PFIZER INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Defined Termsi
DEFINED TERMS
Unless the context requires otherwise, references to “Pfizer,” “the Company,” “we,” “us” or “our” in this Form 10-K (defined below) refer to Pfizer Inc. and its subsidiaries. For each year presented, Pfizer’s fiscal year-end for subsidiaries operating outside the U.S. is as of and for the year ended November 30 and for U.S. subsidiaries is as of and for the year ended December 31. References to “Notes” in this Form 10-K are to the Notes to the consolidated financial statements in Item 8. Financial Statements and Supplementary Data in this Form 10-K. We also have used several other terms in this Form 10-K, most of which are explained or defined below:
| * | Indicates calculation not meaningful or results are greater than 100% |
|---|---|
| 340B Program | 340B Drug Pricing Program |
| 3SBio | 3SBio, Inc. and its subsidiaries Shenyang Sunshine Pharmaceutical Co., Ltd. and 3S Guojian Pharmaceutical (Shanghai) Co., Ltd. |
| Proxy Statement | Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, 2025 |
| AbbVie | AbbVie Inc. |
| Abingworth | Abingworth LLP |
| ABO | Accumulated benefit obligation; represents the present value of the benefit obligation earned through the end of the year but does not factor in future compensation increases |
| ACIP | Advisory Committee on Immunization Practices |
| ADC | Antibody-Drug Conjugate |
| AI | artificial intelligence |
| Alexion | Alexion Pharma International Operations Limited, a subsidiary of AstraZeneca PLC |
| ALK | anaplastic lymphoma kinase |
| Alliance revenues | Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us |
| Arvinas | Arvinas, Inc. |
| Astellas | Astellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc. |
| ATTR-CM | transthyretin amyloid cardiomyopathy |
| BioNTech | BioNTech SE |
| Biopharma | Global Biopharmaceuticals Business |
| Blackstone | Blackstone Life Sciences |
| BLA | Biologics License Application |
| BMS | Bristol-Myers Squibb Company |
| BOD | Board of Directors |
| CDC | U.S. Centers for Disease Control and Prevention |
| cGMP | current Good Manufacturing Practices |
| CMMI | Center for Medicare and Medicaid Innovation |
| CMS | Centers for Medicare & Medicaid Services |
| CODM | Chief Operating Decision Maker |
| Comirnaty | Unless otherwise noted, refers to, as applicable, the current formulation of Comirnaty (COVID-19 Vaccine, mRNA) 2025-2026 Formula as well as all prior authorized or approved formulations of the vaccine, which was first authorized in the U.S. during December 2020 pursuant to an EUA |
| COVID-19 | novel coronavirus disease of 2019 |
| DEA | U.S. Drug Enforcement Agency |
| Developed Markets | Includes, but is not limited to, the following markets: Western Europe, Japan, Central Europe, Canada, Scandinavian countries, Australia, certain Eastern European countries, South Korea, Finland and New Zealand |
| DMD | Duchenne muscular dystrophy |
| EC | European Commission |
| EMA | European Medicines Agency |
| Emerging Markets | Includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Eastern Europe (excluding the Balkans and certain other countries), Africa, the Middle East and Turkey |
| EPS | earnings per share |
| EU | European Union |
| EUA | emergency use authorization |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FCPA | U.S. Foreign Corrupt Practices Act |
| FDA | U.S. Food and Drug Administration |
| FFDCA | U.S. Federal Food, Drug and Cosmetic Act |
| GAAP | U.S. Generally Accepted Accounting Principles |
| GDFV | grant-date fair value |
| Genmab | Genmab A/S |
|---|---|
| GILTI (NCTI) | Global Intangible Low-Taxed Income (renamed Net Controlled Foreign Corporation (CFC) Tested Income (NCTI) for taxable years starting after December 31, 2025) |
| GSK | GSK plc |
| Haleon | Haleon plc |
| HHS | U.S. Department of Health and Human Services |
| HIPAA | Health Insurance Portability and Accountability Act of 1996 |
| Hospira | Hospira, Inc. |
| HRR | homologous recombination repair |
| IPR&D | in-process research and development |
| IRA | Inflation Reduction Act of 2022 |
| IRC | Internal Revenue Code |
| IRS | U.S. Internal Revenue Service |
| IT | information technology |
| JV | joint venture |
| King | King Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.) |
| mCC | metastatic cervical cancer |
| MCO | managed care organization |
| mCRC | metastatic colorectal cancer |
| mCRPC | metastatic castration-resistant prostate cancer |
| mCSPC | metastatic castration-sensitive prostate cancer |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| MDL | Multi-District Litigation |
| MDPNP | Medicare Drug Price Negotiation Program |
| MDRP | Medicaid Drug Rebate Program |
| Medicare Part B | a medical insurance plan that helps cover medically necessary services, outpatient care, and preventative services for people with Medicare |
| Medicare Part D | a prescription drug coverage program for people with Medicare |
| Meridian | Meridian Medical Technologies, Inc. |
| Metsera | Metsera, Inc. |
| Moody’s | Moody’s Ratings (formerly Moody’s Investors Service) |
| mRNA | messenger ribonucleic acid |
| MSA | Manufacturing Supply Agreement |
| Mylan | Mylan N.V. |
| NAV | net asset value |
| NDA | New Drug Application |
| Nimbus | Nimbus Therapeutics, LLC |
| nmCRPC | non-metastatic castration-resistant prostate cancer |
| nmCSPC | non-metastatic castration-sensitive prostate cancer |
| NSCLC | non-small cell lung cancer |
| NYSE | New York Stock Exchange |
| OBBBA | One Big Beautiful Bill Act |
| ODT | oral disintegrating tablet |
| Ono | Ono Pharmaceutical Co., Ltd. |
| OTC | over-the-counter |
| Paxlovid(a) | an oral COVID-19 treatment (nirmatrelvir tablets and ritonavir tablets) |
| PBM | pharmacy benefit manager |
| PBO | Projected benefit obligation; represents the present value of the benefit obligation earned through the end of the year and factors in future compensation increases |
| PC1 | Pfizer CentreOne |
| PGS | Pfizer Global Supply |
| Pharmacia | Pharmacia LLC (formerly Pharmacia Corporation) |
| PIE | Pfizer Investment Enterprises Pte. Ltd. (a wholly-owned finance subsidiary of Pfizer) |
| PP&E | Property, plant and equipment |
| Pierre Fabre | Pierre Fabre Medicament SAS |
| PNIF | Pfizer Netherlands International Finance B.V. (a wholly-owned finance subsidiary of Pfizer) |
| PRAC | Pharmacovigilance Risk Assessment Committee |
| Prevnar family | Includes Prevnar 20/Prevenar 20 (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult) |
| PsA | psoriatic arthritis |
| QCE | quality consistency evaluation |
|---|---|
| RA | rheumatoid arthritis |
| R&D | research and development |
| ROU | right of use |
| RSV | respiratory syncytial virus |
| S&P | S&P Global (formerly Standard & Poor’s) |
| SCD | sickle cell disease |
| Seagen | Seagen Inc. and its subsidiaries |
| SEC | U.S. Securities and Exchange Commission |
| SI&A | Selling, informational and administrative expenses |
| SNS | Strategic National Stockpile |
| SMPS | Sumitomo Pharma Switzerland GMBH |
| Takeda | Takeda Pharmaceutical Company Limited |
| Tax Cuts and Jobs Act or TCJA | Legislation commonly referred to as the U.S. Tax Cuts and Jobs Act of 2017 |
| TSAs | transition service arrangements |
| UC | ulcerative colitis |
| U.K. | United Kingdom |
| Upjohn Business | Pfizer’s former global, primarily off-patent branded and generics business, which included a portfolio of 20 globally recognized solid oral dose brands, including Lipitor, Lyrica, Norvasc, Celebrex and Viagra, as well as a U.S.-based generics platform, Greenstone, that was spun-off on November 16, 2020 and combined with Mylan to create Viatris |
| U.S. | United States |
| VBP | volume-based procurement |
| Viatris | Viatris Inc. |
| ViiV | ViiV Healthcare Limited |
| Vyndaqel family | Includes Vyndaqel, Vyndamax and Vynmac |
| WHO | World Health Organization |
| WTO | World Trade Organization |
| Wyeth | Wyeth LLC (formerly Wyeth) |
| YaoPharma | YaoPharma Co., Ltd. |
(a)Paxlovid has not been approved, but has been authorized for emergency use by the FDA under an EUA for the treatment of mild-to-moderate COVID-19 in pediatric patients (12 years of age and older weighing at least 40 kg) who are at high risk for progression to severe COVID-19, including hospitalization or death. The emergency use of Paxlovid is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of the medical product during the COVID-19 pandemic under Section 564(b)(1) of the U.S. Federal Food, Drug and Cosmetics Act, 21 U.S.C. § 360bbb-3(b)(1) unless the declaration is terminated or authorization revoked sooner. Please see the EUA Fact Sheet atwww.covid19oralrx.com.
This Form 10-K includes discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or efficacy of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.
Some amounts in this Form 10-K may not add due to rounding. All percentages have been calculated using unrounded amounts. All trademarks mentioned are the property of their owners.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.