Segment, Geographic and Other Revenue Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information by Segment


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)	2025		2024		2023		2025		2024		2023		2025		2024		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 1 7C). 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)	2025		2024		2023
Biopharma reportable segment:
Biopharma total revenues	$	61,199	$	62,400	$	58,237
Less:
Cost of sales	13,505		14,997		22,666
Selling, informational and administrative expenses(a)	9,637		10,210		10,391
Research and development expenses	9,183		9,532		9,763
Acquired in-process research and development expenses	113		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.

Revenue from External Customers by Geographic Areas


The following summarizes revenues by geographic area:
	Year Ended December 31,
(MILLIONS)		2025		2024		2023
United States		$	37,078	$	38,691	$	28,145
International:
Developed Markets		16,188		16,057		20,910
Emerging Markets		9,313		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.

Schedules of Concentration of Risk


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,
	2025		2024		2023
McKesson, Inc.	25	%	23	%	16	%
Cencora, Inc.	16	%	17	%	12	%
Cardinal Health, Inc.	13	%	14	%	10	%

Schedule of Significant Product Revenues

The following provides detailed revenue information for several of our major products:


(MILLIONS)		Year Ended December 31,
PRODUCT	PRIMARY INDICATION OR CLASS	2025		2024		2023

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 embolism	7,961		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/Vydura	Acute treatment of migraine and prevention of episodic migraine	1,424		1,263		928
Abrysvo	Active immunization to prevent RSV infection	1,033		755		890
FSME-IMMUN/TicoVac	Active immunization to prevent tick-borne encephalitis disease	319		280		268
All other Primary Care	Various	2,860		2,991		2,968
Specialty Care		$	17,546	$	16,652	$	14,988
Vyndaqel family	ATTR-CM and polyneuropathy	6,380		5,451		3,321
Xeljanz	RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis	1,087		1,168		1,703
Sulperazon (Outside the U.S. and Canada)	Bacterial infections	653		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 infections	638		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 hormone	446		470		539
Octagam	Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults	418		509		245
Zithromax	Bacterial infections	399		480		406
Cresemba	Invasive aspergillosis and mucormycosis	349		281		195
Cibinqo	Atopic dermatitis	284		215		128
All other Hospital	Various	4,030		4,167		4,514
All other Specialty Care	Various	1,588		1,489		1,350
Oncology		$	16,834	$	15,612	$	12,450
Ibrance	HR-positive/HER2-negative metastatic breast cancer	4,122		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,
PRODUCT	PRIMARY INDICATION OR CLASS	2025		2024		2023

Tukysa	Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer	463		480		18
Aromasin	Post-menopausal early and advanced breast cancer	450		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 Oncology	Various	1,127		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 N ote 17A above.