v3.25.4
Segment, Geographic and Other Revenue Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment, Geographic and Other Revenue Information Segment, Geographic and Other Revenue Information
A. Segment Information
We manage our commercial operations through three operating segments, each led by a single manager: Biopharma, PC1 and Pfizer Ignite. Biopharma is engaged in the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide. PC1 is our contract development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients. Pfizer Ignite is an offering that provides strategic guidance and end-to-end R&D services to select innovative biotech companies that align with Pfizer’s R&D focus areas. Biopharma is the only reportable segment. Pfizer’s CODM is the Chairman and Chief Executive Officer. Our CODM uses the revenues and earnings of the operating segments, among other factors, for performance evaluation and resource allocation. The CODM uses segment revenues and earnings in the annual budgeting process when setting strategic goals for the company and considers periodic budget-to-actual variances in segment revenues and earnings when assessing performance of the segments and making decisions about allocating resources to the operating segments. By analyzing segment financial results, the CODM can discern trends, which can inform decisions that align with the company’s goals and objectives, and help ensure risks are managed appropriately. We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources.
Within our Biopharma reportable segment, our commercial divisions market, sell and distribute our products, and global operating functions are responsible for the research, development, manufacturing and supply of our products. Each operating segment is supported by our global corporate enabling functions and other corporate functions. At the beginning of 2025, we made the following changes within our Biopharma reportable segment that went into effect on January 1, 2025 to support our continued focus on commercial execution and to further strengthen Pfizer’s capabilities and leadership in discovering and developing breakthrough medicines and vaccines:
•Transitioned all activities within the former Pfizer Oncology Division to other parts of Biopharma. Specifically, within our Biopharma reportable segment the U.S. Oncology commercial organization and the global Oncology marketing organization, which were part of the former Pfizer Oncology Division, became part of the Pfizer U.S. Commercial Division. As of January 1, 2025, the commercial structure within our Biopharma reportable segment was composed of the Pfizer U.S. Commercial Division, which focused on the commercialization of Pfizer’s entire product portfolio in the U.S. and is led by the Chief U.S. Commercial Officer, Executive Vice President, and the Pfizer International Commercial Division, which focused on the commercialization of Pfizer’s entire product portfolio in all international markets and is led by the Chief International Commercial Officer, Executive Vice President.
•Strategically combined our former global Oncology Research and Development and Pfizer Research and Development divisions to form a single Pfizer R&D organization led by the Chief Scientific Officer and President, Research and Development. This organization is responsible for overseeing all R&D activities with end-to-end responsibilities that span from discovery to late-phase clinical development and post-approval activities, including facilitating regulatory submissions, engaging with health authorities and global medical strategies. This organization also includes science-based disciplines, providing comprehensive technical expertise for the development of Pfizer’s medicines and vaccines. A newly formed Chief Medical Office is part of this structure, advancing medical and scientific knowledge by generating evidence-based insights to drive informed regulatory and healthcare decisions. It ensures all stakeholders – including patients, healthcare providers, pharmacists, payors, and health authorities – have complete and up-to-date information on the benefits and risks associated with our products. R&D spending may encompass upfront and pre-approval milestone payments for intellectual property rights related to its programs, which would be recorded as Acquired in-process research and development expenses.
Other Business Activities––Other business activities include the operating results of PC1 and Pfizer Ignite as well as certain pre-tax costs not allocated to our operating segment results, such as costs associated with:
•corporate enabling functions (such as digital, global real estate operations, legal, finance, human resources, compliance and worldwide procurement, among others) and other corporate costs, including, but not limited to, all strategy, business development and portfolio management capabilities and certain compensation, as well as interest income and expense, and gains and losses on investments; and
•our share of equity-method income from Haleon in 2024 and 2023 (see Note 2C).
In 2025, Pfizer made the decision to discontinue Pfizer Ignite and we are winding down this business while collaborating closely with our Ignite partners to ensure continuity and the successful transition of work.
Reconciling Items––Reconciling items include the following items, transactions and events that are not allocated to our operating segments: (i) all amortization of intangible assets; (ii) acquisition-related items, where we incur costs for executing the transaction, integrating the acquired operations and restructuring the combined company, and which may also include purchase accounting impacts, such as the incremental charge to cost of sales from the sale of acquired inventory that was written up to fair value, depreciation related to the increase/decrease in fair value of acquired fixed assets, amortization related to the increase in fair value of acquired debt, and the fair value changes for contingent consideration; and (iii) certain significant items, representing substantive and/or unusual, and in some cases recurring, items that are evaluated on an individual basis by management and that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Such certain significant items can include, but are not limited to, pension and postretirement actuarial remeasurement gains and losses, non-acquisition-related restructuring costs, net gains and losses on investments in equity securities, as well as costs incurred for legal settlements, asset impairments and disposals of assets or businesses, including, as applicable, any associated transition activities.
Segment Assets––We manage our assets on a total company basis, not by operating segment, as our operating assets are shared or commingled. Therefore, our CODM does not regularly review any asset information by operating segment and, accordingly, we do not report asset information by operating segment. Total assets were $208 billion as of December 31, 2025 and $213 billion as of December 31, 2024.
Selected Statement of Operations Information
The following table provides selected information by reportable segment:
 
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
Year Ended December 31,Year Ended December 31,Year Ended December 31,
(MILLIONS)
20252024 2023 20252024 202320252024 2023
Reportable Segment:
Biopharma(c)
$61,199 $62,400 $58,237 $29,342 $27,969 $15,767 $1,379 $1,360 $1,213 
Other business activities(d)
1,380 1,228 1,316 (8,199)(7,213)(4,185)305 340 323 
Reconciling Items:
Amortization of intangible assets(4,874)(5,286)(4,733)4,874 5,286 4,733 
Acquisition-related items(1,285)(1,938)(1,874)(4)12 (11)
Certain significant items(e)
(7,464)(5,510)(3,917)38 14 32 
$62,579 $63,627 $59,553 $7,520 $8,023 $1,058 $6,592 $7,013 $6,290 
(a)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.
(b)Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
(c)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.
(d)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.
(e)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.
The following provides Biopharma reportable segment information regularly provided to the CODM:
Year Ended December 31,
(MILLIONS)202520242023
Biopharma reportable segment:
Biopharma total revenues$61,199 $62,400 $58,237 
Less:
Cost of sales13,505 14,997 22,666 
Selling, informational and administrative expenses(a)
9,637 10,210 10,391 
Research and development expenses9,183 9,532 9,763 
Acquired in-process research and development expenses113 108 194 
Other (income)/deductions––net
(581)(416)(543)
Biopharma earnings(a)
$29,342 $27,969 $15,767 
Revenues - Comirnaty
$4,367 $5,353 $11,220 
Revenues - Paxlovid
$2,362 $5,716 $1,279 
Revenues - excluding Comirnaty and Paxlovid
$54,470 $51,331 $45,738 
(a)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.
Geographic Information
The following summarizes revenues by geographic area:
 Year Ended December 31,
(MILLIONS)202520242023
United States$37,078 $38,691 $28,145 
International:
Developed Markets
16,188 16,057 20,910 
Emerging Markets9,313 8,879 10,498 
Total revenues(a)
$62,579 $63,627 $59,553 
(a)Revenues are primarily attributed to countries based on the location of the customer.
Revenues exceeded $500 million in each of 12, 11 and 14 countries outside the U.S. in 2025, 2024 and 2023, respectively. The U.S. is the only country to contribute more than 10% of total revenue in 2025, 2024 and 2023. As a percentage of Total revenues, China was our largest market outside the U.S. (representing 5% and 4% of total revenues) in 2025 and 2024, respectively. Japan was our largest market outside the U.S. in 2023 (representing 6% of total revenues).
Other Revenue Information
Significant Customers
We and our collaboration partner, BioNTech, have entered into agreements to supply pre-specified doses of Comirnaty with multiple developed and emerging nations around the world and are continuing to deliver doses of Comirnaty under such agreements. This includes supply agreements entered into in November 2020 and February and May 2021 with the EC for Comirnaty on behalf of the different EU member states and certain other countries. Each EU member state submits its own Comirnaty vaccine order to us and is responsible for payment pursuant to terms of the supply agreements negotiated by the EC. In May 2023, we and BioNTech amended our contract with the EC to deliver COVID-19 vaccines to the EU. The amended agreement includes rephasing of delivery of doses annually through 2026 and an aggregate volume reduction, providing additional flexibility for those EU member states who agreed to the amended agreement. The EC will maintain access to future adapted COVID-19 vaccines and the ability to donate doses, in alignment with the original agreement.
In 2022 and 2023, we had entered into agreements to supply pre-specified treatment courses of Paxlovid with government and government sponsored customers in multiple developed and emerging nations around the world, which represented most Paxlovid revenues in 2022 and 2023, while commercialization began in some markets in 2023. Internationally, most Paxlovid revenue was generated through commercial channels in 2025. In October 2023, we announced an amended agreement with the U.S. government, which facilitated the transition of Paxlovid to traditional commercial markets in the U.S. starting in November 2023, with prices negotiated with commercial payors and a copay assistance program for eligible privately insured patients, as the U.S. government began to discontinue the distribution of EUA-labeled Paxlovid. We ensured commercial readiness by providing NDA-labeled commercial supply by the end of 2023. However, EUA-labeled Paxlovid remained available free-of-charge to all eligible patients until the end of 2023, and therefore, there was only minimal uptake of NDA-labeled commercial product before January 1, 2024. In connection with this agreement, we recorded a non-cash revenue reversal of $3.5 billion in the fourth quarter of 2023, of which a portion was associated with sales recorded in 2022, related to the expected return of an estimated 6.5 million treatment courses of EUA-labeled U.S. government inventory. In the first quarter of 2024, we recorded a non-cash favorable final adjustment of $771 million to reflect 5.1 million EUA-labeled treatment courses returned through February 29, 2024, which were converted to a volume-based credit that supports continued access to Paxlovid through a U.S. government patient assistance program operated by Pfizer. In the third quarter of 2024, in connection with this amended agreement, we also supplied at no cost to the U.S. government or taxpayers a U.S. SNS of 1.0 million treatment courses to enable future pandemic preparedness through 2028, and recorded revenue of $442 million. While we are recognizing revenue as these treatment courses are delivered, there is no cash consideration for these treatment courses.
The following summarizes revenue, as a percentage of Total revenues, from our three largest U.S. wholesaler customers, which was concentrated in our Biopharma operating segment:
 Year Ended December 31,
202520242023
McKesson, Inc.
25 %23 %16 %
Cencora, Inc.
16 %17 %12 %
Cardinal Health, Inc.13 %14 %10 %
Collectively, our three largest U.S. wholesaler customers represented 40% and 34% of total trade accounts receivable as of December 31, 2025 and December 31, 2024, respectively.
Significant Revenues by Product
The following provides detailed revenue information for several of our major products:
(MILLIONS)Year Ended December 31,
PRODUCTPRIMARY INDICATION OR CLASS202520242023
TOTAL REVENUES$62,579 $63,627 $59,553 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)
$61,199 $62,400 $58,237 
Primary Care$26,820 $30,135 $30,799 
Eliquis(a)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism7,961 7,366 6,747 
Prevnar family
Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae
6,494 6,411 6,501 
Comirnaty
Active immunization to prevent COVID-19
4,367 5,353 11,220 
Paxlovid(b)
COVID-19 in certain high-risk patients
2,362 5,716 1,279 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine1,424 1,263 928 
Abrysvo
Active immunization to prevent RSV infection
1,033 755 890 
FSME-IMMUN/TicoVacActive immunization to prevent tick-borne encephalitis disease319 280 268 
All other Primary CareVarious2,860 2,991 2,968 
Specialty Care$17,546 $16,652 $14,988 
Vyndaqel familyATTR-CM and polyneuropathy6,380 5,451 3,321 
Xeljanz
RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis1,087 1,168 1,703 
Sulperazon (Outside the U.S. and Canada)Bacterial infections653 637 757 
Inflectra
Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis
646 509 490 
Zavicefta (Outside the U.S. and Canada)Bacterial infections638 586 511 
Enbrel (Outside the U.S. and Canada)
RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis
627 690 830 
Genotropin
Replacement of human growth hormone446 470 539 
Octagam
Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults
418 509 245 
ZithromaxBacterial infections399 480 406 
Cresemba
Invasive aspergillosis and mucormycosis349 281 195 
Cibinqo
Atopic dermatitis
284 215 128 
All other Hospital
Various
4,030 4,167 4,514 
All other Specialty CareVarious1,588 1,489 1,350 
Oncology$16,834 $15,612 $12,450 
IbranceHR-positive/HER2-negative metastatic breast cancer4,122 4,367 4,753 
Xtandi(c)
mCRPC, nmCRPC, mCSPC, nmCSPC
2,194 2,039 1,659 
Padcev
Locally advanced or metastatic urothelial cancer and cisplatin-ineligible/decline muscle invasive bladder cancer (MIBC)
1,940 1,588 53 
Oncology biosimilars(d)
Various
1,301 1,037 1,407 
Lorbrena
ALK-positive metastatic NSCLC
1,023 731 539 
Inlyta
Advanced renal cell carcinoma
923 978 1,036 
Adcetris(e)
Certain lymphomas including classical Hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma
907 1,089 56 
Braftovi/Mektovi
Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi for the treatment of BRAFV600E-mutant mCRC, in combination with Erbitux® (cetuximab)(f) (after prior therapy) or cetuximab and mFOLFOX6
716 607 477 
Bosulif
Philadelphia chromosome-positive chronic myelogenous leukemia
611 645 645 
(MILLIONS)Year Ended December 31,
PRODUCTPRIMARY INDICATION OR CLASS202520242023
Tukysa
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer463 480 18 
Aromasin
Post-menopausal early and advanced breast cancer450 347 301 
Orgovyx(g)
Advanced prostate cancer
421 201 120 
Elrexfio
Relapsed or refractory multiple myeloma
304 133 10 
Talzenna
Treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer; and, in combination with Xtandi (enzalutamide), of adult patients with HRR gene-mutated mCRPC 182 117 64 
Tivdak
Recurrent or mCC with disease progression on or after chemotherapy
147 131 4 
All other OncologyVarious1,127 1,122 1,308 
PFIZER CENTREONE(h)
$1,338 $1,146 $1,272 
PFIZER IGNITE
$41 $82 $44 
BIOPHARMA
$61,199 $62,400 $58,237 
PFIZER U.S. COMMERCIAL DIVISION(i)
36,708 38,332 27,749 
PFIZER INTERNATIONAL COMMERCIAL DIVISION
24,491 24,068 30,488 
Total Alliance revenues included above$9,266 $8,388 $7,582 
Total Royalty revenues included above
$1,650 $1,423 $1,058 
(a)Reflects alliance revenues and product revenues.
(b)2024 included (i) a $771 million favorable final adjustment recorded in the first quarter to the estimated non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, reflecting 5.1 million EUA-labeled treatment courses returned by the U.S. government through February 29, 2024 versus the estimated 6.5 million treatment courses that were expected to be returned as of December 31, 2023, and (ii) $442 million of revenue recorded in the third quarter in connection with the creation of the U.S. SNS. 2023 included a non-cash revenue reversal of $3.5 billion recorded in the fourth quarter, of which a portion was associated with sales recorded in 2022, related to the expected return of an estimated 6.5 million treatment courses of EUA-labeled U.S. government inventory.
(c)Primarily reflects alliance revenues and royalty revenues.
(d)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Ruxience, Retacrit, Zirabev, Trazimera and Nivestym.
(e)Reflects product revenues and royalty revenues.
(f)Erbitux® is a registered trademark of ImClone LLC.
(g)Reflects alliance revenues.
(h)PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships.
(i)Refer to Note 17A above.
Remaining Performance Obligations––Contracted revenue expected to be recognized from remaining performance obligations for firm orders in long-term contracts to supply Comirnaty and Paxlovid to our customers totaled approximately $2.1 billion and $1.0 billion, respectively, as of December 31, 2025, which includes amounts received in advance and deferred, as well as amounts that will be invoiced as we deliver these products to our customers in future periods. Of these amounts, current contract terms provide for expected delivery of product with contracted revenue primarily from 2026 through 2028, the timing of which may be renegotiated. Remaining performance obligations are based on foreign exchange rates as of the end of our fiscal fourth quarter of 2025 and exclude arrangements with an original expected contract duration of less than one year. Remaining performance obligations associated with contracts for other products and services were not significant as of December 31, 2025 or December 31, 2024.
Deferred Revenues–– Our deferred revenues primarily relate to advance payments received or receivable from various government or government sponsored customers for supply of Paxlovid and Comirnaty. The deferred revenues related to Paxlovid and Comirnaty totaled $1.5 billion as of December 31, 2025, with $689 million and $826 million recorded in current liabilities and noncurrent liabilities, respectively. The deferred revenues related to Paxlovid and Comirnaty totaled $2.2 billion as of December 31, 2024, with $1.4 billion and $785 million recorded in current liabilities and noncurrent liabilities, respectively. The decrease in Paxlovid and Comirnaty deferred revenues during 2025 was primarily driven by amounts recognized in Product revenues as we delivered the products to our customers. During 2025, we recognized revenue of approximately $771 million that was included in the balance of Paxlovid and Comirnaty deferred revenues as of December 31, 2024. The Paxlovid and Comirnaty deferred revenues as of December 31, 2025 will be recognized in Product revenues proportionately as we transfer control of the products to our customers and satisfy our performance obligations under the contracts, with the amounts included in current liabilities expected to be recognized in Product revenues within the next 12 months, and the amounts included in noncurrent liabilities expected to be recognized in Product revenues primarily from December 2026 (which falls in our international first quarter of 2027) through 2028. Deferred revenues associated with contracts for other products were not significant as of December 31, 2025 or December 31, 2024.