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Financial Instruments (Tables)
 9 Months Ended
Sep. 28, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy, using a Market Approach:
September 28, 2025December 31, 2024
(MILLIONS)TotalLevel 1Level 2TotalLevel 1Level 2
Financial assets:
Short-term investments
Equity securities with readily determinable fair value(a)
$2,390 $— $2,390 $7,848 $6,456 $1,392 
Available-for-sale debt securities:
Government and agency—non-U.S.
5,905 — 5,905 6,855 — 6,855 
Government and agency—U.S.
2,633 — 2,633 2,853 — 2,853 
Corporate and other
1,586 — 1,586 1,173 — 1,173 
10,123 — 10,123 10,881 — 10,881 
Total short-term investments12,513 — 12,513 18,729 6,456 12,273 
Other current assets
Derivative assets:
Interest rate contracts
2 — 2 — — — 
Foreign exchange contracts
301 — 301 1,056 — 1,056 
Total other current assets302 — 302 1,056 — 1,056 
Long-term investments
Equity securities with readily determinable fair values(b)
1,176 1,176 — 1,246 1,246 — 
Available-for-sale debt securities:
Government and agency—non-U.S.
1 — 1 — — — 
1 — 1 — — — 
Total long-term investments1,176 1,176 1 1,246 1,246 — 
Other noncurrent assets
Derivative assets:
Interest rate contracts
60 — 60 13 — 13 
Foreign exchange contracts
56 — 56 447 — 447 
Total derivative assets116 — 116 460 — 460 
Insurance contracts(c)
978 — 978 875 — 875 
Total other noncurrent assets1,093 — 1,093 1,335 — 1,335 
Total assets$15,085 $1,176 $13,909 $22,366 $7,701 $14,665 
Financial liabilities:
Other current liabilities
Derivative liabilities:
Interest rate contracts$10 $— $10 $28 $— $28 
Foreign exchange contracts
387 — 387 217 — 217 
Total other current liabilities397 — 397 245 — 245 
Other noncurrent liabilities
Derivative liabilities:
Interest rate contracts216 — 216 397 — 397 
Foreign exchange contracts
964 — 964 723 — 723 
Total other noncurrent liabilities1,180 — 1,180 1,121 — 1,121 
Total liabilities$1,577 $— $1,577 $1,366 $— $1,366 
(a)Includes money market funds primarily invested in U.S. Treasury and government debt. As of December 31, 2024, short-term equity securities included our previous investment in Haleon of $6.5 billion. In the first quarter of 2025, we sold the remaining portion of our investment in Haleon for $6.3 billion.
(b)Long-term equity securities of $141 million as of September 28, 2025 and $133 million as of December 31, 2024 were held in restricted trusts for U.S. non-qualified employee benefit plans.
(c)Includes life insurance policies held in restricted trusts for U.S. non-qualified employee benefit plans. The underlying invested assets in these contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions—net (see Note 4).
Investments by Classification Type
The following summarizes our investments by classification type:
(MILLIONS)September 28,
2025		 December 31, 2024
Short-term investments
Equity securities with readily determinable fair values
$2,390 $7,848 
Available-for-sale debt securities10,123 10,881 
Held-to-maturity debt securities1,128 705 
Total Short-term investments$13,641 $19,434 
Long-term investments
Equity securities with readily determinable fair values(a)
$1,176 $1,246 
Available-for-sale debt securities1 — 
Held-to-maturity debt securities48 45 
Private equity securities at cost(a)
690 719 
Equity-method investments223 217 
Total Long-term investments$2,137 $2,228 
Held-to-maturity cash equivalents$235 $184 
(a)Represent investments in the life sciences sector.
Schedule of Held-to-maturity Securities
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
September 28, 2025December 31, 2024
Gross Unrealized
 Maturities (in Years)
Gross Unrealized
(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1
to 5		Over 5Amortized CostGainsLossesFair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$5,926 $2 $(23)$5,905 $5,905 $1 $— $6,970 $8 $(123)$6,855 
Government and agency––U.S.
2,633 — — 2,633 2,633 — — 2,853 — — 2,853 
Corporate and other1,586 — — 1,586 1,586 — — 1,179 — (6)1,173 
Held-to-maturity debt securities
Time deposits and other
911 — — 911 867 10 33 697 — — 697 
Government and agency––non-U.S.
501 — — 501 496 5 — 237 — — 237 
Total debt securities$11,556 $2 $(24)$11,535 $11,486 $16 $33 $11,935 $8 $(129)$11,814 
Schedule of Available-for-sale Securities
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
September 28, 2025December 31, 2024
Gross Unrealized
 Maturities (in Years)
Gross Unrealized
(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1
to 5		Over 5Amortized CostGainsLossesFair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$5,926 $2 $(23)$5,905 $5,905 $1 $— $6,970 $8 $(123)$6,855 
Government and agency––U.S.
2,633 — — 2,633 2,633 — — 2,853 — — 2,853 
Corporate and other1,586 — — 1,586 1,586 — — 1,179 — (6)1,173 
Held-to-maturity debt securities
Time deposits and other
911 — — 911 867 10 33 697 — — 697 
Government and agency––non-U.S.
501 — — 501 496 5 — 237 — — 237 
Total debt securities$11,556 $2 $(24)$11,535 $11,486 $16 $33 $11,935 $8 $(129)$11,814 
Contractual Maturities of Available-for-sale and Held-to-maturity Debt Securities
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
September 28, 2025December 31, 2024
Gross Unrealized
 Maturities (in Years)
Gross Unrealized
(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1
to 5		Over 5Amortized CostGainsLossesFair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$5,926 $2 $(23)$5,905 $5,905 $1 $— $6,970 $8 $(123)$6,855 
Government and agency––U.S.
2,633 — — 2,633 2,633 — — 2,853 — — 2,853 
Corporate and other1,586 — — 1,586 1,586 — — 1,179 — (6)1,173 
Held-to-maturity debt securities
Time deposits and other
911 — — 911 867 10 33 697 — — 697 
Government and agency––non-U.S.
501 — — 501 496 5 — 237 — — 237 
Total debt securities$11,556 $2 $(24)$11,535 $11,486 $16 $33 $11,935 $8 $(129)$11,814 
Schedule of Gains and Losses on Investment Securities
The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date:
Three Months EndedNine Months Ended
(MILLIONS)September 28,
2025		September 29,
2024		September 28,
2025		September 29,
2024
Net (gains)/losses recognized during the period on equity securities(a)
$(201)$(446)$94 $(129)
Less: Net (gains)/losses recognized during the period on equity securities sold during the period(224)(914)(1,159)(1,129)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date(b)
$23 $468 $1,253 $1,000 
(a)Reported in Other (income)/deductions––net. See Note 4.
(b)Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of September 28, 2025, there were cumulative impairments and downward adjustments of $467 million and upward adjustments of $239 million. Impairments, downward and upward adjustments were not material to our operations in the third quarters and first nine months of 2025 and 2024.
Schedule of Short-term Borrowings
Short-term borrowings include:
(MILLIONS) September 28,
2025		 December 31, 2024
Commercial paper, principal amount
$— $2,453 
Current portion of long-term debt, principal amount4,250 3,750 
Other short-term borrowings, principal amount(a)
56 755 
Total short-term borrowings, principal amount
4,306 6,957 
Net unamortized discounts, premiums and debt issuance costs(3)(12)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted
$4,303 $6,946 
(a)Primarily includes cash collateral. See Note 7F.
Schedule of Senior Unsecured Notes Issued, Principal Amounts of Senior Unsecured Long-Term Debt and Adjustments
In May 2025, we issued in Euro, through our wholly-owned finance subsidiary, PNIF, the following senior unsecured notes for general corporate purposes(a), (b) :
(MILLIONS)Principal
Coupon RateMaturity DateSeptember 28,
2025
2.875%May 19, 2029€750 
3.250%May 19, 20321,000 
3.875%May 19, 2037750 
4.250%May 19, 2045800 
Total long-term debt issued in the second quarter of 2025(c)
€3,300 
(a)The notes are fully and unconditionally guaranteed on a senior unsecured basis by Pfizer Inc. PNIF has no assets or operations and will have no assets or operations, other than as related to the issuance, administration and repayment of the notes and any other debt securities that it may issue in the future.
(b)The notes may be redeemed by us at any time, in whole, or in part, at a make-whole redemption price plus accrued and unpaid interest.
(c)The weighted average effective interest rate for the notes at issuance was 3.605%.
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:
(MILLIONS)September 28,
2025		 December 31, 2024
Total long-term debt, principal amount$57,006 $57,147 
Net fair value adjustments related to hedging and purchase accounting864 701 
Net unamortized discounts, premiums and debt issuance costs(461)(444)
Total long-term debt, carried at historical proceeds, as adjusted$57,409 $57,405 
Schedule of Derivative Instruments
The following summarizes the fair value of the derivative financial instruments and notional amounts:
September 28, 2025December 31, 2024
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$23,060 $250 $1,202 $23,991 $1,250 $719 
Interest rate contracts6,750 61 226 6,750 13 425 
311 1,428 1,263 1,144 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$22,851 107 149 $26,335 253 221 
Total$418 $1,577 $1,516 $1,366 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.1 billion as of September 28, 2025 and $5.0 billion as of December 31, 2024.
Schedule of Derivative Assets
The following summarizes the fair value of the derivative financial instruments and notional amounts:
September 28, 2025December 31, 2024
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$23,060 $250 $1,202 $23,991 $1,250 $719 
Interest rate contracts6,750 61 226 6,750 13 425 
311 1,428 1,263 1,144 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$22,851 107 149 $26,335 253 221 
Total$418 $1,577 $1,516 $1,366 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.1 billion as of September 28, 2025 and $5.0 billion as of December 31, 2024.
Schedule of Derivative Liabilities
The following summarizes the fair value of the derivative financial instruments and notional amounts:
September 28, 2025December 31, 2024
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$23,060 $250 $1,202 $23,991 $1,250 $719 
Interest rate contracts6,750 61 226 6,750 13 425 
311 1,428 1,263 1,144 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$22,851 107 149 $26,335 253 221 
Total$418 $1,577 $1,516 $1,366 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.1 billion as of September 28, 2025 and $5.0 billion as of December 31, 2024.
Information about Gains/(Losses) Incurred to Hedge or Offset Operational Foreign Exchange or Interest Rate Risk
The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures:
 
Gains/(Losses)
Recognized in OID(a)
Gains/(Losses)
Recognized in OCI(a)
Gains/(Losses)
Reclassified from
OCI into OID and COS(a)
Three Months Ended
(MILLIONS)Sept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 29, 2024
Derivative Financial Instruments in Cash Flow Hedge Relationships:
Interest rate contracts$— $— $— $— $— $— 
Foreign exchange contracts(b)
— — (11)(306)(187)171 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 10 3 10 3 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts13 332 — — — — 
Hedged item (13)(332)— — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:      
Foreign exchange contracts— — 88 (695)— — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 89 93 56 40 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
      
Foreign currency long-term debt— — 5 (37)— — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts15 64 — — — — 
 $15 $64 $181 $(941)$(120)$215 
Gains/(Losses)
Recognized in OID(a)
Gains/(Losses)
Recognized in OCI(a)
Gains/(Losses)
Reclassified from
OCI into OID and COS(a)
Nine Months Ended
(MILLIONS)Sept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 29, 2024Sept. 28, 2025Sept. 29, 2024
Derivative Financial Instruments in Cash Flow Hedge Relationships:      
Interest rate contracts$— $— $— $— $— $— 
Foreign exchange contracts(b)
— — (438)21 200 313 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 42 20 42 20 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts228 107 — — — — 
Hedged item(228)(107)— — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:
Foreign exchange contracts— — (1,273)(380)— — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 237 145 150 116 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
Foreign currency long-term debt— — (97)(11)— — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts103 106 — — — — 
$103 $106 $(1,528)$(204)$392 $450 
(a)OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of operations. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of operations. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income/(loss).
(b)The amounts reclassified from OCI into COS were:
•a net loss of $23 million in the third quarter of 2025;
•a net gain of $69 million in the first nine months of 2025;
•a net gain of $37 million in the third quarter of 2024; and
•a net gain of $106 million in the first nine months of 2024.
The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax loss of $63 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 18 years and relates to foreign currency debt.
(c)    The amounts reclassified from OCI were reclassified into OID.
(d) Long-term debt includes foreign currency borrowings, which are used in net investment hedges; the related carrying values as of September 28, 2025 and December 31, 2024 were $874 million and $777 million, respectively.
Schedule of Total Amount of Each Income and Expense Line in which Results of Fair Value Hedges are Recorded
The following summarizes cumulative basis adjustments to our long-term debt in fair value hedges:
September 28, 2025December 31, 2024
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount		Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount
(MILLIONS)
Carrying Amount of Hedged Assets/Liabilities(a)
Active Hedging RelationshipsDiscontinued Hedging Relationships
Carrying Amount of Hedged Assets/Liabilities(a)
Active Hedging RelationshipsDiscontinued Hedging Relationships
Long-term debt$7,122 $(156)$839 $7,154 $(384)$891 
(a)Carrying amounts exclude the cumulative amount of fair value hedging adjustments.