v3.25.4
Segment, Geographic and Other Revenue Information - Schedule of Segment Reporting Information by Segment (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2025
USD ($)
Mar. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
facility
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]              
Revenues: [1]         $ 62,579 $ 63,627 $ 59,553
Earnings [2],[3],[4]         7,520 8,023 1,058
Depreciation and amortization [5]         6,592 7,013 6,290
Write-offs [6]         0 0 6,199
Acquired in-process research and development expenses         1,613 108 194
Certain asset impairments [7]         4,940 3,295 3,024
Restructuring charges/(credits) and implementation costs and additional depreciation, asset restructuring         1,600 2,200 2,200
Certain legal matters, net [8]         1,057 567 474
Net periodic benefit, actuarial valuation and other pension and postretirement plan, gain (loss)         320 $ (579)  
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]           Other Nonoperating Income (Expense)  
Charge related to expected sale of facilities           $ 420  
Number of facilities for sale | facility           1  
Net (gains)/losses recognized during the period on equity securities [9],[10]         67 $ (1,008) (1,590)
Net gains/(losses) recognized during the period on equity securities [9],[10]         (67) 1,008 1,590
3SBio [Member] | In-Licensing Agreement Option [Member]              
Segment Reporting Information [Line Items]              
Acquired in-process research and development expenses $ 1,350       1,350    
Selling, informational and administrative expenses [Member]              
Segment Reporting Information [Line Items]              
Restructuring charges/(credits) and implementation costs and additional depreciation, asset restructuring             290
Paxlovid, EUA-Labeled [Member]              
Segment Reporting Information [Line Items]              
Reversal of revenue             3,500
Favorable adjustment for government emergency use authorization inventory returned to the company during the period       $ 771   771  
ViiV [Member]              
Segment Reporting Information [Line Items]              
Dividend income         265 272 265
Haleon [Member]              
Segment Reporting Information [Line Items]              
Net gain on sale of equity method investment           825  
Gain on sale of equity method investment   $ 144     945 945  
Equity method, adjusted income     $ 120        
Other Business Activities [Member]              
Segment Reporting Information [Line Items]              
Revenues: [11]         1,380 1,228 1,316
Earnings [2],[11]         (8,199) (7,213) (4,185)
Depreciation and amortization [5],[11]         305 340 323
Write-offs             6,200
Other Business Activities [Member] | Reclassification, Other              
Segment Reporting Information [Line Items]              
Earnings           170 156
Reconciling Items [Member] | Amortization of Intangible Assets [Member]              
Segment Reporting Information [Line Items]              
Earnings [2]         (4,874) (5,286) (4,733)
Depreciation and amortization [5]         4,874 5,286 4,733
Reconciling Items [Member] | Acquisition-Related Items [Member]              
Segment Reporting Information [Line Items]              
Earnings [2]         (1,285) (1,938) (1,874)
Depreciation and amortization [5]         (4) 12 (11)
Reconciling Items [Member] | Certain Significant Items [Member]              
Segment Reporting Information [Line Items]              
Earnings [2],[12]         (7,464) (5,510) (3,917)
Depreciation and amortization [5],[12]         38 14 32
Biopharma [Member]              
Segment Reporting Information [Line Items]              
Revenues:         61,199 62,400 58,237
Earnings [13]         29,342 27,969 15,767
Acquired in-process research and development expenses         113 108 194
Biopharma [Member] | Paxlovid, EUA-Labeled [Member]              
Segment Reporting Information [Line Items]              
Reversal of revenue             3,500
Favorable adjustment for government emergency use authorization inventory returned to the company during the period       $ 771      
Biopharma [Member] | ViiV [Member]              
Segment Reporting Information [Line Items]              
Dividend income         265 272 265
Biopharma [Member] | Operating Segments [Member]              
Segment Reporting Information [Line Items]              
Revenues: [14]         61,199 62,400 58,237
Earnings [2],[14]         29,342 27,969 15,767
Depreciation and amortization [5],[14]         $ 1,379 $ 1,360 $ 1,213
[1] Revenues are primarily attributed to countries based on the location of the customer.
[2] Income from continuing operations before provision/(benefit) for taxes on income. Biopharma’s earnings include costs related to manufacturing and supply, sales and marketing activities, R&D, and medical and safety activities that are associated with products in our Biopharma segment. Effective in the third quarter of 2025, certain expenses for corporate affairs, such as for U.S. policy and government relations, which were previously reported in the operating results of corporate enabling functions, are reported in the operating results of our Biopharma reportable segment. In connection with this reporting change, we reclassified Selling, informational and administrative expenses of approximately $170 million and $156 million in 2024 and 2023, respectively, from Other business activities to Biopharma to conform to the current period presentation.
[3] 2024 v. 2023––The reduction in the domestic loss in 2024 versus the domestic loss in 2023 is primarily attributable to increased revenues offset by higher restructuring charges and asset impairment charges. The increase in the international income is primarily attributable to lower: Cost of Sales, Restructuring charges and certain acquisition-related costs and asset impairment charges.
[4] 2025 v. 2024––The domestic income in 2025 versus the domestic loss in 2024 is primarily attributable to a reduction in operating expenses and restructuring charges, partially offset by higher asset impairment and legal charges. The decrease in the international income in 2025 versus international income in 2024 is primarily attributable to higher asset impairment charges. For 2025, the data in this table conforms to the updated income tax disclosure guidance in accordance with ASU 2023-09.
[5] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
[6] See Note 17A.
[7] The amount for 2025 represents intangible asset impairment charges, associated with our Biopharma segment, primarily due to changes in development plans and updated long-range commercial forecasts, composed of: (i) $3.9 billion in impairments of IPR&D assets primarily including $1.6 billion for disitamab vedotin, $820 million for Tukysa (tucatinib) and $820 million for osivelotor, and (ii) $1.0 billion in impairments primarily for certain U.S. sterile injectable and hospital products. The amount for 2024 primarily represented intangible asset impairment charges, and included $2.9 billion associated with our Biopharma segment, due to changes in development plans and updated long-range commercial forecasts, primarily composed of: (i) $1.0 billion for B7H4V (felmetatug vedotin), a Phase 1 IPR&D asset, (ii) $475 million for Medrol, a finite-lived brand, (iii) $435 million for Zavzpret nasal spray developed technology rights, (iv) $400 million and $200 million for Tukysa and disitamab vedotin, respectively, IPR&D assets reflecting emerging competition, as well as (v) other developed technology rights, IPR&D impairments and a finite-lived licensing agreement totaling $436 million which also included de-prioritization of certain assets. The amount for 2023 primarily represented intangible asset impairment charges of $3.0 billion, of which $2.9 billion was associated with our Biopharma segment, including: (i) $1.4 billion for etrasimod (Velsipity) IPR&D, based on a change in development plans for additional indications and overall revenue expectations, (ii) $964 million for Prevnar 13 developed technology rights due to updated commercial forecasts mainly reflecting a transition to vaccines with higher serotype coverage, as well as (iii) $486 million for various other IPR&D assets and developed technology rights, due to updated commercial forecasts mainly reflecting competitive pressures and/or prioritization decisions.
[8] 2025 primarily includes certain product liability and other legal expenses related to products discontinued and/or divested by Pfizer. 2024 primarily included certain product liability expenses related to products discontinued and/or divested by Pfizer. 2023 primarily included certain product liability and other legal expenses related to products discontinued and/or divested by Pfizer and legal obligations related to pre-acquisition matters.
[9]
(b)2024 net gains primarily included, among other things, an unrealized gain of $1.0 billion related to our previous investment in Haleon, which was carried at fair value at December 31, 2024 (see Note 2C). 2023 net gains primarily included, among other things, a realized gain of $1.7 billion related to our investment in Telavant Holdings, Inc. and unrealized gains of $297 million related to our investment in Cerevel Therapeutics Holdings, Inc., partially offset by unrealized losses of $292 million related to our investment in BioNTech.
[10] Reported in Other (income)/deductions––net. See Note 4.
[11] Other business activities include revenues and costs associated with PC1 and Pfizer Ignite as well as costs that we do not allocate to our operating segments, per above. Earnings in 2025 reflects a charge for $1.35 billion recorded in Acquired in-process research and development expenses related to an in-licensing agreement with 3SBio. See Note 2F.
[12] Certain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in 2025 includes, among other items: (i) certain asset impairments of $4.9 billion recorded in Other (income)/deductions––net, (ii) restructuring charges/(credits), inventory write-offs, implementation costs and additional depreciation—asset restructuring of $1.6 billion (primarily recorded in Restructuring charges and certain acquisition-related costs) and (iii) charges for certain legal matters of $1.1 billion recorded in Other (income)/deductions––net, partially offset by (iv) actuarial valuation, pension and other postretirement plan gains of $320 million recorded in Other (income)/deductions––net. Earnings in 2024 included, among other items: (i) intangible asset impairment charges of $3.3 billion recorded in Other (income)/deductions––net, (ii) restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $2.2 billion (primarily recorded in Restructuring charges and certain acquisition-related costs), (iii) actuarial valuation, pension and other postretirement plan losses of $579 million recorded in Other (income)/deductions––net, (iv) charges for certain legal matters of $567 million recorded in Other (income)/deductions––net, and (v) a charge in Other (income)/deductions––net of $420 million related to the expected sale of one of our facilities resulting from the discontinuation of our DMD program, partially offset by (vi) net gains on equity securities of $1.0 billion and (vii) net gains of $825 million on the partial sales of our previous investment in Haleon in March and October 2024, which were comprised of (a) total gains on the sales of $945 million less (b) $120 million in the fourth quarter (included in Other business activities) representing our pro-rata share of Haleon’s third quarter 2024 adjusted income recorded on a one quarter lag and implicitly included in the gain on the sale of those shares. Earnings in 2023 included, among other items: (i) intangible asset impairment charges of $3.0 billion recorded in Other (income)/deductions––net and (ii) restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $2.2 billion ($290 million recorded in Selling, informational and administrative expenses and the remaining amount primarily recorded in Restructuring charges and certain acquisition-related costs), partially offset by (iii) net gains on equity securities of $1.6 billion recorded in Other (income)/deductions––net. See Notes 3 and 4.
[13] As described above, certain Selling, informational and administrative expenses for corporate affairs, which were previously reported in the operating results of corporate enabling functions, are reported in the operating results of our Biopharma reportable segment. Prior year amounts have been recast to conform to the current period presentation.
[14] Biopharma’s earnings in 2025 reflects credits to Cost of Sales representing favorable revisions of our estimate of accrued royalties. Biopharma’s revenues and earnings in 2024 reflected a non-cash favorable product return adjustment of $771 million recorded in the first quarter of 2024 and in 2023 reflected a non-cash revenue reversal of $3.5 billion (see Note 17C). In 2023, Biopharma earnings included approximately $6.2 billion of inventory write-offs and related charges to Cost of sales mainly due to lower-than-expected demand for our COVID-19 products. Biopharma’s earnings also include dividend income from our investment in ViiV of $265 million in 2025, $272 million in 2024 and $265 million in 2023.