PFIZER INC
For the period ended Sep 29, 2024. Filed Nov 4, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 29, 2024 · Filed Nov 4, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Total Revenues by Geography
| The following presents worldwide Total revenues by geography: | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | |||||||||||||||
| Worldwide · U.S. · International · World-wide · U.S. · Inter-national | |||||||||||||||
| (MILLIONS) · Sept. 29, 2024 · Oct. 1, 2023 · Sept. 29, 2024 · Oct. 1, 2023 · Sept. 29, 2024 · Oct. 1, 2023 · % Change | |||||||||||||||
| Operating segments: | |||||||||||||||
| Biopharma | $17,392 | $13,188 | $11,964 | $7,975 | $5,428 | $5,214 | 32 | 50 | 4 | ||||||
| Pfizer CentreOne | 285 | 293 | 76 | 79 | 210 | 214 | (3) | (5) | (2) | ||||||
| Pfizer Ignite | 25 | 10 | 25 | 10 | — | — | * | * | — | ||||||
| Total revenues | $17,702 | $13,491 | $12,064 | $8,064 | $5,638 | $5,427 | 31 | 50 | 4 | ||||||
| Nine Months Ended | |||||||||||||||
| Worldwide · U.S. · International · World-wide · U.S. · Inter-national | |||||||||||||||
| (MILLIONS) | Sept. 29, 2024 | Oct. 1, 2023 | Sept. 29, 2024 | Oct. 1, 2023 | Sept. 29, 2024 | Oct. 1, 2023 | % Change | ||||||||
| Operating segments: | |||||||||||||||
| Biopharma | $44,987 | $44,051 | $29,218 | $22,939 | $15,769 | $21,112 | 2 | 27 | (25) | ||||||
| Pfizer CentreOne | 820 | 908 | 195 | 269 | 625 | 639 | (10) | (27) | (2) | ||||||
| Pfizer Ignite | 56 | 25 | 56 | 25 | — | — | * | * | — | ||||||
| Total revenues | $45,864 | $44,984 | $29,470 | $23,233 | $16,394 | $21,750 | 2 | 27 | (25) | ||||||
| The following provides an analysis of the worldwide change in Total revenues by geographic areas in the third quarter of 2024 compared to the third quarter of 2023: | |||
|---|---|---|---|
| (MILLIONS) | Worldwide | U.S. | International |
| Operational growth/(decline): | |||
| Worldwide growth from Paxlovid | $2,510 | $2,313 | $197 |
| Revenues from legacy Seagen, which was acquired in December 2023 | 854 | 815 | 39 |
| Worldwide growth from the Vyndaqel family, Eliquis, Xtandi and Nurtec ODT/Vydura, partially offset by worldwide declines from Xeljanz, Ibrance, the Prevnar family, Abrysvo and Inlyta | 546 | 435 | 111 |
| Worldwide growth from Comirnaty | 119 | 169 | (51) |
| Other operational factors, net | 315 | 268 | 47 |
| Operational growth/(decline), net | 4,344 | 4,000 | 344 |
| Unfavorable impact of foreign exchange | (133) | — | (133) |
| Total revenues increase/(decrease) | $4,211 | $4,000 | $210 |
| The following provides an analysis of the worldwide change in Total revenues by geographic areas in the first nine months of 2024 compared to the first nine months of 2023: | |||
|---|---|---|---|
| (MILLIONS) | Worldwide | U.S. | International |
| Operational growth/(decline): | |||
| Revenues from legacy Seagen, which was acquired in December 2023 | $2,440 | $2,333 | $107 |
| Worldwide growth from the Vyndaqel family, Eliquis, Xtandi, Nurtec ODT/Vydura and Abrysvo, partially offset by declines from Xeljanz, Ibrance and Inlyta, while the Prevnar family was flat | 1,967 | 1,563 | 404 |
| Worldwide growth from Paxlovid | 592 | 2,221 | (1,629) |
| Worldwide decline from Comirnaty | (3,879) | — | (3,879) |
| Decline in oncology biosimilars, largely due to lower net price in the U.S. | (250) | (246) | (4) |
| Other operational factors, net | 422 | 366 | 56 |
| Operational growth/(decline), net | 1,292 | 6,237 | (4,945) |
| Unfavorable impact of foreign exchange | (411) | — | (411) |
| Total revenues increase/(decrease) | $880 | $6,237 | $(5,356) |
See the Total Revenues––Selected Product Discussion section within MD&A for additional analysis and Note 13C.
Product Revenue Deductions––Our gross product revenues are subject to a variety of deductions, which generally are estimated and recorded in the same period that the revenues are recognized. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these product revenue deductions on gross sales for a reporting period. Historically, adjustments to these estimates to reflect actual results or updated expectations, have not been material to our overall business and generally have been less than 1% of revenues. Product-specific rebates, however, can have a significant impact on year-over-year individual product revenue growth trends.
| The following presents information about product revenue deductions: | ||||
|---|---|---|---|---|
| Three Months Ended | Nine Months Ended | |||
| (MILLIONS) | September 29,2024 | October 1,2023 | September 29,2024 | October 1,2023 |
| Medicare rebates | $1,801 | $286 | $3,278 | $718 |
| Medicaid and related state program rebates | 720 | 406 | 1,846 | 1,228 |
| Performance-based contract rebates | 1,836 | 1,363 | 4,884 | 3,784 |
| Chargebacks | 3,805 | 2,627 | 9,467 | 7,216 |
| Sales allowances | 1,569 | 1,732 | 4,654 | 4,841 |
| Sales returns and cash discounts | 1,123 | 379 | 1,474 | 1,130 |
| Total(a) | $10,855 | $6,793 | $25,603 | $18,918 |
(a)The increase in revenue deductions in the third quarter and first nine months of 2024 is primarily driven by the transition of Paxlovid and Comirnaty to commercial markets, our acquisition of Seagen in December 2023, and higher sales of other recently acquired products, partially offset in the first nine months of 2024 by a $771 million favorable final adjustment recorded in the first quarter of 2024 to the estimated non-cash Paxlovid revenue reversal of $3.5 billion recorded in the fourth quarter of 2023 (see Note 13C).
Product revenue deductions are primarily a function of product sales volume, mix of products sold, contractual or legislative discounts and rebates.
For information on our accruals for product revenue deductions, including the balance sheet classification of these accruals, see Note 1C.
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