Pfizer 2011 Annual Review | Pfizer: the world's largest research-based pharmaceutical company

¹ Please refer to Pfizer’s 2011 Annual Report on Form 10-K for a description of the substantial risks and uncertainties related to the forward-looking statements included in this Annual Review.

² At exchange rates that reflected a blend of the actual exchange rates in effect during the first nine months of 2011 and mid-October 2011 exchange rates for the remainder of 2011. Our 2011 guidance did not assume the completion of any business-development transactions not completed as of October 2, 2011, including any one-time upfront payments associated with such transactions. It also excluded the potential effects of the resolution of litigation-related matters not substantially resolved as of October 2, 2011.

³ Included revenues and expenses related to the Capsugel business as a discontinued operation through July 31, 2011. The gain on the sale of Capsugel was reflected in Reported Diluted EPS⁶ guidance and actual results, but was not reflected in Adjusted Diluted EPS⁵.

⁴ Our 2012 financial guidance did not assume the completion of any business-development transactions not completed as of December 31, 2011, including any one-time upfront payments associated with such transactions. Also, our 2012 financial guidance excluded the potential effects of the resolution of litigation-related matters not substantially resolved as of December 31, 2011. The current exchange rates assumed in connection with the 2012 financial guidance were the mid-January 2012 exchange rates.

⁵ "Adjusted Income" and its components and "Adjusted Diluted Earnings Per Share (EPS)" are defined as Reported Net Income⁶ and its components and Reported Diluted EPS⁶ excluding purchase accounting adjustments, acquisition-related costs, discontinued operations and certain significant items. Adjusted Cost of Sales, Adjusted Selling, Informational and Administrative (SI&A) expenses, Adjusted Research and Development (R&D) expenses and Adjusted Other (Income)/Deductions are income statement line items prepared on the same basis, and, therefore, components of the overall adjusted income measure. As described in our Annual Report on Form 10-K for the year ended December 31, 2011, we use Adjusted Income, among other factors, to set performance goals and to measure the performance of the overall company. A reconciliation of 2011 Adjusted Income and its components and Adjusted Diluted EPS to 2011 Reported Net Income⁶ and its components and Reported Diluted EPS⁶, as well as reconciliations of full-year 2012 guidance for Adjusted Income and Adjusted Diluted EPS to full-year 2012 guidance for Reported Net Income⁶ and Reported Diluted EPS⁶, are provided in our Form 8-K filed on January 31, 2012. Additional information regarding our 2011 financial performance can be found in our Annual Report on Form 10-K for the year ended December 31, 2011. The Adjusted Income and its components and Adjusted Diluted EPS measures are not, and should not be viewed as, substitutes for U.S. generally accepted accounting principles (GAAP) net income and its components and diluted EPS.

⁶ "Reported Net Income" is defined as net income attributable to Pfizer Inc. in accordance with U.S. GAAP. "Reported Diluted EPS" is defined as reported diluted EPS attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP.