PCVX: UPDATED Thoughts - PFE's Presentation Only Shared S3 Immuno & Overall Safety ... Competitive Profile Tough to Assess

Research evidence excerpt

PCVX: UPDATED Thoughts - PFE's Presentation Only Shared S3 Immuno & Overall Safety ... Competitive Profile Tough to Assess

BIOTECHNOLOGY

VAXCYTE, INC. May 20, 2026

Guggenheim Securities, LLC methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and

expected total return over the next 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses

of market risk, growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth,

P/CF, P/FCF, premium (discount)/average group EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net asset value, dividend returns,

and return on equity (ROE) over the next 12 months.

Price targets are assigned for Buy- and Sell-rated stocks. Price targets for Neutral-rated stocks are provided at the discretion of the analyst.

Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies, please

see the most recent company-specific research report at https://guggenheimlibrary.bluematrix.com/client/library.jsp, contact the primary analyst or your

Guggenheim Securities, LLC representative, or email GSResearchDisclosures@guggenheimpartners.com.

RATINGS DISTRIBUTIONS FOR GUGGENHEIM SECURITIES:

IB Serv./ Past 12Mos.

Rating Category Count Percent Count Percent

BUY 292 75.26% 75 25.68%

HOLD 95 24.48% 4 4.21%

SELL 1 0.26% 0 0.00%

Guggenheim Securities Research assigns Buy, Neutral, Sell ratings for covered securities. Such assignments equate to Buy, Hold and Sell for the purposes

of the above Rating Distribution Disclosure required by FINRA Rule 2241.

OTHER DISCLOSURES