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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 September 29, 2024

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).
Yes☐No
x

At October 30, 2024, 5,666,990,035 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 Information
 
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 and nine months ended August 25, 2024 and August 27, 2023, and for U.S. subsidiaries is as of and for the three and nine months ended September 29, 2024 and October 1, 2023. 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 2023 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below:
*
Indicates calculation not meaningful or results are greater than 100%
2023 Form 10-K
Annual Report on Form 10-K for the fiscal year ended December 31, 2023
AbbVie
AbbVie Inc.
Alexion
Alexion Pharma International Operations Limited, a subsidiary of AstraZeneca PLC
ALKanaplastic lymphoma kinase
Alliance revenuesRevenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
AstellasAstellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.
ATTR-CMtransthyretin amyloid cardiomyopathy
Biohaven
Biohaven Pharmaceutical Holding Company Limited
BioNTechBioNTech SE
BiopharmaGlobal Biopharmaceuticals Business
BMSBristol-Myers Squibb Company
BODBoard of Directors
CDCU.S. Centers for Disease Control and Prevention
Cerevel or Cerevel Therapeutics
Cerevel Therapeutics Holdings, Inc.
Comirnaty(a)
Unless otherwise noted, refers to, as applicable, and as authorized or approved, the Pfizer-BioNTech COVID-19 Vaccine; Comirnaty (COVID-19 Vaccine, mRNA) original monovalent formula; the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5); the Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula); Comirnaty (COVID-19 Vaccine, mRNA) 2023-2024 Formula; Comirnaty (COVID-19 Vaccine, mRNA) 2024-2025 Formula; Comirnaty Original/Omicron BA.1; Comirnaty Original/Omicron BA.4/BA.5; Comirnaty Omicron XBB.1.5; Comirnaty JN.1 and Comirnaty KP.2.
COVID-19novel coronavirus disease of 2019
Developed Markets
Includes, but is not limited to, the following markets: Western Europe, Japan, Canada, Central Europe, Australia, Scandinavian countries, South Korea, the Balkans, New Zealand and Finland
DMD
Duchenne muscular dystrophy
EMAEuropean Medicines Agency
Emerging Markets
Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Africa, the Middle East, certain Eastern European countries and Turkey
EPS
earnings per share
ESG
Environmental, Social and Governance
EUEuropean Union
EUAemergency use authorization
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCPA
Foreign Corrupt Practices Act
FDAU.S. Food and Drug Administration
Form 10-QThis Quarterly Report on Form 10-Q for the quarterly period ended September 29, 2024
GAAPGenerally Accepted Accounting Principles
GSKGSK plc
HaleonHaleon plc
HIPAAHealth Insurance Portability and Accountability Act of 1996
HospiraHospira, Inc.
HRR
homologous recombination repair
IPR&Din-process research and development
IRAInflation Reduction Act of 2022
IRSU.S. Internal Revenue Service
JVjoint venture
KingKing Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)
LPSloss per share
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
MDLMulti-District Litigation
3

MeridianMeridian Medical Technologies, Inc.
Moody’s
Moody’s Ratings (formerly Moody’s Investors Service)
mRNAmessenger ribonucleic acid
MylanMylan N.V.
NDA
New Drug Application
Nimbus
Nimbus Therapeutics, LLC
nmCRPC
non-metastatic castration-resistant prostate cancer
nmCSPC
non-metastatic castration-sensitive prostate cancer
NSCLCnon-small cell lung cancer
ODToral disintegrating tablet
ORD
Oncology Research and Development
OTCover-the-counter
Paxlovid(a)
an oral COVID-19 treatment (nirmatrelvir tablets and ritonavir tablets)
PC1Pfizer CentreOne
PharmaciaPharmacia LLC (formerly Pharmacia Corporation)
PP&E
Property, plant and equipment
PRD
Pfizer Research and Development
Prevnar family
Includes Prevnar 20/Apexxnar (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult)
PsApsoriatic arthritis
QTDQuarter-to-date or three months ended
RArheumatoid arthritis
RCCrenal cell carcinoma
R&Dresearch and development
RSVrespiratory syncytial virus
S&P
S&P Global (formerly Standard & Poor’s)
Seagen
Seagen Inc. and its subsidiaries
SECU.S. Securities and Exchange Commission
SNS
Strategic National Stockpile
Takeda
Takeda Pharmaceutical Company Limited
UCulcerative colitis
U.K.United Kingdom
U.S.United States
ViiVViiV Healthcare Limited
Vyndaqel familyIncludes Vyndaqel, Vyndamax and Vynmac
YTD
Year-to-date or nine months ended
(a)Certain uses of Paxlovid and COVID-19 vaccines from BioNTech and Pfizer 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 pediatric patients (12 years of age and older weighing at least 40 kg) who are at high risk for progression to severe COVID-19, including hospitalization or death. Emergency uses of COVID-19 vaccines from Pfizer and BioNTech, including Pfizer-BioNTech COVID-19 Vaccine (2024-2025 Formula), have been authorized for emergency use by the FDA under an EUA to prevent COVID-19 in individuals aged 6 months of age 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 U.S. Federal Food, Drug and Cosmetics Act, 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 efficacy 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 X (formerly known as Twitter) accounts, or any third-party website, is not incorporated by reference into this Form 10-Q.
Certain of the products and product candidates discussed in this Form 10-Q are being co-researched, co-developed and/or co-promoted in collaboration with other companies for which Pfizer’s rights vary by market or are the subject of agreements pursuant to which Pfizer has commercialization rights in certain markets.
4

PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months EndedNine Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)September 29,
2024		October 1,
2023		September 29,
2024		October 1,
2023
Revenues:
Product revenues(a)
$15,417 $11,587 $38,731 $38,575 
Alliance revenues(a)
1,900 1,645 6,140 5,672 
Royalty revenues(a)
384 260 992 737 
Total revenues17,702 13,491 45,864 44,984 
Costs and expenses:
Cost of sales(b), (c)
5,263 9,269 11,942 17,391 
Selling, informational and administrative expenses(b)
3,244 3,281 10,456 10,196 
Research and development expenses(b)
2,598 2,711 7,787 7,864 
Acquired in-process research and development expenses13 67 20 122 
Amortization of intangible assets1,312 1,179 3,927 3,466 
Restructuring charges and certain acquisition-related costs313 155 1,669 377 
Other (income)/deductions––net243 181 2,030 381 
Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)4,715 (3,352)8,033 5,187 
Provision/(benefit) for taxes on income/(loss)234 (964)393 (320)
Income/(loss) from continuing operations4,481 (2,388)7,640 5,507 
Discontinued operations––net of tax(8)12 4 11 
Net income/(loss) before allocation to noncontrolling interests4,473 (2,376)7,644 5,518 
Less: Net income attributable to noncontrolling interests8 6 23 30 
Net income/(loss) attributable to Pfizer Inc. common shareholders$4,465 $(2,382)$7,621 $5,488 
Earnings/(loss) per common share––basic:
    
Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders$0.79 $(0.42)$1.35 $0.97 
Discontinued operations––net of tax— — — — 
Net income/(loss) attributable to Pfizer Inc. common shareholders$0.79 $(0.42)$1.35 $0.97 
Earnings/(loss) per common share––diluted:
    
Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders$0.79 $(0.42)$1.34 $0.96 
Discontinued operations––net of tax— — — — 
Net income/(loss) attributable to Pfizer Inc. common shareholders$0.78 $(0.42)$1.34 $0.96 
Weighted-average shares––basic5,667 5,646 5,663 5,642 
Weighted-average shares––diluted5,705 5,646 5,699 5,714 
(a)See Note1A.
(b)Exclusive of amortization of intangible assets.
(c)See Note 13A.
See Accompanying Notes.
5

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
 Three Months EndedNine Months Ended
(MILLIONS)September 29,
2024		October 1,
2023		September 29,
2024		October 1,
2023
Net income/(loss) before allocation to noncontrolling interests$4,473 $(2,376)$7,644 $5,518 
Foreign currency translation adjustments, net131 (109)200 234 
Unrealized holding gains/(losses) on derivative financial instruments, net(303)408 41 519 
Reclassification adjustments for (gains)/losses included in net income/(loss)(a)
(175)(67)(334)73 
 (477)341 (293)593 
Unrealized holding gains/(losses) on available-for-sale securities, net59 (83)(17)30 
Reclassification adjustments for (gains)/losses included in net income/(loss)(b)
(6)51 80 (442)
 54 (32)63 (411)
Reclassification adjustments related to amortization of prior service costs and other, net(27)(29)(83)(88)
Reclassification adjustments related to curtailments of prior service costs and other, net(2)(1)(2)(14)
 (29)(30)(85)(102)
Other comprehensive income/(loss), before tax(322)170 (115)313 
Tax provision/(benefit) on other comprehensive income/(loss)(157)36 (81)(17)
Other comprehensive income/(loss) before allocation to noncontrolling interests$(166)$134 $(35)$330 
Comprehensive income/(loss) before allocation to noncontrolling interests$4,307 $(2,242)$7,609 $5,848 
Less: Comprehensive income/(loss) attributable to noncontrolling interests(3)4 (2)23 
Comprehensive income/(loss) attributable to Pfizer Inc.$4,310 $(2,247)$7,611 $5,826 
(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)September 29,
2024		December 31, 2023
(Unaudited)
Assets
Cash and cash equivalents$1,092 $2,853 
Short-term investments8,860 9,837 
Trade accounts receivable, less allowance for doubtful accounts: 2024—$465; 2023—$470
14,451 11,566 
Inventories11,721 10,189 
Current tax assets3,243 3,978 
Other current assets3,855 4,911 
Total current assets43,223 43,333 
Equity-method investments8,582 11,637 
Long-term investments2,180 3,731 
Property, plant and equipment, less accumulated depreciation: 2024—$16,675; 2023—$16,045
18,541 18,940 
Identifiable intangible assets59,986 64,900 
Goodwill68,570 67,783 
Noncurrent deferred tax assets and other noncurrent tax assets7,909 3,706 
Other noncurrent assets10,486 12,471 
Total assets$219,476 $226,501 
Liabilities and Equity  
Short-term borrowings, including current portion of long-term debt: 2024—$3,746; 2023—$2,254
$9,699 $10,350 
Trade accounts payable5,314 6,710 
Dividends payable— 2,372 
Income taxes payable2,877 2,349 
Accrued compensation and related items3,383 2,776 
Deferred revenues2,020 2,700 
Other current liabilities19,917 20,537 
Total current liabilities43,211 47,794 
Long-term debt58,002 61,538 
Pension and postretirement benefit obligations2,073 2,167 
Noncurrent deferred tax liabilities2,158 640 
Other taxes payable5,905 8,534 
Other noncurrent liabilities15,569 16,539 
Total liabilities126,918 137,213 
Commitments and Contingencies
Common stock480 478 
Additional paid-in capital93,477 92,631 
Treasury stock(114,760)(114,487)
Retained earnings121,059 118,353 
Accumulated other comprehensive loss(7,971)(7,961)
Total Pfizer Inc. shareholders’ equity92,286 89,014 
Equity attributable to noncontrolling interests272 274 
Total equity92,558 89,288 
Total liabilities and equity$219,476 $226,501 
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, June 30, 20249,592 $480 $93,197 (3,925)$(114,757)$116,596 $(7,816)$87,700 $275 $87,975 
Net income/(loss)
4,465 4,465 8 4,473 
Other comprehensive income/(loss), net of tax
(155)(155)(10)(166)
Cash dividends declared, per share: $—
Common stock— — — 
Share-based payment transactions— — 281 — (3)(2)276 276 
Other(1)— — — — — — 
Balance, September 29, 20249,592 $480 $93,477 (3,926)$(114,760)$121,059 $(7,971)$92,286 $272 $92,558 
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, July 2, 20239,561 $478 $92,329 (3,916)$(114,482)$128,796 $(8,102)$99,019 $274 $99,293 
Net income/(loss)
(2,382)(2,382)6 (2,376)
Other comprehensive income/(loss), net of tax135 135 (2)134 
Cash dividends declared, per share: $—
Common stock — — — 
Noncontrolling interests— (8)(8)
Share-based payment transactions1 — 167 — (4)(2)161 161 
Other— — — — — — — 
Balance, October 1, 20239,562 $478 $92,496 (3,916)$(114,485)$126,411 $(7,966)$96,934 $270 $97,204 
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, 20249,562 $478 $92,631 (3,916)$(114,487)$118,353 $(7,961)$89,014 $274 $89,288 
Net income/(loss)
7,621 7,621 23 7,644 
Other comprehensive income/(loss), net of tax(10)(10)(25)(35)
Cash dividends declared, per share: $0.84
Common stock(4,760)(4,760)(4,760)
Share-based payment transactions30 2 846 (10)(273)(155)420 420 
Other(1)— — — — — — 
Balance, September 29, 20249,592 $480 $93,477 (3,926)$(114,760)$121,059 $(7,971)$92,286 $272 $92,558 
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, 20239,519 $476 $91,802 (3,903)$(113,969)$125,656 $(8,304)$95,661 $256 $95,916 
Net income/(loss)
5,488 5,488 30 5,518 
Other comprehensive income/(loss), net of tax338 338 (8)330 
Cash dividends declared, per share: $0.82
Common stock (4,629)(4,629)(4,629)
Noncontrolling interests— (8)(8)
Share-based payment transactions43 2 694 (12)(516)(104)77 77 
Other— — — — — — — 
Balance, October 1, 20239,562 $478 $92,496 (3,916)$(114,485)$126,411 $(7,966)$96,934 $270 $97,204 
See Accompanying Notes.
8

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended
(MILLIONS)September 29,
2024		October 1,
2023
Operating Activities  
Net income before allocation to noncontrolling interests$7,644 $5,518 
Discontinued operations—net of tax4 11 
Net income from continuing operations before allocation to noncontrolling interests7,640 5,507 
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:  
Depreciation and amortization5,222 4,620 
Asset write-offs and impairments1,080 499 
Deferred taxes(1,706)(1,584)
Share-based compensation expense700 404 
Benefit plan contributions in excess of expense/income(466)(467)
Inventory write-offs and related charges associated with COVID-19 products(a)
— 5,847 
Other adjustments, net(455)(744)
Other changes in assets and liabilities, net of acquisitions and divestitures(5,992)(10,622)
Net cash provided by/(used in) operating activities6,023 3,460 
Investing Activities  
Purchases of property, plant and equipment(1,992)(2,863)
Purchases of short-term investments(3,957)(30,138)
Proceeds from redemptions/sales of short-term investments2,630 18,018 
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less2,649 (6,102)
Purchases of long-term investments(75)(166)
Proceeds from redemptions/sales of long-term investments1,541 189 
Proceeds from partial sale of investment in Haleon(b)
3,491 — 
Acquisition of business, net of cash acquired
— (25)
Other investing activities, net(13)(193)
Net cash provided by/(used in) investing activities4,275 (21,282)
Financing Activities  
Proceeds from short-term borrowings8,175 14 
Payments on short-term borrowings(7,774)— 
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
(2,590)(106)
Proceeds from issuance of long-term debt— 30,831 
Payments on long-term debt(2,250)(2,569)
Cash dividends paid(7,132)(6,932)
Other financing activities, net(455)(613)
Net cash provided by/(used in) financing activities(12,026)20,624 
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
(37)(39)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents(1,765)2,764 
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period2,917 468 
Cash and cash equivalents and restricted cash and cash equivalents, at end of period$1,152 $3,233 
Supplemental Cash Flow Information
Cash paid during the period for:  
Income taxes
$3,172 $2,907 
Interest paid
1,833 1,153 
Interest rate hedges31 98 

(a) See Note 13A.
(b) See Note 2B.

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 2023 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 2023 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 and nine months ended August 25, 2024 and August 27, 2023, and for U.S. subsidiaries is as of and for the three and nine months ended September 29, 2024 and October 1, 2023.
We manage our commercial operations through three operating segments, each led by a single manager: Biopharma, PC1 and Pfizer Ignite. Biopharma is the only reportable segment. See Note 13A.
We have made certain reclassification adjustments to conform prior-period amounts to the current presentation for:
•in the first quarter of 2024, we reclassified royalty income (substantially all of which is related to Biopharma) from Other (income)/deductions––net and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of operations, and reclassified the associated royalty receivables from Other current assets to Trade accounts receivable, less allowance for doubtful accounts in our consolidated balance sheet;
•in the fourth quarter of 2023, we began presenting Product revenues and Alliance revenues as separate line items within Total revenues in our consolidated statements of operations; and
•segment reporting and geographic information in connection with the commercial reorganization that went into effect on January 1, 2024 (see Note 13).
Business development activities, including the December 2023 acquisition of Seagen, impacted financial results in the periods presented. See Note 2 below, as well as Notes 1A and 2 in our 2023 Form 10-K.
B. New Accounting Standard Adopted in 2024
On January 1, 2024, we adopted a new accounting standard which clarifies that contractual sale restrictions are not considered in measuring equity securities at fair value. The new guidance is consistent with our existing policy; therefore, it had no impact on our consolidated financial statements.
C. Revenues and Trade Accounts Receivable
Customers––Our prescription biopharmaceutical products, with the exception of Paxlovid in 2023, are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. We principally sold Paxlovid globally to government agencies in 2023. Our vaccines in the U.S. are primarily sold directly to the federal government (including the CDC), wholesalers, individual provider offices, retail pharmacies and integrated delivery systems. Our vaccines outside the U.S. are primarily sold to government and non-government institutions. Certain products in our portfolio are subject to seasonality of demand and Paxlovid revenues trend with infection rates.
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)September 29,
2024		December 31, 2023
Reserve against Trade accounts receivable, less allowance for doubtful accounts
$1,955 $1,770 
Other current liabilities:
Accrued rebates8,252 5,546 
Other accruals1,068 902 
Other noncurrent liabilities
822 796 
Total accrued rebates and other sales-related accruals$12,097 $9,014 
10

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 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 and nine months ended September 29, 2024 and October 1, 2023, 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 2023 Form 10-K.
Note 2. Acquisition and Equity-Method Investment
A. Acquisition
Seagen––On December 14, 2023 (the acquisition date), we acquired Seagen, a global biotechnology company that discovers, develops and commercializes transformative cancer medicines, for $229 per share in cash. The total fair value of the consideration transferred was $44.2 billion ($43.4 billion, net of cash acquired). The combination of certain Pfizer and Seagen entities may be pending in various jurisdictions and integration is subject to completion of various local legal and regulatory steps.
The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the acquisition date, including adjustments made in the first nine months of 2024 (measurement period adjustments) with a corresponding change to goodwill. The estimated values are not yet finalized (see below) and are subject to change, which could be significant. We will finalize the amounts recognized as soon as possible but no later than one year from the acquisition date.
(MILLIONS)
Amounts Recognized
as of Acquisition Date
(as previously reported as of December 31, 2023)
Measurement Period Adjustments(a)
Amounts Recognized as of Acquisition Date (as adjusted)
Working capital, excluding inventories
$736 $(114)$622 
Inventories(b)
4,195 (891)3,304 
Property, plant and equipment524 (234)290 
Identifiable intangible assets, excluding in-process research and development(c)
7,970 (575)7,395 
In-process research and development20,800 (50)20,750 
Other noncurrent assets174 (96)77 
Net income tax accounts
(6,123)1,332 (4,790)
Other noncurrent liabilities(167)(33)(200)
Total identifiable net assets28,108 (661)27,447 
Goodwill16,126 661 16,787 
Net assets acquired/total consideration transferred$44,234 $— $44,234 
(a)The changes in the estimated fair values are primarily to better reflect market participant assumptions about facts and circumstances existing as of the acquisition date. The measurement period adjustments did not result from intervening events subsequent to the acquisition date.
(b)As adjusted, comprised of $1.2 billion current inventories and $2.1 billion noncurrent inventories.
(c)As adjusted, comprised mainly of $6.9 billion of finite-lived developed technology rights with an estimated weighted-average life of approximately 18 years.
The measurement period adjustments did not have a material impact on our earnings.
The following items are subject to change:
•Amounts for certain balances included in working capital (excluding inventories), and certain legal contingencies, pending receipt of certain information that could affect provisional amounts recorded. We do not believe any adjustments for legal contingencies will have a material impact on our consolidated financial statements.
•Amounts for identifiable intangible assets, inventories, contractual commitments, PP&E, and operating lease right-of-use assets and liabilities, pending finalization of valuation efforts and the completion of certain physical inventory counts.
11

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
•Amounts for income tax assets, receivables and liabilities, pending the filing of Seagen’s pre-acquisition tax returns and the receipt of information, including but not limited to that from taxing authorities, which may change certain estimates and assumptions used.
The following table provides unaudited U.S. GAAP supplemental pro forma information as if the acquisition of Seagen had occurred on January 1, 2022:
Unaudited Supplemental
Pro Forma Consolidated Results
Three Months EndedNine Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)October 1,
2023		October 1,
2023
Revenues$14,140 $46,756 
Net income/(loss) attributable to Pfizer Inc. common shareholders
(3,338)2,702 
Diluted earnings/(loss) per share attributable to Pfizer Inc. common shareholders
(0.59)0.47 
The unaudited supplemental pro forma consolidated results do not purport to reflect what the combined company’s results of operations would have been had the acquisition occurred on January 1, 2022, nor do they project the future results of operations of the combined company or reflect the expected realization of any cost savings associated with the acquisition. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors.
The unaudited supplemental pro forma financial information includes various assumptions, including those related to the preliminary purchase price allocation of the assets acquired and the liabilities assumed from Seagen. The historical U.S. GAAP financial information of Pfizer and Seagen was adjusted, primarily for the following pre-tax adjustments for the three and nine months ended October 1, 2023:
•Additional amortization expense of approximately $142 million and $427 million, respectively, related to the preliminary estimate of the fair value of identifiable intangible assets acquired.
•Additional expense related to the preliminary estimate of the fair value adjustment to acquisition-date inventory estimated to have been sold of approximately $224 million and $673 million, respectively.
•Additional estimated interest expense of approximately $114 million and $905 million, respectively, related to the debt issued by Pfizer and the commercial paper borrowings to partially finance the acquisition.
•Elimination of interest income of approximately $474 million and $804 million, respectively, related to the debt issuance proceeds that were invested prior to the acquisition date and associated with money market funds under the assumption that a portion of these funds would have been liquidated to partially fund the acquisition.
The above adjustments were then adjusted for the applicable tax impact using an estimated weighted-average statutory tax rate applied to the applicable pro forma adjustments.
B. Equity-Method Investment
Haleon––We owned 32% of Haleon as of December 31, 2023. In March 2024, we sold approximately 30% of our investment in Haleon through the sale of 791 million ordinary shares in a global public offering, and the sale of 102 million ordinary shares directly to Haleon, for total consideration of $3.5 billion. We recognized a gain on the sale of our Haleon shares of $150 million during the first quarter of 2024 in Other (income)/deductions––net (see Note 4). After the share sale, we owned approximately 23% of the outstanding voting shares of Haleon as of September 29, 2024.
The fair value of our investment in Haleon as of September 29, 2024, based on quoted market prices of Haleon stock, was $11.0 billion. Haleon 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. We record our share of earnings from Haleon on a quarterly basis on a one-quarter lag in Other (income)/deductions––net.
12

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table summarizes the change in the carrying value of our investment in Haleon:
Three Months EndedNine Months Ended
(MILLIONS)September 29,
2024		October 1,
2023		September 29,
2024		October 1,
2023
Beginning carrying value reported in Equity-method investments
$7,796 $11,228 $11,451 $10,824 
Carrying value of shares sold
— — (3,312)— 
Dividends
(55)(65)(212)(154)
Currency translation adjustments and other(a)
471 (446)341 (172)
Basis difference adjustments and amortization(b), (c)
10 — (91)(1)
Pfizer share of Haleon investee capital transaction(b), (d)
46 — (44)— 
Pfizer share of Haleon earnings(b)
88 122 224 341 
Ending carrying value reported in Equity-method investments
$8,356 $10,838 $8,356 $10,838 
(a)See Note 6.
(b)Included in Other (income)/deductions––net.
(c)Adjustments in the nine months ended September 29, 2024 include (i) the impact of Haleon’s brand divestitures and impairments of intangible assets and (ii) changes in Haleon’s tax rates on intangible asset-related deferred tax liabilities.
(d)The nine months ended September 29, 2024 includes (i) a decrease of $91 million recorded in the second quarter of 2024 for Pfizer’s share of an investee capital transaction recognized by Haleon for treasury stock Haleon purchased in the first quarter of 2024 and (ii) an adjustment of $46 million recorded in the third quarter of 2024 for the impact of the reduction in Pfizer’s ownership from approximately 32% to approximately 23% as applied to dividends with a record date in the first quarter of 2024, which were recognized in Haleon’s second quarter 2024 financial statements.
Summarized financial information for Haleon for the three and nine months ending June 30, 2024, the most recent period available, and for the three and nine months ending June 30, 2023, is as follows:
Three Months EndedNine Months Ended
(MILLIONS)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net sales$3,503 $3,490 $10,636 $10,379 
Cost of sales