v3.26.1
Segment, Geographic and Other Revenue Information
 3 Months Ended
Mar. 29, 2026
Segment Reporting [Abstract]  
Segment, Geographic and Other Revenue Information Segment, Geographic and Other Revenue Information
A. Segment Information
Beginning in the first quarter of 2026, we manage our commercial operations through two operating segments, each led by a single manager: Biopharma and PC1. This structure reflects our current operating model following the wind-down in 2025 of the Pfizer Ignite operating segment. 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. Biopharma is the only reportable segment. 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 2026, we made changes in our commercial organization, which included the transition of certain off-patent branded and generic sterile injectables and biosimilars primarily from the Specialty Care and Oncology product portfolios to a new Global Hospital and Biosimilars Division within our Biopharma reportable segment to support our continued focus on commercial execution. Effective January 1, 2026, the commercial structure within our Biopharma reportable segment is as follows:
•Pfizer U.S. Commercial Division includes the U.S. commercial organization covering Pfizer’s entire product portfolio except for the Global Hospital and Biosimilars organization, as well as the Global Access & Value, Global Chief Marketing Office and Primary Care and Specialty Care U.S. Medical Affairs organizations.
•Pfizer International Commercial Division includes the ex-U.S. commercial and medical affairs organizations covering Pfizer’s entire product portfolio in all international markets except for the Global Hospital and Biosimilars organization in certain international markets.
•Global Hospital and Biosimilars Division includes the commercial organization covering Pfizer’s Hospital and Biosimilars product portfolio of off-patent branded and generic sterile injectables and biosimilars except in China, Hong Kong, and certain other international markets, which are part of the Pfizer International Commercial Division.
Other Business Activities and Reconciling Items––Other business activities include the operating results of PC1 and our former operating segment, Pfizer Ignite, as well as certain pre-tax costs not allocated to our operating segment results, such as costs associated with corporate enabling functions and other corporate costs. 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; 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.
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 March 29, 2026 and $208 billion as of December 31, 2025.
Selected Statement of Operations Information
The following provides selected information by reportable segment:
Three Months Ended
 
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)March 29,
2026		March 30,
2025		March 29,
2026		March 30,
2025		March 29,
2026		March 30,
2025
Reportable Segment:
Biopharma(c)
$14,161 $13,441 $6,838 $7,069 $348 $331 
Other business activities(d)
289 273 (1,668)(1,384)78 74 
Reconciling Items:
Amortization of intangible assets(1,183)(1,211)1,183 1,211 
Acquisition-related items(504)(282)— (1)
Certain significant items(e)
(312)(1,407)3 4 
$14,451 $13,715 $3,170 $2,785 $1,613 $1,618 
(a)Income from continuing operations before provision/(benefit) for taxes on income. Effective in the third quarter of 2025, certain 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. In connection with this reporting change, we reclassified Selling, informational and administrative expenses of approximately $36 million in the first quarter of 2025 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 include dividend income from our investment in ViiV of $82 million in the first quarter of 2026 and $39 million in the first quarter of 2025 recorded in Other (income)/deductions––net. Biopharma’s earnings in the first quarter of 2025 also reflected a credit to Cost of Sales representing a favorable revision of our estimate of accrued royalties.
(d)Other business activities include revenues and costs associated with PC1 and our former operating segment, Pfizer Ignite, as well as costs that we do not allocate to our operating segments, per above.
(e)Earnings in the first quarter of 2025 included, among other items restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $666 million (primarily recorded in Restructuring charges and certain acquisition-related costs). See Note 3.
The following provides Biopharma reportable segment information regularly provided to the CODM:
Three Months Ended
(MILLIONS)March 29,
2026		March 30,
2025
Biopharma reportable segment:
Biopharma total revenues$14,161 $13,441 
Less:
Cost of sales3,034 2,314 
Selling, informational and administrative expenses2,131 2,186 
Research and development expenses2,137 1,941 
Acquired in-process research and development expenses137 9 
Other (income)/deductions––net(116)(78)
Biopharma earnings$6,838 $7,069 
B. Geographic Information
The following summarizes revenues by geographic area:
 Three Months Ended
(MILLIONS)March 29,
2026		March 30,
2025
United States$8,731 $8,374 
International:
Developed Markets
3,426 3,178 
Emerging Markets2,293 2,163 
Total revenues
$14,451 $13,715 
C. Other Revenue Information
Significant Revenues by Product
The following provides detailed revenue information for several of our major products:
(MILLIONS)Three Months Ended
PRODUCTPRIMARY INDICATION OR CLASSMarch 29,
2026		March 30,
2025
TOTAL REVENUES$14,451 $13,715 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(a)
$14,161 $13,441 
Primary Care$5,542 $5,692 
Eliquis(b)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism2,166 1,923 
Prevnar family
Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae
1,690 1,660 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine353 248 
ComirnatyActive immunization to prevent COVID-19232 565 
Paxlovid
COVID-19 in certain high-risk patients186 491 
Abrysvo
Active immunization to prevent RSV infection
180 131 
FSME-IMMUN/TicoVacActive immunization to prevent tick-borne encephalitis disease81 63 
All other Primary CareVarious654 609 
Oncology$3,826 $3,494 
IbranceHR-positive/HER2-negative metastatic breast cancer1,008 977 
Padcev
Locally advanced or metastatic urothelial cancer and cisplatin-ineligible/decline muscle invasive bladder cancer (MIBC)
591 426 
Xtandi(c)
mCRPC, nmCRPC, mCSPC, nmCSPC444 458 
LorbrenaALK-positive metastatic NSCLC305 222 
Inlyta
Advanced renal cell carcinoma
214 219 
Adcetris(d)
Certain lymphomas including classical Hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma
190 218 
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)(e) (after prior therapy) or cetuximab and fluorouracil-based chemotherapy
174 136 
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia129 151 
Tukysa
Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer122 102 
Orgovyx(f)
Advanced prostate cancer
109 76 
Elrexfio
Relapsed or refractory multiple myeloma
80 60 
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
50 40 
Tivdak
Recurrent or mCC with disease progression on or after chemotherapy
33 33 
All other Oncology
Various376 377 
Specialty Care$2,939 $2,616 
Vyndaqel familyATTR-CM and polyneuropathy1,602 1,486 
XeljanzRA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis180 128 
Zavicefta (Outside the U.S. and Canada)
Bacterial infections150 135 
Enbrel (Outside the U.S. and Canada)RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis138 140 
Octagam
Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults
122 88 
GenotropinReplacement of human growth hormone93 95 
CibinqoAtopic dermatitis76 58 
All other Specialty CareVarious579 486 
Hospital and Biosimilars(a)
$1,854 $1,639 
Oncology biosimilars(g)
Various
409 264 
Sulperazon (Outside the U.S. and Canada)
Bacterial infections199 164 
InflectraCrohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis182 153 
ZithromaxBacterial infections112 158 
All other Hospital and Biosimilars
Various
953 901 
PFIZER CENTREONE(h)
$289 $273 
(MILLIONS)Three Months Ended
PRODUCTPRIMARY INDICATION OR CLASSMarch 29,
2026		March 30,
2025
BIOPHARMA(a)
$14,161 $13,441 
PFIZER U.S. COMMERCIAL DIVISION
7,686 7,572 
PFIZER INTERNATIONAL COMMERCIAL DIVISION
5,233 4,849 
GLOBAL HOSPITAL AND BIOSIMILARS DIVISION(i)
1,242 1,020 
Total Alliance revenues included above$2,339 $2,113 
Total Royalty revenues included above
$396 $308 
(a)In the first quarter of 2026, we made changes in our commercial structure, which included the transition of certain off-patent branded and generic sterile injectables and biosimilars primarily from the Specialty Care and Oncology product portfolios to a new Hospital and Biosimilars product portfolio within our Biopharma reportable segment. See Note 13A above. We reclassified prior period amounts to conform to the current period presentation.
(b)Reflects alliance revenues and royalty revenues.
(c)Primarily reflects alliance revenues and royalty revenues.
(d)Reflects product revenues and royalty revenues.
(e)Erbitux® is a registered trademark of ImClone LLC.
(f)Reflects alliance revenues.
(g)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Ruxience, Zirabev, Retacrit, Trazimera and Nivestym.
(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. Also includes revenues associated with the wind-down of our former Pfizer Ignite operating segment, which were not material in both periods presented. We reclassified prior period amounts to conform to the current period presentation.
(i)See Note 13A 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 $948 million, respectively, as of March 29, 2026, 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 first quarter of 2026 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 March 29, 2026 or December 31, 2025.
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 March 29, 2026, with $646 million and $816 million recorded in current liabilities and noncurrent liabilities, respectively. 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 activity in Paxlovid and Comirnaty deferred revenues during the first three months of 2026 was primarily amounts recognized in Product revenues as we delivered the products to our customers. During the first quarter of 2026, we recognized revenue of approximately $58 million that was included in the balance of Comirnaty and Paxlovid deferred revenues as of December 31, 2025. The Paxlovid and Comirnaty deferred revenues as of March 29, 2026 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 2027 through 2028. Deferred revenues associated with contracts for other products were not significant as of March 29, 2026 or December 31, 2025.