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|
||||
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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||||||||||||
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x | No |
☐
|
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x | No |
☐
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Yes |
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No |
x
|
TABLE OF CONTENTS |
Page | |||||
Condensed Consolidated Statements of
Operations
|
|||||
Item 2.
|
|||||
Item 3. | |||||
Defaults Upon Senior Securities | N/A | ||||
Item 4. | |||||
Mine Safety Disclosures | N/A | ||||
Item 5. | |||||
N/A = Not Applicable |
DEFINED TERMS |
*
|
Indicates calculation not meaningful or results are greater than 100%
|
||||
2024 Form 10-K
|
Annual Report on Form 10-K for the fiscal year ended December 31, 2024
|
||||
AbbVie
|
AbbVie Inc.
|
||||
AI
|
artificial intelligence
|
||||
ALK | anaplastic lymphoma kinase | ||||
Alliance revenues | Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us | ||||
Astellas | Astellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc. | ||||
ATTR-CM | transthyretin amyloid cardiomyopathy | ||||
BioNTech | BioNTech SE | ||||
Biopharma | Global Biopharmaceuticals Business | ||||
Blackstone
|
Blackstone Life Sciences
|
||||
BMS | Bristol-Myers Squibb Company | ||||
BOD | Board of Directors | ||||
CDC | U.S. Centers for Disease Control and Prevention | ||||
CMS
|
Centers for Medicare & Medicaid Services
|
||||
CODM | Chief Operating Decision Maker | ||||
Comirnaty
(a)
|
Unless otherwise noted, refers to, as applicable, and as authorized or approved, the Pfizer-BioNTech COVID-19 Vaccine; Comirnaty (COVID-19 Vaccine, mRNA) original monovalent formula; the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5); the Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula); Comirnaty (COVID-19 Vaccine, mRNA) 2023-2024 Formula; Pfizer-BioNTech COVID-19 Vaccine (2024-2025 Formula); Comirnaty (COVID-19 Vaccine, mRNA) 2024-2025 Formula; Comirnaty Original/Omicron BA.1; Comirnaty Original/Omicron BA.4/BA.5; Comirnaty Omicron XBB.1.5; Comirnaty JN.1 and Comirnaty KP.2.
|
||||
COVID-19 | novel coronavirus disease of 2019 | ||||
Developed Markets |
Includes, but is not limited to, the following markets: Western Europe, Japan, Central Europe, Canada, Australia, Eastern Europe, Scandinavian countries, South Korea, New Zealand and Finland
|
||||
EMA | European Medicines Agency | ||||
Emerging Markets |
Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Eastern Europe (excluding the Balkans), Africa, the Middle East and Turkey
|
||||
EPS
|
earnings per share
|
||||
EU | European Union | ||||
EUA | emergency use authorization | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
FDA | U.S. Food and Drug Administration | ||||
Form 10-Q | This Quarterly Report on Form 10-Q for the quarterly period ended March 30, 2025 | ||||
GAAP |
U.S. Generally Accepted Accounting Principles
|
||||
GSK | GSK plc | ||||
Haleon | Haleon plc | ||||
HIPAA | Health Insurance Portability and Accountability Act of 1996 | ||||
Hospira | Hospira, Inc. | ||||
HRR
|
homologous recombination repair
|
||||
IPR&D | in-process research and development | ||||
IRA | Inflation Reduction Act of 2022 | ||||
IRS | U.S. Internal Revenue Service | ||||
JV | joint venture | ||||
King | King Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.) | ||||
mCRC | metastatic colorectal cancer | ||||
mCRPC |
metastatic castration-resistant prostate cancer
|
||||
mCSPC |
metastatic castration-sensitive prostate cancer
|
||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||
MDL | Multi-District Litigation | ||||
Medicare Part B
|
a medical insurance plan that helps cover medically necessary services, outpatient care, and preventative services for people with Medicare
|
||||
Medicare Part D
|
a prescription drug coverage program for people with Medicare
|
Meridian | Meridian Medical Technologies, Inc. | ||||
Moody
’
s
|
Moody’s Ratings (formerly Moody’s Investors Service)
|
||||
mRNA | messenger ribonucleic acid | ||||
NDA
|
New Drug Application
|
||||
nmCRPC |
non-metastatic castration-resistant prostate cancer
|
||||
nmCSPC
|
non-metastatic castration-sensitive prostate cancer
|
||||
NSCLC | non-small cell lung cancer | ||||
ODT | oral disintegrating tablet | ||||
Ono
|
Ono Pharmaceutical Co., Ltd.
|
||||
OTC | over-the-counter | ||||
Paxlovid
(a)
|
an oral COVID-19 treatment (nirmatrelvir tablets and ritonavir tablets)
|
||||
PC1 | Pfizer CentreOne | ||||
Pharmacia | Pharmacia LLC (formerly Pharmacia Corporation) | ||||
Pierre Fabre
|
Pierre Fabre Medicament SAS | ||||
Prevnar family |
Includes Prevnar 20/Apexxnar (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult)
|
||||
PsA | psoriatic arthritis | ||||
QTD | Quarter-to-date or three months ended | ||||
RA | rheumatoid arthritis | ||||
R&D | research and development | ||||
RSV | respiratory syncytial virus | ||||
S&P |
S&P Global (formerly Standard & Poor’s)
|
||||
Seagen |
Seagen Inc. and its subsidiaries
|
||||
SEC | U.S. Securities and Exchange Commission | ||||
SI&A
|
Selling, informational and administrative expenses | ||||
Takeda
|
Takeda Pharmaceutical Company Limited
|
||||
UC | ulcerative colitis | ||||
U.K. | United Kingdom | ||||
U.S. | United States | ||||
ViiV | ViiV Healthcare Limited | ||||
Vyndaqel family | Includes Vyndaqel, Vyndamax and Vynmac | ||||
PART I. FINANCIAL INFORMATION |
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER SHARE DATA) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Product revenues
|
$ |
|
$ |
|
||||||||||||||||||||||
Alliance revenues
|
|
|
||||||||||||||||||||||||
Royalty revenues
|
|
|
||||||||||||||||||||||||
Total revenues |
|
|
||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of sales
(a)
|
|
|
||||||||||||||||||||||||
Selling, informational and administrative expenses
(a)
|
|
|
||||||||||||||||||||||||
Research and development expenses
(a)
|
|
|
||||||||||||||||||||||||
Acquired in-process research and development expenses |
|
|
||||||||||||||||||||||||
Amortization of intangible assets |
|
|
||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs |
|
|
||||||||||||||||||||||||
Other (income)/deductions––net |
|
|
||||||||||||||||||||||||
Income from continuing operations before provision/(benefit) for taxes on income
|
|
|
||||||||||||||||||||||||
Provision/(benefit) for taxes on income
|
(
|
|
||||||||||||||||||||||||
Income from continuing operations
|
|
|
||||||||||||||||||||||||
Discontinued operations––net of tax |
|
(
|
||||||||||||||||||||||||
Net income before allocation to noncontrolling interests
|
|
|
||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests |
|
|
||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders
|
$ |
|
$ |
|
||||||||||||||||||||||
Earnings per common share––basic
:
|
||||||||||||||||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders
|
$ |
|
$ |
|
||||||||||||||||||||||
Discontinued operations––net of tax |
|
|
||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders
|
$ |
|
$ |
|
||||||||||||||||||||||
Earnings per common share––diluted
:
|
||||||||||||||||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders
|
$ |
|
$ |
|
||||||||||||||||||||||
Discontinued operations––net of tax |
|
|
||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders
|
$ |
|
$ |
|
||||||||||||||||||||||
Weighted-average shares––basic |
|
|
||||||||||||||||||||||||
Weighted-average shares––diluted |
|
|
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
Net income before allocation to noncontrolling interests | $ |
|
$ |
|
||||||||||||||||||||||
Foreign currency translation adjustments, net |
(
|
|
||||||||||||||||||||||||
Unrealized holding gains/(losses) on derivative financial instruments, net |
(
|
|
||||||||||||||||||||||||
Reclassification adjustments for (gains)/losses included in net income
(a)
|
(
|
(
|
||||||||||||||||||||||||
(
|
|
|||||||||||||||||||||||||
Unrealized holding gains/(losses) on available-for-sale securities, net |
(
|
(
|
||||||||||||||||||||||||
Reclassification adjustments for (gains)/losses included in net income
(b)
|
|
(
|
||||||||||||||||||||||||
|
(
|
|||||||||||||||||||||||||
Reclassification adjustments related to amortization of prior service costs and other, net |
(
|
(
|
||||||||||||||||||||||||
Reclassification adjustments related to curtailments of prior service costs and other, net |
(
|
|
||||||||||||||||||||||||
(
|
(
|
|||||||||||||||||||||||||
Other comprehensive income/(loss), before tax |
(
|
|
||||||||||||||||||||||||
Tax provision/(benefit) on other comprehensive income/(loss) |
(
|
|
||||||||||||||||||||||||
Other comprehensive income/(loss) before allocation to noncontrolling interests | $ |
(
|
$ |
|
||||||||||||||||||||||
Comprehensive income/(loss) before allocation to noncontrolling interests | $ |
|
$ |
|
||||||||||||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interests |
|
|
||||||||||||||||||||||||
Comprehensive income/(loss) attributable to Pfizer Inc. | $ |
|
$ |
|
(MILLIONS) |
March 30,
2025 |
December 31, 2024 | ||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
||||||||||
Short-term investments |
|
|
||||||||||||
Trade accounts receivable, net of allowance for doubtful accounts: 2025—$
|
|
|
||||||||||||
Inventories |
|
|
||||||||||||
Current tax assets |
|
|
||||||||||||
Other current assets |
|
|
||||||||||||
Total current assets |
|
|
||||||||||||
Equity-method investments |
|
|
||||||||||||
Long-term investments |
|
|
||||||||||||
Property, plant and equipment, net of accumulated depreciation: 2025—$
|
|
|
||||||||||||
Identifiable intangible assets, net
|
|
|
||||||||||||
Goodwill |
|
|
||||||||||||
Noncurrent deferred tax assets and other noncurrent tax assets |
|
|
||||||||||||
Other noncurrent assets |
|
|
||||||||||||
Total assets | $ |
|
$ |
|
||||||||||
Liabilities and Equity | ||||||||||||||
Short-term borrowings, including current portion of long-term debt: 2025—$
|
$ |
|
$ |
|
||||||||||
Trade accounts payable |
|
|
||||||||||||
Dividends payable |
|
|
||||||||||||
Income taxes payable |
|
|
||||||||||||
Accrued compensation and related items |
|
|
||||||||||||
Deferred revenues |
|
|
||||||||||||
Other current liabilities |
|
|
||||||||||||
Total current liabilities |
|
|
||||||||||||
Long-term debt |
|
|
||||||||||||
Pension and postretirement benefit obligations |
|
|
||||||||||||
Noncurrent deferred tax liabilities |
|
|
||||||||||||
Other taxes payable |
|
|
||||||||||||
Other noncurrent liabilities |
|
|
||||||||||||
Total liabilities |
|
|
||||||||||||
Commitments and Contingencies |
|
|
||||||||||||
Common stock |
|
|
||||||||||||
Additional paid-in capital |
|
|
||||||||||||
Treasury stock |
(
|
(
|
||||||||||||
Retained earnings |
|
|
||||||||||||
Accumulated other comprehensive loss |
(
|
(
|
||||||||||||
Total Pfizer Inc. shareholders’ equity |
|
|
||||||||||||
Equity attributable to noncontrolling interests |
|
|
||||||||||||
Total equity |
|
|
||||||||||||
Total liabilities and equity | $ |
|
$ |
|
PFIZER INC. SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER SHARE DATA) | Shares | Par Value |
Add’l
Paid-In Capital |
Shares | Cost | Retained Earnings |
Accum. Other Comp.
Loss |
Share-
holders’ Equity |
Non-controlling interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2025 |
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax |
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, per share: $
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions |
|
|
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 30, 2025 |
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PFIZER INC. SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER SHARE DATA) | Shares | Par Value |
Add’l
Paid-In Capital |
Shares | Cost | Retained Earnings |
Accum. Other Comp.
Loss |
Share-
holders’ Equity |
Non-controlling interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2024 |
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax |
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, per share: $
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions |
|
|
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 |
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Three Months Ended | ||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||
Operating Activities | ||||||||||||||
Net income before allocation to noncontrolling interests | $ |
|
$ |
|
||||||||||
Discontinued operations—net of tax |
|
(
|
||||||||||||
Net income from continuing operations before allocation to noncontrolling interests |
|
|
||||||||||||
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities: | ||||||||||||||
Depreciation and amortization |
|
|
||||||||||||
Asset write-offs and impairments |
|
|
||||||||||||
Deferred taxes |
(
|
(
|
||||||||||||
Share-based compensation expense |
|
|
||||||||||||
Benefit plan contributions in excess of expense/income |
(
|
(
|
||||||||||||
Other adjustments, net |
|
(
|
||||||||||||
Other changes in assets and liabilities, net of acquisitions and divestitures |
(
|
(
|
||||||||||||
Net cash provided by/(used in) operating activities |
|
|
||||||||||||
Investing Activities | ||||||||||||||
Purchases of property, plant and equipment |
(
|
(
|
||||||||||||
Purchases of short-term investments |
(
|
(
|
||||||||||||
Proceeds from redemptions/sales of short-term investments |
|
|
||||||||||||
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less |
(
|
(
|
||||||||||||
Purchases of long-term investments |
(
|
(
|
||||||||||||
Proceeds from redemptions/sales of long-term investments |
|
|
||||||||||||
Proceeds from sales of investment in Haleon
(a)
|
|
|
||||||||||||
Other investing activities, net |
|
|
||||||||||||
Net cash provided by/(used in) investing activities |
|
|
||||||||||||
Financing Activities | ||||||||||||||
Proceeds from short-term borrowings |
|
|
||||||||||||
Payments on short-term borrowings |
(
|
(
|
||||||||||||
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
|
(
|
(
|
||||||||||||
Payments on long-term debt |
|
(
|
||||||||||||
Cash dividends paid |
(
|
(
|
||||||||||||
Other financing activities, net |
(
|
(
|
||||||||||||
Net cash provided by/(used in) financing activities |
(
|
(
|
||||||||||||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
|
(
|
(
|
||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents |
|
(
|
||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period |
|
|
||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents, at end of period | $ |
|
$ |
|
||||||||||
Supplemental Cash Flow Information | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Income taxes
|
$ |
|
$ |
|
||||||||||
Interest paid
|
|
|
||||||||||||
Interest rate hedges |
|
|
||||||||||||
Deductions from Revenues––
Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows:
|
||||||||||||||
(MILLIONS) |
March 30,
2025 |
December 31, 2024 | ||||||||||||
Reserve against
Trade accounts receivable, net of allowance for doubtful accounts
|
$ |
|
$ |
|
||||||||||
Other current liabilities
:
|
||||||||||||||
Accrued rebates |
|
|
||||||||||||
Other accruals |
|
|
||||||||||||
Other noncurrent liabilities
|
|
|
||||||||||||
Total accrued rebates and other sales-related accruals | $ |
|
$ |
|
The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives: | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
Restructuring charges/(credits): | ||||||||||||||||||||||||||
Employee terminations | $ |
|
$ |
(
|
||||||||||||||||||||||
Asset impairments |
|
|
||||||||||||||||||||||||
Exit costs
|
|
|
||||||||||||||||||||||||
Restructuring charges/(credits)
(a)
|
|
|
||||||||||||||||||||||||
Transaction costs
(b)
|
|
|
||||||||||||||||||||||||
Integration costs and other
(c)
|
|
|
||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs |
|
|
||||||||||||||||||||||||
Net periodic benefit costs/(credits) recorded in
Other (income)/deductions––net
|
(
|
|
||||||||||||||||||||||||
Additional depreciation––asset restructuring recorded in
Cost of sales
in our condensed consolidated statements of operations
(d)
|
|
|
||||||||||||||||||||||||
Implementation costs recorded in our condensed consolidated statements of operations as follows
(e)
:
|
||||||||||||||||||||||||||
Cost of sales |
|
|
||||||||||||||||||||||||
Selling, informational and administrative expenses |
|
|
||||||||||||||||||||||||
Research and development expenses |
|
|
||||||||||||||||||||||||
Total implementation costs |
|
|
||||||||||||||||||||||||
Total costs associated with acquisitions and cost-reduction/productivity initiatives | $ |
|
$ |
|
The following summarizes the components and changes in restructuring accruals: | ||||||||||||||||||||||||||
(MILLIONS) |
Employee
Termination Costs |
Asset
Impairment Charges |
Exit Costs | Accrual | ||||||||||||||||||||||
Balance, December 31, 2024
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Provision
|
|
|
|
|
||||||||||||||||||||||
Utilization and other
(b)
|
(
|
(
|
|
(
|
||||||||||||||||||||||
Balance, March 30, 2025
(c)
|
$ |
|
$ |
|
$ |
|
$ |
|
Components of
Other (income)/deductions––net
include:
|
||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
Interest income | $ |
(
|
$ |
(
|
||||||||||||||||||||||
Interest expense |
|
|
||||||||||||||||||||||||
Net interest expense
(a)
|
|
|
||||||||||||||||||||||||
Net (gains)/losses recognized during the period on equity securities
(b)
|
|
(
|
||||||||||||||||||||||||
Net periodic benefit costs/(credits) other than service costs |
(
|
(
|
||||||||||||||||||||||||
Certain legal matters, net
(c)
|
|
|
||||||||||||||||||||||||
Certain asset impairments
(d)
|
|
|
||||||||||||||||||||||||
Haleon equity method (income)/loss
|
|
|
||||||||||||||||||||||||
Other, net
(e)
|
(
|
(
|
||||||||||||||||||||||||
Other (income)/deductions––net | $ |
|
$ |
|
Additional information about the intangible assets that were impaired during 2025 follows:
|
||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
Fair Value
(a)
|
March 30, 2025 | |||||||||||||||||||||||||||||||
(MILLIONS) | Amount | Level 1 | Level 2 | Level 3 | Impairment | |||||||||||||||||||||||||||
Indefinite-lived licensing agreement
(b)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
Developed technology rights
(b)
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
Components of
Tax provision/(benefit) on
other comprehensive income/(loss)
include:
|
||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
Foreign currency translation adjustments, net
(a)
|
$ |
(
|
$ |
|
||||||||||||||||||||||
Unrealized holding gains/(losses) on derivative financial instruments, net |
(
|
|
||||||||||||||||||||||||
Reclassification adjustments for (gains)/losses included in net income
|
(
|
(
|
||||||||||||||||||||||||
(
|
|
|||||||||||||||||||||||||
Unrealized holding gains/(losses) on available-for-sale securities, net |
(
|
(
|
||||||||||||||||||||||||
Reclassification adjustments for (gains)/losses included in net income
|
|
(
|
||||||||||||||||||||||||
|
(
|
|||||||||||||||||||||||||
Reclassification adjustments related to amortization of prior service costs and other, net |
(
|
(
|
||||||||||||||||||||||||
Reclassification adjustments related to curtailments of prior service costs and other, net |
(
|
|
||||||||||||||||||||||||
(
|
(
|
|||||||||||||||||||||||||
Tax provision/(benefit) on other comprehensive income/(loss) | $ |
(
|
$ |
|
The following summarizes the changes, net of tax, in
Accumulated other comprehensive loss
:
|
||||||||||||||||||||||||||||||||||||||
Net Unrealized Gains/(Losses) | Benefit Plans | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
Foreign Currency Translation Adjustments
(a)
|
Derivative Financial Instruments | Available-For-Sale Securities | Prior Service (Costs)/Credits and Other | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||||||||||||||
Balance, January 1, 2025
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||
Other comprehensive income/(loss)
(b)
|
(
|
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||||
Balance, March 30, 2025 | $ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
March 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities with readily determinable fair value
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Government and agency—non-U.S.
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Government and agency—U.S.
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Corporate and other
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total short-term investments |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Other current assets | ||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total other current assets |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Long-term investments | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities with readily determinable fair values
(b)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total long-term investments |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | ||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total derivative assets |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Insurance contracts
(c)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total other noncurrent assets |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total other current liabilities |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total other noncurrent liabilities |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
The following summarizes our investments by classification type: | ||||||||||||||
(MILLIONS) |
March 30,
2025 |
December 31, 2024 | ||||||||||||
Short-term investments | ||||||||||||||
Equity securities with readily determinable fair values
|
$ |
|
$ |
|
||||||||||
Available-for-sale debt securities |
|
|
||||||||||||
Held-to-maturity debt securities |
|
|
||||||||||||
Total Short-term investments | $ |
|
$ |
|
||||||||||
Long-term investments | ||||||||||||||
Equity securities with readily determinable fair values
(a)
|
$ |
|
$ |
|
||||||||||
Held-to-maturity debt securities |
|
|
||||||||||||
Private equity securities at cost
(a)
|
|
|
||||||||||||
Total Long-term investments | $ |
|
$ |
|
||||||||||
Equity-method investments |
|
|
||||||||||||
Total long-term investments and equity-method investments | $ |
|
$ |
|
||||||||||
Held-to-maturity cash equivalents | $ |
|
$ |
|
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Unrealized |
Maturities (in Years)
|
Gross Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Amortized Cost | Gains | Losses | Fair Value | Within 1 |
Over 1
to 5 |
Over 5 | Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government and agency
––
non-U.S.
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||
Government and agency––U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and other |
|
|
(
|
|
|
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits and other
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government and agency
––
non-U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date: | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
Net (gains)/losses recognized during the period on equity securities
(a)
|
$ |
|
$ |
(
|
||||||||||||||||||||||
Less: Net (gains)/losses recognized during the period on equity securities sold during the period |
(
|
(
|
||||||||||||||||||||||||
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date
(b)
|
$ |
|
$ |
|
Short-term borrowings include: | ||||||||||||||
(MILLIONS) |
March 30,
2025 |
December 31, 2024 | ||||||||||||
Commercial paper, principal amount
|
$ |
|
$ |
|
||||||||||
Current portion of long-term debt, principal amount |
|
|
||||||||||||
Other short-term borrowings, principal amount
(a)
|
|
|
||||||||||||
Total short-term borrowings, principal amount
|
|
|
||||||||||||
Net unamortized discounts, premiums and debt issuance costs |
(
|
(
|
||||||||||||
Total
Short-term borrowings, including current portion of long-term debt
, carried at historical proceeds, as adjusted
|
$ |
|
$ |
|
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt: | ||||||||||||||
(MILLIONS) |
March 30,
2025 |
December 31, 2024 | ||||||||||||
Total long-term debt, principal amount | $ |
|
$ |
|
||||||||||
Net fair value adjustments related to hedging and purchase accounting |
|
|
||||||||||||
Net unamortized discounts, premiums and debt issuance costs |
(
|
(
|
||||||||||||
Total long-term debt, carried at historical proceeds, as adjusted | $ |
|
$ |
|
||||||||||
The following summarizes the fair value of the derivative financial instruments and notional amounts: | ||||||||||||||||||||||||||||||||||||||
March 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||
(MILLIONS) | Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments
:
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Interest rate contracts |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments
:
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ |
|
|
|
$ |
|
|
|
||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures: | ||||||||||||||||||||||||||||||||||||||
Gains/(Losses)
Recognized in OID (a) |
Gains/(Losses)
Recognized in OCI (a) |
Gains/(Losses)
Reclassified from
OCI into OID and COS
(a)
|
||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||||||||||
Derivative Financial Instruments in Cash Flow Hedge Relationships:
|
||||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
$ | — | $ | — | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Foreign exchange contracts
(b)
|
— | — |
(
|
|
|
|
||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing and amortized into earnings
(c)
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
Derivative Financial Instruments in Fair Value Hedge Relationships:
|
||||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
|
(
|
— | — | — | — | ||||||||||||||||||||||||||||||||
Hedged item
|
(
|
|
— | — | — | — | ||||||||||||||||||||||||||||||||
Derivative Financial Instruments in Net Investment Hedge Relationships: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
— | — |
(
|
|
|
|
||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing and amortized into earnings
(c)
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
Non-Derivative Financial Instruments in Net Investment Hedge Relationships
(d)
:
|
||||||||||||||||||||||||||||||||||||||
Foreign currency long-term debt | — | — |
(
|
|
|
|
||||||||||||||||||||||||||||||||
Derivative Financial Instruments Not Designated as Hedges:
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
(
|
|
— | — | — | — | ||||||||||||||||||||||||||||||||
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
The following summarizes cumulative basis adjustments to our long-term debt in fair value hedges:
|
||||||||||||||||||||||||||||||||||||||
March 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount |
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount |
|||||||||||||||||||||||||||||||||||||
(MILLIONS) |
Carrying Amount of Hedged Assets/Liabilities
(a)
|
Active Hedging Relationships | Discontinued Hedging Relationships |
Carrying Amount of Hedged Assets/Liabilities
(a)
|
Active Hedging Relationships | Discontinued Hedging Relationships | ||||||||||||||||||||||||||||||||
Long-term debt | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
The following summarizes the components of
Inventories
:
|
||||||||||||||
(MILLIONS) |
March 30,
2025 |
December 31, 2024 | ||||||||||||
Finished goods | $ |
|
$ |
|
||||||||||
Work-in-process |
|
|
||||||||||||
Raw materials and supplies |
|
|
||||||||||||
Inventories
|
$ |
|
$ |
|
||||||||||
Noncurrent inventories not included above
(a)
|
$ |
|
$ |
|
The following summarizes the components of
Identifiable intangible assets
:
|
||||||||||||||||||||||||||||||||||||||
March 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
Gross
Carrying Amount |
Accumulated
Amortization |
Identifiable
Intangible
Assets, Net
|
Gross
Carrying Amount |
Accumulated
Amortization |
Identifiable
Intangible
Assets, Net
|
||||||||||||||||||||||||||||||||
Finite-lived intangible assets | ||||||||||||||||||||||||||||||||||||||
Developed technology rights
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||
Brands
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Licensing agreements and other |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||||||||||||||||
IPR&D
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Licensing agreements and other
(a)
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||
Identifiable intangible assets
(b)
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
The following summarizes the components of net periodic benefit cost/(credit): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | International |
Postretirement
Plans |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||
Interest cost |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost/(credit) |
|
|
|
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Curtailments |
|
|
(
|
(
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Special termination benefits |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost/(credit) reported in income | $ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
The following presents the detailed calculation of
EPS
:
|
||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
EPS Numerator
|
||||||||||||||||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders | $ |
|
$ |
|
||||||||||||||||||||||
Discontinued operations––net of tax |
|
(
|
||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | $ |
|
$ |
|
||||||||||||||||||||||
EPS Denominator
|
||||||||||||||||||||||||||
Weighted-average number of common shares outstanding––Basic |
|
|
||||||||||||||||||||||||
Common-share equivalents |
|
|
||||||||||||||||||||||||
Weighted-average number of common shares outstanding––Diluted |
|
|
||||||||||||||||||||||||
Anti-dilutive common stock equivalents
(a)
|
|
|
The following provides selected information by reportable segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues
|
Earnings
(a)
|
Depreciation and Amortization
(b)
|
||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||||||||||||||||||||||
Reportable Segment: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Biopharma
(c)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Other business activities
(d)
|
|
|
(
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Reconciling Items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
(
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related items |
(
|
(
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Certain significant items
(e)
|
(
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
The following provides Biopharma reportable segment information regularly provided to the CODM: | ||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||
Biopharma reportable segment: | ||||||||||||||||||||
Biopharma total revenues | $ |
|
$ |
|
||||||||||||||||
Less: | ||||||||||||||||||||
Cost of sales |
|
|
||||||||||||||||||
Selling, informational and administrative expenses |
|
|
||||||||||||||||||
Research and development expenses |
|
|
||||||||||||||||||
Acquired in-process research and development expenses |
|
|
||||||||||||||||||
Other (income)/deductions––net |
(
|
(
|
||||||||||||||||||
Biopharma earnings | $ |
|
$ |
|
The following summarizes revenues by geographic area: | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||||||||||||||
United States | $ |
|
$ |
|
||||||||||||||||||||||||||||||||||
International:
|
||||||||||||||||||||||||||||||||||||||
Developed Markets
|
|
|
||||||||||||||||||||||||||||||||||||
Emerging Markets |
|
|
||||||||||||||||||||||||||||||||||||
Total revenues
|
$ |
|
$ |
|
(MILLIONS) | Three Months Ended | |||||||||||||||||||||||||||||||
PRODUCT | PRIMARY INDICATION OR CLASS |
March 30,
2025 |
March 31,
2024 |
|||||||||||||||||||||||||||||
TOTAL REVENUES | $ |
|
$ |
|
||||||||||||||||||||||||||||
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
Primary Care | $ |
|
$ |
|
||||||||||||||||||||||||||||
Eliquis
(a)
|
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism |
|
|
|||||||||||||||||||||||||||||
Prevnar family | Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae |
|
|
|||||||||||||||||||||||||||||
Comirnaty | Active immunization to prevent COVID-19 |
|
|
|||||||||||||||||||||||||||||
Paxlovid
(b)
|
COVID-19 in certain high-risk patients |
|
|
|||||||||||||||||||||||||||||
Nurtec ODT/Vydura | Acute treatment of migraine and prevention of episodic migraine |
|
|
|||||||||||||||||||||||||||||
Abrysvo
|
Active immunization to prevent RSV infection
|
|
|
|||||||||||||||||||||||||||||
All other Primary Care | Various |
|
|
|||||||||||||||||||||||||||||
Specialty Care | $ |
|
$ |
|
||||||||||||||||||||||||||||
Vyndaqel family | ATTR-CM and polyneuropathy |
|
|
|||||||||||||||||||||||||||||
Sulperazon (Outside the U.S. and Canada)
|
Bacterial infections |
|
|
|||||||||||||||||||||||||||||
Zithromax | Bacterial infections |
|
|
|||||||||||||||||||||||||||||
Inflectra | Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis |
|
|
|||||||||||||||||||||||||||||
Enbrel (Outside the U.S. and Canada) | RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis |
|
|
(MILLIONS) | Three Months Ended | |||||||||||||||||||||||||||||||
PRODUCT | PRIMARY INDICATION OR CLASS |
March 30,
2025 |
March 31,
2024 |
|||||||||||||||||||||||||||||
Zavicefta (Outside the U.S. and Canada)
|
Bacterial infections |
|
|
|||||||||||||||||||||||||||||
Xeljanz | RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis |
|
|
|||||||||||||||||||||||||||||
Cibinqo | Atopic dermatitis |
|
|
|||||||||||||||||||||||||||||
All other Hospital
|
Various
|
|
|
|||||||||||||||||||||||||||||
All other Specialty Care | Various |
|
|
|||||||||||||||||||||||||||||
Oncology | $ |
|
$ |
|
||||||||||||||||||||||||||||
Ibrance | HR-positive/HER2-negative metastatic breast cancer |
|
|
|||||||||||||||||||||||||||||
Xtandi
(c)
|
mCRPC, nmCRPC, mCSPC, nmCSPC |
|
|
|||||||||||||||||||||||||||||
Padcev
|
Locally advanced or metastatic urothelial cancer |
|
|
|||||||||||||||||||||||||||||
Oncology biosimilars
(d)
|
Various
|
|
|
|||||||||||||||||||||||||||||
Lorbrena | ALK-positive metastatic NSCLC |
|
|
|||||||||||||||||||||||||||||
Inlyta |
Advanced renal cell carcinoma
|
|
|
|||||||||||||||||||||||||||||
Adcetris | Hodgkin lymphoma and certain T-cell lymphomas |
|
|
|||||||||||||||||||||||||||||
Bosulif | Philadelphia chromosome–positive chronic myelogenous leukemia |
|
|
|||||||||||||||||||||||||||||
Braftovi/Mektovi
|
Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi for the treatment of BRAF
V600E
-
mutant mCRC, in combination with Erbitux
®
(cetuximab)
(e)
(after prior therapy) or cetuximab and mFOLFOX6
|
|
|
|||||||||||||||||||||||||||||
Aromasin
|
Post-menopausal early and advanced breast cancer
|
|
|
|||||||||||||||||||||||||||||
Tukysa
|
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer |
|
|
|||||||||||||||||||||||||||||
Elrexfio
|
Relapsed or refractory multiple myeloma
|
|
|
|||||||||||||||||||||||||||||
Talzenna
|
Treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer; and, in combination with Xtandi (enzalutamide), of adult patients with HRR gene-mutated mCRPC
|
|
|
|||||||||||||||||||||||||||||
Tivdak
|
Recurrent or mCC
|
|
|
|||||||||||||||||||||||||||||
All other Oncology
|
Various |
|
|
|||||||||||||||||||||||||||||
PFIZER CENTREONE
(f)
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
PFIZER IGNITE
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
BIOPHARMA
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
PFIZER U.S. COMMERCIAL DIVISION
(g)
|
|
|
||||||||||||||||||||||||||||||
PFIZER INTERNATIONAL COMMERCIAL DIVISION
|
|
|
||||||||||||||||||||||||||||||
Total Alliance revenues included above | $ |
|
$ |
|
||||||||||||||||||||||||||||
Total Royalty revenues included above
|
$ |
|
$ |
|
The following presents worldwide
Total revenues
by geography:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | U.S. | International | World-wide | U.S. | Inter-national | |||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
March 30,
2025 |
March 31,
2024 |
% Change | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating segments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Biopharma | $ | 13,441 | $ | 14,604 | $ | 8,285 | $ | 9,426 | $ | 5,156 | $ | 5,178 | (8) | (12) | — | |||||||||||||||||||||||||||||||||||||||||
Pfizer CentreOne
|
257 | 258 | 72 | 71 | 185 | 187 | — | 2 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Pfizer Ignite
|
17 | 17 | 17 | 17 | — | — | (3) | (3) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 13,715 | $ | 14,879 | $ | 8,374 | $ | 9,514 | $ | 5,341 | $ | 5,365 | (8) | (12) | — | |||||||||||||||||||||||||||||||||||||||||
The following provides an analysis of the worldwide change in
Total revenues
by geographic areas in the first quarter of 2025 compared to the first quarter of 2024:
|
||||||||||||||||||||
(MILLIONS) | Worldwide | U.S. | International | |||||||||||||||||
Operational growth/(decline): | ||||||||||||||||||||
Worldwide declines from Paxlovid | $ | (1,536) | $ | (1,454) | $ | (82) | ||||||||||||||
Worldwide growth from the Vyndaqel family, Padcev, Nurtec ODT/Vydura, Lorbrena and Xtandi, partially offset by worldwide declines from Eliquis, Xeljanz, Ibrance, Adcetris, the Prevnar Family and Abrysvo
|
372 | 178 | 194 | |||||||||||||||||
Worldwide growth from Comirnaty
|
218 | 111 | 107 | |||||||||||||||||
Other operational factors, net | 38 | 25 | 13 | |||||||||||||||||
Operational growth/(decline), net | (908) | (1,140) | 232 | |||||||||||||||||
Unfavorable impact of foreign exchange | (256) | — | (256) | |||||||||||||||||
Total revenues
increase/(decrease)
|
$ | (1,164) | $ | (1,140) | $ | (24) |
The following presents information about product revenue deductions:
|
||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
||||||||||||||||||||||||
Medicare rebates
(a)
|
$ | 1,068 | $ | 720 | ||||||||||||||||||||||
Medicaid and related state program rebates | 397 | 609 | ||||||||||||||||||||||||
Performance-based contract rebates | 1,612 | 1,382 | ||||||||||||||||||||||||
Chargebacks | 2,939 | 2,751 | ||||||||||||||||||||||||
Sales allowances | 1,781 | 1,493 | ||||||||||||||||||||||||
Sales returns and cash discounts
(b)
|
335 | (183) | ||||||||||||||||||||||||
Total
|
$ | 8,133 | $ | 6,773 |
(MILLIONS) | Revenue | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Product |
Global
Revenues |
Region |
March 30,
2025 |
March 31,
2024 |
Total | Oper. | Operational Results Commentary | |||||||||||||||||||||||||||||||||||||||||||
Eliquis |
$1,923
Down 4%
(operationally)
|
U.S. | $ | 1,299 | $ | 1,413 | (8) |
Decline primarily driven by lower net price in the U.S., including the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign, partially offset by strong underlying demand as well as higher revenues in international markets partly due to timing of shipments.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 624 | 626 | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,923 | $ | 2,040 | (6) | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Prevnar family |
$1,660
Down 1%
(operationally)
|
U.S. | $ | 1,170 | $ | 1,149 | 2 |
Decline primarily driven by lower pediatric indication sales, timing of shipments and lower demand due to competitive pressures in most international developed markets, partially offset by strong uptake of the adult indication in the U.S. as a result of strong demand following the CDC’s recommendation for ages 50-64.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 491 | 542 | (9) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,660 | $ | 1,691 | (2) | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Vyndaqel family |
$1,486
Up 33%
(operationally)
|
U.S. | $ | 986 | $ | 751 | 31 |
Growth primarily driven by strong demand with continuing uptake in patient diagnosis, primarily in the U.S. and international developed markets, partially offset by lower net price in the U.S. mostly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 499 | 386 | 29 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,486 | $ | 1,137 | 31 | 33 | ||||||||||||||||||||||||||||||||||||||||||||
Ibrance |
$977
Down 6%
(operationally)
|
U.S. | $ | 659 | $ | 679 | (3) |
Declines primarily driven by generic entry and timing of shipments in certain international markets, as well as lower net price in the U.S. mostly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 318 | 375 | (15) | (10) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 977 | $ | 1,054 | (7) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Comirnaty
|
$565
Up 62%
(operationally)
|
U.S. | $ | 229 | $ | 118 | 94 |
Growth primarily driven by higher revenues in the U.S. reflecting lower expected returns and higher market share, as well as higher contractual deliveries in certain international markets.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 335 | 236 | 42 | 45 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 565 | $ | 354 | 60 | 62 | ||||||||||||||||||||||||||||||||||||||||||||
Paxlovid |
$491
Down 75%
(operationally)
|
U.S. | $ | 347 | $ | 1,800 | (81) |
Declines primarily driven by:
• the non-recurrence of the $771 million favorable final adjustment recorded in the first quarter of 2024 to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023; and
• lower COVID-19 infections across U.S. and international markets and lower international government purchases.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 145 | 234 | (38) | (35) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 491 | $ | 2,035 | (76) | (75) | ||||||||||||||||||||||||||||||||||||||||||||
Xtandi |
$458
Up 9%
(operationally)
|
U.S. | $ | 458 | $ | 418 | 9 |
Growth mainly driven by strong demand, partially offset by unfavorable customer buying patterns and lower net price partly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 458 | $ | 418 | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Padcev |
$426
Up 25%
(operationally)
|
U.S. | $ | 419 | $ | 334 | 25 |
Growth primarily driven by increased market share in first-line metastatic urothelial carcinoma (mUC).
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 7 | 7 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 426 | $ | 341 | 25 | 25 | ||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Revenue | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Product |
Global
Revenues |
Region |
March 30,
2025 |
March 31,
2024 |
Total | Oper. | Operational Results Commentary | |||||||||||||||||||||||||||||||||||||||||||
Nurtec ODT/Vydura
|
$248
Up 40%
(operationally)
|
U.S. | $ | 228 | $ | 167 | 36 |
Growth primarily driven by strong demand in the U.S. and favorable changes in channel mix and, to a much lesser extent, recent launches in certain international markets.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 20 | 10 | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 248 | $ | 178 | 40 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Lorbrena |
$222
Up 39%
(operationally)
|
U.S. | $ | 92 | $ | 59 | 55 |
Growth primarily driven by increased patient share in the first-line ALK+ mNSCLC treatment setting in the U.S., China and certain other international markets.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 130 | 104 | 25 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 222 | $ | 164 | 36 | 39 | ||||||||||||||||||||||||||||||||||||||||||||
Adcetris |
$218
Down 15%
(operationally)
|
U.S. | $ | 213 | $ | 252 | (16) |
Declines primarily driven by lower volume due to competitive pressures in the U.S.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 5 | 5 | (9) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 218 | $ | 257 | (15) | (15) | ||||||||||||||||||||||||||||||||||||||||||||
Abrysvo |
$131
Down 6%
(operationally)
|
U.S. | $ | 63 | $ | 131 | (52) |
Decline in the U.S. driven by significant reduction in vaccination rates for the older adult indication following updated Advisory Committee on Immunization Practices recommendation, partially offset by strong demand for the maternal indication and increased market share in the older adult indication.
Growth in international markets driven by launch uptake for both indications in certain international markets.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 68 | 14 | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 131 | $ | 145 | (9) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Xeljanz |
$128
Down 31%
(operationally)
|
U.S. | $ | 20 | $ | 74 | (73) |
Declines primarily driven by lower net price in the U.S. due to unfavorable changes in channel mix as well as the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 108 | 120 | (10) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 128 | $ | 194 | (34) | (31) | ||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Revenue | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment |
Global
Revenues |
Region | March 30, 2025 | March 31, 2024 | Total | Oper. | Operational Results Commentary | |||||||||||||||||||||||||||||||||||||||||||
PC1 |
$257
Up 2%
(operationally)
|
U.S. | $ | 72 | $ | 71 | 2 |
Growth driven by higher manufacturing of third-party products under manufacturing and supply agreements, offset by lower active product ingredient sales and lower manufacturing-related services.
|
||||||||||||||||||||||||||||||||||||||||||
Int’l. | 185 | 187 | (1) | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 257 | $ | 258 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
%
Change |
|||||||||||||||||||||||||||||||||||
Cost of sales | $ | 2,845 | $ | 3,379 | (16) | |||||||||||||||||||||||||||||||||
Percentage of
Total revenues
|
20.7 | % | 22.7 | % | ||||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 3,031 | 3,495 | (13) | |||||||||||||||||||||||||||||||||||
Research and development expenses | 2,203 | 2,493 | (12) | |||||||||||||||||||||||||||||||||||
Acquired in-process research and development expenses | 9 | — | * | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 1,211 | 1,308 | (7) | |||||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 678 | 102 | * | |||||||||||||||||||||||||||||||||||
Other (income)/deductions—net | 953 | 680 | 40 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
%
Change |
|||||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income
|
$ | (189) | $ | 293 | * | |||||||||||||||||||||||||||||||||
Effective tax rate on continuing operations | (6.8) | % | 8.6 | % |
PRODUCT | INDICATION OR PROPOSED INDICATION | APPROVED/FILED^ | ||||||||||||
U.S. | EU | JAPAN | ||||||||||||
Prevnar 20/Prevenar 20
(Vaccine) |
Active immunization to prevent invasive disease and pneumonia caused by the 20
Streptococcus pneumoniae
(pneumococcus) serotypes in the vaccine in adults ages 18 years and older.
|
Approved
June
2021
|
Approved
February
2022
|
Approved
August
2024
|
||||||||||
Nurtec ODT/Vydura
(rimegepant) |
Acute treatment of migraine with or without aura in adults |
Approved
February
2020
|
Approved
April
2022
|
Filed
November 2024
|
||||||||||
Prevention of episodic migraine in adults |
Approved
May
2021
|
Approved
April
2022
|
Filed
November 2024
|
|||||||||||
Abrysvo
(Vaccine) |
Active immunization for the prevention of lower respiratory tract disease caused by RSV in individuals 18-59 years of age who are at increased risk of lower respiratory tract disease caused by RSV |
Approved
October
2024
|
Approved
March
2025
|
|
||||||||||
Velsipity (etrasimod) | Moderately to severely active ulcerative colitis in adults |
Approved
October
2023
|
Approved
February
2024
|
Filed
June
2024
|
||||||||||
Braftovi (encorafenib) and Mektovi (binimetinib)
(a)
|
BRAF
V600E
-mutant metastatic non-small cell lung cancer in adult patients
|
Approved
October
2023
|
Approved
August
2024
|
|||||||||||
Braftovi (encorafenib),
Erbitux
®
(cetuximab)
and mFOLFOX6
(b)
|
First-line BRAF
V600E
-mutant mCRC
|
Approved
December 2024
|
||||||||||||
Xtandi (enzalutamide)
(c)
|
nmCSPC with biochemical recurrence at high risk for metastasis (high-risk BCR) |
Approved
November
2023
|
Approved
April
2024
|
|||||||||||
Hympavzi
(marstacimab-hncq) |
Hemophilia A and B without inhibitors |
Approved
October
2024
|
Approved
November
2024
|
Approved
December
2024
|
||||||||||
Emblaveo
(aztreonam-avibactam)
(d)
|
Treatment of infections in adult patients caused by Gram-negative bacteria with limited or no treatment options |
Approved
February 2025
|
Approved
April
2024
|
|||||||||||
Padcev
(enfortumab vedotin-ejfv)
(
e
)
|
In combination with Keytruda
®(f)
(pembrolizumab) for locally advanced or metastatic urothelial cancer in adults
|
Approved
December
2023
|
Approved
August
2024
|
Approved
September
2024
|
||||||||||
Tivdak (tisotumab vedotin-tftv
(g)
|
Recurrent or metastatic cervical cancer with disease progression on or after chemotherapy
|
Approved
April
2024
|
Approved
March
2025
|
Approved
March
2025
|
||||||||||
Comirnaty (COVID-19 Vaccine, mRNA) 2024-2025 Formula, Omicron KP.2-adapted
(h)
|
Active immunization to prevent COVID-19 caused by SARS-CoV-2 for individuals 12 years of age and older |
Approved
August
2024
|
Approved
September 2024
|
|
||||||||||
Comirnaty (COVID-19 Vaccine, mRNA) 2024-2025 Formula, Omicron JN.1-adapted | Active immunization to prevent COVID-19 caused by SARS-CoV-2 for individuals 6 months of age and older |
Approved
July
2024
|
Approved
August
2024
|
|||||||||||
Adcetris
(brentuximab vedotin)
(i)
|
Relapsed/refractory diffuse large B-cell lymphoma |
Approved
February
2025
|
||||||||||||
Paxlovid (nirmatrelvir; ritonavir) |
COVID-19 infection in high-risk children
|
Filed
February 2025
|
Filed
January 2025
|
Filed
April
2025
|
||||||||||
Eliquis (apixaban)
(j)
|
Venous thromboembolism (pediatric) |
Approved
April
2025
|
Approved
July
2024
|
PRODUCT/CANDIDATE | PROPOSED DISEASE AREA | ||||||||||
LATE-STAGE CLINICAL PROGRAMS FOR ADDITIONAL USES AND DOSAGE FORMS
FOR IN-LINE AND IN-REGISTRATION PRODUCTS |
Ibrance (palbociclib)
(a)
|
ER+/HER2+ metastatic breast cancer | |||||||||
Talzenna (talazoparib) | Combination with Xtandi (enzalutamide) for DNA Damage Repair-deficient mCSPC | ||||||||||
Litfulo (ritlecitinib) | Vitiligo | ||||||||||
Elrexfio (elranatamab) | Multiple myeloma double-class exposed | ||||||||||
Newly diagnosed multiple myeloma post-transplant maintenance | |||||||||||
Newly diagnosed multiple myeloma transplant-ineligible | |||||||||||
2nd line + relapsed refractory multiple myeloma | |||||||||||
Padcev (enfortumab vedotin)
(b)
|
Cisplatin-ineligible/decline muscle-invasive bladder cancer | ||||||||||
Cisplatin-eligible muscle-invasive bladder cancer | |||||||||||
Tukysa (tucatinib) | HER2+ adjuvant breast cancer | ||||||||||
2nd line/3rd line HER2+ metastatic breast cancer | |||||||||||
1st line HER2+ maintenance metastatic breast cancer | |||||||||||
1st line HER2+ metastatic colorectal cancer | |||||||||||
Nurtec (rimegepant)
|
Menstrually-related migraine
|
||||||||||
Hympavzi (marstacimab-hncq)
|
Hemophilia (pediatric) | ||||||||||
Hemophilia (inhibitor cohort) | |||||||||||
NEW DRUG CANDIDATES IN LATE-STAGE DEVELOPMENT | PF-06425090 (vaccine) |
Immunization to prevent primary
clostridioides difficile
infection
|
|||||||||
sasanlimab (PF-06801591) |
Combination with Bacillus Calmette-Guerin for high-risk non-muscle-invasive bladder cancer
|
||||||||||
VLA15 (PF-07307405) vaccine
(c)
|
Immunization to prevent Lyme disease | ||||||||||
vepdegestrant (PF-07850327)
(d)
|
Breast cancer metastatic - 2nd line ER+/HER2- | ||||||||||
inclacumab (PF-07940370) | Sickle cell disease | ||||||||||
dazukibart (PF-06823859) | Dermatomyositis, polymyositis | ||||||||||
disitamab vedotin
(e)
|
1st line HER2 (≥IHC1+) metastatic urothelial cancer | ||||||||||
sigvotatug vedotin (PF-08046047) | 2nd line+ metastatic non-small cell lung cancer | ||||||||||
osivelotor (PF-07940367) | Sickle cell disease | ||||||||||
ibuzatrelvir (PF-07817883) | COVID-19 infection | ||||||||||
mevrometostat (PF-06821497) + enzalutamide | 1st line/2nd line metastatic castration resistant prostate cancer post-Abiraterone | ||||||||||
mevrometostat (PF-06821497) + enzalutamide | 1st line metastatic castration resistant prostate cancer neoadjuvant hormonal therapy naïve | ||||||||||
atirmociclib (PF-07220060) |
1st line HR+/HER2- metastatic breast cancer
|
Measure | Definition | Relevance of Metrics to Our Business Performance | ||||||||||||
Adjusted income
|
Net income attributable to Pfizer Inc. common shareholders
(a)
before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items
|
•
Provides investors useful information to:
◦
evaluate the normal recurring operational activities, and their components, on a comparable year-over-year basis
◦
assist in modeling expected future performance on a normalized basis
•
Provides investors insight into the way we manage our budgeting and forecasting, how we evaluate and manage our recurring operations and how we reward and compensate our senior management
(b)
|
||||||||||||
Adjusted cost of sales, Adjusted selling, informational and administrative expenses, Adjusted research and development expenses and Adjusted other (income)/deductions
––
net
|
Cost of sales, Selling, informational and administrative expenses, Research and development expenses
and
Other (income)/deductions––net
(a)
, each before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items, which are components of the Adjusted income measure
|
|||||||||||||
Adjusted diluted EPS
|
EPS attributable to Pfizer Inc. common shareholders––diluted
(a)
before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items
|
Three Months Ended March 30, 2025 | ||||||||||||||||||||||||||||||||
Data presented will not (in all cases) aggregate to totals.
(MILLIONS, EXCEPT PER SHARE DATA)
|
Cost of sales
(a)
|
Selling, informational and administrative expenses
(a)
|
Other (income)/deductions––net
(a)
|
Net income attributable to Pfizer Inc. common shareholders
(a), (b)
|
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted
|
|||||||||||||||||||||||||||
GAAP Reported | $ | 2,845 | $ | 3,031 | $ | 953 | $ | 2,967 | $ | 0.52 | ||||||||||||||||||||||
Amortization of intangible assets | — | — | — | 1,211 | ||||||||||||||||||||||||||||
Acquisition-related items | (206) | (1) | (7) | 282 | ||||||||||||||||||||||||||||
Certain significant items: | ||||||||||||||||||||||||||||||||
Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring
(c)
|
(24) | (6) | — | 666 | ||||||||||||||||||||||||||||
Certain asset impairments
(d)
|
— | — | (224) | 224 | ||||||||||||||||||||||||||||
(Gains)/losses on equity securities
(d)
|
— | — | (370) | 370 | ||||||||||||||||||||||||||||
Actuarial valuation and other pension and postretirement plan (gains)/losses | — | — | 59 | (59) | ||||||||||||||||||||||||||||
Other
(e)
|
(23) | (15) | (166) | 207 | ||||||||||||||||||||||||||||
Income tax provision—non-GAAP items | (630) | |||||||||||||||||||||||||||||||
Non-GAAP Adjusted | $ | 2,593 | $ | 3,010 | $ | 246 | $ | 5,237 | $ | 0.92 |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||
Data presented will not (in all cases) aggregate to totals.
(MILLIONS, EXCEPT PER SHARE DATA)
|
Cost of sales
(a)
|
Selling, informational and administrative expenses
(a)
|
Other (income)/deductions––net
(a)
|
Net income attributable to Pfizer Inc. common shareholders
(a), (b)
|
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted
|
|||||||||||||||||||||||||||
GAAP Reported | $ | 3,379 | $ | 3,495 | $ | 680 | $ | 3,115 | $ | 0.55 | ||||||||||||||||||||||
Amortization of intangible assets | — | — | — | 1,308 | ||||||||||||||||||||||||||||
Acquisition-related items | (317) | (7) | (3) | 508 | ||||||||||||||||||||||||||||
Certain significant items: | ||||||||||||||||||||||||||||||||
Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring
(c)
|
(20) | (29) | — | (17) | ||||||||||||||||||||||||||||
Certain asset impairments
(d)
|
— | — | (109) | 109 | ||||||||||||||||||||||||||||
(Gains)/losses on equity securities
|
— | — | 25 | (25) | ||||||||||||||||||||||||||||
Actuarial valuation and other pension and postretirement plan (gains)/losses | — | — | (3) | 3 | ||||||||||||||||||||||||||||
Other
(e)
|
(6) | (5) | (294) | 307 | ||||||||||||||||||||||||||||
Income tax provision—non-GAAP items | (636) | |||||||||||||||||||||||||||||||
Non-GAAP Adjusted | $ | 3,036 | $ | 3,454 | $ | 296 | $ | 4,674 | $ | 0.82 |
Three Months Ended | ||||||||||||||||||||
(MILLIONS) |
March 30,
2025 |
March 31,
2024 |
Drivers of change | |||||||||||||||||
Cash provided by/(used in): | ||||||||||||||||||||
Operating activities | $ | 2,335 | $ | 1,090 |
The change was primarily driven by the timing of receipts and payments in the ordinary course of business, partially offset by a decrease from net income adjusted for non-cash items.
|
|||||||||||||||
Investing activities | $ | 3,274 | $ | 1,732 |
The change was driven mainly by a $2.8 billion increase in proceeds from the sale of the remaining portion of our investment in Haleon, partially offset by a $1.4 billion increase in net purchases of short-term investments.
|
|||||||||||||||
Financing activities | $ | (5,227) | $ | (4,931) |
The change was driven mainly by a $1.5 billion increase in net repayments of short-term borrowings, partially offset by a $1.3 billion decrease in repayments on long-term debt.
|
|||||||||||||||
As of the date of the filing of this Form 10-Q, the following ratings have been assigned to our commercial paper and senior unsecured long-term debt:
|
||||||||||||||||||||
NAME OF RATING AGENCY | Pfizer Short-Term Rating | Pfizer Long-Term Rating | Outlook/Watch | |||||||||||||||||
Moody’s | P-1 |
A2
|
Stable Outlook
|
|||||||||||||||||
S&P | A-1 |
A
|
Stable Outlook
|
Recently Issued Accounting Standards, Not Adopted as of March 30, 2025
|
||||||||||||||
Standard/Description | Effective Date |
Effect on the
Financial Statements |
||||||||||||
In December 2023, the FASB issued final guidance to improve
income tax disclosures
. The final guidance requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information.
|
2025 for annual reports. Early adoption is permitted.
|
This new guidance will result in increased disclosures in the notes to our financial statements.
|
||||||||||||
In November 2024, the FASB issued final guidance which requires
disaggregated disclosures of certain categories of expenses that are included in expense line items on the face of the income statemen
t. The disclosures are required on an annual and interim basis. The guidance also requires the total amount of selling expenses to be disclosed and, on an annual basis, the definition of selling expenses.
|
2027 for annual reports and 2028 for interim reports. Early adoption is permitted.
|
This new guidance will result in increased disclosures in the notes to our financial statements.
|
PART II. OTHER INFORMATION |
Period |
Total Number of
Shares Purchased
(a)
|
Average Price
Paid per Share
(a)
|
Total Number of Shares Purchased as Part of Publicly Announced Plan |
Approximate Value of Shares That May Yet Be Purchased Under the Plan
(b)
|
||||||||||||||||||||||
January 1 through January 26, 2025
|
25,387 | $ | 26.65 | — | $ | 3,292,882,444 | ||||||||||||||||||||
January 27 through February 23, 2025
|
1,107,921 | $ | 26.29 | — | $ | 3,292,882,444 | ||||||||||||||||||||
February 24 through March 30, 2025
|
8,191,799 | $ | 26.23 | — | $ | 3,292,882,444 | ||||||||||||||||||||
Total | 9,325,107 | $ | 26.24 | — |
Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||||||
Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||||||
Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||||||
Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||||||
Exhibit 101: | |||||||||||
EX-101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
EX-101.SCH
EX-101.CAL EX-101.LAB EX-101.PRE EX-101.DEF |
Inline XBRL Taxonomy Extension Schema
Inline XBRL Taxonomy Extension Calculation Linkbase Inline XBRL Taxonomy Extension Label Linkbase Inline XBRL Taxonomy Extension Presentation Linkbase Inline XBRL Taxonomy Extension Definition Document |
||||||||||
Exhibit 104 | Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
Pfizer Inc. | ||||||||
(Registrant) | ||||||||
Dated: | May 5, 2025 | /s/ Jennifer B. Damico | ||||||
Jennifer B. Damico
Senior Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Suzanne Nora Johnson KEY SKILLS & EXPERIENCE Business Leadership & Operations/Risk Management/International Business: Ms. Nora Johnson’s careers in law and investment banking, including serving in various leadership roles at Goldman Sachs Group, Inc. (Goldman Sachs), provide valuable business experience and critical insights into the roles of the law and finance when evaluating strategic transactions. Finance & Accounting: Ms. Nora Johnson also brings financial expertise to the Board, providing an understanding of financial statements, corporate finance, accounting, capital markets and risk management. Healthcare & Pharma: Ms. Nora Johnson’s extensive knowledge of healthcare through her role in healthcare investment banking and investing, as well as her involvement with not-for-profit organizations, such as in scientific research (The Carnegie Institution) and healthcare policy (The Brookings Institution) provide touchstones of public opinion and exposure to diverse, global points of view. BACKGROUND Retired Vice Chairman, Goldman Sachs, since 2007. During her 21-year tenure with Goldman Sachs, she served in various leadership roles, including Chair of the Global Markets Institute, Head of Global Research, and Head of Global Health Care. Board Chair of Intuit Inc.; Co-Chair, Board of Trustees of The Brookings Institution; Member of the Board of Trustees of the Carnegie Institution of Washington; and Chair of the Board of Trustees of the University of Southern California. Member of the American Academy of Arts and Sciences. Director of American International Group, Inc. from 2008 to 2020 and Visa, Inc. from 2007 to 2022. | |||
Susan Hockfield, Ph.D. KEY SKILLS & EXPERIENCE Academia/Business Leadership & Operations/Medicine & Science: Dr. Hockfield has strong leadership skills, having served as the first woman and first life scientist President of the Massachusetts Institute of Technology (MIT) from 2004 to 2012 and as Dean of the Graduate School of Arts and Sciences from 1998 to 2002 and Provost from 2003 to 2004 at Yale University. Her background also reflects significant achievements in academia and science as she has served as a professor of Neuroscience at the Yale University School of Medicine (1985-2004) and MIT (2004-present). Pfizer benefits from her experience, expertise, achievements and recognition in both medicine and science. Government & Public Policy: Pfizer benefits from Dr. Hockfield’s breadth and depth of experience in the public policy space, including her public service as Science Envoy with the U.S. Department of State, co-chair of the Advanced Manufacturing Partnership, as a member of a Congressional Commission evaluating the Department of Energy laboratories, and as President and Chair of the American Association for the Advancement of Science. BACKGROUND Professor of Neuroscience and President Emerita at MIT. Served as MIT’s sixteenth president from 2004 to 2012. Member, Koch Institute for Integrative Cancer Research at MIT. Prior to joining MIT, she was the William Edward Gilbert Professor of Neurobiology, Dean of the Graduate School of Arts and Sciences from 1998 to 2002 and Provost from 2003 to 2004 at Yale University. Board Member of Repertoire Immune Medicines, Cajal Neuroscience (until 2024) and Break Through Cancer. Founding co-chair of the Advanced Manufacturing Partnership. Fellow of the American Association for the Advancement of Science. Member of the American Academy of Arts and Sciences and the Society for Neuroscience. Recipient of the Charles L. Branch BrainHealth Award, Charles Judson Herrick Award from the American Association of Anatomists, the Wilbur Lucius Cross Award from Yale University, the Meliora Citation from the University of Rochester, the Golden Plate Award from the Academy of Achievement, the Amelia Earhart Award from the Women’s Union, the Edison Achievement Award, the Pinnacle Award for Lifetime Achievement from the Greater Boston Chamber of Commerce and the Geoffrey Beene Builders of Science Award from Research!America. She previously served as a Director of General Electric Company from 2006 until 2018 and of Qualcomm Incorporated from 2012 until 2016. | |||
Susan Desmond-Hellmann, MD, M.P.H. KEY SKILLS & EXPERIENCE Business Leadership & Operations: Dr. Desmond-Hellmann brings strong leadership, expertise in business operations and global perspectives to the Board through her experiences as former Chief Executive Officer of the Bill & Melinda Gates Foundation, where she oversaw the creation of the Gates Medical Research Institute (GMRI), as former President of Product Development at Genentech and as Chancellor of the University of California, San Francisco (UCSF). Medicine & Science/Healthcare & Pharma/Academia: Dr. Desmond-Hellmann’s background reflects significant achievements in medicine, healthcare and academia. She brings expertise in medicine and science from her leadership roles in product development and clinical cancer research. Through her experiences at a biotechnology company and at a pharmaceutical institute, she brings healthcare and pharma industry expertise. In addition, she has significant achievements in academia through her service as a distinguished professor at UCSF. Pfizer and the Board benefit from her depth of experience and expertise in medicine, healthcare and academia. Technology & Cybersecurity: Dr. Desmond-Hellmann brings an expertise in technology and innovation from her previous experiences at Genentech and as a director on other public company boards, including Meta, as well as her experiences as a Director of OpenAI. BACKGROUND Board member of OpenAI, National Resilience, Inc. and Stand Up To Cancer. Senior Advisor at Lazard, Inc. in the Healthcare Group. Senior Advisor at GMRI from 2020 to 2021. CEO of the Bill & Melinda Gates Foundation, a private foundation committed to enhancing global healthcare, reducing extreme poverty and expanding educational opportunities, from 2014 to 2020. She served as the first female, and ninth overall, Chancellor of UCSF from 2009 to 2014. Dr. Desmond-Hellmann remains an Adjunct Professor at UCSF. Member of the President’s Council of Advisors on Science and Technology. From 1995 through 2009, she was employed at Genentech where she served as President of Product Development from 2005 to 2009, overseeing pre-clinical and clinical development, business development and product portfolio management. Prior to Genentech, she was Associate Director, Clinical Cancer Research at Bristol-Myers Squibb Pharmaceutical Research Institute. Director of: (i) Meta from 2013 to 2019; and (ii) Procter & Gamble from 2010 to 2017. Received the Hockfield Cancer Research Prize (2023). | |||
Scott Gottlieb, MD KEY SKILLS & EXPERIENCE Government & Public Policy/Medicine & Science/Healthcare & Pharma: Dr. Gottlieb brings significant expertise in health care, public policy and the biopharmaceutical industry to Pfizer’s Board and the Regulatory and Compliance and Science and Technology Committees. Through his work as a physician and his tenure at the U.S. Food and Drug Administration (FDA), Dr. Gottlieb has demonstrated an understanding of patient needs, the public policy environment and the rapidly changing dynamics of biopharmaceutical research and development. Technology & Cybersecurity: Dr. Gottlieb brings an expertise in technology and innovation from his experiences on the boards of directors of Tempus AI, Inc., an artificial intelligence-enabled precision medicine company, and Xaira Therapeutics, Inc., a private, AI-focused biotechnology company launched in 2024. BACKGROUND Partner, New Enterprise Associates, Inc.’s Healthcare Investment Team and Resident Fellow of the American Enterprise Institute since 2019. Served as the 23rd Commissioner of the FDA from 2017 to 2019. Prior to serving as Commissioner of the FDA, Dr. Gottlieb held several roles in the public and private sectors, including serving as a Venture Partner to New Enterprise Associates, Inc. from 2007 to 2017. Director of Illumina, Inc. and Tempus AI, Inc. Director of Aetion, Inc. a private healthcare data technology company, Comanche Biopharma, a private maternal medicine biopharmaceutical company, and Xaira Therapeutics, Inc. Board Member of National Resilience, Inc. Scientific Advisory Board Member of CellCarta. Member of the National Academy of Medicine and a contributor to the financial news network CNBC. | |||
Ronald E. Blaylock KEY SKILLS & EXPERIENCE Business Leadership & Operations/Risk Management: Mr. Blaylock’s extensive experience in private equity and investment banking brings business leadership, financial expertise and risk management skills to the Board. In addition, Mr. Blaylock’s service on the compensation committees of other public companies enables him to bring valuable insights to Pfizer’s Board and Compensation Committee. Finance & Accounting: Mr. Blaylock’s significant financial background, including as the founder and managing partner of GenNx360 Capital Partners and the founder of Blaylock & Company, brings substantial financial expertise and a unique perspective to the Board on issues of importance relating to finance. BACKGROUND Founder, Managing Partner of GenNx360 Capital Partners, a private equity firm focused on investing in industrial and business services companies in the U.S. middle market since 2006. Prior to launching GenNx360 Capital Partners, Mr. Blaylock founded and managed Blaylock & Company, an investment banking firm. He also held senior management positions at UBS, PaineWebber Group and Citicorp. Director of CarMax, Inc. and W.R. Berkley Corporation, an insurance holding company. Former Director of Advantage Solutions Inc. (from 2019 to 2022) and Urban One, Inc. (from 2002 until 2019). Member of the Board of Trustees of Carnegie Hall. Member of the Board of Overseers of New York University Stern School of Business. Board Member of the Mental Health Coalition. | |||
Mortimer J. Buckley KEY SKILLS & EXPERIENCE Business Leadership & Operations/Finance & Accounting/International Business/Risk Management/Human Capital Management: Mr. Buckley’s extensive experience as Chairman and Chief Executive Officer, Chief Investment Officer, and Chief Information Officer of The Vanguard Group, Inc. (Vanguard) has equipped him with invaluable expertise in financial markets, business leadership, capital allocation, regulation, talent management, technology, and operations. His background enables him to bring a unique investor and asset management perspective to the Board, which is an asset for Pfizer and our shareholders. Technology & Cybersecurity: Throughout his tenure at Vanguard, he spearheaded significant digital agendas, built out cybersecurity, and drove the innovative use of new technologies. BACKGROUND Chairman and Chief Executive Officer of Vanguard from 2018 to 2024. Previously, held a number of senior leadership positions at Vanguard, including Vanguard’s Chief Investment Officer from 2013 to 2017, overseeing the company’s managed stock, bond and money market portfolios as well as its investment research and methodology, and Chief Information Officer from 2001 to 2006. In addition, led Vanguard’s Personal Investor division from 2006 to 2012. Served as Chairman of the Board of Children’s Hospital of Philadelphia from 2011 to 2017. Director of The Boeing Company. | |||
Joseph J. Echevarria KEY SKILLS & EXPERIENCE Business Leadership & Operations/International Business/Risk Management: Mr. Echevarria’s 36-year career at Deloitte and his current role as President of the University of Miami (UM) brings financial expertise and international business, leadership and operational and risk management skills to the Board. Finance & Accounting: Mr. Echevarria’s financial acumen, including his significant audit experience, expertise in accounting issues and service on the audit committees of other public companies, is an asset to Pfizer’s Board and Audit Committee. Government & Public Policy: Pfizer also benefits from Mr. Echevarria’s breadth and diversity of experience, which includes his former public service on President Obama’s Export Council. BACKGROUND President of UM since October 2024. Served as the CEO of Deloitte LLP, a global provider of professional services, from 2011 until his retirement in 2014. During his 36-year tenure with Deloitte, served in various leadership roles, including Deputy Managing Partner, Southeast Region, Audit Managing Partner and U.S. Managing Partner and Chief Operating Officer. Mr. Echevarria served as CEO of UHealth of UM from 2022 until 2024, and served as Trustee of UM since 2011. Serves as Chair Emeritus of former President Obama’s My Brother’s Keeper Alliance and as an advisor to the Obama Foundation. Chairman of the Board of The Bank of New York Mellon Corporation. Director of Unum Group, a provider of financial protection benefits. Director of Xerox Holdings Corporation from 2017 until 2023. Former member of the Presidential Commission on Election Administration. | |||
James Quincey KEY SKILLS & EXPERIENCE Business Leadership & Operations/International Business/Finance & Accounting/Human Capital Management: Mr. Quincey’s experience as Chairman and CEO of The Coca-Cola Company brings strong business and leadership and human capital management skills, including extensive experience in leading business operations in international markets, such as Latin America and Europe, to the Board. He also brings a high level of financial experience acquired through his various leadership positions at The Coca-Cola Company, managing complex financial transactions, mergers and acquisitions, business strategy and international operations. Technology & Cybersecurity: Mr. Quincey also brings expertise in information technology to Pfizer’s Board. In his leadership position at The Coca-Cola Company, he is responsible for the company’s information technology function. BACKGROUND Chairman and Chief Executive Officer of The Coca-Cola Company, a total beverage company with products sold in more than 200 countries and territories. He was appointed Chairman of the Board in 2019 and CEO in 2017. Prior to his appointment as CEO in 2017, he held various leadership roles at The Coca-Cola Company, including President and Chief Operating Officer from 2015 to 2017, President of the Europe Group, President of the Northwest Europe and Nordics business unit and President of the Mexico division. Director of US-China Business Council and Catalyst. | |||
James C. Smith KEY SKILLS & EXPERIENCE Business Leadership & Operations/Finance & Accounting/Human Capital Management/International Business/Risk Management: Through Mr. Smith’s experience as former President and CEO of Thomson Reuters Corporation (Thomson Reuters) he brings valuable leadership, finance, international business, risk management and human capital management skills to our Board. Pfizer benefits from Mr. Smith’s organizational expertise and leadership experience, developed through numerous senior management roles and on notable merger and acquisition activities, including the acquisition and subsequent integration of two of the information industry’s preeminent firms, as well as his strong operational and international expertise. Mr. Smith’s previous experience running global Human Resources for the Thomson Corporation informs his strong advocacy for culture and talent development. BACKGROUND Chairman of the Thomson Reuters Foundation, a London-based charity supported by Thomson Reuters. President and Chief Executive Officer of Thomson Reuters, a provider of intelligent information for businesses and professionals from 2012 through March 2020, its Chief Operating Officer from September 2011 to December 2011, and Chief Executive Officer, Thomson Reuters Professional Division, from 2008 to 2011. Prior to the acquisition of Reuters Group PLC by The Thomson Corporation in 2008, served as Chief Operating Officer of Thomson Corporation and as President and Chief Executive Officer of Thomson Learning’s Academic and Reference Group. Director of Refinitiv, a privately held global provider of financial market data and infrastructure until its acquisition by the London Stock Exchange Group in January 2021. Member of the Board of Governors of Marshall University. Member of the Board of Trustees of the Brookings Institution. Director of Thomson Reuters from 2012 until 2020. | |||
Dan R. Littman, MD, Ph.D. KEY SKILLS & EXPERIENCE Medicine & Science/Healthcare & Pharma/Academia: Dr. Littman’s background reflects significant achievements in medicine, healthcare and academia. He has served as a faculty member at the NYU Langone Medical Center for more than 25 years and is a renowned immunologist and molecular biologist. Pfizer benefits from his experience, expertise, achievements and recognition in both medicine and science. In addition, his experiences as a member of the National Academy of the Sciences and the National Academy of Medicine enable him to bring a broad perspective of the scientific and medical community to the Board. BACKGROUND Helen L. and Martin S. Kimmel Professor of Molecular Immunology, Department of Pathology at NYU Grossman School of Medicine (NYU Grossman). Professor, Department of Microbiology at NYU Grossman since 1995 and Investigator, Howard Hughes Medical Institute, since 1987. Professor of Microbiology and Immunology at the University of California, San Francisco from 1985 to 1995. Member of the National Academy of the Sciences and the National Academy of Medicine. Fellow of the American Academy of Arts and Sciences and the American Academy of Microbiology. Founding Scientific Advisory Board Member of Vedanta Biosciences and Scientific co-founder and Advisory Board Member of Immunai, Inc. Member of Scientific Advisory Boards at the Cancer Research Institute, the Broad Institute, IMIDomics, Scleroderma Research Foundation, Sonoma Biotherapeutics, Whitehead Institute of MIT Board of Advising Scientists and the Ragon Institute of MGH, MIT and Harvard. Member of the Scientific Steering Committee of Parker Institute of Cancer Immunotherapy. Awarded the New York City Mayor’s Award for Excellence in Science and Technology (2004), the Ross Prize in Molecular Medicine (2013), the Vilcek Prize in Biomedical Science (2016), and the William B. Coley Award for Distinguished Research in Basic and Tumor Immunology (2016). | |||
Cyrus Taraporevala KEY SKILLS & EXPERIENCE Business Leadership & Operations/International Business/Finance & Accounting/Risk Management/Human Capital Management: Mr. Taraporevala's extensive experience as President and CEO of State Street Global Advisors has endowed him with exceptional executive leadership skills in investment management, with a focus on both active and index strategies. His expertise in capital markets and long-term value creation strategies further strengthens his contributions to the Board. He brings robust business management, operations and leadership skills, including a wealth of experience in leading global business operations. Mr. Taraporevala's leadership experience from prominent investment firms and his extensive financial expertise gained through various high-level positions at major financial institutions add tremendous value to the Board. Furthermore, his insights into matters such as sustainability provide a valuable perspective on the long-term challenges and opportunities facing public companies. BACKGROUND President and Chief Executive Officer of State Street Global Advisors from 2017 until 2022. Previously, held a variety of senior leadership roles at State Street Global Advisors, including responsibility for leading the global institutional client, product and marketing teams. Prior to joining State Street Advisors, held numerous leadership roles in asset management including at Fidelity Investments, The Bank of New York Mellon Corporation, Legg Mason Inc., and Citigroup Inc. Spent 14 years at McKinsey & Company, the management consulting firm. Director of Shell plc. Also serves as a Director of Bridgepoint Group plc, a London-based international alternative asset fund management group. Member of the Board of Trustees of two not-for-profit organizations: GBH, a public media broadcaster, and The Trustees of Reservations, a Massachusetts-based land conservation organization. | |||
Albert Bourla, DVM, Ph.D. KEY SKILLS & EXPERIENCE Business Leadership & Operations/Human Capital Management/International Business/Healthcare & Pharma: Dr. Bourla has over 30 years of leadership experience and a demonstrated track record for delivering strong business results. Dr. Bourla has deep knowledge of the global healthcare industry as he has held a number of senior global positions across a range of businesses in five different countries (including eight different cities) over the course of his career, which enables him to provide important insights and perspectives to our Board on the company’s commercial, strategic, manufacturing and global product development functions. As Chairman and CEO, Dr. Bourla provides an essential link between management and the Board regarding management’s business perspectives. In addition, his experience on the Board of Pharmaceutical Research and Manufacturers of America (PhRMA) enables him to bring a broad perspective on issues facing our industry. Medicine & Science: Dr. Bourla brings expertise in medicine and science to the Board through his distinguished career at Pfizer. Since joining Pfizer in 1993, Dr. Bourla has served in various leadership positions with increasing responsibility within Pfizer’s former Animal Health and global commercial organizations. In addition, he is a Doctor of Veterinary Medicine and holds a Ph.D. in the Biotechnology of Reproduction from the Veterinary School of Aristotle University. BACKGROUND Chairman of the Board of Pfizer since January 2020; Chief Executive Officer of Pfizer since January 2019; Chief Operating Officer of Pfizer from January 2018 until December 2018; Group President, Pfizer Innovative Health from June 2016 until December 2017; Group President, Global Innovative Pharma Business of Pfizer from February 2016 until June 2016 (responsible for Vaccines, Oncology and Consumer Healthcare from 2014). President and General Manager of Established Products Business Unit of Pfizer from 2010 until 2013. Chair of the Board of PhRMA and Chair of the Board of The Pfizer Foundation, which promotes access to quality healthcare. Co-Chair of the Board of Directors of the Partnership for New York City and Member of the Board of Catalyst. |
2025 COMPENSATION ACTIONS
Salary, Target Annual Incentive and Annual Long-Term Incentive Awards
At its February 2025 meeting, the Committee approved the following 2025 salaries (effective April 1, 2025), 2025 annual incentive targets and March 2025 long-term incentive awards, for the NEOs continuing to serve as executive officers in 2025:
|
|||||||||||||||||||||||
Name
|
April 1, 2025
Salary
($)
|
2025 Target Annual
Incentive
(%)
|
2025 Target Annual
Incentive
($)
|
2025 LTI Award
Value
($)
|
Total Direct
Compensation
($)
|
||||||||||||||||||
A. Bourla
|
1,800,000 | 200% | 3,600,000 | 18,000,000 | 23,400,000 | ||||||||||||||||||
D. Denton | 1,399,152 | 100% | 1,389,104 | 5,000,000 | 7,788,256 | ||||||||||||||||||
A. Malik | 1,396,989 |
100%
|
1,386,956 | 4,500,000 | 7,283,945 | ||||||||||||||||||
C. Boshoff
|
1,400,000 |
100%
|
1,400,000 | 6,000,000 | 8,800,000 | ||||||||||||||||||
Note: Dr. Dolsten’s compensation data are not reported in the supplemental table above as Dr. Dolsten ceased serving as an executive officer at the close of business on December 31, 2024 and is no longer employed by the company having been terminated without cause on February 28, 2025. While Dr. Dolsten did receive a 2024 performance year bonus for his performance in 2024, his salary of $1,668,400 from April 2024 until his termination date was unchanged, and he did not receive a 2025 annual long-term incentive award. Dr. Dolsten will be eligible for a prorated annual incentive award for 2025 under the current terms of the GPP.
The Committee evaluated the target annual incentive, and in consultation with the Committee’s independent advisor affirmed the target incentive percentages.
Target annual incentive is calculated by multiplying the target incentive percentage by the salary earned during 2025 (estimated for purposes of this table).
These awards included 50% of the award value granted as 5-Year TSRUs and the remaining 50% granted as PSAs. The long-term incentive award values are converted into units, subject to rounding, on the day of grant, using the closing stock price/value on March 4, 2025 of $25.75. The 5-Year TSRU values were converted to TSRUs using $6.05, representing the estimated value at grant using the Monte Carlo Simulation model as of March 4, 2025 (grant date). See Equity Award Grant Practices later in this Proxy Statement.
|
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
BOURLA ALBERT | - | 367,589 | 5,357 |
Dolsten Mikael | - | 354,145 | 1,881 |
BOURLA ALBERT | - | 352,477 | 4,282 |
Dolsten Mikael | - | 321,729 | 1,981 |
BOSHOFF CHRISTOFFEL | - | 155,100 | 664 |
Pao William | - | 97,765 | 0 |
de Germay Alexandre | - | 74,377 | 0 |
Denton David M | - | 48,224 | 0 |
Denton David M | - | 37,919 | 0 |
BLAYLOCK RONALD E | - | 27,707 | 4,750 |
Gottlieb Scott | - | 10,000 | 0 |
DAMICO JENNIFER B. | - | 9,003 | 0 |
DAMICO JENNIFER B. | - | 8,582 | 0 |
PFIZER INC | - | 0 | 1,080,510 |