Pfizer (PFE) 10-K risk factor changes: FY2021 vs FY2020

Investors should be aware that it is not possible to predict or identify all such factors and that the following [removed: is not meant to be a complete discussion of all potential risks or uncertainties.][added: is*]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 11] [added: 13] | | |

[removed: Negotiating] [added: The negotiating] power of MCOs and other private third-party payers has increased due to consolidation, and they, along with governments, increasingly employ formularies to control costs and encourage utilization of certain drugs, including through the use of formulary inclusion or favorable formulary placement.

[removed: Third-party] [added: Such] payers [removed: also use additional measures such as new-to-market blocks, exclusion lists, indication-based pricing, and value-based pricing/contracting to improve their cost containment efforts, and] are also increasingly imposing utilization management tools, such as clinical protocols, requiring prior authorization for a branded product if a generic product is available or requiring the patient to first fail on one or more generic products before permitting access to a branded medicine.

[removed: Business] [added: Also, business] arrangements in this area are subject to a high degree of government scrutiny, and available safe harbors under applicable federal and state fraud and abuse laws are subject to change through legislative and regulatory action, as well as evolving judicial interpretations.

Such launches [removed: have recently occurred,] [added: continue to occur,] and potentially competitive products are in various stages of development.

We cannot predict with accuracy the timing or impact of the introduction of competitive products that treat diseases and conditions like those treated by our in-line [removed: drugs] [added: products] and [removed: drug] [added: product] candidates.

Generic manufacturers have filed applications with the FDA seeking approval of product candidates that they claim do not infringe our patents or claim that our patents are not valid; these include candidates that would compete with, among other products, [removed: Eliquis,] Ibrance and Xeljanz.

We recorded direct product and/or [removed: alliance] [added: Alliance] revenues of more than $1 billion for each of [removed: seven] [added: nine] products that collectively accounted for [removed: 53%] [added: 75%] of our total revenues in [removed: 2020.][added: 2021.]

If these products or any of our other major products were to experience loss of patent protection (if applicable), changes in prescription [added: or vaccination] growth rates, material product liability litigation, unexpected side effects or safety concerns, regulatory proceedings, negative publicity affecting doctor or patient confidence, pressure from existing competitive products, changes in labeling, pricing and access pressures or supply shortages or if a new, more effective [removed: treatment] [added: product] should be introduced, the adverse impact on our revenues could be significant.

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 12] [added: 14] | | |

In addition, we sell our prescription pharmaceutical products principally through wholesalers in the U.S. For additional information, see *Note [removed: 17B*.][added: 17C*.]

Our product lines must be replenished over time to offset revenue losses when products lose exclusivity or market share, as well as to provide for earnings growth, [removed: either] [added: primarily] through internal R&D or through collaborations, acquisitions, JVs, licensing or other arrangements.

We operate on a global scale and could be affected by currency fluctuations, capital and exchange controls, global economic [removed: conditions,] [added: conditions including inflation,] expropriation and other restrictive government actions, changes in intellectual property legal protections and remedies, trade [added: regulations, tax laws and] regulations and procedures and actions affecting approval, production, pricing, and marketing of, reimbursement for and access to our products, as well as [removed: by] [added: impacts of] political or civil [removed: unrest,] [added: unrest or military action, including the current conflict between Russia and Ukraine,] terrorist activity, unstable governments and legal [removed: systems and] [added: systems,] inter-governmental [removed: disputes.][added: disputes, public health outbreaks, epidemics, pandemics, natural disasters or disruptions related to climate change.]

[removed: Business*—*Government] [added: Business—Government] Regulation and Price Constraints* section in this Form 10-K.

[removed: 48%] [added: 63%] of our total [removed: 2020] [added: 2021] revenues were derived from international operations, including [removed: 23%] [added: 29%] from Europe and [removed: 17%] [added: 19%] from China, Japan and the rest of Asia.

For additional information about our exposure to foreign currency risk, see the *Analysis of Financial Condition, Liquidity, Capital Resources and Market [removed: Risk—Selected Measures of Liquidity and Capital Resources*] [added: Risk*] section within MD&A.

The risks related to interest-bearing investments and borrowings and the measures we have taken to help contain them are discussed in the *Analysis of Financial Condition, Liquidity, Capital Resources and Market [removed: Risk—Selected Measures of Liquidity and Capital Resources*] [added: Risk*] section within [removed: MD&A.][added: MD&A and *Note 7E*.]

For additional details on critical accounting estimates and assumptions for our benefit plans, see the *Significant Accounting Policies and Application of Critical Accounting Estimates and Assumptions—Benefit Plans* section within MD&A and [removed: *Notes 7E* and *11*.][added: *Note 11*.]

From time to time, we [removed: issue] [added: issued] variable rate debt based on LIBOR, or [removed: undertake] [added: undertook] interest rate swaps that contain a variable element based on LIBOR.

The U.K. Financial Conduct Authority announced in 2017 that it will no longer compel banks to submit rates [removed: that are currently] used to calculate LIBOR after 2021.

This deadline was extended until June 2023 for a number of key U.S. dollar benchmark maturities (including the 1-month and 3-month [removed: LIBOR rates).]

We are planning for this transition and will amend [added: any contracts to accommodate the SOFR rate where required.]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 13] [added: 15] | | |

We could encounter difficulties or delays in [added: our supply chain,] product [removed: manufacturing,] [added: manufacturing and distribution networks, as well as] sales or [removed: marketing] [added: marketing,] due to regulatory actions, shut-downs, work stoppages or strikes, approval delays, withdrawals, recalls, penalties, supply disruptions, shortages or [removed: stock-outs,] [added: stock-outs at our facilities or third-party facilities that we rely on,] reputational harm, [removed: damage] [added: the impact] to our facilities due to [added: health pandemics or] natural or man-made disasters, [added: including as a result of climate change,] product liability or unanticipated costs.

Examples of such difficulties or delays include the inability to increase production capacity commensurate with demand; challenges related to component materials to maintain [added: supply and/or] appropriate quality standards throughout our supply network and/or comply with applicable regulations; [added: inability to supply certain products due to voluntary product recalls (as is the case with Chantix);] and supply chain disruptions at our facilities or at a supplier or vendor.

Regulatory agencies periodically inspect our manufacturing [added: facilities, as well as third-party] facilities [added: that we rely on,] to evaluate compliance with cGMP or other applicable requirements.

Our reputation and promising pipeline render our medicines [added: and vaccines] prime targets for counterfeiters.

Counterfeit medicines [added: and vaccines] pose a significant risk to patient health and safety because of the conditions under which they are [removed: manufactured*—*often] [added: manufactured—often] in unregulated, unlicensed, uninspected and unsanitary [removed: sites*—*as] [added: sites—as] well as the lack of regulation of their contents.

[removed: Failure to mitigate this threat could adversely impact our business, by, among other things, causing patient harm,] [added: This, in turn, may result in] the loss of patient confidence in the Pfizer name and in the integrity of our [removed: medicines,] [added: medicines and vaccines, and] potentially [removed: resulting in] [added: impact our business through] lost sales, product recalls, and [removed: an increased threat of] [added: possible] litigation.

The prevalence of counterfeit medicines is an industry-wide issue due to a variety of factors, including the adoption of e-commerce, which increased during the COVID-19 pandemic, greatly enhancing consumers’ ability to obtain prescriptions and other medical treatments via the [removed: Internet] [added: internet] in lieu of traditional brick and mortar [added: pharmacies or authorized full-service internet] pharmacies.

The internet exposes patients to greater risk as it is a preferred vehicle for dangerous counterfeit offers and scams because of [added: consumers’ misplaced trust with certain e-commerce retailers coupled with] the anonymity [removed: it] [added: the internet] affords counterfeiters.

We consistently invest in an enterprise-wide strategy to aggressively combat counterfeit threats by educating patients and health care providers about the risks, [added: investing in innovative technologies to detect and disrupt sophisticated internet offers and scams,] proactively monitoring and interdicting supply with the help of law enforcement; and advising legislators and regulators.

Some states have implemented, and others are considering, [removed: price controls or] patient access constraints [added: or cost cutting] under the Medicaid program, and some are considering measures that would apply to broader segments of their populations that are not Medicaid-eligible.

State legislatures also have [removed: recently focused] [added: continued to focus] on addressing drug costs, generally by increasing price transparency or limiting drug price increases.

Measures to regulate prices or payment for pharmaceutical products, including legislation on drug importation, [added: could adversely affect our business.]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 14] [added: 16] | | |

In certain markets, such as in EU member states, the U.K., [removed: China,] Japan, [added: China,] Canada and South Korea, governments have significant power as large single payers to regulate prices, access criteria, or impose other means of cost control, particularly as a result of recent global financing pressures.

We also anticipate pricing pressures will be amplified by COVID-19 induced budget deficits and focus on pricing for [removed: new] COVID-19 [removed: therapies] [added: treatments] and vaccines.

U.S. HEALTHCARE [removed: REFORM][added: REGULATION]

*not meant to be a complete discussion of all potential risks or uncertainties.

Additionally, our business is subject to general risks applicable to any company, such as economic conditions, geopolitical events, extreme weather and natural disasters.

Third-party payers also use additional measures such as new-to-market blocks, exclusion lists, indication-based pricing and value-based pricing/contracting to improve their cost containment efforts.

For additional information, see the *Item 1.

Business—Patents and Other Intellectual Property Rights* section in this Form 10-K.

The entry to the market of competing biosimilars is expected to increase pricing pressures on our biosimilar products.

In particular, Comirnaty/BNT162b2 accounted for 45% of our total revenues in 2021.

For Comirnaty/BNT162b2 and

Paxlovid, while we believe that these products have the potential to provide ongoing revenue streams for Pfizer for the foreseeable future, revenues of these products following the COVID-19 pandemic may not be at the similar levels as those being generated during the pandemic.

For information on additional risks associated with Comirnaty/BNT162b2 and Paxlovid, see the *COVID-19 Pandemic* section below.

For example, our gene therapy product candidates are based on a novel technology with only a few gene therapies approved to date, which makes it difficult to predict the time and cost of development and the ability to obtain regulatory approval.

Further, gene therapy may face difficulties in gaining the acceptance of patients or the medical community.

LIBOR rates).

We do not expect the transition to have significant impact on our business or financial condition.

In addition, we engage contract manufacturers, and, from time to time, our contract manufacturers may face difficulties or are unable to manufacture our products at the necessary quantity or quality levels.

In July and August 2021, Pfizer recalled 16 lots of Chantix in the U.S. due to the presence of a nitrosamine, N-nitroso-varenicline, at or above the FDA interim acceptable intake limit.

In September 2021, Pfizer expanded its voluntary recall in the U.S. to include all lots of Chantix.

We currently also have a voluntary recall across multiple markets and a global pause in shipments of Chantix.

Technical solutions are being pursued to reduce nitrosamine levels in Chantix to enable return to market.

Nitrosamines are impurities common in water and foods and everyone is exposed to some level of nitrosamines.

In response to requests from various regulatory authorities, manufacturers across the pharmaceutical industry, including Pfizer, are evaluating their product portfolios for the potential for the presence or formation of nitrosamines.

This may lead to additional recalls or other market actions for Pfizer products.

For information on additional risks specific to our Consumer Healthcare JV, see the *Consumer Healthcare JV with GSK* section below.

Failure to mitigate this threat could adversely impact Pfizer’s patients, potentially causing them harm.

While counterfeiters generally target any medicine or vaccine boasting strong demand, we have observed heightened counterfeit and fraud attempts to our COVID-19 vaccine, as well as other products potentially utilized in the treatment of COVID-19.

We expect to see continued focus by the Federal government on regulating pricing which could result in legislative and regulatory changes designed to control costs.

- We may need to amend our clinical trial protocols or conduct additional clinical trials under certain circumstances, for example, to further assess appropriate dosage or collect additional safety data.

assessments, and/or consumer fraud, product liability and other litigation and claims.

For example, in December 2021, in light of the results from the completed required postmarketing safety study of Xeljanz, ORAL Surveillance (A3921133), the U.S. label for Xeljanz was revised.

Updates include a new boxed warning for major adverse cardiovascular events (MACE) and updated boxed warnings regarding mortality, malignancies and thrombosis (with corresponding updates to applicable warnings and precautions).

In addition, indications for the treatment of adults with moderately to severely active RA or active PsA, and patients who are two years of age and older with active polyarticular course juvenile idiopathic arthritis have been revised; Xeljanz is now indicated in patients who have had inadequate response or intolerance to one or more tumor necrosis factor blockers.

In addition, at the request of the EC, the PRAC of the EMA has adopted a referral procedure under Article 20 of Regulation (EC) No 726/2004 to assess safety information relating to oral JAK inhibitors authorized for inflammatory diseases, including Xeljanz and Cibinqo, which is ongoing.

We continue to work with regulatory agencies to review the full results and analyses of ORAL Surveillance and their impact on product labeling.

The terms of our EUA for Comirnaty require that we conduct post-authorization observational studies in patients at least 5 years of age or older who received a booster dose, or other populations of interest including healthcare workers, pregnant women, immunocompromised individuals, and subpopulations with specific comorbidities.

Additionally, in relation to the FDA approval for Comirnaty, we are required to complete certain postmarketing study requirements and commitments by 2024 as identified in the August 2021 approval letter.

The terms of our EUA for Paxlovid require monitoring for convergence of global viral variants of SARS-CoV-2 and potential assessment of Paxlovid activity against identified global variants of interest.

Additionally, in relation to the potential FDA approval for Paxlovid, we are required to complete certain other analyses and studies as identified in the December 2021 authorization letter.

For example, in May 2021, the Brazilian Supreme Court voted to invalidate Article 40 of Brazil’s Patent Law, which guaranteed a minimum 10-year patent term from patent grant, and to give retroactive effect to such decision.

Further, legal or regulatory action by various stakeholders or governments could potentially result in us not seeking intellectual property protection for or agreeing not to enforce or being restricted from enforcing intellectual property related to our products.

Discussions are ongoing at the WTO regarding the role of intellectual property in the context of the COVID-19 pandemic response.

For example, the basic product patent for Chantix in the U.S. expired in November 2020.

While multi-source generic competition for Chantix has not yet begun, it could commence at anytime.

Also, the basic product patent for Sutent in the U.S. will expire in August 2021.

For example, Inflectra has experienced access challenges among commercial payers.

In September 2017, Pfizer filed suit in the U.S. District Court for the Eastern District of Pennsylvania against J&J alleging that J&J’s exclusionary contracts and other anticompetitive practices concerning Remicade® (infliximab) violate federal antitrust laws.

In addition, since a significant portion of our business is conducted in the EU, as well as the U.K., the changes resulting from Brexit may pose certain implications for our research, commercial and general business operations in the U.K. and the EU.

any contracts to accommodate the SOFR rate where required.

While our exposure to LIBOR is very low, market volatility related to the transition may adversely affect the trading market for securities linked to such benchmarks.

For example, in September 2017, our subsidiary, Meridian, received a warning letter from the FDA asserting the FDA’s view that certain violations of cGMP and Quality System Regulations exist at Meridian’s manufacturing sites in St. Louis, Missouri and classifying the site as Official Action Indicated (OAI).

Meridian responded to the warning letter and committed to making improvements across the sites.

We have made considerable progress addressing the concerns raised by the FDA, and communication with the FDA is ongoing.

Future FDA inspections and regulatory activities will further assess the adequacy and sustainability of these corrections implemented at the site.

As a result of the OAI classification, the FDA may refuse to grant premarket approval of applications and/or the FDA may refuse to grant export certificates related to products manufactured at our St. Louis sites.

could adversely affect our business.

The Congressional Budget Office routinely releases options for reducing federal spending that could affect pharmaceutical utilization and pricing as does the Medicare Payment Advisory Commission.

other products in the class.

For example, the potential impact of the co-primary endpoint results from a recently completed post-marketing required safety study of Xeljanz, ORAL Surveillance (A3921133), announced in January 2021, and related results, analyses and discussions with and reviews by regulators, remain uncertain.

We are working with the FDA and other regulatory agencies to review the full results and analyses as they become available.

The terms of our EUA for the BNT162b2 vaccine require that we conduct post-authorization observational studies.

In addition, the FDA expects EUA holders to work towards submission of full application, such as a BLA, as soon as possible.

that weaken a country’s intellectual property framework (e.g., laws or regulations that promote or provide broad discretion to issue a compulsory license).

GSK has indicated that it intends to separate the JV as an independent company listed on the U.K. equity market.

Until July 31, 2024, GSK has the exclusive right to initiate a separation and listing transaction.

We have the option to participate in a separation and listing transaction initiated by GSK.

intellectual property rights related to our products, including our vaccine to help prevent COVID-19 and potential treatments for COVID-19; challenges related to conducting oversight and monitoring of regulated activities in a remote or virtual environment; and other challenges presented by disruptions to our normal operations in response to the pandemic, as well as uncertainties regarding the duration and severity of the pandemic and its impacts, and government or regulatory actions to contain the virus or control the supply of medicines.

We also face risks and uncertainties related to our efforts to develop and commercialize a vaccine to help prevent COVID-19 and potential treatments for COVID-19, as well as challenges related to their manufacturing, supply and distribution, including, among others, uncertainties inherent in R&D, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as risks associated with pre-clinical or clinical data (including the in vitro and Phase 3 data for the Pfizer-BioNTech COVID-19 vaccine (BNT162b2)), including the possibility of unfavorable new pre-clinical, clinical or safety data and further analyses of existing pre-clinical, clinical or safety data; the ability to produce comparable clinical or other results, including the rate of vaccine effectiveness and safety and tolerability profile observed to date, in additional analyses of the Phase 3 trial and additional studies or in larger, more diverse populations upon commercialization; the ability of BNT162b2 to prevent COVID-19 caused by emerging virus variants; the risk that more widespread use of the vaccine will lead to new information about efficacy, safety or other developments, including the risk of additional adverse reactions, some of which may be serious; the risk that pre-clinical and clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when additional data from the BNT162 mRNA vaccine program or other programs will be published in scientific publications and, if so, when and with what modifications and interpretations; whether regulatory authorities will be satisfied with the design of and results from these and any future pre-clinical and clinical studies; when other biologics license and/or EUA applications may be filed in particular jurisdictions for BNT162b2 or any other potential vaccines that may arise from the BNT162 program, and if obtained, whether or when such EUA or licenses will expire or terminate; whether and when any applications that may be pending or filed for BNT162b2 or other vaccines that may result from the BNT162 program may be approved by particular regulatory authorities, which will depend on myriad factors, including making a determination as to whether the vaccine’s benefits outweigh its known risks and determination of the vaccine’s efficacy and, if approved, whether it will be commercially successful; regulatory decisions impacting labeling or marketing, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of a vaccine, including development of products or therapies by other companies; disruptions in the relationships between us and our collaboration partners, clinical trial sites or third-party suppliers, including our relationship with BioNTech; the risk that other companies may produce superior or competitive products; the risk that demand for any products may be reduced or no longer exist; risks related to the availability of raw materials to manufacture or test any such products; challenges related to our vaccine’s ultra-low temperature formulation, two-dose schedule and attendant storage, distribution and administration requirements, including risks related to storage and handling after delivery by us; the risk that we may not be able to successfully develop other vaccine formulations; the risk that we may not be able to recoup costs associated with our R&D and manufacturing efforts; risks associated with any changes in the way we approach or provide research funding for the BNT162 program or potential treatment for COVID-19; challenges and risks associated with the pace of our development programs; the risk that we may not be able to maintain or scale up manufacturing capacity on a timely basis or maintain access to logistics or supply channels commensurate with global demand for our vaccine or any potential approved treatment, which would negatively impact our ability to supply the estimated numbers of doses of our vaccine within the projected time periods as previously indicated; whether and when additional supply agreements will be reached; uncertainties regarding the ability to obtain recommendations from vaccine advisory or technical committees and other public health authorities and uncertainties regarding the commercial impact of any such recommendations; pricing and access challenges for such products; challenges related to public vaccine confidence or awareness; trade restrictions; and competitive developments.

| [removed: 2020] [added: 2021] Total [removed: Revenues––$41.9] [added: Revenues––$81.3] billion | | | [removed: 2020] [added: 2021] Net Cash Flow from [removed: Operations––$14.4] [added: Operations––$32.6] billion | | |

[removed: ][added: ]

| [removed: 2020] [added: 2021] Reported Diluted [removed: EPS––$1.71] [added: EPS––$3.85] | | | [removed: 2020] [added: 2021] Adjusted Diluted EPS [removed: (Non-GAAP)––$2.22*] [added: (Non-GAAP)––$4.42*] | | |

[removed: ][added: ]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 23] [added: 26] | | |

With the formation of the Consumer Healthcare JV in 2019 and the [removed: completion of the] spin-off [removed: and combination] of our [added: former] Upjohn Business [removed: with Mylan] in [removed: November] [added: the fourth quarter of] 2020, Pfizer [removed: has] transformed into a more focused, global leader in science-based innovative medicines and [removed: vaccines.][added: vaccines and beginning in the fourth quarter of 2020 operated as a single operating segment engaged in the discovery, development, manufacturing, marketing, sale and distribution of biopharmaceutical products worldwide.]

Beginning in the fourth quarter of 2020, the financial results of the Upjohn Business and the Mylan-Japan collaboration [removed: are] [added: were] reflected as discontinued operations for all periods presented.

Prior-period information has been restated to reflect our current organizational [removed: structure following the separation of the Upjohn Business.][added: structure.]

We expect to incur costs of approximately $700 million in connection with separating Upjohn, of which, approximately [removed: 70%] [added: 75%] has been incurred since inception and through December 31, [removed: 2020.][added: 2021.]

Transforming to a More Focused Company: We have undertaken efforts to ensure our cost base [removed: aligns] [added: and support model align] appropriately with our [removed: revenue base.][added: new operating structure.]

[removed: In addition, we] [added: We] are taking steps to restructure our corporate enabling functions to appropriately support [removed: and drive the purpose of] our [removed: focused innovative biopharmaceutical products business and] [added: business,] R&D and PGS platform functions.

See the *Costs and Expenses––Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives* section of this [removed: MD&A.][added: MD&A*.*]

[removed: In addition to discovering and developing new] products, our R&D efforts seek to add value to our existing products by improving their effectiveness and ease of dosing and by discovering potential new indications.

We are committed to strategically capitalizing on growth [removed: opportunities] [added: opportunities, primarily] by advancing our own product pipeline and maximizing the value of our existing products, [removed: as well as] [added: but also] through various business development activities.

We assess our business, assets and scientific capabilities/portfolio as part of our regular, ongoing portfolio review process and also continue to consider business development activities that will [added: help] advance our [removed: business.][added: business strategy.]

Our [removed: 2020] [added: 2021] Performance

[removed: Excluding the impact of the Consumer Healthcare transaction, revenues increased 8% operationally, reflecting strong growth in Vyndaqel/Vyndamax, Eliquis, Ibrance outside developed Europe, Inlyta, Xeljanz, Xtandi, Prevenar 13 outside the U.S., oncology biosimilars and certain products in the Hospital therapeutic area in the U.S., partially offset by Enbrel internationally and Prevnar 13 and Chantix in the U.S.] Revenues for 2020 included an estimated unfavorable impact of approximately $700 million, or 2%, due to COVID-19, primarily reflecting lower demand for certain products in China and unfavorable disruptions to wellness visits for patients in the U.S., which negatively impacted prescribing patterns for certain products, partially offset by increased U.S. demand for certain sterile injectable products and increased adult uptake for [removed: Prevenar 13] [added: the Prevnar family] in certain international markets, resulting from greater vaccine awareness for respiratory illnesses, and U.S. revenues for [removed: BNT162b2.][added: Comirnaty.]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 24] [added: 27] | | |

[removed: ][added: ]

[removed: For worldwide revenues, including a discussion of key drivers of our revenue performance and revenues by geography, see the discussion in] [added: See] the *Analysis of the Consolidated Statements of [removed: Income––Revenues––Selected Product Discussion* and *––Revenues] [added: Income––Revenues] by Geography* [added: and *Revenues––Selected Product Discussion*] sections within [removed: MD&A.][added: MD&A for more information, including a discussion of key drivers of our revenue performance.]

For [removed: additional] information regarding the primary indications or class of certain products, see *Note [removed: 17B.*][added: 17C.*]

[removed: Income] [added: *Income] from Continuing Operations Before Provision/(Benefit) for Taxes on [removed: Income][added: Income*]

| [removed: Non-recurrence of *(Gain)] [added: (Gain)] on completion of Consumer Healthcare JV [removed: transaction*] [added: transaction] | | | | | | [removed: (8,080)] [added: —] | | | [added: | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | (8,107) | | | | | | | | |]

| [removed: Higher] *Research and development [removed: expenses*(a)] [added: expenses*] | | | | | | [removed: (1,010)] [added: 13,829] | | | [added: | | | 9,393 | | | | | | 8,385 | | | | | | 47 | | | | | | 12 | | |]

[removed: | Lower] [added: - lower] asset impairment [removed: charges(b) | | | | | | 1,152 | | |][added: charges;]

[removed: | Lower] [added: - an increase in] business and legal entity alignment [removed: costs(b) | | | | | | 300 | | |][added: costs.]

[removed: | Higher] [added: - higher] Consumer Healthcare JV equity method [removed: income(b) | | | | | | 281 | | |][added: income;]

[removed: | Lower] [added: - lower] charges for certain legal [removed: matters(b) | | | | | | 264 | | |][added: matters; and]

[removed: | Higher] [added: - higher] income from collaborations, out-licensing arrangements and sales of compound/product [removed: rights(b) | | | | | | 158 | | |][added: rights,]

[removed: | Higher] [added: - higher] net gains [removed: recognized during the period] on equity [removed: securities(b) | | | | | | 86 | | |][added: securities; and]

[removed: | Higher] [added: -] net [removed: losses] [added: gains] on asset [removed: disposals(b) | | | | | | (268) | | |][added: disposals in 2021 versus net losses in 2020.]

[removed: (b)See] [added: See] *Note [removed: 4*.][added: 5*.]

For information on our tax provision and effective tax rate, see the *Provision/(Benefit) for Taxes on Income* section within MD&A and *Note [removed: 5A*.][added: 5*.]

Business––Government Regulation and Price Constraints* [removed: section of this Form 10-K.][added: and *Item 1A.]

Our product lines must be replenished to offset revenue losses when products lose [removed: their] [added: exclusivity or] market [removed: exclusivity,] [added: share or to] respond to healthcare and innovation [removed: trends and] [added: trends, as well as to] provide for earnings growth.

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 25] [added: 28] | | |

[added: We conduct clinical trials to] provide data on safety and efficacy to support the evaluation of a [removed: drug’s] [added: product’s] overall benefit-risk profile for a particular patient population.

In addition, after a product has been approved [added: or authorized] and launched, we continue to monitor its safety as long as it is available to patients.

Certain of our products have experienced patent-based expirations or loss of regulatory exclusivity in certain markets in the last few years, and we expect certain products to face [removed: significantly] increased generic competition over the next few years.

While additional patent expiries will continue, we expect a moderate impact of reduced revenues due to patent expiries from [removed: 2021] [added: 2022] through 2025.

| An increase of 95% compared to 2020 | | | An increase of 126% compared to 2020 | | |

| An increase of 137% compared to 2020 | | | An increase of 96% compared to 2020 | | |

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: Biopharma and PC1.

Biopharma is the only reportable segment.

On December 31, 2021, we completed the sale of our Meridian subsidiary, and beginning in the fourth quarter of 2021, the financial results of Meridian are reflected as discontinued operations for all periods presented.

In addition, we are transforming our commercial go-to market model in the way we engage patients and physicians.

In addition to discovering and developing new

Our significant recent business development activities that closed or are targeted to close in 2022 include:

Acquisition of Arena

In December 2021, we and Arena announced that the companies entered into a definitive agreement under which we will acquire Arena, a clinical stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.

Under the terms of the agreement, we will acquire all outstanding shares of Arena for $100 per share in an all-cash transaction for a total equity value of approximately $6.7 billion.

On February 2, 2022, Arena shareholders voted to approve the proposed acquisition, which is targeted to close in the first half of 2022, subject to review under antitrust laws and other customary closing conditions.

Collaboration with Biohaven

In November 2021, we entered into a collaboration and license agreement and related sublicense agreement with Biohaven Pharmaceutical Holding Company Ltd., Biohaven Pharmaceutical Ireland DAC and BioShin Limited (collectively, Biohaven) pursuant to which we acquired rights to commercialize rimegepant and zavegepant for the treatment and prevention of migraines outside of the U.S., subject to regulatory approval.

Rimegepant is currently commercialized in the U.S., Israel, and the U.A.E. under the brand name Nurtec® ODT, with certain additional applications pending outside of the U.S. 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, which occurred on January 4, 2022, we paid Biohaven $500 million, including an upfront payment of $150 million and an equity investment of $350 million.

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.

*Revenues* increased $39.6 billion, or 95%, to $81.3 billion in 2021 from $41.7 billion in 2020, reflecting an operational increase of $38.4 billion, or 92%, as well as a favorable impact of foreign exchange of $1.2 billion, or 3%.

Excluding direct sales and alliance revenues of Comirnaty and sales of Paxlovid, revenues increased 6% operationally, reflecting strong growth in Eliquis, Biosimilars, PC1, Vyndaqel/Vyndamax, the Hospital therapeutic area, Inlyta and Xtandi, partially offset by declines in the Prevnar family, Chantix/Champix, Enbrel and Sutent.

The increase in *Income from continuing operations before provision/(benefit) for taxes on income* of $17.3 billion in 2021, compared to 2020, was primarily attributable to: (i) higher revenues, (ii) net periodic benefit credits in 2021 versus net periodic benefit costs in 2020, (iii) lower asset impairment charges, and (iv) higher net gains on equity securities, partially offset by (v) increases in: *Cost of sales, Research and development expenses* and *Selling, informational and administrative expenses.*

See the *Analysis of the Consolidated Statements of Income* within MD&A and *Note 4* for additional information.

In the U.S., we expect to see continued focus by Congress and the Biden Administration on regulating pricing which could result in legislative and regulatory changes designed to control costs.

For example, there is proposed legislation that, if enacted, would allow Medicare to negotiate prices for certain prescription drugs, as well as require that penalties be paid by manufacturers who raise drug prices faster than inflation.

Also, certain changes proposed by the CMS in December 2020 to the Medicaid program and 340B drug pricing program, which imposes ceilings on prices that drug manufacturers can charge for medications sold to certain health care facilities, could increase our Medicaid rebate obligations and increase the discounts we extend to 340B covered entities if they go into effect.

Additional changes to the 340B program are undergoing review and their status is unclear.

We anticipate that these and similar initiatives will continue to increase pricing pressures globally.

*Product Supply*

We periodically encounter supply delays, disruptions or shortages, including due to voluntary product recalls such as our recent Chantix recall.

For information on our recent Chantix recall and risks related to product manufacturing, see the *Item 1A.

Risk Factors––Product Manufacturing, Sales and Marketing Risks* section in this Form 10-K.

production, pricing, and marketing of, reimbursement for and access to our products, as well as impacts of political or civil unrest or military action, including the current conflict between Russia and Ukraine, terrorist activity, unstable governments and legal systems, inter-governmental disputes, public health outbreaks, epidemics, pandemics, natural disasters or disruptions related to climate change.

Pfizer has helped lead the global effort to confront the COVID-19 pandemic by advancing a vision for industry-wide collaboration while making significant investments in breakthrough science and global manufacturing.

*•Comirnaty/BNT162b2*:

◦We have collaborated with BioNTech to jointly develop Comirnaty/BNT162b2, a mRNA-based coronavirus vaccine to help prevent COVID-19.

The FDA has approved Comirnaty in the U.S. to prevent COVID-19 in individuals 16 years of age and older as a two-dose primary series (30 µg per dose).

Comirnaty is the first COVID-19 vaccine to be granted approval by the FDA and had previously been available to this patient population in the U.S. under an EUA since December 2020.

The vaccine is also available to individuals 5 to 15 years old under an EUA granted by the FDA in 2021 (10 µg per dose for children 5 through 11 years of age (October 2021) and 30 µg per dose for individuals 12 years of age and older (May 2021)).

The FDA has also authorized for emergency use: (i) a third dose of Comirnaty/BNT162b2 in certain immunocompromised individuals 5 years of age and older and (ii) Comirnaty/BNT162b2 as a booster dose in individuals 12 years of age and older.

Comirnaty/BNT162b2 has also been granted an approval or an authorization in many other countries around the world in populations varying by country.

We continue to evaluate our vaccine, including for additional pediatric indications, and the short- and long-term efficacy of Comirnaty.

We are also studying vaccine candidates to potentially prevent COVID-19 caused by new and emerging variants, such as the Omicron variant, or an updated vaccine as needed.

| An increase of 2% compared to 2019 | | | An increase of 14% compared to 2019 | | |

| A decrease of 40% compared to 2019 | | | An increase of 16% compared to 2019 | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

We now operate as a single operating segment engaged in the discovery, development, manufacturing, marketing, sales and distribution of biopharmaceutical products worldwide.

*Revenues* increased $736 million, or 2%, to $41.9 billion in 2020 from $41.2 billion in 2019, reflecting an operational increase of $1.1 billion, or 3%, and an unfavorable impact of foreign exchange of $331 million, or 1%.

The following provides an analysis of the change in *Income from continuing operations before provision/(benefit) for taxes on income* for 2020:

| (MILLIONS OF DOLLARS) | | | | | | | | |

| *Income from continuing operations before provision/(benefit) for taxes on income* for the year ended December 31, 2019 | | | | | | $ | 11,485 | |

| Favorable change in revenues | | | | | | 736 | | |

| Favorable/(Unfavorable) changes: | | | | | | | | |

| Higher *Cost of sales*(a) | | | | | | (441) | | |

| Lower *Selling, information and administrative expenses*(a) | | | | | | 1,136 | | |

| Lower *Amortization of intangible assets*(a) | | | | | | 1,026 | | |

| Higher net periodic benefit credits other than service costs(b) | | | | | | 308 | | |

| Lower charges to separate our Consumer Healthcare business into a separate legal entity(b) | | | | | | 152 | | |

| Lower interest expense(b) | | | | | | 125 | | |

| Higher royalty-related income(b) | | | | | | 124 | | |

| Lower net losses on early retirement of debt(b) | | | | | | 101 | | |

| Higher ViiV dividend income(b) | | | | | | 58 | | |

| Lower interest income(b) | | | | | | (153) | | |

| All other items, net | | | | | | (44) | | |

| *Income from continuing operations before provision/(benefit) for taxes on income* for the year ended December 31, 2020 | | | | | | $ | 7,497 | |

(a)See the *Costs and Expenses* section within MD&A*.*

We conduct clinical trials to

For example, the basic product patent for Chantix in the U.S. expired in November 2020.

Also, the basic product patent for Sutent in the U.S. will expire in August 2021.

*Regulatory Environment/Pricing and Access––U.S. Healthcare Legislation*

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| In March 2010, the ACA was enacted in the U.S. We recorded the following amounts to reflect the impact of the ACA legislation: | | | | | | | | | | | | | | | | | | | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | |

| Reduction to *Revenues*, related to the Medicare “coverage gap” discount provision | | | | | | $ | 1,175 | | | | | $ | 761 | | | | | $ | 418 | |

| *Selling, informational and administrative expenses*, related to the fee payable to the federal government | | | | | | 195 | | | | | | 210 | | | | | | 134 | | |

On average, insurers impose a higher out-of-pocket burden on patients for prescription medicines than for comparably priced medical services.

Certain governments outside the U.S. provide healthcare at low-to-zero direct cost to consumers at the point of care and have significant power as large single payers to effectively regulate prices or patient reimbursement levels to control costs for the government-sponsored healthcare system.

We are committed to confronting the public health challenge posed by the pandemic by collaborating with industry partners and academic institutions to develop potential approaches to prevent and treat COVID-19.

In March 2020, we issued a five-point plan calling on the biopharmaceutical industry to join us in committing to unprecedented collaboration to combat COVID-19.

Subsequently, we have made some important advances, including, among others:

- Entry into a global agreement (except for China, Hong Kong, Macau and Taiwan) with BioNTech for the development, manufacture and commercialization of an mRNA-based coronavirus vaccine, BNT162, to help prevent COVID-19.

The information required by this Item is incorporated by reference to the discussion in the *Analysis of Financial Condition, Liquidity, Capital Resources and Market [removed: Risk—Selected Measures of Liquidity and Capital Resources*] [added: Risk*] section within MD&A.

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | 48 | | |

[removed: ][added: ]

We apply science and our global resources to bring therapies to people that extend and significantly improve their lives through the discovery, development, manufacture, marketing, [removed: sales] [added: sale] and distribution of biopharmaceutical products worldwide.

Most of our revenues come from the manufacture and sale of [removed: our products, principally] biopharmaceutical [removed: products, and to a lesser extent, from alliance agreements, under which we co-promote products discovered or developed by other companies or us.][added: products.]

[removed: *1.*Unleash] [added: *1.Unleash] the power of our [removed: people;][added: people*;]

[removed: *2.*Deliver] [added: *2.Deliver] first-in-class [removed: science;][added: science*;]

[removed: *3.*Transform] [added: *3.Transform] our go-to-market [removed: model;][added: model*;]

[removed: *4.*Win] [added: *4.Win] the digital race in [removed: pharma;] [added: pharma*;] and

[removed: *5.*Lead] [added: *5.Lead] the [removed: conversation.][added: conversation*.]

We are committed to strategically capitalizing on growth [removed: opportunities] [added: opportunities, primarily] by advancing our own product pipeline and maximizing the value of our existing products, [removed: as well as] [added: but also] through various business development activities.

We assess our business, assets and scientific capabilities/portfolio as part of our regular, ongoing portfolio review process and also continue to consider business development activities that will [added: help] advance our [removed: business.][added: business strategy.]

Following (i) the [removed: recent] spin-off and combination of the Upjohn Business (which was our global, primarily off-patent branded and generics business) with [removed: Mylan,] [added: Mylan in 2020,] which created a new global pharmaceutical company, Viatris, [removed: in November 2020] and (ii) the formation of the Consumer Healthcare JV [added: with GSK] in 2019, we saw the culmination of Pfizer’s transformation into a more focused, [removed: innovative] [added: global leader in] science-based [added: innovative medicines and vaccines, and beginning in the fourth quarter of 2020, we operated as a single operating segment engaged in the discovery, development, manufacturing, marketing, sale and distribution of] biopharmaceutical products [removed: business.][added: worldwide.]

In [removed: 2020,] [added: 2020 and 2021,] our business, operations and financial condition and results were impacted by the COVID-19 pandemic.

To confront the public health challenge posed by the pandemic, we have made some important advances, including, [removed: among others,] the development of a vaccine to help prevent [removed: COVID-19.]

Risk [removed: Factors—Development,] [added: Factors*—*Development,] Regulatory Approval and Marketing of Products* and [removed: *—COVID-19 Pandemic*] [added: —*Post-Authorization/Approval Data*] sections in this Form 10-K.

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 1] [added: 3] | | |

For [removed: additional information,] [added: discussion on Comirnaty/BNT162b2,] see the *Overview of Our Performance, Operating Environment, Strategy and [removed: Outlook*] [added: Outlook—COVID-19 Pandemic*] section within [removed: MD&A and *Notes 1A* and *2C.*][added: MD&A.]

Our [added: Biopharma] business includes the following therapeutic areas and key products:

| Internal Medicine | | | Includes innovative brands [removed: from two therapeutic areas, Cardiovascular Metabolic] [added: in cardiovascular metabolic] and [removed: Pain,] [added: women’s health,] as well as regional brands. | | | [removed: Eliquis*, Chantix/Champix*] [added: Eliquis*] and the Premarin family | | |

| Oncology | | | Includes innovative oncology brands of biologics, small molecules, immunotherapies and biosimilars across a wide range of cancers. | | | Ibrance*, Xtandi*, [removed: Sutent*, Inlyta,] [added: Inlyta*, Sutent,] Retacrit, Lorbrena and Braftovi | | |

| [removed: Hospital] [added: Hospital] | | | Includes our global portfolio of sterile injectable and anti-infective medicines, as well as [removed: Pfizer CentreOne, our contract manufacturing and active pharmaceutical ingredient sales operation.] [added: an oral COVID-19 treatment.] | | | Sulperazon, Medrol, [added: Zavicefta,] Zithromax, [removed: Vfend and] [added: Vfend,] Panzyga [added: and Paxlovid] | | |

| Vaccines | | | Includes innovative vaccines across all ages—infants, adolescents and adults—in pneumococcal disease, meningococcal disease, tick-borne encephalitis and COVID-19, with a pipeline focus on infectious diseases with significant unmet medical need. | | | [added: Comirnaty/BNT162b2*, the] Prevnar [removed: 13/Prevenar 13 (pediatric/adult)*,] [added: family*,] Nimenrix, [removed: FSME/IMMUN-TicoVac, Trumenba] [added: FSME/IMMUN-TicoVac] and [removed: the Pfizer-BioNTech COVID-19 vaccine] [added: Trumenba] | | |

| Inflammation & Immunology | | | Includes innovative brands and biosimilars for chronic immune and inflammatory diseases. | | | Xeljanz*, Enbrel (outside the U.S. and Canada)*, [removed: Inflectra and] [added: Inflectra,] Eucrisa/Staquis [added: and Cibinqo] | | |

*Each of Prevnar 13/Prevenar 13, Ibrance, Eliquis, Xeljanz and Enbrel recorded direct product and/or Alliance revenues of more than $1 billion in [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018.][added: 2019.]

Each of Xtandi and Vyndaqel/Vyndamax recorded direct product and/or Alliance revenues of more than $1 billion in [removed: 2020, Chantix/Champix recorded direct product revenues of more than $1 billion in 2019 and 2018] [added: 2021] and [removed: Sutent recorded direct product revenues of more than $1 billion in 2018.][added: 2020.]

[added: Comirnaty/BNT162b2,] Eliquis [removed: includes] [added: and Xtandi include] Alliance revenues and direct sales.

For additional information on [added: our operating segments and products, see *Note 17* and for additional information on] the key operational revenue drivers of our business, see the *Analysis of the Consolidated Statements of Income* section within MD&A.

- [removed: Pfizer-BioNTech COVID-19 Vaccine (BNT162b2)] [added: Comirnaty/BNT162b2] is an mRNA-based coronavirus vaccine to help prevent [removed: COVID-19] [added: COVID-19,] which is being jointly developed and commercialized with BioNTech.

Pfizer and BioNTech [removed: will] equally share the costs of development for the [removed: BNT162] [added: Comirnaty] program.

We [removed: will] also share gross profits equally from commercialization of [removed: BNT162b2] [added: Comirnaty/BNT162b2] and are working jointly with BioNTech in our respective territories to commercialize the vaccine worldwide (excluding China, Hong Kong, Macau and Taiwan), subject to regulatory authorizations or approvals market by market.

- [removed: Orgovyx] [added: Orgovyx] (relugolix) is an oral gonadotropin-releasing hormone (GnRH) receptor antagonist [removed: approved by the FDA] for the treatment of adult patients with advanced prostate cancer that is being developed and commercialized with Myovant.

The companies will equally share profits and allowable expenses in the U.S. and Canada for Orgovyx and [removed: the relugolix combination tablet,] [added: Myfembree,] with Myovant bearing our share of allowable expenses up to a maximum of [removed: $100 million in 2021 and up to a maximum of] $50 million in 2022.

Revenues associated with these arrangements are included in Alliance revenues (except in certain markets where we have direct sales and except for the majority of revenues for [removed: BNT162b2,] [added: Comirnaty/BNT162b2,] which are included as direct product revenues).

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 2] [added: 4] | | |

[removed: receive certain tiered royalties outside the U.S.] For further discussion of collaboration and co-promotion agreements, see the *Item 1A.

The discovery and development of [removed: drugs] [added: drugs, vaccines] and biological products are time consuming, costly and unpredictable.

These collaboration, [removed: alliance, license] [added: alliance] and [removed: funding] [added: license] agreements and investments allow us to share knowledge, risk and cost.

For information on certain of these collaborations, [removed: alliances, license] [added: alliances] and [removed: funding] [added: license] arrangements and investments, see *Note 2*.

*Our R&D Operations.* In [removed: 2020,] [added: 2021,] we continued to strengthen our global R&D operations and pursue strategies to improve R&D productivity to achieve a sustainable pipeline that is positioned to deliver value in the near term and over time.

- WRDM. Research units [added: within WRDM] are generally responsible for research and early-stage development assets for our business (assets that have not yet achieved proof-of-concept) and are organized by therapeutic area to enhance flexibility, cohesiveness and focus.

- GPD. [added: Our] GPD [added: organization] is a unified center for clinical development and regulatory activities that is generally responsible for the clinical development strategy and operational execution of clinical trials for [removed: both early-stage assets in the WRDM portfolio as well as] late-stage [added: clinical] assets in [removed: our portfolio.][added: Pfizer’s pipeline.]

Our purpose fuels everything we do and reflects both our passion for science and our commitment to patients.

In addition, Pfizer continues to enhance its ESG strategy, which is focused on six areas where we see opportunities to create a meaningful impact over the next decade: product innovation; equitable access and pricing; product quality and safety; diversity, equity and inclusion; climate change; and business ethics.

Our significant recent business development activities in 2021 include, among others: (i) the July 2021 global collaboration with Arvinas to develop and commercialize ARV-471, an investigational oral PROTAC® (PROteolysis TArgeting Chimera) estrogen receptor protein degrader (the estrogen receptor is a well-known disease driver in most breast cancers); (ii) the November 2021 collaboration and license agreement with Biohaven to acquire rights to commercialize rimegepant and zavegepant for the treatment and prevention of migraines outside of the U.S. upon approval; (iii) the November 2021 acquisition of Trillium, a clinical stage immuno-oncology company developing innovative potential therapies for the treatment of cancer; and (iv) the December 2021 research collaboration with Beam to utilize Beam’s in vivo base editing programs, which use mRNA and lipid nanoparticles, for three targets for rare genetic diseases of the liver, muscle and central nervous system.

In addition, in December 2021, we entered into a definitive agreement to acquire Arena, a clinical stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.

On February 2, 2022, Arena shareholders voted to approve the proposed acquisition, which is targeted to close in the first half of 2022, subject to review under antitrust laws and other customary closing conditions.

COVID-19 and an oral COVID-19 treatment.

Risk Factors—COVID-19 Pandemic* section in this Form 10-K.

At the beginning of our fiscal fourth quarter 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.

Each of Comirnaty/BNT162b2 and Inlyta recorded direct product and/or Alliance revenues of more than $1 billion in 2021.

Prevnar family include revenues from Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20 (adult).

Prior to the fourth quarter of 2021, PC1 had been managed within the Hospital therapeutic area.

Also, on December 31, 2021, we completed the sale of our Meridian subsidiary, which was part of the Hospital therapeutic area prior to its sale.

See *Note 1A* for additional information.

Comirnaty/BNT162b2 has been granted an approval or an authorization in many countries around the world in populations varying by country.

The companies are also collaborating on Myfembree (relugolix 40

mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) for heavy menstrual bleeding associated with uterine fibroids in premenopausal women and the management of moderate to severe pain associated with endometriosis.

In addition, we have collaboration arrangements for the development and commercialization of certain pipeline products that are in development stage, including, among others, (i) with BioNTech to develop a modified mRNA-based vaccine for the prevention of varicella zoster (Shingles), and (ii) with Valneva to co-develop and commercialize Valneva’s Lyme disease vaccine candidate, VLA15.

Examples of these platform organizations include Pharmaceutical Sciences and Medicine Design, and Worldwide Medical and Safety.

By total revenues, Japan was our largest national market outside the U.S. in 2021.

Certain of these government contracts may be renegotiated or terminated at the discretion of a government entity.

In addition, our contracts with government and supranational organizations for the sales of Comirnaty/BNT162b2 and Paxlovid, which are on a committed basis, represented a significant amount of revenues in 2021.

| Prevnar 20/Apexxnar | | | | | | 2033 (2035 pending PTE) | | | | | | 2033 | | | | | | 2033(12) | | |

| Cibinqo | | | | | | 2034 | | | | | | 2034(13) | | | | | | 2034 (2038 pending PTE) | | |

| Comirnaty | | | | | | (14) | | | | | | (14), (15) | | | | | | (14) | | |

| Paxlovid | | | | | | (16) | | | | | | (16) | | | | | | (16) | | |

(4)Expiry is provided by regulatory exclusivity in this market.

As a result of the litigation, the remaining generic companies are not permitted to launch their products until the 2031 expiration date of the formulation patent.

Under the terms of the settlement agreements, the permitted date of launch for the settled generic companies under these patents is April 1, 2028.

Both patents may be subject to subsequent challenges.

(8)Vyndaqel (tafamidis meglumine) basic patent expiry in Japan is August 2026 for treatment of polyneuropathy.

Vynmac (tafamidis) was approved in Japan for treatment of cardiomyopathy with regulatory exclusivity expiring March 2029.

(12)Product not yet approved or authorized in this market.

(13)An SPC has been filed for Cibinqo in the U.K. with expected expiry in 2036 based on the September 2021 approval.

Cibinqo was approved in other major European markets in December 2021.

(14)The basic product patent application for Comirnaty has been filed in these markets.

If granted, a full term is expected in these markets.

Comirnaty is being developed and commercialized in collaboration with BioNTech.

(15)Pfizer does not have co-promotion rights for Comirnaty in Germany.

(16)The basic product patent application for Paxlovid has been filed in these markets.

If granted, a full term is expected in these markets.

By doing so, we expect to create value for the patients we serve and for our colleagues and shareholders.

Our significant recent business development activities in 2020 include: (i) the April 2020 agreement with BioNTech to develop, manufacture and commercialize an mRNA-based coronavirus vaccine program, BNT162, aimed at preventing COVID-19, (ii) the June 2020 agreement to co-develop and commercialize Valneva’s Lyme disease vaccine candidate, VLA15, (iii) the September 2020 entry into a strategic collaboration with CStone to develop and commercialize a PD-L1 antibody, sugemalimab, and to bring additional oncology assets to China, (iv) the November 2020 spin-off and combination of the Upjohn Business with Mylan, and (v) the December 2020 entry into a collaboration with Myovant to jointly develop and commercialize relugolix in advanced prostate cancer and women’s health in the U.S. and Canada.

In 2020, we managed our commercial operations through a global structure consisting of two businesses—Biopharma, and, through November 16, 2020, Upjohn, each led by a single manager.

On November 16, 2020, we completed the spin-off and combination of the Upjohn Business with Mylan.

Following the combination, we now operate as a focused innovative biopharmaceutical company engaged in the discovery, development, manufacturing, marketing, sales and distribution of biopharmaceutical products worldwide.

Beginning in the fourth quarter of 2020, the financial results of the Upjohn Business are reflected as discontinued operations for all periods presented.

Prior-period information has been restated to reflect our current organizational structure following the separation of the Upjohn Business.

In 2019, Consumer Healthcare, which was our OTC medicines business, was

combined with GSK’s consumer healthcare business to form a consumer healthcare JV in which we own a 32% equity stake.

BNT162b2 has now been granted a CMA, EUA or temporary authorization in more than 50 countries worldwide.

For discussion on BNT162b2, see the *Overview of Our Performance, Operating Environment, Strategy and Outlook—COVID-19 Pandemic* section within MD&A.

The companies are also collaborating on relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) in women’s health.

In addition, we have collaboration arrangements for the development and commercialization of certain pipeline products that are in development stage, including, among others, with Lilly to jointly develop and globally commercialize tanezumab for the treatment of osteoarthritis pain and cancer pain, under which the companies share equally the ongoing development costs and, if successful, will co-commercialize and share equally in profits and certain expenses in the U.S., while Pfizer will be responsible for commercialization activities and costs outside the U.S., with Lilly having the right to

We also have arrangements with third parties that fund a portion of the development costs of one or more of our pipeline products in exchange for rights to receive future payments, such as milestone-based, revenue sharing, or profit-sharing payments or royalties.

Another platform-service organization is the Worldwide Medical and Safety (WMS) group, which includes worldwide safety surveillance, medical information and the Chief Medical Office.

The WMS group provides patients, healthcare providers, pharmacists, payers and health authorities with complete and up-to-date information about the risks and benefits associated with Pfizer’s R&D programs and marketed products so they can make appropriate decisions on how and when to use our products.

In 2020, the R&D organization within Upjohn supported the off-patent branded and generic established medicines and managed its resources separately from the WRDM and GPD organizations.

Following the spin-off and combination of the Upjohn Business with Mylan to create Viatris, we have agreed to provide certain transition services to Viatris including support for R&D, pharmacovigilance and safety surveillance.

A portion of our government contracts are subject to renegotiation or termination of contracts or subcontracts at the discretion of a government entity.

(3)Xeljanz Europe expiry is provided by regulatory exclusivity.

In August 2020, the U.S. District Court for the District of Delaware decided that the two challenged Eliquis patents are both valid and infringed by the remaining generic companies.

The remaining generic companies have appealed the Delaware court decision and the final decision in this case could determine when generic versions of Eliquis will come on the market.

In addition, both patents may be subject to subsequent challenges by parties other than the remaining generic companies.

If this were to occur, depending on the outcome of the subsequent challenge, the potential launch by generic companies, including challengers, if successful, could occur on timelines similar to those discussed above.

(7)Besponsa Japan expiry is provided by regulatory exclusivity.

Also, the basic product patent for Sutent in the U.S. will expire in August 2021.

We sell biosimilars of certain inflammation & immunology and oncology biologic medicines.

We have supplier management activities in place to monitor supply channels and to take action as needed to secure necessary volumes.

Many of our activities are subject to the jurisdiction of the SEC.

Once a drug or biologic is approved, the FDA must be notified of any product modifications and may require additional studies or clinical trials.

Risk Factors*—*Development, Regulatory Approval and Marketing of Products* and —*Post-Approval Data* section in this Form 10-K.

For BNT162b2, we are working towards submitting a BLA for possible full regulatory approval.

*Healthcare Reform*.

This includes potential replacements for the ACA, if it is ultimately invalidated by the U.S. Supreme Court in *California v.

Texas*, as well as efforts at the state level to develop additional public insurance options or implement a single payer healthcare system.

We do not expect that invalidation of the ACA itself would have a material impact on our business given the modest revenues the health insurance exchanges and Medicaid expansion generate for us.

However, a future replacement of the ACA or other healthcare reform efforts may adversely affect our business and financial results, particularly if such replacement or reform reduces incentives for employer-sponsored insurance coverage or dramatically increases industry taxes and fees.

*Pricing and Reimbursement*.

In the Fall of 2020, the Trump Administration finalized an importation pathway from Canada and a payment model to tie Medicare Part B physician reimbursement to international prices, though ultimate implementation of both is uncertain due to legal challenges.

We expect to see continued focus on regulating pricing resulting in additional legislation and regulation under the newly elected Congress and the Biden Administration.

Each holds the office or offices indicated until his or her successor is chosen and qualified at the regular meeting of the BOD to be held on the date of the [removed: 2021] [added: 2022] Annual Meeting of Shareholders, or until his or her earlier death, resignation or removal.

| Albert Bourla | | | | | | [removed: 59] [added: 60] | | | | | | Chairman of the Board since January 2020 and Chief Executive Officer since January 2019. Chief Operating Officer from January 2018 until December 2018. Group President, Pfizer Innovative Health from June 2016 until December 2017. Group President, Global Innovative Pharma Business (responsible for Vaccines, Oncology and Consumer Healthcare since 2014) from February 2016 until June 2016. President and General Manager of Established Products Business Unit from December 2010 until December 2013. Our Director since February 2018. [removed: Board member of Pharmaceutical Research and Manufacturers of America (PhRMA). Board member of The Pfizer Foundation, which promotes access to quality healthcare. Director of the Partnership for New York City and Catalyst, a global non-profit organization accelerating progress for the advancement of women into leadership.] | | |

| William Carapezzi | | | | | | [removed: 63] [added: 64] | | | | | | Executive Vice President, Global Business Services and Transformation since June 2020. Senior Vice President of Global Business Operations from June 2013 until June 2020. Senior Vice President of Global Tax from 2008 until June 2013. | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 20] [added: 23] | | |

| Frank A. D’Amelio | | | | | | [removed: 63] [added: 64] | | | | | | Chief Financial [added: Officer, Executive Vice President since January 2022. Chief Financial] Officer and Executive Vice President, Global Supply [removed: since] [added: from] June [removed: 2020.] [added: 2020 until December 2021.] Chief Financial Officer, Executive Vice President, Business Operations and Global Supply from November 2018 until June 2020. Executive Vice President, Business Operations and Chief Financial Officer from December 2010 until October 2018. Senior Vice President and Chief Financial Officer from September 2007 until December 2010. Director of Zoetis Inc. and Humana Inc. and Chair of the Humana Inc. Board of Directors’ Audit Committee. [removed: Director of the Independent College Fund of New Jersey.] | | |

| Mikael Dolsten | | | | | | [removed: 62] [added: 63] | | | | | | Chief Scientific Officer, President, Worldwide Research, Development and Medical since January 2019. President of Worldwide Research and Development from December 2010 until December 2018. Senior Vice President; President of Worldwide Research and Development from May 2010 until December 2010. Senior Vice President; President of Pfizer BioTherapeutics Research & Development Group from October 2009 until May 2010. [removed: He was Senior Vice President of Wyeth and President, Wyeth Research from June 2008 until October 2009.] Director of [removed: Karyopharm Therapeutics Inc. Director of PhRMA Foundation] [added: Agilent Technologies, Inc,] and [removed: Governor of New York Academy of Science (NYAS).] [added: Vimian Group AB.] | | |

| Lidia Fonseca | | | | | | [removed: 52] [added: 53] | | | | | | Chief Digital and Technology Officer, Executive Vice President since January 2019. Chief Information Officer and Senior Vice President of Quest Diagnostics Incorporated from 2014 to 2018. Senior Vice President of Laboratory Corporation of America Holdings from 2008 until March 2013. Director of Tegna, Inc. | | |

| Angela Hwang | | | | | | [removed: 55] [added: 56] | | | | | | Group President, Pfizer Biopharmaceuticals Group since January 2019. Group President, Pfizer Essential Health from January 2018 until December 2018. Global President, Pfizer Inflammation and Immunology from January 2016 until December 2017. Regional Head, U.S. Vaccines from January 2014 until December 2015. Vice President, Emerging Markets for the Primary Care therapeutic area from September 2011 until December 2013. [removed: Vice President, U.S. Brands commercial organization within Essential Health from October 2009 until August 2011.] Director of United Parcel Service, Inc. | | |

| Rady A. Johnson | | | | | | [removed: 59] [added: 60] | | | | | | Chief Compliance, Quality and Risk Officer, Executive Vice President since January 2019. Executive Vice President, Chief Compliance and Risk Officer from December 2013 until December 2018. Senior Vice President and Associate General Counsel from October 2006 until December 2013. | | |

| Douglas M. Lankler | | | | | | [removed: 55] [added: 56] | | | | | | General Counsel, Executive Vice President since December 2013. Corporate Secretary from January 2014 until February 2014. Executive Vice President, Chief Compliance and Risk Officer from February 2011 until December 2013. Executive Vice President, Chief Compliance Officer from December 2010 until February 2011. [removed: Senior Vice President and Chief Compliance Officer from January 2010 until December 2010. Senior Vice President, Deputy General Counsel and Chief Compliance Officer from August 2009 until January 2010.] | | |

| Payal Sahni | | | | | | [removed: 46] [added: 47] | | | | | | Chief [added: People Experience Officer, Executive Vice President since January 2022. Chief] Human Resources Officer, Executive Vice President [removed: since] [added: from] June [removed: 2020.] [added: 2020 to December 2021.] From May 2016 until June 2020 served as Senior Vice President of Human Resources for multiple operating units. Vice President of Human Resources, Vaccines, Oncology & Consumer from 2015 until 2016. Ms. Sahni has served in a number of positions in the Human Resources organization with increasing responsibility since joining Pfizer in 1997. | | |

| Sally Susman | | | | | | [removed: 59] [added: 60] | | | | | | Chief Corporate Affairs Officer, Executive Vice President since January 2019. Executive Vice President, Corporate Affairs (formerly Policy, External Affairs and Communications) from December 2010 until December 2018. Senior Vice President, Policy, External Affairs and Communications from December 2009 until December 2010. Director of WPP plc. | | |

| Aamir Malik | | | | | | 46 | | | | | | Chief Business Innovation Officer, Executive Vice President since August 2021. Various U.S. geographic leadership roles with McKinsey & Company from 2019 to 2021; previously co-led McKinsey & Company’s Global Pharmaceuticals & Medical Products practice from 2015 to 2018. | | |

| Michael McDermott | | | | | | 56 | | | | | | Chief Global Supply Officer, Executive Vice President since January 2022. President of Pfizer Global Supply from 2018 until 2021. Vice President of Pfizer Global Supply from 2014 until 2018. Vice President of the Biotechnology Unit from 2012 until 2014. | | |

| A. Rod MacKenzie | | | | | | 61 | | | | | | Chief Development Officer, Executive Vice President since June 2016. Senior Vice President, Chief Development Officer from March 2016 until June 2016. Group Senior Vice President and Head, Pharma Therapeutics Research and Development from 2010 until March 2016. Dr. MacKenzie represents Pfizer as a member of the Board of Directors of ViiV Healthcare Limited, TransCelerate Biopharma Inc. and the National Health Council. | | |

| John D. Young | | | | | | 56 | | | | | | Chief Business Officer, Group President since January 2019. Group President, Pfizer Innovative Health from January 2018 until December 2018. Group President, Pfizer Essential Health from June 2016 until December 2017. Group President, Global Established Pharma Business from January 2014 until June 2016. President and General Manager, Pfizer Primary Care from June 2012 until December 2013. Primary Care Business Unit’s Regional President for Europe and Canada from 2009 until June 2012. Director of Johnson Controls International plc. Mr. Young represents Pfizer as a member of the Board of Directors of the Consumer Healthcare JV. Director of Biotechnology Innovation Organization (BIO). | | |

For the fiscal year ended December 31, [removed: 2020][added: 2021]

[removed: ][added: ]

The aggregate market value of the voting stock held by non-affiliates of the registrant, computed by reference to the closing price as of the last business day of the registrant’s most recently completed second fiscal quarter, [removed: June 28, 2020,] [added: July 4, 2021,] was approximately [removed: $169] [added: $223] billion.

This excludes shares of common stock held by directors and executive officers at [removed: June 28, 2020.][added: July 4, 2021.]

The number of shares outstanding of the registrant’s common stock as of February [removed: 23, 2021] [added: 22, 2022] was [removed: 5,577,629,491] [added: 5,623,346,471] shares of common stock, all of one class.

| Portions of the Proxy Statement for the [removed: 2021] [added: 2022] Annual Meeting of Shareholders | | | Part III | | |

| [Forward-Looking Information and Factors that May Affect Future [removed: Results](#ib2426def46134164a96ece0326fe179b_4747)] [added: Results](#i4bff405b2205487eb835dd4cd589f5c6_16)] | | | [removed: [iii](#ib2426def46134164a96ece0326fe179b_4747)] [added: [1](#i4bff405b2205487eb835dd4cd589f5c6_16)] | | |

| ITEM 1. BUSINESS | | | [removed: [1](#ib2426def46134164a96ece0326fe179b_2588)] [added: [3](#i4bff405b2205487eb835dd4cd589f5c6_25)] | | |

| [About [removed: Pfizer](#ib2426def46134164a96ece0326fe179b_2588)] [added: Pfizer](#i4bff405b2205487eb835dd4cd589f5c6_25)] | | | [removed: [1](#ib2426def46134164a96ece0326fe179b_2588)] [added: [3](#i4bff405b2205487eb835dd4cd589f5c6_25)] | | |

| [Commercial [removed: Operations](#ib2426def46134164a96ece0326fe179b_2578)] [added: Operations](#i4bff405b2205487eb835dd4cd589f5c6_28)] | | | [removed: [1](#ib2426def46134164a96ece0326fe179b_2578)] [added: [4](#i4bff405b2205487eb835dd4cd589f5c6_28)] | | |

| [Collaboration and Co-Promotion [removed: Agreements](#ib2426def46134164a96ece0326fe179b_2713)] [added: Agreements](#i4bff405b2205487eb835dd4cd589f5c6_31)] | | | [removed: [2](#ib2426def46134164a96ece0326fe179b_2713)] [added: [4](#i4bff405b2205487eb835dd4cd589f5c6_31)] | | |

| [Research and [removed: Development](#ib2426def46134164a96ece0326fe179b_2708)] [added: Development](#i4bff405b2205487eb835dd4cd589f5c6_34)] | | | [removed: [3](#ib2426def46134164a96ece0326fe179b_2708)] [added: [5](#i4bff405b2205487eb835dd4cd589f5c6_34)] | | |

| [International [removed: Operations](#ib2426def46134164a96ece0326fe179b_2703)] [added: Operations](#i4bff405b2205487eb835dd4cd589f5c6_37)] | | | [removed: [4](#ib2426def46134164a96ece0326fe179b_2703)] [added: [6](#i4bff405b2205487eb835dd4cd589f5c6_37)] | | |

| [Sales and [removed: Marketing](#ib2426def46134164a96ece0326fe179b_2698)] [added: Marketing](#i4bff405b2205487eb835dd4cd589f5c6_40)] | | | [removed: [4](#ib2426def46134164a96ece0326fe179b_2698)] [added: [6](#i4bff405b2205487eb835dd4cd589f5c6_40)] | | |

| [Patents and Other Intellectual Property [removed: Rights](#ib2426def46134164a96ece0326fe179b_2693)] [added: Rights](#i4bff405b2205487eb835dd4cd589f5c6_43)] | | | [removed: [5](#ib2426def46134164a96ece0326fe179b_2693)] [added: [7](#i4bff405b2205487eb835dd4cd589f5c6_43)] | | |

| [Pricing Pressures and Managed Care [removed: Organizations](#ib2426def46134164a96ece0326fe179b_4683)] [added: Organizations](#i4bff405b2205487eb835dd4cd589f5c6_49)] | | | [removed: [7](#ib2426def46134164a96ece0326fe179b_4683)] [added: [9](#i4bff405b2205487eb835dd4cd589f5c6_49)] | | |

| [Raw [removed: Materials](#ib2426def46134164a96ece0326fe179b_2861)] [added: Materials](#i4bff405b2205487eb835dd4cd589f5c6_52)] | | | [removed: [8](#ib2426def46134164a96ece0326fe179b_2861)] [added: [10](#i4bff405b2205487eb835dd4cd589f5c6_52)] | | |

| [Government Regulation and Price [removed: Constraints](#ib2426def46134164a96ece0326fe179b_2889)] [added: Constraints](#i4bff405b2205487eb835dd4cd589f5c6_55)] | | | [removed: [8](#ib2426def46134164a96ece0326fe179b_2889)] [added: [10](#i4bff405b2205487eb835dd4cd589f5c6_55)] | | |

| [Environmental [removed: Matters](#ib2426def46134164a96ece0326fe179b_2884)] [added: Matters](#i4bff405b2205487eb835dd4cd589f5c6_58)] | | | [removed: [10](#ib2426def46134164a96ece0326fe179b_2884)] [added: [12](#i4bff405b2205487eb835dd4cd589f5c6_58)] | | |

| [Human [removed: Capital](#ib2426def46134164a96ece0326fe179b_2874)] [added: Capital](#i4bff405b2205487eb835dd4cd589f5c6_61)] | | | [removed: [10](#ib2426def46134164a96ece0326fe179b_2874)] [added: [12](#i4bff405b2205487eb835dd4cd589f5c6_61)] | | |

| [ITEM 1A. RISK [removed: FACTORS](#ib2426def46134164a96ece0326fe179b_3021)] [added: FACTORS](#i4bff405b2205487eb835dd4cd589f5c6_67)] | | | [removed: [11](#ib2426def46134164a96ece0326fe179b_3021)] [added: [13](#i4bff405b2205487eb835dd4cd589f5c6_67)] | | |

| [ITEM 2. [removed: PROPERTIES](#ib2426def46134164a96ece0326fe179b_3072)] [added: PROPERTIES](#i4bff405b2205487eb835dd4cd589f5c6_70)] | | | [removed: [20](#ib2426def46134164a96ece0326fe179b_3072)] [added: [23](#i4bff405b2205487eb835dd4cd589f5c6_70)] | | |

| [ITEM 3. LEGAL [removed: PROCEEDINGS](#ib2426def46134164a96ece0326fe179b_3067)] [added: PROCEEDINGS](#i4bff405b2205487eb835dd4cd589f5c6_73)] | | | [removed: [20](#ib2426def46134164a96ece0326fe179b_3067)] [added: [23](#i4bff405b2205487eb835dd4cd589f5c6_73)] | | |

| [INFORMATION ABOUT OUR EXECUTIVE [removed: OFFICERS](#ib2426def46134164a96ece0326fe179b_3057)] [added: OFFICERS](#i4bff405b2205487eb835dd4cd589f5c6_76)] | | | [removed: [20](#ib2426def46134164a96ece0326fe179b_3057)] [added: [23](#i4bff405b2205487eb835dd4cd589f5c6_76)] | | |

| [ITEM 5. MARKET FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#ib2426def46134164a96ece0326fe179b_3244)] [added: SECURITIES](#i4bff405b2205487eb835dd4cd589f5c6_82)] | | | [removed: [21](#ib2426def46134164a96ece0326fe179b_3244)] [added: [24](#i4bff405b2205487eb835dd4cd589f5c6_82)] | | |

| [removed: [ITEM](#ib2426def46134164a96ece0326fe179b_3333) [7.] [added: [ITEM 7.] MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#ib2426def46134164a96ece0326fe179b_3333)] [added: OPERATIONS](#i4bff405b2205487eb835dd4cd589f5c6_91)] | | | [removed: [23](#ib2426def46134164a96ece0326fe179b_3333)] [added: [26](#i4bff405b2205487eb835dd4cd589f5c6_91)] | | |

| [ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#ib2426def46134164a96ece0326fe179b_3566)] [added: RISK](#i4bff405b2205487eb835dd4cd589f5c6_139)] | | | [removed: [48](#ib2426def46134164a96ece0326fe179b_3566)] [added: [48](#i4bff405b2205487eb835dd4cd589f5c6_139)] | | |

| [ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ib2426def46134164a96ece0326fe179b_4057)] [added: DATA](#i4bff405b2205487eb835dd4cd589f5c6_142)] | | | [removed: [49](#ib2426def46134164a96ece0326fe179b_4057)] [added: [49](#i4bff405b2205487eb835dd4cd589f5c6_142)] | | |

| [ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#ib2426def46134164a96ece0326fe179b_3706)] [added: DISCLOSURE](#i4bff405b2205487eb835dd4cd589f5c6_247)] | | | [removed: [109](#ib2426def46134164a96ece0326fe179b_3706)] [added: [107](#i4bff405b2205487eb835dd4cd589f5c6_247)] | | |

| [ITEM 9A. CONTROLS AND [removed: PROCEDURES](#ib2426def46134164a96ece0326fe179b_3866)] [added: PROCEDURES](#i4bff405b2205487eb835dd4cd589f5c6_250)] | | | [removed: [109](#ib2426def46134164a96ece0326fe179b_3866)] [added: [107](#i4bff405b2205487eb835dd4cd589f5c6_250)] | | |

| [ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#ib2426def46134164a96ece0326fe179b_4258)] [added: GOVERNANCE](#i4bff405b2205487eb835dd4cd589f5c6_262)] | | | [removed: [112](#ib2426def46134164a96ece0326fe179b_4258)] [added: [110](#i4bff405b2205487eb835dd4cd589f5c6_262)] | | |

| [ITEM 11. EXECUTIVE [removed: COMPENSATION](#ib2426def46134164a96ece0326fe179b_4273)] [added: COMPENSATION](#i4bff405b2205487eb835dd4cd589f5c6_265)] | | | [removed: [112](#ib2426def46134164a96ece0326fe179b_4273)] [added: [110](#i4bff405b2205487eb835dd4cd589f5c6_265)] | | |

| [ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#ib2426def46134164a96ece0326fe179b_4288)] [added: MATTERS](#i4bff405b2205487eb835dd4cd589f5c6_268)] | | | [removed: [112](#ib2426def46134164a96ece0326fe179b_4288)] [added: [110](#i4bff405b2205487eb835dd4cd589f5c6_268)] | | |

| [ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#ib2426def46134164a96ece0326fe179b_4303)] [added: INDEPENDENCE](#i4bff405b2205487eb835dd4cd589f5c6_271)] | | | [removed: [112](#ib2426def46134164a96ece0326fe179b_4303)] [added: [110](#i4bff405b2205487eb835dd4cd589f5c6_271)] | | |

| [ITEM 14. PRINCIPAL ACCOUNTING FEES AND [removed: SERVICES](#ib2426def46134164a96ece0326fe179b_4319)] [added: SERVICES](#i4bff405b2205487eb835dd4cd589f5c6_274)] | | | [removed: [112](#ib2426def46134164a96ece0326fe179b_4319)] [added: [110](#i4bff405b2205487eb835dd4cd589f5c6_274)] | | |

| [ITEM 15. EXHIBITS, FINANCIAL STATEMENT [removed: SCHEDULES](#ib2426def46134164a96ece0326fe179b_4342)] [added: SCHEDULES](#i4bff405b2205487eb835dd4cd589f5c6_280)] | | | [removed: [113](#ib2426def46134164a96ece0326fe179b_4342)] [added: [111](#i4bff405b2205487eb835dd4cd589f5c6_280)] | | |

| [ITEM 16. FORM 10-K [removed: SUMMARY](#ib2426def46134164a96ece0326fe179b_4429)] [added: SUMMARY](#i4bff405b2205487eb835dd4cd589f5c6_292)] | | | [removed: [116](#ib2426def46134164a96ece0326fe179b_4429)] [added: [114](#i4bff405b2205487eb835dd4cd589f5c6_292)] | | |

[removed: The financial information included in our consolidated financial statements] [added: Pfizer’s fiscal year-end] for [removed: our] subsidiaries operating outside the U.S. is as of and for the year ended November 30 for each year presented.

| [removed: *2018 Financial Report*] [added: *Form 10-K*] | | | [removed: Exhibit 13 to the] [added: This] Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2018] [added: 2021] | | |

| *Proxy Statement* | | | Proxy Statement for the [removed: 2021] [added: 2022] Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, [removed: 2020] [added: 2021] | | |

| [Defined Terms](#i4bff405b2205487eb835dd4cd589f5c6_13) | | | [i](#i4bff405b2205487eb835dd4cd589f5c6_13) | | |

| [Available Information](#i4bff405b2205487eb835dd4cd589f5c6_1754) | | | [iii](#i4bff405b2205487eb835dd4cd589f5c6_1754) | | |

| [PART I](#i4bff405b2205487eb835dd4cd589f5c6_19) | | | [3](#i4bff405b2205487eb835dd4cd589f5c6_22) | | |

| [Competition](#i4bff405b2205487eb835dd4cd589f5c6_46) | | | [8](#i4bff405b2205487eb835dd4cd589f5c6_46) | | |

| [PART II](#i4bff405b2205487eb835dd4cd589f5c6_79) | | | [24](#i4bff405b2205487eb835dd4cd589f5c6_79) | | |

| [ITEM 6.](#i4bff405b2205487eb835dd4cd589f5c6_88) \[RESERVED\] | | | [25](#i4bff405b2205487eb835dd4cd589f5c6_88) | | |

| ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | | | N/A | | |

| [PART III](#i4bff405b2205487eb835dd4cd589f5c6_259) | | | [110](#i4bff405b2205487eb835dd4cd589f5c6_259) | | |

| [PART IV](#i4bff405b2205487eb835dd4cd589f5c6_277) | | | [111](#i4bff405b2205487eb835dd4cd589f5c6_277) | | |

| [15(a)(1) Financial Statements](#i4bff405b2205487eb835dd4cd589f5c6_283) | | | [111](#i4bff405b2205487eb835dd4cd589f5c6_283) | | |

| [15(a)(2) Financial Statement Schedules](#i4bff405b2205487eb835dd4cd589f5c6_286) | | | [111](#i4bff405b2205487eb835dd4cd589f5c6_286) | | |

| [15(a)(3) Exhibits](#i4bff405b2205487eb835dd4cd589f5c6_289) | | | [111](#i4bff405b2205487eb835dd4cd589f5c6_289) | | |

| *ASR* | | | accelerated share repurchase agreement | | |

| *Arvinas* | | | Arvinas, Inc. | | |

| *Biohaven* | | | Biohaven Pharmaceutical Holding Company Ltd., Biohaven Pharmaceutical Ireland DAC and BioShin Limited. (collectively, Biohaven) | | |

| *BLA* | | | Biologics License Application | | |

| *Comirnaty | | | Pfizer-BioNTech COVID-19 Vaccine, also known as BNT162b2 | | |

| *EC* | | | European Commission | | |

| *JAK* | | | Janus kinase | | |

| *MTM* | | | mark-to-market | | |

| *NSCLC* | | | non-small cell lung cancer | | |

| *OPKO* | | | OPKO Health, Inc. | | |

| *Paxlovid | | | an oral COVID-19 treatment (nirmatrelvir \[PF-07321332\] tablets and ritonavir tablets) | | |

| *PC1* | | | Pfizer CentreOne | | |

| *PRAC* | | | Pharmacovigilance Risk Assessment Committee | | |

| *Trillium* | | | Trillium Therapeutics Inc. | | |

| *TSAs* | | | transition service arrangements | | |

| *WHO* | | | World Health Organization | | |

| *WTO* | | | World Trade Organization | | |

*This Form 10-K includes discussion of the COVID-19 vaccine that Pfizer has co-developed with BioNTech (BNT162b2) and our oral COVID-19 treatment (Paxlovid).

This Form 10-K may refer to the vaccine by its brand name, Comirnaty (approved under a BLA), or as BNT162b2 (authorized under EUA).

The vaccine is FDA-approved to prevent COVID-19 in individuals 16 years of age and older.

The vaccine is authorized by the FDA to prevent COVID-19 in individuals 5 years of age and older.

In addition, Comirnaty/BNT162b2 is authorized by the FDA for a third dose in certain immunocompromised individuals 5 years of age and older and as a booster dose in individuals 12 years of age and older.

Paxlovid has been 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.

Please see the EUA Fact Sheets at *www.cvdvaccine-us.com* and *www.covid19oralrx.com*.

[AVAILABLE INFORMATION](#i4bff405b2205487eb835dd4cd589f5c6_1754)

Our website is located at *www.pfizer.com*.

| [D](#ib2426def46134164a96ece0326fe179b_2401)[efined](#ib2426def46134164a96ece0326fe179b_2401) [Terms](#ib2426def46134164a96ece0326fe179b_2401) | | | [i](#ib2426def46134164a96ece0326fe179b_2401) | | |

| [PART I](#ib2426def46134164a96ece0326fe179b_16) | | | [1](#ib2426def46134164a96ece0326fe179b_2569) | | |

| [Competition](#ib2426def46134164a96ece0326fe179b_2855) | | | [6](#ib2426def46134164a96ece0326fe179b_2855) | | |

| [Available Information](#ib2426def46134164a96ece0326fe179b_4661) | | | [1](#ib2426def46134164a96ece0326fe179b_4661)[1](#ib2426def46134164a96ece0326fe179b_4661) | | |

| [PART II](#ib2426def46134164a96ece0326fe179b_3195) | | | [21](#ib2426def46134164a96ece0326fe179b_3195) | | |

| [ITEM 6. SELECTED FINANCIAL DATA](#ib2426def46134164a96ece0326fe179b_3324) | | | [23](#ib2426def46134164a96ece0326fe179b_3324) | | |

| [PART III](#ib2426def46134164a96ece0326fe179b_3987) | | | [112](#ib2426def46134164a96ece0326fe179b_3987) | | |

| [PART IV](#ib2426def46134164a96ece0326fe179b_4335) | | | [113](#ib2426def46134164a96ece0326fe179b_4335) | | |

| [15(a)(1) Financial Statements](#ib2426def46134164a96ece0326fe179b_4365) | | | [113](#ib2426def46134164a96ece0326fe179b_4365) | | |

| [15(a)(2) Financial Statement Schedules](#ib2426def46134164a96ece0326fe179b_4379) | | | [113](#ib2426def46134164a96ece0326fe179b_4379) | | |

| [15(a)(3) Exhibits](#ib2426def46134164a96ece0326fe179b_4395) | | | [113](#ib2426def46134164a96ece0326fe179b_4395) | | |

| *Form 10-K* | | | This Annual Report on Form 10-K for the fiscal year ended December 31, 2020 | | |

| *AML* | | | Acute Myeloid Leukemia | | |

| *AOCI* | | | Accumulated Other Comprehensive Income | | |

| *Bain Capital* | | | Bain Capital Private Equity and Bain Capital Life Sciences | | |

| *CAR T* | | | chimeric antigen receptor T cell | | |

| *Cellectis* | | | Cellectis S.A. | | |

| *Cerevel* | | | Cerevel Therapeutics, LLC | | |

| *CIAS* | | | cognitive impairment associated with schizophrenia | | |

| *IV* | | | intravenous | | |

| *J&J* | | | Johnson & Johnson | | |

| *LDL* | | | low density lipoprotein | | |

| *PCPP* | | | Pfizer Consolidated Pension Plan | | |

| *Servier* | | | Les Laboratoires Servier SAS | | |

| *Shire* | | | Shire International GmbH | | |

| *VAI* | | | Voluntary Action Indicated | | |

We own and lease space [removed: around the world] [added: globally] for sales and marketing, customer service, regulatory compliance, R&D, manufacturing and distribution and corporate enabling functions.

As of December 31, [removed: 2020,] [added: 2021,] we had [removed: 363] [added: 327] owned and leased properties, amounting to approximately [removed: 43] [added: 41] million square feet.

We expect to relocate our global headquarters to the Spiral, an office building in the Hudson Yards neighborhood of New York City, with occupancy expected beginning in [added: the second half of] 2022.

As of December 31, [removed: 2020,] [added: 2021,] PGS had responsibility for [removed: 43] [added: 39] plants around the world, including in Belgium, Germany, India, Ireland, Italy, Japan, Singapore and the U.S., which manufacture products for our business.

PGS expects to exit [removed: five] [added: three] of these sites over the next several years.

In 2020, we reduced the number of properties in our portfolio by 90 sites and 4 million square feet, primarily due to the spin-off and combination of the Upjohn Business with Mylan to form Viatris.

As of February [removed: 23, 2021,] [added: 22, 2022,] there were [removed: 139,582] [added: 133,758] holders of record of our common stock.

The following summarizes purchases of our common stock during the fourth quarter of [removed: 2020(a):][added: 2021(a):]

| [removed: September 28] [added: October 4] through October [removed: 25, 2020] [added: 31, 2021] | | | [removed: 26,921] [added: 8,817] | | | | | | $ | [removed: 36.99] [added: 44.74] | | | | | — | | | | | | $ | 5,292,881,709 | |

| [removed: October 26] [added: November 1] through November 30, [removed: 2020] [added: 2021] | | | [removed: 84,279] [added: 4,687] | | | | | | $ | [removed: 37.48] [added: 44.71] | | | | | — | | | | | | $ | 5,292,881,709 | |

| December 1 through December 31, [removed: 2020] [added: 2021] | | | [removed: 69,317] [added: 33,186] | | | | | | $ | [removed: 37.39] [added: 55.35] | | | | | — | | | | | | $ | 5,292,881,709 | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 21] [added: 24] | | |

(b)Represents (i) [removed: 174,555] [added: 44,604] shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of awards under our long-term incentive programs and (ii) the open market purchase by the trustee of [removed: 5,962] [added: 2,086] shares of common stock in connection with the reinvestment of dividends paid on common stock held in trust for employees who deferred receipt of performance share awards.

The following graph assumes a $100 investment on December 31, [removed: 2015,] [added: 2016,] and reinvestment of all dividends, in each of the Company’s Common Stock, the S&P 500 Index, and a composite peer group of the major U.S. and European-based pharmaceutical companies, which are: AbbVie Inc., Amgen Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Roche [added: Holding AG] and [removed: Sanofi.][added: Sanofi SA.]

[removed: ][added: ]

| | | | | | | [removed: 2015] [added: 2016] | | | | | | [removed: 2016] [added: 2017] | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | |

| Total | | | 46,690 | | | | | | $ | 52.27 | | | | | — | | | | | | | | |

| PFIZER | | | | | | $100.0 | | | | | | $115.8 | | | | | | $144.5 | | | | | | $134.5 | | | | | | $139.1 | | | | | | $232.0 | | |

| PEER GROUP | | | | | | $100.0 | | | | | | $117.3 | | | | | | $126.7 | | | | | | $154.0 | | | | | | $160.4 | | | | | | $186.9 | | |

| S&P 500 | | | | | | $100.0 | | | | | | $121.8 | | | | | | $116.5 | | | | | | $153.1 | | | | | | $181.3 | | | | | | $233.3 | | |

| Total | | | 180,517 | | | | | | $ | 37.37 | | | | | — | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| PFIZER | | | | | | $100.0 | | | | | | $104.5 | | | | | | $120.9 | | | | | | $151.0 | | | | | | $140.5 | | | | | | $145.4 | | |

| PEER GROUP | | | | | | $100.0 | | | | | | $100.8 | | | | | | $118.1 | | | | | | $127.8 | | | | | | $155.3 | | | | | | $161.7 | | |

| S&P 500 | | | | | | $100.0 | | | | | | $112.0 | | | | | | $136.4 | | | | | | $130.4 | | | | | | $171.4 | | | | | | $203.0 | | |

| Pfizer Inc. | | | 2020 Form 10-K | | | 22 | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Pfizer Inc. | | | 2021 Form 10-K | | | 25 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Year Ended/As of December 31,(a) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| (MILLIONS, EXCEPT PER COMMON SHARE DATA) | | | | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| Revenues | | | | | | $ | 41,908 | | | | | $ | 41,172 | | | | | $ | 40,825 | | | | | $ | 38,757 | | | | | $ | 38,664 | |

| Income/(loss) from continuing operations | | | | | | 7,021 | | | | | | 10,867 | | | | | | 3,861 | | | | | | 13,558 | | | | | | (67) | | |

| Total assets | | | | | | 154,229 | | | | | | 167,594 | | | | | | 159,588 | | | | | | 172,064 | | | | | | 171,912 | | |

| Long-term obligations(b) | | | | | | 64,835 | | | | | | 66,844 | | | | | | 63,972 | | | | | | 69,981 | | | | | | 80,957 | | |

| Earnings/(loss) per common share—basic(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders | | | | | | $ | 1.26 | | | | | $ | 1.95 | | | | | $ | 0.65 | | | | | $ | 2.26 | | | | | $ | (0.02) | |

| Income from discontinued operations––net of tax(a) | | | | | | 0.47 | | | | | | 0.98 | | | | | | 1.25 | | | | | | 1.31 | | | | | | 1.20 | | |

| Net income attributable to Pfizer Inc. common shareholders | | | | | | $ | 1.73 | | | | | $ | 2.92 | | | | | $ | 1.90 | | | | | $ | 3.57 | | | | | $ | 1.18 | |

| Earnings/(loss) per common share—diluted(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders | | | | | | $ | 1.24 | | | | | $ | 1.91 | | | | | $ | 0.64 | | | | | $ | 2.23 | | | | | $ | (0.02) | |

| Income from discontinued operations––net of tax(a) | | | | | | 0.47 | | | | | | 0.96 | | | | | | 1.23 | | | | | | 1.29 | | | | | | 1.19 | | |

| Net income attributable to Pfizer Inc. common shareholders | | | | | | $ | 1.71 | | | | | $ | 2.87 | | | | | $ | 1.87 | | | | | $ | 3.52 | | | | | $ | 1.17 | |

| Cash dividends declared per common share | | | | | | $ | 1.53 | | | | | $ | 1.46 | | | | | $ | 1.38 | | | | | $ | 1.30 | | | | | $ | 1.22 | |

(a)Amounts reflect the Upjohn Business and the Mylan-Japan collaboration as discontinued operations in all periods presented following the November 16, 2020 spin-off and combination of the Upjohn Business with Mylan and the December 21, 2020 termination of the Mylan-Japan collaboration.

*Income from discontinued operations––net of tax,* including per common basic and diluted share amounts, for the year ended December 31, 2020 include the operating results of the Upjohn Business through November 16, 2020, the date of the spin-off and combination with Mylan.

See *Notes 1A and 2B*.

In addition, other acquisitions and business development activities completed in 2020, 2019 and 2018, including the acquisitions of Array and Therachon, and the contribution of our Consumer Healthcare business to the Consumer Healthcare JV, impacted financial results in the periods presented.

See *Note 1A.* 2017 reflects the acquisition of AstraZeneca’s small molecule anti-infectives business and the sale of Hospira Infusion Systems net assets.

2016 reflects the acquisitions of Medivation and Anacor.

(b)Defined as *Long-term debt, Pension benefit obligations, Postretirement benefit obligations, Noncurrent deferred tax liabilities, Other taxes payable* and *Other noncurrent liabilities.*

(c)All years presented, except for 2016, reflect the impact of the TCJA on the *Provision/(benefit) for taxes on income*.

For additional information see *Note 5A.*

To the Board of Directors and [removed: Shareholders of Pfizer Inc.:][added: Shareholders]

We have audited the accompanying consolidated balance sheets of Pfizer Inc. and Subsidiary Companies (the Company) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2020,] [added: 2021,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2020,] [added: 2021,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control* \- *Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 25, 2021] [added: 24, 2022] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

As discussed in Note [removed: 1G] [added: 1H] to the consolidated financial statements, the Company records estimated deductions for Medicare, Medicaid, and performance-based contract rebates (collectively, U.S. rebates) as a reduction to gross product revenues.

As discussed in Notes 5D and [removed: 1P,] [added: 1*Q*,] the Company’s tax positions are subject to audit by local taxing authorities in each respective tax jurisdiction, and the resolution of such audits may span multiple years.

As of December 31, [removed: 2020,] [added: 2021,] the Company has recorded gross unrecognized tax benefits, excluding associated interest, of [removed: $5.6] [added: $6.1] billion.

We evaluated the design and tested the operating effectiveness of an internal control over the Company’s liability for unrecognized tax position process related to (1) interpretation [added: of tax law, (2) evaluation of which of the Company’s tax positions may not be sustained upon audit, and (3) estimation and recording of the gross unrecognized tax benefits.]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | 49 | | |

As discussed in Notes [removed: 1R] [added: 1S] and 16 to the consolidated financial statements, the Company is involved in product liability and other product-related litigation, which can include personal injury, consumer, off-label promotion, securities, antitrust and breach of contract claims, among others.

[removed: ][added: ]

| We have not been able to determine the specific year that [removed: KPMG and] [added: we or] our predecessor firms began serving as the Company’s auditor, however, we are aware that [removed: KPMG and] [added: we or] our predecessor firms have served as the Company’s auditor since at least 1942. | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | 50 | | |

[removed: Pfizer Inc. and Subsidiary Companies][added: Pfizer Inc.:]

| (MILLIONS, EXCEPT PER COMMON SHARE DATA) | | | | | | | | | | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| [removed: Cost] [added: *Cost] of [removed: sales(a)] [added: sales*] | | | | | | | | | | | | | | | [removed: 8,692] | | | [added: 63] | | | [removed: 8,251] | | | [added: 21] | | | [removed: 8,987] | | | [added: 29 | | |]

| [removed: Selling,] [added: *Selling,] informational and administrative [removed: expenses(a)] [added: expenses*] | | | | | | | | | | | | | | | [removed: 11,615] | | | [added: 23] | | | [removed: 12,750] | | | [added: —] | | | [removed: 12,612] | | | [added: 3 | | |]

| [removed: Research] [added: *Research] and development [removed: expenses(a)] [added: expenses*] | | | | | | | | | | | | | | | [removed: 9,405] | | | [added: —] | | | [removed: 8,394] | | | [added: (3)] | | | [removed: 7,760] | | | [added: 8 | | |]

| Restructuring charges and certain acquisition-related costs | | | | | | | | | | | | | | | [removed: 600] [added: 802] | | | | | | [removed: 601] [added: 579] | | | | | | [removed: 1,058] [added: 601] | | |

| [removed: (Gain)] [added: *(Gain)] on completion of Consumer Healthcare JV [removed: transaction] [added: transaction*] | | | | | | [added: $] | [added: —] | | | | | [added: $] | [added: —] | | [removed: (6)] | | | [added: $] | [added: —] | | [removed: (8,086)] | | | [added: $] | [added: (6)] | | [added: | | | $ |] — | | | [added: | | $ | (6) | | | | | $ | (8,086) | | | | | $ | (21) | | | | | $ | (8,107) | |]

| Other (income)/deductions––net | | | | | | | | | | | | | | | [removed: 669] [added: (4,878)] | | | | | | [removed: 3,314] [added: 1,219] | | | | | | [removed: 2,077] [added: 3,497] | | |

| Income from continuing operations before provision/(benefit) for taxes on income | | | | | | | | | | | | | | | [removed: 7,497] [added: 24,311] | | | | | | [removed: 11,485] [added: 7,036] | | | | | | [removed: 3,594] [added: 11,321] | | |

| [removed: Provision/(benefit)] [added: Benefit] for taxes on income | | | | | | | | | | | | [removed: | | | 477] [added: (44)] | | | | | | [removed: 618] [added: —] | | | | | | [removed: (266)] [added: —] | | |

| Income from continuing operations | | | | | | | | | | | | | | | [removed: 7,021] [added: 22,459] | | | | | | [removed: 10,867] [added: 6,666] | | | | | | [removed: 3,861] [added: 10,738] | | |

| [removed: Income] [added: Income/(loss)] from discontinued operations––net of tax | | | | | | | | | | | | [removed: | | | 2,631] [added: (268)] | | | | | | [removed: 5,435] [added: 2,529] | | | | | | [removed: 7,328] [added: 5,318] | | |

| Net income before allocation to noncontrolling interests | | | | | | | | | | | | | | | [removed: 9,652] [added: 22,025] | | | | | | [removed: 16,302] [added: 9,195] | | | | | | [removed: 11,188] [added: 16,056] | | |

| Less: Net income attributable to noncontrolling interests | | | | | | | | | | | | | | | [removed: 36] [added: 45] | | | | | | [removed: 29] [added: 36] | | | | | | [removed: 36] [added: 29] | | |

| Net income attributable to Pfizer Inc. common shareholders | | | | | | | | | | | | | | | $ | [removed: 9,616] [added: 21,979] | | | | | $ | [removed: 16,273] [added: 9,159] | | | | | $ | [removed: 11,153] [added: 16,026] | |

| Income from continuing operations attributable to Pfizer Inc. common shareholders | | | | | | | | | | | | | | | $ | [removed: 1.26] [added: 4.00] | | | | | $ | [removed: 1.95] [added: 1.19] | | | | | $ | [removed: 0.65] [added: 1.92] | |

| [removed: Income from discontinued] [added: Components of *Discontinued] operations––net of [removed: tax | | |] [added: tax:*] | | | | | | | | | | | | [removed: 0.47] | | | | | | [removed: 0.98] | | | | | | [removed: 1.25] | | |

| Net income attributable to Pfizer Inc. common shareholders | | | | | | | | | | | | | | | $ | [removed: 1.73] [added: 3.92] | | | | | $ | [removed: 2.92] [added: 1.65] | | | | | $ | [removed: 1.90] [added: 2.88] | |

| [removed: Income] [added: Income/(loss)] from continuing operations attributable to Pfizer Inc. common shareholders | | | | | | [removed: | | |] [added: $] | [added: 0.87] | | | | | $ | [removed: 1.24] [added: 1.04] | | | | | [removed: $] [added: $] | [removed: 1.91] [added: 1.45] | | | | | [removed: $] [added: $] | [removed: 0.64] [added: 0.64] | |

| Net income attributable to Pfizer Inc. common shareholders | | | | | | | | | | | | | | | $ | [removed: 1.71] [added: 3.85] | | | | | $ | [removed: 2.87] [added: 1.63] | | | | | $ | [removed: 1.87] [added: 2.82] | |

| Weighted-average shares––basic | | | | | | | | | | | | | | | [removed: 5,555] [added: 5,601] | | | | | | [removed: 5,569] [added: 5,555] | | | | | | [removed: 5,872] [added: 5,569] | | |

| Weighted-average shares––diluted | | | | | | | | | | | | | | | [removed: 5,632] [added: 5,708] | | | | | | [removed: 5,675] [added: 5,632] | | | | | | [removed: 5,977] [added: 5,675] | | |

(a)Exclusive of amortization of intangible assets, except as disclosed in *Note [removed: 1L.*][added: 1M.*]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | 51 | | |

| (MILLIONS) | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Net income before allocation to noncontrolling interests | | | | | | $ | [removed: 9,652] [added: 22,025] | | | | | $ | [removed: 16,302] [added: 9,195] | | | | | $ | [removed: 11,188] [added: 16,056] | |

| [removed: Foreign] [added: *Foreign] currency translation adjustments, [removed: net] [added: net*] | | | | | | $ | [removed: 957] [added: (731)] | | | | | [added: $ | 49 | | | | | $ | (682) | | | | |] $ | [added: 957 | | | | | $ | (185) | | | | | $ | 772 | | | | | $ |] 654 | | | | | $ | [removed: (799)] [added: 21] | | [added: | | | $ | 675 | |]

*Change in Accounting Principle*

As discussed in Note 1C to the consolidated financial statements, the Company has elected to change its method of accounting for pension and postretirement plans in 2021 to immediately recognize actuarial gains and losses in the consolidated statements of income.

| | | |

| *February 24, 2022* | | |

| Revenues | | | | | | | | | | | | | | | $ | 81,288 | | | | | $ | 41,651 | | | | | $ | 40,905 | |

| Amortization of intangible assets | | | | | | | | | | | | | | | 3,700 | | | | | | 3,348 | | | | | | 4,429 | | |

| Discontinued operations––net of tax | | | | | | | | | | | | | | | (434) | | | | | | 2,529 | | | | | | 5,318 | | |

| Discontinued operations––net of tax | | | | | | | | | | | | | | | (0.08) | | | | | | 0.46 | | | | | | 0.95 | | |

| Discontinued operations––net of tax | | | | | | | | | | | | | | | (0.08) | | | | | | 0.45 | | | | | | 0.94 | | |

| Foreign currency translation adjustments, net | | | | | | (682) | | | | | | 772 | | | | | | 675 | | |

| | | | | | | (682) | | | | | | 755 | | | | | | 387 | | |

| | | | | | | (384) | | | | | | 173 | | | | | | 38 | | |

| Inventories | | | | | | 9,059 | | | | | | 8,020 | | |

| Goodwill | | | | | | 49,208 | | | | | | 49,556 | | |

| Deferred revenues | | | | | | 3,067 | | | | | | 1,113 | | |

| Retained earnings | | | | | | 103,394 | | | | | | 90,392 | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,026 | | | | | | | | | | | | 16,026 | | | | | | 29 | | | | | | 16,056 | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,159 | | | | | | | | | | | | 9,159 | | | | | | 36 | | | | | | 9,195 | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,979 | | | | | | | | | | | | 21,979 | | | | | | 45 | | | | | | 22,025 | | |

| Balance, December 31, 2021 | | | | | | — | | | | | | $ | — | | | | | 9,471 | | | | | | $ | 473 | | | | | $ | 90,591 | | | | | (3,851) | | | | | | $ | (111,361) | | | | | $ | 103,394 | | | | | $ | (5,897) | | | | | $ | 77,201 | | | | | $ | 262 | | | | | $ | 77,462 | |

| Discontinued operations—net of tax | | | | | | (434) | | | | | | 2,529 | | | | | | 5,318 | | |

| Depreciation and amortization | | | | | | 5,191 | | | | | | 4,681 | | | | | | 5,755 | | |

| Trade accounts receivable | | | | | | (3,811) | | | | | | (1,275) | | | | | | (1,124) | | |

| Inventories | | | | | | (1,125) | | | | | | (778) | | | | | | (1,071) | | |

| Other assets | | | | | | (1,057) | | | | | | (137) | | | | | | 847 | | |

| Other liabilities | | | | | | 18,721 | | | | | | 2,768 | | | | | | 861 | | |

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.

On December 31, 2021, we completed the sale of our Meridian subsidiary, the manufacturer of EpiPen and other auto-injector products.

Prior to its sale, Meridian was managed within the Hospital therapeutic area.

On January 1, 2021, we adopted a new accounting standard for income tax that eliminates certain exceptions to the guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences.

The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.

Change in Accounting Principle*

In the first quarter of 2021, we adopted a change in accounting principle to a more preferable policy under U.S. GAAP to immediately recognize actuarial gains and losses arising from the remeasurement of our pension and postretirement plans (MTM Accounting).

Under the prior policy, we deferred recognition of these gains and losses in *Accumulated other comprehensive loss*.

This change has been applied to all pension and postretirement plans on a retrospective basis for all prior periods presented, and as of January 1, 2019, resulted in a cumulative effect decrease to *Retained earnings* of $6.0 billion, with a corresponding offset to *Accumulated other comprehensive loss*.

Each time a pension or postretirement plan is remeasured, the actuarial gain or loss is recognized immediately and classified as *Other (income)/deductions––net*.

We believe that MTM Accounting is a more preferable policy as it provides improved transparency of results and performance, better alignment with fair value accounting principles and a better reflection of current economic and interest rate trends on plan investments and assumptions and the actuarial impact of plan remeasurements.

| The impacts of the adjustments on our consolidated financial statements are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| (MILLIONS, EXCEPT PER COMMON SHARE DATA) | | | | | | Previous Accounting Principle | | | | | | Impact of Change | | | | | | As Reported | | | | | | Previous Accounting Principle | | | | | | Impact of Change | | | | | | As Adjusted | | | | | | Previous Accounting Principle | | | | | | Impact of Change | | | | | | As Adjusted | | |

| *Other (income)/deductions––net* | | | | | | (2,820) | | | | | | (2,058) | | | | | | (4,878) | | | | | | 672 | | | | | | 547 | | | | | | 1,219 | | | | | | 3,264 | | | | | | 233 | | | | | | 3,497 | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

of tax law, (2) evaluation of which of the Company’s tax positions may not be sustained upon audit, and (3) estimation and recording of the gross unrecognized tax benefits.

| KPMG LLP | | |

| *February 25, 2021* | | |

| Revenues | | | | | | | | | | | | | | | $ | 41,908 | | | | | $ | 41,172 | | | | | $ | 40,825 | |

| Amortization of intangible assets | | | | | | | | | | | | | | | 3,436 | | | | | | 4,462 | | | | | | 4,736 | | |

| Income from discontinued operations––net of tax | | | | | | | | | | | | | | | 0.47 | | | | | | 0.96 | | | | | | 1.23 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | 940 | | | | | | 366 | | | | | | (821) | | |

| | | | | | | 173 | | | | | | 38 | | | | | | (522) | | |

| | | | | | | (763) | | | | | | (289) | | | | | | (153) | | |

(c)See *Note 1B* in our 2018 Financial Report.

| | | | | | | | | | | | | | | |

| Inventories | | | | | | 8,046 | | | | | | 7,068 | | |

| Goodwill | | | | | | 49,577 | | | | | | 48,202 | | |

| Retained earnings | | | | | | 96,770 | | | | | | 97,670 | | |

| Balance, January 1, 2018 | | | | | | 524 | | | | | | $ | 21 | | | | | 9,275 | | | | | | $ | 464 | | | | | $ | 84,278 | | | | | (3,296) | | | | | | $ | (89,425) | | | | | $ | 85,291 | | | | | $ | (9,321) | | | | | $ | 71,308 | | | | | $ | 348 | | | | | $ | 71,656 | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,153 | | | | | | | | | | | | 11,153 | | | | | | 36 | | | | | | 11,188 | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,273 | | | | | | | | | | | | 16,273 | | | | | | 29 | | | | | | 16,302 | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,616 | | | | | | | | | | | | 9,616 | | | | | | 36 | | | | | | 9,652 | | |

| Preferred stock conversions and redemptions(b) | | | | | | (431) | | | | | | (17) | | | | | | | | | | | | | | | | | | (15) | | | | | | 1 | | | | | | 31 | | | | | | | | | | | | | | | | | | (1) | | | | | | | | | | | | (1) | | |

(a)Primarily represents the cumulative effect of the adoption of new accounting standards in 2018 for revenues, financial assets and liabilities, income tax accounting, and the reclassification of certain tax effects.

See *Note 1B* in our 2018 Financial Report.

| Income from discontinued operations—net of tax | | | | | | 2,631 | | | | | | 5,435 | | | | | | 7,328 | | |

| Depreciation and amortization | | | | | | 4,777 | | | | | | 5,795 | | | | | | 6,150 | | |

| Trade accounts receivable | | | | | | (1,249) | | | | | | (1,140) | | | | | | (458) | | |

| Inventories | | | | | | (736) | | | | | | (1,080) | | | | | | (432) | | |

| Other assets | | | | | | (146) | | | | | | 840 | | | | | | (52) | | |

| Trade accounts payable | | | | | | 353 | | | | | | (340) | | | | | | 404 | | |

| Other liabilities | | | | | | 2,741 | | | | | | 851 | | | | | | 367 | | |

| Acquisitions of intangible assets | | | | | | (539) | | | | | | (418) | | | | | | (152) | | |

| Purchases of common stock | | | | | | — | | | | | | (8,865) | | | | | | (12,198) | | |

| Proceeds from exercise of stock options | | | | | | 425 | | | | | | 394 | | | | | | 1,259 | | |

| Equity investment in Allogene received in exchange for Pfizer's allogeneic CAR T developmental program assets | | | | | | — | | | | | | — | | | | | | 92 | | |

| Equity investment in Cerevel in exchange for Pfizer’s portfolio of clinical and preclinical neuroscience assets | | | | | | — | | | | | | — | | | | | | 343 | | |

Revenues and expenses associated with Meridian and the Mylan-Japan collaboration were included in the Upjohn operating segment results along with the results of operations of the Upjohn Business in Pfizer’s historical consolidated financial statements.

Meridian, which remains with Pfizer, supplies EpiPen Auto-Injectors to Viatris under a supply agreement expiring December 31, 2024, with an option for Viatris to extend for an additional one-year term.

Prior to the separation of the Upjohn Business, we managed our commercial operations through three distinct business segments: (i) our innovative science-based biopharmaceutical products business (Biopharma); (ii) our global, primarily off-patent branded and generics business (Upjohn); and (iii) through July 31, 2019, Pfizer’s consumer healthcare business.

We now operate as a single operating segment engaged in the discovery, development, manufacturing, marketing, sales and distribution of biopharmaceutical products worldwide.

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | 109 | | |

Report of Independent Registered Public Accounting [removed: Firm on][added: Firm]

[removed: Internal Control Over Financial Reporting][added: Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021.]

[removed: The] [added: To the] Board of Directors and [removed: Shareholders of Pfizer Inc.:][added: Shareholders]

We have audited Pfizer Inc. and Subsidiary Companies’ (the Company) internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control*—*Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of [removed: Pfizer Inc. and Subsidiary Companies] [added: the Company] as of December 31, [removed: 2020 and 2019,] [added: 2021] and [added: 2020,] the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2020,] [added: 2021,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 25, 2021] [added: 24, 2022] expressed an unqualified opinion on those consolidated financial statements.

[removed: ][added: ]

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 110] [added: 107] | | |

Based on our assessment and those criteria, management believes that the Company maintained effective internal control over financial reporting as of December 31, [removed: 2020.][added: 2021.]

| [removed: ] [added: ] | | | | | | | | |

| [removed: ] [added: ] | | | | | | [removed: ] [added: ] | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 111] [added: 108] | | |

Pfizer Inc.:

| *February 24, 2022* | | |

| *February 24, 2022* | | | | | | | | |

| KPMG LLP | | |

| *February 25, 2021* | | |

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2020.

| *February 25, 2021* | | | | | | | | |

Information regarding the procedures by which our shareholders may recommend nominees to our Board of Directors is incorporated by reference from the discussion under the headings *Item 1*—*Election of Directors*—*Criteria for Board Membership* and [removed: *Submitting] [added: *Annual Meeting Information—Submitting] Proxy Proposals and Director Nominations for the [removed: 2022] [added: 2023] Annual Meeting* in our Proxy Statement.

Information about our Audit Committee, including the members of the Committee, and our Audit Committee financial experts, is incorporated by reference from the discussion under the heading *Governance*—*Board [removed: Information—Board] and Committee Information*—*Board Committees—The Audit Committee* in our Proxy Statement.

Information about Director and executive compensation is incorporated by reference from the discussion under the headings *Non-Employee Director Compensation*; *Executive Compensation*; and *Governance—Board [removed: Information—Board] and Committee Information—Board Committees*—*The Compensation Committee*—*Compensation Committee Interlocks and Insider Participation* in our Proxy Statement.

Information about certain relationships and transactions with related parties is incorporated by reference from the discussion under the headings [removed: *Related] [added: *Governance*—*Other Governance Practices and Policies—Related] Person Transactions and [removed: Indemnification*—*Transactions] [added: Indemnification* and —*Transactions] with Related Persons* in our Proxy Statement.

Information about director independence is incorporated by reference from the discussion under the heading [removed: *Governance*—*Other Governance Practices and Policies*—*Director] [added: *Item 1*—*Election of Directors*—*Director] Independence* in our Proxy Statement.

Information about the fees for professional services rendered by our independent registered public accounting firm in [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] is incorporated by reference from the discussion under the heading *Item 2*—*Ratification of Selection of Independent Registered Public Accounting Firm*—*Audit and Non-Audit Fees* in our Proxy Statement.

Our Audit Committee’s policy on pre-approval of audit and permissible non-audit services of our independent registered public accounting firm is incorporated by reference from the discussion under the heading *Item 2*—*Ratification of Selection of Independent Registered Public Accounting Firm*—*Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit [removed: Services of Independent Registered Public Accounting Firm*] [added: Services*] in our Proxy Statement.

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 112] [added: 110] | | |

Our independent registered public accounting firm is KPMG LLP, New York, NY, Auditor Firm ID: 185.

| [removed: [*2.8](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh28x12312020x10k.htm)] [added: [2.8](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh28x12312020x10k.htm)] | | | | | | Amendment No. 4 to the Separation and Distribution Agreement, dated as of November 15, 2020, by and between us and Upjohn Inc. [added: is incorporated by reference from our 2020 Annual Report on Form 10-K.] (Pursuant to Item 601(b)(2) of Regulation S-K, the registrant hereby agrees to supplementally furnish to the SEC upon request any omitted schedule or exhibit to the Amendment No. 4 to the Separation and Distribution Agreement.) | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | 113 | | |

| [removed: *[4.23](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh423x12312020x10k.htm)] [added: *[4.24](https://www.sec.gov/Archives/edgar/data/78003/000007800322000027/pfe-exh424x12312021x10k.htm)] | | | | | | Description of Pfizer’s Securities. | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 114] [added: 111] | | |

| [removed: 4.24] [added: 4.25] | | | | | | Except as set forth in Exhibits [removed: 4.1-22] [added: 4.1-24] above, the instruments defining the rights of holders of long-term debt securities of the Company and its subsidiaries have been omitted. We agree to furnish to the SEC, upon request, a copy of each instrument with respect to issuances of long-term debt of the Company and its subsidiaries. | | |

| [removed: *[10.3](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh103x12312020x10k.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh103x12312020x10k.htm)] | | | | | | Amendment No. 1 to Pfizer 2004 Stock [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: [10.](http://www.sec.gov/Archives/edgar/data/78003/000093041314001277/c76328_def14a.htm)[4](http://www.sec.gov/Archives/edgar/data/78003/000093041314001277/c76328_def14a.htm)] [added: [10.4](http://www.sec.gov/Archives/edgar/data/78003/000093041314001277/c76328_def14a.htm)] | | | | | | Pfizer Inc. 2014 Stock Plan is incorporated by reference from our Proxy Statement for the 2014 Annual Meeting of Shareholders. | | |

| [removed: *[10.5](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh105x12312020x10k.htm)] [added: [10.5](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh105x12312020x10k.htm)] | | | | | | Amendment No. 1 to Pfizer Inc. 2014 Stock [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: [10.6](http://www.sec.gov/Archives/edgar/data/78003/000007800318000027/pfe-exhibit104x1231201.htm)] [added: [10.6](http://www.sec.gov/Archives/edgar/data/78003/000007800320000037/pfe-exh101x0329202010q.htm)] | | | | | | Form of Acknowledgment and Consent and Summary of Key Terms for Grants of RSUs, TSRUs, PPSs and PSAs is incorporated by reference from our Quarterly Report on Form 10-Q for the period ended March 29, 2020. | | |

| [removed: *[10.10](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1010x123120x10k.htm)] [added: [10.10](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1010x123120x10k.htm)] | | | | | | Amendment No. 2 to the Pfizer Consolidated Supplemental Pension Plan for United States and Puerto Rico [removed: Employees.] [added: Employees is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/78003/000007800320000014/pfe-ex1015x12312019xk.htm)[8](http://www.sec.gov/Archives/edgar/data/78003/000007800320000014/pfe-ex1015x12312019xk.htm)] [added: [10.18](http://www.sec.gov/Archives/edgar/data/78003/000007800320000014/pfe-ex1015x12312019xk.htm)] | | | | | | Amendment No. 7 to the Pfizer Supplemental Savings Plan is incorporated by reference from our 2019 Annual Report on Form 10-K. | | |

| [removed: *[10.19](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1019x123120x10k.htm)] [added: [10.19](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1019x123120x10k.htm)] | | | | | | Amendment No. 8 to the Pfizer Supplemental Savings [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: *[10.20](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1020x12312020x10k.htm)] [added: [10.20](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1020x12312020x10k.htm)] | | | | | | Amendment No. 9 to the Pfizer Supplemental Savings [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: *[10.21](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1021x123120x10k.htm)] [added: [10.21](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1021x123120x10k.htm)] | | | | | | Amended and Restated Pfizer Inc. Global Performance [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: [10.24](http://www.sec.gov/Archives/edgar/data/78003/000007800316000105/pfe-07032016x10qexhibit101.htm)] [added: [10.2](http://www.sec.gov/Archives/edgar/data/78003/000007800316000105/pfe-07032016x10qexhibit101.htm)[4](http://www.sec.gov/Archives/edgar/data/78003/000007800316000105/pfe-07032016x10qexhibit101.htm)] | | | | | | Amendment No. 2 to Amended and Restated Deferred Compensation Plan, dated April 27, 2016, is incorporated by reference from our Quarterly Report on Form 10-Q for the period ended July 3, 2016. | | |

| [removed: *[10.25](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1025x123120x10k.htm)] [added: [10.2](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1025x123120x10k.htm)[5](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1025x123120x10k.htm)] | | | | | | Amendment No. 3 to Amended and Restated Deferred Compensation [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: *[10.27](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1027x123120x10k.htm)] [added: [10.27](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1027x123120x10k.htm)] | | | | | | Amendment No. 2 to Wyeth 2005 (409A) Deferred Compensation [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: [10.28](http://www.sec.gov/Archives/edgar/data/78003/000119312512085703/d278590dex1011.htm)] [added: [10.2](http://www.sec.gov/Archives/edgar/data/78003/000119312512085703/d278590dex1011.htm)[8](http://www.sec.gov/Archives/edgar/data/78003/000119312512085703/d278590dex1011.htm)] | | | | | | Amended and Restated Wyeth Supplemental Employee Savings Plan (effective as of January 1, 2005 and frozen as of January 2012), together with all material Amendments is incorporated by reference from our 2011 Annual Report on Form 10-K. | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 115] [added: 112] | | |

| [10.31](http://www.sec.gov/Archives/edgar/data/78003/0000940180-98-000332.txt) | | | | | | The form of Indemnification Agreement with each of the Named Executive Officers identified in our Proxy Statement for the [removed: 2020] [added: 2021] Annual Meeting of Shareholders is incorporated by reference from our 1997 Annual Report on Form 10-K. | | |

| [removed: [10.33](http://www.sec.gov/Archives/edgar/data/78003/000007800309000024/exhf09.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/78003/000007800309000024/exhf09.htm)[3](http://www.sec.gov/Archives/edgar/data/78003/000007800309000024/exhf09.htm)] | | | | | | Pfizer Inc. Executive Severance Plan is incorporated by referenced from our Current Report on Form 8-K filed on February 20, 2009. | | |

| [removed: [10.34](http://www.sec.gov/Archives/edgar/data/78003/000007800319000015/pfe-exhibit1026x12312018x1.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/78003/000007800319000015/pfe-exhibit1026x12312018x1.htm)[4](http://www.sec.gov/Archives/edgar/data/78003/000007800319000015/pfe-exhibit1026x12312018x1.htm)] | | | | | | Amendment No. 1 to the Pfizer Inc. Executive Severance Plan is incorporated by reference from our 2018 Annual Report on Form 10-K. | | |

| [removed: [10.35](http://www.sec.gov/Archives/edgar/data/78003/000007800320000014/pfe-exh1029x12312019x1.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/78003/000007800320000014/pfe-exh1029x12312019x1.htm)[5](http://www.sec.gov/Archives/edgar/data/78003/000007800320000014/pfe-exh1029x12312019x1.htm)] | | | | | | Amendment No. 2 to the Pfizer Inc. Executive Severance Plan is incorporated by reference from our 2019 Annual Report on Form 10-K. | | |

| [removed: *[10.36](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1036x123120x10k.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1036x123120x10k.htm)[6](http://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh1036x123120x10k.htm)] | | | | | | Amendment No. 3 to the Pfizer Inc. Executive Severance [removed: Plan.] [added: Plan is incorporated by reference from our 2020 Annual Report on Form 10-K.] | | |

| [removed: [10.37](http://www.sec.gov/Archives/edgar/data/78003/000119312509040568/dex1022.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/78003/000119312509040568/dex1022.htm)[7](http://www.sec.gov/Archives/edgar/data/78003/000119312509040568/dex1022.htm)] | | | | | | Annual Retainer Unit Award Plan (for Non-Employee Directors) (frozen as of March 1, 2006) as amended, is incorporated by reference from our 2008 Annual Report on Form 10-K. | | |

| [removed: [10.38](http://www.sec.gov/Archives/edgar/data/78003/000007800314000046/pfe-9282014x10qexhibit102.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/78003/000007800314000046/pfe-9282014x10qexhibit102.htm)[8](http://www.sec.gov/Archives/edgar/data/78003/000007800314000046/pfe-9282014x10qexhibit102.htm)] | | | | | | Nonfunded Deferred Compensation and Unit Award Plan for Non-Employee Directors, as amended, is incorporated by reference from our Quarterly Report on Form 10-Q for the period ended September 28, 2014. | | |

| [removed: [10.40](http://www.sec.gov/Archives/edgar/data/78003/000115752311003088/a6715256ex10-1.htm)] [added: [10.4](http://www.sec.gov/Archives/edgar/data/78003/000115752311003088/a6715256ex10-1.htm)[0](http://www.sec.gov/Archives/edgar/data/78003/000115752311003088/a6715256ex10-1.htm)] | | | | | | Offer Letter to G. Mikael Dolsten, dated April 6, 2009, is incorporated by reference from our Quarterly Report on Form 10-Q for the period ended April 3, 2011. | | |

| [removed: [10.41](http://www.sec.gov/Archives/edgar/data/78003/000007800318000027/pfe-exhibit1026x123120.htm)] [added: [10.4](http://www.sec.gov/Archives/edgar/data/78003/000007800318000027/pfe-exhibit1026x123120.htm)[1](http://www.sec.gov/Archives/edgar/data/78003/000007800318000027/pfe-exhibit1026x123120.htm)] | | | | | | Form of Special Performance-Based Incentive Award Letter is incorporated by reference from our 2017 Annual Report on Form 10-K. | | |

| [removed: [10.42](http://www.sec.gov/Archives/edgar/data/78003/000007800318000027/pfe-exhibit1027x123120.htm)] [added: [10.4](http://www.sec.gov/Archives/edgar/data/78003/000007800318000027/pfe-exhibit1027x123120.htm)[2](http://www.sec.gov/Archives/edgar/data/78003/000007800318000027/pfe-exhibit1027x123120.htm)] | | | | | | Form of Special Performance-Based Incentive Grant Letter is incorporated by reference from our 2017 Annual Report on Form 10-K. | | |

| [removed: [10.43](http://www.sec.gov/Archives/edgar/data/78003/000093041319000953/c93082_def14a.htm#x2_c93082a060)] [added: [10.4](http://www.sec.gov/Archives/edgar/data/78003/000093041319000953/c93082_def14a.htm#x2_c93082a060)[3](http://www.sec.gov/Archives/edgar/data/78003/000093041319000953/c93082_def14a.htm#x2_c93082a060)] | | | | | | Pfizer Inc. 2019 Stock Plan is incorporated by reference from our Proxy Statement for the 2019 Annual Meeting of Shareholders. | | |

| [removed: [10.44](http://www.sec.gov/Archives/edgar/data/78003/000007800320000060/pfe-exhibit101x6282020.htm)] [added: [10.4](http://www.sec.gov/Archives/edgar/data/78003/000007800320000060/pfe-exhibit101x6282020.htm)[4](http://www.sec.gov/Archives/edgar/data/78003/000007800320000060/pfe-exhibit101x6282020.htm)] | | | | | | Time Sharing Agreement, dated July 9, 2020, between Pfizer Inc. and Albert Bourla is incorporated by reference from our Quarterly Report on Form 10-Q for the period ended June 28, 2020. | | |

| [removed: *[21](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh21x123120x10k.htm)] [added: *[21](https://www.sec.gov/Archives/edgar/data/78003/000007800322000027/pfe-exh21x12312021x10k.htm)] | | | | | | Subsidiaries of the Company. | | |

| [removed: *[23](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh23x12312020x10k.htm)] [added: *[23](https://www.sec.gov/Archives/edgar/data/78003/000007800322000027/pfe-exh23x12312021x10k.htm)] | | | | | | Consent of Independent Registered Public Accounting Firm. | | |

| [removed: *[24](#ib2426def46134164a96ece0326fe179b_4448)] [added: *[24](#i4bff405b2205487eb835dd4cd589f5c6_295)] | | | | | | Power of Attorney (included as part of signature page). | | |

| [removed: *[31.1](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh311x12312020x10k.htm)] [added: *[31.1](https://www.sec.gov/Archives/edgar/data/78003/000007800322000027/pfe-exh311x12312021x10k.htm)] | | | | | | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | |

| [removed: *[31.2](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh312x12312020x10k.htm)] [added: *[31.2](https://www.sec.gov/Archives/edgar/data/78003/000007800322000027/pfe-exh312x12312021x10k.htm)] | | | | | | Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | |

| [removed: *[32.1](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh321x12312020x10k.htm)] [added: *[32.1](https://www.sec.gov/Archives/edgar/data/78003/000007800322000027/pfe-exh321x12312021x10k.htm)] | | | | | | Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | |

| [removed: *[32.2](https://www.sec.gov/Archives/edgar/data/78003/000007800321000038/pfe-exh322x12312020x10k.htm)] [added: *[32.2](https://www.sec.gov/Archives/edgar/data/78003/000007800322000027/pfe-exh322x12312021x10k.htm)] | | | | | | Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | |

| [4.23](http://www.sec.gov/Archives/edgar/data/78003/000119312521250347/d340659dex42.htm) | | | | | | Fifth Supplemental Indenture, dated as of August 18, 2021 between us and The Bank of New York Mellon, as trustee, is incorporated by reference from our Current Report on Form 8-K filed on August 18, 2021. | | |

| [22](http://www.sec.gov/Archives/edgar/data/78003/000007800321000065/pfe-exh22x0404202110q.htm) | | | | | | Subsidiary Issuers of Guaranteed Securities is incorporated by reference from our Quarterly Report on Form 10-Q for the period ended April 4, 2021. | | |

| | | | | | | | | |

| | | | | | | | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 116] [added: 114] | | |

| Dated: February [removed: 25, 2021] [added: 24, 2022] | | | By: | | | | | | /S/ MARGARET M. MADDEN | | |

| /S/ ALBERT BOURLA Albert Bourla | | | Chairman and Chief Executive Officer (Principal Executive Officer) | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ FRANK A. D’AMELIO Frank A. D’Amelio | | | Chief Financial [removed: Officer and] [added: Officer,] Executive Vice [removed: President, Global Supply] [added: President] (Principal Financial Officer) | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ JENNIFER B. DAMICO Jennifer B. Damico | | | Senior Vice President and Controller (Principal Accounting Officer) | | | February [removed: 24, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ RONALD E. BLAYLOCK Ronald E. Blaylock | | | Director | | | February [removed: 24, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ SUSAN DESMOND-HELLMANN Susan Desmond-Hellmann | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ JOSEPH J. ECHEVARRIA Joseph J. Echevarria | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ SCOTT GOTTLIEB Scott Gottlieb | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ HELEN H. HOBBS Helen H. Hobbs | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ SUSAN HOCKFIELD Susan Hockfield | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ DAN R. LITTMAN Dan R. Littman | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ SHANTANU NARAYEN Shantanu Narayen | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ SUZANNE NORA JOHNSON Suzanne Nora Johnson | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ JAMES QUINCEY James Quincey | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| /S/ JAMES C. SMITH James C. Smith | | | Director | | | February [removed: 23, 2021] [added: 22, 2022] | | | | | | | | |

| Pfizer Inc. | | | [removed: 2020] [added: 2021] Form 10-K | | | [removed: 117] [added: 115] | | |