Pfizer Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Pfizer Inc. filed its Q1 2024 10-Q report, detailing financial performance and balance sheet information.</b>

AI Summary

PFIZER INC (PFE) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Pfizer Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. Key financial data points and segment information are detailed within the report. The report includes balance sheet information as of March 31, 2024, and December 31, 2023. Comparative data for the first quarter of 2023 is also presented.

Why It Matters

For investors and stakeholders tracking PFIZER INC, this filing contains several important signals. This 10-Q provides investors with the latest financial performance data for Pfizer, crucial for assessing the company's current health and future prospects. The detailed segment and comparative data allow for analysis of revenue trends, profitability, and operational efficiency over distinct periods.

Risk Assessment

Risk Level: low — PFIZER INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and cost structures for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Year End Date (Balance Sheet Comparison)
• 2023-04-02 — Prior Year Period End Date (Comparative Period)

Key Players & Entities

• PFIZER INC (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-08 (date) — Filed as of date
• 0000078003 (company) — Central Index Key
• 2834 (industry) — Standard Industrial Classification
• DE (state) — State of Incorporation
• 1231 (fiscal_year) — Fiscal Year End
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Pfizer Inc. operates within the pharmaceutical preparations industry, focusing on the research, development, manufacturing, and marketing of medicines and vaccines.

Regulatory Implications

As a publicly traded company, Pfizer Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze revenue and net income trends from the Q1 2024 filing compared to Q1 2023.
2. Examine the balance sheet for changes in assets, liabilities, and equity between December 31, 2023, and March 31, 2024.
3. Review any disclosed segment information to understand performance drivers across different business units.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's quarterly report and the most recent annual report.

Key Financial Figures

• $0.05 — ange on which registered Common Stock, $0.05 par value PFE New York Stock Exchange

Filing Documents

• pfe-20240331.htm (10-Q) — 2268KB
• pfe-exh311x3312024x10q.htm (EX-31.1) — 9KB
• pfe-exh312x3312024x10q.htm (EX-31.2) — 9KB
• pfe-exh321x3312024x10q.htm (EX-32.1) — 4KB
• pfe-exh322x3312024x10q.htm (EX-32.2) — 4KB
• 0000078003-24-000107.txt (&nbsp;) — 13106KB
• pfe-20240331.xsd (EX-101.SCH) — 90KB
• pfe-20240331_cal.xml (EX-101.CAL) — 167KB
• pfe-20240331_def.xml (EX-101.DEF) — 465KB
• pfe-20240331_lab.xml (EX-101.LAB) — 950KB
• pfe-20240331_pre.xml (EX-101.PRE) — 698KB
• pfe-20240331_htm.xml (XML) — 2521KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Income 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 10 Item 2. Management' s Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities N/A Item 4. Mine Safety Disclosures N/A Item 5. Other Information 54 Item 6 . Exhibits 55 Signature 55 N/A = Not Applicable 2 DEFINED TERMS Unless the context requires otherwise, references to "Pfizer," "the Company," "we," "us" or "our" in this Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. Pfizer's fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three months ended February 25, 2024 and February 26, 2023, and for U.S. subsidiaries is as of and for the three months ended March 31, 2024 and April 2, 2023. References to "Notes" in this Form 10-Q are to the Notes to the Condensed or Consolidated Financial Statements in this Form 10-Q or in our 2023 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below: 2023 Form 10-K Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ALK anaplastic lymphoma kinase Alliance revenues Revenues from alliance agreements under which we co-promote products discovered or developed by other companies or us Astellas Astellas Pharma Inc., Astellas US LLC and Astellas Pharma US, Inc. ATTR-CM transthyretin amyloid cardiomyopathy Biohaven Biohaven Pharmaceutical Holding Company Limited BioNTech BioNTech SE Biopharma Global Biopharmaceuticals Business BMS Bristol-Myers Squibb Company BOD Board of Directors CDC U.S. Centers for Disease Control and Prevention Comirnaty* Unless otherwise noted, refers to, as applicable, and as authorized or approved, the Pfizer-BioNTech COVID-19 Vaccine; Comirnaty (COVID-19 Vaccine, mRNA) original monovalent formula; the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original and Omicron BA.4/BA.5); the Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula); Comirnaty (COVID-19 Vaccine, mRNA) 2023-2024 Formula; Comirnat

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PFIZER INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended (MILLIONS, EXCEPT PER SHARE DATA) March 31, 2024 April 2, 2023 Revenues: Product revenues (a) $ 12,443 $ 16,221 Alliance revenues (a) 2,172 2,060 Royalty revenues (a) 263 204 Total revenues 14,879 18,486 Costs and expenses: Cost of sales (b) 3,379 4,886 Selling, informational and administrative expenses (b) 3,495 3,418 Research and development expenses (b) 2,493 2,505 Acquired in-process research and development expenses — 21 Amortization of intangible assets 1,308 1,103 Restructuring charges and certain acquisition-related costs 102 9 Other (income)/deductions––net 680 275 Income from continuing operations before provision/(benefit) for taxes on income 3,421 6,270 Provision/(benefit) for taxes on income 293 715 Income from continuing operations 3,128 5,555 Discontinued operations––net of tax ( 5 ) 1 Net income before allocation to noncontrolling interests 3,123 5,556 Less: Net income attributable to noncontrolling interests 8 13 Net income attributable to Pfizer Inc. common shareholders $ 3,115 $ 5,543 Earnings per common share––basic : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.55 $ 0.98 Discontinued operations––net of tax — — Net income attributable to Pfizer Inc. common shareholders $ 0.55 $ 0.98 Earnings per common share––diluted : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.55 $ 0.97 Discontinued operations––net of tax — — Net income attributable to Pfizer Inc. common shareholders $ 0.55 $ 0.97 Weighted-average shares––basic 5,657 5,634 Weighted-average shares––diluted 5,697 5,727 (a) See Note 1A . (b) Exclusive of amortization of intangible assets. See Accompanying Notes. 5 PFIZER INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (U

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