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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Alliance revenues [1] $ 2,067 $ 1,967 $ 4,240 $ 4,028
Total revenues 13,283 13,007 28,162 31,492
Costs and expenses:        
Cost of sales [2] 3,300 3,237 6,679 8,122
Selling, informational and administrative expenses [2] 3,717 3,497 7,212 6,914
Research and development expenses [2] 2,696 2,648 5,189 5,153
Acquired in-process research and development expenses 6 33 6 55
Amortization of intangible assets 1,307 1,184 2,615 2,287
Restructuring charges and certain acquisition-related costs 1,254 214 1,356 222
Other (income)/deductions––net 1,107 (75) 1,787 200
Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) [3] (103) 2,269 3,318 8,539
Provision/(benefit) for taxes on income/(loss) (134) (71) 159 644
Income from continuing operations 31 2,340 3,159 7,895
Discontinued operations––net of tax 17 (2) 12 (1)
Net income before allocation to noncontrolling interests 48 2,338 3,171 7,894
Less: Net income attributable to noncontrolling interests 7 11 15 24
Net income attributable to Pfizer Inc. common shareholders $ 41 $ 2,327 $ 3,156 $ 7,870
Earnings per common share––basic:        
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.01 $ 0.41 $ 0.56 $ 1.40
Discontinued operations––net of tax (in dollars per share) 0 0 0 0
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) 0.01 0.41 0.56 1.40
Earnings per common share––diluted:        
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) 0.01 0.41 0.55 1.38
Discontinued operations––net of tax (in dollars per share) 0 0 0 0
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.01 $ 0.41 $ 0.55 $ 1.38
Weighted-average shares--basic (in shares) 5,666 5,646 5,662 5,640
Weighted-average shares--diluted (in shares) 5,696 5,713 5,696 5,720
Product revenues        
Revenues [1] $ 10,871 $ 10,766 $ 23,314 $ 26,988
Royalty revenues        
Revenues [1] $ 345 $ 273 $ 608 $ 477
[1] See Note 1A.
[2] Exclusive of amortization of intangible assets.
[3] Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss). As described above, in connection with the organizational changes effective in the first quarter of 2024, costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations and overhead costs associated with our manufacturing operations are now included in Biopharma’s earnings. We have reclassified $2.0 billion and $3.4 billion of net costs in the second quarter and first six months of 2023, respectively, from Other business activities to Biopharma to conform to the current period presentation.