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Acquisition and Equity-Method Investment (Tables)

6 Months Ended

Jun. 30, 2024

Business Combinations and Equity Method Investments [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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 six 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					$	(184)					$	552
Inventories(b)						4,195						(891)						3,304
Property, plant and equipment						524						(233)						291
Identifiable intangible assets, excluding in-process research and development(c)						7,970						(575)						7,395
In-process research and development						20,800						(50)						20,750
Other noncurrent assets						174						(106)						67
Net income tax accounts						(6,123)						1,313						(4,810)
Other noncurrent liabilities						(167)						50						(117)
Total identifiable net assets						28,108						(677)						27,431
Goodwill						16,126						677						16,803
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.

Schedule of Pro Forma Information

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 Ended						Six Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)						July 2, 2023						July 2, 2023
Revenues						$	13,611					$	32,616
Net income attributable to Pfizer Inc. common shareholders						1,389						6,040
Diluted earnings per share attributable to Pfizer Inc. common shareholders						0.24						1.06

Equity Method Investment

The following table summarizes the change in the carrying value of our investment in Haleon:
						Three Months Ended												Six Months Ended
(MILLIONS)						June 30, 2024						July 2, 2023						June 30, 2024						July 2, 2023
Beginning carrying value reported in Equity-method investments						$	7,922					$	10,980					$	11,451					$	10,824
Carrying value of shares sold						—						—						(3,312)						—
Dividends						(157)						(88)						(157)						(88)
Currency translation adjustments and other(a)						1						185						(130)						274
Basis difference adjustments and amortization(b), (c)						(1)						—						(101)						(1)
Pfizer share of Haleon investee capital transaction(b), (d)						(91)						—						(91)						—
Pfizer share of Haleon earnings(b)						121						151						136						219
Ending carrying value reported in Equity-method investments						$	7,796					$	11,228					$	7,796					$	11,228

(a)See Note 6.

(b)Included in Other (income)/deductions––net.

(c)Adjustments in the six months ended June 30, 2024 are associated with (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. See Note 4.

(d)Amounts for the three and six months ended June 30, 2024 relate to Pfizer’s share of an investee capital transaction recognized by Haleon for treasury stock Haleon purchased in the first quarter of 2024.

Summarized financial information for Haleon for the three and six months ending March 31, 2024, the most recent period available, and for the three and six months ending March 31, 2023, is as follows:
						Three Months Ended												Six Months Ended
(MILLIONS)						March 31, 2024						March 31, 2023						March 31, 2024						March 31, 2023
Net sales						$	3,699					$	3,627					$	7,133					$	6,889
Cost of sales						(1,370)						(1,392)						(2,966)						(2,888)
Gross profit						$	2,329					$	2,235					$	4,167					$	4,001
Income from continuing operations						559						504						618						730
Net income						559						504						618						730
Income attributable to shareholders						536						473						583						684

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Business Combinations and Equity Method Investments

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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