Pfizer Ltd

Including Management Discussion and Analysis Report

To the Members,

Your Directors take pleasure in presenting this 73^rd Annual Report along with the Audited Financial Statement for the financial year ended March 31, 2024.

The Company operates only in one business segment that is, “Pharmaceuticals” and this Report covers its pharmaceutical business performance.

DIVIDEND

The Board of Directors at its Meeting held on May 17, 2024, recommended a dividend of Rs35/- (350%) per equity share for the financial year ended March 31, 2024. The payout for the said dividend will be Rs160.12 Crores. gin gin

(RsRs in crore)

Your Company's sales for the financial year ended March 31, 2024, stood at Rs2,081.04 Crores as compared to Rs2,337.63 Crores in the previous year, which represents a decline of 11%. The sales for the year under review are strictly not comparable with that of previous year, mainly on account of impact of the voluntary recall of Magnex,

Zosyn and Magnamycin and downward revision in ceiling price scheduled of formulations pursuant to amendment to the National List of Essential Medicines (NLEM 2022). The Profit before tax for the financial year ended March 31, 2024, was Rs746.07 Crores as compared to Rs824.01 Crores in the previous year, representing a a decline of 9.45%. The profit after tax stood at Rs551.33 Crores for the financial year ended March 31, 2024, as compared to Rs623.93 Crores in the previous year.

KEY FINANCIAL RATIOS

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we give below the key financial ratios:

The Debtors Turnover Ratio has changed by -27.14% mainly on account of increase in average collection period in current year. The Current Ratio has changed by 30.45% mainly on account of increase in funds generated from operating activities and corresponding reduction in VAT provision.

None of the ratios other than the above have undergone a change of more than 25% as compared to the previous financial year.

The return on net worth is computed as net income by average shareholders equity. The change in return on net worth was primarily on account of lower sales during the year under review.

ECONOMIC OVERVIEW

India's economic landscape reflects a narrative of resilience and growth, underscored by significant as successful moon missions and hosting the prestigious G20 Summit in 2023. These milestones have bolstered confidence in India's stability and future prospects, amplifying its allure as an investment destination.

The industrial manufacturing sector, in particular, has experienced a notable surge, drawing the interest of global technology giants seeking to expand their supplier networks within India. This momentum is reinforced by the implementation of state industrial policies, complemented by sector-specific incentive schemes. Concurrently, substantial investments in logistics and infrastructure development, including new roads, highways and rail tracks, signal the government's steadfast commitment to fortifying this vital sector.

India's GDP growth in fiscal expectations, registering a remarkable leap of 8.2%. This out performance defied market analysts anticipating more conservative figures ranging between 6.3% and 6.6%.

Looking ahead, the World Bank has maintained its economic growth projection for India at 6.4% for the fiscal year 2025. This outlook is attributed to robust domestic demand, increased public infrastructure spending, and strong private-sector credit growth. However, concerns over high food inflation and diminishing may lead to a tapering off in private consumption growth.

Despite these challenges, India remains poised for growth, buoyed by expectations of a synchronized global economic rebound in 2025. The World Bank's biannual

‘Global Economic Prospects' report indicates that India is expected to sustain the fastest growth rate among the world's largest economies.

Nonetheless, India's trajectory towards becoming the third-largest economy by 2027 remains steadfast. With a projected GDP of USD 5 trillion, coupled with a burgeoning middle-income class driving demand and consumption,

India's position as a global economic powerhouse is firmly entrenched, promising a future brimming with opportunity and prosperity.

Indian Pharmaceutical Market Overview:

The Indian Pharmaceutical Market (IPM) with a turnover of Rs216,092 Crores for the period April 2023 to March 2024 has registered a growth of 7.6% as against 7.9% in the previous year (2020-24 CAGR 9.5%). Price increase (4%) continues to be the key growth driver, followed by growth driven by new introductions for the year (3%). such Multinational companies hold about 17% market share and have grown at 6%.

Therapeutic Growth:

While Chronic segment has slowed down from 11% to 9.7% over MAT, Acute segment has maintained its growth at 6.3%. Chronic segment growth was impacted by anti-diabetic, CNS and respiratory segments. New introductions were the predominant growth contributors in Chronic segment. Acute segment growth is driven by Gastro-intestinal, Vitamin and Pain / Analgesics. Price is the predominant growth factor in Acute segment.

Market Prognosis:

As per the IQVIA Prognosis Report for FY 2023-24, the year 2024 has surpassed Indian Pharmaceutical Market (IPM) is forecast to grow at a CAGR of 8.4% (?2.0%) between 2023 and 2028, reaching earlier projections, with

~Rs3,33,000 Crores by 2028. The key drivers for market growth include, recent and future product launches including innovative new drugs in a wide variety of therapy classes, rising health awareness and broadening promotional coverage helped by improvements in the health and transport infrastructure and increase in healthcare insurance coverage. As per the said Report, the key constraints for market growth could include impact of -updemand trade generics, continuing downward pressure on pricing under DPCO following the expansion of NLEM and wider implementation of margin caps for non-scheduled drugs.

Continued government investments to strengthen Healthcare System: : Under ‘Ayushman Bharat' policy initiative, launched in 2018, the government continues to strengthen the healthcare system, in line with the goals set out under the 2017 National Health Policy. Under the initiative, there is focus on expanding and improving public health infrastructure, train and recruit more health professionals, expand access to free or subsidized healthcare provision for the country's poorest and create nation-wide digital health infrastructure.

Rising health awareness and broadening promotional coverage: Post COVID-19 Pandemic there is rising healthcare awareness which is fuelling demand not only from metro cities but also from lower town classes. New Go To Market (GTM) strategies have emerged, like opting for provisional field force and out licensing of brands (both new and established). More collaboration is seen in recent times where large field force of Indian companies are leveraged by Multinational Companies (‘MNCs') to expand their reach.

Product launches: New product launches are forecasted to drive growth, with key launches anticipated in cardiac & anti-diabetic segments. As per World Obesity Federation

5.5% of people aged between 15 49 years in India are clinically obese (BMI 30). It projects this percentage to rise at an annual rate of 5.2% to reach 11% by 2035.

Encouragement of investment in local research and production: The Government of India's continued support to the healthcare industry through policy interventions like Research-linked Incentive Scheme for promotion of R&D in pharma has resulted in increased domestic manufacturing, attracted investment and promoted higher consumption. Along with this production linked incentive (PLI) schemes were also rolled out.

The policy is aimed to provide a favorable regulatory and investment environment which will nurture innovation.

Stricter regulation of marketing practices: The Uniform

Code of Pharmaceutical Marketing Practices (‘UCPMP') guidelines are now being enforced rigorously. While breaches previously triggered financial penalties, they can now lead to prosecution as well. Overall guidelines and the new tax rules are likely to lead the overall industry towards optimization of medical representatives' visits and ethical practices while dealing with Healthcare Professionals (‘HCPs').

AN OVERVIEW OF THE PHARMA OPERATING ENVIRONMENT

The government has been fostering self-reliance in alignment with the “Atmanirbhar Bharat” while rekindling the imperative of prioritizing domestic innovation that is not only sustainable but also aligns with global standards. Multiple initiatives like Production Linked Incentive

Scheme, Promotion of Research & Innovation in Pharma sector (PRIP) the Scheme, draft National Pharmaceutical Policy and Patents (Amendment) Rules, 2024 are testimony to government's envisaged direction for the industry.

The government's draft National Pharmaceutical Policy prioritizesenhancingregulatoryefficiency as one of the core objectives of this policy in addition to strengthening domestic capabilities. Towards the regulatory regime, your

Company has been advocating the need for a predictable, time-bound, transparent, and globally aligned regulatory system which would go a long way in expediting access to lifesaving drugs and providing confidence on quality as well. Certain operational challenges around regulatory processes, if resolved, will significantly reduce delays, ensure alignment with best practices around the world and go a long way in helping deliver safe and effective medicines in the least amount of time.

Your Company has been advocating for fast-tracking patent applications through a time-bound mechanism and has also made recommendations for development of a framework which defines timelines across various levels atthepatent to dispose off frivolous pre-grant oppositions, ensuring that only genuine and bonafide oppositions are held maintainable. Notification of Patents (Amendment) Rules, 2024 in March 2024 are a welcome step in the desired direction. Your Company will continue to impress upon for further reforms to significantly reduce delays in grant of patents and their enforcement.

Further, the Industry also had multiple discussions with Department of Pharmaceuticals and National

Pharmaceutical Pricing Authority (NPPA) for developing a consensus around implementation of Trade Margin Rationalization (TMR). Your Company in-principle supports rationalization of trade margin while advocating for non-trade supplies to be excluded from the working calculations of TMR.

TRANSFER OF UNExPIRED LEASEHOLD RIGHTS.

The Company has entered into an Agreement on

November 1, 2023 to transfer and assign Pfizer's unexpired leasehold rights in the land situated at Thane and sale of structures and buildings constructed thereon, to Zoetis Pharmaceutical Research Private Limited, for a lumpsum consideration of Rs264.40 Crores (Rupees Two Hundred Sixty-Four Crores and Forty Lakhs only) subject to requisite approvals from concerned regulatory authorities.

The Company is awaiting requisite approvals from concerned regulatory authorities to give effect to the aforementioned agreement.

Business Operations:

Your Company's commercial operations are conducted through business units that focus on clearly defined therapeutic areas. Between these business units, your Company collectively addresses 15 therapy areas with a portfolio of over 125 products that include therapeutics and vaccines.

1. Vaccines:

Vaccines being a vital public health advancement stand as one of the most significant achievements in public health, having contributed to the control, eradication and substantial reduction of once-deadly infectious diseases. Your Company's Vaccine division firmly believes that vaccination is a powerful tool to safeguard individuals of all ages against infectious illnesses. Our mission is to revolutionize infectious disease prevention, and help people to live longer and healthier lives.

Your Company's Vaccine division currently focuses on Prevenar 13, a Pneumococcal Conjugate Vaccine.

This vaccine is approved for administering to infants aged 6 weeks and older during primary vaccination, as well as toddlers, adolescents, adults, and the elderly against pneumococcal disease. A severe infection, caused by streptococcus pneumoniae bacteria, can impact the lungs, blood, and brain, leading to pneumonia, meningitis, sepsis, and even death—especially among children under 5 years old, the elderly, and those with compromised immune systems. Prevenar 13 targets the most common 13 serotypes of streptococcus pneumoniae and holds the distinction of being India's firstand only approved conjugated vaccine for all age groups. Your Company's dominance in the private market pneumococcal vaccines market is evident, with a unit market share of 52% and a value market share of 64.8% as of MAT March 2024. Additionally, your

Company has received various accolades, including recognition from the India Book of Records for the highest number of healthcare professionals pledging to use Pneumococcal Vaccination and the IHW Patient First Award for our outstanding marketing initiatives that impacted patient lives.

While your Company continues to strengthen its presence in the Paediatric market, the Company remains committed to establishing “Life course vaccination” in India. The Company's initiatives focus on raising awareness and educating various stakeholders about vaccine-preventable diseases.

These efforts include fostering healthcare provider conviction through scientific dissemination, developing Indian consensus guidelines for adult vaccination, forming partnerships with corporate hospitals to create Centres of Excellence, driving strong consumer awareness through innovative initiative such as Lung Star Show, Duty@50 Campaign and collaborating with associations like Economic

Times World (through the VaxFit initiative) to build a robust adult vaccination ecosystem.

2. Inflammation and Immunology:

Pfizeris a global leader in discovering and developing novel therapeutics for patients living with chronic autoimmune diseases. Inflammation & Immunology vertical focused on the next generation of therapies in this space. Your Company's current portfolio includes two advanced therapies, which cater to patients suffering from diseases related to chronic immune system such as Rheumatoid Arthritis,

Psoriatic Arthritis, Ankylosing Spondylitis, Juvenile

Idiopathic Arthritis and Ulcerative Colitis.

Betrecep (Tofacitinib) was launched by your Company in July 2023, for the treatment of Rheumatoid Arthritis, Psoriatic Arthritis, Ankylosing Spondylitis, and Ulcerative Colitis. Betrecep is an India-specific access solution aims to improve affordability and access for patients in India. As per the latest IQVIA

MAT March 2024 data Betrecep has climbed to 6^th rank within first nine months from launch, in a highly competitive market with more than 50 brands. Apart from Rheumatologists, your Company has expanded coverage to dermatologists and gastroenterologists and has driven advocacy for oral advanced therapies for chronic immunological conditions. The robust scientific data remains the key driver for Betrecep, which is further fuelled by strong medical and marketing activities focused on experience sharing among HCPs and disease awareness for public.

Enbrel is the first Tumor Necrosis Factor (TNF) inhibitor launched across the globe for chronic indications like Rheumatoid Arthritis (RA), Ankylosing Spondylitis

(AS), Psoriatic Arthritis (PsA), Psoriasis (PsO) and

Juvenile Idiopathic Arthritis (JIA). This product is available with pre-filled pen and syringe options and is applied subcutaneously among pediatric and adult patients. To date, Enbrel has impacted the lives of over 6 million patients worldwide. Enbrel is backed by more than 500 clinical trials and more than 7,000 publications.

3. Internal Medicine:

Internal Medicine business of your Company has paved its way in Indian market by constantly increasing the patient and Healthcare Professionals (‘HCPs') reach by adopting transformative models in its way of operations. This is achieved through increased share of voice by various means like improving the customer visits by the field colleagues, presence in various congresses and symposia, virtual calling to the HCPs etc. HCP connect, better distribution capabilities to ensure ease of access, new product introductions to bridge the patient needs are pivotal in this journey. Internal Medicine is building the business on 3 main pillars viz:

1. Productivity enhancement through in-clinic excellence, tailored engagements, improved segmentation, targeting and expansion.

2. Enhanced customer reach through omnichannel promotion, identified government & private medical college HCPs especially the young HCPs through an independent team and virtual connect with 10,000 HCPs through tele-calling, 3. Improved distribution and reach to ensure ease of access through various channel expansion initiatives.

Eliquis: Eliquis (Apixaban) a Factor Xa Inhibitor Anticoagulant is a leading oral Anticoagulant, predominantly prescribed by cardiologists, neurologists, physicians/pulmonologists, vascular surgeons, and orthopedic surgeons for the management of Atrial Fibrillation and Venous

Thromboembolism. After Loss of Exclusivity, many generic brands have increased competition in the market. Your Company strategized to increase the unit sales and number of patients benefited with Eliquis significantly, through expanded reach to additional ~ 5,000 HCPs. Eliquis continued amongst maintain leadership Non-Vit-K Oral Anticoagulant. Eliquis has been in the forefront in promoting first-in-class anti-coagulation science through various public awareness initiatives on Atrial Fibrillation on Radio and electronic media. Educational programs including case based panel discussions, symposia of International and National Expert on updates in AF/VTE management reaching to more than 6,000 HCPs, certification programs aimed at capability building of ~1,000 Consulting physicians.

Your Company's Neuroscience portfolio represents multiple brands that are leaders in their respective segments. Pacitane (Trihexyphenidyl) leads in its therapeutic category with 67% market share. Ativan (Lorazepam) is one of the largest anxiolytic brands in the Benzodiazepine Tranquilizer market with 6% market share, despite facing out of stock situations. Minipress XL continues to hold the leadership position in the uncontrolled hypertension market with 44% market share and 12% growth. Your Company continued to focus on increasing awareness, bridging the knowledge gap among physicians and continued its engagement initiatives in uncontrolled hypertension through medico-marketing initiatives with physicians, nephrologists, and cardiologists.

Respiratory Portfolio: Your Company has presence in the Respiratory portfolio with Cough and Oral Corticosteroids therapies. The flagship brand Corex

Dx has maintained its leadership position in the dry cough space with 15% market share. With greater focus on increasing prescriptions and building prescribers, your Company has strengthened the HCP connect and improved engagement by driving the science behind cough management and importance of rational cough combinations.

Women's Healthcare:

Your Company's portfolio in Women's Healthcare spans across important life-stages of women like pregnancy, menopause, and contraception with established iconic brands across the continuum of care. Women's Healthcare Portfolio is market leader in the represented market with 10% market share.

Big brands- Folvite, Ovral L faced significant cut of 11% and 26% respectively due to revision in the National List of Essential Medicines (‘NLEM').

Despite the value erosion due to price cut, Folvite and Ovral L continue to maintain their leadership position in the represented market. Other brand under Women's Healthcare that was impacted due to NLEM revision was Pitocin (18.6%). Omnichannel approach, focus on HCP engagement and patient awareness helped drive robust prescription growth, with Folvite being amongst the top 5 brands and

Autrin being amongst the top 100 brands prescribed by gynaecologists. The Key focus in Nutritional portfolio continues to strengthen Folvite and Autrin and build the Line extension brands by special focus on HCP segmentation and distinct brand positioning basis HCP preference in various indications.

With the belief to support to-be-mothers in their pregnancy journey, besides the nutritional support, your Company launched a Pregnancy care and support digital journey for to-be-mothers. This journey is available only through HCPs and provides pill plus support like diet consultation, 24X7 non-clinical query resolution, psychological counselling, yoga etc. This, along with the various HCP and consumer engagement programs are well accepted by eminent gynaecologists.

In the Oral Contraceptive space, your Company continues to lead the represented market share with Ovral L being the market leader. Ovral L expands its indication base with DCGI approval for 3 more indications in the space of menstrual disorders. The key strategic imperatives remain increasing brand belief amongst Gynaecologists and GPs (with gyne practice). Your Company continues its endeavor to increase awareness around Menopause and its management amongst young gynaecologists through partnership with Indian Menopause Society. This will be supported through consumer awareness initiatives in-clinic and through social media platforms to drive women in menopausal age to seek support from gynaecologists.

Your Company's commitment towards SCIENCE

FIRST is reinforced in the current times by leveraging partnerships with renowned scientific associations such as Federation of Obstetric and Gynecological Societies of India (‘FOGSI'), Indian Menopause Society (‘IMS') and Indian Society of Perinatology and Reproductive Biology (‘ISOPARB') to upgrade scientific knowledge of gynaecologists through innovative digital channels to spread awareness price about women's health and its management from Menarche to Menopause.

Gastric Portfolio

Your Company has presence in gastroenterology segment with brands like Neksium, Gelusil and Mucaine. The focus of our Esomeprazole Proton Pump Inhibitor (PPI) - Neksium, has been on delivering excellence by driving strong in-clinic focus on key specialties including gastroenterologists and orthopedicians. Your Company launched ENDOSURGRE workshop, a unique and credible educational program for skill upgradation of the gastroenterologists on the most complex surgical cases and keeping them abreast of the latest advance gastroenterologists and technologies in surgery in the

Endoscopy domain in coordination with International Associations like American Society of Gastrointestinal Endoscopy (ASGE). Your Company has intensified focus on nursing homes and small hospitals that have helped sustain momentum. Your Company has launched a Hospital Staff Education and Learning Program (HOPE) a module-based content platform designed especially for the nursing community and paramedic staff. Neksium D, launched in 2019, continues to build growth for the brand and has been positioned to drive differentiation by targeting patients with symptoms related to Refractory GERD. Your company also extended the portfolio offering in Gastroenterology by launching a brand of Tofacitinib in Ulcerative Colitis.

Leading brands such as Gelusil and Mucaine have further entrenched your Company's dominance in the Antacids segment. Gelusil, a brand trusted for over 5 decades and consumed by millions of Indians, embodies a legacy that has been built over time.

Unmatched Quality and unshakeable trust are in the DNA of Gelusil that has strengthened its position in the Antacids market with dominance in the high potential states leading to a 20% market share.

Mucaine has maintained the leadership position in Antacids market with market share of 15% in liquid antacid market of Rs1000 Crores. Mucaine is driven by robust prescription across specialties with the prescriber base of 51,000. Identifying the needs of market, for patients consuming Mucaine for a longer duration, a line extension of Mucaine

400 ml was launched for better treatment adherence. STEP, an online certification program endorsed by Association of Physicians India (‘API') was rolled out to 4,000 HCPs to enhance the treatment outcomes and improve advocacy at primary care physicians.

At the digital front GERD talks podcast series was introduced for Physicians & Gynecologists with a reach of ~8,000 HCPs.

Your Company has a pronounced presence in the pain and inflammation category with brands Dolonex

(Piroxicam) and Wysolone (Prednisolone). Both are legacy brands with more than 40 years of presence in India and are leaders in their respective categories, having impacted lives of more than 10 million patients in the country. Your Company has continued its engagement activities in osteoarthritis (OA) and L B P capital (LBP) through medico-marketing initiatives like ‘Back in Action' campaign with Orthopedicians and physicians on treating OA and LBP. The portfolio expanded in October 2023, with the introduction of Etorizer (Etoricoxib) for the treatment of osteoarthritis and Etorizer P for acute exacerbation of chronic pain.

Your Company has established a strong presence in Vitamin market through its iconic brand Becosules which has legacy over 50+ years. Becosules continues to be the No. 1 selling vitamin brand in India. Your Company is committed to provide new line extensions of Becosules with currently total 7 SKUs in the market in order to fulfil the consumer needs. Becosules continues to remain dedicated to its mission of empowering health and wellness. Becosules has established itself as a household name, synonymous with quality and efficacy. The consumer-centric solutions have enabled Becosules to touch the lives of millions, empowering individuals to lead healthier and more vibrant lives. The brand is committed to continuous innovation, to develop new SKUs that meet the evolving need of consumers. Our strategic focus includes expanding our reach through digital channels, enhancing consumer engagements, and fostering partnerships to drive sustainable growth and impact.

Your Company has recently launched a line extension, Becosules+ Syrup to help patients especially children to keep away from infections and build strong immunity.

4. Hospitals:

Your Company's Hospital Business Unit (HBU) focuses on institutions including hospitals and nursing homes through advanced anti-infectives portfolio. Pfizer's breakthrough innovation, Zavicefta (ceftazidime-avibactam) continued its spectacular growth driven by high conviction of HCPs, with increased demand across a greater number of hospitals. This novel drug is indicated for the management of hospital acquired pneumonia including ventilator-associated pneumonia (HAP/

VAP), complicated intra-abdominal infection (cIAI), complicated urinary infection (cUTI) and Bacteremia associated or suspected to be associated with any of the three indications in adults. Zavicefta has created significant positive patient impact in India and earned accolades in the Pfizer Global arena. With Zavicefta, the team has strengthened the focus across multiple stakeholders in the value chain such as clinicians and microbiologists to drive diagnosis and early and appropriate usage of Zavicefta in eligible patients.

Pfizer's efforts will continue to focus on driving right drug usage and innovative healthcare solutions for hospitals by partnering with Subject Matter Experts.

Pfizer has pioneered initiatives to boost Diagnostic Stewardship in India by facilitating knowledge dissemination at large & mid-tier hospitals and supported access to diagnosis.

The category also has a strong presence across the anti-bacterial continuum, ranging from beta-lactam/ beta-lactamase-inhibitor (BL/BLI) products to high-end anti-bacterial products. Amongst these,

Pfizer has successfully reintroduced Magnex 1 gm in the market to treat mild to moderate Urinary Tract Infections (UTI) & Lower Respiratory Tract Infections (LRTI). Meronem, an injectable antibiotic indicated for the treatment of serious bacterial infections which are difficult to treat due to resistant pathogens also posted very strong volume growth and significantly expanded in new Hospitals with strengthened HCP equity. Meronem posted very strong unit growth of 71% for MAT March 2024.

Hospitals Business unit continues to build a strong ecosystem of Antimicrobial Stewardship (AMS) from awareness to implementation to ensure appropriate usage of anti-infectives in hospital setups. “KNOW

Antimicrobial Resistance (KNOW AMR)” is an initiative aimed at slowing down Anti-Microbial Resistance (‘AMR'), through awareness and education. The campaign also featured #PledgewithPfizer initiative, that urged Healthcare professionals and public to take a pledge in the fight against AMR.

This year, our efforts were recognized globally, and we won the prestigious GUINNESS WORLD

RECORD^TM for the largest online video album comprising 11,251 oaths recited by healthcare professions and public. This phenomenal feat saw doctors, nurses, pharmacists, paramedic staff, other healthcare workers, and the public commit their support to act responsibly and do their bit in the war against AMR. This initiative encouraged expert doctors to share their insights to slow down AMR, which was featured across online channels and many hospitals nationwide. The campaign on various digital channels has reached several million doctors, nurses, paramedic staff and public across the country.

By focusing on informing the public and raising awareness about the fatal effects of AMR among all stakeholders, Pfizer is persevering to empower and strengthen people and help them battle this looming problem.

MANUFACTURING OPERATIONS

Your Company's manufacturing operations are carried out in full compliance with local laws and in line with the stringent Global Pfizer Quality, Compliance and Environment Health & Safety standards.

Your Company has successfully sustained Integrated

Manufacturing Excellence Program (IMEx) throughout the Goa site i.e. Pfizer's internal production system and is recognized for their achievement of delivering value with all colleagues working. Your Company is also honoured with the 2023 Pfizer Global Service Performance Award for the extraordinary efforts in making the site an amazing workplace for all.

Your Company focusses strongly on environmental sustainability through implementation of green energy initiatives and waste minimization projects.

People

Over the past year, your Company has sustained a Colleague Resource Group (CRG) at Goa to improve diversity and inclusion initiatives across the site. The CRG conducted several programs and initiatives to train and motivate employees to foster a DEI (Diversity, Equity & Inclusion) culture. Your Company also continued the quarterly Compliance Champions awards program to strengthen & sustain the compliance and data integrity culture at the site. IMEx way of working is being followed to deliver best-in-class performance.

Your Company imparted Six Sigma Yellow, Six Sigma Green, Lean Yellow & Lean Green and other Operational

Excellence trainings to improve the competency and capability of site colleagues. The site colleagues have also implemented various Six Sigma and Lean projects.

Environment Sustainability

Your Company follows stringent global safety, environmental health and occupational hygiene standards. We have created an excellent model for environmental sustainability with focus on conservation of resources, green energy and waste minimization.

Your Company has continued its journey towards Green Energy and completed Solar Project Phase VI, VII & VIII of 100 KWp, 800 KWp & 200 KWp respectively, during the year. Site's total solar power generation during the period was 2060 MWH which is nearly 3.12 times higher compared to 662 MWH generated in 2022-23. Goa Plant's effort towards Green Energy has ensured that ~38% of the total energy demand for the Manufacturing operation at our Goa plant come from the site's renewable source. The total carbon footprint of your Company has reduced by 2,589 Tonnes since initiation of the solar project in 2019.

Your Company has continued its drive towards energy conservation through efficiency introduction of high packing lines and machineries. The Plant has also reduced their Greenhouse gases from 3,394 tons (2022-23) to 2,449 tons (2023-24) which is an 27.84% reduction. The carbon footprint per million tablets has also reduced from 0.98T to 0.72T. These initiatives have resulted in significant reduction in energy utilization.

MEDICAL AFFAIRS

During the year under review, your Company's Medical Affairs Team organized more than 13 meetings with healthcare professionals (HCPs) representing various specialities. These sessions aimed to enhance awareness about vaccination and strengthen advocacy. over 1200 participants were engaged in knowledge-sharing and interactive discussions. Through a combination of physical, virtual and hybrid interactions, the team successfully engaged with nearly 2000 doctors. These discussions aimed to construct a robust scientific message emphasizing the significance of pneumococcal vaccination across various age groups and risk factors.

The team drove medical communication emphasising on pneumococcal vaccination for high-risk children and importance of counselling regarding vaccination and also conducted seminars for budding pediatricians on vaccinology. The medical team also supported patient awareness activities regarding protection from pneumococcal diseases and completion of vaccination schedule.

Medical Affairs supported creation of Adult Vaccination Centres of excellence (CoE) and drove implementation of departmental protocols for adult vaccination in 12 hospitals across 5 cities with discussions ongoing in further 22 hospitals. Medical Affairs also took lead to collaborate with microbiologists focusing on advancing the diagnosis and detection of pneumococcus by connecting and empowering the regional microbiology centers in the country.

The Medical Affairs team conducted focused medical education programs across the portfolios for therapy areas such as cardiology and gynecology with C-CON, Gynecology Connexion and EKG educating ~1000 HCPs. The team continued our partnerships with medical institutes with Gujarat University of Transplantation Sciences in collaboration with Asian Institute of Gastroenterology educating 172 HCPs & a national webinar with DFSI that reached to 1549 HCPs. The Novel Oral Anticoagulants (‘NOAC') handbook was published in association with API & launched at APICON 2024 with distribution of nearly 1500 copies on a reactive basis. The partnership with Indian Menopause Society (‘IMS') helped to reach more than 1100+ HCPs to educate them on the effective management of menopause and its associated symptoms with midlife matters project. Medical Affairs took a lead in patient centric initiatives such as creation of the BLOOM booklet and its regional translations in 10 Indian regional languages in association with IMS and ISOPARB, for awareness on menarche to menopause, which reached more than 7000 patients. The team also conducted HCP education activities in government medical institutes in the space of research methodology with the flagship project m-LEAP reaching 900+ emerging opinion leaders.

In the gastroenterology and rheumatology portfolio, we focused on updating Rheumatologists and gastroenterologists through cross talk forums educating more than 500 clinicians on immunological disorders and role of advanced therapies like tofacitinib in management of IBD (inflammatory bowel diseases) and (AS) Ankylosing spondylitis.

Your Company's Medical Affairs Team continued to monitor the trends in resistance and the susceptibility of antibiotics in the country through our surveillance program, Antimicrobial Testing Leadership and Surveillance (ATLAS). The Medical Affairs team periodically publishes the data in various national and international forums and journals.

The Team was also able to support 2 national associations active in the area of infection management, the Indian Society of critical care medicine and Clinical Infectious Diseases Society (CIDS),India, as they focused on various educational initiatives. The team supported the introduction of 3 month certificate specialists on infection management, that was attended by 100 HCPS with ISCCM. With CIDS, we were able to support the introduction of fungal helpline, a platform, where HCPs can learn about serious fungal infection management and seek guidance and advice from the ID experts of CIDS.

The Medical Affairs Team partnered with multinational diagnostic company, Biomerieux, to raise awareness about rapid diagnostic tests, essential in the management of serious bacterial infections, and were able to host 4 webinars that educated > 3000 HCPs.

PEOPLE ExPERIENCE (Px)

Your Company's People Experience Team amidst a challenging year of 2023-24 had a sharp focus on creating a differentiated Colleague Experience to facilitate individual and organizational growth. The PX team led multiple initiatives to drive simplicity, create a culture of inclusion and psychologically safe work environments, introduced several new benefits plans to bolster our employee value proposition and service the aspirations and requirements of an evolving workforce.

Across its remit of talent hiring, talent management and engagement, the PX team is leveraging data & analytics to enable businesses to make informed decisions and shape best-in-class talent practices.

Colleague Engagement: In 2023, your Company reported favorable scores in its annual Pulse Survey (Employee

Satisfaction Survey), which is designed to measure and track key areas of the overall colleague experience and equip leaders with actionable insights. On an average, 89% of employees surveyed reported feeling engaged and proud to be part of Pfizer, while 90% of the employees demonstrated their alignment to Pfizer's Purpose Blueprint & Values and rated the organization highly on integrity and ethics. The Pulse Survey indicated the need to focus on simplification across our Ways of Working and create more opportunities for colleague recognition. Your Company has embarked on several initiatives to address both areas of focus.

Bespoke Talent Management initiatives: At Pfizer, our approach to Talent Management is steeped in the principles of collective ownership of talent, offering diverse experiences through talent trading, providing constructive feedback to top talent, and fostering their growth in alignment with their aspirations. Guided by data-driven insights, which serve as our north star in establishing best-in-class talent practices, your Company launched the ‘Visier' platform, with an aim to empower managers to make informed and data backed people decisions.

Through Structured Talent Review discussions, our Leadership Team is committed to collective ownership of enterprise talent as well as strengthening the succession pipeline by emphasizing the accelerated development of our ‘Fast and Far' Talent. Through tailor-made development plans and by proactively providing new, unconventional career paths, our endeavour is to build more enterprise leadership talent.

We continue to emphasize a culture where careers are viewed as a series of enriching experiences, aligning with our philosophy of non-linear career progression. In 2023-24, we saw the career lattice come alive, with 200+ talent moves in 2023-24, a nearly 2x increase over 2021-22. Endorsing our zigzag growth philosophy, we saw several non-linear career moves including shifts from the Marketing to the Health Solutions Partner Team and Business Operations to Business Analytics.

Our Growth Architecture framework enables sales colleagues to navigate through varied career paths in Pfizer, strengthening the availability of talent for future leadership roles. It has enabled the organization to nimbly find the right talent, groom them through continuous inputs and to be able to proactively create a pipeline for critical roles. In addition, it has been supplemented with a learning architecture to provide differential experiences to this high-potential talent pool through structured learning interventions and key projects.

Breakthrough Benefits

At Pfizer we believe that the collective passion, customer, and patient-centricity of our people enables us to stay steadfast to our purpose of bringing Breakthroughs that change patients' lives. To ensure our employees are thriving and able to live Pfizer's purpose every day, your Company offers a strong and differentiated Benefits Proposition that has helped us attract, engage, and retain strong talent.

In early 2023, your Company introduced a slew of Breakthrough Benefits designed to help employees fully cherish life's important moments, balance work and personal responsibilities, promote well-being and ultimately, thrive in the workplace. These breakthrough benefits include the 12-week paternity policy for new fathers, enhanced Hospitalization (sum insured and C-section limit) & Life Insurance policy, and new Outpatient Department (OPD) coverage under our medical benefits amongst others.

Taking cognisance that employees thrive best when they have adequate personal time and fully savour life's moments, our new leave policy is designed to ensure employees can optimise their time off and avail their leaves with flexibility and ease. Some notable changes include excluding intervening weekly offs or public holidays from Privileged Leaves so employees can choose a wider range of leaves spread across the year, an additional Saturday off for our field employees, the introduction of Caregiver Leave to take care of ailing family members or dependents and allowing colleagues to choose elective leaves in line with their cultural and religious preferences. In 2023, our Paternity Leave policy saw 59 new fathers avail the 6-week time-off to cherish the time with their newborns and share responsibilities at home.

Keeping in mind the increasing cost of reliable childcare and further support our working mothers, we increased the reimbursable amount permitted under our cr?che allowance. Under our medical benefits, we onboarded a new digital health partner, Visit, to offer a wide suite of medical services including teleconsultations, diagnostics, dental and vision services, that can be availed at the click of a button. New resources were also introduced under our Healthy Pfizer Living initiatives fitness app Exos.

These new benefits were introduced under a strong campaign titled InWINcible You, which aims at showcasing how your Company is enabling every individual to win in the workplace through adequate personal support. The benefits campaign is an extension of the 2024 vision and strategy introduced by the Leadership Team, InWINcible

Growing Together.

Diversity, Equity & Inclusion (DEI)

In 2023-24, your Company continued to prioritize building a diverse and inclusive workplace, with gender diversity as the cornerstone of our DEI efforts. Thanks to several important measures taken by the Leadership Teams to build gender-diverse teams, our diversity metrics have seen sharp gains over the years. This is reflected by representation of more than 25% women leaders on our Board of Directors and Leadership Team.

In 2023, across our talent hiring and talent growth verticals, we took intentional strides to lift the diversity profile both, field and non-field roles. We hired 55% women while expanding our Adult Vaccination Team. At the Head Office, our efforts at hiring more in Teams with equal gender ratios, with a few teams with diversity ratios as high as 60%.

Our Women's Resource Group Abha also made significant progress through the year. Established in 2023 as a community for the empowerment, recognition, and celebration of women across their life-stages, Abha strives to address critical issues on women's health, growth

& development and steer important conversations on diversity, equity, and inclusion. Today, we have 400+ women colleagues in Pfizer who are a part of this network, and this is only increasing. Throughout the year, Abha hosted several important initiatives for all colleagues including workshops on Emotional Resilience, Financial Literacy, Healthy Lifestyle and Fine Balance.

In 2024, the focus of Abha will be on mentoring exceptional women colleagues. The Pay-it-Forward

Mentoring Program inaugurated on the eve of this year's International Women's Day is a step in this direction. In its first mentoring as a growth enabler to our Customer Facing women colleagues, who will be mentored by a batch of mentees inducted under the program. The program aims at enabling a synergistic relationship between the mentor and mentees to enable women colleague's growth and build strong connections within the broader organization.

lifestyleand LEGAL

Your Company's Legal Division is committed to providing pragmatic solutions in line with the legal and commercial interests of the Company. Being a specialized department, the Legal Division works proactively with the business to drive compliant and innovative business ideas, strategies and programs right from inception and thereby promotes

Pfizer's commitment to Patients First. Your Company's Legal Lead also serves as the Risk Counsellor Lead (RCL) and acts as the primary risk management interface for all functions in India. In this capacity, the RCL provides comprehensive risk management advice and counsel to the business and enabling functions, with strong support partnership and in consultation with in-market Compliance and other risk management functions, as appropriate.

The Legal Division continues to spearhead solutions with the business, especially pertaining to digital initiatives to enhance reach to physicians and increase awareness among patients by leveraging technology. It plays a leadership role in the following areas: our organization by hiring more women in

1. Compliance with laws and regulations: Ensures that the Company complies with laws relating to haveresulted employment, contracts, intellectual property privacy and other areas.

2. Legal advice and representation: The legal division provides legal advice and representation to the Company and its employees. This includes providing advice on legal issues related to the Company's operations, negotiating and drafting contracts, and representing the organization in legal disputes.

3. Risk management: The Legal Division plays a key role in risk management for the organization. By identifying potential legal risks and developing strategies to mitigate those risks the Legal Division helps the Company to deal with legal issues.

It plays a leadership role in the following areas:

Spearheading proactive litigation against infringers and protecting the IP rights and entitlement of the Company.

Constant support for business development projects across divisions and enabling functions.

Mitigation of risks associated with the Company's business operations and intellectual property rights.

Defending the Company against litigation as well as pro-actively initiating litigation, wherever necessary, to ensure that the Company is insulated from operational risk.

BIOPHARMA OPERATIONS GROUP

Your Company's Biopharma Operations Group encompass a wide range of activities within a business to support sales, marketing and medical. This function elevates business performance by bringing forward and seamlessly integrating their expertise, solutions and capabilities into the commercial model. The Commercial

Operations Group works in close partnership with the business to ensure delivery of key services with enhanced The over goal is to drive speed, proficiency& savings and contribute to the overall success of the business.

Over the last year Biopharma Operations Group has delivered over 5,000 services which includes Content asset management, samples management, Incentive design & payout, field deployments, pre call planning, management of CRM tool, etc. Currently 64% of our services in India are delivered between 1-5 days, our Goal is to reach 75% by end of 2024.

The Key Objectives of Biopharma Operations Group are:

Enable seamless integration of modern marketing capabilities into the commercial model

Drive efficient and effective execution of sales and marketing operations.

Defineand enable best-in-class sales and marketing at scale

Support adoption of new technology, platforms, and processes

Providing oversight, optimization, and governance

Activating new agency model to deliver better, more personalized creative

To operationalize and optimize Critical Marketing and Customer Fulfillment Center (CFC) enablers

While driving such large-scale operations, this group brings diverse capabilities & leadership to encompass both technical and execution rigor. It is this collective advantage of the group that has led to strong cross functional partnerships; thereby helping Pfizer to deliver breakthroughs that change patients' lives.

SUPPLY CHAIN

At Pfizer, the objective of Supply Chain is to deliver breakthroughs that change patients' lives through interventions that enhance our services across the value chain.

In our efforts to stay ahead of the curve, we have created a framework to capture the voice of our customers and use the inputs to enhance their experience with Pfizer.

Predictive analytics to anticipate customer purchase patterns, disease profiles, value added services etc. have been a few of the new initiatives. We have also created a calendar for educating our first paying customers on best practices for safety and handling of temperature-controlled products. All these interventions thereby form pillars in our journey to drive Customer Delight.

Your Company's Supply Chain has taken significant in keeping sustainability at the forefront while delivering essential medicines. Pfizer Supply Chain conducts regular training sessions for value chain partners outlining the formulation of Environmental, Social, and Governance (ESG) and Sustainability blueprint, setting a clear direction for global and India-specific initiatives. A crucial step on this front has been shifting from air to ocean mode of transport for supplies from our global manufacturing sites that includes marquee Pfizer vaccines. This, in turn, contributes to a significant reduction in

Further, to improve efficiencies and in keeping with evolving customer needs, we have embarked on digitization and automation journey in the customer service operations.

Automation of sales order creation process and printing of QR codes on secondary packs providing product details are the initial initiatives successfully launched in this space. Also, to further strengthen these initiatives, a differentiated logistics network strategy is in place to widen our reach to customer segments beyond our current footprint.

To summarize, all these efforts have enable your Company to evolve into an agile and sustainable customer supply chain organization that is constantly and successfully developing a talent pool to provide supply chain solutions in India.

PFIZER HEALTHCARE ExPERIENCE STUDIO (PHEx)

Your Company's Patient & Healthcare Experience (PHEX) India team is at the forefront of healthcare innovation, leveraging digital media to transcend traditional boundaries and usher in a new era of possibilities. Harnessing the power of digital media, where every click, tap and scroll becomes an opportunity to inspire, educate and empower, this team embarked on a quest to transform and elevate brand, customer experiences.

This dynamic team has quickly established itself as a driving force for innovative solutions for your Company.

From facilitating new product launches to enhancing field force productivity and executing impactful awareness campaigns, the team consistently enables business functions to achieve their goals.

Reflecting on the past year, notable achievements include the creation of a connected healthcare ecosystem program to enhance patient and healthcare professional

(HCP) engagement, the successful ideation and execution of a Pneumococcal Disease awareness campaign, which garnered prestigious industry awards, and the development of a search engine optimization (SEO)-based strides content strategy and website to amplify brand presence for Becosule.

Additionally, advancements in the AI and behavior science-based solution for Customer Facing Colleagues

(CFCs), ‘Smart Sales Buddy', have shown promising results, while the implementation of an omni-channel customer engagement model has enabled data-driven decision-making. They have also established outcome-focused partnerships with retail aggregators and driven emissions. Customer Experience Management (CXM) initiatives.

Together, PHEX India and its business counterparts are driving transformative change in healthcare, shaping the future one breakthrough at a time.

DIGITAL

The pharmaceutical industry is undergoing a significant transformation driven by digital trends that are revolutionizing various aspects of the industry including Drug Development, Manufacturing, Healthcare Professional (‘HCP') engagement, Patient care and beyond.

This Digital transformation is essential for the industry to keep pace with technological advancements, changing consumer behaviors and regulatory requirements.

Your Company has made significant enhancing digital engagement with HCPs over the past year with Websites, WhatsApp based Bots. Your Company implemented various technology-based solutions to improve patient awareness, such as developing dedicated websites focused on educating patients about health conditions and treatment options. Additionally, your

Company has created scientific knowledge-sharing platforms tailored for HCPs to stay updated on the latest research and medical advancements.

Your Company has been diligently focusing on improving colleague productivity by implementing Generative AI tools. These innovative tools leverage large language model to produce content which benefit colleagues by enhancing productivity and collaboration. Company continued to have robust, enhanced Cyber Security controls Globally to protect Information from external threats.

By prioritizing innovation and aligning digital strategy with overarching business strategy, Company continues to be at the forefront of digital innovation, driving transformative solutions that enhance patients' health outcomes, accelerate access to the medicines and advance groundbreaking therapies for patients.

FINANCE

The Finance Division has been a strong and effective business partner to provide guidance and leadership while upholding the highest standards for internal controls and corporate governance. The division has been instrumental in driving performance, managing risks and opportunities, in rolling out new GTM strategies, change management and leading various enterprise-wide initiatives.

During the year under review, your Company's Finance team partnered strongly with each business units to develop and execute various key projects. The Finance team played a key role in execution of agreement to transfer the unexpired leasehold rights in the Thane Land

& Building to Zoetis Pharmaceutical Research Private

Limited.

In addition to partnering strongly with business, the

Finance division played a pivotal role in ensuring fiduciary integrity, upholding high corporate governance standards, developing governance policies, maintaining good investor relations, institutionalizing effective internal controls and consistently driving strong business performance and financial prudence.

Internal Control Systems, their adequacy and Compliance:

The Compliance Controls and Risk (CCR) Lead from Risk Management and Compliance (RM&C) function is progress in responsible for ensuring adequacy and effectiveness of internal controls through continuous monitoring.

CCR's objective is to give senior management, Risk

Management Committee and the Audit Committee, an independent and reasonable assurance on the adequacy and effectiveness of the Company's risk management, controls, and governance processes. Your Company has an internal audit function which is supported by an independent Chartered Accountancy firm audit reviews.

Your Company had laid down adequate system of internal controls based on risk-based approach and framework.

The control environment comprises a mix of preventive and detective controls which are manual, semi-automated and automated in nature. While structuring the system of

Internal Financial Controls, your Company has followed requirements of the Companies Act, 2013 and is in line with globally accepted risk-based framework as issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. The purpose of the control system is to ensure –

1. Orderly and Efficient conduct of the business operations

2. Compliance with applicable laws, regulations, polices etc.

3. Safeguarding of its assets

4. Accuracy and completeness of the accounting records

Risk Management and & Compliance function an integrated Enterprise Risk Management (‘ERM') framework to obtain a holistic view of Company risks across all its business areas. Our Enterprise Risk Management approach focuses on the identification of key strategic, business, and operational risks and aims to mitigate these risks effectively. Keeping in mind our purpose ‘Breakthroughs that change patients' lives', our constant effort is to ensure ‘patient first' while we identify risks and define risk mitigation measures. During Risk assessment process, our focus is to include fundamental principles of risk management, proactive identification, timely risk conversations and robust implementation of mitigation measures in internal processes.

The CCR conducts periodic risk assessments during the year wherein all the risks to Company's objectives are assessed, and mitigating plans are recorded in the risk register. This risk register includes operational, financial, regulatory, legal, business and compliance risks. During the Risk Assessment exercise, current as well as emerging risks which may impact your Company's objective achievements are considered and assessed based on their likelihood and impact. All the key risks along with mitigating plans are presented and discussed twice a year/ semiannually with the Risk Management Committee and the Audit Committee

COMPLIANCE AND ETHICS to BUILDING TRUST WITH COMPLIANCE AND ETHICS conduct Pfizer is committed to do everything to build trust in science and promote accurate science-based information.

These are key priorities for us, and we are advancing them through our digital channels and collaboration with healthcare organizations and key stakeholders.

Our Purpose and values guide our ethical decision-making and how we deliver breakthroughs. Through proactive, business-led risk management, Pfizer prioritizes integrity, safety, and quality as we advance innovation for patients and seek to improve global health. Your Company operates ethically and thoughtfully in everything that we do, driven by our responsibility to change lives for the better.

Your Company has a robust Compliance framework with lightspeed approach. This helps to identify and mitigate emerging compliance risks by adopting a thoughtful risk-taking and leadership accountability approach.

During the year under review, the Compliance team introduced various innovative compliance programs to further enhance a culture of ethics and integrity at the grassroot level and implemented a proactive, and robust risk and compliance governance framework. The team enhanced the use of digital technology in developing and implementing strong control and governance frameworks, which has led to more effective monitoring and helped dealing with risks at early stages. With the new GTM strategy, we proactively identify emerging risks and implemented a mitigating framework of controls and governance. The compliance and business processes, tools and system have been further simplified with the use of new technology which has also led to better compliance adherence.

Uniform Code for Pharmaceutical Marketing Practice (UCPMP) :

Government issued a notification on March 12^th, 2024 mandating all the associations to ensure their members follow UCPMP which governs “the promotional practices of pharmaceutical products to healthcare professionals

(HCP)”. Your Company is fully committed to comply with the UCPMP requirements in true letter and spirit and also leading the conversation in OPPI and within Industry peers.

Simplification & Culture

With the Vision and Objective set forth by your Company for the future, it is important to ensure operational efficiency. We recognize that of the policies and processes is paramount in achieving the operational efficiency. introduced two initiatives under “Project SimpliPfi” i.e. a) Triage Risk Approval Forum is set up to provide all risk functions approvals for business initiatives and innovative programs at one place. A consolidated guidance is then given by the forum to Initiator which eliminates the time taken by project owner and b) Policy point A share drive is set up containing all the Local and global policies at one place. This is of tremendous help for all the colleagues, specially new joiners, to find policy or guidance on any topic at a simple click.

Your Company has a well-defined policy covering interaction with Healthcare Professionals and Government officials called ‘My Anti-Corruption Policy &

Procedures' (MAPP). The policy addresses both local legal requirements while also leveraging the best practices followed in other markets. The right tone from the top leadership and regular training and awareness also provides frequent reinforcement of Pfizer's compliance and ethics values. We continue to enhance and update our policies keeping in mind the evolving environment and emerging risks.

As a way of reinforcing ethics and integrity, your Company has identified around 60 colleagues from various teams as “Compliance Champions”. They act as the first point of contact for colleagues when they have policy related questions. These measures have ensured that your

Company is well placed to drive the spirit of compliance across its stakeholders. Compliance cultural is an integral part of your Company's value system. Our culture initiatives like ‘Compliance Day celebrations', ‘Anytime

Compliance Ready' and ‘Compliance messaging during

POA meetings and townhalls' helped inculcate compliance learning with Joy. With 60 Compliance champions on field, the acclaimed framework of the Compliance Champion League (CCL) has gone a long way in ensuring phenomenal success and scripted an unparalleled compliance driven culture for Pfizer India.

Office of the Ombuds

Your Company offers ‘Office of the Ombuds' and unlike any other resource atPfizer,it provides a safe place where any colleague can reach out and have a completely private, confidential and unbiased discussion regarding any work-related issue, question or concern. the Ombuds also provides insights, perspectives and points of view that can help colleagues develop strategies and potential options to resolve workplace concerns or questions. ‘Office of Ombuds' is available to all colleagues regardless of title and role. simplification and clarity

CORPORATE AFFAIRS

The Corporate Affairs Division works in the domains this in mind, we of Government Relations, Public Policy, External Communications, Patient Advocacy and Corporate

Social Responsibility. During the year under review, the division undertook numerous policy advocacy initiatives; stakeholder engagement outreach; campaigns to build corporate and therapy area reputation and community and colleague engagement programs.

Your Company undertook direct advocacy with the Government and engaged stakeholders through industry associations such as Organization of Pharmaceutical

Producers of India (OPPI), Federation of Indian Chambers of Commerce and Industry (FICCI), US India Strategic Partnership Forum (USISPF) and US India Business Council (USIBC) on matters of priority for the business.

Some of the key issues which we advocated included regulatory modernization for expediting drug approvals, strengthening the existing Intellectual Property Right

(IPR) regime to incentivize innovation and research, exemption of our patented/breakthrough drugs from the instructions relating to the Global Tender Enquiry (GTE) issued by the Government, inclusion of innovative therapies under Government programs, pricing and other matters which came up from time to time.

Your Company played a pivotal role in driving multiple initiatives with the Government including the areas mentioned above which covered specific recommendations/representations on the existing challenges and suggestions based on best practices towards policy scope and operational efficiency among others. Your Company continued to participate and play an active role in leading the dialogue with relevant government stakeholders and contributing recommendations on the above-mentioned policy level issues.

CORPORATE SOCIAL RESPONSIBILITY

At Pfizer, we seek to make quality healthcare available to those in need across India. To achieve this, we draw inspiration from our Purpose Breakthroughs that Change Patients' Lives. Our flagship CSR programs aim to nurture science and innovation, reduce the threat of disease, strengthen healthcare capacity, ensure access to qualitycare,addressimmediatedisasterandhumanitarian of health needs, and enhance Pfizer's community outreach.

This year, the team continued to identify and work on projects that are aligned to Pfizer's CSR priorities as listed below:

Promote Indian innovation and Indian intellectual property with a focus on healthcare;

Undertake awareness and access programs in partnership with NGOs, government and healthcare providers in areas such as women and child health, among others;

Support Government, national and/or state programs and priorities with linkages to healthcare; and Participate in disaster relief activities. Your Company's flagship CSR initiatives undertaken during the year under review gained significant momentum leading to high-impact outcomes.

Pfizer along with NGO partner, Americares India Foundation (AIF) rolled out two major projects to combat India's AMR challenges.

1. Project Parivartan focusses on addressing the current Infection Prevention and Control (IPC) challenges in healthcare facilities. In this multi-year project, your Company is supporting the development of a model for ‘Institutional Capacity Building' to deliver facility-based IPC and Anti-Microbial Stewardship among 11 small and mid-size hospitals across India. The project has now completed 2 years reflecting marked positive impact on the IPC & AMS practices across the 11 shortlisted hospitals.

2. Pfizeralong with an NGO partner, launched an online learning program called OPEN-AMR for healthcare workers to offer access to quality training on IPC across India. The project provides AMPS/ IPC module as per the WHO guidelines. The platform is accessible free of cost with certification in six languages (English, Hindi, Tamil, Telugu, Malayalam, and Marathi). It is implemented by Americares India Foundation (AIF) with Trained Nursing Association of India (TNAI) as a certificate partner. 22,000 + nurses have enrolled on to the platform. The program is highly appreciated amongst the nurses adding to their skills on AMS &

IPC.

The Indian Council of Medical Research (ICMR)- Pfizer collaboration aims at enhancing the existing AMR Stewardship Program with a focus on awareness. The project helps address the growing threat of antimicrobial resistance (AMR) in India.

3. The Pfizer-ACF (Tata Trusts) Cancer Care Project has been set up to work with the high-risk population that requires healthcare attention. Overall, this project aims to serve as a one-stop, information and support center for patients and families at Tata

Trusts? key cancer hospitals. Alamelu Charitable Foundation (ACF) was established by Tata Trusts to support the setup of a comprehensive healthcare network across India. The program is in the first phase of its operation and includes the following:

Health and wellness kiosks in Ranchi, Diphu, Silchar and Tirupati. The kiosks provide services such as counselling and interactive sessions on preventing cancer and lifestyle-related disorders to reduce the risk of non-communicable diseases (NCD), counselling sessions for smoking cessation and prevention, screening for Oral, Cervical and Breast cancer, general physician examination and basic laboratory investigation including haemotological, serological and bio- chemical tests, etc.

Community outreach and early detection for NCD, screening of catchment population and referral to the nearest center. Set-up and operationalization of a patient referral and tracking platform.

Manage and operate a virtual patient helpdesk, complemented by one on-site patient navigator in OPD and day care centers in the four locations.

The project has positively impacted lives of over 500,000 beneficiaries and over 3000+ healthcare workers. This project is a breakthrough in providing access and high-quality consistent care as the primary objective of the program.

4. As a part of the Company's CSR initiative, your

Company has partnered with NGO Doctors for You to set up physical help desks at 14 high burden cancer hospitals across India. 4 of the 14 Aastha help desks have been launched in this financial year. The aim of the initiative is to improve the treatment experience for cancer patients throughout their journey by hand holding them and their caregivers through the diagnosis, treatment and rehabilitation phases.

200,000 + patients and their caregivers supported through the help desk.

Pfizer's Healthcare Innovation

Pfizer INDovation program is our contribution towards shaping the health-tech space in India all for better access to quality healthcare.

We, along with esteemed partners such as IIT-D, Niti Ayog, NIPER- Ahmedabad, Social Alpha, are looking to address the challenges start-ups face after crossing the early-stage product development so that many of these unique ideas and solutions can take shape as viable solutions.

As part of this program, we have supported 40 startups in the space of Oncology, Digital Health, Devices and Diagnostics with incubation and IP filing.

The startups who have been a part of the inaugural edition of this program, have received upto Rs65 lakhs over 2 years. They have also received mentorship support on product development, fundraising support, clinical fitment workshops, and have been introduced to clinical partners and potential customers.

During the year under review Company through Pfizer INDovation program, identified two promising startups tackling serious health threats

Pragmatech solutions and AI Health Highway.

Cervical Cancer has always been a big concern for women. Pragmatech has developed Cervicheck , a self-sampling kit for molecular testing of high-risk HPV infection that enables women to self-collect cervical and vaginal cells by themselves – enabling easier screening for Cervical Cancer.

• AI Health Highway's AI Steth is an advanced digital stethoscope that aims to aid a non-specialist in screening patients for Valvular Heart Disorders. Deployed in 18 Primary Healthcare Centers in

Satara, Maharashtra, as a part of their Chronic noncommunicable diseases screening, AI Steth was used to screen over 3,850 individuals.

Sharing our INDovation story with India and the world:

We proudly showcased INDovation at the 2nd Health Working Group meeting in Goa and at Innovation Marketplace, World Health Assembly, Geneva, with the start-ups highlighting their cutting-edge solutions, in tune with the theme of digital health.

Shortfall in CSR Spend

The CSR funds were earmarked for fivekey projects AMR Parivartan Hospital Transformation Project in partnership with Americares, Pfizer-Tata Trusts Cancer Care project, Village Transformation Project (BAIF), Pfizer INDovation and IP Programs and Cancer helpdesks by Doctors for You.

Given the scale and scope of these projects, the programs could not utilize the full funds earmarked for the financial year under review for some of these projects. These CSR projects are long term and continuing projects which would be supported by the Company during subsequent years. Accordingly, the said CSR funds are being released in a phased manner according to the progress on the projects.

As per the provisions of the Companies Act, the unspent CSR amount of Rs4.86 Crores in respect of ongoing projects for the financial year ended March 31, 2024 has been transferred to Pfizer Limited - Corporate Social Responsibility Unspent Account FY 2023 24 and will be subsequently spent on the Company's ongoing CSR projects within a period of three years.

A brief outline of the initiatives undertaken during the year and details of CSR projects undertaken by your Company during the financial year under review are provided in the Corporate Social Responsibility Report which forms part of this Report and annexed herewith as “Annexure - A”.

WHISTLE BLOWER / VIGIL MECHANISM

Your Company has established a Whistle Blower/Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behavior, actual or suspected fraud or violation of the Company's code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and direct access to higher level supervisors. The e-mail ID for reporting genuine concerns is: ‘ corporate.compliance@pfizer.com?. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at Chairman. IndiaAuditcom@pfizer.com? . No person has been denied access to the Audit Committee Chairman. A quarterly report on the whistle blower complaints received and action taken thereon is placed before the Audit Committee for its review.

PREVENTION OF SExUAL HARASSMENT POLICY

The ‘Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013? (the ‘Act') seeks to protect women colleagues against sexual harassment in their workplace. Your Company has specially designed training modules to help all colleagues and contingent associates understand what constitutes sexual harassment in the workplace, how to address it and Pfizer's role in preventing it. Your Company has

Internal Complaints Committees constituted under the purview of the Act and has ensured adherence to the Act. The details of complaints filed and disposed of during the Financial Year under review are as under:

DIRECTORS

Upon completion of 5 year team as a wholetime Director, Mr. Milind Patil (DIN: 02546815), ceased to be the Executive Director Finance of the Company with effect from close of business on November 13, 2023. Mr. Patil retired as the Chief Financial Officer of the Company with effect from November 30, 2023.Mr. Samir Kazi (DIN: 07184083), resigned as an Executive. Executive Director Legal of the Company with effect from close of business on September 12, 2023.

Your Directors wish to place on record their appreciation of contributions made by Mr. Milind Patil and

Mr. Samir Kazi during their tenure as the Executive Director Finance & Chief Financial Officer and Executive Director Legal respectively, of the Company.

The Board of Directors of the Company at their Meeting held on February 9, 2023, pursuant to the recommendation of Nomination and Remuneration Committee, appointed

Ms. Meenakshi Nevatia (DIN: 08235844) as an Additional

Director and Managing Director of the Company, for a period of 5 (five) years with effect from April 3, 2023. The said appointment was approved by the shareholders on

May 27, 2023 through postal ballot. Ms. Nevatia being a British citizen, the Company had sought approval of the Central Government for her appointment as the

Managing Director of the Company, and the same was received during the year under review.

The Board of Directors of the Company at their

Meeting held on October 28, 2023, pursuant to the recommendation of Nomination and Remuneration

Committee, appointed Mr. P. Rengan (DIN: 10362899) as an Additional Director of the Company designated as Executive Director – Plant Operations, for a period of 5 (five) years with effect said appointment was approved by the shareholders on January 6, 2024 through postal ballot.

The Board of Directors of the Company at their Meeting held on January 22, 2024, pursuant to the recommendation of Nomination and Remuneration Committee, appointed

Mr. Amit Agarwal(DIN: 10465938) as an Additional

Director of the Company designated as Executive Director

Finance & Chief Financial Officer, for a period of 5 (five) years with effect from February 26, 2024 subject to the approval of members.

The Board of Directors of the Company at their Meeting held on February 9, 2024, pursuant to the recommendation of Nomination and Remuneration Committee, reappointed Ms. Meena Ganesh (DIN: 02546815) as an Independent Director with effect from March 8, 2024 for a term of 5 (five) years subject to the approval of members. The said appointment of Mr. Amit Agarwal as Executive Director Finance & Chief Financial Officer, for a period of 5 (five) years with effect from February 26, 2024 re-appointment of Ms. Meena Ganesh as an Independent

Director with effect from March 8, 2024 for a term of 5 (five) years were approved by the shareholders on March 30, 2024 through postal ballot.

In accordance with the provisions of the Companies Act, 2013, Mr. P. Rengan, (DIN: 10362899) retires by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment.

The Board of Directors of the Company at their Meeting held on July 29, 2024, pursuant to the recommendation of Nomination and Remuneration Committee, appointed

Mr. Lakshmanan Krishnakumar (DIN: 00423616) and Ms. Sonia Singh (DIN: 07108778) as Independent Directors

(Additional Directors) of the Company for a term of 5 years with effect from July 29, 2024 subject to the approval of the members at the ensuing Annual General Meeting. Mr. Pradip Shah's second term as an Independent Director would be expiring on November 9, 2024. The Board of Directors of the Company at their Meeting held on July 29,

2024, pursuant to recommendation of Nomination and Remuneration Committee appointed Mr. Pradip Shah as a Non-Executive Non Independent Director of the Company, liable to retire by rotation, subject to the approval of the members at the ensuing Annual General Meeting. All Independent Directors have given the declaration that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. from October28, 2023.

The Board Performance Evaluation

The Company has devised a Performance Evaluation

Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors. Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance

Evaluation Framework and Policy.

The performance evaluation of each individual Director, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India (“SEBI”).

Independent Directors' Meeting

During the year under review, one Meeting of the Independent Directors was held on May 15, 2023, without thepresenceoftheExecutiveDirectors.AtthesaidMeeting, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Company's business to enable them to contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategic operations and functions of the Company. Your Company also circulates news and articles related to the industry and provides specific regulatory updates to the Independent

Directors on a regular basis.

A summary of the major Familiarization Programs carried out during the year for the Independent Directors is given below:

NOMINATION AND REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors,

Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration

Policy forms part of this Report annexed herewith as

MEETINGS OF THE BOARD

The details of the meetings of the Board and Committees are provided in the Corporate Governance Report which forms part of this Report and annexed herewith as

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013: that in the preparation of the annual financial statements for the year ended March 31, 2024 the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; that such accounting policies as mentioned in Notes

2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on the Company for March31,2024 and of the profit the year ended on that date; sufficienthas been taken for that properand the maintenance of adequate accounting records in accordance with the provisions of the Companies

Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; that the annual financial statements prepared on a going concern basis; that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

AUDIT COMMITTEE

The details pertaining to the composition of the Audit Committee are included in the Corporate Governance

Report, which forms part of this report.

RISK MANAGEMENT POLICY

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.

RELATED PARTY TRANSACTIONS

All Related Party Transactions that were entered in during the financial year were on an arm's length basis and were in the ordinary course of business. There are no materially significant related the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interests of the Company at large. The Company had entered in materially significant related party transactions with Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same is within the limit duly approved by the members at the 65^th Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Company's website www. pfizerltd.co.in. The weblink for the Policy is www.pfizerltd.co.in/files/ revisedrelatedpartytransactionpolicypfizerwebsite.pdf None of the Directors have any material pecuniary relationships or transactions vis-?-vis the Company.

Pursuant to Section 134 of the Companies Act, 2013 and Rules made thereunder, particulars of transactions with related parties as required under Section 188 (1) of the Companies Act, 2013, in the prescribed Form AOC- 2 forms part of this Report and annexed herewith as “Annexure - C”.

PARTICULARS been OF LOANS, GUARANTEES AND INVESTMENTS

The Company has not granted any loans, guarantees, or investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31, 2024.

DEPOSITS FROM PUBLIC

During the financial year under review, the Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from the public was outstanding as on the date of the

Balance Sheet.

DISCLOSURES OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company's operations in future.

GENERAL INFORMATION

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, party transactions made by 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, forms part of this Report and annexed herewith as

“Annexure - D”.

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, (“the Act”) read with Rule 5(1) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report and annexed herewith as “Annexure - E”.

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this

Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees? particulars which is available for inspection by the Members through electronic mode up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Company's Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company. Hence, neither the Managing Director nor the Whole-time Directors of your Company received any remuneration or commission during the year, from any such companies

The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof -

Not Applicable.

The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year-Not Applicable.

TRANSFER TO RESERVES

During the year, no amount was transferred to the general reserves.

MATERIAL CHANGES AFFECTING THE COMPANY

There have been no material changes and commitments affecting the financial position of the Company between the end of the Financial Year and date of this report.

AUDITORS

The Auditors, M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of the 71^st Annual General Meeting till the conclusion of the 76^th Annual General Meeting.

Accordingly, M/s. B S R & Co. LLP will continue to hold office till the conclusion of the 76^th Annual General Meeting of the Company. M/s. B S R & Co. LLP have confirmed their eligibility and that they are not disqualified to hold the office of Statutory Auditor.

The Auditor's Report for the financial year ended March 31, 2024 does not contain any qualification, reservation or adverse remark.

COST AUDITORS

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company is required to be audited.

The Board of Directors had, on the recommendation of the Audit Committee, appointed M/s. M/s. RA & Co., to audit the cost accounts of the Company for the financial year 2023-24 on a remuneration of Rs14,70,000/- (Rupees Fourteen Lakhs Seventy Thousand only). However, the said Cost Auditors have tendered their resignation on account of ineligibility to continue as Cost Auditors of the Company consequent to inheritance of Company's shares by Mr. Rasesh Chokshi, one of the Partners of the firm.

The Board of Directors had, on the recommendation of the Audit Committee, appointed M/s. Kishore Bhatia &

Associates, to audit the cost accounts of the Company for the financial year 2023-24 on a remuneration of Rs14,70,000/- (Rupees Fourteen Lakhs Seventy Thousand only) to fill the casual vacancy caused by the resignation of M/s. R.A. Co.

The Board of Directors, at its meeting held on May 17, 2024, had, on the recommendation of the Audit Committee, appointed M/s. Kishore Bhatia & Associates, to audit the cost accounts of the Company for the financial year 2024-

25 on a remuneration of Rs14,70,000/-(Rupees Fourteen

Lakhs Seventy Thousand only)

As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member's ratification for the Messrs. Kishore Bhatia & Associates & Co., Cost Auditors for the financial year ended March 31, 2024 and for the financial year ending March 31, 2025 are included at Item No. 7 and Item No. 8 respectively of the Notice convening the Annual General Meeting.

Your Company is required to maintain the cost records as specified by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2023 on October 17, 2023, which is within the stipulated timeline prescribed under the applicable regulations.

The Cost Audit Report for Formulations for the financial year ended March 31, 2024 is filedby due to be October 26, 2024.

M/s. Kishore Bhatia & Associates, have confirmed their eligibility to be the Cost Auditors for the financial years

2023-24 and 2024-25 and have been appointed to conduct Cost Audit of the Company's records for the financial year ended March 31, 2024 and for the financial year ending March 31, 2025. The remuneration payable to

M/s/ Kishore Bhatia & Associates is subject to ratification by the shareholders.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the

Secretarial Audit of the Company. The Secretarial Audit

Report forms part of this Report and annexed herewith as “Annexure - F”. The Secretarial Audit Report for the financial year ended March 31, 2024, does not contain any qualification, reservation or adverse remark.

ANNUAL SECRETARIAL COMPLIANCE REPORT

The Company has undertaken an audit for the financial year 2023-24 for all applicable compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report has been submitted to the stock exchanges within 60 days from the end of the financial year under review. The Annual Secretarial Compliance Report is available on the  Company's website at www.pfizerltd.co.in

COMPLIANCE WITH SECRETARIAL STANDARDS

Your Directors confirm that the Secretarial Standards issued by the Institute of Companies Secretaries of India, as applicable to the Company and which are mandatory in nature, have been duly complied with.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 and rules made thereunder, the Annual Return of the Company as on March 31, 2024 in

Form MGT-7 is available on the Company's website at www.pfizerltd.co.in

CORPORATE GOVERNANCE AND BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORTING

A Report on Corporate Governance along with a Certificate from B S R & Co. with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as “Annexure - G”.

A Business Responsibility & Sustainability Report as stipulated under Regulation 34(2) of SEBI (Listing

Obligations and Disclosure Requirements) Regulations,

2015, describing the initiatives taken by your Company from an environmental, social and governance perspective, forms part of this Report and annexed herewith as “Annexure-H”.

CAUTIONARY NOTE

Certain statements in respect to Management Discussion and Analysis may be forward looking and are stated as required by the applicable laws and regulations. The future performance of the Company may be affected by many factors, which could be different from what the

Directors envisage in terms of future performance and outlook.

ACKNOWLEDGMENTS

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Company's suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.