PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7: 
PFIZER INC. AND SUBSIDIARY COMPANIES


CONDENSED CONSOLIDATED BALANCE SHEETS

|    |                                                                                              |              |         |                   |           |    |         |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
|  1 | (MILLIONS)                                                                                   | June 30,2024 |         | December 31, 2023 |           |    |         |
|  2 |                                                                                              | (Unaudited)  |         |                   |           |    |         |
|  3 | Assets                                                                                       |              |         |                   |           |    |         |
|  4 | Cash and cash equivalents                                                                    | $            | 1,052   |                   |           | $  | 2,853   |
|  5 | Short-term investments                                                                       | 6,048        |         |                   | 9,837     |    |         |
|  6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470        | 11,393       |         |                   | 11,566    |    |         |
|  7 | Inventories                                                                                  | 11,447       |         |                   | 10,189    |    |         |
|  8 | Current tax assets                                                                           | 3,694        |         |                   | 3,978     |    |         |
|  9 | Other current assets                                                                         | 4,190        |         |                   | 4,911     |    |         |
| 10 | Total current assets                                                                         | 37,825       |         |                   | 43,333    |    |         |
| 11 | Equity-method investments                                                                    | 8,029        |         |                   | 11,637    |    |         |
| 12 | Long-term investments                                                                        | 3,119        |         |                   | 3,731     |    |         |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045     | 18,957       |         |                   | 18,940    |    |         |
| 14 | Identifiable intangible assets                                                               | 61,240       |         |                   | 64,900    |    |         |
| 15 | Goodwill                                                                                     | 68,445       |         |                   | 67,783    |    |         |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets                               | 7,867        |         |                   | 3,706     |    |         |
| 17 | Other noncurrent assets                                                                      | 10,710       |         |                   | 12,471    |    |         |
| 19 | Total assets                                                                                 | $            | 216,193 |                   |           | $  | 226,501 |
| 21 | Liabilities and Equity                                                                       |              |         |                   |           |    |         |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $            | 11,944  |                   |           | $  | 10,350  |
| 23 | Trade accounts payable                                                                       | 5,106        |         |                   | 6,710     |    |         |
| 24 | Dividends payable                                                                            | 2,380        |         |                   | 2,372     |    |         |
| 25 | Income taxes payable                                                                         | 2,884        |         |                   | 2,349     |    |         |
| 26 | Accrued compensation and related items                                                       | 2,566        |         |                   | 2,776     |    |         |
| 27 | Deferred revenues                                                                            | 2,528        |         |                   | 2,700     |    |         |
| 28 | Other current liabilities                                                                    | 16,410       |         |                   | 20,537    |    |         |
| 30 | Total current liabilities                                                                    | 43,819       |         |                   | 47,794    |    |         |
| 32 | Long-term debt                                                                               | 57,506       |         |                   | 61,538    |    |         |
| 33 | Pension and postretirement benefit obligations                                               | 2,040        |         |                   | 2,167     |    |         |
| 35 | Noncurrent deferred tax liabilities                                                          | 2,227        |         |                   | 640       |    |         |
| 36 | Other taxes payable                                                                          | 6,532        |         |                   | 8,534     |    |         |
| 37 | Other noncurrent liabilities                                                                 | 16,095       |         |                   | 16,539    |    |         |
| 38 | Total liabilities                                                                            | 128,218      |         |                   | 137,213   |    |         |
| 40 | Commitments and Contingencies                                                                |              |         |                   |           |    |         |
| 43 | Common stock                                                                                 | 480          |         |                   | 478       |    |         |
| 44 | Additional paid-in capital                                                                   | 93,197       |         |                   | 92,631    |    |         |
| 46 | Treasury stock                                                                               | (114,757)    |         |                   | (114,487) |    |         |
| 47 | Retained earnings                                                                            | 116,596      |         |                   | 118,353   |    |         |
| 48 | Accumulated other comprehensive loss                                                         | (7,816)      |         |                   | (7,961)   |    |         |
| 49 | Total Pfizer Inc. shareholders' equity                                                       | 87,700       |         |                   | 89,014    |    |         |
| 50 | Equity attributable to noncontrolling interests                                              | 275          |         |                   | 274       |    |         |
| 51 | Total equity                                                                                 | 87,975       |         |                   | 89,288    |    |         |
| 52 | Total liabilities and equity                                                                 | $            | 216,193 |                   |           | $  | 226,501 |

See Accompanying Notes.

7






Question: How did Pfizer's short-term investments change between December 31, 2023, and June 30, 2024?
Answer: Pfizer’s short-term investments as of June 30, 2024, were $6,048 million, compared to $9,837 million as of December 31, 2023. This reflects a decrease of $3,789 million or 38.52%, suggesting significant liquidations or reallocations.
Calculation:
Change in short-term investments = 6,048 - 9,837 = -3,789 million
Percentage change = (-3,789 / 9,837) * 100 = -38.52%