PFIZER INC, 10-Q filed on 5/8/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
May 03, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
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   5,666,592,898
Entity Central Index Key 0000078003  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock, $.05 par value [Member]    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.05 par value  
Trading Symbol PFE  
Security Exchange Name NYSE  
1.000% Notes due 2027 [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 1.000% Notes due 2027  
Trading Symbol PFE27  
Security Exchange Name NYSE  
v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Alliance revenues [1] $ 2,172 $ 2,060
Total revenues 14,879 18,486
Costs and expenses:    
Cost of sales [2] 3,379 4,886
Selling, informational and administrative expenses [2] 3,495 3,418
Research and development expenses [2] 2,493 2,505
Acquired in-process research and development expenses 0 21
Amortization of intangible assets 1,308 1,103
Restructuring charges and certain acquisition-related costs 102 9
Other (income)/deductions––net 680 275
Income from continuing operations before provision/(benefit) for taxes on income [3] 3,421 6,270
Provision/(benefit) for taxes on income 293 715
Income from continuing operations 3,128 5,555
Discontinued operations––net of tax (5) 1
Net income before allocation to noncontrolling interests 3,123 5,556
Less: Net income attributable to noncontrolling interests 8 13
Net income attributable to Pfizer Inc. common shareholders $ 3,115 $ 5,543
Earnings per common share––basic:    
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.55 $ 0.98
Discontinued operations––net of tax (in dollars per share) 0 0
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) 0.55 0.98
Earnings per common share––diluted:    
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) 0.55 0.97
Discontinued operations––net of tax (in dollars per share) 0 0
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) $ 0.55 $ 0.97
Weighted-average shares--basic (in shares) 5,657 5,634
Weighted-average shares--diluted (in shares) 5,697 5,727
Product revenues    
Revenues [1] $ 12,443 $ 16,221
Royalty revenues    
Revenues [1] $ 263 $ 204
[1] See Note 1A.
[2] Exclusive of amortization of intangible assets.
[3] Income from continuing operations before provision/(benefit) for taxes on income. As described above, in connection with the organizational changes effective in the first quarter of 2024, costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations and overhead costs associated with our manufacturing operations are now included in Biopharma’s earnings. We have reclassified $1.4 billion of net costs in the first quarter of 2023 from Other business activities to Biopharma to conform to the current period presentation.
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Statement of Comprehensive Income [Abstract]    
Net income before allocation to noncontrolling interests $ 3,123 $ 5,556
Foreign currency translation adjustments, net 140 101
Unrealized holding gains/(losses) on derivative financial instruments, net 217 2
Reclassification adjustments for (gains)/losses included in net income [1] (12) 303
Other comprehensive income, cash flow hedge, gain (loss), before tax, total 205 305
Unrealized holding gains/(losses) on available-for-sale securities, net (51) 87
Reclassification adjustments for (gains)/losses included in net income/(loss) [2] (14) (509)
Other comprehensive income (loss), available-for-sale securities, before tax, total (65) (422)
Reclassification adjustments related to amortization of prior service costs and other, net (28) (30)
Reclassification adjustments related to curtailments of prior service costs and other, net 0 (5)
Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service costs and other, before tax (28) (35)
Other comprehensive income/(loss), before tax 251 (50)
Tax provision/(benefit) on other comprehensive income/(loss) 53 (63)
Other comprehensive income/(loss) before allocation to noncontrolling interests 198 12
Comprehensive income/(loss) before allocation to noncontrolling interests 3,321 5,569
Less: Comprehensive income/(loss) attributable to noncontrolling interests 3 10
Comprehensive income/(loss) attributable to Pfizer Inc. $ 3,319 $ 5,558
[1] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[2] Reclassified into Other (income)/deductions—net.
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 719 $ 2,853
Short-term investments 11,209 9,837
Trade accounts receivable, less allowance for doubtful accounts: 2024—$479; 2023—$470 10,989 11,566
Inventories [1] 10,892 10,189
Current tax assets 4,233 3,978
Other current assets 4,372 4,911
Total current assets 42,415 43,333
Equity-method investments 8,123 11,637
Long-term investments 3,490 3,731
Property, plant and equipment, less accumulated depreciation: 2024—$16,362; 2023—$16,045 18,803 18,940
Identifiable intangible assets [2] 62,829 64,900
Goodwill [3] 69,297 67,783
Noncurrent deferred tax assets and other noncurrent tax assets 4,942 3,706
Other noncurrent assets 11,197 12,471
Total assets 221,095 226,501
Liabilities and Equity    
Short-term borrowings, including current portion of long-term debt: 2024—$1,001; 2023—$2,254 8,232 10,350
Trade accounts payable 5,591 6,710
Dividends payable 0 2,372
Income taxes payable 3,192 2,349
Accrued compensation and related items 2,192 2,776
Deferred revenues 2,502 2,700
Other current liabilities 18,788 20,537
Total current liabilities 40,497 47,794
Long-term debt 61,307 61,538
Pension and postretirement benefit obligations 2,076 2,167
Noncurrent deferred tax liabilities 931 640
Other taxes payable 8,603 8,534
Other noncurrent liabilities 15,122 16,539
Total liabilities 128,537 137,213
Commitments and Contingencies
Common stock 480 478
Additional paid-in capital 92,997 92,631
Treasury stock (114,755) (114,487)
Retained earnings 121,318 118,353
Accumulated other comprehensive loss (7,758) (7,961)
Total Pfizer Inc. shareholders’ equity 92,282 89,014
Equity attributable to noncontrolling interests 276 274
Total equity 92,558 89,288
Total liabilities and equity $ 221,095 $ 226,501
[1] The increase from December 31, 2023 reflects higher inventory levels for certain products mainly for supply recovery and network strategy, partially offset by decreases due to net market demand.
[2] The decrease is primarily due to amortization expense of $1.3 billion and measurement period adjustments related to our acquisition of Seagen of $660 million (see Note 2A).
[3] All goodwill is assigned within the Biopharma reportable segment. As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2024 (see Note 13A), our goodwill is required to be reallocated amongst impacted reporting units. The allocation of goodwill is a complex process that requires, among other things, that we determine the fair value of each reporting unit under our old and new organizational structure and the portions being transferred. Therefore, we have not yet completed the allocation, but it will be completed in the current year.
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CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 479 $ 470
Property, plant and equipment, accumulated depreciation 16,362 16,045
Current portion of long-term debt $ 1,001 $ 2,254
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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)     9,519          
Beginning balance at Dec. 31, 2022 $ 95,916 $ 95,661 $ 476 $ 91,802 $ (113,969) $ 125,656 $ (8,304) $ 256
Beginning balance (in shares) at Dec. 31, 2022         (3,903)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 5,556 5,543       5,543   13
Other comprehensive income/(loss), net of tax 12 15         15 (3)
Share-based payment transactions (in shares)     41   (12)      
Share-based payment transactions (249) (249) $ 2 350 $ (504) (97)    
Ending balance (in shares) at Apr. 02, 2023     9,560          
Ending balance at Apr. 02, 2023 101,236 100,970 $ 478 92,153 $ (114,473) 131,102 (8,289) 266
Ending balance (in shares) at Apr. 02, 2023         (3,915)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares)     9,560          
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 3,123 3,115       3,115   8
Other comprehensive income/(loss), net of tax 198 203         203 [1] (5)
Share-based payment transactions (in shares)     30   (10)      
Share-based payment transactions (51) (51) $ 1 366 $ (268) (151)    
Ending balance (in shares) at Mar. 31, 2024     9,592          
Ending balance at Mar. 31, 2024 $ 92,558 $ 92,282 $ 480 $ 92,997 $ (114,755) $ 121,318 $ (7,758) $ 276
Ending balance (in shares) at Mar. 31, 2024         (3,925)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares)     9,592          
[1] Foreign currency translation adjustments include net gains related to the impact of our net investment hedging program and net losses related to our equity-method investment in Haleon (see Note 2B).
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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared per share (in dollars per share) $ 0 $ 0
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Dec. 31, 2023
Operating Activities      
Net income before allocation to noncontrolling interests $ 3,123 $ 5,556  
Discontinued operations––net of tax (5) 1  
Net income from continuing operations before allocation to noncontrolling interests 3,128 5,555  
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:      
Depreciation and amortization 1,736 1,487  
Asset write-offs and impairments 136 270  
Deferred taxes (441) (598)  
Share-based compensation expense 220 105  
Benefit plan contributions in excess of expense/income (201) (200)  
Other adjustments, net (151) 99  
Other changes in assets and liabilities, net of acquisitions and divestitures (3,336) (5,507)  
Net cash provided by/(used in) operating activities 1,090 1,212  
Investing Activities      
Purchases of property, plant and equipment (704) (1,139)  
Purchases of short-term investments (797) (6,665)  
Proceeds from redemptions/sales of short-term investments 658 6,400  
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less (1,187) 4,665  
Purchases of long-term investments (35) (51)  
Proceeds from redemptions/sales of long-term investments 305 124  
Proceeds from partial sale of investment in Haleon [1] 3,491 0  
Other investing activities, net 0 (18)  
Net cash provided by/(used in) investing activities 1,732 3,315  
Financing Activities      
Proceeds from short-term borrowings 1,444 11  
Payments on short-term borrowings (328) 0  
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less (2,039) 226  
Payments on long-term debt (1,250) (269)  
Cash dividends paid (2,372) (2,303)  
Other financing activities, net (386) (436)  
Net cash provided by/(used in) financing activities (4,931) (2,771)  
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents (28) (2)  
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents (2,137) 1,754  
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 2,917 468 $ 468
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 780 2,222 2,917
Cash paid during the period for:      
Income taxes 184 329 $ 3,100
Interest paid 415 419  
Interest rate hedges $ 33 $ 60  
[1] See Note 2B.
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Basis of Presentation and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
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 2023 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 2023 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 months ended February 25, 2024 and February 26, 2023, and for U.S. subsidiaries is as of and for the three months ended March 31, 2024 and April 2, 2023.
We manage our commercial operations through two operating segments, each led by a single manager: Biopharma and Business Innovation. Biopharma is the only reportable segment. See Note 13A.
We have made certain reclassification adjustments to conform prior-period amounts to the current presentation for:
•in the first quarter of 2024, we reclassified royalty income (substantially all of which is related to Biopharma) from Other (income)/deductions––net and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of income, and reclassified the associated royalty receivables from Other current assets to Trade accounts receivable, less allowance for doubtful accounts in our consolidated balance sheet;
•in the fourth quarter of 2023, we began presenting Product revenues and Alliance revenues as separate line items within Total revenues in our consolidated statements of income; and
•segment reporting and geographic information in connection with the commercial reorganization that went into effect on January 1, 2024 (see Note 13).
Business development activities, including the December 2023 acquisition of Seagen, impacted financial results in the periods presented. See Note 2 below, as well as Notes 1A and 2 in our 2023 Form 10-K.
B. New Accounting Standard Adopted in 2024
On January 1, 2024, we adopted a new accounting standard which clarifies that contractual sale restrictions are not considered in measuring equity securities at fair value. The new guidance is consistent with our existing policy; therefore, it had no impact on our consolidated financial statements.
C. Revenues and Trade Accounts Receivable
Customers––Our prescription biopharmaceutical products, with the exception of Paxlovid in 2023, are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. We principally sold Paxlovid globally to government agencies in 2023. Our vaccines in the U.S. are primarily sold directly to the federal government (including the CDC), wholesalers, individual provider offices, retail pharmacies and integrated delivery systems. Our vaccines outside the U.S. are primarily sold to government and non-government institutions. Certain of our vaccines, including Comirnaty, are subject to seasonality of demand.
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)March 31,
2024		December 31, 2023
Reserve against Trade accounts receivable, less allowance for doubtful accounts
$1,573 $1,770 
Other current liabilities:
Accrued rebates5,880 5,546 
Other accruals646 902 
Other noncurrent liabilities
382 796 
Total accrued rebates and other sales-related accruals$8,481 $9,014 
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 months ended March 31, 2024 and April 2, 2023, 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 2023 Form 10-K.
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Acquisition and Equity-Method Investment
 3 Months Ended
Mar. 31, 2024
Business Combinations and Equity Method Investments [Abstract]  
Acquisition and Equity-Method Investment Acquisition and Equity-Method Investment
A. Acquisition
Seagen––On December 14, 2023 (the acquisition date), we acquired Seagen, a global biotechnology company that discovers, develops and commercializes transformative cancer medicines, for $229 per share in cash. The total fair value of the consideration transferred was $44.2 billion ($43.4 billion, net of cash acquired). The combination of certain Pfizer and Seagen entities may be pending in various jurisdictions and integration is subject to completion of various local legal and regulatory steps.
The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the acquisition date, including adjustments made in the first quarter of 2024 (measurement period adjustments) with a corresponding change to goodwill. The estimated values are not yet finalized (see below) and are subject to change, which could be significant. We will finalize the amounts recognized as soon as possible but no later than one year from the acquisition date.
(MILLIONS)
Amounts Recognized
as of Acquisition Date
(as previously reported as of December 31, 2023)
Measurement Period Adjustments(a)
Amounts Recognized as of Acquisition Date (as adjusted)
Working capital, excluding inventories
$736 $(159)$577 
Inventories(b)
4,195 (891)3,304 
Property, plant and equipment524 (239)285 
Identifiable intangible assets, excluding in-process research and development(c)
7,970 (560)7,410 
In-process research and development20,800 (100)20,700 
Other noncurrent assets174 (94)80 
Net income tax accounts
(6,123)468 (5,655)
Other noncurrent liabilities(167)51 (116)
Total identifiable net assets28,108 (1,524)26,584 
Goodwill16,126 1,524 17,650 
Net assets acquired/total consideration transferred$44,234 $— $44,234 
(a)The changes in the estimated fair values are primarily to better reflect market participant assumptions about facts and circumstances existing as of the acquisition date. The measurement period adjustments did not result from intervening events subsequent to the acquisition date.
(b)As adjusted, comprised of $1.2 billion current inventories and $2.1 billion noncurrent inventories.
(c)As adjusted, comprised mainly of $7.0 billion of finite-lived developed technology rights with an estimated weighted-average life of approximately 18 years.
The measurement period adjustments did not have a material impact on our earnings.
The following items are subject to change:
•Amounts for certain balances included in working capital (excluding inventories), and certain legal contingencies, pending receipt of certain information that could affect provisional amounts recorded. We do not believe any adjustments for legal contingencies will have a material impact on our consolidated financial statements.
•Amounts for identifiable intangible assets, inventories, contractual commitments, PP&E, and operating lease right-of-use assets and liabilities, pending finalization of valuation efforts, the completion of certain physical inventory counts and the confirmation of the physical existence and condition of certain PP&E assets.
•Amounts for income tax assets, receivables and liabilities, pending the filing of Seagen’s pre-acquisition tax returns and the receipt of information, including but not limited to that from taxing authorities, which may change certain estimates and assumptions used.
The following table provides unaudited U.S. GAAP supplemental pro forma information as if the acquisition of Seagen had occurred on January 1, 2022:
Unaudited Supplemental Pro Forma Consolidated Results
Three Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)April 2,
2023
Revenues$19,006 
Net income attributable to Pfizer Inc. common shareholders
4,651 
Diluted earnings per share attributable to Pfizer Inc. common shareholders
0.81 
The unaudited supplemental pro forma consolidated results do not purport to reflect what the combined company’s results of operations would have been had the acquisition occurred on January 1, 2022, nor do they project the future results of operations of the combined company or reflect the expected realization of any cost savings associated with the acquisition. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors.
The unaudited supplemental pro forma financial information includes various assumptions, including those related to the preliminary purchase price allocation of the assets acquired and the liabilities assumed from Seagen. The historical U.S. GAAP financial information of Pfizer and Seagen was adjusted, primarily for the following pre-tax adjustments for the three months ended April 2, 2023:
•Additional amortization expense of approximately $142 million related to the preliminary estimate of the fair value of identifiable intangible assets acquired.
•Additional expense related to the preliminary estimate of the fair value adjustment to acquisition-date inventory estimated to have been sold of approximately $224 million.
•Additional estimated interest expense of approximately $488 million related to the debt issued by Pfizer and the commercial paper borrowings to partially finance the acquisition.
•Elimination of interest income of approximately $67 million associated with money market funds under the assumption that a portion of these funds would have been liquidated to partially fund the acquisition.
The above adjustments were then adjusted for the applicable tax impact using an estimated weighted-average statutory tax rate applied to the applicable pro forma adjustments.
B. Equity-Method Investment
Haleon––We owned 32% of Haleon as of December 31, 2023. In March 2024, we sold approximately 30% of our investment in Haleon through the sale of 791 million ordinary shares in a global public offering, and the sale of 102 million ordinary shares directly to Haleon for total consideration of $3.5 billion. We recognized a gain on the sale of our Haleon shares of $150 million during the first quarter of 2024 in Other (income)/deductions––net (see Note 4). After the share sale, we owned approximately 23% of the outstanding voting shares of Haleon as of March 31, 2024.
The fair value of our investment in Haleon as of March 31, 2024, based on quoted market prices of Haleon stock, was $8.7 billion. Haleon is a foreign investee whose reporting currency is the U.K. pound, and therefore we translate its financial statements into U.S. dollars and recognize the impact of foreign currency translation adjustments in the carrying value of our investment and in other comprehensive income. We record our share of earnings from Haleon on a quarterly basis on a one-quarter lag in Other (income)/deductions––net.
The following table summarizes the change in the carrying value of our investment in Haleon:
Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
Beginning carrying value reported in Equity-method investments
$11,451 $10,824 
Carrying value of shares sold
(3,312)— 
Currency translation adjustments and other(a)
(132)89 
Basis difference adjustments and amortization(b)
(100)— 
Pfizer share of Haleon earnings
15 68 
Ending carrying value reported in Equity-method investments
$7,922 $10,980 
(a)See Note 6.
(b)Equity-method basis difference adjustments and amortization included in Other (income)/deductions – net. Adjustments are associated with the impact of Haleon’s brand sales and impairments of intangible assets and changes in Haleon’s tax rates on intangible asset-related deferred tax liabilities. See Note 4.
Summarized financial information for Haleon for the three months ending December 31, 2023, the most recent period available, and for the three months ending December 31, 2022, is as follows:
Three Months Ended
(MILLIONS)December 31,
2023		December 31,
2022
Net sales$3,434 $3,261 
Cost of sales(1,596)(1,496)
Gross profit$1,837 $1,766 
Income from continuing operations60 225 
Net income60 225 
Income attributable to shareholders47 211 
v3.24.1.u1
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives
 3 Months Ended
Mar. 31, 2024
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 multi-year effort to continue through 2024 and to total approximately $2.8 billion, primarily representing cash expenditures for severance and implementation costs, of which $2.3 billion is associated with our Biopharma segment. From the start of this program through March 31, 2024, we incurred costs under this program of $1.6 billion, of which $1.3 billion is associated with our Biopharma segment (substantially all of which represents restructuring charges).
B. Key Activities
The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives:
Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
Restructuring charges/(credits):  
Employee terminations$(29)$(36)
Asset impairments25 (10)
Exit costs
14 2 
Restructuring charges/(credits)(a)
10 (44)
Transaction costs(b)
5 — 
Integration costs and other(c)
87 52 
Restructuring charges and certain acquisition-related costs102 9 
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net
3 (5)
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income, mainly in Cost of sales(d)
4 18 
Implementation costs recorded in our condensed consolidated statements of income as follows(e):
  
Cost of sales16 15 
Selling, informational and administrative expenses29 59 
Research and development expenses13 11 
Total implementation costs58 85 
Total costs associated with acquisitions and cost-reduction/productivity initiatives$168 $107 
(a)In 2024, primarily represents Seagen acquisition-related costs, largely offset by cost-reduction initiatives. In 2023, primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: credits of $37 million for the three months ended March 31, 2024 and credits of $64 million for the three months ended April 2, 2023.
(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 external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.
The Biopharma segment information above reflects changes as a result of the reorganization in the first quarter of 2024 (see Note 13A).
The following summarizes the components and changes in restructuring accruals:
(MILLIONS)Employee
Termination
Costs		Asset
Impairment
Charges		Exit CostsAccrual
Balance, December 31, 2023(a)
$1,978 $— $11 $1,988 
Provision/(credit)(29)25 14 10 
Utilization and other(b)
(320)(25)(15)(360)
Balance, March 31, 2024(c)
$1,628 $— $10 $1,638 
(a)Included in Other current liabilities ($1.3 billion) and Other noncurrent liabilities ($663 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 ($1.1 billion) and Other noncurrent liabilities ($519 million).
v3.24.1.u1
Other (Income)/Deductions—Net
 3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Other (Income)/Deductions—Net Other (Income)/Deductions—Net
Components of Other (income)/deductions––net include:
 Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
Interest income$(129)$(177)
Interest expense790 318 
Net interest expense(a)
661 141 
Net (gains)/losses recognized during the period on equity securities(b)
(25)451 
Income from collaborations, out-licensing arrangements and sales of compound/product rights— (68)
Net periodic benefit costs/(credits) other than service costs(103)(80)
Certain legal matters, net(c)
208 36 
Certain asset impairments(d)
109 264 
Haleon equity method (income)/loss(e)
88 (68)
Other, net(f)
(258)(403)
Other (income)/deductions––net$680 $275 
(a)The increase in net interest expense in the first quarter of 2024 reflects (i) higher interest expense driven by our $31 billion aggregate principal amount of senior unsecured notes issued in May 2023, as well as $8 billion of commercial paper issued in the fourth quarter of 2023 as part of the financing for our acquisition of Seagen and (ii) a decrease in interest income due to lower investment balances after completion of our $43.4 billion Seagen acquisition in December 2023.
(b)The net losses in the first quarter of 2023 include, among other things, unrealized losses of $363 million related to our investments in Cerevel Therapeutics Holdings, Inc. and BioNTech.
(c)The first quarters of 2024 and 2023 primarily include certain product liability expenses related to products discontinued and/or divested by Pfizer.
(d)The first quarter of 2024 represents intangible asset impairment charges associated with our Biopharma segment for developed technology rights due to updated commercial forecasts mainly reflecting competitive pressures. The first quarter of 2023 primarily represented intangible asset impairment charges, including $128 million associated with Other business activities, related to IPR&D and developed technology rights for acquired software assets and reflected unfavorable pivotal trial results and updated commercial forecasts, and $120 million associated with our Biopharma segment resulting from the discontinuation of a study related to an out-licensed IPR&D asset for the treatment of prostate cancer.
(e)See Note 2B.
(f)The first quarter of 2024 primarily includes, among other things, a $150 million gain on the partial sale of our investment in Haleon and dividend income of $61 million from our investment in ViiV. The first quarter of 2023 primarily included, among other things, dividend income of $211 million from our investment in Nimbus resulting from Takeda’s acquisition of Nimbus’s oral, selective allosteric tyrosine kinase 2 (TYK2) inhibitor program subsidiary, and $92 million from our investment in ViiV.
Additional information about the intangible assets that were impaired during 2024 follows:
Three Months Ended
Fair Value(a)
March 31, 2024
(MILLIONS)AmountLevel 1Level 2Level 3Impairment
Intangible assets––Developed technology rights(b)
$102 $— $— $102 $109 
(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 also Note 1E in our 2023 Form 10-K.
(b)Reflects intangible assets written down to fair value in 2024. 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; 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.
v3.24.1.u1
Tax Matters
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Tax Matters Tax Matters
A. Taxes on Income from Continuing Operations
Our effective tax rate for continuing operations was 8.6% for the first quarter of 2024, compared to 11.4% for the first quarter of 2023. The decrease in the effective tax rate for the first quarter of 2024, compared to the first quarter of 2023, was primarily due to a favorable change in the jurisdictional mix of earnings.
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 over eight years through 2026. The sixth annual installment was paid by its April 15, 2024 due date and is reported in current Income taxes payable as of March 31, 2024. The remaining liability is reported in noncurrent Other taxes payable. Our obligations may vary as a result of changes in our uncertain tax positions and/or availability of attributes such as foreign tax and other credit carryforwards.
For the year ended December 31, 2023, our cash paid for income taxes, net of refunds, was $3.1 billion, of which $1.9 billion was paid in the U.S.
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. With respect to Pfizer, tax years 2016-2018 are under audit. Tax years 2019-2024 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 2012.
See Note 5D in our 2023 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 Ended
(MILLIONS)March 31,
2024		April 2,
2023
Foreign currency translation adjustments, net(a)
$25 $(25)
Unrealized holding gains/(losses) on derivative financial instruments, net45 3 
Reclassification adjustments for (gains)/losses included in net income
(4)21 
41 24 
Unrealized holding gains/(losses) on available-for-sale securities, net(6)11 
Reclassification adjustments for (gains)/losses included in net income
(2)(64)
(8)(53)
Reclassification adjustments related to amortization of prior service costs and other, net(5)(7)
Reclassification adjustments related to curtailments of prior service costs and other, net— (1)
(5)(9)
Tax provision/(benefit) on other comprehensive income/(loss)$53 $(63)
(a)Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.
v3.24.1.u1
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests
 3 Months Ended
Mar. 31, 2024
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, December 31, 2023
$(7,863)$(217)$(9)$128 $(7,961)
Other comprehensive income/(loss)(b)
120 164 (57)(24)203 
Balance, March 31, 2024$(7,743)$(53)$(66)$104 $(7,758)
(a)Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests.
(b)Foreign currency translation adjustments include net gains related to the impact of our net investment hedging program and net losses related to our equity-method investment in Haleon (see Note 2B).
v3.24.1.u1
Financial Instruments
 3 Months Ended
Mar. 31, 2024
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:
March 31, 2024December 31, 2023
(MILLIONS)TotalLevel 1Level 2TotalLevel 1Level 2
Financial assets:
Short-term investments
Equity securities with readily determinable fair values:
Money market funds$2,483 $— $2,483 $5,124 $— $5,124 
Available-for-sale debt securities:
Government and agency—non-U.S.
5,214 — 5,214 817 — 817 
Government and agency—U.S.
1,958 — 1,958 2,601 — 2,601 
Corporate and other
1,045 — 1,045 982 — 982 
8,217 — 8,217 4,400 — 4,400 
Total short-term investments10,700 — 10,700 9,524 — 9,524 
Other current assets
Derivative assets:
Interest rate contracts
1 — 1 — — — 
Foreign exchange contracts
390 — 390 298 — 298 
Total other current assets391 — 391 298 — 298 
Long-term investments
Equity securities with readily determinable fair values(a)
2,543 2,542 — 2,779 2,772 7 
Available-for-sale debt securities:
Government and agency—non-U.S.
131 — 131 124 — 124 
Corporate and other
6 — 6 26 — 26 
137 — 137 150 — 150 
Total long-term investments2,680 2,542 138 2,929 2,772 156 
Other noncurrent assets
Derivative assets:
Interest rate contracts
26 — 26 144 — 144 
Foreign exchange contracts
364 — 364 258 — 258 
Total derivative assets390 — 390 402 — 402 
Insurance contracts(b)
853 — 853 790 — 790 
Total other noncurrent assets1,243 — 1,243 1,191 — 1,191 
Total assets$15,013 $2,542 $12,471 $13,943 $2,772 $11,170 
Financial liabilities:
Other current liabilities
Derivative liabilities:
Interest rate contracts$17 $— $17 $16 $— $16 
Foreign exchange contracts
117 — 117 404 — 404 
Total other current liabilities134 — 134 420 — 420 
Other noncurrent liabilities
Derivative liabilities:
Interest rate contracts346 — 346 275 — 275 
Foreign exchange contracts
665 — 665 725 — 725 
Total other noncurrent liabilities1,011 — 1,011 1,000 — 1,000 
Total liabilities$1,146 $— $1,146 $1,420 $— $1,420 
(a)Long-term equity securities of $115 million as of March 31, 2024 and $130 million as of December 31, 2023 were held in restricted trusts for U.S. non-qualified employee benefit plans.
(b)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 $61 billion as of March 31, 2024 and $62 billion as of December 31, 2023. The estimated fair value of such debt, using a market approach and Level 2 inputs, was $60 billion as of March 31, 2024 and $61 billion as of December 31, 2023.
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 March 31, 2024 and December 31, 2023. 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)March 31,
2024		 December 31, 2023
Short-term investments
Equity securities with readily determinable fair values(a)
$2,483 $5,124 
Available-for-sale debt securities8,217 4,400 
Held-to-maturity debt securities510 313 
Total Short-term investments$11,209 $9,837 
Long-term investments
Equity securities with readily determinable fair values(b)
$2,543 $2,779 
Available-for-sale debt securities137 150 
Held-to-maturity debt securities45 47 
Private equity securities at cost(b)
765 755 
Total Long-term investments$3,490 $3,731 
Equity-method investments8,123 11,637 
Total long-term investments and equity-method investments$11,613 $15,368 
Held-to-maturity cash equivalents$250 $207 
(a)Represent money market funds primarily invested in U.S. Treasury and government debt.
(b)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:
March 31, 2024December 31, 2023
Gross UnrealizedContractual or Estimated 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.
$5,414 $2 $(71)$5,345 $5,214 $131 $— $953 $2 $(14)$941 
Government and agency––U.S.
1,958 — — 1,958 1,958 — — 2,601 — — 2,601 
Corporate and other1,057 — (6)1,051 1,045 6 — 1,006 4 (2)1,007 
Held-to-maturity debt securities
Time deposits and other
705 — — 705 665 27 13 561 — — 561 
Government and agency––non-U.S.
100 — — 100 95 4 1 4 — — 4 
Total debt securities$9,234 $2 $(78)$9,159 $8,976 $168 $14 $5,126 $6 $(16)$5,115 
Any expected credit losses to these portfolios would be immaterial to our financial statements.
Equity Securities
The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date:
Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
Net (gains)/losses recognized during the period on equity securities(a)
$(25)$451 
Less: Net (gains)/losses recognized during the period on equity securities sold during the period(214)(33)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date(b)
$188 $485 
(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 March 31, 2024, there were cumulative impairments and downward adjustments of $293 million and upward adjustments of $212 million. Impairments, downward and upward adjustments were not material to our operations in the first quarters of 2024 and 2023.
C. Short-Term Borrowings
Short-term borrowings include:
(MILLIONS)March 31,
2024		 December 31, 2023
Commercial paper, principal amount
$6,933 $7,965 
Current portion of long-term debt, principal amount1,000 2,250 
Other short-term borrowings, principal amount(a)
362 252 
Total short-term borrowings, principal amount
8,294 10,467 
Net fair value adjustments related to hedging and purchase accounting
1 5 
Net unamortized discounts, premiums and debt issuance costs(64)(121)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted
$8,232 $10,350 
(a)Primarily includes cash collateral. See Note 7F.
D. Long-Term Debt
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:
(MILLIONS)March 31,
2024		 December 31, 2023
Total long-term debt, principal amount$60,951 $60,982 
Net fair value adjustments related to hedging and purchase accounting830 1,039 
Net unamortized discounts, premiums and debt issuance costs(474)(483)
Total long-term debt, carried at historical proceeds, as adjusted$61,307 $61,538 
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, Japanese yen, Chinese renminbi, Swedish krona, and Canadian dollar, and include a portion of our forecasted foreign exchange-denominated intercompany inventory sales hedged up to two years. We may seek to protect against possible declines in the reported 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:
March 31, 2024December 31, 2023
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$21,662 $626 $702 $18,750 $403 $916 
Interest rate contracts6,750 27 363 6,750 144 290 
653 1,065 546 1,206 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19,886 128 81 $25,609 154 214 
Total$781 $1,146 $700 $1,420 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of March 31, 2024 and $4.9 billion as of December 31, 2023.
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)March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023
Derivative Financial Instruments in Cash Flow Hedge Relationships:
Foreign exchange contracts(b)
$— $— $210 $(53)$4 $(356)
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 7 55 7 53 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts
(188)48 — — — — 
Hedged item
188 (48)— — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:      
Foreign exchange contracts
— — 235 (213)— — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 21 67 37 34 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
      
Foreign currency long-term debt— — 18 (16)— — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts
55 17 — — — — 
 $55 $17 $490 $(160)$49 $(269)
(a)OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. 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 $31 million in the first quarter of 2024 and a net gain of $91 million in the first quarter of 2023. 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 gain of $166 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 19 years and relates to foreign currency debt.
(c)The amounts reclassified from OCI were reclassified into OID.
(d)Long-term debt include foreign currency borrowings, which are used in net investment hedges; the related carrying values as of March 31, 2024 and December 31, 2023 were $807 million and $824 million, respectively.
The following summarizes cumulative basis adjustments to our long-term debt in fair value hedges:
March 31, 2024December 31, 2023
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$7,186 $(320)$941 $7,196 $(131)$957 
(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 13C below and Note 17C in our 2023 Form 10-K.
As of March 31, 2024, 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., Canada and Japan.
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 March 31, 2024, the aggregate fair value of these derivative financial instruments that are in a net payable position was $770 million, for which we have posted collateral of $767 million with a corresponding amount reported in Short-term investments. As of March 31, 2024, the aggregate fair value of our derivative financial instruments that are in a net receivable position was $251 million, for which we have received collateral of $274 million with a corresponding amount reported in Short-term borrowings, including current portion of long-term debt.
v3.24.1.u1
Other Financial Information
 3 Months Ended
Mar. 31, 2024
Other Financial Information [Abstract]  
Other Financial Information Other Financial Information
A. Inventories
The following summarizes the components of Inventories:
(MILLIONS)March 31,
2024		December 31, 2023
Finished goods$3,491 $3,495 
Work-in-process6,273 5,688 
Raw materials and supplies1,128 1,007 
Inventories(a)
$10,892 $10,189 
Noncurrent inventories not included above(b)
$3,361 $4,568 
(a)The increase from December 31, 2023 reflects higher inventory levels for certain products mainly for supply recovery and network strategy, partially offset by decreases due to net market demand.
(b)Included in Other noncurrent assets. The decrease from December 31, 2023 is primarily driven by an adjustment to the fair value step-up of acquired Seagen inventory. Based on our current estimates and assumptions, there are no recoverability issues for these amounts.
B. Other Current Liabilities
Other current liabilities includes, among other things, amounts payable to BioNTech for the gross profit split for Comirnaty, which totaled $1.5 billion as of March 31, 2024 and $2.0 billion as of December 31, 2023.
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 March 31, 2024 and December 31, 2023, respectively, $658 million and $791 million of our trade payables to suppliers who participate in these financing arrangements were outstanding.
v3.24.1.u1
Identifiable Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Identifiable Intangible Assets and Goodwill Identifiable Intangible Assets and Goodwill
A. Identifiable Intangible Assets
The following summarizes the components of Identifiable intangible assets:
March 31, 2024December 31, 2023
(MILLIONS)Gross
Carrying
Amount		Accumulated
Amortization		Identifiable
Intangible
Assets, less
Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization		Identifiable
Intangible
Assets, less
Accumulated
Amortization
Finite-lived intangible assets
Developed technology rights(a)
$99,528 $(61,745)$37,783 $99,267 $(60,493)$38,773 
Brands(b)
1,749 (905)845 922 (877)45 
Licensing agreements and other2,769 (1,498)1,271 2,756 (1,458)1,297 
104,046 (64,147)39,899 102,944 (62,828)40,116 
Indefinite-lived intangible assets
Brands(b)
— — 827 827 
IPR&D(a), (c)
22,166 22,166 23,193 23,193 
Licensing agreements and other764 764 763 763 
22,930 22,930 24,784 24,784 
Identifiable intangible assets(d)
$126,976 $(64,147)$62,829 $127,728 $(62,828)$64,900 
(a)The increase in the gross carrying amount includes the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna), partially offset by $370 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A) and impairments of $109 million (see Note 4).
(b)The changes in the gross carrying amounts reflect the transfer of $827 million from indefinite-lived brands to finite-lived brands for Depo-Medrol.
(c)The decrease in the gross carrying amount reflects the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna) and $300 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A).
(d)The decrease is primarily due to amortization expense of $1.3 billion and measurement period adjustments related to our acquisition of Seagen of $660 million (see Note 2A).
B. Goodwill
The following summarizes the changes in the carrying amount of Goodwill:
(MILLIONS)
Total(a)
Balance, January 1, 2024
$67,783 
Additions(b)
1,524 
Impact of foreign exchange
(10)
Balance, March 31, 2024
$69,297 
(a)All goodwill is assigned within the Biopharma reportable segment. As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2024 (see Note 13A), our goodwill is required to be reallocated amongst impacted reporting units. The allocation of goodwill is a complex process that requires, among other things, that we determine the fair value of each reporting unit under our old and new organizational structure and the portions being transferred. Therefore, we have not yet completed the allocation, but it will be completed in the current year.
(b)Additions primarily represent measurement period adjustments related to our acquisition of Seagen (see Note 2A).
v3.24.1.u1
Pension and Postretirement Benefit Plans
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Plans Pension and Postretirement Benefit Plans
The following summarizes the components of net periodic benefit cost/(credit):
 Pension Plans
 U.S.InternationalPostretirement
Plans
Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023
Service cost$— $— $20 $22 $4 $3 
Interest cost139 148 78 71 6 5 
Expected return on plan assets(208)(194)(80)(76)(13)(11)
Amortization of prior service cost/(credit)— — 1 — (29)(30)
Actuarial (gains)/losses
— 9 — 3 — — 
Curtailments— — (2)(1)— (5)
Special termination benefits— 2 5 — — — 
Net periodic benefit cost/(credit) reported in income$(69)$(36)$22 $18 $(33)$(37)
The components of net periodic benefit cost/(credit) other than the service cost component are included in Other (income)/deductions––net (see Note 4).
For the three months ended March 31, 2024, we contributed $66 million to our U.S. Pension Plans and $61 million to our International Pension Plans from our general assets, which include direct employer benefit payments.
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Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders
 3 Months Ended
Mar. 31, 2024
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 Ended
(MILLIONS)March 31,
2024		April 2,
2023
EPS Numerator
Income from continuing operations attributable to Pfizer Inc. common shareholders$3,120 $5,542 
Discontinued operations––net of tax(5)1 
Net income attributable to Pfizer Inc. common shareholders$3,115 $5,543 
EPS Denominator
  
Weighted-average number of common shares outstanding––Basic
5,657 5,634 
Common-share equivalents40 93 
Weighted-average number of common shares outstanding––Diluted
5,697 5,727 
Anti-dilutive common stock equivalents(a)
26 2 
(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.
v3.24.1.u1
Contingencies and Certain Commitments
 3 Months Ended
Mar. 31, 2024
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, 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’s 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 action continues in the U.S. District Court for the District of Delaware as described below.
In October 2021, we brought a separate patent-infringement action against Sinotherapeutics Inc. (Sinotherapeutics) asserting the infringement and validity of our patent covering extended release formulations of tofacitinib that was challenged by Sinotherapeutics in its ANDA seeking approval to market a generic version of tofacitinib 11 mg extended release tablets. In November 2022, we filed an additional patent-infringement action against Sinotherapeutics relating to its challenge of our extended release formulation and method of treatment patents in its ANDA seeking approval to market a generic version of tofacitinib 22 mg extended release tablets.
Mektovi (binimetinib)
Beginning in August 2022, several 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 the generic filers in the U.S. District Court for the District of Delaware, asserting the validity and infringement of all six patents.
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.
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.
Actions in Which We are the Defendant
Comirnaty
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 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 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. The German infringement action was stayed in December 2023 pending further action from the European Patent Office on the patents at issue. 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 the U.K., Pfizer and BioNTech brought an action against ModernaTX seeking to revoke these two European patents, which was consolidated with the September 2022 action filed by ModernaTX. 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). 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 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.
Paxlovid
In June 2022, Enanta Pharmaceuticals, Inc. 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.
Abrysvo
In August 2023, GlaxoSmithKline Biologics SA and GlaxoSmithKline LLC (collectively, GSK Group) filed a complaint in the U.S. District Court for the District of Delaware against Pfizer alleging that the active ingredient in Abrysvo infringes four U.S. patents. The complaint seeks unspecified monetary damages and a permanent injunction against sales of Abrysvo for use in adults over 60 years of age. In November 2023, GSK Group amended its complaint to assert infringement of two additional patents. In addition, we have challenged certain of GSK’s RSV vaccine patents in certain ex-U.S. jurisdictions, including the U.K., the Netherlands and Belgium, and GSK has asserted that Abrysvo infringes these patents.
Matters Involving Pfizer and its Collaboration/Licensing Partners
Comirnaty
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.
In the U.K., Pfizer and BioNTech have sued CureVac seeking a judgment of invalidity of several patents and CureVac has made certain infringement counterclaims.
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.
Effexor
Beginning in 2011, actions, including purported class actions, were filed in various federal courts against Wyeth and, in certain of the actions, affiliates of Wyeth and certain other defendants relating to Effexor XR, which is the extended-release formulation of Effexor. The plaintiffs in each of the class actions seek to represent a class consisting of all persons in the U.S. and its territories who directly purchased, indirectly purchased or reimbursed patients for the purchase of Effexor XR or generic Effexor XR from any of the defendants from June 14, 2008 until the time the defendants’ allegedly unlawful conduct ceased. The plaintiffs in all of the actions allege delay in the launch of generic Effexor XR in the U.S. and its territories, in violation of federal antitrust laws and, in certain of the actions, the antitrust, consumer protection and various other laws of certain states, as the result of Wyeth fraudulently obtaining and improperly listing certain patents for Effexor XR in the Orange Book, enforcing certain patents for Effexor XR and entering into a litigation settlement agreement with a generic drug manufacturer with respect to Effexor XR. Each of the plaintiffs seeks treble damages (for itself in the individual actions or on behalf of the putative class in the purported class actions) for alleged price overcharges for Effexor XR or generic Effexor XR in the U.S. and its territories since June 14, 2008. All of these actions have been consolidated in the U.S. District Court for the District of New Jersey.
In 2014, the District Court dismissed the direct purchaser plaintiffs’ claims based on the litigation settlement agreement, but declined to dismiss the other direct purchaser plaintiff claims. In 2015, the District Court entered partial final judgments as to all settlement agreement claims, including those asserted by direct purchasers and end-payor plaintiffs, which plaintiffs appealed to the U.S. Court of Appeals for the Third Circuit. In 2017, the U.S. Court of Appeals for the Third Circuit reversed the District Court’s decisions and remanded the claims to the District Court. In April 2024, the parties reached agreements to settle the litigation. Certain of the settlements are subject to court approval.
Lipitor
Beginning in 2011, purported class actions relating to Lipitor were filed in various federal courts against, among others, Pfizer, certain Pfizer affiliates, and, in most of the actions, Ranbaxy Laboratories Limited (Ranbaxy) and certain Ranbaxy affiliates. The plaintiffs in these various actions seek to represent nationwide, multi-state or statewide classes consisting of persons or entities who directly purchased, indirectly purchased or reimbursed patients for the purchase of Lipitor (or, in certain of the actions, generic Lipitor) from any of the defendants from March 2010 until the cessation of the defendants’ allegedly unlawful conduct (the Class Period). The plaintiffs allege delay in the launch of generic Lipitor, in violation of federal antitrust laws and/or state antitrust, consumer protection and various other laws, resulting from (i) the 2008 agreement pursuant to which Pfizer and Ranbaxy settled certain patent litigation involving Lipitor and Pfizer granted Ranbaxy a license to sell a generic version of Lipitor in various markets beginning on varying dates, and (ii) in certain of the actions, the procurement and/or enforcement of certain patents for Lipitor. Each of the actions seeks, among other things, treble damages on behalf of the putative class for alleged price overcharges for Lipitor (or, in certain of the actions, generic Lipitor) during the Class Period. In addition, individual actions have been filed against Pfizer, Ranbaxy and certain of their affiliates, among others, that assert claims and seek relief for the plaintiffs that are substantially similar to the claims asserted and the relief sought in the purported class actions described above. These various actions have been consolidated for pre-trial proceedings in a MDL in the U.S. District Court for the District of New Jersey.
In September 2013 and 2014, the District Court dismissed with prejudice the claims of the direct purchasers. In October and November 2014, the District Court dismissed with prejudice the claims of all other MDL plaintiffs. All plaintiffs appealed the District Court’s orders dismissing their claims with prejudice to the U.S. Court of Appeals for the Third Circuit. In addition, the direct purchaser class plaintiffs appealed the order denying their motion to amend the judgment and for leave to amend their complaint to the Court of Appeals. In 2017, the Court of Appeals reversed the District Court’s decisions and remanded the claims to the District Court. In April 2024, the parties reached agreements to settle the litigation. Certain of the settlements are subject to court approval.
Also, in 2013, the State of West Virginia filed an action in West Virginia state court against Pfizer and Ranbaxy, among others, that asserts claims and seeks relief on behalf of the State of West Virginia and residents of that state that are substantially similar to the claims asserted and the relief sought in the purported class actions described above.
EpiPen (Direct Purchaser)
In February 2020, a lawsuit was filed in the U.S. District Court for the District of Kansas against Pfizer, its current and former affiliates King and Meridian, and various Mylan entities, on behalf of a purported U.S. nationwide class of direct purchaser
plaintiffs who purchased EpiPen devices directly from the defendants. Plaintiffs in this action generally allege that Pfizer and Mylan conspired to delay market entry of generic EpiPen through the settlement of patent litigation regarding EpiPen, and thereby delayed market entry of generic EpiPen in violation of federal antitrust law. Plaintiffs seek treble damages for alleged overcharges for EpiPen since 2011. In July 2021, the District Court granted defendants’ motion to dismiss the direct purchaser complaint, without prejudice. In September 2021, plaintiffs filed an amended complaint. In August 2022, the District Court granted Pfizer’s motion to dismiss the complaint, and plaintiffs appealed to the U.S. Court of Appeals for the Tenth Circuit. In October 2023, the parties reached an agreement to settle the litigation on terms not material to Pfizer. The settlement is subject to court approval.
Docetaxel
•Personal Injury Actions
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. 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 a 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 a MDL in the U.S. District Court for the Eastern District of Louisiana.
•Mississippi Attorney General Government Action
In 2018, the Attorney General of Mississippi filed a complaint in Mississippi state court against the manufacturer of the branded product and eight other manufacturers including Pfizer and Hospira, alleging, with respect to Pfizer and Hospira, a failure to warn about a risk of permanent hair loss in violation of the Mississippi Consumer Protection Act. The action seeks civil penalties and injunctive relief.
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 a 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 and could take many more years to resolve. From time to time, Pfizer has explored and will continue to explore opportunistic settlements of these matters, and has settled certain cases.
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 a MDL in the U.S. District Court for the Southern District of New York. Similar putative class actions have been filed in Canada and Israel, where the product brand is Champix.
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.
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 February 2022, the defendants filed for en banc review of the Court of Appeals’ decision. In February 2023, the Court of Appeals denied defendants’ en banc petitions.
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.
Viatris Securities Litigation
In October 2021, a putative class action was filed in the Court of Common Pleas of Allegheny County, Pennsylvania on behalf of former Mylan N.V. shareholders who received Viatris common stock in exchange for Mylan shares in connection with the spin-off of the Upjohn Business and its combination with Mylan (the Transactions). Viatris, Pfizer, and certain of each company’s current and former officers, directors and employees are named as defendants. An amended complaint was filed in January 2023, and alleges that the defendants violated certain provisions of the Securities Act of 1933 in connection with certain disclosures made in or omitted from the registration statement and related prospectus issued in connection with the Transactions, as well as related communications. Plaintiff seeks damages, costs and expenses and other equitable and injunctive relief. In November 2023, the parties reached an agreement to settle the litigation on terms not material to Pfizer. The settlement is subject to court approval.
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 May 2019, Attorneys General of more than 50 states and territories filed a complaint in the District of Connecticut against a number of pharmaceutical companies, including Greenstone and Pfizer. Greenstone is a former Pfizer subsidiary that sold generic drugs. The matter was transferred for coordinated pre-trial proceedings to a MDL in the U.S. District Court for the Eastern District of Pennsylvania. As to Greenstone and Pfizer, the complaint alleges anticompetitive conduct in violation of federal and state antitrust laws and state consumer protection laws. In June 2020, the State Attorneys General filed a new complaint against a number of companies, including Greenstone and Pfizer, making similar allegations, concerning different drugs. This complaint was transferred to the MDL in July 2020. The MDL also includes civil complaints filed by private plaintiffs and state counties against Pfizer, Greenstone and a number of other defendants asserting allegations that generally overlap with those asserted by the State Attorneys General. In April 2024, the two cases naming Greenstone and Pfizer filed by the State Attorneys General were remanded to the District of Connecticut.
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.
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 the 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.
Docetaxel––Mississippi Attorney General Government Investigation
See Legal Proceedings––Product Litigation––Docetaxel––Mississippi Attorney General Government Action above for information regarding a government investigation related to Docetaxel marketing practices.
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 are producing records pursuant to these requests.
U.S. Department of Justice/SEC Inquiry relating to China Operations
In June 2020, we received an informal request from the U.S. Department of Justice’s FCPA Unit seeking documents relating to our operations in China. In August 2020, we received a similar request from the SEC’s FCPA Unit. 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 Biohaven
In June 2022, the U.S. Department of Justice’s Commercial Litigation Branch and the U.S. Attorney’s Office for the Western District of New York issued a CID relating to Biohaven. The CID seeks records and information related to, among other things, engagements with healthcare professionals and co-pay coupons cards. In March 2023, the California Department of Insurance issued a subpoena seeking records similar to those requested by the CID. Biohaven is a wholly-owned subsidiary that we acquired in October 2022. We are producing records in response to these requests.
U.S. Department of Justice Inquiry relating to Mexico Operations
In March 2023, we received an informal request from the U.S. Department of Justice’s FCPA Unit seeking documents relating to our operations in Mexico. We are producing records pursuant to this request.
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 are producing 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 March 31, 2024, 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 in our 2023 Form 10-K for information on Pfizer Inc.’s guarantee of the debt issued by Pfizer Investment Enterprises Pte. Ltd. (a wholly-owned finance subsidiary of Pfizer) in May 2023. We have also guaranteed the long-term debt of 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 2023 Form 10-K.
v3.24.1.u1
Segment, Geographic and Other Revenue Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment, Geographic and Other Revenue Information Segment, Geographic and Other Revenue Information
A. Segment Information
We manage our commercial operations through two operating segments, each led by a single manager: Biopharma and Business Innovation. Biopharma is engaged in the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide. Business Innovation includes PC1, our contract development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients, and Pfizer Ignite, 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. Our commercial divisions market, distribute and sell 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. Our chief operating decision maker uses the revenues and earnings of the operating segments, among other factors, for performance evaluation and resource allocation. We regularly review our segments and the approach used by management to evaluate performance and allocate resources.
At the beginning of 2024, we made changes in our commercial organization to incorporate Seagen and improve focus, speed and execution. Specifically, within our Biopharma reportable segment we created the Pfizer Oncology Division, the Pfizer U.S. Commercial Division, and the Pfizer International Commercial Division:
•Pfizer Oncology Division combines the U.S. Oncology commercial organizations, global Oncology marketing organizations and global and U.S. Oncology medical affairs from both Pfizer and Seagen.
•Pfizer U.S. Commercial Division includes the U.S. Primary Care and U.S. Specialty Care customer groups, the Chief Marketing Office, the Global Chief Medical Affairs Office and Global Access & Value.
•Pfizer International Commercial Division includes the ex-U.S. commercial and medical affairs organizations covering Pfizer’s entire product portfolio in all international markets.
Beginning January 1, 2024, Biopharma’s earnings include costs related to R&D, medical and safety, manufacturing and supply, and sales and marketing activities that are associated with products in our Biopharma segment. Prior to 2024, costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations and overhead costs associated with our manufacturing operations were presented as part of Other business activities. We have reclassified our prior period segment information to conform to the current period presentation.
Other Business Activities and Reconciling Items––Other business activities include the operating results of Business Innovation 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 our share of earnings from Haleon. 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 chief operating decision maker does not regularly review any asset information by operating segment and, accordingly, we do not report asset information by operating segment. Total assets were $221 billion as of March 31, 2024 and $227 billion as of December 31, 2023.
Selected Income Statement Information
The following provides selected information by reportable segment:
Three Months Ended
 
Total Revenues
Earnings(a)
(MILLIONS)March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023
Reportable Segment:
Biopharma(b)
$14,604 $18,173 $7,622 $9,517 
Other business activities(c)
275 313 (2,007)(1,316)
Reconciling Items:
Amortization of intangible assets(1,308)(1,103)
Acquisition-related items(508)(163)
Certain significant items(d)
(378)(665)
$14,879 $18,486 $3,421 $6,270 
(a)Income from continuing operations before provision/(benefit) for taxes on income. As described above, in connection with the organizational changes effective in the first quarter of 2024, costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations and overhead costs associated with our manufacturing operations are now included in Biopharma’s earnings. We have reclassified $1.4 billion of net costs in the first quarter of 2023 from Other business activities to Biopharma to conform to the current period presentation.
(b)Biopharma’s revenues and earnings in the first quarter of 2024 reflect 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 $61 million in the first quarter of 2024 and $92 million in the first quarter of 2023.
(c)Other business activities include revenues and costs associated with Business Innovation and costs that we do not allocate to our operating segments, per above.
(d)Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in the first quarter of 2023 included, among other items, net losses on equity securities of $452 million recorded in Other (income)/deductions––net. See Note 4.
B. Geographic Information
The following summarizes revenues by geographic area:
 Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023		%
Change
United States$9,514 $8,711 9 
International:
Developed Markets
3,198 5,635 (43)
Emerging Markets2,167 4,140 (48)
Total revenues
$14,879 $18,486 (20)
C. Other Revenue Information
Significant Customers
In October 2023, we announced an amended agreement with the U.S. government, which facilitated the transition of Paxlovid to traditional commercial markets in the U.S. starting in November 2023. In connection with this agreement, we recorded a non-cash revenue reversal of $3.5 billion in the fourth quarter of 2023 related to the expected return of an estimated 6.5 million treatment courses of EUA-labeled U.S. government inventory. In the first quarter of 2024, we recorded a non-cash favorable final adjustment of $771 million to reflect 5.1 million EUA-labeled treatment courses returned through February 29, 2024, which were converted to a volume-based credit that will support continued access to Paxlovid through a U.S. government patient assistance program operated by Pfizer. We also agreed to create, in 2024, a U.S. Strategic National Stockpile of 1.0 million treatment courses to enable future pandemic preparedness through 2028, which will be managed and supplied by Pfizer at no cost to the U.S. government or taxpayers. While we will recognize revenue as the estimated 6.1 million treatment courses are delivered, there is no remaining cash consideration for these treatment courses.
Revenues from the U.S. government comprised 10% of total revenues for the three months ended March 31, 2024 and primarily represented sales of Paxlovid, including the final return adjustment. Revenues from the U.S. government comprised 15% of total revenues for the three months ended April 2, 2023 and primarily represented sales of Paxlovid and Comirnaty. Accounts receivable from the U.S. government as of March 31, 2024 and December 31, 2023 were not material. For information on our significant wholesale customers, see Note 17C in our 2023 Form 10-K.
Significant Revenues by Product
The following provides detailed revenue information for several of our major products:
(MILLIONS)Three Months Ended
PRODUCTPRIMARY INDICATION OR CLASSMarch 31,
2024		April 2,
2023
TOTAL REVENUES$14,879 $18,486 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)
$14,604 $18,173 
Primary Care$7,211 $11,560 
Eliquis(a)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism2,040 1,874 
Paxlovid(b)
COVID-19 in certain high-risk patients2,035 4,069 
Prevnar familyActive immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae1,691 1,602 
Comirnaty
Active immunization to prevent COVID-19
354 3,064 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine178 167 
Abrysvo
Active immunization to prevent RSV infection
145 — 
All other Primary CareVarious770 785 
Specialty Care$3,843 $3,616 
Vyndaqel familyATTR-CM and polyneuropathy1,137 686 
ZithromaxBacterial infections200 150 
Xeljanz
RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis
194 237 
SulperazonBacterial infections167 320 
Enbrel (Outside the U.S. and Canada)
RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis
159 199 
Inflectra
Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis
158 178 
ZaviceftaBacterial infections125 116 
GenotropinReplacement of human growth hormone120 147 
(MILLIONS)Three Months Ended
PRODUCTPRIMARY INDICATION OR CLASSMarch 31,
2024		April 2,
2023
BeneFIXHemophilia B103 109 
OxbrytaSickle cell disease84 71 
CibinqoAtopic dermatitis42 16 
All other Hospital(c)
Various
1,149 1,197 
All other Specialty CareVarious205 188 
Oncology$3,549 $2,997 
IbranceHR-positive/HER2-negative metastatic breast cancer1,054 1,144 
Xtandi(d)
mCRPC, nmCRPC, mCSPC, nmCSPC418 339 
Padcev
Locally advanced or metastatic urothelial cancer341 — 
Oncology biosimilars(e)
Various
264 412 
AdcetrisHodgkin lymphoma and certain T-cell lymphomas257 — 
InlytaAdvanced RCC237 259 
Lorbrena
ALK-positive metastatic NSCLC
164 112 
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia145 150 
Braftovi/Mektovi
Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi, in combination with Erbitux (cetuximab)(f) for the treatment of BRAFV600E-mutant mCRC after prior therapy
116 103 
Tukysa
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer106 — 
Tivdak
Recurrent or metastatic cervical cancer28 — 
Talzenna
In combination with Xtandi (enzalutamide) for adult patients with HRR gene-mutated mCRPC; treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer23 10 
All other Oncology
Various397 467 
BUSINESS INNOVATION
$275 $313 
Pfizer CentreOne(g)
Various258 308 
Pfizer IgniteVarious17 4 
BIOPHARMA
$14,604 $18,173 
PFIZER U.S. COMMERCIAL DIVISION (U.S. Primary Care and U.S. Specialty Care)
6,854 6,615 
PFIZER ONCOLOGY DIVISION
2,572 1,983 
PFIZER INTERNATIONAL DIVISION
5,178 9,575 
Total Alliance revenues included above$2,172 $2,060 
Total Royalty revenues included above
$263 $204 
(a)Primarily reflects Alliance revenues and product revenues.
(b)2024 includes 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)Includes, among other Hospital products, amounts previously presented as All other Anti-infectives and Ig Portfolio.
(d)Primarily reflects Alliance revenues and royalty revenues.
(e)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Retacrit, Ruxience, Zirabev, Trazimera and Nivestym.
(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.
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 $6 billion and $2 billion, respectively, as of March 31, 2024, 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 2024 through 2028. Remaining performance obligations are based on foreign exchange rates as of the end of our fiscal first quarter of 2024 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 March 31, 2024 or December 31, 2023.
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 $4.1 billion as of March 31, 2024, with $2.4 billion and $1.6 billion recorded in current liabilities and noncurrent liabilities, respectively. The deferred revenues related to Paxlovid and Comirnaty totaled $5.1 billion as of December 31, 2023, with $2.6 billion and $2.5 billion recorded in current liabilities and noncurrent liabilities,
respectively. The decrease in Paxlovid and Comirnaty deferred revenues during the first three months of 2024 was primarily driven by a $771 million favorable final adjustment to the estimated non-cash Paxlovid revenue reversal recorded in the fourth quarter of 2023, as well as amounts recognized in Product revenues as we delivered the products to our customers. During the first quarter of 2024, we recognized revenue of approximately $1.0 billion that was included in the balance of Paxlovid and Comirnaty deferred revenues as of December 31, 2023, including the aforementioned $771 million non-cash Paxlovid adjustment. The Paxlovid and Comirnaty deferred revenues as of March 31, 2024 will be recognized in Product revenues proportionately as we transfer control of the products to our customers and satisfy our performance obligations under the contracts, with the amounts included in current liabilities expected to be recognized in Product revenues within the next 12 months, and the amounts included in noncurrent liabilities expected to be recognized in Product revenues from 2025 through 2028. Deferred revenues associated with contracts for other products were not significant as of March 31, 2024 or December 31, 2023.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Pay vs Performance Disclosure    
Income attributable to shareholders $ 3,115 $ 5,543
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
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
v3.24.1.u1
Basis of Presentation and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
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 2023 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 2023 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 months ended February 25, 2024 and February 26, 2023, and for U.S. subsidiaries is as of and for the three months ended March 31, 2024 and April 2, 2023.
We manage our commercial operations through two operating segments, each led by a single manager: Biopharma and Business Innovation. Biopharma is the only reportable segment. See Note 13A.
Reclassification Adjustments
We have made certain reclassification adjustments to conform prior-period amounts to the current presentation for:
•in the first quarter of 2024, we reclassified royalty income (substantially all of which is related to Biopharma) from Other (income)/deductions––net and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of income, and reclassified the associated royalty receivables from Other current assets to Trade accounts receivable, less allowance for doubtful accounts in our consolidated balance sheet;
•in the fourth quarter of 2023, we began presenting Product revenues and Alliance revenues as separate line items within Total revenues in our consolidated statements of income; and
•segment reporting and geographic information in connection with the commercial reorganization that went into effect on January 1, 2024 (see Note 13).
Business development activities, including the December 2023 acquisition of Seagen, impacted financial results in the periods presented. See Note 2 below, as well as Notes 1A and 2 in our 2023 Form 10-K.
New Accounting Standard Adopted in 2024 New Accounting Standard Adopted in 2024
On January 1, 2024, we adopted a new accounting standard which clarifies that contractual sale restrictions are not considered in measuring equity securities at fair value. The new guidance is consistent with our existing policy; therefore, it had no impact on our consolidated financial statements.
Revenues and Trade Accounts Receivable Revenues and Trade Accounts Receivable
Customers––Our prescription biopharmaceutical products, with the exception of Paxlovid in 2023, are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. We principally sold Paxlovid globally to government agencies in 2023. Our vaccines in the U.S. are primarily sold directly to the federal government (including the CDC), wholesalers, individual provider offices, retail pharmacies and integrated delivery systems. Our vaccines outside the U.S. are primarily sold to government and non-government institutions. Certain of our vaccines, including Comirnaty, are subject to seasonality of demand.
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)March 31,
2024		December 31, 2023
Reserve against Trade accounts receivable, less allowance for doubtful accounts
$1,573 $1,770 
Other current liabilities:
Accrued rebates5,880 5,546 
Other accruals646 902 
Other noncurrent liabilities
382 796 
Total accrued rebates and other sales-related accruals$8,481 $9,014 
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 months ended March 31, 2024 and April 2, 2023, 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 2023 Form 10-K.
v3.24.1.u1
Basis of Presentation and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Classification of Accruals 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)March 31,
2024		December 31, 2023
Reserve against Trade accounts receivable, less allowance for doubtful accounts
$1,573 $1,770 
Other current liabilities:
Accrued rebates5,880 5,546 
Other accruals646 902 
Other noncurrent liabilities
382 796 
Total accrued rebates and other sales-related accruals$8,481 $9,014 
v3.24.1.u1
Acquisition and Equity-Method Investment (Tables)
 3 Months Ended
Mar. 31, 2024
Business Combinations and Equity Method Investments [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the acquisition date, including adjustments made in the first quarter of 2024 (measurement period adjustments) with a corresponding change to goodwill. The estimated values are not yet finalized (see below) and are subject to change, which could be significant. We will finalize the amounts recognized as soon as possible but no later than one year from the acquisition date.
(MILLIONS)
Amounts Recognized
as of Acquisition Date
(as previously reported as of December 31, 2023)
Measurement Period Adjustments(a)
Amounts Recognized as of Acquisition Date (as adjusted)
Working capital, excluding inventories
$736 $(159)$577 
Inventories(b)
4,195 (891)3,304 
Property, plant and equipment524 (239)285 
Identifiable intangible assets, excluding in-process research and development(c)
7,970 (560)7,410 
In-process research and development20,800 (100)20,700 
Other noncurrent assets174 (94)80 
Net income tax accounts
(6,123)468 (5,655)
Other noncurrent liabilities(167)51 (116)
Total identifiable net assets28,108 (1,524)26,584 
Goodwill16,126 1,524 17,650 
Net assets acquired/total consideration transferred$44,234 $— $44,234 
(a)The changes in the estimated fair values are primarily to better reflect market participant assumptions about facts and circumstances existing as of the acquisition date. The measurement period adjustments did not result from intervening events subsequent to the acquisition date.
(b)As adjusted, comprised of $1.2 billion current inventories and $2.1 billion noncurrent inventories.
(c)As adjusted, comprised mainly of $7.0 billion of finite-lived developed technology rights with an estimated weighted-average life of approximately 18 years.
Schedule of Pro Forma Information
The following table provides unaudited U.S. GAAP supplemental pro forma information as if the acquisition of Seagen had occurred on January 1, 2022:
Unaudited Supplemental Pro Forma Consolidated Results
Three Months Ended
(MILLIONS, EXCEPT PER SHARE DATA)April 2,
2023
Revenues$19,006 
Net income attributable to Pfizer Inc. common shareholders
4,651 
Diluted earnings per share attributable to Pfizer Inc. common shareholders
0.81 
Equity Method Investment
The following table summarizes the change in the carrying value of our investment in Haleon:
Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
Beginning carrying value reported in Equity-method investments
$11,451 $10,824 
Carrying value of shares sold
(3,312)— 
Currency translation adjustments and other(a)
(132)89 
Basis difference adjustments and amortization(b)
(100)— 
Pfizer share of Haleon earnings
15 68 
Ending carrying value reported in Equity-method investments
$7,922 $10,980 
(a)See Note 6.
(b)Equity-method basis difference adjustments and amortization included in Other (income)/deductions – net. Adjustments are associated with the impact of Haleon’s brand sales and impairments of intangible assets and changes in Haleon’s tax rates on intangible asset-related deferred tax liabilities. See Note 4.
Summarized financial information for Haleon for the three months ending December 31, 2023, the most recent period available, and for the three months ending December 31, 2022, is as follows:
Three Months Ended
(MILLIONS)December 31,
2023		December 31,
2022
Net sales$3,434 $3,261 
Cost of sales(1,596)(1,496)
Gross profit$1,837 $1,766 
Income from continuing operations60 225 
Net income60 225 
Income attributable to shareholders47 211 
v3.24.1.u1
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Acquisitions and Cost-Reduction/Productivity Initiatives
The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives:
Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
Restructuring charges/(credits):  
Employee terminations$(29)$(36)
Asset impairments25 (10)
Exit costs
14 2 
Restructuring charges/(credits)(a)
10 (44)
Transaction costs(b)
5 — 
Integration costs and other(c)
87 52 
Restructuring charges and certain acquisition-related costs102 9 
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net
3 (5)
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income, mainly in Cost of sales(d)
4 18 
Implementation costs recorded in our condensed consolidated statements of income as follows(e):
  
Cost of sales16 15 
Selling, informational and administrative expenses29 59 
Research and development expenses13 11 
Total implementation costs58 85 
Total costs associated with acquisitions and cost-reduction/productivity initiatives$168 $107 
(a)In 2024, primarily represents Seagen acquisition-related costs, largely offset by cost-reduction initiatives. In 2023, primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: credits of $37 million for the three months ended March 31, 2024 and credits of $64 million for the three months ended April 2, 2023.
(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 external, 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, 2023(a)
$1,978 $— $11 $1,988 
Provision/(credit)(29)25 14 10 
Utilization and other(b)
(320)(25)(15)(360)
Balance, March 31, 2024(c)
$1,628 $— $10 $1,638 
(a)Included in Other current liabilities ($1.3 billion) and Other noncurrent liabilities ($663 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 ($1.1 billion) and Other noncurrent liabilities ($519 million).
v3.24.1.u1
Other (Income)/Deductions—Net (Tables)
 3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other (Income)/Deductions - Net
Components of Other (income)/deductions––net include:
 Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
Interest income$(129)$(177)
Interest expense790 318 
Net interest expense(a)
661 141 
Net (gains)/losses recognized during the period on equity securities(b)
(25)451 
Income from collaborations, out-licensing arrangements and sales of compound/product rights— (68)
Net periodic benefit costs/(credits) other than service costs(103)(80)
Certain legal matters, net(c)
208 36 
Certain asset impairments(d)
109 264 
Haleon equity method (income)/loss(e)
88 (68)
Other, net(f)
(258)(403)
Other (income)/deductions––net$680 $275 
(a)The increase in net interest expense in the first quarter of 2024 reflects (i) higher interest expense driven by our $31 billion aggregate principal amount of senior unsecured notes issued in May 2023, as well as $8 billion of commercial paper issued in the fourth quarter of 2023 as part of the financing for our acquisition of Seagen and (ii) a decrease in interest income due to lower investment balances after completion of our $43.4 billion Seagen acquisition in December 2023.
(b)The net losses in the first quarter of 2023 include, among other things, unrealized losses of $363 million related to our investments in Cerevel Therapeutics Holdings, Inc. and BioNTech.
(c)The first quarters of 2024 and 2023 primarily include certain product liability expenses related to products discontinued and/or divested by Pfizer.
(d)The first quarter of 2024 represents intangible asset impairment charges associated with our Biopharma segment for developed technology rights due to updated commercial forecasts mainly reflecting competitive pressures. The first quarter of 2023 primarily represented intangible asset impairment charges, including $128 million associated with Other business activities, related to IPR&D and developed technology rights for acquired software assets and reflected unfavorable pivotal trial results and updated commercial forecasts, and $120 million associated with our Biopharma segment resulting from the discontinuation of a study related to an out-licensed IPR&D asset for the treatment of prostate cancer.
(e)See Note 2B.
(f)The first quarter of 2024 primarily includes, among other things, a $150 million gain on the partial sale of our investment in Haleon and dividend income of $61 million from our investment in ViiV. The first quarter of 2023 primarily included, among other things, dividend income of $211 million from our investment in Nimbus resulting from Takeda’s acquisition of Nimbus’s oral, selective allosteric tyrosine kinase 2 (TYK2) inhibitor program subsidiary, and $92 million from our investment in ViiV.
Schedule of Impaired Intangible Assets
Additional information about the intangible assets that were impaired during 2024 follows:
Three Months Ended
Fair Value(a)
March 31, 2024
(MILLIONS)AmountLevel 1Level 2Level 3Impairment
Intangible assets––Developed technology rights(b)
$102 $— $— $102 $109 
(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 also Note 1E in our 2023 Form 10-K.
(b)Reflects intangible assets written down to fair value in 2024. 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; 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.
v3.24.1.u1
Tax Matters (Tables)
 3 Months Ended
Mar. 31, 2024
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 Ended
(MILLIONS)March 31,
2024		April 2,
2023
Foreign currency translation adjustments, net(a)
$25 $(25)
Unrealized holding gains/(losses) on derivative financial instruments, net45 3 
Reclassification adjustments for (gains)/losses included in net income
(4)21 
41 24 
Unrealized holding gains/(losses) on available-for-sale securities, net(6)11 
Reclassification adjustments for (gains)/losses included in net income
(2)(64)
(8)(53)
Reclassification adjustments related to amortization of prior service costs and other, net(5)(7)
Reclassification adjustments related to curtailments of prior service costs and other, net— (1)
(5)(9)
Tax provision/(benefit) on other comprehensive income/(loss)$53 $(63)
(a)Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.
v3.24.1.u1
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests (Tables)
 3 Months Ended
Mar. 31, 2024
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, December 31, 2023
$(7,863)$(217)$(9)$128 $(7,961)
Other comprehensive income/(loss)(b)
120 164 (57)(24)203 
Balance, March 31, 2024$(7,743)$(53)$(66)$104 $(7,758)
(a)Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests.
(b)Foreign currency translation adjustments include net gains related to the impact of our net investment hedging program and net losses related to our equity-method investment in Haleon (see Note 2B).
v3.24.1.u1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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:
March 31, 2024December 31, 2023
(MILLIONS)TotalLevel 1Level 2TotalLevel 1Level 2
Financial assets:
Short-term investments
Equity securities with readily determinable fair values:
Money market funds$2,483 $— $2,483 $5,124 $— $5,124 
Available-for-sale debt securities:
Government and agency—non-U.S.
5,214 — 5,214 817 — 817 
Government and agency—U.S.
1,958 — 1,958 2,601 — 2,601 
Corporate and other
1,045 — 1,045 982 — 982 
8,217 — 8,217 4,400 — 4,400 
Total short-term investments10,700 — 10,700 9,524 — 9,524 
Other current assets
Derivative assets:
Interest rate contracts
1 — 1 — — — 
Foreign exchange contracts
390 — 390 298 — 298 
Total other current assets391 — 391 298 — 298 
Long-term investments
Equity securities with readily determinable fair values(a)
2,543 2,542 — 2,779 2,772 7 
Available-for-sale debt securities:
Government and agency—non-U.S.
131 — 131 124 — 124 
Corporate and other
6 — 6 26 — 26 
137 — 137 150 — 150 
Total long-term investments2,680 2,542 138 2,929 2,772 156 
Other noncurrent assets
Derivative assets:
Interest rate contracts
26 — 26 144 — 144 
Foreign exchange contracts
364 — 364 258 — 258 
Total derivative assets390 — 390 402 — 402 
Insurance contracts(b)
853 — 853 790 — 790 
Total other noncurrent assets1,243 — 1,243 1,191 — 1,191 
Total assets$15,013 $2,542 $12,471 $13,943 $2,772 $11,170 
Financial liabilities:
Other current liabilities
Derivative liabilities:
Interest rate contracts$17 $— $17 $16 $— $16 
Foreign exchange contracts
117 — 117 404 — 404 
Total other current liabilities134 — 134 420 — 420 
Other noncurrent liabilities
Derivative liabilities:
Interest rate contracts346 — 346 275 — 275 
Foreign exchange contracts
665 — 665 725 — 725 
Total other noncurrent liabilities1,011 — 1,011 1,000 — 1,000 
Total liabilities$1,146 $— $1,146 $1,420 $— $1,420 
(a)Long-term equity securities of $115 million as of March 31, 2024 and $130 million as of December 31, 2023 were held in restricted trusts for U.S. non-qualified employee benefit plans.
(b)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)March 31,
2024		 December 31, 2023
Short-term investments
Equity securities with readily determinable fair values(a)
$2,483 $5,124 
Available-for-sale debt securities8,217 4,400 
Held-to-maturity debt securities510 313 
Total Short-term investments$11,209 $9,837 
Long-term investments
Equity securities with readily determinable fair values(b)
$2,543 $2,779 
Available-for-sale debt securities137 150 
Held-to-maturity debt securities45 47 
Private equity securities at cost(b)
765 755 
Total Long-term investments$3,490 $3,731 
Equity-method investments8,123 11,637 
Total long-term investments and equity-method investments$11,613 $15,368 
Held-to-maturity cash equivalents$250 $207 
(a)Represent money market funds primarily invested in U.S. Treasury and government debt.
(b)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:
March 31, 2024December 31, 2023
Gross UnrealizedContractual or Estimated 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.
$5,414 $2 $(71)$5,345 $5,214 $131 $— $953 $2 $(14)$941 
Government and agency––U.S.
1,958 — — 1,958 1,958 — — 2,601 — — 2,601 
Corporate and other1,057 — (6)1,051 1,045 6 — 1,006 4 (2)1,007 
Held-to-maturity debt securities
Time deposits and other
705 — — 705 665 27 13 561 — — 561 
Government and agency––non-U.S.
100 — — 100 95 4 1 4 — — 4 
Total debt securities$9,234 $2 $(78)$9,159 $8,976 $168 $14 $5,126 $6 $(16)$5,115 
Schedule of Available-for-sale Securities
Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions:
March 31, 2024December 31, 2023
Gross UnrealizedContractual or Estimated 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.
$5,414 $2 $(71)$5,345 $5,214 $131 $— $953 $2 $(14)$941 
Government and agency––U.S.
1,958 — — 1,958 1,958 — — 2,601 — — 2,601 
Corporate and other1,057 — (6)1,051 1,045 6 — 1,006 4 (2)1,007 
Held-to-maturity debt securities
Time deposits and other
705 — — 705 665 27 13 561 — — 561 
Government and agency––non-U.S.
100 — — 100 95 4 1 4 — — 4 
Total debt securities$9,234 $2 $(78)$9,159 $8,976 $168 $14 $5,126 $6 $(16)$5,115 
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:
March 31, 2024December 31, 2023
Gross UnrealizedContractual or Estimated 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.
$5,414 $2 $(71)$5,345 $5,214 $131 $— $953 $2 $(14)$941 
Government and agency––U.S.
1,958 — — 1,958 1,958 — — 2,601 — — 2,601 
Corporate and other1,057 — (6)1,051 1,045 6 — 1,006 4 (2)1,007 
Held-to-maturity debt securities
Time deposits and other
705 — — 705 665 27 13 561 — — 561 
Government and agency––non-U.S.
100 — — 100 95 4 1 4 — — 4 
Total debt securities$9,234 $2 $(78)$9,159 $8,976 $168 $14 $5,126 $6 $(16)$5,115 
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 Ended
(MILLIONS)March 31,
2024		April 2,
2023
Net (gains)/losses recognized during the period on equity securities(a)
$(25)$451 
Less: Net (gains)/losses recognized during the period on equity securities sold during the period(214)(33)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date(b)
$188 $485 
(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 March 31, 2024, there were cumulative impairments and downward adjustments of $293 million and upward adjustments of $212 million. Impairments, downward and upward adjustments were not material to our operations in the first quarters of 2024 and 2023.
Schedule of Short-term Borrowings
Short-term borrowings include:
(MILLIONS)March 31,
2024		 December 31, 2023
Commercial paper, principal amount
$6,933 $7,965 
Current portion of long-term debt, principal amount1,000 2,250 
Other short-term borrowings, principal amount(a)
362 252 
Total short-term borrowings, principal amount
8,294 10,467 
Net fair value adjustments related to hedging and purchase accounting
1 5 
Net unamortized discounts, premiums and debt issuance costs(64)(121)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted
$8,232 $10,350 
(a)Primarily includes cash collateral. See Note 7F.
Schedule of Principal Amounts of Senior Unsecured Long-Term Debt and Adjustments
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:
(MILLIONS)March 31,
2024		 December 31, 2023
Total long-term debt, principal amount$60,951 $60,982 
Net fair value adjustments related to hedging and purchase accounting830 1,039 
Net unamortized discounts, premiums and debt issuance costs(474)(483)
Total long-term debt, carried at historical proceeds, as adjusted$61,307 $61,538 
Schedule of Derivative Instruments
The following summarizes the fair value of the derivative financial instruments and notional amounts:
March 31, 2024December 31, 2023
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$21,662 $626 $702 $18,750 $403 $916 
Interest rate contracts6,750 27 363 6,750 144 290 
653 1,065 546 1,206 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19,886 128 81 $25,609 154 214 
Total$781 $1,146 $700 $1,420 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of March 31, 2024 and $4.9 billion as of December 31, 2023.
Schedule of Derivative Assets
The following summarizes the fair value of the derivative financial instruments and notional amounts:
March 31, 2024December 31, 2023
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$21,662 $626 $702 $18,750 $403 $916 
Interest rate contracts6,750 27 363 6,750 144 290 
653 1,065 546 1,206 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19,886 128 81 $25,609 154 214 
Total$781 $1,146 $700 $1,420 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of March 31, 2024 and $4.9 billion as of December 31, 2023.
Schedule of Derivative Liabilities
The following summarizes the fair value of the derivative financial instruments and notional amounts:
March 31, 2024December 31, 2023
Fair ValueFair Value
(MILLIONS)NotionalAssetLiabilityNotionalAssetLiability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$21,662 $626 $702 $18,750 $403 $916 
Interest rate contracts6,750 27 363 6,750 144 290 
653 1,065 546 1,206 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19,886 128 81 $25,609 154 214 
Total$781 $1,146 $700 $1,420 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of March 31, 2024 and $4.9 billion as of December 31, 2023.
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)March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023
Derivative Financial Instruments in Cash Flow Hedge Relationships:
Foreign exchange contracts(b)
$— $— $210 $(53)$4 $(356)
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 7 55 7 53 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts
(188)48 — — — — 
Hedged item
188 (48)— — — — 
Derivative Financial Instruments in Net Investment Hedge Relationships:      
Foreign exchange contracts
— — 235 (213)— — 
Amount excluded from effectiveness testing and amortized into earnings(c)
— — 21 67 37 34 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d):
      
Foreign currency long-term debt— — 18 (16)— — 
Derivative Financial Instruments Not Designated as Hedges:
Foreign exchange contracts
55 17 — — — — 
 $55 $17 $490 $(160)$49 $(269)
(a)OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. 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 $31 million in the first quarter of 2024 and a net gain of $91 million in the first quarter of 2023. 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 gain of $166 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 19 years and relates to foreign currency debt.
(c)The amounts reclassified from OCI were reclassified into OID.
(d)Long-term debt include foreign currency borrowings, which are used in net investment hedges; the related carrying values as of March 31, 2024 and December 31, 2023 were $807 million and $824 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:
March 31, 2024December 31, 2023
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$7,186 $(320)$941 $7,196 $(131)$957 
(a)Carrying amounts exclude the cumulative amount of fair value hedging adjustments.
v3.24.1.u1
Other Financial Information (Tables)
 3 Months Ended
Mar. 31, 2024
Other Financial Information [Abstract]  
Schedule of Components of Inventories, Current
The following summarizes the components of Inventories:
(MILLIONS)March 31,
2024		December 31, 2023
Finished goods$3,491 $3,495 
Work-in-process6,273 5,688 
Raw materials and supplies1,128 1,007 
Inventories(a)
$10,892 $10,189 
Noncurrent inventories not included above(b)
$3,361 $4,568 
(a)The increase from December 31, 2023 reflects higher inventory levels for certain products mainly for supply recovery and network strategy, partially offset by decreases due to net market demand.
(b)Included in Other noncurrent assets. The decrease from December 31, 2023 is primarily driven by an adjustment to the fair value step-up of acquired Seagen inventory. 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)March 31,
2024		December 31, 2023
Finished goods$3,491 $3,495 
Work-in-process6,273 5,688 
Raw materials and supplies1,128 1,007 
Inventories(a)
$10,892 $10,189 
Noncurrent inventories not included above(b)
$3,361 $4,568 
(a)The increase from December 31, 2023 reflects higher inventory levels for certain products mainly for supply recovery and network strategy, partially offset by decreases due to net market demand.
(b)Included in Other noncurrent assets. The decrease from December 31, 2023 is primarily driven by an adjustment to the fair value step-up of acquired Seagen inventory. Based on our current estimates and assumptions, there are no recoverability issues for these amounts.
v3.24.1.u1
Identifiable Intangible Assets and Goodwill (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
The following summarizes the components of Identifiable intangible assets:
March 31, 2024December 31, 2023
(MILLIONS)Gross
Carrying
Amount		Accumulated
Amortization		Identifiable
Intangible
Assets, less
Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization		Identifiable
Intangible
Assets, less
Accumulated
Amortization
Finite-lived intangible assets
Developed technology rights(a)
$99,528 $(61,745)$37,783 $99,267 $(60,493)$38,773 
Brands(b)
1,749 (905)845 922 (877)45 
Licensing agreements and other2,769 (1,498)1,271 2,756 (1,458)1,297 
104,046 (64,147)39,899 102,944 (62,828)40,116 
Indefinite-lived intangible assets
Brands(b)
— — 827 827 
IPR&D(a), (c)
22,166 22,166 23,193 23,193 
Licensing agreements and other764 764 763 763 
22,930 22,930 24,784 24,784 
Identifiable intangible assets(d)
$126,976 $(64,147)$62,829 $127,728 $(62,828)$64,900 
(a)The increase in the gross carrying amount includes the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna), partially offset by $370 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A) and impairments of $109 million (see Note 4).
(b)The changes in the gross carrying amounts reflect the transfer of $827 million from indefinite-lived brands to finite-lived brands for Depo-Medrol.
(c)The decrease in the gross carrying amount reflects the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna) and $300 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A).
(d)The decrease is primarily due to amortization expense of $1.3 billion and measurement period adjustments related to our acquisition of Seagen of $660 million (see Note 2A).
Schedule of Indefinite Lived Intangible Assets
The following summarizes the components of Identifiable intangible assets:
March 31, 2024December 31, 2023
(MILLIONS)Gross
Carrying
Amount		Accumulated
Amortization		Identifiable
Intangible
Assets, less
Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization		Identifiable
Intangible
Assets, less
Accumulated
Amortization
Finite-lived intangible assets
Developed technology rights(a)
$99,528 $(61,745)$37,783 $99,267 $(60,493)$38,773 
Brands(b)
1,749 (905)845 922 (877)45 
Licensing agreements and other2,769 (1,498)1,271 2,756 (1,458)1,297 
104,046 (64,147)39,899 102,944 (62,828)40,116 
Indefinite-lived intangible assets
Brands(b)
— — 827 827 
IPR&D(a), (c)
22,166 22,166 23,193 23,193 
Licensing agreements and other764 764 763 763 
22,930 22,930 24,784 24,784 
Identifiable intangible assets(d)
$126,976 $(64,147)$62,829 $127,728 $(62,828)$64,900 
(a)The increase in the gross carrying amount includes the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna), partially offset by $370 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A) and impairments of $109 million (see Note 4).
(b)The changes in the gross carrying amounts reflect the transfer of $827 million from indefinite-lived brands to finite-lived brands for Depo-Medrol.
(c)The decrease in the gross carrying amount reflects the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna) and $300 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A).
(d)The decrease is primarily due to amortization expense of $1.3 billion and measurement period adjustments related to our acquisition of Seagen of $660 million (see Note 2A).
Schedule of Goodwill
The following summarizes the changes in the carrying amount of Goodwill:
(MILLIONS)
Total(a)
Balance, January 1, 2024
$67,783 
Additions(b)
1,524 
Impact of foreign exchange
(10)
Balance, March 31, 2024
$69,297 
(a)All goodwill is assigned within the Biopharma reportable segment. As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2024 (see Note 13A), our goodwill is required to be reallocated amongst impacted reporting units. The allocation of goodwill is a complex process that requires, among other things, that we determine the fair value of each reporting unit under our old and new organizational structure and the portions being transferred. Therefore, we have not yet completed the allocation, but it will be completed in the current year.
(b)Additions primarily represent measurement period adjustments related to our acquisition of Seagen (see Note 2A).
v3.24.1.u1
Pension and Postretirement Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
The following summarizes the components of net periodic benefit cost/(credit):
 Pension Plans
 U.S.InternationalPostretirement
Plans
Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023
Service cost$— $— $20 $22 $4 $3 
Interest cost139 148 78 71 6 5 
Expected return on plan assets(208)(194)(80)(76)(13)(11)
Amortization of prior service cost/(credit)— — 1 — (29)(30)
Actuarial (gains)/losses
— 9 — 3 — — 
Curtailments— — (2)(1)— (5)
Special termination benefits— 2 5 — — — 
Net periodic benefit cost/(credit) reported in income$(69)$(36)$22 $18 $(33)$(37)
v3.24.1.u1
Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
The following presents the detailed calculation of EPS:
 Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023
EPS Numerator
Income from continuing operations attributable to Pfizer Inc. common shareholders$3,120 $5,542 
Discontinued operations––net of tax(5)1 
Net income attributable to Pfizer Inc. common shareholders$3,115 $5,543 
EPS Denominator
  
Weighted-average number of common shares outstanding––Basic
5,657 5,634 
Common-share equivalents40 93 
Weighted-average number of common shares outstanding––Diluted
5,697 5,727 
Anti-dilutive common stock equivalents(a)
26 2 
(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.
v3.24.1.u1
Segment, Geographic and Other Revenue Information (Tables)
 3 Months Ended
Mar. 31, 2024
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)
(MILLIONS)March 31,
2024		April 2,
2023		March 31,
2024		April 2,
2023
Reportable Segment:
Biopharma(b)
$14,604 $18,173 $7,622 $9,517 
Other business activities(c)
275 313 (2,007)(1,316)
Reconciling Items:
Amortization of intangible assets(1,308)(1,103)
Acquisition-related items(508)(163)
Certain significant items(d)
(378)(665)
$14,879 $18,486 $3,421 $6,270 
(a)Income from continuing operations before provision/(benefit) for taxes on income. As described above, in connection with the organizational changes effective in the first quarter of 2024, costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations and overhead costs associated with our manufacturing operations are now included in Biopharma’s earnings. We have reclassified $1.4 billion of net costs in the first quarter of 2023 from Other business activities to Biopharma to conform to the current period presentation.
(b)Biopharma’s revenues and earnings in the first quarter of 2024 reflect 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 $61 million in the first quarter of 2024 and $92 million in the first quarter of 2023.
(c)Other business activities include revenues and costs associated with Business Innovation and costs that we do not allocate to our operating segments, per above.
(d)Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in the first quarter of 2023 included, among other items, net losses on equity securities of $452 million recorded in Other (income)/deductions––net. See Note 4.
Schedule of Revenues by Geographic Region
The following summarizes revenues by geographic area:
 Three Months Ended
(MILLIONS)March 31,
2024		April 2,
2023		%
Change
United States$9,514 $8,711 9 
International:
Developed Markets
3,198 5,635 (43)
Emerging Markets2,167 4,140 (48)
Total revenues
$14,879 $18,486 (20)
Schedule of Significant Product Revenues
The following provides detailed revenue information for several of our major products:
(MILLIONS)Three Months Ended
PRODUCTPRIMARY INDICATION OR CLASSMarch 31,
2024		April 2,
2023
TOTAL REVENUES$14,879 $18,486 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)
$14,604 $18,173 
Primary Care$7,211 $11,560 
Eliquis(a)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism2,040 1,874 
Paxlovid(b)
COVID-19 in certain high-risk patients2,035 4,069 
Prevnar familyActive immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae1,691 1,602 
Comirnaty
Active immunization to prevent COVID-19
354 3,064 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine178 167 
Abrysvo
Active immunization to prevent RSV infection
145 — 
All other Primary CareVarious770 785 
Specialty Care$3,843 $3,616 
Vyndaqel familyATTR-CM and polyneuropathy1,137 686 
ZithromaxBacterial infections200 150 
Xeljanz
RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis
194 237 
SulperazonBacterial infections167 320 
Enbrel (Outside the U.S. and Canada)
RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis
159 199 
Inflectra
Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis
158 178 
ZaviceftaBacterial infections125 116 
GenotropinReplacement of human growth hormone120 147 
(MILLIONS)Three Months Ended
PRODUCTPRIMARY INDICATION OR CLASSMarch 31,
2024		April 2,
2023
BeneFIXHemophilia B103 109 
OxbrytaSickle cell disease84 71 
CibinqoAtopic dermatitis42 16 
All other Hospital(c)
Various
1,149 1,197 
All other Specialty CareVarious205 188 
Oncology$3,549 $2,997 
IbranceHR-positive/HER2-negative metastatic breast cancer1,054 1,144 
Xtandi(d)
mCRPC, nmCRPC, mCSPC, nmCSPC418 339 
Padcev
Locally advanced or metastatic urothelial cancer341 — 
Oncology biosimilars(e)
Various
264 412 
AdcetrisHodgkin lymphoma and certain T-cell lymphomas257 — 
InlytaAdvanced RCC237 259 
Lorbrena
ALK-positive metastatic NSCLC
164 112 
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia145 150 
Braftovi/Mektovi
Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi, in combination with Erbitux (cetuximab)(f) for the treatment of BRAFV600E-mutant mCRC after prior therapy
116 103 
Tukysa
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer106 — 
Tivdak
Recurrent or metastatic cervical cancer28 — 
Talzenna
In combination with Xtandi (enzalutamide) for adult patients with HRR gene-mutated mCRPC; treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer23 10 
All other Oncology
Various397 467 
BUSINESS INNOVATION
$275 $313 
Pfizer CentreOne(g)
Various258 308 
Pfizer IgniteVarious17 4 
BIOPHARMA
$14,604 $18,173 
PFIZER U.S. COMMERCIAL DIVISION (U.S. Primary Care and U.S. Specialty Care)
6,854 6,615 
PFIZER ONCOLOGY DIVISION
2,572 1,983 
PFIZER INTERNATIONAL DIVISION
5,178 9,575 
Total Alliance revenues included above$2,172 $2,060 
Total Royalty revenues included above
$263 $204 
(a)Primarily reflects Alliance revenues and product revenues.
(b)2024 includes a $771 million favorable final adjustment to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, reflecting 5.1 million EUA-labeled treatment courses returned by the U.S. government through February 29, 2024 versus the estimated 6.5 million treatment courses that were expected to be returned as of December 31, 2023.
(c)Includes, among other Hospital products, amounts previously presented as All other Anti-infectives and Ig Portfolio.
(d)Primarily reflects Alliance revenues and royalty revenues.
(e)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Retacrit, Ruxience, Zirabev, Trazimera and Nivestym.
(f)Erbitux is a registered trademark of ImClone LLC.
(g)PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships.
v3.24.1.u1
Basis of Presentation and Significant Accounting Policies - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
operatingSegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of segments 2
v3.24.1.u1
Basis of Presentation and Significant Accounting Policies - Schedule of Balance Sheet Classification of Accruals (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Schedule Of Accrued Liabilities [Line Items]    
Total accrued rebates and other sales-related accruals $ 8,481 $ 9,014
Trade accounts receivable, less allowance for doubtful accounts [Member]    
Schedule Of Accrued Liabilities [Line Items]    
Total accrued rebates and other sales-related accruals 1,573 1,770
Other current liabilities [Member]    
Schedule Of Accrued Liabilities [Line Items]    
Accrued rebates 5,880 5,546
Other accruals 646 902
Other noncurrent liabilities [Member]    
Schedule Of Accrued Liabilities [Line Items]    
Total accrued rebates and other sales-related accruals $ 382 $ 796
v3.24.1.u1
Acquisition and Equity-Method Investment - Acquisitions Narrative (Details) - Seagen [Member] - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Dec. 14, 2023
Apr. 02, 2023
Business Acquisition [Line Items]    
Business acquisition, per share in cash (in dollars per share) $ 229  
Payments to acquire business, gross $ 44,200  
Acquisitions of businesses, net of cash acquired $ 43,400  
Pro Forma net loss attributable to Pfizer Inc. common shareholders   $ (4,651)
Amortization Expense [Member]    
Business Acquisition [Line Items]    
Pro Forma net loss attributable to Pfizer Inc. common shareholders   142
Fair Value Adjustment to Inventory [Member]    
Business Acquisition [Line Items]    
Pro Forma net loss attributable to Pfizer Inc. common shareholders   224
Interest Expense [Member]    
Business Acquisition [Line Items]    
Pro Forma net loss attributable to Pfizer Inc. common shareholders   488
Interest Income [Member]    
Business Acquisition [Line Items]    
Pro Forma net loss attributable to Pfizer Inc. common shareholders   $ 67
v3.24.1.u1
Acquisition and Equity-Method Investment - Purchase Price Allocation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Dec. 14, 2023
Business Acquisition [Line Items]      
Goodwill [1] $ 69,297 $ 67,783  
Seagen [Member]      
Business Acquisition [Line Items]      
Working capital, excluding inventories 577   $ 736
Inventories [2] 3,304   4,195
Property, plant and equipment 285   524
Other noncurrent assets 80   174
Net income tax accounts (5,655)   (6,123)
Other noncurrent liabilities (116)   (167)
Total identifiable net assets 26,584   28,108
Goodwill 17,650   16,126
Net assets acquired/total consideration transferred 44,234   44,234
Measurement Period Adjustments      
Working capital, excluding inventories [3] (159)    
Inventories [2],[3] (891)    
Property, plant and equipment [3] (239)    
Other noncurrent assets [3] (94)    
Net income tax accounts [3] 468    
Other noncurrent liabilities [3] 51    
Total identifiable net assets [3] (1,524)    
Goodwill [3] 1,524    
Net assets acquired/total consideration transferred [3] 0    
Current inventories 1,200    
Noncurrent inventories 2,100    
Seagen [Member] | IPR&D [Member]      
Business Acquisition [Line Items]      
Identifiable intangible assets, excluding in-process research and development 20,700   20,800
Measurement Period Adjustments      
Identifiable intangible assets, excluding in-process research and development(c) [3] (100)    
Seagen [Member] | Developed Technology Rights and Other Intangible Assets [Member]      
Business Acquisition [Line Items]      
Identifiable intangible assets, excluding in-process research and development [4] 7,410   $ 7,970
Measurement Period Adjustments      
Identifiable intangible assets, excluding in-process research and development(c) [3],[4] (560)    
Seagen [Member] | Developed technology rights [Member]      
Business Acquisition [Line Items]      
Identifiable intangible assets, excluding in-process research and development $ 7,000    
Measurement Period Adjustments      
Acquired intangible assets, useful life 18 years    
[1] All goodwill is assigned within the Biopharma reportable segment. As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2024 (see Note 13A), our goodwill is required to be reallocated amongst impacted reporting units. The allocation of goodwill is a complex process that requires, among other things, that we determine the fair value of each reporting unit under our old and new organizational structure and the portions being transferred. Therefore, we have not yet completed the allocation, but it will be completed in the current year.
[2] As adjusted, comprised of $1.2 billion current inventories and $2.1 billion noncurrent inventories.
[3] The changes in the estimated fair values are primarily to better reflect market participant assumptions about facts and circumstances existing as of the acquisition date. The measurement period adjustments did not result from intervening events subsequent to the acquisition date
[4] As adjusted, comprised mainly of $7.0 billion of finite-lived developed technology rights with an estimated weighted-average life of approximately 18 years
v3.24.1.u1
Acquisition and Equity-Method Investment - Pro Forma Information (Details) - Seagen [Member]
$ / shares in Units, $ in Millions
 3 Months Ended
Apr. 02, 2023
USD ($)
$ / shares
Business Acquisition [Line Items]  
Revenues $ 19,006
Net income attributable to Pfizer Inc. common shareholders $ 4,651
Diluted earnings per share attributable to Pfizer Inc. common shareholders | $ / shares $ 0.81
v3.24.1.u1
Acquisition and Equity-Method Investment - Equity Method Investment Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2024
Mar. 31, 2024
Apr. 02, 2023
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Proceeds from partial sale of investment in Haleon [1]   $ 3,491 $ 0  
Haleon [Member]        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, ownership percentage 23.00% 23.00%   32.00%
Equity method investment, ownership percentage sold 30.00%      
Proceeds from partial sale of investment in Haleon   $ 3,500    
Gain on sale of equity method investment   150    
Equity-method investment, quoted market value $ 8,700 $ 8,700    
Haleon [Member] | Sale of Equity-Method Investment in Public Stock Offering [Member]        
Schedule of Equity Method Investments [Line Items]        
Number of shares sold in transaction (in shares) 791      
Haleon [Member] | Sale of Equity-Method Investment in Private Placement [Member]        
Schedule of Equity Method Investments [Line Items]        
Number of shares sold in transaction (in shares) 102      
[1] See Note 2B.
v3.24.1.u1
Acquisition and Equity-Method Investment - Change in the Carrying Value of Equity Method Investment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Schedule of Changes in Carrying Value of Investments [Roll Forward]    
Beginning carrying value reported in Equity-method investments $ 11,637  
Ending carrying value reported in Equity-method investments 8,123  
Haleon [Member]    
Schedule of Changes in Carrying Value of Investments [Roll Forward]    
Beginning carrying value reported in Equity-method investments 11,451 $ 10,824
Carrying value of shares sold (3,312) 0
Currency translation adjustments and other [1] (132) 89
Basis difference adjustments and amortization [2] (100) 0
Pfizer share of Haleon earnings 15 68
Ending carrying value reported in Equity-method investments $ 7,922 $ 10,980
[1] See Note 6.
[2] Equity-method basis difference adjustments and amortization included in Other (income)/deductions – net. Adjustments are associated with the impact of Haleon’s brand sales and impairments of intangible assets and changes in Haleon’s tax rates on intangible asset-related deferred tax liabilities. See Note 4.
v3.24.1.u1
Acquisition and Equity-Method Investment - Schedule of Equity-Method Investment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Apr. 02, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]        
Net sales $ 14,879   $ 18,486  
Income from continuing operations 3,128   5,555  
Net income 3,123   5,556  
Income attributable to shareholders $ 3,115   $ 5,543  
Haleon [Member]        
Schedule of Equity Method Investments [Line Items]        
Net sales   $ 3,434   $ 3,261
Cost of sales   (1,596)   (1,496)
Gross profit   1,837   1,766
Income from continuing operations   60   225
Net income   60   225
Income attributable to shareholders   $ 47   $ 211
v3.24.1.u1
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Narrative (Details) - Realigning Our Cost Base Program [Member]
$ in Billions
Mar. 31, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Expected restructuring cost $ 2.8
Restructuring cost incurred to date 1.6
Biopharma [Member]  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring cost 2.3
Restructuring cost incurred to date $ 1.3
v3.24.1.u1
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
Mar. 31, 2024
Apr. 02, 2023
Restructuring charges/(credits):    
Employee terminations $ (29) $ (36)
Asset impairments 25 (10)
Exit costs 14 2
Restructuring charges/(credits) [1] 10 (44)
Transaction costs [2] 5 0
Integration costs and other [3] 87 52
Restructuring charges and certain acquisition-related costs 102 9
Implementation costs [4] 58 85
Total costs associated with acquisitions and cost-reduction/productivity initiatives 168 107
Biopharma [Member]    
Restructuring charges/(credits):    
Restructuring charges/(credits) (37) (64)
Other (income)/deductions––net [Member]    
Restructuring charges/(credits):    
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net 3 (5)
Cost of sales [Member]    
Restructuring charges/(credits):    
Additional depreciation––asset restructuring [5] 4 18
Implementation costs [4] 16 15
Selling, informational and administrative expenses [Member]    
Restructuring charges/(credits):    
Implementation costs [4] 29 59
Research and development expense [Member]    
Restructuring charges/(credits):    
Implementation costs [4] $ 13 $ 11
[1] In 2024, primarily represents Seagen acquisition-related costs, largely offset by cost-reduction initiatives. In 2023, primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: credits of $37 million for the three months ended March 31, 2024 and credits of $64 million for the three months ended April 2, 2023.
[2] Represents external costs for banking, legal, accounting and other similar services.
[3] Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs.
[4] Represents external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.
[5] Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions.
v3.24.1.u1
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Schedule of Components and Changes in Restructuring Accruals (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Restructuring Reserve [Roll Forward]    
Balance, beginning [1] $ 1,988  
Provision/(credit) [2] 10 $ (44)
Utilization and other [3] (360)  
Balance, ending [4] 1,638  
Other Current Liabilities [Member]    
Restructuring Reserve [Roll Forward]    
Balance, beginning 1,300  
Balance, ending 1,100  
Other Noncurrent Liabilities [Member]    
Restructuring Reserve [Roll Forward]    
Balance, beginning 663  
Balance, ending 519  
Employee Termination Costs [Member]    
Restructuring Reserve [Roll Forward]    
Balance, beginning [1] 1,978  
Provision/(credit) (29)  
Utilization and other [3] (320)  
Balance, ending [4] 1,628  
Asset Impairment Charges [Member]    
Restructuring Reserve [Roll Forward]    
Balance, beginning [1] 0  
Provision/(credit) 25  
Utilization and other [3] (25)  
Balance, ending [4] 0  
Exit Costs [Member]    
Restructuring Reserve [Roll Forward]    
Balance, beginning [1] 11  
Provision/(credit) 14  
Utilization and other [3] (15)  
Balance, ending [4] $ 10  
[1] Included in Other current liabilities ($1.3 billion) and Other noncurrent liabilities ($663 million).
[2] In 2024, primarily represents Seagen acquisition-related costs, largely offset by cost-reduction initiatives. In 2023, primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: credits of $37 million for the three months ended March 31, 2024 and credits of $64 million for the three months ended April 2, 2023.
[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 ($1.1 billion) and Other noncurrent liabilities ($519 million).
v3.24.1.u1
Other (Income)/Deductions—Net - Schedule of Other (Income)/Deductions—Net (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Other Income and Expenses [Abstract]    
Interest income $ (129) $ (177)
Interest expense 790 318
Net interest expense [1] 661 141
Net (gains) losses recognized during the period on equity securities [2],[3] (25) 451
Income from collaborations, out-licensing arrangements and sales of compound/product rights 0 (68)
Net periodic benefit costs/(credits) other than service costs (103) (80)
Certain legal matters, net [4] 208 36
Certain asset impairments [5] 109 264
Haleon equity method (income)/loss [6] 88 (68)
Other, net [7] (258) (403)
Other (income)/deductions––net $ 680 $ 275
[1] The increase in net interest expense in the first quarter of 2024 reflects (i) higher interest expense driven by our $31 billion aggregate principal amount of senior unsecured notes issued in May 2023, as well as $8 billion of commercial paper issued in the fourth quarter of 2023 as part of the financing for our acquisition of Seagen and (ii) a decrease in interest income due to lower investment balances after completion of our $43.4 billion Seagen acquisition in December 2023.
[2] The net losses in the first quarter of 2023 include, among other things, unrealized losses of $363 million related to our investments in Cerevel Therapeutics Holdings, Inc. and BioNTech.
[3] Reported in Other (income)/deductions––net. See Note 4.
[4] The first quarters of 2024 and 2023 primarily include certain product liability expenses related to products discontinued and/or divested by Pfizer.
[5] The first quarter of 2024 represents intangible asset impairment charges associated with our Biopharma segment for developed technology rights due to updated commercial forecasts mainly reflecting competitive pressures. The first quarter of 2023 primarily represented intangible asset impairment charges, including $128 million associated with Other business activities, related to IPR&D and developed technology rights for acquired software assets and reflected unfavorable pivotal trial results and updated commercial forecasts, and $120 million associated with our Biopharma segment resulting from the discontinuation of a study related to an out-licensed IPR&D asset for the treatment of prostate cancer.
[6] See Note 2B.
[7] The first quarter of 2024 primarily includes, among other things, a $150 million gain on the partial sale of our investment in Haleon and dividend income of $61 million from our investment in ViiV. The first quarter of 2023 primarily included, among other things, dividend income of $211 million from our investment in Nimbus resulting from Takeda’s acquisition of Nimbus’s oral, selective allosteric tyrosine kinase 2 (TYK2) inhibitor program subsidiary, and $92 million from our investment in ViiV.
v3.24.1.u1
Other (Income)/Deductions—Net - Footnotes (Detail) - USD ($)
 3 Months Ended
Dec. 14, 2023
Mar. 31, 2024
Apr. 02, 2023
Dec. 31, 2023
May 31, 2023
Loss Contingencies [Line Items]          
Commercial paper, principal amount   $ 6,933,000,000   $ 7,965,000,000  
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date [1]   188,000,000 $ 485,000,000    
Intangible asset impairment charge   109,000,000      
Seagen [Member]          
Loss Contingencies [Line Items]          
Commercial paper, principal amount       $ 8,000,000,000  
Acquisitions of businesses, net of cash acquired $ 43,400,000,000        
Unsecured Debt [Member]          
Loss Contingencies [Line Items]          
Face amount of debt issued         $ 31,000,000,000
IPR&D [Member] | Biopharma [Member]          
Loss Contingencies [Line Items]          
Intangible asset impairment charge [2]     128,000,000    
License Agreements and Other [Member] | Biopharma [Member]          
Loss Contingencies [Line Items]          
Intangible asset impairment charge     120,000,000    
Cerevel and BioNTech [Member]          
Loss Contingencies [Line Items]          
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date     363,000,000    
Nimbus [Member]          
Loss Contingencies [Line Items]          
Dividend income     211,000,000    
ViiV [Member] | Biopharma [Member]          
Loss Contingencies [Line Items]          
Dividend income   61,000,000 $ 92,000,000    
Haleon [Member]          
Loss Contingencies [Line Items]          
Gain on sale of equity method investment   $ 150,000,000      
[1] Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of March 31, 2024, there were cumulative impairments and downward adjustments of $293 million and upward adjustments of $212 million. Impairments, downward and upward adjustments were not material to our operations in the first quarters of 2024 and 2023.
[2] Reflects intangible assets written down to fair value in 2024. 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; 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.
v3.24.1.u1
Other (Income)/Deductions—Net - Schedule of Impaired Intangible Assets (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Impairment $ 109
Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets-Developed technology right 102 [1],[2]
Impairment 109 [1]
Level 1 [Member] | Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets-Developed technology right 0 [1],[2]
Level 2 [Member] | Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets-Developed technology right 0 [1],[2]
Level 3 [Member] | Developed technology rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets-Developed technology right $ 102 [1],[2]
[1] Reflects intangible assets written down to fair value in 2024. 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; 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] 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 also Note 1E in our 2023 Form 10-K.
v3.24.1.u1
Tax Matters - Narrative (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Effective tax rate for income from continuing operations 8.60% 11.40%  
Repatriation tax liability $ 15,000    
Income taxes $ 184 $ 329 $ 3,100
Domestic Tax Authority      
Income Tax Contingency [Line Items]      
Income taxes     $ 1,900
v3.24.1.u1
Tax Matters - Schedule of Tax Provision/(Benefit) on Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Income Tax Disclosure [Abstract]    
Foreign currency translation adjustments, net [1] $ 25 $ (25)
Unrealized holding gains/(losses) on derivative financial instruments, net 45 3
Reclassification adjustments for (gains)/losses included in net income (4) 21
Derivatives qualifying as hedges, tax, total 41 24
Unrealized holding gains/(losses) on available-for-sale securities, net (6) 11
Reclassification adjustments for (gains)/losses included in net income (2) (64)
Available-for-sale securities, tax, total (8) (53)
Reclassification adjustments related to amortization of prior service costs and other, net (5) (7)
Reclassification adjustments related to curtailments of prior service costs and other, net 0 (1)
Pension and other postretirement benefit plans, net prior service cost (credit), tax (5) (9)
Tax provision/(benefit) on other comprehensive income/(loss) $ 53 $ (63)
[1] Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.
v3.24.1.u1
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 89,288 $ 95,916
Other comprehensive income/(loss), net of tax 198 12
Ending balance 92,558 101,236
Accumulated Other Comprehensive Income (Loss) [Member]    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (7,961) (8,304)
Other comprehensive income/(loss), net of tax 203 [1] 15
Ending balance (7,758) $ (8,289)
Foreign Currency Translation Adjustment [Member]    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance [2] (7,863)  
Other comprehensive income/(loss), net of tax [1],[2] 120  
Ending balance [2] (7,743)  
Derivative Financial Instruments [Member]    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (217)  
Other comprehensive income/(loss), net of tax [1] 164  
Ending balance (53)  
Available-For-Sale Securities [Member]    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (9)  
Other comprehensive income/(loss), net of tax [1] (57)  
Ending balance (66)  
Prior Service (Costs)/Credits and Other [Member]    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 128  
Other comprehensive income/(loss), net of tax [1] (24)  
Ending balance $ 104  
[1] Foreign currency translation adjustments include net gains related to the impact of our net investment hedging program and net losses related to our equity-method investment in Haleon (see Note 2B).
[2] Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests.
v3.24.1.u1
Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities with readily determinable fair values [1] $ 2,483 $ 5,124
Total other noncurrent assets 11,197 12,471
Total assets 221,095 226,501
Total liabilities 1,146 1,420
Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current derivative assets 391 298
Noncurrent derivative assets 390 402
Insurance contracts [2] 853 790
Total other noncurrent assets 1,243 1,191
Total assets 15,013 13,943
Current derivative liabilities 134 420
Noncurrent derivative liabilities 1,011 1,000
Total liabilities 1,146 1,420
Long-term equity securities held in trust 115 130
Recurring [Member] | Interest rate contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current derivative assets 1 0
Noncurrent derivative assets 26 144
Current derivative liabilities 17 16
Noncurrent derivative liabilities 346 275
Recurring [Member] | Foreign exchange contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current derivative assets 390 298
Noncurrent derivative assets 364 258
Current derivative liabilities 117 404
Noncurrent derivative liabilities 665 725
Short-term investments [Member] | Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 8,217 4,400
Total short-term investments 10,700 9,524
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 [3] 2,543 2,779
Available-for-sale debt securities 137 150
Total long-term investments 2,680 2,929
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 2,542 2,772
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]    
Current derivative assets 0 0
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]    
Available-for-sale debt securities 0 0
Total short-term investments 0 0
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 [3] 2,542 2,772
Available-for-sale debt securities 0 0
Total long-term investments 2,542 2,772
Level 2 [Member] | Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current derivative assets 391 298
Noncurrent derivative assets 390 402
Insurance contracts [2] 853 790
Total other noncurrent assets 1,243 1,191
Total assets 12,471 11,170
Current derivative liabilities 134 420
Noncurrent derivative liabilities 1,011 1,000
Total liabilities 1,146 1,420
Level 2 [Member] | Recurring [Member] | Interest rate contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current derivative assets 1 0
Noncurrent derivative assets 26 144
Current derivative liabilities 17 16
Noncurrent derivative liabilities 346 275
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 390 298
Noncurrent derivative assets 364 258
Current derivative liabilities 117 404
Noncurrent derivative liabilities 665 725
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 8,217 4,400
Total short-term investments 10,700 9,524
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 [3] 0 7
Available-for-sale debt securities 137 150
Total long-term investments 138 156
Money market funds [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 2,483 5,124
Money market funds [Member] | 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 0 0
Money market funds [Member] | 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 2,483 5,124
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 5,345 941
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 5,214 817
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 131 124
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 5,214 817
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 131 124
Government and agency—U.S. [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,958 2,601
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 1,958 2,601
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 1,958 2,601
Corporate and other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,051 1,007
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 1,045 982
Corporate and other [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 6 26
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 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
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 1,045 982
Corporate and other [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 $ 6 $ 26
[1] Represent money market funds primarily invested in U.S. Treasury and government debt.
[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] Long-term equity securities of $115 million as of March 31, 2024 and $130 million as of December 31, 2023 were held in restricted trusts for U.S. non-qualified employee benefit plans.
v3.24.1.u1
Financial Instruments - Financial Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Billions
Mar. 31, 2024
Dec. 31, 2023
Carrying Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 61 $ 62
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 $ 60 $ 61
v3.24.1.u1
Financial Instruments - Investments by Classification Type (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Short-term investments    
Equity securities with readily determinable fair values [1] $ 2,483 $ 5,124
Available-for-sale debt securities 8,217 4,400
Held-to-maturity debt securities 510 313
Short-term investments 11,209 9,837
Long-term investments    
Equity securities with readily determinable fair values [2] 2,543 2,779
Available-for-sale debt securities 137 150
Held-to-maturity debt securities 45 47
Private equity securities at cost [2] 765 755
Total Long-term investments 3,490 3,731
Equity-method investments 8,123 11,637
Total long-term investments and equity-method investments 11,613 15,368
Held-to-maturity cash equivalents $ 250 $ 207
[1] Represent money market funds primarily invested in U.S. Treasury and government debt.
[2] Represent investments in the life sciences sector
v3.24.1.u1
Financial Instruments - Schedule of Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Debt securities, amortized cost $ 9,234 $ 5,126
Debt securities, gross unrealized gains 2 6
Debt securities, gross unrealized losses (78) (16)
Debt securities, fair value 9,159 5,115
Debt securities maturities, within 1 year, fair value 8,976  
Debt securities maturities, over 1 to 5 years, fair value 168  
Debt securities maturities, over 5 years, fair value 14  
Time deposits and other [Member]    
Debt Securities, Held-to-maturity, Maturity [Abstract]    
Held-to-maturity securities, amortized cost 705 561
Held-to-maturity securities, gross unrealized gains 0 0
Held-to-maturity securities, gross unrealized losses 0 0
Held-to-maturity securities, fair value 705 561
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Held-to-maturity securities, debt maturities, within 1 year, fair value 665  
Held-to-maturity securities, debt maturities, over 1 to 5 years, fair value 27  
Held-to-maturity securities, debt maturities, over 5 years, fair value 13  
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 5,414 953
Available-for-sale debt securities, gross unrealized gains 2 2
Available-for-sale debt securities, gross unrealized losses (71) (14)
Available-for-sale debt securities, fair value 5,345 941
Available-for-sale Securities, Debt Maturities [Abstract]    
Available-for-sale securities, debt maturities, within 1 year, fair value 5,214  
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value 131  
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 100 4
Held-to-maturity securities, gross unrealized gains 0 0
Held-to-maturity securities, gross unrealized losses 0 0
Held-to-maturity securities, fair value 100 4
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Held-to-maturity securities, debt maturities, within 1 year, fair value 95  
Held-to-maturity securities, debt maturities, over 1 to 5 years, fair value 4  
Held-to-maturity securities, debt maturities, over 5 years, fair value 1  
Government and agency—U.S. [Member]    
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]    
Available-for-sale debt securities, amortized cost 1,958 2,601
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 1,958 2,601
Available-for-sale Securities, Debt Maturities [Abstract]    
Available-for-sale securities, debt maturities, within 1 year, fair value 1,958  
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 1,057 1,006
Available-for-sale debt securities, gross unrealized gains 0 4
Available-for-sale debt securities, gross unrealized losses (6) (2)
Available-for-sale debt securities, fair value 1,051 $ 1,007
Available-for-sale Securities, Debt Maturities [Abstract]    
Available-for-sale securities, debt maturities, within 1 year, fair value 1,045  
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value 6  
Available-for-sale securities, debt maturities, over 5 years, fair value $ 0  
v3.24.1.u1
Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Fair Value Disclosures [Abstract]    
Net (gains)/losses recognized during the period on equity securities [1],[2] $ (25) $ 451
Less: Net (gains)/losses recognized during the period on equity securities sold during the period (214) (33)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date [3] $ 188 $ 485
[1] The net losses in the first quarter of 2023 include, among other things, unrealized losses of $363 million related to our investments in Cerevel Therapeutics Holdings, Inc. and BioNTech.
[2] Reported in Other (income)/deductions––net. See Note 4.
[3] Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of March 31, 2024, there were cumulative impairments and downward adjustments of $293 million and upward adjustments of $212 million. Impairments, downward and upward adjustments were not material to our operations in the first quarters of 2024 and 2023.
v3.24.1.u1
Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities - Footnotes (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Cumulative impairment losses and downward price adjustments on equity securities $ 293
Cumulative upward price adjustments on equity securities $ 212
v3.24.1.u1
Financial Instruments - Short-term Borrowings (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Commercial paper, principal amount $ 6,933 $ 7,965
Current portion of long-term debt, principal amount 1,000 2,250
Other short-term borrowings, principal amount [1] 362 252
Total short-term borrowings, principal amount 8,294 10,467
Net fair value adjustments related to hedging and purchase accounting 1 5
Net unamortized discounts, premiums and debt issuance costs (64) (121)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted $ 8,232 $ 10,350
[1] Primarily includes cash collateral. See Note 7F.
v3.24.1.u1
Financial Instruments - Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Net unamortized discounts, premiums and debt issuance costs $ (64) $ (121)
Total long-term debt, carried at historical proceeds, as adjusted 61,307 61,538
Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Total long-term debt, principal amount 60,951 60,982
Net fair value adjustments related to hedging and purchase accounting 830 1,039
Net unamortized discounts, premiums and debt issuance costs (474) (483)
Total long-term debt, carried at historical proceeds, as adjusted $ 61,307 $ 61,538
v3.24.1.u1
Financial Instruments - Derivative Narrative (Details)
 3 Months Ended
Mar. 31, 2024
Foreign exchange contracts [Member]  
Derivative [Line Items]  
Derivative term of contract 2 years
v3.24.1.u1
Financial Instruments - Fair Value of Derivative Financial Instruments and Related Notional Amounts (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Asset $ 781 $ 700
Liability 1,146 1,420
Derivatives designated as hedging instruments [Member]    
Derivative [Line Items]    
Asset 653 546
Liability 1,065 1,206
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Notional [1] 21,662 18,750
Asset [1] 626 403
Liability [1] 702 916
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member]    
Derivative [Line Items]    
Notional 6,750 6,750
Asset 27 144
Liability 363 290
Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Notional 19,886 25,609
Asset 128 154
Liability 81 214
Inventory sales [Member] | Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Notional $ 5,000 $ 4,900
[1] The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $5.0 billion as of March 31, 2024 and $4.9 billion as of December 31, 2023.
v3.24.1.u1
Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gains/(Losses) Recognized in OID [1] $ 55 $ 17
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI 217 2
Amount of Gains/(Losses) Recognized in OCI [1] 490 (160)
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2] 12 (303)
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] 49 (269)
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] 18 (16)
Non-Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[3] 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] 55 17
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] 210 (53)
Derivative, Amount of Gains/(Losses) Recognized in OCI, excluded from effectiveness testing and amortized into earnings [1],[5] 7 55
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[4] 4 (356)
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 7 53
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] (188) 48
Derivative, Amount of Gains/(Losses), Hedged Item, Recognized in OID [1] 188 (48)
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] 21 67
Derivative, Amount of Gains/(Losses), Net Investment Hedge, Recognized in OCI [1] 235 (213)
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 37 34
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] $ 0 $ 0
[1] OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. 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 include foreign currency borrowings, which are used in net investment hedges; the related carrying values as of March 31, 2024 and December 31, 2023 were $807 million and $824 million, respectively.
[4] The amounts reclassified from OCI into COS were a net gain of $31 million in the first quarter of 2024 and a net gain of $91 million in the first quarter of 2023. 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 gain of $166 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 19 years and relates to foreign currency debt.
[5] The amounts reclassified from OCI were reclassified into OID.
v3.24.1.u1
Financial Instruments - Derivative Financial Instruments and Hedging Activities - Footnotes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Dec. 31, 2023
Derivative [Line Items]      
Gain reclassified from OCI into COS [1] $ 12 $ (303)  
Foreign currency long-term debt [Member]      
Derivative [Line Items]      
Long-term debt 807   $ 824
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]      
Derivative [Line Items]      
Pre-tax loss expected to be reclassified within the next 12 months $ 166    
Remaining period of hedging exposure 19 years    
Designated as Hedging Instrument [Member] | Cost of sales [Member] | Foreign exchange contracts [Member]      
Derivative [Line Items]      
Gain reclassified from OCI into COS $ 31 $ 91  
[1] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
v3.24.1.u1
Financial Instruments - Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Carrying Amount of Actively Hedged Liabilities [1] $ 7,186 $ 7,196
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount, Active Hedging Relationships, Liability (320) (131)
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount, Discontinued Hedging Relationships, Liability $ 941 $ 957
[1] Carrying amounts exclude the cumulative amount of fair value hedging adjustments.
v3.24.1.u1
Financial Instruments - Credit Risk (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Derivatives in a net payable position $ 770
Collateral posted 767
Derivatives in a net receivable position 251
Collateral received $ 274
v3.24.1.u1
Other Financial Information - Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]    
Finished goods $ 3,491 $ 3,495
Work-in-process 6,273 5,688
Raw materials and supplies 1,128 1,007
Inventories [1] 10,892 10,189
Noncurrent inventories not included above [2] $ 3,361 $ 4,568
[1] The increase from December 31, 2023 reflects higher inventory levels for certain products mainly for supply recovery and network strategy, partially offset by decreases due to net market demand.
[2] Included in Other noncurrent assets. The decrease from December 31, 2023 is primarily driven by an adjustment to the fair value step-up of acquired Seagen inventory. Based on our current estimates and assumptions, there are no recoverability issues for these amounts.
v3.24.1.u1
Other Financial Information - Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Other current liabilities $ 18,788 $ 20,537
BioNTech [Member] | Comirnaty [Member] | Collaborative Arrangement [Member]    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Other current liabilities $ 1,500 $ 2,000
v3.24.1.u1
Other Financial Information - Supplier Finance Program Obligation (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]    
Supplier finance program payable $ 658 $ 791
v3.24.1.u1
Identifiable Intangible Assets and Goodwill - Schedule of Finite-lived and Indefinite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount $ 104,046 $ 102,944
Finite-lived intangible assets, accumulated amortization [1] (64,147) (62,828)
Finite-lived intangible assets, net 39,899 40,116
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 22,930 24,784
Intangible assets, gross carrying amount [1] 126,976 127,728
Finite-lived intangible assets, accumulated amortization [1] (64,147) (62,828)
Identifiable Intangible Assets, less Accumulated Amortization [1] 62,829 64,900
Brands [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets [2] 0 827
IPR&D [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets [3],[4] 22,166 23,193
License Agreements and Other [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 764 763
Developed technology rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount [4] 99,528 99,267
Finite-lived intangible assets, accumulated amortization [4] (61,745) (60,493)
Finite-lived intangible assets, net [4] 37,783 38,773
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible assets, accumulated amortization [4] (61,745) (60,493)
Brands [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount [2] 1,749 922
Finite-lived intangible assets, accumulated amortization [2] (905) (877)
Finite-lived intangible assets, net [2] 845 45
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible assets, accumulated amortization [2] (905) (877)
License Agreements and Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross carrying amount 2,769 2,756
Finite-lived intangible assets, accumulated amortization (1,498) (1,458)
Finite-lived intangible assets, net 1,271 1,297
Indefinite-lived Intangible Assets [Line Items]    
Finite-lived intangible assets, accumulated amortization $ (1,498) $ (1,458)
[1] The decrease is primarily due to amortization expense of $1.3 billion and measurement period adjustments related to our acquisition of Seagen of $660 million (see Note 2A).
[2] The changes in the gross carrying amounts reflect the transfer of $827 million from indefinite-lived brands to finite-lived brands for Depo-Medrol.
[3] The decrease in the gross carrying amount reflects the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna) and $300 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A).
[4] The increase in the gross carrying amount includes the transfer of IPR&D to developed technology rights of $727 million for talazoparib (Talzenna), partially offset by $370 million of measurement period adjustments related to our acquisition of Seagen (see Note 2A) and impairments of $109 million (see Note 4).
v3.24.1.u1
Identifiable Intangible Assets and Goodwill - Footnotes (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Amortization expense for finite-lived intangible assets $ 1,300
Seagen [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangibles, measurement period adjustments 370
In-process research and development, measurement period adjustments 300
Identifiable intangible assets, net of adjustments 660
talazoparib (Talzenna) [Member] | IPR&D [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived intangible assets, period increase (decrease) (727)
Depo-Medrol [Member] | Brands [Member]  
Finite-Lived Intangible Assets [Line Items]  
Indefinite-lived intangible assets, period increase (decrease) (827)
Developed technology rights [Member] | talazoparib (Talzenna) [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, period increase 727
Brands [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, period increase $ 827
v3.24.1.u1
Identifiable Intangible Assets and Goodwill - Goodwill (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
 [1]
Goodwill [Roll Forward]  
Balance, January 1, 2024 $ 67,783
Additions 1,524 [2]
Impact of foreign exchange (10)
Balance, March 31, 2024 $ 69,297
[1] All goodwill is assigned within the Biopharma reportable segment. As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2024 (see Note 13A), our goodwill is required to be reallocated amongst impacted reporting units. The allocation of goodwill is a complex process that requires, among other things, that we determine the fair value of each reporting unit under our old and new organizational structure and the portions being transferred. Therefore, we have not yet completed the allocation, but it will be completed in the current year.
[2] Additions primarily represent measurement period adjustments related to our acquisition of Seagen (see Note 2A).
v3.24.1.u1
Pension and Postretirement Benefit Plans - Net Periodic Benefit Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Pension Plan [Member] | U.S. [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 0 $ 0
Interest cost 139 148
Expected return on plan assets (208) (194)
Amortization of prior service cost/(credit) 0 0
Actuarial (gains)/losses 0 9
Curtailments 0 0
Special termination benefits 0 2
Net periodic benefit cost/(credit) reported in income (69) (36)
Pension Plan [Member] | International [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 20 22
Interest cost 78 71
Expected return on plan assets (80) (76)
Amortization of prior service cost/(credit) 1 0
Actuarial (gains)/losses 0 3
Curtailments (2) (1)
Special termination benefits 5 0
Net periodic benefit cost/(credit) reported in income 22 18
Postretirement Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 4 3
Interest cost 6 5
Expected return on plan assets (13) (11)
Amortization of prior service cost/(credit) (29) (30)
Actuarial (gains)/losses 0 0
Curtailments 0 (5)
Special termination benefits 0 0
Net periodic benefit cost/(credit) reported in income $ (33) $ (37)
v3.24.1.u1
Pension and Postretirement Benefit Plans - Narrative (Detail) - Pension Plan [Member]
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
U.S. [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Contributions by employer $ 66
International [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Contributions by employer $ 61
v3.24.1.u1
Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
EPS Numerator    
Income from continuing operations attributable to Pfizer Inc. common shareholders $ 3,120 $ 5,542
Discontinued operations––net of tax (5) 1
Net income attributable to Pfizer Inc. common shareholders 3,115 5,543
EPS Numerator––Diluted    
Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions 3,120 5,542
Net income attributable to Pfizer Inc. common shareholders and assumed conversions $ 3,115 $ 5,543
EPS Denominator    
Weighted-average number of common shares outstanding––Basic (in shares) 5,657 5,634
Common-share equivalents (in shares) 40 93
Weighted-average number of common shares outstanding––Diluted (in shares) 5,697 5,727
Anti-dilutive common stock equivalents (in shares) [1] 26 2
[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.
v3.24.1.u1
Contingencies and Certain Commitments - Patent Litigation (Details)
$ in Millions
 1 Months Ended
Apr. 30, 2024
patent
Mar. 31, 2024
USD ($)
patent
Nov. 30, 2023
patent
Aug. 31, 2023
patent
Jun. 30, 2023
patent
May 31, 2023
patent
Apr. 30, 2023
patent
Sep. 30, 2022
patent
Aug. 31, 2022
patent
Jul. 31, 2022
patent
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]                    
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  
Comirnaty [Member] | Alnylam Patent Infringement Case [Member]                    
Gain Contingencies [Line Items]                    
Loss contingency, number of patents allegedly infringed upon           4        
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 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              
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] | Subsequent Event [Member]                    
Gain Contingencies [Line Items]                    
Loss contingency, number of patents allegedly infringed upon 5                  
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        
Abrysvo [Member] | GlaxoSmithKline Biologics SA and GlaxoSmithKline LLC US Patent Infringement Case [Member]                    
Gain Contingencies [Line Items]                    
Loss contingency, number of patents allegedly infringed upon     2 4            
v3.24.1.u1
Contingencies and Certain Commitments - Product Litigation, Commercial and Other Matters, Legal Proceedings (Details)
 12 Months Ended
Dec. 31, 2018
manufacturer
Pfizer and Hospira and Various Other Manufacturers Versus Mississippi Attorney General [Member] | Docetaxel [Member] | Pending Litigation [Member]  
Loss Contingencies [Line Items]  
Number of defendants other than main defendant 8
v3.24.1.u1
Segment, Geographic and Other Revenue Information - Narrative (Detail)
treatmentCourse in Millions, $ in Millions
 2 Months Ended 3 Months Ended
Feb. 29, 2024
treatmentCourse
Mar. 31, 2024
USD ($)
treatmentCourse
operatingSegment
Apr. 02, 2023
Dec. 31, 2023
USD ($)
treatmentCourse
Segment Reporting Information [Line Items]        
Number of segments | operatingSegment   2    
Total assets   $ 221,095   $ 226,501
Deferred revenues, current   2,502   2,700
Comirnaty [Member]        
Segment Reporting Information [Line Items]        
Remaining performance obligation   6,000    
Paxlovid [Member]        
Segment Reporting Information [Line Items]        
Reversal of revenue       $ 3,500
Estimated government emergency use authorization inventory to be returned to company, number of treatment courses | treatmentCourse       6.5
Favorable adjustment for government emergency use authorization inventory returned to the company during the period   $ 771    
Government emergency use authorization inventory returned to the company during the period, number of treatment courses | treatmentCourse 5.1      
Paxlovid, NDA-Labeled, U.S. Strategic National Stockpile [Member]        
Segment Reporting Information [Line Items]        
Supply commitment, minimum amount committed, number of treatment courses | treatmentCourse   1.0    
Paxlovid, NDA-Labeled [Member]        
Segment Reporting Information [Line Items]        
Supply commitment, minimum amount committed, number of treatment courses | treatmentCourse   6.1    
Paxlovid        
Segment Reporting Information [Line Items]        
Remaining performance obligation   $ 2,000    
Government and Government Sponsored [Member] | Paxlovid and Comirnaty        
Segment Reporting Information [Line Items]        
Deferred revenue recognized   1,000    
Deferred revenues   4,100   $ 5,100
Deferred revenues, current   2,400   2,600
Deferred revenues, noncurrent   $ 1,600   $ 2,500
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | US Government [Member]        
Segment Reporting Information [Line Items]        
Concentration risk   10.00% 15.00%  
v3.24.1.u1
Segment, Geographic and Other Revenue Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Segment Reporting Information [Line Items]    
Revenues: $ 14,879 $ 18,486
Income from continuing operations before provision/(benefit) for taxes on income [1] 3,421 6,270
Other Business Activities [Member]    
Segment Reporting Information [Line Items]    
Revenues: [2] 275 313
Income from continuing operations before provision/(benefit) for taxes on income [1],[2] (2,007) (1,316)
Reconciling Items [Member] | Amortization of Intangible Assets [Member]    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income [1] (1,308) (1,103)
Reconciling Items [Member] | Acquisition-Related Items [Member]    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income [1] (508) (163)
Reconciling Items [Member] | Certain Significant Items [Member]    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income [1],[3] (378) (665)
Biopharma [Member]    
Segment Reporting Information [Line Items]    
Revenues: 14,604 18,173
Biopharma [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Revenues: [4] 14,604 18,173
Income from continuing operations before provision/(benefit) for taxes on income [1],[4] $ 7,622 $ 9,517
[1] Income from continuing operations before provision/(benefit) for taxes on income. As described above, in connection with the organizational changes effective in the first quarter of 2024, costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations and overhead costs associated with our manufacturing operations are now included in Biopharma’s earnings. We have reclassified $1.4 billion of net costs in the first quarter of 2023 from Other business activities to Biopharma to conform to the current period presentation.
[2] Other business activities include revenues and costs associated with Business Innovation and costs that we do not allocate to our operating segments, per above.
[3] Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in the first quarter of 2023 included, among other items, net losses on equity securities of $452 million recorded in Other (income)/deductions––net. See Note 4.
[4] Biopharma’s earnings also include dividend income from our investment in ViiV of $61 million in the first quarter of 2024 and $92 million in the first quarter of 2023.
v3.24.1.u1
Segment, Geographic and Other Revenue Information - Schedule of Segment Reporting Information by Segment - Footnotes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income [1] $ (3,421) $ (6,270)
Net gains/(losses) recognized during the period on equity securities [2],[3] 25 (451)
Paxlovid [Member]    
Segment Reporting Information [Line Items]    
Favorable adjustment for government emergency use authorization inventory returned to the company during the period 771  
Biopharma [Member] | ViiV [Member]    
Segment Reporting Information [Line Items]    
Dividend income (61) (92)
Operating Segments [Member] | Biopharma [Member]    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income [1],[4] (7,622) (9,517)
Operating Segments [Member] | Reclassification, Other | Biopharma [Member]    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income 1,400  
Other Business Activities [Member]    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income [1],[5] 2,007 1,316
Other Business Activities [Member] | Reclassification, Other    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income (1,400)  
Reconciling Items [Member] | Certain Significant Items [Member]    
Segment Reporting Information [Line Items]    
Income from continuing operations before provision/(benefit) for taxes on income [1],[6] $ 378 665
Net gains/(losses) recognized during the period on equity securities   $ (452)
[1] Income from continuing operations before provision/(benefit) for taxes on income. As described above, in connection with the organizational changes effective in the first quarter of 2024, costs associated with R&D and medical and safety activities managed by our global ORD and PRD organizations and overhead costs associated with our manufacturing operations are now included in Biopharma’s earnings. We have reclassified $1.4 billion of net costs in the first quarter of 2023 from Other business activities to Biopharma to conform to the current period presentation.
[2] The net losses in the first quarter of 2023 include, among other things, unrealized losses of $363 million related to our investments in Cerevel Therapeutics Holdings, Inc. and BioNTech.
[3] Reported in Other (income)/deductions––net. See Note 4.
[4] Biopharma’s earnings also include dividend income from our investment in ViiV of $61 million in the first quarter of 2024 and $92 million in the first quarter of 2023.
[5] Other business activities include revenues and costs associated with Business Innovation and costs that we do not allocate to our operating segments, per above.
[6] Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in the first quarter of 2023 included, among other items, net losses on equity securities of $452 million recorded in Other (income)/deductions––net. See Note 4.
v3.24.1.u1
Segment, Geographic and Other Revenue Information - Revenues by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues: $ 14,879 $ 18,486
Percentage change in revenue (20.00%)  
U.S. [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues: $ 9,514 8,711
Percentage change in revenue 9.00%  
International Developed Markets [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues: $ 3,198 5,635
Percentage change in revenue (43.00%)  
International Emerging Markets [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues: $ 2,167 $ 4,140
Percentage change in revenue (48.00%)  
v3.24.1.u1
Segment, Geographic and Other Revenue Information - Revenues by Products (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2023
Revenue from External Customer [Line Items]    
Revenues: $ 14,879 $ 18,486
Alliance revenues [1] 2,172 2,060
Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 14,604 18,173
Biopharma [Member] | U.S. Commercial Division [Member]    
Revenue from External Customer [Line Items]    
Revenues: 6,854 6,615
Biopharma [Member] | Oncology Division [Member]    
Revenue from External Customer [Line Items]    
Revenues: 2,572 1,983
Biopharma [Member] | International Division [Member]    
Revenue from External Customer [Line Items]    
Revenues: 5,178 9,575
Business Innovation Segment [Member]    
Revenue from External Customer [Line Items]    
Revenues: 275 313
Pfizer CentreOne [Member] | Business Innovation Segment [Member]    
Revenue from External Customer [Line Items]    
Revenues: [2] 258 308
Pfizer Ignite [Member] | Business Innovation Segment [Member]    
Revenue from External Customer [Line Items]    
Revenues: 17 4
Total Alliance revenues [Member]    
Revenue from External Customer [Line Items]    
Alliance revenues 2,172 2,060
Royalty revenues    
Revenue from External Customer [Line Items]    
Royalty revenue [1] 263 204
Primary Care [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 7,211 11,560
Primary Care [Member] | Eliquis [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: [3] 2,040 1,874
Primary Care [Member] | Paxlovid [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: [4] 2,035 4,069
Primary Care [Member] | Prevnar Family [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 1,691 1,602
Primary Care [Member] | Comirnaty [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 354 3,064
Primary Care [Member] | Nurtec ODT/Vydura [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 178 167
Primary Care [Member] | Abrysvo [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 145 0
Primary Care [Member] | All other Primary Care [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 770 785
Specialty Care [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 3,843 3,616
Specialty Care [Member] | Vyndaqel family [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 1,137 686
Specialty Care [Member] | Zithromax [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 200 150
Specialty Care [Member] | Xeljanz [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 194 237
Specialty Care [Member] | Sulperazon [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 167 320
Specialty Care [Member] | Enbrel (Outside the U.S. and Canada) [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 159 199
Specialty Care [Member] | Inflectra [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 158 178
Specialty Care [Member] | Zavicefta [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 125 116
Specialty Care [Member] | Genotropin [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 120 147
Specialty Care [Member] | BeneFIX [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 103 109
Specialty Care [Member] | Oxbryta [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 84 71
Specialty Care [Member] | Cibinqo [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 42 16
Specialty Care [Member] | All other Hospital [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: [5] 1,149 1,197
Specialty Care [Member] | All other Specialty Care [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 205 188
Oncology [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 3,549 2,997
Oncology [Member] | Ibrance [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 1,054 1,144
Oncology [Member] | Xtandi [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: [6] 418 339
Oncology [Member] | Padcev [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 341 0
Oncology [Member] | Oncology Biosimilars [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: [7] 264 412
Oncology [Member] | Adcetris [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 257 0
Oncology [Member] | Inlyta [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 237 259
Oncology [Member] | Lorbrena [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 164 112
Oncology [Member] | Bosulif [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 145 150
Oncology [Member] | Braftovi/Mektovi [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: [8] 116 103
Oncology [Member] | Tukysa [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 106 0
Oncology [Member] | Tivdak [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 28 0
Oncology [Member] | Talzenna [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: 23 10
Oncology [Member] | All other Oncology [Member] | Biopharma [Member]    
Revenue from External Customer [Line Items]    
Revenues: $ 397 $ 467
[1] See Note 1A.
[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] Primarily reflects Alliance revenues and product revenues.
[4] 2024 includes 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] Includes, among other Hospital products, amounts previously presented as All other Anti-infectives and Ig Portfolio.
[6] Primarily reflects Alliance revenues and royalty revenues.
[7] Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Retacrit, Ruxience, Zirabev, Trazimera and Nivestym.
[8] Erbitux is a registered trademark of ImClone LLC.
v3.24.1.u1
Segment, Geographic and Other Revenue Information - Revenues by Products - Footnotes (Details) - Paxlovid [Member]
treatmentCourse in Millions, $ in Millions
 2 Months Ended 3 Months Ended
Feb. 29, 2024
treatmentCourse
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
treatmentCourse
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 | treatmentCourse 5.1    
Estimated government emergency use authorization inventory to be returned to company, number of treatment courses | treatmentCourse     6.5