Pfizer (PFE) 10-K risk factor changes: FY2024 vs FY2023

The following discussion of risk factors contains forward-looking statements, as discussed in the* *[Forward-Looking Information and Factors that May Affect Future [removed: Results](#i2a2412fd329d412096454ccea3d9368c_19)*] [added: Results](#i8531e747ebb543f3bf818166f157d26a_19)*] *section.*

The negotiating power of [removed: MCOs] [added: MCOs, PBMs] and other private third-party payors has increased due to consolidation, and they, along with state and federal governments, increasingly employ formularies to control costs and encourage utilization of certain drugs, including through the use of deductibles, utilization management tools, cost sharing or formulary placement.

They may demand rebates [added: and/or fees] from biopharmaceutical manufacturers for preferred placement on a drug formulary.

The growing availability and use of [added: higher cost] innovative specialty pharmaceutical medicines that treat rare or life threatening [removed: conditions, typically with a relatively higher cost as compared to other types of pharmaceutical products,] [added: conditions] also has generated increased payor interest in [added: the] development of cost-containment strategies.

As the U.S. private third-party payor market consolidates further, and as the IRA prices become publicly available, we may face greater pricing pressure from private third-party payors as they continue to drive more of their patients to use lower cost alternatives [added: or seek even larger rebates to control costs or offset losses from the IRA.]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 16] [added: 15] | | |

[removed: Business](#i2a2412fd329d412096454ccea3d9368c_58)*[—](#i2a2412fd329d412096454ccea3d9368c_58)*[Government] [added: Business—Government] Regulation and Price [removed: Constraints](#i2a2412fd329d412096454ccea3d9368c_58)*] [added: Constraints](#i8531e747ebb543f3bf818166f157d26a_58)*] section.

Our products [removed: have been competing] and [removed: may continue to compete, and our] product candidates [removed: may] compete, [added: and may compete in the future,] against products or product candidates that offer higher rebates or discounts, exclusionary contracting, lower prices, equivalent or superior efficacy, better safety profiles, easier administration, earlier market availability or other competitive [removed: features.][added: features, including potential preference to prescribe existing competitor treatments over our novel therapies.]

If we are unable to compete effectively, this could reduce [added: actual or anticipated future] sales, which could negatively impact our results of operations.

We anticipate a more significant impact of reduced revenues from [removed: patent] [added: patent-based or regulatory exclusivity] expiries in 2026 through 2030 as several of our in-line products experience [removed: patent-based] [added: these] expirations.

Business—Patents and Other Intellectual Property [removed: Rights](#i2a2412fd329d412096454ccea3d9368c_46)*] [added: Rights](#i8531e747ebb543f3bf818166f157d26a_46)*] section.

In addition, our patented products may face generic or biosimilar competition before [removed: patent] [added: patent-based and/or regulatory] exclusivity expires, including from “at-risk” launch (despite pending patent infringement litigation against the generic or biosimilar product) by a manufacturer of a generic or biosimilar version of one of our patented products.

See *[Note [removed: 16A1](#i2a2412fd329d412096454ccea3d9368c_244).*][added: 16A1](#i8531e747ebb543f3bf818166f157d26a_268).*]

Uptake of our biosimilars may be lower due to various factors, such as [removed: anti-competitive practices,] access challenges where our product may not receive appropriate coverage/reimbursement access or remains in a disadvantaged position relative to an innovator [removed: product, physician reluctance to prescribe biosimilars for existing patients taking the reference product, or misaligned financial incentives for certain prescribers.][added: product.]

[removed: Business](#i2a2412fd329d412096454ccea3d9368c_49)*[—](#i2a2412fd329d412096454ccea3d9368c_49)*[Competition](#i2a2412fd329d412096454ccea3d9368c_49)*] [added: Business](#i8531e747ebb543f3bf818166f157d26a_49)*[—](#i8531e747ebb543f3bf818166f157d26a_49)*[Competition](#i8531e747ebb543f3bf818166f157d26a_49)*] section.

We recorded [removed: direct product and/or Alliance] revenues of more than $1 billion for each of [removed: nine] [added: 11] products that collectively accounted for [removed: 64%] [added: 66%] of *Total revenues* in [removed: 2023.][added: 2024.]

If these products or any of our other major products were to, or continue to (if applicable), experience loss of patent protection (if applicable), changes in prescription or vaccination purchasing or growth rates, reduced product demand, material product liability litigation, unexpected side effects or safety concerns, regulatory proceedings or investigations, lower governmental and/or regulatory confidence, negative publicity affecting doctor or patient confidence, pressure from competitive products, changes in [added: recommendations and coverage, changes in] labeling, pricing and access [removed: pressures] [added: pressures, including those related to the IRA,] or supply shortages or if a new, more effective product should be introduced, the adverse impact on our revenues could be significant and our revenue forecasts and expectations could prove to be inaccurate and we may fail to meet these expectations.

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

[removed: Business](#i2a2412fd329d412096454ccea3d9368c_46)*[—](#i2a2412fd329d412096454ccea3d9368c_46)*[Patents] [added: Business](#i8531e747ebb543f3bf818166f157d26a_46)*[—](#i8531e747ebb543f3bf818166f157d26a_46)*[Patents] and Other Intellectual Property [removed: Rights](#i2a2412fd329d412096454ccea3d9368c_46)*] [added: Rights](#i8531e747ebb543f3bf818166f157d26a_46)*] section.

For Comirnaty and Paxlovid, while we believe that these products have the potential to provide ongoing [added: stable] revenue streams for Pfizer for the foreseeable future, revenues of these products [removed: following the COVID-19 pandemic] have decreased [removed: substantially, and our current expectations for total COVID-19 product revenues in 2024 are lower than the total 2023 revenues from COVID-19 products.][added: substantially over time.]

See *[Note [removed: 17C](#i2a2412fd329d412096454ccea3d9368c_549755815813)*] [added: 17C](#i8531e747ebb543f3bf818166f157d26a_280)*] for a discussion of our significant customers.

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 17] [added: 16] | | |

[added: Growth depends in large part on our ability to identify and develop] new products or new indications for existing products that address unmet medical needs and receive reimbursement from payors.

We operate on a global scale and could be affected by currency and interest rate fluctuations; capital and exchange controls; local and global economic conditions including inflation, recession, volatility and/or lack of liquidity in capital markets; expropriation and other restrictive government actions; changes in intellectual property; legal protections and remedies; trade regulations; [added: tariffs;] 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 impacts of political or civil unrest or military action, including the ongoing conflicts between Russia and Ukraine and in the Middle East and their economic consequences, geopolitical instability, terrorist activity, unstable governments and legal systems, inter-governmental disputes, public health outbreaks, epidemics, pandemics, natural disasters or disruptions related to climate change.

[removed: Business—Government] [added: Business](#i8531e747ebb543f3bf818166f157d26a_58)*[—](#i8531e747ebb543f3bf818166f157d26a_58)*[Government] Regulation and Price [removed: Constraints](#i2a2412fd329d412096454ccea3d9368c_58)*] [added: Constraints](#i8531e747ebb543f3bf818166f157d26a_58)*] section.

We continue to monitor the global trade environment and potential trade [removed: conflicts] [added: conflicts, sanctions] and impediments that could impact our business.

[removed: 54%] [added: In 2024, 39%] of our total [removed: 2023] revenues were derived from international operations, including [removed: 24%] [added: 19%] from Europe and [removed: 20%] [added: 13%] from [removed: Japan, China] [added: China, Japan] and the rest of the Asia Pacific region.

For additional information about our exposure to foreign currency risk, see the *[Analysis of Financial Condition, Liquidity, Capital Resources and Market [removed: Risk](#i2a2412fd329d412096454ccea3d9368c_139)*] [added: Risk](#i8531e747ebb543f3bf818166f157d26a_145)*] 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](#i2a2412fd329d412096454ccea3d9368c_139)*] [added: Risk](#i8531e747ebb543f3bf818166f157d26a_145)*] section within MD&A and *[Note [removed: 7E](#i2a2412fd329d412096454ccea3d9368c_208)*.][added: 7E](#i8531e747ebb543f3bf818166f157d26a_229)*.]

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 [removed: Plans](#i2a2412fd329d412096454ccea3d9368c_103)*] [added: Plans](#i8531e747ebb543f3bf818166f157d26a_109)*] section within MD&A and *[Note [removed: 11](#i2a2412fd329d412096454ccea3d9368c_223)*.][added: 11](#i8531e747ebb543f3bf818166f157d26a_244)*.]

Examples of such difficulties or delays include the inability to increase or maintain production capacity commensurate with demand; challenges related to component materials to maintain supply and/or appropriate quality standards throughout our supply network and/or comply with applicable regulations; inability to supply certain products due to voluntary product [removed: recalls;] [added: recalls or withdrawals, including, for example, our voluntary withdrawal of all lots of Oxbryta in all markets where it is approved;] and supply chain disruptions at our facilities or at a supplier or vendor.

[removed: In] [added: For example, in] 2021, Pfizer recalled all lots of Chantix [removed: in the U.S.] due to the presence of a nitrosamine, N-nitroso-varenicline, at or above the [removed: FDA interim] acceptable intake [removed: limit.][added: limits communicated by various regulatory authorities.]

Regulatory authorities [removed: outside the U.S.] have [added: since] issued updated guidance on nitrosamine acceptable intake levels.

With this [removed: recently issued] guidance, which included an updated intake level for N-nitroso-varenicline, we [removed: expect to make] [added: have started making] regulatory submissions [removed: in 2024] to potentially enable Chantix to return to market [removed: outside] [added: in] the [removed: U.S.,] [added: U.S.] and [removed: our related discussions with FDA are ongoing.][added: in certain international markets.]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 18] [added: 17] | | |

See the *[Overview of [removed: Our](#i2a2412fd329d412096454ccea3d9368c_97) [Performance](#i2a2412fd329d412096454ccea3d9368c_97)[,] [added: Our Performance,] Operating Environment, Strategy and [removed: Outlook](#i2a2412fd329d412096454ccea3d9368c_97)*[—](#i2a2412fd329d412096454ccea3d9368c_97)*[Our] [added: Outlook](#i8531e747ebb543f3bf818166f157d26a_100)*[—](#i8531e747ebb543f3bf818166f157d26a_100)*[Our] Operating [removed: Environment](#i2a2412fd329d412096454ccea3d9368c_97) [](#i2a2412fd329d412096454ccea3d9368c_97)*] [added: Environment](#i8531e747ebb543f3bf818166f157d26a_100)*] section within MD&A.

We also outsource certain services, including activities related to transaction processing, accounting, IT, manufacturing, clinical trial recruitment and execution, clinical lab services, non-clinical research, safety services, integrated facilities [removed: management and other areas.]

Failure by one or more of the third-party collaborators, service providers and others to complete activities on schedule or in accordance with our expectations or to meet their contractual or other obligations to us; failure of one or more of these parties to comply with applicable laws or regulations; disruptions in one or more of these parties’ businesses, including unexpected demand for or shortage of raw materials or components, cyber-attacks on supplier systems, labor disputes or shortage and inclement weather, as well as natural or man-made disasters or pandemics; or any disruption in the relationships between us and these parties have or could delay or prevent the development, approval, manufacturing or commercialization of our products and product candidates, expose us to suboptimal quality of service delivery or deliverables, result in repercussions such as missed deadlines or other timeliness issues, erroneous data and supply disruptions, and could also result in non-compliance with legal or regulatory requirements or industry [removed: standards] [added: standards, including Good Clinical Practice (GCP) and other requirements,] or subject us to reputational harm, all with potential negative implications for our product pipeline and business.

Further, our [removed: Alliance] revenues will be adversely affected by the termination or expiration of collaboration and co-promotion agreements that we have entered into and that we may enter into from time to time.

Failure to mitigate this threat could adversely impact [removed: Pfizer’s patients,] [added: consumers who use our products,] potentially causing them harm.

Business](#i8531e747ebb543f3bf818166f157d26a_52)*[––](#i8531e747ebb543f3bf818166f157d26a_52)*[Pricing Pressures and Managed Care Organizations](#i8531e747ebb543f3bf818166f157d26a_52)* and *[––Government Regulation and Price Constraints](#i8531e747ebb543f3bf818166f157d26a_58)* and *[Item 1A.

Risk Factors](#i8531e747ebb543f3bf818166f157d26a_67)*[––](#i8531e747ebb543f3bf818166f157d26a_67)*[Pricing and Reimbursement](#i8531e747ebb543f3bf818166f157d26a_67)* sections.

For example, with the growing competition in the vaccine space, we are subject to increasing discounts to meet competitive dynamics and to help ensure our vaccines are available in retail pharmacies.

The number of current and forthcoming competing biosimilars, coupled with Medicare’s average sales price-based provider reimbursement methodology, is expected to increase pricing pressures on our biosimilar products.

For example, Eliquis accounted for 12% of *Total revenues* in 2024.

See *[Notes 1](#i8531e747ebb543f3bf818166f157d26a_178)* and *[17](#i8531e747ebb543f3bf818166f157d26a_271)*.

While additional patent-based or regulatory exclusivity expiries will continue, we expect a moderate impact of reduced revenues due to patent expiries in 2025 and anticipate a more significant impact of reduced revenues from patent-based or regulatory exclusivity expiries in 2026 through 2030 as several of our in-line products experience these expirations.

For Paxlovid, utilization is expected to follow infection trends, and revenues may fluctuate based on the timing, duration and severity of COVID-19 infections.

In addition, potential quality issues may be identified in the course of a clinical trial that cannot be remediated to the satisfaction of a regulatory authority that may take actions within the scope of its enforcement authority, including excluding data and placing restrictions on future clinical trials.

In addition, issued or future executive orders or other new or changes in laws, regulations or policy regarding tariffs, could have a material adverse effect on our business, earnings and financial guidance.

The actual impact of the new tariffs on our business is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs imposed by other countries.

In response to requests from various regulatory authorities, manufacturers across the pharmaceutical industry, including Pfizer, are evaluating their product portfolios for the potential presence or formation of nitrosamines and we are actively engaging with regulatory authorities on this topic.

If nitrosamines are detected above certain levels in our products, this may lead to market action for such products.

management and other areas.

In conducting clinical trials, we may depend on contract research organizations to handle regulatory filings, monitor site performance and raise potential quality matters relating to clinical trials.

As consumers increasingly turn to the internet as a source for many products including medicines, they are at the same time increasingly exposed to fake medicines via the internet as criminals increasingly distribute counterfeit and substandard medicines through “rogue” online pharmacies.

For example, the drug pricing provisions of the IRA are being implemented over the next several years.

The IRA directs HHS to set the prices of certain high-expenditure, single-source drugs and biologics covered under Medicare.

The IRA also imposes rebates under Medicare Part B and Medicare Part D which require manufacturers to pay rebates if price increases outpace inflation relative to a benchmark period, and replaces the Medicare Part D coverage gap discount program with a new discounting program.

In August 2024, the government released the new Medicare price for Eliquis, which will become effective January 1, 2026.

On January 17, 2025, CMS announced the selection of another 15 drugs from Medicare Part D for the maximum fair price, with prices to be set and effective on January 1, 2027.

Ibrance and Xtandi were included in the list of 15 drugs selected.

Another 15 drugs from Medicare Part B or Medicare Part D will be selected by February 1, 2026, for the maximum price to be set and in effect by January 1, 2028.

It is possible that more of our products could be selected in future years, which could, among other things, lead to lower revenues prior to expiry of intellectual property protections.

For additional information, see the *[Item 1.

Measures to regulate prices or payment for pharmaceutical products, including legislation on drug importation and prescription drug affordability boards (PDABs) that seek to impose reimbursement limits for certain drugs, could adversely affect our business.

Additionally, in the EU, the EC proposed the largest reform of EU pharmaceutical legislation in 20 years.

In April 2024, the European Parliament introduced amendments to the EC’s proposal.

The EU legislative process remains ongoing, with several stages still required before the reform can receive final approval.

This reform may alter

regulatory exclusivity periods for our products and may add burdensome obligations that impact access.

In addition, with the European Regulation on Health Technology Assessment (EU HTA-R) taking effect in January 2025, we are engaging and monitoring application of the EU’s new clinical assessment program to new oncology products and certain biologic products submitted to the EMA.

Business](#i8531e747ebb543f3bf818166f157d26a_58)*[—](#i8531e747ebb543f3bf818166f157d26a_58)*[Government Regulation and Price Constraints](#i8531e747ebb543f3bf818166f157d26a_58)* section.

Business––Government Regulation and Price Constraints](#i8531e747ebb543f3bf818166f157d26a_58)* section.

In addition, we may face increased risks to, among other things, our business, revenue, earnings, reputation or financial guidance, as a result of potential changes to vaccine or other healthcare policy in the U.S.

In September 2024, we made the decision to voluntarily withdraw Oxbryta in all markets where it is approved based on the totality of clinical data that indicated at that time the overall benefit of Oxbryta no longer outweighs the risk in the approved sickle cell patient population.

For more information, see the *[Product Developments](#i8531e747ebb543f3bf818166f157d26a_133)* section within MD&A.

and the value of the acquired securities will fluctuate and may lose value.

We face risks and uncertainties related to our COVID-19 products, including Comirnaty and Paxlovid or any potential future COVID-19 vaccines, treatments or combinations, including, among others, the risk that as the market for COVID-19 products remains endemic and seasonal, demand for our COVID-19 products has and may continue to be reduced or not meet expectations, which has and may continue to lead to reduced revenues, excess inventory or other unanticipated charges; risks related to our ability to develop and commercialize variant adapted vaccines, combinations and/or treatments; uncertainties related to recommendations and coverage for, and the public’s adherence to, vaccines, boosters, treatments or combinations; risks related to our ability to accurately predict revenue for Comirnaty and Paxlovid or any potential future COVID-19 vaccines or treatments; whether and when EUA or biologics license applications or amendments to any such applications may be filed in particular jurisdictions for Comirnaty or any other potential vaccine or vaccine candidates, including those related to potential future annual boosters, re-vaccinations, or vaccines in additional populations, and if obtained, whether or when such EUA or licenses, or existing EUAs, will expire or terminate; whether and when additional supply or purchase agreements will be reached or existing agreements will be modified; potential third-party royalties or other claims related to Comirnaty or Paxlovid; and the other risks and uncertainties discussed throughout this Item 1A.

Risk Factors.

| | | | | | | | | |

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

or seek even larger rebates to control costs or offset losses from the IRA.

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

In particular, Comirnaty accounted for 19% of *Total revenues* in 2023.

See *[Notes 1](#i2a2412fd329d412096454ccea3d9368c_172)* and *[17](#i2a2412fd329d412096454ccea3d9368c_247)*.

Growth depends in large part on our ability to identify and develop

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

Our manufacturing facility in Rocky Mount, NC was damaged by a tornado in July 2023.

While manufacturing has resumed, the supply of medicines impacted by the tornado is expected to be affected through 2024.

The increased adoption during the COVID-19 pandemic further exposed consumers to fake prescription treatments via the internet as access to traditional brick and mortar pharmacies or authorized full-service internet pharmacies that offer authentic treatments may have been hindered.

For example, in August 2022, the drug pricing provisions of the IRA were signed into law, which, among other things, require manufacturers of certain drugs, including Pfizer, to engage in price negotiations with Medicare which will permit the CMS to set a maximum fair price for selected drugs, impose rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation, and replace the Part D coverage gap discount program with a new discounting program.

CMS will establish a maximum fair price for Eliquis that will be in effect in 2026.

That maximum fair price will be required to be offered to all Medicare beneficiaries and to covered entities participating in the 340B Program if lower than the 340B price.

Measures to regulate prices or payment for pharmaceutical

products, including legislation on drug importation, such as Florida’s drug importation program which was recently approved by the FDA, could adversely affect our business.

Additionally, in the EU, the EC proposed the largest reform to drug pricing and access in 20 years, which if enacted would change regulatory exclusivity for our products.

Pricing pressures have been, and we anticipate will continue to be, amplified by COVID-19 induced budget deficits and focus on pricing for COVID-19 treatments and vaccines.

to granting approval, or increased post-approval requirements.

In the FDA’s revision to the EUA for Paxlovid, the FDA removed the post-authorization requirements as they were addressed as a post-marketing commitment associated with the approval of the Paxlovid NDA.

The terms of our Paxlovid EUA had previously required monitoring of a genomic database(s) for the emergence of global viral variants of SARS-CoV-2 and providing reports to the FDA on a monthly basis summarizing any findings.

Also, the FDA required Pfizer to assess the activity of the authorized Paxlovid against any global SARS-CoV-2 variant(s) of interest and complete certain other analyses and studies as identified in our October 2022 EUA.

While we have accrued for

The WTO continues to address the role of intellectual property in the context of the COVID-19 response.

If one of our marketed products (or a product of our

Our recent acquisition of Seagen is part of that growth plan.

The extent to which COVID-19 impacts our business going forward will depend on many factors, and we have made certain assumptions regarding COVID-19 for purposes of our operational planning and financial projections, including assumptions regarding the global macroeconomic impact of COVID-19, as well as the demand, revenues, supply, contracts, market share and commercial markets for our current or future COVID-19 products, which remain dynamic.

Despite careful tracking and planning, we are unable to accurately predict the extent of the impact of COVID-19 or our COVID-19 products on our business, operations and financial condition and results due to the uncertainty of future developments.

COVID-19 or our COVID-19 products may also affect our business, operations or financial condition and results in a manner that is not presently known to us or that we currently do not consider as presenting significant risks.

We also face risks and uncertainties related to our efforts to develop and commercialize our COVID-19 products, as well as challenges related to their manufacturing, supply and distribution, including, among others:

- the risk that as the market for COVID-19 products becomes more endemic and seasonal, demand for any of our COVID-19 products has and may continue to be reduced or not meet expectations, or may no longer exist, which has and may continue to lead to reduced revenues, excess inventory on-hand and/or in the channel which, for Paxlovid and Comirnaty, has resulted in significant inventory write-offs in 2023 and could continue to result in inventory write-offs or other unanticipated charges;

- challenges related to the transition to the commercial market for our COVID-19 products;

- uncertainties related to the public’s demand for vaccines, boosters and COVID-19 treatments;

- risks related to our ability to accurately forecast and achieve our revenue forecasts for Comirnaty and Paxlovid or any potential future COVID-19 vaccines or treatments;

- 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 and clinical data (including Phase 1/2/3 or Phase 4 data for Comirnaty or any vaccine candidate in the BNT162 program or Paxlovid or any future COVID-19 treatment) in any of our studies in pediatrics, adolescents or adults or real world evidence, including the possibility of unfavorable new pre-clinical, clinical or safety data and further analyses of existing pre-clinical, clinical or safety data or further information regarding the quality of pre-clinical, clinical or safety data, including by audit or inspection;

- the ability to produce comparable clinical or other results for Comirnaty, any vaccine candidate or other vaccines that may result from the BNT162 program, Paxlovid or any future COVID-19 treatment or any other COVID-19 program, including the rate of effectiveness and/or efficacy, safety and tolerability profile observed to date, in additional analyses of the Phase 3 trial for any such products and additional studies, in real-world data studies or in larger, more diverse populations following commercialization;

- the ability of Comirnaty or any future vaccine to prevent, or Paxlovid or any future COVID-19 treatment to be effective against, COVID-19 caused by emerging virus variants;

- the risk that use of Comirnaty or Paxlovid 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 program, Paxlovid or other COVID-19 programs will be published in scientific journal publications and, if so, when and with what modifications and interpretations;

Financial Statements and Supplementary [removed: Data](#i2a2412fd329d412096454ccea3d9368c_148)*] [added: Data](#i8531e747ebb543f3bf818166f157d26a_154)*] in this Form 10-K.

Discussions of [removed: 2021] [added: 2022] items and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] that are not included in this Form 10-K can be found within MD&A in our [removed: 2022] [added: 2023] Form 10-K.

| [removed: 2023] [added: 2024] Total [removed: Revenues––$58.5] [added: Revenues––$63.6] billion | | | [removed: 2023] [added: 2024] Net Cash Flow from [removed: Operations––$8.7] [added: Operations––$12.7] billion | | |

[removed: ][added: ]

| [removed: 2023] [added: 2024] Reported Diluted [removed: EPS––$0.37] [added: EPS––$1.41] | | | [removed: 2023] [added: 2024] Adjusted Diluted EPS [removed: (Non-GAAP)––$1.84*] [added: (Non-GAAP)––$3.11] | | |

[removed: ][added: ]

[removed: *For] [added: For] additional information regarding Adjusted diluted EPS (which is a non-GAAP financial measure), including reconciliations of certain GAAP Reported to [removed: non-GAAP] [added: non- GAAP] Adjusted information, see the *[Non-GAAP Financial Measure: Adjusted [removed: Income](#i2a2412fd329d412096454ccea3d9368c_130)*] [added: Income](#i8531e747ebb543f3bf818166f157d26a_136)*] section within MD&A.

Although foreign exchange rate changes are part of our business, they are not within our control and [removed: since] [added: because] they can mask positive or negative trends in the business, we believe presenting operational variances excluding these foreign exchange changes provides useful information to evaluate our results.

[removed: Business](#i2a2412fd329d412096454ccea3d9368c_28)[––About Pfizer](#i2a2412fd329d412096454ccea3d9368c_28)*] [added: Business](#i8531e747ebb543f3bf818166f157d26a_28)[––About Pfizer](#i8531e747ebb543f3bf818166f157d26a_28)*] section.

We believe that our medicines and vaccines provide significant value for healthcare providers and [removed: patients] [added: patients,] and [added: we] continuously evaluate how we can best collaborate with patients, physicians and payors to support and expand patient access to reliable, affordable healthcare around the world.

Our [removed: 2024] [added: 2025] key priorities are:

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 30] [added: 28] | | |

In [removed: 2023,] [added: 2024,] we managed our commercial operations through a global structure consisting of [removed: two] [added: three] operating segments: [removed: Biopharma] [added: Biopharma, PC1] and [removed: Business Innovation.][added: Pfizer Ignite.]

See *[Note [removed: 1A](#i2a2412fd329d412096454ccea3d9368c_172)*] [added: 1](#i8531e747ebb543f3bf818166f157d26a_271)[7](#i8531e747ebb543f3bf818166f157d26a_271)[A](#i8531e747ebb543f3bf818166f157d26a_271)*] and the *[Item 1.

Business––Commercial [removed: Operations](#i2a2412fd329d412096454ccea3d9368c_31)*] [added: Operations](#i8531e747ebb543f3bf818166f157d26a_31)*] section.

- [added: transitioned] the Pfizer U.S. [added: Oncology commercial organization and the global Oncology marketing organization, which were part of the former Pfizer Oncology Division, into the Pfizer U.S.] Commercial Division, which [added: now] focuses on the commercialization of [removed: non-oncology products] [added: Pfizer’s entire product portfolio] in the U.S. and is led by the Chief U.S. Commercial Officer, Executive Vice President; and

In the fourth quarter of 2023, we announced that we launched a multi-year, enterprise-wide cost realignment program [added: (Realigning Our Cost Base Program)] that aims to realign our costs with our longer-term revenue expectations.

See *[Note [removed: 3](#i2a2412fd329d412096454ccea3d9368c_178)*.][added: 1B](#i8531e747ebb543f3bf818166f157d26a_178).*]

For a description of [added: anticipated] savings related to these programs, see the *[Costs and Expenses––Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity [removed: Initiatives](#i2a2412fd329d412096454ccea3d9368c_118)*] [added: Initiatives](#i8531e747ebb543f3bf818166f157d26a_124)*] section within MD&A*.*

[removed: Business](#i2a2412fd329d412096454ccea3d9368c_34)*[—](#i2a2412fd329d412096454ccea3d9368c_34)*[Research] [added: Business](#i8531e747ebb543f3bf818166f157d26a_34)*[—](#i8531e747ebb543f3bf818166f157d26a_34)*[Research] and [removed: Development](#i2a2412fd329d412096454ccea3d9368c_34)*] [added: Development](#i8531e747ebb543f3bf818166f157d26a_34)*] section for our R&D priorities and strategy.

- advances in both biological science and platform technologies that are enhancing the delivery of [added: potential] breakthrough new medicines and vaccines.

Our [removed: 2023] [added: 2024] Performance

[removed: ][added: ]

See the *[Total Revenues by [removed: Geography](#i2a2412fd329d412096454ccea3d9368c_109)*] [added: Geography](#i8531e747ebb543f3bf818166f157d26a_115)*] and *[Total Revenues––Selected Product [removed: Discussion](#i2a2412fd329d412096454ccea3d9368c_115)*] [added: Discussion](#i8531e747ebb543f3bf818166f157d26a_121)*] sections within MD&A for more information, including a discussion of key drivers of our revenue performance.

[removed: See also *The Global Economic] [added: *Economic] Environment––COVID-19* section below for information about our COVID-19 products.

For information regarding the primary indications or class of certain products, see *[Note [removed: 17C](#i2a2412fd329d412096454ccea3d9368c_549755815813).*][added: 17C](#i8531e747ebb543f3bf818166f157d26a_280).*]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 31] [added: 29] | | |

*Income from Continuing Operations Before Provision/(Benefit) for Taxes on Income––*The [removed: decrease] [added: increase] in *Income from continuing operations before provision/(benefit) for taxes on income* of [removed: $33.7] [added: $7.0] billion, to [removed: $1.1] [added: $8.0] billion in [removed: 2023] [added: 2024] from [removed: $34.7] [added: $1.1] billion in [removed: 2022,] [added: 2023,] was primarily attributable to (i) [removed: lower revenues,] [added: a decrease in *Cost of Sales,*] (ii) higher [removed: intangible asset impairment charges,] [added: revenues] and (iii) [removed: increases] [added: a decrease] in *Restructuring charges and certain acquisition-related [removed: costs*, *Amortization of intangible assets*, and *Selling, informational and administrative expenses,*] [added: costs,*] partially offset by (iv) [removed: a decrease in *Cost of sales* and] [added: higher net interest expense,] (v) net [removed: gains on equity securities] [added: periodic benefit costs associated with pension and other postretirement plans incurred] in [removed: 2023] [added: 2024] versus net [removed: losses] [added: periodic benefit credits in 2023, (vi) lower net gains] on equity securities [added: and (vii) an increase] in [removed: 2022*.*][added: *Amortization of intangible assets.*]

See the *[Analysis of the Consolidated Statements of [removed: Income](#i2a2412fd329d412096454ccea3d9368c_106)*] [added: Operations](#i8531e747ebb543f3bf818166f157d26a_112)*] section within MD&A and *[Note [removed: 4](#i2a2412fd329d412096454ccea3d9368c_181)*.][added: 4](#i8531e747ebb543f3bf818166f157d26a_202)*.]

For information on our tax provision and effective tax rate, see the *[Provision/(Benefit) for Taxes on [removed: Income](#i2a2412fd329d412096454ccea3d9368c_121)*] [added: Income](#i8531e747ebb543f3bf818166f157d26a_127)*] section within MD&A and *[Note [removed: 5](#i2a2412fd329d412096454ccea3d9368c_187)*.][added: 5](#i8531e747ebb543f3bf818166f157d26a_208)*.]

Business––Government Regulation and Price [removed: Constraints](#i2a2412fd329d412096454ccea3d9368c_58)*] [added: Constraints](#i8531e747ebb543f3bf818166f157d26a_58)*] and *[Item 1A.

Risk [removed: Factors](#i2a2412fd329d412096454ccea3d9368c_67)*] [added: Factors](#i8531e747ebb543f3bf818166f157d26a_67)*] sections.

While additional [removed: patent] [added: patent-based or regulatory exclusivity] expiries will continue, we expect a moderate impact of reduced revenues due to patent expiries [added: in 2025 and anticipate a more significant impact of reduced revenues] from [removed: 2024] [added: patent-based or regulatory exclusivity expiries in 2026] through [removed: 2025.][added: 2030 as several of our in-line products experience these expirations.]

Business––Patents and Other Intellectual Property [removed: Rights](#i2a2412fd329d412096454ccea3d9368c_46)*] [added: Rights](#i8531e747ebb543f3bf818166f157d26a_46)*] section.

For a discussion of recent developments with respect to patent [removed: litigation,] [added: litigation involving certain of our products,] see *[Note [removed: 16A1](#i2a2412fd329d412096454ccea3d9368c_244).*][added: 16A1](#i8531e747ebb543f3bf818166f157d26a_268).*]

The price that patients pay in the U.S. for prescribed medicines and vaccines is ultimately set by healthcare providers and [removed: insurers.][added: insurers, including government healthcare programs.]

Governments globally, as well as private third-party payors in the U.S., may use a variety of measures to control costs, including, among others, legislative or regulatory pricing reforms, drug formularies (including tiering and utilization management tools), cross country collaboration and procurement, price cuts, mandatory rebates, health technology assessments, forced localization as a condition of market access, “international reference pricing” (i.e., the practice of a country linking its regulated medicine prices to those of other countries), [removed: QCE] [added: quality consistency evaluation] processes and [removed: VBP.][added: volume-based procurement.]

In the U.S., we expect to see continued focus by [removed: Congress and] the [removed: Biden Administration] [added: U.S. government] on regulating [removed: pricing.][added: drug pricing and access to medicine.]

The drug pricing provisions of the [removed: IRA, which was signed into law in August 2022, began to be] [added: IRA are being] implemented [removed: in 2022 and implementation efforts will continue] over the next several years.

In August 2023, [removed: the Biden Administration unveiled] [added: CMS published] the first ten medicines subject to the [removed: “Medicare Drug Price Negotiation Program,”] [added: MDPNP,] which requires manufacturers of select drugs to engage in a process with the federal government to set new Medicare prices which would go into effect in 2026.

In the first quarter of 2024, we reclassified royalty income (substantially all of which is related to our Biopharma segment) from *Other (income)/deductions––net* and began presenting *Royalty revenues* as a separate line item within *Total revenues* in our consolidated statements of operations.

Prior-period amounts have been recast to conform to the current presentation.

| An increase of 7% compared to 2023 | | | An increase of 46% compared to 2023 | | |

| An increase of over 100% compared to 2023 | | | An increase of 69% compared to 2023 | | |

*1.Improve R&D productivity with sharpened focus*

*2.Expand margins and maximize operational efficiency*

*3.Achieve commercial excellence in our key categories*

*4.Optimize capital allocation.*

One way we believe we will be more efficient, effective and able to execute on these strategic priorities is through technology, including AI.

At the beginning of 2025, we made the following changes within our Biopharma reportable segment that went into effect on January 1, 2025 to support our continued focus on commercial execution and to further strengthen Pfizer’s capabilities and leadership in discovering and developing breakthrough medicines and vaccines:

- combined our global ORD and PRD organizations to form a single Pfizer R&D organization that is responsible for all R&D activities across all therapeutic areas.

In the second quarter of 2024, we announced that we launched a multi-year, multi-phased program to reduce our costs of goods sold (Manufacturing Optimization Program), which is expected to include operational efficiencies, network structure changes, and product portfolio enhancements.

See *[Note 3](#i8531e747ebb543f3bf818166f157d26a_199)*.

See *[Note 2](#i8531e747ebb543f3bf818166f157d26a_181)* for significant recent activities.

*Total Revenues––Total revenues* increased $4.1 billion, or 7%, to $63.6 billion in 2024 from $59.6 billion in 2023, reflecting an operational increase of $4.4 billion, or 7%, partially offset by an unfavorable impact of foreign exchange of $349 million, or approximately 1%.

The operational increase was primarily driven by Paxlovid, the addition of legacy Seagen revenues in full-year 2024 following the acquisition in December 2023, and growth from the Vyndaqel family and Eliquis, partially offset by declines in Comirnaty.

See *[Note 17C](#i8531e747ebb543f3bf818166f157d26a_280).* Excluding contributions from Comirnaty and Paxlovid, *Total revenues* increased 12% operationally.

Certain of our vaccines, including Comirnaty, are subject to seasonality of demand, with a greater portion of revenues anticipated in the fall and winter seasons, and Paxlovid revenues trend with infection rates.

See also *The Global*

In August 2024, the government released the new Medicare price for Eliquis, which, effective January 1, 2026, will be required to be offered to all Medicare beneficiaries and to covered entities participating in the 340B Program that dispense Eliquis to a Medicare beneficiary if that maximum fair price is lower than the discounted price such entities are offered under the 340B Program ceiling price calculation.

The Eliquis Medicare price is factored into our long-term financial planning, in accordance with our standard financial reporting and forecasting protocols.

On January 17, 2025, CMS announced the selection of another 15 drugs from Medicare Part D for the maximum fair price, with prices to be set and effective on January 1, 2027.

Ibrance and Xtandi were included in the list of 15 drugs selected.

Another 15 drugs from Medicare Part B or Medicare Part D will be selected by February 1, 2026, for the maximum price to be set and in effect by January 1, 2028.

It is possible that more of our products could be selected in future years, which could, among other things, lead to lower revenues prior to expiry of intellectual property protections.

The IRA made significant changes to the Medicare Part D benefit design, which will impact Pfizer revenues in 2025, including: an expected favorable impact from the $2,000 annual out-of-pocket cap and new Prescription Payment Plan, more than offset by an expected unfavorable impact from the sunsetting of the Coverage Gap Discount Program and the addition of new manufacturer discounts in the initial and catastrophic coverage phases.

We anticipate a net unfavorable impact to revenue in 2025 of approximately $1 billion, year-over-year, related to the Medicare Part D Redesign changes that take effect in 2025.

We expect these changes will more acutely impact our higher-priced medicines as they are expected to reach catastrophic coverage earlier in the year.

have a material impact on our business.

Supply of medicines has recovered from the impact of the tornado.

In response to requests from various regulatory authorities, manufacturers across the pharmaceutical industry, including Pfizer, are evaluating their product portfolios for the potential presence or formation of nitrosamines and we are actively engaging with regulatory authorities on this topic.

If nitrosamines are detected above certain levels in our products, this may lead to market action for such products.

We do not anticipate the availability of raw materials to have a significant impact on our operations in 2025, but are monitoring potential supply chain disruptions as a result of ongoing geopolitical and trade negotiations, which could, among other things, impact costs.

*Voluntary Withdrawal of Oxbryta––*See the *[Product Developments](#i8531e747ebb543f3bf818166f157d26a_133)* section within MD&A.

In addition, issued or future executive orders or other new or changes in laws, regulations or policy regarding tariffs, could have a material adverse effect on our business, earnings and financial guidance.

The actual impact of the new tariffs on our business is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs imposed by other countries.

We are evaluating opportunities and developing plans which may help mitigate the potential impact of tariffs on our business and operations.

Risk Factors—Global Operations](#i8531e747ebb543f3bf818166f157d26a_67)* and ––*[Changes in Laws and Accounting Standar](#i8531e747ebb543f3bf818166f157d26a_67)[ds](#i8531e747ebb543f3bf818166f157d26a_67)* sections.

Due to the commercial market transition as well as the seasonality of demand for COVID-19 vaccinations, the majority of our global revenues for Comirnaty were recorded in the fourth quarter of 2024.

In 2025, for Comirnaty we expect vaccination rates and market share in commercial markets and revenue phasing similar to 2024, primarily concentrated in the second-half of the year.

| A decrease of 42% compared to 2022 | | | A decrease of 70% compared to 2022 | | |

| A decrease of 93% compared to 2022 | | | A decrease of 72% compared to 2022 | | |

- Achieve world-class oncology leadership

- Deliver next wave of pipeline innovation

- Maximize performance of our new products

- Expand margins by realigning our cost base

- Allocate capital to enhance shareholder value

In December 2023, we completed our acquisition of Seagen.

At the beginning of 2024, we made changes in our commercial organization that went into effect on January 1, 2024 to incorporate Seagen and improve focus, speed and execution.

Specifically, within our Biopharma reportable segment we created:

- the Pfizer Oncology Division, which brings together U.S. oncology commercial operations from both Pfizer and Seagen and is led by the Chief Oncology Officer, Executive Vice President, who also leads Pfizer’s newly combined global oncology R&D operations;

- the Pfizer International Commercial Division, which focuses on the commercialization of Pfizer’s entire product portfolio outside the U.S. and is led by the Chief International Commercial Officer, Executive Vice President.

In the fourth quarter of 2022, we began taking steps through our Transforming to a More Focused Company restructuring program to optimize our end-to-end R&D operations to reduce costs and cycle times as well as to further prioritize our internal R&D portfolio in areas where our capabilities are differentiated while increasing external innovation efforts to leverage an expanding and productive biotech sector.

Beginning in July 2023, in consideration of planned future investments in oncology, including the acquisition of Seagen on December 14, 2023, we reorganized our R&D platform operations.

See *[Note 17A](#i2a2412fd329d412096454ccea3d9368c_247)*.

For a discussion of recent significant business development activities, see *[Note 2](#i2a2412fd329d412096454ccea3d9368c_175)*.

*Total Revenues––Total revenues* decreased $41.8 billion, or 42%, to $58.5 billion in 2023 from $100.3 billion in 2022, reflecting an operational decrease of $40.8 billion, or 41%, as well as an unfavorable impact of foreign exchange of $1.0 billion, or 1%.

The operational decrease was primarily driven by significant declines in revenues from Comirnaty and Paxlovid, including a $3.5 billion non-cash revenue reversal for Paxlovid recorded in the fourth quarter of 2023.

Excluding contributions from Comirnaty and Paxlovid, *Total revenues* increased 7% operationally, reflecting an increase in revenues from Nurtec ODT/Vydura and Oxbryta; revenues from Abrysvo, primarily driven by the launch of the older adult indication in the U.S.; as well as continued growth from the Vyndaqel family and Eliquis; partially offset by a decline in Ibrance.

While royalty income through December 31, 2023 has been recorded in *Other Income/(Deductions)—net*, we will begin reporting such royalty income in *Total revenues* beginning in 2024 and will restate prior periods for consistency with our 2024 presentation.

Additionally, we will no longer record royalties from U.S. sales of Bavencio, as we have irrevocably chosen to donate the right to such royalties to the American Association for Cancer Research.

We anticipate a more significant impact of reduced revenues from patent expiries in 2026 through 2030 as several of our in-line products experience patent-based expirations.

While manufacturing has resumed, the supply of medicines impacted by the tornado is expected to be affected through 2024.

We may record additional losses and/or costs and/or insurance recoveries in future periods, but we are unable to predict them with certainty at this time.

Due to the commercial market transition as well as the anticipated seasonal nature of COVID vaccination, we expect more than 80% of our 2024 global revenues for Comirnaty to be recorded in the second half of the year.

See *[Note 17C](#i2a2412fd329d412096454ccea3d9368c_549755815813)*.

While as of now, we do not anticipate any significant negative impacts on our global operations from this conflict, continued regional instability, geopolitical shifts, potential additional sanctions and other restrictive measures against Russia, neighboring countries or allies of Russia, any retaliatory measures taken by Russia, neighboring countries or allies of Russia, and actions by our customers or suppliers, including financial institutions, in response to such measures could adversely affect the global macroeconomic environment, our operations, currency exchange rates and financial markets, which could in turn adversely impact our business and results of operations.

For the provisional amounts recognized for the Seagen assets acquired and liabilities assumed as of the acquisition date, see *[Note 2A](#i2a2412fd329d412096454ccea3d9368c_175)*.

The estimated values are not yet finalized and are subject to change, which could be significant.

We will finalize the amounts recognized as we obtain the information necessary to complete the analyses.

We expect to finalize the amounts of assets acquired and liabilities assumed as soon as possible but no later than one year from the acquisition date.

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

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

See *[Notes 1Q](#i2a2412fd329d412096454ccea3d9368c_172)*[,](#i2a2412fd329d412096454ccea3d9368c_172) *[](#i2a2412fd329d412096454ccea3d9368c_172)[1S](#i2a2412fd329d412096454ccea3d9368c_172)*, *[5D](#i2a2412fd329d412096454ccea3d9368c_187)* and *[16](#i2a2412fd329d412096454ccea3d9368c_244)*.

| Biopharma | | | | | | $ | 57,186 | | | | | $ | 98,988 | | | | | $ | 79,557 | | | | | $ | 26,698 | | | | | $ | 42,083 | | | | | $ | 29,221 | | | | | $ | 30,488 | | | | | $ | 56,905 | | | | | $ | 50,336 | | | | | (42) | | | | | | 24 | | | | | | (37) | | | | | | 44 | | | | | | (46) | | | | | | 13 | | |

| Business Innovation | | | | | | 1,310 | | | | | | 1,342 | | | | | | 1,731 | | | | | | 390 | | | | | | 390 | | | | | | 524 | | | | | | 920 | | | | | | 952 | | | | | | 1,206 | | | | | | (2) | | | | | | (22) | | | | | | — | | | | | | (26) | | | | | | (3) | | | | | | (21) | | |

| *Total revenues* | | | | | | $ | 58,496 | | | | | $ | 100,330 | | | | | $ | 81,288 | | | | | $ | 27,088 | | | | | $ | 42,473 | | | | | $ | 29,746 | | | | | $ | 31,408 | | | | | $ | 57,857 | | | | | $ | 51,542 | | | | | (42) | | | | | | 23 | | | | | | (36) | | | | | | 43 | | | | | | (46) | | | | | | 12 | | |

2022*

Emerging markets revenues decreased $8.1 billion, or 40%, in 2023 to $12.0 billion from $20.1 billion in 2022, reflecting an operational decrease of $7.4 billion, or 37%, and an unfavorable impact from foreign exchange of 3%.

The operational decrease in emerging markets revenues was primarily driven by declines from Comirnaty and Paxlovid, partially offset by growth from Lorbrena, Zavicefta and Eliquis.

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](#i2a2412fd329d412096454ccea3d9368c_139)*] [added: Risk](#i8531e747ebb543f3bf818166f157d26a_145)*] section within MD&A.

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 49] [added: 48] | | |

][added: Logo.jpg](https://www.sec.gov/Archives/edgar/data/78003/000007800325000054/pfe-20241231_g1.jpg)]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 3 | | |

For a [removed: further] discussion of our strategy and our business development initiatives, see the *[Overview of Our Performance, Operating Environment, Strategy and [removed: Outlook](#i2a2412fd329d412096454ccea3d9368c_97)*] [added: Outlook](#i8531e747ebb543f3bf818166f157d26a_100)*] section within MD&A and *[Note [removed: 2](#i2a2412fd329d412096454ccea3d9368c_175)*.][added: 2](#i8531e747ebb543f3bf818166f157d26a_181)*.]

[removed: In 2023,] Biopharma [removed: was] [added: is] the only reportable segment.

[removed: Specifically,] [added: The commercial structure] within our Biopharma reportable segment [removed: we created] [added: in 2024 was comprised of] the Pfizer Oncology Division, the Pfizer U.S. Commercial Division, and the Pfizer International Commercial Division:

| [removed: Pfizer Oncology Division] | | | [removed: Combines the U.S. Oncology commercial organizations, global Oncology marketing organizations and global and U.S. Oncology medical affairs from both Pfizer and Seagen. Includes innovative] [added: •Innovative] oncology product portfolio of ADCs, small molecules, bispecifics and other immunotherapies that treat a wide range of cancers including certain types of breast cancer, genitourinary cancer and hematologic malignancies, as well as certain types of melanoma, gastrointestinal, gynecological and [removed: thoracic cancers, which includes] lung cancer. [added: •Oncology biosimilars.] | | |

[removed: | Pfizer] [added: - Pfizer] U.S. Commercial [removed: Division | | | Includes] [added: Division included] the U.S. Primary Care and U.S. Specialty Care customer groups, the Chief Marketing Office, the Global Chief Medical Affairs Office and Global Access & Value. [removed: | | |]

| [removed: U.S.] Primary Care includes: | | | | | |

| [removed: U.S.] Specialty Care includes: | | | | | |

| •Rare disease product portfolio of brands for a number of therapeutic areas with rare diseases, including amyloidosis, [removed: hemophilia, endocrine diseases] [added: hemophilia] and [removed: sickle cell disease.] [added: endocrine diseases.] | | | | | |

Select [removed: products within Oncology,] Primary [removed: Care and] [added: Care,] Specialty Care [added: and Oncology products] include:

- Oncology: Ibrance, Xtandi, [added: Padcev, Adcetris,] Inlyta, [removed: Bosulif,] Lorbrena, [added: Bosulif, Tukysa,] Braftovi, Mektovi, [removed: Padcev, Adcetris, Talzenna, Tukysa, Elrexfio and] [added: Orgovyx, Elrexfio,] Tivdak [added: and Talzenna]

◦*Vaccines*: [removed: Comirnaty,] the Prevnar family, [added: Comirnaty,] Abrysvo, FSME/IMMUN-TicoVac, Nimenrix and Trumenba

◦*Inflammation & immunology*: Xeljanz, Enbrel (outside the U.S. and Canada), Inflectra, [added: Abrilada,] Cibinqo, [removed: Litfulo] [added: Litfulo, Eucrisa] and Velsipity

◦*Rare disease*: the Vyndaqel family, Genotropin, BeneFIX, [removed: Oxbryta, Somavert and] [added: Xyntha, Somavert,] Ngenla [added: and Hympavzi]

◦*Hospital*: Sulperazon, Zavicefta, [added: Octagam,] Zithromax, Medrol and Panzyga

For additional information on our operating segments and products, including product revenues, see *[Note [removed: 17](#i2a2412fd329d412096454ccea3d9368c_247),*] [added: 17](#i8531e747ebb543f3bf818166f157d26a_271),*] and for additional information on the key operational revenue drivers of our business, see the *[Analysis of the Consolidated Statements of [removed: Income](#i2a2412fd329d412096454ccea3d9368c_106)*] [added: Operations](#i8531e747ebb543f3bf818166f157d26a_112)*] section within MD&A.

Risk [removed: Factors—Concentration](#i2a2412fd329d412096454ccea3d9368c_67)*] [added: Factors—Concentration](#i8531e747ebb543f3bf818166f157d26a_67)*] section.

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 4 | | |

To that end, our R&D primarily focuses on our main therapeutic areas, which are [removed: inflammation and immunology, internal medicine,] oncology, [removed: rare diseases, vaccines,] [added: internal medicine (including cardiovascular] and [removed: anti-infectives.][added: migraine), vaccines and inflammation and immunology.]

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

For information on certain of these collaborations, alliances and license arrangements and investments, see *[Note [removed: 2](#i2a2412fd329d412096454ccea3d9368c_175)*.][added: 2](#i8531e747ebb543f3bf818166f157d26a_181)*.]

We manage R&D operations on a total-company basis through [removed: our PRD and ORD] [added: the] organizations described above.

[removed: Specifically, the] [added: The] Portfolio Management [removed: Team,] [added: Team (PMT),] currently [removed: led] [added: chaired] by our [removed: Chairman and] Chief [removed: Executive Officer] [added: Strategy] and [removed: composed of other senior executives,] [added: Innovation Officer, Executive Vice President,] is accountable for aligning resources across [removed: PRD and ORD,] [added: R&D,] and for helping to ensure optimal capital allocation across the [removed: innovative] R&D portfolio.

We do not disaggregate total R&D expense by development phase or by therapeutic area since, as described above, we [added: manage our R&D strategy and operations collectively under the governance of the PMT and] do not manage [removed: all of] our R&D [removed: operations] [added: operational spend independently] by development phase or by therapeutic area.

For additional information on our R&D operations, including R&D related costs and expenses, see the *[Costs and [removed: Expenses](#i2a2412fd329d412096454ccea3d9368c_118)*[—](#i2a2412fd329d412096454ccea3d9368c_118)*[Research] [added: Expenses](#i8531e747ebb543f3bf818166f157d26a_124)*[—](#i8531e747ebb543f3bf818166f157d26a_124)*[Research] and Development [removed: Expenses](#i2a2412fd329d412096454ccea3d9368c_118)*] [added: Expenses](#i8531e747ebb543f3bf818166f157d26a_124)*] section within MD&A and *[Note [removed: 17](#i2a2412fd329d412096454ccea3d9368c_247)*.][added: 17](#i8531e747ebb543f3bf818166f157d26a_271)*.]

*Our R&D Pipeline.* The process of [removed: drug] [added: drug, vaccine] and biological product discovery from initiation through development and to potential regulatory approval is lengthy and can take more than ten years.

As of [removed: January 30, 2024,] [added: February 4, 2025,] we had the following number of projects in various stages of R&D:

[removed: ][added: ]

Information concerning several of our [removed: drug and] [added: drug,] vaccine [added: and biological] candidates in development, as well as supplemental filings for existing products, is set forth in the *[Product [removed: Developments](#i2a2412fd329d412096454ccea3d9368c_127)*] [added: Developments](#i8531e747ebb543f3bf818166f157d26a_133)*] section within MD&A.

Risk Factors—Research and [removed: Development](#i2a2412fd329d412096454ccea3d9368c_67)*] [added: Development](#i8531e747ebb543f3bf818166f157d26a_67)*] section.

We also share gross profits equally from commercialization of Comirnaty [removed: and are working jointly with BioNTech in our respective territories to commercialize the vaccine worldwide] (excluding China, Hong Kong, Macau and [removed: Taiwan),] [added: Taiwan, where we do not have rights),] subject to regulatory authorizations or approvals market by market.

For discussion on Comirnaty, see the *[Overview of Our Performance, Operating Environment, Strategy and [removed: Outlook—COVID-19](#i2a2412fd329d412096454ccea3d9368c_97)*] [added: Outlook—COVID-19](#i8531e747ebb543f3bf818166f157d26a_100)*] section within MD&A.

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 5 | | |

[added: In] certain smaller markets we have full commercialization rights and BMS supplies the product to us at cost plus a percentage of the net sales to end-customers.

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

The companies equally share profits and allowable expenses in the U.S. for [removed: Orgovyx, and in the U.S. and Canada for Myfembree.][added: Orgovyx.]

Pfizer does not have rights outside of [removed: these markets.][added: this market.]

In the U.S., [removed: the companies] [added: Pfizer and Astellas] jointly promote, and we record net sales and are responsible for all U.S. distribution activities for Padcev.

The companies each bear the costs of their own sales organizations in the U.S., and equally share certain other costs associated with commercializing and any profits realized [added: for Padcev] in the U.S. [removed: for Padcev.][added: Outside the U.S., we have commercialization rights in all countries in North and South America, and Astellas has commercialization rights in the rest of the world.]

Our 2025 key priorities are:

*1.Improve R&D productivity with sharpened focus*

*2.Expand margins and maximize operational efficiency*

*3.Achieve commercial excellence in our key categories*

*4.Optimize capital allocation.*

We manage our commercial operations through a global structure consisting of three operating segments, each led by a single manager: Biopharma, PC1 and Pfizer Ignite.

Biopharma, our innovative science-based biopharmaceutical business, is engaged in the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide.

PC1 is our contract development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients.

Pfizer Ignite is an offering that provides strategic guidance and end-to-end R&D services to select innovative biotech companies that align with our R&D focus areas.

Our commercial divisions market, sell and distribute our products, and global operating functions are responsible for the research, development, manufacturing and supply of our products.

- Pfizer Oncology Division combined the U.S. Oncology commercial organizations, global Oncology marketing organizations and global and U.S. Oncology medical affairs from both Pfizer and Seagen (which we acquired in December 2023).

- Pfizer International Commercial Division included the ex-U.S. commercial and medical affairs organizations covering Pfizer’s entire product portfolio in all international markets.

As part of our continued focus on commercial execution, at the beginning of 2025, we made changes in our commercial structure, which included the transition of all activities within the Pfizer Oncology Division to other parts of Biopharma, among other changes.

Specifically, within our Biopharma reportable segment, the U.S. Oncology commercial organization and the global Oncology marketing organization, which were part of the former Pfizer Oncology Division, are now part of the Pfizer U.S. Commercial Division.

In 2025, the commercial structure within our Biopharma reportable segment is as follows:

| Pfizer U.S. Commercial Division | | | Includes the U.S. commercial and medical affairs organizations covering Pfizer’s entire product portfolio (excluding Oncology medical affairs which is part of global R&D), as well as the Global Access & Value and Global Chief Marketing Office organizations. | | |

| •Internal medicine product portfolio of brands in cardiovascular metabolic, as well as brands that have experienced patent-based expirations or loss of regulatory exclusivity. | | | | | |

| | | | | | |

| | | | | | |

| | | | Oncology includes: | | |

◦*Internal medicine*: Eliquis, as well as other brands that have experienced patent-based expirations or loss of regulatory exclusivity.

*Our R&D Operations.* In 2024, we continued to enhance our global R&D operations and pursued strategies to improve R&D productivity and advance a sustainable and value-creating pipeline.

Oncology was organized in an end-to-end Oncology R&D (ORD) organization, spanning discovery to late-phase clinical development.

Pfizer Research and Development (PRD) managed the same for our remaining therapeutic areas in addition to certain platform organizations.

Effective January 1, 2025, ORD and PRD were consolidated into a single R&D organization to further strengthen Pfizer’s capabilities and leadership in discovering and developing breakthrough medicines and vaccines.

As part of these changes, we are now evaluating how our simplified structure and sharpened focus might lead to improvements in productivity and potential efficiencies.

We expect any potential savings identified through these efforts to be reinvested in our R&D portfolio.

Separately, in December 2024, the companies terminated their collaboration with respect to the relugolix combination tablet.

Business—Patents and Other Intellectual Property Rights](#i8531e747ebb543f3bf818166f157d26a_46)* section.

For more information, see *[Note](#i8531e747ebb543f3bf818166f157d26a_178) [1G](#i8531e747ebb543f3bf818166f157d26a_178)* *and Note* *[17C](#i8531e747ebb543f3bf818166f157d26a_280)*.

We also seek to gain access for our products on formularies, which are lists of approved medicines available to members of healthcare programs or PBMs in the U.S. Insurers and PBMs who design and negotiate formularies on their behalf use various benefit designs, such as tiered co-pays for formulary products, to drive utilization of products in preferred formulary positions, typically in exchange for a discount off the price of the medicine in the form of a rebate agreement.

meaningful conversations with their doctors.

| Mektovi(10) | | | | | | 2026 (2027 pending PTE)(11) | | | | | | (10) | | | | | | (10) | | |

| Hympavzi | | | | | | 2036 (2038 pending PTE) | | | | | | (16) | | | | | | 2036 | | |

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

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

| Product | | | | | | U.S. Basic Product Patent Expiration Year(1) | | | | | | Major Europe Basic Product Patent Expiration Year(1) | | | | | | Japan Basic Product Patent Expiration Year(1) | | |

| Comirnaty(17) | | | | | | 2041 | | | | | | (18)(19) | | | | | | 2041 | | |

Interim patent term extension requests have been granted extending the expiry from March 2025 to March 2026 and Pfizer has filed an application for patent term extension to 2027.

Those patents have been challenged in litigation.

We also sell products for the detection of certain illnesses and provide end-to-end R&D services to select innovative biotech companies.

In addition, Pfizer’s ESG strategy, which is integrated into our corporate strategy, focuses on six areas where we see opportunities to create a meaningful impact: product innovation; equitable access and pricing; product quality and safety; diversity, equity and inclusion; climate change; and business ethics.

| | | | | | | | | |

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

On December 14, 2023, we completed our acquisition of Seagen, a global biotechnology company that discovers, develops and commercializes transformative cancer medicines.

With the addition of Seagen’s pipeline and its four in-line medicines (Padcev, Adcetris, Tukysa and Tivdak), Pfizer’s oncology portfolio spans multiple modalities, including ADCs, small molecules, bispecifics and other immunotherapies.

In addition to the acquisition of Seagen, our significant recent business development activities in 2023 include, among others, the September 2023 divestiture of our early-stage rare disease gene therapy portfolio to Alexion.

In 2023, we managed our commercial operations through a global structure consisting of two operating segments, each led by a single manager: Biopharma, our innovative science-based biopharmaceutical business, and Business Innovation, an operating segment established in the first quarter of 2023 that includes PC1, our contract development and manufacturing organization and a leading supplier of specialty active pharmaceutical ingredients, and Pfizer Ignite, an offering that provides strategic guidance and end-to-end R&D services to select innovative biotech companies that align with our R&D focus areas.

The commercial structure within Biopharma included three broad customer groups in 2023: Primary Care, Specialty Care and Oncology.

At the beginning of 2024, we made changes in our commercial organization to incorporate Seagen and improve focus, speed and execution.

| •Internal medicine product portfolio of brands in cardiovascular metabolic, bone graft for spinal fusion and women’s health, as well as post-LOE brands. | | | | | |

| •Products for detection of COVID-19 and influenza. | | | | | |

◦*Internal medicine*: Eliquis, the Premarin family and BMP2

◦*Detection of COVID-19 and influenza*: Lucira by Pfizer

*Our R&D Operations.* In 2023, 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.

Our R&D activity is conducted through various platform functions that support our global operations.

Beginning in July 2023, in consideration of planned future investments in oncology, including the December 2023 acquisition of Seagen, we reorganized our R&D platform operations.

Discovery to late-phase clinical development for oncology is performed by a new end-to-end Oncology Research and Development (ORD) organization and discovery to late-phase clinical development for all remaining therapeutic areas is consolidated into the end-to-end Pfizer Research and Development (PRD) organization.

ORD and PRD replace our former WRDM and GPD organizations, where, prior to July 2023, research units within WRDM were generally responsible for research and early-stage development assets and, prior to July 2023, GPD was generally responsible for the clinical development strategy and operational execution of clinical trials for both early- and late-stage clinical assets in Pfizer’s pipeline.

In 2023, Biopharma received R&D services from ORD, PRD and the predecessor WRDM and GPD organizations.

These services included IPR&D projects for new investigational products and additional indications for in-line products.

In

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 premenopausal women.

SMPA remains responsible for regulatory interactions and drug supply and continues to lead clinical development for the relugolix combination tablet.

Outside the U.S., we have commercialization rights in all countries in North and South America, and Astellas has commercialization rights in the rest of the world.


In 2022 and 2023, we principally sold Paxlovid globally to government agencies.

Our

contracts with government and supranational organizations for the sales of Comirnaty and Paxlovid, which are binding contracts, represented a significant amount of revenues in 2022 and 2023.

Sales of Comirnaty and Paxlovid in the U.S. transitioned to commercial channels in the second half of 2023.

For information on our October 2023 amended agreement with the U.S. government regarding Paxlovid, see *[Note 17C](#i2a2412fd329d412096454ccea3d9368c_549755815813)*.

We also seek to gain access for our products on formularies, which are lists of approved medicines available to members of healthcare programs or PBMs.

PBMs use various benefit designs, such as tiered co-pays for formulary products, to drive utilization of products in preferred formulary positions.

| Adcetris(9) | | | | | | 2024(10) | | | | | | (9) | | | | | | (9) | | |

| Mektovi(12) | | | | | | 2031(13) | | | | | | (12) | | | | | | (12) | | |

| Oxbryta | | | | | | 2033 | | | | | | 2037 | | | | | | 2032(11) | | |

| Penbraya | | | | | | 2038 | | | | | | 2038(11) | | | | | | 2038(11) | | |

| *COVID-19 Products* | | | | | | | | | | | | | | | | | | | | |

| Pfizer-BioNTech COVID-19 Vaccine(20) | | | | | | 2041 | | | | | | (21)(23) | | | | | | (22) | | |

| Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5)/ Comirnaty Original/Omicron BA.1 Vaccine(20) | | | | | | (22) | | | | | | (22)(23) | | | | | | (22) | | |

Certain legal proceedings in which we are involved are discussed in *[Note [removed: 16A](#i2a2412fd329d412096454ccea3d9368c_244)*.][added: 16A](#i8531e747ebb543f3bf818166f157d26a_268)*.]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 27] [added: 25] | | |

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: 2024] [added: 2025] Annual Meeting of Shareholders, or until his or her earlier death, resignation or removal.

| Albert [removed: Bourla] [added: Bourla, DVM, Ph.D.] | | | | | | [removed: 62] [added: 63] | | | | | | 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. | | |

| Chris [removed: Boshoff] [added: Boshoff, MD, FRCP, FMedSci, Ph.D.] | | | | | | [removed: 60] [added: 61] | | | | | | Chief [added: Scientific Officer and President, Research & Development, since January 2025. Chief] Oncology Officer, Executive Vice President [removed: since] [added: from] December [removed: 2023.] [added: 2023 until December 2024.] Chief Oncology Research and Development Officer and Executive Vice President from July 2023 until December 2023. Senior Vice President, Oncology, from 2017 until 2023. | | |

| David M. Denton | | | | | | [removed: 58] [added: 59] | | | | | | Chief Financial Officer, Executive Vice President since May 2022. Executive Vice President, Chief Financial Officer, Lowe’s Companies, Inc., from November 2018 until April 2022; Executive Vice President and Chief Financial Officer, CVS Health Corporation (a diversified health solutions company), from January 2010 until November 2018. [added: Served as] Director of [removed: Tapestry, Inc.] [added: Haleon plc] from [removed: 2014] [added: March 2023] to [removed: 2023. Director of Haleon plc.] [added: December 2024.] | | |

| Alexandre de Germay | | | | | | [removed: 56] [added: 57] | | | | | | Chief International Commercial Officer, Executive Vice President since December 2023. Chief Executive Officer, Laboratoires Majorelle (a specialty pharma company based in France dedicated to women’s health and urology) from 2021 until January 2024 (assisting with transition matters after December 15, 2023). From 2020 until 2021 was Senior Vice President; Global Franchise Head of Cardiology, Transplant and Established Products, and from 2016 until 2020 was Head of Mature Markets General Medicines of Sanofi. Regional President of Asia-Pacific of Pfizer Inc. from 2013 until 2016. | | |

| Lidia Fonseca | | | | | | [removed: 55] [added: 56] | | | | | | 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 [removed: Tegna, Inc. from 2014 to 2023. Director of] Medtronic plc. | | |

| [removed: Rady A. Johnson] [added: Douglas M. Lankler] | | | | | | [removed: 62] [added: 59] | | | | | | Chief [removed: Compliance, Quality and Risk] [added: Legal] Officer, Executive Vice President since January [removed: 2019.] [added: 2025. General Counsel,] Executive Vice [removed: President, Chief Compliance and Risk Officer] [added: President] from December 2013 until December [removed: 2018. Senior] [added: 2024. Corporate Secretary from January 2014 until February 2014. Executive] Vice [removed: President] [added: President, Chief Compliance] and [removed: Associate General Counsel] [added: Risk Officer] from [removed: October 2006] [added: February 2011] until December 2013. | | |

| Aamir Malik | | | | | | [removed: 48] [added: 49] | | | | | | Chief U.S. Commercial Officer, Executive Vice President since December 2023. Chief Business Innovation Officer, Executive Vice President from August 2021 until December 2023. 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 | | | | | | [removed: 58] [added: 59] | | | | | | Chief Global Supply [added: and Quality] Officer, Executive Vice President since January [removed: 2022.] [added: 2025. Chief Global Supply Officer, Executive Vice] President [added: from 2022 until December 2024. 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. | | |

| Payal Sahni | | | | | | [removed: 49] [added: 50] | | | | | | Chief People Experience Officer, Executive Vice President since January 2022. Chief Human Resources Officer, Executive Vice President from June 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: 62] [added: 63] | | | | | | 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. [added: Director of UL Solutions Inc.] | | |

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 28] [added: 26] | | |

| Andrew Baum, MA, BM ChB | | | | | | 55 | | | | | | Chief Strategy and Innovation Officer and Executive Vice President since 2024. Prior to joining Pfizer, he was Head of Global Healthcare - Managing Director Equity Research at Citigroup from 2011 until 2024. | | |

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

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

| Mikael Dolsten | | | | | | 65 | | | | | | Chief Scientific Officer, President, Pfizer Research and Development since July 2023. Chief Scientific Officer and President, Worldwide Research, Development and Medical from January 2019 until July 2023. 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. Director of Agilent Technologies, Inc, and Vimian Group AB. | | |

| Douglas M. Lankler | | | | | | 58 | | | | | | 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. | | |

For the fiscal year ended December 31, [removed: 2023][added: 2024]

][added: Logo.jpg](https://www.sec.gov/Archives/edgar/data/78003/000007800325000054/pfe-20241231_g1.jpg)]

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 was approximately [removed: $207] [added: $158] billion.

The number of shares outstanding of the registrant’s common stock as of February [removed: 15, 2024] [added: 20, 2025] was [removed: 5,646,778,425] [added: 5,667,340,414] shares of common stock, all of one class.

| Portions of the Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareholders | | | Part III | | |

| [Defined [removed: Terms](#i2a2412fd329d412096454ccea3d9368c_13)] [added: Terms](#i8531e747ebb543f3bf818166f157d26a_13)] | | | [removed: [i](#i2a2412fd329d412096454ccea3d9368c_13)] [added: [i](#i8531e747ebb543f3bf818166f157d26a_13)] | | |

| [Available [removed: Information](#i2a2412fd329d412096454ccea3d9368c_16)] [added: Information](#i8531e747ebb543f3bf818166f157d26a_16)] | | | [removed: [iii](#i2a2412fd329d412096454ccea3d9368c_16)] [added: [iii](#i8531e747ebb543f3bf818166f157d26a_16)] | | |

| [Forward-Looking Information and Factors that May Affect Future [removed: Results](#i2a2412fd329d412096454ccea3d9368c_19)] [added: Results](#i8531e747ebb543f3bf818166f157d26a_19)] | | | [removed: [1](#i2a2412fd329d412096454ccea3d9368c_19)] [added: [1](#i8531e747ebb543f3bf818166f157d26a_19)] | | |

| [ITEM 1. [removed: BUSINESS](#i2a2412fd329d412096454ccea3d9368c_25)] [added: BUSINESS](#i8531e747ebb543f3bf818166f157d26a_25)] | | | [removed: [3](#i2a2412fd329d412096454ccea3d9368c_28)] [added: [3](#i8531e747ebb543f3bf818166f157d26a_28)] | | |

| [About [removed: Pfizer](#i2a2412fd329d412096454ccea3d9368c_28)] [added: Pfizer](#i8531e747ebb543f3bf818166f157d26a_28)] | | | [removed: [3](#i2a2412fd329d412096454ccea3d9368c_28)] [added: [3](#i8531e747ebb543f3bf818166f157d26a_28)] | | |

| [Commercial [removed: Operations](#i2a2412fd329d412096454ccea3d9368c_31)] [added: Operations](#i8531e747ebb543f3bf818166f157d26a_31)] | | | [removed: [4](#i2a2412fd329d412096454ccea3d9368c_31)] [added: [4](#i8531e747ebb543f3bf818166f157d26a_31)] | | |

| [Research and [removed: Development](#i2a2412fd329d412096454ccea3d9368c_34)] [added: Development](#i8531e747ebb543f3bf818166f157d26a_34)] | | | [removed: [4](#i2a2412fd329d412096454ccea3d9368c_34)] [added: [5](#i8531e747ebb543f3bf818166f157d26a_34)] | | |

| [Collaboration and Co-Promotion [removed: Agreements](#i2a2412fd329d412096454ccea3d9368c_37)] [added: Agreements](#i8531e747ebb543f3bf818166f157d26a_37)] | | | [removed: [5](#i2a2412fd329d412096454ccea3d9368c_37)] [added: [5](#i8531e747ebb543f3bf818166f157d26a_37)] | | |

| [International [removed: Operations](#i2a2412fd329d412096454ccea3d9368c_40)] [added: Operations](#i8531e747ebb543f3bf818166f157d26a_40)] | | | [removed: [6](#i2a2412fd329d412096454ccea3d9368c_40)] [added: [6](#i8531e747ebb543f3bf818166f157d26a_40)] | | |

| [Sales and [removed: Marketing](#i2a2412fd329d412096454ccea3d9368c_43)] [added: Marketing](#i8531e747ebb543f3bf818166f157d26a_43)] | | | [removed: [6](#i2a2412fd329d412096454ccea3d9368c_43)] [added: [6](#i8531e747ebb543f3bf818166f157d26a_43)] | | |

| [Patents and Other Intellectual Property [removed: Rights](#i2a2412fd329d412096454ccea3d9368c_46)] [added: Rights](#i8531e747ebb543f3bf818166f157d26a_46)] | | | [removed: [7](#i2a2412fd329d412096454ccea3d9368c_46)] [added: [7](#i8531e747ebb543f3bf818166f157d26a_46)] | | |

| [Pricing Pressures and Managed Care [removed: Organizations](#i2a2412fd329d412096454ccea3d9368c_52)] [added: Organizations](#i8531e747ebb543f3bf818166f157d26a_52)] | | | [removed: [10](#i2a2412fd329d412096454ccea3d9368c_52)] [added: [9](#i8531e747ebb543f3bf818166f157d26a_52)] | | |

| [Raw [removed: Materials](#i2a2412fd329d412096454ccea3d9368c_55)] [added: Materials](#i8531e747ebb543f3bf818166f157d26a_55)] | | | [removed: [11](#i2a2412fd329d412096454ccea3d9368c_55)] [added: [10](#i8531e747ebb543f3bf818166f157d26a_55)] | | |

| [Government Regulation and Price [removed: Constraints](#i2a2412fd329d412096454ccea3d9368c_58)] [added: Constraints](#i8531e747ebb543f3bf818166f157d26a_58)] | | | [removed: [11](#i2a2412fd329d412096454ccea3d9368c_58)] [added: [10](#i8531e747ebb543f3bf818166f157d26a_58)] | | |

| [Environmental [removed: Matters](#i2a2412fd329d412096454ccea3d9368c_61)] [added: Matters](#i8531e747ebb543f3bf818166f157d26a_61)] | | | [removed: [14](#i2a2412fd329d412096454ccea3d9368c_61)] [added: [13](#i8531e747ebb543f3bf818166f157d26a_61)] | | |

| [Our [removed: People](#i2a2412fd329d412096454ccea3d9368c_64)] [added: People](#i8531e747ebb543f3bf818166f157d26a_64)] | | | [removed: [15](#i2a2412fd329d412096454ccea3d9368c_64)] [added: [14](#i8531e747ebb543f3bf818166f157d26a_64)] | | |

| [ITEM 1A. RISK [removed: FACTORS](#i2a2412fd329d412096454ccea3d9368c_67)] [added: FACTORS](#i8531e747ebb543f3bf818166f157d26a_67)] | | | [removed: [16](#i2a2412fd329d412096454ccea3d9368c_67)] [added: [15](#i8531e747ebb543f3bf818166f157d26a_67)] | | |

| [ITEM [removed: 1C.](#i2a2412fd329d412096454ccea3d9368c_1792) [CYBERSECURITY](#i2a2412fd329d412096454ccea3d9368c_1792)] [added: 1C. CYBERSECURITY](#i8531e747ebb543f3bf818166f157d26a_70)] | | | [removed: [26](#i2a2412fd329d412096454ccea3d9368c_1792)] [added: [24](#i8531e747ebb543f3bf818166f157d26a_70)] | | |

| [ITEM 2. [removed: PROPERTIES](#i2a2412fd329d412096454ccea3d9368c_70)] [added: PROPERTIES](#i8531e747ebb543f3bf818166f157d26a_73)] | | | [removed: [27](#i2a2412fd329d412096454ccea3d9368c_70)] [added: [25](#i8531e747ebb543f3bf818166f157d26a_73)] | | |

| [ITEM 3. LEGAL [removed: PROCEEDINGS](#i2a2412fd329d412096454ccea3d9368c_73)] [added: PROCEEDINGS](#i8531e747ebb543f3bf818166f157d26a_76)] | | | [removed: [27](#i2a2412fd329d412096454ccea3d9368c_73)] [added: [25](#i8531e747ebb543f3bf818166f157d26a_76)] | | |

| [INFORMATION ABOUT OUR EXECUTIVE [removed: OFFICERS](#i2a2412fd329d412096454ccea3d9368c_76)] [added: OFFICERS](#i8531e747ebb543f3bf818166f157d26a_79)] | | | [removed: [28](#i2a2412fd329d412096454ccea3d9368c_76)] [added: [26](#i8531e747ebb543f3bf818166f157d26a_79)] | | |

| [ITEM 5. MARKET FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i2a2412fd329d412096454ccea3d9368c_82)] [added: SECURITIES](#i8531e747ebb543f3bf818166f157d26a_85)] | | | [removed: [29](#i2a2412fd329d412096454ccea3d9368c_82)] [added: [27](#i8531e747ebb543f3bf818166f157d26a_85)] | | |

| [ITEM 6. [removed: \[RESERVED\]](#i2a2412fd329d412096454ccea3d9368c_88)] [added: \[RESERVED\]](#i8531e747ebb543f3bf818166f157d26a_91)] | | | [removed: [29](#i2a2412fd329d412096454ccea3d9368c_88)] [added: [27](#i8531e747ebb543f3bf818166f157d26a_91)] | | |

| [ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i2a2412fd329d412096454ccea3d9368c_91)] [added: OPERATIONS](#i8531e747ebb543f3bf818166f157d26a_94)] | | | [removed: [30](#i2a2412fd329d412096454ccea3d9368c_91)] [added: [28](#i8531e747ebb543f3bf818166f157d26a_94)] | | |

| [ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#i2a2412fd329d412096454ccea3d9368c_145)] [added: RISK](#i8531e747ebb543f3bf818166f157d26a_151)] | | | [removed: [49](#i2a2412fd329d412096454ccea3d9368c_145)] [added: [48](#i8531e747ebb543f3bf818166f157d26a_151)] | | |

| [ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#i2a2412fd329d412096454ccea3d9368c_148)] [added: DATA](#i8531e747ebb543f3bf818166f157d26a_154)] | | | [removed: [50](#i2a2412fd329d412096454ccea3d9368c_148)] [added: [49](#i8531e747ebb543f3bf818166f157d26a_154)] | | |

| [ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#i2a2412fd329d412096454ccea3d9368c_259)] [added: DISCLOSURE](#i8531e747ebb543f3bf818166f157d26a_292)] | | | [removed: [107](#i2a2412fd329d412096454ccea3d9368c_259)] [added: [106](#i8531e747ebb543f3bf818166f157d26a_292)] | | |

| [ITEM 9A. CONTROLS AND [removed: PROCEDURES](#i2a2412fd329d412096454ccea3d9368c_262)] [added: PROCEDURES](#i8531e747ebb543f3bf818166f157d26a_295)] | | | [removed: [107](#i2a2412fd329d412096454ccea3d9368c_262)] [added: [106](#i8531e747ebb543f3bf818166f157d26a_295)] | | |

| [ITEM 9B. OTHER [removed: INFORMATION](#i2a2412fd329d412096454ccea3d9368c_1781)] [added: INFORMATION](#i8531e747ebb543f3bf818166f157d26a_304)] | | | [removed: [110](#i2a2412fd329d412096454ccea3d9368c_1781)] [added: [109](#i8531e747ebb543f3bf818166f157d26a_304)] | | |

| [ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#i2a2412fd329d412096454ccea3d9368c_274)] [added: GOVERNANCE](#i8531e747ebb543f3bf818166f157d26a_310)] | | | [removed: [110](#i2a2412fd329d412096454ccea3d9368c_274)] [added: [109](#i8531e747ebb543f3bf818166f157d26a_310)] | | |

| [ITEM 11. EXECUTIVE [removed: COMPENSATION](#i2a2412fd329d412096454ccea3d9368c_277)] [added: COMPENSATION](#i8531e747ebb543f3bf818166f157d26a_313)] | | | [removed: [110](#i2a2412fd329d412096454ccea3d9368c_277)] [added: [109](#i8531e747ebb543f3bf818166f157d26a_313)] | | |

| [ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#i2a2412fd329d412096454ccea3d9368c_280)] [added: MATTERS](#i8531e747ebb543f3bf818166f157d26a_316)] | | | [removed: [110](#i2a2412fd329d412096454ccea3d9368c_280)] [added: [109](#i8531e747ebb543f3bf818166f157d26a_316)] | | |

| [ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#i2a2412fd329d412096454ccea3d9368c_283)] [added: INDEPENDENCE](#i8531e747ebb543f3bf818166f157d26a_319)] | | | [removed: [110](#i2a2412fd329d412096454ccea3d9368c_283)] [added: [109](#i8531e747ebb543f3bf818166f157d26a_319)] | | |

| [ITEM 14. PRINCIPAL ACCOUNTING FEES AND [removed: SERVICES](#i2a2412fd329d412096454ccea3d9368c_286)] [added: SERVICES](#i8531e747ebb543f3bf818166f157d26a_322)] | | | [removed: [110](#i2a2412fd329d412096454ccea3d9368c_286)] [added: [109](#i8531e747ebb543f3bf818166f157d26a_322)] | | |

| [ITEM 15. EXHIBITS, FINANCIAL STATEMENT [removed: SCHEDULES](#i2a2412fd329d412096454ccea3d9368c_292)] [added: SCHEDULES](#i8531e747ebb543f3bf818166f157d26a_328)] | | | [removed: [110](#i2a2412fd329d412096454ccea3d9368c_292)] [added: [109](#i8531e747ebb543f3bf818166f157d26a_328)] | | |

| [PART I](#i8531e747ebb543f3bf818166f157d26a_22) | | | [3](#i8531e747ebb543f3bf818166f157d26a_25) | | |

| [Competition](#i8531e747ebb543f3bf818166f157d26a_49) | | | [9](#i8531e747ebb543f3bf818166f157d26a_49) | | |

| [PART II](#i8531e747ebb543f3bf818166f157d26a_82) | | | [27](#i8531e747ebb543f3bf818166f157d26a_82) | | |

| [PART III](#i8531e747ebb543f3bf818166f157d26a_307) | | | [109](#i8531e747ebb543f3bf818166f157d26a_307) | | |

| [PART IV](#i8531e747ebb543f3bf818166f157d26a_325) | | | [109](#i8531e747ebb543f3bf818166f157d26a_325) | | |

| [15(a)(1) Financial Statements](#i8531e747ebb543f3bf818166f157d26a_331) | | | [109](#i8531e747ebb543f3bf818166f157d26a_331) | | |

| [15(a)(3) Exhibits](#i8531e747ebb543f3bf818166f157d26a_337) | | | [110](#i8531e747ebb543f3bf818166f157d26a_337) | | |

| [SIGNATURES](#i8531e747ebb543f3bf818166f157d26a_343) | | | [113](#i8531e747ebb543f3bf818166f157d26a_343) | | |

| * | | | Indicates calculation not meaningful or results are greater than 100% | | |

| *340B Program* | | | 340B Drug Pricing Program | | |

| *AI* | | | artificial intelligence | | |

| *CODM* | | | Chief Operating Decision Maker | | |

| *DMD* | | | Duchenne muscular dystrophy | | |

| *mCC* | | | metastatic cervical cancer | | |

| *MDPNP* | | | Medicare Drug Price Negotiation Program | | |

| *MDRP* | | | Medicaid Drug Rebate Program | | |

| *Medicare Part B* | | | a medical insurance plan that helps cover medically necessary services, outpatient care, and preventative services for people with Medicare | | |

| *Medicare Part D* | | | a prescription drug coverage program for people with Medicare | | |

| *Pierre Fabre* | | | Pierre Fabre Medicament SAS | | |

| *SNS* | | | Strategic National Stockpile | | |

| *SMPS* | | | Sumitomo Pharma Switzerland GMBH | | |

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

Our annual Impact Report, which provides disclosures regarding our responsible business practices, is made available on our website.

including, in particular, continued government-mandated reductions in prices and access restrictions for certain products to control costs in those markets;

| [PART I](#i2a2412fd329d412096454ccea3d9368c_22) | | | [3](#i2a2412fd329d412096454ccea3d9368c_25) | | |

| [Competition](#i2a2412fd329d412096454ccea3d9368c_49) | | | [10](#i2a2412fd329d412096454ccea3d9368c_49) | | |

| [PART II](#i2a2412fd329d412096454ccea3d9368c_79) | | | [29](#i2a2412fd329d412096454ccea3d9368c_79) | | |

| [PART III](#i2a2412fd329d412096454ccea3d9368c_271) | | | [110](#i2a2412fd329d412096454ccea3d9368c_271) | | |

| [PART IV](#i2a2412fd329d412096454ccea3d9368c_289) | | | [110](#i2a2412fd329d412096454ccea3d9368c_289) | | |

| [15(a)(1) Financial Statements](#i2a2412fd329d412096454ccea3d9368c_295) | | | [110](#i2a2412fd329d412096454ccea3d9368c_295) | | |

| [15(a)(3) Exhibits](#i2a2412fd329d412096454ccea3d9368c_301) | | | [111](#i2a2412fd329d412096454ccea3d9368c_301) | | |

| [SIGNATURES](#i2a2412fd329d412096454ccea3d9368c_307) | | | [115](#i2a2412fd329d412096454ccea3d9368c_307) | | |

| *Array* | | | Array BioPharma Inc. | | |

| *Beam* | | | Beam Therapeutics Inc. | | |

| *Developed Markets* | | | Includes the following markets: U.S., Developed Europe and Developed Rest of World | | |

| *Developed Rest of World* | | | Includes the following markets: Japan, Canada, South Korea, Australia and New Zealand | | |

| *ESG* | | | Environmental, Social and Governance | | |

| *GPD* | | | Global Product Development organization | | |

| *LIBOR* | | | London Interbank Offered Rate | | |

| *LOE* | | | loss of exclusivity | | |

| *Medivation* | | | Medivation LLC (formerly Medivation, Inc.) | | |

| *Mylan-Japan collaboration* | | | a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan that terminated on December 21, 2020 | | |

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

| *SI&A* | | | selling, informational and administrative | | |

| *SMPA* | | | Sumitomo Pharma America, Inc. | | |

| *Trillium* | | | Trillium Therapeutics ULC (formerly Trillium Therapeutics Inc.) | | |

| *Valneva* | | | Valneva SE | | |

| *WRDM* | | | Worldwide Research, Development and Medical | | |

Our 2023 Impact Report, which provides enhanced ESG disclosures, will be available on our website on or about March 14, 2024.

communicate by e-mail with our Directors; information concerning our Board Committees; Committee Charters; Charter of the Lead Independent Director; and transactions in Pfizer securities by Directors and Officers are available on our website.

interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for our products as a result of highly competitive biopharmaceutical markets;

We incorporate cybersecurity practices into our Enterprise Risk Management (ERM) [removed: approach, which is subject to oversight by our BOD.][added: program.]

Our cybersecurity policies and practices are aligned with [removed: relevant] [added: NIST (National Institute of Standards and Technology)] industry standards.

- *Supplier Ecosystem Management*: We extend our cybersecurity management control expectations to our supply chain ecosystem, as [removed: applicable.][added: appropriate.]

Such plans include the protocol by which [added: certain significant or potentially] material incidents would be communicated to executive management, our BOD, external regulators and [removed: shareholders.][added: shareholders, as appropriate.]

- *Enterprise-Wide Coordination*: We engage [removed: experts] [added: relevant stakeholders] from across the Company to identify emerging risks and respond to cybersecurity threats.

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 26] [added: 24] | | |

The impacts of attacks, abuse and misuse of Pfizer’s systems and information [added: could] include, without limitation, loss of assets, operational disruption and damage to Pfizer’s reputation.

Certain results of such assessments and reviews are reported [added: by the Chief Information Security Officer (CISO)] to [added: certain senior leaders,] the Audit Committee and the BOD, as appropriate, and we make adjustments to our cybersecurity processes and practices as necessary based on the information provided by the third-party assessments and reviews.

The Audit Committee receives [removed: regular] [added: periodic] briefings [removed: on] [added: on, and discusses with our CISO,] cybersecurity risks and risk management practices, including, for example, recent developments in the external cybersecurity threat landscape, evolving standards, vulnerability assessments, third-party and independent reviews, technological trends and considerations arising from our supplier ecosystem.

The Audit Committee may also promptly receive information regarding [removed: any] [added: certain significant or potentially] material cybersecurity [removed: incident] [added: incidents] that may occur, including any ongoing updates regarding the same.

The CISO works in coordination with other members of the management team, including, among others, the Chief Digital Officer, the Chief Financial [removed: Officer, the Chief Compliance and Risk] Officer and the [removed: General Counsel] [added: Chief Legal Officer] and their designees.

We believe our [removed: business leaders] [added: CISO and the information security organization] have the appropriate expertise, background and depth of experience [added: relating] to [added: monitoring the prevention, mitigation, detection and remediation of cybersecurity incidents to] manage risks arising from cybersecurity threats.

[removed: As of] [added: For] the [removed: date of this Form 10-K,] [added: fiscal year ended December 31, 2024,] we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial [removed: condition at this time.][added: condition.]

Risk Factors—Information Technology and [removed: Security](#i2a2412fd329d412096454ccea3d9368c_67)*] [added: Security](#i8531e747ebb543f3bf818166f157d26a_67)*] section in this Form 10-K.

Management is responsible for assessing and managing risk, including through the ERM program, subject to oversight by our BOD.

The Audit Committee periodically discusses our approach to cybersecurity risk management with our Chief Information Security Officer (CISO).

We continue to advance our global workplace strategy to provide workplaces that [removed: enable collaboration] [added: promote our forward-thinking] and [removed: foster innovation.][added: highly inclusive culture.]

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: 284] [added: 251] owned and leased properties [removed: (including properties acquired in the Seagen acquisition),] [added: worldwide,] amounting to approximately [removed: 38] [added: 37] million square feet.

As of December 31, [removed: 2023, of the 284 properties,] [added: 2024,] PGS had responsibility for 37 plants around the world, which manufacture products for our commercial divisions, including in Belgium, Germany, India, Ireland, Italy, Japan, Singapore and the U.S. The leadership team for PGS is primarily located in New York City.

See *[Note [removed: 9](#i2a2412fd329d412096454ccea3d9368c_217)*] [added: 9](#i8531e747ebb543f3bf818166f157d26a_238)*] for amounts invested in land, buildings and equipment.

PGS continuously evaluates it network and capacity to meet Pfizer's ever changing needs and help inform future decisions.

In the U.S., our R&D facilities contain an aggregate of approximately 9 million square feet, with the majority of that area owned by Pfizer.

Outside of the U.S., we lease R&D labs in the U.K., India and Belgium.

The recent Seagen acquisition has increased our real estate portfolio by 14 sites totaling 1 million square feet.

As of February [removed: 15, 2024,] [added: 20, 2025,] there were [removed: 123,387] [added: 113,116] holders of record of our common stock.

The following summarizes purchases of our common stock during the fourth quarter of [removed: 2023(a):][added: 2024:]

| Period | | | Total Number of Shares [removed: Purchased(b)] [added: Purchased(a)] | | | | | | Average Price Paid per [removed: Share(b)] [added: Share(a)] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plan | | | | | | Approximate Value of Shares that May Yet Be Purchased Under the [removed: Plan(a)] [added: Plan(b)] | | |

| [removed: October 2] [added: September 30] through October [removed: 29, 2023] [added: 27, 2024] | | | [removed: 12,222] [added: 33,110] | | | | | | [removed: $] [added: $] | [removed: 32.93] [added: 29.04] | | | | | [removed: —] [added: —] | | | | | | [removed: $] [added: $] | [removed: 3,292,882,444] [added: 3,292,882,444] | |

| [removed: October 30] [added: October 28] through November 30, [removed: 2023] [added: 2024] | | | [removed: 25,825] [added: 34,233] | | | | | | [removed: $] [added: $] | [removed: 29.95] [added: 27.85] | | | | | [removed: —] [added: —] | | | | | | [removed: $] [added: $] | [removed: 3,292,882,444] [added: 3,292,882,444] | |

| [removed: December] [added: December] 1 through December 31, [removed: 2023] [added: 2024] | | | [removed: 14,449] [added: 63,672] | | | | | | [removed: $] [added: $] | [removed: 28.58] [added: 26.21] | | | | | [removed: —] [added: —] | | | | | | [removed: $] [added: $] | [removed: 3,292,882,444] [added: 3,292,882,444] | |

[removed: (b)Represents] [added: (a)Represents] (i) [removed: 49,685] [added: 127,726] 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: 2,811] [added: 3,289] 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: 2018,] [added: 2019,] and reinvestment of all dividends, in each of the Company’s Common Stock, 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, GSK plc, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Novo Nordisk, Roche Holding AG and [removed: Sanofi SA,] [added: Sanofi,] the S&P 500 Index and the NYSE Arca Pharmaceutical Index (DRG index).

[removed: ][added: ]

| | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | |

| Total | | | 131,015 | | | | | | $ | 27.36 | | | | | — | | | | | | | | |

(b)See *[Note 12](#i8531e747ebb543f3bf818166f157d26a_250)*.

| PFIZER | | | | | | $100.0 | | | | | | $103.4 | | | | | | $172.5 | | | | | | $154.5 | | | | | | $90.8 | | | | | | $88.8 | | |

| PEER GROUP | | | | | | $100.0 | | | | | | $105.5 | | | | | | $126.6 | | | | | | $147.5 | | | | | | $170.1 | | | | | | $177.4 | | |

| S&P 500 | | | | | | $100.0 | | | | | | $118.4 | | | | | | $152.3 | | | | | | $124.7 | | | | | | $157.5 | | | | | | $196.8 | | |

| DRG Index | | | | | | $100.0 | | | | | | $108.7 | | | | | | $134.2 | | | | | | $144.5 | | | | | | $155.7 | | | | | | $163.6 | | |

| Total | | | 52,496 | | | | | | $ | 30.26 | | | | | — | | | | | | | | |

(a)See *[Note 12](#i2a2412fd329d412096454ccea3d9368c_229)*.

| PFIZER | | | | | | $100.0 | | | | | | $93.1 | | | | | | $96.3 | | | | | | $160.5 | | | | | | $143.8 | | | | | | $84.5 | | |

| PEER GROUP | | | | | | $100.0 | | | | | | $122.0 | | | | | | $128.7 | | | | | | $154.4 | | | | | | $179.9 | | | | | | $207.8 | | |

| S&P 500 | | | | | | $100.0 | | | | | | $131.5 | | | | | | $155.6 | | | | | | $200.3 | | | | | | $164.0 | | | | | | $207.0 | | |

| DRG Index | | | | | | $100.0 | | | | | | $118.4 | | | | | | $128.7 | | | | | | $158.8 | | | | | | $171.1 | | | | | | $184.3 | | |

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 29] [added: 27] | | |

We have audited the accompanying consolidated balance sheets of Pfizer Inc. and Subsidiary Companies (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of [removed: income,] [added: operations,] comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 22, 2024] [added: 27, 2025] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

As discussed in [Note [removed: 1G](#i2a2412fd329d412096454ccea3d9368c_172)] [added: 1G](#i8531e747ebb543f3bf818166f157d26a_178)] 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 [removed: 5D](#i2a2412fd329d412096454ccea3d9368c_187)] [added: 5D](#i8531e747ebb543f3bf818166f157d26a_208)] and [removed: [1Q](#i2a2412fd329d412096454ccea3d9368c_172),] [added: [1Q](#i8531e747ebb543f3bf818166f157d26a_178),] 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: 2023,] [added: 2024,] the Company has recorded gross unrecognized tax benefits, excluding associated interest, of [removed: $4.8] [added: $4.5] billion.

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 50] [added: 49] | | |

As discussed in [Notes [removed: 1S](#i2a2412fd329d412096454ccea3d9368c_172)] [added: 1S](#i8531e747ebb543f3bf818166f157d26a_178)] and [removed: [16](#i2a2412fd329d412096454ccea3d9368c_244)] [added: [16](#i8531e747ebb543f3bf818166f157d26a_268)] to the consolidated financial statements, the Company is involved in product liability and other product-related litigation, which can include personal injury, [removed: consumer,] [added: consumer fraud,] off-label promotion, securities, antitrust and breach of contract claims, among others.

As discussed in [Note [removed: 2A](#i2a2412fd329d412096454ccea3d9368c_175)] [added: 2A](#i8531e747ebb543f3bf818166f157d26a_181)] to the consolidated financial statements, on December 14, 2023, the Company acquired Seagen Inc. and its subsidiaries (Seagen).

Of that, the Company [removed: provisionally] recorded $7.5 billion of developed technology rights with an estimated weighted-average life of approximately 18 years and [removed: $20.8] [added: $19.9] billion of in-process research and development (IPR&D).

We identified the evaluation of the fair value measurement of [removed: the] [added: Seagen] acquired developed technology rights and IPR&D as a critical audit matter.

A high degree of subjective auditor judgment was required to evaluate certain key assumptions used to estimate the acquisition-date fair value of the acquired developed technology rights and [removed: IPR&D.][added: IPR&D, as well as the fair value for impairment testing purposes.]

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s [removed: acquisition-date] valuation process, including controls related to the development of the key assumptions for certain IPR&D assets and developed technology rights.

We evaluated the reasonableness of the Company’s forecasted revenue growth rates by comparing them to historical [removed: results for] [added: results,] comparable products and peer companies, analyst expectations, [removed: and] industry related third-party [removed: data.][added: data, and the assumptions used in prior periods.]

Further, we evaluated the PTRS rates for certain IPR&D assets by considering the phase of development of the clinical projects and the Company's history of obtaining regulatory approval and comparing them to PTRS rates derived from analyst reports and other industry related third-party [removed: data.][added: data and the assumptions used in prior periods.]

[removed: (1)evaluating] [added: (1) evaluating] the discount rates used by the Company for certain IPR&D and developed technology rights by comparing them against discount rate ranges that were independently developed using publicly available market data for comparable entities

[removed: (2)testing] [added: (2) testing] the source information underlying the determination of the discount rates.

[removed: ][added: ]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 51] [added: 50] | | |

Consolidated Statements of [removed: Income][added: Operations]

| (MILLIONS, EXCEPT PER SHARE DATA) | | | | | | | | | | | | | | | [removed: 2023] | | | [removed: | | | 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Product [removed: revenues(a)] [added: revenues] | | | | | | | | | | | | | | | $ | [removed: 50,914] [added: 53,816] | | | | | $ | [removed: 91,793] [added: 50,914] | | | | | $ | [removed: 73,636] [added: 91,793] | |

| Alliance [removed: revenues(a)] [added: revenues] | | | | | | | | | | | | | | | [removed: 7,582] [added: 8,388] | | | | | | [removed: 8,537] [added: 7,582] | | | | | | [removed: 7,652] [added: 8,537] | | |

| Cost of sales(b), (c) | | | | | | | | | | | | | | | [removed: 24,954] [added: 17,851] | | | | | | [removed: 34,344] [added: 24,954] | | | | | | [removed: 30,821] [added: 34,344] | | |

| Selling, informational and administrative expenses(b) | | | | | | | | | | | | | | | [removed: 14,771] [added: 14,730] | | | | | | [removed: 13,677] [added: 14,771] | | | | | | [removed: 12,703] [added: 13,677] | | |

| Research and development expenses(b) | | | | | | | | | | | | | | | [removed: 10,679] [added: 10,822] | | | | | | [removed: 11,428] [added: 10,679] | | | | | | [removed: 10,360] [added: 11,428] | | |

| Acquired in-process research and development expenses | | | | | | | | | | | | | | | [removed: 194] [added: 108] | | | | | | [removed: 953] [added: 194] | | | | | | [removed: 3,469] [added: 953] | | |

| Amortization of intangible assets | | | | | | | | | | | | | | | [removed: 4,733] [added: 5,286] | | | | | | [removed: 3,609] [added: 4,733] | | | | | | [removed: 3,700] [added: 3,609] | | |

| Restructuring charges and certain acquisition-related costs | | | | | | | | | | | | | | | [removed: 2,943] [added: 2,419] | | | | | | [removed: 1,375] [added: 2,943] | | | | | | [removed: 802] [added: 1,375] | | |

| [removed: Other (income)/deductions––net | | | | | | | | |] [added: *Other income/(deductions)—net*] | | | | | | [removed: (835)] [added: (15)] | | | | | | [removed: 217] [added: 25] | | | | | | [removed: (4,878)] [added: 50] | | |

| Income from continuing operations before provision/(benefit) for taxes on income | | | | | | | | | | | | | | | [removed: 1,058] [added: 8,023] | | | | | | [removed: 34,729] [added: 1,058] | | | | | | [removed: 24,311] [added: 34,729] | | |

| Provision/(benefit) for taxes on income | | | | | | | | | | | | | | | [removed: (1,115)] [added: (28)] | | | | | | [removed: 3,328] [added: (1,115)] | | | | | | [removed: 1,852] [added: 3,328] | | |

| Income from continuing operations | | | | | | | | | | | | | | | [removed: 2,172] [added: 8,051] | | | | | | [removed: 31,401] [added: 2,172] | | | | | | [removed: 22,459] [added: 31,401] | | |

| Discontinued operations––net of tax | | | | | | | | | | | | | | | [removed: (15)] [added: 11] | | | | | | [removed: 6] [added: (15)] | | | | | | [removed: (434)] [added: 6] | | |

| Net income before allocation to noncontrolling interests | | | | | | | | | | | | | | | [removed: 2,158] [added: 8,062] | | | | | | [removed: 31,407] [added: 2,158] | | | | | | [removed: 22,025] [added: 31,407] | | |

| Less: Net income attributable to noncontrolling interests | | | | | | | | | | | | | | | [removed: 39] [added: 31] | | | | | | [removed: 35] [added: 39] | | | | | | [removed: 45] [added: 35] | | |

| Net income attributable to Pfizer Inc. common shareholders | | | | | | | | | | | | | | | $ | [removed: 2,119] [added: 8,031] | | | | | $ | [removed: 31,372] [added: 2,119] | | | | | $ | [removed: 21,979] [added: 31,372] | |

| Income from continuing operations attributable to Pfizer Inc. common shareholders | | | | | | | | | | | | | | | $ | [removed: 0.38] [added: 1.42] | | | | | $ | [removed: 5.59] [added: 0.38] | | | | | $ | [removed: 4.00] [added: 5.59] | |

| Discontinued operations––net of tax | | | | | | | | | | | | | | | — | | | | | | — | | | | | | [removed: (0.08)] [added: —] | | |

| Net income attributable to Pfizer Inc. common shareholders | | | | | | | | | | | | | | | $ | [removed: 0.38] [added: 1.42] | | | | | $ | [removed: 5.59] [added: 0.38] | | | | | $ | [removed: 3.92] [added: 5.59] | |

The preliminary estimates of the fair value of intangible assets were finalized during the measurement period in 2024.

As discussed in [Note 1](#i8531e747ebb543f3bf818166f157d26a_178)[M](#i8531e747ebb543f3bf818166f157d26a_178), the Company performs impairment testing for indefinite-lived intangible assets at least annually and for all other long-lived assets whenever impairment indicators are present.

When necessary, the Company records impairments of long-lived assets for the amount by which the fair value is less than the carrying value of these assets.

| *February 27, 2025* | | |

| Royalty revenues(a) | | | | | | | | | | | | | | | 1,423 | | | | | | 1,058 | | | | | | 845 | | |

| Total revenues | | | | | | | | | | | | | | | 63,627 | | | | | | 59,553 | | | | | | 101,175 | | |

(a)See *[Note 1A](#i8531e747ebb543f3bf818166f157d26a_178)*.

(c)See *[Note](#i8531e747ebb543f3bf818166f157d26a_271)* [](#i8531e747ebb543f3bf818166f157d26a_271)*[17A](#i8531e747ebb543f3bf818166f157d26a_271)*.

See *[Note 7E](#i8531e747ebb543f3bf818166f157d26a_229).*

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,031 | | | | | | | | | | | | 8,031 | | | | | | 31 | | | | | | 8,062 | | |

| Share-based payment transactions | | | | | | | | | | | | | | | | | | 31 | | | | | | 2 | | | | | | 972 | | | | | | (10) | | | | | | (276) | | | | | | (107) | | | | | | | | | | | | 591 | | | | | | | | | | | | 591 | | |

| Balance, December 31, 2024 | | | | | | | | | | | | | | | | | | 9,593 | | | | | | $ | 480 | | | | | $ | 93,603 | | | | | (3,926) | | | | | | $ | (114,763) | | | | | $ | 116,725 | | | | | $ | (7,842) | | | | | $ | 88,203 | | | | | $ | 294 | | | | | $ | 88,497 | |

| Net income before allocation to noncontrolling interests | | | | | | $ | 8,062 | | | | | $ | 2,158 | | | | | $ | 31,407 | |

| Proceeds from partial sales of investment in Haleon(c) | | | | | | 7,040 | | | | | | — | | | | | | — | | |

(a)See *[Note](#i8531e747ebb543f3bf818166f157d26a_271)* [](#i8531e747ebb543f3bf818166f157d26a_271)*[17A](#i8531e747ebb543f3bf818166f157d26a_271)*.

See *[Note 17A](#i8531e747ebb543f3bf818166f157d26a_271)*.

- in the first quarter of 2024, we reclassified royalty income (substantially all of which is related to Biopharma) from *Other (income)/deductions––net* and began presenting *Royalty revenues* as a separate line item within *Total revenues* in our consolidated statements of operations, and reclassified the associated royalty receivables from *Other current assets* to *Trade accounts receivable, less allowance for doubtful accounts* in our consolidated balance sheet; and

- segment reporting and geographic information in connection with the commercial reorganization that went into effect on January 1, 2024 (see *Notes* *[9](#i8531e747ebb543f3bf818166f157d26a_238)* and *[1](#i8531e747ebb543f3bf818166f157d26a_271)[7](#i8531e747ebb543f3bf818166f157d26a_271)*).

On January 1, 2024, we adopted a new accounting standard which clarifies that contractual sale restrictions are not considered in measuring equity securities at fair value.

The new guidance is consistent with our existing policy; therefore, it had no impact on our consolidated financial statements.

In the fourth quarter of 2024, we adopted a new accounting standard which requires the disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, other segment items by reportable segment and a description of its composition.

See *[Note 17A](#i8531e747ebb543f3bf818166f157d26a_271)*.

See *[Note 16D](#i8531e747ebb543f3bf818166f157d26a_268)*.

Any liability

sales returns.

Certain products in our portfolio are subject to seasonality of demand and Paxlovid revenues trend with infection rates.

See *[Note 17C](#i8531e747ebb543f3bf818166f157d26a_280)*.

| (MILLIONS) | | | | | | 2024 | | | | | | 2023 | | |

See *[Note 8A](#i8531e747ebb543f3bf818166f157d26a_235)*.

Long-Lived Assets*

straight-line basis over the estimated useful life of the individual assets.

For our other postretirement benefit plans, the obligation may include assumptions as to the expected cost of

The measurement period adjustments did not have a material impact on our earnings in any period.

The final allocation of the consideration transferred to the assets acquired and the liabilities assumed has been completed.

| (MILLIONS) | | | | | | Amounts Recognized as of Acquisition Date (as previously reported as of December 31, 2023) | | | | | | Measurement Period Adjustments(a) | | | | | | Amounts Recognized as of Acquisition Date (as adjusted) Final | | |

(a)The changes in the estimated fair values are to better reflect market participant assumptions about facts and circumstances existing as of the acquisition date.

The measurement period adjustments did not result from intervening events subsequent to the acquisition date.

(e)As adjusted, included primarily in *Noncurrent deferred tax liabilities.* The measurement period adjustments primarily reflect the tax impact of the pre-tax measurement period adjustments.

| Revenues | | | | | | | | | $ | 132 | |

| Revenues | | | | | | | | | | | | | | | | | | $ | 61,893 | | | | | $ | 103,137 | |

| | | |

| *February 22, 2024* | | |

| Total revenues | | | | | | | | | | | | | | | 58,496 | | | | | | 100,330 | | | | | | 81,288 | | |

(a)See *[Note 1G](#i2a2412fd329d412096454ccea3d9368c_172)*.

(c)See *[Notes 8A](#i2a2412fd329d412096454ccea3d9368c_214)* and *[17A](#i2a2412fd329d412096454ccea3d9368c_247)*.

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

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

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

| Balance, January 1, 2021 | | | | | | | | | | | | | | | | | | 9,407 | | | | | | $ | 470 | | | | | $ | 88,674 | | | | | (3,840) | | | | | | $ | (110,988) | | | | | $ | 90,392 | | | | | $ | (5,310) | | | | | $ | 63,238 | | | | | $ | 235 | | | | | $ | 63,473 | |

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

| Share-based payment transactions | | | | | | | | | | | | | | | | | | 64 | | | | | | 3 | | | | | | 1,917 | | | | | | (11) | | | | | | (373) | | | | | | (77) | | | | | | | | | | | | 1,470 | | | | | | | | | | | | 1,470 | | |

| Net cash provided by/(used in) operating activities from discontinued operations | | | | | | — | | | | | | — | | | | | | (343) | | |

| Net cash provided by/(used in) operating activities | | | | | | 8,700 | | | | | | 29,267 | | | | | | 32,580 | | |

| Net cash provided by/(used in) investing activities from discontinued operations | | | | | | — | | | | | | — | | | | | | (12) | | |

| Net cash provided by/(used in) investing activities | | | | | | (32,278) | | | | | | (15,783) | | | | | | (22,546) | | |

(a)See *[Notes 8A](#i2a2412fd329d412096454ccea3d9368c_214)* and *[1](#i2a2412fd329d412096454ccea3d9368c_247)[7](#i2a2412fd329d412096454ccea3d9368c_247)[A](#i2a2412fd329d412096454ccea3d9368c_247)*.

(b)See *[Note 8A](#i2a2412fd329d412096454ccea3d9368c_214)*.

(c)See *[Note 17](#i2a2412fd329d412096454ccea3d9368c_549755815813)[C](#i2a2412fd329d412096454ccea3d9368c_549755815813)*.

(d)See *[Note 2C](#i2a2412fd329d412096454ccea3d9368c_549755815732).*

Notes to Consolidated Financial Statements

See *[Note 17](#i2a2412fd329d412096454ccea3d9368c_247)*.

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

See *[Note 2](#i2a2412fd329d412096454ccea3d9368c_175).*

On January 1, 2023, we adopted a new accounting standard for supplier finance programs which requires increased disclosures in the notes to our financial statements.

See *[Note 8C](#i2a2412fd329d412096454ccea3d9368c_214).*

In the second quarter of 2023, we adopted new accounting standards on reference rate reform that provide temporary optional expedients and exceptions to the guidance for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate that were discontinued after June 30, 2023.

We applied certain of the optional expedients related to hedge accounting relationships.

The main purpose of the expedients is to allow hedge accounting to continue uninterrupted and make it easier to apply the requirements to maintain hedge accounting during the transition period through December 31, 2024.

The determination of an exit price is considered from the perspective of market participants,

*F.

In the fourth quarter of 2023, we began reporting *Product revenues* and *Alliance revenues* as separate line items in our consolidated statements of income.

impact the estimate of future returns, such as LOE, product recalls or a changing competitive environment.

In the aggregate, these direct product sales and/or Alliance revenues represented 64%, 82% and 75% of our *Total revenues* in 2023, 2022 and 2021, respectively.

on a quarterly basis to determine whether the reserve percentages remain appropriate.

See *[Note 8A](#i2a2412fd329d412096454ccea3d9368c_214)*.

Amortization of Intangible Assets, Depreciation and Certain Long-Lived Assets*

excess amount allocated to goodwill.

The combination of local Pfizer and Seagen entities may be pending in various jurisdictions and integration is subject to completion of various local legal and regulatory steps.

The estimated values are not yet finalized (see below) and are subject to change, which could be significant.

We will finalize the amounts recognized as we obtain the information necessary to complete the analyses.

As of the end of the period covered by this Form 10-K, we carried out an evaluation, under the supervision and with the participation of our [added: management, including our] principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).

[removed: Other than the addition of Seagen’s operations to] [added: During] our [removed: internal control over financial reporting and any related changes in control to integrate Seagen into Pfizer,] [added: most recent fiscal quarter,] there has not been any change in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 107 | | |

We have audited Pfizer Inc. and Subsidiary Companies’ (the Company) internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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 the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of [removed: income,] [added: operations,] comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 22, 2024] [added: 27, 2025] expressed an unqualified opinion on those consolidated financial statements.

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [Management’s Report on Internal Control Over Financial [removed: Reporting](#i2a2412fd329d412096454ccea3d9368c_268).][added: Reporting](#i8531e747ebb543f3bf818166f157d26a_301).]

[removed: ][added: ]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 108 | | |

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on our assessment and those criteria, management believes that the Company maintained effective internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

| ] [added: signature.jpg](https://www.sec.gov/Archives/edgar/data/78003/000007800325000054/pfe-20241231_g10.jpg)] | | | | | | | | |

| ] [added: Denton.jpg](https://www.sec.gov/Archives/edgar/data/78003/000007800325000054/pfe-20241231_g11.jpg)] | | | | | | ] [added: signature.jpg](https://www.sec.gov/Archives/edgar/data/78003/000007800325000054/pfe-20241231_g12.jpg)] | | |

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 109] [added: 106] | | |

| *February 27, 2025* | | |

| *February 27, 2025* | | | | | | | | |

On December 14, 2023, we acquired Seagen.

The scope of management’s assessment of the effectiveness of internal control over financial reporting includes all of the Company’s consolidated operations except for the operations of Seagen Inc. and its subsidiaries (Seagen), which the Company acquired on December 14, 2023.

Seagen’s operations represent 0.2% of the Company’s consolidated revenues for the year ended December 31, 2023, and assets associated with Seagen’s operations represent 22% of the Company’s consolidated total assets, as of December 31, 2023.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Seagen.

| *February 22, 2024* | | |

| *February 22, 2024* | | | | | | | | |

During the three months ended December 31, [removed: 2023,] [added: 2024,] none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Information about the Pfizer Policies on Business Conduct governing our employees, including our Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, [removed: and] the Code of Business Conduct and Ethics for Members of the Board of [removed: Directors,] [added: Directors and our other governance practices and policies, including our Insider Trading Policy,] is incorporated by reference from the discussions under the headings [removed: *Governance Overview*—*Pfizer] [added: *Governance* —*Pfizer] Policies on Business [removed: Conduct* and] [added: Conduct,*] —*Code of Conduct for Directors* [added: and —*Other Governance Practices and Policies*] in our Proxy Statement.

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 *Annual Meeting Information—Submitting Proxy Proposals and Director Nominations for the [removed: 2025] [added: 2026] Annual Meeting* in our Proxy Statement.

The balance of the information required by this item is contained in the discussion entitled *[Information about Our Executive [removed: Officers](#i2a2412fd329d412096454ccea3d9368c_76)*] [added: Officers](#i8531e747ebb543f3bf818166f157d26a_79)*] in this Form 10-K.

Information about the fees for professional services rendered by our independent registered public accounting firm in [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] 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.

Financial Statements and Supplementary [removed: Data](#i2a2412fd329d412096454ccea3d9368c_148)*] [added: Data](#i8531e747ebb543f3bf818166f157d26a_154)*] in this Form 10-K:

- [Report of Independent Registered Public Accounting Firm on the Consolidated Financial [removed: Statements](#i2a2412fd329d412096454ccea3d9368c_151)][added: Statements](#i8531e747ebb543f3bf818166f157d26a_157)]

- [Consolidated Statements of Comprehensive [removed: Income](#i2a2412fd329d412096454ccea3d9368c_157)][added: Income](#i8531e747ebb543f3bf818166f157d26a_163)]

- [Consolidated Balance [removed: Sheets](#i2a2412fd329d412096454ccea3d9368c_160)][added: Sheets](#i8531e747ebb543f3bf818166f157d26a_166)]

- [Consolidated Statements of [removed: Equity](#i2a2412fd329d412096454ccea3d9368c_163)][added: Equity](#i8531e747ebb543f3bf818166f157d26a_169)]

- [Consolidated Statements of Cash [removed: Flows](#i2a2412fd329d412096454ccea3d9368c_166)][added: Flows](#i8531e747ebb543f3bf818166f157d26a_172)]

- [Notes to Consolidated Financial [removed: Statements](#i2a2412fd329d412096454ccea3d9368c_169)][added: Statements](#i8531e747ebb543f3bf818166f157d26a_175)]

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 110 | | |

Exhibit numbers 10.1 through [removed: 10.50] [added: 10.47] are management contracts or compensatory plans or arrangements.

| [removed: [2.1](http://www.sec.gov/Archives/edgar/data/78003/000007800319000015/pfe-exhibit22x12312018x10k.htm)] [added: [2.1](https://www.sec.gov/Archives/edgar/data/78003/000007800319000015/pfe-exhibit22x12312018x10k.htm)] | | | | | | Stock and Asset Purchase Agreement, dated December 19, 2018, by and among us, GlaxoSmithKline plc and GlaxoSmithKline Consumer Healthcare Holdings Limited is incorporated by reference from our 2018 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 Stock and Asset Purchase Agreement.) | | |

| [removed: [2](http://www.sec.gov/ix?doc=/Archives/edgar/data/78003/000119312523068538/d408093d8k.htm)[.](http://www.sec.gov/ix?doc=/Archives/edgar/data/78003/000119312523068538/d408093d8k.htm)[2](http://www.sec.gov/ix?doc=/Archives/edgar/data/78003/000119312523068538/d408093d8k.htm)] [added: [2.2](https://www.sec.gov/Archives/edgar/data/78003/000119312523068538/d408093dex21.htm)] | | | | | | Agreement and Plan of Merger, by and among Pfizer Inc., Aris Merger Sub, Inc. and Seagen Inc., dated as of March 12, 2023 is incorporated by reference from our Current Report on Form 8-K filed on March 13, 2023. | | |

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/78003/000119312520317074/d36307dex32.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/78003/000119312520317074/d36307dex32.htm)] | | | | | | Our Restated Certificate of Incorporation dated December 14, 2020, is incorporated by reference from our Current Report on Form 8-K filed on December 14, 2020. | | |

| [removed: [4.1](http://www.sec.gov/Archives/edgar/data/78003/000091412101000106/0000914121-01-000106-0002.txt)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/78003/000091412101000106/0000914121-01-000106-0002.txt)] | | | | | | Indenture, dated as of January 30, 2001, between us and The Chase Manhattan Bank, is incorporated by reference from our Current Report on Form 8-K filed on January 30, 2001. | | |

| [removed: [4.2](http://www.sec.gov/Archives/edgar/data/78003/000115752309005774/a6022539ex4-1.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/78003/000115752309005774/a6022539ex4-1.htm)] | | | | | | First Supplemental Indenture, dated as of March 24, 2009, between us and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank)), as trustee, to Indenture dated as of January 30, 2001, is incorporated by reference from our Quarterly Report on Form 10-Q for the period ended June 28, 2009. | | |

| [removed: [4.3](http://www.sec.gov/Archives/edgar/data/78003/000007800309000122/ex0603x.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/78003/000007800309000122/ex0603x.htm)] | | | | | | Second Supplemental Indenture, dated as of June 2, 2009, between us and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank)), as trustee, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on June 3, 2009. | | |

| [removed: [4.4](http://www.sec.gov/Archives/edgar/data/78003/000119312513245261/d547019dex42.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/78003/000119312513245261/d547019dex42.htm)] | | | | | | Third Supplemental Indenture, dated as of June 3, 2013, between us and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank)), as trustee, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on June 3, 2013. | | |

| [removed: [4.5](http://www.sec.gov/Archives/edgar/data/78003/000119312514201187/d727538dex42.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/78003/000119312514201187/d727538dex42.htm)] | | | | | | Fourth Supplemental Indenture, dated as of May 15, 2014, between us and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank)), as trustee, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on May 15, 2014. | | |

| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/78003/000119312515338599/d37576dex42.htm)] [added: [4.6](https://www.sec.gov/Archives/edgar/data/78003/000119312515338599/d37576dex42.htm)] | | | | | | Fifth Supplemental Indenture, dated as of October 5, 2015, between us and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank)), as trustee, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on October 6, 2015. | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/78003/000119312516612635/d193755dex43.htm)] [added: [4.7](https://www.sec.gov/Archives/edgar/data/78003/000119312516612635/d193755dex43.htm)] | | | | | | Sixth Supplemental Indenture, dated as of June 3, 2016, between us and The Bank of New York Mellon (formerly The Bank of New York (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank (National Association)))), as trustee, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on June 3, 2016. | | |

| [removed: [4.8](http://www.sec.gov/Archives/edgar/data/78003/000110465916158373/a16-21499_7ex4d2.htm)] [added: [4.8](https://www.sec.gov/Archives/edgar/data/78003/000110465916158373/a16-21499_7ex4d2.htm)] | | | | | | Seventh Supplemental Indenture, dated as of November 21, 2016, between us and The Bank of New York Mellon (formerly The Bank of New York (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank (National Association)))), as trustee, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on November 21, 2016. | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/78003/000119312517087159/d347858dex42.htm)] [added: [4.9](https://www.sec.gov/Archives/edgar/data/78003/000119312517087159/d347858dex42.htm)] | | | | | | Eighth Supplemental Indenture, dated as of March 17, 2017, among us, The Bank of New York Mellon (formerly The Bank of New York (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank (successor to the Chase Manhattan Bank (National Association)))), as trustee, and The Bank of New York Mellon, London Branch, as paying agent, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on March 17, 2017. | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/78003/000119312517071809/d335900dex42.htm)] [added: [4.10](https://www.sec.gov/Archives/edgar/data/78003/000119312517071809/d335900dex42.htm)] | | | | | | Ninth Supplemental Indenture, dated as of March 6, 2017, among us, The Bank of New York Mellon (formerly The Bank of New York (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank (National Association)))), as trustee, and The Bank of New York Mellon, London Branch, as paying agent and calculation agent, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on March 6, 2017. | | |

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/78003/000119312517373738/d476089dex42.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/78003/000119312517373738/d476089dex42.htm)] | | | | | | Tenth Supplemental Indenture, dated as of December 19, 2017, among us, The Bank of New York Mellon (formerly The Bank of New York (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank, formerly The Chase Manhattan Bank (National Association)))), as trustee, and The Bank of New York Mellon, London Branch, as paying agent, to Indenture dated as of January 30, 2001, is incorporated by reference from our Current Report on Form 8-K filed on December 19, 2017. | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/5187/0000950112-95-000091.txt)] [added: [4.12](https://www.sec.gov/Archives/edgar/data/5187/0000950112-95-000091.txt)] | | | | | | Indenture, dated as of April 10, 1992, between Wyeth (formerly American Home Products Corporation) and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A.), as trustee, is incorporated by reference from Wyeth’s Registration Statement on Form S-3, filed on January 18, 1995. | | |

| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/5187/0000950112-95-000091.txt)] [added: [4.13](https://www.sec.gov/Archives/edgar/data/5187/0000950112-95-000091.txt)] | | | | | | Supplemental Indenture, dated as of October 13, 1992, between Wyeth and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A.), as trustee, is incorporated by reference from Wyeth’s Registration Statement on Form S-3, filed on January 18, 1995. | | |

| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/5187/000000518704000048/indent5.txt)] [added: [4.14](https://www.sec.gov/Archives/edgar/data/5187/000000518704000048/indent5.txt)] | | | | | | Fifth Supplemental Indenture, dated as of December 16, 2003, between Wyeth and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A.), as trustee, is incorporated by reference from Wyeth’s 2003 Annual Report on Form 10-K. | | |

| [removed: [4.15](http://www.sec.gov/Archives/edgar/data/5187/000000518705000060/y14795.htm)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/5187/000000518705000060/y14795.htm)] | | | | | | Sixth Supplemental Indenture, dated as of November 14, 2005, between Wyeth and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A.), as trustee, is incorporated by reference from Wyeth’s Current Report on Form 8-K filed on November 15, 2005. | | |

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 111 | | |

| [removed: [4.16](http://www.sec.gov/Archives/edgar/data/5187/000119312507067406/dex41.htm)] [added: [4.16](https://www.sec.gov/Archives/edgar/data/5187/000119312507067406/dex41.htm)] | | | | | | Seventh Supplemental Indenture, dated as of March 27, 2007, between Wyeth and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A.), as trustee, is incorporated by reference from Wyeth’s Current Report on Form 8-K filed on March 28, 2007. | | |

| [removed: [4.17](http://www.sec.gov/Archives/edgar/data/5187/000091412109001203/pf17591951-ex4_1.htm)] [added: [4.17](https://www.sec.gov/Archives/edgar/data/5187/000091412109001203/pf17591951-ex4_1.htm)] | | | | | | Eighth Supplemental Indenture, dated as of October 30, 2009, between Wyeth, us and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, formerly The Chase Manhattan Bank), as trustee, to Indenture dated as of April 10, 1992 (as amended on October 13, 1992), is incorporated by reference from our Current Report on Form 8-K filed on November 3, 2009. | | |

| [removed: [4.18](http://www.sec.gov/Archives/edgar/data/78003/000119312518269276/d618110dex41.htm)] [added: [4.18](https://www.sec.gov/Archives/edgar/data/78003/000119312518269276/d618110dex41.htm)] | | | | | | Indenture, dated as of September 7, 2018, 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 September 7, 2018. | | |

| [removed: [4.19](http://www.sec.gov/Archives/edgar/data/78003/000119312518269276/d618110dex42.htm)] [added: [4.19](https://www.sec.gov/Archives/edgar/data/78003/000119312518269276/d618110dex42.htm)] | | | | | | First Supplemental Indenture, dated as of September 7, 2018, 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 September 7, 2018. | | |

| [removed: [4.20](http://www.sec.gov/Archives/edgar/data/78003/000119312519070967/d720336dex42.htm)] [added: [4.20](https://www.sec.gov/Archives/edgar/data/78003/000119312519070967/d720336dex42.htm)] | | | | | | Second Supplemental Indenture, dated as of March 11, 2019, 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 March 11, 2019. | | |

| [removed: [4.21](http://www.sec.gov/Archives/edgar/data/78003/000093041320000918/c95505_ex4-2.htm)] [added: [4.21](https://www.sec.gov/Archives/edgar/data/78003/000093041320000918/c95505_ex4-2.htm)] | | | | | | Third Supplemental Indenture, dated as of March 27, 2020, 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 March 27, 2020. | | |

| [removed: [4.22](http://www.sec.gov/Archives/edgar/data/78003/000119312520154311/d916063dex42.htm)] [added: [4.22](https://www.sec.gov/Archives/edgar/data/78003/000119312520154311/d916063dex42.htm)] | | | | | | Fourth Supplemental Indenture, dated as of May 28, 2020, 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 May 28, 2020. | | |

| [removed: [4](http://www.sec.gov/Archives/edgar/data/78003/000119312521250347/d340659dex42.htm)[.23](http://www.sec.gov/Archives/edgar/data/78003/000119312521250347/d340659dex42.htm)] [added: [4.23](https://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. | | |

| [removed: [4.24](http://www.sec.gov/Archives/edgar/data/78003/000119312523149364/d414076dex41.htm)] [added: [4.24](https://www.sec.gov/Archives/edgar/data/78003/000119312523149364/d414076dex41.htm)] | | | | | | Indenture, dated as of May 19, 2023, among Pfizer Investment Enterprises Pte. Ltd., Pfizer Inc. and The Bank of New York Mellon, as trustee, is incorporated by reference from our Current Report on Form 8-K filed on May 19, 2023. | | |

| [removed: [4.25](http://www.sec.gov/Archives/edgar/data/78003/000119312523149364/d414076dex42.htm)] [added: [4.25](https://www.sec.gov/Archives/edgar/data/78003/000119312523149364/d414076dex42.htm)] | | | | | | First Supplemental Indenture, dated as of May 19, 2023, among Pfizer Investment Enterprises Pte. Ltd., Pfizer Inc. and The Bank of New York Mellon, as trustee, is incorporated by reference from our Current Report on Form 8-K filed on May 19, 2023. | | |

| [removed: *[4.26](https://www.sec.gov/Archives/edgar/data/78003/000007800324000039/pfe-exh426x12312023x10k.htm)] [added: *[4.26](https://www.sec.gov/Archives/edgar/data/78003/000007800325000054/pfe-exh426x12312024x10k.htm)] | | | | | | Description of Pfizer’s Securities. | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/78003/000093041301500008/c19779-def14a.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/78003/000093041301500008/c19779-def14a.htm)] | | | | | | 2001 Stock and Incentive Plan is incorporated by reference from our Proxy Statement for the 2001 Annual Meeting of Shareholders. | | |

- [Consolidated Statements of Operations](#i8531e747ebb543f3bf818166f157d26a_160)

| [10.45](https://www.sec.gov/ix?doc=/Archives/edgar/data/78003/000007800324000068/pfe-20240313.htm) | | | | | | Pfizer Inc. Amended and Restated 2019 Stock Plan is incorporated by reference from our Proxy Statement for the 2024 Annual Meeting of Shareholders. | | |

| *[19](https://www.sec.gov/Archives/edgar/data/78003/000007800325000054/pfe-exh19x12312024x10k.htm) | | | | | | Corporate Policy 604A: Prohibition on Insider Trading. | | |

- [Consolidated Statements of Income](#i2a2412fd329d412096454ccea3d9368c_154)

| | | | | | | | | |

| [10.36](https://www.sec.gov/Archives/edgar/data/78003/000007800307000213/ex101822.htm) | | | | | | Letter to Frank A. D’Amelio regarding replacement pension benefit dated August 22, 2007 is incorporated by reference from our Current Report on Form 8-K filed on August 22, 2007. | | |

| [10.44](http://www.sec.gov/Archives/edgar/data/78003/000007800309000235/ex1009.htm) | | | | | | Form of Special Award Letter Agreement is incorporated by reference from our Current Report on Form 8-K filed on October 28, 2009. | | |

| [10.46](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. | | |

| [10.47](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. | | |

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | 114 | | |

| Dated: February [removed: 22, 2024] [added: 27, 2025] | | | By: | | | | | | /S/ MARGARET M. MADDEN | | |

| /S/ ALBERT BOURLA Albert Bourla | | | Chairman, Chief Executive Officer and Director (Principal Executive Officer) | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ DAVID M. DENTON David M. Denton | | | Chief Financial Officer, Executive Vice President (Principal Financial Officer) | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ JENNIFER B. DAMICO Jennifer B. Damico | | | Senior Vice President and Controller (Principal Accounting Officer) | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ RONALD E. BLAYLOCK Ronald E. Blaylock | | | Director | | | February [removed: 21, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ SUSAN DESMOND-HELLMANN Susan Desmond-Hellmann | | | Director | | | February [removed: 21, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ JOSEPH J. ECHEVARRIA Joseph J. Echevarria | | | Director | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ SCOTT GOTTLIEB Scott Gottlieb | | | Director | | | February [removed: 21, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ HELEN H. HOBBS Helen H. Hobbs | | | Director | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ SUSAN HOCKFIELD Susan Hockfield | | | Director | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ DAN R. LITTMAN Dan R. Littman | | | Director | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ SHANTANU NARAYEN Shantanu Narayen | | | Director | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ SUZANNE NORA JOHNSON Suzanne Nora Johnson | | | Director | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ JAMES QUINCEY James Quincey | | | Director | | | February [removed: 21, 2024] [added: 27, 2025] | | | | | | | | |

| /S/ JAMES C. SMITH James C. Smith | | | Director | | | February [removed: 20, 2024] [added: 27, 2025] | | | | | | | | |

| Pfizer Inc. | | | [removed: 2023] [added: 2024] Form 10-K | | | [removed: 115] [added: 113] | | |

| /S/ MORTIMER J. BUCKLEY Mortimer J. Buckley | | | Director | | | February 27, 2025 | | | | | | | | |

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

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

| /S/ CYRUS TARAPOREVALA Cyrus Taraporevala | | | Director | | | February 27, 2025 | | | | | | | | |