Segment, Geographic and Other Revenue Information (Tables)

9 Months Ended

Sep. 28, 2025

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 (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 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 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
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.