000007800312/312023Q1false00000780032023-01-012023-04-020000078003us-gaap:CommonStockMember2023-01-012023-04-020000078003pfe:NotesDue20271.000Member2023-01-012023-04-0200000780032023-05-05xbrli:sharesiso4217:USD00000780032022-01-012022-04-03iso4217:USDxbrli:shares00000780032023-04-0200000780032022-12-310000078003us-gaap:CommonStockMember2022-12-310000078003us-gaap:AdditionalPaidInCapitalMember2022-12-310000078003us-gaap:TreasuryStockMember2022-12-310000078003us-gaap:RetainedEarningsMember2022-12-310000078003us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000078003us-gaap:ParentMember2022-12-310000078003us-gaap:NoncontrollingInterestMember2022-12-310000078003us-gaap:RetainedEarningsMember2023-01-012023-04-020000078003us-gaap:ParentMember2023-01-012023-04-020000078003us-gaap:NoncontrollingInterestMember2023-01-012023-04-020000078003us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-04-020000078003us-gaap:CommonStockMember2023-01-012023-04-020000078003us-gaap:AdditionalPaidInCapitalMember2023-01-012023-04-020000078003us-gaap:TreasuryStockMember2023-01-012023-04-020000078003us-gaap:CommonStockMember2023-04-020000078003us-gaap:AdditionalPaidInCapitalMember2023-04-020000078003us-gaap:TreasuryStockMember2023-04-020000078003us-gaap:RetainedEarningsMember2023-04-020000078003us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-020000078003us-gaap:ParentMember2023-04-020000078003us-gaap:NoncontrollingInterestMember2023-04-020000078003us-gaap:CommonStockMember2021-12-310000078003us-gaap:AdditionalPaidInCapitalMember2021-12-310000078003us-gaap:TreasuryStockMember2021-12-310000078003us-gaap:RetainedEarningsMember2021-12-310000078003us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000078003us-gaap:ParentMember2021-12-310000078003us-gaap:NoncontrollingInterestMember2021-12-3100000780032021-12-310000078003us-gaap:RetainedEarningsMember2022-01-012022-04-030000078003us-gaap:ParentMember2022-01-012022-04-030000078003us-gaap:NoncontrollingInterestMember2022-01-012022-04-030000078003us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-04-030000078003us-gaap:CommonStockMember2022-01-012022-04-030000078003us-gaap:AdditionalPaidInCapitalMember2022-01-012022-04-030000078003us-gaap:TreasuryStockMember2022-01-012022-04-030000078003us-gaap:CommonStockMember2022-04-030000078003us-gaap:AdditionalPaidInCapitalMember2022-04-030000078003us-gaap:TreasuryStockMember2022-04-030000078003us-gaap:RetainedEarningsMember2022-04-030000078003us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-030000078003us-gaap:ParentMember2022-04-030000078003us-gaap:NoncontrollingInterestMember2022-04-0300000780032022-04-03pfe:operatingSegment0000078003us-gaap:AccountsReceivableMember2023-04-020000078003us-gaap:AccountsReceivableMember2022-12-310000078003us-gaap:OtherCurrentLiabilitiesMember2023-04-020000078003us-gaap:OtherCurrentLiabilitiesMember2022-12-310000078003us-gaap:OtherNoncurrentLiabilitiesMember2023-04-020000078003us-gaap:OtherNoncurrentLiabilitiesMember2022-12-310000078003pfe:GBTMember2022-10-052022-10-050000078003pfe:GBTMember2022-10-050000078003pfe:GBTMemberus-gaap:InProcessResearchAndDevelopmentMember2022-10-050000078003pfe:GBTMemberus-gaap:DevelopedTechnologyRightsMember2022-10-050000078003pfe:GBTMemberus-gaap:DevelopedTechnologyRightsMember2022-10-052022-10-050000078003pfe:BiohavenMember2022-10-032022-10-030000078003pfe:BiohavenMember2022-10-030000078003us-gaap:DevelopedTechnologyRightsMemberpfe:BiohavenMember2022-10-030000078003us-gaap:DevelopedTechnologyRightsMemberpfe:BiohavenMember2022-10-032022-10-030000078003pfe:BiohavenMemberus-gaap:InProcessResearchAndDevelopmentMember2022-10-030000078003pfe:ArenaMember2022-03-112022-03-110000078003pfe:ArenaMember2022-03-110000078003us-gaap:InProcessResearchAndDevelopmentMemberpfe:ArenaMember2022-03-110000078003us-gaap:LicensingAgreementsMemberpfe:ArenaMember2022-03-110000078003pfe:ViatrisMember2023-04-020000078003pfe:ViatrisMember2022-12-310000078003pfe:ConsumerHealthcareJVHaleonMember2022-07-18xbrli:pure0000078003pfe:ConsumerHealthcareJVHaleonMember2023-04-020000078003pfe:ConsumerHealthcareJVHaleonMember2022-12-310000078003pfe:ConsumerHealthcareJVHaleonMember2023-01-012023-04-020000078003pfe:ConsumerHealthcareJVHaleonMember2022-01-012022-04-030000078003pfe:ConsumerHealthcareJVHaleonMember2022-10-012022-12-310000078003pfe:ConsumerHealthcareJVHaleonMember2021-10-012021-12-310000078003pfe:FocusedCompanyPlanMember2023-04-020000078003pfe:FocusedCompanyPlanMemberpfe:BiopharmaSegmentMember2023-04-020000078003us-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-04-020000078003us-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-04-030000078003us-gaap:CostOfSalesMember2023-01-012023-04-020000078003us-gaap:CostOfSalesMember2022-01-012022-04-030000078003us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-04-020000078003us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-04-030000078003us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-04-020000078003us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMember2022-01-012022-04-030000078003pfe:RestructuringChargesAndAcquisitionRelatedCostsMemberpfe:ArenaMember2022-01-012022-04-030000078003us-gaap:EmployeeSeveranceMember2022-12-310000078003pfe:AssetImpairmentsMember2022-12-310000078003us-gaap:OtherRestructuringMember2022-12-310000078003us-gaap:EmployeeSeveranceMember2023-01-012023-04-020000078003pfe:AssetImpairmentsMember2023-01-012023-04-020000078003us-gaap:OtherRestructuringMember2023-01-012023-04-020000078003us-gaap:EmployeeSeveranceMember2023-04-020000078003pfe:AssetImpairmentsMember2023-04-020000078003us-gaap:OtherRestructuringMember2023-04-020000078003pfe:BioNTechAndCerevelTherapeuticsLLCMember2023-01-012023-04-020000078003pfe:BioNTechMember2022-01-012022-04-030000078003us-gaap:CorporateNonSegmentMember2023-01-012023-04-020000078003us-gaap:OperatingSegmentsMemberus-gaap:InProcessResearchAndDevelopmentMemberpfe:BiopharmaSegmentMember2023-01-012023-04-020000078003pfe:NimbusMember2023-01-012023-04-020000078003pfe:ViivHealthcareLimitedMember2023-01-012023-04-020000078003pfe:LicensingAgreementsAndOtherMember2023-04-020000078003pfe:LicensingAgreementsAndOtherMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003pfe:LicensingAgreementsAndOtherMemberus-gaap:FairValueInputsLevel2Member2023-04-020000078003pfe:LicensingAgreementsAndOtherMemberus-gaap:FairValueInputsLevel3Member2023-04-020000078003pfe:LicensingAgreementsAndOtherMember2023-01-012023-04-020000078003us-gaap:InProcessResearchAndDevelopmentMember2023-04-020000078003us-gaap:InProcessResearchAndDevelopmentMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueInputsLevel2Memberus-gaap:InProcessResearchAndDevelopmentMember2023-04-020000078003us-gaap:InProcessResearchAndDevelopmentMemberus-gaap:FairValueInputsLevel3Member2023-04-020000078003us-gaap:InProcessResearchAndDevelopmentMember2023-01-012023-04-020000078003us-gaap:DevelopedTechnologyRightsMember2023-04-020000078003us-gaap:DevelopedTechnologyRightsMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:DevelopedTechnologyRightsMemberus-gaap:FairValueInputsLevel2Member2023-04-020000078003us-gaap:DevelopedTechnologyRightsMemberus-gaap:FairValueInputsLevel3Member2023-04-020000078003us-gaap:DevelopedTechnologyRightsMember2023-01-012023-04-020000078003us-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueInputsLevel2Member2023-04-020000078003us-gaap:FairValueInputsLevel3Member2023-04-020000078003us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000078003us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000078003us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000078003us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-12-310000078003us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-04-020000078003us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-04-020000078003us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-04-020000078003us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-01-012023-04-020000078003us-gaap:AccumulatedTranslationAdjustmentMember2023-04-020000078003us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-020000078003us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-04-020000078003us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:MoneyMarketFundsMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:MoneyMarketFundsMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2023-04-020000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-04-020000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-12-310000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberpfe:LongtermInvestmentsMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberpfe:LongtermInvestmentsMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberpfe:LongtermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberpfe:LongtermInvestmentsMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMember2023-04-020000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberpfe:LongtermInvestmentsMember2023-04-020000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMember2022-12-310000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberpfe:LongtermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberpfe:LongtermInvestmentsMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Member2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2023-04-020000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Member2022-12-310000078003us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2022-12-310000078003us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-04-020000078003us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000078003us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-04-020000078003us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000078003us-gaap:ForeignGovernmentDebtSecuritiesMember2023-04-020000078003us-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000078003us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-04-020000078003us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310000078003us-gaap:CorporateDebtSecuritiesMember2023-04-020000078003us-gaap:CorporateDebtSecuritiesMember2022-12-310000078003us-gaap:BankTimeDepositsMember2023-04-020000078003us-gaap:BankTimeDepositsMember2022-12-310000078003us-gaap:UnsecuredDebtMember2023-04-020000078003us-gaap:UnsecuredDebtMember2022-12-310000078003us-gaap:ForeignExchangeContractMember2023-01-012023-04-020000078003us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2023-04-020000078003us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-12-310000078003us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-04-020000078003us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000078003us-gaap:DesignatedAsHedgingInstrumentMember2023-04-020000078003us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000078003us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-04-020000078003us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310000078003us-gaap:SalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2023-04-020000078003us-gaap:SalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-12-310000078003us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2023-01-012023-04-020000078003us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-01-012022-04-030000078003us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-04-020000078003us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-04-030000078003us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2023-01-012023-04-020000078003us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-01-012022-04-030000078003pfe:ForeignCurrencyShortTermBorrowingsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-04-020000078003pfe:ForeignCurrencyShortTermBorrowingsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-04-030000078003pfe:ForeignCurrencyDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-04-020000078003pfe:ForeignCurrencyDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-04-030000078003us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-01-012023-04-020000078003us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-04-030000078003us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2023-01-012023-04-020000078003us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-04-030000078003us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2023-01-012023-04-020000078003pfe:ForeignCurrencyDebtMember2023-04-020000078003pfe:ForeignCurrencyDebtMember2022-12-310000078003us-gaap:ShortTermDebtMember2023-04-020000078003us-gaap:ShortTermDebtMember2022-12-310000078003us-gaap:LongTermDebtMember2023-04-020000078003us-gaap:LongTermDebtMember2022-12-310000078003us-gaap:CollaborativeArrangementMemberpfe:ComirnatyMemberpfe:BioNTechMember2023-04-020000078003us-gaap:CollaborativeArrangementMemberpfe:ComirnatyMemberpfe:BioNTechMember2022-12-310000078003srt:MinimumMember2023-04-020000078003srt:MaximumMember2023-04-020000078003us-gaap:DevelopedTechnologyRightsMember2022-12-310000078003us-gaap:TradeNamesMember2023-04-020000078003us-gaap:TradeNamesMember2022-12-310000078003pfe:LicensingAgreementsAndOtherMember2022-12-310000078003us-gaap:TradeNamesMember2023-04-020000078003us-gaap:TradeNamesMember2022-12-310000078003us-gaap:InProcessResearchAndDevelopmentMember2022-12-310000078003pfe:LicensingAgreementsAndOtherMember2023-04-020000078003pfe:LicensingAgreementsAndOtherMember2022-12-310000078003us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-01-012023-04-020000078003us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-04-030000078003us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-04-020000078003us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-04-030000078003us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-04-020000078003us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-04-030000078003pfe:Expiring2030Memberpfe:PatentInfringementMemberus-gaap:PendingLitigationMemberpfe:PfizerAndVersusSeveralGenericManufacturersMemberpfe:MektoviMember2022-08-012022-08-31pfe:patent0000078003pfe:PatentInfringementMemberus-gaap:PendingLitigationMemberpfe:Expiring2033Memberpfe:PfizerAndVersusSeveralGenericManufacturersMemberpfe:MektoviMember2022-08-012022-08-310000078003pfe:PatentInfringementMemberus-gaap:PendingLitigationMemberpfe:PfizerAndVersusSeveralGenericManufacturersMemberpfe:MektoviMember2022-08-012022-08-310000078003pfe:ComirnatyMemberpfe:ModernaTXUSPatentInfringementCaseMember2022-08-012022-08-310000078003pfe:ComirnatyMemberpfe:ModernaTXEuropeanPatentInfringementCaseMember2022-08-012022-08-310000078003pfe:ComirnatyMemberpfe:ModernaTXEuropeanPatentInfringementCaseMember2022-09-012022-09-300000078003pfe:ArbutusAndGenevantUSPatentInfringementCaseMemberpfe:ComirnatyMemberus-gaap:SubsequentEventMember2023-04-012023-04-300000078003pfe:ComirnatyMemberpfe:PfizerBioNTechAndBioNTechManufacturingGmbHVersusCureVacJudgmentOfNonInfringementMember2022-07-012022-07-310000078003pfe:DocetaxelMemberus-gaap:PendingLitigationMemberpfe:PfizerAndHospiraAndVariousOtherManufacturersVersusMississippiAttorneyGeneralMember2018-01-012018-12-31pfe:manufacturer0000078003us-gaap:OperatingSegmentsMemberpfe:BiopharmaSegmentMember2023-01-012023-04-020000078003us-gaap:OperatingSegmentsMemberpfe:BiopharmaSegmentMember2022-01-012022-04-030000078003us-gaap:CorporateNonSegmentMember2022-01-012022-04-030000078003pfe:ReconcilingItemsAmortizationOfIntangibleAssetsMemberus-gaap:MaterialReconcilingItemsMember2023-01-012023-04-020000078003pfe:ReconcilingItemsAmortizationOfIntangibleAssetsMemberus-gaap:MaterialReconcilingItemsMember2022-01-012022-04-030000078003pfe:ReconcilingItemsAcquisitionRelatedCostsMemberus-gaap:MaterialReconcilingItemsMember2023-01-012023-04-020000078003pfe:ReconcilingItemsAcquisitionRelatedCostsMemberus-gaap:MaterialReconcilingItemsMember2022-01-012022-04-030000078003us-gaap:MaterialReconcilingItemsMemberpfe:ReconcilingItemsOtherMember2023-01-012023-04-020000078003us-gaap:MaterialReconcilingItemsMemberpfe:ReconcilingItemsOtherMember2022-01-012022-04-030000078003pfe:ViivHealthcareLimitedMember2022-01-012022-04-030000078003srt:RevisionOfPriorPeriodReclassificationAdjustmentMemberus-gaap:CorporateNonSegmentMember2022-01-012022-04-030000078003srt:RevisionOfPriorPeriodReclassificationAdjustmentMemberus-gaap:OperatingSegmentsMemberpfe:BiopharmaSegmentMember2022-01-012022-04-030000078003country:US2023-01-012023-04-020000078003country:US2022-01-012022-04-030000078003pfe:DevelopedEuropeMember2023-01-012023-04-020000078003pfe:DevelopedEuropeMember2022-01-012022-04-030000078003pfe:DevelopedRestOfWorldMember2023-01-012023-04-020000078003pfe:DevelopedRestOfWorldMember2022-01-012022-04-030000078003pfe:EmergingMarketsMember2023-01-012023-04-020000078003pfe:EmergingMarketsMember2022-01-012022-04-030000078003us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberpfe:GovernmentAndGovernmentSponsoredMember2023-01-012023-04-020000078003us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberpfe:GovernmentAndGovernmentSponsoredMember2022-01-012022-04-030000078003us-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMemberpfe:GovernmentAndGovernmentSponsoredMember2023-01-012023-04-020000078003us-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMemberpfe:GovernmentAndGovernmentSponsoredMember2022-01-012022-12-310000078003pfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:PaxlovidMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:PaxlovidMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:ComirnatyMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:ComirnatyMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:EliquisMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:EliquisMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:PrevnarPrevenarFamilyMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:PrevnarPrevenarFamilyMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:NurtecODTVyduraMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:NurtecODTVyduraMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:PremarinFamilyMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:PremarinFamilyMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:BMP2Memberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:BMP2Memberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:FSMEIMMUNTicoVacMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:FSMEIMMUNTicoVacMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:NimenrixMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:NimenrixMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:OtherPrimaryCareProductsMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2023-01-012023-04-020000078003pfe:OtherPrimaryCareProductsMemberpfe:BiopharmaSegmentMemberpfe:PrimaryCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:VyndaqelMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:VyndaqelMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:SulperazonMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:SulperazonMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:XeljanzMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:XeljanzMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:EnbrelMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:EnbrelMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:InflectraMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:InflectraMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:ZithromaxZmaxMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:ZithromaxZmaxMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:GenotropinMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:GenotropinMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:IgPortfolioProductsMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:IgPortfolioProductsMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:ZaviceftaMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:ZaviceftaMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BeneFIXMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BeneFIXMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:MedrolMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:MedrolMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:OxbrytaMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:OxbrytaMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:SomavertMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:SomavertMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:ReFactoAfXynthaMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:ReFactoAfXynthaMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:FragminMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:FragminMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:VfendMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:VfendMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:OtherAntiinfectivesMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:OtherAntiinfectivesMemberpfe:BiopharmaSegmentMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:OtherSpecialtyCareMemberpfe:SpecialtyCareMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:OtherSpecialtyCareMemberpfe:SpecialtyCareMember2022-01-012022-04-030000078003pfe:OncologyMemberpfe:BiopharmaSegmentMember2023-01-012023-04-020000078003pfe:OncologyMemberpfe:BiopharmaSegmentMember2022-01-012022-04-030000078003pfe:IbranceMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:IbranceMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:InlytaMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:InlytaMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:XtandiAllianceRevenuesMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:XtandiAllianceRevenuesMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:BosulifMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:BosulifMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:ZirabevMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:ZirabevMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:RuxienceMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:RuxienceMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:LorbrenaMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:LorbrenaMember2022-01-012022-04-030000078003pfe:XalkoriMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:XalkoriMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:RetacritMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:RetacritMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:BavencioAllianceRevenuesMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:BavencioAllianceRevenuesMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:AromasinMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:AromasinMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:BesponsaMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:BesponsaMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:SutentMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:SutentMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:BraftoviMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:BraftoviMemberpfe:BiopharmaSegmentMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:MektoviMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:MektoviMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:TrazimeraMemberpfe:OncologyMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:TrazimeraMemberpfe:OncologyMember2022-01-012022-04-030000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:OtherOncologyProductsMember2023-01-012023-04-020000078003pfe:BiopharmaSegmentMemberpfe:OncologyMemberpfe:OtherOncologyProductsMember2022-01-012022-04-030000078003pfe:BusinessInnovationSegmentMember2023-01-012023-04-020000078003pfe:BusinessInnovationSegmentMember2022-01-012022-04-030000078003pfe:BusinessInnovationSegmentMemberpfe:PfizerCentreOneMember2023-01-012023-04-020000078003pfe:BusinessInnovationSegmentMemberpfe:PfizerCentreOneMember2022-01-012022-04-030000078003pfe:BusinessInnovationSegmentMemberpfe:PfizerIgniteMember2023-01-012023-04-020000078003pfe:BusinessInnovationSegmentMemberpfe:PfizerIgniteMember2022-01-012022-04-030000078003pfe:TotalAllianceBiopharmaceuticalsMember2023-01-012023-04-020000078003pfe:TotalAllianceBiopharmaceuticalsMember2022-01-012022-04-030000078003pfe:BusinessInnovationSegmentMemberpfe:BioNTechMemberpfe:PfizerCentreOneMember2023-01-012023-04-020000078003pfe:BusinessInnovationSegmentMemberpfe:BioNTechMemberpfe:PfizerCentreOneMember2022-01-012022-04-030000078003pfe:ComirnatyMemberpfe:GovernmentAndGovernmentSponsoredMember2023-04-020000078003pfe:ComirnatyMemberpfe:GovernmentAndGovernmentSponsoredMember2022-12-310000078003pfe:ComirnatyMemberpfe:GovernmentAndGovernmentSponsoredMember2023-01-012023-04-02

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 April 2, 2023

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).
YesNo
x

At May 5, 2023, 5,645,307,020 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 InformationN/A
 
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 months ended February 26, 2023 and February 27, 2022, and for U.S. subsidiaries is as of and for the three months ended April 2, 2023 and April 3, 2022. 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 2022 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below:
2022 Form 10-K
Annual Report on Form 10-K for the fiscal year ended December 31, 2022
ACIPAdvisory Committee on Immunization Practices
ALKanaplastic lymphoma kinase
Alliance revenuesRevenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
ArenaArena Pharmaceuticals, Inc.
AstellasAstellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.
ATTR-CMtransthyretin amyloid cardiomyopathy
BiohavenBiohaven Pharmaceutical Holding Company Ltd.
BioNTechBioNTech SE
BiopharmaGlobal Biopharmaceuticals Business
BMSBristol-Myers Squibb Company
BODBoard of Directors
CDCU.S. Centers for Disease Control and Prevention
CMA
conditional marketing authorisation
Comirnaty*
Unless otherwise noted, refers to, as applicable, and as authorized or approved, the Pfizer-BioNTech COVID-19 Vaccine, the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5), the Comirnaty Original/Omicron BA.1 Vaccine, and Comirnaty Original/Omicron BA.4/BA.5 Vaccine. In the U.S., monovalent mRNA COVID-19 vaccines are no longer emergency use authorized or CDC-recommended, although Comirnaty remains a licensed vaccine.
Cond. J-NDAConditional Japan New Drug Application
Consumer Healthcare JVGSK Consumer Healthcare JV
COVID-19novel coronavirus disease of 2019
Developed Europe
Includes the following markets: Western Europe, Scandinavian countries and Finland
Developed MarketsIncludes the following markets: U.S., Developed Europe, Japan, South Korea, Canada, Australia and New Zealand
Developed Rest of World
Includes the following markets: Japan, South Korea, Canada, Australia and New Zealand
ECEuropean Commission
EMAEuropean Medicines Agency
Emerging Markets
Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Eastern Europe, Central Europe, the Middle East, Africa and Turkey
EPSearnings 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
FFDCAU.S. Federal Food, Drug and Cosmetic Act
Form 10-QThis Quarterly Report on Form 10-Q for the quarterly period ended April 2, 2023
GAAPGenerally Accepted Accounting Principles
GBTGlobal Blood Therapeutics, Inc.
GPDGlobal Product Development organization
GSKGSK plc
HaleonHaleon plc
HIPAAHealth Insurance Portability and Accountability Act of 1996
HospiraHospira, Inc.
IPR&Din-process research and development
IRAInflation Reduction Act of 2022
IRSU.S. Internal Revenue Service
JAKJanus kinase
JVjoint venture
KingKing Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)
LIBORLondon Interbank Offered Rate
LOEloss of exclusivity
mCRCmetastatic colorectal cancer
3


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.
mRNAmessenger ribonucleic acid
MSAManufacturing Supply Agreement
MylanMylan N.V.
MyovantMyovant Sciences Ltd.
NDANew Drug Application
Nimbus
Nimbus Therapeutics, LLC
nmCRPC
non-metastatic castration-resistant prostate cancer
NSCLCnon-small cell lung cancer
ODToral disintegrating tablet
OnoOno Pharmaceutical Co., Ltd.
OPKOOPKO Health, Inc.
OTCover-the-counter
Paxlovid*an oral COVID-19 treatment (nirmatrelvir [PF-07321332] tablets and ritonavir tablets)
PC1Pfizer CentreOne
PharmaciaPharmacia Corporation
Prevnar familyIncludes Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20/Apexxnar (adult)
PsApsoriatic arthritis
RArheumatoid arthritis
RCCrenal cell carcinoma
R&Dresearch and development
SeagenSeagen Inc.
SECU.S. Securities and Exchange Commission
SI&Aselling, informational and administrative
TSAstransition service arrangements
UCulcerative colitis
U.K.United Kingdom
U.S.United States
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
ViatrisViatris Inc.
ViiVViiV Healthcare Limited
Vyndaqel familyIncludes Vyndaqel, Vyndamax and Vynmac
WRDMWorldwide Research, Development and Medical
*Paxlovid and the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5) have not been approved or licensed by the FDA. Paxlovid has been authorized for emergency use by the FDA under an EUA, for the treatment of mild-to-moderate COVID-19 in adults and pediatric patients (12 years of age and older weighing at least 40 kg) with a current diagnosis of mild-to-moderate COVID-19 and who are at high risk for progression to severe COVID-19, including hospitalization or death. The Pfizer-BioNTech COVID-19 Vaccine, Bivalent has been authorized by the FDA under an EUA to prevent COVID-19 in individuals aged 6 months and older. 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 FFDCA 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 effectiveness 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 Twitter accounts, or any third-party website, is not incorporated by reference into this Form 10-Q.
4


PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 Three Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)April 2,
2023
April 3,
2022
Revenues$18,282 $25,661 
Costs and expenses:
Cost of sales(a)
4,886 9,984 
Selling, informational and administrative expenses(a)
3,418 2,593 
Research and development expenses(a)
2,505 2,301 
Acquired in-process research and development expenses21 355 
Amortization of intangible assets1,103 835 
Restructuring charges and certain acquisition-related costs9 192 
Other (income)/deductions––net70 350 
Income from continuing operations before provision/(benefit) for taxes on income6,270 9,050 
Provision/(benefit) for taxes on income715 1,172 
Income from continuing operations5,555 7,879 
Discontinued operations––net of tax1 (9)
Net income before allocation to noncontrolling interests5,556 7,870 
Less: Net income attributable to noncontrolling interests13 6 
Net income attributable to Pfizer Inc. common shareholders$5,543 $7,864 
Earnings per common share––basic:
  
Income from continuing operations attributable to Pfizer Inc. common shareholders$0.98 $1.40 
Discontinued operations––net of tax  
Net income attributable to Pfizer Inc. common shareholders$0.98 $1.40 
Earnings per common share––diluted:
  
Income from continuing operations attributable to Pfizer Inc. common shareholders$0.97 $1.37 
Discontinued operations––net of tax  
Net income attributable to Pfizer Inc. common shareholders$0.97 $1.37 
Weighted-average shares––basic5,634 5,617 
Weighted-average shares––diluted5,727 5,758 
(a)Exclusive of amortization of intangible assets.

See Accompanying Notes.
5


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 Three Months Ended
(MILLIONS)April 2,
2023
April 3,
2022
Net income before allocation to noncontrolling interests$5,556 $7,870 
Foreign currency translation adjustments, net101 (363)
Unrealized holding gains/(losses) on derivative financial instruments, net2 203 
Reclassification adjustments for (gains)/losses included in net income(a)
303 (213)
 305 (10)
Unrealized holding gains/(losses) on available-for-sale securities, net87 (133)
Reclassification adjustments for (gains)/losses included in net income(b)
(509)233 
 (422)99 
Reclassification adjustments related to amortization of prior service costs and other, net(30)(36)
Reclassification adjustments related to curtailments of prior service costs and other, net(5)(11)
 (35)(47)
Other comprehensive income/(loss), before tax(50)(321)
Tax provision/(benefit) on other comprehensive income/(loss)(63)(60)
Other comprehensive income/(loss) before allocation to noncontrolling interests$12 $(260)
Comprehensive income/(loss) before allocation to noncontrolling interests$5,569 $7,610 
Less: Comprehensive income/(loss) attributable to noncontrolling interests10 6 
Comprehensive income/(loss) attributable to Pfizer Inc.$5,558 $7,604 
(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)April 2,
2023
December 31, 2022
(Unaudited)
Assets
Cash and cash equivalents$2,166 $416 
Short-term investments17,806 22,316 
Trade accounts receivable, less allowance for doubtful accounts: 2023—$465; 2022—$449
12,305 10,952 
Inventories9,541 8,981 
Current tax assets3,140 3,577 
Other current assets5,120 5,017 
Total current assets50,078 51,259 
Equity-method investments11,175 11,033 
Long-term investments3,568 4,036 
Property, plant and equipment, less accumulated depreciation: 2023—$15,514; 2022—$15,174
17,052 16,274 
Identifiable intangible assets42,002 43,370 
Goodwill51,476 51,375 
Noncurrent deferred tax assets and other noncurrent tax assets7,302 6,693 
Other noncurrent assets12,965 13,163 
Total assets$195,617 $197,205 
Liabilities and Equity  
Short-term borrowings, including current portion of long-term debt: 2023—$3,567; 2022—$2,560
$4,188 $2,945 
Trade accounts payable6,123 6,809 
Dividends payable 2,303 
Income taxes payable1,969 1,587 
Accrued compensation and related items2,277 3,407 
Deferred revenues1,750 2,520 
Other current liabilities20,255 22,568 
Total current liabilities36,562 42,138 
Long-term debt31,704 32,884 
Pension and postretirement benefit obligations2,179 2,250 
Noncurrent deferred tax liabilities1,067 1,023 
Other taxes payable9,860 9,812 
Other noncurrent liabilities13,009 13,180 
Total liabilities94,381 101,288 
Commitments and Contingencies
Common stock478 476 
Additional paid-in capital92,153 91,802 
Treasury stock(114,473)(113,969)
Retained earnings131,102 125,656 
Accumulated other comprehensive loss(8,289)(8,304)
Total Pfizer Inc. shareholders’ equity100,970 95,661 
Equity attributable to noncontrolling interests266 256 
Total equity101,236 95,916 
Total liabilities and equity$195,617 $197,205 
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, January 1, 2023
9,519 $476 $91,802 (3,903)$(113,969)$125,656 $(8,304)$95,661 $256 $95,916 
Net income5,543 5,543 13 5,556 
Other comprehensive income/(loss), net of tax15 15 (3)12 
Cash dividends declared, per share: $
Common stock— —  
Share-based payment transactions41 2 350 (12)(504)(97)(249)(249)
Other— — — — — —  
Balance, April 2, 2023
9,560 $478 $92,153 (3,915)$(114,473)$131,102 $(8,289)$100,970 $266 $101,236 
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, 2022
9,471 $473 $90,591 (3,851)$(111,361)$103,394 $(5,897)$77,201 $262 $77,462 
Net income7,864 7,864 6 7,870 
Other comprehensive income/(loss), net of tax(260)(260)— (260)
Cash dividends declared, per share: $
Common stock — —  
Share-based payment transactions23 2 249 (12)(570)(65)(383)(383)
Purchases of common stock(39)(2,000)(2,000)(2,000)
Other3 — — — 3 (7)(4)
Balance, April 3, 20229,494 $476 $90,844 (3,903)$(113,931)$111,193 $(6,157)$82,424 $261 $82,685 
See Accompanying Notes.
8


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Three Months Ended
(MILLIONS)April 2,
2023
April 3,
2022
Operating Activities  
Net income before allocation to noncontrolling interests$5,556 $7,870 
Discontinued operations—net of tax1 (9)
Net income from continuing operations before allocation to noncontrolling interests5,555 7,879 
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:  
Depreciation and amortization1,487 1,187 
Asset write-offs and impairments270 31 
Deferred taxes(598)(2,321)
Share-based compensation expense105 86 
Benefit plan contributions in excess of expense/income(200)(404)
Other adjustments, net99 815 
Other changes in assets and liabilities, net of acquisitions and divestitures(5,507)(730)
Net cash provided by operating activities1,212 6,541 
Investing Activities  
Purchases of property, plant and equipment(1,139)(643)
Purchases of short-term investments(6,665)(8,758)
Proceeds from redemptions/sales of short-term investments6,400 13,421 
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less4,665 3,409 
Purchases of long-term investments(51)(676)
Proceeds from redemptions/sales of long-term investments124 52 
Acquisition of business, net of cash acquired (6,225)
Other investing activities, net(18)(13)
Net cash provided by/(used in) investing activities3,315 567 
Financing Activities  
Proceeds from short-term borrowings11  
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
226 (220)
Payments on long-term debt(269)(1,609)
Purchases of common stock (2,000)
Cash dividends paid(2,303)(2,249)
Other financing activities, net(436)(501)
Net cash provided by/(used in) financing activities(2,771)(6,578)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
(2)(1)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents1,754 529 
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period468 1,983 
Cash and cash equivalents and restricted cash and cash equivalents, at end of period$2,222 $2,513 
Supplemental Cash Flow Information
Cash paid during the period for:  
Income taxes
$329 $354 
Interest paid
419 453 
Interest rate hedges60 26 
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 2022 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 2022 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 months ended February 26, 2023 and February 27, 2022, and for U.S. subsidiaries is as of and for the three months ended April 2, 2023 and April 3, 2022.
We manage our commercial operations through two operating segments, each led by a single manager: Biopharma and Business Innovation. Biopharma is the only reportable segment. See Note 13A below and Note 17A in our 2022 Form 10-K.
Business development activities impacted financial results in the periods presented. See Notes 2A and 2B below as well as Notes 1A and 2 in our 2022 Form 10-K.
We have made certain reclassification adjustments to conform prior-period amounts to the current presentation for segment reporting.
B. New Accounting Standard Adopted in 2023
On January 1, 2023, we adopted a new accounting standard for supplier finance programs which requires increased disclosures in the notes to our financial statements. See Note 8C.
C. Revenues and Trade Accounts Receivable
Customers––Our prescription biopharmaceutical products, with the exception of Paxlovid, are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. We principally sell Paxlovid to government agencies and distributors. In the U.S., we primarily sell our vaccines directly to the federal government, CDC, wholesalers, individual provider offices, retail pharmacies and integrated delivery systems. Outside the U.S., we primarily sell our vaccines to government and non-government institutions.
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)April 2,
2023
December 31, 2022
Reserve against Trade accounts receivable, less allowance for doubtful accounts
$1,068 $1,200 
Other current liabilities:
Accrued rebates4,743 4,479 
Other accruals521 430 
Other noncurrent liabilities
324 612 
Total accrued rebates and other sales-related accruals$6,656 $6,722 
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
10


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 months ended April 2, 2023 and April 3, 2022, 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 2022 Form 10-K.
Note 2. Acquisitions, Discontinued Operations and Equity-Method Investment
A. Acquisitions
GBT––On October 5, 2022, we acquired GBT, a biopharmaceutical company dedicated to the discovery, development and delivery of life-changing treatments for underserved patient communities, starting with sickle cell disease. The total fair value of the consideration transferred was $5.7 billion ($5.2 billion, net of cash acquired). In connection with this business combination, we provisionally recorded: (i) $4.4 billion in Identifiable intangible assets, consisting of $3.0 billion of IPR&D and $1.4 billion of developed technology rights with a useful life of six years, (ii) $1.1 billion of Goodwill, (iii) $672 million of inventories to be sold over approximately three years, (iv) $568 million of net deferred tax liabilities and (v) $331 million of assumed long-term debt that was paid in full in the fourth quarter of 2022. The allocation of the consideration transferred to the assets acquired and liabilities assumed has not yet been finalized.
Biohaven––On October 3, 2022, we acquired Biohaven, the maker of Nurtec ODT/Vydura (rimegepant), an innovative therapy approved for both acute treatment of migraine and prevention of episodic migraine in adults. The total fair value of the consideration transferred was $11.8 billion, which includes the fair value of Pfizer’s previous investment in Biohaven on the acquisition date of approximately $300 million. In connection with this business combination, we provisionally recorded: (i) $12.1 billion in Identifiable intangible assets, consisting of $11.6 billion of developed technology rights with a useful life of 11 years and $450 million of IPR&D, (ii) $817 million of inventories to be sold over approximately two years, (iii) $797 million of Goodwill, (iv) $398 million of trade accounts receivable, (v) $1.4 billion of assumed long-term debt that was paid in full in the fourth quarter of 2022, (vi) $566 million of net deferred tax liabilities and (vii) $476 million of Other current liabilities. The allocation of the consideration transferred to the assets acquired and liabilities assumed has not yet been finalized.
Arena––On March 11, 2022, we acquired Arena, a clinical stage company with development-stage therapeutic candidates in gastroenterology, dermatology and cardiology. The total fair value of the consideration transferred was $6.6 billion ($6.2 billion, net of cash acquired). The final allocation of the consideration transferred to the assets acquired and the liabilities assumed was completed in the first quarter of 2023. In connection with this business combination, we recorded: (i) $5.5 billion in Identifiable intangible assets, consisting of $5.0 billion of IPR&D and $460 million of indefinite-lived licensing agreements and other, (ii) $1.0 billion of Goodwill and (iii) $490 million of net deferred tax liabilities.
B. Discontinued Operations
Discontinued operations––net of tax in the periods presented are post-close adjustments related to the previously disposed discontinued Meridian subsidiary and the Upjohn Business. In the three months ended April 2, 2023 and April 3, 2022, amounts recorded under interim agreements, including TSAs and MSAs, associated with these disposals were not material. Under agreements related to the 2020 spin-off and the combination of the Upjohn Business with Mylan to form Viatris, net amounts due from Viatris were approximately $57 million as of April 2, 2023 and net amounts due to Viatris were $94 million as of December 31, 2022. The cash flows associated with the agreements are included in Net cash provided by operating activities. For information about the nature of these agreements, see Note 2B in our 2022 Form 10-K.
C. Equity-Method Investment
Haleon/Consumer Healthcare JV––On July 18, 2022, GSK completed a demerger of the Consumer Healthcare JV which became Haleon, an independent, publicly traded company listed on the London Stock Exchange that holds the joint historical consumer healthcare business of GSK and Pfizer following the demerger. We continue to own 32% of the ordinary shares of Haleon after the demerger.
The carrying value of our investment in Haleon as of April 2, 2023 and as of December 31, 2022 is $11.0 billion and $10.8 billion, respectively, and is reported in Equity-method investments. The fair value of our investment in Haleon as of April 2, 2023, based on quoted market prices of Haleon stock, was $11.8 billion. Haleon/the Consumer Healthcare JV 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. The increase in the value of our investment from December 31, 2022 is primarily due to $90 million in
11


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
pre-tax foreign currency translation adjustments (see Note 6) and our share of Haleon’s earnings. We record our share of earnings from Haleon/the Consumer Healthcare JV on a quarterly basis on a one-quarter lag in Other (income)/deductions––net. Our total share of Haleon’s earnings generated in the fourth quarter of 2022, which we recorded in our operating results in the first quarter of 2023, was $68 million. Our total share of the JV’s earnings generated in the fourth quarter of 2021, which we recorded in our operating results in the first quarter of 2022, was $185 million. The total amortization and adjustment of basis differences resulting from the excess of the initial fair value of our investment over the underlying equity in the carrying value of the net assets of Haleon/the Consumer Healthcare JV was not material to our results of operations in the periods presented. See Note 4.
Summarized financial information for our equity-method investee, Haleon/the Consumer Healthcare JV, for the three months ending December 31, 2022, the most recent period available, and for the three months ending December 31, 2021, is as follows:
Three Months Ended
(MILLIONS)December 31, 2022December 31, 2021
Net sales$3,261 $3,420 
Cost of sales(1,496)(1,312)
Gross profit$1,766 $2,108 
Income from continuing operations225 590 
Net income225 590 
Income attributable to shareholders211 578 
Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives
A. Transforming to a More Focused Company Program
In 2019, we announced that we would be incurring costs associated with our Transforming to a More Focused Company Program, a multi-year effort to ensure our cost base aligns appropriately with our operating structure following Pfizer’s transformation into a more focused, innovative science-based global biopharmaceutical business. This program includes activities to (i) restructure our corporate enabling functions to appropriately support our operating structure; (ii) transform our commercial go-to-market model; and (iii) optimize our manufacturing network and R&D operations.
The activities associated with transforming our commercial go-to-market model are substantially complete. Activities associated with restructuring our corporate enabling functions and optimizing our manufacturing network and R&D operations are ongoing and are expected to be substantially completed by the end of 2023. The costs to restructure our corporate enabling functions, and to optimize our R&D operations and reduce cycle times, as well as to further prioritize our internal R&D portfolio, primarily include severance and implementation costs. The costs to optimize our manufacturing network largely include severance, implementation costs, product transfer costs, site exit costs, and accelerated depreciation.
From the start of this program in the fourth quarter of 2019 through April 2, 2023, we incurred costs of $3.5 billion, of which $1.4 billion ($1.1 billion of restructuring charges) is associated with Biopharma. We have incurred approximately 85% of total expected costs to date, and we expect the remaining costs to be substantially incurred through 2023.
12


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
B. Key Activities
The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives:
Three Months Ended
(MILLIONS)April 2,
2023
April 3,
2022
Restructuring charges/(credits):  
Employee terminations$(36)$25 
Asset impairments(10)