
The following summarizes the components of Inventories:
	As of December 31,
(MILLIONS)	2025		2024
Finished goods	$	4,113	$	3,775
Work-in-process	5,634		6,101
Raw materials and supplies	907		976
Inventories	$	10,654	$	10,851
Noncurrent inventories not included above(a)	$	2,370	$	2,663

Other current liabilities include, among other things, amounts payable to BioNTech for the gross profit split for Comirnaty, which totaled $911 million as of December 31, 2025 and $1.3 billion as of December 31, 2024.

We maintain voluntary supply chain finance agreements with several participating financial institutions. Under these agreements, participating suppliers may voluntarily elect to sell their accounts receivable with Pfizer to these financial institutions. Our suppliers negotiate their financing agreements directly with the respective financial institutions and we are not a party to these agreements. We have no economic interest in our suppliers’ decision to participate and we pay the financial institutions the stated amount of confirmed invoices on the original maturity dates, which is generally within 90 to 120 days of the invoice date. The agreements with the financial institutions do not require Pfizer to provide assets pledged as security or other forms of guarantees for the supplier finance program. All outstanding amounts related to suppliers participating in such financing arrangements are recorded within trade payables in our consolidated balance sheet.


The following summarizes the changes in outstanding trade payables to suppliers who participate in these financing arrangements:
(MILLIONS)	2025		2024
Confirmed obligations outstanding, beginning	$	688	$	791
Invoices confirmed during the year	2,115		2,638
Confirmed invoices paid during the year	(2,229)		(2,740)
Confirmed obligations outstanding, ending	$	574	$	688