[Form 4] PFIZER INC Insider Trading Activity

Rhea-AI Filing Summary

Joseph J. Echevarria, a Director of Pfizer Inc. (PFE), reported an acquisition on 09/30/2025 of 1,815.149 phantom stock units that represent deferred director compensation. The filing shows these units were recorded as acquired with a per-share reference price of $25.48 and that 1,815.149 underlying common shares correspond to the units.

The form states these phantom units are deferred compensation that will be settled in cash or common stock at the director's election following the reporting person’s retirement from the Board. After the reported transaction the filing lists 144,989.542 common shares as beneficially owned. The form was signed by an attorney on behalf of Mr. Echevarria on 10/02/2025.

Positive

• 1,815.149 phantom units were recorded as deferred compensation aligning director pay with shareholder value
• Phantom units include dividend equivalents, preserving economic alignment with stock performance until settlement

Negative

• Units may be settled in common stock, which could increase outstanding shares if elected
• Filing shows a contingent obligation tied to director compensation that could require cash or share settlement

Insights

Corporate Governance Analyst

Director received deferred-compensation phantom units; settlement choices affect future share count.

The report documents acquisition of 1,815.149 phantom stock units on 09/30/2025 recorded as deferred director compensation. These units convert to either cash or common stock at the director's election after retirement, which means the company carries a contingent obligation tied to board pay.

This matters because the chosen settlement method—cash versus stock—will determine whether there is future cash outflow or potential share issuance, affecting Pfizer's cash and share count when settled.

Compensation Specialist

Phantom units reflect standard deferred director pay with dividend equivalents; amount is modest relative to total holdings.

The filing clarifies each unit equals one phantom share and includes dividend equivalents; 1,815.149 units were granted as deferred pay. These are routine mechanisms to align director compensation with shareholder value without immediate stock transfer.

Because settlement can be in stock or cash, the practical impact depends on the director's future election and the company's settlement policy; the report shows 144,989.542 beneficial shares following the transaction, providing context for scale.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Echevarria Joseph

(Last) (First) (Middle)

66 HUDSON BOULEVARD EAST

ATTN: CORPORATE SECRETARY

(Street)

NEW YORK NY 10001-2192

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PFIZER INC [ PFE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	09/30/2025		A		1,815.149		(2)	(2)	Common Stock	1,815.149	$25.48	144,989.542	D

Explanation of Responses:

1. Each unit represents one phantom share of common stock.

2. These units represent deferred director's compensation (including dividend equivalents thereon) that are settled in cash or common stock at the director's election following the reporting person's retirement from the Board of Directors.

	/s/ Shanice A. Reid, by power of atty., for Joseph J. Echevarria	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did Pfizer director Joseph J. Echevarria report on Form 4 (PFE)?

He reported acquisition of 1,815.149 phantom stock units on 09/30/2025 as deferred director compensation.

How will the phantom stock units for PFE be settled?

The units are deferred compensation that will be settled in either cash or common stock at the director's election following retirement.

What price is shown in the Form 4 for the reported units?

The filing references a per-share price of $25.48 for the underlying common stock.

How many shares does the filing show beneficially owned after the transaction?

The Form 4 lists 144,989.542 common shares as beneficially owned following the reported transaction.

When was the Form 4 signed on behalf of Joseph J. Echevarria?

The signature by power of attorney was dated 10/02/2025.