Pfizer Inc(NYSE:PFE) 
Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic and pain under the Eliquis, Chantix/Champix, and Premarin family brands; biologics, s...
Website: http://www.pfizer.com
Founded: 1849
Full Time Employees: 83,000 (Dec 2022)
CEO: Albert Bourla
Sector: Healthcare
Industry: Drug Manufacturers-General
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At a glance:
- COVID-Related Revenue Normalization Continues: Pfizer is still cycling through a post-pandemic period where demand for COVID products (notably Comirnaty and Paxlovid) has moderated versus peak years, creating year-over-year revenue and earnings volatility.
- Cost Realignment and Margin Focus: Management has been emphasizing cost reductions and operating discipline to protect profitability and cash generation as legacy COVID revenues decline and the company rebalances its expense base.
- Pipeline and Business Development Are Central to the Growth Story: Investor focus remains on the pace and quality of pipeline progress (late-stage readouts, approvals, and lifecycle management) alongside bolt-on deals and partnerships to offset patent losses and rebuild durable growth.
- Patent Expiration Risk and Portfolio Diversification: Like other large pharmas, Pfizer faces upcoming loss-of-exclusivity headwinds on key products, increasing the importance of newer launches and diversified therapeutic areas to sustain revenues.
- Capital Allocation Balances Shareholder Returns and Strategic Investment: Pfizer’s capital priorities generally include maintaining the dividend while preserving flexibility for R&D and acquisitions, with ongoing scrutiny on leverage, cash flow, and the return profile of recent and future deals.
Bull Thesis:
- Robust and Diversified Product Pipeline: Beyond its COVID-19 related products, Pfizer boasts a strong and diversified pipeline across oncology, rare diseases, inflammation & immunology, and internal medicine. Successful development and commercialization of these non-COVID assets are expected to drive future revenue growth and offset declines from older products.
- Strategic Acquisitions Bolstering Future Growth: Pfizer has been strategically active in M&A, notably the acquisition of Seagen, which significantly enhances its oncology portfolio with leading antibody-drug conjugate (ADC) technology. These acquisitions are aimed at strengthening key therapeutic areas and providing long-term growth drivers.
- Strong Free Cash Flow Generation and Shareholder Returns: Despite the decline in COVID-related revenue, Pfizer continues to generate substantial free cash flow from its established product portfolio. This financial strength supports ongoing R&D investments, strategic M&A, and consistent shareholder returns through dividends and share buybacks, attracting income-focused investors.
- Global Reach and Established Market Presence: Pfizer possesses an unparalleled global commercial infrastructure and distribution network. This extensive reach provides a significant advantage in launching new products worldwide and maximizing their market penetration, especially in emerging markets.
Bear Thesis:
- Significant Decline in COVID-19 Related Revenue: The substantial drop in demand for Comirnaty (COVID-19 vaccine) and Paxlovid (antiviral treatment) from their pandemic peaks is a major headwind, leading to a significant year-over-year decline in top-line revenue and impacting overall profitability compared to recent record-breaking years.
- Upcoming Patent Expirations (Loss of Exclusivity): Pfizer faces significant revenue erosion due to upcoming patent expirations for several key blockbuster drugs, including Ibrance, Xeljanz, and potentially Eliquis (shared with BMS). The entry of generic competition for these products will put considerable pressure on future sales and margins.
- Integration Challenges and Execution Risk from M&A: While strategic, large acquisitions like Seagen come with inherent integration risks. Successfully integrating new companies, realizing expected synergies, and ensuring the continued performance of acquired assets can be challenging and may not always meet initial projections, potentially impacting financial performance.
- Pipeline Success Uncertainty and Clinical Trial Risks: Despite a robust pipeline, the success of drug development is inherently uncertain. Clinical trial failures, regulatory delays, or unexpected safety concerns for pipeline candidates can be costly, lead to write-downs, and significantly impact future revenue projections and growth prospects.
Main Competitors:
- Johnson & Johnson ($JNJ) (Janssen Pharmaceuticals (oncology, immunology, neuroscience, infectious diseases, vaccines)), J&J's pharmaceutical division, Janssen, directly competes with Pfizer across multiple therapeutic areas, including oncology (e.g., prostate cancer drugs), immunology (e.g., autoimmune diseases), and vaccines. They also compete for R&D talent, market share in specific drug classes, and access to healthcare providers and payers.
- Merck & Co., Inc. ($MRK) (Keytruda (oncology), Gardasil (HPV vaccine), infectious disease drugs, hospital products), Merck is a major competitor, particularly in oncology with its blockbuster drug Keytruda, which competes with Pfizer's oncology portfolio. They also compete significantly in the vaccine market (e.g., HPV vaccine Gardasil vs. Pfizer's Prevnar/pneumococcal vaccines) and in hospital-based medicines. Both companies invest heavily in R&D for new therapies and compete for market access and physician prescribing.
- Roche Holding AG ($RHHBY) (Herceptin, Avastin, Rituxan (oncology), Ocrevus (neurology), Actemra (immunology), diagnostics), Roche is a global leader in oncology and immunology, directly competing with Pfizer's strong presence in these areas. They also have a significant diagnostics division, which complements their pharma business and provides a competitive edge in personalized medicine. Competition involves developing innovative treatments, securing regulatory approvals, and gaining market share in high-value therapeutic segments.
- Novartis AG ($NVS) (Entresto (cardiovascular), Cosentyx (immunology), Kisqali (oncology), gene therapies), Novartis competes with Pfizer across a broad range of therapeutic areas, including oncology, cardiovascular, immunology, and neuroscience. They are known for their strong R&D pipeline and focus on innovative therapies, including gene therapies. Competition involves developing first-in-class or best-in-class drugs, securing intellectual property, and navigating complex global regulatory and market access landscapes.
- AstraZeneca PLC ($AZN) (Tagrisso, Imfinzi (oncology), Farxiga (cardiovascular/renal/metabolic), Fasenra (respiratory)), AstraZeneca is a strong competitor, especially in oncology, cardiovascular, renal & metabolism (CVRM), and respiratory diseases. Their oncology portfolio directly challenges Pfizer's. They compete through R&D innovation, clinical trial success, and global commercialization efforts to capture market share in key disease areas.
Moat:
Pfizer's competitive moat primarily stems from its vast and diversified intellectual property (IP) portfolio, its extensive global R&D capabilities that allow it to discover and develop novel therapies, and its massive global commercial infrastructure for manufacturing, distribution, and sales. Its strong financial position enables significant investment in R&D and strategic acquisitions. The pharmaceutical industry is intensely competitive. Pfizer faces competition from large, diversified pharmaceutical companies (like those listed above) that have similar R&D and commercial capabilities, often competing directly in the same therapeutic areas (e.g., oncology, immunology, vaccines). It also competes with biotechnology companies specializing in innovative therapies and generic drug manufacturers once patents expire. Pfizer's ability to maintain its moat depends on continuous innovation, successful navigation of clinical trials, effective patent defense, and strategic portfolio management to offset patent expirations with new blockbuster drugs. The industry is characterized by high barriers to entry but also intense rivalry among established players.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-31 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-31 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2022-12-31 | 2022-10-02 | 2022-07-03 | 2022-04-03 | 2021-12-31 | 2021-10-03 | 2021-07-04 | 2021-04-04 | 2020-12-31 | 2020-09-27 | 2020-06-28 | 2020-03-29 | 2019-09-29 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-07-01 | 2018-04-01 | 2017-10-01 | 2017-07-02 | 2017-04-02 | 2016-10-02 | 2016-07-03 | 2016-04-03 | 2015-09-27 | 2015-06-28 | 2015-03-29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | ||||||||||||||||||||||||||||||||||||||||
product revenues | 11,715,000,000 | 14,495,000,000 | 13,920,000,000 | 11,954,000,000 | 11,294,000,000 | 15,085,000,000 | 15,417,000,000 | 10,871,000,000 | 12,443,000,000 | |||||||||||||||||||||||||||||||
alliance revenues | 2,339,000,000 | 2,582,000,000 | 2,298,000,000 | 2,273,000,000 | 2,113,000,000 | 2,248,000,000 | 1,900,000,000 | 2,067,000,000 | 2,172,000,000 | |||||||||||||||||||||||||||||||
royalty revenues | 396,000,000 | 480,000,000 | 436,000,000 | 426,000,000 | 308,000,000 | 431,000,000 | 384,000,000 | 345,000,000 | 263,000,000 | |||||||||||||||||||||||||||||||
total revenues | 14,451,000,000 | 17,557,000,000 | 16,654,000,000 | 14,653,000,000 | 13,715,000,000 | 17,763,000,000 | 17,702,000,000 | 13,283,000,000 | 14,879,000,000 | 14,249,000,000 | 13,232,000,000 | 12,734,000,000 | 18,282,000,000 | 24,290,000,000 | 22,638,000,000 | 27,742,000,000 | 25,661,000,000 | 23,635,000,000 | 24,094,000,000 | 18,977,000,000 | 14,582,000,000 | 5,947,000,000 | 12,131,000,000 | 11,801,000,000 | 12,028,000,000 | 12,680,000,000 | 13,264,000,000 | 13,118,000,000 | 13,298,000,000 | 13,466,000,000 | 12,906,000,000 | 13,168,000,000 | 12,896,000,000 | 12,779,000,000 | 13,045,000,000 | 13,147,000,000 | 13,005,000,000 | 12,087,000,000 | 11,853,000,000 | 10,864,000,000 |
yoy | 5.37% | -1.16% | -5.92% | 10.31% | -7.82% | 24.66% | 33.78% | 4.31% | -18.61% | -41.34% | -41.55% | -54.10% | -28.76% | 2.77% | -6.04% | 46.19% | 75.98% | 297.43% | 98.62% | 60.81% | 21.23% | -53.10% | -8.54% | -10.04% | -9.55% | -5.84% | 2.77% | -0.38% | 3.12% | 5.38% | -1.07% | 0.16% | -0.84% | 5.73% | 10.06% | 21.01% | ||||
qoq | -17.69% | 5.42% | 13.66% | 6.84% | -22.79% | 0.34% | 33.27% | -10.73% | 4.42% | 7.69% | 3.91% | -30.35% | -24.73% | 7.30% | -18.40% | 8.11% | 8.57% | -1.91% | 26.96% | 30.14% | 145.20% | -50.98% | 2.80% | -1.89% | -5.14% | -4.40% | 1.11% | -1.35% | -1.25% | 4.34% | -1.99% | 2.11% | 0.92% | -2.04% | -0.78% | 1.09% | 7.59% | 1.97% | 9.10% | |
costs and expenses: | ||||||||||||||||||||||||||||||||||||||||
cost of sales | 3,548,000,000 | 5,272,000,000 | 4,172,000,000 | 3,778,000,000 | 2,845,000,000 | 5,909,000,000 | 5,263,000,000 | 3,300,000,000 | 3,379,000,000 | 7,563,000,000 | 9,269,000,000 | 3,237,000,000 | 4,886,000,000 | 9,648,000,000 | 6,063,000,000 | 8,648,000,000 | 9,984,000,000 | 9,589,000,000 | 9,973,000,000 | 7,049,000,000 | 4,211,000,000 | 1,504,000,000 | 2,529,000,000 | 2,281,000,000 | 2,378,000,000 | 2,602,000,000 | 2,576,000,000 | 2,433,000,000 | 2,694,000,000 | 2,916,000,000 | 2,563,000,000 | 2,847,000,000 | 2,663,000,000 | 2,470,000,000 | 3,085,000,000 | 3,174,000,000 | 2,851,000,000 | 2,219,000,000 | 2,180,000,000 | 1,838,000,000 |
gross profit | 10,903,000,000 | 12,285,000,000 | 12,482,000,000 | 10,875,000,000 | 10,870,000,000 | 11,854,000,000 | 12,439,000,000 | 9,983,000,000 | 11,500,000,000 | 6,686,000,000 | 3,963,000,000 | 9,497,000,000 | 13,396,000,000 | 14,642,000,000 | 16,575,000,000 | 19,094,000,000 | 15,677,000,000 | 14,046,000,000 | 14,121,000,000 | 11,928,000,000 | 10,371,000,000 | 4,443,000,000 | 9,602,000,000 | 9,520,000,000 | 9,650,000,000 | 10,078,000,000 | 10,688,000,000 | 10,685,000,000 | 10,604,000,000 | 10,550,000,000 | 10,343,000,000 | 10,321,000,000 | 10,233,000,000 | 10,309,000,000 | 9,960,000,000 | 9,973,000,000 | 10,154,000,000 | 9,868,000,000 | 9,673,000,000 | 9,026,000,000 |
yoy | 0.30% | 3.64% | 0.35% | 8.94% | -5.48% | 77.30% | 213.88% | 5.12% | -14.15% | -54.34% | -76.09% | -50.26% | -14.55% | 4.24% | 17.38% | 60.08% | 51.16% | 216.14% | 47.06% | 25.29% | 7.47% | -55.91% | -10.16% | -10.90% | -9.00% | -4.47% | 3.34% | 3.53% | 3.63% | 2.34% | 3.85% | 3.49% | 0.78% | 4.47% | 2.97% | 10.49% | ||||
qoq | -11.25% | -1.58% | 14.78% | 0.05% | -8.30% | -4.70% | 24.60% | -13.19% | 72.00% | 68.71% | -58.27% | -29.11% | -8.51% | -11.66% | -13.19% | 21.80% | 11.61% | -0.53% | 18.39% | 15.01% | 133.42% | -53.73% | 0.86% | -1.35% | -4.25% | -5.71% | 0.03% | 0.76% | 0.51% | 2.00% | 0.21% | 0.86% | -0.74% | 3.50% | -0.13% | -1.78% | 2.90% | 2.02% | 7.17% | |
gross margin % | 75.45% | 69.97% | 74.95% | 74.22% | 79.26% | 66.73% | 70.27% | 75.16% | 77.29% | 46.92% | 29.95% | 74.58% | 73.27% | 60.28% | 73.22% | 68.83% | 61.09% | 59.43% | 58.61% | 62.86% | 71.12% | 74.71% | 79.15% | 80.67% | 80.23% | 79.48% | 80.58% | 81.45% | 79.74% | 78.35% | 80.14% | 78.38% | 79.35% | 80.67% | 76.35% | 75.86% | 78.08% | 81.64% | 81.61% | 83.08% |
selling, informational and administrative expenses | 2,961,000,000 | 4,162,000,000 | 3,186,000,000 | 3,415,000,000 | 3,031,000,000 | 4,274,000,000 | 3,244,000,000 | 3,717,000,000 | 3,495,000,000 | 4,575,000,000 | 3,281,000,000 | 3,497,000,000 | 3,418,000,000 | 4,645,000,000 | 3,391,000,000 | 3,048,000,000 | 2,593,000,000 | 4,086,000,000 | 2,905,000,000 | 2,928,000,000 | 2,783,000,000 | 2,696,000,000 | 3,016,000,000 | 3,030,000,000 | 2,873,000,000 | 3,260,000,000 | 3,511,000,000 | 3,339,000,000 | 3,494,000,000 | 3,542,000,000 | 3,412,000,000 | 3,500,000,000 | 3,425,000,000 | 3,308,000,000 | 3,559,000,000 | 3,471,000,000 | 3,385,000,000 | 3,270,000,000 | 3,386,000,000 | 3,104,000,000 |
research and development expenses | 2,490,000,000 | 3,206,000,000 | 2,546,000,000 | 2,482,000,000 | 2,203,000,000 | 3,035,000,000 | 2,598,000,000 | 2,696,000,000 | 2,493,000,000 | 2,815,000,000 | 2,711,000,000 | 2,648,000,000 | 2,505,000,000 | 3,615,000,000 | 2,696,000,000 | 2,815,000,000 | 2,301,000,000 | 5,909,000,000 | 3,447,000,000 | 2,459,000,000 | 2,014,000,000 | 3,189,000,000 | 2,360,000,000 | 2,132,000,000 | 1,724,000,000 | 2,283,000,000 | 1,842,000,000 | 1,703,000,000 | 2,008,000,000 | 1,797,000,000 | 1,743,000,000 | 1,859,000,000 | 1,780,000,000 | 1,708,000,000 | 1,881,000,000 | 1,748,000,000 | 1,731,000,000 | 1,722,000,000 | 1,734,000,000 | 1,885,000,000 |
acquired in-process research and development expenses | 137,000,000 | 212,000,000 | 1,390,000,000 | 2,000,000 | 9,000,000 | 88,000,000 | 13,000,000 | 6,000,000 | 72,000,000 | 67,000,000 | 33,000,000 | 21,000,000 | 73,000,000 | 524,000,000 | 1,000,000 | 355,000,000 | ||||||||||||||||||||||||
amortization of intangible assets | 1,183,000,000 | 1,230,000,000 | 1,223,000,000 | 1,211,000,000 | 1,211,000,000 | 1,359,000,000 | 1,312,000,000 | 1,307,000,000 | 1,308,000,000 | 1,267,000,000 | 1,179,000,000 | 1,184,000,000 | 1,103,000,000 | 1,131,000,000 | 822,000,000 | 822,000,000 | 835,000,000 | 916,000,000 | 981,000,000 | 931,000,000 | 872,000,000 | 748,000,000 | 898,000,000 | 905,000,000 | 885,000,000 | 1,212,000,000 | 1,184,000,000 | 1,183,000,000 | 1,253,000,000 | 1,191,000,000 | 1,196,000,000 | 1,177,000,000 | 1,208,000,000 | 1,186,000,000 | 968,000,000 | 961,000,000 | 1,006,000,000 | 937,000,000 | 872,000,000 | 940,000,000 |
restructuring charges and certain acquisition-related costs | 100,000,000 | 605,000,000 | 286,000,000 | -18,000,000 | 678,000,000 | 750,000,000 | 313,000,000 | 1,254,000,000 | 102,000,000 | 2,566,000,000 | 155,000,000 | 214,000,000 | 9,000,000 | 795,000,000 | 199,000,000 | 189,000,000 | 192,000,000 | 134,000,000 | 646,000,000 | -1,000,000 | 23,000,000 | 165,000,000 | 4,000,000 | 362,000,000 | 69,000,000 | 365,000,000 | 46,000,000 | 85,000,000 | 44,000,000 | 43,000,000 | 149,000,000 | 70,000,000 | 157,000,000 | 531,000,000 | 316,000,000 | 141,000,000 | 581,000,000 | 86,000,000 | 60,000,000 | |
other (income)/deductions––net | 861,000,000 | 4,514,000,000 | 517,000,000 | 739,000,000 | 953,000,000 | 2,358,000,000 | 243,000,000 | 1,107,000,000 | 680,000,000 | -479,000,000 | -79,000,000 | -347,000,000 | 70,000,000 | -846,000,000 | -59,000,000 | 772,000,000 | 350,000,000 | -1,181,000,000 | -1,696,000,000 | -998,000,000 | -1,004,000,000 | 162,000,000 | 1,148,000,000 | 221,000,000 | 319,000,000 | 126,000,000 | 92,000,000 | 51,000,000 | 1,417,000,000 | 1,068,000,000 | 330,000,000 | 661,000,000 | 55,000,000 | |||||||
income from continuing operations before provision for taxes on income | 3,170,000,000 | -1,642,000,000 | 3,334,000,000 | 3,044,000,000 | 2,785,000,000 | -10,000,000 | 4,715,000,000 | -103,000,000 | 3,421,000,000 | -4,129,000,000 | -3,352,000,000 | 2,269,000,000 | 6,270,000,000 | 5,231,000,000 | 9,001,000,000 | 11,447,000,000 | 9,050,000,000 | 5,032,000,000 | 7,836,000,000 | 6,609,000,000 | 5,683,000,000 | 2,503,500,000 | 2,176,000,000 | 3,953,000,000 | 3,885,000,000 | 10,727,000,000 | 4,323,000,000 | 4,127,000,000 | 3,585,000,000 | 3,815,000,000 | 1,604,000,000 | 2,410,000,000 | 3,561,000,000 | 2,697,000,000 | 3,082,000,000 | |||||
yoy | 13.82% | 16320.00% | -29.29% | -3055.34% | -18.59% | -99.76% | -240.66% | -104.54% | -45.44% | -178.93% | -137.24% | -80.18% | -30.72% | 3.95% | 14.87% | 73.20% | 59.25% | 101.00% | 260.11% | 67.19% | 46.28% | -76.66% | -8.56% | 20.59% | 157.29% | 48.76% | 7.13% | -21.80% | ||||||||||||
qoq | -293.06% | -149.25% | 9.53% | 9.30% | -27950.00% | -100.21% | -4677.67% | -103.01% | -182.85% | 23.18% | -247.73% | -63.81% | 19.86% | -41.88% | -21.37% | 26.49% | 79.85% | -35.78% | 18.57% | 16.29% | 127.00% | 15.05% | -44.95% | 1.75% | -63.78% | 15.12% | -6.03% | -33.44% | -32.32% | 32.04% | ||||||||||
operating margin % | 21.94% | -9.35% | 20.02% | 20.77% | 20.31% | -0.06% | 26.64% | -0.78% | 22.99% | -28.98% | -25.33% | 17.82% | 34.30% | 21.54% | 39.76% | 41.26% | 35.27% | 21.29% | 32.52% | 34.83% | 38.97% | 42.10% | 17.94% | 33.50% | 32.30% | 84.60% | 0% | 32.95% | 0% | 0% | 31.98% | 27.23% | 29.58% | 0% | 12.30% | 18.33% | 27.38% | 22.31% | 0% | 28.37% |
provision for taxes on income | 461,000,000 | -2,000,000 | -216,000,000 | 141,000,000 | -189,000,000 | -421,000,000 | 234,000,000 | -134,000,000 | 293,000,000 | -795,000,000 | -964,000,000 | -71,000,000 | 715,000,000 | 230,000,000 | 356,000,000 | 1,570,000,000 | 1,172,000,000 | 379,500,000 | -331,000,000 | 1,043,000,000 | 805,000,000 | 242,000,000 | -26,000,000 | 519,000,000 | 475,000,000 | 3,047,000,000 | 433,000,000 | 556,000,000 | 727,000,000 | 739,000,000 | 284,000,000 | 375,000,000 | 535,000,000 | 567,000,000 | 706,000,000 | |||||
income from continuing operations | 2,709,000,000 | -1,640,000,000 | 3,550,000,000 | 2,903,000,000 | 2,973,000,000 | 411,000,000 | 4,481,000,000 | 31,000,000 | 3,128,000,000 | -3,335,000,000 | -2,388,000,000 | 2,340,000,000 | 5,555,000,000 | 5,001,000,000 | 8,645,000,000 | 9,877,000,000 | 7,879,000,000 | 3,849,000,000 | 8,167,000,000 | 5,565,000,000 | 4,877,000,000 | -2,025,000,000 | 2,202,000,000 | 3,434,000,000 | 3,410,000,000 | 7,680,000,000 | 5,056,000,000 | 3,889,000,000 | 4,111,000,000 | 3,879,000,000 | 3,571,000,000 | 2,858,000,000 | 3,077,000,000 | 3,130,000,000 | 1,320,000,000 | 2,035,000,000 | 3,026,000,000 | 2,130,000,000 | 2,635,000,000 | 2,376,000,000 |
discontinued operations––net of tax | -13,000,000 | 25,000,000 | 7,000,000 | -8,000,000 | 17,000,000 | -5,000,000 | -26,000,000 | 12,000,000 | -2,000,000 | 1,000,000 | 2,000,000 | -21,000,000 | 34,000,000 | -9,000,000 | 4,000,000 | 11,000,000 | 2,000,000 | 1,000,000 | 8,000,000 | 1,000,000 | 5,000,000 | |||||||||||||||||||
net income before allocation to noncontrolling interests | 2,696,000,000 | -1,640,000,000 | 3,550,000,000 | 2,928,000,000 | 2,973,000,000 | 418,000,000 | 4,473,000,000 | 48,000,000 | 3,123,000,000 | -3,360,000,000 | -2,376,000,000 | 2,338,000,000 | 5,556,000,000 | 5,003,000,000 | 8,623,000,000 | 9,911,000,000 | 7,870,000,000 | 3,392,000,000 | 8,159,000,000 | 5,589,000,000 | 4,886,000,000 | 606,000,000 | 2,202,000,000 | 3,434,000,000 | 3,410,000,000 | 7,684,000,000 | 5,056,000,000 | 3,889,000,000 | 4,122,000,000 | 3,879,000,000 | 3,570,000,000 | 2,858,000,000 | 3,078,000,000 | 3,130,000,000 | 1,319,000,000 | 2,035,000,000 | 3,026,000,000 | 2,139,000,000 | 2,635,000,000 | 2,381,000,000 |
less: net income attributable to noncontrolling interests | 8,000,000 | 8,000,000 | 9,000,000 | 18,000,000 | 6,000,000 | 8,000,000 | 8,000,000 | 7,000,000 | 8,000,000 | 9,000,000 | 6,000,000 | 11,000,000 | 13,000,000 | 8,000,000 | 15,000,000 | 6,000,000 | 6,000,000 | -2,000,000 | 12,000,000 | 26,000,000 | 9,000,000 | 11,000,000 | 8,000,000 | 8,000,000 | 9,000,000 | 4,000,000 | 10,000,000 | 6,000,000 | 8,000,000 | 7,000,000 | 9,000,000 | 18,000,000 | 5,000,000 | 9,000,000 | 16,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 6,000,000 | |
net income attributable to pfizer inc. common shareholders | 2,687,000,000 | -1,648,000,000 | 3,541,000,000 | 2,910,000,000 | 2,967,000,000 | 410,000,000 | 4,465,000,000 | 41,000,000 | 3,115,000,000 | -3,369,000,000 | -2,382,000,000 | 2,327,000,000 | 5,543,000,000 | 4,994,000,000 | 8,608,000,000 | 9,906,000,000 | 7,864,000,000 | 3,393,000,000 | 8,146,000,000 | 5,563,000,000 | 4,877,000,000 | 9,614,380,000 | 390,000 | 620,000 | 610,000 | 1,380,000 | 910,000 | 690,000 | 700,000 | 660,000 | 600,000 | 480,000 | 520,000 | 520,000 | 220,000 | 330,000 | 490,000 | 350,000 | 430,000 | 380,000 |
yoy | -9.44% | -501.95% | -20.69% | 6997.56% | -4.75% | -112.17% | -287.45% | -98.24% | -43.80% | -167.46% | -127.67% | -76.51% | -29.51% | 47.19% | 5.67% | 78.07% | 61.25% | -64.71% | 2088617.95% | 897158.06% | 799408.20% | 696594.20% | -57.14% | -10.14% | -12.86% | 109.09% | 51.67% | 43.75% | 34.62% | 26.92% | 172.73% | 45.45% | 6.12% | 48.57% | -48.84% | -13.16% | ||||
qoq | -263.05% | -146.54% | 21.68% | -1.92% | 623.66% | -90.82% | 10790.24% | -98.68% | -192.46% | 41.44% | -202.36% | -58.02% | 10.99% | -41.98% | -13.10% | 25.97% | 131.77% | -58.35% | 46.43% | 14.07% | -49.27% | 2465125.64% | -37.10% | 1.64% | -55.80% | 51.65% | 31.88% | -1.43% | 6.06% | 10.00% | 25.00% | -7.69% | 0.00% | 136.36% | -33.33% | -32.65% | 40.00% | -18.60% | 13.16% | |
net income margin % | 18.59% | -9.39% | 21.26% | 19.86% | 21.63% | 2.31% | 25.22% | 0.31% | 20.94% | -23.64% | -18.00% | 18.27% | 30.32% | 20.56% | 38.02% | 35.71% | 30.65% | 14.36% | 33.81% | 29.31% | 33.45% | 161.67% | 0.00% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
earnings per common share––basic: | ||||||||||||||||||||||||||||||||||||||||
income from continuing operations attributable to pfizer inc. common shareholders | 480,000 | -290,000 | 620,000 | 510,000 | 520,000 | 70,000 | 790,000 | 10,000 | 550,000 | -590,000 | -420,000 | 410,000 | 980,000 | 890,000 | 1,540,000 | 1,760,000 | 1,400,000 | 680,000 | 1,450,000 | 990,000 | 870,000 | -360,000 | 390,000 | 620,000 | 610,000 | 1,380,000 | 910,000 | 690,000 | 700,000 | 660,000 | 600,000 | 480,000 | 520,000 | 520,000 | 220,000 | 330,000 | 490,000 | 340,000 | 430,000 | 380,000 |
earnings per common share––diluted: | ||||||||||||||||||||||||||||||||||||||||
weighted-average shares––basic | 5,691,000,000 | 5,683,000,000 | 5,685,000,000 | 5,685,000,000 | 5,675,000,000 | 5,664,000,000 | 5,667,000,000 | 5,666,000,000 | 5,657,000,000 | 5,643,000,000 | 5,646,000,000 | 5,646,000,000 | 5,634,000,000 | 5,608,000,000 | 5,607,000,000 | 5,593,000,000 | 5,617,000,000 | 5,601,000,000 | 5,609,000,000 | 5,598,000,000 | 5,584,000,000 | 5,555,000,000 | 5,557,000,000 | 5,554,000,000 | 5,545,000,000 | 5,545,000,000 | 5,562,000,000 | 5,635,000,000 | 5,875,000,000 | 5,866,000,000 | 5,957,000,000 | 5,951,000,000 | 5,958,000,000 | 6,006,000,000 | 6,066,000,000 | 6,068,000,000 | 6,150,000,000 | 6,168,000,000 | 6,159,000,000 | 6,203,000,000 |
weighted-average shares––diluted | 5,731,000,000 | 5,713,000,000 | 5,714,000,000 | 5,706,000,000 | 5,710,000,000 | 5,700,000,000 | 5,705,000,000 | 5,696,000,000 | 5,697,000,000 | 5,709,000,000 | 5,646,000,000 | 5,713,000,000 | 5,727,000,000 | 5,733,000,000 | 5,718,000,000 | 5,712,000,000 | 5,758,000,000 | 5,708,000,000 | 5,725,000,000 | 5,678,000,000 | 5,662,000,000 | 5,632,000,000 | 5,633,000,000 | 5,619,000,000 | 5,613,000,000 | 5,649,000,000 | 5,672,000,000 | 5,750,000,000 | 5,986,000,000 | 5,952,000,000 | 6,057,000,000 | 6,041,000,000 | 6,037,000,000 | 6,092,000,000 | 6,138,000,000 | 6,137,000,000 | 6,214,000,000 | 6,243,000,000 | 6,243,000,000 | 6,292,000,000 |
(gain) on completion of consumer healthcare jv transaction | ||||||||||||||||||||||||||||||||||||||||
income from discontinued operations––net of tax | 6,000,000 | -9,000,000 | 24,000,000 | 9,000,000 | ||||||||||||||||||||||||||||||||||||
net income attributable to pfizer inc. | 2,255,500,000 | 2,194,000,000 | 3,426,000,000 | 3,401,000,000 | 7,680,000,000 | 5,046,000,000 | 3,884,000,000 | 4,114,000,000 | 3,872,000,000 | 3,561,000,000 | 2,840,000,000 | 3,073,000,000 | 3,121,000,000 | 1,320,000,000 | 2,019,000,000 | 3,016,000,000 | 2,130,000,000 | 2,626,000,000 | 2,376,000,000 | |||||||||||||||||||||
income from continuing operations before provision/(benefit) for taxes on income | 4,141,000,000 | |||||||||||||||||||||||||||||||||||||||
provision/(benefit) for taxes on income | ||||||||||||||||||||||||||||||||||||||||
income from continuing operations before benefit from taxes on income | 4,177,000,000 | 4,527,000,000 | 3,951,000,000 | 3,539,000,000 | ||||||||||||||||||||||||||||||||||||
benefit from taxes on income | 66,000,000 | 648,000,000 | 821,000,000 | 905,000,000 | ||||||||||||||||||||||||||||||||||||
cash dividends paid per common share | 340,000 | 340,000 | 340,000 | 320,000 | 320,000 | 320,000 | 300,000 | 300,000 | 300,000 | 280,000 | 280,000 | 280,000 | ||||||||||||||||||||||||||||
earnings per common share––basic | ||||||||||||||||||||||||||||||||||||||||
earnings per common share––diluted |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-31 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-31 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2022-12-31 | 2022-10-02 | 2022-07-03 | 2022-04-03 | 2021-12-31 | 2021-10-03 | 2021-07-04 | 2021-04-04 | 2020-12-31 | 2020-09-27 | 2020-06-28 | 2020-03-29 | 2019-09-29 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-07-01 | 2018-04-01 | 2017-10-01 | 2017-07-02 | 2017-04-02 | 2016-10-02 | 2016-07-03 | 2016-04-03 | 2015-09-27 | 2015-06-28 | 2015-03-29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 1,703,000,000 | 1,142,000,000 | 1,343,000,000 | 1,638,000,000 | 1,430,000,000 | 1,043,000,000 | 1,092,000,000 | 1,052,000,000 | 719,000,000 | 2,853,000,000 | 3,148,000,000 | 2,632,000,000 | 2,166,000,000 | 416,000,000 | 1,298,000,000 | 1,780,000,000 | 2,470,000,000 | 1,944,000,000 | 1,966,000,000 | 2,372,000,000 | 1,768,000,000 | 1,784,000,000 | 1,587,000,000 | 1,801,000,000 | 2,151,000,000 | 2,785,000,000 | 1,784,000,000 | 1,937,000,000 | 3,559,000,000 | 2,704,000,000 | 2,302,000,000 | 2,779,000,000 | 2,585,000,000 | 4,057,000,000 | 2,094,000,000 | 3,411,000,000 | 2,561,000,000 | 3,099,000,000 | 3,670,000,000 | 3,563,000,000 |
short-term investments | 11,372,000,000 | 12,454,000,000 | 13,641,000,000 | 11,611,000,000 | 15,887,000,000 | 19,434,000,000 | 8,860,000,000 | 6,048,000,000 | 11,209,000,000 | 9,837,000,000 | 41,033,000,000 | 42,153,000,000 | 17,806,000,000 | 22,316,000,000 | 34,825,000,000 | 31,524,000,000 | 21,427,000,000 | 29,125,000,000 | 27,730,000,000 | 19,328,000,000 | 11,899,000,000 | 10,437,000,000 | 8,912,000,000 | 9,581,000,000 | 8,199,000,000 | 6,302,000,000 | 11,128,000,000 | 9,682,000,000 | 13,680,000,000 | 10,727,000,000 | 9,119,000,000 | 14,146,000,000 | 11,748,000,000 | 10,503,000,000 | 12,277,000,000 | 17,531,000,000 | 16,882,000,000 | 17,559,000,000 | 26,586,000,000 | 24,145,000,000 |
trade accounts receivable, net of allowance for doubtful accounts: 2026—425; 2025—427 | 12,585,000,000 | |||||||||||||||||||||||||||||||||||||||
inventories | 10,667,000,000 | 10,654,000,000 | 11,468,000,000 | 11,669,000,000 | 10,852,000,000 | 10,851,000,000 | 11,721,000,000 | 11,447,000,000 | 10,892,000,000 | 10,189,000,000 | 10,204,000,000 | 10,310,000,000 | 9,541,000,000 | 8,981,000,000 | 9,513,000,000 | 10,454,000,000 | 9,979,000,000 | 9,059,000,000 | 8,640,000,000 | 8,948,000,000 | 8,493,000,000 | 8,046,000,000 | 9,295,000,000 | 8,564,000,000 | 8,423,000,000 | 8,222,000,000 | 8,233,000,000 | 8,029,000,000 | 8,184,000,000 | 8,074,000,000 | 8,148,000,000 | 7,925,000,000 | 7,584,000,000 | 7,415,000,000 | 7,507,000,000 | 7,614,000,000 | 7,578,000,000 | 7,678,000,000 | 5,796,000,000 | 5,786,000,000 |
current tax assets | 3,588,000,000 | 3,967,000,000 | 3,855,000,000 | 4,016,000,000 | 2,900,000,000 | 3,314,000,000 | 3,243,000,000 | 3,694,000,000 | 4,233,000,000 | 3,978,000,000 | 3,917,000,000 | 3,194,000,000 | 3,140,000,000 | 3,577,000,000 | 2,544,000,000 | 2,583,000,000 | 3,117,000,000 | 4,266,000,000 | 3,877,000,000 | 3,761,000,000 | 3,419,000,000 | 3,264,000,000 | 4,000,000,000 | 3,426,000,000 | 3,346,000,000 | 3,730,000,000 | 3,723,000,000 | 3,598,000,000 | 3,686,000,000 | 3,582,000,000 | 3,624,000,000 | 3,263,000,000 | 3,113,000,000 | 2,791,000,000 | 2,825,000,000 | 3,127,000,000 | 2,888,000,000 | |||
other current assets | 2,908,000,000 | 2,808,000,000 | 2,358,000,000 | 2,690,000,000 | 2,947,000,000 | 4,253,000,000 | 3,855,000,000 | 4,190,000,000 | 4,372,000,000 | 5,299,000,000 | 4,624,000,000 | 4,828,000,000 | 5,120,000,000 | 5,017,000,000 | 6,149,000,000 | 5,970,000,000 | 4,202,000,000 | 3,820,000,000 | 3,790,000,000 | 3,818,000,000 | 4,091,000,000 | 3,438,000,000 | 2,519,000,000 | 2,513,000,000 | 2,737,000,000 | 2,954,000,000 | 2,535,000,000 | 2,567,000,000 | 2,450,000,000 | 2,343,000,000 | 2,126,000,000 | 2,158,000,000 | 1,877,000,000 | 2,218,000,000 | 2,843,000,000 | 3,023,000,000 | 2,355,000,000 | 2,248,000,000 | 2,449,000,000 | 2,815,000,000 |
total current assets | 42,822,000,000 | 42,898,000,000 | 46,924,000,000 | 43,703,000,000 | 45,861,000,000 | 50,358,000,000 | 43,223,000,000 | 37,825,000,000 | 42,415,000,000 | 43,333,000,000 | 74,012,000,000 | 73,347,000,000 | 50,078,000,000 | 51,259,000,000 | 70,403,000,000 | 67,466,000,000 | 54,420,000,000 | 59,693,000,000 | 57,900,000,000 | 48,814,000,000 | 39,533,000,000 | 35,067,000,000 | 47,739,000,000 | 46,424,000,000 | 34,738,000,000 | 33,459,000,000 | 47,073,000,000 | 45,290,000,000 | 41,583,000,000 | 37,303,000,000 | 34,835,000,000 | 40,291,000,000 | 36,385,000,000 | 35,878,000,000 | 38,501,000,000 | 43,845,000,000 | 41,298,000,000 | 45,001,000,000 | 51,715,000,000 | 49,443,000,000 |
long-term investments | 1,626,000,000 | 1,621,000,000 | 2,137,000,000 | 1,896,000,000 | 1,789,000,000 | 2,010,000,000 | 2,180,000,000 | 3,119,000,000 | 3,490,000,000 | 3,731,000,000 | 3,214,000,000 | 3,644,000,000 | 3,568,000,000 | 4,036,000,000 | 4,062,000,000 | 4,163,000,000 | 4,742,000,000 | 5,054,000,000 | 5,248,000,000 | 4,334,000,000 | 3,696,000,000 | 3,406,000,000 | 3,059,000,000 | 3,142,000,000 | 2,696,000,000 | 2,723,000,000 | 2,905,000,000 | 2,859,000,000 | 6,444,000,000 | 6,595,000,000 | 6,945,000,000 | 7,311,000,000 | 7,008,000,000 | 7,346,000,000 | 9,507,000,000 | 13,124,000,000 | 14,146,000,000 | 16,233,000,000 | 17,650,000,000 | 18,289,000,000 |
property, plant and equipment, net of accumulated depreciation | 19,402,000,000 | 18,880,000,000 | 18,776,000,000 | 18,347,000,000 | ||||||||||||||||||||||||||||||||||||
identifiable intangible assets | 52,559,000,000 | 53,731,000,000 | 51,324,000,000 | 52,702,000,000 | 53,976,000,000 | 55,411,000,000 | 59,986,000,000 | 61,240,000,000 | 62,829,000,000 | 64,900,000,000 | 40,224,000,000 | 41,406,000,000 | 42,002,000,000 | 43,370,000,000 | 28,151,000,000 | 29,065,000,000 | 29,816,000,000 | 25,146,000,000 | 26,306,000,000 | 27,323,000,000 | 27,974,000,000 | 28,471,000,000 | ||||||||||||||||||
goodwill | 71,409,000,000 | 71,264,000,000 | 69,101,000,000 | 68,997,000,000 | 68,444,000,000 | 68,527,000,000 | 68,570,000,000 | 68,445,000,000 | 69,297,000,000 | 67,783,000,000 | 51,527,000,000 | 51,572,000,000 | 51,476,000,000 | 51,375,000,000 | 49,441,000,000 | 49,891,000,000 | 50,211,000,000 | 49,208,000,000 | 49,489,000,000 | 49,867,000,000 | 49,791,000,000 | 49,577,000,000 | 59,902,000,000 | 58,449,000,000 | 58,502,000,000 | 58,665,000,000 | 53,352,000,000 | 53,487,000,000 | 55,614,000,000 | 55,836,000,000 | 56,393,000,000 | 56,078,000,000 | 55,014,000,000 | 54,656,000,000 | 56,281,000,000 | 50,600,000,000 | 48,558,000,000 | 47,217,000,000 | 41,571,000,000 | 41,854,000,000 |
noncurrent deferred tax assets and other noncurrent tax assets | 9,965,000,000 | 9,699,000,000 | 11,048,000,000 | 10,343,000,000 | 9,542,000,000 | 8,662,000,000 | 7,909,000,000 | 7,867,000,000 | 4,942,000,000 | 3,706,000,000 | 8,350,000,000 | 8,261,000,000 | 7,302,000,000 | 6,693,000,000 | 7,136,000,000 | 7,002,000,000 | 5,668,000,000 | 3,341,000,000 | 2,755,000,000 | 2,694,000,000 | 2,537,000,000 | 2,383,000,000 | 2,649,000,000 | 2,360,000,000 | 2,207,000,000 | 1,984,000,000 | 1,935,000,000 | 1,946,000,000 | 1,875,000,000 | 1,848,000,000 | 1,883,000,000 | 1,858,000,000 | 1,952,000,000 | 1,909,000,000 | 1,859,000,000 | 1,805,000,000 | 1,738,000,000 | 1,512,000,000 | 1,450,000,000 | 1,477,000,000 |
other noncurrent assets | 9,834,000,000 | 9,631,000,000 | 9,317,000,000 | 9,455,000,000 | 9,845,000,000 | 9,817,000,000 | 10,486,000,000 | 10,710,000,000 | 11,197,000,000 | 12,471,000,000 | 8,808,000,000 | 13,028,000,000 | 12,965,000,000 | 13,163,000,000 | 10,890,000,000 | 7,659,000,000 | 7,879,000,000 | 7,679,000,000 | 6,705,000,000 | 6,056,000,000 | 4,744,000,000 | 4,569,000,000 | 4,355,000,000 | 4,327,000,000 | 4,166,000,000 | 4,920,000,000 | 4,388,000,000 | 4,333,000,000 | 2,980,000,000 | 2,896,000,000 | 2,896,000,000 | 3,388,000,000 | 3,466,000,000 | 3,329,000,000 | 4,759,000,000 | 4,618,000,000 | 4,003,000,000 | 3,911,000,000 | 3,635,000,000 | 3,716,000,000 |
total assets | 207,618,000,000 | 208,160,000,000 | 208,731,000,000 | 206,095,000,000 | 208,028,000,000 | 213,396,000,000 | 219,476,000,000 | 216,193,000,000 | 221,095,000,000 | 226,501,000,000 | 215,021,000,000 | 220,168,000,000 | 195,617,000,000 | 197,205,000,000 | 195,350,000,000 | 195,290,000,000 | 183,841,000,000 | 181,476,000,000 | 179,188,000,000 | 169,920,000,000 | 158,818,000,000 | 154,229,000,000 | 178,983,000,000 | 177,934,000,000 | 166,336,000,000 | 170,446,000,000 | 156,199,000,000 | 155,421,000,000 | 167,838,000,000 | 164,980,000,000 | 164,612,000,000 | 172,151,000,000 | 168,558,000,000 | 168,784,000,000 | 178,430,000,000 | 170,658,000,000 | 162,929,000,000 | 170,867,000,000 | 160,878,000,000 | 160,640,000,000 |
liabilities and equity | ||||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2026—3,861; 2025—2,997 | 3,890,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts payable | 4,506,000,000 | 5,240,000,000 | 5,024,000,000 | 5,166,000,000 | 5,240,000,000 | 5,633,000,000 | 5,314,000,000 | 5,106,000,000 | 5,591,000,000 | 6,710,000,000 | 5,338,000,000 | 6,081,000,000 | 6,123,000,000 | 6,809,000,000 | 6,267,000,000 | 6,208,000,000 | 5,506,000,000 | 5,578,000,000 | 4,698,000,000 | 4,327,000,000 | 4,064,000,000 | 4,309,000,000 | 4,141,000,000 | 3,872,000,000 | 3,972,000,000 | 3,942,000,000 | 4,002,000,000 | 4,156,000,000 | 4,297,000,000 | 4,196,000,000 | 3,879,000,000 | 3,480,000,000 | 3,439,000,000 | 3,393,000,000 | 3,476,000,000 | 3,261,000,000 | 3,125,000,000 | 3,294,000,000 | 2,930,000,000 | 2,724,000,000 |
dividends payable | 2,445,000,000 | 2,445,000,000 | 2,437,000,000 | 2,380,000,000 | 2,372,000,000 | 2,315,000,000 | 2,303,000,000 | 2,245,000,000 | 2,245,000,000 | 2,249,000,000 | 2,191,000,000 | 2,184,000,000 | 2,162,000,000 | 2,112,000,000 | 2,111,000,000 | 1,992,000,000 | 1,991,000,000 | 1,963,000,000 | 1,980,000,000 | 1,909,000,000 | 1,904,000,000 | 1,821,000,000 | 1,820,000,000 | 1,728,000,000 | 1,726,000,000 | |||||||||||||||
income taxes payable | 3,130,000,000 | 3,103,000,000 | 3,799,000,000 | 3,675,000,000 | 3,105,000,000 | 2,910,000,000 | 2,877,000,000 | 2,884,000,000 | 3,192,000,000 | 2,349,000,000 | 1,898,000,000 | 2,928,000,000 | 1,969,000,000 | 1,587,000,000 | 3,071,000,000 | 3,350,000,000 | 3,177,000,000 | 1,266,000,000 | 4,496,000,000 | 1,742,000,000 | 1,401,000,000 | 1,049,000,000 | 1,430,000,000 | 1,445,000,000 | 1,150,000,000 | 1,892,000,000 | 1,536,000,000 | 1,849,000,000 | 2,781,000,000 | 2,481,000,000 | 1,614,000,000 | 1,003,000,000 | 552,000,000 | 790,000,000 | 1,158,000,000 | 647,000,000 | 920,000,000 | 1,178,000,000 | 1,057,000,000 | 944,000,000 |
accrued compensation and related items | 2,715,000,000 | 3,610,000,000 | 3,036,000,000 | 2,447,000,000 | 2,607,000,000 | 3,838,000,000 | 3,383,000,000 | 2,566,000,000 | 2,192,000,000 | 2,776,000,000 | 2,372,000,000 | 1,972,000,000 | 2,277,000,000 | 3,407,000,000 | 2,852,000,000 | 1,997,000,000 | 2,249,000,000 | 3,332,000,000 | 2,571,000,000 | 2,015,000,000 | 1,985,000,000 | 3,058,000,000 | 2,425,000,000 | 2,042,000,000 | 2,246,000,000 | 2,369,000,000 | 1,875,000,000 | 1,797,000,000 | 2,096,000,000 | 1,791,000,000 | 1,911,000,000 | 1,932,000,000 | 1,625,000,000 | 1,858,000,000 | 2,048,000,000 | 1,594,000,000 | 1,725,000,000 | 2,155,000,000 | 1,646,000,000 | 1,679,000,000 |
other current liabilities | 20,108,000,000 | 18,648,000,000 | 19,509,000,000 | 18,575,000,000 | 20,016,000,000 | 19,720,000,000 | 19,917,000,000 | 16,410,000,000 | 18,788,000,000 | 20,537,000,000 | 16,776,000,000 | 16,079,000,000 | 20,255,000,000 | 22,568,000,000 | 19,647,000,000 | 23,816,000,000 | 24,583,000,000 | 24,939,000,000 | 20,690,000,000 | 17,217,000,000 | 12,798,000,000 | 12,640,000,000 | 10,683,000,000 | 10,168,000,000 | 10,515,000,000 | 10,160,000,000 | 10,110,000,000 | 10,276,000,000 | 10,490,000,000 | 10,125,000,000 | 10,950,000,000 | 10,446,000,000 | 10,148,000,000 | 11,143,000,000 | 12,623,000,000 | 11,053,000,000 | 11,419,000,000 | 9,672,000,000 | 8,390,000,000 | 8,320,000,000 |
total current liabilities | 34,348,000,000 | 36,984,000,000 | 36,596,000,000 | 37,726,000,000 | 36,452,000,000 | 42,995,000,000 | 43,211,000,000 | 43,819,000,000 | 40,497,000,000 | 47,794,000,000 | 31,136,000,000 | 34,647,000,000 | 36,562,000,000 | 42,138,000,000 | 44,314,000,000 | 47,410,000,000 | 39,268,000,000 | 42,671,000,000 | 41,803,000,000 | 35,664,000,000 | 26,652,000,000 | 25,920,000,000 | 34,154,000,000 | 32,723,000,000 | 33,890,000,000 | 36,974,000,000 | 32,030,000,000 | 29,423,000,000 | 29,013,000,000 | 32,156,000,000 | 27,365,000,000 | 28,217,000,000 | 27,182,000,000 | 24,864,000,000 | 34,759,000,000 | 32,099,000,000 | 28,735,000,000 | 27,845,000,000 | 24,143,000,000 | 20,222,000,000 |
long-term debt | 60,565,000,000 | 61,641,000,000 | 57,409,000,000 | 57,502,000,000 | 57,639,000,000 | 57,405,000,000 | 58,002,000,000 | 57,506,000,000 | 61,307,000,000 | 61,538,000,000 | 61,048,000,000 | 61,356,000,000 | 31,704,000,000 | 32,884,000,000 | 32,629,000,000 | 34,294,000,000 | 35,656,000,000 | 36,195,000,000 | 36,250,000,000 | 35,354,000,000 | 35,347,000,000 | 37,133,000,000 | 49,785,000,000 | 50,529,000,000 | 36,281,000,000 | 36,044,000,000 | 36,168,000,000 | 35,733,000,000 | 33,652,000,000 | 28,935,000,000 | 31,831,000,000 | 34,503,000,000 | 34,191,000,000 | 36,330,000,000 | 30,437,000,000 | 30,457,000,000 | 27,824,000,000 | 29,079,000,000 | 26,729,000,000 | 29,370,000,000 |
pension and postretirement benefit obligations | 1,984,000,000 | 2,041,000,000 | 2,157,000,000 | 2,130,000,000 | 2,021,000,000 | 2,115,000,000 | 2,073,000,000 | 2,040,000,000 | 2,076,000,000 | 2,167,000,000 | 2,166,000,000 | 2,184,000,000 | 2,179,000,000 | 2,250,000,000 | ||||||||||||||||||||||||||
noncurrent deferred tax liabilities | 2,412,000,000 | 2,401,000,000 | 2,467,000,000 | 2,481,000,000 | 2,258,000,000 | 2,122,000,000 | 2,158,000,000 | 2,227,000,000 | 931,000,000 | 640,000,000 | 1,125,000,000 | 1,232,000,000 | 1,067,000,000 | 1,023,000,000 | 616,000,000 | 558,000,000 | 655,000,000 | 349,000,000 | 328,000,000 | 4,161,000,000 | 4,355,000,000 | 4,063,000,000 | 4,542,000,000 | 5,409,000,000 | 5,268,000,000 | 6,724,000,000 | 3,180,000,000 | 3,591,000,000 | 5,512,000,000 | 5,743,000,000 | 5,967,000,000 | 30,411,000,000 | 30,879,000,000 | 30,857,000,000 | 31,687,000,000 | 28,300,000,000 | 26,547,000,000 | 28,654,000,000 | 24,659,000,000 | 24,474,000,000 |
other taxes payable | 3,705,000,000 | 3,591,000,000 | 3,401,000,000 | 3,313,000,000 | 5,724,000,000 | 6,112,000,000 | 5,905,000,000 | 6,532,000,000 | 8,603,000,000 | 8,534,000,000 | 8,099,000,000 | 8,052,000,000 | 9,860,000,000 | 9,812,000,000 | 9,701,000,000 | 10,990,000,000 | 11,574,000,000 | 11,331,000,000 | 11,336,000,000 | 11,259,000,000 | 11,759,000,000 | 11,560,000,000 | 11,720,000,000 | 11,468,000,000 | 12,212,000,000 | 12,504,000,000 | 12,421,000,000 | 14,712,000,000 | 15,289,000,000 | 15,597,000,000 | 16,605,000,000 | 4,304,000,000 | 4,096,000,000 | 4,027,000,000 | 4,767,000,000 | 4,116,000,000 | 4,053,000,000 | 4,452,000,000 | 4,359,000,000 | 4,293,000,000 |
other noncurrent liabilities | 14,200,000,000 | 14,725,000,000 | 13,605,000,000 | 13,931,000,000 | 13,297,000,000 | 14,150,000,000 | 15,569,000,000 | 16,095,000,000 | 15,122,000,000 | 16,539,000,000 | 14,242,000,000 | 13,403,000,000 | 13,009,000,000 | 13,180,000,000 | 12,239,000,000 | 11,311,000,000 | 10,508,000,000 | 9,743,000,000 | 9,201,000,000 | 8,228,000,000 | 6,677,000,000 | 6,669,000,000 | 6,851,000,000 | 6,812,000,000 | 6,812,000,000 | 6,381,000,000 | 6,183,000,000 | 6,346,000,000 | 6,367,000,000 | 5,947,000,000 | 5,644,000,000 | 6,388,000,000 | 6,440,000,000 | 6,918,000,000 | 6,059,000,000 | 5,518,000,000 | 5,180,000,000 | 4,987,000,000 | 5,310,000,000 | 5,644,000,000 |
total liabilities | 117,214,000,000 | 121,385,000,000 | 115,635,000,000 | 117,083,000,000 | 117,391,000,000 | 124,899,000,000 | 126,918,000,000 | 128,218,000,000 | 128,537,000,000 | 137,213,000,000 | 117,817,000,000 | 120,875,000,000 | 94,381,000,000 | 101,288,000,000 | 102,459,000,000 | 107,821,000,000 | 101,155,000,000 | 104,013,000,000 | 103,221,000,000 | 99,605,000,000 | 89,953,000,000 | 90,756,000,000 | 113,487,000,000 | 113,370,000,000 | 100,998,000,000 | 105,051,000,000 | 96,274,000,000 | 96,263,000,000 | 96,174,000,000 | 94,856,000,000 | 94,071,000,000 | 111,041,000,000 | 109,863,000,000 | 110,038,000,000 | 114,829,000,000 | 107,592,000,000 | 99,582,000,000 | 103,743,000,000 | 93,698,000,000 | 93,053,000,000 |
commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||
common stock | 482,000,000 | 481,000,000 | 481,000,000 | 481,000,000 | 481,000,000 | 480,000,000 | 480,000,000 | 480,000,000 | 480,000,000 | 478,000,000 | 478,000,000 | 478,000,000 | 478,000,000 | 476,000,000 | 476,000,000 | 476,000,000 | 476,000,000 | 473,000,000 | 473,000,000 | 472,000,000 | 472,000,000 | 470,000,000 | 470,000,000 | 470,000,000 | 470,000,000 | 468,000,000 | 468,000,000 | 468,000,000 | 466,000,000 | 465,000,000 | 465,000,000 | 463,000,000 | 463,000,000 | 463,000,000 | 461,000,000 | 461,000,000 | 460,000,000 | 459,000,000 | 458,000,000 | 458,000,000 |
additional paid-in capital | 94,773,000,000 | 94,469,000,000 | 94,248,000,000 | 94,053,000,000 | 93,856,000,000 | 93,603,000,000 | 93,477,000,000 | 93,197,000,000 | 92,997,000,000 | 92,631,000,000 | 92,496,000,000 | 92,329,000,000 | 92,153,000,000 | 91,802,000,000 | 91,359,000,000 | 91,183,000,000 | 90,844,000,000 | 90,591,000,000 | 89,973,000,000 | 89,336,000,000 | 89,002,000,000 | 88,674,000,000 | 88,161,000,000 | 87,886,000,000 | 87,680,000,000 | 87,099,000,000 | 86,963,000,000 | 86,635,000,000 | 85,828,000,000 | 84,898,000,000 | 84,599,000,000 | 83,827,000,000 | 83,373,000,000 | 83,111,000,000 | 82,534,000,000 | 82,138,000,000 | 81,443,000,000 | 80,763,000,000 | 80,407,000,000 | 80,004,000,000 |
treasury stock | -115,190,000,000 | -115,015,000,000 | -115,011,000,000 | -115,010,000,000 | -115,008,000,000 | -114,763,000,000 | -114,760,000,000 | -114,757,000,000 | -114,755,000,000 | -114,487,000,000 | -114,485,000,000 | -114,482,000,000 | -114,473,000,000 | -113,969,000,000 | -113,945,000,000 | -113,939,000,000 | -113,931,000,000 | -111,361,000,000 | -111,359,000,000 | -111,356,000,000 | -111,349,000,000 | -110,988,000,000 | -110,980,000,000 | |||||||||||||||||
retained earnings | 117,238,000,000 | 114,610,000,000 | 121,150,000,000 | 117,609,000,000 | 119,590,000,000 | 116,725,000,000 | 121,059,000,000 | 116,596,000,000 | 121,318,000,000 | 118,353,000,000 | 126,411,000,000 | 128,796,000,000 | 131,102,000,000 | 125,656,000,000 | 122,967,000,000 | 116,608,000,000 | 111,193,000,000 | 103,394,000,000 | 102,252,000,000 | 96,346,000,000 | 95,158,000,000 | 96,770,000,000 | 100,284,000,000 | 100,203,000,000 | 101,000,000,000 | 100,113,000,000 | 94,440,000,000 | 93,388,000,000 | 91,995,000,000 | 89,860,000,000 | 89,961,000,000 | 75,043,000,000 | 74,107,000,000 | 74,847,000,000 | 72,846,000,000 | 73,350,000,000 | 74,971,000,000 | 74,019,000,000 | 73,620,000,000 | 74,471,000,000 |
accumulated other comprehensive loss | -7,203,000,000 | -8,069,000,000 | -8,066,000,000 | -8,438,000,000 | -8,581,000,000 | -7,842,000,000 | -7,971,000,000 | -7,816,000,000 | -7,758,000,000 | -7,961,000,000 | -7,966,000,000 | -8,102,000,000 | -8,289,000,000 | -8,304,000,000 | -8,225,000,000 | -7,119,000,000 | -6,157,000,000 | -5,897,000,000 | -5,649,000,000 | -4,758,000,000 | -4,664,000,000 | -11,688,000,000 | -12,676,000,000 | |||||||||||||||||
total pfizer inc. shareholders’ equity | 90,101,000,000 | 86,476,000,000 | 92,801,000,000 | 88,695,000,000 | 90,338,000,000 | 88,203,000,000 | 92,286,000,000 | 87,700,000,000 | 92,282,000,000 | 89,014,000,000 | 96,934,000,000 | 99,019,000,000 | 100,970,000,000 | 95,661,000,000 | 92,631,000,000 | 87,208,000,000 | 82,424,000,000 | 77,201,000,000 | 75,691,000,000 | 70,042,000,000 | 68,620,000,000 | 63,238,000,000 | 65,259,000,000 | 64,336,000,000 | 65,026,000,000 | 65,103,000,000 | 59,568,000,000 | 58,806,000,000 | 71,319,000,000 | 69,778,000,000 | 70,184,000,000 | 60,770,000,000 | 58,368,000,000 | 58,435,000,000 | 63,306,000,000 | 62,769,000,000 | 63,068,000,000 | 66,838,000,000 | 66,894,000,000 | 67,304,000,000 |
equity attributable to noncontrolling interests | 303,000,000 | 299,000,000 | 295,000,000 | 317,000,000 | 299,000,000 | 294,000,000 | 272,000,000 | 275,000,000 | 276,000,000 | 274,000,000 | 270,000,000 | 274,000,000 | 266,000,000 | 256,000,000 | 259,000,000 | 261,000,000 | 261,000,000 | 262,000,000 | 275,000,000 | 273,000,000 | 245,000,000 | 235,000,000 | 236,000,000 | 228,000,000 | 312,000,000 | 293,000,000 | 357,000,000 | 352,000,000 | 346,000,000 | 346,000,000 | 358,000,000 | 340,000,000 | 326,000,000 | 311,000,000 | 294,000,000 | 297,000,000 | 279,000,000 | 286,000,000 | 286,000,000 | 283,000,000 |
total equity | 90,404,000,000 | 86,775,000,000 | 93,096,000,000 | 89,012,000,000 | 90,637,000,000 | 88,497,000,000 | 92,558,000,000 | 87,975,000,000 | 92,558,000,000 | 89,288,000,000 | 97,204,000,000 | 99,293,000,000 | 101,236,000,000 | 95,916,000,000 | 92,891,000,000 | 87,469,000,000 | 82,685,000,000 | 77,462,000,000 | 75,967,000,000 | 70,315,000,000 | 68,865,000,000 | 63,473,000,000 | 65,495,000,000 | 64,564,000,000 | 65,338,000,000 | 65,396,000,000 | 59,924,000,000 | 59,158,000,000 | 71,664,000,000 | 70,124,000,000 | 70,541,000,000 | 61,110,000,000 | 58,694,000,000 | 58,746,000,000 | 63,601,000,000 | 63,066,000,000 | 63,347,000,000 | 67,124,000,000 | 67,180,000,000 | 67,587,000,000 |
total liabilities and equity | 207,618,000,000 | 208,160,000,000 | 208,731,000,000 | 206,095,000,000 | 208,028,000,000 | 213,396,000,000 | 219,476,000,000 | 216,193,000,000 | 221,095,000,000 | 226,501,000,000 | 215,021,000,000 | 220,168,000,000 | 195,617,000,000 | 197,205,000,000 | 195,350,000,000 | 195,290,000,000 | 183,841,000,000 | 181,476,000,000 | 179,188,000,000 | 169,920,000,000 | 158,818,000,000 | 154,229,000,000 | 178,983,000,000 | 177,934,000,000 | 166,336,000,000 | 170,446,000,000 | 156,199,000,000 | 155,421,000,000 | 167,838,000,000 | 164,980,000,000 | 164,612,000,000 | 172,151,000,000 | 168,558,000,000 | 168,784,000,000 | 178,430,000,000 | 170,658,000,000 | 162,929,000,000 | 170,867,000,000 | 160,878,000,000 | 160,640,000,000 |
trade accounts receivable, net of allowance for doubtful accounts: 2025—427; 2024—438 | 11,874,000,000 | 11,845,000,000 | ||||||||||||||||||||||||||||||||||||||
property, plant and equipment | 19,317,000,000 | 18,393,000,000 | 18,541,000,000 | 18,957,000,000 | 18,803,000,000 | 18,940,000,000 | 17,862,000,000 | 17,488,000,000 | 17,052,000,000 | 16,274,000,000 | 15,441,000,000 | 15,244,000,000 | 15,109,000,000 | 14,882,000,000 | 14,436,000,000 | 14,224,000,000 | 14,011,000,000 | 13,900,000,000 | 14,403,000,000 | 14,113,000,000 | 14,040,000,000 | 13,701,000,000 | 13,521,000,000 | 13,467,000,000 | 14,036,000,000 | 13,919,000,000 | 13,971,000,000 | 13,505,000,000 | 13,386,000,000 | 13,238,000,000 | 13,284,000,000 | 13,609,000,000 | 13,584,000,000 | 13,695,000,000 | 11,432,000,000 | 11,527,000,000 | ||||
short-term borrowings, including current portion of long-term debt: 2025—2,997; 2024—3,747 | 3,154,000,000 | |||||||||||||||||||||||||||||||||||||||
deferred revenues | 784,000,000 | 924,000,000 | 1,123,000,000 | 1,012,000,000 | 1,511,000,000 | 2,020,000,000 | 2,528,000,000 | 2,502,000,000 | 2,700,000,000 | 2,204,000,000 | 1,286,000,000 | 1,750,000,000 | 2,520,000,000 | 6,191,000,000 | 3,804,000,000 | 3,108,000,000 | 3,067,000,000 | 3,529,000,000 | 4,291,000,000 | 2,052,000,000 | ||||||||||||||||||||
trade accounts receivable, net of allowance for doubtful accounts: 2025—434; 2024—438 | 14,260,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2025—4,247; 2024—3,747 | 4,303,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, net of allowance for doubtful accounts: 2025—439; 2024—438 | 12,078,000,000 | |||||||||||||||||||||||||||||||||||||||
equity-method investments | 224,000,000 | 224,000,000 | 217,000,000 | 8,582,000,000 | 8,029,000,000 | 8,123,000,000 | 11,637,000,000 | 11,025,000,000 | 11,422,000,000 | 11,175,000,000 | 11,033,000,000 | 9,826,000,000 | 14,799,000,000 | 15,995,000,000 | 16,472,000,000 | 16,349,000,000 | 16,608,000,000 | 16,532,000,000 | 16,856,000,000 | 15,949,000,000 | 15,578,000,000 | 15,524,000,000 | 15,999,000,000 | |||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2025—4,246; 2024—3,747 | 4,295,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2025—3,749; 2024—3,747 | 4,470,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, net of allowance for doubtful accounts: 2024—438; 2023—470 | 11,463,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2024—3,747; 2023—2,254 | 6,946,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2024—465; 2023—470 | 14,451,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2024—3,746; 2023—2,254 | 9,699,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2024—468; 2023—470 | 11,393,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2024—3,745; 2023—2,254 | 11,944,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2024—479; 2023—470 | 10,989,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2024—1,001; 2023—2,254 | 8,232,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2023—470; 2022—449 | 11,177,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2023—2,254; 2022—2,560 | 10,350,000,000 | |||||||||||||||||||||||||||||||||||||||
preferred stock, no par value, at stated value; 27 shares authorized; no shares issued or outstanding as of december 31, 2023 and december 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2023—465; 2022—449 | 11,086,000,000 | 12,305,000,000 | ||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2023—2,260; 2022—2,560 | 2,548,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2023—471; 2022—449 | 10,231,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2023—3,565; 2022—2,560 | 3,985,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2023—3,567; 2022—2,560 | 4,188,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2022—449; 2021—492 | 10,952,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2022—2,560; 2021—1,636 | 2,945,000,000 | |||||||||||||||||||||||||||||||||||||||
preferred stock, no par value, at stated value; 27 shares authorized; no shares issued or outstanding at december 31, 2022 and december 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2022—474; 2021—492 | 16,076,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2022—2,566; 2021—1,636 | 4,040,000,000 | |||||||||||||||||||||||||||||||||||||||
pension benefit obligations | 2,738,000,000 | 3,030,000,000 | 3,261,000,000 | 3,489,000,000 | 3,676,000,000 | 4,305,000,000 | 4,526,000,000 | 4,766,000,000 | 5,350,000,000 | 5,344,000,000 | 5,442,000,000 | 5,103,000,000 | 4,982,000,000 | 5,125,000,000 | 4,886,000,000 | 5,006,000,000 | 5,171,000,000 | 5,531,000,000 | 5,371,000,000 | 5,300,000,000 | 5,312,000,000 | 5,224,000,000 | 5,264,000,000 | 6,745,000,000 | 6,529,000,000 | 6,571,000,000 | ||||||||||||||
postretirement benefit obligations | 222,000,000 | 227,000,000 | 233,000,000 | 235,000,000 | 627,000,000 | 634,000,000 | 635,000,000 | 645,000,000 | 1,087,000,000 | 1,086,000,000 | 1,093,000,000 | 1,321,000,000 | 1,310,000,000 | 1,332,000,000 | 1,455,000,000 | 1,473,000,000 | 1,488,000,000 | 1,687,000,000 | 1,705,000,000 | 1,742,000,000 | 1,808,000,000 | 1,877,000,000 | 1,980,000,000 | 1,980,000,000 | 1,969,000,000 | 2,480,000,000 | ||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2022—461; 2021—492 | 15,155,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2022—1,276; 2021—1,636 | 5,990,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2022—492; 2021—492 | 13,225,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2022—260; 2021—1,636 | 645,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2021—492; 2020—508 | 11,479,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2021—1,636; 2020—2,002 | 2,241,000,000 | |||||||||||||||||||||||||||||||||||||||
preferred stock, no par value, at stated value; 27 shares authorized; no shares issued or outstanding at december 31, 2021 and december 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2021—494; 2020—508 | 11,897,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2021—2,663; 2020—2,002 | 3,629,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2021—500; 2020—508 | 10,587,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2021—3,687; 2020—2,002 | 3,888,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2021—512; 2020—508 | 9,864,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2021—3,676; 2020—2,002 | 4,352,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2020—508; 2019—493 | 7,930,000,000 | |||||||||||||||||||||||||||||||||||||||
current assets of discontinued operations and other assets held for sale | 167,000,000 | |||||||||||||||||||||||||||||||||||||||
noncurrent assets of discontinued operations | ||||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2020—2,002; 2019—1,462 | 2,703,000,000 | |||||||||||||||||||||||||||||||||||||||
current liabilities of discontinued operations | ||||||||||||||||||||||||||||||||||||||||
preferred stock, no par value, at stated value; 27 shares authorized; issued: 2020—0; 2019—431 | ||||||||||||||||||||||||||||||||||||||||
restricted short-term investments | 11,413,000,000 | 11,412,000,000 | ||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2020—533; 2019—527 | 10,012,000,000 | |||||||||||||||||||||||||||||||||||||||
identifiable intangible assets, less accumulated amortization | 30,927,000,000 | 33,541,000,000 | 34,464,000,000 | 38,995,000,000 | 33,024,000,000 | 34,039,000,000 | 45,306,000,000 | 46,584,000,000 | 47,690,000,000 | 49,721,000,000 | 51,348,000,000 | 52,427,000,000 | 54,238,000,000 | 43,056,000,000 | 39,602,000,000 | 43,297,000,000 | 33,424,000,000 | 34,334,000,000 | ||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2020—2,149; 2019—1,462 | 13,363,000,000 | |||||||||||||||||||||||||||||||||||||||
preferred stock | 17,000,000 | 18,000,000 | 18,000,000 | 19,000,000 | 20,000,000 | 20,000,000 | 21,000,000 | 22,000,000 | 23,000,000 | 23,000,000 | 25,000,000 | 25,000,000 | 26,000,000 | 27,000,000 | 28,000,000 | 28,000,000 | ||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2020—525; 2019—527 | 9,128,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2020—1,481; 2019—1,462 | 13,084,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2020—527; 2019—527 | 9,881,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2020—337; 2019—1,462 | 16,007,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2019—541; 2018—541 | 9,439,000,000 | |||||||||||||||||||||||||||||||||||||||
assets held for sale | 29,000,000 | 9,877,000,000 | 9,877,000,000 | 64,000,000 | 16,000,000 | 3,000,000 | 3,000,000 | 1,119,000,000 | ||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2019—2,431; 2018—4,776 | 16,617,000,000 | |||||||||||||||||||||||||||||||||||||||
liabilities held for sale | 2,009,000,000 | 1,935,000,000 | ||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2019—540; 2018—541 | 9,793,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2019—2,139; 2018—4,776 | 10,507,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2019—538; 2018—541 | 9,599,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2019—4,471; 2018—4,776 | 9,410,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2018—567; 2017—584 | 10,024,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2018—4,255; 2017—3,546 | 7,385,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2018—578; 2017—584 | 9,873,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2018—4,262; 2017—3,546 | 11,583,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2018—597; 2017—584 | 9,452,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2018—4,763; 2017—3,546 | 9,010,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2017—590; 2016—609 | 10,002,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2017—3,072; 2016—4,225 | 9,448,000,000 | 9,514,000,000 | ||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2017—579; 2016—609 | 9,476,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2017—588; 2016—609 | 8,892,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt: 2017—3,292; 2016—4,225 | 7,680,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2016—672; 2015—384 | 9,836,000,000 | |||||||||||||||||||||||||||||||||||||||
short-term borrowings, including current portion of long-term debt | 13,633,000,000 | 13,724,000,000 | 11,546,000,000 | 9,818,000,000 | 8,394,000,000 | 6,555,000,000 | ||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2016—670; 2015—384 | 9,138,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2016—649; 2015—384 | 9,033,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2015—416; 2014—412 | 9,535,000,000 | |||||||||||||||||||||||||||||||||||||||
current deferred tax assets and other current tax assets | 4,883,000,000 | 4,263,000,000 | 4,214,000,000 | |||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2015—397; 2014—412 | 8,951,000,000 | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable, less allowance for doubtful accounts: 2015—444; 2014—412 | 8,920,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-31 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2022-12-31 | 2022-10-02 | 2022-07-03 | 2022-04-03 | 2021-12-31 | 2021-10-03 | 2021-07-04 | 2021-04-04 | 2020-12-31 | 2020-09-27 | 2020-06-28 | 2020-03-29 | 2019-09-29 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-07-01 | 2018-04-01 | 2017-10-01 | 2017-07-02 | 2017-04-02 | 2016-10-02 | 2016-07-03 | 2016-04-03 | 2015-09-27 | 2015-06-28 | 2015-03-29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||||||||||||||||||||||
net income before allocation to noncontrolling interests | 2,696,000,000 | 3,551,000,000 | 2,928,000,000 | 2,973,000,000 | 418,000,000 | 4,473,000,000 | 48,000,000 | 3,123,000,000 | -3,360,000,000 | -2,376,000,000 | 2,338,000,000 | 5,556,000,000 | 5,003,000,000 | 8,623,000,000 | 9,911,000,000 | 7,870,000,000 | 3,392,000,000 | 8,158,000,000 | 5,589,000,000 | 4,886,000,000 | 606,000,000 | 2,201,000,000 | 3,435,000,000 | 3,410,000,000 | 7,683,000,000 | 5,056,000,000 | 3,889,000,000 | 4,122,000,000 | 3,879,000,000 | 3,570,000,000 | 2,858,000,000 | 3,078,000,000 | 3,130,000,000 | 1,319,000,000 | 2,035,000,000 | 3,026,000,000 | 2,138,000,000 | 2,636,000,000 | 2,381,000,000 |
discontinued operations—net of tax | -13,000,000 | 0 | 7,000,000 | -8,000,000 | 17,000,000 | -5,000,000 | -26,000,000 | 12,000,000 | -2,000,000 | 1,000,000 | 2,000,000 | -22,000,000 | 35,000,000 | -9,000,000 | |||||||||||||||||||||||||
net income from continuing operations before allocation to noncontrolling interests | 2,709,000,000 | 3,551,000,000 | 2,903,000,000 | 2,973,000,000 | 411,000,000 | 4,481,000,000 | 31,000,000 | 3,128,000,000 | -3,335,000,000 | -2,388,000,000 | 2,340,000,000 | 5,555,000,000 | 5,001,000,000 | 8,644,000,000 | 9,877,000,000 | 7,879,000,000 | 3,849,000,000 | 8,167,000,000 | 5,566,000,000 | 4,877,000,000 | |||||||||||||||||||
adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 1,613,000,000 | 1,662,000,000 | 1,625,000,000 | 1,618,000,000 | 1,791,000,000 | 1,755,000,000 | 1,731,000,000 | 1,736,000,000 | 1,670,000,000 | 1,560,000,000 | 1,573,000,000 | 1,487,000,000 | 1,519,000,000 | 1,183,000,000 | 1,175,000,000 | 1,187,000,000 | 1,277,000,000 | 1,360,000,000 | 1,328,000,000 | 1,226,000,000 | 1,046,000,000 | 1,262,000,000 | 1,251,000,000 | 1,218,000,000 | 1,553,000,000 | 1,528,000,000 | 1,545,000,000 | 1,614,000,000 | 1,562,000,000 | 1,567,000,000 | 1,566,000,000 | 1,574,000,000 | 1,555,000,000 | 1,396,000,000 | 1,387,000,000 | 1,425,000,000 | 1,272,000,000 | 1,201,000,000 | 1,260,000,000 |
asset write-offs and impairments | 32,000,000 | 366,000,000 | 154,000,000 | 344,000,000 | 3,162,000,000 | 649,000,000 | 295,000,000 | 136,000,000 | 2,909,000,000 | 172,000,000 | 57,000,000 | 270,000,000 | 263,000,000 | 229,000,000 | 27,000,000 | 31,000,000 | 161,000,000 | 38,000,000 | 31,000,000 | 46,000,000 | 1,059,000,000 | 932,000,000 | 13,000,000 | 45,000,000 | 46,000,000 | 23,000,000 | 155,000,000 | 47,000,000 | 34,000,000 | 7,000,000 | 229,000,000 | 62,000,000 | 35,000,000 | 163,000,000 | 837,000,000 | 146,000,000 | 822,000,000 | 31,000,000 | 11,000,000 |
deferred taxes | -12,000,000 | -765,000,000 | -272,000,000 | -663,000,000 | -396,000,000 | -482,000,000 | -783,000,000 | -441,000,000 | -1,858,000,000 | -113,000,000 | -873,000,000 | -598,000,000 | |||||||||||||||||||||||||||
share-based compensation expense | 272,000,000 | 201,000,000 | 203,000,000 | 170,000,000 | 177,000,000 | 274,000,000 | 206,000,000 | 220,000,000 | 121,000,000 | 151,000,000 | 148,000,000 | 105,000,000 | 364,000,000 | 135,000,000 | 287,000,000 | 86,000,000 | 495,000,000 | 293,000,000 | 222,000,000 | 172,000,000 | 264,000,000 | 234,000,000 | 194,000,000 | 64,000,000 | 64,000,000 | 199,000,000 | 185,000,000 | 303,000,000 | 197,000,000 | 182,000,000 | 207,000,000 | 170,000,000 | 218,000,000 | 145,000,000 | 244,000,000 | 143,000,000 | 141,000,000 | 185,000,000 | 162,000,000 |
benefit plan contributions in excess of expense/income | -173,000,000 | -84,000,000 | -105,000,000 | -229,000,000 | 454,000,000 | -128,000,000 | -137,000,000 | -201,000,000 | -320,000,000 | -145,000,000 | -122,000,000 | -200,000,000 | -626,000,000 | -386,000,000 | 258,000,000 | -404,000,000 | -1,190,000,000 | -1,154,000,000 | -406,000,000 | -373,000,000 | -147,000,000 | ||||||||||||||||||
other adjustments | -93,000,000 | -292,000,000 | -101,000,000 | 40,000,000 | -1,805,000,000 | -715,000,000 | 411,000,000 | -151,000,000 | -2,748,000,000 | -427,000,000 | -416,000,000 | 99,000,000 | -723,000,000 | 211,000,000 | 455,000,000 | 815,000,000 | 275,000,000 | -543,000,000 | -1,014,000,000 | -291,000,000 | -322,000,000 | 123,000,000 | -102,000,000 | -59,000,000 | 229,000,000 | ||||||||||||||
other changes in assets and liabilities, net of acquisitions and divestitures | -1,732,000,000 | -36,000,000 | -4,989,000,000 | -1,919,000,000 | 879,000,000 | -3,535,000,000 | -3,336,000,000 | -1,199,000,000 | -3,916,000,000 | -5,507,000,000 | -4,109,000,000 | -2,766,000,000 | -730,000,000 | 6,418,000,000 | 5,725,000,000 | -1,327,000,000 | |||||||||||||||||||||||
net cash from operating activities | 2,615,000,000 | 4,603,000,000 | -582,000,000 | 2,335,000,000 | 6,721,000,000 | 6,714,000,000 | -1,781,000,000 | 1,090,000,000 | 5,240,000,000 | 3,456,000,000 | -1,208,000,000 | 1,212,000,000 | 8,582,000,000 | 5,974,000,000 | 8,170,000,000 | 6,541,000,000 | 5,914,000,000 | 10,829,000,000 | 11,299,000,000 | 4,538,000,000 | 5,625,000,000 | 2,090,000,000 | 3,555,000,000 | 3,133,000,000 | 4,510,000,000 | 2,611,000,000 | 1,698,000,000 | 5,259,000,000 | 3,847,000,000 | 1,983,000,000 | 4,887,000,000 | 3,252,000,000 | 1,589,000,000 | 4,699,000,000 | 3,579,000,000 | 1,651,000,000 | 5,024,000,000 | 4,090,000,000 | 685,000,000 |
capital expenditures | -436,000,000 | -602,000,000 | -618,000,000 | -564,000,000 | -917,000,000 | -651,000,000 | -637,000,000 | -704,000,000 | -1,044,000,000 | -810,000,000 | -914,000,000 | -1,139,000,000 | -1,001,000,000 | -841,000,000 | -751,000,000 | -643,000,000 | -993,000,000 | -624,000,000 | -540,000,000 | -554,000,000 | -785,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 2,179,000,000 | 4,001,000,000 | -1,200,000,000 | 1,771,000,000 | 5,804,000,000 | 6,063,000,000 | -2,418,000,000 | 386,000,000 | 4,196,000,000 | 2,646,000,000 | -2,122,000,000 | 73,000,000 | 7,581,000,000 | 5,133,000,000 | 7,419,000,000 | 5,898,000,000 | 4,921,000,000 | 10,205,000,000 | 10,759,000,000 | 3,984,000,000 | 4,840,000,000 | 2,090,000,000 | 3,555,000,000 | 3,133,000,000 | 4,510,000,000 | 2,611,000,000 | 1,698,000,000 | 5,259,000,000 | 3,847,000,000 | 1,983,000,000 | 4,887,000,000 | 3,252,000,000 | 1,589,000,000 | 4,699,000,000 | 3,579,000,000 | 1,651,000,000 | 5,024,000,000 | 4,090,000,000 | 685,000,000 |
investing activities | |||||||||||||||||||||||||||||||||||||||
purchases of property, plant and equipment | -436,000,000 | -602,000,000 | -618,000,000 | -564,000,000 | -917,000,000 | -651,000,000 | -637,000,000 | -704,000,000 | -1,044,000,000 | -810,000,000 | -914,000,000 | -1,139,000,000 | -1,001,000,000 | -841,000,000 | -751,000,000 | -643,000,000 | -993,000,000 | -624,000,000 | -540,000,000 | -554,000,000 | -785,000,000 | ||||||||||||||||||
purchases of short-term investments | -2,569,000,000 | -4,223,000,000 | -3,262,000,000 | -2,823,000,000 | -6,176,000,000 | -2,703,000,000 | -457,000,000 | -797,000,000 | -836,000,000 | -9,132,000,000 | -14,341,000,000 | -6,665,000,000 | -6,683,000,000 | -10,764,000,000 | -10,179,000,000 | -8,758,000,000 | -12,177,000,000 | -10,298,000,000 | -9,928,000,000 | -6,054,000,000 | -4,496,000,000 | ||||||||||||||||||
proceeds from redemptions/sales of short-term investments | 4,576,000,000 | 2,736,000,000 | 6,545,000,000 | 3,955,000,000 | 1,498,000,000 | 918,000,000 | 1,054,000,000 | 658,000,000 | 21,246,000,000 | 5,424,000,000 | 6,194,000,000 | 6,400,000,000 | 9,734,000,000 | 14,936,000,000 | 6,730,000,000 | 13,421,000,000 | 11,595,000,000 | 8,280,000,000 | 2,107,000,000 | 5,465,000,000 | 2,690,000,000 | 3,802,000,000 | 1,338,000,000 | 3,257,000,000 | 1,765,000,000 | 2,400,000,000 | 3,601,000,000 | 2,255,000,000 | 4,034,000,000 | 6,463,000,000 | 2,263,000,000 | 1,285,000,000 | 2,235,000,000 | 5,928,000,000 | 6,835,000,000 | 7,922,000,000 | 13,126,000,000 | 9,781,000,000 | 10,702,000,000 |
net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | -792,000,000 | -583,000,000 | 1,184,000,000 | -3,852,000,000 | 487,000,000 | -889,000,000 | 4,725,000,000 | -1,187,000,000 | 11,276,000,000 | 5,115,000,000 | -15,882,000,000 | 4,665,000,000 | 10,394,000,000 | -7,724,000,000 | -6,562,000,000 | 3,409,000,000 | -936,000,000 | -6,647,000,000 | 491,000,000 | -996,000,000 | 11,661,000,000 | ||||||||||||||||||
purchases of long-term investments | -104,000,000 | -129,000,000 | 48,000,000 | -134,000,000 | -105,000,000 | 33,000,000 | -73,000,000 | -35,000,000 | -38,000,000 | -74,000,000 | -41,000,000 | -51,000,000 | -286,000,000 | -303,000,000 | -648,000,000 | -676,000,000 | -207,000,000 | -761,000,000 | -73,000,000 | -27,000,000 | -313,000,000 | ||||||||||||||||||
proceeds from redemptions/sales of long-term investments | 88,000,000 | 359,000,000 | 63,000,000 | 82,000,000 | 29,000,000 | 1,229,000,000 | 7,000,000 | 305,000,000 | 1,790,000,000 | 17,000,000 | 48,000,000 | 124,000,000 | 195,000,000 | 220,000,000 | 174,000,000 | 52,000,000 | 80,000,000 | 272,000,000 | 41,000,000 | 256,000,000 | 75,000,000 | 112,000,000 | 384,000,000 | 152,000,000 | -26,000,000 | 98,000,000 | 44,000,000 | 813,000,000 | 785,000,000 | 576,000,000 | 878,000,000 | 693,000,000 | 846,000,000 | 4,488,000,000 | 1,285,000,000 | 1,142,000,000 | 1,244,000,000 | 1,354,000,000 | 1,937,000,000 |
proceeds from sales of investment in haleon | 0 | 0 | 6,311,000,000 | ||||||||||||||||||||||||||||||||||||
other investing activities | 22,000,000 | 14,000,000 | -12,000,000 | 300,000,000 | 15,000,000 | 5,000,000 | 14,000,000 | 350,000,000 | -525,000,000 | -18,000,000 | 8,000,000 | -109,000,000 | -78,000,000 | -13,000,000 | 65,000,000 | -298,000,000 | -235,000,000 | 163,000,000 | 80,000,000 | 175,000,000 | 15,000,000 | 4,000,000 | -34,000,000 | 112,000,000 | 67,000,000 | 110,000,000 | 113,000,000 | 25,000,000 | 64,000,000 | 158,000,000 | 297,000,000 | 34,000,000 | 20,000,000 | 6,000,000 | 13,000,000 | 3,000,000 | 330,000,000 | ||
net cash from investing activities | 785,000,000 | -2,430,000,000 | 3,951,000,000 | 3,274,000,000 | -1,623,000,000 | -2,057,000,000 | 4,600,000,000 | 1,732,000,000 | -10,996,000,000 | 888,000,000 | -25,485,000,000 | 3,315,000,000 | -627,000,000 | -11,313,000,000 | 567,000,000 | -10,076,000,000 | -8,137,000,000 | -1,747,000,000 | -1,902,000,000 | 7,550,000,000 | -2,904,000,000 | -1,474,000,000 | 9,667,000,000 | 4,772,000,000 | 4,355,000,000 | ||||||||||||||
financing activities | |||||||||||||||||||||||||||||||||||||||
payments on short-term borrowings | 0 | -151,000,000 | -2,048,000,000 | -3,452,000,000 | -2,922,000,000 | -4,524,000,000 | -328,000,000 | 0 | |||||||||||||||||||||||||||||||
net (payments on)/proceeds from short-term borrowings with original maturities of three months or less | -127,000,000 | 6,000,000 | -517,000,000 | -386,000,000 | 0 | -1,489,000,000 | 938,000,000 | -2,039,000,000 | 3,267,000,000 | -128,000,000 | -204,000,000 | 226,000,000 | -1,092,000,000 | 491,000,000 | 599,000,000 | -220,000,000 | -361,000,000 | 764,000,000 | -474,000,000 | -25,000,000 | -5,757,000,000 | ||||||||||||||||||
cash dividends paid | -2,445,000,000 | -2,444,000,000 | -2,445,000,000 | -2,437,000,000 | -2,380,000,000 | -2,380,000,000 | -2,380,000,000 | -2,372,000,000 | -2,315,000,000 | -2,314,000,000 | -2,315,000,000 | -2,303,000,000 | -2,245,000,000 | -2,245,000,000 | -2,244,000,000 | -2,249,000,000 | -2,189,000,000 | -2,185,000,000 | -2,183,000,000 | -2,172,000,000 | -2,112,000,000 | ||||||||||||||||||
other financing activities | -284,000,000 | -38,000,000 | -21,000,000 | -356,000,000 | -14,000,000 | -6,000,000 | -63,000,000 | -386,000,000 | -18,000,000 | -37,000,000 | -140,000,000 | -436,000,000 | 7,000,000 | 5,000,000 | 154,000,000 | -501,000,000 | 201,000,000 | 324,000,000 | 101,000,000 | -610,000,000 | -409,000,000 | 25,000,000 | 17,000,000 | 32,000,000 | 122,000,000 | ||||||||||||||
net cash from financing activities | -2,856,000,000 | -2,477,000,000 | -3,196,000,000 | -5,227,000,000 | -5,114,000,000 | -4,636,000,000 | -2,459,000,000 | -4,931,000,000 | 5,442,000,000 | -3,779,000,000 | 27,174,000,000 | -2,771,000,000 | -5,761,000,000 | 2,520,000,000 | -6,578,000,000 | -1,101,000,000 | |||||||||||||||||||||||
effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents | 19,000,000 | 2,000,000 | 41,000,000 | -7,000,000 | -29,000,000 | 9,000,000 | -18,000,000 | -28,000,000 | -1,000,000 | -32,000,000 | -5,000,000 | -2,000,000 | -26,000,000 | -72,000,000 | -66,000,000 | -1,000,000 | -27,000,000 | -37,000,000 | 31,000,000 | 12,000,000 | 55,000,000 | ||||||||||||||||||
net increase in cash and cash equivalents and restricted cash and cash equivalents | 563,000,000 | -301,000,000 | 213,000,000 | 375,000,000 | -45,000,000 | 29,000,000 | 343,000,000 | -2,137,000,000 | -316,000,000 | 535,000,000 | 475,000,000 | 1,754,000,000 | -487,000,000 | -688,000,000 | 529,000,000 | -384,000,000 | 608,000,000 | -15,000,000 | -218,000,000 | -351,000,000 | 846,000,000 | 1,008,000,000 | -180,000,000 | 792,000,000 | 985,000,000 | ||||||||||||||
cash and cash equivalents and restricted cash and cash equivalents, at beginning of period | 1,197,000,000 | 0 | 0 | 1,107,000,000 | 0 | 0 | 0 | 2,917,000,000 | 0 | 0 | 0 | 468,000,000 | 0 | 0 | 0 | 1,983,000,000 | 0 | 0 | 0 | 1,825,000,000 | 0 | 0 | 0 | 1,350,000,000 | |||||||||||||||
cash and cash equivalents and restricted cash and cash equivalents, at end of period | 1,760,000,000 | -300,000,000 | 213,000,000 | 1,481,000,000 | -45,000,000 | 29,000,000 | 343,000,000 | 780,000,000 | -316,000,000 | 535,000,000 | 476,000,000 | 2,222,000,000 | -870,000,000 | -486,000,000 | -689,000,000 | 2,513,000,000 | -51,000,000 | -384,000,000 | 609,000,000 | 1,809,000,000 | 198,000,000 | -218,000,000 | -351,000,000 | 2,196,000,000 | |||||||||||||||
supplemental cash flow information | |||||||||||||||||||||||||||||||||||||||
cash paid during the period for: | |||||||||||||||||||||||||||||||||||||||
income taxes | 72,000,000 | 178,000,000 | 3,341,000,000 | 152,000,000 | 486,000,000 | 2,502,000,000 | 184,000,000 | 882,000,000 | 1,696,000,000 | 329,000,000 | 1,821,000,000 | 2,744,000,000 | 354,000,000 | 755,000,000 | 1,794,000,000 | 394,000,000 | 1,051,000,000 | 239,000,000 | 1,901,000,000 | 235,000,000 | 469,000,000 | 940,000,000 | 257,000,000 | 303,000,000 | 926,000,000 | 195,000,000 | 319,000,000 | 593,000,000 | 518,000,000 | 290,000,000 | 752,000,000 | 372,000,000 | |||||||
interest paid | 293,000,000 | 275,000,000 | 1,130,000,000 | 353,000,000 | 280,000,000 | 1,138,000,000 | 415,000,000 | 332,000,000 | 402,000,000 | 419,000,000 | 350,000,000 | 318,000,000 | 453,000,000 | 407,000,000 | 353,000,000 | 445,000,000 | 438,000,000 | 472,000,000 | 424,000,000 | 385,000,000 | |||||||||||||||||||
interest rate hedges | 62,000,000 | 66,000,000 | -45,000,000 | 74,000,000 | 33,000,000 | -35,000,000 | 33,000,000 | 67,000,000 | -29,000,000 | 60,000,000 | 38,000,000 | -36,000,000 | 26,000,000 | 41,000,000 | -77,000,000 | 10,000,000 | 20,000,000 | 32,000,000 | |||||||||||||||||||||
proceeds from short-term borrowings | 732,000,000 | 2,161,000,000 | 4,570,000,000 | 1,444,000,000 | 4,511,000,000 | 0 | 3,000,000 | 11,000,000 | 4,000,000 | -125,000,000 | 0 | 0 | 7,050,000,000 | 5,302,000,000 | 7,626,000,000 | 3,347,000,000 | 609,000,000 | 199,000,000 | 1,318,000,000 | 428,000,000 | 2,204,000,000 | 2,245,000,000 | 2,554,000,000 | 4,090,000,000 | 1,625,000,000 | 682,000,000 | 0 | 24,000,000 | 1,998,000,000 | ||||||||||
proceeds from issuance of long-term debt | 0 | 0 | 0 | -11,478,000,000 | 94,000,000 | 15,365,000,000 | 1,241,000,000 | 0 | 0 | 4,942,000,000 | 0 | 0 | 5,273,000,000 | 0 | |||||||||||||||||||||||||
payments on long-term debt | 0 | 0 | 0 | -1,000,000,000 | -1,250,000,000 | 0 | -1,300,000,000 | -1,000,000,000 | -269,000,000 | -1,689,000,000 | |||||||||||||||||||||||||||||
inventory write-offs and related charges associated with covid-19 products | 352,000,000 | ||||||||||||||||||||||||||||||||||||||
other changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||||||||||||||||||||||||||||||
trade accounts receivable | |||||||||||||||||||||||||||||||||||||||
inventories | |||||||||||||||||||||||||||||||||||||||
other assets | |||||||||||||||||||||||||||||||||||||||
trade accounts payable | |||||||||||||||||||||||||||||||||||||||
other liabilities | |||||||||||||||||||||||||||||||||||||||
other tax accounts | |||||||||||||||||||||||||||||||||||||||
proceeds from partial sales of investment in haleon | |||||||||||||||||||||||||||||||||||||||
acquisitions of businesses, net of cash acquired | -43,405,000,000 | 0 | |||||||||||||||||||||||||||||||||||||
dividend received from the consumer healthcare jv | |||||||||||||||||||||||||||||||||||||||
purchases of common stock | 0 | 0 | 0 | -2,000,000,000 | |||||||||||||||||||||||||||||||||||
- continued - | |||||||||||||||||||||||||||||||||||||||
proceeds from partial sale of investment in haleon | 0 | 0 | 3,491,000,000 | ||||||||||||||||||||||||||||||||||||
acquisition of business, net of cash acquired | 0 | 0 | -6,225,000,000 | ||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income before allocation to noncontrolling interests to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||||
net cash from operating activities from continuing operations | 8,582,000,000 | 5,968,000,000 | 8,176,000,000 | 6,541,000,000 | 6,262,000,000 | 10,832,000,000 | 11,298,000,000 | 4,530,000,000 | |||||||||||||||||||||||||||||||
net cash from operating activities from discontinued operations | -3,000,000 | 0 | 9,000,000 | ||||||||||||||||||||||||||||||||||||
net cash from investing activities from continuing operations | -627,000,000 | -11,313,000,000 | 567,000,000 | -10,076,000,000 | -8,137,000,000 | -1,747,000,000 | |||||||||||||||||||||||||||||||||
net cash from investing activities from discontinued operations | |||||||||||||||||||||||||||||||||||||||
proceeds from issuances of long-term debt | |||||||||||||||||||||||||||||||||||||||
deferred taxes from continuing operations | -365,000,000 | 62,000,000 | -1,140,000,000 | -2,321,000,000 | -591,000,000 | -3,749,000,000 | -152,000,000 | 199,000,000 | -871,000,000 | -668,000,000 | -38,000,000 | 109,000,000 | 294,000,000 | -79,000,000 | 282,000,000 | 38,000,000 | |||||||||||||||||||||||
net cash provided by/(used in) operating activities from discontinued operations | |||||||||||||||||||||||||||||||||||||||
net cash provided by/(used in) investing activities from continuing operations | |||||||||||||||||||||||||||||||||||||||
net cash provided by/(used in) investing activities from discontinued operations | |||||||||||||||||||||||||||||||||||||||
net cash provided by/(used in) investing activities | -2,996,000,000 | -2,105,000,000 | 6,592,000,000 | ||||||||||||||||||||||||||||||||||||
net cash provided by/(used in) financing activities from continuing operations | |||||||||||||||||||||||||||||||||||||||
net cash provided by/(used in) financing activities from discontinued operations | |||||||||||||||||||||||||||||||||||||||
net cash provided by/(used in) financing activities | -13,787,000,000 | ||||||||||||||||||||||||||||||||||||||
net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||
dividends received from haleon/gsk consumer healthcare jv | |||||||||||||||||||||||||||||||||||||||
non-cash transaction: | |||||||||||||||||||||||||||||||||||||||
right-of-use assets obtained in exchange for lease liabilities | 221,000,000 | 348,000,000 | |||||||||||||||||||||||||||||||||||||
principal payments on long-term debt | 0 | -1,609,000,000 | -1,003,000,000 | -1,492,000,000 | |||||||||||||||||||||||||||||||||||
tcja impact | |||||||||||||||||||||||||||||||||||||||
gain on completion of consumer healthcare jv transaction, net of cash conveyed | 0 | ||||||||||||||||||||||||||||||||||||||
principal payments on short-term borrowings | -4,748,000,000 | ||||||||||||||||||||||||||||||||||||||
income from discontinued operations—net of tax | -8,000,000 | 23,000,000 | 9,000,000 | ||||||||||||||||||||||||||||||||||||
net cash from financing activities from continuing operations | -1,101,000,000 | -2,557,000,000 | -2,807,000,000 | ||||||||||||||||||||||||||||||||||||
net cash from financing activities from discontinued operations | |||||||||||||||||||||||||||||||||||||||
acquisitions of intangible assets | -501,000,000 | ||||||||||||||||||||||||||||||||||||||
proceeds from exercise of stock options | 219,000,000 | 48,000,000 | 34,000,000 | 124,000,000 | 55,000,000 | 122,000,000 | 126,000,000 | 625,000,000 | 102,000,000 | 372,000,000 | 245,000,000 | 98,000,000 | 313,000,000 | 250,000,000 | 400,000,000 | 296,000,000 | 184,000,000 | 187,000,000 | 794,000,000 | ||||||||||||||||||||
‘- continued - | |||||||||||||||||||||||||||||||||||||||
see notes to condensed consolidated financial statements. | |||||||||||||||||||||||||||||||||||||||
net | |||||||||||||||||||||||||||||||||||||||
net proceeds from short-term borrowings with original maturities of three months or less | 3,207,000,000 | 458,000,000 | 1,724,000,000 | ||||||||||||||||||||||||||||||||||||
benefit plan contributions in excess of income | |||||||||||||||||||||||||||||||||||||||
net proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 3,590,000,000 | -1,224,000,000 | 5,941,000,000 | -846,000,000 | -3,276,000,000 | 4,507,000,000 | 3,778,000,000 | 493,000,000 | |||||||||||||||||||||||||||||||
net proceeds from/(payments on) short-term borrowings with original maturities of three months or less | 2,032,000,000 | ||||||||||||||||||||||||||||||||||||||
cash and cash equivalents and restricted cash and cash equivalents, beginning | 0 | 0 | 1,225,000,000 | 0 | 0 | 1,431,000,000 | |||||||||||||||||||||||||||||||||
cash and cash equivalents and restricted cash and cash equivalents, end | 1,009,000,000 | -181,000,000 | 2,018,000,000 | 847,000,000 | 395,000,000 | 2,416,000,000 | |||||||||||||||||||||||||||||||||
non-cash transactions: | |||||||||||||||||||||||||||||||||||||||
equity investment in allogene received in exchange for pfizer's allogeneic car t developmental program assets | 0 | ||||||||||||||||||||||||||||||||||||||
cash paid (received) during the period for: | |||||||||||||||||||||||||||||||||||||||
benefit plan contributions in excess of expense | |||||||||||||||||||||||||||||||||||||||
adjustments to loss on sale of his net assets | |||||||||||||||||||||||||||||||||||||||
benefit plan contributions in excess of income––2018 and expense––2017 | |||||||||||||||||||||||||||||||||||||||
receipt of icu medical common stock | 0 | 0 | 428,000,000 | ||||||||||||||||||||||||||||||||||||
promissory note from icu medical | 0 | 0 | 75,000,000 | ||||||||||||||||||||||||||||||||||||
equity investment in cerevel therapeutics, inc. in exchange for pfizer’s portfolio of clinical and preclinical neuroscience assets | |||||||||||||||||||||||||||||||||||||||
interest | 244,000,000 | 465,000,000 | 259,000,000 | 220,000,000 | 665,000,000 | 216,000,000 | 274,000,000 | 521,000,000 | 382,000,000 | 248,000,000 | 582,000,000 | 332,000,000 | |||||||||||||||||||||||||||
loss on sale of his net assets | 3,000,000 | -12,000,000 | 27,000,000 | 37,000,000 | |||||||||||||||||||||||||||||||||||
net payments on short-term borrowings with original maturities of three months or less | |||||||||||||||||||||||||||||||||||||||
effect of exchange-rate changes on cash and cash equivalents | 30,000,000 | 16,000,000 | 21,000,000 | ||||||||||||||||||||||||||||||||||||
net increase/(decrease) in cash and cash equivalents | 1,461,000,000 | ||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, beginning | 0 | 0 | 2,595,000,000 | 0 | 0 | 3,641,000,000 | 0 | 0 | 3,343,000,000 | ||||||||||||||||||||||||||||||
cash and cash equivalents, end | 194,000,000 | -1,472,000,000 | 4,057,000,000 | -1,317,000,000 | 850,000,000 | 2,561,000,000 | -571,000,000 | 107,000,000 | 3,563,000,000 | ||||||||||||||||||||||||||||||
net decrease in cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||
write-down of his net assets to fair value less estimated costs to sell | |||||||||||||||||||||||||||||||||||||||
net cash (used in)/provided by investing activities | |||||||||||||||||||||||||||||||||||||||
adjustment to gain on disposal of discontinued operations | |||||||||||||||||||||||||||||||||||||||
benefit plan contributions (in excess of)/less than expense | |||||||||||||||||||||||||||||||||||||||
net proceeds from redemptions/sales of short-term investments with original maturities of 90 days or less | 2,537,000,000 | -2,223,000,000 | 5,243,000,000 | ||||||||||||||||||||||||||||||||||||
net proceeds from/(payments on) short-term borrowings with original maturities of 90 days or less | 1,426,000,000 | ||||||||||||||||||||||||||||||||||||||
deferred taxes from discontinued operations | |||||||||||||||||||||||||||||||||||||||
net increase in cash and cash equivalents | 107,000,000 | 220,000,000 | |||||||||||||||||||||||||||||||||||||
net proceeds from short-term borrowings with original maturities of 90 days or less | 863,000,000 |