Pfizer Statement on Results of Fourth Annual Pay Equity Study Among Colleagues Worldwide
NEW YORK, N.Y., February 28, 2023 – Pfizer Inc. (NYSE:PFE) announced today that, for the fourth consecutive year, an independent compensation expert confirmed equitable pay practices for employees at Pfizer.
The study assessed pay equity for gender worldwide and for minorities in the United States based on compensation data, including base pay and bonuses. The study measured the difference between similar groups of employees when adjusting for factors such as role, grade, job level, and location.
The results indicate that Pfizer compensates female colleagues greater than 99% (99.4%) of what male colleagues are paid across the globe. Additionally, in the United States, minorities are paid at parity (100%) with non-minorities. This is the second year in a row that the company has achieved 100% U.S. parity with respect to race. Colleagues whose pay is determined by a collective bargaining agreement were not included in the study. Pfizer’s Executive Leadership Team (except the CEO) was included in this analysis.
With transparency in mind, Pfizer is again releasing median pay gaps for women globally and minorities in the United States. This is the third consecutive year that Pfizer has led the way with this disclosure. Median pay gaps measure the difference between the middle-paid employee from one group against the other and generally reflect representation across organizational levels.
Pfizer’s median pay for women globally is 101.3% of the median pay of males, and the median pay for minorities in the United States is 83.6% of the median pay for non-minorities. The existence of a median pay gap signifies a need to increase representation in senior roles. We will continue to focus on doing so fairly, equitably, and consistent with both labor laws and our obligations as an equal opportunity employer.
“Pay equity and opportunity parity are an essential part in attracting the best talent, reducing turnover, and improving colleague morale. Pfizer’s ability to deliver medical and scientific breakthroughs is based on our colleagues’ focus on patients and a commitment to our purpose. Our work to achieve our parity goals is not done, but we are making steady progress. We are committed to building teams of scientists, doctors, and professionals that model the diverse communities we serve,” said Payal Sahni Becher, Pfizer’s Chief People Experience Officer and Executive Vice President.
Pfizer has made significant progress towards aspects of its 2025 Opportunity Parity Goals, which represent the company’s commitment to increasing representation of women and minorities at senior -level positions of the organization.
|2025 Opportunity Parity Goal||To Date (Through 2022)|
Pfizer first announced its commitment to increasing opportunity parity, including fairness in promotions and horizontal movement across demographic groups, in 2019.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer
DISCLOSURE NOTICE: The information contained in this statement is as of February 27, 2023. Pfizer assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.
This release contains forward-looking information about pay practices for employees at Pfizer, including its progress towards aspects of its 2025 Opportunity Parity Goals, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer’s business and prospects, adverse developments in Pfizer’s markets, or adverse developments in the U.S. or global capital markets, credit markets, regulatory environment or economies generally; the impact of COVID-19 on our business, operations and financial results; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results,” as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
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