v3.26.3
Segment, Geographic and Other Revenue Information
 9 Months Ended
Sep. 27, 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 U.S. Market Access and Pfizer Patient Services, 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 $205 billion as of September 27, 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)Sept. 27, 2026Sept. 28, 2025Sept. 27, 2026Sept. 28, 2025Sept. 27, 2026Sept. 28, 2025
Reportable Segment:
Biopharma(c)
$16,283 $16,310 $8,241 $8,469 $326 $358 
Other business activities(d)
300 344 (2,436)(3,084)109 78 
Reconciling Items:
Amortization of intangible assets(1,128)(1,223)1,128 1,223 
Acquisition-related items(364)(194)(1)(1)
Certain significant items(e)
(928)(634)14 4 
$16,583 $16,654 $3,385 $3,334 $1,577 $1,662 
Nine Months Ended
Total Revenues
Earnings(a)
Depreciation and Amortization(b)
(MILLIONS)Sept. 27, 2026Sept. 28, 2025Sept. 27, 2026Sept. 28, 2025Sept. 27, 2026Sept. 28, 2025
Reportable Segment:
Biopharma(c)
$45,105 $44,056 $21,967 $22,429 $998 $1,029 
Other business activities(d)
962 966 (5,811)(6,230)292 225 
Reconciling Items:
Amortization of intangible assets(3,497)(3,644)3,497 3,644 
Acquisition-related items(1,537)(814)(3)(4)
Certain significant items(e)
(5,219)(2,578)28 11 
$46,067 $45,022 $5,902 $9,162 $4,812 $4,905 
(a)Income from continuing operations before provision/(benefit) for taxes on income.
(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 $58 million in the third quarter of 2026 and $72 million in the third quarter of 2025, and $239 million in the first nine months of 2026 and $184 million in the first nine months of 2025 recorded in Other (income)/deductions––net. Biopharma’s earnings in the third quarter and the first nine months of 2025 also reflected credits to Cost of Sales representing favorable revisions 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. Earnings in the third quarter and the first nine months of 2026 reflect a charge of $650 million recorded in Acquired in-process research and development expenses related to an in-licensing and collaboration agreement with Innovent (see Note 2E). Earnings in the third quarter and the first nine months of 2025 reflected a charge of $1.35 billion recorded in Acquired in-process research and development expenses related to an in-licensing agreement with 3SBio.
(e)Earnings in the third quarter and the first nine months of 2026 include, among other things, restructuring charges/(credits), inventory write-offs, implementation costs and additional depreciation—asset restructuring of $893 million and $1.6 billion for the third quarter and the first nine months of 2026, respectively (primarily recorded in Restructuring charges and certain acquisition-related costs). Earnings in the first nine months of 2026 also include, among other things, (i) certain asset impairments of $4.3 billion and (ii) charges for certain legal matters of $1.0 billion, partially offset by (iii) a net gain of $1.870 billion from the sale of our previous investment in ViiV (all recorded in Other (income)/deductions––net). Earnings in the first nine months of 2025 included, among other items, (i) restructuring charges/(credits), inventory write-offs, implementation costs and additional depreciation—asset restructuring of $1.0 billion (primarily recorded in Restructuring charges and certain acquisition-related costs), (ii) charges for certain legal matters of $755 million and (iii) certain asset impairments of $577 million (items (ii) and (iii) 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 EndedNine Months Ended
(MILLIONS)September 27,
2026		September 28,
2025		September 27,
2026		September 28,
2025
Biopharma reportable segment:
Biopharma total revenues$16,283 $16,310 $45,105 $44,056 
Less:
Cost of sales3,456 3,526 9,678 8,915 
Selling, informational and administrative expenses2,300 2,210 6,775 6,739 
Research and development expenses2,580 2,185 7,094 6,235 
Acquired in-process research and development expenses19 40 172 51 
Other (income)/deductions––net(314)(120)(581)(313)
Biopharma earnings$8,241 $8,469 $21,967 $22,429 
B. Geographic Information
The following summarizes revenues by geographic area:
Three Months EndedNine Months Ended
(MILLIONS)September 27,
2026		September 28,
2025		September 27,
2026		September 28,
2025
United States$10,602 $10,691 $28,191 $27,959 
International:
Developed Markets
3,643 3,696 10,813 10,267 
Emerging Markets2,337 2,267 7,064 6,796 
Total revenues
$16,583 $16,654 $46,067 $45,022 
C. Other Revenue Information
Significant Revenues by Product
The following provides additional revenue information for several of our major products:
(MILLIONS)Three Months EndedNine Months Ended
PRODUCTPRIMARY INDICATION OR CLASSSept. 27, 2026Sept. 28, 2025Sept. 27, 2026Sept. 28, 2025
TOTAL REVENUES$16,583 $16,654 $46,067 $45,022 
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(a)
$16,283 $16,310 $45,105 $44,056 
Primary Care$6,971 $7,642 $18,017 $18,869 
Eliquis(b)
Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism2,523 2,015 7,114 5,941 
Prevnar family
Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae
1,564 1,742 4,591 4,786 
Nurtec ODT/VyduraAcute treatment of migraine and prevention of episodic migraine547 412 1,321 1,019 
ComirnatyActive immunization to prevent COVID-19808 1,151 1,301 2,097 
Abrysvo
Active immunization to prevent RSV infection
303 279 691 553 
Paxlovid
COVID-19 in certain high-risk patients449 1,225 656 2,144 
FSME-IMMUN/TicoVacActive immunization to prevent tick-borne encephalitis disease104 100 317 272 
All other Primary CareVarious674 718 2,027 2,058 
Oncology$4,327 $3,938 $12,318 $11,467 
IbranceHR-positive/HER2-negative metastatic breast cancer and first-line maintenance treatment for adults with HR+, HER2+ locally advanced or metastatic breast cancer1,082 1,057 3,148 3,083 
Padcev
Locally advanced or metastatic urothelial cancer and MIBC720 464 1,979 1,432 
Xtandi(c)
mCRPC, nmCRPC, mCSPC, nmCSPC541 578 1,519 1,602 
LorbrenaALK-positive metastatic NSCLC387 268 1,046 741 
InlytaAdvanced renal cell carcinoma232 226 665 688 
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
244 202 642 519 
Adcetris(e)
Certain lymphomas including classical Hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma
231 215 617 687 
Orgovyx(f)
Advanced prostate cancer
153 112 408 285 
TukysaUnresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer142 110 402 344 
BosulifPhiladelphia chromosome–positive chronic myelogenous leukemia71 150 313 450 
Elrexfio
Relapsed or refractory multiple myeloma
83 85 252 230 
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
59 47 166 133 
Tivdak
Recurrent or mCC with disease progression on or after chemotherapy
39 37 106 115 
All other Oncology
Various341 386 1,054 1,157 
Specialty Care$3,349 $3,130 $9,641 $8,834 
Vyndaqel familyATTR-CM and polyneuropathy1,773 1,591 5,136 4,692 
XeljanzRA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis213 313 643 763 
Zavicefta (Outside the U.S. and Canada)Bacterial infections179 158 528 457 
Enbrel (Outside the U.S. and Canada)RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis151 154 431 448 
Octagam
Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults
134 113 394 298 
(MILLIONS)Three Months EndedNine Months Ended
PRODUCTPRIMARY INDICATION OR CLASSSept. 27, 2026Sept. 28, 2025Sept. 27, 2026Sept. 28, 2025
BeneFIXHemophilia B102 94 297 285 
CresembaInvasive aspergillosis and mucormycosis100 83 294 267 
GenotropinReplacement of human growth hormone94 128 281 329 
CibinqoAtopic dermatitis101 79 272 206 
All other Specialty CareVarious503 417 1,364 1,091 
Hospital and Biosimilars(a)
$1,635 $1,600 $5,129 $4,886 
Oncology biosimilars(g)
Various
378 315 1,145 932 
InflectraCrohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis186 173 539 465 
Sulperazon (Outside the U.S. and Canada)
Bacterial infections96 154 411 484 
ZithromaxBacterial infections47 73 200 286 
All other Hospital and Biosimilars
Various
928 885 2,833 2,719 
PFIZER CENTREONE(h)
$300 $344 $962 $966 
BIOPHARMA(a)
$16,283 $16,310 $45,105 $44,056 
PFIZER U.S. COMMERCIAL DIVISION
9,677 9,854 25,319 25,437 
PFIZER INTERNATIONAL COMMERCIAL DIVISION
5,433 5,381 16,211 15,408 
GLOBAL HOSPITAL AND BIOSIMILARS DIVISION(i)
1,172 1,075 3,576 3,211 
Total Alliance revenues included above$2,851 $2,298 $7,888 $6,684 
Total Royalty revenues included above
$477 $436 $1,347 $1,170 
(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 Retacrit, Ruxience, Zirabev, 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 $1.7 billion and $943 million, respectively, as of September 27, 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 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 third 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 September 27, 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 $1.3 billion as of September 27, 2026, with $441 million and $888 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 nine months of 2026 was primarily driven by amounts recognized in Product revenues as we delivered the products to our customers. During the third quarter and the first nine months of 2026, we recognized revenue of approximately $46 million and $180 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 September 27, 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 fourth quarter 2027 through 2028. Deferred revenues associated with contracts for other products were not significant as of September 27, 2026 or December 31, 2025.