Segment, Geographic and Other Revenue Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information by Segment


The following table provides selected information by reportable segment:
	Total Revenues						Earnings(a)						Depreciation and Amortization(b)
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
(MILLIONS)	2024		2023		2022		2024		2023		2022		2024		2023		2022
Reportable Segment:
Biopharma(c)	$	62,400	$	58,237	$	99,826	$	28,139	$	15,923	$	47,939	$	1,360	$	1,213	$	1,107
Other business activities(d)	1,228		1,316		1,349		(7,382)		(4,342)		(5,162)		340		323		332
Reconciling Items:
Amortization of intangible assets							(5,286)		(4,733)		(3,609)		5,286		4,733		3,609
Acquisition-related items							(1,938)		(1,874)		(832)		12		(11)		(20)
Certain significant items(e)							(5,510)		(3,917)		(3,608)		14		32		36
	$	63,627	$	59,553	$	101,175	$	8,023	$	1,058	$	34,729	$	7,013	$	6,290	$	5,064

(a)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, overhead costs associated with our manufacturing operations and costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations as they operated in 2024 are included in Biopharma’s earnings. We have reclassified $14.7 billion and $9.2 billion of net costs in 2023 and 2022, respectively, from Other business activities to Biopharma to conform to the current period presentation.

(b)Certain production facilities are shared. Depreciation is allocated based on estimates of physical production. As described above, in connection with the organizational changes effective in the first quarter of 2024, we have reclassified $331 million and $294 million of net costs in 2023 and 2022, respectively, from Other business activities to Biopharma to conform to the current period presentation.

(c)Biopharma’s revenues and earnings in 2024 reflect a non-cash favorable product return adjustment of $771 million recorded in the first quarter of 2024 and in 2023 reflected a non-cash revenue reversal of $3.5 billion (see Note 17C). In 2023, Biopharma earnings included 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, Biopharma 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. Biopharma’s earnings also include dividend income from our investment in ViiV of $272 million in 2024, $265 million in 2023 and $314 million in 2022.

(d)Other business activities include revenues and costs associated with PC1 and Pfizer Ignite as well as costs that we do not allocate to our operating segments, per above.

(e)Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in 2024 include, among other items: (i) intangible asset impairment charges of $3.3 billion recorded in Other (income)/deductions––net, (ii) restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $2.2 billion (primarily recorded in Restructuring charges and certain acquisition-related costs), (iii) actuarial valuation and other postretirement plan losses of $579 million recorded in Other (income)/deductions––net, (iv) charges for certain legal matters of $567 million recorded in Other (income)/deductions––net, and (v) a charge in Other (income)/deductions––net of $420 million related to the expected sale of one of our facilities resulting from the discontinuation of our DMD program, partially offset by (vi) net gains on equity securities of $1.0 billion and (vii) net gains of $825 million on the partial sales of our investment in Haleon in March and October 2024, which are comprised of (a) total gains on the sales of $945 million less (b) $120 million in the fourth quarter (included in Other business activities) representing our pro-rata share of Haleon’s third quarter 2024 adjusted income recorded on a one quarter lag and implicitly included in the gain on the sale of those shares. Earnings in 2023 included, 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. See Notes 3 and 4.


The following provides Biopharma reportable segment information regularly provided to the CODM:
	Year Ended December 31,
(MILLIONS)	2024		2023		2022
Biopharma reportable segment:
Biopharma total revenues	$	62,400	$	58,237	$	99,826
Less:
Cost of sales	14,997		22,666		32,859
Selling, informational and administrative expenses	10,040		10,235		9,207
Research and development expenses	9,532		9,763		10,324
Acquired in-process research and development expenses	108		194		181
Other (income)/deductions––net	(416)		(543)		(685)
Biopharma earnings	$	28,139	$	15,923	$	47,939
Revenues - Comirnaty	$	5,353	$	11,220	$	37,809
Revenues - Paxlovid	$	5,716	$	1,279	$	18,933
Revenues - excluding Comirnaty and Paxlovid	$	51,331	$	45,738	$	43,084

Revenue from External Customers by Geographic Areas


The following summarizes revenues by geographic area:
	Year Ended December 31,
(MILLIONS)		2024		2023		2022
United States		$	38,691	$	28,145	$	43,317
International:
Developed Markets		16,057		20,910		40,534
Emerging Markets		8,879		10,498		17,324
Total revenues		$	63,627	$	59,553	$	101,175

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,
	2024		2023		2022
McKesson, Inc.	23	%	16	%	8	%
Cencora, Inc.	17	%	12	%	5	%
Cardinal Health, Inc.	14	%	10	%	4	%

U.S. government(a)	6	%	—		23	%

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	2024		2023		2022

TOTAL REVENUES		$	63,627	$	59,553	$	101,175
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)		$	62,400	$	58,237	$	99,826
Primary Care		$	30,135	$	30,799	$	73,181
Eliquis(a)	Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism	7,366		6,747		6,480
Prevnar family	Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae	6,411		6,501		6,342
Paxlovid(b)	COVID-19 in certain high-risk patients	5,716		1,279		18,933
Comirnaty	Active immunization to prevent COVID-19	5,353		11,220		37,809
Nurtec ODT/Vydura	Acute treatment of migraine and prevention of episodic migraine	1,263		928		213
Abrysvo	Active immunization to prevent RSV infection	755		890		—
Premarin family	Symptoms of menopause	380		397		455
BMP2	Bone graft for spinal fusion	352		338		277
FSME-IMMUN/TicoVac	Active immunization to prevent tick-borne encephalitis disease	280		268		200
All other Primary Care	Various	2,259		2,233		2,473
Specialty Care		$	16,652	$	14,988	$	13,851
Vyndaqel family	ATTR-CM and polyneuropathy	5,451		3,321		2,447
Xeljanz	RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis	1,168		1,703		1,796
Enbrel (Outside the U.S. and Canada)	RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis	690		830		1,003
Sulperazon	Bacterial infections	637		757		786
Zavicefta	Bacterial infections	586		511		412
Octagam(c)	Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults	509		245		186
Inflectra	Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis	509		490		532
Zithromax	Bacterial infections	480		406		331


(MILLIONS)		Year Ended December 31,
PRODUCT	PRIMARY INDICATION OR CLASS	2024		2023		2022

Genotropin	Replacement of human growth hormone	470		539		360
BeneFIX	Hemophilia B	381		424		425
Cibinqo	Atopic dermatitis	215		128		27
Oxbryta(d)	Sickle cell disease	201		328		73
All other Hospital(e)	Various	4,448		4,514		4,730
All other Specialty Care	Various	907		792		743
Oncology		$	15,612	$	12,450	$	12,794
Ibrance	HR-positive/HER2-negative metastatic breast cancer	4,367		4,753		5,120
Xtandi(f)	mCRPC, nmCRPC, mCSPC, nmCSPC	2,039		1,659		1,650
Padcev	Locally advanced or metastatic urothelial cancer	1,588		53		—
Adcetris	Hodgkin lymphoma and certain T-cell lymphomas	1,089		56		—
Oncology biosimilars(g)	Various	1,037		1,407		1,753
Inlyta	Advanced RCC	978		1,036		1,003
Lorbrena	ALK-positive metastatic NSCLC	731		539		343
Bosulif	Philadelphia chromosome–positive chronic myelogenous leukemia	645		645		575
Braftovi/Mektovi	Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi for the treatment of BRAFV600E-mutant mCRC, in combination with Erbitux (cetuximab)(h) (after prior therapy) or cetuximab and mFOLFOX6	607		477		456
Tukysa	Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer	480		18		—
Elrexfio	Relapsed or refractory multiple myeloma	133		10		—
Tivdak	Recurrent or mCC	131		4		—
Talzenna	In combination with Xtandi (enzalutamide) for adult patients with HRR gene-mutated mCRPC; treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer	117		64		48
All other Oncology	Various	1,670		1,729		1,846
PFIZER CENTREONE(i)		$	1,146	$	1,272	$	1,342
PFIZER IGNITE		$	82	$	44	$	7

BIOPHARMA		$	62,400	$	58,237	$	99,826
PFIZER U.S. COMMERCIAL DIVISION (U.S. Primary Care and U.S. Specialty Care)		26,765		19,299		34,337
PFIZER ONCOLOGY DIVISION		11,567		8,450		8,583
PFIZER INTERNATIONAL COMMERCIAL DIVISION		24,068		30,488		56,905

Total Alliance revenues included above		$	8,388	$	7,582	$	8,537
Total Royalty revenues included above		$	1,423	$	1,058	$	845

(a)Reflects Alliance revenues and product revenues.

(b)2024 includes (i) a $771 million favorable final adjustment recorded in the first quarter to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, reflecting 5.1 million EUA-labeled treatment courses returned by the U.S. government through February 29, 2024 versus the estimated 6.5 million treatment courses that were expected to be returned as of December 31, 2023, and (ii) $442 million of revenue recorded in the third quarter in connection with the creation of the U.S. SNS. 2023 includes a non-cash revenue reversal of $3.5 billion recorded in the fourth quarter, 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.

(d)In September 2024, we announced our voluntary withdrawal of all lots of Oxbryta for the treatment of sickle cell disease in all markets where it is approved, as well as the discontinuation of expanded access programs worldwide, based on the totality of clinical data that indicated at that time the overall benefit of Oxbryta no longer outweighs the risk in the approved sickle cell patient population. The data suggest an imbalance in vaso-occlusive crises and fatal events, which requires further assessment that remains ongoing.

(e)Includes, among other Hospital products, amounts previously presented as All other Anti-infectives and Ig Portfolio.

(f)Primarily reflects Alliance revenues and royalty revenues.

(g)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Retacrit, Ruxience, Zirabev, Trazimera and Nivestym.

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

(i)PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships.