These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
|
|
||||
(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 | ||||||||||||
|
|
|
||||||||||||
|
|
|
||||||||||||
|
|
|
|
x | No |
☐
|
|
x | No |
☐
|
Yes |
|
No |
x
|
TABLE OF CONTENTS |
Page | |||||
Item 2.
|
|||||
Item 3. | |||||
Defaults Upon Senior Securities | N/A | ||||
Item 4. | |||||
Mine Safety Disclosures | N/A | ||||
Item 5. | |||||
Other Information | N/A | ||||
N/A = Not Applicable |
DEFINED TERMS |
2020 Form 10-K | Annual Report on Form 10-K for the fiscal year ended December 31, 2020 | ||||
ACIP | Advisory Committee on Immunization Practices | ||||
ALK | anaplastic lymphoma kinase | ||||
Alliance revenues | Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us | ||||
Allogene | Allogene Therapeutics, Inc. | ||||
Array | Array BioPharma Inc. | ||||
Astellas | Astellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc. | ||||
ATTR-CM | transthyretin amyloid cardiomyopathy | ||||
BioNTech | BioNTech SE | ||||
BLA | Biologics License Application | ||||
BMS | Bristol-Myers Squibb Company | ||||
BNT162b2 | Pfizer-BioNTech COVID-19 Vaccine | ||||
BOD | Board of Directors | ||||
CDC | U.S. Centers for Disease Control and Prevention | ||||
CMA |
conditional marketing authorization
|
||||
Consumer Healthcare JV | GSK Consumer Healthcare JV | ||||
COVID-19 | novel coronavirus disease of 2019 | ||||
Developed Europe |
Includes the following markets: Western Europe, Scandinavian countries and Finland
|
||||
Developed Markets | Includes the following markets: U.S., Developed Europe, Japan, Canada, Australia, South Korea and New Zealand | ||||
Developed Rest of World |
Includes the following markets: Japan, Canada, Australia, South Korea and New Zealand
|
||||
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, Central Europe, the Middle East, Africa and Turkey
|
||||
EPS | earnings per share | ||||
EU | European Union | ||||
EUA | emergency use authorization | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FDA | U.S. Food and Drug Administration | ||||
Form 10-Q | Quarterly Report on Form 10-Q for the quarterly period ended July 4, 2021 | ||||
GAAP | Generally Accepted Accounting Principles | ||||
GIST | gastrointestinal stromal tumors | ||||
GSK | GlaxoSmithKline plc | ||||
Hospira | Hospira, Inc. | ||||
IPR&D | in-process research and development | ||||
IRS | U.S. Internal Revenue Service | ||||
JV | joint venture | ||||
King | King Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.) | ||||
LIBOR | London Interbank Offered Rate | ||||
Lilly | Eli Lilly & Company | ||||
LOE | loss of exclusivity | ||||
MCO | managed care organization | ||||
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 | ||||
Meridian | Meridian Medical Technologies, Inc. | ||||
MTM | mark-to-market | ||||
Mylan | Mylan N.V. | ||||
Mylan-Japan collaboration | a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan that terminated on December 21, 2020 |
Myovant | Myovant Sciences Ltd. | ||||
nmCRPC |
non-metastatic castration-resistant prostate cancer
|
||||
NSCLC | non-small cell lung cancer | ||||
OPKO | OPKO Health, Inc. | ||||
OTC | over-the-counter | ||||
PBM | pharmacy benefit manager | ||||
PDUFA | Prescription Drug User Fee Act | ||||
PGS | Pfizer Global Supply | ||||
Pharmacia | Pharmacia Corporation | ||||
PsA | psoriatic arthritis | ||||
QTD | Quarter-to-date or three months ended | ||||
RA | rheumatoid arthritis | ||||
RCC | renal cell carcinoma | ||||
R&D | research and development | ||||
Sandoz | Sandoz, Inc., a division of Novartis AG | ||||
SEC | U.S. Securities and Exchange Commission | ||||
SI&A | selling, informational and administrative | ||||
UC | ulcerative colitis | ||||
U.K. | United Kingdom | ||||
U.S. | United States | ||||
Upjohn Business | Pfizer’s global, primarily off-patent branded and generics business, which includes a portfolio of 20 globally recognized solid oral dose brands, including Lipitor, Lyrica, Norvasc, Celebrex and Viagra, as well as a U.S.-based generics platform, Greenstone, that was spun-off on November 16, 2020 and combined with Mylan to create Viatris | ||||
Valneva | Valneva SE | ||||
Viatris | Viatris Inc. | ||||
YTD |
Year-to-date or six months ended
|
PART I. FINANCIAL INFORMATION |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
Revenues | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of sales
(a)
|
|
|
|
|
||||||||||||||||||||||
Selling, informational and administrative expenses
(a)
|
|
|
|
|
||||||||||||||||||||||
Research and development expenses
(a)
|
|
|
|
|
||||||||||||||||||||||
Amortization of intangible assets |
|
|
|
|
||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs
|
(
|
|
|
|
||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
|
|
|
|
(
|
||||||||||||||||||||||
Other (income)/deductions––net
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Income from continuing operations before provision for taxes on income |
|
|
|
|
||||||||||||||||||||||
Provision for taxes on income |
|
|
|
|
||||||||||||||||||||||
Income from continuing operations |
|
|
|
|
||||||||||||||||||||||
Income from 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 | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Income from 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 | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Income from discontinued operations––net of tax |
|
|
|
|
||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Weighted-average shares––basic |
|
|
|
|
||||||||||||||||||||||
Weighted-average shares––diluted |
|
|
|
|
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
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 |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Other |
(
|
|
(
|
|
||||||||||||||||||||||
(
|
(
|
(
|
(
|
|||||||||||||||||||||||
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) |
July 4,
2021 |
December 31, 2020 | ||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
||||||||||
Short-term investments |
|
|
||||||||||||
Trade accounts receivable, less allowance for doubtful accounts: 2021—$
|
|
|
||||||||||||
Inventories |
|
|
||||||||||||
Current tax assets |
|
|
||||||||||||
Other current assets |
|
|
||||||||||||
Total current assets |
|
|
||||||||||||
Equity-method investments |
|
|
||||||||||||
Long-term investments |
|
|
||||||||||||
Property, plant and equipment, less accumulated depreciation: 2021—$
|
|
|
||||||||||||
Identifiable intangible assets |
|
|
||||||||||||
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: 2021—$
|
$ |
|
$ |
|
||||||||||
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 benefit obligations |
|
|
||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PREFERRED SHARES)
|
Shares | Stated Value | 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, April 4, 2021
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, per share: $
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions
|
|
— |
|
— |
(
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions and redemptions | — | — | — | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — |
(
|
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 4, 2021
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
PFIZER INC. SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PREFERRED SHARES)
|
Shares | Stated Value | 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, March 29, 2020
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, per share: $
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
— |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions
|
|
— |
|
— |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions and redemptions
|
(
|
(
|
(
|
|
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 28, 2020
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
PFIZER INC. SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PREFERRED SHARES)
|
Shares | Stated Value | 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, 2021
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, per share: $
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions
|
|
|
|
(
|
(
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions and redemptions | — | — | — | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — |
(
|
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 4, 2021
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
PFIZER INC. SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PREFERRED SHARES)
|
Shares | Stated Value | 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, 2020
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, per share: $
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests
|
— |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions
|
|
|
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions and redemptions
|
(
|
(
|
(
|
|
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 28, 2020
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
||||||||||||
Operating Activities | ||||||||||||||
Net income before allocation to noncontrolling interests | $ |
|
$ |
|
||||||||||
Income from discontinued operations—net of tax |
|
|
||||||||||||
Net income from continuing operations before allocation to noncontrolling interests |
|
|
||||||||||||
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization |
|
|
||||||||||||
Asset write-offs and impairments |
|
|
||||||||||||
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed |
|
(
|
||||||||||||
Deferred taxes from continuing operations |
|
|
||||||||||||
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 operating activities from continuing operations |
|
|
||||||||||||
Net cash provided by operating activities from discontinued operations |
|
|
||||||||||||
Net cash provided by 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 |
|
|
||||||||||||
Other investing activities, net |
(
|
(
|
||||||||||||
Net cash provided by/(used in) investing activities from continuing operations |
(
|
(
|
||||||||||||
Net cash provided by/(used in) investing activities from discontinued operations |
|
(
|
||||||||||||
Net cash provided by/(used in) investing activities |
(
|
(
|
||||||||||||
Financing Activities | ||||||||||||||
Proceeds from short-term borrowings |
|
|
||||||||||||
Principal payments on short-term borrowings |
|
(
|
||||||||||||
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
|
(
|
(
|
||||||||||||
Proceeds from issuance of long-term debt |
|
|
||||||||||||
Principal payments on long-term debt |
|
(
|
||||||||||||
Cash dividends paid |
(
|
(
|
||||||||||||
Other financing activities, net |
(
|
(
|
||||||||||||
Net cash provided by/(used in) financing activities from continuing operations |
(
|
(
|
||||||||||||
Net cash provided by/(used in) financing activities from discontinued operations |
|
|
||||||||||||
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/(received) during the period for: | ||||||||||||||
Income taxes
|
$ |
|
$ |
|
||||||||||
Interest paid
|
|
|
||||||||||||
Interest rate hedges
|
(
|
(
|
||||||||||||
Non-cash transaction: | ||||||||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ |
|
$ |
|
The impacts of the adjustments on our condensed consolidated financial statements are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
July 4, 2021
|
June 28, 2020
|
|||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) |
Previous
Accounting Principle |
Impact of Change | As Reported | Previous Accounting Principle | Impact of Change | As Adjusted | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income: | ||||||||||||||||||||||||||||||||||||||
Other (income)/deductions––net | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Provision for taxes on income |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Income from discontinued operations––net of tax |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net income before allocation 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 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Income from 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 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Income from discontinued operations––net of tax |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income: | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||
Benefit plans: actuarial gains/(losses), net |
(
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Reclassification adjustments related to amortization |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Reclassification adjustments related to settlements, net |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Other |
(
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Tax provision/(benefit) on other comprehensive income/(loss) |
(
|
(
|
(
|
|
(
|
|
||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
July 4, 2021
|
June 28, 2020
|
|||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) |
Previous
Accounting Principle |
Impact of Change | As Reported | Previous Accounting Principle | Impact of Change | As Adjusted | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income: | ||||||||||||||||||||||||||||||||||||||
Other (income)/deductions––net | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Provision for taxes on income |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Income from discontinued operations––net of tax |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Net income before allocation 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 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Income from 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 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Income from discontinued operations––net of tax |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
July 4, 2021
|
June 28, 2020
|
|||||||||||||||||||||||||||||||||||||
(MILLIONS) |
Previous
Accounting Principle |
Impact of Change | As Reported | Previous Accounting Principle | Impact of Change | As Adjusted | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income: | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||
Benefit plans: actuarial gains/(losses), net |
|
(
|
|
(
|
|
|
||||||||||||||||||||||||||||||||
Reclassification adjustments related to amortization |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Reclassification adjustments related to settlements, net |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Other |
(
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Tax provision/(benefit) on other comprehensive income/(loss) |
|
(
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows: | ||||||||||||||||||||||||||||||||||||||
Deferred taxes from continuing operations | $ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Benefit plan contributions in excess of expense/income |
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
July 4, 2021
|
December 31, 2020
|
|||||||||||||||||||||||||||||||||||||
(MILLIONS) |
Previous Accounting Principle
|
Impact of Change | As Reported | Previous Accounting Principle | Impact of Change | As Adjusted | ||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||||||||
Noncurrent deferred tax assets and other noncurrent tax assets | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Other noncurrent assets |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Pension benefit obligations |
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||
Retained earnings |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss |
(
|
(
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
December 31, 2020 | ||||||||||||
Reserve against
Trade accounts receivable, less allowance for doubtful accounts
|
$ |
|
$ |
|
||||||||||
Other current liabilities
:
|
||||||||||||||
Accrued rebates |
|
|
||||||||||||
Other accruals |
|
|
||||||||||||
Other noncurrent liabilities
|
|
|
||||||||||||
Total accrued rebates and other sales-related accruals | $ |
|
$ |
|
Components of
Income from discontinued operations––net of tax
:
|
||||||||||||||||||||||||||
Three Months Ended
(a)
|
Six Months Ended
(a)
|
|||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
Revenues | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of sales |
|
|
|
|
||||||||||||||||||||||
Selling, informational and administrative expenses |
|
|
(
|
|
||||||||||||||||||||||
Research and development expenses |
|
|
|
|
||||||||||||||||||||||
Amortization of intangible assets |
|
|
|
|
||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs |
|
|
|
|
||||||||||||||||||||||
Other (income)/deductions––net |
|
|
|
|
||||||||||||||||||||||
Pre-tax income/(loss) from discontinued operations |
(
|
|
|
|
||||||||||||||||||||||
Provision/(benefit) for taxes on income |
(
|
|
(
|
|
||||||||||||||||||||||
Income from discontinued operations––net of tax | $ |
|
$ |
|
$ |
|
$ |
|
Summarized financial information for our equity method investee, the Consumer Healthcare JV, for the three and six months ending March 31, 2021, the most recent period available, and for the three and six months ending March 31, 2020, is as follows:
|
||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
(MILLIONS) |
March 31,
2021 |
March 31,
2020 |
March 31,
2021 |
March 31,
2020 |
||||||||||||||||||||||||||||
Net sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Cost of sales |
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||
Gross profit | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Income from continuing operations |
|
|
|
|
||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||
Income attributable to shareholders |
|
|
|
|
The following summarizes acquisitions and cost-reduction/productivity initiatives costs and credits, which are composed primarily of the Transforming to a More Focused Company program: | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
Restructuring charges/(credits): | ||||||||||||||||||||||||||
Employee terminations
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Asset impairments
|
|
(
|
(
|
|
||||||||||||||||||||||
Exit costs/(credits) |
(
|
|
(
|
|
||||||||||||||||||||||
Restructuring charges/(credits)
(a)
|
(
|
|
|
|
||||||||||||||||||||||
Transaction costs
(b)
|
|
|
|
|
||||||||||||||||||||||
Integration costs and other
(c)
|
|
|
|
|
||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs
|
(
|
|
|
|
||||||||||||||||||||||
Net periodic benefit costs recorded in
Other (income)/deductions––net
(d)
|
|
|
|
|
||||||||||||||||||||||
Additional depreciation––asset restructuring
recorded in our condensed consolidated statements of income as follows
(e)
:
|
||||||||||||||||||||||||||
Cost of sales
|
|
|
|
|
||||||||||||||||||||||
Selling, informational and administrative expenses
|
|
|
|
|
||||||||||||||||||||||
Research and development expenses
|
|
|
|
(
|
||||||||||||||||||||||
Total additional depreciation––asset restructuring
|
|
|
|
|
||||||||||||||||||||||
Implementation costs recorded in our condensed consolidated statements of income as follows
(f)
:
|
||||||||||||||||||||||||||
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, 2020
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Provision |
|
(
|
(
|
|
||||||||||||||||||||||
Utilization and other
(b)
|
(
|
|
(
|
(
|
||||||||||||||||||||||
Balance, July 4, 2021
(c)
|
$ |
|
$ |
|
$ |
|
$ |
|
Components of
Other (income)/deductions––net
include:
|
||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
Interest income | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
Interest expense |
|
|
|
|
||||||||||||||||||||||
Net interest expense
|
|
|
|
|
||||||||||||||||||||||
Royalty-related income |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Net (gains)/losses on asset disposals |
(
|
|
(
|
|
||||||||||||||||||||||
Net (gains)/losses recognized during the period on equity securities
(a)
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Income from collaborations, out-licensing arrangements and sales of compound/product rights
(b)
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Net periodic benefit costs/(credits) other than service costs
(c)
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Certain legal matters, net
(d)
|
|
|
|
|
||||||||||||||||||||||
Consumer Healthcare JV equity method (income)/loss
(e)
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Other, net |
(
|
|
(
|
(
|
||||||||||||||||||||||
Other (income)/deductions––net | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
Components of
Tax provision/(benefit) on
other comprehensive income/(loss)
include:
|
||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
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
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Other |
(
|
|
(
|
|
||||||||||||||||||||||
(
|
(
|
(
|
(
|
|||||||||||||||||||||||
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 | Derivative Financial Instruments | Available-For-Sale Securities | Prior Service (Costs)/Credits and Other | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||||||||||||||
Balance, December 31, 2020
(a)
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||
Other comprehensive income/(loss)
(b)
|
|
|
(
|
(
|
|
|||||||||||||||||||||||||||||||||
Balance, July 4, 2021 | $ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
July 4, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||||||||||||||
Classified as equity securities with readily determinable fair values: | ||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Classified as 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 | ||||||||||||||||||||||||||||||||||||||||||||
Classified as equity securities with readily determinable fair values
(a)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Classified as available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Government and agency—non-U.S.
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Government and agency—U.S.
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Corporate and other
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total long-term investments |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | ||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total derivative assets |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Insurance contracts
(b)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total other noncurrent assets |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Total other current liabilities |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total other noncurrent liabilities |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Carrying values and estimated fair values using a market approach: | ||||||||||||||||||||||||||||||||
July 4, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(MILLIONS) | Carrying Value | Estimated Fair Value at Level 2 | Carrying Value | Estimated Fair Value at Level 2 | ||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Long-term debt, excluding the current portion | $ |
|
$ |
|
$ |
|
$ |
|
The following summarizes our investments by classification type: | ||||||||||||||
(MILLIONS) | July 4, 2021 | December 31, 2020 | ||||||||||||
Short-term investments | ||||||||||||||
Equity securities with readily determinable fair values
(a)
|
$ |
|
$ |
|
||||||||||
Available-for-sale debt securities |
|
|
||||||||||||
Held-to-maturity debt securities |
|
|
||||||||||||
Total Short-term investments | $ |
|
$ |
|
||||||||||
Long-term investments | ||||||||||||||
Equity securities with readily determinable fair values | $ |
|
$ |
|
||||||||||
Available-for-sale debt securities |
|
|
||||||||||||
Held-to-maturity debt securities |
|
|
||||||||||||
Private equity securities at cost
(b)
|
|
|
||||||||||||
Total Long-term investments | $ |
|
$ |
|
||||||||||
Equity-method investments |
|
|
||||||||||||
Total long-term investments and equity-method investments | $ |
|
$ |
|
||||||||||
Held-to-maturity cash equivalents | $ |
|
$ |
|
At July 4, 2021, our debt investment portfolio consisted of debt securities issued across diverse governments, corporate and financial institutions, which are investment-grade. The contractual or estimated maturities, are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 4, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
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) |
July 4,
2021 |
December 31, 2020 | ||||||||||||
Commercial paper | $ |
|
$ |
|
||||||||||
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) |
July 4,
2021 |
December 31, 2020 | ||||||||||||
Total long-term debt, principal amount | $ |
|
$ |
|
||||||||||
Net fair value adjustments related to hedging and purchase accounting |
|
|
||||||||||||
Net unamortized discounts, premiums and debt issuance costs |
(
|
(
|
||||||||||||
Other long-term debt |
|
|
||||||||||||
Total long-term debt, carried at historical proceeds, as adjusted | $ |
|
$ |
|
||||||||||
Current portion of long-term debt, carried at historical proceeds, as adjusted (not included above)
|
$ |
|
$ |
|
The following summarizes the fair value of the derivative financial instruments and notional amounts (including those reported as part of discontinued operations): | ||||||||||||||||||||||||||||||||||||||
July 4, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
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 (including those reported as part of discontinued operations): | ||||||||||||||||||||||||||||||||||||||
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) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||||||||||||
Derivative Financial Instruments in Cash Flow Hedge Relationships:
|
||||||||||||||||||||||||||||||||||||||
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
|
— | — |
|
(
|
|
|
||||||||||||||||||||||||||||||||
The portion of foreign exchange contracts excluded from the assessment of hedge effectiveness
(c)
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
Non-Derivative Financial Instruments in Net Investment Hedge Relationships:
(d)
|
||||||||||||||||||||||||||||||||||||||
Foreign currency short-term borrowings | — | — |
(
|
|
|
|
||||||||||||||||||||||||||||||||
Foreign currency long-term debt | — | — |
(
|
(
|
|
|
||||||||||||||||||||||||||||||||
Derivative Financial Instruments Not Designated as Hedges:
|
||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
(
|
|
— | — | — | — | ||||||||||||||||||||||||||||||||
All other net
(c)
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Gains/(Losses)
Recognized in OID
(a)
|
Gains/(Losses)
Recognized in OCI
(a)
|
Gains/(Losses)
Reclassified from
OCI into OID and COS
(a)
|
||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||||||||||||
Derivative Financial Instruments in Cash Flow Hedge Relationships: | ||||||||||||||||||||||||||||||||||||||
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
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
The portion of foreign exchange contracts excluded from the assessment of hedge effectiveness
(c)
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
Non-Derivative Financial Instruments in Net Investment Hedge Relationships:
(d)
|
||||||||||||||||||||||||||||||||||||||
Foreign currency short-term borrowings | — | — |
|
|
|
|
||||||||||||||||||||||||||||||||
Foreign currency long-term debt | — | — |
|
|
|
|
||||||||||||||||||||||||||||||||
Derivative Financial Instruments Not Designated as Hedges: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
(
|
(
|
— | — | — | — | ||||||||||||||||||||||||||||||||
All other net
(c)
|
— | — |
|
|
|
(
|
||||||||||||||||||||||||||||||||
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
The following summarizes cumulative basis adjustments for fair value hedges to our long-term debt:
|
||||||||||||||||||||||||||||||||||||||
July 4, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
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) |
July 4,
2021 |
December 31, 2020 | ||||||||||||
Finished goods | $ |
|
$ |
|
||||||||||
Work-in-process |
|
|
||||||||||||
Raw materials and supplies |
|
|
||||||||||||
Inventories
(a)
|
$ |
|
$ |
|
||||||||||
Noncurrent inventories not included above
(b)
|
$ |
|
$ |
|
The following summarizes the components of
Identifiable intangible assets
:
|
||||||||||||||||||||||||||||||||||||||
July 4, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
Gross
Carrying Amount |
Accumulated
Amortization |
Identifiable
Intangible Assets, less Accumulated Amortization |
Gross
Carrying Amount |
Accumulated
Amortization |
Identifiable
Intangible Assets, less Accumulated Amortization |
||||||||||||||||||||||||||||||||
Finite-lived intangible assets | ||||||||||||||||||||||||||||||||||||||
Developed technology rights
(a)
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||
Brands |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Licensing agreements and other |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||||||||||||||||
Brands |
|
|
|
|
||||||||||||||||||||||||||||||||||
IPR&D |
|
|
|
|
||||||||||||||||||||||||||||||||||
Licensing agreements and other |
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||
Identifiable intangible assets
(b)
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
The following summarizes the components of net periodic benefit cost/(credit), including in 2020 costs/(credits) reported as part of discontinued operations: | ||||||||||||||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||||||||||||||
U.S. | International |
Postretirement
Plans |
||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||||||||||||
Service cost
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Interest cost
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Expected return on plan assets
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Amortization of prior service credits |
|
(
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Curtailments |
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||
Actuarial (gains)/losses |
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||
Special termination benefits
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net periodic benefit cost/(credit) reported in income
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||||||||||||||
U.S. | International |
Postretirement
Plans |
||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||||||||||||
Service cost
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Interest cost
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Expected return on plan assets
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Amortization of prior service credits |
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Curtailments |
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||
Actuarial (gains)/losses |
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Special termination benefits
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net periodic benefit cost/(credit) reported in income
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
The following presents the detailed calculation of
EPS
:
|
||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
EPS Numerator––Basic | ||||||||||||||||||||||||||
Income from continuing operations attributable to Pfizer Inc.
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Less: Preferred stock dividends––net of tax
|
|
|
|
|
||||||||||||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders
|
|
|
|
|
||||||||||||||||||||||
Income from discontinued operations––net of tax |
|
|
|
|
||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
EPS Numerator––Diluted | ||||||||||||||||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Income from discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders and assumed conversions |
|
|
|
|
||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders and assumed conversions
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
EPS Denominator | ||||||||||||||||||||||||||
Weighted-average number of common shares outstanding––Basic
|
|
|
|
|
||||||||||||||||||||||
Common-share equivalents: stock options, stock issuable under employee compensation plans, convertible preferred stock and accelerated share repurchase agreements |
|
|
|
|
||||||||||||||||||||||
Weighted-average number of common shares outstanding––Diluted
|
|
|
|
|
||||||||||||||||||||||
Anti-dilutive common stock equivalents
(a)
|
|
|
|
|
The following summarizes revenues by geographic area: | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
%
Change |
July 4,
2021 |
June 28,
2020 |
%
Change |
||||||||||||||||||||||||||||||||
United States | $ |
|
$ |
|
|
$ |
|
$ |
|
|
||||||||||||||||||||||||||||
Developed Europe |
|
|
* |
|
|
* | ||||||||||||||||||||||||||||||||
Developed Rest of World |
|
|
* |
|
|
* | ||||||||||||||||||||||||||||||||
Emerging Markets |
|
|
* |
|
|
|
||||||||||||||||||||||||||||||||
Revenues | $ |
|
$ |
|
|
$ |
|
$ |
|
|
||||||||||||||||||||||||||||
* Indicates calculation not meaningful or results are equal to or greater than 100%. | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
PRODUCT | PRIMARY INDICATION OR CLASS |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
|||||||||||||||||||||||||||
TOTAL REVENUES
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Vaccines | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
BNT162b2 direct sales and alliance revenues
|
Active immunization to prevent COVID-19
|
|
|
|
|
|||||||||||||||||||||||||||
Prevnar 13/Prevenar 13 | Pneumococcal disease |
|
|
|
|
|||||||||||||||||||||||||||
FSME/IMMUN-TicoVac | Tick-borne encephalitis disease |
|
|
|
|
|||||||||||||||||||||||||||
Nimenrix | Meningococcal disease |
|
|
|
|
|||||||||||||||||||||||||||
All other Vaccines | Various |
|
|
|
|
(MILLIONS) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
PRODUCT | PRIMARY INDICATION OR CLASS |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
|||||||||||||||||||||||||||
Oncology | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Ibrance | HR-positive/HER2-negative metastatic breast cancer |
|
|
|
|
|||||||||||||||||||||||||||
Xtandi alliance revenues | mCRPC, nmCRPC, mCSPC |
|
|
|
|
|||||||||||||||||||||||||||
Inlyta | Advanced RCC |
|
|
|
|
|||||||||||||||||||||||||||
Sutent | Advanced and/or metastatic RCC, adjuvant RCC, refractory GIST (after disease progression on, or intolerance to, imatinib mesylate) and advanced pancreatic neuroendocrine tumor |
|
|
|
|
|||||||||||||||||||||||||||
Bosulif | Philadelphia chromosome–positive chronic myelogenous leukemia |
|
|
|
|
|||||||||||||||||||||||||||
Xalkori | ALK-positive and ROS1-positive advanced NSCLC |
|
|
|
|
|||||||||||||||||||||||||||
Ruxience
(b)
|
Non-hodgkin’s lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis (Wegener’s Granulomatosis) and microscopic polyangiitis
|
|
|
|
|
|||||||||||||||||||||||||||
Zirabev
(b)
|
Treatment of mCRC; unresectable, locally advanced, recurrent or metastatic NSCLC; recurrent glioblastoma; metastatic RCC; and persistent, recurrent or metastatic cervical cancer
|
|
|
|
|
|||||||||||||||||||||||||||
Retacrit
(b)
|
Anemia |
|
|
|
|
|||||||||||||||||||||||||||
Lorbrena |
ALK-positive metastatic NSCLC
|
|
|
|
|
|||||||||||||||||||||||||||
Aromasin | Post-menopausal early and advanced breast cancer |
|
|
|
|
|||||||||||||||||||||||||||
Besponsa | Relapsed or refractory B-cell acute lymphoblastic leukemia |
|
|
|
|
|||||||||||||||||||||||||||
Braftovi |
In combination with Mektovi for metastatic melanoma in patients with a BRAF
V600E/K
mutation and, in combination with Erbitux
®
(cetuximab), for the treatment of
BRAF
V600E
-mutant mCRC after prior therapy
|
|
|
|
|
|||||||||||||||||||||||||||
Mektovi |
In combination with Braftovi for metastatic melanoma in patients with a BRAF
V600E/K
mutation
|
|
|
|
|
|||||||||||||||||||||||||||
All other Oncology | Various |
|
|
|
|
|||||||||||||||||||||||||||
Internal Medicine | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Eliquis direct sales and alliance revenues | Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism |
|
|
|
|
|||||||||||||||||||||||||||
Chantix/Champix | An aid to smoking cessation treatment in adults 18 years of age or older |
|
|
|
|
|||||||||||||||||||||||||||
Premarin family | Symptoms of menopause |
|
|
|
|
|||||||||||||||||||||||||||
Toviaz | Overactive bladder |
|
|
|
|
|||||||||||||||||||||||||||
BMP2 | Development of bone and cartilage |
|
|
|
|
|||||||||||||||||||||||||||
Pristiq | Depression |
|
|
|
|
|||||||||||||||||||||||||||
All other Internal Medicine | Various |
|
|
|
|
|||||||||||||||||||||||||||
Hospital
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Sulperazon | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
Medrol | Anti-inflammatory glucocorticoid |
|
|
|
|
|||||||||||||||||||||||||||
Zavicefta | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
Vfend | Fungal infections |
|
|
|
|
|||||||||||||||||||||||||||
Fragmin | Treatment/prevention of venous thromboembolism |
|
|
|
|
|||||||||||||||||||||||||||
EpiPen | Epinephrine injection used in treatment of life-threatening allergic reactions |
|
|
|
|
|||||||||||||||||||||||||||
Zithromax | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
Zyvox | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
Precedex | Sedation agent in surgery or intensive care |
|
|
|
|
|||||||||||||||||||||||||||
IVIg Products
(c)
|
Various |
|
|
|
|
|||||||||||||||||||||||||||
Pfizer CentreOne
(d)
|
Various |
|
|
|
|
|||||||||||||||||||||||||||
All other Anti-infectives | Various |
|
|
|
|
|||||||||||||||||||||||||||
All other Hospital | Various |
|
|
|
|
|||||||||||||||||||||||||||
Inflammation & Immunology (I&I) | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Xeljanz |
RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis
|
|
|
|
|
|||||||||||||||||||||||||||
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 | Six Months Ended | ||||||||||||||||||||||||||||||
PRODUCT | PRIMARY INDICATION OR CLASS |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
|||||||||||||||||||||||||||
Inflectra/Remsima
(b)
|
Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis
|
|
|
|
|
|||||||||||||||||||||||||||
All other I&I | Various |
|
|
|
|
|||||||||||||||||||||||||||
Rare Disease | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Vyndaqel/Vyndamax | ATTR-cardiomyopathy and polyneuropathy |
|
|
|
|
|||||||||||||||||||||||||||
BeneFIX | Hemophilia B |
|
|
|
|
|||||||||||||||||||||||||||
Genotropin | Replacement of human growth hormone |
|
|
|
|
|||||||||||||||||||||||||||
Refacto AF/Xyntha | Hemophilia A |
|
|
|
|
|||||||||||||||||||||||||||
Somavert | Acromegaly |
|
|
|
|
|||||||||||||||||||||||||||
All other Rare Disease | Various |
|
|
|
|
|||||||||||||||||||||||||||
Total Alliance revenues | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Total Biosimilars
(b)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Total Sterile Injectable Pharmaceuticals
(e)
|
$ |
|
$ |
|
$ |
|
$ |
|
The following presents worldwide revenues by geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | U.S. | International | World-wide | U.S. | Inter-national | |||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
% Change in Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 18,977 | $ | 9,864 | $ | 7,593 | $ | 5,113 | $ | 11,384 | $ | 4,751 | 92 | 48 | * | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | U.S. | International | World-wide | U.S. | Inter-national | |||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
% Change in Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 33,559 | $ | 19,947 | $ | 15,190 | $ | 10,403 | $ | 18,369 | $ | 9,544 | 68 | 46 | 92 |
The following provides an analysis of the worldwide change in revenues by geographic areas in the second quarter of 2021:
|
||||||||||||||||||||
Three Months Ended July 4, 2021 | ||||||||||||||||||||
(MILLIONS) | Worldwide | U.S. | International | |||||||||||||||||
Operational growth/(decline): | ||||||||||||||||||||
Growth from BNT162b2, Vyndaqel/Vyndamax, Eliquis, Prevnar 13/Prevenar 13, Inlyta, Xtandi, Ibrance, Biosimilars and the Hospital therapeutic area, partially offset by decline from Xeljanz. See the
Analysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussion
within MD&A for additional analysis
|
$ | 8,613 | $ | 2,515 | $ | 6,098 | ||||||||||||||
Lower revenues for Enbrel and Chantix/Champix. The decrease for Enbrel internationally primarily reflects continued biosimilar competition in most developed Europe markets and Japan, which is expected to continue. The decrease in Chantix/Champix was driven by the U.S. and primarily reflects a negative impact on available supply related to the voluntary recall of certain lots of product following the discovery of the presence of a nitrosamine, N-nitroso-varenicline, above the Pfizer-established acceptable daily intake level and a hold on distribution of new product pending additional testing, as well as the negative impact of the COVID-19 pandemic resulting in a decline in patient visits to doctors for preventative health purposes and the loss of patent protection in the U.S. in November 2020
|
(119) | (41) | (77) | |||||||||||||||||
Other operational factors, net | (18) | 6 | (24) | |||||||||||||||||
Operational growth/(decline), net | 8,476 | 2,480 | 5,996 | |||||||||||||||||
Favorable impact of foreign exchange | 637 | — | 637 | |||||||||||||||||
Revenues
increase/(decrease)
|
$ | 9,113 | $ | 2,480 | $ | 6,633 |
The following provides an analysis of the worldwide change in revenues by geographic areas in the first six months of 2021:
|
||||||||||||||||||||
Six Months Ended July 4, 2021 | ||||||||||||||||||||
(MILLIONS) | Worldwide | U.S. | International | |||||||||||||||||
Operational growth/(decline): | ||||||||||||||||||||
Growth from BNT162b2, Eliquis, Vyndaqel/Vyndamax, Inlyta, Xtandi, Xeljanz, Biosimilars and the Hospital therapeutic area, partially offset by decline from Prevnar 13/Prevenar 13, while Ibrance was flat. See the
Analysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussion
within MD&A for additional analysis
|
$ | 12,952 | $ | 4,899 | $ | 8,054 | ||||||||||||||
Lower revenues for Chantix/Champix and Enbrel. The decrease in Chantix/Champix was driven by the U.S. and primarily reflects the negative impact of the COVID-19 pandemic resulting in a decline in patient visits to doctors for preventative health purposes and the loss of patent protection in the U.S. in November 2020, as well as a negative impact on available supply related to the voluntary recall of certain lots of product following the discovery of the presence of a nitrosamine, N-nitroso-varenicline, above the Pfizer-established acceptable daily intake level and a hold on distribution of new product pending additional testing. The decrease for Enbrel internationally primarily reflects continued biosimilar competition in most developed Europe markets and Japan, which is expected to continue
|
(211) | (87) | (125) | |||||||||||||||||
Other operational factors, net | (50) | (25) | (26) | |||||||||||||||||
Operational growth/(decline), net | 12,691 | 4,787 | 7,903 | |||||||||||||||||
Favorable impact of foreign exchange | 921 | — | 921 | |||||||||||||||||
Revenues
increase/(decrease)
|
$ | 13,612 | $ | 4,787 | $ | 8,825 |
The following presents information about revenue deductions: | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
Medicare rebates | $ | 182 | $ | 143 | $ | 371 | $ | 327 | ||||||||||||||||||
Medicaid and related state program rebates | 306 | 283 | 652 | 580 | ||||||||||||||||||||||
Performance-based contract rebates | 788 | 655 | 1,541 | 1,269 | ||||||||||||||||||||||
Chargebacks | 1,518 | 1,033 | 2,949 | 2,064 | ||||||||||||||||||||||
Sales allowances | 1,213 | 864 | 2,357 | 1,886 | ||||||||||||||||||||||
Sales returns and cash discounts | 235 | 217 | 459 | 439 | ||||||||||||||||||||||
Total | $ | 4,243 | $ | 3,194 | $ | 8,329 | $ | 6,565 |
(MILLIONS) | Revenue | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Product | Period |
Global
Revenues |
Region | July 4, 2021 | June 28, 2020 | Total | Oper. | Operational Results Commentary | ||||||||||||||||||||||||||||||||||||||||||
BNT162b2
(a)
|
QTD |
$7,838
*
|
U.S. | $ | 2,034 | $ | — | * | Driven by global uptake, following a CMA, EUA or temporary authorization. | |||||||||||||||||||||||||||||||||||||||||
Int’l. | 5,804 | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 7,838 | $ | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$11,300
*
|
U.S. | $ | 4,072 | $ | — | * | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 7,228 | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 11,300 | $ | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||
Eliquis | QTD |
$1,481
Up 13%
(operationally)
|
U.S. | $ | 831 | $ | 722 | 15 |
QTD and YTD growth led by the U.S. and emerging markets, driven primarily by continued increased adoption in non-valvular atrial fibrillation and oral anti-coagulant market share gains.
YTD was also impacted by a favorable adjustment related to the Medicare “coverage gap” provision resulting from lower than previously expected discounts in prior periods.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 650 | 550 | 18 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,481 | $ | 1,272 | 16 | 13 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$3,124
Up 19%
(operationally)
|
U.S. | $ | 1,812 | $ | 1,527 | 19 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 1,312 | 1,045 | 26 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 3,124 | $ | 2,572 | 21 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Ibrance | QTD |
$1,404
Up 2%
(operationally)
|
U.S. | $ | 862 | $ | 927 | (7) |
QTD growth driven by accelerating demand internationally as the delays in diagnosis and treatment initiations caused by COVID-19 show signs of recovery across several international markets, partially offset by a decline in the U.S., which despite maintaining a strong leadership position within the CDK 4/6 class with 73% share of first-line new patient starts, reflects an increase in the proportion of patients accessing Ibrance through our Patient Assistance Program.
YTD was flat as accelerating demand internationally was offset by a decline in the U.S., as described above.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 542 | 422 | 28 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,404 | $ | 1,349 | 4 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$2,657
Flat
(operationally)
|
U.S. | $ | 1,656 | $ | 1,779 | (7) | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 1,002 | 819 | 22 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 2,657 | $ | 2,598 | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||
Prevnar 13/
Prevenar 13
|
QTD |
$1,241
Up 9%
(operationally)
|
U.S. | $ | 642 | $ | 481 | 34 |
QTD growth primarily resulting from:
•
U.S. growth in the pediatric indication, primarily due to higher levels of healthcare activity and wellness visits compared to the prior-year quarter, which was heavily impacted by COVID-19-related mobility restrictions and limitations, as well as favorable timing of government purchases, partially offset by lower year-over-year birth rates
(b)
; and
•
U.S. growth in the adult indication, primarily due to higher levels of healthcare activity and wellness visits compared to the prior-year quarter, as described above, partially offset by the impact of a lower remaining eligible unvaccinated population,
This growth was partially offset by:
•
decline in developed Europe, reflecting significantly increased adult demand in the prior-year quarter in Germany and certain other markets resulting from greater vaccine awareness for respiratory illnesses due to the COVID-19 pandemic.
YTD decline primarily resulting from:
•
impact of the revised ACIP recommendation for the adult indication to shared clinical decision making, which means the decision to vaccinate should be made at the individual level between healthcare providers and their patients, as well as the continued impact of a lower remaining eligible adult population; and
•
decline in developed Europe, reflecting significantly increased adult demand in the prior-year in Germany and certain other markets resulting from greater vaccine awareness for respiratory illnesses due to the COVID-19 pandemic, partially offset by:
•
U.S. growth in the pediatric indication due to the factors discussed above.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 599 | 636 | (6) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,241 | $ | 1,116 | 11 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$2,524
Down 3%
(operationally)
|
U.S. | $ | 1,280 | $ | 1,275 | — | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 1,244 | 1,291 | (4) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 2,524 | $ | 2,566 | (2) | (3) |
(MILLIONS) | Revenue | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Product | Period |
Global
Revenues |
Region | July 4, 2021 | June 28, 2020 | Total | Oper. | Operational Results Commentary | ||||||||||||||||||||||||||||||||||||||||||
Xeljanz | QTD |
$586
Down 9%
(operationally)
|
U.S. | $ | 390 | $ | 458 | (15) |
QTD decline driven by the U.S., despite 2% year-over-year growth in U.S. prescription volume, reflecting an unfavorable change in channel mix toward lower-priced channels and continued investments to improve formulary positioning and unlock access to additional patient lives, as well as a negative impact on new patient starts resulting from an ongoing review by the FDA of safety data from the post-marketing ORAL Surveillance study of Xeljanz in subjects with rheumatoid arthritis who were 50 years of age or older and had at least one additional cardiovascular risk factor. This decline was partially offset by operational growth internationally mainly driven by continued uptake in the UC indication in certain developed markets.
YTD growth reflects continued uptake in the RA and UC indications in certain international markets, partially offset by the U.S., as described above.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 195 | 177 | 10 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 586 | $ | 635 | (8) | (9) | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$1,124
Up 2%
(operationally)
|
U.S. | $ | 722 | $ | 744 | (3) | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 402 | 343 | 17 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,124 | $ | 1,086 | 3 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Vyndaqel/
Vyndamax |
QTD |
$501
Up 77%
(operationally)
|
U.S. | $ | 225 | $ | 145 | 54 |
Primarily driven by continued strong uptake of the ATTR-CM indication in developed Europe, the U.S. and Japan.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 276 | 131 | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 501 | $ | 277 | 81 | 77 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$953
Up 82%
(operationally)
|
U.S. | $ | 430 | $ | 272 | 58 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 523 | 236 | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 953 | $ | 508 | 88 | 82 | ||||||||||||||||||||||||||||||||||||||||||||
Xtandi | QTD |
$303
Up 14%
(operationally)
|
U.S. | $ | 303 | $ | 266 | 14 |
Primarily driven by strong demand across the mCRPC, nmCRPC and mCSPC indications.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 303 | $ | 266 | 14 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$570
Up 20%
(operationally)
|
U.S. | $ | 570 | $ | 475 | 20 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 570 | $ | 475 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Inlyta | QTD |
$257
Up 29%
(operationally)
|
U.S. | $ | 155 | $ | 132 | 17 |
Primarily reflecting increased adoption in the U.S. and developed Europe of combinations of certain immune checkpoint inhibitors and Inlyta for the first-line treatment of patients with advanced RCC.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 102 | 63 | 62 | 53 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 257 | $ | 195 | 32 | 29 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$486
Up 31%
(operationally)
|
U.S. | $ | 296 | $ | 248 | 20 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 190 | 116 | 63 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 486 | $ | 364 | 34 | 31 | ||||||||||||||||||||||||||||||||||||||||||||
Biosimilars | QTD |
$559
Up 88%
(operationally)
|
U.S. | $ | 363 | $ | 161 | * | Primarily driven by recent oncology monoclonal antibody biosimilar launches globally and continued growth from Retacrit in the U.S. | |||||||||||||||||||||||||||||||||||||||||
Int’l. | 195 | 128 | 52 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 559 | $ | 289 | 93 | 88 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$1,089
Up 83%
(operationally)
|
U.S. | $ | 691 | $ | 328 | * | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 398 | 250 | 59 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,089 | $ | 578 | 88 | 83 | ||||||||||||||||||||||||||||||||||||||||||||
Hospital | QTD |
$2,259
Up 17%
(operationally)
|
U.S. | $ | 833 | $ | 830 | — |
Primarily driven by Pfizer CentreOne, our contract manufacturing operation, reflecting manufacturing of legacy Upjohn products for Viatris under manufacturing and supply agreements, certain BNT162b2 manufacturing activities performed on behalf of BioNTech and remdesivir for Gilead Sciences Inc., as well as growth from recent anti-infective product launches in international markets, partially offset by a decline in U.S. sales of certain sterile injectable products utilized in the intubation and mechanical ventilation of patients being treated for COVID-19 due to high demand for these products in the comparable periods.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 1,426 | 1,032 | 38 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 2,259 | $ | 1,863 | 21 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$4,602
Up 13%
(operationally)
|
U.S. | $ | 1,738 | $ | 1,721 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 2,863 | 2,231 | 28 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 4,602 | $ | 3,951 | 16 | 13 |
PRODUCT | DISEASE AREA | APPROVED/FILED* | ||||||||||||
U.S. | EU | JAPAN | ||||||||||||
PF-07302048 (COVID-19 Vaccine)
(a)
|
Immunization to prevent COVID-19 (16 years of age and older) |
EUA
Dec.
2020
|
CMA
Dec.
2020
|
Approved
Feb.
2021
|
||||||||||
Immunization to prevent COVID-19 (12-15 years of age)
|
EUA
May
2021
|
CMA
May
2021
|
Approved
May
2021
|
|||||||||||
Bavencio
(avelumab)
(b)
|
First-line maintenance urothelial cancer |
|
Approved
Jan.
2021
|
Approved
Feb.
2021
|
||||||||||
Nyvepria
(pegfilgrastim-apgf) |
Neutropenia in patients undergoing cancer chemotherapy (biosimilar)
|
|
Approved
Nov.
2020
|
|||||||||||
Braftovi (encorafenib)
(c)
|
Second or third-line BRAF
v600E
-mutant mCRC (combination with Erbitux
®
(cetuximab))
|
|
|
Approved
Nov.
2020
|
||||||||||
Braftovi (encorafenib) and Mektovi (binimetinib)
(c)
|
Second or third-line BRAF
V600E
-mutant mCRC (combination with Erbitux
®
(cetuximab))
|
Approved
Nov.
2020
|
||||||||||||
Xtandi
(enzalutamide)
(d)
|
mCSPC
|
Approved
April
2021
|
|
|||||||||||
abrocitinib (PF-04965842)
(e)
|
Atopic dermatitis |
Filed
Oct.
2020
|
Filed
Oct.
2020
|
Filed
Dec.
2020
|
||||||||||
Infliximab Pfizer (infliximab) | Ankylosing spondylitis (biosimilar) |
Approved
Oct.
2020
|
||||||||||||
Bevacizumab Pfizer (bevacizumab) | NSCLC (biosimilar) |
Approved
Sept.
2020
|
||||||||||||
tanezumab
(f)
|
Chronic pain due to moderate-to-severe osteoarthritis |
Filed
March
2020
|
Filed
March
2020
|
Filed
Aug.
2020
|
||||||||||
Xeljanz
(tofacitinib)
(e)
|
Ankylosing spondylitis |
Filed
Aug.
2020
|
Filed
Feb.
2021
|
|||||||||||
Myfembree
(relugolix fixed dose combination)
(g)
|
Uterine fibroids (combination with estradiol and norethindrone acetate)
|
Approved
May
2021
|
||||||||||||
Lorbrena
(lorlatinib)
|
First- line ALK-positive NSCLC
|
Approved
Mar.
2021
|
Filed
Feb.
2021
|
Filed
Dec.
2020
|
||||||||||
somatrogon
(PF-06836922)
(h)
|
Pediatric growth hormone deficiency
|
Filed
Jan.
2021
|
Filed
Feb.
2021
|
Filed
Jan.
2021
|
||||||||||
Prevnar 20
(Vaccine)
(i)
|
Immunization to prevent invasive and non-invasive pneumococcal infections (adults)
|
Approved
June
2021
|
Filed
Feb.
2021
|
|||||||||||
TicoVac
(Vaccine) |
Immunization to prevent tick-borne encephalitis |
Filed
Feb.
2021
|
PRODUCT/CANDIDATE | PROPOSED DISEASE AREA | |||||||
LATE-STAGE CLINICAL PROGRAMS FOR ADDITIONAL USES AND DOSAGE FORMS
FOR IN-LINE AND IN-REGISTRATION PRODUCTS
|
Bavencio (avelumab)
(a)
|
First-line NSCLC
|
||||||
Ibrance (palbociclib)
(b)
|
ER+/HER2+ metastatic breast cancer
|
|||||||
Xtandi (enzalutamide)
(c)
|
Non-metastatic high-risk castration sensitive prostate cancer
|
|||||||
Talzenna (talazoparib) |
Combination with Xtandi (enzalutamide) for first-line mCRPC
|
|||||||
Combination with Xtandi (enzalutamide) for DNA Damage Repair (DDR)-deficient mCSPC
|
||||||||
PF-06482077 (Vaccine) | Invasive and non-invasive pneumococcal infections (pediatric) | |||||||
somatrogon (PF-06836922)
(d)
|
Adult growth hormone deficiency | |||||||
tanezumab
(e)
|
Cancer pain | |||||||
Braftovi (encorafenib) and Erbitux
®
(cetuximab)
(f)
|
First-line BRAF
v600E
-mutant mCRC
|
|||||||
Relugolix fixed dose combination
(g)
|
Combination with estradiol and norethindrone acetate for endometriosis
|
|||||||
Combination with estradiol and norethindrone acetate for contraceptive efficacy | ||||||||
Braftovi (encorafenib) and Mektovi (binimetinib) and Keytruda
®
(pembrolizumab)
(h)
|
BRAF
v600E
-mutant metastatic or unresectable locally advanced melanoma
|
|||||||
PF-07302048/BNT162b2 (Pfizer/BioNTech COVID-19 vaccine)
(i)
|
COVID-19 Infection (children 2 to 11 years of age) | |||||||
COVID-19 Infection (infants 6 months to <24 months)
|
||||||||
PF-07302048/BNT162b2 booster
(i)
|
COVID-19 Infection | |||||||
NEW DRUG CANDIDATES IN LATE-STAGE DEVELOPMENT |
aztreonam-avibactam
(PF-06947387) |
Treatment of infections caused by Gram-negative bacteria | ||||||
fidanacogene elaparvovec (PF-06838435)
(j)
|
Hemophilia B | |||||||
giroctocogene fitelparvovec
(PF-07055480)
(k)
|
Hemophilia A | |||||||
PF-06425090 (Vaccine) | Primary clostridioides difficile infection | |||||||
PF-06886992 (Vaccine) | Serogroups meningococcal (adolescent and young adults) | |||||||
PF-06928316 (Vaccine) | Respiratory syncytial virus infection (maternal) | |||||||
PF-07265803 | Dilated cardiomyopathy due to Lamin A/C gene mutation | |||||||
ritlecitinib (PF-06651600) | Alopecia areata | |||||||
sasanlimab (PF-06801591) | Combination with Bacillus Calmette-Guerin for non-muscle-invasive bladder cancer | |||||||
fordadistrogene movaparvovec (PF-06939926) | Duchenne muscular dystrophy | |||||||
marstacimab (PF-06741086) | Hemophilia |
Costs and expenses follow:
|
||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
%
Change |
July 4,
2021 |
June 28,
2020 |
%
Change |
||||||||||||||||||||||||||||||||
Cost of sales | $ | 7,049 | $ | 1,826 | * | $ | 11,259 | $ | 3,766 | * | ||||||||||||||||||||||||||||
Percentage of
Revenues
|
37.1 | % | 18.5 | % | 33.6 | % | 18.9 | % | ||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 2,928 | 2,659 | 10 | 5,712 | 5,200 | 10 | ||||||||||||||||||||||||||||||||
Research and development expenses | 2,459 | 2,078 | 18 | 4,473 | 3,750 | 19 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 931 | 869 | 7 | 1,802 | 1,718 | 5 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | (1) | 360 | * | 22 | 414 | (95) | ||||||||||||||||||||||||||||||||
Other (income)/deductions—net | (998) | (955) | 5 | (2,001) | (764) | * | ||||||||||||||||||||||||||||||||
* Indicates calculation not meaningful or results are equal to or greater than 100%. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
%
Change |
July 4,
2021 |
June 28,
2020 |
%
Change |
||||||||||||||||||||||||||||||||
Provision for taxes on income | $ | 1,043 | $ | 422 | * | $ | 1,849 | $ | 782 | * | ||||||||||||||||||||||||||||
Effective tax rate on continuing operations | 15.8 | % | 14.0 | % | 15.0 | % | 13.3 | % | ||||||||||||||||||||||||||||||
* Indicates calculation not meaningful or results are equal to or greater than 100%. |
Measure | Definition | Illustrative Use | ||||||||||||
Adjusted income |
Net income attributable to Pfizer Inc. common shareholders
(a)
before the impact of purchase accounting for acquisitions, acquisition-related items, discontinued operations and certain significant items
|
•
Monthly managerial analysis of our operating results and our annual budgets are prepared using these non-GAAP measures
•
Senior management’s compensation is determined, in part, using these non-GAAP measures
(b)
|
||||||||||||
Adjusted cost of sales, Adjusted selling, informational and administrative expenses, Adjusted research and development expenses, Adjusted amortization of intangible assets and Adjusted other (income)/deductions
––
net
|
Cost of sales, Selling, informational and administrative expenses, Research and development expenses, Amortization of intangible assets
and
Other (income)/deductions––net
(a)
, each before the impact of purchase accounting for acquisitions, 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 purchase accounting for acquisitions, acquisition-related items, discontinued operations and certain significant items
|
Three Months Ended July 4, 2021 | ||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) | GAAP Reported |
Purchase Accounting Adjustments
(a)
|
Acquisition-Related Items
(a)
|
Discontinued Operations
(a)
|
Certain Significant Items
(a)
|
Non-GAAP Adjusted | ||||||||||||||||||||||||||||||||
Revenues | $ | 18,977 | $ | — | $ | — | $ | — | $ | — | $ | 18,977 | ||||||||||||||||||||||||||
Cost of sales | 7,049 | 6 | — | — | (57) | 6,997 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 2,928 | (1) | — | — | (135) | 2,792 | ||||||||||||||||||||||||||||||||
Research and development expenses | 2,459 | 1 | — | — | (188) | 2,273 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 931 | (762) | — | — | — | 169 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | (1) | — | (3) | — | 4 | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | (998) | (37) | — | — | 460 | (575) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income | 6,609 | 793 | 3 | — | (83) | 7,321 | ||||||||||||||||||||||||||||||||
Provision for taxes on income
(b)
|
1,043 | 167 | 1 | — | — | 1,212 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 5,565 | 625 | 3 | — | (84) | 6,110 | ||||||||||||||||||||||||||||||||
Income from discontinued operations––net of tax | 24 | — | — | (24) | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 26 | — | — | — | — | 26 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 5,563 | 625 | 3 | (24) | (84) | 6,084 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 0.98 | 0.11 | — | — | (0.01) | 1.07 |
Six Months Ended July 4, 2021 | ||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) | GAAP Reported |
Purchase Accounting Adjustments
(a)
|
Acquisition-Related Items
(a)
|
Discontinued Operations
(a)
|
Certain Significant Items
(a)
|
Non-GAAP Adjusted | ||||||||||||||||||||||||||||||||
Revenues | $ | 33,559 | $ | — | $ | — | $ | — | $ | — | $ | 33,559 | ||||||||||||||||||||||||||
Cost of sales | 11,259 | 11 | — | — | (96) | 11,175 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 5,712 | (1) | — | — | (259) | 5,451 | ||||||||||||||||||||||||||||||||
Research and development expenses | 4,473 | 3 | — | — | (190) | 4,286 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 1,802 | (1,525) | — | — | — | 277 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 22 | — | (2) | — | (20) | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | (2,001) | 16 | — | — | 810 | (1,175) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income | 12,291 | 1,497 | 2 | — | (244) | 13,546 | ||||||||||||||||||||||||||||||||
Provision for taxes on income
(b)
|
1,849 | 354 | — | — | (38) | 2,165 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 10,443 | 1,143 | 1 | — | (206) | 11,381 | ||||||||||||||||||||||||||||||||
Income from discontinued operations––net of tax | 32 | — | — | (32) | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 35 | — | — | — | — | 35 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 10,440 | 1,143 | 1 | (32) | (206) | 11,346 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 1.84 | 0.20 | — | (0.01) | (0.04) | 2.00 |
Three Months Ended June 28, 2020 | ||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) | GAAP Reported |
Purchase Accounting Adjustments
(a)
|
Acquisition-Related Items
(a)
|
Discontinued Operations
(a)
|
Certain Significant Items
(a)
|
Non-GAAP Adjusted | ||||||||||||||||||||||||||||||||
Revenues | $ | 9,864 | $ | — | $ | — | $ | — | $ | — | $ | 9,864 | ||||||||||||||||||||||||||
Cost of sales | 1,826 | 5 | — | — | (36) | 1,795 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 2,659 | (1) | — | — | (131) | 2,528 | ||||||||||||||||||||||||||||||||
Research and development expenses | 2,078 | 1 | — | — | (238) | 1,841 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 869 | (798) | — | — | — | 71 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 360 | — | (21) | — | (339) | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | (955) | (82) | — | — | 595 | (442) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income | 3,026 | 874 | 21 | — | 150 | 4,071 | ||||||||||||||||||||||||||||||||
Provision for taxes on income
(b)
|
422 | 180 | 5 | — | (17) | 591 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 2,604 | 694 | 16 | — | 167 | 3,481 | ||||||||||||||||||||||||||||||||
Income from discontinued operations––net of tax | 893 | — | — | (893) | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 8 | — | — | — | — | 8 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 3,489 | 694 | 16 | (893) | 167 | 3,473 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 0.62 | 0.12 | — | (0.16) | 0.03 | 0.62 | ||||||||||||||||||||||||||||||||
Six Months Ended June 28, 2020 | ||||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) | GAAP Reported |
Purchase Accounting Adjustments
(a)
|
Acquisition-Related Items
(a)
|
Discontinued Operations
(a)
|
Certain Significant Items
(a)
|
Non-GAAP Adjusted | ||||||||||||||||||||||||||||||||
Revenues | $ | 19,947 | $ | — | $ | — | $ | — | $ | — | $ | 19,947 | ||||||||||||||||||||||||||
Cost of sales | 3,766 | 9 | — | — | (63) | 3,712 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 5,200 | — | — | — | (223) | 4,978 | ||||||||||||||||||||||||||||||||
Research and development expenses | 3,750 | 3 | — | — | (239) | 3,514 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 1,718 | (1,576) | — | — | — | 142 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 414 | — | (35) | — | (379) | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
|
(6) | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | (764) | (85) | — | — | 145 | (704) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income | 5,868 | 1,650 | 34 | — | 752 | 8,305 | ||||||||||||||||||||||||||||||||
Provision for taxes on income
(b)
|
782 | 356 | 8 | — | 123 | 1,269 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 5,087 | 1,294 | 26 | — | 629 | 7,036 | ||||||||||||||||||||||||||||||||
Income from discontinued operations––net of tax | 1,774 | — | — | (1,774) | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 17 | — | — | — | — | 17 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 6,843 | 1,294 | 26 | (1,774) | 629 | 7,019 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 1.22 | 0.23 | — | (0.32) | 0.11 | 1.25 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
July 4,
2021 |
June 28,
2020 |
||||||||||||||||||||||
Purchase accounting adjustments | ||||||||||||||||||||||||||
Amortization, depreciation and other
(a)
|
$ | 799 | $ | 879 | $ | 1,508 | $ | 1,659 | ||||||||||||||||||
Cost of sales
|
(6) | (5) | (11) | (9) | ||||||||||||||||||||||
Total purchase accounting adjustments––pre-tax | 793 | 874 | 1,497 | 1,650 | ||||||||||||||||||||||
Income taxes
(b)
|
(167) | (180) | (354) | (356) | ||||||||||||||||||||||
Total purchase accounting adjustments––net of tax | 625 | 694 | 1,143 | 1,294 | ||||||||||||||||||||||
Acquisition-related items | ||||||||||||||||||||||||||
Restructuring charges/(credits)
(c)
|
— | (1) | (7) | — | ||||||||||||||||||||||
Transaction costs
(c)
|
— | 11 | — | 14 | ||||||||||||||||||||||
Integration costs and other
(c)
|
4 | 11 | 8 | 21 | ||||||||||||||||||||||
Total acquisition-related items––pre-tax | 3 | 21 | 2 | 34 | ||||||||||||||||||||||
Income taxes
(b)
|
(1) | (5) | — | (8) | ||||||||||||||||||||||
Total acquisition-related items––net of tax | 3 | 16 | 1 | 26 | ||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||
Income from discontinued operations––net of tax
(d)
|
(24) | (893) | (32) | (1,774) | ||||||||||||||||||||||
Certain significant items | ||||||||||||||||||||||||||
Restructuring charges/(credits)
––
cost reduction initiatives
(e)
|
(4) | 339 | 20 | 379 | ||||||||||||||||||||||
Implementation costs and additional depreciation––asset restructuring
(f)
|
137 | 79 | 222 | 102 | ||||||||||||||||||||||
Net (gains)/losses on asset disposals
(g)
|
(58) | — | (58) | — | ||||||||||||||||||||||
Net (gains)/losses recognized during the period on equity securities
(g)
|
(798) | (696) | (1,197) | (501) | ||||||||||||||||||||||
Certain legal matters, net
(g)
|
363 | 14 | 374 | 22 | ||||||||||||||||||||||
Business and legal entity alignment costs
(h)
|
51 | 73 | 125 | 149 | ||||||||||||||||||||||
Actuarial valuation and other pension and postretirement plan (gains)/losses
(i)
|
6 | (6) | (33) | 76 | ||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
(j)
|
— | — | — | (6) | ||||||||||||||||||||||
Other
(k)
|
220 | 347 | 303 | 530 | ||||||||||||||||||||||
Total certain significant items––pre-tax | (83) | 150 | (244) | 752 | ||||||||||||||||||||||
Income taxes
(b)
|
— | 17 | 38 | (123) | ||||||||||||||||||||||
Total certain significant items––net of tax | (84) | 167 | (206) | 629 | ||||||||||||||||||||||
Total purchase accounting adjustments, acquisition-related items, discontinued operations and certain significant items––net of tax, attributable to Pfizer Inc. | $ | 520 | $ | (16) | $ | 906 | $ | 176 |
Six Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
July 4,
2021 |
June 28,
2020 |
Drivers of change | |||||||||||||||||||||||
Cash provided by/(used in): | ||||||||||||||||||||||||||
Operating activities from continuing operations | $ | 15,828 | $ | 4,829 |
The change is driven primarily by higher net income and advance payments in 2021 for BNT162b2 recorded in deferred revenue and the impact of timing of receipts and payments in the ordinary course of business, including an accrual for the gross profit split due to BioNTech, partially offset by a non-cash change in
Other Adjustments, net
, primarily resulting from an increase in unrealized gains on equity securities.
|
|||||||||||||||||||||
Investing activities from continuing operations | $ | (9,884) | $ | (1,630) |
The change is driven mainly by a $10.8 billion increase in purchases of short-term investments with original maturities of greater than three months, partially offset by a $3.0 billion increase in redemptions of short-term investments with original maturities of greater than three months.
|
|||||||||||||||||||||
Financing activities from continuing operations | $ | (5,364) | $ | (4,493) |
The change is driven mostly by a $5.2 billion decrease in proceeds from issuances of long-term debt, and a $277 million payment to Viatris in connection with the spin-off of the Upjohn Business, partially offset by a $2.2 billion reduction in principal repayments on long-term debt, a $1.8 billion decrease in payments on short-term borrowings with maturities of three months or less, and an $814 million net reduction in repayments of short-term borrowings with maturities of greater than three months.
|
|||||||||||||||||||||
The following presents certain relevant measures of our liquidity and capital resources: | ||||||||||||||
(MILLIONS, EXCEPT RATIOS) |
July 4,
2021 |
December 31, 2020 | ||||||||||||
Selected financial assets
(a)
:
|
||||||||||||||
Cash and cash equivalents | $ | 2,372 | $ | 1,784 | ||||||||||
Short-term investments | 19,328 | 10,437 | ||||||||||||
Long-term investments, excluding private equity securities at cost | 3,834 | 2,973 | ||||||||||||
25,533 | 15,195 | |||||||||||||
Debt: | ||||||||||||||
Short-term borrowings, including current portion of long-term debt | 3,888 | 2,703 | ||||||||||||
Long-term debt | 35,354 | 37,133 | ||||||||||||
39,242 | 39,835 | |||||||||||||
Selected net financial liabilities | $ | (13,709) | $ | (24,641) | ||||||||||
Working capital
(b)
|
$ | 13,150 | $ | 9,147 | ||||||||||
Ratio of current assets to current liabilities | 1.37:1 | 1.35:1 | ||||||||||||
Recently Issued Accounting Standard, Not Adopted as of July 4, 2021
|
||||||||||||||
Standard/Description | Effective Date | Effect on the Financial Statements | ||||||||||||
Reference rate reform
provides temporary optional expedients and exceptions to the guidance for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued after 2021 because of reference rate reform.
The new guidance provides the following optional expedients:
1.
Simplify accounting analyses under current U.S. GAAP for contract modifications.
2.
Simplify the assessment of hedge effectiveness and allow hedging relationships affected by reference rate reform to continue.
3.
Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform.
|
Elections can be adopted prospectively at any time through December 31, 2022. | We are assessing the impact of the provisions of this new guidance on our consolidated 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)
|
||||||||||||||||||||||
April 5 through May 2, 2021
|
42,590 | $ | 37.84 | — | $ | 5,292,881,709 | ||||||||||||||||||||
May 3 through May 30, 2021
|
104,104 | $ | 40.04 | — | $ | 5,292,881,709 | ||||||||||||||||||||
May 31 through July 4, 2021
|
26,950 | $ | 39.07 | — | $ | 5,292,881,709 | ||||||||||||||||||||
Total | 173,644 | $ | 39.35 | — |
- | 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: | August 12, 2021 | /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 |
---|
No information found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|