Dear Shareholders:

On behalf of Pfizer's Board of Directors, thank you for your investment and continued confidence in our company. In 2016 we made significant progress in the execution of our strategy based upon the four imperatives and the achievement of our mission to become the premier biopharmaceutical company in the industry by the end of this decade. This performance would not have been possible without the exceptional execution and commitment of Pfizer's approximately 96,500¹ employees.

2016 marked a year of solid execution with substantial contributions across the enterprise. We ended 2016 by achieving our second consecutive year of operational revenue growth after overcoming more than $23 billion in brand patent expiries between the years of 2011 – 2016. We received five product approvals, achieved six regulatory submissions and advanced 39 compounds in our pipeline. Each of our commercial businesses grew operationally, we advanced several initiatives that expanded access to our medicines and vaccines, and we further embedded a strong culture of ownership and accountability across the organization. We returned $12.3 billion to shareholders through share repurchases and dividends, and sustained our eight-year record of increasing our dividends.

In 2016, we concluded an extensive assessment of our commercial businesses – Pfizer Essential Health and Pfizer Innovative Health. We concluded that stakeholders would benefit best from our continuing to operate these two businesses within Pfizer, taking advantage of our operational strength and financial flexibility.

At our core, we discover, develop and deliver vaccines and therapies that help people live healthier lives. We believe all individuals deserve access to quality healthcare and we have an important role to play in positively impacting global health by making our therapies more accessible. To fulfill this responsibility we have a range of efforts that draw upon our people, products and funding.

All of these initiatives are fundamental to our efforts to build public trust and support our commitment to significantly improve patients' lives through the therapies we develop. Earning public trust also requires our continued dedication to approaching everything we do with integrity. Our longstanding commitment to integrity continued in 2016 with the implementation of a company-wide campaign, "integrity is..." to reinforce a culture of compliance, integrity and accountability throughout the organization.

We also made further progress in reaching our 2020 environmental sustainability goals related to greenhouse gas, waste and water reductions. In 2016, we launched a new goal focused on reducing our environmental footprint with key suppliers and strategic research partners.

A company's culture is essential to its sustainability. Our culture is built upon having a diverse workforce that has wide-ranging capabilities and talents that enable us to address the world's most important medical needs. Over the last several years we have diligently worked to embed a culture of ownership across the company that we describe as our OWNIT! Culture. A culture of colleague ownership gives us the confidence, ability and resilience to adapt to change and thrive in the face of challenges and serves as the foundation for our strong performance.

Building on Our Momentum

2016 was a year of significant progress across each of our strategic imperatives. We have advanced the pipeline and transformed our approach to R&D, launched multiple products addressing patients' unmet medical needs, wisely invested our capital to drive growth, worked to expand access to our medicines and vaccines, and prioritized our time and resources to create a strong and sustainable culture.

I want to take this opportunity to express appreciation to the full Board for their commitment to corporate governance excellence and responsiveness to shareholders. Shareholder engagement, a cornerstone of our corporate governance program, remains a high priority.

In February of this year, we were pleased to welcome Ronald E. Blaylock to the Board. Mr. Blaylock's expertise in finance, business leadership and operations is an asset to an already diverse Board in terms of background, perspectives, skills, experience and tenure.

On behalf of everyone at Pfizer and our Board of Directors, I thank you for your continued confidence and support of the work we do every day to help make patients' lives better. I encourage you to review this Proxy Statement and vote your shares.

Sincerely,

Ian C. Read
Chairman and CEO