Q3 2023 PFE Earnings Release

Pfizer Reports Third-Quarter 2023 Results
▪ Third-Quarter 2023 Revenues of $13.2 Billion
– Expected Decline in Paxlovid and Comirnaty(1) Revenues Drove 41% Operational Decrease in Third-
Quarter 2023 Revenues
– Revenues for Pfizer’s Non-COVID Products Grew 10% Operationally
▪ Third-Quarter 2023 Reported(2) Diluted Loss Per Share (LPS) of $(0.42) and Adjusted(3) Diluted LPS of
$(0.17), Significantly Impacted by $5.6 Billion of Non-Cash Inventory Write-Offs and Other Charges, Which
Unfavorably Impacted Reported(2) and Adjusted(3) Diluted LPS by $0.84
▪ Reaffirms Full-Year 2023 Guidance(4) Provided on October 13, 2023, of Revenues of $58.0 to $61.0 Billion
and Adjusted(3) Diluted EPS of $1.45 to $1.65, and Provides All Guidance Components
▪ Reaffirms Full-Year 2023 Non-COVID Operational Revenue Growth Expectation of 6% to 8% vs. 2022
▪ Successful Execution of New Product and Indication Launches, including Abrysvo (Older Adult) and Prevnar
20 (Pediatric), and In-Line Product Growth Contribute to Strong Non-COVID Operational Revenue Growth
▪ Launched Enterprise-Wide Cost Realignment Program Expected to Deliver Annual Net Cost Savings of at
Least $3.5 Billion, of Which Approximately $1.0 Billion is Expected to be Realized in 2023 and at Least an
Additional $2.5 Billion is Expected to be Realized in 2024 (Compared to Midpoint of SI&A and R&D
Expense Guidance Provided on August 1, 2023)
NEW YORK, Tuesday, October 31, 2023 — Pfizer Inc. (NYSE: PFE) reported financial results for the third
quarter of 2023. The company reaffirms its 2023 revenue guidance(4) range of $58.0 to $61.0 billion and its
outlook for Adjusted(3) diluted EPS of $1.45 to $1.65 provided on October 13, 2023.
The third-quarter 2023 earnings presentation and accompanying prepared remarks from management as well as
the quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “We are encouraged by the strong performance
of Pfizer’s non-COVID products in the third quarter of 2023, including significant contributions from new
launches and robust year-over-year growth for several key in-line brands. We also have achieved several recent
milestones that speak to the underlying strength and breadth of our scientific pipeline, including the U.S. and
European Commission (EC) approval and launch of Abrysvo in pregnant individuals, and EC approval and launch
of Abrysvo in older adults; the U.S. approval and launch of Elrexfio; U.S. approvals of Penbraya, Velsipity and of
the Braftovi+Mektovi combination in BRAF-mutated metastatic non-small cell lung cancer; and EC approval of
Litfulo.
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“In addition, we continue to make progress toward our proposed acquisition of Seagen, a global leader in
discovering, developing and commercializing transformative oncology medicines that we believe can help us
conquer cancer in the coming years—and earlier this month, we received unconditional antitrust clearance from
the EC on the proposed acquisition, a decision we believe confirms our view that the transaction is pro-
competitive, reflective of our complementary portfolios and good for patients.
“With a significant uncertainty removed by our recently announced amended Paxlovid supply agreement with the
U.S. government, our expectation of additional clarification on global vaccination and treatment rates by the end
of the year, and the breakthroughs continuing to emerge from our pipeline, we look forward to concluding 2023
with positive momentum that showcases Pfizer’s long-term growth potential.”
David Denton, Chief Financial Officer and Executive Vice President, stated: “We are extremely pleased by the
strong 10% operational revenue growth of Pfizer’s non-COVID products in the third quarter of 2023. With
expected contributions from our new product launches, this puts us squarely on track to meet our full-year non-
COVID operational revenue growth target of 6% to 8%. In addition, we launched our cost realignment program,
from which we expect to achieve at least $3.5 billion of net cost savings by the end of 2024. Combined with the
momentum of our non-COVID product portfolio and U.S. commercialization of Paxlovid, we expect the program
to yield improved operating margins this year and help drive Pfizer’s growth through the end of the decade and
beyond.”
Results for the third quarter of 2023 and 2022(5) are summarized below.
OVERALL RESULTS
($ in millions, except
per share amounts) Third-Quarter Nine Months
2023 2022 Change 2023 2022 Change
Revenues $ 13,232 $ 22,638 (42%) $ 44,247 $ 76,040 (42%)
Reported(2) Net Income/(Loss) (2,382) 8,608 * 5,488 26,378 (79%)
Reported(2) Diluted EPS/(LPS) (0.42) 1.51 * 0.96 4.60 (79%)
Adjusted(3) Income/(Loss) (968) 10,172 * 9,908 31,165 (68%)
Adjusted(3) Diluted EPS/(LPS) (0.17) 1.78 * 1.73 5.44 (68%)
* Indicates calculation not meaningful.
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REVENUES
($ in millions) Third-Quarter Nine Months

% Change % Change
2023 2022 2023 2022
Total Oper. Total Oper.
Global Biopharmaceuticals $ 12,930 $ 22,319 (42%) (42%) $ 43,320 $ 75,066 (42%) (41%)
Business (Biopharma)
Primary Care 6,287 15,846 (60%) (60%) 23,602 55,676 (58%) (56%)
Specialty Care 3,757 3,404 10% 12% 11,021 10,267 7% 11%
Oncology 2,885 3,070 (6%) (5%) 8,696 9,124 (5%) (3%)
Business Innovation $ 302 $ 319 (5%) (7%) $ 928 $ 974 (5%) (4%)
TOTAL REVENUES $ 13,232 $ 22,638 (42%) (41%) $ 44,247 $ 76,040 (42%) (40%)
In the first quarter of 2023, Pfizer established an operating segment, Business Innovation, that includes Pfizer
CentreOne (PC1), the company’s global contract development and manufacturing organization and a leading
supplier of specialty active pharmaceutical ingredients; and Pfizer Ignite, a recently launched offering that
provides strategic guidance and end-to-end R&D services to select innovative biotech companies that align with
Pfizer’s R&D focus areas. The prior period has been revised to conform to the current period presentation.
Some amounts in this press release may not add due to rounding. All percentages have been calculated using
unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the
impact of foreign exchange rates(6).
CAPITAL ALLOCATION
During the first nine months of 2023, Pfizer deployed its capital in a variety of ways, which primarily include the
following two categories:
▪ Reinvesting capital into initiatives intended to enhance the future growth prospects of the company,
including $7.9 billion invested in internal research and development projects, and
▪ Returning capital directly to shareholders through $6.9 billion of cash dividends, or $1.23 per share of
common stock.
No share repurchases have been completed to date in 2023. As of October 31, 2023, Pfizer’s remaining share
repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in
2023.
For the third quarter of 2023, basic weighted-average shares outstanding of 5,646 million were used to calculate
Reported(2) and Adjusted(3) diluted LPS.
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2023 FINANCIAL GUIDANCE(4)
Pfizer reaffirms its full-year 2023 guidance(4) for Revenues, Adjusted(3) diluted EPS and Effective Tax Rate on
Adjusted(3) Income provided on October 13, 2023, which is presented below. This guidance incorporates the
impacts of certain one-time items, noted below.
2023 Financial Guidance(4) One-Time Items Included in Guidance(a)
Revenues* $58.0 to $61.0 billion $(4.2) billion

Operational(6) Decline vs. Prior Year (41%) to (38%)
Decline vs. Prior Year (42%) to (39%)
Non-cash Inventory Write-offs(a) $5.6 billion
Adjusted(3) Diluted EPS* $1.45 to $1.65 $(1.47)

Operational(6) Decline vs. Prior Year (75%) to (72%)
Decline vs. Prior Year (78%) to (75%)
(a)
One-time items include a non-cash revenue reversal of approximately $4.2 billion related to the return of an estimated 7.9 million
treatment courses of U.S. government EUA-labeled Paxlovid expected in the fourth quarter of 2023 and a non-cash charge of $5.6
billion recorded to Cost of Sales in the third quarter of 2023 for COVID products inventory write-offs and other charges.
* Changes in foreign exchange rates have had a minimal incremental impact since full-year 2023 guidance was issued. Please refer
to Press Release Footnote (4) for additional information.
The midpoint of the guidance range for revenues reflects a 40% operational decrease compared to 2022 revenues.
Company revenues are anticipated to be lower in 2023 than in 2022 due to expected revenue declines for Pfizer’s
COVID-19 products, partially offset by expected operational growth from our non-COVID-19 in-line portfolio,
new product and indication launches and recently acquired products.
Excluding COVID-19 products, Pfizer is expecting 6% to 8% operational revenue growth in 2023. Revenue
guidance for Pfizer’s COVID-19 products is as follows:
▪ Comirnaty(1) revenues of approximately $11.5 billion, down 70% from 2022 results.
▪ Paxlovid revenues of approximately $1 billion, down 95% from 2022 results.
▪ In contrast to previous years, guidance for both products is no longer based primarily on expected deliveries
under existing signed or committed supply contracts, but now also includes, among other things, for
Comirnaty(1), transition to traditional commercial market sales in the U.S. in September 2023; and for
Paxlovid, expected transition to traditional commercial markets in the U.S. in November 2023, with minimal
uptake of New Drug Application (NDA)-labeled commercial product expected before January 1, 2024.
The midpoint of the guidance range for Adjusted(3) diluted EPS reflects a 74% operational decrease compared to
2022, primarily driven by the one-time items referenced in Footnote (a) above, anticipated lower revenues from
COVID-19 products, higher spending to support new product and indication launches and greater investment in
certain late-stage pipeline projects.
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Financial guidance for Adjusted(3) diluted EPS is calculated using approximately 5.72 billion weighted average
shares outstanding, and assumes no share repurchases in 2023.
Pfizer also updated certain other components of its 2023 financial guidance, which are presented below. The
increase in guidance for Adjusted Cost of Sales as a Percentage of Revenues reflects the impact of the non-cash
charge of $5.6 billion recorded to Cost of Sales in the third quarter of 2023 for inventory write-offs and other
charges. The decreases in guidance for Adjusted(3) SI&A and R&D Expenses are primarily due to Pfizer’s
expectation to realize $1.0 billion of cost savings in 2023 as part of its enterprise-wide cost realignment program.
The increase in guidance for Adjusted(3) Other (Income) is primarily due to an improved interest rate environment
and anticipated higher income from equity-method investments.
41.0% to 43.0%
Adjusted(3) Cost of Sales as a Percentage of Revenues
(previously 28.0% to 30.0%)
$13.3 to $14.3 billion
Adjusted(3) SI&A Expenses
(previously $13.8 to $14.8 billion)
$11.9 to $12.9 billion
Adjusted(3) R&D Expenses
(previously $12.4 to $13.4 billion)
Acquired IPR&D Expenses(4) Approximately $0.1 billion
Approximately $1.9 billion of income

Adjusted(3) Other (Income)/Deductions
(previously approximately $1.5 billion of income)
Effective Tax Rate on Adjusted(3) Income Approximately 12.0%
Pfizer’s 2023 financial guidance is based on estimates and assumptions that are subject to significant
uncertainties. See the Overview of Our Performance, Operating Environment, Strategy and Outlook — Our 2022
Performance and — The Global Economic Environment sections of Management’s Discussion and Analysis of
Financial Condition and Results of Operations (MD&A) in Pfizer’s 2022 Annual Report on Form 10-K; and the
Overview of Our Performance, Operating Environment, Strategy and Outlook — Our Second Quarter 2023 and
First Six Months of 2023 Performance and — The Global Economic Environment sections of MD&A in Pfizer’s
Quarterly Report on Form 10-Q for the quarterly period ended July 2, 2023 (available at www.pfizer.com); as
well as Pfizer’s press release issued on October 13, 2023 (https://www.pfizer.com/news/press-release/press-
release-detail/pfizer-amends-us-government-paxlovid-supply-agreement-and), for additional information.
QUARTERLY FINANCIAL HIGHLIGHTS (Third-Quarter 2023 vs. Third-Quarter 2022)
Third-quarter 2023 revenues totaled $13.2 billion, a decrease of $9.4 billion, or 42%, compared to the prior-year
quarter, reflecting an operational decline of $9.3 billion, or 41%, primarily due to a decrease in Paxlovid and
Comirnaty(1) revenues globally, as well as a de minimis impact of foreign exchange. Excluding contributions from
Comirnaty(1) and Paxlovid, company revenues grew $1.1 billion, or 10%, operationally.
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Third-quarter 2023 Paxlovid revenues declined $7.3 billion, or 97%, operationally compared with the prior-year
quarter, primarily driven by no third quarter U.S. sales in anticipation of commercial transition and lower
contractual deliveries in most international markets.
Third-quarter 2023 Comirnaty(1) revenues declined $3.1 billion, or 70%, operationally compared with the prior-
year quarter, largely driven by lower U.S. government contracted deliveries and lower contracted deliveries and
demand in international markets, due to anticipated transition to new variant vaccines globally and to traditional
U.S. commercial market sales beginning in September 2023.
Excluding contributions from Comirnaty(1) and Paxlovid, third-quarter 2023 operational revenue growth was
primarily driven by:
▪ U.S. revenues from Abrysvo, which contributed $375 million following FDA approval of the older adult
indication in May 2023 and publication of the U.S. Centers for Disease Control and Prevention’s (CDC)
Advisory Committee on Immunization Practices (ACIP) recommendation in the CDC’s Morbidity and
Mortality Weekly Report (MMWR) in July 2023.
▪ Nurtec ODT/Vydura and Oxbryta, which were acquired in the fourth quarter of 2022 and contributed $233
million and $85 million in global revenues, respectively;
▪ Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 47% operationally, largely driven by
continued strong uptake of the transthyretin amyloid cardiomyopathy (ATTR-CM) indication, primarily in
the U.S. and developed Europe; and
▪ Prevnar family (Prevnar 13 & 20) globally, up 15% operationally, primarily driven by strong patient demand
for Prevnar 20 (adult) in the U.S., the U.S. approval of Prevnar 20 (pediatric) and associated stocking, and
growth of Prevenar 13 (pediatric) in certain emerging markets; partially offset by anticipated lower market
share for Prevnar (pediatric) in the U.S. due to competitive entry.
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GAAP Reported(2) Statement of Operations Highlights
SELECTED REPORTED COSTS AND EXPENSES(2)

% Change % Change
2023 2022 2023 2022
Cost of Sales(2) $ 9,269 $ 6,063 53% 49% $ 17,391 $ 24,696 (30%) (31%)
Percent of Revenues 70.0% 26.8% N/A N/A 39.3% 32.5% N/A N/A
SI&A Expenses(2) 3,281 3,391 (3%) (3%) 10,196 9,032 13% 15%
R&D Expenses(2) 2,711 2,696 1% 1% 7,864 7,813 1% 1%
Acquired IPR&D Expenses(2) 67 524 (87%) (87%) 122 880 (86%) (86%)
Other (Income)/ (79) (59) 33% 50% (356) 1,063 * *
Deductions––net(2)
Effective Tax Rate on 28.8% 4.0% (6.2%) 10.5%
Reported(2) Income/(Loss)
Third-quarter 2023 Cost of Sales(2) as a percentage of revenues increased by 43.3 percentage points compared
with the prior-year quarter, primarily driven by a non-cash charge of $5.6 billion recorded to Cost of Sales in the
third quarter of 2023 for inventory write-offs and other charges ($4.7 billion for Paxlovid and $0.9 billion for
Comirnaty(1)).
Third-quarter 2023 SI&A Expenses(2) decreased 3% operationally compared with the prior-year quarter, primarily
reflecting a lower provision for U.S. healthcare reform fees related to Comirnaty(1) and Paxlovid and a decrease in
spending on products across multiple customer groups, partially offset by increases in marketing and promotional
expenses for recently acquired and launched products.
Third-quarter 2023 R&D Expenses(2) increased 1% operationally compared with the prior-year quarter, primarily
driven by increased investments to develop recently acquired assets and to support upcoming product launches,
partially offset by lower compensation-related expenses.
Third-quarter 2023 Acquired IPR&D Expenses(2) decreased 87% operationally, primarily reflecting the non-
recurrence of an upfront payment related to the closing of the acquisition of ReViral Ltd. in the third quarter of
2022.
The favorable period-over-period change in Other income—net(2) of $19 million for the third quarter of 2023,
compared to the third quarter of 2022, was primarily driven by (i) a gain on the divestiture of our early-stage rare
disease gene therapy portfolio to Alexion Pharma International Operations Limited, a subsidiary of AstraZeneca
PLC, (ii) the non-recurrence of an asset impairment charge incurred in the third quarter of 2022 and (iii) equity
income from our investment in Haleon plc in the third quarter of 2023 versus equity losses in the third quarter of
2022; partially offset by (iv) higher net losses on equity securities and (v) lower net periodic benefit credits
associated with pension and postretirement plans recorded in the third quarter of 2023.
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Pfizer’s positive effective tax rate for the third quarter of 2023 reflects a tax benefit on a pre-tax Reported(2) loss,
primarily resulting from the Company’s revised forecast and jurisdictional mix of earnings.
Adjusted(3) Statement of Operations Highlights
SELECTED ADJUSTED(3) COSTS AND EXPENSES

% Change % Change
2023 2022 2023 2022
Adjusted(3) Cost of Sales $ 8,906 $ 6,038 47% 44% $ 16,723 $ 24,621 (32%) (33%)
Percent of Revenues 67.3% 26.7% N/A N/A 37.8% 32.4% N/A N/A
Adjusted(3) SI&A Expenses 3,205 3,239 (1%) (1%) 9,974 8,635 16% 17%
Adjusted(3) R&D Expenses 2,679 2,693 (1%) — 7,797 7,799 — 1%
Adjusted(3) Other (Income)/ (388) (515) (25%) (23%) (1,466) (1,298) 13% 5%
Deductions––net
Effective Tax Rate on 22.3% 4.4% 10.4% 11.9 %
Adjusted(3) Income/(Loss)
Reconciliations of certain Reported(2) to non-GAAP Adjusted(3) financial measures and associated footnotes can
be found in the financial tables section of this press release.
RECENT NOTABLE DEVELOPMENTS (Since August 1, 2023)
Product Developments
▪ Abrilada (adalimumab-afzb) – In October 2023, Pfizer announced the FDA designated Abrilada as an
interchangeable biosimilar to Humira(7) (adalimumab). The interchangeable designation applies to all
approved indications of Abrilada, including certain patients with rheumatoid arthritis (RA), juvenile
idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn's disease, ulcerative colitis, plaque
psoriasis, hidradenitis suppurativa and uveitis.
▪ Abrysvo (Respiratory Syncytial Virus Vaccine)
• In August 2023, Pfizer announced the FDA approved Abrysvo, the company’s bivalent RSV
prefusion F (RSVpreF) vaccine, for the prevention of lower respiratory tract disease (LRTD) and
severe LRTD caused by RSV in infants from birth up to six months of age by active immunization
of pregnant individuals at 32 through 36 weeks gestational age. The CDC’s ACIP subsequently
recommended Abrysvo for use in pregnant people during 32 through 36 weeks gestation, using
seasonal administration, to prevent RSV lower respiratory tract infection in infants. This
recommendation was published in the CDC’s MMWR in October 2023, triggering commercial and
Medicaid coverage.
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• In August 2023, Pfizer announced the EC granted marketing authorization for Abrysvo for passive
protection against LRTD caused by RSV in infants from birth through six months of age following
maternal immunization during pregnancy (between weeks 24 and 36 of gestation) and for active
immunization of individuals 60 years of age and older for the prevention of LRTD caused by RSV.
The authorization is valid in all 27 European Union (EU) member states plus Iceland, Liechtenstein
and Norway.
▪ Braftovi (encorafenib) and Mektovi (binimetinib) – In October 2023, Pfizer announced the FDA approved
Braftovi in combination with Mektovi for the treatment of adult patients with metastatic non-small cell lung
cancer (NSCLC) with a BRAF V600E mutation, as detected by an FDA-approved test. The approval was
based on data from the ongoing Phase 2 PHAROS clinical trial, an open-label, multicenter, single-arm study
examining Braftovi + Mektovi combination therapy in both treatment-naïve and previously treated patients
with BRAF V600E-mutant metastatic NSCLC.
▪ Comirnaty (COVID-19 Vaccine, mRNA)(8)
• In September 2023, Pfizer and BioNTech SE (BioNTech) announced the FDA approved the
companies’ supplemental Biologics License Application (Comirnaty 2023-2024 Formulation) for
individuals 12 years and older and granted Emergency Use Authorization (EUA) for individuals 6
months through 11 years of age for the companies’ Omicron XBB.1.5-adapted monovalent
COVID-19 vaccine. The CDC’s ACIP subsequently recommended a COVID-19 vaccine updated for
2023-2024 for everyone aged 6 months and older; this recommendation was adopted by the CDC
Director in September and is now official.
• In August 2023, Pfizer and BioNTech’s Omicron XBB.1.5-adapted monovalent COVID-19 vaccine
(Comirnaty Omicron XBB.1.5) received marketing authorization by the EC for individuals 6 months
of age and older.
▪ Elrexfio (elranatamab-bcmm)
• In October 2023, the Committee for Medicinal Products for Human Use (CHMP) of the European
Medicines Agency adopted a positive opinion, recommending marketing authorization for Elrexfio
for the treatment of adult patients with relapsed and refractory multiple myeloma (RRMM) who
have received at least three prior therapies, including an immunomodulatory agent, a proteasome
inhibitor and an anti-CD38 antibody, and have demonstrated disease progression on the last therapy.
The EC, which authorizes central marketing approvals in the EU, will take a legally binding decision
based on the CHMP recommendation and is expected to make a final decision in the coming months.
If granted, the decision will apply to all 27 EU member states plus Iceland, Liechtenstein and
Norway.
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• In August 2023, Pfizer announced the FDA granted accelerated approval to Elrexfio for the
treatment of adult patients with RRMM who have received at least four prior lines of therapy,
including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal
antibody. Elrexfio is the first off-the-shelf (ready-to-use) fixed-dose, subcutaneous B-cell maturation
antigen (BCMA)-directed agent in the U.S. with the option for every-other-week long-term dosing
after 24 weeks of weekly treatment (for patients who have achieved a response and maintained it for
at least two months). Approval was based on the results of the single-arm Phase 2 MagnetisMM-3
trial, and continued approval for this indication is contingent upon verification of clinical benefit in a
confirmatory trial(s).
▪ Litfulo (ritlecitinib) – In September 2023, Pfizer announced the EC granted marketing authorization for
Litfulo, a once-daily oral capsule to treat adults and adolescents 12 years of age and older with severe
alopecia areata. The marketing authorization for Litfulo is valid in all 27 EU member states and in Iceland,
Liechtenstein and Norway. Litfulo is the first medicine authorized by the EC to treat individuals as young as
12 years of age with severe alopecia areata and is the first and only treatment to selectively inhibit Janus
kinase 3 (JAK3) and the tyrosine kinase expressed in hepatocellular carcinoma (TEC) family of kinases.
▪ Paxlovid (nirmatrelvir tablets and ritonavir tablets)(8) – In October 2023, Pfizer announced an amended
agreement with the U.S. government, which will facilitate the transition of Paxlovid to traditional
commercial markets in November 2023 (with minimal uptake of NDA-labeled commercial product expected
before January 1, 2024), with prices to be negotiated with commercial payers and a copay assistance
program for eligible privately insured patients. Components of the agreement include:
• A non-cash return of any remaining EUA-labeled U.S. government inventory at the end of 2023,
estimated to be 7.9 million treatment courses, with an associated revenue reversal of approximately
$4.2 billion;
• The conversion of those remaining EUA-labeled treatment courses previously purchased by the U.S.
government to a volume-based credit, which will support continued access to Paxlovid through a
U.S. government patient assistance program (PAP) operated by Pfizer. The PAP will provide the
estimated 7.9 million treatment courses of FDA-approved, NDA-labeled Paxlovid free of charge to
all eligible uninsured, Medicare and Medicaid patients through 2024, and to eligible uninsured and
underinsured patients through 2028; and
• The creation of a U.S. Strategic National Stockpile of 1.0 million treatment courses to enable future
pandemic preparedness through 2028, to be managed and supplied by Pfizer at no cost to the U.S.
government or taxpayers.
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For more information on the amended agreement, please visit https://www.pfizer.com/news/press-release/
press-release-detail/pfizer-amends-us-government-paxlovid-supply-agreement-and
▪ Penbraya (meningococcal groups A, B, C, W and Y vaccine) – In October 2023, Pfizer announced the
FDA approved Penbraya, the first and only pentavalent vaccine that provides coverage against the five most
common serogroups causing meningococcal disease in adolescents and young adults 10 through 25 years of
age. Penbraya combines the components from Pfizer’s Trumenba (meningococcal group B vaccine) and
Nimenrix (meningococcal groups A, C, W-135, and Y conjugate vaccine) to help protect against the five
most common meningococcal serogroups that cause the majority of invasive meningococcal disease
globally. The CDC’s ACIP subsequently recommended Penbraya for adolescents and young adults 16 to 23
years of age when both MenACWY and MenB vaccines are indicated at the same visit to help protect against
the five leading causes of meningococcal disease.
▪ Velsipity (etrasimod) – In October 2023, Pfizer announced the FDA approved Velsipity, an oral, once-
daily, selective sphingosine-1-phosphate (S1P) receptor modulator for adults with moderately to severely
active ulcerative colitis (UC). The approval of Velsipity was based on favorable safety and efficacy data
from the ELEVATE UC Phase 3 trials that were published by The Lancet in March 2023.
Pipeline Developments
A comprehensive update of Pfizer’s development pipeline was published today and is now available at
www.pfizer.com/science/drug-product-pipeline. It includes an overview of Pfizer’s research and a list of
compounds in development with targeted indication and phase of development, as well as mechanism of action
for some candidates in Phase 1 and all candidates from Phase 2 through registration.
▪ Combination COVID-19 & Influenza mRNA Vaccine (PF-07926307) – In October 2023, Pfizer and
BioNTech announced positive topline results from a Phase 1/2 study evaluating the safety, tolerability and
immunogenicity of mRNA-based combination vaccine candidates for influenza and COVID-19 among
healthy adults 18 to 64 years of age. In the clinical trial, the vaccine candidates were compared to a licensed
influenza vaccine and the companies’ Omicron BA.4/BA.5-adapted bivalent COVID-19 vaccine given at the
same visit. The data from the trial showed that the companies' lead formulations demonstrated robust
immune responses to influenza A, influenza B and SARS-CoV-2 strains, and that the combination
formulations evaluated had a safety profile consistent with the safety profile of the companies’ COVID-19
vaccine. A pivotal Phase 3 trial evaluating these lead formulations is expected to be initiated in the coming
months.
▪ First-Generation modFlu mRNA Influenza Vaccine Candidate (PF-07252220) – Today, Pfizer

announces that both primary endpoints were met in the 18- to 64-year-old cohort of the ongoing Phase 3 trial
evaluating its first-generation modFlu mRNA influenza vaccine candidate. In the cohort, the mRNA vaccine
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candidate demonstrated non-inferiority and superiority to a licensed flu vaccine at the time of the primary
analysis. Efficacy was maintained through the trial’s end of season analysis for the 18- to 64-year-old cohort,
with the vaccine candidate remaining non-inferior to the licensed comparator. Both the primary and end of
season efficacy analyses considered both influenza A and B cases collectively, though the vast majority of
cases recorded in this cohort, and during the 2022/2023 flu season overall, were influenza A cases.
Secondary immunogenicity endpoints were achieved only for A strains, not B strains. The safety profile of
the mRNA vaccine candidate in the 18-64-year-old cohort was similar to that of standard flu vaccine. A
readout from the Phase 3 trial’s cohort in adults ages 65 and over is expected later this year.
▪ VLA15 (Lyme Disease Vaccine Candidate) – In September 2023, Pfizer and Valneva SE announced
positive pediatric and adolescent immunogenicity and safety data for their Lyme disease vaccine candidate,
VLA15, when given as a booster. These results from the VLA15-221 Phase 2 study showed a strong
anamnestic antibody response for all serotypes in pediatric (5 to 11 years of age) and adolescent (12 to 17
years of age) participants, as well as in adults (18 to 65 years of age), one month after administration of a
booster dose (month 19). The safety and tolerability profile of VLA15 after a booster dose was consistent
with previous studies, as the vaccine candidate was well-tolerated in all age groups regardless of the primary
vaccination schedule. No vaccine-related serious adverse events and no safety concerns were observed by an
independent Data Safety Monitoring Board.
Corporate Developments
▪ In October 2023, Pfizer announced that it has launched a multi-year, enterprise-wide cost realignment
program that aims to realign its costs with its longer-term revenue expectations. The program is expected to
deliver annual net cost savings of at least $3.5 billion, of which approximately $1.0 billion is expected to be
realized in 2023 and at least an additional $2.5 billion is expected to be realized in 2024 compared to the
midpoint of SI&A and R&D expense guidance provided on August 1, 2023. The one-time costs to achieve
the savings associated with the new cost realignment program are expected to be approximately $3.0 billion,
of which the majority is expected to be cash. These costs will primarily include severance and
implementation costs. Pfizer will continue to refine the estimated savings and their associated costs over the
remainder of the year and will incorporate them into its full-year guidance for 2024.
Additional Developments
▪ In September 2023, Pfizer announced it has restarted the majority of its manufacturing lines at its Rocky
Mount, N.C., facility following severe damage from a tornado that hit the site in July 2023. The resumption
of production also included the launch of one line in the site’s new sterile injectable manufacturing area
referred to as R3, a state-of the-art module approved earlier this year by the FDA. The first shipments of
medicines to distribution centers are anticipated in the fourth quarter of 2023. The expedited restart is the
first step toward full recovery for the facility as Pfizer restarts production through a phased approach, with
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full production across the site’s three manufacturing suites anticipated by the end of 2023. The supply of
medicines impacted by the tornado is expected to be affected until at least mid-2024.
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For additional details, see the attached financial schedules, product revenue tables and disclosure notice.
(1) As used in this document, “Comirnaty” refers to, as applicable, and as authorized or approved, the Pfizer-
BioNTech COVID-19 Vaccine, the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron
BA.4/BA.5), Comirnaty (COVID-19 Vaccine, mRNA, 2023-2024 Formula), the Pfizer-BioNTech
COVID-19 Vaccine (2023-2024 Formula), Comirnaty Original/Omicron BA.1, Comirnaty Original/
Omicron BA.4/BA.5 and Comirnaty XBB.1.5. “Comirnaty” includes direct sales and alliance revenues
related to sales of the above-mentioned vaccines, which are recorded within Pfizer’s Primary Care
customer group. It does not include revenues for certain Comirnaty-related manufacturing activities
performed on behalf of BioNTech, which are included in the Pfizer CentreOne contract development and
manufacturing organization. Revenues related to these manufacturing activities totaled $11 million for the
first nine months of 2023 and $108 million for the first nine months of 2022.
(2) Revenues is defined as revenues in accordance with U.S. generally accepted accounting principles
(GAAP). Reported net income/(loss) and its components are defined as net income/(loss) attributable to
Pfizer Inc. common shareholders and its components in accordance with U.S. GAAP. Reported diluted
earnings per share (EPS) and reported diluted loss per share (LPS) are defined as diluted EPS or LPS
attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP.
(3) Adjusted income/(loss) and Adjusted diluted EPS/(LPS) are defined as U.S. GAAP net income/(loss)
attributable to Pfizer Inc. common shareholders and Reported diluted EPS/(LPS) attributable to Pfizer Inc.
common shareholders before the impact of amortization of intangible assets, certain acquisition-related
items, discontinued operations and certain significant items. See the accompanying reconciliations of
certain GAAP Reported to Non-GAAP Adjusted information for the third quarter and the first nine months
of 2023 and 2022. Adjusted income/(loss) and its components and Adjusted diluted EPS/(LPS) measures
are not, and should not be viewed as, substitutes for U.S. GAAP net income/(loss) and its components and
diluted EPS/(LPS)(2). See the Non-GAAP Financial Measure: Adjusted Income section of Management’s
Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2022 Annual Report
on Form 10-K and the accompanying Non-GAAP Financial Measure: Adjusted Income/(Loss) section of
this press release for a definition of each component of Adjusted income/(loss) as well as other relevant
information.
(4) Pfizer does not provide guidance for GAAP Reported financial measures (other than revenues and
acquired in-process R&D (IPR&D) expenses) or a reconciliation of forward-looking non-GAAP financial
measures to the most directly comparable GAAP Reported financial measures on a forward-looking basis
because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses,
certain acquisition-related expenses, gains and losses from equity securities, actuarial gains and losses
from pension and postretirement plan remeasurements, potential future asset impairments and pending
- 14 -
litigation without unreasonable effort. These items are uncertain, depend on various factors, and could
have a material impact on GAAP Reported results for the guidance period.
Financial guidance for full-year 2023 reflects the following:
▪ Does not assume the completion of any business development transactions not completed as of
October 1, 2023, except for signed transactions, if any, through mid-October 2023, which are
expected to give rise to acquired IPR&D expenses during fiscal 2023.
▪ Reflects a non-cash revenue reversal of approximately $4.2 billion related to the return of an
estimated 7.9 million treatment courses of U.S. government EUA-labeled Paxlovid expected in the
fourth quarter of 2023.
▪ Reflects an anticipated negative revenue impact of approximately $0.2 billion due to recent and
expected generic and biosimilar competition for certain products that have recently lost patent
protection or that are anticipated to lose patent protection during fiscal-year 2023.
▪ Reflects expected impacts from certain short-term headwinds, such as the U.S. approval for the
Talzenna plus Xtandi combination for the treatment of adult patients with HRR gene-mutated
mCRPC, versus an approval in the all-comers population; a shared-clinical decision-making
recommendation for Abrysvo (Older Adult) from the CDC’s ACIP, versus a routine recommendation;
and recent tornado damage to Pfizer’s facility in Rocky Mount, N.C.
▪ Exchange rates assumed are a blend of actual rates in effect through the third quarter of 2023 and end
of September 2023 rates for the remainder of the year. Financial guidance reflects the anticipated
unfavorable impact of approximately $1.0 billion on revenues and approximately $0.19 on Adjusted(3)
diluted EPS as a result of changes in foreign exchange rates relative to the U.S. dollar compared to
foreign exchange rates from 2022.
▪ Guidance for Adjusted(3) diluted EPS assumes diluted weighted-average shares outstanding of
approximately 5.72 billion shares, and assumes no share repurchases in 2023.
(5) Pfizer’s fiscal year-end for international subsidiaries is November 30 while Pfizer’s fiscal year-end for
U.S. subsidiaries is December 31. Therefore, Pfizer’s third quarter and first nine months for U.S.
subsidiaries reflects the three and nine months ended on October 1, 2023 and October 2, 2022, while
Pfizer’s third quarter and first nine months for subsidiaries operating outside the U.S. reflects the three and
nine months ended on August 27, 2023 and August 28, 2022.
(6) References to operational variances in this press release pertain to period-over-period changes that exclude
the impact of foreign exchange rates. Although exchange rate changes are part of Pfizer’s business, they
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are not within Pfizer’s control, and because they can mask positive or negative trends in the business,
Pfizer believes presenting operational variances excluding these foreign exchange changes provides useful
information to evaluate Pfizer’s results.
(7) Humira® is a registered trademark of AbbVie Biotechnology Ltd. Abrilada is interchangeable for the
indications of use, dosage forms, strengths and routes of administration described in the prescribing
information.
(8) The Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula) and certain uses of Paxlovid have not
been approved or licensed by the FDA. The Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula)
has been authorized by the FDA under an EUA to prevent COVID-19 in individuals aged 6 months
through 11 years of age. Paxlovid has been authorized for emergency use by the FDA under an EUA for
the treatment of mild-to-moderate COVID-19 in pediatric patients (12 years of age and older weighing at
least 40 kg) who are at high risk for progression to severe COVID-19, including hospitalization or death.
The emergency uses are only authorized for the duration of the declaration that circumstances exist
justifying the authorization of emergency use of the medical product during the COVID-19 pandemic
under Section 564(b)(1) of the U.S. Federal Food, Drug and Cosmetic Act unless the declaration is
terminated or authorization revoked sooner. Please see the EUA Fact Sheets at www.covid19oralrx.com
and www.cvdvaccine-us.com.
Contacts: Media Investors

[email protected] 212.733.1226 [email protected] 212.733.4848
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PFIZER INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF OPERATIONS(1)
(UNAUDITED)
(millions, except per share data)
Third-Quarter % Incr. / Nine Months % Incr. /

2023 2022 (Decr.) 2023 2022 (Decr.)
Revenues $ 13,232 $ 22,638 (42) $ 44,247 $ 76,040 (42)
Costs and expenses:
Cost of sales(2), (3) 9,269 6,063 53 17,391 24,696 (30)
Selling, informational and administrative expenses(3) 3,281 3,391 (3) 10,196 9,032 13
Research and development expenses(3) 2,711 2,696 1 7,864 7,813 1
Acquired in-process research and development expenses(4) 67 524 (87) 122 880 (86)
Amortization of intangible assets 1,179 822 43 3,466 2,478 40
Restructuring charges and certain acquisition-related costs(5) 155 199 (22) 377 580 (35)
Other (income)/deductions––net(6) (79) (59) 33 (356) 1,063 *
Income/(loss) from continuing operations before provision/
(benefit) for taxes on income/(loss) (3,352) 9,001 * 5,187 29,498 (82)
Provision/(benefit) for taxes on income/(loss)(7) (964) 356 * (320) 3,098 *
Income/(loss) from continuing operations (2,388) 8,645 * 5,507 26,400 (79)
Discontinued operations––net of tax(1) 12 (21) * 11 4 *
Net income/(loss) before allocation to noncontrolling interests (2,376) 8,623 * 5,518 26,404 (79)
Less: Net income attributable to noncontrolling interests 6 15 (57) 30 27 12
Net income/(loss) attributable to Pfizer Inc. common
shareholders $ (2,382) $ 8,608 * $ 5,488 $ 26,378 (79)
Earnings/(loss) per common share––basic:
Income/(loss) from continuing operations attributable to Pfizer
Inc. common shareholders $ (0.42) $ 1.54 * $ 0.97 $ 4.70 (79)
Discontinued operations––net of tax — — — — — —
shareholders $ (0.42) $ 1.54 * $ 0.97 $ 4.71 (79)
Earnings/(loss) per common share––diluted:
Income/(loss) from continuing operations attributable to Pfizer
Inc. common shareholders $ (0.42) $ 1.51 * $ 0.96 $ 4.60 (79)
Discontinued operations––net of tax — — — — — —
shareholders $ (0.42) $ 1.51 * $ 0.96 $ 4.60 (79)
Weighted-average shares used to calculate earnings/(loss) per
common share:
Basic 5,646 5,607 5,642 5,606
Diluted(8) 5,646 5,718 5,714 5,729
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NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS - (UNAUDITED)
(1) The financial statements present the three and nine months ended October 1, 2023 and October 2, 2022. Subsidiaries
operating outside the U.S. are included for the three and nine months ended August 27, 2023 and August 28, 2022.
The financial results for the three and nine months ended October 1, 2023 are not necessarily indicative of the results
that ultimately could be achieved for the full year.
Business development activities impacted financial results in the periods presented. In May 2023, we issued $31
billion of long-term debt as part of the financing for our proposed acquisition of Seagen Inc. (Seagen). See Notes 1A
and 2 to the condensed consolidated financial statements and the Overview of Our Performance, Operating
Environment, Strategy and Outlook––Our Business Development Initiatives section of Management’s Discussion and
Analysis of Financial Condition and Results of Operations in Pfizer’s Quarterly Report on Form 10-Q for the quarterly
period ended July 2, 2023, as well as Notes 1A and 2 to the consolidated financial statements in our 2022 Form 10-K.
Discontinued operations––net of tax in the periods presented relate to post-close adjustments.
Certain amounts in the consolidated statements of operations and associated notes may not add due to rounding. All
percentages have been calculated using unrounded amounts.
(2) For the third quarter and first nine months of 2023, Cost of sales includes a non-cash charge of $5.6 billion recorded in
the third quarter of 2023 for inventory write-offs and other charges ($4.7 billion for Paxlovid and $0.9 billion for
Comirnaty).
(3) Exclusive of amortization of intangible assets.
(4) Acquired in-process research and development expenses includes costs incurred in connection with (a) all upfront and
milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset
acquisitions of acquired in-process research and development.
(5) Restructuring charges and certain acquisition-related costs include the following:
Third-Quarter Nine Months
(MILLIONS) 2023 2022 2023 2022
(a)
Restructuring charges/(credits)––acquisition-related costs $ 7 $ 28 $ 41 $ 74
Restructuring charges/(credits)––cost reduction initiatives(b) 65 149 124 294
Restructuring charges/(credits) 71 177 165 368
Transaction costs(c) 5 — 14 42
Integration/pre-integration costs and other(d) 78 22 198 170
Restructuring charges and certain acquisition-related costs $ 155 $ 199 $ 377 $ 580
(a)
Includes charges/(credits) for employee terminations, asset impairments and other exit costs associated with
business combinations.
(b)
Includes charges/(credits) for employee terminations, asset impairments and other exit costs not associated with
acquisitions.
(c)
Transaction costs represent external costs for banking, legal, accounting and other similar services.
(d)
Integration/pre-integration costs and other represent external, incremental costs directly related to integrating
acquired businesses and our proposed acquisition of Seagen, such as expenditures for consulting and the
integration of systems and processes, and certain other qualifying costs.
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NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS - (UNAUDITED)
(6) Components of Other (income)/deductions––net include:

(MILLIONS) 2023 2022 2023 2022
Interest income $ (523) $ (70) $ (1,015) $ (114)
Interest expense 695 311 1,521 925
Net interest expense(a) 173 240 505 811
Royalty-related income (260) (239) (737) (628)
Net (gains)/losses on asset disposals — 7 (2) 6
Net (gains)/losses recognized during the period on equity securities 393 112 709 1,353
Income from collaborations, out-licensing arrangements and sales
of compound/product rights (10) (4) (84) (17)
Net periodic benefit costs/(credits) other than service costs (92) (306) (260) (294)
Certain legal matters, net(b) 71 77 246 175
Certain asset impairments(c) — 200 264 200
Haleon/Consumer Healthcare JV equity method (income)/loss (131) 51 (354) (283)
Other, net(d) (222) (198) (643) (260)
Other (income)/deductions––net $ (79) $ (59) $ (356) $ 1,063
(a)
The decrease in net interest expense in the third quarter and first nine months of 2023 reflects higher interest
expense driven by our $31 billion aggregate principal amount of senior unsecured notes issued in May 2023 as
part of the financing for our proposed acquisition of Seagen, which was more than offset by higher interest income
on the investment of the net proceeds from the debt issuance.
(b)
The third quarter of 2023 includes legal obligations related to pre-acquisition matters and certain product liability
expenses related to products discontinued and/or divested by Pfizer. The first nine months of 2023 primarily
includes certain product liability and other legal expenses related to products discontinued and/or divested by
Pfizer and legal obligations related to pre-acquisition matters. The third quarter and first nine months of 2022
primarily included certain product liability and other legal expenses related to products discontinued and/or
divested by Pfizer.
(c)
The first nine months of 2023 primarily represents intangible asset impairment charges, including $128 million
related to in-process research and development (IPR&D) and developed technology rights for acquired software
assets, and $120 million resulting from the discontinuation of a study related to an out-licensed IPR&D asset for
the treatment of prostate cancer. The third quarter and first nine months of 2022 represented an IPR&D intangible
asset impairment charge resulting from the discontinuation of the PF-07265803 (lamin A/C protein (LMNA)-
related dilated cardiomyopathy) clinical program.
(d)
The third quarter and first nine months of 2023 includes, among other things, a $222 million gain on the
divestiture of our early-stage rare disease gene therapy portfolio to Alexion Pharma International Operations
Limited, a subsidiary of AstraZeneca PLC. The first nine months of 2023 also includes, among other things,
dividend income of $213 million from our investment in ViiV Healthcare Limited and $211 million from our
investment in Nimbus Therapeutics, LLC (Nimbus) resulting from Takeda Pharmaceutical Company Limited’s
acquisition of Nimbus’s oral, selective allosteric tyrosine kinase 2 (TYK2) inhibitor program subsidiary.
(7) Our effective tax rates for income/(loss) from continuing operations were 28.8% and (6.2)% in the three and nine
months ended October 1, 2023, respectively, and 4.0% and 10.5% in the three and nine months ended October 2, 2022,
respectively. The positive effective tax rate for the third quarter of 2023 reflects a tax benefit on a pre-tax loss
primarily resulting from changes in forecast and jurisdictional mix of earnings. The tax benefit for the third quarter of
2023 and the negative effective tax rate for the first nine months of 2023, compared to the tax provisions for the third
quarter and first nine months of 2022, were primarily due to changes in forecast and jurisdictional mix of earnings. The
tax provisions for the third quarter and first nine months of 2022 also included tax benefits related to global income tax
resolutions in multiple tax jurisdictions spanning multiple tax years that included the closing of U.S. Internal Revenue
Service audits covering five tax years.
(8) For the third quarter of 2023, basic weighted-average shares outstanding of 5,646 million (excluding common share
equivalents) were used to calculate GAAP Reported Loss per common share attributable to Pfizer Inc. common
shareholders––diluted.
- 19 -
NON-GAAP FINANCIAL MEASURE: ADJUSTED INCOME/(LOSS)
Adjusted income/(loss) is an alternative measure of performance used by management to evaluate our overall performance as
a supplement to our GAAP Reported performance measures. As such, we believe that investors’ understanding of our
performance is enhanced by disclosing this measure. We use Adjusted income/(loss), certain components of Adjusted
income/(loss) and Adjusted diluted EPS/(LPS) to present the results of our major operations––the discovery, development,
manufacture, marketing, sale and distribution of biopharmaceutical products worldwide––prior to considering certain income
statement elements as follows:
Relevance of Metrics to Our
Measure Definition
Business Performance
• Provides investors useful
Net income/(loss) attributable to Pfizer Inc. common information to:
shareholders(a) before the impact of amortization of intangible ◦ evaluate the normal
Adjusted income/(loss)
assets, certain acquisition-related items, discontinued operations recurring operational
and certain significant items activities, and their
components, on a
comparable year-over-year
Adjusted cost of sales, Adjusted Cost of sales, Selling, informational and administrative
basis
selling, informational and expenses, Research and development expenses and Other
administrative expenses, Adjusted (income)/deductions––net (a), each before the impact of ◦ assist in modeling expected
research and development expenses amortization of intangible assets, certain acquisition-related future performance on a
and Adjusted other (income)/ items, discontinued operations and certain significant items, normalized basis
deductions––net which are components of the Adjusted income/(loss) measure • Provides investors insight
into the way we manage our
budgeting and forecasting,
EPS/(LPS) attributable to Pfizer Inc. common shareholders–– how we evaluate and manage
diluted (a) before the impact of amortization of intangible assets, our recurring operations and
Adjusted diluted EPS/(LPS)
certain acquisition-related items, discontinued operations and how we reward and
certain significant items compensate our senior
management(b)
(a)
Most directly comparable GAAP measure.
(b)
Beginning in the first quarter of 2022, we no longer exclude any expenses for acquired IPR&D from our non-GAAP Adjusted results but we continue to
exclude certain of these expenses for our financial results for annual incentive compensation purposes.
Adjusted income/(loss) and its components and Adjusted diluted EPS/(LPS) are non-GAAP financial measures that have no
standardized meaning prescribed by GAAP and, therefore, are limited in their usefulness to investors. Because of their non-
standardized definitions, they may not be comparable to the calculation of similar measures of other companies and are
presented to permit investors to more fully understand how management assesses performance. A limitation of these
measures is that they provide a view of our operations without including all events during a period, and do not provide a
comparable view of our performance to peers. These measures are not, and should not be viewed as, substitutes for their most
directly comparable GAAP measures of Net income/(loss) attributable to Pfizer Inc. common shareholders, components of
Net income/(loss) attributable to Pfizer Inc. common shareholders and EPS/(LPS) attributable to Pfizer Inc. common
shareholders—diluted, respectively.
We also recognize that, as internal measures of performance, these measures have limitations, and we do not restrict our
performance-management process solely to these measures. We also use other tools designed to achieve the highest levels of
performance. For example, our R&D organization has productivity targets, upon which its effectiveness is measured. In
addition, total shareholder return, both on an absolute basis and relative to a publicly traded pharmaceutical index, plays a
significant role in determining payouts under certain of our incentive compensation plans.
See the reconciliations of certain GAAP Reported to Non-GAAP Adjusted information for the third quarters and first nine
months of 2023 and 2022 below and the Non-GAAP Financial Measure: Adjusted Income section of Management’s
Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2022 Annual Report on Form 10-K for
additional information.
- 20 -
RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS - (UNAUDITED)
Third-Quarter 2023
Earnings/(loss) per
common share
Selling, Net income/(loss) attributable to Pfizer
informational and attributable to Pfizer Inc. common
Data presented will not (in all cases) aggregate to administrative Other (income)/ Inc. common shareholders––
totals. Cost of sales(1) expenses(1) deductions––net(1) shareholders(1), (2) diluted(3)
GAAP Reported $ 9,269 $ 3,281 $ (79) $ (2,382) $ (0.42)
Amortization of intangible assets — — — 1,179
Acquisition-related items (127) (2) (8) 227
Discontinued operations(4) — — — (13)
Certain significant items:
Restructuring charges/(credits) and implementation
costs and additional depreciation—asset
restructuring(5) (20) (71) — 185
(Gains)/losses on equity securities — — (393) 393
Actuarial valuation and other pension and
postretirement plan (gains)/losses — — 6 (6)
Other(6) (216) (4) 85 137
Income tax provision—non-GAAP items (687)
(7)
Non-GAAP Adjusted $ 8,906 $ 3,205 $ (388) $ (968) $ (0.17)
Nine Months Ended October 1, 2023

Earnings/(loss) per
Selling, Net income/(loss) common share
informational and attributable to Pfizer attributable to Pfizer
Data presented will not (in all cases) aggregate to administrative Other (income)/ Inc. common Inc. common
totals. Cost of sales(1) expenses(1) deductions––net(1) shareholders(1), (2) shareholders––diluted
GAAP Reported $ 17,391 $ 10,196 $ (356) $ 5,488 $ 0.96
Acquisition-related items (360) (7) (158) 778
restructuring(5) (70) (196) — 450
Certain asset impairments(8) — — (264) 264
postretirement plan (gains)/losses — — — —
Other(6) (238) (18) 21 242
Income tax provision—Non-GAAP items (1,478)
(7)
Non-GAAP Adjusted $ 16,723 $ 9,974 $ (1,466) $ 9,908 $ 1.73
- 21 -
RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
Third-Quarter 2022
Earnings/(loss) per
GAAP Reported $ 6,063 $ 3,391 $ (59) $ 8,608 $ 1.51
Amortization of intangible assets — — — 822
Acquisition-related items 3 (2) (12) 62
Discontinued operations(4) — — — 15
restructuring(5) (20) (137) — 306
postretirement plan (gains)/losses — — 193 (193)
Other(6) (8) (12) (325) 349
Income tax provision—non-GAAP items (109)
(7)
Non-GAAP Adjusted $ 6,038 $ 3,239 $ (515) $ 10,172 $ 1.78
Nine Months Ended October 2, 2022

Earnings/(loss) per
GAAP Reported $ 24,696 $ 9,032 $ 1,063 $ 26,378 $ 4.60
Acquisition-related items 12 (5) (51) 331
restructuring(5) (62) (344) — 701
(Gains)/losses on equity securities — — (1,348) 1,348
postretirement plan (gains)/losses — — (225) 225
Other(6) (24) (47) (536) 621
Income tax provision—Non-GAAP items (1,107)
(7)
Non-GAAP Adjusted $ 24,621 $ 8,635 $ (1,298) $ 31,165 $ 5.44
- 22 -
NOTES TO RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
(1) Items that reconcile GAAP Reported to non-GAAP Adjusted balances are shown pre-tax. Our effective tax rates for
GAAP Reported income/(loss) from continuing operations were 28.8% and (6.2)% in the three and nine months ended
October 1, 2023, respectively, and 4.0% and 10.5% in the three and nine months ended October 2, 2022, respectively.
See Note (7) to the Consolidated Statements of Operations above. Our effective tax rates for non-GAAP Adjusted
income/(loss) were 22.3% and 10.4% in the three and nine months ended October 1, 2023, respectively, and 4.4% and
11.9% in the three and nine months ended October 2, 2022, respectively.
(2) The amounts for the third quarters and first nine months of 2023 and 2022 include reconciling amounts for Research
and development expenses that are not material.
(3) For the third quarter of 2023, basic weighted-average shares outstanding of 5,646 million (excluding common share
equivalents) were used to calculate GAAP Reported and non-GAAP Adjusted Loss per common share attributable to
Pfizer Inc. common shareholders––diluted.
(4) The amounts for the third quarters and first nine months of 2023 and 2022 relate to post-close adjustments.
(5) Includes employee termination costs, asset impairments and other exit costs related to our cost-reduction and
productivity initiatives not associated with acquisitions.
(6) For the third quarter and first nine months of 2023, the total Cost of sales adjustments of $216 million and
$238 million, respectively, primarily include $209 million in inventory losses, overhead costs related to the period in
which the facility could not operate, and incremental costs resulting from tornado damage to our manufacturing facility
in Rocky Mount, NC. For the third quarter of 2023, the total Other (income)/deductions––net adjustment of
$85 million primarily includes a $222 million gain on the divestiture of our early-stage rare disease gene therapy
portfolio to Alexion Pharma International Operations Limited (Alexion), a subsidiary of AstraZeneca PLC, partially
offset by charges of $71 million for certain legal matters, representing legal obligations related to pre-acquisition
matters and certain product liability expenses related to products discontinued and/or divested by Pfizer. For the first
nine months of 2023, the total Other (income)/deductions––net adjustment of $21 million primarily includes (i) the
$222 million gain on the divestiture of our early-stage rare disease gene therapy portfolio to Alexion, and (ii) dividend
income of $211 million related to our investment in Nimbus Therapeutics, LLC (Nimbus) resulting from Takeda
Pharmaceutical Company Limited’s acquisition of Nimbus’s oral, selective allosteric tyrosine kinase 2 (TYK2)
inhibitor program subsidiary, partially offset by charges of (i) $246 million for certain legal matters, primarily
representing certain product liability and other legal expenses related to products discontinued and/or divested by
Pfizer and legal obligations related to pre-acquisition matters, and (ii) $92 million mostly related to our equity-method
accounting pro-rata share of intangible asset amortization and impairments, costs of separating from GSK plc (GSK)
and restructuring costs recorded by Haleon plc (Haleon). For the third quarter of 2022, the total Other (income)/
deductions––net adjustment of $325 million primarily included charges of (i) $212 million mostly representing our
equity-method accounting pro rata share of costs of separating from GSK recorded by Haleon/the GSK Consumer
Healthcare joint venture (JV), and adjustments to our equity-method basis differences which are also related to the
separation of Haleon/the GSK Consumer Healthcare JV from GSK, and (ii) $77 million for certain legal matters,
representing certain product liability and other legal expenses related to products discontinued and/or divested by
Pfizer. For the first nine months of 2022, the total Other (income)/deductions––net adjustment of $536 million
primarily included charges of (i) $273 million mostly representing our equity-method accounting pro rata share of
restructuring charges and costs of separating from GSK recorded by Haleon/the GSK Consumer Healthcare JV, and
adjustments to our equity-method basis differences which are also related to the separation of Haleon/the GSK
Consumer Healthcare JV from GSK, and (ii) $175 million for certain legal matters, primarily representing certain
product liability and other legal expenses related to products discontinued and/or divested by Pfizer.
- 23 -
NOTES TO RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
(7) The components of non-GAAP Adjusted Other (income)/deductions––net include the following:
(MILLIONS 2023 2022 2023 2022
Interest income $ (523) $ (70) $ (1,015) $ (114)
Interest expense 698 313 1,528 932
Net interest expense 175 242 512 817
Royalty-related income (260) (239) (737) (628)
Net (gains)/losses on asset disposals — — (8) (1)
Net (gains)/losses recognized during the period on equity securities — 1 (1) 4
Income from collaborations, out-licensing arrangements and sales of
compound/product rights (10) (4) (84) (17)
Net periodic benefit costs/(credits) other than service costs (86) (113) (260) (519)
Haleon/Consumer Healthcare JV equity method (income)/loss (153) (160) (446) (555)
Other, net (54) (242) (443) (398)
Non-GAAP Adjusted Other (income)/deductions––net $ (388) $ (515) $ (1,466) $ (1,298)
See Note (6) to the Consolidated Statements of Operations above for additional information on the components
comprising GAAP Reported Other (income)/deductions––net.
(8) See Note (6) to the Consolidated Statements of Operations above.
- 24 -
PFIZER INC. - REVENUES
THIRD-QUARTER 2023 and 2022 - (UNAUDITED)
WORLDWIDE UNITED STATES TOTAL INTERNATIONAL(a)

% Change % Change % Change
2023 2022 2023 2022 2023 2022
(MILLIONS) Total Oper. Total Total Oper.
TOTAL REVENUES $ 13,232 $ 22,638 (42%) (41%) $ 7,804 $13,851 (44%) $ 5,427 $ 8,786 (38%) (37%)
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(b) $ 12,930 $ 22,319 (42%) (42%) $ 7,717 $13,748 (44%) $ 5,214 $ 8,571 (39%) (38%)
Primary Care $ 6,287 $ 15,846 (60%) (60%) $ 4,089 $10,205 (60%) $ 2,198 $ 5,641 (61%) (60%)
Comirnaty direct sales and alliance revenues(c) 1,307 4,402 (70%) (70%) 995 2,908 (66%) 312 1,494 (79%) (79%)
Eliquis alliance revenues and direct sales 1,498 1,464 2% 3% 883 835 6% 615 628 (2%) (1%)
Prevnar family(d) 1,854 1,607 15% 15% 1,310 1,089 20% 544 517 5% 5%
Paxlovid 202 7,514 (97%) (97%) — 5,044 * 202 2,470 (92%) (91%)
Nurtec ODT/Vydura 233 — * * 227 — * 6 — * *
Abrysvo 375 — * * 375 — * — — — —
Premarin family 92 110 (17%) (17%) 83 100 (18%) 9 10 (7%) (4%)
BMP2 82 58 40% 40% 82 58 40% — — — —
FSME-IMMUN/TicoVac 91 67 37% 31% 1 1 16% 90 66 37% 31%
Nimenrix 43 79 (45%) (43%) — — — 43 79 (45%) (43%)
Trumenba 58 60 (3%) (4%) 55 57 (4%) 3 3 6% 1%
All other Primary Care 452 485 (7%) (4%) 78 111 (29%) 374 374 — 4%
Specialty Care $ 3,757 $ 3,404 10% 12% $ 1,746 $ 1,487 17% $ 2,011 $ 1,917 5% 7%
Vyndaqel family(e) 892 602 48% 47% 511 329 55% 381 273 40% 36%
Xeljanz 503 502 — 1% 371 345 8% 132 157 (16%) (15%)
Enbrel (Outside the U.S. and Canada) 208 230 (10%) (7%) — — — 208 230 (10%) (7%)
Sulperazon 122 178 (32%) (27%) — — — 122 178 (32%) (27%)
Ig Portfolio(f) 140 124 13% 13% 140 124 13% — — — —
Genotropin 158 90 76% 79% 54 19 * 104 71 46% 51%
Zavicefta 130 98 33% 43% — — — 130 98 33% 43%
Inflectra 121 131 (7%) (8%) 61 70 (14%) 61 60 1% —
BeneFIX 107 99 7% 10% 54 53 3% 52 47 12% 19%
Medrol 89 79 12% 12% 39 34 14% 50 45 11% 10%
Zithromax 60 71 (16%) (11%) — — — 59 70 (16%) (11%)
Oxbryta 85 — * * 83 — * 2 — * *
Somavert 69 70 (1%) (2%) 28 31 (10%) 41 38 7% 6%
Refacto AF/Xyntha 61 58 5% 7% 15 13 15% 46 45 2% 4%
Fragmin 57 60 (5%) (7%) 1 1 45% 56 59 (5%) (7%)
Vfend 46 51 (10%) (5%) 2 1 56% 44 50 (12%) (7%)
Cresemba 40 41 (3%) (5%) — — — 40 41 (3%) (5%)
Bicillin 37 36 3% 4% 34 33 2% 3 2 18% 22%
Cibinqo 37 11 * * 8 3 * 28 8 * *
All other Anti-infectives 270 298 (9%) (6%) 57 85 (33%) 213 213 — 5%
All other Specialty Care 527 575 (8%) (7%) 287 345 (17%) 241 230 5% 9%
Oncology $ 2,885 $ 3,070 (6%) (5%) $ 1,881 $ 2,057 (9%) $ 1,004 $ 1,013 (1%) 1%
Ibrance 1,244 1,283 (3%) (3%) 838 872 (4%) 406 411 (1%) (1%)
Xtandi alliance revenues 313 320 (2%) (2%) 313 320 (2%) — — — —
Inlyta 252 252 — 1% 153 152 1% 98 100 (2%) 1%
Bosulif 160 141 14% 14% 114 93 22% 46 47 (3%) (2%)
Lorbrena 159 99 61% 66% 60 49 23% 99 50 98% *
Zirabev 100 146 (32%) (32%) 66 112 (41%) 34 34 (1%) (1%)
Ruxience 88 120 (27%) (26%) 69 106 (35%) 19 15 32% 35%
Xalkori 86 118 (27%) (24%) 22 28 (22%) 64 89 (28%) (24%)
Retacrit 82 87 (5%) (7%) 61 65 (6%) 21 22 (4%) (8%)
Aromasin 76 66 15% 21% — — (27%) 75 65 15% 22%
Bavencio alliance revenues(g) 18 73 (75%) (75%) — 30 (99%) 18 43 (60%) (58%)
Besponsa 54 55 (2%) — 28 31 (8%) 26 25 6% 9%
Braftovi 56 58 (3%) (2%) 53 57 (6%) 3 1 * *
Sutent 42 75 (45%) (44%) 3 11 (69%) 38 64 (40%) (39%)
Mektovi 45 45 (1%) (1%) 43 45 (4%) 2 — * *
Trazimera — 51 (99%) (97%) (22) 32 * 22 20 12% 16%
All other Oncology 110 80 38% 40% 78 55 43% 32 25 28% 35%
BUSINESS INNOVATION(b) $ 302 $ 319 (5%) (7%) $ 88 $ 103 (15%) $ 214 $ 216 (1%) (3%)
Pfizer CentreOne(h) 291 318 (8%) (10%) 78 102 (24%) 214 216 (1%) (3%)
Pfizer Ignite 10 1 * * 10 1 * — — — —
Total Alliance revenues included above $ 1,645 $ 1,689 (3%) (3%) $ 1,236 $ 1,208 2% $ 409 $ 482 (15%) (18%)
See end of tables for notes.
- 25 -
PFIZER INC.
INTERNATIONAL REVENUES BY GEOGRAPHIC REGION
THIRD-QUARTER 2023 and 2022 - (UNAUDITED)
DEVELOPED EUROPE(i) DEVELOPED REST OF WORLD(j) EMERGING MARKETS(k)

2023 2022 2023 2022 2023 2022
(MILLIONS) Total Oper. Total Oper. Total Oper.
TOTAL INTERNATIONAL REVENUES $ 1,981 $ 3,136 (37%) (40%) $ 1,073 $ 2,351 (54%) (52%) $ 2,373 $ 3,300 (28%) (24%)
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(b) $ 1,854 $ 2,982 (38%) (41%) $ 1,057 $ 2,329 (55%) (53%) $ 2,303 $ 3,260 (29%) (25%)
Primary Care $ 767 $ 1,955 (61%) (63%) $ 478 $ 1,742 (73%) (71%) $ 954 $ 1,944 (51%) (49%)
Comirnaty direct sales and alliance revenues(c) 86 269 (68%) (69%) 195 265 (26%) (23%) 31 960 (97%) (97%)
Eliquis alliance revenues and direct sales 342 347 (1%) (6%) 67 105 (36%) (33%) 206 177 17% 28%
Prevnar family(d) 100 96 4% (1%) 70 72 (2%) 2% 374 350 7% 8%
Paxlovid 9 1,025 (99%) (99%) 82 1,221 (93%) (93%) 111 223 (50%) (48%)
Nurtec ODT/Vydura 1 — * * — — — — 5 — * *
Abrysvo — — — — — — — — — — — —
Premarin family — — — — 5 4 3% 7% 4 5 (14%) (13%)
BMP2 — — — — — — — — — — — —
FSME-IMMUN/TicoVac 78 55 41% 35% — — — — 13 11 19% 10%
Nimenrix 14 25 (45%) (47%) 5 3 52% 58% 25 51 (52%) (47%)
Trumenba 2 2 8% 3% — — — — 1 1 (2%) (8%)
All other Primary Care 135 136 (1%) (5%) 54 71 (25%) (21%) 185 167 11% 21%
Specialty Care $ 706 $ 627 13% 7% $ 396 $ 381 4% 8% $ 909 $ 909 — 8%
Vyndaqel family(e) 279 206 35% 28% 66 49 36% 43% 35 18 95% *
Xeljanz 53 55 (3%) (9%) 41 57 (29%) (26%) 39 45 (14%) (8%)
Enbrel (Outside the U.S. and Canada) 78 92 (14%) (19%) 35 39 (11%) (7%) 95 100 (4%) 3%
Sulperazon — — — — — 1 * * 122 177 (31%) (27%)
Ig Portfolio(f) — — — — — — — — — — — —
Genotropin 35 25 38% 30% 26 22 16% 19% 43 23 84% *
Zavicefta 34 25 36% 28% 1 — * * 96 73 31% 47%
Inflectra 25 28 (13%) (18%) 33 29 14% 18% 3 3 1% (6%)
BeneFIX 12 13 (7%) (12%) 13 13 (2%) — 27 21 32% 49%
Medrol 15 14 10% 4% 10 9 13% 18% 26 23 10% 10%
Zithromax 10 9 13% 7% 5 5 14% 19% 44 57 (22%) (17%)
Oxbryta 2 — * * — — — — — — * *
Somavert 31 29 4% (2%) 5 5 5% 9% 5 4 29% 53%
Refacto AF/Xyntha 16 20 (20%) (24%) 4 4 (7%) (6%) 26 21 23% 32%
Fragmin 36 34 4% — 12 13 (3%) — 8 12 (34%) (35%)
Vfend 3 3 (8%) (13%) 7 9 (16%) (14%) 34 38 (12%) (5%)
Cresemba 28 28 (3%) (8%) — — 36% 41% 12 13 (5%) —
Bicillin — — — — 3 2 19% 23% — — — —
Cibinqo 4 1 * * 3 1 * * 21 7 * *
All other Anti-infectives 35 33 4% (2%) 23 22 5% 8% 155 158 (2%) 6%
All other Specialty Care 13 12 3% 2% 110 102 8% 12% 118 116 2% 7%
Oncology $ 381 $ 400 (5%) (10%) $ 183 $ 206 (11%) (7%) $ 439 $ 407 8% 16%
Ibrance 195 193 1% (5%) 86 94 (9%) (5%) 125 124 1% 7%
Xtandi alliance revenues — — — — — — — — — — — —
Inlyta 35 42 (17%) (21%) 15 17 (9%) (5%) 48 41 17% 25%
Bosulif 25 24 5% — 15 16 (5%) — 6 8 (23%) (13%)
Lorbrena 20 16 24% 17% 12 9 31% 37% 67 25 * *
Zirabev 20 22 (11%) (16%) 8 9 (17%) (13%) 6 2 * *
Ruxience 7 6 17% 11% 7 7 4% 8% 5 2 * *
Xalkori 17 19 (11%) (16%) 8 9 (9%) (6%) 39 61 (36%) (30%)
Retacrit 21 21 (1%) (6%) — — — — — 1 (74%) (76%)
Aromasin 6 6 (6%) (11%) 1 1 (15%) (12%) 69 58 18% 26%
Bavencio alliance revenues(g) 8 22 (64%) (65%) 6 15 (61%) (59%) 4 6 (40%) (32%)
Besponsa 11 8 35% 27% 6 7 (4%) — 9 10 (11%) 1%
Braftovi — — — — 1 1 51% 56% 2 — * *
Sutent 3 11 (71%) (73%) 9 13 (27%) (24%) 26 41 (36%) (35%)
Mektovi — — — — 1 — * * 1 — * *
Trazimera 9 9 (2%) (6%) 2 2 (13%) (9%) 12 9 30% 43%
All other Oncology 5 1 * * 6 6 (4%) (1%) 21 18 15% 25%
BUSINESS INNOVATION(b) $ 127 $ 154 (17%) (21%) $ 16 $ 22 (26%) (23%) $ 70 $ 40 76% 74%
Pfizer CentreOne(h) 127 154 (17%) (21%) 16 22 (26%) (23%) 70 40 76% 74%
Pfizer Ignite — — — — — — — — — — — —
Total Alliance revenues included above $ 333 $ 353 (6%) (10%) $ 73 $ 124 (41%) (39%) $ 4 $ 5 (26%) 10%
- 26 -
PFIZER INC. - REVENUES
NINE MONTHS 2023 and 2022 - (UNAUDITED)
WORLDWIDE UNITED STATES TOTAL INTERNATIONAL(a)

2023 2022 2023 2022 2023 2022
(MILLIONS) Total Oper. Total Total Oper.
TOTAL REVENUES $ 44,247 $ 76,040 (42%) (40%) $ 22,497 $33,991 (34%) $ 21,750 $ 42,049 (48%) (46%)
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(b) $ 43,320 $ 75,066 (42%) (41%) $ 22,208 $33,700 (34%) $ 21,112 $ 41,366 (49%) (46%)
Primary Care $ 23,602 $ 55,676 (58%) (56%) $ 11,683 $23,688 (51%) $ 11,919 $ 31,988 (63%) (61%)
Comirnaty direct sales and alliance revenues(c) 5,859 26,477 (78%) (77%) 1,340 6,303 (79%) 4,519 20,174 (78%) (76%)
Eliquis alliance revenues and direct sales 5,135 5,001 3% 4% 3,296 2,979 11% 1,838 2,022 (9%) (6%)
Prevnar family(d) 4,835 4,601 5% 6% 3,210 3,010 7% 1,624 1,591 2% 6%
Paxlovid 4,414 17,099 (74%) (73%) 1,960 10,514 (81%) 2,454 6,584 (63%) (60%)
Nurtec ODT/Vydura 646 1 * * 633 — * 13 1 * *
Abrysvo 375 — * * 375 — * — — — —
Premarin family 299 327 (9%) (8%) 273 301 (9%) 26 27 (2%) 3%
BMP2 252 201 26% 26% 252 201 26% — — — —
FSME-IMMUN/TicoVac 237 177 34% 33% 2 1 78% 235 176 34% 33%
Nimenrix 121 221 (45%) (42%) — — — 121 221 (45%) (42%)
Trumenba 108 108 — — 99 100 (1%) 10 9 8% 8%
All other Primary Care 1,321 1,463 (10%) (5%) 242 280 (14%) 1,079 1,183 (9%) (3%)
Specialty Care $ 11,021 $ 10,267 7% 11% $ 4,830 $ 4,106 18% $ 6,192 $ 6,161 1% 6%
Vyndaqel family(e) 2,360 1,766 34% 35% 1,329 890 49% 1,031 876 18% 20%
Xeljanz 1,210 1,304 (7%) (6%) 794 802 (1%) 416 502 (17%) (13%)
Enbrel (Outside the U.S. and Canada) 627 767 (18%) (14%) — — — 627 767 (18%) (14%)
Sulperazon 619 598 4% 11% — — — 619 598 4% 11%
Ig Portfolio(f) 428 356 20% 20% 428 356 20% — — — —
Genotropin 379 261 46% 52% 106 41 * 273 219 25% 32%
Zavicefta 378 302 25% 36% — — — 378 302 25% 36%
Inflectra 373 403 (7%) (6%) 195 228 (14%) 179 175 2% 5%
BeneFIX 321 325 (1%) 3% 171 180 (5%) 151 144 4% 13%
Medrol 263 235 12% 14% 111 89 25% 151 146 4% 7%
Zithromax 254 250 1% 9% 1 1 (25%) 253 249 2% 9%
Oxbryta 232 — * * 229 — * 3 — * *
Somavert 200 202 (1%) 1% 81 84 (3%) 118 118 — 3%
Refacto AF/Xyntha 177 188 (5%) (1%) 45 48 (6%) 133 140 (5%) 1%
Fragmin 175 202 (14%) (11%) 2 3 (27%) 173 199 (13%) (11%)
Vfend 153 171 (10%) (4%) 5 4 38% 148 167 (11%) (5%)
Cresemba 141 114 24% 26% — — — 141 114 24% 26%
Bicillin 134 108 24% 24% 127 102 24% 7 6 18% 25%
Cibinqo 91 17 * * 27 6 * 64 11 * *
All other Anti-infectives 820 900 (9%) (4%) 196 243 (19%) 624 657 (5%) 1%
All other Specialty Care 1,687 1,799 (6%) (4%) 982 1,029 (5%) 705 769 (8%) (3%)
Oncology $ 8,696 $ 9,124 (5%) (3%) $ 5,695 $ 5,907 (4%) $ 3,001 $ 3,217 (7%) (2%)
Ibrance 3,635 3,841 (5%) (4%) 2,438 2,493 (2%) 1,197 1,347 (11%) (8%)
Xtandi alliance revenues 877 878 — — 877 878 — — — — —
Inlyta 773 760 2% 3% 476 454 5% 297 306 (3%) 1%
Bosulif 463 425 9% 11% 325 277 17% 139 148 (6%) (2%)
Lorbrena 393 247 59% 64% 164 129 27% 228 118 93% *
Zirabev 335 432 (22%) (22%) 238 317 (25%) 98 115 (15%) (13%)
Ruxience 302 357 (15%) (15%) 246 320 (23%) 56 37 52% 60%
Xalkori 283 362 (22%) (18%) 75 78 (4%) 209 285 (27%) (22%)
Retacrit 262 308 (15%) (15%) 202 247 (18%) 60 61 (2%) (1%)
Aromasin 225 187 20% 28% 2 2 2% 223 185 20% 28%
Bavencio alliance revenues(g) 186 198 (6%) (2%) 60 75 (20%) 126 124 2% 9%
Besponsa 171 164 4% 7% 98 95 3% 74 69 6% 12%
Braftovi 156 156 — — 148 154 (4%) 7 2 * *
Sutent 136 287 (53%) (50%) 16 29 (46%) 120 258 (53%) (51%)
Mektovi 127 129 (2%) (1%) 124 129 (4%) 3 1 * *
Trazimera 67 149 (55%) (53%) — 86 * 67 64 6% 11%
All other Oncology 304 243 25% 28% 207 146 42% 97 97 — 6%
BUSINESS INNOVATION(b) $ 928 $ 974 (5%) (4%) $ 289 $ 291 (1%) $ 639 $ 683 (6%) (6%)
Pfizer CentreOne(h) 903 972 (7%) (7%) 264 290 (9%) 639 683 (6%) (6%)
Pfizer Ignite 25 1 * * 25 1 * — — — —
Total Alliance revenues included above $ 5,672 $ 6,320 (10%) (10%) $ 4,338 $ 3,987 9% $ 1,335 $ 2,333 (43%) (41%)
- 27 -
PFIZER INC.
INTERNATIONAL REVENUES BY GEOGRAPHIC REGION
NINE MONTHS 2023 and 2022 - (UNAUDITED)
DEVELOPED EUROPE(i) DEVELOPED REST OF WORLD(j) EMERGING MARKETS(k)

2023 2022 2023 2022 2023 2022
(MILLIONS) Total Oper. Total Oper. Total Oper.
TOTAL INTERNATIONAL REVENUES $ 7,217 $14,705 (51%) (50%) $ 4,852 $ 10,671 (55%) (51%) $ 9,681 $16,673 (42%) (39%)
GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(b) $ 6,792 $14,196 (52%) (51%) $ 4,789 $ 10,607 (55%) (51%) $ 9,531 $16,563 (42%) (39%)
Primary Care $ 3,598 $10,875 (67%) (66%) $ 3,050 $ 8,651 (65%) (61%) $ 5,271 $12,462 (58%) (56%)
Comirnaty direct sales and alliance revenues(c) 1,228 6,542 (81%) (80%) 1,753 4,688 (63%) (59%) 1,537 8,945 (83%) (83%)
Eliquis alliance revenues and direct sales 1,004 1,099 (9%) (8%) 213 324 (34%) (29%) 621 598 4% 9%
Prevnar family(d) 354 339 4% 6% 233 251 (7%) — 1,038 1,002 4% 7%
Paxlovid 389 2,242 (83%) (82%) 649 3,133 (79%) (78%) 1,416 1,209 17% 25%
Nurtec ODT/Vydura 1 — * * — — — — 12 1 * *
Abrysvo — — — — — — — — — — — —
Premarin family 1 1 (27%) (24%) 13 14 (9%) (3%) 13 12 8% 13%
BMP2 — — — — — — — — — — — —
FSME-IMMUN/TicoVac 192 140 37% 37% — — — — 43 35 21% 18%
Nimenrix 49 72 (31%) (30%) 15 14 11% 17% 57 135 (58%) (54%)
Trumenba 7 7 4% 4% — — — — 2 2 21% 17%
All other Primary Care 373 433 (14%) (13%) 174 227 (23%) (17%) 532 523 2% 12%
Specialty Care $ 2,056 $ 1,973 4% 4% $ 1,149 $ 1,293 (11%) (5%) $ 2,987 $ 2,895 3% 12%
Vyndaqel family(e) 768 582 32% 31% 183 245 (26%) (19%) 79 49 63% 75%
Xeljanz 157 173 (9%) (9%) 133 181 (27%) (21%) 125 148 (15%) (8%)
Enbrel (Outside the U.S. and Canada) 235 307 (24%) (23%) 106 153 (31%) (25%) 286 307 (7%) 1%
Sulperazon — — — — 1 3 (83%) (80%) 618 594 4% 12%
Ig Portfolio(f) — — — — — — — — — — — —
Genotropin 94 78 21% 21% 72 69 5% 13% 106 72 47% 64%
Zavicefta 86 76 13% 13% 2 1 81% 88% 290 225 29% 43%
Inflectra 77 90 (14%) (14%) 94 78 21% 27% 8 8 1% 1%
BeneFIX 35 42 (18%) (17%) 38 40 (4%) 1% 78 62 25% 43%
Medrol 46 43 7% 8% 28 26 6% 14% 77 76 1% 4%
Zithromax 42 33 24% 26% 15 14 2% 11% 196 201 (2%) 6%
Oxbryta 3 — * * — — — — — — — —
Somavert 89 91 (3%) (3%) 14 14 (1%) 5% 16 13 24% 40%
Refacto AF/Xyntha 47 62 (24%) (24%) 11 13 (14%) (10%) 74 65 15% 27%
Fragmin 107 108 (1%) 1% 35 39 (10%) (6%) 31 52 (40%) (38%)
Vfend 9 10 (17%) (16%) 25 30 (17%) (10%) 115 127 (10%) (3%)
Cresemba 92 91 1% 2% 1 1 42% 51% 48 22 * *
Bicillin — — — — 7 6 20% 27% 1 1 (2%) 4%
Cibinqo 10 3 * * 8 1 * * 46 7 * *
All other Anti-infectives 107 107 — — 63 69 (9%) (3%) 454 480 (6%) 2%
All other Specialty Care 53 75 (29%) (27%) 314 309 2% 8% 338 386 (12%) (7%)
Oncology $ 1,138 $ 1,348 (16%) (15%) $ 590 $ 663 (11%) (4%) $ 1,273 $ 1,206 6% 13%
Ibrance 544 657 (17%) (17%) 260 311 (16%) (9%) 393 380 3% 10%
Xtandi alliance revenues — — — — — — — — — — — —
Inlyta 111 132 (16%) (16%) 47 55 (15%) (9%) 140 118 18% 25%
Bosulif 71 75 (5%) (4%) 47 50 (7%) 2% 21 23 (11%) (3%)
Lorbrena 57 48 18% 18% 34 28 21% 31% 137 42 * *
Zirabev 60 78 (23%) (23%) 24 29 (15%) (8%) 13 9 47% 63%
Ruxience 20 15 29% 30% 20 18 12% 19% 16 3 * *
Xalkori 55 62 (12%) (12%) 25 29 (12%) (5%) 128 193 (34%) (28%)
Retacrit 59 60 (1%) (1%) — — — — 1 1 (13%) (13%)
Aromasin 18 18 (4%) (4%) 4 4 (20%) (14%) 202 163 24% 33%
Bavencio alliance revenues(g) 56 57 (2%) — 45 49 (9%) — 25 17 47% 66%
Besponsa 28 26 6% 5% 19 23 (14%) (7%) 26 20 29% 43%
Braftovi — — — — 5 2 * * 2 — * *
Sutent 12 59 (79%) (79%) 31 41 (24%) (18%) 77 158 (51%) (49%)
Mektovi — — — — 2 1 * * 1 — * *
Trazimera 26 28 (6%) (6%) 5 6 (9%) (2%) 36 30 20% 29%
All other Oncology 21 32 (33%) (32%) 20 18 10% 16% 55 47 18% 27%
BUSINESS INNOVATION(b) $ 426 $ 509 (16%) (16%) $ 63 $ 64 (1%) 7% $ 150 $ 110 37% 36%
Pfizer CentreOne(h) 426 509 (16%) (16%) 63 64 (1%) 7% 150 110 37% 36%
Pfizer Ignite — — — — — — — — — — — —
Total Alliance revenues included above $ 1,048 $ 1,862 (44%) (43%) $ 262 $ 388 (32%) (26%) $ 25 $ 84 (70%) (61%)
- 28 -
PFIZER INC.
NOTES TO REVENUES TABLE INFORMATION
(UNAUDITED)
(a) Total International represents Developed Europe region + Developed Rest of World region + Emerging Markets region. Details for these regions are described in footnotes
(i) to (k) below, respectively.
(b) We manage our commercial operations through two operating segments, each led by a single manager: Biopharma, our innovative science-based biopharmaceutical
business, and Business Innovation, an operating segment established in the first quarter of 2023 that includes Pfizer CentreOne (PC1), the company’s global contract
development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients, and Pfizer Ignite, a recently launched offering of
strategic guidance and end-to-end R&D services to select innovative biotech companies that align with Pfizer’s R&D focus areas. Prior-period financial information has
been revised to reflect the current period presentation.
(c) Excludes revenues for certain Comirnaty-related manufacturing activities performed on behalf of BioNTech, which are included in the PC1 contract development and
manufacturing organization. See footnote (h) below.
(d) Prevnar family includes revenues from Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20/Apexxnar (pediatric and adult).
(e) Vyndaqel family includes global revenues from Vyndaqel, as well as revenues for Vyndamax in the U.S. and Vynmac in Japan.
(f) Immunoglobulin (Ig) portfolio includes the revenues from Panzyga, Octagam and Cutaquig.
(g) In March 2023, it was announced that our alliance with Merck KGaA to co-develop and co-commercialize Bavencio (avelumab) would terminate. Effective June 30, 2023,
Merck KGaA took full control of the global commercialization of Bavencio. Beginning in the third quarter of 2023, the related profit share was replaced by a 15% royalty to
Pfizer on net sales of Bavencio. We and Merck KGaA will continue to operationalize our respective ongoing clinical trials for Bavencio; and Merck KGaA will control all
future R&D activities.
(h) PC1 includes revenues from our contract manufacturing, including certain Comirnaty-related manufacturing activities performed on behalf of BioNTech ($11 million for the
first nine months of 2023 and $108 million for the first nine months of 2022, respectively), and revenues from our active pharmaceutical ingredient sales operation, as well
as revenues related to our manufacturing and supply agreements with former legacy Pfizer businesses/partnerships.
(i) Developed Europe region includes the following markets: Western Europe, Scandinavian countries and Finland.
(j) Developed Rest of World region includes the following markets: Japan, Canada, Australia, South Korea and New Zealand.
(k) Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Eastern Europe, Central Europe,
the Middle East, Africa and Turkey.
Amounts may not add due to rounding. All percentages have been calculated using unrounded amounts.
- 29 -
DISCLOSURE NOTICE: Except where otherwise noted, the information contained in this earnings release and the related
attachments is as of October 31, 2023. We assume no obligation to update any forward-looking statements contained in this
earnings release and the related attachments as a result of new information or future events or developments.
This earnings release and the related attachments contain forward-looking statements about, among other topics, our
anticipated operating and financial performance, including financial guidance and projections; reorganizations; business
plans, strategy and prospects; our Environmental, Social and Governance (ESG) priorities, strategy and goals; expectations
for our product pipeline, in-line products and product candidates, including anticipated regulatory submissions, data read-
outs, study starts, approvals, launches, clinical trial results and other developing data, revenue contribution and projections,
potential pricing and reimbursement, potential market dynamics, size and utilization rates, growth, performance, timing of
exclusivity and potential benefits; strategic reviews; capital allocation objectives; an enterprise-wide cost realignment
program, which we launched in October 2023 (including anticipated costs, savings and potential benefits); dividends and
share repurchases; plans for and prospects of our acquisitions, dispositions and other business development activities,
including our proposed acquisition of Seagen, and our ability to successfully capitalize on these opportunities;
manufacturing and product supply; our ongoing efforts to respond to COVID-19, including Comirnaty (as defined in this
earnings release) and our oral COVID-19 treatment (Paxlovid); and our expectations regarding the impact of COVID-19 on
our business, operations and financial results. Given their forward-looking nature, these statements involve substantial
risks, uncertainties and potentially inaccurate assumptions and we cannot assure that any outcome expressed in these
forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use
future dates or use words such as “will,” “may,” “could,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,”
“hope” and other words and terms of similar meaning.
Among the factors that could cause actual results to differ materially from past results and future plans and projected future
results are the following:
Risks Related to Our Business, Industry and Operations, and Business Development:
• the outcome of research and development (R&D) activities, including, the ability to meet anticipated pre-clinical or
clinical endpoints, commencement and/or completion dates for our pre-clinical or clinical trials, regulatory submission
dates, and/or regulatory approval and/or launch dates; the possibility of unfavorable pre-clinical and clinical trial results,
including the possibility of unfavorable new pre-clinical or clinical data and further analyses of existing pre-clinical or
clinical data; risks associated with preliminary, early stage or interim data; the risk that pre-clinical and clinical trial data
are subject to differing interpretations and assessments, including during the peer review/publication process, in the
scientific community generally, and by regulatory authorities; and whether and when additional data from our pipeline
programs will be published in scientific journal publications and, if so, when and with what modifications and
interpretations;
• our ability to successfully address comments received from regulatory authorities such as the FDA or the EMA, or obtain
approval for new products and indications from regulators on a timely basis or at all; regulatory decisions impacting
labeling, including the scope of indicated patient populations, product dosage, manufacturing processes, safety and/or
other matters, including decisions relating to emerging developments regarding potential product impurities;
uncertainties regarding the ability to obtain, and the scope of, recommendations by technical or advisory committees; and
the timing of, and ability to obtain, pricing approvals and product launches, all of which could impact the availability or
commercial potential of our products and product candidates;
• claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates, including
claims and concerns that may arise from the outcome of post-approval clinical trials, which could impact marketing
approval, product labeling, and/or availability or commercial potential, including uncertainties regarding the commercial
or other impact of the results of the Xeljanz ORAL Surveillance (A3921133) study or actions by regulatory authorities
based on analysis of ORAL Surveillance or other data, including on other Janus kinase (JAK) inhibitors in our portfolio;
• the success and impact of external business development activities, including the ability to identify and execute on
potential business development opportunities; the ability to satisfy the conditions to closing of announced transactions in
the anticipated time frame or at all; the ability to realize the anticipated benefits of any such transactions in the
anticipated time frame or at all; the potential need for and impact of additional equity or debt financing to pursue these
opportunities, which could result in increased leverage and/or a further downgrade of our credit ratings; challenges
integrating the businesses and operations; disruption to business and operations relationships; risks related to growing
revenues for certain acquired products; significant transaction costs; and unknown liabilities;
• risks and uncertainties related to Pfizer’s proposed acquisition of Seagen, including, among other things, risks related to
the satisfaction or waiver of the conditions to closing the proposed acquisition (including the failure to obtain necessary
regulatory approvals) in the anticipated timeframe or at all, including the possibility that the proposed acquisition does
not close; risks related to the ability to realize the anticipated benefits of the proposed acquisition, including the
possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected
time period; the risk that the businesses will not be integrated successfully; disruption from the transaction making it
- 30 -
more difficult to maintain business and operational relationships; negative effects of the announcement or the
consummation of the proposed acquisition on the market price of Pfizer’s common stock and/or operating results;
significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the proposed
acquisition or Seagen’s business; risks related to the financing of the transaction; other business effects and uncertainties,
including the effects of industry, market, business, economic, political or regulatory conditions; future exchange and
interest rates; changes in tax and other laws, regulations, rates and policies; the impact of the proposed acquisition on
future business combinations or disposals; uncertainties regarding the commercial success of Pfizer’s and Seagen’s
commercialized and pipeline products; the uncertainties inherent in R&D; whether and when drug applications may be
filed in any jurisdictions for Pfizer’s or Seagen’s pipeline products; whether and when any such applications may be
approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether
the product's benefits outweigh its known risks and determination of the product's efficacy and, if approved, whether any
such products will be commercially successful; and competitive developments;
• competition, including from new product entrants, in-line branded products, generic products, private label products,
biosimilars and product candidates that treat or prevent diseases and conditions similar to those treated or intended to be
prevented by our in-line products and product candidates;
• the ability to successfully market both new and existing products, including biosimilars;
• difficulties or delays in manufacturing, sales or marketing; supply disruptions, shortages or stock-outs at our facilities or
third-party facilities that we rely on; and legal or regulatory actions;
• the impact of public health outbreaks, epidemics or pandemics (such as COVID-19) on our business, operations and
financial condition and results, including impacts on our employees, manufacturing, supply chain, sales and marketing,
R&D and clinical trials;
• risks and uncertainties related to our efforts to develop and commercialize our COVID-19 products, as well as challenges
related to their manufacturing, supply and distribution, including, among others, the risk that as the market for
COVID-19 products becomes more endemic and seasonal, demand for any of our COVID-19 products has and may
continue to be reduced or not meet expectations, or may no longer exist, which has and may continue to lead to reduced
revenues, excess inventory on-hand and/or in the channel which, for Paxlovid and Comirnaty, has resulted in significant
inventory write-offs in the third quarter of 2023 and could continue to result in inventory write-offs or other
unanticipated charges; challenges related to the transition to the commercial market for our COVID-19 products;
uncertainties related to the public’s adherence to vaccines, boosters and treatments; risks related to our ability to achieve
our revenue forecasts for Comirnaty and Paxlovid or any potential future COVID-19 vaccines or treatments;
uncertainties inherent in R&D, including the ability to meet anticipated clinical endpoints, commencement and/or
completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as
risks associated with pre-clinical and clinical data (including Phase 1/2/3 or Phase 4 data for Comirnaty or any vaccine
candidate in the BNT162 program or Paxlovid or any future COVID-19 treatment) in any of our studies in pediatrics,
adolescents or adults or real world evidence, including the possibility of unfavorable new pre-clinical, clinical or safety
data and further analyses of existing pre-clinical, clinical or safety data or further information regarding the quality of
pre-clinical, clinical or safety data, including by audit or inspection; the ability to produce comparable clinical or other
results for Comirnaty, any vaccine candidate or other vaccines that may result from the BNT162 program, Paxlovid or
any future COVID-19 treatment or any other COVID-19 program, including the rate of effectiveness and/or efficacy,
safety and tolerability profile observed to date, in additional analyses of the Phase 3 trial for any such products and
additional studies, in real-world data studies or in larger, more diverse populations following commercialization; the
ability of Comirnaty, any vaccine candidate or any future vaccine to prevent, or Paxlovid or any future COVID-19
treatment to be effective against, COVID-19 caused by emerging virus variants; the risk that use of Comirnaty or
Paxlovid will lead to new information about efficacy, safety or other developments, including the risk of additional
adverse reactions, some of which may be serious; the risk that pre-clinical and clinical trial data are subject to differing
interpretations and assessments, including during the peer review/publication process, in the scientific community
generally, and by regulatory authorities; whether and when additional data from the BNT162 mRNA vaccine program,
Paxlovid or other COVID-19 programs will be published in scientific journal publications and, if so, when and with what
modifications and interpretations; whether regulatory authorities will be satisfied with the design of and results from
existing or future pre-clinical and clinical studies; whether and when submissions to request emergency use or
conditional marketing authorizations for Comirnaty or any future vaccines in additional populations, for a potential
booster dose for Comirnaty, any vaccine candidate or any potential future vaccines (including potential future annual
boosters or re-vaccinations), and/or biologics license and/or EUA applications or amendments to any such applications
may be filed in particular jurisdictions for Comirnaty, any vaccine candidates or any other potential vaccines that may
arise from the BNT162 program, and if obtained, whether or when such EUA or licenses, or existing EUAs, will expire
or terminate; whether and when submissions to request emergency use or conditional marketing authorizations for
Paxlovid or any future COVID-19 treatment and/or any drug applications and/or EUA applications or amendments to
any such applications for any indication for Paxlovid or any future COVID-19 treatment may be filed in particular
- 31 -
jurisdictions, and if obtained, whether or when such EUA or licenses, or existing EUAs, will expire or terminate;
whether and when any application that may be pending or filed for Comirnaty, any vaccine candidate or other vaccines
that may result from the BNT162 program, Paxlovid or any future COVID-19 treatment or any other COVID-19
program may be approved by particular regulatory authorities, which will depend on myriad factors, including making a
determination as to whether the vaccine’s or drug’s benefits outweigh its known risks and determination of the vaccine’s
or drug’s efficacy and, if approved, whether it will be commercially successful; decisions by regulatory authorities
impacting labeling or marketing, manufacturing processes, safety and/or other matters that could affect the availability or
commercial potential of a vaccine or drug, including the authorization or approval of products or therapies developed by
other companies; disruptions in the relationships between us and our collaboration partners, clinical trial sites or third-
party suppliers, including our relationship with BioNTech; the risk that other companies may produce superior or
competitive products; risks related to the availability of raw materials to manufacture or test any such products;
challenges related to our vaccine’s formulation, dosing schedule and attendant storage, distribution and administration
requirements, including risks related to storage and handling after delivery by Pfizer; challenges and risks related to
medication errors such as prescribing or dispensing the wrong strength, improper dosing and self-administration errors;
the risk that we may not be able to successfully develop other vaccine formulations, booster doses or potential future
annual boosters or re-vaccinations or new variant-based or next generation vaccines, potential combination respiratory
vaccines or next generation COVID-19 treatments; the risk that we may not be able to recoup costs associated with our
R&D and manufacturing efforts; risks associated with any changes in the way we approach or provide research funding
for the BNT162 program, Paxlovid or any other COVID-19 program; challenges and risks associated with the pace of
our development programs; the risk that we may not be able to maintain manufacturing capacity or access to logistics or
supply channels commensurate with global demand for our COVID-19 products, which would negatively impact our
ability to supply our COVID-19 products within the projected time periods; whether and when additional supply or
purchase agreements will be reached or existing agreements will be completed or renegotiated; uncertainties regarding
the ability to obtain recommendations from vaccine or treatment advisory or technical committees and other public
health authorities and uncertainties regarding the commercial impact of any such recommendations; pricing and access
challenges for such products; challenges related to public confidence in, or awareness of Comirnaty or Paxlovid,
including challenges driven by misinformation or disinformation, access, concerns about clinical data integrity, or
prescriber and pharmacy education; uncertainties around future changes to applicable healthcare policies and guidelines
issued by the U.S. federal government in connection with the declared termination of the federal government’s
COVID-19 public health emergency as of May 11, 2023; trade restrictions; potential third-party royalties or other claims
related to Comirnaty or Paxlovid; and competitive developments;
• trends toward managed care and healthcare cost containment, and our ability to obtain or maintain timely or adequate
pricing or favorable formulary placement for our products;
• interest rate and foreign currency exchange rate fluctuations, including the impact of possible currency devaluations and
monetary policy actions in countries experiencing high inflation rates;
• any significant issues involving our largest wholesale distributors or government customers, which account for a
substantial portion of our revenues, including contract negotiations or renegotiations with government customers;
• the impact of the increased presence of counterfeit medicines or vaccines in the pharmaceutical supply chain;
• any significant issues related to the outsourcing of certain operational and staff functions to third parties; and any
significant issues related to our JVs and other third-party business arrangements;
• uncertainties related to general economic, political, business, industry, regulatory and market conditions including,
without limitation, uncertainties related to the impact on us, our customers, suppliers and lenders and counterparties to
our foreign-exchange and interest-rate agreements of challenging global economic conditions, such as inflation, and
recent and possible future changes in global financial markets;
• the exposure of our operations globally to possible capital and exchange controls, economic conditions, expropriation
and other restrictive government actions, changes in intellectual property legal protections and remedies, unstable
governments and legal systems and inter-governmental disputes;
• the impact of disruptions related to climate change and natural disasters, including uncertainties related to the impact of
the recent tornado at our manufacturing facility in Rocky Mount, N.C.;
• any changes in business, political and economic conditions due to actual or threatened terrorist activity, geopolitical
instability, political or civil unrest or military action, including the ongoing conflicts between Russia and Ukraine and in
the Middle East and their economic consequences;
• the impact of product recalls, withdrawals and other unusual items, including uncertainties related to regulator-directed
risk evaluations and assessments, including our ongoing evaluation of our product portfolio for the potential presence or
formation of nitrosamines;
• trade buying patterns;
- 32 -
• the risk of an impairment charge related to our intangible assets, goodwill or equity-method investments;
• the impact of, and risks and uncertainties related to, restructurings and internal reorganizations, as well as any other
corporate strategic initiatives and growth strategies, and cost-reduction and productivity initiatives, each of which
requires upfront costs but may fail to yield anticipated benefits and may result in unexpected costs, organizational
disruption or other unintended consequences;
• the ability to successfully achieve our climate goals and progress our environmental sustainability and other ESG
priorities;
Risks Related to Government Regulation and Legal Proceedings:
• the impact of any U.S. healthcare reform or legislation or any significant spending reductions or cost controls affecting
Medicare, Medicaid or other publicly funded or subsidized health programs, including the Inflation Reduction Act of
2022, or changes in the tax treatment of employer-sponsored health insurance that may be implemented;
• U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, pharmaceutical
product pricing, intellectual property, reimbursement or access or restrictions on U.S. direct-to-consumer advertising;
limitations on interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for
our products as a result of highly competitive insurance markets;
• legislation or regulatory action in markets outside of the U.S., such as China or Europe, including, without limitation,
laws related to pharmaceutical product pricing, intellectual property, medicine safety, environmental impact of
medicines, reimbursement or access, including, in particular, continued government-mandated reductions in prices and
access restrictions for certain biopharmaceutical products to control costs in those markets;
• legal defense costs, insurance expenses, settlement costs and contingencies, including those related to actual or alleged
environmental contamination;
• the risk and impact of an adverse decision or settlement and the risk related to adequacy of reserves related to legal
proceedings;
• the risk and impact of tax related litigation and investigations;
• governmental laws and regulations affecting our operations, including, without limitation, the Inflation Reduction Act of
2022, changes in laws and regulations or their interpretation, including, among others, changes in tax laws and
regulations internationally and in the U.S., the adoption of global minimum taxation requirements outside the U.S. and
potential changes to existing tax law by the current U.S. Presidential administration and Congress;
Risks Related to Intellectual Property, Technology and Security:
• any significant breakdown or interruption of our information technology systems and infrastructure (including cloud
services);
• any business disruption, theft of confidential or proprietary information, security threats on facilities or infrastructure,
extortion or integrity compromise resulting from a cyber-attack or other malfeasance by, but not limited to, nation states,
employees, business partners or others;
• the risk that our currently pending or future patent applications may not be granted on a timely basis or at all, or any
patent-term extensions that we seek may not be granted on a timely basis, if at all; and
• risks to our products, patents and other intellectual property, such as: (i) claims of invalidity that could result in loss of
exclusivity; (ii) claims of patent infringement, including asserted and/or unasserted intellectual property claims; (iii)
claims we may assert against intellectual property rights held by third parties; (iv) challenges faced by our collaboration
or licensing partners to the validity of their patent rights; or (v) any pressure, or legal or regulatory action by, various
stakeholders or governments that could potentially result in us not seeking intellectual property protection or agreeing
not to enforce or being restricted from enforcing intellectual property rights related to our products, including Comirnaty
and Paxlovid.
Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual
results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to
put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters
can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in our subsequent
reports on Form 10-Q, in each case including in the sections thereof captioned “Forward-Looking Information and Factors
That May Affect Future Results” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K.
This earnings release may include discussion of certain clinical studies relating to various in-line products and/or product
candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates,
and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are
subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or effectiveness of a
- 33 -
product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may
require additional data or may deny approval altogether.
The information contained on our website or any third-party website is not incorporated by reference into this earnings
release. All trademarks mentioned are the property of their owners.
- 34 -

Q3 2023 PFE Earnings Release

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Q3 2023 PFE Earnings Release

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Pfizer Reports Third-Quarter 2023 Results

▪ Third-Quarter 2023 Revenues of $13.2 Billion

– Revenues for Pfizer’s Non-COVID Products Grew 10% Operationally

* Indicates calculation not meaningful.

($ in millions) Third-Quarter Nine Months

2023 Financial Guidance(4) One-Time Items Included in Guidance(a)

Revenues* $58.0 to $61.0 billion $(4.2) billion

Non-cash Inventory Write-offs(a) $5.6 billion

Adjusted(3) Diluted EPS* $1.45 to $1.65 $(1.47)

▪ Paxlovid revenues of approximately $1 billion, down 95% from 2022 results.

Acquired IPR&D Expenses(4) Approximately $0.1 billion

Approximately $1.9 billion of income

Effective Tax Rate on Adjusted(3) Income Approximately 12.0%

QUARTERLY FINANCIAL HIGHLIGHTS (Third-Quarter 2023 vs. Third-Quarter 2022)

SELECTED REPORTED COSTS AND EXPENSES(2)

($ in millions) Third-Quarter Nine Months

Adjusted(3) Statement of Operations Highlights

SELECTED ADJUSTED(3) COSTS AND EXPENSES

($ in millions) Third-Quarter Nine Months

RECENT NOTABLE DEVELOPMENTS (Since August 1, 2023)

▪ Abrysvo (Respiratory Syncytial Virus Vaccine)

▪ Comirnaty (COVID-19 Vaccine, mRNA)(8)

▪ First-Generation modFlu mRNA Influenza Vaccine Candidate (PF-07252220) – Today, Pfizer

Financial guidance for full-year 2023 reflects the following:

Contacts: Media Investors

Third-Quarter % Incr. / Nine Months % Incr. /

(6) Components of Other (income)/deductions––net include:

Nine Months Ended October 1, 2023

Nine Months Ended October 2, 2022

WORLDWIDE UNITED STATES TOTAL INTERNATIONAL(a)

DEVELOPED EUROPE(i) DEVELOPED REST OF WORLD(j) EMERGING MARKETS(k)

WORLDWIDE UNITED STATES TOTAL INTERNATIONAL(a)

DEVELOPED EUROPE(i) DEVELOPED REST OF WORLD(j) EMERGING MARKETS(k)

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