Skip to main content

PFIZER INC

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

PFE$29.39-1.6%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

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 Program340B Drug Pricing Program
3SBio3SBio, Inc. and its subsidiaries Shenyang Sunshine Pharmaceutical Co., Ltd. and 3S Guojian Pharmaceutical (Shanghai) Co., Ltd.
Proxy StatementProxy Statement for the 2026 Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, 2025
AbbVieAbbVie Inc.
AbingworthAbingworth LLP
ABOAccumulated 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
ACIPAdvisory Committee on Immunization Practices
ADCAntibody-Drug Conjugate
AIartificial intelligence
AlexionAlexion Pharma International Operations Limited, a subsidiary of AstraZeneca PLC
ALKanaplastic lymphoma kinase
Alliance revenuesRevenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
ArvinasArvinas, Inc.
AstellasAstellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.
ATTR-CMtransthyretin amyloid cardiomyopathy
BioNTechBioNTech SE
BiopharmaGlobal Biopharmaceuticals Business
BlackstoneBlackstone Life Sciences
BLABiologics License Application
BMSBristol-Myers Squibb Company
BODBoard of Directors
CDCU.S. Centers for Disease Control and Prevention
cGMPcurrent Good Manufacturing Practices
CMMICenter for Medicare and Medicaid Innovation
CMSCenters for Medicare & Medicaid Services
CODMChief Operating Decision Maker
ComirnatyUnless 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-19novel coronavirus disease of 2019
DEAU.S. Drug Enforcement Agency
Developed MarketsIncludes, 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
DMDDuchenne muscular dystrophy
ECEuropean Commission
EMAEuropean Medicines Agency
Emerging MarketsIncludes, 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
EPSearnings per share
EUEuropean Union
EUAemergency use authorization
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCPAU.S. Foreign Corrupt Practices Act
FDAU.S. Food and Drug Administration
FFDCAU.S. Federal Food, Drug and Cosmetic Act
GAAPU.S. Generally Accepted Accounting Principles
GDFVgrant-date fair value
GenmabGenmab 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)
GSKGSK plc
HaleonHaleon plc
HHSU.S. Department of Health and Human Services
HIPAAHealth Insurance Portability and Accountability Act of 1996
HospiraHospira, Inc.
HRRhomologous recombination repair
IPR&Din-process research and development
IRAInflation Reduction Act of 2022
IRCInternal Revenue Code
IRSU.S. Internal Revenue Service
ITinformation technology
JVjoint venture
KingKing Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)
mCCmetastatic cervical cancer
MCOmanaged care organization
mCRCmetastatic colorectal cancer
mCRPCmetastatic castration-resistant prostate cancer
mCSPCmetastatic castration-sensitive prostate cancer
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MDLMulti-District Litigation
MDPNPMedicare Drug Price Negotiation Program
MDRPMedicaid Drug Rebate Program
Medicare Part Ba medical insurance plan that helps cover medically necessary services, outpatient care, and preventative services for people with Medicare
Medicare Part Da prescription drug coverage program for people with Medicare
MeridianMeridian Medical Technologies, Inc.
MetseraMetsera, Inc.
Moody’sMoody’s Ratings (formerly Moody’s Investors Service)
mRNAmessenger ribonucleic acid
MSAManufacturing Supply Agreement
MylanMylan N.V.
NAVnet asset value
NDANew Drug Application
NimbusNimbus Therapeutics, LLC
nmCRPCnon-metastatic castration-resistant prostate cancer
nmCSPCnon-metastatic castration-sensitive prostate cancer
NSCLCnon-small cell lung cancer
NYSENew York Stock Exchange
OBBBAOne Big Beautiful Bill Act
ODToral disintegrating tablet
OnoOno Pharmaceutical Co., Ltd.
OTCover-the-counter
Paxlovid(a)an oral COVID-19 treatment (nirmatrelvir tablets and ritonavir tablets)
PBMpharmacy benefit manager
PBOProjected benefit obligation; represents the present value of the benefit obligation earned through the end of the year and factors in future compensation increases
PC1Pfizer CentreOne
PGSPfizer Global Supply
PharmaciaPharmacia LLC (formerly Pharmacia Corporation)
PIEPfizer Investment Enterprises Pte. Ltd. (a wholly-owned finance subsidiary of Pfizer)
PP&EProperty, plant and equipment
Pierre FabrePierre Fabre Medicament SAS
PNIFPfizer Netherlands International Finance B.V. (a wholly-owned finance subsidiary of Pfizer)
PRACPharmacovigilance Risk Assessment Committee
Prevnar familyIncludes Prevnar 20/Prevenar 20 (pediatric and adult) and Prevnar 13/Prevenar 13 (pediatric and adult)
PsApsoriatic arthritis
QCEquality consistency evaluation
RArheumatoid arthritis
R&Dresearch and development
ROUright of use
RSVrespiratory syncytial virus
S&PS&P Global (formerly Standard & Poor’s)
SCDsickle cell disease
SeagenSeagen Inc. and its subsidiaries
SECU.S. Securities and Exchange Commission
SI&ASelling, informational and administrative expenses
SNSStrategic National Stockpile
SMPSSumitomo Pharma Switzerland GMBH
TakedaTakeda Pharmaceutical Company Limited
Tax Cuts and Jobs Act or TCJALegislation commonly referred to as the U.S. Tax Cuts and Jobs Act of 2017
TSAstransition service arrangements
UCulcerative colitis
U.K.United Kingdom
Upjohn BusinessPfizer’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
VBPvolume-based procurement
ViatrisViatris Inc.
ViiVViiV Healthcare Limited
Vyndaqel familyIncludes Vyndaqel, Vyndamax and Vynmac
WHOWorld Health Organization
WTOWorld Trade Organization
WyethWyeth LLC (formerly Wyeth)
YaoPharmaYaoPharma 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.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.