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Acquisition and Equity-Method Investment (Tables)
 9 Months Ended
Sep. 29, 2024
Business Combinations 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, including adjustments made in the first nine 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 $(114)$622 
Inventories(b)
4,195 (891)3,304 
Property, plant and equipment524 (234)290 
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 (96)77 
Net income tax accounts
(6,123)1,332 (4,790)
Other noncurrent liabilities(167)(33)(200)
Total identifiable net assets28,108 (661)27,447 
Goodwill16,126 661 16,787 
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.
Schedule of Pro Forma Information
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 EndedNine Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)October 1,
2023		October 1,
2023
Revenues$14,140 $46,756 
Net income/(loss) attributable to Pfizer Inc. common shareholders
(3,338)2,702 
Diluted earnings/(loss) per share attributable to Pfizer Inc. common shareholders
(0.59)0.47 
Equity Method Investment
The following table summarizes the change in the carrying value of our investment in Haleon:
Three Months EndedNine Months Ended
(MILLIONS)September 29,
2024		October 1,
2023		September 29,
2024		October 1,
2023
Beginning carrying value reported in Equity-method investments
$7,796 $11,228 $11,451 $10,824 
Carrying value of shares sold
— — (3,312)— 
Dividends
(55)(65)(212)(154)
Currency translation adjustments and other(a)
471 (446)341 (172)
Basis difference adjustments and amortization(b), (c)
10 — (91)(1)
Pfizer share of Haleon investee capital transaction(b), (d)
46 — (44)— 
Pfizer share of Haleon earnings(b)
88 122 224 341 
Ending carrying value reported in Equity-method investments
$8,356 $10,838 $8,356 $10,838 
(a)See Note 6.
(b)Included in Other (income)/deductions––net.
(c)Adjustments in the nine months ended September 29, 2024 include (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.
(d)The nine months ended September 29, 2024 includes (i) a decrease of $91 million recorded in the second quarter of 2024 for Pfizer’s share of an investee capital transaction recognized by Haleon for treasury stock Haleon purchased in the first quarter of 2024 and (ii) an adjustment of $46 million recorded in the third quarter of 2024 for the impact of the reduction in Pfizer’s ownership from approximately 32% to approximately 23% as applied to dividends with a record date in the first quarter of 2024, which were recognized in Haleon’s second quarter 2024 financial statements.
Summarized financial information for Haleon for the three and nine months ending June 30, 2024, the most recent period available, and for the three and nine months ending June 30, 2023, is as follows:
Three Months EndedNine Months Ended
(MILLIONS)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net sales$3,503 $3,490 $10,636 $10,379 
Cost of sales(1,346)(1,323)(4,312)(4,211)
Gross profit$2,157 $2,167 $6,324 $6,168 
Income from continuing operations400 403 1,019 1,133 
Net income400 403 1,019 1,133 
Income attributable to shareholders388 382 971 1,066