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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______


COMMISSION FILE NUMBER 1-3619

----

PFIZER INC.
(Exact name of registrant as specified in its charter)
Delaware13-5315170
(State of Incorporation)(I.R.S. Employer Identification No.)

66 Hudson Boulevard East, New York, New York  10001-2192
(Address of principal executive offices)  (zip code)
(212) 733-2323
(Registrant’s telephone number including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.05 par valuePFENew York Stock Exchange
1.000% Notes due 2027PFE27New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesxNo
☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesxNo
☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated filer x              Accelerated filer ☐                 Non-accelerated filer  ☐          Smaller reporting company  ☐    Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No
x

At July 31, 2024, 5,666,695,064 shares of the issuer’s voting common stock were outstanding.


TABLE OF CONTENTS
Page
 
 
Item 2.
 
 
 
 
 
 
Item 3. 
Defaults Upon Senior SecuritiesN/A
Item 4. 
Mine Safety DisclosuresN/A
Item 5. 
Other Information
 
N/A = Not Applicable
2

DEFINED TERMS

Unless the context requires otherwise, references to “Pfizer,” “the Company,” “we,” “us” or “our” in this Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six months ended May 26, 2024 and May 28, 2023, and for U.S. subsidiaries is as of and for the three and six months ended June 30, 2024 and July 2, 2023. References to “Notes” in this Form 10-Q are to the Notes to the Condensed or Consolidated Financial Statements in this Form 10-Q or in our 2023 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below:
2023 Form 10-K
Annual Report on Form 10-K for the fiscal year ended December 31, 2023
AbbVie
AbbVie Inc.
ALKanaplastic lymphoma kinase
Alliance revenuesRevenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
AstellasAstellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.
ATTR-CMtransthyretin amyloid cardiomyopathy
Bain Capital
Bain Capital Private Equity and Bain Capital Life Sciences
Biohaven
Biohaven Pharmaceutical Holding Company Limited
BioNTechBioNTech SE
BiopharmaGlobal Biopharmaceuticals Business
BMSBristol-Myers Squibb Company
BODBoard of Directors
CDCU.S. Centers for Disease Control and Prevention
Cerevel or Cerevel Therapeutics
Cerevel Therapeutics Holdings, Inc.
Comirnaty*
Unless otherwise noted, refers to, as applicable, and as authorized or approved, the Pfizer-BioNTech COVID-19 Vaccine; Comirnaty (COVID-19 Vaccine, mRNA) original monovalent formula; the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5); the Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula); Comirnaty (COVID-19 Vaccine, mRNA) 2023-2024 Formula; Comirnaty Original/Omicron BA.1; Comirnaty Original/Omicron BA.4/BA.5; Comirnaty Omicron XBB.1.5; and Comirnaty JN.1.
COVID-19novel coronavirus disease of 2019
Developed Markets
Includes, but is not limited to, the following markets: Western Europe, Japan, Canada, Central Europe, Australia, Scandinavian countries, South Korea, the Balkans, New Zealand and Finland
DMD
Duchenne muscular dystrophy
EMAEuropean Medicines Agency
Emerging Markets
Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Africa, the Middle East, certain Eastern European countries and Turkey
EPS
earnings per share
ESG
Environmental, Social and Governance
EUEuropean Union
EUAemergency use authorization
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDAU.S. Food and Drug Administration
Form 10-QThis Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024
GAAPGenerally Accepted Accounting Principles
GSKGSK plc
HaleonHaleon plc
HIPAAHealth Insurance Portability and Accountability Act of 1996
HospiraHospira, Inc.
HRR
homologous recombination repair
IPR&Din-process research and development
IRAInflation Reduction Act of 2022
IRSU.S. Internal Revenue Service
JVjoint venture
KingKing Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)
mCRCmetastatic colorectal cancer
mCRPC
metastatic castration-resistant prostate cancer
mCSPC
metastatic castration-sensitive prostate cancer
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MDLMulti-District Litigation
MeridianMeridian Medical Technologies, Inc.
Moody’s
Moody’s Investors Service
mRNAmessenger ribonucleic acid
MylanMylan N.V.
3

NDA
New Drug Application
Nimbus
Nimbus Therapeutics, LLC
nmCRPC
non-metastatic castration-resistant prostate cancer
nmCSPC
non-metastatic castration-sensitive prostate cancer
NSCLCnon-small cell lung cancer
ODToral disintegrating tablet
ORD
Oncology Research and Development
OTCover-the-counter
Paxlovid*
an oral COVID-19 treatment (nirmatrelvir tablets and ritonavir tablets)
PC1Pfizer CentreOne
PharmaciaPharmacia LLC (formerly Pharmacia Corporation)
PP&E
Property, plant and equipment
PRD
Pfizer Research and Development
Prevnar family
Includes Prevnar 20/Apexxnar (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult)
PsApsoriatic arthritis
QTDQuarter-to-date or three months ended
RArheumatoid arthritis
RCCrenal cell carcinoma
R&Dresearch and development
RSVrespiratory syncytial virus
S&PStandard & Poor’s
Seagen
Seagen Inc. and its subsidiaries
SECU.S. Securities and Exchange Commission
Takeda
Takeda Pharmaceutical Company Limited
UCulcerative colitis
U.K.United Kingdom
Upjohn BusinessPfizer’s former global, primarily off-patent branded and generics business, which included a portfolio of 20 globally recognized solid oral dose brands, including Lipitor, Lyrica, Norvasc, Celebrex and Viagra, as well as a U.S.-based generics platform, Greenstone, that was spun-off on November 16, 2020 and combined with Mylan to create Viatris
U.S.United States
ViatrisViatris Inc.
ViiVViiV Healthcare Limited
Vyndaqel familyIncludes Vyndaqel, Vyndamax and Vynmac
YTD
Year-to-date or six months ended
*The Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula) and certain uses of Paxlovid have not been approved or licensed by the FDA. The Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula) has been authorized for emergency use by the FDA under an EUA to prevent COVID-19 in individuals aged 6 months through 11 years of age. Paxlovid has been authorized for emergency use by the FDA under an EUA for the treatment of mild-to-moderate COVID-19 in pediatric patients (12 years of age and older weighing at least 40 kg) who are at high risk for progression to severe COVID-19, including hospitalization or death. The emergency uses are only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of the medical product during the COVID-19 pandemic under Section 564(b)(1) of the U.S. Federal Food, Drug and Cosmetics Act, unless the declaration is terminated or authorization revoked sooner. Please see the EUA Fact Sheets at www.covid19oralrx.com and www.cvdvaccine-us.com.
This Form 10-Q includes discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or efficacy of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.
Some amounts in this Form 10-Q may not add due to rounding. All percentages have been calculated using unrounded amounts. All trademarks mentioned are the property of their owners.
The information contained on our website, our Facebook, Instagram, YouTube and LinkedIn pages or our X (formerly known as Twitter) accounts, or any third-party website, is not incorporated by reference into this Form 10-Q.
Certain of the products and product candidates discussed in this Form 10-Q are being co-researched, co-developed and/or co-promoted in collaboration with other companies for which Pfizer’s rights vary by market or are the subject of agreements pursuant to which Pfizer has commercialization rights in certain markets.
4

PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months EndedSix Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)June 30,
2024		July 2,
2023		June 30,
2024		July 2,
2023
Revenues:
Product revenues(a)
$10,871 $10,766 $23,314 $26,988 
Alliance revenues(a)
2,067 1,967 4,240 4,028 
Royalty revenues(a)
345 273 608 477 
Total revenues13,283 13,007 28,162 31,492 
Costs and expenses:
Cost of sales(b)
3,300 3,237 6,679 8,122 
Selling, informational and administrative expenses(b)
3,717 3,497 7,212 6,914 
Research and development expenses(b)
2,696 2,648 5,189 5,153 
Acquired in-process research and development expenses6 33 6 55 
Amortization of intangible assets1,307 1,184 2,615 2,287 
Restructuring charges and certain acquisition-related costs1,254 214 1,356 222 
Other (income)/deductions––net1,107 (75)1,787 200 
Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)
(103)2,269 3,318 8,539 
Provision/(benefit) for taxes on income/(loss)
(134)(71)159 644 
Income from continuing operations31 2,340 3,159 7,895 
Discontinued operations––net of tax17 (2)12 (1)
Net income before allocation to noncontrolling interests48 2,338 3,171 7,894 
Less: Net income attributable to noncontrolling interests7 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$0.01 $0.41 $0.56 $1.40 
Discontinued operations––net of tax— — — — 
Net income attributable to Pfizer Inc. common shareholders$0.01 $0.41 $0.56 $1.40 
Earnings per common share––diluted:
    
Income from continuing operations attributable to Pfizer Inc. common shareholders$0.01 $0.41 $0.55 $1.38 
Discontinued operations––net of tax— — — — 
Net income attributable to Pfizer Inc. common shareholders$0.01 $0.41 $0.55 $1.38 
Weighted-average shares––basic5,666 5,646 5,662 5,640 
Weighted-average shares––diluted5,696 5,713 5,696 5,720 
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
 Three Months EndedSix Months Ended
(MILLIONS)June 30,
2024		July 2,
2023		June 30,
2024		July 2,
2023
Net income before allocation to noncontrolling interests$48 $2,338 $3,171 $7,894 
Foreign currency translation adjustments, net(70)242 70 343 
Unrealized holding gains/(losses) on derivative financial instruments, net127 109 343 112 
Reclassification adjustments for (gains)/losses included in net income(a)
(147)(163)(159)140 
 (21)(54)184 251 
Unrealized holding gains/(losses) on available-for-sale securities, net(25)26 (77)113 
Reclassification adjustments for (gains)/losses included in net income(b)
100 16 86 (493)
 74 42 9 (379)
Reclassification adjustments related to amortization of prior service costs and other, net(28)(30)(56)(59)
Reclassification adjustments related to curtailments of prior service costs and other, net— (7)— (12)
 (28)(37)(56)(72)
Other comprehensive income/(loss), before tax(44)193 207 143 
Tax provision/(benefit) on other comprehensive income/(loss)22 9 76 (53)
Other comprehensive income/(loss) before allocation to noncontrolling interests$(67)$184 $131 $196 
Comprehensive income/(loss) before allocation to noncontrolling interests$(19)$2,522 $3,302 $8,091 
Less: Comprehensive income/(loss) attributable to noncontrolling interests(2)8 1 18 
Comprehensive income/(loss) attributable to Pfizer Inc.$(17)$2,514 $3,302 $8,072 
(a)Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
(b)Reclassified into Other (income)/deductions—net.
See Accompanying Notes.
6

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(MILLIONS)June 30,
2024		December 31, 2023
(Unaudited)
Assets
Cash and cash equivalents$1,052 $2,853 
Short-term investments6,048 9,837 
Trade accounts receivable, less allowance for doubtful accounts: 2024—$468; 2023—$470
11,393 11,566 
Inventories11,447 10,189 
Current tax assets3,694 3,978 
Other current assets4,190 4,911 
Total current assets37,825 43,333 
Equity-method investments8,029 11,637 
Long-term investments3,119 3,731 
Property, plant and equipment, less accumulated depreciation: 2024—$16,572; 2023—$16,045
18,957 18,940 
Identifiable intangible assets61,240 64,900 
Goodwill68,445 67,783 
Noncurrent deferred tax assets and other noncurrent tax assets7,867 3,706 
Other noncurrent assets10,710 12,471 
Total assets$216,193 $226,501 
Liabilities and Equity  
Short-term borrowings, including current portion of long-term debt: 2024—$3,745; 2023—$2,254
$11,944 $10,350 
Trade accounts payable5,106 6,710 
Dividends payable2,380 2,372 
Income taxes payable2,884 2,349 
Accrued compensation and related items2,566 2,776 
Deferred revenues2,528 2,700 
Other current liabilities16,410 20,537 
Total current liabilities43,819 47,794 
Long-term debt57,506 61,538 
Pension and postretirement benefit obligations2,040 2,167 
Noncurrent deferred tax liabilities2,227 640 
Other taxes payable6,532 8,534 
Other noncurrent liabilities16,095 16,539 
Total liabilities128,218 137,213 
Commitments and Contingencies
Common stock480 478 
Additional paid-in capital93,197 92,631 
Treasury stock(114,757)(114,487)
Retained earnings116,596 118,353 
Accumulated other comprehensive loss(7,816)(7,961)
Total Pfizer Inc. shareholders’ equity87,700 89,014 
Equity attributable to noncontrolling interests275 274 
Total equity87,975 89,288 
Total liabilities and equity$216,193 $226,501 
See Accompanying Notes.
7

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
PFIZER INC. SHAREHOLDERS
Common StockTreasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)SharesPar ValueAdd’l
Paid-In Capital		SharesCostRetained EarningsAccum. Other Comp.
Loss		Share-
holders’ Equity		Non-controlling interestsTotal Equity
Balance, March 31, 20249,592 $480 $92,997 (3,925)$(114,755)$121,318 $(7,758)$92,282 $276 $92,558 
Net income/(loss)
41 41 7 48 
Other comprehensive income/(loss), net of tax
(58)(58)(9)(67)
Cash dividends declared, per share: $0.84
Common stock(4,760)(4,760)(4,760)
Share-based payment transactions— — 200 — (2)(2)196 196 
Other— — — — — — — 
Balance, June 30, 20249,592 $480 $93,197 (3,925)$(114,757)$116,596 $(7,816)$87,700 $275 $87,975 
PFIZER INC. SHAREHOLDERS
Common StockTreasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)SharesPar ValueAdd’l
Paid-In Capital		SharesCostRetained EarningsAccum. Other Comp.
Loss		Share-
holders’ Equity		Non-controlling interestsTotal Equity
Balance, April 2, 20239,560 $478 $92,153 (3,915)$(114,473)$131,101 $(8,289)$100,970 $266 $101,236 
Net income/(loss)
2,327 2,327 11 2,338 
Other comprehensive income/(loss), net of tax187 187 (3)184 
Cash dividends declared, per share: $0.82
Common stock (4,630)(4,630)(4,630)
Share-based payment transactions1 — 176 — (8)(4)164 164 
Other— — — — — — — 
Balance, July 2, 20239,561 $478 $92,329 (3,916)$(114,482)$128,796 $(8,102)$99,019 $274 $99,293 
PFIZER INC. SHAREHOLDERS
Common StockTreasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)SharesPar ValueAdd’l
Paid-In Capital		SharesCostRetained EarningsAccum. Other Comp.
Loss		Share-
holders’ Equity		Non-controlling interestsTotal Equity
Balance, January 1, 20249,562 $478 $92,631 (3,916)$(114,487)$118,353 $(7,961)$89,014 $274 $89,288 
Net income
3,156 3,156 15 3,171 
Other comprehensive income/(loss), net of tax145 145 (14)131 
Cash dividends declared, per share: $0.84
Common stock(4,760)(4,760)(4,760)
Share-based payment transactions30 1 566 (10)(270)(153)144 144 
Other— — — — — — 
Balance, June 30, 20249,592 $480 $93,197 (3,925)$(114,757)$116,596 $(7,816)$87,700 $275 $87,975 
PFIZER INC. SHAREHOLDERS
Common StockTreasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)SharesPar ValueAdd’l
Paid-In Capital		SharesCostRetained EarningsAccum. Other Comp.
Loss		Share-
holders’ Equity		Non-controlling interestsTotal Equity
Balance, January 1, 20239,519 $476 $91,802 (3,903)$(113,969)$125,656 $(8,304)$95,661 $256 $95,916 
Net income
7,870 7,870 24 7,894 
Other comprehensive income/(loss), net of tax202 202 (6)196 
Cash dividends declared, per share: $0.82
Common stock (4,630)(4,630)(4,630)
Share-based payment transactions42 2 527 (12)(512)(101)(85)(85)
Other— — — — — — — 
Balance, July 2, 20239,561 $478 $92,329 (3,916)$(114,482)$128,796 $(8,102)$99,019 $274 $99,293 
See Accompanying Notes.
8

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended
(MILLIONS)June 30,
2024		July 2,
2023
Operating Activities  
Net income before allocation to noncontrolling interests$3,171 $7,894 
Discontinued operations—net of tax12 (1)
Net income from continuing operations before allocation to noncontrolling interests3,159 7,895 
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:  
Depreciation and amortization3,467 3,060 
Asset write-offs and impairments431 327 
Deferred taxes(1,224)(1,471)
Share-based compensation expense426 253 
Benefit plan contributions in excess of expense/income(338)(322)
Other adjustments, net260 (317)
Other changes in assets and liabilities, net of acquisitions and divestitures(6,871)(9,423)
Net cash provided by/(used in) operating activities(691)4 
Investing Activities  
Purchases of property, plant and equipment(1,341)(2,053)
Purchases of short-term investments(1,254)(21,006)
Proceeds from redemptions/sales of short-term investments1,712 12,594 
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less3,538 (11,217)
Purchases of long-term investments(108)(92)
Proceeds from redemptions/sales of long-term investments312 172 
Proceeds from partial sale of investment in Haleon(a)
3,491 — 
Acquisition of business, net of cash acquired
— (25)
Other investing activities, net(18)(543)
Net cash provided by/(used in) investing activities6,332 (22,170)
Financing Activities  
Proceeds from short-term borrowings6,014 14 
Payments on short-term borrowings(4,852)— 
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
(1,101)22 
Proceeds from issuance of long-term debt— 30,831 
Payments on long-term debt(2,250)(1,269)
Cash dividends paid(4,752)(4,618)
Other financing activities, net(449)(576)
Net cash provided by/(used in) financing activities(7,390)24,403 
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
(46)(7)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents(1,794)2,229 
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period2,917 468 
Cash and cash equivalents and restricted cash and cash equivalents, at end of period$1,123 $2,698 
Supplemental Cash Flow Information
Cash paid/(received) during the period for:  
Income taxes
$2,686 $2,025 
Interest paid
1,553 821 
Interest rate hedges(2)31 

(a) See Note 2B.
See Accompanying Notes.
9

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1. Basis of Presentation and Significant Accounting Policies
A. Basis of Presentation
We prepared these condensed consolidated financial statements in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2023 Form 10-K. As permitted under the SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted.
These financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods presented. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2023 Form 10-K. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year.
Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six months ended May 26, 2024 and May 28, 2023, and for U.S. subsidiaries is as of and for the three and six months ended June 30, 2024 and July 2, 2023.
We manage our commercial operations through three operating segments, each led by a single manager: Biopharma, PC1 and Pfizer Ignite. Biopharma is the only reportable segment. See Note 13A.
We have made certain reclassification adjustments to conform prior-period amounts to the current presentation for:
•in the first quarter of 2024, we reclassified royalty income (substantially all of which is related to Biopharma) from Other (income)/deductions––net and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of operations, and reclassified the associated royalty receivables from Other current assets to Trade accounts receivable, less allowance for doubtful accounts in our consolidated balance sheet;
•in the fourth quarter of 2023, we began presenting Product revenues and Alliance revenues as separate line items within Total revenues in our consolidated statements of operations; and
•segment reporting and geographic information in connection with the commercial reorganization that went into effect on January 1, 2024 (see Note 13).
Business development activities, including the December 2023 acquisition of Seagen, impacted financial results in the periods presented. See Note 2 below, as well as Notes 1A and 2 in our 2023 Form 10-K.
B. New Accounting Standard Adopted in 2024
On January 1, 2024, we adopted a new accounting standard which clarifies that contractual sale restrictions are not considered in measuring equity securities at fair value. The new guidance is consistent with our existing policy; therefore, it had no impact on our consolidated financial statements.
C. Revenues and Trade Accounts Receivable
Customers––Our prescription biopharmaceutical products, with the exception of Paxlovid in 2023, are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. We principally sold Paxlovid globally to government agencies in 2023. Our vaccines in the U.S. are primarily sold directly to the federal government (including the CDC), wholesalers, individual provider offices, retail pharmacies and integrated delivery systems. Our vaccines outside the U.S. are primarily sold to government and non-government institutions. Certain products in our portfolio are subject to seasonality of demand and Paxlovid revenues trend with infection rates.
Deductions from Revenues––Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows:
(MILLIONS)June 30,
2024		December 31, 2023
Reserve against Trade accounts receivable, less allowance for doubtful accounts
$1,578 $1,770 
Other current liabilities:
Accrued rebates6,726 5,546 
Other accruals529 902 
Other noncurrent liabilities
569 796 
Total accrued rebates and other sales-related accruals$9,401 $9,014 
10

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Trade Accounts Receivable––Trade accounts receivable are stated at their net realizable value. The allowance for credit losses reflects our best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. In developing the estimate for expected credit losses, trade accounts receivables are segmented into pools of assets depending on market (U.S. versus international), delinquency status, and customer type (high risk versus low risk and government versus non-government), and fixed reserve percentages are established for each pool of trade accounts receivables.
In determining the reserve percentages for each pool of trade accounts receivables, we considered our historical experience with certain customers and customer types, regulatory and legal environments, country and political risk, and other relevant current and future forecasted macroeconomic factors. When management becomes aware of certain customer-specific factors that impact credit risk, specific allowances for these known troubled accounts are recorded.
During the three and six months ended June 30, 2024 and July 2, 2023, additions to the allowance for credit losses, write-offs and recoveries of customer receivables were not material to our condensed consolidated financial statements. For additional information on our trade accounts receivable, see Note 1G in our 2023 Form 10-K.
Note 2. Acquisition and Equity-Method Investment
A. Acquisition
Seagen––On December 14, 2023 (the acquisition date), we acquired Seagen, a global biotechnology company that discovers, develops and commercializes transformative cancer medicines, for $229 per share in cash. The total fair value of the consideration transferred was $44.2 billion ($43.4 billion, net of cash acquired). The combination of certain Pfizer and Seagen entities may be pending in various jurisdictions and integration is subject to completion of various local legal and regulatory steps.
The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the acquisition date, including adjustments made in the first six months of 2024 (measurement period adjustments) with a corresponding change to goodwill. 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 soon as possible but no later than one year from the acquisition date.
(MILLIONS)
Amounts Recognized
as of Acquisition Date
(as previously reported as of December 31, 2023)
Measurement Period Adjustments(a)
Amounts Recognized as of Acquisition Date (as adjusted)
Working capital, excluding inventories
$736 $(184)$552 
Inventories(b)
4,195 (891)3,304 
Property, plant and equipment524 (233)291 
Identifiable intangible assets, excluding in-process research and development(c)
7,970 (575)7,395 
In-process research and development20,800 (50)20,750 
Other noncurrent assets174 (106)67 
Net income tax accounts
(6,123)1,313 (4,810)
Other noncurrent liabilities(167)50 (117)
Total identifiable net assets28,108 (677)27,431 
Goodwill16,126 677 16,803 
Net assets acquired/total consideration transferred$44,234 $— $44,234 
(a)The changes in the estimated fair values are primarily to better reflect market participant assumptions about facts and circumstances existing as of the acquisition date. The measurement period adjustments did not result from intervening events subsequent to the acquisition date.
(b)As adjusted, comprised of $1.2 billion current inventories and $2.1 billion noncurrent inventories.
(c)As adjusted, comprised mainly of $6.9 billion of finite-lived developed technology rights with an estimated weighted-average life of approximately 18 years.
The measurement period adjustments did not have a material impact on our earnings.
The following items are subject to change:
•Amounts for certain balances included in working capital (excluding inventories), and certain legal contingencies, pending receipt of certain information that could affect provisional amounts recorded. We do not believe any adjustments for legal contingencies will have a material impact on our consolidated financial statements.
•Amounts for identifiable intangible assets, inventories, contractual commitments, PP&E, and operating lease right-of-use assets and liabilities, pending finalization of valuation efforts and the completion of certain physical inventory counts.
11

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
•Amounts for income tax assets, receivables and liabilities, pending the filing of Seagen’s pre-acquisition tax returns and the receipt of information, including but not limited to that from taxing authorities, which may change certain estimates and assumptions used.
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
Three Months EndedSix Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)July 2,
2023		July 2,
2023
Revenues$13,611 $32,616 
Net income attributable to Pfizer Inc. common shareholders
1,389 6,040 
Diluted earnings per share attributable to Pfizer Inc. common shareholders
0.24 1.06 
The unaudited supplemental pro forma consolidated results do not purport to reflect what the combined company’s results of operations would have been had the acquisition occurred on January 1, 2022, nor do they project the future results of operations of the combined company or reflect the expected realization of any cost savings associated with the acquisition. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors.
The unaudited supplemental pro forma financial information includes various assumptions, including those related to the preliminary purchase price allocation of the assets acquired and the liabilities assumed from Seagen. The historical U.S. GAAP financial information of Pfizer and Seagen was adjusted, primarily for the following pre-tax adjustments for the three and six months ended July 2, 2023:
•Additional amortization expense of approximately $143 million and $285 million, respectively, related to the preliminary estimate of the fair value of identifiable intangible assets acquired.
•Additional expense related to the preliminary estimate of the fair value adjustment to acquisition-date inventory estimated to have been sold of approximately $224 million and $449 million, respectively.
•Additional estimated interest expense of approximately $303 million and $791 million, respectively, related to the debt issued by Pfizer and the commercial paper borrowings to partially finance the acquisition.
•Elimination of interest income of approximately $263 million and $330 million, respectively, associated with money market funds under the assumption that a portion of these funds would have been liquidated to partially fund the acquisition.
The above adjustments were then adjusted for the applicable tax impact using an estimated weighted-average statutory tax rate applied to the applicable pro forma adjustments.
B. Equity-Method Investment
Haleon––We owned 32% of Haleon as of December 31, 2023. In March 2024, we sold approximately 30% of our investment in Haleon through the sale of 791 million ordinary shares in a global public offering, and the sale of 102 million ordinary shares directly to Haleon for total consideration of $3.5 billion. We recognized a gain on the sale of our Haleon shares of $150 million during the first quarter of 2024 in Other (income)/deductions––net (see Note 4). After the share sale, we owned approximately 23% of the outstanding voting shares of Haleon as of June 30, 2024.
The fair value of our investment in Haleon as of June 30, 2024, based on quoted market prices of Haleon stock, was $8.4 billion. Haleon is a foreign investee whose reporting currency is the U.K. pound, and therefore we translate its financial statements into U.S. dollars and recognize the impact of foreign currency translation adjustments in the carrying value of our investment and in other comprehensive income. We record our share of earnings from Haleon on a quarterly basis on a one-quarter lag in Other (income)/deductions––net.
12

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table summarizes the change in the carrying value of our investment in Haleon:
Three Months EndedSix Months Ended
(MILLIONS)June 30,
2024		July 2,
2023		June 30,
2024		July 2,
2023
Beginning carrying value reported in Equity-method investments
$7,922 $10,980 $11,451 $10,824 
Carrying value of shares sold
— — (3,312)— 
Dividends
(157)(88)(157)(88)
Currency translation adjustments and other(a)
1 185 (130)274 
Basis difference adjustments and amortization(b), (c)
(1)— (101)(1)
Pfizer share of Haleon investee capital transaction(b), (d)
(91)— (91)— 
Pfizer share of Haleon earnings(b)
121 151 136 219 
Ending carrying value reported in Equity-method investments
$7,796 $11,228 $7,796 $11,228 
(a)See Note 6.
(b)Included in Other (income)/deductions––net.
(c)Adjustments in the six months ended June 30, 2024 are associated with (i) the impact of Haleon’s brand divestitures and impairments of intangible assets and (ii) changes in Haleon’s tax rates on intangible asset-related deferred tax liabilities. See Note 4.
(d)Amounts for the three and six months ended June 30, 2024 relate to Pfizer’s share of an investee capital transaction recognized by Haleon for treasury stock Haleon purchased in the first quarter of 2024.

Summarized financial information for Haleon for the three and six months ending March 31, 2024, the most recent period available, and for the three and six months ending March 31, 2023, is as follows:
Three Months EndedSix Months Ended
(MILLIONS)March 31,
2024		March 31,
2023		March 31,
2024		March 31,
2023
Net sales$3,699 $3,627 $7,133 $6,889 
Cost of sales(1,370)(1,392)(2,966)(2,888)
Gross profit$2,329 $2,235 $4,167 $4,001 
Income from continuing operations559 504 618 730 
Net income559 504 618 730 
Income attributable to shareholders536 473 583 684 
Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives
A. Realigning our Cost Base Program
In the fourth quarter of 2023, we announced that we launched a multi-year, enterprise-wide cost realignment program that aims to realign our costs with our longer-term revenue expectations. We expect costs associated with this multi-year effort to continue primarily through 2024 and to total approximately $2.3 billion, primarily representing cash expenditures for severance and implementation costs, of which $1.7 billion is associated with our Biopharma segment. From the start of this program through June 30, 2024, we incurred costs under this program of $1.5 billion, of which $1.2 billion is associated with our Biopharma segment (substantially all of which represents restructuring charges).
B. Manufacturing Optimization Program
In the second quarter of 2024, we announced that we launched a multi-year, multi-phased program to reduce our costs of goods sold, which is expected to include operational efficiencies, network structure changes, and product portfolio enhancements. The first phase of this program is focused on operational efficiencies and we expect costs for this first phase to total approximately $1.7 billion, primarily representing cash expenditures for severance and implementation costs, all of which is associated with our Biopharma segment. These costs will be recorded primarily in 2024, with cash outlays expected primarily in 2025 and 2026. From the start of this program through June 30, 2024, we incurred costs under this program of $1.3 billion, all of which is associated with our Biopharma segment and substantially all of which represents restructuring charges.
13

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
C. Key Activities
The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives:
Three Months EndedSix Months Ended
(MILLIONS)June 30,
2024		July 2,
2023		June 30,
2024		July 2,
2023
Restructuring charges/(credits):    
Employee terminations$1,014 $96 $984 $61 
Asset impairments41 15 66 4 
Exit costs
49 27 63 29 
Restructuring charges/(credits)(a)
1,104 138 1,114 94 
Transaction costs(b)
— 8 5 8 
Integration costs and other(c)