Proxy Statement Summary

Here are highlights of important information you will fnd in this Proxy Statement. As it is only a summary, please review the complete Proxy Statement before you vote.

Summary of Shareholder Voting Matters

Voting Matter	Board Vote Recommendation	See Page
Item 1 — Election of Directors	FOR EACH NOMINEE	7
Item 2 — Ratification of Selection of Independent Registered Public Accounting Firm	FOR	40
Item 3 — 2017 Advisory Approval of Executive Compensation	FOR	43
Item 4 — Advisory Vote on Frequency of Future Advisory Votes on Executive Compensation	1 YEAR	45
Shareholder Proposals
Item 5 — The Holy Land Principles	AGAINST	99
Item 6 — Special Shareowner Meetings	AGAINST	101
Item 7 — Independent Chair Policy	AGAINST	103

Our Director Nominees

You are being asked to vote on the election of the following 12 Directors. All Directors are elected annually by the affirmative vote of a majority of votes cast. For detailed information about each Director's background, skill sets and areas of expertise please see "Director Nominees" later in this Proxy Statement.

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BOARD AND COMMITTEE REFRESHMENT

In June 2016, we made several changes to the composition of the Board Committees, including the election of:
- Ms. Suzanne Nora Johnson as the new Chair of the Audit Committee;
- Mr. James C. Smith as the new Chair of the Compensation Committee; and
- Dr. Helen H. Hobbs as the new Chair of the Science and Technology Committee.
In February 2017, as part of our ongoing commitment to proactive Board refreshment, Ronald E. Blaylock was elected to the Board and as a member of the Corporate Governance and Science and Technology Committees. Among other qualifcations, Mr. Blaylock brings financial expertise, as well as risk management and business leadership skills to the Board.

Board Composition

Our goal is to maintain a diverse Board representing a wide range of experience and perspectives. Below we highlight the composition of our Director nominees.

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Corporate Governance Highlights

Pfizer is committed to exercising and maintaining strong corporate governance practices. We believe that good governance promotes the long-term interests of our shareholders, strengthens Board and management accountability and improves our standing as a trusted member of society.

2016 SHAREHOLDER OUTREACH

We believe that a robust shareholder outreach program is an essential component of maintaining our strong corporate governance practices. In our discussions with investors, we seek their input on a variety of corporate governance topics and other issues that may impact our business or reputation. We strive for a collaborative approach with investors to solicit and understand a variety of perspectives. During 2016, we engaged with over 30 global institutional investors representing nearly 30% of our outstanding shares. Investors' sentiment was generally positive with respect to our leadership, our corporate governance practices, the structure of our executive compensation plan and other issues specific to our industry. This information was summarized and shared with the Board of Directors.

In 2016, as a result of investor feedback on the company's lobbying activities and Pfizer's commitment to corporate governance excellence, the Corporate Governance Committee further strengthened its oversight of the company's lobbying activities and amended the Committee's Charter to clarify this responsibility. As a result, the Corporate Governance Committee maintains an informed status on the company's lobbying priorities and activities through semi-annual reports from management.

For more information about our 2016 shareholder engagement program and the actions we took in response to shareholder feedback, see "Governance – Shareholder Outreach" and "Corporate Governance Committee Report" later in this Proxy Statement.

Executive Compensation Highlights

Pfizer's pay-for-performance compensation philosophy is set by the Compensation Committee of the Board. Our goal is to align each executive's compensation with Pfizer's short-term and long-term performance and provide the compensation and incentives needed to attract, motivate and retain key executives crucial to Pfizer's long-term success.

To achieve these objectives:

We position total direct compensation and each compensation element at approximately the median of our pharmaceutical peer and general industry comparator companies.
We align annual short-term incentive awards with annual operating, financial and strategic objectives.
We align long-term incentive awards with the interests of our shareholders by delivering value based on operating results and absolute and relative shareholder return, encouraging stock ownership and promoting retention of key talent.
A significant portion of the total compensation opportunity for our executives is directly related to Pfizer's total shareholder return (TSR) and our progress against the performance goals of our strategic and operating plans, as well as our performance against that of our peers.

Our Compensation Practices

Pfizer continues to implement and maintain leading practices in its compensation program, including:

	Risk Mitigation
	Compensation Recovery ("Clawbacks")
	Stock Ownership Requirements
	Minimum Vesting Required
	Robust Investor Outreach
	Independent Compensation Consultant

	No Hedging or Pledging
	No "Gross-ups" for Perquisites
	No Repricing
	No Employment Agreements

2016 KEY ELEMENTS OF EXECUTIVE COMPENSATION

Direct compensation for our executives in 2016 consisted of the following key elements:

Element	Type/Description	Objective
Salary (Cash)	The fixed amount of compensation for performing day-to-day responsibilities is set based on market data, job scope and responsibilities and experience	Provides competitive level of fixed compensation
Annual Short- Term Incentive Compensation/ Global Performance Plan (GPP) (Cash)	Our annual incentive plan pool is funded based on performance against Pfizer's short-term financial goals (revenue, adjusted diluted earnings per share (EPS) and cash flow from operations). Individual awards are based on business unit and individual performance measured over the current year	Provides short-term incentives tied to corporate performance against three operational metrics and links individual awards to both company and individual performance based on achievement of financial and strategic goals
Long-Term Incentive Compensation (100% Performance Based Equity)	5-Year Total Shareholder Return Units (TSRUs) 7-Year Total Shareholder Return Units (TSRUs) Performance Share Awards (PSAs)	TSRUs provide direct alignment with shareholders as awards are tied to absolute total shareholder return over a five- or seven-year period PSAs align executive compensation to operational goals through performance against a combination of operating income* over three one-year periods and TSR relative to the NYSE ARCA Pharmaceutical Index (DRG Index) over a three-year performance period
* Operating income as the PSA performance measure is based on Pfizer's Non-GAAP Adjusted Operating Income stated at budgeted foreign exchange rates and is further refined to exclude other unbudgeted or non-recurring items.

Element: Annual Salary
(Cash)

Type/ Description:
The fixed amount of compensation for performing day-to-day responsibilities is set based on market data, job scope and responsibilities and experience.

Objective:
Provides competitive level of fixed compensation

Element: Annual Short-Term Incentive Compensation/Global Performance Plan (GPP)
(Cash)

Type/ Description:
Our annual incentive plan pool is funded based on performance against Pfizer's short-term financial goals (revenue, adjusted diluted earnings per share (EPS) and cash flow from operations). Individual awards are based on business unit and individual performance measured over the current year.

Objective:
Provides short-term incentives tied to corporate performance against three operational metrics and links individual awards to both company and individual performance based on achievement of financial and strategic goals

Element: Long-Term Incentive Compensation (100% Performance Based Equity)

Type/ Description:

5-Year Total Shareholder Return Units (TSRUs)
7-Year Total Shareholder Return Units (TSRUs)
Performance Share Awards (PSAs)

Objective:
TSRUs provide direct alignment with shareholders as awards are tied to absolute total shareholder return over a five- or seven-year period

PSAs align executive compensation to operational goals through performance against a combination of operating income* over three one-year periods and TSR relative to the NYSE ARCA Pharmaceutical Index (DRG Index) over a three-year performance period

* Operating income as the PSA performance measure is based on Pfizer's Non-GAAP Adjusted Operating Income stated at budgeted foreign exchange rates and is further refined to exclude other unbudgeted or non-recurring items.

2016 Named Executive Officer (NEO) Pay Mix

The illustration below uses year-end salary and target annual incentive and long-term awards for the active NEOs.

2016 NEO PERFORMANCE-YEAR TOTAL DIRECT COMPENSATION (TDC)

The Compensation Committee evaluates pay and performance using TDC on a performance year basis for our NEOs rather than using the values shown in the 2016 Summary Compensation Table (SCT). The Committee believes its approach better reflects pay for performance during 2016. The table below provides 2016 performance-year TDC, which is comprised of year-end base salary, 2016 performance year annual incentive awards paid in 2017, and 2017 long-term equity incentive award values, which include the full value of the PSA approved by the Compensation Committee. For additional information, see "Compensation Discussion and Analysis — 2016 NEO Total Direct Compensation (TDC)" later in this Proxy Statement.

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It is important to note that the performance year compensation information in the table above for Mr. Read and the other NEOs is a tool the Compensation Committee uses to assess compensation and is not intended as a substitute for amounts reflected in the SCT. No guarantee exists that the NEOs will actually receive the full value of the total direct compensation noted above. The actual payout attributable to long-term incentive awards will be based on future performance, stock price and dividends.

For additional information about Pfizer, please view our 2016 Financial Report (see "Appendix A") and our 2016 Annual Review at www.pfizer.com/annual. Please note that neither our 2016 Financial Report, nor our 2016 Annual Review is a part of our proxy solicitation materials.

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