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Acquisitions, Divestitures, Equity-Method Investments, Licensing Arrangement, Collaborative Arrangements and Research and Development Arrangement (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combinations, Discontinued Operations And Disposal Groups, Collaborative Arrangements And Equity Method Investments [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the acquisition date. The estimated values are not yet finalized (see below) and are subject to change, which could be significant. We will finalize the amounts recognized as we obtain the information necessary to complete the analyses. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date.
(MILLIONS)
Amounts Recognized
as of Acquisition Date
(Provisional)
Working capital, excluding inventories(a)
$736 
Inventories(b)
4,195 
Property, plant and equipment
524 
Identifiable intangible assets, excluding in-process research and development(c)
7,970 
In-process research and development
20,800 
Other noncurrent assets
174 
Net income tax accounts(d)
(6,123)
Other noncurrent liabilities(167)
Total identifiable net assets28,108 
Goodwill16,126 
Net assets acquired/total consideration transferred$44,234 
(a)Includes cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued compensation and other current liabilities.
(b)Comprised of $1.0 billion current inventories and $3.1 billion noncurrent inventories.
(c)Comprised mainly of $7.5 billion of finite-lived developed technology rights with an estimated weighted-average life of approximately 18 years.
(d)As of the acquisition date, included primarily in Noncurrent deferred tax liabilities.
Schedule of Pro Forma Information The following table presents information for Seagen’s operations that are included in Pfizer’s consolidated statements of income beginning from the acquisition date, December 14, 2023, through Pfizer’s year-end in 2023:
(MILLIONS)
December 31,
2023
Revenues$120 
Net loss attributable to Pfizer Inc. common shareholders(a)
(746)
(a)Includes restructuring, integration and acquisition-related costs ($614 million pre-tax) and purchase accounting charges related to (i) the preliminary fair value adjustment for acquisition-date inventory estimated to have been sold ($109 million pre-tax); (ii) amortization expense related to the preliminary fair value of identifiable intangible assets acquired from Seagen ($25 million pre-tax); as well as (iii) depreciation expense related to the preliminary fair value adjustment of fixed assets acquired from Seagen ($2 million pre-tax).
The following table provides unaudited U.S. GAAP supplemental pro forma information as if the acquisition of Seagen had occurred on January 1, 2022:
Unaudited Supplemental Pro Forma Consolidated Results
Year Ended December 31,
(MILLIONS, EXCEPT PER SHARE DATA)
20232022
Revenues
$60,632 $102,127 
Net income/(loss) attributable to Pfizer Inc. common shareholders
(1,474)27,938 
Diluted earnings/(loss) per share attributable to Pfizer Inc. common shareholders
(0.26)4.87 
Summarized Financial Information of Discontinued Operations
Components of Discontinued operations––net of tax:
Year Ended December 31,(a)
(MILLIONS)202320222021
Total revenues
$— $— $277 
Costs and expenses:
Cost of sales— — 204 
Selling, informational and administrative expenses— 8 26 
Research and development expenses— — 9 
Acquired in-process research and development expenses— — — 
Amortization of intangible assets — — 45 
Restructuring charges and certain acquisition-related costs— — 2 
Other (income)/deductions––net(11)(20)365 
Pre-tax income/(loss) from discontinued operations11 12 (375)
Provision/(benefit) for taxes on income26 13 (107)
Income/(loss) from discontinued operations––net of tax(15)(1)(268)
Pre-tax gain/(loss) on sale of discontinued operations— 10 (211)
Provision/(benefit) for taxes on income— 2 (44)
Gain/(loss) on sale of discontinued operations––net of tax— 7 (167)
Discontinued operations––net of tax$(15)$6 $(434)
(a)In 2023 and 2022, Discontinued operations—net of tax relates to post-close adjustments. In 2021, Discontinued operations—net of tax primarily includes (i) the operations of Meridian prior to its sale on December 31, 2021 recognized in Income/(loss) from discontinued operations—net of tax, which includes a pre-tax expense to resolve an MDL relating to EpiPen against the Company in the U.S. District Court for the District of Kansas for $345 million; and (ii) the after tax loss of $167 million related to the sale of Meridian recognized in Gain/(loss) on sale of discontinued operations––net of tax. To a much lesser extent, Discontinued operations—net of tax in 2021 also includes the operations of the Mylan-Japan collaboration prior to its termination on December 21, 2020 and post-close adjustments directly related to our former Upjohn and Nutrition discontinued businesses, including adjustments for tax, benefits and legal-related matters recognized in Income/(loss) from discontinued operations—net of tax.
Summarized Financial Information of Equity Method Investments
Summarized financial information for our equity-method investee, Haleon/the Consumer Healthcare JV, as of September 30, 2023, the most recent period available, and as of September 30, 2022 and for the periods ending September 30, 2023, 2022, and 2021 is as follows:
(MILLIONS)September 30, 2023September 30, 2022
Current assets$5,876 $5,932 
Noncurrent assets36,954 35,204 
Total assets
$42,830 $41,137 
Current liabilities$6,117 $5,235 
Noncurrent liabilities15,744 17,220 
Total liabilities
$21,862 $22,455 
Equity attributable to shareholders$20,719 $18,455 
Equity attributable to noncontrolling interests249 227 
Total net equity$20,968 $18,682 
For the Twelve Months Ending
(MILLIONS)September 30, 2023September 30, 2022September 30, 2021
Net sales$13,921 $13,566 $12,836 
Cost of sales(5,580)(5,081)(4,755)
Gross profit$8,341 $8,486 $8,081 
Income from continuing operations1,606 1,745 1,614 
Net income1,606 1,745 1,614 
Income attributable to shareholders1,528 1,675 1,547 
Summarized financial information for our equity-method investee, ViiV, as of December 31, 2023 and 2022 and for the years ending December 31, 2023, 2022, and 2021 is as follows:
As of December 31,
(MILLIONS)20232022
Current assets$4,237 $4,043 
Noncurrent assets3,009 3,014 
Total assets
$7,245 $7,057 
Current liabilities$4,085 $3,780 
Noncurrent liabilities5,998 5,996 
Total liabilities
$10,083 $9,777 
Total net equity/(deficit) attributable to shareholders$(2,838)$(2,720)
Year Ended December 31,
(MILLIONS)202320222021
Net sales$7,845 $6,955 $6,380 
Cost of sales(1,060)(819)(682)
Gross profit$6,785 $6,135 $5,698 
Income from continuing operations3,090 3,108 2,040 
Net income3,090 3,108 2,040 
Income attributable to shareholders3,090 3,108 2,040 
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions
The following provides the amounts and classification of payments (income/(expense)) between us and our collaboration partners:
Year Ended December 31,
(MILLIONS)202320222021
Product revenues(a)
$212 $437 $590 
Alliance revenues(b)
7,582 8,537 7,652 
Total revenues from collaborative arrangements$7,795 $8,974 $8,241 
Cost of sales(c)
$(4,277)$(15,589)$(16,169)
Selling, informational and administrative expenses(d)
(267)(196)(175)
Research and development expenses(e)
219 272 314 
Acquired in-process research and development expenses(f)
(13)(339)(1,056)
Other income/(deductions)—net(g)
630 664 820 
(a)Represents sales to our partners of products manufactured by us.
(b)Substantially all relates to amounts earned from our partners under co-promotion agreements. The decrease in 2023 was primarily driven by a decline in Alliance revenues from Comirnaty, partially offset by an increase in Alliance revenues from Eliquis. The increase in 2022 was primarily driven by increases in Alliance revenues from Eliquis, Comirnaty and Bavencio.
(c)Primarily relates to amounts paid to collaboration partners for their share of net sales or profits earned in collaboration arrangements where we are the principal in the transaction, and cost of sales for inventory purchased from our partners. The decreases in 2023 and in 2022 primarily relate to Comirnaty.
(d)Represents net reimbursements to our partners for selling, informational and administrative expenses incurred.
(e)Represents net reimbursements from our partners for research and development expenses incurred.
(f)Primarily relates to upfront payments to our partners as well as premiums paid on our equity investments in the common stock of our partners.
(g)Primarily relates to royalties from our collaboration partners.