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Segment, Geographic and Other Revenue Information
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Segment, Geographic and Other Revenue Information Segment, Geographic and Other Revenue Information
A. Segment Information
We manage our commercial operations through three operating segments, each led by a single manager: Biopharma, PC1 and Pfizer Ignite. Biopharma is engaged in the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide. PC1 is our contract development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients. Pfizer Ignite is an offering that provides strategic guidance and end-to-end R&D services to select innovative biotech companies that align with Pfizer’s R&D focus areas. Biopharma is the only reportable segment. We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources.
Within our Biopharma reportable segment, commercial divisions market, sell and distribute our products, and global operating functions are responsible for the research, development, manufacturing and supply of our products. Each operating segment is
supported by our global corporate enabling functions. At the beginning of 2025, we made the following changes within our Biopharma reportable segment that went into effect on January 1, 2025 to support our continued focus on commercial execution and to further strengthen Pfizer’s capabilities and leadership in discovering and developing breakthrough medicines and vaccines:
•transitioned all activities within the former Pfizer Oncology Division to other parts of Biopharma. Specifically, within our Biopharma reportable segment the U.S. Oncology commercial organization and the global Oncology marketing organization, which were part of the former Pfizer Oncology Division, are now part of the Pfizer U.S. Commercial Division. As of January 1, 2025, the commercial structure within our Biopharma reportable segment is now comprised of the Pfizer U.S. Commercial Division, which now focuses on the commercialization of Pfizer’s entire product portfolio in the U.S. and is led by the Chief U.S. Commercial Officer, Executive Vice President, and the Pfizer International Commercial Division, which focuses on the commercialization of Pfizer’s entire product portfolio in all international markets and is led by the Chief International Commercial Officer, Executive Vice President.
•strategically combined our former global Oncology Research and Development (ORD) and Pfizer Research and Development (PRD) divisions to form a single Pfizer R&D organization, named Research & Development, Pfizer (R&D, Pfizer) led by the Chief Scientific Officer and President, Research and Development. This organization is responsible for overseeing all R&D activities with end-to-end responsibilities that span from discovery to late-phase clinical development, including facilitating regulatory submissions, engaging with health authorities and global medical strategies. R&D, Pfizer also includes science-based disciplines, providing comprehensive technical expertise for the development of Pfizer's medicines and vaccines. A newly formed Chief Medical Office is part of this structure, advancing medical and scientific knowledge by generating evidence-based insights to drive informed regulatory and healthcare decisions. It ensures all stakeholders – including patients, healthcare providers, pharmacists, payors, and health authorities – have complete and up-to-date information on the benefits and risks associated with our products. R&D spending may encompass upfront and pre-approval milestone payments for intellectual property rights related to its programs which would be recorded as Acquired in-process research and development expenses.
Other Business Activities and Reconciling Items––Other business activities include the operating results of PC1 and Pfizer Ignite as well as certain pre-tax costs not allocated to our operating segment results, such as costs associated with corporate enabling functions and other corporate costs, as well as for the three and nine months ended September 29, 2024, our share of earnings from Haleon. In 2025, Pfizer made the decision to discontinue Pfizer Ignite and we are winding down this business while collaborating closely with our Ignite partners to ensure continuity and the successful transition of work. Reconciling items include the following items, transactions and events that are not allocated to our operating segments: (i) all amortization of intangible assets; (ii) acquisition-related items; and (iii) certain significant items, representing substantive and/or unusual, and in some cases recurring, items that are evaluated on an individual basis by management and that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis.
Segment Assets––We manage our assets on a total company basis, not by operating segment, as our operating assets are shared or commingled. Therefore, our CODM does not regularly review any asset information by operating segment and, accordingly, we do not report asset information by operating segment. Total assets were $209 billion as of September 28, 2025 and $213 billion as of December 31, 2024.
Selected Statement of Operations Information
The following provides selected information by reportable segment:
Three Months Ended
 
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)Sept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 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, 2025Sept. 29, 2024Sept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 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 (income)/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 sales3,526 4,630 8,915 9,684 
Selling, informational and administrative expenses2,210 2,253 6,739 7,143 
Research and development expenses2,185 2,355 6,235 6,799 
Acquired in-process research and development expenses40 13 51 20 
Other (income)/deductions––net(120)(128)(313)(365)
Biopharma earnings$8,469 $8,269 $22,429 $21,707 
B. Geographic Information
The following summarizes revenues by geographic area:
 Three Months EndedNine 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 Markets2,267 2,226 6,796 6,620 
Total revenues
$16,654 $17,702 $45,022 $45,864 
C. Other Revenue Information
Significant Revenues by Product
The following provides detailed revenue information for several of our major products:
(MILLIONS)Three Months EndedNine Months Ended
PRODUCTPRIMARY INDICATION OR CLASSSept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 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 embolism2,015 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 patients1,225 2,703 2,144 4,989 
ComirnatyActive immunization to prevent COVID-19 1,151 1,422 2,097 1,970 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine412 337 1,019 870 
Abrysvo
Active immunization to prevent RSV infection
279 356 553 557 
FSME-IMMUN/TicoVacActive immunization to prevent tick-borne encephalitis disease100 81 272 246 
All other Primary CareVarious721 742 2,071 2,204 
Specialty Care$4,411 $4,289 $12,775 $12,215 
Vyndaqel familyATTR-CM and polyneuropathy1,591 1,447 4,692 3,907 
XeljanzRA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis313 321 763 818 
Sulperazon (Outside the U.S. and Canada)
Bacterial infections154 156 484 468 
InflectraCrohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis173 126 465 382 
Zavicefta (Outside the U.S. and Canada)
Bacterial infections158 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 spondyloarthritis154 169 448 507 
GenotropinReplacement of human growth hormone128 119 329 358 
(MILLIONS)Three Months EndedNine Months Ended
PRODUCTPRIMARY INDICATION OR CLASSSept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 29, 2024
Octagam
Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults
113 221 298 400 
ZithromaxBacterial infections73 83 286 357 
Cresemba
Invasive aspergillosis and mucormycosis
83 67 267 213 
CibinqoAtopic dermatitis79 63 206 152 
All other Hospital
Various
985 1,041 2,971 3,082 
All other Specialty CareVarious407 323 1,112 1,145 
Oncology$4,253 $4,043 $12,399 $11,549 
IbranceHR-positive/HER2-negative metastatic breast cancer1,057 1,087 3,083 3,272 
Xtandi(c)
mCRPC, nmCRPC, mCSPC, nmCSPC578 561 1,602 1,474 
Padcev
Locally advanced or metastatic urothelial cancer464 409 1,432 1,144 
Oncology biosimilars(d)
Various
315 285 932 828 
LorbrenaALK-positive metastatic NSCLC268 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 BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi for the treatment of BRAFV600E-mutant mCRC, in combination with Erbitux® (cetuximab)(f) (after prior therapy) or cetuximab and mFOLFOX6
202 173 519 437 
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia150 161 450 474 
Tukysa
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer110 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
Various272 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.
Remaining Performance Obligations––Contracted revenue expected to be recognized from remaining performance obligations for firm orders in long-term contracts to supply Comirnaty and Paxlovid to our customers totaled approximately $3 billion and $1 billion, respectively, as of September 28, 2025, which includes amounts received in advance and deferred, as well as amounts that will be invoiced as we deliver these products to our customers in future periods. Of these amounts, current
contract terms provide for expected delivery of product with contracted revenue from 2025 through 2031, the timing of which may be renegotiated. Remaining performance obligations are based on foreign exchange rates as of the end of our fiscal third quarter of 2025 and exclude arrangements with an original expected contract duration of less than one year. Remaining performance obligations associated with contracts for other products and services were not significant as of September 28, 2025 or December 31, 2024.
Deferred Revenues––Our deferred revenues primarily relate to advance payments received or receivable from various government or government sponsored customers for supply of Paxlovid and Comirnaty. The deferred revenues related to Paxlovid and Comirnaty totaled $1.8 billion as of September 28, 2025, with $790 million and $1.0 billion recorded in current liabilities and noncurrent liabilities, respectively. The deferred revenues related to Paxlovid and Comirnaty totaled $2.2 billion as of December 31, 2024, with $1.4 billion and $785 million recorded in current liabilities and noncurrent liabilities, respectively. The decrease in Paxlovid and Comirnaty deferred revenues during the first nine months of 2025 was primarily driven by amounts recognized in Product revenues as we delivered the products to our customers. During the third quarter and the first nine months of 2025, we recognized revenue of approximately $96 million and $476 million, respectively, that was included in the balance of Paxlovid and Comirnaty deferred revenues as of December 31, 2024. The Paxlovid and Comirnaty deferred revenues as of September 28, 2025 will be recognized in Product revenues proportionately as we transfer control of the products to our customers and satisfy our performance obligations under the contracts, with the amounts included in current liabilities expected to be recognized in Product revenues within the next 12 months, and the amounts included in noncurrent liabilities expected to be recognized in Product revenues from 2026 through 2031. Deferred revenues associated with contracts for other products were not significant as of September 28, 2025 or December 31, 2024.