Were Albert Bourla’s Pfizer share transactions open-market buys or sales?

The transactions were not open-market buys or sales. Bourla exercised stock appreciation rights and shares were withheld to pay the exercise price and tax liabilities. Code “F” entries reflect tax-withholding dispositions and settlement costs, rather than discretionary market trading activity in Pfizer common stock.

Pfizer (NYSE: PFE) CEO nets shares after 491K rights exercise

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Pfizer Inc. Chairman & CEO Albert Bourla reported multiple equity transactions involving stock appreciation rights and common shares. On February 25, 2026, he exercised 491,626 stock appreciation rights, which were settled in an equal number of Pfizer common shares at $33.82 per share.

According to the footnotes, this earn-out included dividend equivalents and used a 20-day average of Pfizer’s closing prices to determine settlement. To cover the exercise price and related tax obligations, 467,241 and 8,303 common shares were withheld at prices of $26.92 and $27.09 per share, categorized as tax-withholding dispositions rather than open-market sales.

After these transactions, Bourla directly owned 388,671 Pfizer common shares and indirectly held 6,003 additional shares through a Rule 16b-3 plan. The filing reflects an exercise and settlement of incentive awards with associated share withholding, rather than discretionary market trading.

Insider Trade Summary

491,626 shares exercised/converted

Mixed 5 txns

Insider BOURLA ALBERT

Role Chairman & CEO

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights	491,626	$0.00	--
Exercise	Common Stock	491,626	$33.82	$16.63M
Tax Withholding	Common Stock	8,303	$27.09	$225K
Tax Withholding	Common Stock	467,241	$26.92	$12.58M
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Rights — 0 shares (Direct); Common Stock — 864,215 shares (Direct); Common Stock — 6,003 shares (Indirect, By Rule 16b-3 Plan)

Footnotes (1)

The reported transaction constitutes the earn-out of stock appreciation rights (including dividend equivalents thereon). The reported transaction constitutes the withholding of shares to satisfy tax obligations in connection with earn-out of stock appreciation rights. The reported transaction constitutes the withholding of shares to cover payment of exercise price in connection with earn-out of stock appreciation rights (including dividend equivalents thereon). Under the terms of the settlement of the stock appreciation rights the 20-day average of the closing prices of Pfizer common stock ending on the settlement date is used.

Form 4 Insider Transactions: What Each Field Means →

02/27/2026 - 06:34 PM

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BOURLA ALBERT

(Last)

(First)

(Middle)

66 HUDSON BOULEVARD EAST

ATTN: CORPORATE SECRETARY

(Street)

NEW YORK

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
X	Officer (give title below)	Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/25/2026		M		491,626⁽¹⁾	A	$33.82	864,215	D
Common Stock	02/25/2026		F		8,303⁽²⁾	D	$27.09	855,912	D
Common Stock	02/25/2026		F		467,241⁽³⁾	D	$26.92⁽⁴⁾	388,671	D
Common Stock								6,003	I	By Rule 16b-3 Plan

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Appreciation Rights	$33.82	02/25/2026		M			491,626	02/25/2026	02/25/2026	Common Stock	491,626	$0.0000	0.0000	D

Explanation of Responses:

1. The reported transaction constitutes the earn-out of stock appreciation rights (including dividend equivalents thereon).

2. The reported transaction constitutes the withholding of shares to satisfy tax obligations in connection with earn-out of stock appreciation rights.

3. The reported transaction constitutes the withholding of shares to cover payment of exercise price in connection with earn-out of stock appreciation rights (including dividend equivalents thereon).

4. Under the terms of the settlement of the stock appreciation rights the 20-day average of the closing prices of Pfizer common stock ending on the settlement date is used.

	/s/ Shanice A. Reid, by power of atty., for Albert Bourla	02/27/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Pfizer (PFE) CEO Albert Bourla report in this Form 4?

Albert Bourla reported exercising stock appreciation rights into common shares and related share withholdings. The filing shows an earn-out of 491,626 stock appreciation rights and subsequent withholding of shares to cover the exercise price and tax obligations tied to that equity award settlement.

How many Pfizer stock appreciation rights did Albert Bourla exercise?

Albert Bourla exercised 491,626 stock appreciation rights, earning an equal number of Pfizer common shares. The settlement was based on a 20-day average of closing prices and included dividend equivalents, as described in the footnotes accompanying the reported derivative exercise transaction.

How many Pfizer shares does Albert Bourla own after these transactions?

After these transactions, Albert Bourla directly owns 388,671 Pfizer common shares and indirectly holds 6,003 shares. The indirect position is held through a Rule 16b-3 plan, while the direct holdings reflect net shares remaining after the equity award settlement and share withholdings.

Why were Pfizer shares withheld in Albert Bourla’s Form 4 filing?

Shares were withheld to satisfy tax obligations and the exercise price related to the stock appreciation rights earn-out. Footnotes explain that 467,241 and 8,303 common shares were delivered back to cover these amounts, consistent with code “F” tax-withholding dispositions under equity award settlement terms.

How was the settlement value of Albert Bourla’s Pfizer stock appreciation rights determined?

The settlement used a 20-day average of Pfizer’s closing stock prices ending on the settlement date. This averaging mechanism, noted in the footnotes, governed how the stock appreciation rights, including dividend equivalents, converted into Pfizer common shares for the reported earn-out transaction.