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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 April 3, 2022

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.)

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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.05 par valuePFENew York Stock Exchange
1.000% Notes due 2027PFE27New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesxNo
☐

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

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

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

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

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

At May 6, 2022, 5,610,895,801 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 27, 2022 and February 28, 2021, and for U.S. subsidiaries is as of and for the three months ended April 3, 2022 and April 4, 2021. 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 2021 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below:
2021 Form 10-KAnnual Report on Form 10-K for the fiscal year ended December 31, 2021
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., Biohaven Pharmaceutical Ireland DAC and BioShin Limited. (collectively, Biohaven)
BioNTechBioNTech SE
BiopharmaPfizer Biopharmaceuticals Group
BLABiologics License Application
BMSBristol-Myers Squibb Company
BNT162b2*Pfizer-BioNTech COVID-19 Vaccine, also known as Comirnaty
BODBoard of Directors
CDCU.S. Centers for Disease Control and Prevention
CGRPcalcitonin gene-related peptide
CMA
conditional marketing authorisation
Comirnaty*Pfizer-BioNTech COVID-19 Vaccine, also known as BNT162b2
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, Canada, South Korea, Australia and New Zealand
Developed Rest of World
Includes the following markets: Japan, Canada, South Korea, 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, Central Europe, Eastern Europe, the Middle East, Africa and Turkey
EPSearnings per share
EUEuropean Union
EUAemergency use authorization
Exchange ActSecurities Exchange Act of 1934, as amended
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 3, 2022
GAAPGenerally Accepted Accounting Principles
GISTgastrointestinal stromal tumors
GPDGlobal Product Development organization
GSKGlaxoSmithKline plc
HIPAAHealth Insurance Portability and Accountability Act of 1996
HospiraHospira, Inc.
IPR&Din-process research and development
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
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
3

MeridianMeridian Medical Technologies, Inc.
mRNAmessenger ribonucleic acid
MSAManufacturing Supply Agreement
MylanMylan N.V.
Mylan-Japan collaborationa pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan that terminated on December 21, 2020, which fell in Pfizer’s international first quarter of 2021
MyovantMyovant Sciences Ltd.
nmCRPC
non-metastatic castration-resistant prostate cancer
NSCLCnon-small cell lung cancer
OPKOOPKO Health, Inc.
OTCover-the-counter
Paxlovid*an oral COVID-19 treatment (nirmatrelvir [PF-07321332] tablets and ritonavir tablets)
PC1Pfizer CentreOne
PGSPfizer Global Supply
PharmaciaPharmacia Corporation
PRACPharmacovigilance Risk Assessment Committee
PsApsoriatic arthritis
RArheumatoid arthritis
RCCrenal cell carcinoma
R&Dresearch and development
ReViralReViral Ltd.
SandozSandoz, Inc., a division of Novartis AG
SECU.S. Securities and Exchange Commission
sNDAsupplemental new drug application
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
WRDMWorldwide Research, Development and Medical
*This Form 10-Q includes discussion of the COVID-19 vaccine that Pfizer has co-developed with BioNTech (BNT162b2) and our oral COVID-19 treatment (Paxlovid). The vaccine may be referred to by its brand name, Comirnaty (approved under a BLA), or as BNT162b2 (authorized under EUA). The vaccine is FDA-approved to prevent COVID-19 in individuals 16 years of age and older. The vaccine is authorized by the FDA to prevent COVID-19 in individuals 5 years of age and older. In addition, Comirnaty/BNT162b2 is authorized by the FDA for a third dose for certain immunocompromised individuals 5 years of age and older, as a booster dose for individuals 12 years of age and older and as a second booster dose for individuals 50 years of age and older and for certain immunocompromised individuals 12 years of age and older. 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 [88 lbs]) with positive results of direct SARS CoV-2 viral testing, and who are at high-risk for progression to severe COVID-19, including hospitalization or death. The emergency uses are only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of the medical product under Section 564(b)(1) of the FFDCA unless the declaration is terminated or authorization revoked sooner. The FDA has issued EUAs to certain other companies for products intended for the prevention or treatment of COVID-19 and may continue to do so during the duration of the Declaration. See the EUA Fact Sheets at www.cvdvaccine-us.com and www.covid19oralrx.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, 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 COMMON SHARE DATA)April 3,
2022		April 4,
2021
Revenues$25,661 $14,516 
Costs and expenses:
Cost of sales(a)
9,984 4,157 
Selling, informational and administrative expenses(a)
2,593 2,777 
Research and development expenses(a)
2,301 1,994 
Acquired in-process research and development expenses(b)
355 19 
Amortization of intangible assets835 858 
Restructuring charges and certain acquisition-related costs
192 22 
Other (income)/deductions––net
350 (1,004)
Income from continuing operations before provision/(benefit) for taxes on income9,050 5,692 
Provision/(benefit) for taxes on income1,172 808 
Income from continuing operations7,879 4,885 
Discontinued operations––net of tax(9)1 
Net income before allocation to noncontrolling interests7,870 4,886 
Less: Net income attributable to noncontrolling interests6 9 
Net income attributable to Pfizer Inc. common shareholders$7,864 $4,877 
Earnings per common share––basic:
  
Income from continuing operations attributable to Pfizer Inc. common shareholders$1.40 $0.87 
Discontinued operations––net of tax— — 
Net income attributable to Pfizer Inc. common shareholders$1.40 $0.87 
Earnings per common share––diluted:
  
Income from continuing operations attributable to Pfizer Inc. common shareholders$1.37 $0.86 
Discontinued operations––net of tax— — 
Net income attributable to Pfizer Inc. common shareholders$1.37 $0.86 
Weighted-average shares––basic5,617 5,584 
Weighted-average shares––diluted5,758 5,662 
(a)Exclusive of amortization of intangible assets.
(b)See Note 1D.
See Accompanying Notes.
5

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 Three Months Ended
(MILLIONS)April 3,
2022		April 4,
2021
Net income before allocation to noncontrolling interests$7,870 $4,886 
Foreign currency translation adjustments, net(363)465 
Unrealized holding gains/(losses) on derivative financial instruments, net203 214 
Reclassification adjustments for (gains)/losses included in net income(a)
(213)259 
 (10)473 
Unrealized holding gains/(losses) on available-for-sale securities, net(133)79 
Reclassification adjustments for (gains)/losses included in net income(b)
233 (242)
 99 (163)
Reclassification adjustments related to amortization of prior service costs and other, net(36)(40)
Reclassification adjustments related to curtailments of prior service costs and other, net(10)— 
Other(1)(3)
 (47)(43)
Other comprehensive income/(loss), before tax(321)732 
Tax provision/(benefit) on other comprehensive income/(loss)(60)84 
Other comprehensive income/(loss) before allocation to noncontrolling interests$(260)$647 
Comprehensive income/(loss) before allocation to noncontrolling interests$7,610 $5,533 
Less: Comprehensive income/(loss) attributable to noncontrolling interests6 10 
Comprehensive income/(loss) attributable to Pfizer Inc.$7,604 $5,523 
(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 3,
2022		December 31, 2021
(Unaudited)
Assets
Cash and cash equivalents$2,470 $1,944 
Short-term investments21,427 29,125 
Trade accounts receivable, less allowance for doubtful accounts: 2022—$492; 2021—$492
13,225 11,479 
Inventories9,979 9,059 
Current tax assets3,117 4,266 
Other current assets4,202 3,820 
Total current assets54,420 59,693 
Equity-method investments15,995 16,472 
Long-term investments4,742 5,054 
Property, plant and equipment, less accumulated depreciation: 2022—$15,358; 2021—$15,074
15,109 14,882 
Identifiable intangible assets29,816 25,146 
Goodwill50,211 49,208 
Noncurrent deferred tax assets and other noncurrent tax assets5,668 3,341 
Other noncurrent assets7,879 7,679 
Total assets$183,841 $181,476 
Liabilities and Equity  
Short-term borrowings, including current portion of long-term debt: 2022—$260; 2021—$1,636
$645 $2,241 
Trade accounts payable5,506 5,578 
Dividends payable— 2,249 
Income taxes payable3,177 1,266 
Accrued compensation and related items2,249 3,332 
Deferred revenues3,108 3,067 
Other current liabilities24,583 24,939 
Total current liabilities39,268 42,671 
Long-term debt35,656 36,195 
Pension benefit obligations3,261 3,489 
Postretirement benefit obligations233 235 
Noncurrent deferred tax liabilities655 349 
Other taxes payable11,574 11,331 
Other noncurrent liabilities10,508 9,743 
Total liabilities101,155 104,013 
Commitments and Contingencies
Common stock476 473 
Additional paid-in capital90,844 90,591 
Treasury stock(113,931)(111,361)
Retained earnings111,193 103,394 
Accumulated other comprehensive loss(6,157)(5,897)
Total Pfizer Inc. shareholders’ equity82,424 77,201 
Equity attributable to noncontrolling interests261 262 
Total equity82,685 77,462 
Total liabilities and equity$183,841 $181,476 
See Accompanying Notes.
7

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
PFIZER INC. SHAREHOLDERS
Common StockTreasury Stock
(MILLIONS, EXCEPT PER COMMON 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, 2022
9,494 $476 $90,844 (3,903)$(113,931)$111,193 $(6,157)$82,424 $261 $82,685 
PFIZER INC. SHAREHOLDERS
Common StockTreasury Stock
(MILLIONS, EXCEPT PER COMMON SHARE DATA)SharesPar ValueAdd’l
Paid-In Capital		SharesCostRetained EarningsAccum. Other Comp.
Loss		Share-
holders’ Equity		Non-controlling interestsTotal Equity
Balance, January 1, 2021
9,407 $470 $88,674 (3,840)$(110,988)$90,392 $(5,310)$63,238 $235 $63,473 
Net income4,877 4,877 9 4,886 
Other comprehensive income/(loss), net of tax646 646 1 647 
Cash dividends declared, per share: $—
Common stock (84)(84)(84)
Share-based payment transactions38 2 329 (11)(361)(30)(30)
Purchases of common stock— — — — 
Other— — — (27)(27)— (27)
Balance, April 4, 20219,445 $472 $89,002 (3,851)$(111,349)$95,158 $(4,664)$68,620 $245 $68,865 
See Accompanying Notes.
8

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Three Months Ended
(MILLIONS)April 3,
2022		April 4,
2021
Operating Activities  
Net income before allocation to noncontrolling interests$7,870 $4,886 
Discontinued operations—net of tax(9)1 
Net income from continuing operations before allocation to noncontrolling interests7,879 4,885 
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:  
Depreciation and amortization1,187 1,207 
Asset write-offs and impairments31 24 
Deferred taxes from continuing operations(2,321)203 
Share-based compensation expense86 172 
Benefit plan contributions in excess of expense/income(404)(373)
Other adjustments, net815 (291)
Other changes in assets and liabilities, net of acquisitions and divestitures(730)(1,281)
Net cash provided by operating activities from continuing operations6,541 4,546 
Net cash provided by/(used in) operating activities from discontinued operations— (8)
Net cash provided by operating activities6,541 4,538 
Investing Activities  
Purchases of property, plant and equipment(643)(554)
Purchases of short-term investments(8,758)(6,054)
Proceeds from redemptions/sales of short-term investments13,421 5,465 
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less3,409 (996)
Purchases of long-term investments(676)(27)
Proceeds from redemptions/sales of long-term investments52 256 
Acquisition of business, net of cash acquired(6,225)— 
Other investing activities, net(13)163 
Net cash provided by/(used in) investing activities from continuing operations567 (1,746)
Net cash provided by/(used in) investing activities from discontinued operations— — 
Net cash provided by/(used in) investing activities567 (1,747)
Financing Activities  
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
(220)(25)
Principal payments on long-term debt(1,609)— 
Purchases of common stock(2,000)— 
Cash dividends paid(2,249)(2,172)
Other financing activities, net(501)(610)
Net cash provided by/(used in) financing activities(6,578)(2,807)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
(1)— 
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents529 (15)
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period1,983 1,825 
Cash and cash equivalents and restricted cash and cash equivalents, at end of period$