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Segment, Geographic and Other Revenue Information (Tables) | 9 Months Ended
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Sep. 28, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment |
The following provides selected information by reportable segment:
|  | Three Months Ended
|  | Total Revenues |  | Earnings(a) |  | Depreciation and Amortization(b) |  |
(MILLIONS) |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  |  |  |
Reportable Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biopharma(c) |  | $ | 16,310 |  |  | $ | 17,392 |  |  | $ | 8,469 |  |  | $ | 8,269 |  |  | $ | 358 |  |  | $ | 351 |  |  |  |  |
Other business activities(d) |  | 344 |  |  | 310 |  |  | (3,084) |  |  | (1,477) |  |  | 78 |  |  | 85 |  |  |  |  |
Reconciling Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of intangible assets |  |  |  |  |  | (1,223) |  |  | (1,312) |  |  | 1,223 |  |  | 1,312 |  |  |  |  |
Acquisition-related items |  |  |  |  |  | (194) |  |  | (465) |  |  | (1) |  |  | 1 |  |  |  |  |
Certain significant items(e) |  |  |  |  |  | (634) |  |  | (299) |  |  | 4 |  |  | 6 |  |  |  |  |
|  | $ | 16,654 |  |  | $ | 17,702 |  |  | $ | 3,334 |  |  | $ | 4,715 |  |  | $ | 1,662 |  |  | $ | 1,755 |  |  |  |  |
|  | Nine Months Ended
|  | Total Revenues |  | Earnings(a) |  | Depreciation and Amortization(b) |  |
(MILLIONS) |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  |  |  |
Reportable Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biopharma(c) |  | $ | 44,056 |  |  | $ | 44,987 |  |  | $ | 22,429 |  |  | $ | 21,707 |  |  | $ | 1,029 |  |  | $ | 1,018 |  |  |  |  |
Other business activities(d) |  | 966 |  |  | 877 |  |  | (6,230) |  |  | (5,388) |  |  | 225 |  |  | 262 |  |  |  |  |
Reconciling Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of intangible assets |  |  |  |  |  | (3,644) |  |  | (3,927) |  |  | 3,644 |  |  | 3,927 |  |  |  |  |
Acquisition-related items |  |  |  |  |  | (814) |  |  | (1,590) |  |  | (4) |  |  | 4 |  |  |  |  |
Certain significant items(e) |  |  |  |  |  | (2,578) |  |  | (2,768) |  |  | 11 |  |  | 11 |  |  |  |  |
|  | $ | 45,022 |  |  | $ | 45,864 |  |  | $ | 9,162 |  |  | $ | 8,033 |  |  | $ | 4,905 |  |  | $ | 5,222 |  |  |  |  |
(a)Income from continuing operations before provision/(benefit) for taxes on income. Effective in the third quarter of 2025, certain costs for corporate affairs, which were previously reported in the operating results of corporate enabling functions, are reported in the operating results of our Biopharma reportable segment. In connection with this reporting change, we reclassified costs of approximately $74 million in the first six months of 2025, $50 million in the third quarter of 2024 and $132 million in the first nine months of 2024 from Other business activities to Biopharma to conform to the current period presentation. (b)Certain production facilities are shared. Depreciation is allocated based on estimates of physical production. (c)Biopharma’s earnings in the third quarter and the first nine months of 2025 reflect credits to Cost of sales representing favorable revisions of our estimate of accrued royalties. Biopharma’s revenues and earnings in the first nine months of 2024 reflected a non-cash favorable product return adjustment of $771 million (see Note 13C). Biopharma’s earnings also include dividend income from our investment in ViiV of $72 million in the third quarter of 2025 and $48 million in the third quarter of 2024, and $184 million in the first nine months of 2025 and $183 million in the first nine months of 2024 recorded in Other (in come)/deductions––net. (d)Other business activities include revenues and costs associated with PC1 and Pfizer Ignite as well as costs that we do not allocate to our operating segments, per above. Earnings in the third quarter and the first nine months of 2025 reflect a charge for $1.35 billion recorded in Acquired in-process research and development expenses related to an in-licensing agreement with 3SBio. See Note 2B. (e)Earnings in the first nine months of 2025 include, among other items, restructuring charges/(credits), inventory write-offs, implementation costs and additional depreciation—asset restructuring of $1.0 billion (primarily recorded in Restructuring charges and certain acquisition-related costs), charges for certain legal matters of $755 million and certain asset impairments of $577 million, both recorded in Other (income)/deductions––net. Earnings in the third quarter and first nine months of 2024 included, among other items, a charge in Other (income)/deductions––net of $420 million related to the expected sale of one of our facilities resulting from the discontinuation of our DMD program. Earnings in the first nine months of 2024 also included restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $1.5 billion (primarily recorded in Restructuring charges and certain acquisition-related costs). See Notes 3 and 4.
The following provides Biopharma reportable segment information regularly provided to the CODM:
|  | Three Months Ended |  | Nine Months Ended
(MILLIONS) |  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Biopharma reportable segment: |  |  |  |  |  |  |  |
Biopharma total revenues |  | $ | 16,310 |  |  | $ | 17,392 |  |  | $ | 44,056 |  |  | $ | 44,987 |
Less: |  |  |  |  |  |  |  |
Cost of sales |  | 3,526 |  |  | 4,630 |  |  | 8,915 |  |  | 9,684 |
Selling, informational and administrative expenses |  | 2,210 |  |  | 2,253 |  |  | 6,739 |  |  | 7,143 |
Research and development expenses |  | 2,185 |  |  | 2,355 |  |  | 6,235 |  |  | 6,799 |
Acquired in-process research and development expenses |  | 40 |  |  | 13 |  |  | 51 |  |  | 20 |
Other (income)/deductions––net |  | (120) |  |  | (128) |  |  | (313) |  |  | (365) |
Biopharma earnings |  | $ | 8,469 |  |  | $ | 8,269 |  |  | $ | 22,429 |  |  | $ | 21,707 |
Schedule of Revenues by Geographic Region |
The following summarizes revenues by geographic area:
|  | Three Months Ended |  | Nine Months Ended
(MILLIONS) |  | September 28, 2025 |  | September 29, 2024 |  |  |  | September 28, 2025 |  | September 29, 2024 |  |
United States |  | $ | 10,691 |  |  | $ | 12,064 |  |  |  |  | $ | 27,959 |  |  | $ | 29,470 |  |  |
International: |  |  |  |  |  |  |  |  |  |  |  |
Developed Markets |  | 3,696 |  |  | 3,412 |  |  |  |  | 10,267 |  |  | 9,774 |  |  |
Emerging Markets |  | 2,267 |  |  | 2,226 |  |  |  |  | 6,796 |  |  | 6,620 |  |  |
Total revenues |  | $ | 16,654 |  |  | $ | 17,702 |  |  |  |  | $ | 45,022 |  |  | $ | 45,864 |  |  |
Schedule of Significant Product Revenues | The following provides detailed revenue information for several of our major products:
(MILLIONS) |  |  |  | Three Months Ended |  | Nine Months Ended
PRODUCT |  | PRIMARY INDICATION OR CLASS |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  | Sept. 28, 2025 |  | Sept. 29, 2024
TOTAL REVENUES |  |  |  | $ | 16,654 |  |  | $ | 17,702 |  |  | $ | 45,022 |  |  | $ | 45,864 |
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA) |  | $ | 16,310 |  |  | $ | 17,392 |  |  | $ | 44,056 |  |  | $ | 44,987 |
Primary Care |  |  |  | $ | 7,646 |  |  | $ | 9,060 |  |  | $ | 18,882 |  |  | $ | 21,224 |
Eliquis(a) |  | Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism |  | 2,015 |  |  | 1,617 |  |  | 5,941 |  |  | 5,534 |
Prevnar family |  | Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae |  | 1,742 |  |  | 1,803 |  |  | 4,786 |  |  | 4,853 |
Paxlovid(b) |  | COVID-19 in certain high-risk patients |  | 1,225 |  |  | 2,703 |  |  | 2,144 |  |  | 4,989 |
Comirnaty |  | Active immunization to prevent COVID-19 |  | 1,151 |  |  | 1,422 |  |  | 2,097 |  |  | 1,970 |
Nurtec ODT/Vydura |  | Acute treatment of migraine and prevention of episodic migraine |  | 412 |  |  | 337 |  |  | 1,019 |  |  | 870 |
Abrysvo |  | Active immunization to prevent RSV infection |  | 279 |  |  | 356 |  |  | 553 |  |  | 557 |
FSME-IMMUN/TicoVac |  | Active immunization to prevent tick-borne encephalitis disease |  | 100 |  |  | 81 |  |  | 272 |  |  | 246 |
All other Primary Care |  | Various |  | 721 |  |  | 742 |  |  | 2,071 |  |  | 2,204 |
Specialty Care |  |  |  | $ | 4,411 |  |  | $ | 4,289 |  |  | $ | 12,775 |  |  | $ | 12,215 |
Vyndaqel family |  | ATTR-CM and polyneuropathy |  | 1,591 |  |  | 1,447 |  |  | 4,692 |  |  | 3,907 |
Xeljanz |  | RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis |  | 313 |  |  | 321 |  |  | 763 |  |  | 818 |
Sulperazon (Outside the U.S. and Canada) |  | Bacterial infections |  | 154 |  |  | 156 |  |  | 484 |  |  | 468 |
Inflectra |  | Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis |  | 173 |  |  | 126 |  |  | 465 |  |  | 382 |
Zavicefta (Outside the U.S. and Canada) |  | Bacterial infections |  | 158 |  |  | 152 |  |  | 457 |  |  | 427 |
Enbrel (Outside the U.S. and Canada) |  | RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis |  | 154 |  |  | 169 |  |  | 448 |  |  | 507 |
Genotropin |  | Replacement of human growth hormone |  | 128 |  |  | 119 |  |  | 329 |  |  | 358 |
(MILLIONS) |  |  |  | Three Months Ended |  | Nine Months Ended
PRODUCT |  | PRIMARY INDICATION OR CLASS |  | Sept. 28, 2025 |  | Sept. 29, 2024 |  | Sept. 28, 2025 |  | Sept. 29, 2024
Octagam |  | Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults |  | 113 |  |  | 221 |  |  | 298 |  |  | 400 |
Zithromax |  | Bacterial infections |  | 73 |  |  | 83 |  |  | 286 |  |  | 357 |
Cresemba |  | Invasive aspergillosis and mucormycosis |  | 83 |  |  | 67 |  |  | 267 |  |  | 213 |
Cibinqo |  | Atopic dermatitis |  | 79 |  |  | 63 |  |  | 206 |  |  | 152 |
All other Hospital |  | Various |  | 985 |  |  | 1,041 |  |  | 2,971 |  |  | 3,082 |
All other Specialty Care |  | Various |  | 407 |  |  | 323 |  |  | 1,112 |  |  | 1,145 |
Oncology |  |  |  | $ | 4,253 |  |  | $ | 4,043 |  |  | $ | 12,399 |  |  | $ | 11,549 |
Ibrance |  | HR-positive/HER2-negative metastatic breast cancer |  | 1,057 |  |  | 1,087 |  |  | 3,083 |  |  | 3,272 |
Xtandi(c) |  | mCRPC, nmCRPC, mCSPC, nmCSPC |  | 578 |  |  | 561 |  |  | 1,602 |  |  | 1,474 |
Padcev |  | Locally advanced or metastatic urothelial cancer |  | 464 |  |  | 409 |  |  | 1,432 |  |  | 1,144 |
Oncology biosimilars(d) |  | Various |  | 315 |  |  | 285 |  |  | 932 |  |  | 828 |
Lorbrena |  | ALK-positive metastatic NSCLC |  | 268 |  |  | 206 |  |  | 741 |  |  | 538 |
Inlyta |  | Advanced renal cell carcinoma |  | 226 |  |  | 247 |  |  | 688 |  |  | 736 |
Adcetris(e) |  | Certain lymphomas including classical Hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma |  | 215 |  |  | 268 |  |  | 687 |  |  | 804 |
Braftovi/Mektovi |  | Metastatic melanoma in patients with a BRAF V600E/K mutation and for metastatic NSCLC in patients with a BRAF V600E mutation; and, for Braftovi for the treatment of BRAF V600E-mutant mCRC, in combination with Erbitux® (cetuximab)(f) (after prior therapy) or cetuximab and mFOLFOX6 |  | 202 |  |  | 173 |  |  | 519 |  |  | 437 |
Bosulif |  | Philadelphia chromosome–positive chronic myelogenous leukemia |  | 150 |  |  | 161 |  |  | 450 |  |  | 474 |
Tukysa |  | Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer |  | 110 |  |  | 124 |  |  | 344 |  |  | 351 |
Aromasin |  | Post-menopausal early and advanced breast cancer |  | 114 |  |  | 87 |  |  | 333 |  |  | 257 |
Orgovyx(g) |  | Advanced prostate cancer |  | 112 |  |  | 57 |  |  | 285 |  |  | 136 |
Elrexfio |  | Relapsed or refractory multiple myeloma |  | 85 |  |  | 40 |  |  | 230 |  |  | 76 |
Talzenna |  | Treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer; and, in combination with Xtandi (enzalutamide), of adult patients with HRR gene-mutated mCRPC |  | 47 |  |  | 36 |  |  | 133 |  |  | 91 |
Tivdak |  | Recurrent or mCC |  | 37 |  |  | 34 |  |  | 115 |  |  | 94 |
All other Oncology |  | Various |  | 272 |  |  | 268 |  |  | 824 |  |  | 837 |
PFIZER CENTREONE(h) |  | $ | 344 |  |  | $ | 285 |  |  | $ | 929 |  |  | $ | 820 |
PFIZER IGNITE |  | $ | — |  |  | $ | 25 |  |  | $ | 37 |  |  | $ | 56 |
BIOPHARMA |  | $ | 16,310 |  |  | $ | 17,392 |  |  | $ | 44,056 |  |  | $ | 44,987 |
PFIZER U.S. COMMERCIAL DIVISION(i) |  | 10,599 |  |  | 11,964 |  |  | 27,677 |  |  | 29,218 |
PFIZER INTERNATIONAL COMMERCIAL DIVISION |  | 5,711 |  |  | 5,428 |  |  | 16,379 |  |  | 15,769 |
Total Alliance revenues included above |  | $ | 2,298 |  |  | $ | 1,900 |  |  | $ | 6,684 |  |  | $ | 6,140 |
Total Royalty revenues included above |  | $ | 436 |  |  | $ | 384 |  |  | $ | 1,170 |  |  | $ | 992 |
(a)Reflects alliance revenues and product revenues. (b)The third quarter and first nine months of 2024 included $442 million of revenue recorded in connection with the creation of the U.S. Strategic National Stockpile of 1.0 million treatment courses, which we supplied at no cost to the U.S. government or taxpayers. The first nine months of 2024 also included a $771 million favorable final adjustment recorded in the first quarter of 2024 to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, reflecting 5.1 million EUA-labeled treatment courses returned by the U.S. government through February 29, 2024 versus the estimated 6.5 million treatment courses that were expected to be returned as of December 31, 2023. (c)Primarily reflects alliance revenues and royalty revenues. (d)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Ruxience, Retacrit, Zirabev, Trazimera and Nivestym. (e)Reflects product revenues and royalty revenues. (f)Erbitux® is a registered trademark of ImClone LLC. (g)Reflects alliance revenues. (h)PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships. (i)Refer to Note 13A above.

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