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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 2, 2017

OR

TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

COMMISSION FILE NUMBER 1-3619

----

PFIZER INC.
(Exact name of registrant as specified in its charter)

DELAWARE
(State of Incorporation)
13-5315170
(I.R.S. Employer Identification No.)

235 East 42nd Street, New York, New York  10017
(Address of principal executive offices)  (zip code)
(212) 733-2323
(Registrant’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
YES   X 
NO ___

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES   X 
NO ___

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):

Large Accelerated filer  X                 Accelerated filer  ___                  Non-accelerated filer  ___             Smaller reporting company  ___        Emerging growth company  ___

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES ____
NO   X 

At May 8, 20175,967,844,470 shares of the issuer’s voting common stock were outstanding.



Table of Contents
Page
 
 
 
 
 
 
Condensed Consolidated Statements of Income for the three months ended April 2, 2017 and April 3, 2016
 
 
Condensed Consolidated Statements of Comprehensive Income for the three months ended April 2, 2017 and April 3, 2016
 
 
Condensed Consolidated Balance Sheets as of April 2, 2017 and December 31, 2016
 
 
Condensed Consolidated Statements of Cash Flows for the three months ended April 2, 2017 and April 3, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2


GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to “Pfizer,” “the Company,” “we,” “us” or “our” in this Quarterly Report on Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. We also have used several other terms in this Quarterly Report on Form 10-Q, most of which are explained or defined below:
2016 Financial Report
Financial Report for the fiscal year ended December 31, 2016, which was filed as Exhibit 13 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2016
2016 Form 10-K
Annual Report on Form 10-K for the fiscal year ended December 31, 2016
AAV
Adeno-Associated Virus
ACA (Also referred to as U.S. Healthcare Legislation)
U.S. Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act
ACIP
Advisory Committee on Immunization Practices
ALK
anaplastic lymphoma kinase
Allergan
Allergan plc
Alliance revenues
Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
Anacor
Anacor Pharmaceuticals, Inc.
Astellas
Astellas Pharma US, Inc.
ASU
Accounting Standards Update
ATM-AVI
aztreonam-avibactam
Bamboo
Bamboo Therapeutics, Inc.
BMS
Bristol-Myers Squibb Company
CDC
U.S. Centers for Disease Control and Prevention
Cellectis
Cellectis SA
Citibank
Citibank N.A.
Developed Markets
U.S., Western Europe, Japan, Canada, Australia, South Korea, Scandinavian countries, Finland and New Zealand
EEA
European Economic Area
EH
Essential Health
EMA
European Medicines Agency
Emerging Markets
Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Africa, Eastern Europe, Central Europe, the Middle East and Turkey
EPS
earnings per share
EU
European Union
EURIBOR
Euro Interbank Offered Rate
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FDA
U.S. Food and Drug Administration
GAAP
Generally Accepted Accounting Principles
GIST
gastrointestinal stromal tumors
GPD
Global Product Development organization
HER2-
human epidermal growth factor receptor 2-negative
HIS
Hospira Infusion Systems
Hisun
Zhejiang Hisun Pharmaceuticals Co., Ltd.
Hisun Pfizer
Hisun Pfizer Pharmaceuticals Company Limited
Hospira
Hospira, Inc.
HR+
hormone receptor-positive
ICU Medical
ICU Medical, Inc.
IH
Innovative Health
IPR&D
in-process research and development
IRS
U.S. Internal Revenue Service
IV
intravenous
Janssen
Janssen Biotech Inc.
King
King Pharmaceuticals, Inc.
LDL
low density lipoprotein
LIBOR
London Interbank Offered Rate
Lilly
Eli Lilly & Company
LOE
loss of exclusivity

3


MCO
Managed Care Organization
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MDV
multi-dose vial
Medivation
Medivation, Inc.
Merck
Merck & Co., Inc.
Meridian
Meridian Medical Technologies, Inc.
Moody’s
Moody’s Investors Service
NDA
new drug application
NovaQuest
NovaQuest Co-Investment Fund V, L.P.
NSCLC
non-small cell lung cancer
NYSE
New York Stock Exchange
OPKO
OPKO Health, Inc.
OTC
over-the-counter
PBM
Pharmacy Benefit Manager
Pharmacia
Pharmacia Corporation
PP&E
Property, plant & equipment
Quarterly Report on Form 10-Q
Quarterly Report on Form 10-Q for the quarterly period ended April 2, 2017
RCC
renal cell carcinoma
R&D
research and development
RPI
RPI Finance Trust
Sandoz
Sandoz, Inc., a division of Novartis AG
SEC
U.S. Securities and Exchange Commission
S&P
Standard and Poor’s
Teuto
Laboratório Teuto Brasileiro S.A.
U.K.
United Kingdom
U.S.
United States
VAT
value added tax
WRD
Worldwide Research and Development
Zoetis
Zoetis Inc.


4


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
 
Three Months Ended
(MILLIONS, EXCEPT PER COMMON SHARE DATA)
 
April 2,
2017

 
April 3,
2016

Revenues
 
$
12,779

 
$
13,005

Costs and expenses:
 
 
 
 
Cost of sales(a)
 
2,470

 
2,851

Selling, informational and administrative expenses(a)
 
3,308

 
3,385

Research and development expenses(a)
 
1,708

 
1,731

Amortization of intangible assets
 
1,186

 
1,006

Restructuring charges and certain acquisition-related costs
 
157

 
141

Other (income)/deductions––net
 
(1
)
 
330

Income from continuing operations before provision for taxes on income
 
3,951

 
3,561

Provision for taxes on income(b)
 
821

 
513

Income from continuing operations(b)
 
3,130

 
3,048

Discontinued operations––net of tax
 

 

Net income before allocation to noncontrolling interests(b)
 
3,130

 
3,048

Less: Net income attributable to noncontrolling interests
 
9

 
9

Net income attributable to Pfizer Inc.(b)
 
$
3,121

 
$
3,038

 
 
 
 
 
Earnings per common share––basic(b):
 
 

 
 

Income from continuing operations attributable to Pfizer Inc. common shareholders
 
$
0.52

 
$
0.49

Discontinued operations––net of tax
 

 

Net income attributable to Pfizer Inc. common shareholders
 
$
0.52

 
$
0.49

 
 
 
 
 
Earnings per common share––diluted(b):
 
 

 
 

Income from continuing operations attributable to Pfizer Inc. common shareholders
 
$
0.51

 
$
0.49

Discontinued operations––net of tax
 

 

Net income attributable to Pfizer Inc. common shareholders
 
$
0.51

 
$
0.49

 
 
 
 
 
Weighted-average shares––basic
 
6,006

 
6,150

Weighted-average shares––diluted
 
6,092

 
6,225

Cash dividends paid per common share
 
$
0.32

 
$
0.30

(a) 
Excludes amortization of intangible assets, except as disclosed in Note 9A. Identifiable Intangible Assets and Goodwill: Identifiable Intangible Assets.
(b) 
Amounts for the three months ended April 3, 2016 have been revised from previously reported amounts to reflect the adoption of a new accounting standard in the fourth quarter of 2016, as of January 1, 2016. For additional information, see Note 1B. Basis of Presentation and Significant Accounting Policies––Adoption of New Accounting Standards.
Amounts may not add due to rounding.


See Notes to Condensed Consolidated Financial Statements.

5


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 
Three Months Ended
(MILLIONS OF DOLLARS)
 
April 2,
2017

 
April 3,
2016

Net income before allocation to noncontrolling interests
 
$
3,130

 
$
3,048

 
 
 
 
 
Foreign currency translation adjustments, net
 
228

 
67

 
 
228

 
67

Unrealized holding losses on derivative financial instruments, net
 
(9
)
 
(273
)
Reclassification adjustments for realized gains(a)
 
(241
)
 
(339
)
 
 
(251
)
 
(612
)
Unrealized holding gains on available-for-sale securities, net
 
150

 
129

Reclassification adjustments for realized losses(a)
 
137

 
209

 
 
287

 
339

Benefit plans: actuarial gains, net
 
1

 

Reclassification adjustments related to amortization(b)
 
163

 
139

Reclassification adjustments related to settlements, net(b)
 
52

 
26

Other
 
45

 
38

 
 
261

 
203

Benefit plans: prior service costs and other, net
 

 

Reclassification adjustments related to amortization(b)
 
(45
)
 
(41
)
Reclassification adjustments related to curtailments, net(b)
 
(7
)
 
(6
)
Other
 
1

 
5

 
 
(52
)
 
(42
)
Other comprehensive income/(loss), before tax
 
474

 
(44
)
Tax provision/(benefit) on other comprehensive income/(loss)(c)
 
25

 
(41
)
Other comprehensive income/(loss) before allocation to noncontrolling interests
 
$
449

 
$
(4
)
 
 
 
 
 
Comprehensive income before allocation to noncontrolling interests
 
$
3,579

 
$
3,044

Less: Comprehensive income attributable to noncontrolling interests
 
15

 
4

Comprehensive income attributable to Pfizer Inc.
 
$
3,563

 
$
3,040


(a) 
Reclassified into Other (income)/deductions—net and Cost of sales in the condensed consolidated statements of income.
(b) 
Generally reclassified, as part of net periodic pension cost, into Cost of sales, Selling, informational and administrative expenses, and/or Research and development expenses, as appropriate, in the condensed consolidated statements of income. For additional information, see Note 10. Pension and Postretirement Benefit Plans.
(c) 
See Note 5C. Tax Matters: Tax Provision/(Benefit) on Other Comprehensive Income/(Loss).
Amounts may not add due to rounding.



See Notes to Condensed Consolidated Financial Statements.

6


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(MILLIONS OF DOLLARS)
 
April 2,
2017

 
December 31,
2016

 
 
(Unaudited)
 
 
Assets
 
 
 
 
Cash and cash equivalents
 
$
4,057

 
$
2,595

Short-term investments
 
10,503

 
15,255

Trade accounts receivable, less allowance for doubtful accounts: 2017—$588; 2016—$609
 
8,892

 
8,225

Inventories
 
7,415

 
6,783

Current tax assets
 
2,791

 
3,041

Other current assets
 
2,218

 
2,249

Assets held for sale
 
3

 
801

Total current assets
 
35,878

 
38,949

Long-term investments
 
7,346

 
7,116

Property, plant and equipment, less accumulated depreciation: 2017—$15,050; 2016—$14,807
 
13,238

 
13,318

Identifiable intangible assets, less accumulated amortization
 
52,427

 
52,648

Goodwill
 
54,656

 
54,449

Noncurrent deferred tax assets and other noncurrent tax assets
 
1,909

 
1,812

Other noncurrent assets
 
3,329

 
3,323

Total assets
 
$
168,784

 
$
171,615

 
 
 
 
 
Liabilities and Equity
 
 

 
 

Short-term borrowings, including current portion of long-term debt: 2017—$3,292; 2016—$4,225
 
$
7,680

 
$
10,688

Trade accounts payable
 
3,393

 
4,536

Dividends payable
 

 
1,944

Income taxes payable
 
790

 
437

Accrued compensation and related items
 
1,858

 
2,487

Other current liabilities
 
11,143

 
11,023

Total current liabilities
 
24,864

 
31,115

 
 
 
 
 
Long-term debt
 
36,330

 
31,398

Pension benefit obligations, net
 
5,300

 
6,406

Postretirement benefit obligations, net
 
1,742

 
1,766

Noncurrent deferred tax liabilities
 
30,857

 
30,753

Other taxes payable
 
4,027

 
4,000

Other noncurrent liabilities
 
6,918

 
6,337

Total liabilities
 
110,038

 
111,776

 
 
 
 
 
Commitments and Contingencies
 


 


 
 
 
 
 
Preferred stock
 
23

 
24

Common stock
 
463

 
461

Additional paid-in capital
 
83,111

 
82,685

Treasury stock
 
(89,414
)
 
(84,364
)
Retained earnings
 
74,847

 
71,774

Accumulated other comprehensive loss
 
(10,594
)
 
(11,036
)
Total Pfizer Inc. shareholders’ equity
 
58,435

 
59,544

Equity attributable to noncontrolling interests
 
311

 
296

Total equity
 
58,746

 
59,840

Total liabilities and equity
 
$
168,784

 
$
171,615

Amounts may not add due to rounding.
See Notes to Condensed Consolidated Financial Statements.

7


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
 
Three Months Ended
(MILLIONS OF DOLLARS)
 
April 2,
2017

 
April 3,
2016

Operating Activities
 
 
 
 
Net income before allocation to noncontrolling interests
 
$
3,130

 
$
3,048

Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization
 
1,555

 
1,425

Asset write-offs and impairments
 
35

 
146

Loss on sale of HIS net assets
 
37

 

Deferred taxes from continuing operations
 
38

 
(204
)
Share-based compensation expense
 
218

 
143

Benefit plan contributions in excess of expense
 
(986
)
 
(853
)
Other adjustments, net
 
(211
)
 
229

Other changes in assets and liabilities, net of acquisitions and divestitures(a)
 
(2,225
)
 
(2,125
)
Net cash provided by operating activities
 
1,589

 
1,808

 
 
 
 
 
Investing Activities
 
 

 
 

Purchases of property, plant and equipment
 
(358
)
 
(301
)
Purchases of short-term investments
 
(701
)
 
(3,489
)
Proceeds from redemptions/sales of short-term investments
 
2,235

 
7,922

Net proceeds from redemptions/sales of short-term investments with original maturities of three months or less
 
3,778

 
493

Purchases of long-term investments
 
(740
)
 
(1,308
)
Proceeds from redemptions/sales of long-term investments
 
846

 
1,142

Acquisitions of businesses, net of cash acquired
 
(585
)
 
(110
)
Other investing activities, net
 
297

 
6

Net cash provided by investing activities
 
4,772

 
4,355

 
 
 
 
 
Financing Activities
 
 

 
 

Proceeds from short-term borrowings
 
2,554

 
682

Principal payments on short-term borrowings
 
(2,530
)
 
(1,350
)
Net proceeds from/(payments on) short-term borrowings with original maturities of three months or less
 
(2,113
)
 
1,724

Proceeds from issuance of long-term debt
 
5,273

 

Principal payments on long-term debt
 
(1,253
)
 
(1,536
)
Purchases of common stock
 
(5,000
)
 
(5,000
)
Cash dividends paid
 
(1,945
)
 
(1,854
)
Proceeds from exercise of stock options
 
313

 
296

Other financing activities, net(a)
 
(220
)
 
(132
)
Net cash used in financing activities
 
(4,921
)
 
(7,171
)
Effect of exchange-rate changes on cash and cash equivalents
 
21

 
(73
)
Net increase/(decrease) in cash and cash equivalents
 
1,461

 
(1,080
)
Cash and cash equivalents, beginning
 
2,595

 
3,641

Cash and cash equivalents, end
 
$
4,057

 
$
2,561

 
 
 

 
 

Supplemental Cash Flow Information
 
 
 
 
Non-cash transactions:
 
 
 
 
Receipt of ICU Medical common stock(b)
 
$
428

 
$

Promissory note from ICU Medical(b)
 
75

 

Cash paid (received) during the period for:
 
 

 
 

Income taxes
 
$
195

 
$
518

Interest
 
216

 
409

Interest rate hedges
 
32

 
(27
)

(a)