PFIZER INC, 10-Q filed on 8/5/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 29, 2025
Jul. 30, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 29, 2025  
Document Transition Report false  
Entity File Number 1-3619  
Entity Registrant Name PFIZER INC  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-5315170  
Entity Address, Address Line One 66 Hudson Boulevard East  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10001-2192  
City Area Code 212  
Local Phone Number 733-2323  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   5,685,550,500
Entity Central Index Key 0000078003  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common Stock, $.05 par value [Member]    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.05 par value  
Trading Symbol PFE  
Security Exchange Name NYSE  
1.000% Notes due 2027 [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 1.000% Notes due 2027  
Trading Symbol PFE/27  
Security Exchange Name NYSE  
Notes Due 2029, 2.875% [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 2.875% Notes due 2029  
Trading Symbol PFE/29  
Security Exchange Name NYSE  
Notes Due 2032, 3.250% [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 3.250% Notes due 2032  
Trading Symbol PFE/32  
Security Exchange Name NYSE  
Notes Due 2037, 3.875% [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 3.875% Notes due 2037  
Trading Symbol PFE/37A  
Security Exchange Name NYSE  
Notes Due 2045, 4.250% [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 4.250% Notes due 2045  
Trading Symbol PFE/45  
Security Exchange Name NYSE  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Alliance revenues $ 2,273 $ 2,067 $ 4,386 $ 4,240
Total revenues 14,653 13,283 28,367 28,162
Costs and expenses:        
Cost of sales [1] 3,778 3,300 6,624 6,679
Selling, informational and administrative expenses [1] 3,415 3,717 6,446 7,212
Research and development expenses [1] 2,482 2,696 4,685 5,189
Acquired in-process research and development expenses 2 6 11 6
Amortization of intangible assets 1,211 1,307 2,421 2,615
Restructuring charges and certain acquisition-related costs (18) 1,254 660 1,356
Other (income)/deductions––net 739 1,107 1,692 1,787
Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) [2] 3,044 (103) 5,828 3,318
Provision/(benefit) for taxes on income/(loss) 141 (134) (48) 159
Income from continuing operations 2,903 31 5,876 3,159
Discontinued operations––net of tax 25 17 25 12
Net income before allocation to noncontrolling interests 2,928 48 5,901 3,171
Less: Net income attributable to noncontrolling interests 18 7 24 15
Net income attributable to Pfizer Inc. common shareholders $ 2,910 $ 41 $ 5,877 $ 3,156
Earnings per common share––basic:        
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.51 $ 0.01 $ 1.03 $ 0.56
Discontinued operations––net of tax (in dollars per share) 0 0 0 0
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) 0.51 0.01 1.03 0.56
Earnings per common share––diluted:        
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) 0.51 0.01 1.03 0.55
Discontinued operations––net of tax (in dollars per share) 0 0 0 0
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.51 $ 0.01 $ 1.03 $ 0.55
Weighted-average shares--basic (in shares) 5,685 5,666 5,680 5,662
Weighted-average shares--diluted (in shares) 5,706 5,696 5,708 5,696
Product [Member]        
Revenues $ 11,954 $ 10,871 $ 23,248 $ 23,314
Royalty [Member]        
Revenues $ 426 $ 345 $ 734 $ 608
[1] Exclusive of amortization of intangible assets.
[2] Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss).
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income before allocation to noncontrolling interests $ 2,928 $ 48 $ 5,901 $ 3,171
Foreign currency translation adjustments, net 127 (70) (430) 70
Unrealized holding gains/(losses) on derivative financial instruments, net (273) 127 (395) 343
Reclassification adjustments for (gains)/losses included in net income [1] (106) (147) (419) (159)
Other comprehensive income, cash flow hedge, gain (loss), before tax, total (379) (21) (814) 184
Unrealized holding gains/(losses) on available-for-sale securities, net 166 (25) 135 (77)
Reclassification adjustments for (gains)/losses included in net income [2] (83) 100 72 86
Other comprehensive income (loss), available-for-sale securities, before tax, total 82 74 207 9
Reclassification adjustments related to amortization of prior service costs and other, net (24) (28) (55) (56)
Reclassification adjustments related to curtailments of prior service costs and other, net (11) 0 (44) 0
Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service costs and other, before tax (35) (28) (99) (56)
Other comprehensive income/(loss), before tax (204) (44) (1,136) 207
Tax provision/(benefit) on other comprehensive income/(loss) (347) 22 (538) 76
Other comprehensive income/(loss) before allocation to noncontrolling interests 143 (67) (598) 131
Comprehensive income/(loss) before allocation to noncontrolling interests 3,071 (19) 5,303 3,302
Less: Comprehensive income/(loss) attributable to noncontrolling interests 18 (2) 22 1
Comprehensive income/(loss) attributable to Pfizer Inc. $ 3,053 $ (17) $ 5,282 $ 3,302
[1] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[2] Reclassified into Other (income)/deductions—net.
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 1,638 $ 1,043
Short-term investments 11,611 19,434
Trade accounts receivable, net of allowance for doubtful accounts: 2025—$439; 2024—$438 12,078 11,463
Inventories 11,669 10,851
Current tax assets 4,016 3,314
Other current assets 2,690 4,253
Total current assets 43,703 50,358
Equity-method investments 224 217
Long-term investments 1,896 2,010
Property, plant and equipment, net of accumulated depreciation: 2025—$17,268; 2024—$16,483 18,776 18,393
Identifiable intangible assets, net [1] 52,702 55,411
Goodwill 68,997 68,527
Noncurrent deferred tax assets and other noncurrent tax assets 10,343 8,662
Other noncurrent assets 9,455 9,817
Total assets 206,095 213,396
Liabilities and Equity    
Short-term borrowings, including current portion of long-term debt: 2025—$4,246; 2024—$3,747 4,295 6,946
Trade accounts payable 5,166 5,633
Dividends payable 2,445 2,437
Income taxes payable 3,675 2,910
Accrued compensation and related items 2,447 3,838
Deferred revenues 1,123 1,511
Other current liabilities 18,575 19,720
Total current liabilities 37,726 42,995
Long-term debt 57,502 57,405
Pension and postretirement benefit obligations 2,130 2,115
Noncurrent deferred tax liabilities 2,481 2,122
Other taxes payable 3,313 6,112
Other noncurrent liabilities 13,931 14,150
Total liabilities 117,083 124,899
Commitments and Contingencies
Common stock 481 480
Additional paid-in capital 94,053 93,603
Treasury stock (115,010) (114,763)
Retained earnings 117,609 116,725
Accumulated other comprehensive loss (8,438) (7,842)
Total Pfizer Inc. shareholders’ equity 88,695 88,203
Equity attributable to noncontrolling interests 317 294
Total equity 89,012 88,497
Total liabilities and equity $ 206,095 $ 213,396
[1] The decrease is primarily due to amortization expense of $2.4 billion.
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 439 $ 438
Property, plant and equipment, accumulated depreciation 17,268 16,483
Current portion of long-term debt $ 4,246 $ 3,747
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Shareholders' Equity [Member]
Common Stock [Member]
Add'l Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accum. Other Comp. Loss [Member]
Noncontrolling Interests [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares)     9,562          
Beginning balance at Dec. 31, 2023 $ 89,288 $ 89,014 $ 478 $ 92,631 $ (114,487) $ 118,353 $ (7,961) $ 274
Beginning balance (in shares) at Dec. 31, 2023         (3,916)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income/(loss) 3,171 3,156       3,156   15
Other comprehensive income/(loss), net of tax 131 145         145 (14)
Cash dividends declared:                
Common stock (4,760) (4,760)       (4,760)    
Share-based payment transactions (in shares)     30   10      
Share-based payment transactions 144 144 $ 1 566 $ (270) (153)    
Other 0             0
Ending balance (in shares) at Jun. 30, 2024     9,592          
Ending balance at Jun. 30, 2024 87,975 87,700 $ 480 93,197 $ (114,757) 116,596 (7,816) 275
Ending balance (in shares) at Jun. 30, 2024         (3,925)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares)     9,592          
Beginning balance at Mar. 31, 2024 92,558 92,282 $ 480 92,997 $ (114,755) 121,318 (7,758) 276
Beginning balance (in shares) at Mar. 31, 2024         (3,925)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income/(loss) 48 41       41   7
Other comprehensive income/(loss), net of tax (67) (58)         (58) (9)
Cash dividends declared:                
Common stock (4,760) (4,760)       (4,760)    
Share-based payment transactions (in shares)     0   0      
Share-based payment transactions 196 196 $ 0 200 $ (2) (2)    
Other 0 0       0   0
Ending balance (in shares) at Jun. 30, 2024     9,592          
Ending balance at Jun. 30, 2024 87,975 87,700 $ 480 93,197 $ (114,757) 116,596 (7,816) 275
Ending balance (in shares) at Jun. 30, 2024         (3,925)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares)     9,592          
Beginning balance (in shares)     9,593          
Beginning balance at Dec. 31, 2024 88,497 88,203 $ 480 93,603 $ (114,763) 116,725 (7,842) 294
Beginning balance (in shares) at Dec. 31, 2024         (3,926)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income/(loss) 5,901 5,877       5,877   24
Other comprehensive income/(loss), net of tax (598) (596)         (596) [1] (3)
Cash dividends declared:                
Common stock (4,890) (4,890)       (4,890)    
Share-based payment transactions (in shares)     28   9      
Share-based payment transactions 101 101 $ 1 450 $ (246) (104)    
Other 2 0       0   2
Ending balance (in shares) at Jun. 29, 2025     9,620          
Ending balance at Jun. 29, 2025 89,012 88,695 $ 481 94,053 $ (115,010) 117,609 (8,438) 317
Ending balance (in shares) at Jun. 29, 2025         (3,935)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares)     9,620          
Beginning balance at Mar. 30, 2025 90,637 90,338 $ 481 93,856 $ (115,008) 119,590 (8,581) 299
Beginning balance (in shares) at Mar. 30, 2025         (3,935)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income/(loss) 2,928 2,910       2,910   18
Other comprehensive income/(loss), net of tax 143 143         143 0
Cash dividends declared:                
Common stock (4,890) (4,890)       (4,890)    
Share-based payment transactions (in shares)     0   0      
Share-based payment transactions 195 195 $ 0 197 $ (2) (1)    
Other (1) (1)       (1)   0
Ending balance (in shares) at Jun. 29, 2025     9,620          
Ending balance at Jun. 29, 2025 $ 89,012 $ 88,695 $ 481 $ 94,053 $ (115,010) $ 117,609 $ (8,438) $ 317
Ending balance (in shares) at Jun. 29, 2025         (3,935)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares)     9,620          
[1] Foreign currency translation adjustments include net gains/(losses) related to the impact of our net investment hedging program.
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared per share (in dollars per share) $ 0.86 $ 0.84 $ 0.86 $ 0.84
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Operating Activities    
Net income before allocation to noncontrolling interests $ 5,901 $ 3,171
Discontinued operations––net of tax 25 12
Net income from continuing operations before allocation to noncontrolling interests 5,876 3,159
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 [1] 3,243 3,467
Asset write-offs and impairments 498 431
Deferred taxes (935) (1,224)
Share-based compensation expense 373 426
Benefit plan contributions in excess of expense/income (334) (338)
Other adjustments, net (61) 260
Other changes in assets and liabilities, net of acquisitions and divestitures (6,908) (6,871)
Net cash provided by/(used in) operating activities 1,753 (691)
Investing Activities    
Purchases of property, plant and equipment (1,182) (1,341)
Purchases of short-term investments (6,085) (1,254)
Proceeds from redemptions/sales of short-term investments 10,500 1,712
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less (2,668) 3,538
Purchases of long-term investments (86) (108)
Proceeds from redemptions/sales of long-term investments 145 312
Proceeds from sale of investment in Haleon [2] 6,311 3,491
Other investing activities, net 288 (18)
Net cash provided by/(used in) investing activities 7,225 6,332
Financing Activities    
Proceeds from short-term borrowings 0 6,014
Payments on short-term borrowings (2,199) (4,852)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less (903) (1,101)
Proceeds from issuance of long-term debt 3,687 0
Payments on long-term debt (3,750) (2,250)
Cash dividends paid (4,882) (4,752)
Other financing activities, net (377) (449)
Net cash provided by/(used in) financing activities (8,423) (7,390)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents 34 (46)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents 588 (1,794)
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 1,694 1,123
Cash paid/(received) during the period for:    
Income taxes 3,493 2,686
Interest paid 1,483 1,553
Interest rate hedges $ 29 $ (2)
[1] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
[2] See Note 7A.
v3.25.2
Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Jun. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Significant Accounting Policies 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 six months ended May 25, 2025 and May 26, 2024, and for U.S. subsidiaries is as of and for the three and six months ended June 29, 2025 and June 30, 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. 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)June 29,
2025		December 31, 2024
Reserve against Trade accounts receivable, net of allowance for doubtful accounts
$1,589 $1,627 
Other current liabilities:
Accrued rebates8,692 7,195 
Other accruals644 972 
Other noncurrent liabilities
742 1,029 
Total accrued rebates and other sales-related accruals$11,667 $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 (U.S. versus international), delinquency status, and customer type (high risk versus low risk and government versus non-government), and fixed 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 six months ended June 29, 2025 and June 30, 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.
v3.25.2
Research and Development Arrangement
 6 Months Ended
Jun. 29, 2025
Research and Development [Abstract]  
Research and Development Arrangement Research and Development Arrangement
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 contingent upon the successful results of the clinical trials and 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. 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 to pay Blackstone will be recognized as interest expense in Other (income)/deductions––net.
v3.25.2
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives
 6 Months Ended
Jun. 29, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives 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. We expect costs associated with this initial part of the program to continue primarily through 2025 and to total approximately $3.1 billion, primarily representing cash expenditures for severance, exit and implementation costs as well as non-cash asset write downs of which $2.4 billion is associated with our Biopharma segment.
•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 the additional productivity opportunities to be incurred through 2027 and to total approximately $1.6 billion, primarily representing cash expenditures for severance, digital enablement and implementation, of which $700 million is associated with our Biopharma segment.
•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 three 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 June 29, 2025, we incurred total costs under this program of $3.5 billion, of which $2.7 billion is associated with our Biopharma segment (including $2.5 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 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 June 29, 2025, we incurred costs under this program of $850 million, substantially all of which is restructuring costs for our Biopharma segment. These costs were recorded primarily in 2024, with cash outlays expected primarily in 2025 and 2026.
C. Key Activities
The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives:
Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Restructuring charges/(credits):    
Employee terminations$(148)$1,014 $236 $984 
Asset impairments44 41 217 66 
Exit costs
30 49 94 63 
Restructuring charges/(credits)(a)
(74)1,104 547 1,114 
Transaction costs(b)
— — — 5 
Integration costs and other(c)
56 150 113 237 
Restructuring charges and certain acquisition-related costs(18)1,254 660 1,356 
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net
(9)2 (68)5 
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of operations as follows(d):
    
Cost of sales3 1 7 5 
Selling, informational and administrative expenses— 3 — 3 
Total additional depreciation––asset restructuring
4 4 7 8 
Implementation costs recorded in our condensed consolidated statements of operations as follows(e):
    
Cost of sales26 49 46 65 
Selling, informational and administrative expenses14 36 20 65 
Research and development expenses39 20 62 33 
Total implementation costs78 105 128 163 
Total costs associated with acquisitions and cost-reduction/productivity initiatives$54 $1,364 $727 $1,532 
(a)Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) credits of $406 million for the three months ended June 29, 2025 (including credits of $408 million for our Manufacturing Optimization Program and $25 million for our Realigning our Cost Base Program), (ii) charges of $211 million for the six months ended June 29, 2025 (including charges of $562 million for our Realigning our Cost Base Program and credits of $412 million for our Manufacturing Optimization Program) and (iii) charges of $1.1 billion for both the three and six months ended June 30, 2024 (including charges of $1.3 billion for our Manufacturing Optimization Program for both periods presented and credits of $113 million for the three months and $199 million for the six months ended June 30, 2024 for our Realigning our Cost Base Program). For all periods presented, 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 CostsAccrual
Balance, December 31, 2024(a)
$2,046 $— $74 $2,120 
Provision
236 217 94 547 
Utilization and other(b)
(494)(217)30 (681)
Balance, June 29, 2025(c)
$1,788 $— $198 $1,986 
(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 ($685 million).
v3.25.2
Other (Income)/Deductions—Net
 6 Months Ended
Jun. 29, 2025
Other Income and Expenses [Abstract]  
Other (Income)/Deductions—Net Other (Income)/Deductions—Net
Components of Other (income)/deductions––net include:
 Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Interest income$(156)$(130)$(299)$(259)
Interest expense654 778 1,308 1,568 
Net interest expense(a)
498 648 1,009 1,310 
Net (gains)/losses recognized during the period on equity securities(b)
(75)342 295 317 
Net periodic benefit costs/(credits) other than service costs(101)(106)(260)(209)
Certain legal matters, net(c)
422 169 564 377 
Certain asset impairments(d)
93 240 317 349 
Haleon equity method (income)/loss
— (40)— 48 
Other, net(e)
(97)(146)(233)(404)
Other (income)/deductions––net$739 $1,107 $1,692 $1,787 
(a)The decrease in net interest expense in the second quarter and first six 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 higher total average investment asset balance compared to 2024.
(b)The net losses in the first six months of 2025 include, among other things, a net loss of $144 million related to our 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.
(c)The amounts for the second quarter and first six months of 2025 primarily include certain product liability and other legal expenses. The amounts for the second quarter and first six months of 2024 primarily included certain product liability expenses related to products discontinued and/or divested by Pfizer.
(d)The first six months of 2025 primarily includes an intangible asset impairment charge associated with our Biopharma segment of $210 million for KRAS G12D, a Phase 2 indefinite-lived out-licensed asset that was discontinued by our out-licensing partner. The amounts for the second quarter and first six 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 six months of 2025 primarily include dividend income of $111 million from our investment in ViiV. The first six months of 2024 included, among other things, a $150 million realized gain on the partial sale of our investment in Haleon and dividend income of $135 million from our investment in ViiV.
Additional information about the intangible assets that were impaired during 2025 follows:
Six Months Ended
Fair Value(a)
June 29, 2025
(MILLIONS)AmountLevel 1Level 2Level 3Impairment
Indefinite-lived licensing agreement(b)
$— $— $— $— $210 
IPR&D(b), (c)
590 — — 590 93 
Developed technology rights(b)
— — — — 14 
Total
$590 $— $— $590 $317 
(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.
v3.25.2
Tax Matters
 6 Months Ended
Jun. 29, 2025
Income Tax Disclosure [Abstract]  
Tax Matters Tax Matters
A. Taxes on Income/(Loss) from Continuing Operations
Our effective tax rate for continuing operations was 4.6% for the second quarter of 2025, compared to 130.2% for the second quarter of 2024, and was (0.8)% for the first six months of 2025, compared to 4.8% for the first six months of 2024. The lower effective tax rate for the second quarter of 2025, compared to the second quarter of 2024, was primarily due to a favorable change in the jurisdictional mix of earnings. The negative and lower effective tax rate for the first six months of 2025, compared to the first six months of 2024, was primarily due to 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 June 29, 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 2014.
See Note 5D in our 2024 Form 10-K.
C. Tax Provision/(Benefit) on Other Comprehensive Income/(Loss)
Components of Tax provision/(benefit) on other comprehensive income/(loss) include:
Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Foreign currency translation adjustments, net(a)
$(269)$18 $(372)$42 
Unrealized holding gains/(losses) on derivative financial instruments, net(48)26 (82)70 
Reclassification adjustments for (gains)/losses included in net income
(32)(23)(87)(26)
(80)3 (169)44 
Unrealized holding gains/(losses) on available-for-sale securities, net21 (3)17 (9)
Reclassification adjustments for (gains)/losses included in net income
(10)12 9 11 
10 9 26 1 
Reclassification adjustments related to amortization of prior service costs and other, net(6)(9)(13)(13)
Reclassification adjustments related to curtailments of prior service costs and other, net(1)1 (10)1 
(7)(7)(23)(12)
Tax provision/(benefit) on other comprehensive income/(loss)$(347)$22 $(538)$76 
(a)Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that are expected to be held indefinitely.
v3.25.2
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests
 6 Months Ended
Jun. 29, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests 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 InstrumentsAvailable-For-Sale SecuritiesPrior Service (Costs)/Credits and OtherAccumulated Other Comprehensive Income/(Loss)
Balance, January 1, 2025
$(7,984)$57 $(106)$191 $(7,842)
Other comprehensive income/(loss)(b)
(56)(645)181 (76)(596)
Balance, June 29, 2025$(8,040)$(589)$75 $115 $(8,438)
(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.
v3.25.2
Financial Instruments
 6 Months Ended
Jun. 29, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments 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:
June 29, 2025December 31, 2024
(MILLIONS)TotalLevel 1Level 2TotalLevel 1Level 2
Financial assets:
Short-term investments
Equity securities with readily determinable fair value(a)
$1,687 $— $1,687 $7,848 $6,456 $1,392 
Available-for-sale debt securities:
Government and agency—non-U.S.
5,640 — 5,640 6,855 — 6,855 
Government and agency—U.S.
2,290 — 2,290 2,853 — 2,853 
Corporate and other
1,595 — 1,595 1,173 — 1,173 
9,525 — 9,525 10,881 — 10,881 
Total short-term investments11,212 — 11,212 18,729 6,456 12,273 
Other current assets
Derivative assets:
Foreign exchange contracts
281 — 281 1,056 — 1,056 
Total other current assets281 — 281 1,056 — 1,056 
Long-term investments
Equity securities with readily determinable fair values(b)
1,118 1,118 — 1,246 1,246 — 
Available-for-sale debt securities:
Government and agency—non-U.S.
1 — 1 — — — 
1 — 1 — — — 
Total long-term investments1,119 1,118 1 1,246 1,246 — 
Other noncurrent assets
Derivative assets:
Interest rate contracts
59 — 59 13 — 13 
Foreign exchange contracts
27 — 27 447 — 447 
Total derivative assets86 — 86 460 — 460 
Insurance contracts(c)
923 — 923 875 — 875 
Total other noncurrent assets1,009 — 1,009 1,335 — 1,335 
Total assets$13,621 $1,118 $12,503 $22,366 $7,701 $14,665 
Financial liabilities:
Other current liabilities
Derivative liabilities:
Interest rate contracts$18 $— $18 $28 $— $28 
Foreign exchange contracts
681 — 681 217 — 217 
Total other current liabilities698 — 698 245 — 245 
Other noncurrent liabilities
Derivative liabilities:
Interest rate contracts229 — 229 397 — 397 
Foreign exchange contracts
984 — 984 723 — 723 
Total other noncurrent liabilities1,213 — 1,213 1,121 — 1,121 
Total liabilities$1,911 $— $1,911 $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 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 $131 million as of June 29, 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 $58 billion as of June 29, 2025 and $57 billion as of December 31, 2024. The estimated fair value of such debt, using a market approach and Level 2 inputs, was $55 billion as of June 29, 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 as of June 29, 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, Long-Term and Equity-Method Investments
The following summarizes our investments by classification type:
(MILLIONS)June 29,
2025		 December 31, 2024
Short-term investments
Equity securities with readily determinable fair values
$1,687 $7,848 
Available-for-sale debt securities9,525 10,881 
Held-to-maturity debt securities399 705 
Total Short-term investments$11,611 $19,434 
Long-term investments
Equity securities with readily determinable fair values(a)
$1,118 $1,246 
Available-for-sale debt securities1 — 
Held-to-maturity debt securities48 45 
Private equity securities at cost(a)
729 719 
Total Long-term investments$1,896 $2,010 
Equity-method investments224 217 
Total long-term investments and equity-method investments$2,120 $2,228 
Held-to-maturity cash equivalents$390 $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:
June 29, 2025December 31, 2024
Gross Unrealized
 Maturities (in Years)
Gross Unrealized
(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1
to 5		Over 5Amortized CostGainsLossesFair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$5,556 $85 $(1)$5,640 $5,640 $1 $— $6,970 $8 $(123)$6,855 
Government and agency––U.S.
2,290 — — 2,290 2,290 — — 2,853 — — 2,853 
Corporate and other1,593 2 — 1,595 1,595 — — 1,179 — (6)1,173 
Held-to-maturity debt securities
Time deposits and other
832 — — 832 789 9 34 697 — — 697 
Government and agency––non-U.S.
5 — — 5 — 5 — 237 — — 237 
Total debt securities$10,276 $87 $(1)$10,362 $10,314 $14 $34 $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 EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Net (gains)/losses recognized during the period on equity securities(a)
$(75)$342 $295 $317 
Less: Net (gains)/losses recognized during the period on equity securities sold during the period(10)(2)(934)(216)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date(b)
$(65)$344 $1,230 $533 
(a)Reported in Other (income)/deductions––net. See Note 4.
(b)Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of June 29, 2025, there were cumulative impairments and downward adjustments of $435 million and upward adjustments of $239 million. Impairments, downward and upward adjustments were not material to our operations in the second quarters and first six months of 2025 and 2024.
C. Short-Term Borrowings
Short-term borrowings include:
(MILLIONS) June 29,
2025		 December 31, 2024
Commercial paper, principal amount
$— $2,453 
Current portion of long-term debt, principal amount4,250 3,750 
Other short-term borrowings, principal amount(a)
50 755 
Total short-term borrowings, principal amount
4,300 6,957 
Net unamortized discounts, premiums and debt issuance costs(4)(12)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted
$4,295 $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 RateMaturity DateJune 29,
2025
2.875%May 19, 2029€750 
3.250%May 19, 20321,000 
3.875%May 19, 2037750 
4.250%May 19, 2045800 
Total long-term debt issued in the second quarter of 2025(c)
€3,300 
(a)The notes are fully and unconditionally guaranteed on a senior unsecured basis by Pfizer Inc. PNIF has no assets or operations and will have no assets or operations, other than as related to the issuance, administration and repayment of the notes and any other debt securities that it may issue in the future.
(b)The notes may be redeemed by us at any time, in whole, or in part, at a make-whole redemption price plus accrued and unpaid interest.
(c)The weighted average effective interest rate for the notes at issuance was 3.605%.
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:
(MILLIONS)June 29,
2025		 December 31, 2024
Total long-term debt, principal amount$57,098 $57,147 
Net fair value adjustments related to hedging and purchase accounting872 701 
Net unamortized discounts, premiums and debt issuance costs(468)(444)
Total long-term debt, carried at historical proceeds, as adjusted$57,502 $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, Canadian dollar and Swedish krona, 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
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:
June 29, 2025December 31, 2024
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$24,681 $184 $1,438 $23,991 $1,250 $719 
Interest rate contracts6,750 59 246 6,750 13 425 
243 1,684 1,263 1,144 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$21,634 124 227 $26,335 253 221 
Total$367 $1,911 $1,516 $1,366 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of June 29, 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)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Derivative Financial Instruments in Cash Flow Hedge Relationships:
Interest rate contracts
$— $— $— $— $(1)$— 
Foreign exchange contracts(b)
— — (289)117 92 137 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 17 10 16 10 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts
72 (36)— — — — 
Hedged item
(73)36 — — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:      
Foreign exchange contracts
— — (924)81 — — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 74 31 52 40 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
      
Foreign currency long-term debt— — (70)8 — — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts
118 (13)— — — — 
 $118 $(13)$(1,193)$247 $158 $187 
Gains/(Losses)
Recognized in OID(a)
Gains/(Losses)
Recognized in OCI(a)
Gains/(Losses)
Reclassified from
OCI into OID and COS(a)
Six Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Derivative Financial Instruments in Cash Flow Hedge Relationships:      
Interest rate contracts$— $— $— $— $— $— 
Foreign exchange contracts(b)
— — (427)327 387 142 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 32 17 32 17 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts
215 (224)— — — — 
Hedged item
(215)224 — — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:
Foreign exchange contracts
— — (1,361)315 — — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 148 52 93 76 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
Foreign currency long-term debt— — (101)26 — — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts
88 42 — — — — 
$88 $42 $(1,709)$737 $512 $235 
(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 gain of $30 million in the second quarter of 2025;
•a net gain of $93 million in the first six months of 2025;
•a net gain of $38 million in the second quarter of 2024; and
•a net gain of $70 million in the first six 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 $230 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 18 years and relates to foreign currency debt.
(c)    The amounts reclassified from OCI were reclassified into OID.
(d) Long-term debt includes foreign currency borrowings, which are used in net investment hedges; the related carrying values as of June 29, 2025 and December 31, 2024 were $878 million and $777 million, respectively.
The following summarizes cumulative basis adjustments to our long-term debt in fair value hedges:
June 29, 2025December 31, 2024
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount		Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount
(MILLIONS)
Carrying Amount of Hedged Assets/Liabilities(a)
Active Hedging RelationshipsDiscontinued Hedging Relationships
Carrying Amount of Hedged Assets/Liabilities(a)
Active Hedging RelationshipsDiscontinued Hedging Relationships
Long-term debt$7,133 $(169)$856 $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 June 29, 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., Germany, Canada, Japan and the U.K.
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 June 29, 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 $1.1 billion with a corresponding amount reported in Short-term investments. As of June 29, 2025, the aggregate fair value of our derivative financial instruments that are in a net receivable position was $42 million, for which we have received collateral of $43 million with a corresponding amount reported in Short-term borrowings, including current portion of long-term debt.
v3.25.2
Other Financial Information
 6 Months Ended
Jun. 29, 2025
Other Financial Information [Abstract]  
Other Financial Information Other Financial Information
A. Inventories
The following summarizes the components of Inventories:
(MILLIONS)June 29,
2025		December 31, 2024
Finished goods$4,126 $3,775 
Work-in-process6,514 6,101 
Raw materials and supplies1,029 976 
Inventories
$11,669 $10,851 
Noncurrent inventories not included above(a)
$2,360 $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 $94 million as of June 29, 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 June 29, 2025 and December 31, 2024, respectively, $501 million and $688 million of our trade payables to suppliers who participate in these financing arrangements were outstanding.
v3.25.2
Identifiable Intangible Assets, Net and Goodwill
 6 Months Ended
Jun. 29, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Identifiable Intangible Assets, Net and Goodwill Identifiable Intangible Assets, Net and Goodwill
A. Identifiable Intangible Assets
The following summarizes the components of Identifiable intangible assets:
June 29, 2025December 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)
$100,537 $(67,907)$32,629 $99,397 $(65,044)$34,353 
Brands
1,274 (1,012)262 1,277 (992)285 
Licensing agreements and other2,740 (1,603)1,137 2,724 (1,513)1,210 
104,551 (70,522)34,028 103,397 (67,549)35,848 
Indefinite-lived intangible assets
IPR&D(a)
18,213 18,213 18,893 18,893 
Licensing agreements and other(b)
461 461 670 670 
18,674 18,674 19,563 19,563 
Identifiable intangible assets(c)
$123,224 $(70,522)$52,702 $122,961 $(67,549)$55,411 
(a)The changes in the gross carrying amounts primarily reflect the transfer of $590 million from IPR&D to developed technology rights for talazoparib (Talzenna), as well as the impact of foreign exchange.
(b)The decrease in the gross carrying amount reflects an impairment of $210 million (see Note 4).
(c)The decrease is primarily due to amortization expense of $2.4 billion.
B. Goodwill
As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2025 (see Note 13A), our goodwill was reallocated among impacted reporting units. We completed the re-allocation during the first quarter of 2025 and concluded that none of our goodwill was impaired. All goodwill continues to be assigned within the Biopharma reportable segment.
v3.25.2
Pension and Postretirement Benefit Plans
 6 Months Ended
Jun. 29, 2025
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Plans Pension and Postretirement Benefit Plans
The following summarizes the components of net periodic benefit cost/(credit):
 Pension Plans
 U.S.InternationalPostretirement
Plans
Three Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Service cost$— $— $26 $23 $4 $4 
Interest cost133 139 72 77 6 6 
Expected return on plan assets(184)(208)(81)(80)(14)(13)
Amortization of prior service cost/(credit)— — 1 1 (25)(29)
Curtailments— — — — (9)— 
Special termination benefits— — — 2 — — 
Net periodic benefit cost/(credit) reported in income$(51)$(69)$18 $23 $(38)$(33)
 Pension Plans
 U.S.InternationalPostretirement
Plans
Six Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Service cost$— $— $50 $44 $8 $7 
Interest cost265 277 143 155 13 12 
Expected return on plan assets(368)(416)(161)(160)(28)(25)
Amortization of prior service cost/(credit)— 1 2 2 (57)(59)
Curtailments— — (9)(2)(59)— 
Special termination benefits— — — 6 — — 
Net periodic benefit cost/(credit) reported in income$(102)$(139)$26 $46 $(123)$(65)
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 six months ended June 29, 2025, we contributed $79 million to our U.S. Pension Plans and $64 million to our International Pension Plans from our general assets, which include direct employer benefit payments.
v3.25.2
Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders
 6 Months Ended
Jun. 29, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders
The following presents the detailed calculation of EPS:
 Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
EPS Numerator
Income from continuing operations attributable to Pfizer Inc. common shareholders$2,885 $24 $5,852 $3,144 
Discontinued operations––net of tax25 17 25 12 
Net income attributable to Pfizer Inc. common shareholders$2,910 $41 $5,877 $3,156 
EPS Denominator
    
Weighted-average number of common shares outstanding––Basic5,685 5,666 5,680 5,662 
Common-share equivalents21 29 28 35 
Weighted-average number of common shares outstanding––Diluted5,706 5,696 5,708 5,696 
Anti-dilutive common stock equivalents(a)
8 23 12 24 
(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.
v3.25.2
Contingencies and Certain Commitments
 6 Months Ended
Jun. 29, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Certain Commitments 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.
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. In May 2023, the Court of Appeal dismissed BMS’s appeal and in October 2023, the Supreme Court refused BMS permission to appeal. 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.
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 actions with several manufacturers on terms not material to us. The remaining actions continue in the U.S. District Court for the District of Delaware as described below.
In April 2025, we brought a patent infringement action against Annora Pharma Private Limited (Annora) asserting the infringement and validity of our composition of matter patent, covering immediate release formulations of tofacitinib that was challenged by Annora in its ANDA seeking approval to market a generic version of tofacitinib 5 mg and 10 mg immediate release tablets. In May 2025, we settled the action against Annora on terms not material to us.
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 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 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.
Mektovi (binimetinib)
Beginning in August 2022, two generic companies notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of Mektovi. The companies assert the invalidity and non-infringement of two method of use patents expiring in 2030, a method of use patent expiring in 2031, two method of use patents expiring in 2033, and a product by process patent expiring in 2033. Beginning in September 2022, we brought patent infringement actions against both of the generic filers in the U.S. District Court for the District of Delaware, asserting the validity and infringement of all six patents. In January 2025, we settled with one of the generic companies on terms not material to us. In June 2025, we settled with the second generic company on terms not material to us, and the case was dismissed.
In August 2022, we received notice from Teva Pharmaceuticals, Inc. (Teva) that it had filed an ANDA seeking approval to market a generic version of Mektovi. Teva asserts the invalidity and non-infringement of two method of use patents expiring in 2033 and a product by process patent expiring in 2033. In June 2023, we brought a patent infringement action against Teva in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the three patents. In August 2025, the case against Teva was dismissed.
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 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.
Inlyta (axitinib)
In October 2024, Sandoz Inc. (Sandoz) notified us that it had filed an ANDA with the FDA seeking approval to market a generic version of Inlyta. Sandoz asserts the invalidity and non-infringement of the crystalline form patent for Inlyta that expires in 2030. In November 2024, we filed suit against Sandoz in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the crystalline form patent for Inlyta. In June 2025, we settled with Sandoz on terms not material to us.
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 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 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.
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 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.
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 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 August 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 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.
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 June 29, 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.
v3.25.2
Segment, Geographic and Other Revenue Information
 6 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Segment, Geographic and Other Revenue Information Segment, Geographic and Other Revenue Information
A. Segment Information
We manage our commercial operations through three operating segments, each led by a single manager: Biopharma, PC1 and Pfizer Ignite. Biopharma is engaged in the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide. PC1 is our contract development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients. Pfizer Ignite is an offering that provides strategic guidance and end-to-end R&D services to select innovative biotech companies that align with Pfizer’s R&D focus areas. Biopharma is the only reportable segment. We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources.
Our commercial divisions market, sell and distribute our products, and global operating functions are responsible for the research, development, manufacturing and supply of our products. Each operating segment is supported by our global corporate enabling functions. At the beginning of 2025, we made the following changes within our Biopharma reportable segment that went into effect on January 1, 2025 to support our continued focus on commercial execution and to further strengthen Pfizer’s capabilities and leadership in discovering and developing breakthrough medicines and vaccines:
•transitioned all activities within the former Pfizer Oncology Division to other parts of Biopharma. Specifically, within our Biopharma reportable segment the U.S. Oncology commercial organization and the global Oncology marketing organization, which were part of the former Pfizer Oncology Division, are now part of the Pfizer U.S. Commercial Division. As of January 1, 2025, the commercial structure within our Biopharma reportable segment is now comprised of the Pfizer U.S. Commercial Division, which now focuses on the commercialization of Pfizer’s entire product portfolio in the U.S. and is led by the Chief U.S. Commercial Officer, Executive Vice President, and the Pfizer International Commercial Division, which focuses on the commercialization of Pfizer’s entire product portfolio in all international markets and is led by the Chief International Commercial Officer, Executive Vice President.
•strategically combined our former global Oncology Research and Development (ORD) and Pfizer Research and Development (PRD) divisions to form a single Pfizer R&D organization 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. The R&D organization 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 six months ended June 30, 2024, our share of earnings from Haleon. In 2025, Pfizer made the decision to discontinue Pfizer Ignite and has begun 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 $206 billion as of June 29, 2025 and $213 billion as of December 31, 2024.
Selected Statement of Operations Information
The following provides selected information by reportable segment:
Three Months Ended
 
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Reportable Segment:
Biopharma(c)
$14,305 $12,991 $6,929 $5,897 $339 $330 
Other business activities(d)
348 292 (1,799)(1,985)73 91 
Reconciling Items:
Amortization of intangible assets(1,211)(1,307)1,211 1,307 
Acquisition-related items(338)(617)(2)1 
Certain significant items(e)
(537)(2,091)3 1 
$14,653 $13,283 $3,044 $(103)$1,625 $1,730 

Six Months Ended
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Reportable Segment:
Biopharma(c)
$27,746 $27,595 $14,033 $13,519 $671 $667 
Other business activities(d)
622 567 (3,220)(3,992)147 177 
Reconciling Items:
Amortization of intangible assets(2,421)(2,615)2,421 2,615 
Acquisition-related items(620)(1,125)(3)2 
Certain significant items(e)
(1,944)(2,469)7 5 
$28,367 $28,162 $5,828 $3,318 $3,243 $3,467 
(a)Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss).
(b)Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
(c)Biopharma’s earnings in the first six months of 2025 reflect a credit to Cost of sales representing a favorable revision of our estimate of accrued royalties. Biopharma’s revenues and earnings in the first six 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 $73 million in the second quarter of 2025 and $74 million in the second quarter of 2024, and $111 million in the first six months of 2025 and $135 million in the first six 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.
(e)Earnings in the first six months of 2025 include, among other items, restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $670 million (primarily recorded in Restructuring charges and certain acquisition-related costs) and charges for certain legal matters of $564 million recorded in Other (income)/deductions––net. Earnings in the second quarter and the first six months of 2024 included, among other items, restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $1.2 billion (primarily recorded in Restructuring charges and certain acquisition-related costs). See Notes 3 and 4.
The following provides Biopharma reportable segment information regularly provided to the CODM:
Three Months Ended
Six Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Biopharma reportable segment:
Biopharma total revenues$14,305 $12,991 $27,746 $27,595 
Less:
Cost of sales3,075 2,411 5,389 5,054 
Selling, informational and administrative expenses2,305 2,473 4,455 4,808 
Research and development expenses2,109 2,293 4,050 4,445 
Acquired in-process research and development expenses2 7 11 7 
Other (income)/deductions––net(115)(90)(193)(237)
Biopharma earnings$6,929 $5,897 $14,033 $13,519 
B. Geographic Information
The following summarizes revenues by geographic area:
 Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
United States$8,894 $7,892 $17,268 $17,406 
International:
Developed Markets
3,393 3,164 6,571 6,362 
Emerging Markets2,366 2,227 4,529 4,394 
Total revenues
$14,653 $13,283 $28,367 $28,162 
C. Other Revenue Information
Significant Revenues by Product
The following provides detailed revenue information for several of our major products:
(MILLIONS)Three Months EndedSix Months Ended
PRODUCTPRIMARY INDICATION OR CLASSJune 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
TOTAL REVENUES$14,653 $13,283 $28,367 $28,162 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)
$14,305 $12,991 $27,746 $27,595 
Primary Care$5,540 $4,952 $11,236 $12,163 
Eliquis(a)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism2,003 1,877 3,926 3,917 
Prevnar family
Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae
1,383 1,359 3,043 3,050 
ComirnatyActive immunization to prevent COVID-19 381 195 945 548 
Paxlovid(b)
COVID-19 in certain high-risk patients427 251 918 2,286 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine359 356 607 533 
Abrysvo
Active immunization to prevent RSV infection
143 56 274 201 
FSME-IMMUN/TicoVacActive immunization to prevent tick-borne encephalitis disease109 100 172 165 
All other Primary CareVarious736 759 1,350 1,463 
Specialty Care$4,378 $4,083 $8,364 $7,926 
Vyndaqel familyATTR-CM and polyneuropathy1,615 1,323 3,101 2,460 
XeljanzRA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis322 303 450 497 
Sulperazon (Outside the U.S. and Canada)
Bacterial infections166 144 330 311 
Zavicefta (Outside the U.S. and Canada)
Bacterial infections163 150 299 275 
Enbrel (Outside the U.S. and Canada)RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis154 179 294 338 
InflectraCrohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis139 97 291 255 
ZithromaxBacterial infections56 74 213 274 
Genotropin
Replacement of human growth hormone106 119 201 239 
Cresemba
Invasive aspergillosis and mucormycosis
111 71 184 146 
CibinqoAtopic dermatitis69 47 127 89 
All other Hospital
Various
1,087 1,146 2,170 2,221 
All other Specialty CareVarious390 429 705 821 
Oncology$4,387 $3,956 $8,145 $7,505 
IbranceHR-positive/HER2-negative metastatic breast cancer1,049 1,130 2,026 2,184 
Xtandi(c)
mCRPC, nmCRPC, mCSPC, nmCSPC566 495 1,023 913 
Padcev
Locally advanced or metastatic urothelial cancer542 394 967 735 
Oncology biosimilars(d)
Various
353 279 617 543 
LorbrenaALK-positive metastatic NSCLC251 169 473 332 
Adcetris(e)
Certain lymphomas including classical hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma
255 279 472 536 
Inlyta
Advanced renal cell carcinoma
243 252 462 489 
Braftovi/Mektovi
Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi for the treatment of BRAFV600E-mutant mCRC, in combination with Erbitux® (cetuximab)(f) (after prior therapy) or cetuximab and mFOLFOX6
182 148 317 264 
(MILLIONS)Three Months EndedSix Months Ended
PRODUCTPRIMARY INDICATION OR CLASSJune 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia149 167 300 313 
Tukysa
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer132 121 234 227 
Aromasin
Post-menopausal early and advanced breast cancer
111 87 219 170 
Elrexfio
Relapsed or refractory multiple myeloma
85 22 145 35 
Talzenna
Treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer; and, in combination with Xtandi (enzalutamide), of adult patients with HRR gene-mutated mCRPC
46 32 86 55 
Tivdak
Recurrent or mCC
46 33 79 60 
All other Oncology
Various380 347 725 648 
PFIZER CENTREONE(g)
$328 $278 $585 $535 
PFIZER IGNITE
$20 $15 $37 $32 
BIOPHARMA
$14,305 $12,991 $27,746 $27,595 
PFIZER U.S. COMMERCIAL DIVISION(h)
8,793 7,828 17,078 17,254 
PFIZER INTERNATIONAL COMMERCIAL DIVISION
5,512 5,163 10,668 10,341 
Total Alliance revenues included above$2,273 $2,067 $4,386 $4,240 
Total Royalty revenues included above
$426 $345 $734 $608 
(a)Reflects alliance revenues and product revenues.
(b)The amount for the first six months of 2024 included a $771 million favorable final adjustment to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, reflecting 5.1 million EUA-labeled treatment courses returned by the U.S. government through February 29, 2024 versus the estimated 6.5 million treatment courses that were expected to be returned as of December 31, 2023.
(c)Primarily reflects alliance revenues and royalty revenues.
(d)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Ruxience, Retacrit, Zirabev, Trazimera and Nivestym.
(e)Reflects product revenues and royalty revenues.
(f)Erbitux® is a registered trademark of ImClone LLC.
(g)PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships.
(h)Refer to Note 13A above.
Remaining Performance Obligations––Contracted revenue expected to be recognized from remaining performance obligations for firm orders in long-term contracts to supply Comirnaty and Paxlovid to our customers totaled approximately $4 billion and $1 billion, respectively, as of June 29, 2025, which includes amounts received in advance and deferred, as well as amounts that will be invoiced as we deliver these products to our customers in future periods. Of these amounts, current contract terms provide for expected delivery of product with contracted revenue from 2025 through 2031, the timing of which may be renegotiated. Remaining performance obligations are based on foreign exchange rates as of the end of our fiscal second quarter of 2025 and exclude arrangements with an original expected contract duration of less than one year. Remaining performance obligations associated with contracts for other products and services were not significant as of June 29, 2025 or December 31, 2024.
Deferred Revenues––Our deferred revenues primarily relate to advance payments received or receivable from various government or government sponsored customers for supply of Paxlovid and Comirnaty. The deferred revenues related to Paxlovid and Comirnaty totaled $1.9 billion as of June 29, 2025, with $1.0 billion and $906 million recorded in current liabilities and noncurrent liabilities, respectively. The deferred revenues related to Paxlovid and Comirnaty totaled $2.2 billion as of December 31, 2024, with $1.4 billion and $785 million recorded in current liabilities and noncurrent liabilities, respectively. The decrease in Paxlovid and Comirnaty deferred revenues during the first six months of 2025 was primarily driven by amounts recognized in Product revenues as we delivered the products to our customers. During the second quarter and the first six months of 2025, we recognized revenue of approximately $45 million and $380 million, respectively, that was included in the balance of Paxlovid and Comirnaty deferred revenues as of December 31, 2024. The Paxlovid and Comirnaty deferred revenues as of June 29, 2025 will be recognized in Product revenues proportionately as we transfer control of the products to our customers and satisfy our performance obligations under the contracts, with the amounts included in current liabilities expected to be recognized in Product revenues within the next 12 months, and the amounts included in noncurrent liabilities expected to be recognized in Product revenues from 2026 through 2028. Deferred revenues associated with contracts for other products were not significant as of June 29, 2025 or December 31, 2024.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 2,910 $ 41 $ 5,877 $ 3,156
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 29, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation 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 six months ended May 25, 2025 and May 26, 2024, and for U.S. subsidiaries is as of and for the three and six months ended June 29, 2025 and June 30, 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.
Revenues and Trade Accounts Receivable
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 (U.S. versus international), delinquency status, and customer type (high risk versus low risk and government versus non-government), and fixed 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.
v3.25.2
Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Classification of Accruals
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)June 29,
2025		December 31, 2024
Reserve against Trade accounts receivable, net of allowance for doubtful accounts
$1,589 $1,627 
Other current liabilities:
Accrued rebates8,692 7,195 
Other accruals644 972 
Other noncurrent liabilities
742 1,029 
Total accrued rebates and other sales-related accruals$11,667 $10,822 
v3.25.2
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Tables)
 6 Months Ended
Jun. 29, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Acquisitions and Cost-Reduction/Productivity Initiatives
The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives:
Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Restructuring charges/(credits):    
Employee terminations$(148)$1,014 $236 $984 
Asset impairments44 41 217 66 
Exit costs
30 49 94 63 
Restructuring charges/(credits)(a)
(74)1,104 547 1,114 
Transaction costs(b)
— — — 5 
Integration costs and other(c)
56 150 113 237 
Restructuring charges and certain acquisition-related costs(18)1,254 660 1,356 
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net
(9)2 (68)5 
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of operations as follows(d):
    
Cost of sales3 1 7 5 
Selling, informational and administrative expenses— 3 — 3 
Total additional depreciation––asset restructuring
4 4 7 8 
Implementation costs recorded in our condensed consolidated statements of operations as follows(e):
    
Cost of sales26 49 46 65 
Selling, informational and administrative expenses14 36 20 65 
Research and development expenses39 20 62 33 
Total implementation costs78 105 128 163 
Total costs associated with acquisitions and cost-reduction/productivity initiatives$54 $1,364 $727 $1,532 
(a)Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) credits of $406 million for the three months ended June 29, 2025 (including credits of $408 million for our Manufacturing Optimization Program and $25 million for our Realigning our Cost Base Program), (ii) charges of $211 million for the six months ended June 29, 2025 (including charges of $562 million for our Realigning our Cost Base Program and credits of $412 million for our Manufacturing Optimization Program) and (iii) charges of $1.1 billion for both the three and six months ended June 30, 2024 (including charges of $1.3 billion for our Manufacturing Optimization Program for both periods presented and credits of $113 million for the three months and $199 million for the six months ended June 30, 2024 for our Realigning our Cost Base Program). For all periods presented, 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.
Schedule of Components and Changes in Restructuring Accruals
The following summarizes the components and changes in restructuring accruals:
(MILLIONS)Employee
Termination
Costs		Asset
Impairment
Charges		Exit CostsAccrual
Balance, December 31, 2024(a)
$2,046 $— $74 $2,120 
Provision
236 217 94 547 
Utilization and other(b)
(494)(217)30 (681)
Balance, June 29, 2025(c)
$1,788 $— $198 $1,986 
(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 ($685 million).
v3.25.2
Other (Income)/Deductions—Net (Tables)
 6 Months Ended
Jun. 29, 2025
Other Income and Expenses [Abstract]  
Schedule of Other (Income)/Deductions - Net
Components of Other (income)/deductions––net include:
 Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Interest income$(156)$(130)$(299)$(259)
Interest expense654 778 1,308 1,568 
Net interest expense(a)
498 648 1,009 1,310 
Net (gains)/losses recognized during the period on equity securities(b)
(75)342 295 317 
Net periodic benefit costs/(credits) other than service costs(101)(106)(260)(209)
Certain legal matters, net(c)
422 169 564 377 
Certain asset impairments(d)
93 240 317 349 
Haleon equity method (income)/loss
— (40)— 48 
Other, net(e)
(97)(146)(233)(404)
Other (income)/deductions––net$739 $1,107 $1,692 $1,787 
(a)The decrease in net interest expense in the second quarter and first six 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 higher total average investment asset balance compared to 2024.
(b)The net losses in the first six months of 2025 include, among other things, a net loss of $144 million related to our 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.
(c)The amounts for the second quarter and first six months of 2025 primarily include certain product liability and other legal expenses. The amounts for the second quarter and first six months of 2024 primarily included certain product liability expenses related to products discontinued and/or divested by Pfizer.
(d)The first six months of 2025 primarily includes an intangible asset impairment charge associated with our Biopharma segment of $210 million for KRAS G12D, a Phase 2 indefinite-lived out-licensed asset that was discontinued by our out-licensing partner. The amounts for the second quarter and first six 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 six months of 2025 primarily include dividend income of $111 million from our investment in ViiV. The first six months of 2024 included, among other things, a $150 million realized gain on the partial sale of our investment in Haleon and dividend income of $135 million from our investment in ViiV.
Schedule of Impaired Intangible Assets
Additional information about the intangible assets that were impaired during 2025 follows:
Six Months Ended
Fair Value(a)
June 29, 2025
(MILLIONS)AmountLevel 1Level 2Level 3Impairment
Indefinite-lived licensing agreement(b)
$— $— $— $— $210 
IPR&D(b), (c)
590 — — 590 93 
Developed technology rights(b)
— — — — 14 
Total
$590 $— $— $590 $317 
(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.
v3.25.2
Tax Matters (Tables)
 6 Months Ended
Jun. 29, 2025
Income Tax Disclosure [Abstract]  
Schedule of Tax Provision/(Benefit) on Other Comprehensive Income (Loss)
Components of Tax provision/(benefit) on other comprehensive income/(loss) include:
Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Foreign currency translation adjustments, net(a)
$(269)$18 $(372)$42 
Unrealized holding gains/(losses) on derivative financial instruments, net(48)26 (82)70 
Reclassification adjustments for (gains)/losses included in net income
(32)(23)(87)(26)
(80)3 (169)44 
Unrealized holding gains/(losses) on available-for-sale securities, net21 (3)17 (9)
Reclassification adjustments for (gains)/losses included in net income
(10)12 9 11 
10 9 26 1 
Reclassification adjustments related to amortization of prior service costs and other, net(6)(9)(13)(13)
Reclassification adjustments related to curtailments of prior service costs and other, net(1)1 (10)1 
(7)(7)(23)(12)
Tax provision/(benefit) on other comprehensive income/(loss)$(347)$22 $(538)$76 
(a)Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that are expected to be held indefinitely.
v3.25.2
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests (Tables)
 6 Months Ended
Jun. 29, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss
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 InstrumentsAvailable-For-Sale SecuritiesPrior Service (Costs)/Credits and OtherAccumulated Other Comprehensive Income/(Loss)
Balance, January 1, 2025
$(7,984)$57 $(106)$191 $(7,842)
Other comprehensive income/(loss)(b)
(56)(645)181 (76)(596)
Balance, June 29, 2025$(8,040)$(589)$75 $115 $(8,438)
(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.
v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 29, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy, using a Market Approach:
June 29, 2025December 31, 2024
(MILLIONS)TotalLevel 1Level 2TotalLevel 1Level 2
Financial assets:
Short-term investments
Equity securities with readily determinable fair value(a)
$1,687 $— $1,687 $7,848 $6,456 $1,392 
Available-for-sale debt securities:
Government and agency—non-U.S.
5,640 — 5,640 6,855 — 6,855 
Government and agency—U.S.
2,290 — 2,290 2,853 — 2,853 
Corporate and other
1,595 — 1,595 1,173 — 1,173 
9,525 — 9,525 10,881 — 10,881 
Total short-term investments11,212 — 11,212 18,729 6,456 12,273 
Other current assets
Derivative assets:
Foreign exchange contracts
281 — 281 1,056 — 1,056 
Total other current assets281 — 281 1,056 — 1,056 
Long-term investments
Equity securities with readily determinable fair values(b)
1,118 1,118 — 1,246 1,246 — 
Available-for-sale debt securities:
Government and agency—non-U.S.
1 — 1 — — — 
1 — 1 — — — 
Total long-term investments1,119 1,118 1 1,246 1,246 — 
Other noncurrent assets
Derivative assets:
Interest rate contracts
59 — 59 13 — 13 
Foreign exchange contracts
27 — 27 447 — 447 
Total derivative assets86 — 86 460 — 460 
Insurance contracts(c)
923 — 923 875 — 875 
Total other noncurrent assets1,009 — 1,009 1,335 — 1,335 
Total assets$13,621 $1,118 $12,503 $22,366 $7,701 $14,665 
Financial liabilities:
Other current liabilities
Derivative liabilities:
Interest rate contracts$18 $— $18 $28 $— $28 
Foreign exchange contracts
681 — 681 217 — 217 
Total other current liabilities698 — 698 245 — 245 
Other noncurrent liabilities
Derivative liabilities:
Interest rate contracts229 — 229 397 — 397 
Foreign exchange contracts
984 — 984 723 — 723 
Total other noncurrent liabilities1,213 — 1,213 1,121 — 1,121 
Total liabilities$1,911 $— $1,911 $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 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 $131 million as of June 29, 2025 and $133 million as of December 31, 2024 were held in restricted trusts for U.S. non-qualified employee benefit plans.
(c)Includes life insurance policies held in restricted trusts for U.S. non-qualified employee benefit plans. The underlying invested assets in these contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions—net (see Note 4).
Investments by Classification Type
The following summarizes our investments by classification type:
(MILLIONS)June 29,
2025		 December 31, 2024
Short-term investments
Equity securities with readily determinable fair values
$1,687 $7,848 
Available-for-sale debt securities9,525 10,881 
Held-to-maturity debt securities399 705 
Total Short-term investments$11,611 $19,434 
Long-term investments
Equity securities with readily determinable fair values(a)
$1,118 $1,246 
Available-for-sale debt securities1 — 
Held-to-maturity debt securities48 45 
Private equity securities at cost(a)
729 719 
Total Long-term investments$1,896 $2,010 
Equity-method investments224 217 
Total long-term investments and equity-method investments$2,120 $2,228 
Held-to-maturity cash equivalents$390 $184 
(a)Represent investments in the life sciences sector.
Schedule of Held-to-maturity Securities
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
June 29, 2025December 31, 2024
Gross Unrealized
 Maturities (in Years)
Gross Unrealized
(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1
to 5		Over 5Amortized CostGainsLossesFair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$5,556 $85 $(1)$5,640 $5,640 $1 $— $6,970 $8 $(123)$6,855 
Government and agency––U.S.
2,290 — — 2,290 2,290 — — 2,853 — — 2,853 
Corporate and other1,593 2 — 1,595 1,595 — — 1,179 — (6)1,173 
Held-to-maturity debt securities
Time deposits and other
832 — — 832 789 9 34 697 — — 697 
Government and agency––non-U.S.
5 — — 5 — 5 — 237 — — 237 
Total debt securities$10,276 $87 $(1)$10,362 $10,314 $14 $34 $11,935 $8 $(129)$11,814 
Schedule of Available-for-sale Securities
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
June 29, 2025December 31, 2024
Gross Unrealized
 Maturities (in Years)
Gross Unrealized
(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1
to 5		Over 5Amortized CostGainsLossesFair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$5,556 $85 $(1)$5,640 $5,640 $1 $— $6,970 $8 $(123)$6,855 
Government and agency––U.S.
2,290 — — 2,290 2,290 — — 2,853 — — 2,853 
Corporate and other1,593 2 — 1,595 1,595 — — 1,179 — (6)1,173 
Held-to-maturity debt securities
Time deposits and other
832 — — 832 789 9 34 697 — — 697 
Government and agency––non-U.S.
5 — — 5 — 5 — 237 — — 237 
Total debt securities$10,276 $87 $(1)$10,362 $10,314 $14 $34 $11,935 $8 $(129)$11,814 
Contractual Maturities of Available-for-sale and Held-to-maturity Debt Securities
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
June 29, 2025December 31, 2024
Gross Unrealized
 Maturities (in Years)
Gross Unrealized
(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1
to 5		Over 5Amortized CostGainsLossesFair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$5,556 $85 $(1)$5,640 $5,640 $1 $— $6,970 $8 $(123)$6,855 
Government and agency––U.S.
2,290 — — 2,290 2,290 — — 2,853 — — 2,853 
Corporate and other1,593 2 — 1,595 1,595 — — 1,179 — (6)1,173 
Held-to-maturity debt securities
Time deposits and other
832 — — 832 789 9 34 697 — — 697 
Government and agency––non-U.S.
5 — — 5 — 5 — 237 — — 237 
Total debt securities$10,276 $87 $(1)$10,362 $10,314 $14 $34 $11,935 $8 $(129)$11,814 
Schedule of Gains and Losses on Investment Securities
The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date:
Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Net (gains)/losses recognized during the period on equity securities(a)
$(75)$342 $295 $317 
Less: Net (gains)/losses recognized during the period on equity securities sold during the period(10)(2)(934)(216)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date(b)
$(65)$344 $1,230 $533 
(a)Reported in Other (income)/deductions––net. See Note 4.
(b)Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of June 29, 2025, there were cumulative impairments and downward adjustments of $435 million and upward adjustments of $239 million. Impairments, downward and upward adjustments were not material to our operations in the second quarters and first six months of 2025 and 2024.
Schedule of Short-term Borrowings
Short-term borrowings include:
(MILLIONS) June 29,
2025		 December 31, 2024
Commercial paper, principal amount
$— $2,453 
Current portion of long-term debt, principal amount4,250 3,750 
Other short-term borrowings, principal amount(a)
50 755 
Total short-term borrowings, principal amount
4,300 6,957 
Net unamortized discounts, premiums and debt issuance costs(4)(12)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted
$4,295 $6,946 
(a)Primarily includes cash collateral. See Note 7F.
Schedule of Senior Unsecured Notes Issued, Principal Amounts of Senior Unsecured Long-Term Debt and Adjustments
In May 2025, we issued in Euro, through our wholly-owned finance subsidiary, PNIF, the following senior unsecured notes for general corporate purposes(a), (b) :
(MILLIONS)Principal
Coupon RateMaturity DateJune 29,
2025
2.875%May 19, 2029€750 
3.250%May 19, 20321,000 
3.875%May 19, 2037750 
4.250%May 19, 2045800 
Total long-term debt issued in the second quarter of 2025(c)
€3,300 
(a)The notes are fully and unconditionally guaranteed on a senior unsecured basis by Pfizer Inc. PNIF has no assets or operations and will have no assets or operations, other than as related to the issuance, administration and repayment of the notes and any other debt securities that it may issue in the future.
(b)The notes may be redeemed by us at any time, in whole, or in part, at a make-whole redemption price plus accrued and unpaid interest.
(c)The weighted average effective interest rate for the notes at issuance was 3.605%.
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:
(MILLIONS)June 29,
2025		 December 31, 2024
Total long-term debt, principal amount$57,098 $57,147 
Net fair value adjustments related to hedging and purchase accounting872 701 
Net unamortized discounts, premiums and debt issuance costs(468)(444)
Total long-term debt, carried at historical proceeds, as adjusted$57,502 $57,405 
Schedule of Derivative Instruments
The following summarizes the fair value of the derivative financial instruments and notional amounts:
June 29, 2025December 31, 2024
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$24,681 $184 $1,438 $23,991 $1,250 $719 
Interest rate contracts6,750 59 246 6,750 13 425 
243 1,684 1,263 1,144 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$21,634 124 227 $26,335 253 221 
Total$367 $1,911 $1,516 $1,366 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of June 29, 2025 and $5.0 billion as of December 31, 2024.
Schedule of Derivative Assets
The following summarizes the fair value of the derivative financial instruments and notional amounts:
June 29, 2025December 31, 2024
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$24,681 $184 $1,438 $23,991 $1,250 $719 
Interest rate contracts6,750 59 246 6,750 13 425 
243 1,684 1,263 1,144 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$21,634 124 227 $26,335 253 221 
Total$367 $1,911 $1,516 $1,366 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of June 29, 2025 and $5.0 billion as of December 31, 2024.
Schedule of Derivative Liabilities
The following summarizes the fair value of the derivative financial instruments and notional amounts:
June 29, 2025December 31, 2024
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$24,681 $184 $1,438 $23,991 $1,250 $719 
Interest rate contracts6,750 59 246 6,750 13 425 
243 1,684 1,263 1,144 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$21,634 124 227 $26,335 253 221 
Total$367 $1,911 $1,516 $1,366 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of June 29, 2025 and $5.0 billion as of December 31, 2024.
Information about Gains/(Losses) Incurred to Hedge or Offset Operational Foreign Exchange or Interest Rate Risk
The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures:
 
Gains/(Losses)
Recognized in OID(a)
Gains/(Losses)
Recognized in OCI(a)
Gains/(Losses)
Reclassified from
OCI into OID and COS(a)
Three Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Derivative Financial Instruments in Cash Flow Hedge Relationships:
Interest rate contracts
$— $— $— $— $(1)$— 
Foreign exchange contracts(b)
— — (289)117 92 137 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 17 10 16 10 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts
72 (36)— — — — 
Hedged item
(73)36 — — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:      
Foreign exchange contracts
— — (924)81 — — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 74 31 52 40 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
      
Foreign currency long-term debt— — (70)8 — — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts
118 (13)— — — — 
 $118 $(13)$(1,193)$247 $158 $187 
Gains/(Losses)
Recognized in OID(a)
Gains/(Losses)
Recognized in OCI(a)
Gains/(Losses)
Reclassified from
OCI into OID and COS(a)
Six Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Derivative Financial Instruments in Cash Flow Hedge Relationships:      
Interest rate contracts$— $— $— $— $— $— 
Foreign exchange contracts(b)
— — (427)327 387 142 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 32 17 32 17 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts
215 (224)— — — — 
Hedged item
(215)224 — — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:
Foreign exchange contracts
— — (1,361)315 — — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 148 52 93 76 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
Foreign currency long-term debt— — (101)26 — — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts
88 42 — — — — 
$88 $42 $(1,709)$737 $512 $235 
(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 gain of $30 million in the second quarter of 2025;
•a net gain of $93 million in the first six months of 2025;
•a net gain of $38 million in the second quarter of 2024; and
•a net gain of $70 million in the first six 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 $230 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 18 years and relates to foreign currency debt.
(c)    The amounts reclassified from OCI were reclassified into OID.
(d) Long-term debt includes foreign currency borrowings, which are used in net investment hedges; the related carrying values as of June 29, 2025 and December 31, 2024 were $878 million and $777 million, respectively.
Schedule of Total Amount of Each Income and Expense Line in which Results of Fair Value Hedges are Recorded
The following summarizes cumulative basis adjustments to our long-term debt in fair value hedges:
June 29, 2025December 31, 2024
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount		Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to
Carrying Amount
(MILLIONS)
Carrying Amount of Hedged Assets/Liabilities(a)
Active Hedging RelationshipsDiscontinued Hedging Relationships
Carrying Amount of Hedged Assets/Liabilities(a)
Active Hedging RelationshipsDiscontinued Hedging Relationships
Long-term debt$7,133 $(169)$856 $7,154 $(384)$891 
(a)Carrying amounts exclude the cumulative amount of fair value hedging adjustments.
v3.25.2
Other Financial Information (Tables)
 6 Months Ended
Jun. 29, 2025
Other Financial Information [Abstract]  
Schedule of Components of Inventories, Current
The following summarizes the components of Inventories:
(MILLIONS)June 29,
2025		December 31, 2024
Finished goods$4,126 $3,775 
Work-in-process6,514 6,101 
Raw materials and supplies1,029 976 
Inventories
$11,669 $10,851 
Noncurrent inventories not included above(a)
$2,360 $2,663 
(a)Included in Other noncurrent assets. Based on our current estimates and assumptions, there are no recoverability issues for these amounts.
Schedule of Components of Inventories, Noncurrent
The following summarizes the components of Inventories:
(MILLIONS)June 29,
2025		December 31, 2024
Finished goods$4,126 $3,775 
Work-in-process6,514 6,101 
Raw materials and supplies1,029 976 
Inventories
$11,669 $10,851 
Noncurrent inventories not included above(a)
$2,360 $2,663 
(a)Included in Other noncurrent assets. Based on our current estimates and assumptions, there are no recoverability issues for these amounts.
v3.25.2
Identifiable Intangible Assets, Net and Goodwill (Tables)
 6 Months Ended
Jun. 29, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
The following summarizes the components of Identifiable intangible assets:
June 29, 2025December 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)
$100,537 $(67,907)$32,629 $99,397 $(65,044)$34,353 
Brands
1,274 (1,012)262 1,277 (992)285 
Licensing agreements and other2,740 (1,603)1,137 2,724 (1,513)1,210 
104,551 (70,522)34,028 103,397 (67,549)35,848 
Indefinite-lived intangible assets
IPR&D(a)
18,213 18,213 18,893 18,893 
Licensing agreements and other(b)
461 461 670 670 
18,674 18,674 19,563 19,563 
Identifiable intangible assets(c)
$123,224 $(70,522)$52,702 $122,961 $(67,549)$55,411 
(a)The changes in the gross carrying amounts primarily reflect the transfer of $590 million from IPR&D to developed technology rights for talazoparib (Talzenna), as well as the impact of foreign exchange.
(b)The decrease in the gross carrying amount reflects an impairment of $210 million (see Note 4).
(c)The decrease is primarily due to amortization expense of $2.4 billion.
Schedule of Indefinite Lived Intangible Assets
The following summarizes the components of Identifiable intangible assets:
June 29, 2025December 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)
$100,537 $(67,907)$32,629 $99,397 $(65,044)$34,353 
Brands
1,274 (1,012)262 1,277 (992)285 
Licensing agreements and other2,740 (1,603)1,137 2,724 (1,513)1,210 
104,551 (70,522)34,028 103,397 (67,549)35,848 
Indefinite-lived intangible assets
IPR&D(a)
18,213 18,213 18,893 18,893 
Licensing agreements and other(b)
461 461 670 670 
18,674 18,674 19,563 19,563 
Identifiable intangible assets(c)
$123,224 $(70,522)$52,702 $122,961 $(67,549)$55,411 
(a)The changes in the gross carrying amounts primarily reflect the transfer of $590 million from IPR&D to developed technology rights for talazoparib (Talzenna), as well as the impact of foreign exchange.
(b)The decrease in the gross carrying amount reflects an impairment of $210 million (see Note 4).
(c)The decrease is primarily due to amortization expense of $2.4 billion.
v3.25.2
Pension and Postretirement Benefit Plans (Tables)
 6 Months Ended
Jun. 29, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
The following summarizes the components of net periodic benefit cost/(credit):
 Pension Plans
 U.S.InternationalPostretirement
Plans
Three Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Service cost$— $— $26 $23 $4 $4 
Interest cost133 139 72 77 6 6 
Expected return on plan assets(184)(208)(81)(80)(14)(13)
Amortization of prior service cost/(credit)— — 1 1 (25)(29)
Curtailments— — — — (9)— 
Special termination benefits— — — 2 — — 
Net periodic benefit cost/(credit) reported in income$(51)$(69)$18 $23 $(38)$(33)
 Pension Plans
 U.S.InternationalPostretirement
Plans
Six Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Service cost$— $— $50 $44 $8 $7 
Interest cost265 277 143 155 13 12 
Expected return on plan assets(368)(416)(161)(160)(28)(25)
Amortization of prior service cost/(credit)— 1 2 2 (57)(59)
Curtailments— — (9)(2)(59)— 
Special termination benefits— — — 6 — — 
Net periodic benefit cost/(credit) reported in income$(102)$(139)$26 $46 $(123)$(65)
v3.25.2
Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders (Tables)
 6 Months Ended
Jun. 29, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
The following presents the detailed calculation of EPS:
 Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
EPS Numerator
Income from continuing operations attributable to Pfizer Inc. common shareholders$2,885 $24 $5,852 $3,144 
Discontinued operations––net of tax25 17 25 12 
Net income attributable to Pfizer Inc. common shareholders$2,910 $41 $5,877 $3,156 
EPS Denominator
    
Weighted-average number of common shares outstanding––Basic5,685 5,666 5,680 5,662 
Common-share equivalents21 29 28 35 
Weighted-average number of common shares outstanding––Diluted5,706 5,696 5,708 5,696 
Anti-dilutive common stock equivalents(a)
8 23 12 24 
(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.
v3.25.2
Segment, Geographic and Other Revenue Information (Tables)
 6 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment
The following provides selected information by reportable segment:
Three Months Ended
 
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Reportable Segment:
Biopharma(c)
$14,305 $12,991 $6,929 $5,897 $339 $330 
Other business activities(d)
348 292 (1,799)(1,985)73 91 
Reconciling Items:
Amortization of intangible assets(1,211)(1,307)1,211 1,307 
Acquisition-related items(338)(617)(2)1 
Certain significant items(e)
(537)(2,091)3 1 
$14,653 $13,283 $3,044 $(103)$1,625 $1,730 

Six Months Ended
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Reportable Segment:
Biopharma(c)
$27,746 $27,595 $14,033 $13,519 $671 $667 
Other business activities(d)
622 567 (3,220)(3,992)147 177 
Reconciling Items:
Amortization of intangible assets(2,421)(2,615)2,421 2,615 
Acquisition-related items(620)(1,125)(3)2 
Certain significant items(e)
(1,944)(2,469)7 5 
$28,367 $28,162 $5,828 $3,318 $3,243 $3,467 
(a)Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss).
(b)Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
(c)Biopharma’s earnings in the first six months of 2025 reflect a credit to Cost of sales representing a favorable revision of our estimate of accrued royalties. Biopharma’s revenues and earnings in the first six 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 $73 million in the second quarter of 2025 and $74 million in the second quarter of 2024, and $111 million in the first six months of 2025 and $135 million in the first six 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.
(e)Earnings in the first six months of 2025 include, among other items, restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $670 million (primarily recorded in Restructuring charges and certain acquisition-related costs) and charges for certain legal matters of $564 million recorded in Other (income)/deductions––net. Earnings in the second quarter and the first six months of 2024 included, among other items, restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $1.2 billion (primarily recorded in Restructuring charges and certain acquisition-related costs). See Notes 3 and 4.
The following provides Biopharma reportable segment information regularly provided to the CODM:
Three Months Ended
Six Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Biopharma reportable segment:
Biopharma total revenues$14,305 $12,991 $27,746 $27,595 
Less:
Cost of sales3,075 2,411 5,389 5,054 
Selling, informational and administrative expenses2,305 2,473 4,455 4,808 
Research and development expenses2,109 2,293 4,050 4,445 
Acquired in-process research and development expenses2 7 11 7 
Other (income)/deductions––net(115)(90)(193)(237)
Biopharma earnings$6,929 $5,897 $14,033 $13,519 
Schedule of Revenues by Geographic Region
The following summarizes revenues by geographic area:
 Three Months EndedSix Months Ended
(MILLIONS)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
United States$8,894 $7,892 $17,268 $17,406 
International:
Developed Markets
3,393 3,164 6,571 6,362 
Emerging Markets2,366 2,227 4,529 4,394 
Total revenues
$14,653 $13,283 $28,367 $28,162 
Schedule of Significant Product Revenues
The following provides detailed revenue information for several of our major products:
(MILLIONS)Three Months EndedSix Months Ended
PRODUCTPRIMARY INDICATION OR CLASSJune 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
TOTAL REVENUES$14,653 $13,283 $28,367 $28,162 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)
$14,305 $12,991 $27,746 $27,595 
Primary Care$5,540 $4,952 $11,236 $12,163 
Eliquis(a)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism2,003 1,877 3,926 3,917 
Prevnar family
Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae
1,383 1,359 3,043 3,050 
ComirnatyActive immunization to prevent COVID-19 381 195 945 548 
Paxlovid(b)
COVID-19 in certain high-risk patients427 251 918 2,286 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine359 356 607 533 
Abrysvo
Active immunization to prevent RSV infection
143 56 274 201 
FSME-IMMUN/TicoVacActive immunization to prevent tick-borne encephalitis disease109 100 172 165 
All other Primary CareVarious736 759 1,350 1,463 
Specialty Care$4,378 $4,083 $8,364 $7,926 
Vyndaqel familyATTR-CM and polyneuropathy1,615 1,323 3,101 2,460 
XeljanzRA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis322 303 450 497 
Sulperazon (Outside the U.S. and Canada)
Bacterial infections166 144 330 311 
Zavicefta (Outside the U.S. and Canada)
Bacterial infections163 150 299 275 
Enbrel (Outside the U.S. and Canada)RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis154 179 294 338 
InflectraCrohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis139 97 291 255 
ZithromaxBacterial infections56 74 213 274 
Genotropin
Replacement of human growth hormone106 119 201 239 
Cresemba
Invasive aspergillosis and mucormycosis
111 71 184 146 
CibinqoAtopic dermatitis69 47 127 89 
All other Hospital
Various
1,087 1,146 2,170 2,221 
All other Specialty CareVarious390 429 705 821 
Oncology$4,387 $3,956 $8,145 $7,505 
IbranceHR-positive/HER2-negative metastatic breast cancer1,049 1,130 2,026 2,184 
Xtandi(c)
mCRPC, nmCRPC, mCSPC, nmCSPC566 495 1,023 913 
Padcev
Locally advanced or metastatic urothelial cancer542 394 967 735 
Oncology biosimilars(d)
Various
353 279 617 543 
LorbrenaALK-positive metastatic NSCLC251 169 473 332 
Adcetris(e)
Certain lymphomas including classical hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma
255 279 472 536 
Inlyta
Advanced renal cell carcinoma
243 252 462 489 
Braftovi/Mektovi
Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi for the treatment of BRAFV600E-mutant mCRC, in combination with Erbitux® (cetuximab)(f) (after prior therapy) or cetuximab and mFOLFOX6
182 148 317 264 
(MILLIONS)Three Months EndedSix Months Ended
PRODUCTPRIMARY INDICATION OR CLASSJune 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia149 167 300 313 
Tukysa
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer132 121 234 227 
Aromasin
Post-menopausal early and advanced breast cancer
111 87 219 170 
Elrexfio
Relapsed or refractory multiple myeloma
85 22 145 35 
Talzenna
Treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer; and, in combination with Xtandi (enzalutamide), of adult patients with HRR gene-mutated mCRPC
46 32 86 55 
Tivdak
Recurrent or mCC
46 33 79 60 
All other Oncology
Various380 347 725 648 
PFIZER CENTREONE(g)
$328 $278 $585 $535 
PFIZER IGNITE
$20 $15 $37 $32 
BIOPHARMA
$14,305 $12,991 $27,746 $27,595 
PFIZER U.S. COMMERCIAL DIVISION(h)
8,793 7,828 17,078 17,254 
PFIZER INTERNATIONAL COMMERCIAL DIVISION
5,512 5,163 10,668 10,341 
Total Alliance revenues included above$2,273 $2,067 $4,386 $4,240 
Total Royalty revenues included above
$426 $345 $734 $608 
(a)Reflects alliance revenues and product revenues.
(b)The amount for the first six months of 2024 included a $771 million favorable final adjustment to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, reflecting 5.1 million EUA-labeled treatment courses returned by the U.S. government through February 29, 2024 versus the estimated 6.5 million treatment courses that were expected to be returned as of December 31, 2023.
(c)Primarily reflects alliance revenues and royalty revenues.
(d)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Ruxience, Retacrit, Zirabev, Trazimera and Nivestym.
(e)Reflects product revenues and royalty revenues.
(f)Erbitux® is a registered trademark of ImClone LLC.
(g)PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships.
(h)Refer to Note 13A above.
v3.25.2
Basis of Presentation and Significant Accounting Policies - Narrative (Details)
 6 Months Ended
Jun. 29, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 3
Number of reportable segments 1
v3.25.2
Basis of Presentation and Significant Accounting Policies - Schedule of Balance Sheet Classification of Accruals (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Schedule Of Accrued Liabilities [Line Items]    
Total accrued rebates and other sales-related accruals $ 11,667 $ 10,822
Trade accounts receivable, less allowance for doubtful accounts [Member]    
Schedule Of Accrued Liabilities [Line Items]    
Total accrued rebates and other sales-related accruals 1,589 1,627
Other current liabilities [Member]    
Schedule Of Accrued Liabilities [Line Items]    
Accrued rebates 8,692 7,195
Other accruals 644 972
Other noncurrent liabilities [Member]    
Schedule Of Accrued Liabilities [Line Items]    
Total accrued rebates and other sales-related accruals $ 742 $ 1,029
v3.25.2
Research and Development Arrangement - Narrative (Details) - Blackstone [Member] - USD ($)
$ in Millions
 1 Months Ended
Mar. 30, 2025
Jun. 29, 2025
Research and Development Arrangement, Contract to Perform for Others [Line Items]    
Research and development arrangement, maximum funding amount $ 326  
Clinical Trial Agreement Terms [Member]    
Research and Development Arrangement, Contract to Perform for Others [Line Items]    
Maximum potential cash payments 277  
Approval Based Payment Period [Member] | Minimum [Member]    
Research and Development Arrangement, Contract to Perform for Others [Line Items]    
Payment period (in years)   1 year
Approval Based Payment Period [Member] | Maximum [Member]    
Research and Development Arrangement, Contract to Perform for Others [Line Items]    
Payment period (in years)   3 years
Net Sales and Royalty Agreement Terms [Member]    
Research and Development Arrangement, Contract to Perform for Others [Line Items]    
Maximum potential cash payments $ 897  
Net Sales and Royalty Agreement Terms [Member] | Minimum [Member]    
Research and Development Arrangement, Contract to Perform for Others [Line Items]    
Payment period (in years)   5 years
Net Sales and Royalty Agreement Terms [Member] | Maximum [Member]    
Research and Development Arrangement, Contract to Perform for Others [Line Items]    
Payment period (in years)   7 years
v3.25.2
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 21 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Restructuring Cost and Reserve [Line Items]          
Restructuring charges [1] $ (74) $ 1,104 $ 547 $ 1,114  
Productivity and Operational Efficiencies [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     94    
Biopharma [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges (406) 1,100 211 1,100  
Realigning Our Cost Base Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost 5,300   5,300   $ 5,300
Restructuring cost incurred to date 3,500   3,500   3,500
Realigning Our Cost Base Program [Member] | Biopharma [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost 3,700   3,700   3,700
Restructuring cost incurred to date 2,700   2,700   2,700
Restructuring charges (25) (113) 562 (199) 2,500
Realigning Our Cost Base Program - Initial Phase [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost 3,100   3,100   3,100
Realigning Our Cost Base Program - Initial Phase [Member] | Biopharma [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost 2,400   2,400   2,400
Realigning Our Cost Base Program - Selling, Informational and Administrative Initiative [Member] | Productivity and Operational Efficiencies [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost 1,600   1,600   1,600
Realigning Our Cost Base Program - Selling, Informational and Administrative Initiative [Member] | Biopharma [Member] | Productivity and Operational Efficiencies [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost 700   700   700
Realigning Our Cost Base Program - Research and Development [Member] | Biopharma [Member] | Productivity and Operational Efficiencies [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost 600   600   600
Manufacturing Optimization Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring cost incurred to date 850   850   850
Manufacturing Optimization Program [Member] | Biopharma [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges (408) $ 1,300 (412) $ 1,300  
Manufacturing Optimization Program - Phase One [Member] | Biopharma [Member]          
Restructuring Cost and Reserve [Line Items]          
Expected restructuring cost $ 1,400   $ 1,400   $ 1,400
[1] Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) credits of $406 million for the three months ended June 29, 2025 (including credits of $408 million for our Manufacturing Optimization Program and $25 million for our Realigning our Cost Base Program), (ii) charges of $211 million for the six months ended June 29, 2025 (including charges of $562 million for our Realigning our Cost Base Program and credits of $412 million for our Manufacturing Optimization Program) and (iii) charges of $1.1 billion for both the three and six months ended June 30, 2024 (including charges of $1.3 billion for our Manufacturing Optimization Program for both periods presented and credits of $113 million for the three months and $199 million for the six months ended June 30, 2024 for our Realigning our Cost Base Program). For all periods presented, Employee terminations include revisions of estimates of previously recorded accruals for severance benefits, driven in large part by higher-than-expected voluntary attrition.
v3.25.2
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Schedule of Acquisitions and Cost-Reduction/Productivity Initiatives (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 21 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Restructuring charges/(credits):          
Employee terminations $ (148) $ 1,014 $ 236 $ 984  
Asset impairments 44 41 217 66  
Exit costs 30 49 94 63  
Restructuring charges/(credits) [1] (74) 1,104 547 1,114  
Transaction costs [2] 0 0 0 5  
Integration costs and other [3] 56 150 113 237  
Restructuring charges and certain acquisition-related costs (18) 1,254 660 1,356  
Additional depreciation––asset restructuring [4] 4 4 7 8  
Implementation costs [5] 78 105 128 163  
Total costs associated with acquisitions and cost-reduction/productivity initiatives 54 1,364 727 1,532  
Biopharma [Member]          
Restructuring charges/(credits):          
Restructuring charges/(credits) (406) 1,100 211 1,100  
Biopharma [Member] | Manufacturing Optimization Program [Member]          
Restructuring charges/(credits):          
Restructuring charges/(credits) (408) 1,300 (412) 1,300  
Biopharma [Member] | Realigning Our Cost Base Program [Member]          
Restructuring charges/(credits):          
Restructuring charges/(credits) (25) (113) 562 (199) $ 2,500
Other (income)/deductions––net [Member]          
Restructuring charges/(credits):          
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net (9) 2 (68) 5  
Cost of sales [Member]          
Restructuring charges/(credits):          
Additional depreciation––asset restructuring [4] 3 1 7 5  
Implementation costs [5] 26 49 46 65  
Selling, informational and administrative expenses [Member]          
Restructuring charges/(credits):          
Additional depreciation––asset restructuring [4] 0 3 0 3  
Implementation costs [5] 14 36 20 65  
Research and development expense [Member]          
Restructuring charges/(credits):          
Implementation costs [5] $ 39 $ 20 $ 62 $ 33  
[1] Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) credits of $406 million for the three months ended June 29, 2025 (including credits of $408 million for our Manufacturing Optimization Program and $25 million for our Realigning our Cost Base Program), (ii) charges of $211 million for the six months ended June 29, 2025 (including charges of $562 million for our Realigning our Cost Base Program and credits of $412 million for our Manufacturing Optimization Program) and (iii) charges of $1.1 billion for both the three and six months ended June 30, 2024 (including charges of $1.3 billion for our Manufacturing Optimization Program for both periods presented and credits of $113 million for the three months and $199 million for the six months ended June 30, 2024 for our Realigning our Cost Base Program). For all periods presented, Employee terminations include revisions of estimates of previously recorded accruals for severance benefits, driven in large part by higher-than-expected voluntary attrition.
[2] Represents external costs for banking, legal, accounting and other similar services.
[3] Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs.
[4] Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions.
[5] Represents incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.
v3.25.2
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Schedule of Components and Changes in Restructuring Accruals (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Restructuring Reserve [Roll Forward]        
Balance, beginning [1]     $ 2,120  
Provision [2] $ (74) $ 1,104 547 $ 1,114
Utilization and other [3]     (681)  
Balance, ending [4] 1,986   1,986  
Other Current Liabilities [Member]        
Restructuring Reserve [Roll Forward]        
Balance, beginning     1,700  
Balance, ending 1,300   1,300  
Other Noncurrent Liabilities [Member]        
Restructuring Reserve [Roll Forward]        
Balance, beginning     437  
Balance, ending 685   685  
Employee Termination Costs [Member]        
Restructuring Reserve [Roll Forward]        
Balance, beginning [1]     2,046  
Provision     236  
Utilization and other [3]     (494)  
Balance, ending [4] 1,788   1,788  
Asset Impairment Charges [Member]        
Restructuring Reserve [Roll Forward]        
Balance, beginning [1]     0  
Provision     217  
Utilization and other [3]     (217)  
Balance, ending [4] 0   0  
Exit Costs [Member]        
Restructuring Reserve [Roll Forward]        
Balance, beginning [1]     74  
Provision     94  
Utilization and other [3]     30  
Balance, ending [4] $ 198   $ 198  
[1] Included in Other current liabilities ($1.7 billion) and Other noncurrent liabilities ($437 million).
[2] Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) credits of $406 million for the three months ended June 29, 2025 (including credits of $408 million for our Manufacturing Optimization Program and $25 million for our Realigning our Cost Base Program), (ii) charges of $211 million for the six months ended June 29, 2025 (including charges of $562 million for our Realigning our Cost Base Program and credits of $412 million for our Manufacturing Optimization Program) and (iii) charges of $1.1 billion for both the three and six months ended June 30, 2024 (including charges of $1.3 billion for our Manufacturing Optimization Program for both periods presented and credits of $113 million for the three months and $199 million for the six months ended June 30, 2024 for our Realigning our Cost Base Program). For all periods presented, Employee terminations include revisions of estimates of previously recorded accruals for severance benefits, driven in large part by higher-than-expected voluntary attrition.
[3] Other activity includes adjustments for foreign currency translation that are not material to our condensed consolidated financial statements.
[4] Included in Other current liabilities ($1.3 billion) and Other noncurrent liabilities ($685 million).
v3.25.2
Other (Income)/Deductions—Net - Schedule of Other (Income)/Deductions—Net (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
Interest income $ (156) $ (130) $ (299) $ (259)
Interest expense 654 778 1,308 1,568
Net interest expense [1] 498 648 1,009 1,310
Net (gains) losses recognized during the period on equity securities [2] (75) 342 295 [3] 317 [3]
Net periodic benefit costs/(credits) other than service costs (101) (106) (260) (209)
Certain legal matters, net [4] 422 169 564 377
Certain asset impairments [5] 93 240 317 349
Haleon equity method (income)/loss 0 (40) 0 48
Other, net [6] (97) (146) (233) (404)
Other (income)/deductions––net $ 739 $ 1,107 $ 1,692 $ 1,787
[1] The decrease in net interest expense in the second quarter and first six 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 higher total average investment asset balance compared to 2024.
[2] Reported in Other (income)/deductions––net. See Note 4.
[3] The net losses in the first six months of 2025 include, among other things, a net loss of $144 million related to our 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.
[4] The amounts for the second quarter and first six months of 2025 primarily include certain product liability and other legal expenses. The amounts for the second quarter and first six months of 2024 primarily included certain product liability expenses related to products discontinued and/or divested by Pfizer.
[5] The first six months of 2025 primarily includes an intangible asset impairment charge associated with our Biopharma segment of $210 million for KRAS G12D, a Phase 2 indefinite-lived out-licensed asset that was discontinued by our out-licensing partner. The amounts for the second quarter and first six 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.
[6] The first six months of 2025 primarily include dividend income of $111 million from our investment in ViiV. The first six months of 2024 included, among other things, a $150 million realized gain on the partial sale of our investment in Haleon and dividend income of $135 million from our investment in ViiV.
v3.25.2
Other (Income)/Deductions—Net - Footnotes (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Loss Contingencies [Line Items]        
Net (gains) losses recognized during the period on equity securities [1] $ (75) $ 342 $ 295 [2] $ 317 [2]
Net unrealized losses [3] (65) 344 1,230 533
Intangible asset impairment charge     317  
ViiV [Member]        
Loss Contingencies [Line Items]        
Dividend income       135
License [Member] | Biopharma [Member]        
Loss Contingencies [Line Items]        
Intangible asset impairment charge     210  
IPR&D [Member]        
Loss Contingencies [Line Items]        
Intangible asset impairment charge [4],[5]     93  
IPR&D [Member] | Biopharma [Member]        
Loss Contingencies [Line Items]        
Intangible asset impairment charge   240   240
Haleon [Member]        
Loss Contingencies [Line Items]        
Net (gains) losses recognized during the period on equity securities     144  
Net unrealized losses     1,000  
Gain on sale of equity method investment     900 150
ViiV [Member]        
Loss Contingencies [Line Items]        
Dividend income   $ 74 $ 111 $ 135
ViiV [Member] | Biopharma [Member]        
Loss Contingencies [Line Items]        
Dividend income $ 73      
[1] Reported in Other (income)/deductions––net. See Note 4.
[2] The net losses in the first six months of 2025 include, among other things, a net loss of $144 million related to our 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.
[3] Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of June 29, 2025, there were cumulative impairments and downward adjustments of $435 million and upward adjustments of $239 million. Impairments, downward and upward adjustments were not material to our operations in the second quarters and first six months of 2025 and 2024.
[4] 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.
[5] See Note 9.
v3.25.2
Other (Income)/Deductions—Net - Schedule of Impaired Intangible Assets (Details)
$ in Millions
 6 Months Ended
Jun. 29, 2025
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Total $ 590 [1]
Impairment 317
Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Developed technology rights 0 [1],[2]
Impairment 14 [2]
Indefinite-lived licensing agreement [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived 0 [1],[2]
Impairment 210 [2]
IPR&D [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived 590 [1],[2],[3]
Impairment 93 [2],[3]
Level 1 [Member]  
Finite-Lived Intangible Assets [Line Items]  
Total 0 [1]
Level 1 [Member] | Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Developed technology rights 0 [1],[2]
Level 1 [Member] | Indefinite-lived licensing agreement [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived 0 [1],[2]
Level 1 [Member] | IPR&D [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived 0 [1],[2],[3]
Level 2 [Member]  
Finite-Lived Intangible Assets [Line Items]  
Total 0 [1]
Level 2 [Member] | Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Developed technology rights 0 [1],[2]
Level 2 [Member] | Indefinite-lived licensing agreement [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived 0 [1],[2]
Level 2 [Member] | IPR&D [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived 0 [1],[2],[3]
Level 3 [Member]  
Finite-Lived Intangible Assets [Line Items]  
Total 590 [1]
Level 3 [Member] | Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Developed technology rights 0 [1],[2]
Level 3 [Member] | Indefinite-lived licensing agreement [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived 0 [1],[2]
Level 3 [Member] | IPR&D [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived $ 590 [1],[2],[3]
[1] 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.
[2] 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.
[3] See Note 9.
v3.25.2
Tax Matters - Narrative (Detail) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective tax rate for income from continuing operations 4.60% 130.20% (0.80%) 4.80%
Repatriation tax liability $ 15   $ 15  
v3.25.2
Tax Matters - Schedule of Tax Provision/(Benefit) on Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Foreign currency translation adjustments, net [1] $ (269) $ 18 $ (372) $ 42
Unrealized holding gains/(losses) on derivative financial instruments, net (48) 26 (82) 70
Reclassification adjustments for (gains)/losses included in net income (32) (23) (87) (26)
Derivatives qualifying as hedges, tax, total (80) 3 (169) 44
Unrealized holding gains/(losses) on available-for-sale securities, net 21 (3) 17 (9)
Reclassification adjustments for (gains)/losses included in net income (10) 12 9 11
Available-for-sale securities, tax, total 10 9 26 1
Reclassification adjustments related to amortization of prior service costs and other, net (6) (9) (13) (13)
Reclassification adjustments related to curtailments of prior service costs and other, net (1) 1 (10) 1
Pension and other postretirement benefit plans, net prior service cost (credit), tax (7) (7) (23) (12)
Tax provision/(benefit) on other comprehensive income/(loss) $ (347) $ 22 $ (538) $ 76
[1] Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that are expected to be held indefinitely.
v3.25.2
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 90,637 $ 92,558 $ 88,497 $ 89,288
Other comprehensive income/(loss), net of tax 143 (67) (598) 131
Ending balance 89,012 87,975 89,012 87,975
Accumulated Other Comprehensive Income (Loss) [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (8,581) (7,758) (7,842) (7,961)
Other comprehensive income/(loss), net of tax 143 (58) (596) [1] 145
Ending balance (8,438) $ (7,816) (8,438) $ (7,816)
Foreign Currency Translation Adjustment [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance [2]     (7,984)  
Other comprehensive income/(loss), net of tax [1],[2]     (56)  
Ending balance [2] (8,040)   (8,040)  
Derivative Financial Instruments [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     57  
Other comprehensive income/(loss), net of tax [1]     (645)  
Ending balance (589)   (589)  
Available-For-Sale Securities [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (106)  
Other comprehensive income/(loss), net of tax [1]     181  
Ending balance 75   75  
Prior Service (Costs)/Credits and Other [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     191  
Other comprehensive income/(loss), net of tax [1]     (76)  
Ending balance $ 115   $ 115  
[1] Foreign currency translation adjustments include net gains/(losses) related to the impact of our net investment hedging program.
[2] Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests.
v3.25.2
Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 30, 2025
Jun. 29, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values   $ 1,687   $ 7,848
Total other noncurrent assets   9,455   9,817
Total assets   206,095   213,396
Total liabilities   1,911   1,366
Gain on partial sale of investment [1]   6,311 $ 3,491  
Haleon [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values       6,500
Gain on partial sale of investment $ 6,300      
Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Current derivative assets   281   1,056
Noncurrent derivative assets   86   460
Insurance contracts [2]   923   875
Total other noncurrent assets   1,009   1,335
Total assets   13,621   22,366
Current derivative liabilities   698   245
Noncurrent derivative liabilities   1,213   1,121
Total liabilities   1,911   1,366
Long-term equity securities held in trust   131   133
Recurring [Member] | Interest rate contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncurrent derivative assets   59   13
Current derivative liabilities   18   28
Noncurrent derivative liabilities   229   397
Recurring [Member] | Foreign exchange contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Current derivative assets   281   1,056
Noncurrent derivative assets   27   447
Current derivative liabilities   681   217
Noncurrent derivative liabilities   984   723
Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values [3]   1,687   7,848
Available-for-sale debt securities   9,525   10,881
Total short-term investments   11,212   18,729
Long-term Investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values [4]   1,118   1,246
Available-for-sale debt securities   1   0
Total long-term investments   1,119   1,246
Level 1 [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Current derivative assets   0   0
Noncurrent derivative assets   0   0
Insurance contracts [2]   0   0
Total other noncurrent assets   0   0
Total assets   1,118   7,701
Current derivative liabilities   0   0
Noncurrent derivative liabilities   0   0
Total liabilities   0   0
Level 1 [Member] | Recurring [Member] | Interest rate contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncurrent derivative assets   0   0
Current derivative liabilities   0   0
Noncurrent derivative liabilities   0   0
Level 1 [Member] | Recurring [Member] | Foreign exchange contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Current derivative assets   0   0
Noncurrent derivative assets   0   0
Current derivative liabilities   0   0
Noncurrent derivative liabilities   0   0
Level 1 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values [3]   0   6,456
Available-for-sale debt securities   0   0
Total short-term investments   0   6,456
Level 1 [Member] | Long-term Investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values [4]   1,118   1,246
Available-for-sale debt securities   0   0
Total long-term investments   1,118   1,246
Level 2 [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Current derivative assets   281   1,056
Noncurrent derivative assets   86   460
Insurance contracts [2]   923   875
Total other noncurrent assets   1,009   1,335
Total assets   12,503   14,665
Current derivative liabilities   698   245
Noncurrent derivative liabilities   1,213   1,121
Total liabilities   1,911   1,366
Level 2 [Member] | Recurring [Member] | Interest rate contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncurrent derivative assets   59   13
Current derivative liabilities   18   28
Noncurrent derivative liabilities   229   397
Level 2 [Member] | Recurring [Member] | Foreign exchange contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Current derivative assets   281   1,056
Noncurrent derivative assets   27   447
Current derivative liabilities   681   217
Noncurrent derivative liabilities   984   723
Level 2 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values [3]   1,687   1,392
Available-for-sale debt securities   9,525   10,881
Total short-term investments   11,212   12,273
Level 2 [Member] | Long-term Investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities with readily determinable fair values [4]   0   0
Available-for-sale debt securities   1   0
Total long-term investments   1   0
Government and agency—non-U.S. [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   5,640   6,855
Government and agency—non-U.S. [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   5,640   6,855
Government and agency—non-U.S. [Member] | Long-term Investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   1   0
Government and agency—non-U.S. [Member] | Level 1 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   0   0
Government and agency—non-U.S. [Member] | Level 1 [Member] | Long-term Investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   0   0
Government and agency—non-U.S. [Member] | Level 2 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   5,640   6,855
Government and agency—non-U.S. [Member] | Level 2 [Member] | Long-term Investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   1   0
Government and agency—U.S. [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   2,290   2,853
Government and agency—U.S. [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   2,290   2,853
Government and agency—U.S. [Member] | Level 1 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   0   0
Government and agency—U.S. [Member] | Level 2 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   2,290   2,853
Corporate and other [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   1,595   1,173
Corporate and other [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   1,595   1,173
Corporate and other [Member] | Level 1 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   0   0
Corporate and other [Member] | Level 2 [Member] | Short-term investments [Member] | Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities   $ 1,595   $ 1,173
[1] See Note 7A.
[2] 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).
[3] Includes money market funds primarily invested in U.S. Treasury and government debt. As of December 31, 2024, short-term equity securities included our 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.
[4] Long-term equity securities of $131 million as of June 29, 2025 and $133 million as of December 31, 2024 were held in restricted trusts for U.S. non-qualified employee benefit plans.
v3.25.2
Financial Instruments - Financial Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Billions
Jun. 29, 2025
Dec. 31, 2024
Carrying Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 58 $ 57
Estimated Fair Value [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 55 $ 54
v3.25.2
Financial Instruments - Investments by Classification Type (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Short-term investments    
Equity securities with readily determinable fair values $ 1,687 $ 7,848
Available-for-sale debt securities 9,525 10,881
Held-to-maturity debt securities 399 705
Total Short-term investments 11,611 19,434
Long-term investments    
Equity securities with readily determinable fair values 1,118 1,246
Available-for-sale debt securities 1 0
Held-to-maturity debt securities 48 45
Private equity securities at cost [1] 729 719
Total Long-term investments 1,896 2,010
Equity-method investments 224 217
Total long-term investments and equity-method investments 2,120 2,228
Held-to-maturity cash equivalents $ 390 $ 184
[1] Represent investments in the life sciences sector
v3.25.2
Financial Instruments - Schedule of Investment Securities (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Debt securities, amortized cost $ 10,276 $ 11,935
Debt securities, gross unrealized gains 87 8
Debt securities, gross unrealized losses (1) (129)
Debt securities, fair value 10,362 11,814
Debt securities maturities, within 1 year, fair value 10,314  
Debt securities maturities, over 1 to 5 years, fair value 14  
Debt securities maturities, over 5 years, fair value 34  
Time deposits and other [Member]    
Debt Securities, Held-to-maturity, Maturity [Abstract]    
Held-to-maturity securities, amortized cost 832 697
Held-to-maturity securities, gross unrealized gains 0 0
Held-to-maturity securities, gross unrealized losses 0 0
Held-to-maturity securities, fair value 832 697
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Held-to-maturity securities, debt maturities, within 1 year, fair value 789  
Held-to-maturity securities, debt maturities, over 1 to 5 years, fair value 9  
Held-to-maturity securities, debt maturities, over 5 years, fair value 34  
Government and agency—non-U.S. [Member]    
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]    
Available-for-sale debt securities, amortized cost 5,556 6,970
Available-for-sale debt securities, gross unrealized gains 85 8
Available-for-sale debt securities, gross unrealized losses (1) (123)
Available-for-sale debt securities, fair value 5,640 6,855
Available-for-sale Securities, Debt Maturities [Abstract]    
Available-for-sale securities, debt maturities, within 1 year, fair value 5,640  
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value 1  
Available-for-sale securities, debt maturities, over 5 years, fair value 0  
Debt Securities, Held-to-maturity, Maturity [Abstract]    
Held-to-maturity securities, amortized cost 5 237
Held-to-maturity securities, gross unrealized gains 0 0
Held-to-maturity securities, gross unrealized losses 0 0
Held-to-maturity securities, fair value 5 237
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Held-to-maturity securities, debt maturities, within 1 year, fair value 0  
Held-to-maturity securities, debt maturities, over 1 to 5 years, fair value 5  
Held-to-maturity securities, debt maturities, over 5 years, fair value 0  
Government and agency—U.S. [Member]    
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]    
Available-for-sale debt securities, amortized cost 2,290 2,853
Available-for-sale debt securities, gross unrealized gains 0 0
Available-for-sale debt securities, gross unrealized losses 0 0
Available-for-sale debt securities, fair value 2,290 2,853
Available-for-sale Securities, Debt Maturities [Abstract]    
Available-for-sale securities, debt maturities, within 1 year, fair value 2,290  
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value 0  
Available-for-sale securities, debt maturities, over 5 years, fair value 0  
Corporate and other [Member]    
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]    
Available-for-sale debt securities, amortized cost 1,593 1,179
Available-for-sale debt securities, gross unrealized gains 2 0
Available-for-sale debt securities, gross unrealized losses 0 (6)
Available-for-sale debt securities, fair value 1,595 $ 1,173
Available-for-sale Securities, Debt Maturities [Abstract]    
Available-for-sale securities, debt maturities, within 1 year, fair value 1,595  
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value 0  
Available-for-sale securities, debt maturities, over 5 years, fair value $ 0  
v3.25.2
Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Fair Value Disclosures [Abstract]        
Net (gains)/losses recognized during the period on equity securities [1] $ (75) $ 342 $ 295 [2] $ 317 [2]
Less: Net (gains)/losses recognized during the period on equity securities sold during the period (10) (2) (934) (216)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date [3] $ (65) $ 344 $ 1,230 $ 533
[1] Reported in Other (income)/deductions––net. See Note 4.
[2] The net losses in the first six months of 2025 include, among other things, a net loss of $144 million related to our 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.
[3] Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of June 29, 2025, there were cumulative impairments and downward adjustments of $435 million and upward adjustments of $239 million. Impairments, downward and upward adjustments were not material to our operations in the second quarters and first six months of 2025 and 2024.
v3.25.2
Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities - Footnotes (Details)
$ in Millions
Jun. 29, 2025
USD ($)
Fair Value Disclosures [Abstract]  
Cumulative impairment losses and downward price adjustments on equity securities $ 435
Cumulative upward price adjustments on equity securities $ 239
v3.25.2
Financial Instruments - Short-term Borrowings (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Commercial paper, principal amount $ 0 $ 2,453
Current portion of long-term debt, principal amount 4,250 3,750
Other short-term borrowings, principal amount [1] 50 755
Total short-term borrowings, principal amount 4,300 6,957
Net unamortized discounts, premiums and debt issuance costs (4) (12)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted $ 4,295 $ 6,946
[1] Primarily includes cash collateral. See Note 7F.
v3.25.2
Financial Instruments - Long-Term Debt, Issuance (Details) - EUR (€)
€ in Millions
Jun. 29, 2025
May 31, 2025
Debt Instrument [Line Items]    
Effective interest rate   3.605%
Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Face amount of debt issued [1],[2],[3] € 3,300  
Unsecured Debt [Member] | Senior Unsecured Notes, 2.875%, Due May 2029 [Member]    
Debt Instrument [Line Items]    
Stated interest rate [1],[2] 2.875%  
Face amount of debt issued [1],[2] € 750  
Unsecured Debt [Member] | Senior Unsecured Notes, 3.250%, Due May 2032 [Member]    
Debt Instrument [Line Items]    
Stated interest rate [1],[2] 3.25%  
Face amount of debt issued [1],[2] € 1,000  
Unsecured Debt [Member] | Senior Unsecured Notes, 3.875%, Due May 2037 [Member]    
Debt Instrument [Line Items]    
Stated interest rate [1],[2] 3.875%  
Face amount of debt issued [1],[2] € 750  
Unsecured Debt [Member] | Senior Unsecured Notes, 4.250%, Due May 2045 [Member]    
Debt Instrument [Line Items]    
Stated interest rate [1],[2] 4.25%  
Face amount of debt issued [1],[2] € 800  
[1] 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.
[2] 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.
[3] The weighted average effective interest rate for the notes at issuance was 3.605%
v3.25.2
Financial Instruments - Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Net unamortized discounts, premiums and debt issuance costs $ (4) $ (12)
Total long-term debt, carried at historical proceeds, as adjusted 57,502 57,405
Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Total long-term debt, principal amount 57,098 57,147
Net fair value adjustments related to hedging and purchase accounting 872 701
Net unamortized discounts, premiums and debt issuance costs (468) (444)
Total long-term debt, carried at historical proceeds, as adjusted $ 57,502 $ 57,405
v3.25.2
Financial Instruments - Derivative Narrative (Details)
 6 Months Ended
Jun. 29, 2025
Foreign exchange contracts [Member]  
Derivative [Line Items]  
Derivative term of contract 2 years
v3.25.2
Financial Instruments - Fair Value of Derivative Financial Instruments and Related Notional Amounts (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Derivative [Line Items]    
Asset $ 367 $ 1,516
Liability 1,911 1,366
Derivatives designated as hedging instruments [Member]    
Derivative [Line Items]    
Asset 243 1,263
Liability 1,684 1,144
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Notional [1] 24,681 23,991
Asset [1] 184 1,250
Liability [1] 1,438 719
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member]    
Derivative [Line Items]    
Notional 6,750 6,750
Asset 59 13
Liability 246 425
Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Notional 21,634 26,335
Asset 124 253
Liability 227 221
Inventory sales [Member] | Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Notional $ 5,000 $ 5,000
[1] The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of June 29, 2025 and $5.0 billion as of December 31, 2024.
v3.25.2
Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gains/(Losses) Recognized in OID [1] $ 118 $ (13) $ 88 $ 42
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI (273) 127 (395) 343
Amount of Gains/(Losses) Recognized in OCI [1] (1,193) 247 (1,709) 737
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2] 106 147 419 159
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] 158 187 512 235
Designated as Hedging Instrument [Member] | Foreign currency long-term debt [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Non-Derivative, Amount of Gains/(Losses) Recognized in OCI [1],[3] (70) 8 (101) 26
Non-Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[3] 0 0 0 0
Derivative Financial Instruments Not Designated as Hedges [Member] | Foreign exchange contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses) Recognized in OID [1] 118 (13) 88 42
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest rate contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI [1] 0 0 0 0
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] (1) 0 0 0
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI [1],[4] (289) 117 (427) 327
Derivative, Amount of Gains/(Losses) Recognized in OCI, excluded from effectiveness testing and amortized into earnings [1],[5] 17 10 32 17
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[4] 92 137 387 142
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 16 10 32 17
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest rate contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses), Fair Value Hedge, Recognized in OID [1] 72 (36) 215 (224)
Derivative, Amount of Gains/(Losses), Hedged Item, Recognized in OID [1] (73) 36 (215) 224
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses) Recognized in OCI, excluded from effectiveness testing and amortized into earnings [1],[5] 74 31 148 52
Derivative, Amount of Gains/(Losses), Net Investment Hedge, Recognized in OCI [1] (924) 81 (1,361) 315
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 52 40 93 76
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] $ 0 $ 0 $ 0 $ 0
[1] 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).
[2] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[3] Long-term debt includes foreign currency borrowings, which are used in net investment hedges; the related carrying values as of June 29, 2025 and December 31, 2024 were $878 million and $777 million, respectively.
[4] The amounts reclassified from OCI into COS were:
•a net gain of $30 million in the second quarter of 2025;
•a net gain of $93 million in the first six months of 2025;
•a net gain of $38 million in the second quarter of 2024; and
•a net gain of $70 million in the first six 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 $230 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 18 years and relates to foreign currency debt.
[5] The amounts reclassified from OCI were reclassified into OID.
v3.25.2
Financial Instruments - Derivative Financial Instruments and Hedging Activities - Footnotes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Dec. 31, 2024
Derivative [Line Items]          
Gain reclassified from OCI into COS [1] $ 106 $ 147 $ 419 $ 159  
Foreign currency long-term debt [Member]          
Derivative [Line Items]          
Long-term debt 878   878   $ 777
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]          
Derivative [Line Items]          
Pre-tax gain expected to be reclassified within the next 12 months $ (230)   $ (230)    
Remaining period of hedging exposure 18 years   18 years    
Designated as Hedging Instrument [Member] | Cost of sales [Member] | Foreign exchange contracts [Member]          
Derivative [Line Items]          
Gain reclassified from OCI into COS $ 30 $ 38 $ 93 $ 70  
[1] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
v3.25.2
Financial Instruments - Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Carrying Amount of Hedged Assets/Liabilities [1] $ 7,133 $ 7,154
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount, Active Hedging Relationships, Liability (169) (384)
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount, Discontinued Hedging Relationships, Liability $ 856 $ 891
[1] Carrying amounts exclude the cumulative amount of fair value hedging adjustments.
v3.25.2
Financial Instruments - Credit Risk (Details)
$ in Millions
Jun. 29, 2025
USD ($)
Fair Value Disclosures [Abstract]  
Derivatives in a net payable position $ 1,100
Collateral posted 1,100
Derivatives in a net receivable position 42
Collateral received $ 43
v3.25.2
Other Financial Information - Inventories (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Other Financial Information [Abstract]    
Finished goods $ 4,126 $ 3,775
Work-in-process 6,514 6,101
Raw materials and supplies 1,029 976
Inventories 11,669 10,851
Noncurrent inventories not included above [1] $ 2,360 $ 2,663
[1] Included in Other noncurrent assets. Based on our current estimates and assumptions, there are no recoverability issues for these amounts.
v3.25.2
Other Financial Information - Comirnaty Gross Profit Split (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Other current liabilities $ 18,575 $ 19,720
BioNTech [Member] | Comirnaty [Member] | Collaborative Arrangement [Member]    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Other current liabilities $ 94 $ 1,300
v3.25.2
Other Financial Information - Supplier Finance Program Obligation (Details) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Other Financial Information [Abstract]    
Supplier finance program payable $ 501 $ 688
v3.25.2
Identifiable Intangible Assets, Net and Goodwill - Schedule of Finite-lived and Indefinite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
Jun. 29, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount $ 104,551 $ 103,397
Finite-lived intangible assets, accumulated amortization [1] (70,522) (67,549)
Finite-lived intangible assets, net 34,028 35,848
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 18,674 19,563
Intangible assets, gross carrying amount [1] 123,224 122,961
Finite-lived intangible assets, accumulated amortization [1] (70,522) (67,549)
Identifiable Intangible Assets, less Accumulated Amortization [1] 52,702 55,411
IPR&D [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets [2] 18,213 18,893
License Agreements and Other [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets [3] 461 670
Developed technology rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount [2] 100,537 99,397
Finite-lived intangible assets, accumulated amortization [2] (67,907) (65,044)
Finite-lived intangible assets, net [2] 32,629 34,353
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible assets, accumulated amortization [2] (67,907) (65,044)
Brands [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount 1,274 1,277
Finite-lived intangible assets, accumulated amortization (1,012) (992)
Finite-lived intangible assets, net 262 285
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible assets, accumulated amortization (1,012) (992)
License Agreements and Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount 2,740 2,724
Finite-lived intangible assets, accumulated amortization (1,603) (1,513)
Finite-lived intangible assets, net 1,137 1,210
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible assets, accumulated amortization $ (1,603) $ (1,513)
[1] The decrease is primarily due to amortization expense of $2.4 billion.
[2] The changes in the gross carrying amounts primarily reflect the transfer of $590 million from IPR&D to developed technology rights for talazoparib (Talzenna), as well as the impact of foreign exchange.
[3] The decrease in the gross carrying amount reflects an impairment of $210 million (see Note 4).
v3.25.2
Identifiable Intangible Assets, Net and Goodwill - Footnotes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Indefinite-lived Intangible Assets [Line Items]      
Intangible asset impairment charge   $ 317  
Amortization expense for finite-lived intangible assets   2,400  
Developed technology rights [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Intangible asset impairment charge [1]   14  
talazoparib (Talzenna) [Member] | Developed technology rights [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Finite-lived intangible assets, period increase   590  
IPR&D [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Intangible asset impairment charge [1],[2]   93  
IPR&D [Member] | Biopharma [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Intangible asset impairment charge $ 240   $ 240
IPR&D [Member] | talazoparib (Talzenna) [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets, period increase (decrease)   (590)  
License [Member] | Biopharma [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Intangible asset impairment charge   $ 210  
[1] 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.
[2] See Note 9.
v3.25.2
Pension and Postretirement Benefit Plans - Net Periodic Benefit Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Pension Plan [Member] | U.S. [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 133 139 265 277
Expected return on plan assets (184) (208) (368) (416)
Amortization of prior service cost/(credit) 0 0 0 1
Curtailments 0 0 0 0
Special termination benefits 0 0 0 0
Net periodic benefit cost/(credit) reported in income (51) (69) (102) (139)
Pension Plan [Member] | International [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 26 23 50 44
Interest cost 72 77 143 155
Expected return on plan assets (81) (80) (161) (160)
Amortization of prior service cost/(credit) 1 1 2 2
Curtailments 0 0 (9) (2)
Special termination benefits 0 2 0 6
Net periodic benefit cost/(credit) reported in income 18 23 26 46
Postretirement Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 4 4 8 7
Interest cost 6 6 13 12
Expected return on plan assets (14) (13) (28) (25)
Amortization of prior service cost/(credit) (25) (29) (57) (59)
Curtailments (9) 0 (59) 0
Special termination benefits 0 0 0 0
Net periodic benefit cost/(credit) reported in income $ (38) $ (33) $ (123) $ (65)
v3.25.2
Pension and Postretirement Benefit Plans - Narrative (Detail) - Pension Plan [Member]
$ in Millions
 6 Months Ended
Jun. 29, 2025
USD ($)
U.S. [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Contributions by employer $ 79
International [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Contributions by employer $ 64
v3.25.2
Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
EPS Numerator        
Income from continuing operations attributable to Pfizer Inc. common shareholders $ 2,885 $ 24 $ 5,852 $ 3,144
Discontinued operations––net of tax 25 17 25 12
Net income attributable to Pfizer Inc. common shareholders 2,910 41 5,877 3,156
EPS Numerator--Diluted        
Income from continuing operations attributable to Pfizer Inc. common shareholders 2,885 24 5,852 3,144
Discontinued operations––net of tax 25 17 25 12
Net income attributable to Pfizer Inc. common shareholders $ 2,910 $ 41 $ 5,877 $ 3,156
EPS Denominator        
Weighted-average number of common shares outstanding––Basic (in shares) 5,685 5,666 5,680 5,662
Common-share equivalents (in shares) 21 29 28 35
Weighted-average number of common shares outstanding––Diluted (in shares) 5,706 5,696 5,708 5,696
Anti-dilutive common stock equivalents (in shares) [1] 8 23 12 24
[1] 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.
v3.25.2
Contingencies and Certain Commitments - Patent Litigation (Details)
$ in Millions
 1 Months Ended
Jul. 31, 2025
patent
Mar. 30, 2025
patent
Feb. 28, 2025
patent
Jan. 31, 2025
company
Aug. 31, 2024
patent
Jul. 31, 2024
patent
Apr. 30, 2024
patent
Mar. 31, 2024
patent
Nov. 30, 2023
patent
Jun. 30, 2023
patent
May 31, 2023
patent
Apr. 30, 2023
patent
Sep. 30, 2022
patent
Aug. 31, 2022
patent
company
Jul. 31, 2022
patent
Jun. 29, 2025
USD ($)
Gain Contingencies [Line Items]                                
Threshold for disclosure of proceedings under environmental laws | $                               $ 1
Mektovi [Member] | Pfizer Versus Several Generic Manufacturers [Member] | Patent Infringement [Member] | Pending Litigation [Member]                                
Gain Contingencies [Line Items]                                
Number of companies in litigation case | company                           2    
Gain contingency, number of patents allegedly infringed upon                         6      
Mektovi [Member] | Pfizer Versus Several Generic Manufacturers [Member] | Patent Infringement [Member] | Pending Litigation [Member] | Expiring 2030 [Member]                                
Gain Contingencies [Line Items]                                
Gain contingency, number of patents allegedly infringed upon                           2    
Mektovi [Member] | Pfizer Versus Several Generic Manufacturers [Member] | Patent Infringement [Member] | Pending Litigation [Member] | Expiring 2033 [Member]                                
Gain Contingencies [Line Items]                                
Gain contingency, number of patents allegedly infringed upon                           2    
Mektovi [Member] | Pfizer Versus Teva Pharmaceuticals, Inc. [Member] | Patent Infringement [Member] | Pending Litigation [Member]                                
Gain Contingencies [Line Items]                                
Gain contingency, number of patents allegedly infringed upon                   3            
Mektovi [Member] | Pfizer Versus Teva Pharmaceuticals, Inc. [Member] | Patent Non-Infringement [Member] | Pending Litigation [Member] | Teva Pharmaceuticals, Inc [Member]                                
Gain Contingencies [Line Items]                                
Gain contingency, number of patents allegedly infringed upon                           2    
Mektovi [Member] | Pfizer and Versus Several Generic Manufacturers | Patent Infringement [Member] | Settled Litigation [Member]                                
Gain Contingencies [Line Items]                                
Number of companies | company       1                        
Comirnaty [Member] | Alnylam Patent Infringement Case [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents allegedly infringed upon                     4          
Loss contingency, number of patents dismissed     1                          
Comirnaty [Member] | ModernaTX U.S. Patent Infringement Case [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents allegedly infringed upon                           3    
Loss contingency, patents ruled invalid   2                            
Loss contingency, patents under review               2                
Comirnaty [Member] | ModernaTX European Patent Infringement Case [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents allegedly infringed upon                         2 2    
Loss contingency, patents allegedly infringed and subsequently revoked                 1              
Loss contingency, patents ruled invalid and subsequently revoked           1                    
Comirnaty [Member] | Arbutus and Genevant U.S. Patent Infringement Case [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents allegedly infringed upon                       5        
Comirnaty [Member] | GlaxoSmithKline Biologics SA and GlaxoSmithKline LLC US Patent Infringement Case [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents allegedly infringed upon         3   5                  
Comirnaty [Member] | GlaxoSmithKline Biologics SA And GlaxoSmithKline LLC Ireland Patent Infringement Case [Member] | Subsequent Event [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents allegedly infringed upon 3                              
Comirnaty [Member] | GlaxoSmithKline Biologics SA And GlaxoSmithKline LLC Unified Patent Court Patent Infringement Case [Member] | Subsequent Event [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents allegedly infringed upon 2                              
Comirnaty [Member] | Pfizer, BioNTech and BioNTech Manufacturing GmbH Versus CureVac, Judgment of Non-Infringement [Member]                                
Gain Contingencies [Line Items]                                
Loss contingency, number of patents not infringed                             3  
Loss contingency, number of patents found infringed                     3          
v3.25.2
Contingencies and Certain Commitments - Product Litigation, Commercial and Other Matters, Legal Proceedings (Details)
Dec. 31, 2020
complaint
Pending Litigation [Member] | Greenstone Antitrust Litigation [Member]  
Loss Contingencies [Line Items]  
Number of complaints 2
v3.25.2
Segment, Geographic and Other Revenue Information - Narrative (Detail)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
USD ($)
Jun. 29, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | segment   3  
Number of reportable segments | segment   1  
Total assets $ 206,095 $ 206,095 $ 213,396
Deferred revenues, current 1,123 1,123 1,511
Comirnaty [Member]      
Segment Reporting Information [Line Items]      
Remaining performance obligation 4,000 4,000  
Paxlovid [Member]      
Segment Reporting Information [Line Items]      
Remaining performance obligation 1,000 1,000  
Government and Government Sponsored [Member] | Paxlovid and Comirnaty [Member]      
Segment Reporting Information [Line Items]      
Deferred revenues 1,900 1,900 2,200
Deferred revenues, current 1,000 1,000 1,400
Deferred revenues, noncurrent 906 906 $ 785
Deferred revenue recognized $ 45 $ 380  
v3.25.2
Segment, Geographic and Other Revenue Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues: $ 14,653 $ 13,283 $ 28,367 $ 28,162
Earnings [1] 3,044 (103) 5,828 3,318
Depreciation and Amortization [2] 1,625 1,730 3,243 3,467
Other Business Activities [Member]        
Segment Reporting Information [Line Items]        
Revenues: [3] 348 292 622 [2] 567 [2]
Earnings [1],[3] (1,799) (1,985) (3,220) (3,992)
Depreciation and Amortization [2],[3] 73 91 147 177
Reconciling Items [Member] | Amortization of Intangible Assets [Member]        
Segment Reporting Information [Line Items]        
Earnings [1] (1,211) (1,307) (2,421) (2,615)
Depreciation and Amortization [2] 1,211 1,307 2,421 2,615
Reconciling Items [Member] | Acquisition-Related Items [Member]        
Segment Reporting Information [Line Items]        
Earnings [1] (338) (617) (620) (1,125)
Depreciation and Amortization [2] (2) 1 (3) 2
Reconciling Items [Member] | Certain Significant Items [Member]        
Segment Reporting Information [Line Items]        
Earnings [1],[4] (537) (2,091) (1,944) (2,469)
Depreciation and Amortization [2],[4] 3 1 7 5
Biopharma [Member]        
Segment Reporting Information [Line Items]        
Revenues: 14,305 12,991 27,746 27,595
Earnings 6,929 5,897 14,033 13,519
Biopharma [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Revenues: [5] 14,305 12,991 27,746 [2] 27,595 [2]
Earnings [1],[5] 6,929 5,897 14,033 13,519
Depreciation and Amortization [2],[5] $ 339 $ 330 $ 671 $ 667
[1] Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss).
[2] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
[3] 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.
[4] Earnings in the first six months of 2025 include, among other items, restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $670 million (primarily recorded in Restructuring charges and certain acquisition-related costs) and charges for certain legal matters of $564 million recorded in Other (income)/deductions––net. Earnings in the second quarter and the first six months of 2024 included, among other items, restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $1.2 billion (primarily recorded in Restructuring charges and certain acquisition-related costs). See Notes 3 and 4.
[5] Biopharma’s earnings in the first six months of 2025 reflect a credit to Cost of sales representing a favorable revision of our estimate of accrued royalties. Biopharma’s revenues and earnings in the first six 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 $73 million in the second quarter of 2025 and $74 million in the second quarter of 2024, and $111 million in the first six months of 2025 and $135 million in the first six months of 2024 recorded in Other (income)/deductions––net.
v3.25.2
Segment, Geographic and Other Revenue Information - Schedule of Segment Reporting Information by Segment - Footnotes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Restructuring charges and certain acquisition-related costs $ (18) $ 1,254 $ 660 $ 1,356
Certain legal matters, net [1] 422 169 564 377
Restructuring Charges, Acquisition Related Costs and Implementation Costs 54 1,364 727 1,532
ViiV [Member]        
Segment Reporting Information [Line Items]        
Dividend income   (74) (111) (135)
Biopharma [Member] | ViiV [Member]        
Segment Reporting Information [Line Items]        
Dividend income $ (73)      
Paxlovid [Member]        
Segment Reporting Information [Line Items]        
Favorable adjustment for government emergency use authorization inventory returned to the company during the period       771
Paxlovid [Member] | Biopharma [Member]        
Segment Reporting Information [Line Items]        
Favorable adjustment for government emergency use authorization inventory returned to the company during the period       771
Reconciling Items [Member] | Certain Significant Items [Member]        
Segment Reporting Information [Line Items]        
Restructuring Charges, Acquisition Related Costs and Implementation Costs   $ 1,200 $ 670 $ 1,200
[1] The amounts for the second quarter and first six months of 2025 primarily include certain product liability and other legal expenses. The amounts for the second quarter and first six months of 2024 primarily included certain product liability expenses related to products discontinued and/or divested by Pfizer.
v3.25.2
Segment, Geographic and Other Revenue Information - Schedule of Significant Biopharma Segment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues: $ 14,653 $ 13,283 $ 28,367 $ 28,162
Cost of sales [1] 3,778 3,300 6,624 6,679
Selling, informational and administrative expenses [1] 3,415 3,717 6,446 7,212
Research and development expenses [1] 2,482 2,696 4,685 5,189
Acquired in-process research and development expenses 2 6 11 6
Other (income)/deductions––net 739 1,107 1,692 1,787
Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) [2] 3,044 (103) 5,828 3,318
Biopharma [Member]        
Segment Reporting Information [Line Items]        
Revenues: 14,305 12,991 27,746 27,595
Cost of sales 3,075 2,411 5,389 5,054
Selling, informational and administrative expenses 2,305 2,473 4,455 4,808
Research and development expenses 2,109 2,293 4,050 4,445
Acquired in-process research and development expenses 2 7 11 7
Other (income)/deductions––net (115) (90) (193) (237)
Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) $ 6,929 $ 5,897 $ 14,033 $ 13,519
[1] Exclusive of amortization of intangible assets.
[2] Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss).
v3.25.2
Segment, Geographic and Other Revenue Information - Revenues by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues: $ 14,653 $ 13,283 $ 28,367 $ 28,162
U.S. [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues: 8,894 7,892 17,268 17,406
International Developed Markets [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues: 3,393 3,164 6,571 6,362
International Emerging Markets [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues: $ 2,366 $ 2,227 $ 4,529 $ 4,394
v3.25.2
Segment, Geographic and Other Revenue Information - Revenues by Products (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Revenue from External Customer [Line Items]        
Revenues: $ 14,653 $ 13,283 $ 28,367 $ 28,162
Alliance revenues 2,273 2,067 4,386 4,240
Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 14,305 12,991 27,746 27,595
Biopharma [Member] | U.S. Commercial Division [Member]        
Revenue from External Customer [Line Items]        
Revenues: [1] 8,793 7,828 17,078 17,254
Biopharma [Member] | International Commercial Division [Member]        
Revenue from External Customer [Line Items]        
Revenues: 5,512 5,163 10,668 10,341
Pfizer CentreOne [Member]        
Revenue from External Customer [Line Items]        
Revenues: [2] 328 278 585 535
Pfizer Ignite [Member]        
Revenue from External Customer [Line Items]        
Revenues: 20 15 37 32
Total Alliance revenues [Member]        
Revenue from External Customer [Line Items]        
Alliance revenues 2,273 2,067 4,386 4,240
Royalty [Member]        
Revenue from External Customer [Line Items]        
Royalty revenue 426 345 734 608
Primary Care [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 5,540 4,952 11,236 12,163
Primary Care [Member] | Eliquis [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: [3] 2,003 1,877 3,926 3,917
Primary Care [Member] | Prevnar Family [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 1,383 1,359 3,043 3,050
Primary Care [Member] | Comirnaty [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 381 195 945 548
Primary Care [Member] | Paxlovid [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: [4] 427 251 918 2,286
Primary Care [Member] | Nurtec ODT/Vydura [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 359 356 607 533
Primary Care [Member] | Abrysvo [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 143 56 274 201
Primary Care [Member] | FSME-IMMUN/TicoVac [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 109 100 172 165
Primary Care [Member] | All other Primary Care [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 736 759 1,350 1,463
Specialty Care [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 4,378 4,083 8,364 7,926
Specialty Care [Member] | Vyndaqel family [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 1,615 1,323 3,101 2,460
Specialty Care [Member] | Xeljanz [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 322 303 450 497
Specialty Care [Member] | Sulperazon (Outside the U.S. and Canada) [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 166 144 330 311
Specialty Care [Member] | Zavicefta (Outside the U.S. and Canada) [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 163 150 299 275
Specialty Care [Member] | Enbrel (Outside the U.S. and Canada) [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 154 179 294 338
Specialty Care [Member] | Inflectra [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 139 97 291 255
Specialty Care [Member] | Zithromax [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 56 74 213 274
Specialty Care [Member] | Genotropin [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 106 119 201 239
Specialty Care [Member] | Cresemba [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 111 71 184 146
Specialty Care [Member] | Cibinqo [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 69 47 127 89
Specialty Care [Member] | All other Hospital [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 1,087 1,146 2,170 2,221
Specialty Care [Member] | All other Specialty Care [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 390 429 705 821
Oncology [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 4,387 3,956 8,145 7,505
Oncology [Member] | Ibrance [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 1,049 1,130 2,026 2,184
Oncology [Member] | Xtandi [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: [5] 566 495 1,023 913
Oncology [Member] | Padcev [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 542 394 967 735
Oncology [Member] | Oncology Biosimilars [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: [6] 353 279 617 543
Oncology [Member] | Lorbrena [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 251 169 473 332
Oncology [Member] | Adcetris [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: [7] 255 279 472 536
Oncology [Member] | Inlyta [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 243 252 462 489
Oncology [Member] | Braftovi/Mektovi [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: [8] 182 148 317 264
Oncology [Member] | Bosulif [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 149 167 300 313
Oncology [Member] | Tukysa [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 132 121 234 227
Oncology [Member] | Aromasin [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 111 87 219 170
Oncology [Member] | Elrexfio [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 85 22 145 35
Oncology [Member] | Talzenna [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 46 32 86 55
Oncology [Member] | Tivdak [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: 46 33 79 60
Oncology [Member] | All other Oncology [Member] | Biopharma [Member]        
Revenue from External Customer [Line Items]        
Revenues: $ 380 $ 347 $ 725 $ 648
[1] Refer to Note 13A above.
[2] PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships.
[3] Reflects alliance revenues and product revenues.
[4] The amount for the first six months of 2024 included a $771 million favorable final adjustment to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, reflecting 5.1 million EUA-labeled treatment courses returned by the U.S. government through February 29, 2024 versus the estimated 6.5 million treatment courses that were expected to be returned as of December 31, 2023.
[5] Primarily reflects alliance revenues and royalty revenues.
[6] Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Ruxience, Retacrit, Zirabev, Trazimera and Nivestym.
[7] Reflects product revenues and royalty revenues.
[8] Erbitux® is a registered trademark of ImClone LLC.
v3.25.2
Segment, Geographic and Other Revenue Information - Revenues by Products - Footnotes (Details) - Paxlovid [Member]
treatment_course in Millions, $ in Millions
 2 Months Ended 6 Months Ended
Feb. 29, 2024
treatment_course
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
treatment_course
Revenue from External Customer [Line Items]      
Favorable adjustment for government emergency use authorization inventory returned to the company during the period | $   $ 771  
Reversal of revenue | $     $ 3,500
Government emergency use authorization inventory returned to the company during the period, number of treatment courses | treatment_course 5.1    
Estimated government emergency use authorization inventory to be returned to company, number of treatment courses | treatment_course     6.5