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10-Q





☒








July 3, 2022











☐

















1-3619











PFIZER INC





Delaware13-5315170(State of Incorporation)(I.R.S. Employer Identification No.)





235 East 42nd Street New York New York
 10017





212
 733-2323





Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, $.05 par valuePFENew York Stock Exchange1.000% Notes due 2027PFE27New York Stock Exchange





YesxNo☐








YesxNo☐











Large Accelerated filer
       ☐
  ☐














Yes☐Nox





5,612,351,809







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TABLE OF CONTENTS


PART I.  FINANCIAL INFORMATIONPageItem 1.Financial StatementsCondensed Consolidated Statements of Income5Condensed Consolidated Statements of Comprehensive Income6Condensed Consolidated Balance Sheets7Condensed Consolidated Statements of Equity8Condensed Consolidated Statements of Cash Flows9Notes to Condensed Consolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations37Item 3.Quantitative and Qualitative Disclosures About Market Risk59Item 4.Controls and Procedures59PART II.  OTHER INFORMATIONItem 1.Legal Proceedings59Item 1A.Risk Factors59Item 2.Unregistered Sales of Equity Securities and Use of Proceeds59Item 3.Defaults Upon Senior SecuritiesN/AItem 4.Mine Safety DisclosuresN/AItem 5.Other InformationN/AItem6.Exhibits60Signature60N/A = Not Applicable







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DEFINED TERMS








2021 Form 10-KAnnual Report on Form 10-K for the fiscal year ended December 31, 2021ACIPAdvisory Committee on Immunization PracticesALKanaplastic lymphoma kinaseAlliance revenuesRevenues from alliance agreements under which we co-promote products discovered or developed by other companies or usArenaArena Pharmaceuticals, Inc.AstellasAstellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.ATTR-CMtransthyretin amyloid cardiomyopathyBiohavenBiohaven Pharmaceutical Holding Company Ltd.BioNTechBioNTech SEBiopharmaPfizer Biopharmaceuticals GroupBLABiologics License ApplicationBMSBristol-Myers Squibb CompanyBNT162b2*Pfizer-BioNTech COVID-19 Vaccine, also known as ComirnatyBODBoard of DirectorsCDCU.S. Centers for Disease Control and PreventionCGRPcalcitonin gene-related peptideCMAconditional marketing authorisationComirnaty*Pfizer-BioNTech COVID-19 Vaccine, also known as BNT162b2Consumer Healthcare JVGSK Consumer Healthcare JVCOVID-19novel coronavirus disease of 2019Developed EuropeIncludes the following markets: Western Europe, Scandinavian countries and FinlandDeveloped MarketsIncludes the following markets: U.S., Developed Europe, Japan, South Korea, Australia, Canada and New ZealandDeveloped Rest of WorldIncludes the following markets: Japan, South Korea, Australia, Canada and New ZealandECEuropean CommissionEMAEuropean Medicines AgencyEmerging MarketsIncludes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Central Europe, Eastern Europe, the Middle East, Africa and TurkeyEPSearnings per shareEUEuropean UnionEUAemergency use authorizationExchange ActSecurities Exchange Act of 1934, as amendedFDAU.S. Food and Drug AdministrationFFDCAU.S. Federal Food, Drug and Cosmetic ActForm 10-QThis Quarterly Report on Form 10-Q for the quarterly period ended July 3, 2022GAAPGenerally Accepted Accounting PrinciplesGISTgastrointestinal stromal tumorsGPDGlobal Product Development organizationGSKGlaxoSmithKline plcHaleonHaleon plcHIPAAHealth Insurance Portability and Accountability Act of 1996HospiraHospira, Inc.IPR&Din-process research and developmentIRSU.S. Internal Revenue ServiceJAKJanus kinaseJVjoint ventureKingKing Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)LIBORLondon Interbank Offered RateLOEloss of exclusivitymCRCmetastatic colorectal cancermCRPCmetastatic castration-resistant prostate cancermCSPCmetastatic castration-sensitive prostate cancerMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations





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MeridianMeridian Medical Technologies, Inc.mRNAmessenger ribonucleic acidMSAManufacturing Supply AgreementMylanMylan N.V.MyovantMyovant Sciences Ltd.NDANew Drug ApplicationnmCRPCnon-metastatic castration-resistant prostate cancerNSCLCnon-small cell lung cancerOPKOOPKO Health, Inc.OTCover-the-counterPaxlovid*an oral COVID-19 treatment (nirmatrelvir [PF-07321332] tablets and ritonavir tablets)PC1Pfizer CentreOnePGSPfizer Global SupplyPharmaciaPharmacia CorporationPRACPharmacovigilance Risk Assessment CommitteePsApsoriatic arthritisQTDQuarter-to-date or three months endedRArheumatoid arthritisRCCrenal cell carcinomaR&Dresearch and developmentReViralReViral Ltd.SandozSandoz, Inc., a division of Novartis AGSECU.S. Securities and Exchange CommissionsNDAsupplemental new drug applicationTSAstransition service arrangementsUCulcerative colitisU.K.United KingdomU.S.United StatesUpjohn BusinessPfizer’s former global, primarily off-patent branded and generics business, which included a portfolio of 20 globally recognized solid oral dose brands, including Lipitor, Lyrica, Norvasc, Celebrex and Viagra, as well as a U.S.-based generics platform, Greenstone, that was spun-off on November 16, 2020 and combined with Mylan to create ViatrisViatrisViatris Inc.ViiVViiV Healthcare LimitedWRDMWorldwide Research, Development and MedicalYTDYear-to-date or six months ended



















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PART I.  FINANCIAL INFORMATION


















Three Months EndedSix Months Ended(MILLIONS, EXCEPT PER COMMON SHARE DATA)July 3,2022July 4,2021July 3,2022July 4,2021Revenues$27,742$18,899$53,402$33,415Costs and expenses:Cost of sales(a)8,6486,99618,63211,153Selling, informational and administrative expenses(a)3,0482,9235,6425,700Research and development expenses(a)2,8152,2395,1164,233Acquired in-process research and development expenses(b)1219356238Amortization of intangible assets8229171,6571,776Restructuring charges and certain acquisition-related costs189(1)38121Other (income)/deductions––net772(1,343)1,122(2,347)Income from continuing operations before provision/(benefit) for taxes on income11,4476,94920,49712,641Provision/(benefit) for taxes on income1,5701,1232,7421,931Income from continuing operations9,8775,82517,75610,710Discontinued operations––net of tax34(236)26(235)Net income before allocation to noncontrolling interests9,9115,58917,78110,475Less: Net income attributable to noncontrolling interests6261235Net income attributable to Pfizer Inc. common shareholders$9,906$5,563$17,769$10,440Earnings per common share––basic:Income from continuing operations attributable to Pfizer Inc. common shareholders$1.76$1.04$3.17$1.91Discontinued operations––net of tax0.01(0.04)—(0.04)Net income attributable to Pfizer Inc. common shareholders$1.77$0.99$3.17$1.87Earnings per common share––diluted:Income from continuing operations attributable to Pfizer Inc. common shareholders$1.73$1.02$3.09$1.88Discontinued operations––net of tax0.01(0.04)—(0.04)Net income attributable to Pfizer Inc. common shareholders$1.73$0.98$3.10$1.84Weighted-average shares––basic5,5935,5985,6055,591Weighted-average shares––diluted5,7125,6785,7355,670


Exclusive of amortization of intangible assets.


SeeNote 1D.










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Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021Net income before allocation to noncontrolling interests$9,911$5,589$17,781$10,475Foreign currency translation adjustments, net(1,268)36(1,631)501Unrealized holding gains/(losses) on derivative financial instruments, net651(248)854(35)Reclassification adjustments for (gains)/losses included in net income(a)(144)(21)(357)238507(270)497203Unrealized holding gains/(losses) on available-for-sale securities, net(486)59(620)138Reclassification adjustments for (gains)/losses included in net income(b)25561487(181)(232)120(132)(43)Reclassification adjustments related to amortization of prior service costs and other, net(31)(39)(68)(79)Reclassification adjustments related to curtailments of prior service costs and other, net1(1)(10)(5)(30)(41)(78)(84)Other comprehensive income/(loss), before tax(1,023)(155)(1,344)577Tax provision/(benefit) on other comprehensive income/(loss)(55)(63)(115)21Other comprehensive income/(loss) before allocation to noncontrolling interests$(968)$(92)$(1,228)$556Comprehensive income/(loss) before allocation to noncontrolling interests$8,943$5,498$16,553$11,031Less: Comprehensive income/(loss) attributable to noncontrolling interests—28638Comprehensive income/(loss) attributable to Pfizer Inc.$8,943$5,469$16,546$10,992


Reclassified intoOther (income)/deductions—netandCost of sales.SeeNote 7E.


Reclassified intoOther (income)/deductions—net.










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(MILLIONS)July 3,2022December 31, 2021(Unaudited)AssetsCash and cash equivalents$1,780$1,944Short-term investments31,52429,125Trade accounts receivable, less allowance for doubtful accounts: 2022—$461; 2021—$49215,15511,479Inventories10,4549,059Current tax assets2,5834,266Other current assets5,9703,820Total current assets67,46659,693Equity-method investments14,79916,472Long-term investments4,1635,054Property, plant and equipment, less accumulated depreciation: 2022—$14,969; 2021—$15,07415,24414,882Identifiable intangible assets29,06525,146Goodwill49,89149,208Noncurrent deferred tax assets and other noncurrent tax assets7,0023,341Other noncurrent assets7,6597,679Total assets$195,290$181,476Liabilities and EquityShort-term borrowings, including current portion of long-term debt: 2022—$1,276; 2021—$1,636$5,990$2,241Trade accounts payable6,2085,578Dividends payable2,2452,249Income taxes payable3,3501,266Accrued compensation and related items1,9973,332Deferred revenues3,8043,067Other current liabilities23,81624,939Total current liabilities47,41042,671Long-term debt34,29436,195Pension benefit obligations3,0303,489Postretirement benefit obligations227235Noncurrent deferred tax liabilities558349Other taxes payable10,99011,331Other noncurrent liabilities11,3119,743Total liabilities107,821104,013Commitments and ContingenciesCommon stock476473Additional paid-in capital91,18390,591Treasury stock(113,939)(111,361)Retained earnings116,608103,394Accumulated other comprehensive loss(7,119)(5,897)Total Pfizer Inc. shareholders’ equity87,20877,201Equity attributable to noncontrolling interests261262Total equity87,46977,462Total liabilities and equity$195,290$181,476










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PFIZER INC. SHAREHOLDERSCommon StockTreasury Stock(MILLIONS, EXCEPT PER COMMON SHARE DATA)SharesPar ValueAdd’l Paid-In CapitalSharesCostRetained EarningsAccum. Other Comp. LossShare-holders’ EquityNon-controlling interestsTotal EquityBalance, April 3, 20229,494$476$90,844(3,903)$(113,931)$111,193$(6,157)$82,424$261$82,685Net income9,9069,90669,911Other comprehensive income/(loss), net of tax(963)(963)(5)(968)Cash dividends declared, per share: $0.80Common stock(4,489)(4,489)(4,489)Share-based payment transactions2—339—(8)(2)330330Purchases of common stock————Other———————Balance, July 3, 20229,496$476$91,183(3,903)$(113,939)$116,608$(7,119)$87,208$261$87,469PFIZER INC. SHAREHOLDERSCommon StockTreasury Stock(MILLIONS, EXCEPT PER COMMON SHARE DATA)SharesPar ValueAdd’l Paid-In CapitalSharesCostRetained EarningsAccum. Other Comp. LossShare-holders’ EquityNon-controlling interestsTotal EquityBalance, April 4, 20219,445$472$89,002(3,851)$(111,349)$95,158$(4,664)$68,620$245$68,865Net income5,5635,563265,589Other comprehensive income/(loss), net of tax(94)(94)2(92)Cash dividends declared, per share: $0.78Common stock(4,293)(4,293)(4,293)Share-based payment transactions5—334—(7)(76)251251Purchases of common stock————Other———(7)(6)—(6)Balance, July 4, 20219,450$472$89,336(3,851)$(111,356)$96,346$(4,758)$70,042$273$70,315


PFIZER INC. SHAREHOLDERSCommon StockTreasury Stock(MILLIONS, EXCEPT PER COMMON SHARE DATA)SharesPar ValueAdd’lPaid-In CapitalSharesCostRetained EarningsAccum. Other Comp.LossShare-holders’ EquityNon-controlling interestsTotal EquityBalance, January 1, 20229,471$473$90,591(3,851)$(111,361)$103,394$(5,897)$77,201$262$77,462Net income17,76917,7691217,781Other comprehensive income/(loss), net of tax(1,223)(1,223)(6)(1,228)Cash dividends declared, per share: $0.80Common stock(4,489)(4,489)(4,489)Share-based payment transactions252588(12)(578)(66)(53)(53)Purchases of common stock(39)(2,000)(2,000)(2,000)Other3———3(7)(4)Balance, July 3, 20229,496$476$91,183(3,903)$(113,939)$116,608$(7,119)$87,208$261$87,469PFIZER INC. SHAREHOLDERSCommon StockTreasury Stock(MILLIONS, EXCEPT PER COMMON SHARE DATA)SharesPar ValueAdd’lPaid-In CapitalSharesCostRetained EarningsAccum. Other Comp.LossShare-holders’ EquityNon-controlling interestsTotal EquityBalance, January 1, 20219,407$470$88,674(3,840)$(110,988)$90,392$(5,310)$63,238$235$63,473Net income10,44010,4403510,475Other comprehensive income/(loss), net of tax5525523556Cash dividends declared, per share: $0.78Common stock(4,377)(4,377)(4,377)Share-based payment transactions432662(11)(368)(76)221221Purchases of common stock————Other———(33)(33)—(33)Balance, July 4, 20219,450$472$89,336(3,851)$(111,356)$96,346$(4,758)$70,042$273$70,315










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Six Months Ended(MILLIONS)July 3,2022July 4,2021Operating ActivitiesNet income before allocation to noncontrolling interests$17,781$10,475Discontinued operations—net of tax26(235)Net income from continuing operations before allocation to noncontrolling interests17,75610,710Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:Depreciation and amortization2,3622,515Asset write-offs and impairments5855Deferred taxes from continuing operations(3,461)137Share-based compensation expense373393Benefit plan contributions in excess of expense/income(146)(779)Other adjustments, net1,270(1,305)Other changes in assets and liabilities, net of acquisitions and divestitures(3,496)4,102Net cash provided by operating activities from continuing operations14,71715,828Net cash provided by/(used in) operating activities from discontinued operations(5)9Net cash provided by operating activities14,71115,837Investing ActivitiesPurchases of property, plant and equipment(1,394)(1,091)Purchases of short-term investments(18,937)(15,982)Proceeds from redemptions/sales of short-term investments20,1517,572Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less(3,153)(505)Purchases of long-term investments(1,324)(100)Proceeds from redemptions/sales of long-term investments226297Acquisition of business, net of cash acquired(6,225)—Other investing activities, net(91)(72)Net cash provided by/(used in) investing activities from continuing operations(10,746)(9,880)Net cash provided by/(used in) investing activities from discontinued operations—(3)Net cash provided by/(used in) investing activities(10,746)(9,884)Financing ActivitiesProceeds from short-term borrowings4,012—Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less379(499)Principal payments on long-term debt(1,609)—Purchases of common stock(2,000)—Cash dividends paid(4,493)(4,355)Other financing activities, net(347)(509)Net cash provided by/(used in) financing activities(4,058)(5,364)Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents(67)5Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents(159)593Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period1,9831,825Cash and cash equivalents and restricted cash and cash equivalents, at end of period$1,824$2,418Supplemental Cash Flow InformationCash paid/(received) during the period for:Income taxes$3,098$2,188Interest paid771798Interest rate hedges(10)(67)Non-cash transaction:Right-of-use assets obtained in exchange for lease liabilities$242$1,204










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Basis of Presentation and Significant Accounting Policies





Basis of Presentation




















two








New Accounting Standard Adopted in 2022


On January 1, 2022, we early adopted a new accounting standard for contract assets and contract liabilities acquired in a business combination. Under the new standard, acquired contract assets and contract liabilities are required to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification 606. This new guidance generally results in the acquirer recognizing contract assets and contract liabilities at the same amounts that were recorded by the acquiree. Previously, these amounts were recognized by the acquirer at fair value as of the acquisition date. We adopted this new standard on a prospective basis and there was no impact to our consolidated financial statements.


Revenues and Trade Accounts Receivable











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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)July 3,2022December 31, 2021Reserve againstTrade accounts receivable, less allowance for doubtful accounts$1,057$1,077Other current liabilities:Accrued rebates3,8753,811Other accruals458528Other noncurrent liabilities386433Total accrued rebates and other sales-related accruals$5,776$5,850














Acquired In-Process Research and Development Expenses





In the first quarter of 2022, we began reporting acquired IPR&D expense as a separate line item in our consolidated statements of income.Acquired in-process research and development expensesincludes costs incurred in connection with (a) all upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset acquisitions of acquired IPR&D. These costs were previously recorded inResearch and development expenses. Prior periods have been revised to conform to the current period presentation. When we acquire net assets that do not constitute a business, as defined in U.S. GAAP, no goodwill is recognized and acquired IPR&D is expensed. The fair value of IPR&D acquired in connection with a business combination is recorded on the balance sheet asIdentifiable intangible assets .




Acquisition, Discontinued Operations, Equity-Method Investment and Collaborative Arrangement





100 6.6 6.2 138


5.5
  5.0
  460
  1.0
  510





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272 53
    277


346 337 345
      34 24





32 68
  14.6 16.3
  1.7
  354
  150 335 148 218





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Summarized financial information for our equity method investee, the Consumer Healthcare JV, for the three and six months ending March 31, 2022, the most recent period available, and for the three and six months ending March 31, 2021, is as follows:Three Months EndedSix Months Ended(MILLIONS)March 31,2022March 31,2021March 31,2022March 31,2021Net sales$3,526$3,180$6,945$6,275Cost of sales(1,322)(1,169)(2,634)(2,356)Gross profit$2,204$2,011$4,312$3,919Income from continuing operations4874831,077716Net income4874831,077716Income attributable to shareholders4684611,046682





80 68 8.75 2.35 700 32


2.9 3.7 1.365


3.5 4.2 32





500 150 350 263
  740




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











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1.8


1.2


800 25





2.5 987 800





The following summarizes acquisitions and cost-reduction/productivity initiatives costs and credits:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021Restructuring charges/(credits):Employee terminations$110$(4)$135$19Asset impairments20228(3)Exit costs/(credits)18(3)29(3)Restructuring charges/(credits)(a)147(5)19112Transaction costs(b)36—42—Integration costs and other(c)641488Restructuring charges and certain acquisition-related costs189(1)38121Net periodic benefit costs/(credits) recorded inOther (income)/deductions––net—4(6)12Additional depreciation––asset restructuringrecorded in our condensed consolidated statements of income as follows(d):Cost of sales7271534Selling, informational and administrative expenses—16—16Total additional depreciation––asset restructuring7431549Implementation costs recorded in our condensed consolidated statements of income as follows(e):Cost of sales15102721Selling, informational and administrative expenses13480208144Total implementation costs14990235166Total costs associated with acquisitions and cost-reduction/productivity initiatives$345$137$625$248


Primarily represents cost reduction initiatives. Restructuring charges/(credits) associated with Biopharma: charges of $50 million and $46 million for the three and six months ended July 3, 2022, respectively, and credits of $4 million and charges of $1 million for the three and six months ended July 4, 2021, respectively.


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





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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. In the three and six months ended July 3, 2022, integration costs and other were mostly related to our acquisition of Arena, including $138 million in payments to Arena employees in the first quarter of 2022 for the fair value of previously unvested long-term incentive awards. SeeNote 2A.


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


Represents external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.


The following summarizes the components and changes in restructuring accruals:(MILLIONS)EmployeeTerminationCostsAssetImpairmentChargesExit CostsAccrualBalance, December 31, 2021(a)$1,014$—$57$1,071Provision1352829191Utilization and other(b)(244)(28)(78)(349)Balance, July 3, 2022(c)$904$—$8$913


Included inOther current liabilities($816 million) andOther noncurrent liabilities($255 million).


Includes adjustments for foreign currency translation.


Included inOther current liabilities($794 million) andOther noncurrent liabilities($119 million).




Other (Income)/Deductions—Net


Components ofOther (income)/deductions––netinclude:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021Interest income$(30)$(13)$(44)$(12)Interest expense293316614651Net interest expense263303571639Royalty-related income(217)(212)(389)(388)Net (gains)/losses on asset disposals—(58)(1)(98)Net (gains)/losses recognized during the period on equity securities(a)541(800)1,241(1,200)Income from collaborations, out-licensing arrangements and sales of compound/product rights(b)(5)(21)(14)(252)Net periodic benefit costs/(credits) other than service costs295(237)12(503)Certain legal matters, net19249874Consumer Healthcare JV equity method (income)/loss(c)(149)(140)(334)(202)Other, net26(201)(62)(417)Other (income)/deductions––net$772$(1,343)$1,122$(2,347)


The losses in the second quarter and first six months of 2022 include, among other things, unrealized losses of $432 million and $776 million, respectively, related to investments in BioNTech and Cerevel Therapeutics Holdings, Inc. (Cerevel). The gains in the second quarter and first six months of 2021 included, among other things, unrealized gains of $917 million and $1.0 billion, respectively, related to investments in BioNTech and Cerevel.


The first six months of 2021 included, among other things, $188 million of net collaboration income from BioNTech in the first quarter of 2021 related to Comirnaty.


SeeNote 2C




Tax Matters





13.7 16.2 13.4 15.3


15





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Components ofTax provision/(benefit) onother comprehensive income/(loss)include:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021Foreign currency translation adjustments, net(a)$(114)$(19)$(185)$2Unrealized holding gains/(losses) on derivative financial instruments, net98(51)1307Reclassification adjustments for (gains)/losses included in net income(3)1(26)3595(50)10543Unrealized holding gains/(losses) on available-for-sale securities, net(61)7(78)17Reclassification adjustments for (gains)/losses included in net income32861(23)(29)15(17)(5)Reclassification adjustments related to amortization of prior service costs and other, net(7)(8)(16)(17)Reclassification adjustments related to curtailments of prior service costs and other, net—(1)(2)(1)(8)(8)(18)(18)Tax provision/(benefit) on other comprehensive income/(loss)$(55)$(63)$(115)$21


Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.




Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests


The following summarizes the changes, net of tax, inAccumulated other comprehensive loss:Net Unrealized Gains/(Losses)Benefit Plans(MILLIONS)Foreign Currency Translation AdjustmentsDerivative Financial InstrumentsAvailable-For-Sale SecuritiesPrior Service (Costs)/Credits and OtherAccumulated Other Comprehensive Income/(Loss)Balance, December 31, 2021$(6,172)$119$(220)$377$(5,897)Other comprehensive income/(loss)(a)(1,440)392(116)(59)(1,223)Balance, July 3, 2022$(7,612)$511$(336)$318$(7,119)


Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests. Foreign currency translation adjustments include net losses related to our equity method investment in the Consumer Healthcare JV (seeNote 2C)and the impact of our net investment hedging program.










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Financial Instruments











July 3, 2022December 31, 2021(MILLIONS)TotalLevel 1Level 2TotalLevel 1Level 2Financial assets:Short-term investmentsEquity securities with readily determinable fair values:Money market funds$4,373$—$4,373$5,365$—$5,365Available-for-sale debt securities:Government and agency—non-U.S.21,758—21,75817,318—17,318Government and agency—U.S.2,839—2,8394,050—4,050Corporate and other1,024—1,024647—64725,621—25,62122,014—22,014Total short-term investments29,994—29,99427,379—27,379Other current assetsDerivative assets:Interest rate contracts8—84—4Foreign exchange contracts1,322—1,322704—704Total other current assets1,331—1,331709—709Long-term investmentsEquity securities with readily determinable fair values(a)3,0413,028133,8763,84927Available-for-sale debt securities:Government and agency—non-U.S.305—305465—465Government and agency—U.S.———6—6Corporate and other74—7450—50379—379521—521Total long-term investments3,4203,0283924,3973,849548Other noncurrent assetsDerivative assets:Interest rate contracts———16—16Foreign exchange contracts562—562242—242Total derivative assets562—562259—259Insurance contracts(b)665—665808—808Total other noncurrent assets1,227—1,2271,067—1,067Total assets$35,972$3,028$32,944$33,552$3,849$29,703Financial liabilities:Other current liabilitiesDerivative liabilities:Foreign exchange contracts$432$—$432$476$—$476Total other current liabilities432—432476—476Other noncurrent liabilitiesDerivative liabilities:Interest rate contracts206—206———Foreign exchange contracts653—653405—405Total other noncurrent liabilities859—859405—405Total liabilities$1,291$—$1,291$881$—$881


Long-term equity securities of $144 million as of July 3, 2022 and $194 million as of December 31, 2021 were held in restricted trusts for U.S. non-qualified employee benefit plans.


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 inOther (income)/deductions—net(seeNote 4).





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34 36 34 42













The following summarizes our investments by classification type:(MILLIONS)July 3, 2022December 31, 2021Short-term investmentsEquity securities with readily determinable fair values(a)$4,373$5,365Available-for-sale debt securities25,62122,014Held-to-maturity debt securities1,5301,746Total Short-term investments$31,524$29,125Long-term investmentsEquity securities with readily determinable fair values$3,041$3,876Available-for-sale debt securities379521Held-to-maturity debt securities3934Private equity securities at cost(b)705623Total Long-term investments$4,163$5,054Equity-method investments14,79916,472Total long-term investments and equity-method investments$18,962$21,526Held-to-maturity cash equivalents$225$268


As of July 3, 2022 and December 31, 2021, includes money market funds primarily invested in U.S. Treasury and government debt.


Represent investments in the life sciences sector





At July 3, 2022, our investment portfolio consisted of debt securities issued across diverse governments, corporate and financial institutions, which are investment-grade. The contractual or estimated maturities, are as follows:July 3, 2022December 31, 2021Gross UnrealizedMaturities (in Years)Gross Unrealized(MILLIONS)Amortized CostGainsLossesFair ValueWithin 1Over 1to 5Over 5Amortized CostGainsLossesFair ValueAvailable-for-sale debt securitiesGovernment and agency––non-U.S.$22,445$36$(419)$22,062$21,758$305$—$18,032$13$(263)$17,783Government and agency––U.S.2,840—(1)2,8392,839——4,056—(1)4,055Corporate and other1,0982(2)1,0981,02474—698—(1)697Held-to-maturity debt securitiesTime deposits and other913——9138782311947——947Government and agency––non-U.S.881——881876311,102——1,102Total debt securities$28,177$38$(422)$27,794$27,376$406$12$24,835$14$(265)$24,584








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The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021Net (gains)/losses recognized during the period on equity securities(a)$541$(800)$1,241$(1,200)Less: Net (gains)/losses recognized during the period on equity securities sold during the period(68)24(79)(5)Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date(b)$610$(823)$1,320$(1,196)


Reported inOther (income)/deductions––net.SeeNote 4.


Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of July 3, 2022, there were cumulative impairments and downward adjustments of $108 million and upward adjustments of $194 million. Impairments, downward and upward adjustments were not significant in the second quarter and first six months of 2022 and 2021.







Short-term borrowings include:(MILLIONS)July 3,2022December 31, 2021Current portion of long-term debt, principal amount$1,251$1,636Other short-term borrowings, principal amount(a)4,714605Total short-term borrowings, principal amount5,9652,241Net fair value adjustments related to hedging and purchase accounting25—TotalShort-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted$5,990$2,241


As of July 3, 2022, primarily includes $3.7 billion related to the Consumer Healthcare JV loan (seeNote 2C), and cash collateral (seeNote 7F). As of December 31, 2021, primarily includes cash collateral. SeeNote 7F.







The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:(MILLIONS)July 3,2022December 31, 2021Total long-term debt, principal amount$33,352$34,948Net fair value adjustments related to hedging and purchase accounting1,1251,438Net unamortized discounts, premiums and debt issuance costs(185)(195)Other long-term debt24Total long-term debt, carried at historical proceeds, as adjusted$34,294$36,195










two years








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The following summarizes the fair value of the derivative financial instruments and notional amounts (including those reported as part of discontinued operations):July 3, 2022December 31, 2021Fair ValueFair Value(MILLIONS)NotionalAssetLiabilityNotionalAssetLiabilityDerivatives designated as hedging instruments:Foreign exchange contracts(a)$31,576$1,642$711$29,576$787$717Interest rate contracts2,25082062,25021—1,650917808717Derivatives not designated as hedging instruments:Foreign exchange contracts$25,929243375$21,419160164Total$1,893$1,291$968$881


The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.6 billion as of July 3, 2022 and $4.8 billion as of December 31, 2021.


The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures (including those reported as part of discontinued operations):Gains/(Losses)Recognized in OID(a)Gains/(Losses)Recognized in OCI(a)Gains/(Losses)Reclassified fromOCI into OID and COS(a)Three Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021Derivative Financial Instruments in Cash Flow Hedge Relationships:Foreign exchange contracts(b)$—$—$624$(258)$119$13Amount excluded from effectiveness testing and amortized into earnings(c)——279258Derivative Financial Instruments in Fair Value Hedge Relationships:Interest rate contracts(66)26————Hedged item66(26)————Derivative Financial Instruments in Net Investment Hedge Relationships:Foreign exchange contracts——6741——Amount excluded from effectiveness testing and amortized into earnings(c)——59363326Non-Derivative Financial Instruments in Net Investment Hedge Relationships:(d)Foreign currency short-term borrowings———(11)——Foreign currency long-term debt——48(8)——Derivative Financial Instruments Not Designated as Hedges:Foreign exchange contracts(394)(65)————$(394)$(65)$1,432$(230)$177$47





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Gains/(Losses)Recognized in OID(a)Gains/(Losses)Recognized in OCI(a)Gains/(Losses)Reclassified fromOCI into OID and COS(a)Six Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021Derivative Financial Instruments in Cash Flow Hedge Relationships:Foreign exchange contracts(b)$—$—$811$(56)$314$(255)Amount excluded from effectiveness testing and amortized into earnings(c)——43214318Derivative Financial Instruments in Fair Value Hedge Relationships:Interest rate contracts(222)(1)————Hedged item2221————Derivative Financial Instruments in Net Investment Hedge Relationships:Foreign exchange contracts——933155——Amount excluded from effectiveness testing and amortized into earnings(c)——(15)356355Non-Derivative Financial Instruments in Net Investment Hedge Relationships:(d)Foreign currency short-term borrowings——2627——Foreign currency long-term debt——7048——Derivative Financial Instruments Not Designated as Hedges:Foreign exchange contracts(413)(23)————$(413)$(23)$1,868$230$421$(182)


OID = Other (income)/deductions—net, included inOther (income)/deductions—netin the condensed consolidated statements of income.COS = Cost of Sales, included inCost of salesin the condensed consolidated statements of income. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income


The amounts reclassified from OCI into COS were:


68


102


31


76


725
  21


The amounts reclassified from OCI were reclassified into OID.


Short-term borrowings and long-term debt include foreign currency borrowings, which are used in net investment hedges. The short-term borrowings’ carrying value as of December 31, 2021 was $1.1 billion. The long-term debt carrying values as of July 3, 2022 and December 31, 2021 were $774 million and $844 million, respectively.


The following summarizes cumulative basis adjustments to our debt in fair value hedges:July 3, 2022December 31, 2021Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying AmountCumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount(MILLIONS)Carrying Amount of Hedged Assets/Liabilities(a)Active Hedging RelationshipsDiscontinued Hedging RelationshipsCarrying Amount of Hedged Assets/Liabilities(a)Active Hedging RelationshipsDiscontinued Hedging RelationshipsShort-term borrowings, including current portion of long-term debt$—$—$22$—$—$—Long-term debt$2,234$(206)$1,081$2,233$16$1,154


Carrying amounts exclude the cumulative amount of fair value hedging adjustments.







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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 July 3, 2022, the aggregate fair value of these derivative financial instruments that are in a net payable position was $362 million, for which we have posted collateral of $414 million with a corresponding amount reported inShort-term investments. As of July 3, 2022, the aggregate fair value of our derivative financial instruments that are in a net receivable position was $739 million, for which we have received collateral of $755 million with a corresponding amount reported inShort-term borrowings, including current portion of long-term debt.




Other Financial Information





The following summarizes the components ofInventories:(MILLIONS)July 3,2022December 31, 2021Finished goods$3,219$3,641Work-in-process5,1944,424Raw materials and supplies2,041994Inventories(a)$10,454$9,059Noncurrent inventories not included above(b)$943$939


The increase from December 31, 2021 primarily reflects higher inventory levels for Paxlovid, and increases for certain products due to network strategy and supply recovery, partially offset by decreases due to market demand.


Included inOther noncurrent assets.





Other current liabilities
 includes, among other things, amounts payable to BioNTech for the gross profit split for Comirnaty, which totaled $7.9 billion as of July 3, 2022 and $9.7 billion as of December 31, 2021.




Identifiable Intangible Assets





The following summarizes the components ofIdentifiable intangible assets:July 3, 2022December 31, 2021(MILLIONS)GrossCarryingAmountAccumulatedAmortizationIdentifiableIntangibleAssets, lessAccumulatedAmortizationGrossCarryingAmountAccumulatedAmortizationIdentifiableIntangibleAssets, lessAccumulatedAmortizationFinite-lived intangible assetsDeveloped technology rights$73,097$(54,903)$18,193$73,346$(53,732)$19,614Brands922(824)98922(807)115Licensing agreements and other2,296(1,352)9452,284(1,299)98576,315(57,079)19,23676,552(55,838)20,714Indefinite-lived intangible assetsBrands827827827827IPR&D(a)8,0298,0293,0923,092Licensing agreements and other(a)9739735135139,8299,8294,4324,432Identifiable intangible assets(a), (b)$86,144$(57,079)$29,065$80,984$(55,838)$25,146





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The increase in the gross carrying amounts mainly reflect the impact of the acquisition of Arena. SeeNote 2A.


The increase is primarily due to the acquisition of Arena, partially offset by amortization expense.





The following summarizes the changes in the carrying amount ofGoodwill:(MILLIONS)Total(a)Balance, January 1, 2022$49,208Additions(b)1,033Other(c)(350)Balance, July 3, 2022$49,891


All goodwill is assigned within the Biopharma reportable segment.


Additions relate to our acquisition of Arena. SeeNote 2A.


Other represents the impact of foreign exchange.




Pension and Postretirement Benefit Plans


The following summarizes the components of net periodic benefit cost/(credit):Pension PlansU.S.InternationalPostretirementPlansThree Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021Service cost$—$—$30$33$7$9Interest cost118114413777Expected return on plan assets(245)(261)(77)(82)(12)(10)Amortization of prior service cost/(credit)————(31)(39)Actuarial (gains)/losses(a)4902————Curtailments———(1)(1)—Special termination benefits14————Net periodic benefit cost/(credit) reported in income$365$(142)$(6)$(14)$(30)$(32)Pension PlansU.S.InternationalPostretirementPlansSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021Service cost$—$—$60$66$15$18Interest cost23622782731414Expected return on plan assets(490)(521)(156)(164)(23)(20)Amortization of prior service credits1(1)—(1)(68)(77)Actuarial (gains)/losses(a)424(45)————Curtailments———(1)(14)—Special termination benefits712——11Net periodic benefit cost/(credit) reported in income$178$(329)$(14)$(26)$(76)$(64)


Mainly reflects interim actuarial remeasurement losses in 2022, primarily driven by unfavorable plan asset performance, partially offset by gains due to an increase in interest rates.





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Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders


The following presents the detailed calculation ofEPS:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021EPS Numerator––BasicIncome from continuing operations attributable to Pfizer Inc. common shareholders$9,871$5,799$17,743$10,675Discontinued operations––net of tax34(236)26(235)Net income attributable to Pfizer Inc. common shareholders$9,906$5,563$17,769$10,440EPS Numerator––DilutedIncome from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions$9,871$5,799$17,743$10,675Discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders and assumed conversions34(236)26(235)Net income attributable to Pfizer Inc. common shareholders and assumed conversions$9,906$5,563$17,769$10,440EPS DenominatorWeighted-average number of common shares outstanding––Basic5,5935,5985,6055,591Common-share equivalents: stock options and stock issuable under employee compensation plans1198013079Weighted-average number of common shares outstanding––Diluted5,7125,6785,7355,670Anti-dilutive common stock equivalents(a)15—4


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.




Contingencies and Certain Commitments
































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Segment, Geographic and Other Revenue Information





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The following provides selected income statement information by reportable segment:Three Months EndedSix Months EndedRevenuesEarnings(a)RevenuesEarnings(a)(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021Reportable Segment:Biopharma$27,425$18,463$17,223$9,816$52,748$32,588$30,662$18,199Other business activities(b)317437(3,441)(2,524)655827(5,917)(4,571)Reconciling Items:Amortization of intangible assets——(822)(928)——(1,657)(1,798)Acquisition-related items——(82)(34)——(269)27Certain significant items(c)——(1,431)618——(2,322)784$27,742$18,899$11,447$6,949$53,402$33,415$20,497$12,641


Income from continuing operations before provision/(benefit) for taxes on income.Biopharma’s earnings include dividend income from our investment in ViiV of $69 million in the second quarter of 2022 and $62 million in the second quarter of 2021, and $125 million in the first six months of 2022 and $89 million in the first six months of 2021.


Other business activities include revenues and costs associated with PC1, as well as costs that we do not allocate to our operating segments, per above. Included in earnings in the second quarter and first six months of 2022 is a $450 million write-off toCost of salesof inventory related to COVID-19 products that have exceeded or are expected to exceed their approved shelf-lives prior to being used.


Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). For earnings in the second quarter and first six months of 2022, includes, among other items, net losses on equity securities of $539 million and $1.2 billion, respectively, recorded inOther (income)/deductions––net.For earnings in the second quarter and first six months of 2021, includes, among other items, net gains on equity securities of $798 million and $1.2 billion, respectively, recorded inOther (income)/deductions––net.





The following summarizes revenues by geographic area:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021%ChangeJuly 3,2022July 4,2021%ChangeUnited States$11,222$7,51549$20,140$15,04634Developed Europe5,4804,5772011,5697,61552Developed Rest of World5,0342,997688,3204,120102Emerging Markets6,0063,8105813,3736,634102Revenues$27,742$18,89947$53,402$33,41560





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(MILLIONS)Three Months EndedSix Months EndedPRODUCTPRIMARY INDICATION OR CLASSJuly 3,2022July 4,2021July 3,2022July 4,2021TOTAL REVENUES(a)$27,742$18,899$53,402$33,415PFIZER BIOPHARMACEUTICALS GROUP (BIOPHARMA)(a), (b)$27,425$18,463$52,748$32,588Vaccines$10,459$9,234$25,399$14,127Comirnaty direct sales and alliance revenuesActive immunization to prevent COVID-198,8487,83822,07511,300Prevnar family(c)Pneumococcal disease1,4291,2412,9942,524NimenrixMeningococcal ACWY disease654914295FSME-IMMUN/TicoVacTick-borne encephalitis disease6861110114All other VaccinesVarious49467894Hospital(a)$9,714$1,745$12,905$3,630PaxlovidCOVID-19 infection (high risk population)8,115—9,585—SulperazonBacterial infections210141420334Ig Portfolio(d)Various125107232212ZaviceftaBacterial infections100104204198ZithromaxBacterial infections5443180132MedrolAnti-inflammatory glucocorticoid79112155211FragminTreatment/prevention of venous thromboembolism7277142149VfendFungal infections5472119153All other Anti-infectivesVarious367474749929All other HospitalVarious5376131,1201,314Oncology$3,088$3,145$6,055$6,007IbranceHR-positive/HER2-negative metastatic breast cancer1,3201,4042,5572,657Xtandi alliance revenuesmCRPC, nmCRPC, mCSPC290303558570InlytaAdvanced RCC274257508486Zirabev(e)Treatment of mCRC; unresectable, locally advanced, recurrent or metastatic NSCLC; recurrent glioblastoma; metastatic RCC; and persistent, recurrent or metastatic cervical cancer138129286215BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia156136284259XalkoriALK-positive and ROS1-positive advanced NSCLC118120244255Ruxience(e)Non-hodgkin’s lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis (Wegener’s Granulomatosis) and microscopic polyangiitis113120237218Retacrit(e)Anemia106103221212SutentAdvanced and/or metastatic RCC, adjuvant RCC, refractory GIST (after disease progression on, or intolerance to, imatinib mesylate) and advanced pancreatic neuroendocrine tumor97194211394LorbrenaALK-positive metastatic NSCLC7766149126Bavencio alliance revenuesLocally advanced or metastatic urothelial carcinoma; metastatic Merkel cell carcinoma; immunotherapy and tyrosine kinase inhibitor combination for patients with advanced RCC583712568AromasinPost-menopausal early and advanced breast cancer5951121103BesponsaRelapsed or refractory B-cell acute lymphoblastic leukemia584510995BraftoviIn combination with Mektovi for metastatic melanoma in patients with a BRAFV600E/Kmutation and, in combination with Erbitux®(cetuximab)(f), for the treatment of BRAFV600E-mutant mCRC after prior therapy51429889Trazimera(e)HER-positive breast cancer and metastatic stomach cancers46419887MektoviIn combination with Braftovi for metastatic melanoma in patients with a BRAFV600E/Kmutation44368471All other OncologyVarious8260163102Internal Medicine$2,405$2,403$4,846$4,997Eliquis alliance revenues and direct salesNonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism1,7451,4813,5373,124





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(MILLIONS)Three Months EndedSix Months EndedPRODUCTPRIMARY INDICATION OR CLASSJuly 3,2022July 4,2021July 3,2022July 4,2021Premarin familySymptoms of menopause115128217271BMP2Development of bone and cartilage7566142115ToviazOveractive bladder456299119Chantix/ChampixAn aid to smoking cessation treatment in adults 18 years of age or older11844401All other Internal MedicineVarious424482846966Rare Disease$909$895$1,872$1,720Vyndaqel/VyndamaxATTR-cardiomyopathy and polyneuropathy5525011,164953BeneFIXHemophilia B113112225225GenotropinReplacement of human growth hormone91109171189SomavertAcromegaly6468132133Refacto AF/XynthaHemophilia A6477129165All other Rare DiseaseVarious25295055Inflammation & Immunology (I&I)$850$1,041$1,671$2,107XeljanzRA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis4305868021,124Enbrel (Outside the U.S. and Canada)RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis257286537605Inflectra(e)Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis137136272313All other I&IVarious25336065PFIZER CENTREONE(b)$317$437$655$827Total Alliance revenues$2,317$1,880$4,631$3,650Total Biosimilars(e)$580$559$1,185$1,089Total Sterile Injectable Pharmaceuticals(g)$1,286$1,381$2,617$2,863


On December 31, 2021, we completed the sale of our Meridian subsidiary. Prior to its sale, Meridian was managed as part of the Hospital therapeutic area. Beginning in the fourth quarter of 2021, the financial results of Meridian were reflected as discontinued operations. Prior-period financial information has been restated, as appropriate. SeeNote 1A.


At the beginning of our fiscal fourth quarter of 2021, we reorganized our commercial operations and began to manage our commercial operations through a new global structure consisting of two operating segments, each led by a single manager: Biopharma, our innovative science-based biopharmaceutical business, and PC1. PC1, which previously had been managed within the Hospital therapeutic area, includes revenues from our contract manufacturing, including certain Comirnaty-related manufacturing activities performed on behalf of BioNTech ($55 million and $101 million for the second quarter and the first six months of 2022, respectively, and $87 million for both the second quarter and the first six months of 2021), and revenues from our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with former legacy Pfizer businesses/partnerships, including but not limited to, transitional manufacturing and supply agreements with Viatris following the spin-off of the Upjohn Business. We have revised prior-period information to conform to the current management structure.


Prevnar family include revenues from Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20/Apexxnar (adult).


Immunoglobulin (Ig) portfolio includes the revenues fromPanzyga, Octagam and Cutaquig.


Biosimilars are highly similar versions of approved and authorized biological medicines and primarily include revenues from Zirabev, Inflectra, Ruxience, Retacrit and Trazimera.


Erbitux®is a registered trademark of ImClone LLC.


Total Sterile Injectable Pharmaceuticals represents the total of all branded and generic injectable products in the Hospital therapeutic area, including anti-infective sterile injectable pharmaceuticals.





24 12 12 200


3.9 3.7 198 3.3 3.0 249 no





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into new or amended contracts, including new advance payments received for Paxlovid contracts, less amounts recognized inRevenuesas we delivered the products to our customers and the impact of foreign exchange. During the second quarter and first six months of 2022, we recognized revenue of $800 million and $2.4 billion, respectively, that was included in the balance of Comirnaty deferred revenues as of December 31, 2021. The Comirnaty and Paxlovid deferred revenues as of July 3, 2022 will be recognized inRevenuesproportionately as we transfer control of the products to our customers and satisfy our performance obligation under the contracts, with the amounts included in current liabilities expected to be recognized inRevenueswithin the next 12 months, and the amounts included in noncurrent liabilities expected to be recognized inRevenuesin the last six months of 2023 and in the first quarter of 2024. Deferred revenues associated with contracts for other products were not significant as of July 3, 2022 or December 31, 2021.







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The following presents worldwide revenues by geography:Three Months EndedWorldwideU.S.InternationalWorld-wideU.S.Inter-national(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021% Change in RevenuesOperating segments:Biopharma$27,425$18,463$11,136$7,380$16,289$11,083495147Pfizer CentreOne31743786136230301(27)(36)(23)Total revenues$27,742$18,899$11,222$7,515$16,519$11,384474945Six Months EndedWorldwideU.S.InternationalWorld-wideU.S.Inter-national(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021July 3,2022July 4,2021% Change in RevenuesOperating segments:Biopharma$52,748$32,588$19,952$14,757$32,795$17,830623584Pfizer CentreOne655827188288467539(21)(35)(13)Total revenues$53,402$33,415$20,140$15,046$33,262$18,369603481





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The following provides an analysis of the change in worldwide revenues by geographic areas in the second quarter of 2022:Three Months Ended July 3, 2022(MILLIONS)WorldwideU.S.InternationalOperational growth/(decline):Worldwide growth from Paxlovid, Comirnaty, Eliquis, Prevnar family, Vyndaqel/Vyndamax, Inlyta and Biosimilars, partially offset by worldwide declines from Xeljanz, Ibrance and Xtandi. See theAnalysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussionwithin MD&A for additional analysis$10,486$3,972$6,514Decline from PC1. See theAnalysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussionwithin MD&A for additional analysis(109)(49)(60)Lower revenues for Chantix/Champix and Sutent:•The decrease in Chantix/Champix was driven by the ongoing global pause in shipments of Chantix due to the presence of N-nitroso-varenicline above an acceptable level of intake set by various global regulators, the ultimate timing for resolution of which may vary by country•The decrease for Sutent primarily reflects lower volume demand in the U.S. and Europe following its loss of exclusivity in August 2021 and January 2022, respectively(273)(177)(97)Other operational factors, net(1)(39)37Operational growth, net10,1033,7076,395Unfavorable impact of foreign exchange(1,260)—(1,260)Revenuesincrease/(decrease)$8,842$3,707$5,135








The following provides an analysis of the worldwide change in revenues by geographic areas in the first six months of 2022:Six Months Ended July 3, 2022(MILLIONS)WorldwideU.S.InternationalOperational growth/(decline):Worldwide growth from Comirnaty, Paxlovid, Eliquis, Prevnar family, Vyndaqel/Vyndamax, Inlyta and Biosimilars, partially offset by worldwide declines from Xeljanz, Ibrance and Xtandi. See theAnalysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussionwithin MD&A for additional analysis$22,854$5,736$17,117Decline from PC1. See theAnalysis of the Condensed Consolidated Statements of Income––Revenues––Selected Product Discussionwithin MD&A for additional analysis(152)(100)(52)Lower revenues for Chantix/Champix and Sutent:•The decrease in Chantix/Champix was driven by the ongoing global pause in shipments of Chantix due to the presence of N-nitroso-varenicline above an acceptable level of intake set by various global regulators, the ultimate timing for resolution of which may vary by country•The decrease for Sutent primarily reflects lower volume demand in the U.S. and Europe following its loss of exclusivity in August 2021 and January 2022, respectively(568)(381)(187)Other operational factors, net(108)(160)53Operational growth/(decline), net22,0265,09416,931Unfavorable impact of foreign exchange(2,038)—(2,038)Revenuesincrease/(decrease)$19,988$5,094$14,893








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The following presents information about revenue deductions:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021July 3,2022July 4,2021Medicare rebates$186$182$387$371Medicaid and related state program rebates225306466652Performance-based contract rebates8627881,6671,541Chargebacks1,7971,5183,5342,949Sales allowances1,3671,2112,5712,354Sales returns and cash discounts328235598459Total$4,765$4,240$9,223$8,326













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(MILLIONS)Revenue% ChangeProductPeriodGlobalRevenuesRegionJuly 3, 2022July 4, 2021TotalOper.Operational Results CommentaryComirnaty(a)QTD$8,848Up 20%(operationally)U.S.$1,080$2,034(47)Driven by strong operational growth in international markets, led by increased sales of doses to serve emerging markets and increased deliveries to certain international developed markets, partially offset by a slower pace of deliveries to the U.S. and Canada.Int’l.7,7685,8043443Worldwide$8,848$7,8381320YTD$22,075* (operationally)U.S.$3,395$4,072(17)Int’l.18,6817,228**Worldwide$22,075$11,30095*PaxlovidQTD$8,115*U.S.$4,455$—*Driven by the U.S. launch under emergency use authorization in December 2021 and international launches in late 2021 and early 2022 following regulatory approvals or emergency use authorizations.Int’l.3,660—**Worldwide$8,115$—**YTD$9,585*U.S.$5,470$—*Int’l.4,115—**Worldwide$9,585$—**EliquisQTD$1,745Up 23%(operationally)U.S.$1,064$83128Global growth driven primarily by continued oral anti-coagulant adoption and market share gains in non-valvular atrial fibrillation, particularly in the U.S. and certain markets in Europe, as well as favorable changes in channel mix in the U.S.In addition, YTD performance was negatively impacted by the non-recurrence of an $80 million favorable adjustment related to the Medicare “coverage gap” provision recorded in the first quarter of 2021.Int’l.681650516Worldwide$1,745$1,4811823YTD$3,537Up 17%(operationally)U.S.$2,144$1,81218Int’l.1,3941,312615Worldwide$3,537$3,1241317Prevnar familyQTD$1,429Up 18%(operationally)U.S.$906$64241Growth primarily driven by the adult indications in the U.S. due to strong stocking and patient demand following the launch of Prevnar 20 for the adult population, partially offset by unfavorable timing of government and private purchasing of Prevnar 13 for the pediatric indication globally.In addition, YTD international performance was negatively impacted by competitive pressures in China for the pediatric indication and timing of government purchasing for the adult indication.Int’l.523599(13)(7)Worldwide$1,429$1,2411518YTD$2,994Up 21%(operationally)U.S.$1,920$1,28050Int’l.1,0741,244(14)(10)Worldwide$2,994$2,5241921IbranceQTD$1,320Down 3%(operationally)U.S.$868$8621QTD decline primarily driven by prior-year quarter clinical trial purchases in international developed markets, partially offset by modest growth in the U.S. despite continued increase in the proportion of patients accessing Ibrance through the Patient Assistance Program.YTD decline largely due to a continued increase in the proportion of patients accessing Ibrance through the U.S. Patient Assistance Program and prior-year quarter clinical trial purchases in international developed markets, partially offset by higher volumes in emerging markets.Int’l.452542(17)(8)Worldwide$1,320$1,404(6)(3)YTD$2,557Down 1%(operationally)U.S.$1,621$1,656(2)Int’l.9361,002(7)1Worldwide$2,557$2,657(4)(1)Vyndaqel/ VyndamaxQTD$552Up 16%(operationally)U.S.$296$22532Growth largely driven by continued strong uptake of the ATTR-CM indication, primarily in developed Europe and the U.S., partially offset by a planned price decrease which recently went into effect in Japan.Int’l.256276(7)3Worldwide$552$5011016YTD$1,164Up 28%(operationally)U.S.$561$43030Int’l.6035231526Worldwide$1,164$9532228XeljanzQTD$430Down 24%(operationally)U.S.$254$390(35)Driven primarily by declines in net price due to unfavorable changes in channel mix, decreased prescription volumes globally resulting from ongoing shifts in prescribing patterns related to JAK class label changes, and unfavorable wholesaler inventory buying patterns in the U.S.Int’l.176195(10)(2)Worldwide$430$586(27)(24)YTD$802Down 26%(operationally)U.S.$457$722(37)Int’l.345402(14)(8)Worldwide$802$1,124(29)(26)





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(MILLIONS)Revenue% ChangeProductPeriodGlobalRevenuesRegionJuly 3, 2022July 4, 2021TotalOper.Operational Results CommentaryXtandiQTD$290Down 4%(operationally)U.S.$290$303(4)Decline largely due to channel mix and fluctuating enrollment rates in the Xtandi Patient Assistance Program, partially offset by recent demand growth and an increase in new patient starts across the mCRPC, nmCRPC, and mCSPC indications.Int’l.————Worldwide$290$303(4)(4)YTD$558Down 2%(operationally)U.S.$558$570(2)Int’l.————Worldwide$558$570(2)(2)InlytaQTD$274Up 11%(operationally)U.S.$162$1555Growth primarily reflects continued adoption in emerging markets and developed Europe of combinations of certain immune checkpoint inhibitors and Inlyta for the first-line treatment of patients with advanced RCC.Int’l.112102920Worldwide$274$257611YTD$508Up 8%(operationally)U.S.$302$2962Int’l.206190817Worldwide$508$48648BiosimilarsQTD$580Up 7%(operationally)U.S.$401$36310Growth mainly driven by oncology biosimilars primarily due to strong U.S. growth of Zirabev and Retacrit.In addition, YTD performance was negatively impacted by decreases in Inflectra globally as a result of competitive pressures for certain biosimilars.Int’l.179195(8)(1)Worldwide$580$55947YTD$1,185Up 11%(operationally)U.S.$837$69121Int’l.348398(13)(6)Worldwide$1,185$1,089911





(MILLIONS)Revenue% ChangeOperating SegmentPeriodGlobalRevenuesRegionJuly 3, 2022July 4, 2021TotalOper.Operational Results CommentaryPC1QTD$317Down 25%(operationally)U.S.$86$136(36)Decline primarily driven by lower manufacturing of divested products under manufacturing and supply agreements and lower COVID-19 manufacturing activities performed on behalf of customers, including, with respect to the second quarter, Comirnaty supply to BioNTech.Int’l.230301(23)(20)Worldwide$317$437(27)(25)YTD$655Down 18%(operationally)U.S.$188$288(35)Int’l.467539(13)(10)Worldwide$655$827(21)(18)




























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PRODUCTDISEASE AREAAPPROVED/FILED*U.S.EUJAPANComirnaty/BNT162b2(PF-07302048)(a)Immunization to prevent COVID-19 (16 years of age and older)BLAAug.2021CMADec.2020ApprovedFeb.2021Immunization to prevent COVID-19 (12-15 years of age)sBLAJuly2022CMAMay2021ApprovedMay2021Immunization to prevent COVID-19 (booster)EUASep.2021CMAOct.2021ApprovedNov.2021Immunization to prevent COVID-19 (5-11 years of age)EUAOct.2021CMANov.2021ApprovedJan.2022Immunization to prevent COVID-19 (6 months through 4 years of age)EUAJune2022FiledJuly2022FiledJuly2022Cibinqo(abrocitinib)Atopic dermatitisApprovedJan.2022ApprovedDec.2021ApprovedSep.2021Xeljanz (tofacitinib)Ankylosing spondylitisApprovedDec.2021ApprovedNov.2021Myfembree(relugolix fixed dose combination)(b)Uterine fibroids (combination with estradiol and norethindrone acetate)ApprovedMay2021Endometriosis (combination with estradiol and norethindrone acetate)ApprovedAug.2022Lorbrena/Lorviqua(lorlatinib)First-line ALK-positive NSCLCApprovedMar.2021ApprovedJan.2022ApprovedNov.2021Ngenla(somatrogon)(c)Pediatric growth hormone deficiencyFiledJan.2021ApprovedFeb.2022ApprovedJan.2022Prevnar 20/Apexxnar(Vaccine)(d)Immunization to prevent invasive and non-invasive pneumococcal infections (adults)ApprovedJune2021ApprovedFeb.2022TicoVac(Vaccine)Immunization to prevent tick-borne encephalitisApprovedAug.2021Paxlovid(e)(nirmatrelvir [PF-07321332]; ritonavir)COVID-19 infection (high risk population)EUADec.2021CMAJan.2022ApprovedFeb.2022Vydura(rimegepant)(f)Acute migraineApprovedApr.2022Migraine preventionApprovedApr.2022

















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LATE-STAGE CLINICAL PROGRAMS FOR ADDITIONAL USES AND DOSAGE FORMSFOR IN-LINE AND IN-REGISTRATION PRODUCTSPRODUCT/CANDIDATEPROPOSED DISEASE AREAIbrance (palbociclib)(a)ER+/HER2+ metastatic breast cancerXtandi (enzalutamide)(b)Non-metastatic high-risk castration sensitive prostate cancerTalzenna (talazoparib)Combination with Xtandi (enzalutamide) for first-line mCRPCCombination with Xtandi (enzalutamide) for DNA Damage Repair (DDR)-deficient mCSPCPF-06482077 (Vaccine)Immunization to prevent invasive and non-invasive pneumococcal infections (pediatric)somatrogon (PF-06836922)(c)Adult growth hormone deficiencyBraftovi (encorafenib) and Erbitux®(cetuximab)(d)First-line BRAFv600E-mutant mCRCMyfembree(relugolix fixed dose combination)(e)Combination with estradiol and norethindrone acetate for contraceptive efficacyBraftovi (encorafenib) and Mektovi (binimetinib) and Keytruda®(pembrolizumab)(f)BRAFv600E-mutant metastatic or unresectable locally advanced melanomaPaxlovid (nirmatrelvir [PF-07321332]; ritonavir)COVID-19 infection (pediatric)NEW DRUG CANDIDATES IN LATE-STAGE DEVELOPMENTaztreonam-avibactam(PF-06947387)Treatment of infections caused by Gram-negative bacteriafidanacogene elaparvovec (PF-06838435)(g)Hemophilia Bgiroctocogene fitelparvovec(PF-07055480)(h)Hemophilia APF-06425090 (Vaccine)(i)Immunization to prevent primary clostridioides difficile infectionPF-06886992 (Vaccine)Immunization to prevent serogroups meningococcal infection (adolescent and young adults)PF-06928316 (Vaccine)Immunization to prevent respiratory syncytial virus infection (maternal)Immunization to prevent respiratory syncytial virus infection (older adults)ritlecitinib (PF-06651600)Alopecia areatasasanlimab (PF-06801591)Combination with Bacillus Calmette-Guerin for non-muscle-invasive bladder cancerfordadistrogene movaparvovec (PF-06939926)Duchenne muscular dystrophymarstacimab (PF-06741086)Hemophiliaelranatamab (PF-06863135)(j)Multiple myeloma triple-class refractoryMultiple myeloma double-class exposedNewly diagnosed multiple myelomaOmicron-based mRNA vaccine(k)Immunization to prevent COVID-19 (adults)Etrasimod (PF-07915503)Ulcerative colitis (moderately to severely active)VLA15 (PF-07307405)(l)Immunization to prevent Lyme Disease








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Costs and expenses follow:Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021% ChangeJuly 3,2022July 4,2021% ChangeCost of sales$8,648$6,99624$18,632$11,15367Percentage ofRevenues31.2%37.0%34.9%33.4%Selling, informational and administrative expenses3,0482,92345,6425,700(1)Research and development expenses2,8152,239265,1164,23321Acquired in-process research and development expenses1219(100)35623850Amortization of intangible assets822917(10)1,6571,776(7)Restructuring charges and certain acquisition-related costs189(1)*38121*Other (income)/deductions—net772(1,343)*1,122(2,347)**  Indicates calculation not meaningful.





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Three Months EndedSix Months Ended(MILLIONS)July 3,2022July 4,2021%ChangeJuly 3,2022July 4,2021%ChangeProvision/(benefit) for taxes on income$1,570$1,12340$2,742$1,93142Effective tax rate on continuing operations13.7%16.2%13.4%15.3%
























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MeasureDefinitionRelevance of Metrics to Our Business PerformanceAdjusted incomeNet income attributable to Pfizer Inc. common shareholders(a)before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items•Provides investors useful information to:◦evaluate the normal recurring operational activities, and their components, on a comparable year-over-year basis◦assist in modeling expected future performance on a normalized basis•Provides investors insight into the way we manage our budgeting and forecasting, how we evaluate and manage our recurring operations and how we reward and compensate our senior management(b)Adjusted cost of sales, Adjusted selling, informational and administrative expenses, Adjusted research and development expenses and Adjusted other (income)/deductions––netCost of sales, Selling, informational and administrative expenses, Research and development expensesandOther (income)/deductions––net(a), each before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items, which are components of the Adjusted income measureAdjusted diluted EPSEPS attributable to Pfizer Inc. common shareholders––diluted(a)before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items
































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Three Months Ended July 3, 2022Data presented will not (in all cases) aggregate to totals.(MILLIONS, EXCEPT PER COMMON SHARE DATA)Cost of sales(a)Selling, informational and administrative expenses(a)Other (income)/deductions––net(a)Net income attributable to Pfizer Inc. common shareholders(a)Earnings per common share attributable to Pfizer Inc. common shareholders––dilutedGAAP reported$8,648$3,048$772$9,906$1.73Amortization of intangible assets———822Acquisition-related items(b)5(2)(13)82Discontinued operations(c)———(34)Certain significant items:Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring(d)(22)(134)—272(Gains)/losses on equity securities——(539)539Actuarial valuation and other pension and postretirement plan (gains)/losses——(490)490Other(e)(6)(13)(107)130Income tax provision—non-GAAP items(551)Non-GAAP adjusted$8,625$2,900$(377)$11,656$2.04





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Six Months Ended July 3, 2022Data presented will not (in all cases) aggregate to totals.(MILLIONS, EXCEPT PER COMMON SHARE DATA)Cost of sales(a)Selling, informational and administrative expenses(a)Other (income)/deductions––net(a)Net income attributable to Pfizer Inc.common shareholders(a)Earnings per common share attributable to Pfizer Inc. common shareholders––dilutedGAAP reported$18,632$5,642$1,122$17,769$3.10Amortization of intangible assets———1,657Acquisition-related items(b)8(3)(39)269Discontinued operations(c)———(24)Certain significant items:Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring(d)(42)(208)—394(Gains)/losses on equity securities——(1,237)1,237Actuarial valuation and other pension and postretirement plan (gains)/losses——(418)418Other(e)(17)(35)(211)273Income tax provision—Non-GAAP items(999)Non-GAAP adjusted$18,582$5,396$(783)$20,993$3.66





Three Months Ended July 4, 2021Data presented will not (in all cases) aggregate to totals.(MILLIONS, EXCEPT PER COMMON SHARE DATA)Cost of sales(a)Selling, informational and administrative expenses(a)Other (income)/deductions––net(a)Net income attributable to Pfizer Inc. common shareholders(a)Earnings per common share attributable to Pfizer Inc. common shareholders––dilutedGAAP reported$6,996$2,923$(1,343)$5,563$0.98Amortization of intangible assets—(10)—928Acquisition-related items6(1)(37)34Discontinued operations(c)———346Certain significant items:Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring(d)(37)(96)—129(Gains)/losses on equity securities——798(798)Actuarial valuation and other pension and postretirement plan (gains)/losses——(6)6Other(e)(16)(39)1344Income tax provision—non-GAAP items(230)Non-GAAP adjusted$6,949$2,778$(576)$6,023$1.06


Six Months Ended July 4, 2021Data presented will not (in all cases) aggregate to totals.(MILLIONS, EXCEPT PER COMMON SHARE DATA)Cost of sales(a)Selling, informational and administrative expenses(a)Other (income)/deductions––net(a)Net income attributable to Pfizer Inc. common shareholders(a)Earnings per common share attributable to Pfizer Inc. common shareholders––dilutedGAAP reported$11,153$5,700$(2,347)$10,440$1.84Amortization of intangible assets—(19)(1)1,798Acquisition-related items11(1)16(27)Discontinued operations(c)———337Certain significant items:Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring(d)(55)(160)—234(Gains)/losses on equity securities——1,197(1,197)Actuarial valuation and other pension and postretirement plan (gains)/losses——33(33)Other(e)(34)(99)(74)211Income tax provision—Non-GAAP items(390)Non-GAAP adjusted$11,076$5,421$(1,177)$11,375$2.01





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Six Months Ended(MILLIONS)July 3,2022July 4,2021Drivers of changeCash provided by/(used in):Operating activities from continuing operations$14,717$15,828The change was driven primarily by (i) a decrease in the change in amounts due to BioNTech for the gross profit split for Comirnaty and a decrease in the change in deferred revenues (seeNotes 8and13C),as well as (ii) the impact of timing of receipts and payments in the ordinary course of business, partially offset by (iii) higher net income adjusted for non-cash items, including an increase from non-cash unrealized losses on equity securities recognized in 2022, compared to unrealized gains recognized in 2021.Investing activities from continuing operations$(10,746)$(9,880)The change was driven mainly by $6.2 billion cash paid for the acquisition of Arena, net of cash acquired, a $3.0 billion increase in purchases of short-term investments with original maturities of greater than three months, a $2.6 billion increase in net purchases of short-term investments with original maturities of three months or less, and a $1.2 billion increase in purchases of long-term investments, partially offset by a $12.6 billion increase in redemptions of short-term investments with original maturities of greater than three months.Financing activities from continuing operations$(4,058)$(5,364)The change was driven mostly by $4.0 billion proceeds from short-term borrowings, largely reflecting the loan from the Consumer Healthcare JV (seeNote 2C), and an $879 million net increase in proceeds from short-term borrowings with original maturities of three months or less, partially offset by $2.0 billion purchases of the Company’s common stock in 2022 and a $1.6 billion increase in repayments of long-term debt.



















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Recently Issued Accounting Standards, Not Adopted as of July 3, 2022Standard/DescriptionEffective DateEffect on the Financial StatementsReference rate reformprovides temporary optional expedients and exceptions to the guidance for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued after 2021 because of reference rate reform.The new guidance provides the following optional expedients:1.Simplify accounting analyses under current U.S. GAAP for contract modifications.2.Simplify the assessment of hedge effectiveness and allow hedging relationships affected by reference rate reform to continue.3.Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform.Elections can be adopted prospectively at any time through December 31, 2022.We are assessing the impact, but currently do not expect this new guidance to have a material impact on our consolidated financial statements.In June 2022, the FASB issuedfinal guidance to clarify that acontractual restriction on the sale of an equity securityis not considered part of the unit of account of the equity security and, therefore, is not considered when measuring fair value. Recognizing a contractual sale restriction as a separate unit of account is not permitted.January 1, 2024,with early adoption permitted.We are assessing the impact, but currently do not expect this new guidance to have a material impact on our consolidated financial statements.

















































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PART II.  OTHER INFORMATION



































PeriodTotal Number ofShares Purchased(a)Average PricePaid per Share(a)Total Number of Shares Purchased as Part of Publicly Announced PlanApproximate Value of Shares That May Yet Be Purchased Under the Plan(b)April 4 through May 1, 202222,946$52.51—$3,292,882,444May 2 through May 29, 202250,629$49.77—$3,292,882,444May 30 through July 3, 202277,399$52.00—$3,292,882,444Total150,974$51.33—













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Exhibit 31.1-Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Exhibit 31.2-Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Exhibit 32.1-Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.Exhibit 32.2-Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.Exhibit 101:EX-101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.EX-101.SCHEX-101.CALEX-101.LABEX-101.PREEX-101.DEFInline XBRL Taxonomy Extension SchemaInline XBRL Taxonomy Extension Calculation LinkbaseInline XBRL Taxonomy Extension Label LinkbaseInline XBRL Taxonomy Extension Presentation LinkbaseInline XBRL Taxonomy Extension Definition DocumentExhibit 104Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.













Pfizer Inc.(Registrant)Dated:August 10, 2022/s/ Jennifer B. DamicoJennifer B. DamicoSenior Vice President and Controller(Principal Accounting Officer andDuly Authorized Officer)