A Study To Learn About Two Study Medicines (PF-07275315 And PF-07264660) In People Who Have Moderate To Severe Atopic Dermatitis

Inclusion Criteria:

Must meet the following AD criteria:

1. Participants aged 18 years or older

2. Clinical diagnosis of chronic atopic dermatitis:

3. for at least 6 months prior to Day 1 with diagnosis confirmed by photograph;

4. Either an inadequate response to treatment with standard of care treatments (excluding systemic immunosuppressant treatments) for at least 4 consecutiveweeks within 6 to 12 months of the first dose of the study intervention; ORdocumented reason why topical treatments are considered medicallyinappropriate;

5. Moderate to severe AD defined as having an affected BSA ≥10%, vIGA ≥3, and EASI ≥16 at both the screening and baseline visits).

6. Bio-experienced cohort-partial or non-responder to anti-inflammatory proteins,intolerance or AEs to anti-inflammatory proteins or loss of access toanti-inflammatory proteins. Other Inclusion Criteria:

7. BMI of 17.5 to 40 kg/m2; and a total body weight >45 kg (100 lbs).

8. Willing and able to comply with all scheduled visits, treatment plan, laboratorytests and other study procedures.

Exclusion Criteria:

• Medical Conditions:

1. Significant allergic or autoimmune diseases, other than AD and well controlled mildto moderate including but not limited to: SLE or other complement disorders; Type 1diabetes; IBD; Multiple Sclerosis.

2. History of significant allergic reactions, including anaphylaxis and reactions toprotein therapeutics, including hypersensitivity to PF-07275315 or PF-07264660 or tothe excipients of the formulated drug products. Participants with significantreactions to single, identified, avoidable allergens (eg, peanut allergy) may beeligible if avoidance of these allergens during the study is feasible.

3. Any of the following acute or chronic infections or infection history:

4. Active infection (including helminth or parasitic) requiring treatment within 2weeks prior to screening;

5. Infection requiring hospitalization or systemic (parenteral) antimicrobialtherapy within 60 days prior to Day 1;

6. Active chronic or acute skin infection requiring treatment with systemic [(notIV)] antibiotics, antivirals, antiparasitics, antiprotozoals, or antifungalswithin 2 weeks prior to Day 1, or superficial skin infections (requiring nomore than topical anti-infective treatments) within 1 week prior to Day 1.

7. Any infection judged to be an opportunistic infection or clinically significantby the investigator, within 6 months prior to Day 1;

8. History of or current evidence of inflammatory skin conditions (eg, psoriasis,seborrheic dermatitis, lupus) at the time of Day 1 that could interfere withevaluation of AD or response to treatment.

9. Any medical or psychiatric condition including recent (within the past year) oractive suicidal ideation/behavior or laboratory abnormality that may increase therisk of study participation or, in the investigator's judgment, make the participantinappropriate for the study.

• Prior/Concomitant Therapy:

6. Current use of any prohibited concomitant medication(s).

7. Phototherapy narrowband UVB (NB UVB) or broadband phototherapy or regular use (morethan 2 visits per week) of a tanning booth/parlor within 4 weeks prior to Day 1.

• Prior/Concurrent Clinical Study Experience:

8. Previous administration with an investigational product (drug or vaccine) within 30days (or as determined by the local requirement) or 5 half lives preceding the firstdose of study intervention used in this study (whichever is longer).

9. HIV infection, or infection with hepatitis B or hepatitis C viruses according toprotocol-specific testing algorithm.

10. Evidence of active or latent TB, or inadequately treated infection withMycobacterium TB. A participant who is currently being treated for active or latentTB infection must be excluded from this study.