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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Product revenues [1] $ 50,914 $ 91,793 $ 73,636
Alliance revenues [1] 7,582 8,537 7,652
Total revenues [2] 58,496 100,330 81,288
Costs and expenses:      
Cost of sales [3],[4] 24,954 34,344 30,821
Selling, informational and administrative expenses [3] 14,771 13,677 12,703
Research and development expenses [3] 10,679 11,428 10,360
Acquired in-process research and development expenses 194 953 3,469
Amortization of intangible assets 4,733 3,609 3,700
Restructuring charges and certain acquisition-related costs 2,943 1,375 802
Other (income)/deductions––net (835) 217 (4,878)
Income from continuing operations before provision/(benefit) for taxes on income [2],[5],[6] 1,058 34,729 24,311
Provision/(benefit) for taxes on income (1,115) 3,328 1,852
Income from continuing operations 2,172 31,401 22,459
Discontinued operations––net of tax (15) 6 (434)
Net income before allocation to noncontrolling interests 2,158 31,407 22,025
Less: Net income attributable to noncontrolling interests 39 35 45
Net income attributable to Pfizer Inc. common shareholders $ 2,119 $ 31,372 $ 21,979
Earnings per common share––basic:      
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.38 $ 5.59 $ 4.00
Discontinued operations––net of tax (in dollars per share) 0 0 (0.08)
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) 0.38 5.59 3.92
Earnings per common share––diluted:      
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) 0.37 5.47 3.93
Discontinued operations––net of tax (in dollars per share) 0 0 (0.08)
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.37 $ 5.47 $ 3.85
Weighted-average shares––basic 5,643 5,608 5,601
Weighted-average shares––diluted 5,709 5,733 5,708
[1] See Note 1G.
[2] Earnings = Income from continuing operations before provision/(benefit) for taxes on income. Biopharma’s revenues and earnings in 2023 reflect a non-cash revenue reversal of $3.5 billion (see Note 17C). Biopharma’s earnings also include dividend income from our investment in ViiV of $265 million in 2023, $314 million in 2022 and $166 million in 2021.
[3] Exclusive of amortization of intangible assets.
[4] See Notes 8A and 17A.
[5] 2022 v. 2021––The decrease in domestic income is primarily related to net losses on equity securities in 2022 versus net gains on equity securities in 2021, lower net periodic benefit credits and higher restructuring charges and certain acquisition-related costs, partially offset by Paxlovid income and lower acquired IPR&D expenses. The increase in international income is primarily related to Paxlovid and Comirnaty income partially offset by lower net periodic benefit credits.
[6] 2023 v. 2022––The domestic loss in 2023 versus domestic income in 2022 and the decrease in international income in 2023 was primarily attributable to lower revenues, higher intangible asset impairment charges, and increases in Restructuring charges and certain acquisition-related costs, Amortization of intangible assets, and Selling, informational and administrative expenses, partially offset by a decrease in Cost of sales and net gains on equity securities in 2023 versus net losses on equity securities in 2022.