Testing Nested Bullets

• Full-Year 2024 Revenues of $63.6 Billion, Reflecting 7% Year-over-Year Operational Growth
  • Excluding Contributions from Paxlovid and Comirnaty⁽¹⁾, Revenues Grew 12% Operationally
• Full-Year 2024 Reported⁽²⁾ Diluted EPS of $1.41 and Adjusted⁽³⁾ Diluted EPS of $3.11
• Fourth-Quarter 2024 Revenues of $17.8 Billion, Reflecting 21% Year-over-Year Operational Growth
  • Excluding Contributions from Paxlovid and Comirnaty⁽¹⁾, Revenues Grew 11% Operationally
• Fourth-Quarter 2024 Reported⁽²⁾ Diluted EPS of $0.07 and Adjusted⁽³⁾ Diluted EPS of $0.63
• On Track to Deliver Overall Net Cost Savings of Approximately $4.5 Billion by End of 2025 from Ongoing Cost Realignment Program⁽⁴⁾
• Reaffirms All Components of Full-Year 2025 Financial Guidance⁽⁵⁾, including Revenues in a Range of $61.0 to $64.0 Billion and Adjusted⁽³⁾ Diluted EPS in a Range of $2.80 to $3.0

BOSTON--(BUSINESS WIRE)--In 2024, Test deployed its capital in a variety of ways, which primarily included:

• Reinvested capital into initiatives intended to enhance the future growth prospects of the company, including:
  • $10.8 billion invested in internal research and development projects, and
  • Approximately $300 million invested in business development transactions.
• Returned capital directly to shareholders through $9.5 billion of cash dividends, or $1.68 per share of common stock.

No share repurchases were completed in 2024. As of February 4, 2025, Test’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in 2025.

• Full-Year 2024 Revenues of $63.6 Billion, Reflecting 7% Year-over-Year Operational Growth
  • Excluding Contributions from Paxlovid and Comirnaty⁽¹⁾, Revenues Grew 12% Operationally
• Full-Year 2024 Reported⁽²⁾ Diluted EPS of $1.41 and Adjusted⁽³⁾ Diluted EPS of $3.11
• Fourth-Quarter 2024 Revenues of $17.8 Billion, Reflecting 21% Year-over-Year Operational Growth
  • Excluding Contributions from Paxlovid and Comirnaty⁽¹⁾, Revenues Grew 11% Operationally
• Fourth-Quarter 2024 Reported⁽²⁾ Diluted EPS of $0.07 and Adjusted⁽³⁾ Diluted EPS of $0.63
• On Track to Deliver Overall Net Cost Savings of Approximately $4.5 Billion by End of 2025 from Ongoing Cost Realignment Program⁽⁴⁾
• Reaffirms All Components of Full-Year 2025 Financial Guidance⁽⁵⁾, including Revenues in a Range of $61.0 to $64.0 Billion and Adjusted⁽³⁾ Diluted EPS in a Range of $2.80 to $3.0

Test expects to sufficiently de-lever its balance sheet by the end of 2025 in order to return to a more balanced capital allocation strategy. This includes the flexibility to deploy capital towards potential value-creating business development transactions and the potential to return capital to shareholders through share repurchases.