XML 49 R2.htm IDEA: XBRL DOCUMENT v3.22.4
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Summary Compensation Table (SCT) Total for CEO*
 ($)
Compensation Actually Paid to CEO(1)/(2)/(3)
($)
Average SCT Total for (non-CEO) NEOs*
($)
Average Compensation Actually Paid to (non-CEO) NEOs(1)/(2)/(3)
($)
Value of Initial Fixed $100 investment on December 31, 2019(GAAP)
Company Selected Measure
(Non-GAAP)
Pfizer ($)
DRG Index ** ($)
Net Income ($B)
Adj. Net Income***
($B)
Year
202233,017,453 5,662,152 14,842,288 8,437,687 15414431.3739.12
202124,353,219 115,175,594 9,289,461 40,940,768 17213421.9825.24
202021,033,570 29,667,753 9,599,590 11,911,035 1031099.1616.73
   
Company Selected Measure Name Adjusted Net Income    
Named Executive Officers, Footnote [Text Block] SCT Total. As noted earlier in this Proxy Statement, reflects the grants made during the year for which the applicable performance goals have been set under GAAP rules. The accounting rules provide that PSAs are are deemed granted and therefore included in the SCT when the applicable goals are set; therefore, one-third of the PSAs is included in the SCT Total in each of the three performance years as a result of the use of three, separately established annual goals. Additionally, for 2022 equity awards reported in the SCT include the make-up awards for Mr. Denton and Dr. Pao in connection with their hiring, as detailed in the “Leadership Transition section elsewhere in this Proxy Statement.    
Peer Group Issuers, Footnote [Text Block] Peer Group TSR. Represents the DRG Index (NYSE ARCA Pharmaceutical Index) peer group.    
PEO Total Compensation Amount $ 33,017,453 $ 24,353,219 $ 21,033,570
PEO Actually Paid Compensation Amount $ 5,662,152 115,175,594 29,667,753
Adjustment To PEO Compensation, Footnote [Text Block] To calculate CAP, as defined by the SEC, the following deductions and additions were made to the SCT Total compensation:
CEO — Summary Compensation Table Total to CAP Reconciliation
YearCEO/Principal Executive Officer (PEO)
SummaryCompen-sation Table (SCT) Total
($)
Deductions: Stock and Option Awards
($)
Deductions:
Change in Pension
($)
SCT Adjusted Total
($)
Fair Value of Grant During the Year at 12/31 ($)Change in Fair Value of Prior Years’ Awards (Unvested at 12/31) ($)Change in Fair Value of Prior Years’ Awards that Vested During Applicable Year ($)CAP
to
CEO ($)
ABCD=A-B-CEFGH=D+E+F+G
2022Bourla33,017,453 18,822,635 2,473,74711,721,071 23,195,458 (19,441,173)(9,813,204)5,662,152 
2021Bourla24,353,21913,231,45749,90111,071,86147,742,308 57,799,698 (1,438,273)115,175,594
2020Bourla21,033,57011,680,7681,367,7807,985,02220,171,525 2,516,212 (1,005,006)29,667,753
(Amounts are subject to rounding.)
   
Non-PEO NEO Average Total Compensation Amount $ 14,842,288 9,289,461 9,599,590
Non-PEO NEO Average Compensation Actually Paid Amount $ 8,437,687 40,940,768 11,911,035
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
Average Non–CEO NEO — Summary Compensation Table Total to CAP Reconciliation
Year
Non-CEO NEOs(i)
Avg. SCT Total
($)
Deductions: Stock and Option Awards
($)
Deductions:
Change in Pension
($)
SCT Adjusted Total
($)
Fair Value of Grant During the Year at 12/31 ($) Change in Fair Value of Prior Years’ Awards (Unvested at 12/31) ($)Change in Fair Value of Prior Years’ Awards that Vested During Applicable Year ($)
Avg. CAP to (non-CEO) NEOs ($)
ABCD=A-B-CEFGH=D+E+F+G
2022
Denton, Pao, Dolsten, Hwang, and D’Amelio(ii)
14,842,288 6,029,494 — 8,812,794 6,608,542 (4,530,369)(2,453,280)8,437,687 
2021
D’Amelio, Dolsten, Hwang, Lankler and Young(ii)
9,289,461 4,583,167 53,838 4,652,456 16,368,787 20,441,286 (521,762)40,940,768 
2020D’Amelio, Dolsten, Hwang, and Young9,599,590 4,416,359 1,050,895 4,132,336 7,370,367 1,057,547 (649,214)11,911,035 
(Amounts are subject to rounding.)
(i)     Except for Mr. Denton and Dr. Pao, the NEOs have met the criteria for retirement treatment on their equity awards.
(ii)    For 2022, Mr. D’Amelio was no longer serving as an executive officer at fiscal year-end (former CFO). For 2021, Mr. Young was no longer serving as an executive officer at fiscal year-end (former Group President, Chief Business Officer).
   
Equity Valuation Assumption Difference, Footnote [Text Block] The Monte Carlo simulation used to determine values for the TSRUs uses the valuation date (or the prior business day where the valuation date falls on the weekend or holiday) assumptions of: stock price, expected dividend yield, risk-free interest rate, and stock price volatility, as determined in accordance with ASC Topic 718. However, for outstanding awards granted prior to the Upjohn/Mylan transaction (closed November 2020) the valuations of these grants utilized an adjusted grant price which factored in the value of the dividends prior to the close, consistent with what shareholders would have already received. The PSAs valuation methodology utilized the equity intrinsic value accounting, with the applicable performance conditions applied and dividend equivalents accrued based on the applicable performance conditions. For Mr. Denton and Dr. Pao's RSU make-up awards, dividend equivalent units are accumulated during the vesting period, at the applicable dividend dates, and reinvested as additional RSU units which are settled in shares with the underlying RSUs on the vesting date.    
Compensation Actually Paid vs. Total Shareholder Return [Text Block] pfe-20230315_g33.jpg* TSR value based on $100 investment of Pfizer versus DRG Index as of December 31, 2019.    
Compensation Actually Paid vs. Net Income [Text Block] pfe-20230315_g34.jpg    
Compensation Actually Paid vs. Company Selected Measure [Text Block] pfe-20230315_g35.jpg    
Tabular List [Table Text Block]
Most Important Performance Measures
Adjusted Net Income
Total Revenue
Adjusted Diluted EPS
Cash Flow from Operations
   
Total Shareholder Return Amount $ 154 172 103
Peer Group Total Shareholder Return Amount 144 134 109
Net Income (Loss) $ 31,370,000,000 $ 21,980,000,000 $ 9,160,000,000
Company Selected Measure Amount 39,120,000,000 25,240,000,000 16,730,000,000
PEO Name Bourla Bourla Bourla
Additional 402(v) Disclosure [Text Block] As the pension plan was frozen, no service cost was included in the table above. Additionally, dividends are not paid on PSAs until they settle and then on the earned shares.
CEO and Average Non-CEO NEO CAP Pay-Versus-Performance
The following illustrates the relationship between the CAP of our CEO and average non-CEO NEO (Avg. NEO) and company performance as well as peer performance.
The 3-year compensation history of the CEO and Avg. NEO shows that the disclosed compensation actually paid (CAP) closely aligns with Pfizer’s stock TSR which outperformed the DRG Index TSR for 2022 and 2021 and tracked the DRG Index for 2020, both values are based on a $100 investment made on December 31, 2019.
In light of the significant weighting of long-term stock-based incentives in our pay mix (which approximates a range of 75%-80% for the CEO and 60%-70% for the Avg. NEOs, of target total direct compensation) due to the intended alignment between our executives and shareholders, the CAP values are significantly influenced by the value of Pfizer’s stock price. This is illustrated by the impact of the 2021 year-end stock price of $59.05, which represents a year-over-year increase of 60% from the 2020 year-end stock price of $36.81, which drove the 2021 CAP value up due to the dramatic increase in the year-over-year change in the value of the outstanding long-term incentives. Alternatively, when comparing the 2021 year-end stock price to the 2022 year-end stock price, the year-over-year decline from $59.05 to $51.24, respectively, is attributed to the significant year-over-year decline in the CAP value.
Overall, the Committee believes the executive compensation program strikes an appropriate balance between incentivizing our executives based on performance, as well as utilizing market competitive pay practices. This is also evidenced by the performance metrics the Committee selected to link pay with performance as described in the section below. See our “Compensation Discussion and Analysis for additional information regarding Pfizer’s pay-for-performance executive compensation program.
Company Performance Metrics
Pfizer’s executive compensation program appropriately aligns pay and performance as the Committee seeks to utilize metrics that incentivize and strengthen our alignment to the Compensation Philosophy, as well as our focus on long-term sustainable growth. The metrics (non-GAAP) listed below are the performance metrics the Committee deems as most important for purposes of determining compensation and is as further described in our Compensation Discussion and Analysis within the sections titled 2022 Annual Incentive Award/Global Performance Plan (GPP)and2022 Annual Long-Term Incentive Award Program”.
CEO Realized Pay Table (Supplemental)
The supplemental table and graphs below compare the realized pay for Dr. Bourla over three years with the disclosed SCT Total and CAP.
YearSCT Total
($)
CAP
($)
Realized Pay(1)
($)
202233,017,453 5,662,152 26,621,180 
202124,353,219 115,175,59416,676,919 
202021,033,570 29,667,7539,986,957 
(Amounts are subject to rounding.)
(1)Realized Pay is defined as base salary, short-term incentive bonus paid on account of the performance year, and payouts/settlements of long-term incentive awards during the applicable year.
YearSalary
($)
Bonus
 ($)
LTI Settlements
 ($)
Realized Pay
 ($)
20221,737,500 7,650,000 17,233,680 26,621,180 
20211,687,500  8,000,0006,989,419 16,676,919 
20201,650,000  5,491,800 2,845,157 9,986,957 
(Amounts are subject to rounding.)

pfe-20230315_g36.jpg
The graph above (subject to rounding) illustrates that our CEO’s realized pay for 2021 and 2020 was significantly lower than the CAP and SCT Total. For 2022, the year-end stock price declined from 2021, therefore resulting in a negative value for the outstanding equity awards, which partially offset the current compensation and resulted in a lower CAP as compared to the realized pay and SCT Total.
See our “Compensation Discussion and Analysis for additional information regarding Pfizer’s pay-for-performance executive compensation program.
   
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted Net Income    
Non-GAAP Measure Description [Text Block] Adjusted Net Income. Results used for PSA purposes. Adjusted Net Income is defined as U.S. GAAP net income attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items; and is adjusted to reflect budgeted FX rates for the year and further refined to exclude certain other unbudgeted or non-recurring items including acquired in-process research and development expenses.    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Total Revenue    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted Diluted EPS    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Cash Flow from Operations    
PEO [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount, Adjusted $ 11,721,071 $ 11,071,861 $ 7,985,022
PEO [Member] | Stock and Option Awards Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (18,822,635) (13,231,457) (11,680,768)
PEO [Member] | Change in Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (2,473,747) (49,901) (1,367,780)
PEO [Member] | Equity Awards Granted During the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 23,195,458 47,742,308 20,171,525
PEO [Member] | Equity Awards Granted in Prior Years, Unvested [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (19,441,173) 57,799,698 2,516,212
PEO [Member] | Equity Awards Granted in Prior Years, Vested [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (9,813,204) (1,438,273) (1,005,006)
Non-PEO NEO [Member]      
Pay vs Performance Disclosure [Table]      
Non-PEO Total Compensation Amount, Adjusted 8,812,794 4,652,456 4,132,336
Non-PEO NEO [Member] | Stock and Option Awards Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (6,029,494) (4,583,167) (4,416,359)
Non-PEO NEO [Member] | Change in Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 (53,838) (1,050,895)
Non-PEO NEO [Member] | Equity Awards Granted During the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 6,608,542 16,368,787 7,370,367
Non-PEO NEO [Member] | Equity Awards Granted in Prior Years, Unvested [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (4,530,369) 20,441,286 1,057,547
Non-PEO NEO [Member] | Equity Awards Granted in Prior Years, Vested [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (2,453,280) $ (521,762) $ (649,214)