Company Quick10K Filing
⚲
Pfizer
Financials
Price36.51 EPS3
Shares5,690 P/E12
MCap207,742 P/FCF24
Net Debt35,629 EBIT20,353
TEV243,371 TEV/EBIT12
TTM 2019-09-29, in MM, except price, ratios
Filings
10-Q 2020-03-29 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-29 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-07-01 Filed 2018-08-09
10-Q 2018-04-01 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-10-01 Filed 2017-11-09
10-Q 2017-07-02 Filed 2017-08-10
10-Q 2017-04-02 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-10-02 Filed 2016-11-10
10-Q 2016-07-03 Filed 2016-08-11
10-Q 2016-04-03 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-27 Filed 2015-11-05
10-Q 2015-06-28 Filed 2015-08-06
10-Q 2015-03-29 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-28 Filed 2014-11-06
10-Q 2014-06-29 Filed 2014-08-07
10-Q 2014-03-30 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-29 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-07-01 Filed 2012-08-09
10-Q 2012-04-01 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-10-02 Filed 2011-11-10
10-Q 2011-07-03 Filed 2011-08-11
10-Q 2011-04-03 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-10-03 Filed 2010-11-12
10-Q 2010-07-04 Filed 2010-08-12
10-Q 2010-04-04 Filed 2010-05-13
10-K 2009-12-31 Filed 2010-02-26
Reports
8-K 2020-05-22 Other Events, Exhibits
8-K 2020-05-18 Other Events, Exhibits
8-K 2020-04-28 Earnings, Exhibits
8-K 2020-04-23 Shareholder Vote
8-K 2020-04-01 Officers, Exhibits
8-K 2020-03-25 Other Events, Exhibits
8-K 2020-03-03 Officers, Exhibits
8-K 2020-02-27 Officers, Exhibits
8-K 2020-02-27 Officers
8-K 2020-02-11 Other Events
8-K 2020-01-28 Earnings, Exhibits
8-K 2019-12-13 Officers, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-09-24 Officers, Exhibits
8-K 2019-07-31 Regulation FD, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-07-29 Enter Agreement, Regulation FD, Exhibits
8-K 2019-06-27 Officers, Exhibits
8-K 2019-06-14 Regulation FD, Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-25
8-K 2019-03-11 Other Events, Exhibits
8-K 2019-03-04 Other Events, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-12-19 Enter Agreement
8-K 2018-12-19 Regulation FD, Exhibits
8-K 2018-12-07 Other Events
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-09-27 Officers, Exhibits
8-K 2018-09-04 Other Events, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-04-26
8-K 2018-03-02 Officers, Exhibits
8-K 2018-02-22 Officers, Exhibits
8-K 2018-01-30 Earnings, Exhibits

PFE 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation and Significant Accounting Policies
Note 2. Acquisition and Equity - Method Investment
Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost - Reduction/Productivity Initiatives
Note 4. Other (Income)/Deductions - Net
Note 5. Tax Matters
Note 6. Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests
Note 7. Financial Instruments
Note 8. Inventories
Note 9. Identifiable Intangible Assets and Goodwill
Note 10. Pension and Postretirement Benefit Plans
Note 11. Earnings per Common Share Attributable To Pfizer Inc. Common Shareholders
Note 12. Contingencies and Certain Commitments
Note 13. Segment, Geographic and Other Revenue Information
Note 14. Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-10.1 pfe-exh101x0329202010q.htm
EX-15 pfe-exhibit15x03292020.htm
EX-31.1 pfe-exh311x0329202010q.htm
EX-31.2 pfe-exh312x0329202010q.htm
EX-32.1 pfe-exh321x0329202010q.htm
EX-32.2 pfe-exh322x0329202010q.htm

Pfizer Earnings 2020-03-29

Balance SheetIncome StatementCash Flow
190152114763802012201420172020
Assets, Equity
 2015117302012201420172020
Rev, G Profit, Net Income
 10.05.00.0-5.0-10.0-15.02012201420172020
Ops, Inv, Fin
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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 March 29, 2020

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)
Delaware
13-5315170
(State of Incorporation)
(I.R.S. Employer Identification No.)

235 East 42nd Street, New York, New York  10017
(Address of principal executive offices)  (zip code)
(212) 733-2323
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $.05 par value
 
PFE
 
New York Stock Exchange
0.250% Notes due 2022
 
PFE22
 
New York Stock Exchange
1.000% Notes due 2027
 
PFE27
 
New 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.
Yes
x
No
☐

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).
Yes
x
No
☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 May 4, 2020, 5,554,833,754 shares of the issuer’s voting common stock were outstanding.


Table of Contents
Page
 
 
 
 
 
 
Condensed Consolidated Statements of Income for the three months ended March 29, 2020 and March 31, 2019
 
 
Condensed Consolidated Statements of Comprehensive Income for the three months ended March 29, 2020
and March 31, 2019
 
 
Condensed Consolidated Balance Sheets as of March 29, 2020 and December 31, 2019
 
 
Condensed Consolidated Statements of Equity for the three months ended March 29, 2020 and March 31, 2019
 
 
Condensed Consolidated Statements of Cash Flows for the three months ended March 29, 2020 and March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to “Pfizer,” “the Company,” “we,” “us” or “our” in this Quarterly Report on Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. We also have used several other terms in this Quarterly Report on Form 10-Q, most of which are explained or defined below:
2019 Financial Report
Financial Report for the fiscal year ended December 31, 2019, which was filed as Exhibit 13 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2019
2019 Form 10-K
Annual Report on Form 10-K for the fiscal year ended December 31, 2019
ACA (Also referred to as U.S. Healthcare Legislation)
U.S. Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act
ACIP
Advisory Committee on Immunization Practices
ALK
anaplastic lymphoma kinase
Alliance revenues
Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
Allogene
Allogene Therapeutics, Inc.
AML
Acute Myeloid Leukemia
Anacor
Anacor Pharmaceuticals, Inc.
Array
Array BioPharma Inc.
Astellas
Astellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.
Bamboo
Bamboo Therapeutics, Inc.
BioNTech
BioNTech SE
Biopharma
Pfizer Biopharmaceuticals Group
BMS
Bristol-Myers Squibb Company
CDC
U.S. Centers for Disease Control and Prevention
cGMP
current Good Manufacturing Practices
CHMP
Committee for Medicinal Products for Human Use
COVID-19
novel coronavirus disease of 2019
Developed Markets
U.S., Western Europe, Japan, Canada, South Korea, Australia, Scandinavian countries, Finland and
New Zealand
EMA
European Medicines Agency
Emerging Markets
Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea),
Latin America, Eastern Europe, Africa, the Middle East, Central Europe and Turkey
EPS
earnings per share
EU
European Union
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FDA
U.S. Food and Drug Administration
GAAP
Generally Accepted Accounting Principles
GIST
gastrointestinal stromal tumors
GPD
Global Product Development organization
GSK
GlaxoSmithKline plc
hGH-CTP
human growth hormone
HIS
Hospira Infusion Systems
Hospira
Hospira, Inc.
HR+
hormone receptor-positive
IBT
Income before tax
ICU Medical
ICU Medical, Inc.
IPR&D
in-process research and development
IRS
U.S. Internal Revenue Service
IV
intravenous
Janssen
Janssen Biotech Inc.
J&J
Johnson & Johnson
JV
Joint Venture
King
King Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)
LDL
low density lipoprotein
LIBOR
London Interbank Offered Rate
Lilly
Eli Lilly & Company
MCO
managed care organization

3

mCRC
metastatic colorectal cancer
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Medivation
Medivation LLC (formerly Medivation, Inc.)
Meridian
Meridian Medical Technologies, Inc.
Moody’s
Moody’s Investors Service
Mylan
Mylan N.V.
NDA
new drug application
NSCLC
non-small cell lung cancer
OPKO
OPKO Health, Inc.
OTC
over-the-counter
PARP
poly ADP ribose polymerase
PBM
pharmacy benefit manager
Pharmacia
Pharmacia Corporation
PP&E
property, plant & equipment
PsA
psoriatic arthritis
Quarterly Report on Form 10-Q
Quarterly Report on Form 10-Q for the quarterly period ended March 29, 2020
RA
rheumatoid arthritis
RCC
renal cell carcinoma
R&D
research and development
Sandoz
Sandoz, Inc., a division of Novartis AG
SEC
U.S. Securities and Exchange Commission
SI&A
selling, informational and administrative
S&P
Standard and Poor’s
TCJA
legislation commonly referred to as the U.S. Tax Cuts and Jobs Act of 2017
Therachon
Therachon Holding AG
UC
ulcerative colitis
U.K.
United Kingdom
U.S.
United States
ViiV
ViiV Healthcare Limited
VBP
Volume-based procurement program
WRDM
Worldwide Research, Development and Medical


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 COMMON SHARE DATA)
 
March 29,
2020

 
March 31,
2019

Revenues
 
$
12,028

 
$
13,118

Costs and expenses:
 
 
 
 
Cost of sales(a)
 
2,378

 
2,433

Selling, informational and administrative expenses(a)
 
2,873

 
3,339

Research and development expenses(a)
 
1,724

 
1,703

Amortization of intangible assets
 
885

 
1,183

Restructuring charges and certain acquisition-related costs
 
69

 
46

(Gain) on completion of Consumer Healthcare JV transaction
 
(6
)
 
—

Other (income)/deductions––net
 
221

 
92

Income from continuing operations before provision for taxes on income
 
3,885

 
4,323

Provision for taxes on income
 
475

 
433

Income from continuing operations
 
3,410

 
3,889

Discontinued operations––net of tax
 
—

 
—

Net income before allocation to noncontrolling interests
 
3,410

 
3,889

Less: Net income attributable to noncontrolling interests
 
9

 
6

Net income attributable to Pfizer Inc.
 
$
3,401

 
$
3,884

 
 
 
 
 
Earnings per common share––basic:
 
 

 
 

Income from continuing operations attributable to Pfizer Inc. common shareholders
 
$
0.61

 
$
0.69

Discontinued operations––net of tax
 
—

 
—

Net income attributable to Pfizer Inc. common shareholders
 
$
0.61

 
$
0.69

 
 
 
 
 
Earnings per common share––diluted:
 
 

 
 

Income from continuing operations attributable to Pfizer Inc. common shareholders
 
$
0.61

 
$
0.68

Discontinued operations––net of tax
 
—

 
—