66351912 2024-12-01 2025-11-30 66351912 2024-12-01 2025-11-30 1 66351912 2024-12-01 2025-11-30 1 66351912 2024-12-01 2025-11-30 2 66351912 2024-12-01 2025-11-30 3 66351912 2024-12-01 2025-11-30 1 66351912 2023-12-01 2024-11-30 66351912 2022-12-01 2023-11-30 66351912 2021-12-01 2022-11-30 66351912 2020-12-01 2021-11-30 66351912 2025-11-30 66351912 2024-11-30 66351912 2023-11-30 66351912 2022-11-30 66351912 2021-11-30 66351912 2020-12-01 2021-11-30 101 66351912 2021-12-01 2022-11-30 101 66351912 2022-12-01 2023-11-30 101 66351912 2023-12-01 2024-11-30 101 66351912 2024-12-01 2025-11-30 101 66351912 2024-11-30 fsa:ContributedCapitalMember 66351912 2024-11-30 fsa:SharePremiumMember 66351912 2024-11-30 fsa:RetainedEarningsMember 66351912 2024-11-30 fsa:ProposedDividendRecognisedInEquityMember 66351912 2024-12-01 2025-11-30 fsa:ContributedCapitalMember 66351912 2024-12-01 2025-11-30 fsa:SharePremiumMember 66351912 2024-12-01 2025-11-30 fsa:RetainedEarningsMember 66351912 2024-12-01 2025-11-30 fsa:ProposedDividendRecognisedInEquityMember 66351912 2025-11-30 fsa:ContributedCapitalMember 66351912 2025-11-30 fsa:SharePremiumMember 66351912 2025-11-30 fsa:RetainedEarningsMember 66351912 2025-11-30 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Pfizer ApS Nicholas William Boe Stenderup Statement by the Board of Directors and the Executive Board The Board of Directors and the Executive Board have today discussed and approved the annual report of Pfizer ApS for the financial year 1 December 2024 – 30 November 2025.The annual report has been prepared in accordance with the Danish Financial Statements Act. It is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 November 2025 and of the results of the Company's operations for the financial year 1 December 2024 – 30 November 2025.In our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters and the results of the Company's financial position.We recommend that the annual report be approved at the annual general meeting. Ballerup Kjetil Hagen Anne Bloch Thomsen Kjetil Hagen Hans Henrik Buur Chairman Independent auditor’s report To the shareholders of Pfizer ApS Opinion We have audited the financial statements of Pfizer ApS for the financial year 1 December 2024 – 30 November 2025 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 November 2025 and of the results of the Company's operations for the financial year 1 December 2024 – 30 November 2025 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control, that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management's review Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen 25578198 Sara Carstensen State Authorised Public Accountant mne34191 +45 44 20 11 00 +45 44 20 11 01 www.pfizer.dk 66351912 Lautrupvang 8 2750 Ballerup Denmark KPMGStatsautoriseret Revisionspartnerselskab Dampfærgevej 28 DK 2100 Copenhagen 683240000 847478000 964993000 2299853000 1580587000 17284000 18676000 49566000 119498000 139675000 2851000 1659000 7807000 -309000 -1488000 13956000 13103000 43535000 92036000 106063000 3552000 307000 259000 319000 379000 394426000 637571000 636902000 1330355000 783324000 397978000 637878000 637161000 1330674000 783703000 315053000 368095000 344615000 395080000 483044000 19505000 4606000 40085000 5551000 3423000 63420000 265177000 252461000 930042000 297236000 0.025 0.022 0.051 0.052 0.088 0.05 0.051 0.122 0.303 0.341 Current ratio Current ratio Current ratio Current ratio Current ratio 6.219 2.404 2.523 1.43 2.635 0.792 0.577 0.541 0.297 0.616 0.041 0.034 0.118 0.21 0.27 85 105 116 119 119 The financial ratios stated in the survey of financial highlights have been calculated as follows:Operating profit X 100Operating profit ratioRevenueOperating profit X 100Return on invested capitalAverage invested capitalCurrent assets X 100Current ratioShort-term liabilities other than provisionsEquity at year end X 100Equity ratioTotal equity and liabilities at year endProfit for the year X 100Return on average equityAverage equity Management's reviewBusiness RestructuringIn the summer of 2025, Pfizer revealed its "EU Cluster Transformation" initiative in response to an anticipated period of flat revenue growth from 2025 to 2028. The company aims to counteract the effects of Loss of Exclusivity (LOEs) by focusing on strong launches and growth, especially within the areas of Vaccines and Oncology, together with Business Development activities and sound cost management, ensuring financial goals are met.As a result of this transformation, Pfizer Denmark announced in October 2025 the departure of Lars Møller by the end of the month, with Kjetil Hagen stepping in as his replacement. In November 2025, twelve more employees from Commercial/Medical Affairs, along with two each from Regulatory Affairs and Drug Safety, received notice as part of the same organizational restructuring.Operating ReviewRevenue decreased to DKK 683.2 million from DKK 847.5 million in the prior year. The main driver of the expected revenue decline in 2025 was Comirnaty (DKK -273 million vs. 2024), as the Advance Purchase Agreements between the European Commission and Pfizer/BioNTech for COVID-19 vaccine doses was close to expiry and demand slowed. This significant drop was partly offset by new product launches, such as Abrysvo, continued growth in the number of Vyndaqel patients, and realized inflammation tender opportunities for Enbrel.Operating profit amounted to DKK 17.3 million, compared with DKK 18.7 million last year. Profit for the year amounted to DKK 14 million, which is considered satisfactory.Financial positionThe Company's share capital and reserves amounted to DKK 315 million at year end 2024/25, which is 79.2% of the balance sheet total.OutlookIn 2026 the Company anticipates a further decrease in total revenue, primarily reflecting continued competitive pressure since Eliquis will face substitution from generic drugs of Xarelto and Fragmin due to ongoing changes in treatment guidelines favoring NOACs and continued increased competition from biosimilars for biological medicines. The expected development is subject to uncertainty related to market conditions and competitive dynamics. The impact on operating profit is expected to broadly follow the revenue trend, reflecting changes in product mix. Our focus on new launches (Abrysvo, Vydura, Lorbrena and Hympavzi) and won tenders on Enbrel will partially offset the anticipated decline, combined with ongoing efforts to optimize resources.The Company operates in an intensely competitive and highly regulated market. Many of our products face competition in the form of branded or generic drugs or biosimilars that treat similar diseases or indications. The principal forms of competition include efficacy, safety, ease of use and cost. We compete with other companies that manufacture and sell products that treat or prevent diseases or indications similar to those treated or prevented by our major products. These competitors include other worldwide research-based biopharmaceutical companies, smaller research companies with more limited therapeutic focus and generic drug and biosimilar manufacturers. In addition, several of our competitors operate without large R&D expenses and may challenge our product patents before their expiration.To help address competitive trends we continually emphasize innovation, which is underscored by our investment in R&D, as well as our business development transactions, both designed to result in a strong and differentiated product pipeline. We also focus on educating patients, physicians, payors and health authorities on the benefits and risks of our medicines and vaccines and on enhancing the effectiveness of our biopharmaceutical functions.Finally, the factors that may affect future results have been identified as risks and challenges related to: 1) our business, industry and operations; 2) government regulation and legal proceedings and 3) intellectual property, technology and security.Revenue is expected to reach DKK 610 million, with operating profit projected at DKK 18 million.Events after the balance sheet dateNo events have occurred after the balance sheet date significantly affecting the Company's financial position in 2024/25. ActivitiesPfizer and its worldwide affiliates are a research-based, global biopharmaceutical company. Pfizer works across developed and emerging markets to advance wellness, prevention, treatments, and cures that challenge the most feared diseases of our time. In the context of its global operations, Pfizer applies science and global resources to bring therapies to people that extend and significantly improve their lives through the discovery, development, manufacture, marketing, sales, and distribution of biopharmaceutical products to fulfill Pfizer’s purpose: Breakthroughs that change patients’ lives.Pfizer ApS is a fully owned subsidiary of Pfizer Inc. and performs sales and marketing functions and purchases finished products from supply point companies for resale to third parties. Pfizer ApS operates as non-exclusive distributor in Denmark, selling to local wholesalers, pharmacies, and government facilities, as well as to a third-party distributor in Iceland. As a local market company, it utilizes technical materials prepared centrally by the R&D and Commercial organizations to present scientific data and information to explain the approved uses, benefits, and risks of Pfizer’s products.Research and development activitiesResearch and development activities within the Biopharma division of Pfizer ApS comprise clinical trials, regulatory affairs, drug safety and medical affairs. The Pharmaceutical division of Pfizer ApS only performs research and development on behalf of other group enterprises. Pfizer ApS does not acquire ownership to intellectual rights. Statement on social responsibility §99 aBusiness modelPfizer is a research-based, global biopharmaceutical company focused on advancing our Purpose “breakthroughs that change patients’ lives”. Pfizer works across developed and emerging markets to advance wellness, prevention, treatments, and cures that challenge the most feared diseases of our time. We innovate every day to make the world a healthier place. Our purpose is our 'Why'. It inspires every action we take and reflects our commitment to putting patients at the center of it all. Pfizer’s Values—Courage, Excellence, Equity, and Joy—guide not only what we do, but how we do business every day. They shape our decisions across the enterprise, from how we pursue scientific innovation and manage risk, to how we engage with patients, partners, suppliers, and communities around the world. Pfizer ApS operates as a local market company (LMC) and performs sales/marketing functions and purchases finished products from Supply point companies for resale to third parties. Pfizer LMCs generally operate as non-exclusive distributors, selling to local wholesalers, pharmacies, hospitals, clinics, and government facilities. LMCs utilize technical materials prepared centrally by the R&D and Commercial organizations to appropriately present scientific data and information to explain the approved uses, benefits, and risks of Pfizer’s products. Prioritization and identification processPfizer’s sustainability reporting is based on a priority assessment conducted at enterprise level, supplemented by local assessment in Denmark. The process considers the company’s impact on environmental, social, human rights and governance matters, as well as sustainability related risks and opportunities that may affect the company’s development, performance and position.Risk analysisThe risk of Pfizer ApS influencing the environment, social, human capital, human rights and Anti-corruption and bribery by its actions is estimated to be limited, since no production takes place in Denmark. Pfizer ApS is committed to complying with all relevant legislation in the mentioned areas. Risks are monitored both locally and globally. PoliciesPfizer has established global policies and statements on environmental and sustainability matters, including activities to reduce the climate impact of activities, social and staff matters and matters relating to human rights, anti-corruption, and bribery.Environmental and climate mattersProtecting human health and protecting the planet are deeply interconnected. Climate change is increasingly recognized as one of the most significant challenges of our time, influencing disease patterns, straining health systems, and disrupting access to essential medicines and vaccines. Our company Purpose guides our environmental priorities, with a focus on impact reduction, conservation of resources, and the minimization of waste arising from our operations.2025 progress on our near-term targets, approved by the Science Based Targets Initiative (SBTi), are outlined below:Target ProgressReducing Scope 1 and 2 GHG emissions Scope 1 and 2 GHG emissions in 2025 were 33.8% by 46% from a 2019 baseline by 2030lower than 2024, driven primarily by the commencement of renewable electricity supply through virtual power purchase agreements (VPPAs) in North America and Europe. As a result, 2025 emissions were 40.9% lower than the 2019 baseline. Sourcing 80% of electricity from Pfizer sourced 68.7% renewable electricity in 2025, renewables by 2025, and 100% by 2030driven by virtual power purchase agreements (VPPAs) covering North America and the EU coming online during the year. While these projects significantly increased the share of renewable electricity across our operations, Pfizer did not meet its 80% renewable electricity target for 2025. This reflects an intentional decision to prioritize investment in long-term renewable energy projects and broader decarbonization initiatives, rather than purchasing unbundled renewable energy certificates solely to achieve the target.Reducing emissions from upstream Pfizer achieved its 2025 target for reducing emissions transportation and distribution by 10% and from upstream transportation and distribution, from business travel by 25% by 2025 from delivering a 45% reduction from the 2019 baseline a 2019 baselinewhen including low-emission fuel vehicle (LEFV) certificates, or a 15% reduction excluding certificates. This progress reflects continued efforts to optimize transportation modes, including shifting shipments from air to ocean where feasible, and working with logistics partners to adopt lower-emission fuels and vehicles.Pfizer also achieved its 2025 target for reducing travel-related GHG emissions, with emissions remaining 58% below the 2019 baseline—well beyond the 25% reduction goal. This achievement reflects continued use of digital tools to reduce travel and a focus on use of preferred carriers that share Pfizer’s climate action focus by advancing their own emissions-reduction efforts.Working to accelerate change across our By the end of 2025, 72% of our suppliers by spend had supply chain, driving 64% of our suppliers set or committed to develop science-based GHG of goods and services by spend to also set emissions reduction targets—well above our 64% targetscience based GHG emission reduction —reflecting continued progress in engaging and goals by 2025influencing our value chain on climate action.Aligned to the corporate Net Zero initiative, Pfizer Global Fleet team launched a pilot project in selected markets to obtain practical experiences of electric vehicles before introducing at a wider level. Accordingly, Pfizer has officially introduced Battery Electrical Vehicles (BEVs) in a staggered approach based on BEV market readiness with Denmark being part of the first wave as a priority market. As of January 1st, 2024, the inclusion of BEV models as a standard choice, have been open to all car-eligible colleagues. Please note that along with the introduction of BEVs, the choice of diesel models has remained in line with the initial business offering, as an alternative where BEVs are not a feasible option.Pharmaceuticals in the environment and antimicrobial resistance (AMR) continue to be important environmental issues for our industry. We remain dedicated to limiting discharge of active pharmaceutical ingredient (API) to wastewater from our manufacturing processes following the responsible manufacturing practices set out in the AMR Industry Alliance (AMRIA) Antibiotic Manufacturing Standard (AMR Standard). Pfizer maintains a leadership role within AMRIA; we currently chair the manufacturing working group's science team. In 2025, Pfizer substantially advanced our PiE program, building on certifications achieved in prior years and demonstrating continued progress against the AMR Standard across our dynamic global supply chain. Since its launch in 2023, three Pfizer sites and four of our suppliers have achieved the independent third-party British Standards Institution KitemarkTM for Minimized Risk of Antimicrobial Resistance certification for certain antibiotic APIs and drug product (DP). In 2025, we received certification for one DP manufactured at our Melbourne, Australia site. Pfizer continues to pursue opportunities with our internal API and DP network and suppliers to implement certification of our antibiotic products, underscoring our long-term commitment to responsible antibiotic manufacturing. Pfizer has made significant progress toward our goal of achieving industry published Predicted No Effect Concentrations (PNECs) for antibiotics by 2025 through sustained investment in environmental risk assessment, controls, and governance across our manufacturing network. As of 2025, nearly all antibiotic manufacturing sites across Pfizer’s internal network were operating at or below the published PNECs, with a limited number of products requiring additional action due to multiple factors including changes in product portfolios and evolving scientific and operational considerations. Targeted action plans remain in place for those products consistent with Pfizer’s commitment to responsible manufacturing. In parallel, Pfizer’s supplier governance framework and assessments confirmed that PNECs were met across all antibiotics produced by our current supplier network, reinforcing our commitment to responsible sourcing.Pfizer Denmark also continued in 2025 as one of three cofounders to support the work of the Denmark AMR Alliance. Together with Novo Nordisk Foundation, PharmaDenmark and Pfizer Denmark, this alliance was established in October 2023 and since then has gained additional 45 member organizations (spanning from government agencies and bodies, such as the State Serum Institute, Academia, Hospitals, other pharma companies and start-ups, LIF, and patient organizations. In 2025, three important events occurred with substantial contribution and leadership from Pfizer Denmark: 1. The national action plan for AMR from 2017 was updated by the MoH with active support and engagement from Pfizer and the AMR Alliance, after which the AMR Alliance has been appointed to lead the implementation group responsible for following up on the actual progress of key deliverables from the action plan.2. Several activities were organized during the annual Danish Democracy Festival (“Folkemoedet”) in Bornholm, Denmark to support the Alliance and the 3 focus areas; Better use of diagnostics, Better and more strategic use of Vaccines and improved incentives for innovation and production of new antibiotics.3. Pfizer and the two other co-founders of the AMR Alliance organized an official EU Conference on AMR for the Danish EU Presidency in November 2025. The 2-day conference hosted several hundred guests, including leading global experts in the field and resulted in bringing forward clear directions and solutions to reducing the risk and spread of AMR in the EU and globally.Pfizer ApS continues to support Pfizer’s global goals in several ways: We maintain a hybrid model for work, encouraging colleagues to continue work from home when it’s meaningful, thus reducing emissions from transport. We are also working with our trade association and other stakeholders to find ways to support a more environmentally sustainable health care sector, for instance by contributing to setting meaningful environmental tender criteria. Additional information can be found here:https://www.pfizer.com/about/responsibility/environmental-sustainabilitySocial & Employee mattersSocialOur Purpose and values guide our ethical decision-making and how we deliver breakthroughs. Pfizer prioritizes integrity, safety, and quality as we advance innovation for patients and seek to improve global health. Our Board of Directors is actively engaged in the governance and oversight of our Responsible Business Growth strategy, which is aligned with our Purpose Blueprint strategy.At Pfizer, our Purpose is rooted in achieving social good. We know that when we succeed, our breakthroughs can potentially have life-changing effects. We aim to address illnesses from widespread infectious diseases to conditions with historically unmet need. Pfizer is mindful of the urgency of our mission, as the world fights against the spread of deadly new diseases and struggles with inequities in health outcomes among populations. Our goal is to leverage partnerships and programs to allow quick and widespread access to our breakthrough medicines and vaccines.In 2025 Pfizer Denmark was also inspired from The World Economic Forum/Mc Kinsey Health Institute report: “Closing the women’s health gap: A $1 Trillion Opportunity to Improve Lives and Economies” (https://www.mckinsey.com/mhi/our-insights/closing-the-womens-health-gap-a-1-trillion-dollar-opportunity-to-improve-lives-and-economies#/) and the ensuing “Blueprint to close the women’s health gap: How to improve lives and economies for all” (https://www.mckinsey.com/mhi/our-insights/blueprint-to-close-the-womens-health-gap-how-to-improve-lives-and-economies-for-all) identified women’s health as an investment opportunity, with migraine as one of only 9 conditions responsible for a third of women’s health gap. Pfizer Denmark ApS has leveraged these reports to:• Sponsor a debate at the annual People’s Meeting on women’s health and the role of migraine which included one of the experts on migraine and women’s health• Include sex-disaggregate data in real world evidence publication on migraine, which was one of the gaps identified in the Blueprint• Country Medical Director invited and included as permanent member in the industry advisory board Alliance for Women’s Health to support the creation of a National Center for Research in Women’s Health (subsequently awarded 160 million DKK for the period 2026 – 2029 (https://www.ism.dk/nyheder/2025/oktober/regeringen-vil-afsaette-160-millioner-kroner-til-forskning-i-kvinders-sundhed))• Country Medical Director was Elected to the Board of Directors of WiLD: Women in Life Science Denmark (WILD) (the professional network for women in leadership within the Danish Life Sciences.)Targets and KPIs for social and employee matters are set and monitored at Pfizer Group level. Pfizer ApS supports these targets through local implementation and compliance with global policies.Employee mattersBy prioritizing the ongoing development of our colleagues, we not only support their individual success but also cultivate a resilient and adaptable workforce that can thrive in the face of change. As we navigate the evolving landscape of our industry, we recognize that providing our colleagues with opportunities for learning, skill-building, and growth is essential to their engagement, productivity, and overall job satisfaction. In times of business transformation, when uncertainty can be prevalent, investing in career growth and development sends a powerful message to our colleagues. It reaffirms our commitment to their professional well-being, demonstrates our belief in their potential, and supports them in being motivated, agile, and equipped with the necessary skills to tackle new challenges and seize emerging opportunities. Our commitment to career growth is reflected in our refreshed Global Growth and Talent strategy, launched in 2021. Since then, we have modernized and expanded our commitment to our colleagues by introducing new opportunities for learning and career advancement. Since 2023, we have set the expectation that managers have growth conversations with each of their direct reports to align their growth aspirations and identify actions to support that growth. Embracing a collective talent mindset, we deepened our efforts to capture talent data in our human capital management system for colleagues above a certain level. By analyzing this data, People Leaders can plan for future leadership and critical role transitions, design personalized growth experiences, and help ensure that the right people are in the right roles at the right time.At Pfizer, we believe every person deserves to be seen, heard, and cared for. This belief drives our Global Equity strategy, focused on building a more inclusive colleague experience, advancing equitable health outcomes, and transforming society through external partnerships. Equity is a path we choose both mindfully and actively, and is cultivated by listening, learning, and connecting with our colleagues, patients, and communities.In 2025, we continued to further improve the organizational culture and wellbeing with a focus on social relations. At Pfizer Global the mental health for our colleagues is a priority. A variety of tools and programs have been made available. Locally in Denmark we have followed this up very closely both on colleague level and on manager level. We have worked with psychological safety as an enabler to address uncertainty and speaking up without any risk of being looked down on. Special workshops have been facilitated to develop our organization into a community where everyone feels included and a sense of belonging. This is especially linked to our core values (Courage, Excellence, Equity & Joy) which are not just words, but a mindset.Colleagues can via the global tools available, participate in online mental health exercises or even physical sessions. We call the program “Pfizer Healthy Living”In 2021, Danish Industry launched a strategy to increase gender diversity in Danish business life - The Gender Diversity Pledge - where companies in Denmark are invited to join the common mission of strengthening gender diversity at all management levels. Pfizer ApS chose to join Dansk Industri's Gender Diversity Pledge to maintain our gender diversity but equally to stand in solidarity with other companies in Denmark to achieve this important goal collectively for Danish business life.Our commitment to pay equity for all colleagues is based in our values and our intention to continue to build a highly motivated workforce which is critical to achieving our purpose. We are committed to equitable pay practices at Pfizer for colleagues based on role, education, experience, performance, and location. Our efforts and initiatives in support of pay equity include maintaining transparent and fair pay practices and policies, regardless of gender, race, or ethnicity; determining compensation objectively based on job-related factors such as the nature of the role, work location, and employees’ skills and experience; and encouraging open and constructive dialogue between people managers and colleagues.Human RightsPfizer’s ability to deliver medicines and vaccines depends on a resilient, ethical, and responsible supply chain. We apply a risk-based approach to supplier engagement and due diligence, focusing our efforts where there is the greatest opportunity to drive positive environmental, social, and safety outcomes. Our expectations for suppliers are grounded in compliance with applicable laws, respect for human rights, protection of worker health and safety, and responsible environmental practices.Pfizer expects suppliers to operate in alignment with our Supplier Conduct Principles, which are aligned with the Pharmaceutical Supply Chain Initiative (PSCI) Principles for Responsible Supply Chain Management. These principles set clear expectations for ethics, labor and human rights, health and safety, and environmental stewardship. We integrate these expectations into our sourcing, contracting, and supplier performance management processes. Further information can be found on our Responsible Sourcing page. We maintain a focused human rights due diligence program that prioritizes higher risk geographies and sectors. This program is grounded in our corporate labor and human rights standard, which is aligned with internationally recognized frameworks, including SA 80001 and is outlined in Pfizer’s Human Rights Policy Statement and Forced Labor, Child Labor, Human Rights and Decent Working Conditions Regulatory Disclosures. Where elevated risks are identified, additional due diligence actions are implemented to help prevent and address potential adverse impacts. See our Human Rights page for more information. Pfizer conducts environmental, health, and safety (EHS) and labor and human rights assessments of suppliers using a combination of remote and on-site audits. These assessments help identify gaps in management systems, regulatory compliance, risk controls, and performance practices, and are used to promote compliance and drive continuous improvement across our supply base. Through these audits, we assessed EHS and labor and human rights performance for 77 supplier facilities in 2025, resulting in 453 observations. Suppliers are required to develop and implement corrective action plans when findings are identified, and we work collaboratively to strengthen management systems and performance over time.Pfizer is a founding member and active participant of PSCI, a global collaboration of pharmaceutical and healthcare companies working to advance responsible supply chain practices across the industry. Through PSCI, members share knowledge, align expectations, and collaborate on audits, capability building programs, and projects designed to improve safety, environmental, and social outcomes throughout the value chain. Pfizer colleagues serve in leadership roles within PSCI, including participation on the PSCI Board and working committees, and contribute technical expertise to industrywide initiatives. In recent years, Pfizer has supported PSCI capability building efforts by engaging with suppliers through conferences, training programs, and knowledge sharing activities aimed at strengthening EHS performance, human rights protections, and environmental management. In 2025, Pfizer colleagues sponsored and led the PSCI India Connect project, creating connections and building capability and competency across the region.Through our own supplier engagement program and our collaboration with PSCI, Pfizer seeks to drive consistent expectations, reduce duplication of audits, and enable meaningful improvements across the pharmaceutical supply chain. By working with peers and suppliers, we aim to strengthen resilience, protect workers and communities, and support the long-terms resilience and sustainability of our global supply network.Read more about Pfizer's commitment to human rights on our website. • Human Rights | PfizerAnti-corruption and briberyOur international anti-bribery and anti-corruption policies and procedures are designed to ensure compliance with the U.S. Foreign Corrupt Practices Act (FCPA) and applicable international anti-bribery laws.Pfizer policy, also known as “My Anti-Corruption Policy and Procedures” (MAPP), prohibits all forms of bribery and corruption, whether by colleagues or our business partners. Colleagues and business partners must never offer, promise, authorize, or provide a payment or benefit that is intended to improperly influence a government official, healthcare professional, or any other person, including commercial entities and individuals, in exercising their responsibilities. We regularly engage independent third parties to assess our ethics and compliance program against standards established by governments and industry best practices. Our internal audit function has a systematic and regular audit process that annually assesses our operations. Additionally, in coordination with the Legal Division and the Quality and Risk Committees, internal audit works with key stakeholders across the company to conduct our ERM process that annually identifies, assesses, and manages risk priorities. Those priorities extend to cover quality, compliance and ethical standards, responsible marketing, and antibribery / anti-corruption.Read more about Pfizer’s Anti-bribery and Anti-corruption on our website.• Anti-bribery and Anti-corruption | PfizerAll colleagues, contractors, and certain third parties are trained in our anti-corruption policies. Our training uses innovative online modules and live formats, including testing methodologies.Targets and KPIs for anti-corruption and bribery matters are set and monitored at Pfizer Group level. Pfizer ApS supports these targets through local implementation and compliance with global policies. Data Ethics statement §99 dPfizer is committed to the responsible and transparent use and protection of personal data entrusted to us by patients, customers, employees, and others. We provide our employees and contractors with training on global privacy principles in accordance with our commitment to respect and safeguard personal data. Our privacy practices are governed by our Global Privacy Committee, a cross functional governance body composed of senior-level leaders who provide oversight and guidance that informs company practices. Additionally, our Global Privacy Office maintains an enterprise-wide policy and standards that guide the collection, maintenance, and protection of personal data and consider the legal and regulatory requirements where we do business.Example of the practices we follow to help ensure the integrity of our data privacy processes include:Collecting and using the minimum amount of personal data necessary to achieve our business Purposes.Sharing personal data only with individuals who have a legitimate need for it and will protect it.Maintaining appropriate administrative, technical, and organizational security measures to protect personal data.Training our employees on the responsible use of personal information 683240000 847478000 532704000 660157000 150536000 187321000 101543000 110437000 146673000 97375000 41216000 55974000 156181000 95141000 17284000 18676000 3241000 9703000 390000 8044000 20135000 20335000 6179000 7232000 13956000 13103000 256000 307000 3296000 0 3552000 307000 189294000 169147000 65751000 37403000 124970000 421349000 0 26000 1814000 1688000 6967000 4379000 5134000 2711000 204636000 467556000 496000 868000 394426000 637571000 397978000 637878000 250772000 250772000 7712000 7712000 56569000 42611000 0 67000000 315053000 368095000 19505000 4606000 19505000 4606000 17609000 12786000 10191000 209808000 0 0 35620000 42583000 63420000 265177000 397978000 637878000 250772000 7712000 42613000 67000000 368097000 0 0 0 67000000 67000000 0 0 13956000 0 13956000 250772000 7712000 56569000 0 315053000 1 Accounting PoliciesThe annual report for 2024/25 has been prepared in accordance with the provisions applying to class C (large) enterprises under the Danish Financial Statements Act.Investment in subsidiaryInvestments in subsidiaries are recognized and measured at cost method. The investments are written down to recoverable amount if the carrying amount exceeds the estimated recoverable amount.Foreign currency translationTransactions in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as interest income or expense and similar items.Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as interest income or expense and similar items.Income statementRevenueRevenue from the sale of goods for resale is recognized in the income statement provided that delivery and transfer of risk to the buyer has taken place before year end and that the income can be reliably measured and is expected to be received. Revenue is measured exclusive of VAT and taxes related to sales.Segment informationInformation is provided on business segments. Segment information is based on the Company's accounting policies, risks and internal financial management.Cost of salesCost of sales comprises the cost of goods and services sold during the year.Marketing and distribution expensesCosts incurred in marketing and distributing goods sold during the year and in conducting sales campaigns etc. during the year are recognised as marketing and distribution expenses. Also, costs relating to sales staff, advertising, exhibitions and depreciation are recognised as marketing and distribution expenses.Development expensesDevelopment expenses of the Pharmaceutical division comprise costs related to clinical trials, regulatory affairs, drug safety and medical affairs. The Pharmaceutical division of Pfizer ApS only performs research and development on behalf of other group enterprises.Administrative expensesAdministrative expenses comprise expenses incurred during the year for management and administration, including expenses for administrative staff, office premises and office expenses, and depreciation.Other operating income and expensesOther operating income and expenses comprise items secondary to the principal activities of the enterprise. Other operating income mainly includes income from research and development, marketing and administrative services provided to other Pfizer entities. Gains or losses on the divestment of activities are calculated as the difference between the sales amount and the carrying amount of net assets at the date of disposal, and recognised as either other operating income or expenses.Interest income and expense and similar itemsInterest income and expense and similar items comprise interest income and expense, gains and losses on payables and transactions denominated in foreign currencies as well as surcharges and refunds under the on-account tax scheme etc.Tax on profit for the yearTax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to changes directly recognised in equity is recognised directly in equity. Balance sheetProperty, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and impairment loss. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Depreciation is provided on a straight-line basis over the expected useful life of the assets. The expected useful life is as follows:Leasehold improvements, fixtures and fittings, tools and equipment 8-12 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipmentDepreciation is recognised in the income statement as marketing and distribution costs, development costs and administrative expenses, respectively.ImpairmentThe carrying amount of property, plant and equipment is subject to an annual impairment test besides depreciation. When there is an indication that assets may be impaired, an impairment test is made of each asset or group of assets, respectively. Impairment is made to the lower of recoverable amount of the asset and the carrying amount. InventoriesInventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value.The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected sales price. ReceivablesReceivables are measured at amortised cost. Impairments are made for anticipated losses.PrepaymentsPrepayments comprise costs paid concerning subsequent financial years.Equity - dividendsProposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under capital and reserves.Corporation tax and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry forwards, are recognised under investments at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Other provisionsProvisions comprise anticipated costs relating to returned goods and restructuring provisions. Provisions for returns are measured and recognised based on Management's experiences of returned goods.Financial liabilitiesFinancial liabilities, comprising trade payables and amounts owed to group enterprises are measured at amortised cost. Other liabilities are measured at net realisable value. true Cash flow statementPfizer ApS has not prepared a cash flow statement, c.f Danish Financial Statements Act section 86, item 4, the Company is included in the consolidated cash flow statement for the ultimate parent company Pfizer Inc. which can be found in the “for Investors” section under 2025 Financial Report at www.pfizer.com 2. Segment informationGeographical breakdownDenmarkPharmaceutical DKK'000 Products Iceland Total2024/25Revenue 589,956 93,284 683,240 2023/24Revenue 761,599 85,879 847,478 All revenue is related to the sale of prescription medicine. DKK'000 2024/25 2023/243. Staff costsWages & Salaries 121,279 139,509 Pensions 8,601 9,414 Other Social Security Costs 1,498 1,346 131,378 150,269 Staff Costs are recognised as follows in the financial statements:Marketing and distribution costs 65,384 72,002 Research & Development Expenses 33,960 41,519 Administrative Expenses 32,034 36,749 131,378 150,270 85 105 Management RemunerationPfizer ApS' management comprises the Board of Directors and the Executive Management. The members of the Board of Directors did not receive any remuneration for their services during 2024/2025.The Executive Management consisted of two members during 2024/2025. The members did not serve as members of Executive Management simultaneously. Executive Management remuneration comprises remuneration for the performance of executive management functions only and includes salary, pension contributions, and other benefits for the period during which the individuals were members of Executive Management.Executive Management participates in a share based incentive programme granted by Pfizer ApS´s ultimate parent company. The programme is granted in connection with executive management functions. The value of share based remuneration granted during 2024/2025 is included in Executive Management remuneration. The cost of the programme is not borne by Pfizer ApS. Comparative figures are not presented, as Executive Management consisted of one member in 2023/2024.DKK'000 2024/25 2023/24Executive Management remuneration 9,022N/Aof which pension contributions 493N/A 4. Depreciation and impairment lossProperty, plant and equipmentDepreciation for the year 50 67 50 67 Depreciation & impairment losses are recognised as follows in the financial statements:Administrative Expenses 50 67 50 67 5. Fees to auditors appointed at the annual general meetingStatutory audit 710 670 Other 12 115 722 785 6. Other operating income/expenses, netSales & Marketing Service 24,137 21,472 Administrative Services 9,094 6,639 Development Services 122,950 67,030 156,181 95,141 7. Financial IncomeForeign exchange gains -212 — Interest income -3,029 -9,703 -3,241 -9,703 8. Financial ExpensesForeign exchange losses — 129 Interest expense 199 98 Impairment of investment in subsidiaries — 7,670 Bank charges 191 147 390 8,044 9. Tax on the profit for the yearCorporation tax on profit for the year 8,399 7,442 Adjustment for deferred tax -2,423 -7 Adjustments to taxes from prior years 203 -203 6,179 7,232 0 67000000 13956000 -53897000 13956000 13103000 11. Fixtures and fittings, tools and equipmentFixtures and fittings, tools and Assets under equipment construction TotalCosts at 30 November 2024 4,345 — 4,345 Additions — 3,296 3,296 Disposals for the year — — — Costs at 30 November 2025 4,345 3,296 7,641 Depreciation at 30 November 2024 -4,038 — -4,038 Depreciation -50 — -50 Disposals — — — Depreciation at 30 November 2025 -4,089 — -4,089 Carrying amount at 30 November 2025 256 3,296 3,552 DKK'000 2024/25 2023/2412. PrepaymentsOther prepayments 1,814 1,688 1,814 1,688 DKK'000 2024/25 2023/2413. Corporation taxTax on taxable income for the year -8,399 -7,442 Tax payment on account 11,888 11,248 Receivable/ (Payable), outstanding from prior years 3,478 573 Receivable/(Payable) corporation tax at 30 November 6,967 4,379 14. Deferred taxDeferred tax 1 December 2,711 2,671 Adjustment for deferred tax from prior years 2,423 7 Adjustment of deferred tax — 33 5,134 2,711 -Deferred tax relates to plant and equipment, inventories, intangibles and other provisions. The deferred tax asset is expected to be realisable within the foreseeable future. 15. Share capitalThe share capital comprises 250,772 thousand issued shares with a nominal value of 1 DKK each.The changes in share capital for the last 5 years can be specified as follows:2024/25 2023/24 2022/23 2021/22 2020/21Share capital at 1 December 250,772 250,772 250,772 250,772 250,771 Share capital at 30 November 250,772 250,772 250,772 250,772 250,771 16. Other provisionsProvision for returned goodsProvision for returned goods 1 December 810 1,496 Used during the year -1,869 -4,385 Provision for the year 2,067 3,699 Provision for returned goods 30 November 1,008 810 The provisions comprise of anticipated costs relating to returned goods. The Company expects to use the provision over the next year.Provision for restructuringProvision for restructuring 1 December 3,796 1,832 Used during the year -5,129 -23,582 Provision for the year 19,830 25,546 Provision for restructuring 30 November 18,497 3,796 Total provisions 30 November 19,505 4,606 17. Other payablesVAT and taxes 8,221 4,874 Payable wages and salaries inclusive holiday provision 19,867 25,471 Other payables 7,532 12,238 35,620 42,583 18. Contingent liabilities and other financial obligationsLease obligationsThe Company has entered into operating leases regarding cars and other operating equipment. The remaining payments for lease obligations amount to DKK 6.6 million (2023/24 figure of DKK 5.1 million).During the financial year, the Company continued its lease agreement for its office premises. Under the terms of the agreement, the Company cannot terminate the lease before 1 June 2029. After this date, the lease may be terminated with six months’ notice.As of 30 November 2025, the total future lease obligations under the agreement amount to DKK 8.7 million. As part of the lease agreement, the Company has provided a bank guarantee of DKK 1.3 million.Other guarantee amounts to DKK 19 million, which is issued to Danish Medical agency. 19. Related party disclosuresPfizer ApS' related parties comprise the following:DKK'000 2024/25 2023/24DescriptionProvision of Above Market services by Pfizer Worldwide Services 41,633 42,402Provision of clinical trial related services and samples by Pfizer ApS to Pfizer 114,554 46,669Worldwide Services and Pfizer Service Company BelgiumProvision of co- promote services by Pfizer Aps to Pfizer Worldwide Services — 2,155Purchase of finished goods by Pfizer ApS from Pfizer affiliates 650,690 723,865Sales of finished goods by Pfizer ApS to Pfizer affiliates 5,041 1,219Interest income from Pfizer Service Company Ireland 2,779 9,620Provision of management services by Pfizer ApS to Pfizer UK — 462Receivables and payables to group enterprises are disclosed in the balance sheet.ControlPfizer ApS is owned 100% by Pfizer Health AB, Solnavägen 3H, 113 63 StockholmFurthermore, the Company is included in the consolidated financial statements of the ultimate parent company Pfizer Inc., 66 Hudson Boulevard East, New York NY 10001-2192, USAThe consolidated financial statements of Pfizer Inc are available at the Company’s address or on the Company’s website at: https://annualreview.pfizer.com Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-12-01 2025-11-30 2023-12-01 2024-11-30 2026-05-27 Reporting class C, large enterprise https://www.pfizer.com/about/responsibility/environmental-sustainability 2026-05-27 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-05-27