passed by Regulators or Courts or Tribunal No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company's operations in future.

The Auditors, M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W- 100022), were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of the 71^st Annual General Meeting till the conclusion of the 76^th Annual General Meeting.

Accordingly, M/s. B S R & Co. LLP will continue to hold office till the conclusion of the 76^th Annual General Meeting of the Company. M/s. B S R & Co. LLP have confirmed their eligibility and that they are not disqualified to hold the office of Statutory Auditor.

The Auditor's Report for the financial year ended March 31, 2025, does not contain any qualification, reservation or adverse remark in respect of the financial statements for the year ended March 31, 2025. As regards the Auditors comments under para 2 B(f) of their Audit Report, the Company is in the process of exploring options to conform to the requirements.

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the Board of Directors has, on the recommendation of the Audit Committee, appointed M/s. Kishore Bhatia 8< Associates, to audit the cost accounts of the Company for the financial year 2025-26.

As required under the Companies Act, 2013, a resolution seeking Members' ratification for the remuneration of Rs.11,00,000/- (Rupees Eleven Lakhs only) payable to M/s. Kishore Bhatia 8< Associates, Cost Auditors is included at Item No. 4 of the Notice convening the Annual General Meeting.

M/s. Kishore Bhatia & Associates, have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Company's records for the financial year ending March 31, 2025.

Your Company is required to maintain the cost records as specified by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2024.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Parikh & Associates, to undertake the Secretarial Audit of the Company for the financial year ended March 31, 2025. The Secretarial Audit Report forms part of this Report and is annexed herewith as "Annexure - E". The Secretarial Audit Report for the financial year ended March 31, 2025, does not contain any qualification, reservation or adverse remark.

Pursuant to the provisions of the Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the Securities and Exchange Rnard nf Tnrlia II kfinn Ohlinatinns and Disclosure

Requirements) Regulations, 2015, the Board of Directors has, on the recommendation of the Audit Committee, appointed M/s. Parikh & Associates (Firm Registration No. P1988MH009800), as the Secretarial Auditors of the Company for a period of five consecutive years commencing from financial year 2025-26 till financial year 2029-30, subject to the approval of shareholders at the ensuing Annual General Meeting.

M/s. Parikh & Associates have confirmed their eligibility to be Secretarial Auditors of the Company. A Resolution seeking Member's approval for appointment of M/s. Parikh & Associates as Secretarial Auditors for a period of 5 consecutive years is included at Item No. 5 of the Notice convening the Annual General Meeting.

; Annual Secretarial Compliance Report

The Company has undertaken an audit for the financial year 2024-25 for all applicable compliances as per SEBI Regulations and Circulars/ Guidelines issued thereunder. The Annual Secretarial Compliance Report has been submitted to the stock exchanges within 60 days from the end of the financial year under review. The Annual Secretarial Compliance Report is available on the Company's website at https://www.pfizerltd.co.in/ files/Pfizer-Limited-ASCR-FY-2025.pdf

; Compliance With Secretarial Standards

Your Directors confirm that the Secretarial Standards issued by the Institute of Companies Secretaries of India, as applicable to the Company and which are mandatory in nature, have been duly complied with.

(Annual Return Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 and rules made thereunder, the Annual Return of the Company as on March 31, 2025 in Form MGT-7 is available on the Company's website at https://www.pfizerltd.co.in

(Corporate Governance and Business Responsibility & Sustainability Reporting

A Report on Corporate Governance along with a Certificate from B S R & Co. LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as "Annexure - F".

As required under Regulation 34 of the Listing Regulations, the Business Responsibility and Sustainability Report for the year ended March 31, 2025, forms part of this Report and annexed herewith as "Annexure - G".

(General Information

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m)of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, forms part of this Report and is annexed herewith as "Annexure - C".

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, ("the Act") read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report and is annexed herewith as "Annexure - E".

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as perthe provision of Sections 134and 136of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employee particulars which is available for inspection by the Members through electronic mode up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary.

The Company does not have any subsidiary, associate, or joint venture company.

The Company has not made any one-time settlement with the banks or financial institutions.

The Company has not filed any applications and has no pending proceedings under the Insolvency and Bankruptcy Code, 2016, during the year under review.

( Cautionary Note

Certain statements in respect to Management Discussion and Analysis may be forward looking and are stated as required by the applicable laws and regulations. The future performance of the Company may be affected by many factors, which could be different from what the Directors envisage in terms of future performance and outlook.

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Company's suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc., USA.

Chairman

DIN: 00066242

Mumbai, May 19, 2025