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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 3, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______


COMMISSION FILE NUMBER 1-3619

----

PFIZER INC.
(Exact name of registrant as specified in its charter)
Delaware 13-5315170
(State of Incorporation) (I.R.S. Employer Identification No.)

235 East 42nd Street, New York, New York  10017
(Address of principal executive offices)  (zip code)
(212) 733-2323
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.05 par value PFE New York Stock Exchange
1.000% Notes due 2027 PFE27 New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated filer x              Accelerated filer                 Non-accelerated filer            Smaller reporting company      Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
x

At August 5, 2022, 5,612,351,809 shares of the issuer’s voting common stock were outstanding.



TABLE OF CONTENTS
Page
 
 
5
6
7
8
9
Item 2.
 
 
 
 
 
 
Item 3.  
Defaults Upon Senior Securities N/A
Item 4.  
Mine Safety Disclosures N/A
Item 5.  
Other Information N/A
 
N/A = Not Applicable
2


DEFINED TERMS

Unless the context requires otherwise, references to “Pfizer,” “the Company,” “we,” “us” or “our” in this Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six months ended May 29, 2022 and May 30, 2021, and for U.S. subsidiaries is as of and for the three and six months ended July 3, 2022 and July 4, 2021. References to “Notes” in this Form 10-Q are to the Notes to the Condensed or Consolidated Financial Statements in this Form 10-Q or in our 2021 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below:
2021 Form 10-K Annual Report on Form 10-K for the fiscal year ended December 31, 2021
ACIP Advisory Committee on Immunization Practices
ALK anaplastic lymphoma kinase
Alliance revenues Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us
Arena Arena Pharmaceuticals, Inc.
Astellas Astellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc.
ATTR-CM transthyretin amyloid cardiomyopathy
Biohaven Biohaven Pharmaceutical Holding Company Ltd.
BioNTech BioNTech SE
Biopharma Pfizer Biopharmaceuticals Group
BLA Biologics License Application
BMS Bristol-Myers Squibb Company
BNT162b2* Pfizer-BioNTech COVID-19 Vaccine, also known as Comirnaty
BOD Board of Directors
CDC U.S. Centers for Disease Control and Prevention
CGRP calcitonin gene-related peptide
CMA
conditional marketing authorisation
Comirnaty* Pfizer-BioNTech COVID-19 Vaccine, also known as BNT162b2
Consumer Healthcare JV GSK Consumer Healthcare JV
COVID-19 novel coronavirus disease of 2019
Developed Europe
Includes the following markets: Western Europe, Scandinavian countries and Finland
Developed Markets Includes the following markets: U.S., Developed Europe, Japan, South Korea, Australia, Canada and New Zealand
Developed Rest of World
Includes the following markets: Japan, South Korea, Australia, Canada and New Zealand
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, Central Europe, Eastern Europe, the Middle East, Africa and Turkey
EPS earnings per share
EU European Union
EUA emergency use authorization
Exchange Act Securities Exchange Act of 1934, as amended
FDA U.S. Food and Drug Administration
FFDCA U.S. Federal Food, Drug and Cosmetic Act
Form 10-Q This Quarterly Report on Form 10-Q for the quarterly period ended July 3, 2022
GAAP Generally Accepted Accounting Principles
GIST gastrointestinal stromal tumors
GPD Global Product Development organization
GSK GlaxoSmithKline plc
Haleon Haleon plc
HIPAA Health Insurance Portability and Accountability Act of 1996
Hospira Hospira, Inc.
IPR&D in-process research and development
IRS U.S. Internal Revenue Service
JAK Janus kinase
JV joint venture
King King Pharmaceuticals LLC (formerly King Pharmaceuticals, Inc.)
LIBOR London Interbank Offered Rate
LOE loss of exclusivity
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
3


Meridian Meridian Medical Technologies, Inc.
mRNA messenger ribonucleic acid
MSA Manufacturing Supply Agreement
Mylan Mylan N.V.
Myovant Myovant Sciences Ltd.
NDA New Drug Application
nmCRPC
non-metastatic castration-resistant prostate cancer
NSCLC non-small cell lung cancer
OPKO OPKO Health, Inc.
OTC over-the-counter
Paxlovid* an oral COVID-19 treatment (nirmatrelvir [PF-07321332] tablets and ritonavir tablets)
PC1 Pfizer CentreOne
PGS Pfizer Global Supply
Pharmacia Pharmacia Corporation
PRAC Pharmacovigilance Risk Assessment Committee
PsA psoriatic arthritis
QTD Quarter-to-date or three months ended
RA rheumatoid arthritis
RCC renal cell carcinoma
R&D research and development
ReViral ReViral Ltd.
Sandoz Sandoz, Inc., a division of Novartis AG
SEC U.S. Securities and Exchange Commission
sNDA supplemental new drug application
TSAs transition service arrangements
UC ulcerative colitis
U.K. United Kingdom
U.S. United States
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
Viatris Viatris Inc.
ViiV ViiV Healthcare Limited
WRDM Worldwide Research, Development and Medical
YTD
Year-to-date or six months ended
*This Form 10-Q includes discussion of the COVID-19 vaccine that Pfizer has co-developed with BioNTech (BNT162b2) and our oral COVID-19 treatment (Paxlovid). The vaccine may be referred to by its brand name, Comirnaty (approved under a BLA in the U.S.), or as BNT162b2 (authorized under EUA in the U.S.). The vaccine is FDA-approved to prevent COVID-19 in individuals 12 years of age and older. In addition, Comirnaty/BNT162b2 is authorized for emergency use by the FDA for individuals 6 months of age and older, as a third dose for certain immunocompromised individuals 5 years of age and older, as a booster dose for individuals 5 years of age and older and as a second booster dose for individuals 50 years of age and older and for certain immunocompromised individuals 12 years of age and older. Paxlovid is authorized for emergency use by the FDA under an EUA for the treatment of mild-to-moderate COVID-19 in adults and pediatric patients (12 years of age and older weighing at least 40 kg [88 lbs]) with positive results of direct SARS CoV-2 viral testing, and who are at high-risk for progression to severe COVID-19, including hospitalization or death. The emergency uses are only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of the medical product under Section 564(b)(1) of the FFDCA unless the declaration is terminated or authorization revoked sooner. The FDA has issued EUAs to certain other companies for products intended for the prevention or treatment of COVID-19 and may continue to do so during the duration of the Declaration. See the EUA Fact Sheets at www.cvdvaccine-us.com and www.covid19oralrx.com.
This Form 10-Q 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 effectiveness 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-Q may not add due to rounding. All percentages have been calculated using unrounded amounts. All trademarks mentioned are the property of their owners.
The information contained on our website, our Facebook, Instagram, YouTube and LinkedIn pages or our Twitter accounts, or any third-party website, is not incorporated by reference into this Form 10-Q.
4


PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
  Three Months Ended Six Months Ended
(MILLIONS, EXCEPT PER COMMON SHARE DATA) July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
Revenues $ 27,742  $ 18,899  $ 53,402  $ 33,415 
Costs and expenses:
Cost of sales(a)
8,648  6,996  18,632  11,153 
Selling, informational and administrative expenses(a)
3,048  2,923  5,642  5,700 
Research and development expenses(a)
2,815  2,239  5,116  4,233 
Acquired in-process research and development expenses(b)
219  356  238 
Amortization of intangible assets 822  917  1,657  1,776 
Restructuring charges and certain acquisition-related costs 189  (1) 381  21 
Other (income)/deductions––net 772  (1,343) 1,122  (2,347)
Income from continuing operations before provision/(benefit) for taxes on income 11,447  6,949  20,497  12,641 
Provision/(benefit) for taxes on income 1,570  1,123  2,742  1,931 
Income from continuing operations 9,877  5,825  17,756  10,710 
Discontinued operations––net of tax 34  (236) 26  (235)
Net income before allocation to noncontrolling interests 9,911  5,589  17,781  10,475 
Less: Net income attributable to noncontrolling interests 26  12  35 
Net income attributable to Pfizer Inc. common shareholders $ 9,906  $ 5,563  $ 17,769  $ 10,440 
Earnings per common share––basic:
       
Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.76  $ 1.04  $ 3.17  $ 1.91 
Discontinued operations––net of tax 0.01  (0.04) —  (0.04)
Net income attributable to Pfizer Inc. common shareholders $ 1.77  $ 0.99  $ 3.17  $ 1.87 
Earnings per common share––diluted:
       
Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.73  $ 1.02  $ 3.09  $ 1.88 
Discontinued operations––net of tax 0.01  (0.04) —  (0.04)
Net income attributable to Pfizer Inc. common shareholders $ 1.73  $ 0.98  $ 3.10  $ 1.84 
Weighted-average shares––basic 5,593  5,598  5,605  5,591 
Weighted-average shares––diluted 5,712  5,678  5,735  5,670 
(a)Exclusive of amortization of intangible assets.
(b)See Note 1D.
See Accompanying Notes.
5


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
  Three Months Ended Six Months Ended
(MILLIONS) July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
Net income before allocation to noncontrolling interests $ 9,911  $ 5,589  $ 17,781  $ 10,475 
Foreign currency translation adjustments, net (1,268) 36  (1,631) 501 
Unrealized holding gains/(losses) on derivative financial instruments, net 651  (248) 854  (35)
Reclassification adjustments for (gains)/losses included in net income(a)
(144) (21) (357) 238 
  507  (270) 497  203 
Unrealized holding gains/(losses) on available-for-sale securities, net (486) 59  (620) 138 
Reclassification adjustments for (gains)/losses included in net income(b)
255  61  487  (181)
  (232) 120  (132) (43)
Reclassification adjustments related to amortization of prior service costs and other, net (31) (39) (68) (79)
Reclassification adjustments related to curtailments of prior service costs and other, net (1) (10) (5)
  (30) (41) (78) (84)
Other comprehensive income/(loss), before tax (1,023) (155) (1,344) 577 
Tax provision/(benefit) on other comprehensive income/(loss) (55) (63) (115) 21 
Other comprehensive income/(loss) before allocation to noncontrolling interests $ (968) $ (92) $ (1,228) $ 556 
Comprehensive income/(loss) before allocation to noncontrolling interests $ 8,943  $ 5,498  $ 16,553  $ 11,031 
Less: Comprehensive income/(loss) attributable to noncontrolling interests —  28  38 
Comprehensive income/(loss) attributable to Pfizer Inc. $ 8,943  $ 5,469  $ 16,546  $ 10,992 
(a)Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
(b)Reclassified into Other (income)/deductions—net.
See Accompanying Notes.
6


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(MILLIONS) July 3,
2022
December 31, 2021
(Unaudited)
Assets
Cash and cash equivalents $ 1,780  $ 1,944 
Short-term investments 31,524  29,125 
Trade accounts receivable, less allowance for doubtful accounts: 2022—$461; 2021—$492
15,155  11,479 
Inventories 10,454  9,059 
Current tax assets 2,583  4,266 
Other current assets 5,970  3,820 
Total current assets 67,466  59,693 
Equity-method investments 14,799  16,472 
Long-term investments 4,163  5,054 
Property, plant and equipment, less accumulated depreciation: 2022—$14,969; 2021—$15,074
15,244  14,882 
Identifiable intangible assets 29,065  25,146 
Goodwill 49,891  49,208 
Noncurrent deferred tax assets and other noncurrent tax assets 7,002  3,341 
Other noncurrent assets 7,659  7,679 
Total assets $ 195,290  $ 181,476 
Liabilities and Equity    
Short-term borrowings, including current portion of long-term debt: 2022—$1,276; 2021—$1,636
$ 5,990  $ 2,241 
Trade accounts payable 6,208  5,578 
Dividends payable 2,245  2,249 
Income taxes payable 3,350  1,266 
Accrued compensation and related items 1,997  3,332 
Deferred revenues 3,804  3,067 
Other current liabilities 23,816  24,939 
Total current liabilities 47,410  42,671 
Long-term debt 34,294  36,195 
Pension benefit obligations 3,030  3,489 
Postretirement benefit obligations 227  235 
Noncurrent deferred tax liabilities 558  349 
Other taxes payable 10,990  11,331 
Other noncurrent liabilities 11,311  9,743 
Total liabilities 107,821  104,013 
Commitments and Contingencies
Common stock 476  473 
Additional paid-in capital 91,183  90,591 
Treasury stock (113,939) (111,361)
Retained earnings 116,608  103,394 
Accumulated other comprehensive loss (7,119) (5,897)
Total Pfizer Inc. shareholders’ equity 87,208  77,201 
Equity attributable to noncontrolling interests 261  262 
Total equity 87,469  77,462 
Total liabilities and equity $ 195,290  $ 181,476 
See Accompanying Notes.
7


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
PFIZER INC. SHAREHOLDERS
Common Stock Treasury Stock
(MILLIONS, EXCEPT PER COMMON SHARE DATA) Shares Par Value Add’l
Paid-In Capital
Shares Cost Retained Earnings Accum. Other Comp.
Loss
Share-
holders’ Equity
Non-controlling interests Total Equity
Balance, April 3, 2022
9,494  $ 476  $ 90,844  (3,903) $ (113,931) $ 111,193  $ (6,157) $ 82,424  $ 261  $ 82,685 
Net income 9,906  9,906  9,911 
Other comprehensive income/(loss), net of tax
(963) (963) (5) (968)
Cash dividends declared, per share: $0.80
Common stock (4,489) (4,489) (4,489)
Share-based payment transactions —  339  —  (8) (2) 330  330 
Purchases of common stock —  —  —  — 
Other —  —  —  —  —  —  — 
Balance, July 3, 2022
9,496  $ 476  $ 91,183  (3,903) $ (113,939) $ 116,608  $ (7,119) $ 87,208  $ 261  $ 87,469 
PFIZER INC. SHAREHOLDERS
Common Stock Treasury Stock
(MILLIONS, EXCEPT PER COMMON SHARE DATA) Shares Par Value Add’l
Paid-In Capital
Shares Cost Retained Earnings Accum. Other Comp.
Loss
Share-
holders’ Equity
Non-controlling interests Total Equity
Balance, April 4, 2021
9,445  $ 472  $ 89,002  (3,851) $ (111,349) $ 95,158  $ (4,664) $ 68,620  $ 245  $ 68,865 
Net income 5,563  5,563  26  5,589 
Other comprehensive income/(loss), net of tax (94) (94) (92)
Cash dividends declared, per share: $0.78
Common stock (4,293) (4,293) (4,293)
Share-based payment transactions —  334  —  (7) (76) 251  251 
Purchases of common stock —  —  —  — 
Other —  —  —  (7) (6) —  (6)
Balance, July 4, 2021
9,450  $ 472  $ 89,336  (3,851) $ (111,356) $ 96,346  $ (4,758) $ 70,042  $ 273  $ 70,315 
PFIZER INC. SHAREHOLDERS
Common Stock Treasury Stock
(MILLIONS, EXCEPT PER COMMON SHARE DATA) Shares Par Value Add’l
Paid-In Capital
Shares Cost Retained Earnings Accum. Other Comp.
Loss
Share-
holders’ Equity
Non-controlling interests Total Equity
Balance, January 1, 2022
9,471  $ 473  $ 90,591  (3,851) $ (111,361) $ 103,394  $ (5,897) $ 77,201  $ 262  $ 77,462 
Net income 17,769  17,769  12  17,781 
Other comprehensive income/(loss), net of tax (1,223) (1,223) (6) (1,228)
Cash dividends declared, per share: $0.80
Common stock (4,489) (4,489) (4,489)
Share-based payment transactions 25  588  (12) (578) (66) (53) (53)
Purchases of common stock (39) (2,000) (2,000) (2,000)
Other —  —  —  (7) (4)
Balance, July 3, 2022
9,496  $ 476  $ 91,183  (3,903) $ (113,939) $ 116,608  $ (7,119) $ 87,208  $ 261  $ 87,469 
PFIZER INC. SHAREHOLDERS
Common Stock Treasury Stock
(MILLIONS, EXCEPT PER COMMON SHARE DATA) Shares Par Value Add’l
Paid-In Capital
Shares Cost Retained Earnings Accum. Other Comp.
Loss
Share-
holders’ Equity
Non-controlling interests Total Equity
Balance, January 1, 2021
9,407  $ 470  $ 88,674  (3,840) $ (110,988) $ 90,392  $ (5,310) $ 63,238  $ 235  $ 63,473 
Net income 10,440  10,440  35  10,475 
Other comprehensive income/(loss), net of tax 552  552  556 
Cash dividends declared, per share: $0.78
Common stock (4,377) (4,377) (4,377)
Share-based payment transactions 43  662  (11) (368) (76) 221  221 
Purchases of common stock —  —  —  — 
Other —  —  —  (33) (33) —  (33)
Balance, July 4, 2021
9,450  $ 472  $ 89,336  (3,851) $ (111,356) $ 96,346  $ (4,758) $ 70,042  $ 273  $ 70,315 
See Accompanying Notes.
8


PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
  Six Months Ended
(MILLIONS) July 3,
2022
July 4,
2021
Operating Activities    
Net income before allocation to noncontrolling interests $ 17,781  $ 10,475 
Discontinued operations—net of tax 26  (235)
Net income from continuing operations before allocation to noncontrolling interests 17,756  10,710 
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization 2,362  2,515 
Asset write-offs and impairments 58  55 
Deferred taxes from continuing operations (3,461) 137 
Share-based compensation expense 373  393 
Benefit plan contributions in excess of expense/income (146) (779)
Other adjustments, net 1,270  (1,305)
Other changes in assets and liabilities, net of acquisitions and divestitures (3,496) 4,102 
Net cash provided by operating activities from continuing operations 14,717  15,828 
Net cash provided by/(used in) operating activities from discontinued operations (5)
Net cash provided by operating activities 14,711  15,837 
Investing Activities    
Purchases of property, plant and equipment (1,394) (1,091)
Purchases of short-term investments (18,937) (15,982)
Proceeds from redemptions/sales of short-term investments 20,151  7,572 
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less (3,153) (505)
Purchases of long-term investments (1,324) (100)
Proceeds from redemptions/sales of long-term investments 226  297 
Acquisition of business, net of cash acquired (6,225) — 
Other investing activities, net (91) (72)
Net cash provided by/(used in) investing activities from continuing operations (10,746) (9,880)
Net cash provided by/(used in) investing activities from discontinued operations —  (3)
Net cash provided by/(used in) investing activities (10,746) (9,884)
Financing Activities    
Proceeds from short-term borrowings 4,012  — 
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
379  (499)
Principal payments on long-term debt (1,609) — 
Purchases of common stock (2,000) — 
Cash dividends paid (4,493) (4,355)
Other financing activities, net (347) (509)
Net cash provided by/(used in) financing activities (4,058) (5,364)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
(67)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents (159) 593 
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 1,983  1,825 
Cash and cash equivalents and restricted cash and cash equivalents, at end of period $ 1,824  $ 2,418 
Supplemental Cash Flow Information
Cash paid/(received) during the period for:    
Income taxes
$ 3,098  $ 2,188 
Interest paid
771  798 
Interest rate hedges (10) (67)
Non-cash transaction:
Right-of-use assets obtained in exchange for lease liabilities $ 242  $ 1,204 
See Accompanying Notes.
9


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1. Basis of Presentation and Significant Accounting Policies

A. Basis of Presentation

We prepared these condensed consolidated financial statements in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2021 Form 10-K. As permitted under the SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted.

These financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods presented. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2021 Form 10-K. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year.

Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six months ended May 29, 2022 and May 30, 2021, and for U.S. subsidiaries is as of and for the three and six months ended July 3, 2022 and July 4, 2021.
At the beginning of our fiscal fourth quarter of 2021, we reorganized our commercial operations and began to manage our commercial operations through a new global structure consisting of two operating segments, each led by a single manager: Biopharma, our innovative science-based biopharmaceutical business, and PC1, our global contract development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients. Biopharma is the only reportable segment. See Note 17A in our 2021 Form 10-K and Note 13 below.
Business development activities completed in 2021 and 2022 impacted financial results in the periods presented. Discontinued operations in the periods presented relate to the previously divested Meridian subsidiary and post-closing adjustments for other previously divested businesses. See Notes 1A and 2B in our 2021 Form 10-K, and Note 2B below.
We have made certain reclassification adjustments to conform prior-period amounts to the current presentation for discontinued operations, acquired IPR&D expenses and segment reporting.
B. New Accounting Standard Adopted in 2022
On January 1, 2022, we early adopted a new accounting standard for contract assets and contract liabilities acquired in a business combination. Under the new standard, acquired contract assets and contract liabilities are required to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification 606. This new guidance generally results in the acquirer recognizing contract assets and contract liabilities at the same amounts that were recorded by the acquiree. Previously, these amounts were recognized by the acquirer at fair value as of the acquisition date. We adopted this new standard on a prospective basis and there was no impact to our consolidated financial statements.
C. Revenues and Trade Accounts Receivable
Revenue Recognition––We record revenues from product sales when there is a transfer of control of the product from us to the customer. We typically determine transfer of control based on when the product is shipped or delivered and title passes to the customer. For certain contracts, the finished product may temporarily be stored at our or our third-party subcontractors’ locations under a bill-and-hold arrangement. Revenue is recognized on bill-and-hold arrangements at the point in time when the customer obtains control of the product and all of the following criteria have been met: the arrangement is substantive; the product is identified separately as belonging to the customer; the product is ready for physical transfer to the customer; and we do not have the ability to use the product or direct it to another customer. In determining when the customer obtains control of the product, we consider certain indicators, including whether we have a present right to payment from the customer, whether title and/or significant risks and rewards of ownership have transferred to the customer and whether customer acceptance has been received.
Customers––Our prescription pharmaceutical products, with the exception of Paxlovid, are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. We principally sell Paxlovid to government agencies. In the U.S., we primarily sell our vaccine products directly to the federal government, CDC, wholesalers, individual provider offices, retail pharmacies and integrated delivery networks. Outside the U.S., we primarily sell our vaccines to government and non-government institutions.
10


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Deductions from Revenues––Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows:
(MILLIONS) July 3,
2022
December 31, 2021
Reserve against Trade accounts receivable, less allowance for doubtful accounts
$ 1,057  $ 1,077 
Other current liabilities:
Accrued rebates 3,875  3,811 
Other accruals 458  528 
Other noncurrent liabilities
386  433 
Total accrued rebates and other sales-related accruals $ 5,776  $ 5,850 
Trade Accounts Receivable––Trade accounts receivable are stated at their net realizable value. The allowance for credit losses reflects our best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. In developing the estimate for expected credit losses, trade accounts receivables are segmented into pools of assets depending on market (U.S. versus international), delinquency status, and customer type (high risk versus low risk and government versus non-government), and fixed reserve percentages are established for each pool of trade accounts receivables.
In determining the reserve percentages for each pool of trade accounts receivables, we considered our historical experience with certain customers and customer types, regulatory and legal environments, country and political risk, and other relevant current and future forecasted macroeconomic factors. These credit risk indicators are monitored on a quarterly basis to determine whether there have been any changes in the economic environment that would indicate the established reserve percentages should be adjusted, and are considered on a regional basis to reflect more geographic-specific metrics. Additionally, write-offs and recoveries of customer receivables are tracked against collections on a quarterly basis to determine whether the reserve percentages remain appropriate. When management becomes aware of certain customer-specific factors that impact credit risk, specific allowances for these known troubled accounts are recorded. Trade accounts receivable are written off after all reasonable means to collect the full amount (including litigation, where appropriate) have been exhausted.
During the three and six months ended July 3, 2022 and July 4, 2021, additions to the allowance for credit losses, write-offs and recoveries of customer receivables were not material to our condensed consolidated financial statements. For additional information on our trade accounts receivable, see Note 1H in our 2021 Form 10-K.

D. Acquired In-Process Research and Development Expenses

In the first quarter of 2022, we began reporting acquired IPR&D expense as a separate line item in our consolidated statements of income. Acquired in-process research and development expenses includes costs incurred in connection with (a) all upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset acquisitions of acquired IPR&D. These costs were previously recorded in Research and development expenses. Prior periods have been revised to conform to the current period presentation. When we acquire net assets that do not constitute a business, as defined in U.S. GAAP, no goodwill is recognized and acquired IPR&D is expensed. The fair value of IPR&D acquired in connection with a business combination is recorded on the balance sheet as Identifiable intangible assets. See Notes 1E and 10 in our 2021 Form 10-K.
Note 2. Acquisition, Discontinued Operations, Equity-Method Investment and Collaborative Arrangement
A. Acquisition
Arena––On March 11, 2022, we acquired Arena, a clinical stage company, for $100 per share in cash. The total fair value of the consideration transferred was $6.6 billion ($6.2 billion, net of cash acquired). In addition, $138 million in payments to Arena employees for the fair value of previously unvested long-term incentive awards was recognized as post-closing compensation expense and recorded in Restructuring charges and certain acquisition-related costs (see Note 3).
Arena’s portfolio includes development-stage therapeutic candidates in gastroenterology, dermatology, and cardiology, including etrasimod, an oral, selective sphingosine 1-phosphate (S1P) receptor modulator currently in development for a range of immuno-inflammatory diseases including UC, Crohn’s disease, atopic dermatitis, eosinophilic esophagitis, and alopecia areata. In connection with this acquisition, we provisionally recorded: (i) $5.5 billion in Identifiable intangible assets, consisting of $5.0 billion of IPR&D and $460 million of indefinite-lived Licensing agreements and other, (ii) $1.0 billion of Goodwill and (iii) $510 million of net deferred tax liabilities. The allocation of the consideration transferred to the assets acquired and the liabilities assumed has not yet been finalized.
11


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
B. Discontinued Operations
Meridian––On December 31, 2021, we completed the sale of our Meridian subsidiary. In the three and six months ended July 3, 2022, the amounts recorded under the interim TSAs and MSA were not material.
Upjohn Separation and Combination with Mylan––On November 16, 2020, we completed the spin-off and the combination of the Upjohn Business with Mylan to form Viatris. In connection with this transaction, Pfizer and Viatris entered into various agreements to effect the separation and combination and to provide a framework for our relationship after the combination, including a separation and distribution agreement, interim operating models, including agency arrangements, MSAs, TSAs, a tax matters agreement, and an employee matters agreement, among others. The amounts recorded under these agreements were not material to our consolidated results of operations in the three and six months ended July 3, 2022 and July 4, 2021. Net amounts due from Viatris under the agreements were approximately $272 million as of July 3, 2022 and $53 million as of December 31, 2021. The cash flows associated with the agreements are included in Net cash provided by operating activities from continuing operations, except for a $277 million payment to Viatris made in the first quarter of 2021 pursuant to terms of the separation agreement, which is reported in Other financing activities, net.
Discontinued operations—net of tax for the three and six months ended July 4, 2021 reflects pre-tax loss from discontinued operations of $346 million and $337 million, respectively, and primarily includes pre-disposal operations related to our former Meridian subsidiary including a $345 million pre-tax expense to resolve a Multi-District Litigation relating to EpiPen against the Company in the U.S. District Court for the District of Kansas (prior to presenting Meridian as discontinued operations, this EpiPen litigation amount was included in Other (income)/deductions––net). For the three and six months ended July 3, 2022, Discontinued operations—net of tax reflects pre-tax income from discontinued operations of $34 million and $24 million, respectively, and relates to post-closing adjustments for previously divested businesses primarily for tax and legal matters.
C. Equity-Method Investment
Consumer Healthcare JV––On July 31, 2019, we completed a transaction in which we and GSK combined our respective consumer healthcare businesses into a new JV that operated globally under the GSK Consumer Healthcare name. In exchange for the contribution of our consumer healthcare business to the JV, we received a 32% equity stake in the new company and GSK owned the remaining 68%. We have accounted for our interest in the Consumer Healthcare JV as an equity-method investment. The carrying value of our investment in the Consumer Healthcare JV is $14.6 billion as of July 3, 2022 and $16.3 billion as of December 31, 2021 and is reported as a private equity investment in Equity-method investments as of July 3, 2022 and December 31, 2021. The Consumer Healthcare JV is a foreign investee whose reporting currency is the U.K. pound, and therefore we translate its financial statements into U.S. dollars and recognize the impact of foreign currency translation adjustments in the carrying value of our investment and in other comprehensive income. The decrease in the value of our investment from December 31, 2021 is primarily due to $1.7 billion in pre-tax foreign currency translation adjustments (see Note 6), as well as dividends totaling approximately $354 million, partially offset by our share of the JV’s earnings. We record our share of earnings from the Consumer Healthcare JV on a quarterly basis on a one-quarter lag in Other (income)/deductions––net. Our total share of the JV’s earnings generated in the first quarter of 2022, which we recorded in our operating results in the second quarter of 2022, was $150 million. Our total share of the JV’s earnings generated in the fourth quarter of 2021 and first quarter of 2022, which we recorded in our operating results in the first six months of 2022, was $335 million. Our total share of the JV’s earnings generated in the first quarter of 2021, which we recorded in our operating results in the second quarter of 2021, was $148 million. Our total share of the JV’s earnings generated in the fourth quarter of 2020 and first quarter of 2021, which we recorded in our operating results in the first six months of 2021, was $218 million. The total amortization and adjustment of basis differences resulting from the excess of the initial fair value of our investment over the underlying equity in the carrying value of the net assets of the JV is included in Other (income)/deductions––net and was not material to our results of operations in the periods presented. See Note 4.
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PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Summarized financial information for our equity method investee, the Consumer Healthcare JV, for the three and six months ending March 31, 2022, the most recent period available, and for the three and six months ending March 31, 2021, is as follows:
Three Months Ended Six Months Ended
(MILLIONS) March 31,
2022
March 31,
2021
March 31,
2022
March 31,
2021
Net sales $ 3,526  $ 3,180  $ 6,945  $ 6,275 
Cost of sales (1,322) (1,169) (2,634) (2,356)
Gross profit $ 2,204  $ 2,011  $ 4,312  $ 3,919 
Income from continuing operations 487  483  1,077  716 
Net income 487  483  1,077  716 
Income attributable to shareholders 468  461  1,046  682 

In connection with GSK’s previously announced planned demerger of at least 80% of GSK’s 68% equity interest in the Consumer Healthcare JV, in March 2022 the Consumer Healthcare JV completed its offering of a total aggregate principal amount of $8.75 billion in U.S. dollar-denominated senior notes of various maturities, €2.35 billion in euro-denominated senior notes of various maturities and £700 million in U.K. pound-denominated senior notes of various maturities (collectively, the “notes”). The notes were guaranteed by GSK generally up to and excluding the date of the demerger (the “Guarantee Assumption Date”). We agreed to indemnify GSK for 32% (representing our pro rata equity interest in the Consumer Healthcare JV) of any amount payable by GSK pursuant to its guarantee of the notes. Our indemnity was provided solely for the benefit of GSK. Neither we nor any of our subsidiaries is an issuer or guarantor of any of the notes.
Following its issuance of the notes in March 2022, which fell in our international second quarter of 2022, the Consumer Healthcare JV loaned to us and GSK the net proceeds received from the notes on a pro rata equity ownership basis, for which we received a loan of £2.9 billion ($3.7 billion as of the end of our second quarter of 2022), at an interest rate of 1.365% per annum payable semi-annually in arrears.
On July 18, 2022, GSK completed its demerger of the Consumer Healthcare JV which became Haleon, an independent, publicly traded company listed on the London Stock Exchange that holds the joint Consumer Healthcare business of GSK and Pfizer following the demerger. In conjunction with the demerger, we received £3.5 billion ($4.2 billion) in dividends from the JV in July 2022, which decreased the carrying value of our investment. Simultaneous with the receipt of the dividends, we repaid the loan from the JV. GSK similarly received pro rata dividends and simultaneously repaid its pro rata loan from the JV. In conjunction with these transactions, our indemnification of GSK’s guarantee discussed above was terminated. We continue to own 32% of Haleon after the transactions related to the demerger and continue to account for our interest in Haleon as an equity-method investment.
D. Collaborative Arrangement
Collaboration with Biohaven––In November 2021, we entered into a collaboration and license agreement and related sublicense agreement with Biohaven and certain of its subsidiaries to commercialize rimegepant and zavegepant for the treatment and prevention of migraines outside of the U.S., subject to regulatory approval. Biohaven will continue to lead R&D globally and we have the exclusive right to commercialization globally, outside of the U.S. Upon the closing of the transaction on January 4, 2022, we paid Biohaven $500 million, including an upfront payment of $150 million and an equity investment of $350 million. We recognized $263 million for the upfront payment and premium paid on our equity investment in Acquired in-process research and development expenses. Biohaven is also eligible to receive up to $740 million in non-U.S. commercialization milestone payments, in addition to tiered double-digit royalties on net sales outside of the U.S. In addition to the milestone payments and royalties above, we will also reimburse Biohaven for the portion of certain additional milestone payments and royalties due to third parties in accordance with preexisting Biohaven agreements, which are attributed to ex-U.S. sales.
Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives
A. Transforming to a More Focused Company Program
With the formation of the Consumer Healthcare JV in 2019 and the spin-off of our Upjohn Business in the fourth quarter of 2020, Pfizer has transformed into a focused, global leader in science-based innovative medicines and vaccines. We continue our efforts to ensure our cost base and support model align appropriately with this operating structure. While certain direct costs
13


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
transferred to the Consumer Healthcare JV, and to the Upjohn Business in connection with the spin-off, there are indirect costs which did not transfer. This program is primarily composed of the following three initiatives:
We are taking steps to restructure our corporate enabling functions to appropriately support our business, R&D and PGS platform functions. We expect costs, primarily related to restructuring our corporate enabling functions, to total $1.8 billion, with substantially all costs to be cash expenditures. Actions include, among others, changes in location of certain activities, expanded use and co-location of centers of excellence and shared services, and increased use of digital technologies. The associated actions and the specific costs primarily include severance and benefit plan impacts, exit costs as well as associated implementation costs.
In addition, we are transforming our commercial go-to market model in the way we engage patients and physicians. We expect costs of $1.2 billion, with all costs to be cash expenditures. Actions include, among others, centralization of certain activities and enhanced use of digital technologies. The costs for this effort primarily include severance and associated implementation costs.
We are also optimizing our manufacturing network under this program and incurring one-time costs for cost-reduction initiatives related to our manufacturing operations. We expect to incur costs of $800 million, with approximately 25% of the costs to be non-cash. The costs for this effort include, among other things, severance costs, implementation costs, product transfer costs, site exit costs, as well as accelerated depreciation.
The program costs discussed above are expected to be incurred primarily from 2020 through 2022, and may be rounded and represent approximations.
From the start of this program in the fourth quarter of 2019 through July 3, 2022, we incurred costs of $2.5 billion, of which $987 million ($800 million of restructuring charges) is associated with Biopharma.
B. Key Activities
The following summarizes acquisitions and cost-reduction/productivity initiatives costs and credits:
Three Months Ended Six Months Ended
(MILLIONS) July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
Restructuring charges/(credits):        
Employee terminations $ 110  $ (4) $ 135  $ 19 
Asset impairments 20  28  (3)
Exit costs/(credits) 18  (3) 29  (3)
Restructuring charges/(credits)(a)
147  (5) 191  12 
Transaction costs(b)
36  —  42  — 
Integration costs and other(c)
148 
Restructuring charges and certain acquisition-related costs 189  (1) 381  21 
Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net
—  (6) 12 
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income as follows(d):
       
Cost of sales 27  15  34 
Selling, informational and administrative expenses —  16  —  16 
Total additional depreciation––asset restructuring 43  15  49 
Implementation costs recorded in our condensed consolidated statements of income as follows(e):
       
Cost of sales 15  10  27  21 
Selling, informational and administrative expenses 134  80  208  144 
Total implementation costs 149  90  235  166 
Total costs associated with acquisitions and cost-reduction/productivity initiatives $ 345  $ 137  $ 625  $ 248 
(a)Primarily represents cost reduction initiatives. Restructuring charges/(credits) associated with Biopharma: charges of $50 million and $46 million for the three and six months ended July 3, 2022, respectively, and credits of $4 million and charges of $1 million for the three and six months ended July 4, 2021, respectively.
(b)Represents external costs for banking, legal, accounting and other similar services.
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PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(c)Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs. In the three and six months ended July 3, 2022, integration costs and other were mostly related to our acquisition of Arena, including $138 million in payments to Arena employees in the first quarter of 2022 for the fair value of previously unvested long-term incentive awards. See Note 2A.
(d)Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions.
(e)Represents external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.
The following summarizes the components and changes in restructuring accruals:
(MILLIONS) Employee
Termination
Costs
Asset
Impairment
Charges
Exit Costs Accrual
Balance, December 31, 2021(a)
$ 1,014  $ —  $ 57  $ 1,071 
Provision 135  28  29  191 
Utilization and other(b)
(244) (28) (78) (349)
Balance, July 3, 2022(c)
$ 904  $ —  $ $ 913 
(a)Included in Other current liabilities ($816 million) and Other noncurrent liabilities ($255 million).
(b)Includes adjustments for foreign currency translation.
(c)Included in Other current liabilities ($794 million) and Other noncurrent liabilities ($119 million).
Note 4. Other (Income)/Deductions—Net
Components of Other (income)/deductions––net include:
  Three Months Ended Six Months Ended
(MILLIONS) July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
Interest income $ (30) $ (13) $ (44) $ (12)
Interest expense 293  316  614  651 
Net interest expense 263  303  571  639 
Royalty-related income (217) (212) (389) (388)
Net (gains)/losses on asset disposals —  (58) (1) (98)
Net (gains)/losses recognized during the period on equity securities(a)
541  (800) 1,241  (1,200)
Income from collaborations, out-licensing arrangements and sales of compound/product rights(b)
(5) (21) (14) (252)
Net periodic benefit costs/(credits) other than service costs 295  (237) 12  (503)
Certain legal matters, net 19  24  98  74 
Consumer Healthcare JV equity method (income)/loss(c)
(149) (140) (334) (202)
Other, net 26  (201) (62) (417)
Other (income)/deductions––net $ 772  $ (1,343) $ 1,122  $ (2,347)
(a)The losses in the second quarter and first six months of 2022 include, among other things, unrealized losses of $432 million and $776 million, respectively, related to investments in BioNTech and Cerevel Therapeutics Holdings, Inc. (Cerevel). The gains in the second quarter and first six months of 2021 included, among other things, unrealized gains of $917 million and $1.0 billion, respectively, related to investments in BioNTech and Cerevel.
(b)The first six months of 2021 included, among other things, $188 million of net collaboration income from BioNTech in the first quarter of 2021 related to Comirnaty.
(c)See Note 2C.
Note 5. Tax Matters
A. Taxes on Income from Continuing Operations
Our effective tax rate for continuing operations was 13.7% for the second quarter of 2022, compared to 16.2% for the second quarter of 2021, and was 13.4% for the first six months of 2022, compared to 15.3% for the first six months of 2021. The lower effective tax rates for the second quarter and first six months of 2022, compared to the second quarter and first six months of 2021, were primarily due to the favorable change in the jurisdictional mix of earnings as a result of operating fluctuations in the normal course of business.
We elected, with the filing of our 2018 U.S. Federal Consolidated Income Tax Return, to pay our initial estimated $15 billion repatriation tax liability on accumulated post-1986 foreign earnings over eight years through 2026. The fourth annual installment of this liability was paid by its April 18, 2022 due date. The fifth annual installment is due April 18, 2023 and is reported in current Income taxes payable as of July 3, 2022. The remaining liability is reported in noncurrent Other taxes
15


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
payable. Our obligations may vary as a result of changes in our uncertain tax positions and/or availability of attributes such as foreign tax and other credit carryforwards.
B. Tax Contingencies

We are subject to income tax in many jurisdictions, and a certain degree of estimation is required in recording the assets and liabilities related to income taxes. All of our tax positions are subject to audit by the local taxing authorities in each tax jurisdiction. These tax audits can involve complex issues, interpretations and judgments and the resolution of matters may span multiple years, particularly if subject to negotiation or litigation.

The U.S. is one of our major tax jurisdictions, and we are regularly audited by the IRS. With respect to Pfizer, the IRS has issued Revenue Agent’s Reports (RARs) for tax years 2011-2013 and 2014-2015. We are not in agreement with the RARs and are currently appealing certain disputed issues. Tax years 2016-2018 are currently under audit. Tax years 2019-2022 are open but not under audit. All other tax years are closed. In addition to the open audit years in the U.S., we have open audit years in certain major international tax jurisdictions dating back to 2011.
For additional information, see Note 5D in our 2021 Form 10-K.
C. Tax Provision/(Benefit) on Other Comprehensive Income/(Loss)
Components of Tax provision/(benefit) on other comprehensive income/(loss) include:
Three Months Ended Six Months Ended
(MILLIONS) July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
Foreign currency translation adjustments, net(a)
$ (114) $ (19) $ (185) $
Unrealized holding gains/(losses) on derivative financial instruments, net 98  (51) 130 
Reclassification adjustments for (gains)/losses included in net income (3) (26) 35 
95  (50) 105  43 
Unrealized holding gains/(losses) on available-for-sale securities, net (61) (78) 17 
Reclassification adjustments for (gains)/losses included in net income 32  61  (23)
(29) 15  (17) (5)
Reclassification adjustments related to amortization of prior service costs and other, net (7) (8) (16) (17)
Reclassification adjustments related to curtailments of prior service costs and other, net —  (1) (2) (1)
(8) (8) (18) (18)
Tax provision/(benefit) on other comprehensive income/(loss) $ (55) $ (63) $ (115) $ 21 
(a)Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.
Note 6. Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests
The following summarizes the changes, net of tax, in Accumulated other comprehensive loss:
  Net Unrealized Gains/(Losses) Benefit Plans  
(MILLIONS) Foreign Currency Translation Adjustments Derivative Financial Instruments Available-For-Sale Securities Prior Service (Costs)/Credits and Other Accumulated Other Comprehensive Income/(Loss)
Balance, December 31, 2021
$ (6,172) $ 119  $ (220) $ 377  $ (5,897)
Other comprehensive income/(loss)(a)
(1,440) 392  (116) (59) (1,223)
Balance, July 3, 2022 $ (7,612) $ 511  $ (336) $ 318  $ (7,119)
(a)Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests. Foreign currency translation adjustments include net losses related to our equity method investment in the Consumer Healthcare JV (see Note 2C) and the impact of our net investment hedging program.

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PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 7. Financial Instruments
A. Fair Value Measurements

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy, using a Market Approach:
July 3, 2022 December 31, 2021
(MILLIONS) Total Level 1 Level 2 Total Level 1 Level 2
Financial assets:
Short-term investments
Equity securities with readily determinable fair values:
Money market funds $ 4,373  $ —  $ 4,373  $ 5,365  $ —  $ 5,365 
Available-for-sale debt securities:
Government and agency—non-U.S.
21,758  —  21,758  17,318  —  17,318 
Government and agency—U.S.
2,839  —  2,839  4,050  —  4,050 
Corporate and other
1,024  —  1,024  647  —  647 
25,621  —  25,621  22,014  —  22,014 
Total short-term investments 29,994  —  29,994  27,379  —  27,379 
Other current assets
Derivative assets:
Interest rate contracts
—  — 
Foreign exchange contracts
1,322  —  1,322  704  —  704 
Total other current assets 1,331  —  1,331  709  —  709 
Long-term investments
Equity securities with readily determinable fair values(a)
3,041  3,028  13  3,876  3,849  27 
Available-for-sale debt securities:
Government and agency—non-U.S.
305  —  305  465  —  465 
Government and agency—U.S.
—  —  —  — 
Corporate and other
74  —  74  50  —  50 
379  —  379  521  —  521 
Total long-term investments 3,420  3,028  392  4,397  3,849  548 
Other noncurrent assets
Derivative assets:
Interest rate contracts
—  —  —  16  —  16 
Foreign exchange contracts
562  —  562  242  —  242 
Total derivative assets 562  —  562  259  —  259 
Insurance contracts(b)
665  —  665  808  —  808 
Total other noncurrent assets 1,227  —  1,227  1,067  —  1,067 
Total assets $ 35,972  $ 3,028  $ 32,944  $ 33,552  $ 3,849  $ 29,703 
Financial liabilities:
Other current liabilities
Derivative liabilities:
Foreign exchange contracts
$ 432  $ —  $ 432  $ 476  $ —  $ 476 
Total other current liabilities 432  —  432  476  —  476 
Other noncurrent liabilities
Derivative liabilities:
Interest rate contracts 206  —  206  —  —  — 
Foreign exchange contracts
653  —  653  405  —  405 
Total other noncurrent liabilities 859  —  859  405  —  405 
Total liabilities $ 1,291  $ —  $ 1,291  $ 881  $ —  $ 881 
(a)Long-term equity securities of $144 million as of July 3, 2022 and $194 million as of December 31, 2021 were held in restricted trusts for U.S. non-qualified employee benefit plans.
(b)Includes life insurance policies held in restricted trusts for U.S. non-qualified employee benefit plans. The underlying invested assets in these contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions—net (see Note 4).
17


PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis––The carrying value of Long-term debt, excluding the current portion was $34 billion as of July 3, 2022 and $36 billion as of December 31, 2021. The estimated fair value of such debt, using a market approach and Level 2 inputs, was $34 billion as of July 3, 2022 and $42 billion as of December 31, 2021.
The differences between the estimated fair values and carrying values of held-to-maturity debt securities, private equity securities, long-term receivables and short-term borrowings not measured at fair value on a recurring basis were not significant as of July 3, 2022 and December 31, 2021. The fair value measurements of our held-to-maturity debt securities and short-term borrowings are based on Level 2 inputs. The fair value measurements of our long-term receivables and private equity securities are based on Level 3 inputs.
B. Investments
Total Short-Term, Long-Term and Equity-Method Investments
The following summarizes our investments by classification type:
(MILLIONS) July 3, 2022 December 31, 2021
Short-term investments
Equity securities with readily determinable fair values(a)
$ 4,373  $ 5,365 
Available-for-sale debt securities 25,621  22,014 
Held-to-maturity debt securities 1,530  1,746 
Total Short-term investments $ 31,524  $ 29,125 
Long-term investments
Equity securities with readily determinable fair values $ 3,041  $ 3,876 
Available-for-sale debt securities 379  521 
Held-to-maturity debt securities 39  34 
Private equity securities at cost(b)
705  623 
Total Long-term investments $ 4,163  $ 5,054 
Equity-method investments 14,799  16,472 
Total long-term investments and equity-method investments $ 18,962  $ 21,526 
Held-to-maturity cash equivalents $ 225  $ 268 
(a)As of July 3, 2022 and December 31, 2021, includes money market funds primarily invested in U.S. Treasury and government debt.
(b)Represent investments in the life sciences sector.
Debt Securities
At July 3, 2022, our investment portfolio consisted of debt securities issued across diverse governments, corporate and financial institutions, which are investment-grade. The contractual or estimated maturities, are as follows:
July 3, 2022 December 31, 2021
Gross Unrealized Maturities (in Years) Gross Unrealized
(MILLIONS) Amortized Cost Gains Losses Fair Value Within 1 Over 1
to 5
Over 5 Amortized Cost Gains Losses Fair Value
Available-for-sale debt securities
Government and agency––non-U.S.
$ 22,445  $ 36  $ (419) $ 22,062  $ 21,758  $ 305  $ —  $ 18,032  $ 13  $ (263) $ 17,783 
Government and agency––U.S.
2,840  —  (1) 2,839  2,839  —  —  4,056  —  (1) 4,055 
Corporate and other 1,098  (2) 1,098  1,024  74  —  698  —  (1) 697 
Held-to-maturity debt securities
Time deposits and other
913  —  —  913  878  23  11  947  —  —  947 
Government and agency––non-U.S.
881  —  —  881  876  1,102  —  —  1,102 
Total debt securities $ 28,177  $ 38  $ (422) $ 27,794  $ 27,376  $ 406  $ 12  $ 24,835  $ 14  $ (265) $ 24,584 
Any expected credit losses to these portfolios would be immaterial to our financial statements.
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PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Equity Securities
The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date:
Three Months Ended Six Months Ended
(MILLIONS) July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
Net (gains)/losses recognized during the period on equity securities(a)
$ 541  $ (800) $ 1,241  $ (1,200)
Less: Net (gains)/losses recognized during the period on equity securities sold during the period (68) 24  (79) (5)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date(b)
$ 610  $ (823) $ 1,320  $ (1,196)
(a)Reported in Other (income)/deductions––net. See Note 4.
(b)Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of July 3, 2022, there were cumulative impairments and downward adjustments of $108 million and upward adjustments of $194 million. Impairments, downward and upward adjustments were not significant in the second quarter and first six months of 2022 and 2021.
C. Short-Term Borrowings
Short-term borrowings include:
(MILLIONS) July 3,
2022
December 31, 2021
Current portion of long-term debt, principal amount $ 1,251  $ 1,636 
Other short-term borrowings, principal amount(a)
4,714  605 
Total short-term borrowings, principal amount
5,965  2,241 
Net fair value adjustments related to hedging and purchase accounting 25  — 
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted
$ 5,990  $ 2,241 
(a)As of July 3, 2022, primarily includes $3.7 billion related to the Consumer Healthcare JV loan (see Note 2C), and cash collateral (see Note 7F). As of December 31, 2021, primarily includes cash collateral. See Note 7F.
D. Long-Term Debt
The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:
(MILLIONS) July 3,
2022
December 31, 2021
Total long-term debt, principal amount $ 33,352  $ 34,948 
Net fair value adjustments related to hedging and purchase accounting 1,125  1,438 
Net unamortized discounts, premiums and debt issuance costs (185) (195)
Other long-term debt
Total long-term debt, carried at historical proceeds, as adjusted $ 34,294  $ 36,195 
E. Derivative Financial Instruments and Hedging Activities
Foreign Exchange Risk––A significant portion of our revenues, earnings and net investments in foreign affiliates is exposed to changes in foreign exchange rates. Where foreign exchange risk is not offset by other exposures, we manage our foreign exchange risk principally through the use of derivative financial instruments and foreign currency debt. These financial instruments serve to mitigate the impact on net income as a result of remeasurement into another currency, or against the impact of translation into U.S. dollars of certain foreign exchange-denominated transactions.
The derivative financial instruments primarily hedge or offset exposures in the euro, U.K. pound, Japanese yen, and Canadian dollar, and include a portion of our forecasted foreign exchange-denominated intercompany inventory sales hedged up to two years. We may seek to protect against possible declines in the reported net investments of our foreign business entities.
Interest Rate Risk––Our interest-bearing investments and borrowings are subject to interest rate risk. Depending on market conditions, we may change the profile of our outstanding debt or investments by entering into derivative financial instruments like interest rate swaps, either to hedge or offset the exposure to changes in the fair value of hedged items with fixed interest rates, or to convert variable rate debt or investments to fixed rates. The derivative financial instruments primarily hedge U.S. dollar fixed-rate debt.
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PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following summarizes the fair value of the derivative financial instruments and notional amounts (including those reported as part of discontinued operations):
July 3, 2022 December 31, 2021
Fair Value Fair Value
(MILLIONS) Notional Asset Liability Notional Asset Liability
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$ 31,576  $ 1,642  $ 711  $ 29,576  $ 787  $ 717 
Interest rate contracts
2,250  206  2,250  21  — 
1,650  917  808  717 
Derivatives not designated as hedging instruments:
Foreign exchange contracts
$ 25,929  243  375  $ 21,419  160  164 
Total $ 1,893  $ 1,291  $ 968  $ 881 
(a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.6 billion as of July 3, 2022 and $4.8 billion as of December 31, 2021.
The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures (including those reported as part of discontinued operations):
 
Gains/(Losses)
Recognized in OID
(a)
Gains/(Losses)
Recognized in OCI
(a)
Gains/(Losses)
Reclassified from
OCI into OID and COS(a)
Three Months Ended
(MILLIONS) July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
July 3,
2022
July 4,
2021
Derivative Financial Instruments in Cash Flow Hedge Relationships:
Foreign exchange contracts(b)
$ —  $ —  $ 624  $ (258) $ 119  $ 13 
Amount excluded from effectiveness testing and amortized into earnings(c)
—  —  27  25 
Derivative Financial Instruments in Fair Value Hedge Relationships:
Interest rate contracts
(66) 26  —  —  —  — 
Hedged item
66  (26) —  —  —  — 
Derivative Financial Instruments in Net Investment Hedge Relationships:            
Foreign exchange contracts
—  —  674  —  — 
Amount excluded from effectiveness testing and amortized into earnings(c)
—  —  59  36  33  26 
Non-Derivative Financial Instruments in Net Investment Hedge Relationships:(d)
           
Foreign currency short-term borrowings —  —  —  (11) —  — 
Foreign currenc