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Investor Presentaiton

Pfizer's Differentiated Immuno-Inflammatory Pipeline and Portfolio Brings Potential Value to Patients and Shareholders • • . Serving Patients Pfizer is committed to the patients we serve Heterogeneity of I&I conditions mean that patients need options to find relief Diverse offering of medicines best serves those suffering from immuno-inflammatory diseases • • Strong Strategic Fit Pfizer capabilities aligned to Etrasimod potential therapy areas S1P MOA provides diversification to our pipeline with broad applicability in multiple indications of interest Potential early entry into UC aligns with current Pfizer commercial expertise and a potential AD launch enhances medical dermatology presence Pfizer Inflammation & Immunology • • Value to Shareholders Proposed acquisition aligns with our broader capital allocation strategy to establish a portfolio of both late and early-stage to support 2025-2030 topline growth Deal provides value to both Pfizer and Arena shareholders; Pfizer can effectively commercialize Etrasimod with global expertise 14
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