PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5: 
ITEM 1. FINANCIAL STATEMENTS


 PFIZER INC. AND SUBSIDIARY COMPANIES


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)
|    |                                                                                                |                    |        |                  |        |              |        |             |    |        |    |        |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
|  1 |                                                                                                | Three Months Ended |        | Six Months Ended |        |              |        |             |    |        |    |        |
|  2 | (MILLIONS, EXCEPT PER SHARE DATA)                                                              | June 30,2024       |        | July 2,2023      |        | June 30,2024 |        | July 2,2023 |    |        |    |        |
|  3 | Revenues:                                                                                      |                    |        |                  |        |              |        |             |    |        |    |        |
|  4 | Product revenues(a)                                                                            | $                  | 10,871 |                  |        | $            | 10,766 |             | $  | 23,314 | $  | 26,988 |
|  5 | Alliance revenues(a)                                                                           | 2,067              |        |                  | 1,967  |              |        | 4,240       |    | 4,028  |    |        |
|  6 | Royalty revenues(a)                                                                            | 345                |        |                  | 273    |              |        | 608         |    | 477    |    |        |
|  7 | Total revenues                                                                                 | 13,283             |        |                  | 13,007 |              |        | 28,162      |    | 31,492 |    |        |
|  8 | Costs and expenses:                                                                            |                    |        |                  |        |              |        |             |    |        |    |        |
|  9 | Cost of sales(b)                                                                               | 3,300              |        |                  | 3,237  |              |        | 6,679       |    | 8,122  |    |        |
| 10 | Selling, informational and administrative expenses(b)                                          | 3,717              |        |                  | 3,497  |              |        | 7,212       |    | 6,914  |    |        |
| 11 | Research and development expenses(b)                                                           | 2,696              |        |                  | 2,648  |              |        | 5,189       |    | 5,153  |    |        |
| 12 | Acquired in-process research and development expenses                                          | 6                  |        |                  | 33     |              |        | 6           |    | 55     |    |        |
| 13 | Amortization of intangible assets                                                              | 1,307              |        |                  | 1,184  |              |        | 2,615       |    | 2,287  |    |        |
| 14 | Restructuring charges and certain acquisition-related costs                                    | 1,254              |        |                  | 214    |              |        | 1,356       |    | 222    |    |        |
| 16 | Other (income)/deductions––net                                                                 | 1,107              |        |                  | (75)   |              |        | 1,787       |    | 200    |    |        |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103)              |        |                  | 2,269  |              |        | 3,318       |    | 8,539  |    |        |
| 18 | Provision/(benefit) for taxes on income/(loss)                                                 | (134)              |        |                  | (71)   |              |        | 159         |    | 644    |    |        |
| 19 | Income from continuing operations                                                              | 31                 |        |                  | 2,340  |              |        | 3,159       |    | 7,895  |    |        |
| 21 | Discontinued operations––net of tax                                                            | 17                 |        |                  | (2)    |              |        | 12          |    | (1)    |    |        |
| 24 | Net income before allocation to noncontrolling interests                                       | 48                 |        |                  | 2,338  |              |        | 3,171       |    | 7,894  |    |        |
| 25 | Less: Net income attributable to noncontrolling interests                                      | 7                  |        |                  | 11     |              |        | 15          |    | 24     |    |        |
| 26 | Net income attributable to Pfizer Inc. common shareholders                                     | $                  | 41     |                  |        | $            | 2,327  |             | $  | 3,156  | $  | 7,870  |
| 28 | Earnings per common share––basic:                                                              |                    |        |                  |        |              |        |             |    |        |    |        |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders              | $                  | 0.01   |                  |        | $            | 0.41   |             | $  | 0.56   | $  | 1.40   |
| 30 | Discontinued operations––net of tax                                                            | -                  |        |                  | -      |              |        | -           |    | -      |    |        |
| 31 | Net income attributable to Pfizer Inc. common shareholders                                     | $                  | 0.01   |                  |        | $            | 0.41   |             | $  | 0.56   | $  | 1.40   |
| 33 | Earnings per common share––diluted:                                                            |                    |        |                  |        |              |        |             |    |        |    |        |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders              | $                  | 0.01   |                  |        | $            | 0.41   |             | $  | 0.55   | $  | 1.38   |
| 35 | Discontinued operations––net of tax                                                            | -                  |        |                  | -      |              |        | -           |    | -      |    |        |
| 36 | Net income attributable to Pfizer Inc. common shareholders                                     | $                  | 0.01   |                  |        | $            | 0.41   |             | $  | 0.55   | $  | 1.38   |
| 38 | Weighted-average shares––basic                                                                 | 5,666              |        |                  | 5,646  |              |        | 5,662       |    | 5,640  |    |        |
| 39 | Weighted-average shares––diluted                                                               | 5,696              |        |                  | 5,713  |              |        | 5,696       |    | 5,720  |    |        |

(a)See Note 1A.

(b)Exclusive of amortization of intangible assets.

See Accompanying Notes.

5






Question: How did Pfizer's operating income change between the quarters ending June 30, 2024, and July 2, 2023?
Answer: Pfizer reported an operating loss of $103 million for the quarter ending June 30, 2024, compared to an operating income of $2,269 million for the quarter ending July 2, 2023. This represents a significant decline of $2,372 million or 104.54%.
Calculation:
Change in operating income = -103 - 2,269 = -2,372 million
Percentage change = (-2,372 / 2,269) * 100 = -104.54%