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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 3, 2021
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
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PFIZER INC.
(Exact name of registrant as specified in its charter)
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Delaware | 13-5315170 |
(State of Incorporation) | (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)
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Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $.05 par value | | PFE | | New York Stock Exchange |
0.250% Notes due 2022 | | PFE22 | | New York Stock Exchange |
1.000% Notes due 2027 | | PFE27 | | New York Stock Exchange |
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.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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:
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).
At November 8, 2021, 5,612,866,598 shares of the issuer’s voting common stock were outstanding.
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Item 2. | |
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Item 3. | |
Defaults Upon Senior Securities | N/A |
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Item 4. | |
Mine Safety Disclosures | N/A |
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Item 5. | |
Other Information | N/A |
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N/A = Not Applicable | |
Unless the context requires otherwise, references to “Pfizer,” “the Company,” “we,” “us” or “our” in this Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and nine months ended August 29, 2021 and August 23, 2020, and for U.S. subsidiaries is as of and for the three and nine months ended October 3, 2021 and September 27, 2020. References to “Notes” in this Form 10-Q are to the notes to the condensed or consolidated financial statements in this Form 10-Q or our 2020 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined:
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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 |
This Form 10-Q includes discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or effectiveness of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.
Some amounts in this Form 10-Q may not add due to rounding. All percentages have been calculated using unrounded amounts. All trademarks mentioned are the property of their owners.
The information contained on our website, our Facebook, YouTube and LinkedIn pages or our Twitter accounts, or any third-party website, is not incorporated by reference into this Form 10-Q.
| | |
PART I. FINANCIAL INFORMATION |
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | $ | 24,094 | | | $ | 10,277 | | | $ | 57,653 | | | $ | 30,224 | |
Costs and expenses: | | | | | | | | |
Cost of sales(a) | | 9,973 | | | 2,007 | | | 21,232 | | | 5,773 | |
Selling, informational and administrative expenses(a) | | 2,905 | | | 2,658 | | | 8,617 | | | 7,858 | |
Research and development expenses(a) | | 3,447 | | | 2,300 | | | 7,920 | | | 6,050 | |
Amortization of intangible assets | | 981 | | | 862 | | | 2,784 | | | 2,579 | |
Restructuring charges and certain acquisition-related costs | | 646 | | | 2 | | | 668 | | | 417 | |
(Gain) on completion of Consumer Healthcare JV transaction | | — | | | — | | | — | | | (6) | |
Other (income)/deductions––net | | (1,696) | | | 1,878 | | | (3,697) | | | 1,114 | |
Income from continuing operations before provision/(benefit) for taxes on income | | 7,836 | | | 570 | | | 20,128 | | | 6,438 | |
Provision/(benefit) for taxes on income | | (331) | | | (347) | | | 1,518 | | | 434 | |
Income from continuing operations | | 8,167 | | | 917 | | | 18,610 | | | 6,004 | |
| | | | | | | | |
Income/(loss) from discontinued operations––net of tax | | (9) | | | 560 | | | 24 | | | 2,334 | |
| | | | | | | | |
| | | | | | | | |
Net income before allocation to noncontrolling interests | | 8,159 | | | 1,477 | | | 18,633 | | | 8,338 | |
Less: Net income attributable to noncontrolling interests | | 12 | | | 8 | | | 47 | | | 25 | |
Net income attributable to Pfizer Inc. common shareholders | | $ | 8,146 | | | $ | 1,469 | | | $ | 18,586 | | | $ | 8,313 | |
| | | | | | | | |
Earnings per common share––basic: | | | | | | | | |
Income from continuing operations attributable to Pfizer Inc. common shareholders | | $ | 1.45 | | | $ | 0.16 | | | $ | 3.32 | | | $ | 1.08 | |
Income/(loss) from discontinued operations––net of tax | | — | | | 0.10 | | | — | | | 0.42 | |
Net income attributable to Pfizer Inc. common shareholders | | $ | 1.45 | | | $ | 0.26 | | | $ | 3.32 | | | $ | 1.50 | |
| | | | | | | | |
Earnings per common share––diluted: | | | | | | | | |
Income from continuing operations attributable to Pfizer Inc. common shareholders | | $ | 1.42 | | | $ | 0.16 | | | $ | 3.26 | | | $ | 1.06 | |
Income/(loss) from discontinued operations––net of tax | | — | | | 0.10 | | | — | | | 0.42 | |
Net income attributable to Pfizer Inc. common shareholders | | $ | 1.42 | | | $ | 0.26 | | | $ | 3.27 | | | $ | 1.48 | |
| | | | | | | | |
Weighted-average shares––basic | | 5,609 | | | 5,557 | | | 5,597 | | | 5,552 | |
Weighted-average shares––diluted | | 5,725 | | | 5,633 | | | 5,688 | | | 5,622 | |
(a)Exclusive of amortization of intangible assets, except as disclosed in Note 9 in this Form 10-Q and Note 1L in our 2020 Form 10-K.
See Accompanying Notes.
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | $ | 8,159 | | | $ | 1,477 | | | $ | 18,633 | | | $ | 8,338 | |
| | | | | | | | |
Foreign currency translation adjustments, net | | (866) | | | 1,403 | | | (366) | | | (27) | |
| | | | | | | | |
| | | | | | | | |
Unrealized holding gains/(losses) on derivative financial instruments, net | | 213 | | | (372) | | | 179 | | | (661) | |
Reclassification adjustments for (gains)/losses included in net income(a) | | 48 | | | 143 | | | 286 | | | (25) | |
| | 261 | | | (230) | | | 464 | | | (685) | |
Unrealized holding gains/(losses) on available-for-sale securities, net | | (266) | | | 239 | | | (128) | | | 231 | |
Reclassification adjustments for (gains)/losses included in net income(b) | | 9 | | | (85) | | | (172) | | | (25) | |
| | | | | | | | |
| | (257) | | | 155 | | | (300) | | | 205 | |
| | | | | | | | |
Reclassification adjustments related to amortization of prior service costs and other, net | | (39) | | | (45) | | | (119) | | | (134) | |
Reclassification adjustments related to curtailments of prior service costs and other, net | | (59) | | | — | | | (59) | | | — | |
Other | | 2 | | | (3) | | | (3) | | | 1 | |
| | (97) | | | (47) | | | (181) | | | (133) | |
Other comprehensive income/(loss), before tax | | (959) | | | 1,280 | | | (382) | | | (640) | |
Tax provision/(benefit) on other comprehensive income/(loss) | | (65) | | | (19) | | | (44) | | | (311) | |
Other comprehensive income/(loss) before allocation to noncontrolling interests | | $ | (894) | | | $ | 1,299 | | | $ | (338) | | | $ | (329) | |
| | | | | | | | |
Comprehensive income/(loss) before allocation to noncontrolling interests | | $ | 7,265 | | | $ | 2,776 | | | $ | 18,296 | | | $ | 8,009 | |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | | 9 | | | 11 | | | 48 | | | 16 | |
Comprehensive income/(loss) attributable to Pfizer Inc. | | $ | 7,256 | | | $ | 2,766 | | | $ | 18,248 | | | $ | 7,993 | |
(a)Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
(b)Reclassified into Other (income)/deductions—net.
See Accompanying Notes.
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | | |
(MILLIONS) | | October 3, 2021 | | December 31, 2020 |
| | (Unaudited) | | |
Assets | | | | |
Cash and cash equivalents | | $ | 1,966 | | | $ | 1,784 | |
Short-term investments | | 27,730 | | | 10,437 | |
Trade accounts receivable, less allowance for doubtful accounts: 2021—$494; 2020—$508 | | 11,897 | | | 7,930 | |
Inventories | | 8,640 | | | 8,046 | |
Current tax assets | | 3,877 | | | 3,264 | |
Other current assets | | 3,790 | | | 3,605 | |
Total current assets | | 57,900 | | | 35,067 | |
Equity-method investments | | 16,349 | | | 16,856 | |
Long-term investments | | 5,248 | | | 3,406 | |
Property, plant and equipment, less accumulated depreciation: 2021—$15,403; 2020—$14,812 | | 14,436 | | | 13,900 | |
Identifiable intangible assets | | 26,306 | | | 28,471 | |
Goodwill | | 49,489 | | | 49,577 | |
Noncurrent deferred tax assets and other noncurrent tax assets | | 2,755 | | | 2,383 | |
Other noncurrent assets | | 6,705 | | | 4,569 | |
| | | | |
Total assets | | $ | 179,188 | | | $ | 154,229 | |
| | | | |
Liabilities and Equity | | | | |
Short-term borrowings, including current portion of long-term debt: 2021—$2,663; 2020—$2,002 | | $ | 3,629 | | | $ | 2,703 | |
Trade accounts payable | | 4,698 | | | 4,309 | |
Dividends payable | | 2,191 | | | 2,162 | |
Income taxes payable | | 4,496 | | | 1,049 | |
Accrued compensation and related items | | 2,571 | | | 3,058 | |
Deferred revenues | | 3,529 | | | 1,113 | |
Other current liabilities | | 20,690 | | | 11,527 | |
| | | | |
Total current liabilities | | 41,803 | | | 25,920 | |
| | | | |
Long-term debt | | 36,250 | | | 37,133 | |
Pension benefit obligations | | 3,676 | | | 4,766 | |
Postretirement benefit obligations | | 627 | | | 645 | |
Noncurrent deferred tax liabilities | | 328 | | | 4,063 | |
Other taxes payable | | 11,336 | | | 11,560 | |
Other noncurrent liabilities | | 9,201 | | | 6,669 | |
Total liabilities | | 103,221 | | | 90,756 | |
| | | | |
Commitments and Contingencies | | | | |
| | | | |
| | | | |
Common stock | | 473 | | | 470 | |
Additional paid-in capital | | 89,973 | | | 88,674 | |
| | | | |
Treasury stock | | (111,359) | | | (110,988) | |
Retained earnings | | 102,252 | | | 90,392 | |
Accumulated other comprehensive loss | | (5,649) | | | (5,310) | |
Total Pfizer Inc. shareholders’ equity | | 75,691 | | | 63,238 | |
Equity attributable to noncontrolling interests | | 275 | | | 235 | |
Total equity | | 75,967 | | | 63,473 | |
Total liabilities and equity | | $ | 179,188 | | | $ | 154,229 | |
See Accompanying Notes.
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | — | | | $ | — | | | 9,450 | | | $ | 472 | | | $ | 89,336 | | | (3,851) | | | $ | (111,356) | | | $ | 96,346 | | | $ | (4,758) | | | $ | 70,042 | | | $ | 273 | | | $ | 70,315 | |
Net income | | | | | | | | | | | | | | | | 8,146 | | | | | 8,146 | | | 12 | | | 8,159 | |
Other comprehensive income/(loss), net of tax | | | | | | | | | | | | | | | | | | (891) | | | (891) | | | (3) | | | (894) | |
Cash dividends declared, per share: $0.39 | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock | | | | | | | | | | | | | | | | (2,192) | | | | | (2,192) | | | | | (2,192) | |
Preferred stock | | | | | | | | | | | | | | | | | | | | — | | | | | — | |
Noncontrolling interests | | | | |