Acquisitions, Divestitures, Equity-Method Investments, Collaborative Arrangements, Research and Development Arrangements and In-Licensing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Business Combinations, Discontinued Operations And Disposal Groups, Collaborative Arrangements And Equity Method Investments [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The final allocation of the consideration transferred to the assets acquired and the liabilities assumed has been completed and is summarized in the following table:


(MILLIONS)	Final Amounts Recognized as of Acquisition Date
Working capital, excluding inventories(a)	$	621
Inventories(b)	3,273
Property, plant and equipment	280
Identifiable intangible assets, excluding in-process research and development(c)	7,920
In-process research and development	19,900
Other noncurrent assets	59
Net income tax accounts(d)	(4,779)
Other noncurrent liabilities	(187)
Total identifiable net assets	27,086
Goodwill	17,148
Net assets acquired/total consideration transferred	$	44,234

(a)Includes cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued compensation and other current liabilities.

(b)Comprised of $1.1 billion current inventories and $2.1 billion noncurrent inventories.

(c)Comprised mainly of $7.5 billion of finite-lived developed technology rights with an estimated weighted-average life of approximately 18 years.

(d)Included primarily in Noncurrent deferred tax liabilities.

Schedule of Pro Forma Information

The following table presents information for Seagen’s operations that are included in Pfizer’s consolidated statements of operations beginning from the acquisition date, December 14, 2023, through Pfizer’s year-end in 2023:


(MILLIONS)	December 31, 2023
Revenues	$	132
Net loss attributable to Pfizer Inc. common shareholders(a)	(746)

(a)Includes restructuring, integration and acquisition-related costs ($614 million pre-tax) and purchase accounting charges related to (i) the fair value adjustment for acquisition-date inventory estimated to have been sold ($109 million pre-tax); (ii) amortization expense related to the fair value of identifiable intangible assets acquired from Seagen ($25 million pre-tax); as well as (iii) depreciation expense related to the fair value adjustment of fixed assets acquired from Seagen ($2 million pre-tax).

The following table provides unaudited U.S. GAAP supplemental pro forma information as if the acquisition of Seagen had occurred on January 1, 2022:


	Unaudited Supplemental Pro Forma Consolidated Results

(MILLIONS, EXCEPT PER SHARE DATA)	Year Ended December 31, 2023
Revenues	$	61,893
Net income/(loss) attributable to Pfizer Inc. common shareholders	(1,481)
Diluted earnings/(loss) per share attributable to Pfizer Inc. common shareholders	(0.26)

Summarized Financial Information of Equity Method Investments


The following table summarizes the change in the carrying value of our investment in Haleon while subject to the equity method during 2024:
(MILLIONS)	2024
Beginning carrying value reported in Equity-method investments	$	11,451
Carrying value of shares sold	(6,113)
Dividends	(212)
Currency translation adjustments and other(a)	341
Basis difference adjustments and amortization(b), (c)	(91)
Pfizer share of Haleon investee capital transaction(b), (d)	(44)
Pfizer share of Haleon earnings(b)	224
Reclassification of accumulated other comprehensive income balances in Equity-method investments(e)	(143)
Transfer of carrying value to Short-term investments(f)	(5,411)
Ending carrying value	$	—

(a)See Note 6.

(b)Included in Other (income)/deductions––net.

(c)Adjustments include (i) the impact of Haleon’s brand divestitures and impairments of intangible assets and (ii) changes in Haleon’s tax rates on intangible asset-related deferred tax liabilities.

(d)Includes (i) a decrease of $91 million recorded in the second quarter of 2024 for Pfizer’s share of an investee capital transaction recognized by Haleon for treasury stock Haleon purchased in the first quarter of 2024 and (ii) an increase of $46 million recorded in the third quarter of 2024 for the impact of the reduction in Pfizer’s ownership from approximately 32% to approximately 23% as applied to dividends with a record date in the first quarter of 2024, which were recognized in Haleon’s second quarter 2024 financial statements.

(e)Activity primarily represents foreign currency translation balances in accumulated other comprehensive income related to the equity-method investment in Haleon that were reclassified into equity-method investments upon our loss of significant influence over Haleon and our discontinuance of the equity method for the Haleon investment.

(f)The final carrying value of our equity-method investment in Haleon was reclassified to Short-term investments and was accounted for as an equity investment with a readily determinable fair value, until its disposition in the first quarter of 2025.


Summarized financial information for our equity-method investee, ViiV, as of December 31, 2025 and 2024 and for the years ending December 31, 2025, 2024, and 2023 is as follows:
	As of December 31,
(MILLIONS)	2025		2024
Current assets	$	4,991	$	4,338
Noncurrent assets	3,297		3,223
Total assets	$	8,288	$	7,561

Current liabilities	$	4,714	$	4,280
Noncurrent liabilities	5,735		6,205
Total liabilities	$	10,449	$	10,485

Total net equity/(deficit) attributable to shareholders	$	(2,161)	$	(2,924)


	Year Ended December 31,
(MILLIONS)	2025		2024		2023
Net sales	$	9,824	$	8,971	$	7,845
Cost of sales	(1,637)		(1,360)		(1,060)
Gross profit	$	8,187	$	7,611	$	6,785
Income from continuing operations	4,277		3,062		3,090
Net income	4,277		3,062		3,090
Income attributable to shareholders	4,277		3,062		3,090

Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions


The following provides the amounts and classification of payments (income/(expense)) between us and our collaboration partners:
	Year Ended December 31,
(MILLIONS)	2025		2024		2023
Product revenues(a)	$	150	$	175	$	212
Alliance revenues(b)	9,266		8,388		7,582
Royalty revenues(c)	1,130		923		605
Total revenues from collaborative arrangements	$	10,546	$	9,486	$	8,400
Cost of sales(d)	$	(2,181)	$	(2,901)	$	(4,277)
Selling, informational and administrative expenses(e)	(324)		(335)		(267)
Research and development expenses(f)	145		282		219

(a)Represents sales to our partners of products manufactured by us.

(b)Substantially all relates to amounts earned from our partners under co-promotion agreements.

(c)Primarily relates to royalties from our collaboration partners.

(d)Primarily relates to amounts paid to collaboration partners for their share of net sales or profits earned in collaboration arrangements where we are the principal in the transaction, and cost of sales for inventory purchased from our partners.

(e)Represents net reimbursements to our partners for SI&A expenses incurred.

(f)Represents net reimbursements from our partners for R&D expenses incurred.