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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 28, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13

OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

COMMISSION FILE NUMBER 1-3619

----

PFIZER INC.

(Exact name of registrant as specified in its charter)


Delaware			13-5315170
(State of Incorporation)			(I.R.S. Employer Identification No.)

66 Hudson Boulevard East, New York, New York 10001-2192

(Address of principal executive offices) (zip code)

(212) 733-2323

(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.05 par value

PFE

New York Stock Exchange

1.000% Notes due 2027

PFE/27

New York Stock Exchange

2.875% Notes due 2029

PFE/29

New York Stock Exchange

3.250% Notes due 2032

PFE/32

New York Stock Exchange

3.875% Notes due 2037

PFE/37A

New York Stock Exchange

4.250% Notes due 2045

PFE/45

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes			x			No			☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Yes			x			No			☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated filer x Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes			☐			No			x

At October 29, 2025, 5,685,707,552 shares of the issuer’s voting common stock were outstanding.


TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION			Page

Item 1.
Financial Statements

Condensed Consolidated Statements of Operations			5

Condensed Consolidated Statements of Comprehensive Income			6

Condensed Consolidated Balance Sheets			7

Condensed Consolidated Statements of Equity			8

Condensed Consolidated Statements of Cash Flows			9

Notes to Condensed Consolidated Financial Statements			10

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations			36

Item 3.
Quantitative and Qualitative Disclosures About Market Risk			57

Item 4.
Controls and Procedures			57

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings			57

Item 1A.
Risk Factors			57

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds			58

Item 3.
Defaults Upon Senior Securities			N/A

Item 4.
Mine Safety Disclosures			N/A

Item 5.
Other Information			58

Item 6 .
Exhibits			58

Signature			58

N/A = Not Applicable


DEFINED TERMS

Unless the context requires otherwise, references to “Pfizer,” “the Company,” “we,” “us” or “our” in this Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and nine months ended August 24, 2025 and August 25, 2024, and for U.S. subsidiaries is as of and for the three and nine months ended September 28, 2025 and September 29, 2024. References to “Notes” in this Form 10-Q are to the Notes to the Condensed or Consolidated Financial Statements in this Form 10-Q or in our 2024 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below:


*			Indicates calculation not meaningful or results are greater than 100%
2024 Form 10-K			Annual Report on Form 10-K for the fiscal year ended December 31, 2024
340B Program			340B Drug Pricing Program
3SBio			3SBio, Inc. and its subsidiaries Shenyang Sunshine Pharmaceutical Co., Ltd. and 3S Guojian Pharmaceutical (Shanghai) Co., Ltd.
AbbVie			AbbVie Inc.
Abingworth			Abingworth LLP
ACIP			Advisory Committee on Immunization Practices
AI			artificial intelligence
ALK			anaplastic lymphoma kinase
Alliance revenues			Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
Astellas			Astellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.
ATTR-CM			transthyretin amyloid cardiomyopathy
BioNTech			BioNTech SE
Biopharma			Global Biopharmaceuticals Business
Blackstone			Blackstone Life Sciences
BMS			Bristol-Myers Squibb Company
BOD			Board of Directors
CDC			U.S. Centers for Disease Control and Prevention
CMS			Centers for Medicare & Medicaid Services
CODM			Chief Operating Decision Maker
Comirnaty			Unless otherwise noted, refers to, as applicable, the current formulation of Comirnaty (COVID-19 Vaccine, mRNA) 2025-2026 Formula as well as all prior authorized or approved formulations of the vaccine, which was first authorized in the U.S. during December 2020 pursuant to an EUA.
COVID-19			novel coronavirus disease of 2019
Developed Markets			Includes, but is not limited to, the following markets: Western Europe, Japan, Central Europe, Canada, Australia, Eastern Europe, Scandinavian countries, South Korea, Finland and New Zealand
DMD			Duchenne muscular dystrophy
EMA			European Medicines Agency
Emerging Markets			Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Eastern Europe (excluding the Balkans), Africa, the Middle East and Turkey
EPS			earnings per share
EU			European Union
EUA			emergency use authorization
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FDA			U.S. Food and Drug Administration
Form 10-Q			This Quarterly Report on Form 10-Q for the quarterly period ended September 28, 2025
GAAP			U.S. Generally Accepted Accounting Principles
Haleon			Haleon plc
HIPAA			Health Insurance Portability and Accountability Act of 1996
Hospira			Hospira, Inc.
HRR			homologous recombination repair
IPR&D			in-process research and development
IRA			Inflation Reduction Act of 2022
IRS			U.S. Internal Revenue Service
JV			joint venture
King			King Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)

mCC			metastatic cervical cancer
mCRC			metastatic colorectal cancer
mCRPC			metastatic castration-resistant prostate cancer
mCSPC			metastatic castration-sensitive prostate cancer
MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations
MDL			Multi-District Litigation


Medicare Part B			a medical insurance plan that helps cover medically necessary services, outpatient care, and preventative services for people with Medicare
Medicare Part D			a prescription drug coverage program for people with Medicare
Meridian			Meridian Medical Technologies, Inc.
Metsera			Metsera, Inc.
Moody’s			Moody’s Ratings (formerly Moody’s Investors Service)
mRNA			messenger ribonucleic acid
NDA			New Drug Application
nmCRPC			non-metastatic castration-resistant prostate cancer
nmCSPC			non-metastatic castration-sensitive prostate cancer
NSCLC			non-small cell lung cancer
OBBBA			One Big Beautiful Bill Act
ODT			oral disintegrating tablet
Ono			Ono Pharmaceutical Co., Ltd.
OTC			over-the-counter
Paxlovid(a)			an oral COVID-19 treatment (nirmatrelvir tablets and ritonavir tablets)
PC1			Pfizer CentreOne
Pharmacia			Pharmacia LLC (formerly Pharmacia Corporation)
Pierre Fabre			Pierre Fabre Medicament SAS
PNIF			Pfizer Netherlands International Finance B.V. (a wholly-owned finance subsidiary of Pfizer)
Prevnar family			Includes Prevnar 20/Prevenar 20 (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult)
PsA			psoriatic arthritis
QTD			Quarter-to-date or three months ended
RA			rheumatoid arthritis
R&D			research and development
RSV			respiratory syncytial virus
S&P			S&P Global (formerly Standard & Poor’s)
SCD			sickle cell disease
Seagen			Seagen Inc. and its subsidiaries
SEC			U.S. Securities and Exchange Commission
SI&A			Selling, informational and administrative expenses
Takeda			Takeda Pharmaceutical Company Limited
UC			ulcerative colitis
U.K.			United Kingdom
U.S.			United States
ViiV			ViiV Healthcare Limited
Vyndaqel family			Includes Vyndaqel, Vyndamax and Vynmac
YTD			Year-to-date or nine months ended

(a)Paxlovid has not been approved, but has been authorized for emergency use by the FDA under an EUA for the treatment of mild-to-moderate COVID-19 in pediatric patients (12 years of age and older weighing at least 40 kg) who are at high risk for progression to severe COVID-19, including hospitalization or death. The emergency use of Paxlovid is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of the medical product during the COVID-19 pandemic under Section 564(b)(1) of the U.S. Federal Food, Drug and Cosmetics Act, 21 U.S.C. § 360bbb-3(b)(1) unless the declaration is terminated or authorization revoked sooner. Please see the EUA Fact Sheet at www.covid19oralrx.com.

This Form 10-Q includes discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or efficacy of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.

Some amounts in this Form 10-Q may not add due to rounding. All percentages have been calculated using unrounded amounts. All trademarks mentioned are the property of their owners.

The information contained on our website, our Facebook, Instagram, YouTube and LinkedIn pages or our X (formerly known as Twitter) accounts, or any third-party website, is not incorporated by reference into this Form 10-Q.

Certain of the products and product candidates discussed in this Form 10-Q are being co-researched, co-developed and/or co-promoted in collaboration with other companies for which Pfizer’s rights vary by market or are the subject of agreements pursuant to which Pfizer has commercialization rights in certain markets.


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PFIZER INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended				Nine Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Revenues:
Product revenues	$	13,920	$	15,417	$	37,168	$	38,731
Alliance revenues	2,298		1,900		6,684		6,140
Royalty revenues	436		384		1,170		992
Total revenues	16,654		17,702		45,022		45,864
Costs and expenses:
Cost of sales(a)	4,172		5,263		10,795		11,942
Selling, informational and administrative expenses(a)	3,186		3,244		9,632		10,456
Research and development expenses(a)	2,546		2,598		7,231		7,787
Acquired in-process research and development expenses	1,390		13		1,401		20
Amortization of intangible assets	1,223		1,312		3,644		3,927
Restructuring charges and certain acquisition-related costs	286		313		945		1,669

Other (income)/deductions––net	517		243		2,210		2,030
Income from continuing operations before provision/(benefit) for taxes on income	3,334		4,715		9,162		8,033
Provision/(benefit) for taxes on income	(216)		234		(264)		393
Income from continuing operations	3,550		4,481		9,427		7,640

Discontinued operations––net of tax	—		(8)		25		4


Net income before allocation to noncontrolling interests	3,550		4,473		9,452		7,644
Less: Net income attributable to noncontrolling interests	9		8		33		23
Net income attributable to Pfizer Inc. common shareholders	$	3,541	$	4,465	$	9,419	$	7,621

Earnings per common share––basic:
Income from continuing operations attributable to Pfizer Inc. common shareholders	$	0.62	$	0.79	$	1.66	$	1.35
Discontinued operations––net of tax	—		—		—		—
Net income attributable to Pfizer Inc. common shareholders	$	0.62	$	0.79	$	1.66	$	1.35

Earnings per common share––diluted:
Income from continuing operations attributable to Pfizer Inc. common shareholders	$	0.62	$	0.79	$	1.65	$	1.34
Discontinued operations––net of tax	—		—		—		—
Net income attributable to Pfizer Inc. common shareholders	$	0.62	$	0.78	$	1.65	$	1.34

Weighted-average shares––basic	5,685		5,667		5,682		5,663
Weighted-average shares––diluted	5,714		5,705		5,710		5,699

(a)Exclusive of amortization of intangible assets.

See Accompanying Notes.

PFIZER INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended				Nine Months Ended
(MILLIONS)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Net income before allocation to noncontrolling interests	$	3,550	$	4,473	$	9,452	$	7,644

Foreign currency translation adjustments, net	365		131		(66)		200


Unrealized holding gains/(losses) on derivative financial instruments, net	(1)		(303)		(396)		41
Reclassification adjustments for (gains)/losses included in net income(a)	177		(175)		(242)		(334)
	176		(477)		(638)		(293)
Unrealized holding gains/(losses) on available-for-sale securities, net	(10)		59		124		(17)
Reclassification adjustments for (gains)/losses included in net income(b)	(97)		(6)		(25)		80

	(107)		54		100		63

Reclassification adjustments related to amortization of prior service costs and other, net	(16)		(27)		(70)		(83)
Reclassification adjustments related to curtailments of prior service costs and other, net	(5)		(2)		(49)		(2)
	(21)		(29)		(119)		(85)
Other comprehensive income/(loss), before tax	413		(322)		(723)		(115)
Tax provision/(benefit) on other comprehensive income/(loss)	45		(157)		(492)		(81)
Other comprehensive income/(loss) before allocation to noncontrolling interests	$	367	$	(166)	$	(231)	$	(35)

Comprehensive income/(loss) before allocation to noncontrolling interests	$	3,917	$	4,307	$	9,221	$	7,609
Less: Comprehensive income/(loss) attributable to noncontrolling interests	4		(3)		26		(2)
Comprehensive income/(loss) attributable to Pfizer Inc.	$	3,913	$	4,310	$	9,195	$	7,611

(a)Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.

(b)Reclassified into Other (income)/deductions—net.

See Accompanying Notes.

PFIZER INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(MILLIONS)	September 28, 2025		December 31, 2024
	(Unaudited)
Assets
Cash and cash equivalents	$	1,343	$	1,043
Short-term investments	13,641		19,434
Trade accounts receivable, net of allowance for doubtful accounts: 2025—$434; 2024—$438	14,260		11,463
Inventories	11,468		10,851
Current tax assets	3,855		3,314
Other current assets	2,358		4,253
Total current assets	46,924		50,358

Long-term investments	2,137		2,228
Property, plant and equipment, net of accumulated depreciation: 2025—$17,505; 2024—$16,483	18,880		18,393
Identifiable intangible assets, net	51,324		55,411
Goodwill	69,101		68,527
Noncurrent deferred tax assets and other noncurrent tax assets	11,048		8,662
Other noncurrent assets	9,317		9,817

Total assets	$	208,731	$	213,396

Liabilities and Equity
Short-term borrowings, including current portion of long-term debt: 2025—$4,247; 2024—$3,747	$	4,303	$	6,946
Trade accounts payable	5,024		5,633
Dividends payable	—		2,437
Income taxes payable	3,799		2,910
Accrued compensation and related items	3,036		3,838
Deferred revenues	924		1,511
Other current liabilities	19,509		19,720

Total current liabilities	36,596		42,995

Long-term debt	57,409		57,405
Pension and postretirement benefit obligations	2,157		2,115

Noncurrent deferred tax liabilities	2,467		2,122
Other taxes payable	3,401		6,112
Other noncurrent liabilities	13,605		14,150
Total liabilities	115,635		124,899

Commitments and Contingencies


Common stock	481		480
Additional paid-in capital	94,248		93,603

Treasury stock	(115,011)		(114,763)
Retained earnings	121,150		116,725
Accumulated other comprehensive loss	(8,066)		(7,842)
Total Pfizer Inc. shareholders’ equity	92,801		88,203
Equity attributable to noncontrolling interests	295		294
Total equity	93,096		88,497
Total liabilities and equity	$	208,731	$	213,396

See Accompanying Notes.

PFIZER INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)



		PFIZER INC. SHAREHOLDERS
	Common Stock				Treasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)		Shares	Par Value		Add’l Paid-In Capital		Shares	Cost		Retained Earnings		Accum. Other Comp. Loss		Share- holders’ Equity		Non-controlling interests		Total Equity
Balance, June 29, 2025		9,620	$	481	$	94,053	(3,935)	$	(115,010)	$	117,609	$	(8,438)	$	88,695	$	317	$	89,012
Net income										3,541				3,541		9		3,550
Other comprehensive income/(loss), net of tax												372		372		(5)		367
Cash dividends declared, per share: $—
Common stock										—				—				—

Noncontrolling interests														—		(31)		(31)
Share-based payment transactions		—	—		195		—	(2)		(1)				193				193


Other					—		—	—		—				—		5		5
Balance, September 28, 2025		9,621	$	481	$	94,248	(3,935)	$	(115,011)	$	121,150	$	(8,066)	$	92,801	$	295	$	93,096

		PFIZER INC. SHAREHOLDERS
	Common Stock				Treasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)		Shares	Par Value		Add’l Paid-In Capital		Shares	Cost		Retained Earnings		Accum. Other Comp. Loss		Share- holders’ Equity		Non-controlling interests		Total Equity
Balance, June 30, 2024		9,592	$	480	$	93,197	(3,925)	$	(114,757)	$	116,596	$	(7,816)	$	87,700	$	275	$	87,975
Net income										4,465				4,465		8		4,473
Other comprehensive income/(loss), net of tax												(155)		(155)		(10)		(166)
Cash dividends declared, per share: $—
Common stock										—				—				—


Share-based payment transactions		—	—		281		—	(3)		(2)				276				276


Other					(1)		—	—		—				—		—		—
Balance, September 29, 2024		9,592	$	480	$	93,477	(3,926)	$	(114,760)	$	121,059	$	(7,971)	$	92,286	$	272	$	92,558


		PFIZER INC. SHAREHOLDERS
	Common Stock				Treasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)		Shares	Par Value		Add’l Paid-In Capital		Shares	Cost		Retained Earnings		Accum. Other Comp. Loss		Share- holders’ Equity		Non-controlling interests		Total Equity
Balance, January 1, 2025		9,593	$	480	$	93,603	(3,926)	$	(114,763)	$	116,725	$	(7,842)	$	88,203	$	294	$	88,497
Net income										9,419				9,419		33		9,452
Other comprehensive income/(loss), net of tax												(224)		(224)		(7)		(231)
Cash dividends declared, per share: $0.86
Common stock										(4,889)				(4,889)				(4,889)

Noncontrolling interests														—		(31)		(31)
Share-based payment transactions		28	1		645		(9)	(248)		(105)				293				293


Other					—		—	—		—				—		6		7
Balance, September 28, 2025		9,621	$	481	$	94,248	(3,935)	$	(115,011)	$	121,150	$	(8,066)	$	92,801	$	295	$	93,096

		PFIZER INC. SHAREHOLDERS
	Common Stock				Treasury Stock
(MILLIONS, EXCEPT PER SHARE DATA)		Shares	Par Value		Add’l Paid-In Capital		Shares	Cost		Retained Earnings		Accum. Other Comp. Loss		Share- holders’ Equity		Non-controlling interests		Total Equity
Balance, January 1, 2024		9,562	$	478	$	92,631	(3,916)	$	(114,487)	$	118,353	$	(7,961)	$	89,014	$	274	$	89,288
Net income										7,621				7,621		23		7,644
Other comprehensive income/(loss), net of tax												(10)		(10)		(25)		(35)
Cash dividends declared, per share: $0.84
Common stock										(4,760)				(4,760)				(4,760)


Share-based payment transactions		30	2		846		(10)	(273)		(155)				420				420


Other					(1)		—	—		—				—		—		—
Balance, September 29, 2024		9,592	$	480	$	93,477	(3,926)	$	(114,760)	$	121,059	$	(7,971)	$	92,286	$	272	$	92,558

See Accompanying Notes.

PFIZER INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine Months Ended
(MILLIONS)	September 28, 2025		September 29, 2024
Operating Activities
Net income before allocation to noncontrolling interests	$	9,452	$	7,644
Discontinued operations—net of tax	25		4
Net income from continuing operations before allocation to noncontrolling interests	9,427		7,640
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:
Depreciation and amortization	4,905		5,222
Asset write-offs and impairments	864		1,080
Deferred taxes	(1,700)		(1,706)

Share-based compensation expense	574		700
Benefit plan contributions in excess of expense/income	(418)		(466)

Other adjustments, net	(353)		(455)
Other changes in assets and liabilities, net of acquisitions and divestitures	(6,944)		(5,992)


Net cash provided by/(used in) operating activities	6,356		6,023

Investing Activities
Purchases of property, plant and equipment	(1,784)		(1,992)
Purchases of short-term investments	(10,308)		(3,957)
Proceeds from redemptions/sales of short-term investments	13,236		2,630
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less	(3,251)		2,649
Purchases of long-term investments	(215)		(75)
Proceeds from redemptions/sales of long-term investments	504		1,541
Proceeds from sales of investment in Haleon(a)	6,311		3,491

Other investing activities, net	302		(13)


Net cash provided by/(used in) investing activities	4,795		4,275

Financing Activities
Proceeds from short-term borrowings	—		8,175
Payments on short-term borrowings	(2,199)		(7,774)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less	(897)		(2,590)
Proceeds from issuance of long-term debt	3,687		—
Payments on long-term debt	(3,750)		(2,250)

Cash dividends paid	(7,326)		(7,132)
Other financing activities, net	(415)		(455)


Net cash provided by/(used in) financing activities	(10,900)		(12,026)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents	36		(37)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents	287		(1,765)
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period	1,107		2,917
Cash and cash equivalents and restricted cash and cash equivalents, at end of period	$	1,394	$	1,152
Supplemental Cash Flow Information
Cash paid during the period for:
Income taxes	$	3,671	$	3,172
Interest paid	1,758		1,833
Interest rate hedges	95		31

(a) See Note 7A.

See Accompanying Notes.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Basis of Presentation and Significant Accounting Policies

A. Basis of Presentation

We prepared these condensed consolidated financial statements in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2024 Form 10-K. As permitted under the SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted.

These financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods presented. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2024 Form 10-K. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year.

Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and nine months ended August 24, 2025 and August 25, 2024, and for U.S. subsidiaries is as of and for the three and nine months ended September 28, 2025 and September 29, 2024.

We manage our commercial operations through three operating segments, each led by a single manager: Biopharma, PC1 and Pfizer Ignite. Biopharma is the only reportable segment. See Note 13A.

B. New Accounting Standard Adopted in 2025

In the third quarter of 2025, we early adopted a new accounting standard which adds a scope exception to exclude from derivative accounting non-exchange-traded contracts with variables (referred to as “underlyings”) that are based on operations or activities specific to one of the parties to the contract. This new scope exception may apply to certain R&D funding arrangements. When adopted early in an interim reporting period, application of the standard is required as of the beginning of the current annual reporting period. We had no contracts or embedded features that were accounted for as derivatives but are no longer accounted for as derivatives as a result of applying the new standard. The adoption of this new accounting standard had no impact to our condensed consolidated financial statements.

C. Revenues and Trade Accounts Receivable


Deductions from Revenues––Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows:
(MILLIONS)	September 28, 2025		December 31, 2024
Reserve against Trade accounts receivable, net of allowance for doubtful accounts	$	2,148	$	1,627
Other current liabilities:
Accrued rebates	9,157		7,195
Other accruals	625		972
Other noncurrent liabilities	1,009		1,029
Total accrued rebates and other sales-related accruals	$	12,940	$	10,822

Trade Accounts Receivable––Trade accounts receivable are stated at their net realizable value. The allowance for credit losses reflects our best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. In developing the estimate for expected credit losses, trade accounts receivables are segmented into pools of assets depending on market, delinquency status, and customer type (high risk versus low risk and government versus non-government), and reserve percentages are established for each pool of trade accounts receivables.

In determining the reserve percentages for each pool of trade accounts receivables, we considered our historical experience with certain customers and customer types, regulatory and legal environments, country and political risk, and other relevant current and future forecasted macroeconomic factors. When management becomes aware of certain customer-specific factors that impact credit risk, specific allowances for these known troubled accounts are recorded.

During the three and nine months ended September 28, 2025 and September 29, 2024, additions to the allowance for credit losses, write-offs and recoveries of customer receivables were not material to our condensed consolidated financial statements.

For additional information on our trade accounts receivable, see Note 1G in our 2024 Form 10-K.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 2. Research and Development and In-Licensing Arrangements

A. Research and Development Arrangements

Research and Development Funding Arrangement with Abingworth––In September 2025, we entered into an arrangement with Abingworth under which we will receive up to a total of $200 million in 2025 through 2027 to co-fund our quarterly development costs for specified treatments. As there is substantive transfer of risk to the financial partner, the development funding is recognized by us as an obligation to perform contractual services. We are recognizing the funding as a reduction of Research and development expenses using an attribution model over the period of the related expenses. If successful, upon regulatory approval in the U.S. for the indication based on the applicable clinical trial, Abingworth will be eligible to receive an approval-based fixed milestone payment of up to $120 million payable to Abingworth over a period of approximately eighteen months. Following potential regulatory approval, Abingworth will be eligible to receive a combination of fixed milestone payments of up to $280 million in total based on achievement of certain levels of cumulative applicable net sales and payable to Abingworth over a period of approximately one year, as well as royalties based on mid-single digit percentage of the applicable net sales.

Research and Development Funding Arrangement with Blackstone––In March 2025, we entered into an arrangement with Blackstone under which we will receive up to a total of $326 million in 2025 through 2028 to co-fund our quarterly development costs for specified treatments. As there is substantive transfer of risk to the financial partner, the development funding is recognized by us as an obligation to perform contractual services. We are recognizing the funding as a reduction of Research and development expenses using an attribution model over the period of the related expenses. If successful, upon regulatory approval in the U.S. or certain major markets in the EU for the indications based on the applicable clinical trials, Blackstone will be eligible to receive approval-based fixed milestone payments of up to $277 million payable to Blackstone over a period of one to three years. Following potential regulatory approval, Blackstone will be eligible to receive a combination of fixed milestone payments of up to $897 million in total based on achievement of certain levels of cumulative applicable net sales and payable to Blackstone over a period of five to seven years.

For both of the above arrangements, the net present value of the approval-based milestone payments and sales-based milestone payments will be recorded as intangible assets and amortized to Amortization of intangible assets over the shorter of the term of the agreement or estimated commercial life of the product. Accretion of interest on the liabilities will be recognized as interest expense in Other (income)/deductions––net.

B. In-Licensing Arrangement

In-Licensing Arrangement with 3SBio––In July 2025, we completed an exclusive global, ex-China, in-licensing agreement with 3SBio, a leading Chinese biopharmaceutical company, for the development, manufacturing and commercialization of SSGJ-707, a bispecific antibody targeting PD-1 and vascular endothelial growth factor, currently undergoing several clinical trials in China for NSCLC, mCRC, and gynecological tumors. Under the terms of the agreement, 3SBio received an upfront payment of $1.25 billion and is eligible to receive milestone payments associated with certain development, regulatory and commercial milestones up to $4.8 billion as well as tiered double-digit royalties on sales of SSGJ-707, if approved. Additionally, the agreement provides Pfizer the option to extend the license to include exclusive development and commercialization rights to SSGJ-707 in China. In exchange for the option to the exclusive rights in China, we made an upfront payment to 3SBio of $100 million and, in the event the option is exercised, we would pay an option exercise fee of up to $50 million depending on future events. In connection with this transaction, we recorded a $1.35 billion charge in the third quarter of 2025 in Acquired in-process research and development expenses and presented it as a cash outflow from operating activities. We also made a $100 million equity investment in 3SBio.

Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives

A. Realigning Our Cost Base Program

In the fourth quarter of 2023, we announced that we launched a multi-year, enterprise-wide cost realignment program that aims to realign our costs with our longer-term revenue expectations. In the second quarter of 2025, we identified additional productivity opportunities to further reduce costs primarily in SI&A, driven in large part by enhanced digital enablement, including automation and AI, and simplification of business processes.

We expect costs associated with these components of the program to be incurred through 2027 and to total approximately $4.7 billion, representing primarily cash expenditures for severance, implementation, exit, and digital enablement costs, as well as non-cash asset write downs of which $3.1 billion is associated with our Biopharma segment.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Additionally, in connection with our efforts to simplify the structure and sharpen the focus of our R&D organization, in the first quarter of 2025, we expanded this program after having identified additional opportunities to drive improvements in productivity and operational efficiencies through enhanced digital enablement, including automation and AI, and simplification of business processes. We expect costs to implement these initiatives to be incurred through 2026 and to total approximately $600 million, primarily representing cash expenditures for severance, digital enablement and implementation, all of which is associated with our Biopharma segment. The majority of these costs were recorded in the first quarter of 2025, with cash outlays expected primarily in 2025 and 2026.

We expect costs associated with all the components of this program to total approximately $5.3 billion of which $3.7 billion is associated with the Biopharma segment.

From the start of this program through September 28, 2025, we incurred total costs of $3.7 billion, of which $2.9 billion is associated with our Biopharma segment (including $2.6 billion of restructuring charges).

B. Manufacturing Optimization Program

In the second quarter of 2024, we announced that we launched a multi-year, multi-phased program to reduce our costs of goods sold, which is expected to include operational efficiencies, network structure changes, and product portfolio enhancements. The first phase of this program is primarily focused on operational efficiencies, and we expect costs for this first phase to total approximately $1.4 billion, primarily representing cash expenditures for severance and implementation costs, all of which is associated with our Biopharma segment. From the start of this program through September 28, 2025, we incurred costs of $1.0 billion, substantially all of which is restructuring costs for our Biopharma segment. These costs were recorded primarily in 2024, with cash outlays expected primarily in 2025 and 2026.

C. Key Activities


The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives:
	Three Months Ended				Nine Months Ended
(MILLIONS)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Restructuring charges/(credits):
Employee terminations	$	124	$	25	$	360	$	1,009
Asset impairments	111		111		328		177
Exit costs	2		82		96		145
Restructuring charges/(credits)(a)	237		217		784		1,331
Transaction costs(b)	—		—		—		5
Integration costs and other(c)	49		96		162		333
Restructuring charges and certain acquisition-related costs	286		313		945		1,669
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net	(6)		2		(74)		7
Inventory write-offs––recorded in Cost of sales	33		—		33		—
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of operations as follows(d):
Cost of sales	3		6		10		11
Selling, informational and administrative expenses	—		2		—		5
Research and development expenses	1		—		1		—
Total additional depreciation––asset restructuring	4		8		11		16
Implementation costs recorded in our condensed consolidated statements of operations as follows(e):
Cost of sales	26		30		72		95
Selling, informational and administrative expenses	26		13		46		77
Research and development expenses	53		33		116		66

Total implementation costs	105		75		234		238
Total costs associated with acquisitions and cost-reduction/productivity initiatives	$	423	$	398	$	1,150	$	1,930

(a)Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) charges of $240 million for the three months ended September 28, 2025 (including charges of $117 million for our Manufacturing Optimization Program and charges of $107 million for our Realigning our Cost Base Program), (ii) charges of $451 million for the nine months ended September 28, 2025 (including charges of $669 million for our Realigning our Cost Base Program and credits of $295 million for our Manufacturing Optimization Program), (iii) charges of $141 million for the three months ended September 29, 2024 (primarily including charges for our Realigning our Cost Base Program) and (iv) charges of $1.2 billion for the nine months ended September 29, 2024 (including charges of $1.3 billion for our Manufacturing Optimization Program and credits of $69 million for our Realigning our Cost

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Base Program). For the nine months ended September 28, 2025 and September 29, 2024, Employee terminations include revisions of estimates of previously recorded accruals for severance benefits, driven in large part by higher-than-expected voluntary attrition.

(b)Represents external costs for banking, legal, accounting and other similar services.

(c)Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs.

(d)Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions.

(e)Represents incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.


The following summarizes the components and changes in restructuring accruals:
(MILLIONS)	Employee Termination Costs		Asset Impairment Charges		Exit Costs		Accrual
Balance, December 31, 2024(a)	$	2,046	$	—	$	74	$	2,120
Provision	360		328		96		784
Utilization and other(b)	(724)		(328)		(15)		(1,067)
Balance, September 28, 2025(c)	$	1,682	$	—	$	155	$	1,836

(a)Included in Other current liabilities ($1.7 billion) and Other noncurrent liabilities ($437 million).

(b)Other activity includes adjustments for foreign currency translation that are not material to our condensed consolidated financial statements.

(c)Included in Other current liabilities ($1.3 billion) and Other noncurrent liabilities ($532 million).

Note 4. Other (Income)/Deductions—Net


Components of Other (income)/deductions––net include:
	Three Months Ended				Nine Months Ended
(MILLIONS)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Interest income	$	(138)	$	(116)	$	(437)	$	(374)
Interest expense	652		783		1,960		2,352
Net interest expense(a)	514		668		1,523		1,977

Net (gains)/losses recognized during the period on equity securities(b)	(201)		(446)		94		(129)

Net periodic benefit costs/(credits) other than service costs	(73)		(102)		(333)		(311)
Certain legal matters, net(c)	191		45		755		422
Certain asset impairments(d)	260		—		577		349
Haleon equity method (income)/loss	—		(150)		—		(102)
Other, net(e)	(174)		227		(406)		(177)
Other (income)/deductions––net	$	517	$	243	$	2,210	$	2,030

(a)The decrease in net interest expense in the third quarter and first nine months of 2025 reflects (i) a decrease in interest expense primarily driven by a reduction in commercial paper outstanding and (ii) an increase in interest income due to a higher total average investment asset balance compared to 2024.

(b)The net losses in the first nine months of 2025 include, among other things, a net loss of $144 million related to our previous investment in Haleon, composed of unrealized losses of $1.0 billion, partially offset by $900 million in realized gains on the sales of our remaining investment in the first quarter of 2025.

(c)The third quarter of 2025 primarily includes certain product liability expenses. The first nine months of 2025 primarily include certain product liability and other legal expenses. The third quarter and first nine months of 2024 primarily included certain product liability expenses related to products discontinued and/or divested by Pfizer.

(d)The third quarter and first nine months of 2025 include an intangible asset impairment charge associated with our Biopharma segment of $260 million related to IPR&D associated with a Phase 3 study for inclacumab for the treatment of SCD, which reflects unfavorable clinical trial results. The first nine months of 2025 also include an intangible asset impairment charge of $210 million associated with our Biopharma segment for KRAS G12D, a Phase 2 indefinite-lived out-licensed asset that was discontinued by our out-licensing partner. The first nine months of 2024 included a $240 million intangible asset impairment charge, associated with our Biopharma segment that represented IPR&D related to a Phase 3 study for the treatment of DMD, which reflected unfavorable clinical trial results.

(e)The first nine months of 2025 include, among other things, dividend income of $184 million from our investment in ViiV. The third quarter and first nine months of 2024 primarily included, among other things, a charge of $420 million related to the expected sale of one of our facilities resulting from the discontinuation of our DMD program. The first nine months of 2024 also included, among other things, dividend income of $183 million from our investment in ViiV and a $150 million realized gain on the partial sale of our previous investment in Haleon in the first quarter of 2024.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


Additional information about the intangible assets that were impaired during 2025 follows:
									Nine Months Ended
	Fair Value(a)								September 28, 2025
(MILLIONS)	Amount		Level 1		Level 2		Level 3		Impairment


IPR&D(b), (c)	$	590	$	—	$	—	$	590	$	353
Indefinite-lived licensing agreement(b)	—		—		—		—		210
Developed technology rights(b)	—		—		—		—		14
Total	$	590	$	—	$	—	$	590	$	577

(a)The fair value amount is presented as of the date of impairment, as this asset is not measured at fair value on a recurring basis. See Note 1E in our 2024 Form 10-K.

(b)Reflects intangible assets written down to fair value in 2025. Fair value was determined using the income approach, specifically the multi-period excess earnings method, also known as the discounted cash flow method. We started with a forecast of all the expected net cash flows for the asset and then applied an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows, which includes the expected impact of competitive, legal and/or regulatory forces on the product; and assumptions about the probability of technical and regulatory success (PTRS) of ongoing clinical trials, the discount rate, which seeks to reflect the various risks inherent in the projected cash flows; and the tax rate, which seeks to incorporate the geographic diversity of the projected cash flows.

(c)See Note 9.

Note 5. Tax Matters

A. Taxes on Income from Continuing Operations

Our effective tax rate for continuing operations was (6.5)% for the third quarter of 2025, compared to 5.0% for the third quarter of 2024, and was (2.9)% for the first nine months of 2025, compared to 4.9% for the first nine months of 2024. The negative and lower effective tax rates for the third quarter and the first nine months of 2025, compared to the third quarter and the first nine months of 2024, were primarily due to a favorable change in the jurisdictional mix of earnings, the remeasurement of deferred tax liabilities due to the enactment of the OBBBA on July 4, 2025, and tax benefits related to global income tax resolutions in multiple tax jurisdictions spanning multiple tax years.

We elected, with the filing of our 2018 U.S. Federal Consolidated Income Tax Return, to pay our initial estimated $15 billion repatriation tax liability on accumulated post-1986 foreign earnings (Transition Tax liability) over eight years through 2026. The seventh annual installment was paid by its April 15, 2025 due date. The eighth and final annual installment is due April 15, 2026 and is reported in current Income taxes payable as of September 28, 2025. Our obligations may vary due to the availability of attributes such as foreign tax and other credit carryforwards or carrybacks.

See Note 5A in our 2024 Form 10-K for information on our cash paid for income taxes, net of refunds.

B. Tax Contingencies

We are subject to income tax in many jurisdictions, and a certain degree of estimation is required in recording the assets and liabilities related to income taxes. All of our tax positions are subject to audit by the local taxing authorities in each tax jurisdiction. These tax audits can involve complex issues, interpretations and judgments and the resolution of matters may span multiple years, particularly if subject to negotiation or litigation.

The U.S. is one of our major tax jurisdictions, and we are regularly audited by the IRS. Tax years 2019-2022 are under audit. Tax years 2023-2025 are open but not under audit. All other tax years are closed. In addition to the open audit years in the U.S., we have open audit years and certain related audits, appeals and investigations in certain major international tax jurisdictions dating back to 2016.

See Note 5D in our 2024 Form 10-K.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

C. Tax Provision/(Benefit) on Other Comprehensive Income/(Loss)


Components of Tax provision/(benefit) on other comprehensive income/(loss) include:
	Three Months Ended				Nine Months Ended
(MILLIONS)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Foreign currency translation adjustments, net(a)	$	34	$	(50)	$	(338)	$	(7)
Unrealized holding gains/(losses) on derivative financial instruments, net	(2)		(65)		(84)		5
Reclassification adjustments for (gains)/losses included in net income	32		(42)		(55)		(68)
	30		(107)		(139)		(63)
Unrealized holding gains/(losses) on available-for-sale securities, net	(1)		7		16		(2)
Reclassification adjustments for (gains)/losses included in net income	(12)		(1)		(3)		10
	(13)		7		12		8






Reclassification adjustments related to amortization of prior service costs and other, net	(4)		(6)		(17)		(20)
Reclassification adjustments related to curtailments of prior service costs and other, net	(1)		—		(11)		1

	(5)		(6)		(28)		(18)
Tax provision/(benefit) on other comprehensive income/(loss)	$	45	$	(157)	$	(492)	$	(81)

(a)Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that are expected to be held indefinitely.

Note 6. Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests


The following summarizes the changes, net of tax, in Accumulated other comprehensive loss:
	Net Unrealized Gains/(Losses)						Benefit Plans
(MILLIONS)	Foreign Currency Translation Adjustments(a)		Derivative Financial Instruments		Available-For-Sale Securities		Prior Service (Costs)/Credits and Other		Accumulated Other Comprehensive Income/(Loss)
Balance, January 1, 2025	$	(7,984)	$	57	$	(106)	$	191	$	(7,842)
Other comprehensive income/(loss)(b)	279		(499)		87		(91)		(224)
Balance, September 28, 2025	$	(7,705)	$	(442)	$	(19)	$	99	$	(8,066)

(a)Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests.

(b)Foreign currency translation adjustments include net gains/(losses) related to the impact of our net investment hedging program.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 7. Financial Instruments

A. Fair Value Measurements

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy, using a Market Approach:


	September 28, 2025						December 31, 2024
(MILLIONS)	Total		Level 1		Level 2		Total		Level 1		Level 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 investments	12,513		—		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 assets	302		—		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 investments	1,176		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 assets	116		—		116		460		—		460
Insurance contracts(c)	978		—		978		875		—		875
Total other noncurrent assets	1,093		—		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 liabilities	397		—		397		245		—		245
Other noncurrent liabilities
Derivative liabilities:
Interest rate contracts	216		—		216		397		—		397
Foreign exchange contracts	964		—		964		723		—		723
Total other noncurrent liabilities	1,180		—		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).

Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis––The carrying value of Long-term debt, excluding the current portion, was $57 billion as of September 28, 2025 and December 31, 2024. The estimated fair value of such debt, using a market approach and Level 2 inputs, was $56 billion as of September 28, 2025 and $54 billion as of December 31, 2024.

The differences between the estimated fair values and carrying values of held-to-maturity debt securities, private equity securities, long-term receivables and short-term borrowings not measured at fair value on a recurring basis were not significant

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

as of September 28, 2025 and December 31, 2024. The fair value measurements of our held-to-maturity debt securities and short-term borrowings are based on Level 2 inputs. The fair value measurements of our long-term receivables and private equity securities are based on Level 3 inputs.

B. Investments

Total Short-Term and Long-Term Investments


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 securities	10,123		10,881
Held-to-maturity debt securities	1,128		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 securities	1		—
Held-to-maturity debt securities	48		45
Private equity securities at cost(a)	690		719
Equity-method investments	223		217
Total Long-term investments	$	2,137	$	2,228


Held-to-maturity cash equivalents	$	235	$	184

(a)Represent investments in the life sciences sector.

Debt Securities


Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
	September 28, 2025														December 31, 2024
			Gross Unrealized						Maturities (in Years)								Gross Unrealized
(MILLIONS)	Amortized Cost		Gains		Losses		Fair Value		Within 1		Over 1 to 5		Over 5		Amortized Cost		Gains		Losses		Fair 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 other	1,586		—		—		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

Any expected credit losses to these portfolios would be immaterial to our financial statements.

Equity 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 Ended				Nine 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.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(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.

C. 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 amount	4,250		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.

D. Long-Term Debt

Issuance


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 Rate	Maturity Date	September 28, 2025
2.875%	May 19, 2029	€	750
3.250%	May 19, 2032	1,000
3.875%	May 19, 2037	750
4.250%	May 19, 2045	800
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 accounting	864		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

E. Derivative Financial Instruments and Hedging Activities

Foreign Exchange Risk––A significant portion of our revenues, earnings and net investments in foreign affiliates is exposed to changes in foreign exchange rates. Where foreign exchange risk is not offset by other exposures, we manage our foreign exchange risk principally through the use of derivative financial instruments and foreign currency debt. These financial instruments serve to mitigate the impact on net income as a result of remeasurement into another currency, or against the impact of translation into U.S. dollars of certain foreign exchange-denominated transactions.

The derivative financial instruments primarily hedge or offset exposures in the euro, U.K. pound, Chinese renminbi, Japanese yen, Swedish krona and Canadian dollar, and include a portion of our forecasted foreign exchange-denominated intercompany inventory sales hedged up to two years. We may also seek to protect against possible declines in the net investments of our foreign business entities.

Interest Rate Risk––Our interest-bearing investments and borrowings are subject to interest rate risk. Depending on market conditions, we may change the profile of our outstanding debt or investments by entering into derivative financial instruments

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

like interest rate swaps, either to hedge or offset the exposure to changes in the fair value of hedged items with fixed interest rates, or to convert variable rate debt or investments to fixed rates. The derivative financial instruments primarily hedge U.S. dollar fixed-rate debt.


The following summarizes the fair value of the derivative financial instruments and notional amounts:
	September 28, 2025						December 31, 2024
			Fair Value						Fair Value
(MILLIONS)	Notional		Asset		Liability		Notional		Asset		Liability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)	$	23,060	$	250	$	1,202	$	23,991	$	1,250	$	719
Interest rate contracts	6,750		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.


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, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 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 contracts	13		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 contracts	15		64		—		—		—		—

	$	15	$	64	$	181	$	(941)	$	(120)	$	215

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)



	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, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 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 contracts	228		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 contracts	103		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.

(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.


The following summarizes cumulative basis adjustments to our long-term debt in fair value hedges:
	September 28, 2025						December 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 Relationships		Discontinued Hedging Relationships		Carrying Amount of Hedged Assets/Liabilities(a)		Active Hedging Relationships		Discontinued 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.

F. Credit Risk

A significant portion of our trade accounts receivable balances are due from wholesalers and governments. For additional information on our trade accounts receivables with significant customers, see Note 17C in our 2024 Form 10-K.

As of September 28, 2025, the largest investment exposures in our portfolio consisted primarily of U.S. government money market funds, as well as sovereign debt instruments issued by the U.S., the U.K., Germany, Sweden, and the Netherlands.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

With respect to our derivative financial instrument agreements with financial institutions, we do not expect to incur a significant loss from failure of any counterparty. Derivative financial instruments are executed under International Swaps and Derivatives Association master agreements with credit-support annexes that contain zero threshold provisions requiring collateral to be exchanged daily depending on levels of exposure. As a result, there are no significant concentrations of credit risk with any individual financial institution. As of September 28, 2025, the aggregate fair value of these derivative financial instruments that are in a net payable position was $1.1 billion, for which we have posted collateral of $1.2 billion with a corresponding amount reported in Short-term investments. As of September 28, 2025, the aggregate fair value of our derivative financial instruments that are in a net receivable position was $60 million, for which we have received collateral of $56 million with a corresponding amount reported in Short-term borrowings, including current portion of long-term debt.

Note 8. Other Financial Information

A. Inventories


The following summarizes the components of Inventories:
(MILLIONS)	September 28, 2025		December 31, 2024
Finished goods	$	4,485	$	3,775
Work-in-process	6,038		6,101
Raw materials and supplies	945		976
Inventories	$	11,468	$	10,851
Noncurrent inventories not included above(a)	$	2,142	$	2,663

(a)Included in Other noncurrent assets. Based on our current estimates and assumptions, there are no recoverability issues for these amounts.

B. Other Current Liabilities

Other current liabilities include, among other things, amounts payable to BioNTech for the gross profit split for Comirnaty, which totaled $426 million as of September 28, 2025 and $1.3 billion as of December 31, 2024.

C. Supplier Finance Program Obligation

We maintain voluntary supply chain finance agreements with several participating financial institutions. Under these agreements, participating suppliers may voluntarily elect to sell their accounts receivable with Pfizer to these financial institutions. As of September 28, 2025 and December 31, 2024, respectively, $566 million and $688 million of our trade payables to suppliers who participate in these financing arrangements were outstanding.

Note 9. Identifiable Intangible Assets, Net and Goodwill

A. Identifiable Intangible Assets


The following summarizes the components of Identifiable intangible assets:
	September 28, 2025						December 31, 2024
(MILLIONS)	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, Net
Finite-lived intangible assets
Developed technology rights(a)	$	101,220	$	(69,057)	$	32,163	$	99,397	$	(65,044)	$	34,353
Brands	1,274		(1,023)		251		1,277		(992)		285
Licensing agreements and other	2,355		(1,256)		1,099		2,724		(1,513)		1,210

	104,849		(71,337)		33,513		103,397		(67,549)		35,848
Indefinite-lived intangible assets

IPR&D(a), (b)	17,350				17,350		18,893				18,893
Licensing agreements and other(c)	461				461		670				670
	17,811				17,811		19,563				19,563
Identifiable intangible assets(d)	$	122,660	$	(71,337)	$	51,324	$	122,961	$	(67,549)	$	55,411

(a)The changes in the gross carrying amounts primarily reflect the transfer of $600 million and $590 million from IPR&D to developed technology rights for Padcev and talazoparib (Talzenna), respectively, as well as the impact of foreign exchange.

(b)The decrease in the gross carrying amount reflects an impairment of $260 million (see Note 4).

(c)The decrease in the gross carrying amount reflects an impairment of $210 million (see Note 4).

(d)The decrease is primarily due to amortization expense of $3.6 billion.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

B. Goodwill

As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2025 (see Note 13A), our goodwill was reallocated among impacted reporting units. We completed the re-allocation during the first quarter of 2025 and concluded that none of our goodwill was impaired. All goodwill continues to be assigned within the Biopharma reportable segment.

Note 10. Pension and Postretirement Benefit Plans


The following summarizes the components of net periodic benefit cost/(credit):
	Pension Plans
	U.S.				International				Postretirement Plans
	Three Months Ended
(MILLIONS)	Sept. 28, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 29, 2024
Service cost	$	—	$	—	$	27	$	21	$	4	$	4
Interest cost	133		139		76		78		6		6
Expected return on plan assets	(184)		(208)		(85)		(80)		(14)		(13)
Amortization of prior service cost/(credit)	—		—		1		1		(17)		(28)
Actuarial (gains)/losses	12		2		5		—		—		—
Curtailments	—		—		—		—		(6)		—
Special termination benefits	—		—		1		2		—		—
Net periodic benefit cost/(credit) reported in income	$	(40)	$	(68)	$	24	$	23	$	(27)	$	(31)

	Pension Plans
	U.S.				International				Postretirement Plans
	Nine Months Ended
(MILLIONS)	Sept. 28, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 29, 2024		Sept. 28, 2025		Sept. 29, 2024
Service cost	$	—	$	—	$	77	$	65	$	13	$	11
Interest cost	398		416		218		233		19		17
Expected return on plan assets	(551)		(624)		(246)		(240)		(43)		(38)
Amortization of prior service cost/(credit)	—		1		3		3		(74)		(87)
Actuarial (gains)/losses	12		2		5		—		—		—
Curtailments	—		—		(9)		(2)		(65)		—
Special termination benefits	—		—		1		9		—		—
Net periodic benefit cost/(credit) reported in income	$	(142)	$	(206)	$	50	$	68	$	(150)	$	(96)

The components of net periodic benefit cost/(credit) other than the service cost component are primarily included in Other (income)/deductions––net (see Note 4).

For the nine months ended September 28, 2025, we contributed $96 million to our U.S. Pension Plans and $103 million to our International Pension Plans from our general assets, which include direct employer benefit payments.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 11. Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders


The following presents the detailed calculation of EPS:
	Three Months Ended				Nine Months Ended
(MILLIONS)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
EPS Numerator


Income from continuing operations attributable to Pfizer Inc. common shareholders	$	3,541	$	4,473	$	9,393	$	7,617
Discontinued operations––net of tax	—		(8)		25		4


Net income attributable to Pfizer Inc. common shareholders	$	3,541	$	4,465	$	9,419	$	7,621




EPS Denominator
Weighted-average number of common shares outstanding––Basic	5,685		5,667		5,682		5,663
Common-share equivalents	29		39		29		36
Weighted-average number of common shares outstanding––Diluted	5,714		5,705		5,710		5,699
Anti-dilutive common stock equivalents(a)	8		25		11		25

(a)These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.

Note 12. Contingencies and Certain Commitments

We and certain of our subsidiaries are subject to numerous contingencies arising in the ordinary course of business, including tax and legal contingencies, guarantees and indemnifications. The following outlines our legal contingencies, guarantees and indemnifications. For a discussion of our tax contingencies, see Note 5B.

A. Legal Proceedings

Our legal contingencies include, but are not limited to, the following:

•Patent litigation, which typically involves challenges to the coverage and/or validity of patents on various products, processes or dosage forms. An adverse outcome could result in loss of patent protection for a product, a significant loss of revenues from a product or impairment of the value of associated assets. We are the plaintiff in the majority of these actions.

•Product liability and other product-related litigation related to current or former products, which can include personal injury, consumer fraud, off-label promotion, securities, antitrust and breach of contract claims, among others, and often involves highly complex issues relating to medical causation, label warnings and reliance on those warnings, scientific evidence and findings, actual, provable injury and other matters.

•Commercial and other asserted or unasserted matters, which can include acquisition-, licensing-, intellectual property-, collaboration- or co-promotion-related and product-pricing claims and environmental claims and proceedings, and can involve complexities that will vary from matter to matter.

•Government investigations, which often are related to the extensive regulation of pharmaceutical companies by national, state and local government agencies in the U.S. and in other jurisdictions.

Certain of these contingencies could result in increased expenses and/or losses, including damages, royalty payments, fines and/or civil penalties, which could be substantial, and/or criminal charges.

We believe that our claims and defenses in matters in which we are a defendant are substantial, but litigation is inherently unpredictable and excessive verdicts do occur. We do not believe that any of these matters will have a material adverse effect on our financial position. However, we could incur judgments, enter into settlements or revise our expectations regarding the outcome of matters, which could have a material adverse effect on our results of operations and/or our cash flows in the period in which the amounts are accrued or paid.

We have accrued for losses that are both probable and reasonably estimable. Substantially all of our contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex. Consequently, we are unable to estimate the range of reasonably possible loss in excess of amounts accrued. Our assessments, which result from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Amounts recorded for legal and environmental contingencies can result from a complex series of judgments about future events and uncertainties and can rely heavily on estimates and assumptions. For proceedings under environmental laws to which a governmental authority is a party, we have adopted a disclosure threshold of $1 million in potential or actual governmental monetary sanctions.

The principal pending matters to which we are a party are discussed below. In determining whether a pending matter is a principal matter, we consider both quantitative and qualitative factors to assess materiality, such as, among others, the amount of damages and the nature of other relief sought, if specified; our view of the merits of the claims and of the strength of our defenses; whether the action purports to be, or is, a class action and, if not certified, our view of the likelihood that a class will be certified by the court; the jurisdiction in which the proceeding is pending; whether related actions have been transferred to multidistrict litigation; any experience that we or, to our knowledge, other companies have had in similar proceedings; whether disclosure of the action would be important to a reader of our financial statements, including whether disclosure might change a reader’s judgment about our financial statements in light of all of the information that is available to the reader; the potential impact of the proceeding on our reputation; and the extent of public interest in the matter. In addition, with respect to patent matters in which we are the plaintiff, we consider, among other things, the financial significance of the product protected by the patent(s) at issue. Some of the matters discussed below include those which management believes that the likelihood of possible loss in excess of amounts accrued is remote.

A1. Legal Proceedings––Patent Litigation

We are involved in suits relating to our patents (or those of our collaboration/licensing partners to which we have licenses or co-promotion rights), including but not limited to, those discussed below. We face claims by generic drug manufacturers that patents covering our products (or those of our collaboration/licensing partners to which we have licenses or co-promotion rights and to which we may or may not be a party), processes or dosage forms are invalid and/or do not cover the product of the generic drug manufacturer. Also, counterclaims, as well as various independent actions, have been filed alleging that our assertions of, or attempts to enforce, patent rights with respect to certain products constitute unfair competition and/or violations of antitrust laws. In addition to the challenges to the U.S. patents that are discussed below, patent rights to certain of our products or those of our collaboration/licensing partners are being challenged in various other jurisdictions. Some of our collaboration or licensing partners face challenges to the validity of their patent rights in non-U.S. jurisdictions. For example, in April 2022, the U.K. High Court issued a judgment finding invalid a BMS patent related to Eliquis due to expire in 2026, and this judgment is now final. Additional challenges are pending in other jurisdictions. Also, in July 2022, CureVac AG (CureVac) brought a patent infringement action against BioNTech and certain of its subsidiaries in the German Regional Court alleging that Comirnaty infringes certain German utility model patents and certain expired and unexpired European patents. Additional challenges involving Comirnaty patents may be filed against us and/or BioNTech in other jurisdictions in the future. Adverse decisions in these matters could have a material adverse effect on our results of operations. We are also party to patent damages suits in various jurisdictions pursuant to which generic drug manufacturers, payors, governments or other parties are seeking damages from us for allegedly causing delay of generic entry.

We also are often involved in other proceedings, such as inter partes review, post-grant review, re-examination or opposition proceedings, before the U.S. Patent and Trademark Office, the European Patent Office, or other foreign counterparts, as well as court proceedings relating to our intellectual property or the intellectual property rights of others, including challenges to such rights initiated by us. Also, if one of our patents (or one of our collaboration/licensing partner’s patents) is found to be invalid by such proceedings, generic or competitive products could be introduced into the market resulting in the erosion of sales of our existing products. For example, several of the patents in our pneumococcal vaccine portfolio have been challenged in inter partes review and post-grant review proceedings in the U.S. Patent and Trademark Office, as well as outside the U.S. The invalidation of any of the patents in our pneumococcal portfolio could potentially allow additional competitor vaccines, if approved, to enter the marketplace earlier than anticipated. In the event that any of the patents are found valid and infringed, a competitor’s vaccine, if approved, might be prohibited from entering the market or a competitor might be required to pay us a royalty.

We are also subject to patent litigation pursuant to which one or more third parties seek damages and/or injunctive relief to compensate for alleged infringement of its patents by our commercial or other activities. If one of our marketed products (or a product of our collaboration/licensing partners to which we have licenses or co-promotion rights) is found to infringe valid patent rights of a third party, such third party may be awarded significant damages or royalty payments, or we may be prevented from further sales of that product. Such damages may be enhanced as much as three-fold if we or one of our subsidiaries is found to have willfully infringed valid patent rights of a third party.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Actions In Which We Are The Plaintiff

Xeljanz (tofacitinib)

Beginning in 2017, we brought patent-infringement actions against several generic manufacturers that filed separate abbreviated new drug applications (ANDAs) with the FDA seeking approval to market their generic versions of tofacitinib tablets in one or both of 5 mg and 10 mg dosage strengths, and in both immediate and extended release forms. To date, we have settled or otherwise resolved actions with several manufacturers on terms not material to us, including the below actions:

In May 2025, we brought a patent infringement action against Somerset Therapeutics LLC (Somerset) asserting the infringement and validity of our composition of matter patent, covering Xeljanz that was challenged by Somerset in its ANDA seeking approval to market a generic version of tofacitinib immediate release (5 mg, 10 mg) tablets. In September 2025, we settled with Somerset on terms not material to us.

In June 2025, we brought a patent infringement action against Orient Pharma Co., Ltd. (Orient) asserting the infringement and validity of our extended-release formulation patents, covering Xeljanz XR that were challenged by Orient in its ANDA seeking approval to market a generic version of tofacitinib extended-release (11 mg, 22 mg) tablets. In September 2025, the case against Orient was dismissed.

In June 2025, we brought a patent infringement action against Apotex Inc. asserting the infringement and validity of our composition of matter patent, covering Xeljanz XR that was challenged by Apotex Inc. in its ANDA seeking approval to market a generic version of tofacitinib extended-release (11 mg, 22 mg) tablets. In October 2025, we settled with Apotex Inc. on terms not material to us.

Vyndaqel-Vyndamax (tafamidis/tafamidis meglumine)

Beginning in June 2023, several generic companies notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of tafamidis capsules (61 mg) or tafamidis meglumine capsules (20 mg), challenging some or all of the patents listed in the FDA’s Orange Book for Vyndamax (tafamidis) and Vyndaqel (tafamidis meglumine). Scripps Research Institute (Scripps) owns the composition of matter patent and the method of treatment patents covering the products, and Pfizer is the exclusive licensee. Pfizer separately owns the crystalline form patent. Beginning in August 2023, we and Scripps brought patent infringement actions against the generic filers in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the patents in suit. Pfizer is the sole plaintiff in actions that assert only the infringement and validity of the crystalline form patent.

Oxbryta (voxelotor)

In January 2024, Zydus Pharmaceuticals (USA) Inc., Zydus Lifesciences Limited, and Zydus Worldwide DMCC (collectively, Zydus) and MSN Pharmaceuticals Inc. and MSN Laboratories Private Ltd. (collectively, MSN) separately notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of voxelotor tablets, challenging some of the patents listed in the FDA’s Orange Book for Oxbryta (voxelotor tablets in 300 mg and 500 mg strengths and/or for oral suspension) on non-infringement grounds. In March 2024, we filed patent infringement actions against both generic filers in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the challenged patents. Zydus and MSN have not challenged our composition of matter patents or method of treatment patents for Oxbryta.

Nurtec (rimegepant)

In April 2024, Rubicon Research Private Limited, Teva Pharmaceuticals, Inc., Changzhou Pharmaceutical Factory, Natco Pharma Limited and Natco Pharma, Inc., MSN, Aurobindo Pharma Limited, Apitoria Pharma Private Limited and Aurobindo Pharma U.S.A. Inc. (collectively, Aurobindo) and Apotex Inc. and Apotex Corp. (collectively, Apotex) notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of rimegepant orally disintegrating tablets, claiming noninfringement and/or challenging the validity of some or all of the patents listed in the FDA’s Orange Book for Nurtec (rimegepant orally disintegrating tablets Eq 75 mg base). In May 2024, we filed patent infringement actions against all the generic filers in the U.S. District Court for the District of Delaware.

Xtandi (enzalutamide)

Beginning in August 2024, several generic companies notified us and Astellas that they had filed ANDAs with the FDA seeking approval to market generic versions of Xtandi, challenging some or all of the patents listed in the FDA’s Orange Book for Xtandi. Beginning in August 2024, we and Astellas brought patent infringement actions against the generic filers in the U.S. District Court for the District of New Jersey, asserting the validity and infringement of the patents in suit.

Actions in Which We are the Defendant

Comirnaty (tozinameran)

In March 2022, Alnylam Pharmaceuticals, Inc. (Alnylam) filed a complaint in the U.S. District Court for the District of Delaware against Pfizer and Pharmacia & Upjohn Company LLC, our wholly owned subsidiary, alleging that Comirnaty

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infringes a U.S. patent issued in February 2022, and seeking unspecified monetary damages. In July 2022, Alnylam filed a second complaint in the U.S. District Court for the District of Delaware against Pfizer, Pharmacia & Upjohn Company LLC, BioNTech and BioNTech Manufacturing GmbH, alleging that Comirnaty infringes a U.S. patent issued in July 2022, and seeking unspecified monetary damages. In May 2023, Alnylam filed a separate complaint in the U.S. District Court for the District of Delaware against Pfizer and Pharmacia & Upjohn Company LLC alleging that Comirnaty infringes four additional U.S. patents issued on various dates in 2023 and seeking unspecified monetary damages. In February 2025, one of the patents asserted in the May 2023 complaint was dismissed from the litigation by stipulation of the parties. In July 2025, the District Court issued a judgment that Comirnaty does not infringe any of the patents asserted by Alnylam. In August 2025, we settled with Alnylam on terms not material to us.

In August 2022, ModernaTX, Inc. (ModernaTX) and Moderna US, Inc. (Moderna) sued Pfizer, BioNTech, BioNTech Manufacturing GmbH and BioNTech US Inc. in the U.S. District Court for the District of Massachusetts, alleging that Comirnaty infringes three U.S. patents. In its complaint, Moderna stated that it is seeking damages for alleged infringement occurring after March 7, 2022. In March 2024, the U.S. Patent Office Patent Trial & Appeal Board instituted a review of two of the three patents in suit. In March 2025, the U.S. Patent Office issued a decision holding that the two Moderna patents were invalid.

In August 2022, ModernaTX filed a patent infringement action in Germany against Pfizer and certain subsidiary companies, as well as BioNTech and certain subsidiary companies, alleging that Comirnaty infringes two European patents. In March 2025, a German court found the asserted patents infringed; no decision on invalidity was rendered. In September 2022, ModernaTX filed patent infringement actions in the U.K. and in the Netherlands against Pfizer and certain subsidiary companies, as well as BioNTech and certain subsidiary companies, on the same two European patents. In its complaints, ModernaTX stated that it is seeking damages for alleged infringement occurring after March 7, 2022. In November 2023, one of the European patents was revoked by the European Patent Office. In December 2023, the other European patent was declared invalid by a court in the Netherlands (the invalidity decision is limited to the Netherlands). In July 2024, the U.K. court revoked one patent, ruling that it was invalid, and held that the other patent was valid and infringed. In July 2025, the U.K. Court of Appeal affirmed the lower court ruling that the other patent is valid and infringed. ModernaTX has also filed additional patent infringement actions against Pfizer and BioNTech in certain other ex-U.S. jurisdictions.

In April 2023, Arbutus Biopharma Corporation (Arbutus) and Genevant Sciences GmbH (Genevant) filed a complaint in the U.S. District Court for the District of New Jersey against Pfizer and BioNTech alleging that Comirnaty and its manufacture infringe five U.S. patents, and seeking unspecified monetary damages.

In April 2024, GlaxoSmithKline Biologicals SA and GlaxoSmithKline LLC (collectively, GSK Group) sued Pfizer and Pharmacia & Upjohn Company LLC, BioNTech, BioNTech Manufacturing GmbH and BioNTech US Inc. in the U.S. District Court for the District of Delaware, alleging that Comirnaty infringes five U.S. patents and seeking unspecified money damages. In August 2024, GSK Group filed an amended complaint alleging that Comirnaty infringes three additional U.S. patents. In July 2025, GSK Group sued several Pfizer and BioNTech entities in Ireland, alleging that Comirnaty infringes three European patents. Also in July 2025, GSK Group sued several Pfizer and BioNTech entities in the Unified Patent Court, alleging that Comirnaty infringes two European patents, both of which are at issue in the Irish lawsuit.

In January 2025, Promosome LLC filed a complaint in the Unified Patent Court, Local Division Munich, against Pfizer and BioNTech and certain of their subsidiaries alleging that Comirnaty infringes a European patent that is in force only in France, Germany and Sweden, and seeking unspecified monetary damages in connection with the manufacture and sale of Comirnaty in France, Germany and Sweden.

Paxlovid

In June 2022, Enanta Pharmaceuticals, Inc. (Enanta) filed a complaint in the U.S. District Court for the District of Massachusetts against Pfizer alleging that the active ingredient in Paxlovid, nirmatrelvir, infringes a U.S. patent issued in June 2022, and seeking unspecified monetary damages. In December 2024, the District Court issued an order granting Pfizer’s motion for summary judgment, finding Enanta’s patent invalid.

In August 2025, Enanta filed a patent infringement complaint in the Unified Patent Court, Local Division Munich, against Pfizer alleging that the active ingredient in Paxlovid, nirmatrelvir, infringes a European patent issued in August 2025, and seeking unspecified monetary damages.

Matters Involving Pfizer and its Collaboration/Licensing Partners

Comirnaty (tozinameran)

In July 2022, Pfizer, BioNTech and BioNTech Manufacturing GmbH filed a declaratory judgment complaint against CureVac in the U.S. District Court for the District of Massachusetts seeking a judgment of non-infringement for three U.S. patents relating to Comirnaty. In May 2023, the case was transferred to the U.S. District Court for the Eastern District of Virginia. Also

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in May 2023, CureVac asserted that Comirnaty infringes the three patents that were the subject of our declaratory judgment complaint, and in May and July 2023, CureVac asserted that Comirnaty infringes a number of additional U.S. patents. In August 2025, the parties signed a settlement agreement and license agreement, and the case was dismissed with prejudice.

Orgovyx (relugolix)

Beginning in January 2025, several generic companies notified us that they had filed ANDAs with the FDA seeking approval to sell a generic form of relugolix (Orgovyx), and challenging one or more patents listed in the FDA’s Orange Book for Orgovyx which are licensed to Pfizer. In March 2025, we, along with Sumitomo Pharma Switzerland GBBH, Sumitomo Pharma America, Inc., Takeda and Takeda Pharmaceuticals International AG jointly filed separate patent infringement actions in the U.S. District Court for the District of Delaware against the generic companies, asserting the infringement and validity of the patents in suit.

A2. Legal Proceedings––Product Litigation

We are defendants in numerous cases, including but not limited to those discussed below, related to our pharmaceutical and other products. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss.

Asbestos

Between 1967 and 1982, Warner-Lambert owned American Optical Corporation (American Optical), which manufactured and sold respiratory protective devices and asbestos safety clothing. In connection with the sale of American Optical in 1982, Warner-Lambert agreed to indemnify the purchaser for certain liabilities, including certain asbestos-related and other claims. Warner-Lambert was acquired by Pfizer in 2000 and is a wholly owned subsidiary of Pfizer. Warner-Lambert is actively engaged in the defense of, and will continue to explore various means of resolving, these claims.

Numerous lawsuits against American Optical, Pfizer and certain of its previously owned subsidiaries are pending in various federal and state courts seeking damages for alleged personal injury from exposure to products allegedly containing asbestos and other allegedly hazardous materials sold by Pfizer and certain of its previously owned subsidiaries.

There also are a small number of lawsuits pending in various federal and state courts seeking damages for alleged exposure to asbestos in facilities owned or formerly owned by Pfizer or its subsidiaries.

Docetaxel

A number of lawsuits have been filed against Hospira and Pfizer in various federal and state courts alleging that plaintiffs who were treated with Docetaxel developed permanent hair loss. Hospira is a wholly-owned subsidiary that we acquired in September 2015. The significant majority of the cases also name other defendants, including the manufacturer of the branded product, Taxotere. Plaintiffs seek compensatory and punitive damages. Additional lawsuits have been filed in which plaintiffs allege they developed blocked tear ducts following their treatment with Docetaxel.

In 2016, the federal cases were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Eastern District of Louisiana. In 2022, the eye injury cases were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Eastern District of Louisiana.

Zantac

A number of lawsuits have been filed against Pfizer in various federal and state courts alleging that plaintiffs developed various types of cancer, or face an increased risk of developing cancer, purportedly as a result of the ingestion of Zantac. The significant majority of these cases also name other defendants that have historically manufactured and/or sold Zantac. Pfizer has not sold Zantac since 2006, and only sold an OTC version of the product. In 2006, Pfizer sold the consumer business that included its Zantac OTC rights to Johnson & Johnson and transferred the assets and liabilities related to Zantac OTC to Johnson & Johnson in connection with the sale. Plaintiffs in these cases seek compensatory and punitive damages.

In February 2020, the federal actions were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Southern District of Florida (the Federal MDL Court). Plaintiffs in the MDL filed against Pfizer and many other defendants a master personal injury complaint, a consolidated consumer class action complaint alleging, among other things, claims under consumer protection statutes of all 50 states, and a medical monitoring complaint seeking to certify medical monitoring classes under the laws of 13 states. In December 2022, the Federal MDL Court granted defendants’ Daubert motions to exclude plaintiffs’ expert testimony and motion for summary judgment on general causation, which has resulted in the dismissal of all complaints in the litigation. Plaintiffs have appealed the Federal MDL Court’s rulings.

In addition, (i) Pfizer has received service of Canadian class action complaints naming Pfizer and other defendants, and seeking compensatory and punitive damages for personal injury and economic loss, allegedly arising from the defendants’ sale of Zantac in Canada; and (ii) the State of New Mexico and the Mayor and City Council of Baltimore separately filed civil actions

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against Pfizer and many other defendants in state courts, alleging various state statutory and common law claims in connection with the defendants’ alleged sale of Zantac in those jurisdictions. In April 2021, a Judicial Council Coordinated Proceeding was created in the Superior Court of California in Alameda County to coordinate personal injury actions against Pfizer and other defendants filed in California state court. Coordinated proceedings have also been created in other state courts. The large majority of the state court cases have been filed in the Superior Court of Delaware in New Castle County.

Many of these Zantac-related cases have been outstanding for a number of years. From time to time, Pfizer has explored and will continue to explore opportunistic settlements of these matters. As of November 2025, Pfizer had settled, or entered into definitive agreements or agreements-in-principle to settle, subject to certain conditions, a substantial majority of the cases filed in state courts in which the plaintiff alleges use of a Pfizer product. The remaining unresolved state court cases continue in various state courts.

Chantix

Beginning in August 2021, a number of putative class actions have been filed against Pfizer in various U.S. federal courts following Pfizer’s voluntary recall of Chantix due to the presence of a nitrosamine, N-nitroso-varenicline. Plaintiffs assert that they suffered economic harm purportedly as a result of purchasing Chantix or generic varenicline medicines sold by Pfizer. Plaintiffs seek to represent nationwide and state-specific classes and seek various remedies, including damages and medical monitoring. In December 2022, the federal actions were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Southern District of New York.

Depo-Provera

A number of lawsuits have been filed against Pfizer and certain subsidiaries in various federal and state courts alleging that plaintiffs who used the injectable version of Depo-Provera (active ingredient medroxyprogesterone acetate, or MPA) for contraception developed meningioma. The cases also name other defendants, including the manufacturers of generic versions of injectable MPA for contraception. Plaintiffs assert claims against Pfizer relating to both Depo-Provera and generic MPA products, and seek compensatory and punitive damages. In February 2025, the federal cases were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Northern District of Florida.

A3. Legal Proceedings––Commercial and Other Matters

Monsanto-Related Matters

In 1997, Monsanto Company (Former Monsanto) contributed certain chemical manufacturing operations and facilities to a newly formed corporation, Solutia Inc. (Solutia), and spun off the shares of Solutia. In 2000, Former Monsanto merged with Pharmacia & Upjohn Company to form Pharmacia. Pharmacia then transferred its agricultural operations to a newly created subsidiary, named Monsanto Company (New Monsanto), which it spun off in a two-stage process that was completed in 2002. Pharmacia was acquired by Pfizer in 2003 and is a wholly owned subsidiary of Pfizer.

In connection with its spin-off that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities related to Pharmacia’s former agricultural business. New Monsanto has defended and/or is defending Pharmacia in connection with various claims and litigation arising out of, or related to, the agricultural business, and has been indemnifying Pharmacia when liability has been imposed or settlement has been reached regarding such claims and litigation.

In connection with its spin-off in 1997, Solutia assumed, and agreed to indemnify Pharmacia for, liabilities related to Former Monsanto’s chemical businesses. As the result of its reorganization under Chapter 11 of the U.S. Bankruptcy Code, Solutia’s indemnification obligations relating to Former Monsanto’s chemical businesses are primarily limited to sites that Solutia has owned or operated. In addition, in connection with its spin-off that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities primarily related to Former Monsanto’s chemical businesses, including, but not limited to, any such liabilities that Solutia assumed. Solutia’s and New Monsanto’s assumption of, and agreement to indemnify Pharmacia for, these liabilities apply to pending actions and any future actions related to Former Monsanto’s chemical businesses in which Pharmacia is named as a defendant, including, without limitation, actions asserting environmental claims, including alleged exposure to polychlorinated biphenyls. Solutia and/or New Monsanto are defending Pharmacia in connection with various claims and litigation arising out of, or related to, Former Monsanto’s chemical businesses, and have been indemnifying Pharmacia when liability has been imposed or settlement has been reached regarding such claims and litigation. In 2018, Bayer AG acquired Monsanto Company (New Monsanto), which is now a subsidiary of Bayer AG. Since the acquisition, New Monsanto has continued to defend and indemnify Pharmacia for these liabilities.

Environmental Matters

In 2009, as part of our acquisition of Wyeth, we assumed responsibility for environmental remediation at the Wyeth Holdings LLC (formerly known as Wyeth Holdings Corporation and American Cyanamid Company) discontinued industrial chemical facility in Bound Brook, New Jersey. Since that time, we have executed or have become a party to a number of administrative settlement agreements, orders on consent, and/or judicial consent decrees, with the U.S. Environmental Protection Agency, the

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New Jersey Department of Environmental Protection and/or federal and state natural resource trustees to perform remedial design, removal and remedial actions, and related environmental remediation activities, and to resolve alleged damages to natural resources, at the Bound Brook facility. We have accrued for the currently estimated costs of these activities.

We are also party to a number of other proceedings brought under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, and other state, local or foreign laws in which the primary relief sought is the cost of past and/or future remediation.

Contracts with Iraqi Ministry of Health

In 2017, a number of U.S. service members, civilians, and their families brought a complaint in the U.S. District Court for the District of Columbia against a number of pharmaceutical and medical devices companies, including Pfizer and certain of its subsidiaries, alleging that the defendants violated the U.S. Anti-Terrorism Act. The complaint alleges that the defendants provided funding for terrorist organizations through their sales practices pursuant to pharmaceutical and medical device contracts with the Iraqi Ministry of Health and seeks monetary relief. In July 2020, the District Court granted defendants’ motions to dismiss and dismissed all of plaintiffs’ claims. In January 2022, the Court of Appeals reversed the District Court’s decision. In June 2024, the U.S. Supreme Court issued an order granting certiorari, vacating the Court of Appeals’ decision, and remanding the case to the Court of Appeals.

Allergan Complaint for Indemnity

In 2019, Pfizer was named as a defendant in a complaint, along with King, filed by Allergan Finance LLC (Allergan) in the Supreme Court of the State of New York, asserting claims for indemnity related to Kadian, which was owned for a short period by King in 2008, prior to Pfizer’s acquisition of King in 2010. This suit was voluntarily discontinued without prejudice in January 2021.

Breach of Contract – Comirnaty

In 2023, Pfizer and BioNTech Manufacturing GmbH initiated separate formal proceedings against the Republic of Poland, the Republic of Romania and Hungary in Belgium’s Court of First Instance of Brussels. Pfizer and BioNTech are seeking an order from the Court holding those countries to their commitments for COVID-19 vaccine orders, which were placed as part of their contracts signed in 2021.

A4. Legal Proceedings––Government Investigations

Like other multi-national pharmaceutical companies, we are subject to extensive regulation by government agencies in the U.S., other developed markets and multiple emerging markets in which we operate. Criminal charges, substantial fines and/or civil penalties, limitations on our ability to conduct business in applicable jurisdictions, corporate integrity or deferred prosecution agreements, as well as reputational harm and increased public interest in the matter could result from government investigations in the U.S. and other jurisdictions in which we do business. These matters often involve government requests for information on a voluntary basis or through subpoenas after which the government may seek additional information through follow-up requests or additional subpoenas. In addition, in a qui tam lawsuit in which the government declines to intervene, the relator may still pursue a suit for the recovery of civil damages and penalties on behalf of the government. Among the investigations by government agencies are the matters discussed below.

Greenstone Antitrust Litigation

In 2019 and 2020, Attorneys General of more than 50 states and territories filed two complaints in the U.S. District Court for the District of Connecticut against a number of pharmaceutical companies, including Pfizer and Greenstone—a former Pfizer subsidiary that sold generic drugs. As to Greenstone and Pfizer, the complaints allege anticompetitive conduct in violation of federal and state antitrust laws and state consumer protection laws. The State Attorney General complaints were initially transferred to an MDL in the U.S. District Court for the Eastern District of Pennsylvania for coordinated pre-trial proceedings but were transferred back to the District of Connecticut in April 2024. The Greenstone antitrust litigation also includes civil complaints filed in federal and state court by private and governmental plaintiffs against Pfizer, Greenstone, and a number of other defendants. These related civil lawsuits assert allegations that generally overlap with those asserted by the State Attorneys General. All of the related federal lawsuits are part of the MDL pending in Pennsylvania.

Subpoena relating to Tris Pharma/Quillivant XR

In October 2018, we received a subpoena from the U.S. Attorney’s Office for the Southern District of New York (SDNY) seeking records relating to our relationship with another drug manufacturer and its production and manufacturing of drugs including, but not limited to, Quillivant XR. We have produced records in response to this request and, in June 2025, the SDNY and numerous related states on whose behalf the SDNY had been investigating, declined to intervene in a qui tam action that had been filed by a relator.

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Government Inquiries relating to Meridian Medical Technologies

In February 2019, we received a Civil Investigative Demand (CID) from the U.S. Attorney’s Office for the SDNY. The CID seeks records and information related to alleged quality issues involving the manufacture of auto-injectors at Pfizer’s former Meridian site. In August 2019, we received a HIPAA subpoena issued by the U.S. Attorney’s Office for the Eastern District of Missouri, in coordination with the Department of Justice’s Consumer Protection Branch, seeking similar records and information. We have produced records in response to these and subsequent requests.

U.S. Department of Justice Inquiries relating to India Operations

In March 2020, we received an informal request from the U.S. Department of Justice’s Consumer Protection Branch seeking documents relating to our manufacturing operations in India, including at our former facility located at Irrungattukottai in India. In April 2020, we received a similar request from the U.S. Attorney’s Office for the SDNY regarding a civil investigation concerning operations at our facilities in India. We have produced records pursuant to these requests.

Zantac––State of New Mexico and Mayor and City Council of Baltimore Civil Actions

See Legal Proceedings––Product Litigation––Zantac above for information regarding civil actions separately filed by the State of New Mexico and the Mayor and City Council of Baltimore alleging various state statutory and common law claims in connection with the defendants’ alleged sale of Zantac in those jurisdictions.

Government Inquiries relating to Xeljanz

In April 2023, we received a HIPAA subpoena issued by the U.S. Attorney’s Office for the Western District of Virginia, in coordination with the Department of Justice’s Commercial Litigation Branch, seeking records and information related to programs Pfizer sponsored in retail pharmacies relating to Xeljanz. We have produced records pursuant to this request.

B. Guarantees and Indemnifications

In the ordinary course of business and in connection with the sale of assets and businesses and other transactions, we often indemnify our counterparties against certain liabilities that may arise in connection with the transaction or that are related to events and activities prior to or following a transaction. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we may be required to reimburse the loss. These indemnifications are generally subject to various restrictions and limitations. Historically, we have not paid significant amounts under these provisions and, as of September 28, 2025, the estimated fair value of these indemnification obligations is not material to Pfizer.

In addition, in connection with our entry into certain agreements and other transactions, our counterparties may be obligated to indemnify us. For example, our global agreement with BioNTech to co-develop a mRNA-based coronavirus vaccine program aimed at preventing COVID-19 infection includes certain indemnity provisions pursuant to which each of BioNTech and Pfizer has agreed to indemnify the other for certain liabilities that may arise in connection with certain third-party claims relating to Comirnaty.

See Note 7D for information on Pfizer Inc.’s guarantee of the debt issued by PNIF in May 2025 and see Note 7D in our 2024 Form 10-K for information on Pfizer Inc.’s guarantee of the debt issued by Pfizer Investment Enterprises Pte. Ltd. (a wholly owned subsidiary of Pfizer) in May 2023. We have also guaranteed the long-term debt of certain subsidiaries of Pfizer and certain companies that we acquired and that now are subsidiaries of Pfizer.

C. Contingent Consideration for Acquisitions

We may be required to make payments to sellers for certain prior business combinations that are contingent upon future events or outcomes. See Note 1D in our 2024 Form 10-K.

Note 13. 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

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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.

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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, 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.

PFIZER INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


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

B. Geographic Information

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

PFIZER INC 10-Q