Pfizer Announces Proposed Notes Offering

NEW YORK - Pfizer Inc. (NYSE: PFE) ('Pfizer') today announced that its wholly owned subsidiary, Pfizer Investment Enterprises Pte. Ltd. (the 'Issuer'), has commenced a multi-series offering of senior unsecured notes (the 'Notes').

The maturity dates of the Notes are expected to range from two to 40 years. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Pfizer. Pfizer intends to use the net proceeds of the offering as part of the financing for Pfizer's proposed acquisition of Seagen Inc. (the 'Merger'). The Notes, other than any issuance of 40-year notes, are expected to be subject to a special mandatory redemption under certain circumstances if the Merger is terminated or does not close by an agreed upon date.

BofA Securities, Citigroup, Goldman Sachs and J.P. Morgan are acting as joint lead managers and joint book-running managers for the offering.

This offering is being made pursuant to an effective shelf registration statement and prospectus and a related preliminary prospectus supplement filed by the Issuer and Pfizer with the Securities and Exchange Commission (the 'SEC'). Before investing, potential investors should read the prospectus and the related preliminary prospectus supplement, the shelf registration statement and other documents that Pfizer has filed with the SEC for more complete information about Pfizer and this offering.

Copies of the prospectus supplement and related prospectus for this offering can be obtained from BofA Securities toll-free at [phone], from Citigroup toll-free at [phone], from Goldman Sachs toll-free at [phone] and from J.P. Morgan at [phone].

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, including the Notes. There shall not be any sale of the securities described herein in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Pfizer: Breakthroughs That Change Patients' Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world.

Forward-Looking Statements

This press release may include forward-looking statements made within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve substantial risks and uncertainties and potentially inaccurate assumptions. We have tried, wherever possible, to identify such statements by using words such as 'will,' 'may,' 'could,' 'likely,' 'ongoing,' 'anticipate,' 'estimate,' 'expect,' 'project,' 'intend,' 'plan,' 'believe,' 'assume,' 'target,' 'forecast,' 'guidance,' 'goal,' 'objective,' 'aim,' 'seek,' 'potential,' 'hope' and other words and terms of similar meaning or by using future dates in connection with any discussion of, among other things, the intended use of proceeds of the offering, our anticipated operating and financial performance, reorganizations, business plans, strategy and prospects; expectations for our product pipeline, in-line products and product candidates, including anticipated regulatory submissions, data read-outs, study starts, approvals, launches, clinical trial results and other developing data that become available, revenue contribution and projections, potential pricing and reimbursement, potential market dynamics and size, growth, performance, timing of exclusivity and potential benefits; strategic reviews, capital allocation objectives, dividends and share repurchases; plans for and prospects of our acquisitions, dispositions and other business development activities, and our ability to successfully capitalize on growth opportunities and prospects; sales, expenses, interest rates, foreign exchange rates and the outcome of contingencies, such as legal proceedings; expectations for impact of or changes to existing or new government regulations or laws; our ability to anticipate and respond to macroeconomic, geopolitical, health and industry trends, pandemics, acts of war and other large-scale crises and manufacturing and product supply.

In particular, forward-looking information in this press release includes statements relating to the expected terms of the Notes offering and the use of proceeds to finance a portion of the Merger consideration.

A list and description of risks, uncertainties and other matters can be found in Pfizer's Annual Report on Form 10-K for the year ended December 31, 2022 and in its Quarterly Report on Form 10-Q for the quarterly period ended April 2, 2023, in each case, including in the sections thereof captioned 'Forward-Looking Information and Factors That May Affect Future Results' and 'Risk Factors,' in our Current Reports on Form 8-K and in the prospectus supplement and accompanying prospectus for the offering, in each case including in the section thereof captioned 'Risk Factors.' You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

We cannot guarantee that any forward-looking statement will be realized. Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements, and you are cautioned not to put undue reliance on forward-looking statements.

We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or by the rules and regulations of the SEC. You are advised, however, to consult any further disclosures we make on related subjects in our Form 10-K, 10-Q and 8-K reports and our other filings with the SEC.

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