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(State of Incorporation) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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x | No |
☐
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x | No |
☐
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Yes |
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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. | ||||
Arvinas | Arvinas, 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 | ||||
Comirnaty | 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, South Korea, Australia and New Zealand | ||||
Developed Rest of World |
Includes the following markets: Japan, Canada, South Korea, Australia 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, Central Europe, Eastern 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 October 3, 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 | ||||
Paxlovid | PF-07321332 (SARS-CoV-2 3CL protease inhibitor (oral anti-viral)); ritonavir | ||||
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 former global, primarily off-patent branded and generics business, which included 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 nine months ended
|
PART I. FINANCIAL INFORMATION |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS, EXCEPT PER COMMON SHARE DATA) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Revenues | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of sales
(a)
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|
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||||||||||||||||||||||
Selling, informational and administrative expenses
(a)
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||||||||||||||||||||||
Research and development expenses
(a)
|
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|
|
||||||||||||||||||||||
Amortization of intangible assets |
|
|
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|
||||||||||||||||||||||
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/(benefit) for taxes on income |
|
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||||||||||||||||||||||
Provision/(benefit) for taxes on income |
(
|
(
|
|
|
||||||||||||||||||||||
Income from continuing operations |
|
|
|
|
||||||||||||||||||||||
Income/(loss) 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/(loss) 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/(loss) from discontinued operations––net of tax |
|
|
|
|
||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Weighted-average shares––basic |
|
|
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||||||||||||||||||||||
Weighted-average shares––diluted |
|
|
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
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 |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Reclassification adjustments related to curtailments 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) |
October 3,
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, July 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, October 3, 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, June 28, 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, September 27, 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, October 3, 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, September 27, 2020
|
|
$ |
|
|
$ |
|
$ |
|
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
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 | ||||||||||||||||||||||||||||||||||||||
October 3, 2021
|
September 27, 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/(benefit) for taxes on income |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Income/(loss) 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/(loss) 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/(loss) 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) |
(
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
October 3, 2021
|
September 27, 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/(benefit) for taxes on income |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Income/(loss) 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/(loss) 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/(loss) from discontinued operations––net of tax |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
October 3, 2021
|
September 27, 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 |
(
|
(
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||
October 3, 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) |
October 3,
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/(loss) from discontinued operations––net of tax
:
|
||||||||||||||||||||||||||
Three Months Ended
(a)
|
Nine Months Ended
(a)
|
|||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
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/(loss) from discontinued operations––net of tax | $ |
(
|
$ |
|
$ |
|
$ |
|
Summarized financial information for our equity method investee, the Consumer Healthcare JV, for the three and nine months ending June 30, 2021, the most recent period available, and for the three and nine months ending June 30, 2020, is as follows:
|
||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
(MILLIONS) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
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 | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
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/(credits) 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, October 3, 2021
(c)
|
$ |
|
$ |
|
$ |
|
$ |
|
Components of
Other (income)/deductions––net
include:
|
||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
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)
|
|
(
|
|
|
||||||||||||||||||||||
Certain asset impairments
(e)
|
|
|
|
|
||||||||||||||||||||||
Consumer Healthcare JV equity method (income)/loss
(f)
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Other, net |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Other (income)/deductions––net | $ |
(
|
$ |
|
$ |
(
|
$ |
|
Components of
Tax provision/(benefit) on
other comprehensive income/(loss)
include:
|
||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
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
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Reclassification adjustments related to curtailments 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, October 3, 2021 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
October 3, 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: | ||||||||||||||||||||||||||||||||
October 3, 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) | October 3, 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 October 3, 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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 3, 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 | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
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) |
October 3,
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
|
$ |
|
$ |
|
In the third quarter of 2021, we issued the following senior unsecured notes at an effective interest rate of
|
||||||||||||||
(MILLIONS) | Principal | |||||||||||||
Interest Rate | Maturity Date |
As of October 3,
2021 |
||||||||||||
|
August 18, 2031
|
$ |
|
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt: | ||||||||||||||
(MILLIONS) |
October 3,
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): | ||||||||||||||||||||||||||||||||||||||
October 3, 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) | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 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)
|
||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 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:
|
||||||||||||||||||||||||||||||||||||||
October 3, 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) |
October 3,
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
:
|
||||||||||||||||||||||||||||||||||||||
October 3, 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) | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | ||||||||||||||||||||||||||||||||
Service cost
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Interest cost
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Expected return on plan assets
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Amortization of prior service credits |
|
(
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Curtailments |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Actuarial (gains)/losses
(a)
|
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Special termination benefits
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net periodic benefit cost/(credit) reported in income
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||||||||||||||
U.S. | International |
Postretirement
Plans |
||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | ||||||||||||||||||||||||||||||||
Service cost
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Interest cost
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Expected return on plan assets
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Amortization of prior service credits |
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Curtailments |
|
|
(
|
|
(
|
|
||||||||||||||||||||||||||||||||
Actuarial (gains)/losses
(a)
|
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Special termination benefits
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net periodic benefit cost/(credit) reported in income
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
The following presents the detailed calculation of
EPS
:
|
||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
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/(loss) 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/(loss) 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 | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
%
Change |
October 3,
2021 |
September 27,
2020 |
%
Change |
||||||||||||||||||||||||||||||||
United States | $ |
|
$ |
|
|
$ |
|
$ |
|
|
||||||||||||||||||||||||||||
Developed Europe |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Developed Rest of World |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Emerging Markets |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Revenues | $ |
|
$ |
|
|
$ |
|
$ |
|
|
||||||||||||||||||||||||||||
(MILLIONS) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
PRODUCT | PRIMARY INDICATION OR CLASS | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | |||||||||||||||||||||||||||
TOTAL REVENUES
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Vaccines | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Comirnaty direct sales and alliance revenues
|
Active immunization to prevent COVID-19
|
|
|
|
|
|||||||||||||||||||||||||||
Prevnar family
(b)
|
Pneumococcal disease |
|
|
|
|
|||||||||||||||||||||||||||
FSME/IMMUN-TicoVac | Tick-borne encephalitis disease |
|
|
|
|
|||||||||||||||||||||||||||
Nimenrix | Meningococcal ACWY disease |
|
|
|
|
|||||||||||||||||||||||||||
Trumenba | Meningococcal B disease |
|
|
|
|
|||||||||||||||||||||||||||
All other Vaccines | Various |
|
|
|
|
|||||||||||||||||||||||||||
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
(c)
|
Non-hodgkin’s lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis (Wegener’s Granulomatosis) and microscopic polyangiitis
|
|
|
|
|
|||||||||||||||||||||||||||
Retacrit
(c)
|
Anemia |
|
|
|
|
|||||||||||||||||||||||||||
Zirabev
(c)
|
Treatment of mCRC; unresectable, locally advanced, recurrent or metastatic NSCLC; recurrent glioblastoma; metastatic RCC; and persistent, recurrent or metastatic cervical cancer
|
|
|
|
|
|||||||||||||||||||||||||||
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
|
|
|
|
|
|||||||||||||||||||||||||||
Bavencio alliance revenues | Locally advanced or metastatic urothelial carcinoma; metastatic Merkel cell carcinoma; immunotherapy and tyrosine kinase inhibitor combination for patients with advanced RCC |
|
|
|
|
|||||||||||||||||||||||||||
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 |
|
|
|
|
|||||||||||||||||||||||||||
Premarin family | Symptoms of menopause |
|
|
|
|
|||||||||||||||||||||||||||
Chantix/Champix | An aid to smoking cessation treatment in adults 18 years of age or older |
|
|
|
|
|||||||||||||||||||||||||||
BMP2 | Development of bone and cartilage |
|
|
|
|
(MILLIONS) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
PRODUCT | PRIMARY INDICATION OR CLASS | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | |||||||||||||||||||||||||||
Toviaz | Overactive bladder |
|
|
|
|
|||||||||||||||||||||||||||
Pristiq | Depression |
|
|
|
|
|||||||||||||||||||||||||||
All other Internal Medicine | Various |
|
|
|
|
|||||||||||||||||||||||||||
Hospital
(a)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Sulperazon | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
Medrol | Anti-inflammatory glucocorticoid |
|
|
|
|
|||||||||||||||||||||||||||
Zavicefta | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
EpiPen | Epinephrine injection used in treatment of life-threatening allergic reactions |
|
|
|
|
|||||||||||||||||||||||||||
Fragmin | Treatment/prevention of venous thromboembolism |
|
|
|
|
|||||||||||||||||||||||||||
Vfend | Fungal infections |
|
|
|
|
|||||||||||||||||||||||||||
Zithromax | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
Tygacil | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
Precedex | Sedation agent in surgery or intensive care |
|
|
|
|
|||||||||||||||||||||||||||
Zyvox | Bacterial infections |
|
|
|
|
|||||||||||||||||||||||||||
IVIg Products
(d)
|
Various |
|
|
|
|
|||||||||||||||||||||||||||
Pfizer CentreOne
(e)
|
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
|
|
|
|
|
|||||||||||||||||||||||||||
Inflectra/Remsima
(c)
|
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
(c)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Total Sterile Injectable Pharmaceuticals
(f)
|
$ |
|
$ |
|
$ |
|
$ |
|
The following presents worldwide revenues by geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | U.S. | International | World-wide | U.S. | Inter-national | |||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | % Change in Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 24,094 | $ | 10,277 | $ | 7,079 | $ | 5,425 | $ | 17,014 | $ | 4,852 | 134 | 30 | 251 | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | U.S. | International | World-wide | U.S. | Inter-national | |||||||||||||||||||||||||||||||||||||||||||||||||||
(MILLIONS) | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | % Change in Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 57,653 | $ | 30,224 | $ | 22,269 | $ | 15,827 | $ | 35,384 | $ | 14,396 | 91 | 41 | 146 |
The following provides an analysis of the worldwide change in revenues by geographic areas in the third quarter of 2021:
|
||||||||||||||||||||
Three Months Ended October 3, 2021 | ||||||||||||||||||||
(MILLIONS) | Worldwide | U.S. | International | |||||||||||||||||
Operational growth/(decline): | ||||||||||||||||||||
Growth from Comirnaty, Eliquis, Vyndaqel/Vyndamax, Inlyta, Xtandi, Ibrance outside the U.S., Biosimilars and the Hospital therapeutic area, partially offset by declines from Prevnar family and Xeljanz. See the
Analysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussion
within MD&A for additional analysis
|
$ | 13,695 | $ | 1,877 | $ | 11,818 | ||||||||||||||
Lower revenues for Chantix/Champix, Sutent and Enbrel:
•
The decrease in Chantix/Champix was driven by the voluntary recall across multiple markets and the global pause in shipments of Chantix due to the presence of N-nitroso-varenicline above an acceptable level of intake set by various global regulators, the ultimate timing for resolution of which may vary by country
•
The decrease in Sutent primarily reflects lower volume demand in the U.S. resulting from its loss of exclusivity in August 2021
•
The decrease for Enbrel internationally primarily reflects continued biosimilar competition, which is expected to continue
|
(319) | (220) | (99) | |||||||||||||||||
Other operational factors, net | 19 | (3) | 22 | |||||||||||||||||
Operational growth/(decline), net | 13,395 | 1,654 | 11,741 | |||||||||||||||||
Favorable impact of foreign exchange | 421 | — | 421 | |||||||||||||||||
Revenues
increase/(decrease)
|
$ | 13,817 | $ | 1,654 | $ | 12,162 |
The following provides an analysis of the worldwide change in revenues by geographic areas in the first nine months of 2021:
|
||||||||||||||||||||
Nine Months Ended October 3, 2021 | ||||||||||||||||||||
(MILLIONS) | Worldwide | U.S. | International | |||||||||||||||||
Operational growth/(decline): | ||||||||||||||||||||
Growth from Comirnaty, Eliquis, Vyndaqel/Vyndamax, Inlyta, Xtandi, Ibrance outside the U.S., Biosimilars and the Hospital therapeutic area, partially offset by declines from Prevnar family and Xeljanz. See the
Analysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussion
within MD&A for additional analysis
|
$ | 26,647 | $ | 6,776 | $ | 19,871 | ||||||||||||||
Lower revenues for Chantix/Champix, Enbrel and Sutent:
•
The decrease in Chantix/Champix was driven by the voluntary recall across multiple markets and the global pause in shipments of Chantix due to the presence of N-nitroso-varenicline above an acceptable level of intake set by various global regulators, the ultimate timing for resolution of which may vary by country and the negative impact of the COVID-19 pandemic resulting in a decline in patient visits to doctors for preventive health purposes
•
The decrease for Enbrel internationally primarily reflects continued biosimilar competition, which is expected to continue
•
The decrease in Sutent primarily reflects lower volume demand in the U.S. resulting from its loss of exclusivity in August 2021, as well as continued erosion as a result of increased competition in certain international developed markets
|
(562) | (320) | (241) | |||||||||||||||||
Other operational factors, net | 2 | (14) | 15 | |||||||||||||||||
Operational growth/(decline), net | 26,087 | 6,442 | 19,644 | |||||||||||||||||
Favorable impact of foreign exchange | 1,342 | — | 1,342 | |||||||||||||||||
Revenues
increase/(decrease)
|
$ | 27,429 | $ | 6,442 | $ | 20,987 |
The following presents information about revenue deductions: | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Medicare rebates | $ | 175 | $ | 163 | $ | 546 | $ | 489 | ||||||||||||||||||
Medicaid and related state program rebates | 252 | 252 | 904 | 832 | ||||||||||||||||||||||
Performance-based contract rebates | 883 | 616 | 2,424 | 1,886 | ||||||||||||||||||||||
Chargebacks | 1,618 | 1,127 | 4,567 | 3,190 | ||||||||||||||||||||||
Sales allowances | 1,218 | 904 | 3,575 | 2,790 | ||||||||||||||||||||||
Sales returns and cash discounts | 267 | 229 | 727 | 668 | ||||||||||||||||||||||
Total | $ | 4,414 | $ | 3,291 | $ | 12,743 | $ | 9,855 |
(MILLIONS) | Revenue | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Product | Period |
Global
Revenues |
Region | Oct. 3, 2021 | Sept. 27, 2020 | Total | Oper. | Operational Results Commentary | ||||||||||||||||||||||||||||||||||||||||||
Comirnaty
(a)
|
QTD |
$12,977
*
|
U.S. | $ | 1,586 | $ | — | * | Driven by global uptake, following a growing number of regulatory approvals and temporary authorizations. | |||||||||||||||||||||||||||||||||||||||||
Int’l. | 11,391 | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 12,977 | $ | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$24,277
*
|
U.S. | $ | 5,657 | $ | — | * | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 18,619 | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 24,277 | $ | — | * | * | ||||||||||||||||||||||||||||||||||||||||||||
Eliquis | QTD |
$1,346
Up 19%
(operationally)
|
U.S. | $ | 629 | $ | 557 | 13 |
Global growth 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. | 717 | 557 | 29 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,346 | $ | 1,114 | 21 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$4,470
Up 19%
(operationally)
|
U.S. | $ | 2,440 | $ | 2,084 | 17 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 2,030 | 1,602 | 27 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 4,470 | $ | 3,686 | 21 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Ibrance | QTD |
$1,381
Up 1%
(operationally)
|
U.S. | $ | 883 | $ | 909 | (3) |
Growth driven primarily 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., driven by an increase in the proportion of patients accessing Ibrance through our Patient Assistance Program.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 498 | 448 | 11 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,381 | $ | 1,357 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$4,039
Up 1%
(operationally)
|
U.S. | $ | 2,539 | $ | 2,689 | (6) | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 1,500 | 1,266 | 18 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 4,039 | $ | 3,955 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Prevnar family | QTD |
$1,447
Down 7%
(operationally)
|
U.S. | $ | 850 | $ | 868 | (2) |
Decline primarily resulting from:
•
continued impact of the lower remaining unvaccinated eligible adult population in the U.S. and the June 2019 change to the ACIP recommendation for the Prevnar 13 adult indication to shared clinical decision-making; and
•
the adult indication in the U.S. due to the ongoing prioritization of primary and booster vaccination campaigns for COVID-19 by U.S. health authorities, and a later start to the flu season compared to the prior year.
This decline was partially offset by:
•
U.S. growth in the pediatric indication, driven by government purchasing patterns.
YTD was also impacted by:
•
a decline, primarily 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.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 596 | 665 | (10) | (13) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,447 | $ | 1,534 | (6) | (7) | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$3,971
Down 4%
(operationally)
|
U.S. | $ | 2,130 | $ | 2,143 | (1) | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 1,841 | 1,957 | (6) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 3,971 | $ | 4,100 | (3) | (4) |
(MILLIONS) | Revenue | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Product | Period |
Global
Revenues |
Region | Oct. 3, 2021 | Sept. 27, 2020 | Total | Oper. | Operational Results Commentary | ||||||||||||||||||||||||||||||||||||||||||
Xeljanz | QTD |
$610
Down 7%
(operationally)
|
U.S. | $ | 410 | $ | 469 | (13) |
Decline driven by the U.S., reflecting the negative impact of a review by the FDA which resulted in a Drug Safety Communication related to Xeljanz and two competitors’ arthritis medicines in the same drug class, as well as an unfavorable change in channel mix toward lower-priced channels and continued investments to improve formulary positioning and unlock access to additional patient lives. This decline was partially offset by operational growth internationally mainly driven by continued uptake in the UC indication in certain developed markets.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 201 | 185 | 8 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 610 | $ | 654 | (7) | (7) | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$1,734
Down 1%
(operationally)
|
U.S. | $ | 1,132 | $ | 1,213 | (7) | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 602 | 528 | 14 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,734 | $ | 1,741 | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Vyndaqel/
Vyndamax |
QTD |
$501
Up 42%
(operationally)
|
U.S. | $ | 228 | $ | 158 | 44 |
Growth primarily driven by continued strong uptake of the ATTR-CM indication in the U.S., developed Europe and Japan.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 273 | 193 | 41 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 501 | $ | 351 | 43 | 42 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$1,454
Up 66%
(operationally)
|
U.S. | $ | 658 | $ | 431 | 53 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 796 | 429 | 86 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,454 | $ | 859 | 69 | 66 | ||||||||||||||||||||||||||||||||||||||||||||
Xtandi | QTD |
$309
Up 16%
(operationally)
|
U.S. | $ | 309 | $ | 266 | 16 |
Growth primarily driven by strong demand across the mCRPC, nmCRPC and mCSPC indications.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 309 | $ | 266 | 16 | 16 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$879
Up 19%
(operationally)
|
U.S. | $ | 879 | $ | 741 | 19 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 879 | $ | 741 | 19 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Inlyta | QTD |
$256
Up 30%
(operationally)
|
U.S. | $ | 151 | $ | 124 | 22 |
Growth primarily reflects continued 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. | 104 | 71 | 47 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 256 | $ | 195 | 31 | 30 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$742
Up 31%
(operationally)
|
U.S. | $ | 448 | $ | 372 | 20 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 294 | 187 | 57 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 742 | $ | 559 | 33 | 31 | ||||||||||||||||||||||||||||||||||||||||||||
Biosimilars | QTD |
$575
Up 34%
(operationally)
|
U.S. | $ | 390 | $ | 260 | 50 | Growth primarily driven by recent oncology monoclonal antibody biosimilar launches and continued growth from Retacrit in the U.S. | |||||||||||||||||||||||||||||||||||||||||
Int’l. | 185 | 164 | 13 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 575 | $ | 424 | 36 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$1,663
Up 62%
(operationally)
|
U.S. | $ | 1,080 | $ | 588 | 84 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 583 | 414 | 41 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 1,663 | $ | 1,001 | 66 | 62 | ||||||||||||||||||||||||||||||||||||||||||||
Hospital | QTD |
$2,367
Up 29%
(operationally)
|
U.S. | $ | 819 | $ | 765 | 7 |
Growth primarily driven by Pfizer CentreOne, our contract manufacturing operation, reflecting certain Comirnaty-related manufacturing activities performed on behalf of BioNTech and manufacturing of legacy Upjohn products for Viatris under manufacturing and supply agreements, as well as growth from international markets, primarily driven by the anti-infectives portfolio.
|
|||||||||||||||||||||||||||||||||||||||||
Int’l. | 1,548 | 1,025 | 51 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 2,367 | $ | 1,790 | 32 | 29 | ||||||||||||||||||||||||||||||||||||||||||||
YTD |
$6,968
Up 18%
(operationally)
|
U.S. | $ | 2,557 | $ | 2,485 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Int’l. | 4,412 | 3,256 | 36 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | $ | 6,968 | $ | 5,741 | 21 | 18 |
PRODUCT | DISEASE AREA | APPROVED/FILED* | ||||||||||||
U.S. | EU | JAPAN | ||||||||||||
Comirnaty/BNT162b2
(PF-07302048)
(a)
|
Immunization to prevent COVID-19 (16 years of age and older) |
BLA
Aug.
2021
|
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
|
|||||||||||
Immunization to prevent COVID-19 (booster, adults)
|
EUA
Sep.
2021
|
CMA
Oct.
2021
|
Approved
Nov.
2021
|
|||||||||||
Immunization to prevent COVID-19 (5-11 years of age) |
EUA
Oct.
2021
|
Filed
Oct.
2021
|
Filed
Nov.
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
|
|
|||||||||||
Cibinqo (abrocitinib)
(e)
|
Atopic dermatitis |
Filed
Oct.
2020
|
Filed
Oct.
2020
|
Approved
Sep.
2021
|
||||||||||
Xeljanz
(tofacitinib)
(e)
|
Ankylosing spondylitis |
Filed
Aug.
2020
|
Filed
Feb.
2021
|
|||||||||||
Myfembree
(relugolix fixed dose combination)
(f)
|
Uterine fibroids (combination with estradiol and norethindrone acetate)
|
Approved
May
2021
|
||||||||||||
Endometriosis (combination with estradiol and norethindrone acetate)
|
Filed
Sep.
2021
|
|||||||||||||
Lorbrena
(lorlatinib)
|
First- line ALK-positive NSCLC
|
Approved
Mar.
2021
|
Filed
Feb.
2021
|
Filed
Dec.
2020
|
||||||||||
somatrogon
(PF-06836922)
(g)
|
Pediatric growth hormone deficiency
|
Filed
Jan.
2021
|
Filed
Feb.
2021
|
Filed
Jan.
2021
|
||||||||||
Prevnar 20
(Vaccine)
(h)
|
Immunization to prevent invasive and non-invasive pneumococcal infections (adults)
|
Approved
June
2021
|
Filed
Feb.
2021
|
|||||||||||
TicoVac
(Vaccine) |
Immunization to prevent tick-borne encephalitis |
Approved
Aug.
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) | Immunization to prevent invasive and non-invasive pneumococcal infections (pediatric) | |||||||
somatrogon (PF-06836922)
(d)
|
Adult growth hormone deficiency | |||||||
Braftovi (encorafenib) and Erbitux
®
(cetuximab)
(e)
|
First-line BRAF
v600E
-mutant mCRC
|
|||||||
Myfembree
(relugolix fixed dose combination)
(f)
|
Combination with estradiol and norethindrone acetate for contraceptive efficacy | |||||||
Braftovi (encorafenib) and Mektovi (binimetinib) and Keytruda
®
(pembrolizumab)
(g)
|
BRAF
v600E
-mutant metastatic or unresectable locally advanced melanoma
|
|||||||
Comirnaty
/
BNT162b2
(PF-07302048)
(h)
|
Immunization to prevent COVID-19 (children 2 to <5 years of age)
|
|||||||
Immunization to prevent COVID-19 (infants 6 months to <24 months)
|
||||||||
Immunization to prevent COVID-19 (maternal)
|
||||||||
NEW DRUG CANDIDATES IN LATE-STAGE DEVELOPMENT |
aztreonam-avibactam
(PF-06947387) |
Treatment of infections caused by Gram-negative bacteria | ||||||
fidanacogene elaparvovec (PF-06838435)
(i)
|
Hemophilia B | |||||||
giroctocogene fitelparvovec
(PF-07055480)
(j)
|
Hemophilia A | |||||||
PF-06425090 (Vaccine) | Immunization to prevent primary clostridioides difficile infection | |||||||
PF-06886992 (Vaccine) | Immunization to prevent serogroups meningococcal infection (adolescent and young adults) | |||||||
PF-06928316 (Vaccine) | Immunization to prevent respiratory syncytial virus infection (maternal) | |||||||
Immunization to prevent respiratory syncytial virus infection (older adults) | ||||||||
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 | |||||||
Elranatamab (PF-06863135) | Multiple Myeloma Double-Class Exposed | |||||||
Paxlovid (PF-07321332; ritonavir) |
COVID-19 Infection (
high risk population)
|
|||||||
COVID-19 Infection (
low risk population)
|
||||||||
COVID-19 Infection (
post exposure prophylaxis)
|
Costs and expenses follow:
|
||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
%
Change |
October 3,
2021 |
September 27,
2020 |
%
Change |
||||||||||||||||||||||||||||||||
Cost of sales | $ | 9,973 | $ | 2,007 | * | $ | 21,232 | $ | 5,773 | * | ||||||||||||||||||||||||||||
Percentage of
Revenues
|
41.4 | % | 19.5 | % | 36.8 | % | 19.1 | % | ||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 2,905 | 2,658 | 9 | 8,617 | 7,858 | 10 | ||||||||||||||||||||||||||||||||
Research and development expenses | 3,447 | 2,300 | 50 | 7,920 | 6,050 | 31 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 981 | 862 | 14 | 2,784 | 2,579 | 8 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 646 | 2 | * | 668 | 417 | 60 | ||||||||||||||||||||||||||||||||
Other (income)/deductions—net | (1,696) | 1,878 | * | (3,697) | 1,114 | * | ||||||||||||||||||||||||||||||||
* Indicates calculation not meaningful or results are equal to or greater than 100%. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
%
Change |
October 3,
2021 |
September 27,
2020 |
%
Change |
||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income | $ | (331) | $ | (347) | (5) | $ | 1,518 | $ | 434 | * | ||||||||||||||||||||||||||||
Effective tax rate on continuing operations | (4.2) | % | (60.9) | % | 7.5 | % | 6.7 | % | ||||||||||||||||||||||||||||||
* 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 October 3, 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 | $ | 24,094 | $ | — | $ | — | $ | — | $ | — | $ | 24,094 | ||||||||||||||||||||||||||
Cost of sales | 9,973 | 6 | — | — | (42) | 9,937 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 2,905 | (1) | — | — | (173) | 2,732 | ||||||||||||||||||||||||||||||||
Research and development expenses | 3,447 | 1 | — | — | (708) | 2,740 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 981 | (813) | — | — | — | 169 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 646 | — | (1) | — | (645) | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | (1,696) | (47) | — | — | 1,174 | (569) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision/(benefit) for taxes on income | 7,836 | 852 | 1 | — | 395 | 9,084 | ||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income
(b)
|
(331) | 127 | 2 | — | 1,587 | 1,385 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 8,167 | 725 | (1) | — | (1,192) | 7,699 | ||||||||||||||||||||||||||||||||
Income/(loss) from discontinued operations––net of tax | (9) | — | — | 9 | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 12 | — | — | — | — | 12 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 8,146 | 725 | (1) | 9 | (1,192) | 7,687 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 1.42 | 0.13 | — | — | (0.21) | 1.34 |
Nine Months Ended October 3, 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 | $ | 57,653 | $ | — | $ | — | $ | — | $ | — | $ | 57,653 | ||||||||||||||||||||||||||
Cost of sales | 21,232 | 17 | — | — | (138) | 21,112 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 8,617 | (2) | — | — | (432) | 8,183 | ||||||||||||||||||||||||||||||||
Research and development expenses | 7,920 | 4 | — | — | (899) | 7,026 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 2,784 | (2,338) | — | — | — | 446 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 668 | — | (3) | — | (666) | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | (3,697) | (31) | — | — | 1,984 | (1,744) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision/(benefit) for taxes on income | 20,128 | 2,349 | 3 | — | 151 | 22,631 | ||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income
(b)
|
1,518 | 482 | 3 | — | 1,549 | 3,551 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 18,610 | 1,868 | — | — | (1,398) | 19,080 | ||||||||||||||||||||||||||||||||
Income/(loss) from discontinued operations––net of tax | 24 | — | — | (24) | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 47 | — | — | — | — | 47 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 18,586 | 1,868 | — | (24) | (1,398) | 19,033 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 3.27 | 0.33 | — | — | (0.25) | 3.35 |
Three Months Ended September 27, 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 | $ | 10,277 | $ | — | $ | — | $ | — | $ | — | $ | 10,277 | ||||||||||||||||||||||||||
Cost of sales | 2,007 | 5 | — | — | (24) | 1,989 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 2,658 | (1) | — | — | (95) | 2,562 | ||||||||||||||||||||||||||||||||
Research and development expenses | 2,300 | 1 | — | — | (3) | 2,298 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 862 | (789) | — | — | — | 73 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 2 | — | (11) | — | 9 | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | 1,878 | (4) | — | — | (2,271) | (397) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision/(benefit) for taxes on income | 570 | 787 | 11 | — | 2,384 | 3,752 | ||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income
(b)
|
(347) | 190 | 3 | — | 596 | 441 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 917 | 596 | 9 | — | 1,789 | 3,311 | ||||||||||||||||||||||||||||||||
Income/(loss) from discontinued operations––net of tax | 560 | — | — | (560) | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 8 | — | — | — | — | 8 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 1,469 | 596 | 9 | (560) | 1,789 | 3,303 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 0.26 | 0.11 | — | (0.10) | 0.32 | 0.59 | ||||||||||||||||||||||||||||||||
Nine Months Ended September 27, 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 | $ | 30,224 | $ | — | $ | — | $ | — | $ | — | $ | 30,224 | ||||||||||||||||||||||||||
Cost of sales | 5,773 | 14 | — | — | (86) | 5,701 | ||||||||||||||||||||||||||||||||
Selling, informational and administrative expenses | 7,858 | (1) | — | — | (318) | 7,540 | ||||||||||||||||||||||||||||||||
Research and development expenses | 6,050 | 4 | — | — | (242) | 5,812 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 2,579 | (2,365) | — | — | — | 214 | ||||||||||||||||||||||||||||||||
Restructuring charges and certain acquisition-related costs | 417 | — | (46) | — | (371) | — | ||||||||||||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction | (6) | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||
Other (income)/deductions––net | 1,114 | (89) | — | — | (2,126) | (1,101) | ||||||||||||||||||||||||||||||||
Income from continuing operations before provision/(benefit) for taxes on income | 6,438 | 2,437 | 46 | — | 3,137 | 12,057 | ||||||||||||||||||||||||||||||||
Provision/(benefit) for taxes on income
(b)
|
434 | 546 | 11 | — | 719 | 1,710 | ||||||||||||||||||||||||||||||||
Income from continuing operations | 6,004 | 1,891 | 35 | — | 2,417 | 10,347 | ||||||||||||||||||||||||||||||||
Income/(loss) from discontinued operations––net of tax | 2,334 | — | — | (2,334) | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 25 | — | — | — | — | 25 | ||||||||||||||||||||||||||||||||
Net income attributable to Pfizer Inc. common shareholders | 8,313 | 1,891 | 35 | (2,334) | 2,417 | 10,322 | ||||||||||||||||||||||||||||||||
Earnings per common share attributable to Pfizer Inc. common shareholders––diluted | 1.48 | 0.34 | 0.01 | (0.42) | 0.43 | 1.84 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(MILLIONS) | Oct. 3, 2021 | Sept. 27, 2020 | Oct. 3, 2021 | Sept. 27, 2020 | ||||||||||||||||||||||
Purchase accounting adjustments | ||||||||||||||||||||||||||
Amortization, depreciation and other
(a)
|
$ | 859 | $ | 792 | $ | 2,367 | $ | 2,451 | ||||||||||||||||||
Cost of sales
|
(6) | (5) | (17) | (14) | ||||||||||||||||||||||
Total purchase accounting adjustments––pre-tax | 852 | 787 | 2,349 | 2,437 | ||||||||||||||||||||||
Income taxes
(b)
|
(127) | (190) | (482) | (546) | ||||||||||||||||||||||
Total purchase accounting adjustments––net of tax | 725 | 596 | 1,868 | 1,891 | ||||||||||||||||||||||
Acquisition-related items | ||||||||||||||||||||||||||
Restructuring charges/(credits)
(c)
|
(2) | 4 | (9) | 3 | ||||||||||||||||||||||
Transaction costs
(c)
|
— | — | — | 14 | ||||||||||||||||||||||
Integration costs and other
(c)
|
3 | 7 | 11 | 29 | ||||||||||||||||||||||
Total acquisition-related items––pre-tax | 1 | 11 | 3 | 46 | ||||||||||||||||||||||
Income taxes
(b)
|
(2) | (3) | (3) | (11) | ||||||||||||||||||||||
Total acquisition-related items––net of tax | (1) | 9 | — | 35 | ||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||
Income/(loss) from discontinued operations––net of tax
(d)
|
9 | (560) | (24) | (2,334) | ||||||||||||||||||||||
Certain significant items | ||||||||||||||||||||||||||
Restructuring charges/(credits)
––
cost reduction initiatives
(e)
|
645 | (9) | 666 | 371 | ||||||||||||||||||||||
Implementation costs and additional depreciation––asset restructuring
(f)
|
181 | 50 | 403 | 153 | ||||||||||||||||||||||
Net (gains)/losses on asset disposals
(g)
|
1 | — | (57) | — | ||||||||||||||||||||||
Net (gains)/losses recognized during the period on equity securities
(g)
|
(400) | 73 | (1,597) | (429) | ||||||||||||||||||||||
Certain legal matters, net
(g)
|
64 | (17) | 438 | 5 | ||||||||||||||||||||||
Certain asset impairments
(g)
|
— | 900 | — | 900 | ||||||||||||||||||||||
Business and legal entity alignment costs
(h)
|
31 | 63 | 156 | 212 | ||||||||||||||||||||||
Actuarial valuation and other pension and postretirement plan (gains)/losses
(i)
|
(899) | 1,230 | (932) | 1,306 | ||||||||||||||||||||||
(Gain) on completion of Consumer Healthcare JV transaction
(j)
|
— | — | — | (6) | ||||||||||||||||||||||
Other
(k)
|
772 | 94 | 1,075 | 624 | ||||||||||||||||||||||
Total certain significant items––pre-tax | 395 | 2,384 | 151 | 3,137 | ||||||||||||||||||||||
Income taxes
(l)
|
(1,587) | (596) | (1,549) | (719) | ||||||||||||||||||||||
Total certain significant items––net of tax | (1,192) | 1,789 | (1,398) | 2,417 | ||||||||||||||||||||||
Total purchase accounting adjustments, acquisition-related items, discontinued operations and certain significant items––net of tax, attributable to Pfizer Inc. | $ | (460) | $ | 1,834 | $ | 446 | $ | 2,009 |
Nine Months Ended | ||||||||||||||||||||||||||
(MILLIONS) |
October 3,
2021 |
September 27,
2020 |
Drivers of change | |||||||||||||||||||||||
Cash provided by/(used in): | ||||||||||||||||||||||||||
Operating activities from continuing operations | $ | 26,660 | $ | 6,364 |
The change is driven primarily by higher net income and advance payments in 2021 for Comirnaty recorded in deferred revenue and the impact of timing of receipts and payments in the ordinary course of business, including a $7.8 billion 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 | $ | (19,960) | $ | (1,129) |
The change is driven mainly by a $17.0 billion increase in purchases of short-term investments with original maturities of greater than three months and a $7.8 billion increase in net purchases of short-term investments with original maturities of three months or less, partially offset by a $7.5 billion increase in redemptions of short-term investments with original maturities of greater than three months.
|
|||||||||||||||||||||
Financing activities from continuing operations | $ | (6,465) | $ | (7,257) |
The change is driven mostly by a $5.1 billion net reduction in repayments of short-term borrowings with maturities of greater than three months and a $1.5 billion reduction in repayments of long-term debt, partially offset by a $4.2 billion decrease in proceeds from issuances of long-term debt and a $1.4 billion net decrease in proceeds from short-term borrowings with maturities of three months or less.
|
|||||||||||||||||||||
The following presents certain relevant measures of our liquidity and capital resources: | ||||||||||||||
(MILLIONS, EXCEPT RATIOS) |
October 3,
2021 |
December 31, 2020 | ||||||||||||
Selected financial assets
(a)
:
|
||||||||||||||
Cash and cash equivalents | $ | 1,966 | $ | 1,784 | ||||||||||
Short-term investments | 27,730 | 10,437 | ||||||||||||
Long-term investments, excluding private equity securities at cost | 4,632 | 2,973 | ||||||||||||
34,328 | 15,195 | |||||||||||||
Debt: | ||||||||||||||
Short-term borrowings, including current portion of long-term debt | 3,629 | 2,703 | ||||||||||||
Long-term debt | 36,250 | 37,133 | ||||||||||||
39,878 | 39,835 | |||||||||||||
Selected net financial liabilities | $ | (5,551) | $ | (24,641) | ||||||||||
Working capital
(b)
|
$ | 16,097 | $ | 9,147 | ||||||||||
Ratio of current assets to current liabilities | 1.39:1 | 1.35:1 | ||||||||||||
Recently Issued Accounting Standard, Not Adopted as of October 3, 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. | ||||||||||||
Accounting for contract assets and contract liabilities from contracts with customers
requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606. This new guidance will generally result in the acquirer recognizing contract assets and contract liabilities at the same amounts that were recorded by the acquiree. Previously, these amounts were recognized by the acquirer at fair value as of the acquisition date.
|
January 1, 2023. Early adoption is permitted. | We do not expect this new guidance to have a material impact 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)
|
||||||||||||||||||||||
July 5 through August 1, 2021
|
2,792 | $ | 39.78 | — | $ | 5,292,881,709 | ||||||||||||||||||||
August 2 through August 29, 2021
|
40,687 | $ | 43.01 | — | $ | 5,292,881,709 | ||||||||||||||||||||
August 30 through October 3, 2021
|
24,743 | $ | 45.01 | — | $ | 5,292,881,709 | ||||||||||||||||||||
Total | 68,222 | $ | 43.60 | — |
- | 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: | November 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 |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
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