v3.26.1
Segment, Geographic and Other Revenue Information
 6 Months Ended
Jun. 28, 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, 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 $201 billion as of June 28, 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)June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Reportable Segment:
Biopharma(c)
$14,661 $14,305 $6,887 $6,891 $324 $339 
Other business activities(d)
373 348 (1,708)(1,762)105 73 
Reconciling Items:
Amortization of intangible assets(1,185)(1,211)1,185 1,211 
Acquisition-related items(669)(338)(2)(2)
Certain significant items(e)
(3,978)(537)10 3 
$15,034 $14,653 $(653)$3,044 $1,622 $1,625 
Six Months Ended
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Reportable Segment:
Biopharma(c)
$28,822 $27,746 $13,725 $13,960 $672 $671 
Other business activities(d)
662 622 (3,376)(3,146)183 147 
Reconciling Items:
Amortization of intangible assets(2,368)(2,421)2,368 2,421 
Acquisition-related items(1,173)(620)(2)(3)
Certain significant items(e)
(4,291)(1,944)14 7 
$29,484 $28,367 $2,517 $5,828 $3,235 $3,243 
(a)Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss). 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 $38 million in the second quarter of 2025 and $74 million in the first six months 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 previous investment in ViiV of $98 million in the second quarter of 2026 and $73 million in the second quarter of 2025, and $180 million in the first six months of 2026 and $111 million in the first six months of 2025 recorded in Other (income)/deductions––net. Biopharma’s earnings in the first six months 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 second quarter and the first six months of 2026 includes, among other things, (i) certain asset impairments of $4.3 billion recognized in the second quarter of 2026 and (ii) charges for certain legal matters of $842 million and $1.0 billion for the second quarter and the first six months of 2026, respectively, partially offset by (iii) a net gain of $1.870 billion from the sale of our previous investment in ViiV recognized in the second quarter of 2026 (items (i) through (iii) recorded in Other (income)/deductions––net) and (iv) restructuring charges/(credits), inventory write-offs, implementation costs and additional depreciation—asset restructuring of $591 million and $717 million for the second quarter and the first six months of 2026, respectively (primarily recorded in Restructuring charges and certain acquisition-related costs). Earnings in the first six months of 2025 included, among other items, (i) restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $670 million (primarily recorded in Restructuring charges and certain acquisition-related costs) and (ii) charges for certain legal matters of $564 million recorded in Other (income)/deductions––net. See Notes 3 and 4.
The following provides Biopharma reportable segment information regularly provided to the CODM:
Three Months EndedSix Months Ended
(MILLIONS)June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Biopharma reportable segment:
Biopharma total revenues$14,661 $14,305 $28,822 $27,746 
Less:
Cost of sales3,188 3,075 6,222 5,389 
Selling, informational and administrative expenses2,344 2,343 4,475 4,529 
Research and development expenses2,376 2,109 4,513 4,050 
Acquired in-process research and development expenses16 2 153 11 
Other (income)/deductions––net(151)(115)(267)(193)
Biopharma earnings$6,887 $6,891 $13,725 $13,960 
B. Geographic Information
The following summarizes revenues by geographic area:
Three Months EndedSix Months Ended
(MILLIONS)June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
United States$8,857 $8,894 $17,588 $17,268 
International:
Developed Markets
3,743 3,393 7,169 6,571 
Emerging Markets2,434 2,366 4,727 4,529 
Total revenues
$15,034 $14,653 $29,484 $28,367 
C. Other Revenue Information
Significant Revenues by Product
The following provides additional revenue information for several of our major products:
(MILLIONS)Three Months EndedSix Months Ended
PRODUCTPRIMARY INDICATION OR CLASSJune 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
TOTAL REVENUES$15,034 $14,653 $29,484 $28,367 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(a)
$14,661 $14,305 $28,822 $27,746 
Primary Care$5,503 $5,535 $11,046 $11,226 
Eliquis(b)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism2,425 2,003 4,591 3,926 
Prevnar family
Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae
1,337 1,383 3,027 3,043 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine421 359 774 607 
ComirnatyActive immunization to prevent COVID-19261 381 493 945 
Abrysvo
Active immunization to prevent RSV infection
208 143 388 274 
FSME-IMMUN/TicoVacActive immunization to prevent tick-borne encephalitis disease132 109 213 172 
Paxlovid
COVID-19 in certain high-risk patients21 427 207 918 
All other Primary CareVarious699 731 1,353 1,340 
Oncology$4,165 $4,034 $7,991 $7,528 
IbranceHR-positive/HER2-negative metastatic breast cancer and first-line maintenance treatment for adults with HR+, HER2+ locally advanced or metastatic breast cancer1,058 1,049 2,066 2,026 
Padcev
Locally advanced or metastatic urothelial cancer and cisplatin-ineligible/decline MIBC667 542 1,258 967 
Xtandi(c)
mCRPC, nmCRPC, mCSPC, nmCSPC534 566 978 1,023 
LorbrenaALK-positive metastatic NSCLC354 251 659 473 
(MILLIONS)Three Months EndedSix Months Ended
PRODUCTPRIMARY INDICATION OR CLASSJune 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
InlytaAdvanced renal cell carcinoma218 243 433 462 
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)(d) (after prior therapy) or cetuximab and fluorouracil-based chemotherapy
223 182 398 317 
Adcetris(e)
Certain lymphomas including classical Hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma
196 255 386 472 
TukysaUnresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer138 132 259 234 
Orgovyx(f)
Advanced prostate cancer
146 97 255 173 
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia113 149 242 300 
Elrexfio
Relapsed or refractory multiple myeloma
89 85 169 145 
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
57 46 107 86 
Tivdak
Recurrent or mCC with disease progression on or after chemotherapy
34 46 67 79 
All other Oncology
Various338 394 713 771 
Specialty Care$3,353 $3,089 $6,292 $5,705 
Vyndaqel familyATTR-CM and polyneuropathy1,762 1,615 3,364 3,101 
XeljanzRA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis251 322 431 450 
Zavicefta (Outside the U.S. and Canada)Bacterial infections199 163 350 299 
Enbrel (Outside the U.S. and Canada)RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis142 154 280 294 
Octagam
Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults
138 96 260 184 
CresembaInvasive aspergillosis and mucormycosis106 111 194 184 
GenotropinReplacement of human growth hormone94 106 187 201 
CibinqoAtopic dermatitis94 69 171 127 
All other Specialty CareVarious566 453 1,056 866 
Hospital and Biosimilars(a)
$1,640 $1,647 $3,494 $3,286 
Oncology biosimilars(g)
Various
359 353 768 617 
InflectraCrohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis171 139 353 291 
Sulperazon (Outside the U.S. and Canada)
Bacterial infections116 166 315 330 
ZithromaxBacterial infections42 56 154 213 
All other Hospital and Biosimilars
Various
952 934 1,905 1,835 
PFIZER CENTREONE(h)
$373 $348 $662 $622 
BIOPHARMA(a)
$14,661 $14,305 $28,822 $27,746 
PFIZER U.S. COMMERCIAL DIVISION
7,956 8,011 15,642 15,583 
PFIZER INTERNATIONAL COMMERCIAL DIVISION
5,544 5,178 10,777 10,027 
GLOBAL HOSPITAL AND BIOSIMILARS DIVISION(i)
1,161 1,116 2,403 2,136 
Total Alliance revenues included above$2,697 $2,273 $5,036 $4,386 
Total Royalty revenues included above
$474 $426 $870 $734 
(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 product revenues.
(c)Primarily reflects alliance revenues and royalty revenues.
(d)Erbitux® is a registered trademark of ImClone LLC.
(e)Reflects product revenues and royalty revenues.
(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 all 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 $2.0 billion
and $965 million, respectively, as of June 28, 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 second 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 June 28, 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 $1.4 billion as of June 28, 2026, with $521 million and $855 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 decrease in Paxlovid and Comirnaty deferred revenues during the first six months of 2026 was primarily driven by amounts recognized in Product revenues as we delivered the products to our customers. During the second quarter and the first six months of 2026, we recognized revenue of approximately $75 million and $133 million, respectively, 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 June 28, 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 June 28, 2026 or December 31, 2025.