Segment, Geographic and Other Revenue Information (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information by Segment


The following table provides selected income statement information by reportable segment:
	Total Revenues(a)						Earnings(a)			Depreciation and Amortization(b)
	Year Ended December 31,						Year Ended December 31,			Year Ended December 31,
(MILLIONS)	2023		2022		2021			2023		2022		2021		2023		2022		2021
Reportable Segment:
Biopharma	$	57,186	$	98,988	$	79,557		$	30,632	$	57,148	$	40,647	$	882	$	813	$	789
Other business activities(c)	1,310		1,342		1,731			(19,050)		(14,370)		(13,455)		654		626		590
Reconciling Items:
Amortization of intangible assets								(4,733)		(3,609)		(3,746)		4,733		3,609		3,746
Acquisition-related items								(1,874)		(832)		(139)		(11)		(20)		(21)
Certain significant items(d)								(3,917)		(3,608)		1,003		32		36		87
	$	58,496	$	100,330	$	81,288		$	1,058	$	34,729	$	24,311	$	6,290	$	5,064	$	5,191

(a)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.

(b)Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.

(c)Other business activities include revenues and costs associated with Business Innovation and costs that we do not allocate to our operating segments, per above, including acquired IPR&D expenses in the periods presented (see Notes 2A and 2E). In 2023, earnings include approximately $6.2 billion of inventory write-offs and related charges to Cost of sales mainly due to lower-than-expected demand for our COVID-19 products. In 2022, earnings included COVID-19-related charges of approximately $1.7 billion to Cost of sales, composed of (i) inventory write-offs of approximately $1.2 billion related to COVID-19 products that exceeded or were expected to exceed their approved shelf-lives prior to being used and (ii) charges of approximately $0.5 billion, primarily related to excess raw materials for Paxlovid.

(d)Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in 2023 include, among other items: (i) intangible asset impairment charges of $3.0 billion recorded in Other (income)/deductions––net and (ii) restructuring charges/(credits) and implementation costs

and additional depreciation—asset restructuring of $2.2 billion ($290 million recorded in Selling, informational and administrative expenses and the remaining amount primarily recorded in Restructuring charges and certain acquisition-related costs), partially offset by (iii) net gains on equity securities of $1.6 billion recorded in Other (income)/deductions––net. Earnings in 2022 included, among other items: (i) restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $1.4 billion ($562 million recorded in Selling, informational and administrative expenses and the remaining amount primarily recorded in Restructuring charges and certain acquisition-related costs) and (ii) net losses on equity securities of $1.3 billion recorded in Other (income)/deductions––net. Earnings in 2021 included, among other items: (i) actuarial valuation and other pension and postretirement plan gains of $1.6 billion recorded in Other (income)/deductions––net and (ii) net gains on equity securities of $1.3 billion recorded in Other (income)/deductions––net, partially offset by (iii) restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $1.3 billion ($450 million recorded in Selling, informational and administrative expenses and the remaining amount primarily recorded in Restructuring charges and certain acquisition-related costs). See Notes 3 and 4.

Revenue from External Customers by Geographic Areas


The following summarizes revenues by geographic area:
	Year Ended December 31,
(MILLIONS)		2023		2022		2021
United States		$	27,088	$	42,473	$	29,746
Developed Europe		11,650		21,982		18,336
Developed Rest of World		7,761		15,778		12,506
Emerging Markets		11,996		20,097		20,701
Total revenues		$	58,496	$	100,330	$	81,288

Schedules of Concentration of Risk


The following summarizes revenue, as a percentage of Total revenues, for our three largest U.S. wholesaler customers and the U.S. government, which was concentrated in our Biopharma operating segment:
	Year Ended December 31,
	2023		2022		2021
McKesson, Inc.	17	%	8	%	9	%
Cencora, Inc. (formerly AmerisourceBergen Corporation)	12	%	5	%	7	%
Cardinal Health, Inc.	10	%	4	%	5	%

U.S. government(a)	—		23	%	13	%

Schedule of Significant Product Revenues

The following provides detailed revenue information for several of our major products:


(MILLIONS)		Year Ended December 31,
PRODUCT	PRIMARY INDICATION OR CLASS	2023		2022		2021

TOTAL REVENUES		$	58,496	$	100,330	$	81,288
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)		$	57,186	$	98,988	$	79,557
Primary Care		$	30,589	$	73,023	$	52,029
Comirnaty direct sales and alliance revenues(a)	Active immunization to prevent COVID-19	11,220		37,806		36,781
Eliquis alliance revenues and direct sales	Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism	6,747		6,480		5,970
Prevnar family	Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae	6,440		6,337		5,272
Paxlovid(b)	COVID-19 in certain high-risk patients	1,279		18,933		76
Nurtec ODT/Vydura	Acute treatment of migraine and prevention of episodic migraine	928		213		—
Abrysvo	Active immunization to prevent RSV infection	890		—		—
Premarin family	Symptoms of menopause	397		455		563
BMP2	Bone graft for spinal fusion	338		277		266
FSME-IMMUN/TicoVac	Active immunization to prevent tick-borne encephalitis disease	268		200		185
Nimenrix	Active immunization against invasive meningococcal ACWY disease	179		268		193
Trumenba	Active immunization to prevent invasive disease caused by Neisseria meningitidis group B	126		123		118
All other Primary Care	Various	1,777		1,932		2,604
Specialty Care		$	14,970	$	13,833	$	15,194
Vyndaqel family	ATTR-CM and polyneuropathy	3,321		2,447		2,015
Xeljanz	RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis	1,703		1,796		2,455
Enbrel (Outside the U.S. and Canada)	RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis	830		1,003		1,185
Sulperazon	Bacterial infections	757		786		683
Ig Portfolio(c)	Various	584		491		430
Genotropin	Replacement of human growth hormone	539		360		389
Zavicefta	Bacterial infections	511		412		413
Inflectra	Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis	490		532		657
BeneFIX	Hemophilia B	424		425		438
Zithromax	Bacterial infections	406		331		278
Medrol	Anti-inflammatory glucocorticoid	339		328		432
Oxbryta	Sickle cell disease	328		73		—
Somavert	Acromegaly	267		268		277
Fragmin	Treatment/prevention of venous thromboembolism	238		269		305
ReFacto AF/Xyntha	Hemophilia A	230		239		304
Cresemba	Fungal infections	195		155		142
Vfend	Fungal infections	187		225		267
Bicillin	Bacterial infections	158		146		120
Cibinqo	Atopic dermatitis	128		27		—
All other Anti-infectives	Various	1,092		1,171		1,572
All other Specialty Care	Various	2,244		2,350		2,830
Oncology		$	11,627	$	12,132	$	12,333
Ibrance	HR-positive/HER2-negative metastatic breast cancer	4,753		5,120		5,437
Xtandi alliance revenues	mCRPC, nmCRPC, mCSPC, nmCSPC	1,191		1,198		1,185
Inlyta	Advanced RCC	1,036		1,003		1,002
Bosulif	Philadelphia chromosome–positive chronic myelogenous leukemia	645		575		540
Lorbrena	ALK-positive metastatic NSCLC	539		343		266
Zirabev	Treatment of mCRC; unresectable, locally advanced, recurrent or metastatic NSCLC; recurrent glioblastoma; metastatic RCC; and persistent, recurrent or metastatic cervical cancer	424		562		444


(MILLIONS)		Year Ended December 31,
PRODUCT	PRIMARY INDICATION OR CLASS	2023		2022		2021

Ruxience	Non-hodgkin’s lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis (Wegener’s Granulomatosis) and microscopic polyangiitis	390		458		491
Xalkori	ALK-positive and Proto-Oncogene 1, Receptor Tyrosine Kinase-positive advanced NSCLC	374		465		493
Retacrit	Anemia	340		394		444
Aromasin	Post-menopausal early and advanced breast cancer	301		248		211
Besponsa	Relapsed or refractory B-cell acute lymphoblastic leukemia	236		219		192
Braftovi	In combination with Mektovi for metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and In combination with Erbitux (cetuximab)(d) for the treatment of BRAFV600E-mutant mCRC after prior therapy	213		194		187
Bavencio alliance revenues(e)	Locally advanced or metastatic urothelial carcinoma; metastatic Merkel cell carcinoma; immunotherapy and tyrosine kinase inhibitor combination for patients with advanced RCC	190		271		178
Sutent	Advanced and/or metastatic RCC, adjuvant RCC, refractory gastrointestinal stromal tumors (after disease progression on, or intolerance to, imatinib mesylate) and advanced pancreatic neuroendocrine tumor	180		347		673
Mektovi	In combination with Braftovi for metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation	174		176		155
Trazimera	HER2-positive breast cancer and metastatic stomach cancers	91		203		197
Padcev(f)	Locally advanced or metastatic urothelial cancer	52		—		—
Adcetris(f)	Hodgkin lymphoma and certain T-cell lymphomas	46		—		—
Tukysa(f)	Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer	17		—		—
Tivdak(f)	Recurrent or metastatic cervical cancer	4		—		—
All other Oncology	Various	433		357		238
BUSINESS INNOVATION(g)		$	1,310	$	1,342	$	1,731
Pfizer CentreOne(h)	Various	1,265		1,335		1,731
Pfizer Ignite	Various	44		7		—

Total Alliance revenues included above		$	7,582	$	8,537	$	7,652

(a)Excludes revenues for certain Comirnaty-related manufacturing activities performed on behalf of BioNTech, which are included in the PC1 contract development and manufacturing organization. See footnote (h) below.

(b)Includes a non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, of which a portion was associated with sales recorded in 2022, related to the expected return of an estimated 6.5 million treatment courses of EUA-labeled U.S. government inventory.

(c)Immunoglobulin (Ig) portfolio includes the revenues from Panzyga, Octagam and Cutaquig.

(d)Erbitux is a registered trademark of ImClone LLC.

(e)In March 2023, it was announced that our alliance with Merck KGaA to co-develop and co-commercialize Bavencio (avelumab) would terminate. Effective June 30, 2023, Merck KGaA took full control of the global commercialization of Bavencio. Beginning in the third quarter of 2023, the related profit share was replaced by a 15% royalty to Pfizer on net sales of Bavencio, which was recorded in Other (income)/deductions––net. We and Merck KGaA continue to operationalize our respective ongoing clinical trials for Bavencio; and Merck KGaA controls all future R&D activities. Bavencio is a registered trademark of Merck KGaA.

(f)Represents revenues from legacy Seagen products subsequent to the acquisition on December 14, 2023. See Note 2 A.

(g)See Note 1 7A above for information about Business Innovation. Prior-period financial information has been revised to reflect the current period presentation.

(h)PC1 includes revenues from our contract manufacturing, including certain Comirnaty-related manufacturing activities performed on behalf of BioNTech ($33 million for 2023, $188 million for 2022, and $320 million for 2021), and revenues from our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with former legacy Pfizer businesses/partnerships.