PFIZER INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Six Months Ended (MILLIONS, EXCEPT PER SHARE DATA) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Revenues: Product revenues $ 11,863 $ 11,954 $ 23,578 $ 23,248 Alliance revenues 2,697 2,273 5,036 4,386 Royalty revenues 474 426 870 734 Total revenues 15,034 14,653 29,484 28,367 Costs and expenses: Cost of sales(a) 4,092 3,778 7,640 6,624 Selling, informational and administrative expenses(a) 3,411 3,415 6,372 6,446 Research and development expenses(a) 2,809 2,482 5,299 4,685 Acquired in-process research and development expenses 16 2 153 11 Amortization of intangible assets 1,185 1,211 2,368 2,421 Restructuring charges and certain acquisition-related costs 457 (18) 557 660 Other (income)/deductions––net 3,716 739 4,577 1,692 Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) (653) 3,044 2,517 5,828 Provision/(benefit) for taxes on income/(loss) (407) 141 54 (48) Income/(loss) from continuing operations (246) 2,903 2,463 5,876 Discontinued operations––net of tax 8 25 (5) 25 Net income/(loss) before allocation to noncontrolling interests (237) 2,928 2,458 5,901 Less: Net income attributable to noncontrolling interests 10 18 19 24 Net income/(loss) attributable to Pfizer Inc. common shareholders $ (248) $ 2,910 $ 2,440 $ 5,877 Earnings/(loss) per common share––basic: Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders $ (0.04) $ 0.51 $ 0.43 $ 1.03 Discontinued operations––net of tax — — — — Net income/(loss) attributable to Pfizer Inc. common shareholders $ (0.04) $ 0.51 $ 0.43 $ 1.03 Earnings/(loss) per common share––diluted: Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders $ (0.04) $ 0.51 $ 0.43 $ 1.03 Discontinued operations––net of tax — — — — Net income/(loss) attributable to Pfizer Inc. common shareholders $ (0.04) $ 0.51 $ 0.43 $ 1.03 Weighted-average shares––basic 5,699 5,685 5,695 5,680 Weighted-average shares––diluted 5,699 5,706 5,733 5,708 (a) Exclusive of amortization of intangible assets. See Accompanying Notes. 5 PFIZER INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Net income/(loss) before allocation to noncontrolling interests $ (237) $ 2,928 $ 2,458 $ 5,901 Foreign currency translation adjustments, net (41) 127 882 (430) Unrealized holding gains/(losses) on derivative financial instruments, net 121 (273) 85 (395) Reclassification adjustments for (gains)/losses included in net income/(loss)(a) (11) (106) (2) (419) 110 (379) 83 (814) Unrealized holding gains/(losses) on available-for-sale securities, net (57) 166 (19) 135 Reclassification adjustments for (gains)/losses included in net income/(loss)(b) 22 (83) 43 72 (36) 82 24 207 Reclassification adjustments related to amortization of prior service costs and other, net (6) (24) (13) (55) Reclassification adjustments related to curtailments of prior service costs and other, net — (11) (4) (44) (6) (35) (18) (99) Other comprehensive income/(loss), before tax 27 (204) 970 (1,136) Tax provision/(benefit) on other comprehensive income/(loss) 53 (347) 134 (538) Other comprehensive income/(loss) before allocation to noncontrolling interests $ (26) $ 143 $ 837 $ (598) Comprehensive income/(loss) before allocation to noncontrolling interests $ (264) $ 3,071 $ 3,295 $ 5,303 Less: Comprehensive income/(loss) attributable to noncontrolling interests (1) 18 4 22 Comprehensive income/(loss) attributable to Pfizer Inc. $ (263) $ 3,053 $ 3,291 $ 5,282 (a)Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E. (b)Reclassified into Other (income)/deductions—net. See Accompanying Notes. 6 PFIZER INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS (MILLIONS) June 28, 2026 December 31, 2025 (Unaudited) Assets Cash and cash equivalents $ 976 $ 1,142 Short-term investments 10,723 12,454 Trade accounts receivable, net of allowance for doubtful accounts: 2026—$423; 2025—$427 12,490 11,874 Inventories 9,945 10,654 Current tax assets 3,702 3,967 Other current assets 3,522 2,808 Total current assets 41,358 42,898 Long-term investments 1,559 1,621 Property, plant and equipment, net of accumulated depreciation: 2026—$18,104; 2025—$17,386 19,029 19,317 Identifiable intangible assets, net 47,053 53,731 Goodwill 71,419 71,264 Noncurrent deferred tax assets and other noncurrent tax assets 10,774 9,699 Other noncurrent assets 9,939 9,631 Total assets $ 201,131 $ 208,160 Liabilities and Equity Short-term borrowings, including current portion of long-term debt: 2026—$2,605; 2025—$2,997 $ 2,699 $ 3,154 Trade accounts payable 4,581 5,240 Dividends payable 2,451 2,445 Income taxes payable 653 3,103 Accrued compensation and related items 2,554 3,610 Other current liabilities 19,709 19,432 Total current liabilities 32,646 36,984 Long-term debt 60,495 61,641 Pension and postretirement benefit obligations 1,937 2,041 Noncurrent deferred tax liabilities 1,964 2,401 Other taxes payable 3,816 3,591 Other noncurrent liabilities 14,780 14,725 Total liabilities 115,639 121,385 Commitments and Contingencies Common stock 482 481 Additional paid-in capital 95,033 94,469 Treasury stock (115,194) (115,015) Retained earnings 112,087 114,610 Accumulated other comprehensive loss (7,218) (8,069) Total Pfizer Inc. shareholders’ equity 85,190 86,476 Equity attributable to noncontrolling interests 302 299 Total equity 85,492 86,775 Total liabilities and equity $ 201,131 $ 208,160 See Accompanying Notes. 7 PFIZER INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) PFIZER INC. SHAREHOLDERS Common Stock Treasury Stock (MILLIONS, EXCEPT PER SHARE DATA) Shares Par Value Add’l Paid-In Capital Shares Cost Retained Earnings Accum. Other Comp. Loss Share- holders’ Equity Non-controlling interests Total Equity Balance, March 29, 2026 9,641 $ 482 $ 94,773 (3,942) $ (115,190) $ 117,238 $ (7,203) $ 90,101 $ 303 $ 90,404 Net income/(loss) (248) (248) 10 (237) Other comprehensive income/(loss), net of tax (15) (15) (11) (26) Cash dividends declared, per share: $0.86 Common stock (4,902) (4,902) (4,902) Share-based payment transactions — — 259 — (4) (1) 254 254 Other — (1) — — — — Balance, June 28, 2026 9,641 $ 482 $ 95,033 (3,942) $ (115,194) $ 112,087 $ (7,218) $ 85,190 $ 302 $ 85,492 PFIZER INC. SHAREHOLDERS Common Stock Treasury Stock (MILLIONS, EXCEPT PER SHARE DATA) Shares Par Value Add’l Paid-In Capital Shares Cost Retained Earnings Accum. Other Comp. Loss Share- holders’ Equity Non-controlling interests Total Equity Balance, March 30, 2025 9,620 $ 481 $ 93,856 (3,935) $ (115,008) $ 119,590 $ (8,581) $ 90,338 $ 299 $ 90,637 Net income/(loss) 2,910 2,910 18 2,928 Other comprehensive income/(loss), net of tax 143 143 — 143 Cash dividends declared, per share: $0.86 Common stock (4,890) (4,890) (4,890) Share-based payment transactions — — 197 — (2) (1) 195 195 Other — — — (1) (1) — (1) Balance, June 29, 2025 9,620 $ 481 $ 94,053 (3,935) $ (115,010) $ 117,609 $ (8,438) $ 88,695 $ 317 $ 89,012 PFIZER INC. SHAREHOLDERS Common Stock Treasury Stock (MILLIONS, EXCEPT PER SHARE DATA) Shares Par Value Add’l Paid-In Capital Shares Cost Retained Earnings Accum. Other Comp. Loss Share- holders’ Equity Non-controlling interests Total Equity Balance, January 1, 2026 9,621 $ 481 $ 94,469 (3,935) $ (115,015) $ 114,610 $ (8,069) $ 86,476 $ 299 $ 86,775 Net income/(loss) 2,440 2,440 19 2,458 Other comprehensive income/(loss), net of tax 852 852 (15) 837 Cash dividends declared, per share: $0.86 Common stock (4,902) (4,902) (4,902) Share-based payment transactions 20 1 564 (7) (179) (61) 324 324 Other — — — — — — — Balance, June 28, 2026 9,641 $ 482 $ 95,033 (3,942) $ (115,194) $ 112,087 $ (7,218) $ 85,190 $ 302 $ 85,492 PFIZER INC. SHAREHOLDERS Common Stock Treasury Stock (MILLIONS, EXCEPT PER SHARE DATA) Shares Par Value Add’l Paid-In Capital Shares Cost Retained Earnings Accum. Other Comp. Loss Share- holders’ Equity Non-controlling interests Total Equity Balance, January 1, 2025 9,593 $ 480 $ 93,603 (3,926) $ (114,763) $ 116,725 $ (7,842) $ 88,203 $ 294 $ 88,497 Net income/(loss) 5,877 5,877 24 5,901 Other comprehensive income/(loss), net of tax (596) (596) (3) (598) Cash dividends declared, per share: $0.86 Common stock (4,890) (4,890) (4,890) Share-based payment transactions 28 1 450 (9) (246) (104) 101 101 Other — — — — — 2 2 Balance, June 29, 2025 9,620 $ 481 $ 94,053 (3,935) $ (115,010) $ 117,609 $ (8,438) $ 88,695 $ 317 $ 89,012 See Accompanying Notes. 8 PFIZER INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 Operating Activities Net income before allocation to noncontrolling interests $ 2,458 $ 5,901 Discontinued operations—net of tax (5) 25 Net income from continuing operations before allocation to noncontrolling interests 2,463 5,876 Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities: Depreciation and amortization 3,235 3,243 Asset write-offs and impairments 4,425 498 Deferred taxes (1,332) (935) Share-based compensation expense 521 373 Benefit plan contributions in excess of expense/income (285) (334) Net gain from the sale of investment in ViiV (1,870) — Other adjustments, net (159) (61) Other changes in assets and liabilities, net of acquisitions and divestitures (3,548) (6,908) Net cash provided by/(used in) operating activities 3,450 1,753 Investing Activities Purchases of property, plant and equipment (969) (1,182) Purchases of short-term investments (5,113) (6,085) Proceeds from redemptions/sales of short-term investments 6,614 10,500 Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less 386 (2,668) Purchases of long-term investments (95) (86) Proceeds from redemptions/sales of long-term investments 172 145 Proceeds from the sale of investment in ViiV 1,875 — Proceeds from sales of investment in Haleon — 6,311 Other investing activities, net 21 288 Net cash provided by/(used in) investing activities 2,891 7,225 Financing Activities Payments on short-term borrowings — (2,199) Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less (63) (903) Proceeds from issuance of long-term debt — 3,687 Payments on long-term debt (1,250) (3,750) Cash dividends paid (4,896) (4,882) Other financing activities, net (311) (377) Net cash provided by/(used in) financing activities (6,519) (8,423) Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents 15 34 Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents (164) 588 Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 1,197 1,107 Cash and cash equivalents and restricted cash and cash equivalents, at end of period $ 1,034 $ 1,694 Supplemental Cash Flow Information Cash paid during the period for: Income taxes $ 3,539 $ 3,493 Interest paid 1,541 1,483 Interest rate hedges 4 29 See Accompanying Notes. 9 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1. Basis of Presentation and Significant Accounting Policies A. Basis of Presentation We prepared these condensed consolidated financial statements in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2025 Form 10-K. As permitted under the SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted. These financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods presented. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2025 Form 10-K. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six months ended May 24, 2026 and May 25, 2025, and for U.S. subsidiaries is as of and for the three and six months ended June 28, 2026 and June 29, 2025. We manage our commercial operations through two operating segments, each led by a single manager: Biopharma and PC1. Biopharma is the only reportable segment. See Note 13A. B. Revenues and Trade Accounts Receivable Deductions from Revenues––Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows: (MILLIONS) June 28, 2026 December 31, 2025 Reserve against Trade accounts receivable, net of allowance for doubtful accounts $ 1,741 $ 1,803 Other current liabilities: Accrued rebates 9,293 7,909 Other accruals 763 750 Other noncurrent liabilities 332 1,204 Total accrued rebates and other sales-related accruals $ 12,128 $ 11,666 Trade Accounts Receivable––Trade accounts receivable are stated at their net realizable value. The allowance for credit losses reflects our best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. In developing the estimate for expected credit losses, trade accounts receivables are segmented into pools of assets depending on market, delinquency status, and customer type (high risk versus low risk and government versus non-government), and reserve percentages are established for each pool of trade accounts receivables. In determining the reserve percentages for each pool of trade accounts receivables, we considered our historical experience with certain customers and customer types, regulatory and legal environments, country and political risk, and other relevant current and future forecasted macroeconomic factors. When management becomes aware of certain customer-specific factors that impact credit risk, specific allowances for these known troubled accounts are recorded. During the three and six months ended June 28, 2026 and June 29, 2025, additions to the allowance for credit losses, write-offs and recoveries of customer receivables were not material to our condensed consolidated financial statements. For additional information on our trade accounts receivable, see Note 1G in our 2025 Form 10-K. Note 2. Acquisition, In-Licensing Arrangement, Sale of Investment and Research and Development Arrangement A. Acquisition Metsera––On November 13, 2025, we acquired Metsera, a clinical-stage biopharmaceutical company accelerating the next generation of medicines for obesity and cardiometabolic diseases, for $65.60 per share in cash plus a contingent value right (CVR) of up to $20.65 per share in potential additional payments (up to $2.3 billion) tied to the achievement of three specified milestones: $4.60 per share following the Phase 3 clinical trial start of Metsera’s injectable GLP-1 receptor antagonist MET-097i+amylin analog MET-233i combination, $6.40 per share following FDA approval of Metsera’s monthly MET-097i monotherapy and $9.65 per share following FDA approval of Metsera’s monthly MET-097i+MET-233i combination. The total 10 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) fair value of the consideration transferred was $8.0 billion ($7.8 billion net of cash acquired), which includes the fair value of $632 million for the CVRs and $475 million for employee stock awards related to pre-acquisition service. In connection with this business combination, we provisionally recorded: (i) $7.9 billion of identifiable intangible assets, net, consisting of IPR&D, (ii) $2.1 billion of Goodwill, (iii) $1.6 billion of net deferred tax liabilities, and (iv) $643 million of contingent consideration liability assumed from Metsera. Goodwill, which resulted primarily from the recognition of deferred tax liabilities, is related to our Biopharma segment and is not deductible for tax purposes. The contingent consideration liability was recorded at fair value and relates to Metsera’s 2023 acquisition of Zihipp Ltd (Zihipp). As a part of that transaction, the former Zihipp shareholders are entitled to future potential development, regulatory and commercialization milestone payments, along with low-single digit royalties on net product sales on the MET-097i and MET-233i product candidates. The allocation of the consideration transferred to the assets acquired and liabilities assumed has not yet been finalized. B. In-Licensing Arrangement In-Licensing Arrangement with Sciwind Biosciences––In February 2026, Pfizer and Sciwind Biosciences announced a strategic commercialization collaboration in which Pfizer obtained exclusive commercialization rights for Sciwind Biosciences’ glucagon-like peptide 1 (GLP-1) receptor agonist ecnoglutide in Mainland China. Sciwind Biosciences remains the Marketing Authorization Holder and is responsible for R&D, registration, manufacturing and supply of the product. Sciwind Biosciences is eligible to receive an aggregate of up to $495 million in upfront, regulatory and sales milestone payments. C. Sale of Investment Sale of Investment in ViiV––On March 31, 2026, which fell in our second fiscal quarter of 2026, Pfizer completed the exit of its 11.7% investment in ViiV. We received $1.875 billion in cash proceeds. See Note 4 and Note 2C in our 2025 Form 10-K. Dividend income from our investment in ViiV, recorded in Other (income)/deductions—net, was $98 million and $73 million for the three months ended June 28, 2026 and June 29, 2025, respectively, and $180 million and $111 million for the six months ended June 28, 2026 and June 29, 2025, respectively (see Note 4). D. Research and Development Arrangement Research and Development Funding Arrangement with Abingworth—In June 2026, we entered into an arrangement with Abingworth under which we will receive up to a total of $300 million in 2026 through 2029 to co-fund our quarterly development costs for a specified treatment. As there is a substantive transfer of risk to the financial partner, the development funding is recognized by us as an obligation to perform contractual services. We are recognizing the funding as a reduction of Research and development expenses using an attribution model over the period of the related expenses. The reduction to Research and development expenses for the second quarter of 2026 was $26 million. If successful, upon regulatory approval in the U.S. for the indication based on the applicable clinical trial, Abingworth will be eligible to receive an approval-based milestone payment of up to $180 million, contingent upon the successful results of the clinical trial and payable over a period of approximately eighteen months. Following potential regulatory approval, Abingworth will be eligible to receive sales-based milestone payments of up to $420 million in total, based on the achievement of certain levels of cumulative applicable net sales and payable over a period of approximately three years, as well as royalties based on mid-single digit percentage of the applicable net sales, subject to an annual cap. The net present value of the approval-based milestone payments and sales-based milestone payments, when earned, would be recorded as intangible assets and amortized to Amortization of intangible assets over the shorter of the term of the agreement or the estimated commercial life of the product. Accretion of interest on the liabilities to pay Abingworth will be recognized as interest expense in Other (income)/deductions—net. Royalties on net sales will be recorded as Cost of sales when the related product sales occur. Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives A. Realigning Our Cost Base Program In the fourth quarter of 2023, we announced that we launched a multi-year, enterprise-wide cost realignment program that aims to realign our costs with our longer-term revenue expectations. In the second quarter of 2025, we identified additional productivity opportunities to further reduce costs primarily in SI&A, driven in large part by enhanced digital enablement, including automation and AI, and simplification of business processes. We expect costs associated with these components of the program to be incurred through 2027 and to total approximately $4.7 billion, representing primarily cash expenditures for severance, implementation, exit, and digital enablement costs, as well as non-cash asset write downs of which $3.4 billion is associated with our Biopharma segment. In the third quarter of 2026, we identified additional productivity enhancements from technology and simplification efforts across our commercial, R&D and enabling functions designed to further reduce costs in SI&A. We expect one-time costs to achieve the additional savings to be incurred through 2029 and to total approximately $2.0 billion, primarily representing cash 11 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) expenditures for digital enablement, implementation and severance of which $800 million is associated with our Biopharma segment. Additionally, in connection with our efforts to simplify the structure and sharpen the focus of our R&D organization, in the first quarter of 2025, we expanded this program after having identified additional opportunities to drive improvements in productivity and operational efficiencies through enhanced digital enablement, including automation and AI, and simplification of business processes. We expect costs to implement these initiatives to be incurred through 2026 and to total approximately $600 million, primarily representing cash expenditures for severance, digital enablement and implementation, all of which is associated with our Biopharma segment. The majority of these costs were recorded in 2025, with cash outlays expected primarily through 2026. We expect costs associated with all the components of this program to total approximately $7.3 billion of which $4.8 billion is associated with the Biopharma segment. From the start of this program through June 28, 2026, we incurred total costs of $4.9 billion, of which $3.8 billion is associated with our Biopharma segment (including $3.3 billion of restructuring charges). B. Manufacturing Optimization Program In the second quarter of 2024, we announced that we launched a multi-year, multi-phased program to reduce our costs of goods sold, which includes operational efficiencies, network structure changes, and product portfolio enhancements. The first phase of this program is primarily focused on operational efficiencies, and we expect costs for this first phase to total approximately $1.4 billion, primarily representing cash expenditures for severance and implementation costs, all of which is associated with our Biopharma segment. In the third quarter of 2026, we announced the next phase of the program, with a focus on network structure changes, product portfolio enhancements and additional operational efficiencies. The one-time costs to achieve the savings associated with this phase of the program are expected to be approximately $4.0 billion, substantially all associated with our Biopharma segment, with approximately 60% of non-cash expenditures for accelerated depreciation and asset write-downs and 40% of cash expenditures for severance, implementation and exit costs. The costs to achieve these savings are expected to be incurred through 2029. We expect costs associated with both phases of this program to total approximately $5.4 billion, substantially all of which is associated with the Biopharma segment. From the start of this program through June 28, 2026, we incurred total costs of $1.1 billion, substantially all of which relates to our Biopharma segment (including $824 million of restructuring charges). The costs were recorded primarily through 2025, with cash outlays expected primarily through 2029. 12 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) C. Key Activities The following summarizes costs and credits for acquisitions and cost-reduction/productivity initiatives: Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Restructuring charges/(credits): Employee terminations $ 354 $ (148) $ 369 $ 236 Asset impairments 54 44 82 217 Exit costs 10 30 17 94 Restructuring charges/(credits)(a) 419 (74) 468 547 Integration costs and other(b) 38 56 89 113 Restructuring charges and certain acquisition-related costs 457 (18) 557 660 Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net (5) (9) (2) (68) Inventory write-offs––recorded in Cost of sales 46 — 46 — Additional depreciation––asset restructuring recorded in Cost of sales(c) 10 4 14 7 Implementation costs recorded in our condensed consolidated statements of operations as follows(d): Cost of sales 25 26 40 46 Selling, informational and administrative expenses 56 14 91 20 Research and development expenses 63 39 102 62 Total implementation costs 144 78 233 128 Total costs associated with acquisitions and cost-reduction/productivity initiatives $ 653 $ 54 $ 848 $ 727 (a)Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) charges of $390 million for the three months ended June 28, 2026 (including charges of $417 million for our Realigning our Cost Base Program and credits of $29 million for our Manufacturing Optimization Program), (ii) charges of $421 million for the six months ended June 28, 2026 (including charges of $464 million for our Realigning our Cost Base Program and credits of $52 million for our Manufacturing Optimization Program), (iii) credits of $406 million for the three months ended June 29, 2025 (including credits of $408 million for our Manufacturing Optimization Program and $25 million for our Realigning our Cost Base Program) and (iv) charges of $211 million for the six months ended June 29, 2025 (including charges of $562 million for our Realigning our Cost Base Program and credits of $412 million for our Manufacturing Optimization Program). For 2025, Employee terminations included revisions of estimates of previously recorded accruals for severance benefits, driven in large part by higher-than-expected voluntary attrition. (b)Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs. (c)Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions. (d)Represents incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives. The following summarizes the components and changes in restructuring accruals: (MILLIONS) Employee Termination Costs Asset Impairment Charges Exit Costs Accrual Balance, December 31, 2025(a) $ 1,783 $ — $ 127 $ 1,910 Provision 369 82 17 468 Utilization and other(b) (577) (82) (36) (695) Balance, June 28, 2026(c) $ 1,575 $ — $ 107 $ 1,682 (a)Included in Other current liabilities ($1.4 billion) and Other noncurrent liabilities ($466 million). (b)Other activity includes adjustments for foreign currency translation that are not material to our condensed consolidated financial statements. (c)Included in Other current liabilities ($972 million) and Other noncurrent liabilities ($710 million). 13 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 4. Other (Income)/Deductions—Net Components of Other (income)/deductions––net include: Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Interest income $ (113) $ (156) $ (228) $ (299) Interest expense 667 654 1,336 1,308 Net interest expense 554 498 1,108 1,009 Net (gains)/losses recognized during the period on equity securities 37 (75) 46 295 Net periodic benefit costs/(credits) other than service costs (83) (101) (155) (260) Certain legal matters, net(a) 842 422 1,033 564 Certain asset impairments(b) 4,325 93 4,325 317 Net gain from the sale of investment in ViiV(c) (1,870) — (1,870) — Changes in fair value of contingent consideration liabilities(d) 255 34 550 42 Other, net(e) (344) (131) (460) (275) Other (income)/deductions––net $ 3,716 $ 739 $ 4,577 $ 1,692 (a)The amounts for the second quarter and first six months of 2026 and 2025 primarily include certain product liability and other legal expenses. (b)The amounts for the second quarter and first six months of 2026 represent intangible asset impairment charges associated with our Biopharma segment, composed of: (i) $3.8 billion in impairments of IPR&D assets, associated with a Phase 3 study for sigvotatug vedotin for the second line treatment of metastatic non-squamous NSCLC, reflecting unfavorable clinical trial results, and (ii) $525 million for Oxbryta (voxelotor) developed technology rights, after engaging with the FDA in July 2026 to discuss their assessment of data and analyses, and it was determined there was no viable pathway to return Oxbryta to the market in the U.S. The amount for the first six months of 2025 primarily included an intangible asset impairment charge associated with our Biopharma segment of $210 million for a Phase 2 indefinite-lived out-licensed asset that was discontinued by our out-licensing partner. (c)See Note 2C. (d)See Notes 1D and 16D in our 2025 Form 10-K and Note 7A. (e)The amounts for the second quarter and first six months of 2026 include, among other things, dividend income of $98 million and $180 million, respectively, from our previous investment in ViiV. The amounts for the second quarter and first six months of 2025 included, among other things, dividend income of $73 million and $111 million, respectively, from our previous investment in ViiV. Additional information about the intangible assets that were impaired during 2026 follows: Six Months Ended Fair Value(a) June 28, 2026 (MILLIONS) Amount Level 1 Level 2 Level 3 Impairment IPR&D(b) $ 5,600 $ — $ — $ 5,600 $ 3,800 Developed technology rights(b) — — — — 525 Total $ 5,600 $ — $ — $ 5,600 $ 4,325 (a)The fair value amount reflects the remaining fair value for the asset that has been impaired as of the date of impairment, as this asset is not measured at fair value on a recurring basis. See Note 1E in our 2025 Form 10-K. (b)Reflects intangible assets written down to fair value in 2026. Fair value was determined using the income approach, specifically the multi-period excess earnings method, also known as the discounted cash flow method. We started with a forecast of all the expected net cash flows for the asset and then applied an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows, which includes the expected impact of competitive, legal and/or regulatory factors on the product; and assumptions about the probability of technical and regulatory success (PTRS) of ongoing clinical trials, the discount rate, which seeks to reflect the various risks inherent in the projected cash flows; and the tax rate, which seeks to incorporate the geographic diversity of the projected cash flows. For additional information on identifiable intangible assets, see Note 9. Note 5. Tax Matters A. Taxes on Income/(Loss) from Continuing Operations Our effective tax rate for continuing operations was 62.4% for the second quarter of 2026, compared to 4.6% for the second quarter of 2025, and was 2.1% for the first six months of 2026, compared to (0.8)% for the first six months of 2025. The higher effective tax rate for the second quarter of 2026, compared to the second quarter of 2025, reflects a tax benefit on the pre-tax loss resulting from changes in the jurisdictional mix of earnings, primarily due to intangible asset impairments. The higher effective tax rate for the first six months of 2026, compared to the first six months of 2025, was primarily due to changes in the jurisdictional mix of earnings as well as the non-recurrence of favorable global income tax resolutions. 14 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) We elected, with the filing of our 2018 U.S. Federal Consolidated Income Tax Return, to pay our initial estimated $15 billion repatriation tax liability on accumulated post-1986 foreign earnings (Transition Tax liability) over eight years through 2026. The eighth and final annual installment was paid by its April 15, 2026 due date. See Note 5A in our 2025 Form 10-K for information on our income taxes paid (net of refunds received). B. Tax Contingencies We are subject to income tax in many jurisdictions, and a certain degree of estimation is required in recording the assets and liabilities related to income taxes. All of our tax positions are subject to audit by the local taxing authorities in each tax jurisdiction. These tax audits can involve complex issues, interpretations and judgments and the resolution of matters may span multiple years, particularly if subject to negotiation or litigation. The U.S. is one of our major tax jurisdictions, and we are regularly audited by the IRS. Tax years 2019-2022 are under audit by the IRS; tax years 2023-2026 are open but not under audit, and all other tax years are closed. We also have open audit years and certain related audits, appeals and investigations in certain major international tax jurisdictions dating back to 2016. See Note 5D in our 2025 Form 10-K. C. Tax Provision/(Benefit) on Other Comprehensive Income/(Loss) Components of Tax provision/(benefit) on other comprehensive income/(loss) include: Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Foreign currency translation adjustments, net(a) $ 37 $ (269) $ 112 $ (372) Unrealized holding gains/(losses) on derivative financial instruments, net 21 (48) 16 (82) Reclassification adjustments for (gains)/losses included in net income/(loss) 1 (32) 7 (87) 22 (80) 23 (169) Unrealized holding gains/(losses) on available-for-sale securities, net (7) 21 (2) 17 Reclassification adjustments for (gains)/losses included in net income/(loss) 3 (10) 5 9 (4) 10 3 26 Reclassification adjustments related to amortization of prior service costs and other, net (2) (6) (3) (13) Reclassification adjustments related to curtailments of prior service costs and other, net — (1) (1) (10) (2) (7) (5) (23) Tax provision/(benefit) on other comprehensive income/(loss) $ 53 $ (347) $ 134 $ (538) (a)Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that are expected to be held indefinitely. Note 6. Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests The following summarizes the changes, net of tax, in Accumulated other comprehensive loss: Net Unrealized Gains/(Losses) Benefit Plans (MILLIONS) Foreign Currency Translation Adjustments(a) Derivative Financial Instruments Available-For-Sale Securities Prior Service (Costs)/Credits and Other Accumulated Other Comprehensive Income/(Loss) Balance, January 1, 2026 $ (7,796) $ (321) $ (28) $ 75 $ (8,069) Other comprehensive income/(loss)(b) 785 60 20 (13) 852 Balance, June 28, 2026 $ (7,011) $ (261) $ (7) $ 62 $ (7,218) (a)Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests. (b)Foreign currency translation adjustments include net gains/(losses) related to the impact of our net investment hedging program. 15 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 7. Financial Instruments A. Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy: June 28, 2026 December 31, 2025 (MILLIONS) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets: Short-term investments Equity securities with readily determinable fair value(a) $ 1,630 $ — $ 1,630 $ — $ 2,596 $ — $ 2,596 $ — Available-for-sale debt securities: Government and agency—non-U.S. 3,989 — 3,989 — 4,859 — 4,859 — Government and agency—U.S. 1,909 — 1,909 — 3,030 — 3,030 — Corporate and other 1,384 — 1,384 — 1,294 — 1,294 — 7,281 — 7,281 — 9,183 — 9,183 — Total short-term investments 8,911 — 8,911 — 11,779 — 11,779 — Other current assets Derivative assets: Interest rate contracts 5 — 5 — — — — — Foreign exchange contracts 466 — 466 — 416 — 416 — Total other current assets 471 — 471 — 416 — 416 — Long-term investments Equity securities with readily determinable fair values(b) 551 551 — — 642 642 — — Available-for-sale debt securities: Government and agency—non-U.S. — — — — 1 — 1 — Corporate and other — — — — — — — — — — — — 1 — 1 — Total long-term investments 551 551 — — 642 642 1 — Other noncurrent assets Derivative assets: Interest rate contracts 21 — 21 — 52 — 52 — Foreign exchange contracts 164 — 164 — 64 — 64 — Total derivative assets 185 — 185 — 116 — 116 — Insurance contracts(c) 1,073 — 1,073 — 999 — 999 — Total other noncurrent assets 1,258 — 1,258 — 1,115 — 1,115 — Total assets $ 11,191 $ 551 $ 10,640 $ — $ 13,953 $ 642 $ 13,311 $ — Financial liabilities: Other current liabilities Derivative liabilities: Interest rate contracts $ 9 $ — $ 9 $ — $ 16 $ — $ 16 $ — Foreign exchange contracts 225 — 225 — 412 — 412 — Contingent consideration liabilities(d) 96 — — 96 95 — — 95 Total other current liabilities 330 — 234 96 523 — 428 95 Other noncurrent liabilities Derivative liabilities: Interest rate contracts 277 — 277 — 215 — 215 — Foreign exchange contracts 770 — 770 — 815 — 815 — Contingent consideration liabilities(d) 2,163 — — 2,163 1,695 — — 1,695 Total other noncurrent liabilities 3,211 — 1,048 2,163 2,725 — 1,030 1,695 Total liabilities $ 3,541 $ — $ 1,281 $ 2,259 $ 3,248 $ — $ 1,458 $ 1,790 (a)Includes money market funds primarily invested in U.S. Treasury and government debt. (b)Long-term equity securities of $120 million as of June 28, 2026 and $146 million as of December 31, 2025 were held in restricted trusts for U.S. non-qualified employee benefit plans. (c)Includes life insurance policies held in restricted trusts for U.S. non-qualified employee benefit plans. The underlying invested assets in these contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions—net (see Note 4). (d)Includes the fair value of contingent consideration associated with the acquisition of Metsera and certain prior business combinations. Fair value is estimated by using a probability-weighted discounted cash flow approach (see Notes 1D and 16D in our 2025 Form 10-K and Note 2A for additional information on contingent consideration liabilities). 16 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following provides the changes in our contingent consideration liabilities valued using significant unobservable inputs: Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 Fair value, beginning $ 1,790 $ 517 Changes in estimated fair value(a) 550 42 Additions — — Settlements and other (81) (51) Transfer into/(out of) Level 3 — — Fair value, ending $ 2,259 $ 508 (a)Reported in Other (income)/deductions––net. See Note 4. The amount in the first six months of 2026 is primarily related to our acquisition of Metsera. Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis––The carrying value of Long-term debt, excluding the current portion, was $60 billion as of June 28, 2026 and $62 billion as of December 31, 2025. The estimated fair value of such debt, using a market approach and Level 2 inputs, was $58 billion as of June 28, 2026 and $60 billion as of December 31, 2025. The differences between the estimated fair values and carrying values of held-to-maturity debt securities, private equity securities, long-term receivables and short-term borrowings not measured at fair value on a recurring basis were not significant as of June 28, 2026 and December 31, 2025. The fair value measurements of our held-to-maturity debt securities and short-term borrowings are based on Level 2 inputs. The fair value measurements of our long-term receivables and private equity securities are based on Level 3 inputs. B. Investments Total Short-Term and Long-Term Investments The following summarizes our investments by classification type: (MILLIONS) June 28, 2026 December 31, 2025 Short-term investments Equity securities with readily determinable fair values $ 1,630 $ 2,596 Available-for-sale debt securities 7,281 9,183 Held-to-maturity debt securities 1,811 675 Total Short-term investments $ 10,723 $ 12,454 Long-term investments Equity securities with readily determinable fair values(a) $ 551 $ 642 Available-for-sale debt securities — 1 Held-to-maturity debt securities 49 48 Private equity securities at cost(a) 718 696 Equity-method investments 241 235 Total Long-term investments $ 1,559 $ 1,621 (a)Represent investments in the life sciences sector. Debt Securities Our investment portfolio consists of investment-grade debt securities issued across diverse governments, corporate and financial institutions: June 28, 2026 December 31, 2025 Gross Unrealized Maturities (in Years) Gross Unrealized (MILLIONS) Amortized Cost Gains Losses Fair Value Within 1 Over 1 to 5 Over 5 Amortized Cost Gains Losses Fair Value Available-for-sale debt securities Government and agency––non-U.S. $ 3,997 $ 4 $ (12) $ 3,989 $ 3,989 $ — $ — $ 4,890 $ 3 $ (34) $ 4,859 Government and agency––U.S. 1,909 — — 1,909 1,909 — — 3,030 — — 3,030 Corporate and other 1,383 1 — 1,384 1,384 — — 1,295 — (1) 1,294 Held-to-maturity debt securities Corporate, time deposits and other 865 — — 865 817 9 39 487 — — 487 Government and agency––non-U.S. 996 — — 996 994 — 1 236 — — 236 Total debt securities $ 9,150 $ 5 $ (13) $ 9,142 $ 9,093 $ 9 $ 40 $ 9,938 $ 3 $ (35) $ 9,906 17 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Any expected credit losses to these portfolios would be immaterial to our financial statements. Equity Securities The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date: Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Net (gains)/losses recognized during the period on equity securities(a) $ 37 $ (75) $ 46 $ 295 Less: Net (gains)/losses recognized during the period on equity securities sold during the period (16) (10) (22) (934) Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date $ 53 $ (65) $ 68 $ 1,230 (a)Reported in Other (income)/deductions––net. See Note 4. Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of June 28, 2026, there were cumulative impairments and downward adjustments of $469 million and upward adjustments of $225 million. Impairments, downward and upward adjustments were not material to our operations in the second quarters and first six months of 2026 and 2025. C. Short-Term Borrowings Short-term borrowings include: (MILLIONS) June 28, 2026 December 31, 2025 Current portion of long-term debt, principal amount $ 2,607 $ 3,000 Other short-term borrowings, principal amount(a) 94 157 Total short-term borrowings, principal amount 2,701 3,157 Net unamortized discounts, premiums and debt issuance costs (2) (3) Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted $ 2,699 $ 3,154 (a)Primarily includes cash collateral. See Note 7F. D. Long-Term Debt The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt: (MILLIONS) June 28, 2026 December 31, 2025 Total long-term debt, principal amount $ 60,265 $ 61,293 Net fair value adjustments related to hedging and purchase accounting 695 834 Net unamortized discounts, premiums and debt issuance costs (465) (486) Total long-term debt, carried at historical proceeds, as adjusted $ 60,495 $ 61,641 E. Derivative Financial Instruments and Hedging Activities Foreign Exchange Risk––A significant portion of our revenues, earnings and net investments in foreign affiliates is exposed to changes in foreign exchange rates. Where foreign exchange risk is not offset by other exposures, we manage our foreign exchange risk principally through the use of derivative financial instruments and foreign currency debt. These financial instruments serve to mitigate the impact on net income as a result of remeasurement into another currency, or against the impact of translation into U.S. dollars of certain foreign exchange-denominated transactions. The derivative financial instruments primarily hedge or offset exposures in the euro, U.K. pound, Chinese renminbi, Japanese yen, Canadian dollar, and Swedish krona, and include a portion of our forecasted foreign exchange-denominated intercompany inventory sales hedged up to two years. We may also seek to protect against possible declines in the net investments of our foreign business entities. Interest Rate Risk––Our interest-bearing investments and borrowings are subject to interest rate risk. Depending on market conditions, we may change the profile of our outstanding debt or investments by entering into derivative financial instruments 18 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) like interest rate swaps, either to hedge or offset the exposure to changes in the fair value of hedged items with fixed interest rates, or to convert variable rate debt or investments to fixed rates. The derivative financial instruments primarily hedge U.S. dollar fixed-rate debt. The following summarizes the fair value of the derivative financial instruments and notional amounts: June 28, 2026 December 31, 2025 Fair Value Fair Value (MILLIONS) Notional Asset Liability Notional Asset Liability Derivatives designated as hedging instruments: Foreign exchange contracts(a) $ 24,077 $ 488 $ 845 $ 22,984 $ 325 $ 1,066 Interest rate contracts 9,245 26 286 6,750 52 230 515 1,132 377 1,296 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 15,709 142 150 $ 22,777 155 162 Total $ 656 $ 1,281 $ 532 $ 1,458 (a)The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.9 billion as of June 28, 2026 and $5.0 billion as of December 31, 2025. The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures: Gains/(Losses) Recognized in OID(a) Gains/(Losses) Recognized in OCI(a) Gains/(Losses)Reclassified fromOCI into OID and COS(a) Three Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Derivative Financial Instruments in Cash Flow Hedge Relationships: Interest rate contracts $ — $ — $ — $ — $ — $ (1) Foreign exchange contracts(b) — — 109 (289) (1) 92 Amount excluded from effectiveness testing and amortized into earnings(c) — — 12 17 12 16 Derivative Financial Instruments in Fair Value Hedge Relationships: Interest rate contracts (11) 72 — — — — Hedged item 8 (73) — — — — Derivative Financial Instruments in Net Investment Hedge Relationships: Foreign exchange contracts — — 170 (924) — — Amount excluded from effectiveness testing and amortized into earnings(c) — — 7 74 59 52 Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d): Foreign currency short-term borrowings — — 7 — — — Foreign currency long-term debt — — — (70) — — Derivative Financial Instruments Not Designated as Hedges: Foreign exchange contracts (31) 118 — — — — $ (33) $ 118 $ 305 $ (1,193) $ 71 $ 158 19 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Gains/(Losses) Recognized in OID(a) Gains/(Losses) Recognized in OCI(a) Gains/(Losses)Reclassified fromOCI into OID and COS(a) Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Derivative Financial Instruments in Cash Flow Hedge Relationships: Interest rate contracts $ — $ — $ — $ — $ — $ — Foreign exchange contracts(b) — — 61 (427) (22) 387 Amount excluded from effectiveness testing and amortized into earnings(c) — — 24 32 24 32 Derivative Financial Instruments in Fair Value Hedge Relationships: Interest rate contracts (96) 215 — — — — Hedged item 93 (215) — — — — Derivative Financial Instruments in Net Investment Hedge Relationships: Foreign exchange contracts — — 410 (1,361) — — Amount excluded from effectiveness testing and amortized into earnings(c) — — 54 148 113 93 Non-Derivative Financial Instruments in Net Investment Hedge Relationships(d): Foreign currency short-term borrowings — — 25 — — — Foreign currency long-term debt — — (2) (101) — — Derivative Financial Instruments Not Designated as Hedges: Foreign exchange contracts (44) 88 — — — — $ (46) $ 88 $ 572 $ (1,709) $ 115 $ 512 (a)OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of operations. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of operations. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income/(loss). (b)The amounts reclassified from OCI into COS were: •a net loss of $6 million in the second quarter of 2026; •a net loss of $20 million in the first six months of 2026; •a net gain of $30 million in the second quarter of 2025; and •a net gain of $93 million in the first six months of 2025. The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax gain of $72 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 17 years and relates to foreign currency debt. (c)The amounts reclassified from OCI were reclassified into OID. (d)Long-term debt includes foreign currency borrowings, which are used in net investment hedges; the related carrying values as of June 28, 2026 and December 31, 2025 were $856 million and $879 million, respectively. The following summarizes cumulative basis adjustments to our long-term debt in fair value hedges: June 28, 2026 December 31, 2025 Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount (MILLIONS) Carrying Amount of Hedged Assets/Liabilities(a) Active Hedging Relationships Discontinued Hedging Relationships Carrying Amount of Hedged Assets/Liabilities(a) Active Hedging Relationships Discontinued Hedging Relationships Long-term debt $ 8,688 $ (256) $ 785 $ 7,110 $ (163) $ 821 (a)Carrying amounts exclude the cumulative amount of fair value hedging adjustments. F. Credit Risk A significant portion of our trade accounts receivable balances are due from wholesalers. For additional information on our trade accounts receivables with significant customers, see Note 17C in our 2025 Form 10-K. As of June 28, 2026, the largest investment exposures in our portfolio consisted primarily of U.S. government money market funds, as well as sovereign debt instruments issued by the U.S., the U.K., Germany, and Japan. 20 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) With respect to our derivative financial instrument agreements with financial institutions, we do not expect to incur a significant loss from failure of any counterparty. Derivative financial instruments are executed under International Swaps and Derivatives Association master agreements with credit-support annexes that contain zero threshold provisions requiring collateral to be exchanged daily depending on levels of exposure. As a result, there are no significant concentrations of credit risk with any individual financial institution. As of June 28, 2026, the aggregate fair value of these derivative financial instruments that are in a net payable position was $880 million, for which we have posted collateral of $935 million with a corresponding amount reported in Short-term investments. As of June 28, 2026, the aggregate fair value of our derivative financial instruments that are in a net receivable position was $109 million, for which we have received collateral of $90 million with a corresponding amount reported in Short-term borrowings, including current portion of long-term debt. Note 8. Other Financial Information A. Inventories The following summarizes the components of Inventories: (MILLIONS) June 28, 2026 December 31, 2025 Finished goods $ 3,887 $ 4,113 Work-in-process 5,160 5,634 Raw materials and supplies 898 907 Inventories $ 9,945 $ 10,654 Noncurrent inventories not included above(a) $ 2,419 $ 2,370 (a)Included in Other noncurrent assets. Based on our current estimates and assumptions, there are no recoverability issues for these amounts. B. Supplier Finance Program Obligation We maintain voluntary supply chain finance agreements with several participating financial institutions. Under these agreements, participating suppliers may voluntarily elect to sell their accounts receivable with Pfizer to these financial institutions. As of June 28, 2026 and December 31, 2025, respectively, $545 million and $574 million of our trade payables to suppliers who participate in these financing arrangements were outstanding. Note 9. Identifiable Intangible Assets, Net and Goodwill A. Identifiable Intangible Assets The following summarizes the components of Identifiable intangible assets: June 28, 2026 December 31, 2025 (MILLIONS) Gross Carrying Amount Accumulated Amortization IdentifiableIntangibleAssets, Net Gross Carrying Amount Accumulated Amortization IdentifiableIntangibleAssets, Net Finite-lived intangible assets Developed technology rights(a) $ 100,799 $ (72,512) $ 28,287 $ 100,630 $ (70,172) $ 30,458 Brands 1,035 (1,035) — 1,035 (1,035) — Licensing agreements and other 2,364 (1,378) 986 2,341 (1,289) 1,052 104,198 (74,925) 29,273 104,006 (72,496) 31,510 Indefinite-lived intangible assets IPR&D(a) 17,320 17,320 21,760 21,760 Licensing agreements and other 460 460 460 460 17,780 17,780 22,221 22,221 Identifiable intangible assets $ 121,978 $ (74,925) $ 47,053 $ 126,227 $ (72,496) $ 53,731 (a)The gross carrying amounts as of June 28, 2026 reflect impairments of $3.8 billion in IPR&D assets and $525 million in developed technology rights (see Note 4). The gross carrying amounts also reflect a transfer of $580 million from IPR&D to developed technology rights for Tukysa (tucatinib). B. Goodwill As a result of the organizational changes to the commercial structure within the Biopharma operating segment effective in the first quarter of 2026 (see Note 13A), our goodwill is required to be reallocated amongst impacted reporting units. The reallocation of goodwill is a complex process that requires, among other things, determination of the fair value of each reporting unit under our old and new organizational structure and the portions being transferred. The reallocation will be completed in the current fiscal year. All goodwill continues to be assigned within the Biopharma reportable segment. 21 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 10. Pension and Postretirement Benefit Plans The following summarizes the components of net periodic benefit cost/(credit): Pension Plans U.S. International Postretirement Plans Three Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Service cost $ — $ — $ 24 $ 26 $ 4 $ 4 Interest cost 126 133 75 72 7 6 Expected return on plan assets (186) (184) (82) (81) (16) (14) Amortization of prior service cost/(credit) — — 1 1 (7) (25) Actuarial (gains)/losses 4 — — — — — Curtailments — — (6) — (2) (9) Special termination benefits — — 4 — — — Net periodic benefit cost/(credit) reported in income $ (56) $ (51) $ 16 $ 18 $ (14) $ (38) Pension Plans U.S. International Postretirement Plans Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Service cost $ — $ — $ 49 $ 50 $ 8 $ 8 Interest cost 253 265 149 143 14 13 Expected return on plan assets (374) (368) (164) (161) (31) (28) Amortization of prior service cost/(credit) — — 2 2 (16) (57) Actuarial (gains)/losses 4 — 8 — — — Curtailments — — (3) (9) (7) (59) Special termination benefits — — 9 — — — Net periodic benefit cost/(credit) reported in income $ (116) $ (102) $ 50 $ 26 $ (32) $ (123) The components of net periodic benefit cost/(credit) other than the service cost component are primarily included in Other (income)/deductions––net (see Note 4). For the six months ended June 28, 2026, we contributed $84 million to our U.S. Pension Plans and $100 million to our International Pension Plans from our general assets, which include direct employer benefit payments. Note 11. Earnings/(Loss) Per Common Share Attributable to Pfizer Inc. Common Shareholders The following presents the detailed calculation of EPS/(LPS): Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 EPS/(LPS) Numerator Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders $ (256) $ 2,885 $ 2,444 $ 5,852 Discontinued operations––net of tax 8 25 (5) 25 Net income/(loss) attributable to Pfizer Inc. common shareholders $ (248) $ 2,910 $ 2,440 $ 5,877 EPS/(LPS) Denominator Weighted-average number of common shares outstanding––Basic 5,699 5,685 5,695 5,680 Common-share equivalents(a) — 21 38 28 Weighted-average number of common shares outstanding––Diluted 5,699 5,706 5,733 5,708 Anti-dilutive common stock equivalents(b) 45 8 11 12 (a)For the three months ended June 28, 2026, due to the net loss attributable to Pfizer Inc. common shareholders, weighted average common-share equivalents of 35 million shares were not included in the computation of diluted LPS because their inclusion would have had an anti-dilutive effect. (b)These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS/(LPS) for those periods because their inclusion would have had an anti-dilutive effect. 22 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 12. Contingencies and Certain Commitments We and certain of our subsidiaries are subject to numerous contingencies arising in the ordinary course of business, including tax and legal contingencies, guarantees and indemnifications. The following outlines our legal contingencies, guarantees and indemnifications. For a discussion of our tax contingencies, see Note 5B. A. Legal Proceedings Our legal contingencies include, but are not limited to, the following: •Patent litigation, which typically involves challenges to the coverage and/or validity of patents on various products, processes or dosage forms. An adverse outcome could result in loss of patent protection for a product, a significant loss of revenues from a product or impairment of the value of associated assets. We are the plaintiff in the majority of these actions. •Product liability and other product-related litigation related to current or former products, which can include personal injury, consumer fraud, off-label promotion, securities, antitrust and breach of contract claims, among others, and often involves highly complex issues relating to medical causation, label warnings and reliance on those warnings, scientific evidence and findings, actual, provable injury and other matters. •Commercial and other asserted or unasserted matters, which can include acquisition-, licensing-, intellectual property-, collaboration- or co-promotion-related and product-pricing claims and environmental claims and proceedings, and can involve complexities that will vary from matter to matter. •Government investigations, which often are related to the extensive regulation of pharmaceutical companies by national, state and local government agencies in the U.S. and in other jurisdictions. Certain of these contingencies could result in increased expenses and/or losses, including damages, royalty payments, fines and/or civil penalties, which could be substantial, and/or criminal charges. We believe that our claims and defenses in matters in which we are a defendant are substantial, but litigation is inherently unpredictable and excessive verdicts do occur. We do not believe that any of these matters will have a material adverse effect on our financial position. However, we could incur judgments, enter into settlements or revise our expectations regarding the outcome of matters, which could have a material adverse effect on our results of operations and/or our cash flows in the period in which the amounts are accrued or paid. We have accrued for losses that are both probable and reasonably estimable. Substantially all of our contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex. Consequently, we are unable to estimate the range of reasonably possible loss in excess of amounts accrued. Our assessments, which result from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Amounts recorded for legal and environmental contingencies can result from a complex series of judgments about future events and uncertainties and can rely heavily on estimates and assumptions. For proceedings under environmental laws to which a governmental authority is a party, we have adopted a disclosure threshold of $1 million in potential or actual governmental monetary sanctions. The principal pending matters to which we are a party are discussed below. In determining whether a pending matter is a principal matter, we consider both quantitative and qualitative factors to assess materiality, such as, among others, the amount of damages and the nature of other relief sought, if specified; our view of the merits of the claims and of the strength of our defenses; whether the action purports to be, or is, a class action and, if not certified, our view of the likelihood that a class will be certified by the court; the jurisdiction in which the proceeding is pending; whether related actions have been transferred to multidistrict litigation; any experience that we or, to our knowledge, other companies have had in similar proceedings; whether disclosure of the action would be important to a reader of our financial statements, including whether disclosure might change a reader’s judgment about our financial statements in light of all of the information that is available to the reader; the potential impact of the proceeding on our reputation; and the extent of public interest in the matter. In addition, with respect to patent matters in which we are the plaintiff, we consider, among other things, the financial significance of the product protected by the patent(s) at issue. Some of the matters discussed below include those which management believes that the likelihood of possible loss in excess of amounts accrued is remote. A1. Legal Proceedings––Patent Litigation We are involved in suits relating to our patents (or those of our collaboration/licensing partners to which we have licenses or co-promotion rights), including but not limited to, those discussed below. We face claims by generic drug manufacturers that 23 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) patents covering our products (or those of our collaboration/licensing partners to which we have licenses or co-promotion rights and to which we may or may not be a party), processes or dosage forms are invalid and/or do not cover the product of the generic drug manufacturer. Also, counterclaims, as well as various independent actions, have been filed alleging that our assertions of, or attempts to enforce, patent rights with respect to certain products constitute unfair competition and/or violations of antitrust laws. In addition to the challenges to the U.S. patents that are discussed below, patent rights to certain of our products or those of our collaboration/licensing partners are being challenged in various other jurisdictions. Some of our collaboration or licensing partners face challenges to the validity of their patent rights in non-U.S. jurisdictions. For example, BMS is facing patent challenges relating to Eliquis in certain ex-U.S. jurisdictions. Adverse decisions in these matters could have a material adverse effect on our results of operations. We are also party to patent damages suits in various jurisdictions pursuant to which generic drug manufacturers, payors, governments or other parties are seeking damages from us for allegedly causing delay of generic entry. We also are often involved in (or may be impacted by) other proceedings, such as inter partes review, post-grant review, re-examination or opposition proceedings, before the U.S. Patent and Trademark Office, the European Patent Office, or other foreign counterparts, as well as court proceedings relating to our intellectual property or the intellectual property rights of others, including challenges to such rights initiated by us. Also, if one of our patents or one of our exclusivity rights (or one of our collaboration/licensing partner’s patents/rights) is found to be invalid by such proceedings, generic or competitive products could be introduced into the market resulting in the erosion of sales of our existing products. For example, in April 2026, Teva GmbH brought suit against the EMA seeking to annul the EMA’s decision refusing to validate Teva’s marketing authorisation application for a generic tafamidis product, which suit is ongoing. We are also subject to patent litigation pursuant to which one or more third parties seek damages and/or injunctive relief to compensate for alleged infringement of its patents by our commercial or other activities. If one of our marketed products (or a product of our collaboration/licensing partners to which we have licenses or co-promotion rights) is found to infringe valid patent rights of a third party, such third party may be awarded significant damages or royalty payments, or we may be prevented from further sales of that product. Such damages may be enhanced as much as three-fold if we or one of our subsidiaries is found to have willfully infringed valid patent rights of a third party. Actions In Which We Are The Plaintiff Vyndaqel-Vyndamax (tafamidis/tafamidis meglumine) Beginning in 2023, several generic companies notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of tafamidis capsules (61 mg) or tafamidis meglumine capsules (20 mg), challenging some or all of the patents listed in the FDA’s Orange Book for Vyndamax (tafamidis) and Vyndaqel (tafamidis meglumine). Scripps Research Institute (Scripps) owns the composition of matter patent and the method of treatment patents covering the products, and Pfizer is the exclusive licensee. Pfizer separately owns the crystalline form patent. Beginning in 2023, we and Scripps brought patent infringement actions against the generic filers in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the patents in suit. In May 2026, we settled patent litigations relating to Vyndamax and Vyndaqel with all generic filers except Apotex Corp. For additional information, see A5. Legal Proceedings––Matters Resolved During the First Six Months of 2026. The patent infringement action involving Apotex Corp. relating to Vyndamax is ongoing in the U.S. District Court for the District of Delaware. Oxbryta (voxelotor) In 2024, Zydus Pharmaceuticals (USA) Inc., Zydus Lifesciences Limited, and Zydus Worldwide DMCC (collectively, Zydus) and MSN Pharmaceuticals Inc. and MSN Laboratories Private Ltd. (collectively, MSN) separately notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of voxelotor tablets, challenging some of the patents listed in the FDA’s Orange Book for Oxbryta (voxelotor tablets in 300 mg and 500 mg strengths and/or for oral suspension) on non-infringement grounds. In 2024, we filed patent infringement actions against both generic filers in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the challenged patents. Zydus and MSN have not challenged our composition of matter patents or method of treatment patents for Oxbryta. On July 31, 2026, Pfizer notified the FDA that it is voluntarily withdrawing the NDAs for Oxbryta. Nurtec (rimegepant) Beginning in 2024, several generic manufacturers notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of rimegepant orally disintegrating tablets, claiming noninfringement and/or challenging the validity of some or all of the patents listed in the FDA’s Orange Book for Nurtec (rimegepant orally disintegrating tablets Eq 75 mg base). In May 2024, we filed patent infringement actions against all of the generic filers in the U.S. District Court for the District of Delaware. Xtandi (enzalutamide) Beginning in 2024, several generic companies notified us and Astellas that they had filed ANDAs with the FDA seeking approval to market generic versions of Xtandi, challenging some or all of the patents listed in the FDA’s Orange Book for 24 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Xtandi. Beginning in 2024, we and Astellas brought patent infringement actions against the generic filers in the U.S. District Court for the District of New Jersey, asserting the validity and infringement of the patents in suit. Cibinqo (abrocitinib) In March 2026, Micro Labs Limited and Micro Labs USA, Inc. (collectively, Micro Labs), Changzhou Pharmaceutical Factory (Changzhou), and Biocon Limited, Biocon Pharma Limited and Biocon Pharma, Inc. (collectively, Biocon) notified us that they filed ANDAs with the FDA seeking approval to market generic versions of abrocitinib and challenging all three patents listed in the Orange Book. In April 2026, we filed patent infringement actions against Micro Labs, Changzhou and Biocon in the U.S. District Court for the District of Delaware asserting the infringement and validity of the challenged patents. Actions in Which We are the Defendant Comirnaty (tozinameran) In 2022, ModernaTX, Inc. (ModernaTX) and Moderna US, Inc. (Moderna) sued several Pfizer and BioNTech entities in the U.S. District Court for the District of Massachusetts, alleging that Comirnaty infringes three U.S. patents and seeking monetary damages. ModernaTX is seeking damages for alleged infringement occurring after March 7, 2022. In 2024, the case was stayed pending the outcome of separate inter partes review actions brought at the U.S. Patent Office (USPTO) seeking to invalidate two of the asserted Moderna patents. In March 2025, the USPTO found the two Moderna patents invalid. In 2022, ModernaTX filed a patent infringement action in Germany against several Pfizer and BioNTech entities, alleging that Comirnaty infringes two European patents. In March 2025, the German Court found the asserted patents infringed; no decision on invalidity was rendered. In 2022, ModernaTX filed patent infringement actions in the U.K. and the Netherlands against several Pfizer and BioNTech entities, on the same two European patents. ModernaTX is seeking damages for alleged infringement occurring after March 7, 2022. In 2024, the U.K. Court revoked one of the two patents, while upholding the other as valid and infringed. Separately, the European Patent Office (EPO) revoked the same patent and upheld the same patent as the U.K. Court. ModernaTX has also filed additional patent infringement actions against Pfizer and BioNTech in certain other ex-U.S. jurisdictions. In 2023, Arbutus Biopharma Corporation (Arbutus) and Genevant Sciences GmbH (Genevant) filed a complaint in the U.S. District Court for the District of New Jersey against Pfizer and BioNTech entities alleging that Comirnaty and its manufacture infringe five U.S. patents, and seeking unspecified monetary damages. Additional patent infringement actions between Genevant/Arbutus and Pfizer/BioNTech are ongoing in certain other ex-U.S. jurisdictions. In April 2024, GlaxoSmithKline Biologicals SA and GlaxoSmithKline LLC (collectively, GSK Group) sued several Pfizer and BioNTech entities in the U.S. District Court for the District of Delaware, alleging that Comirnaty infringes five U.S. patents and seeking unspecified monetary damages. In August 2024, GSK Group added three additional U.S. patents to the case. In July 2025, GSK Group sued several Pfizer and BioNTech entities in both Ireland and the Unified Patent Court, alleging that Comirnaty infringes three European patents. In September 2025, Pfizer and BioNTech filed a revocation action in the U.K. with respect to the three patents asserted in the Irish and United Patent Court cases. In January 2025, Promosome LLC filed a complaint in the Unified Patent Court, Local Division Munich, against several Pfizer and BioNTech entities, alleging that Comirnaty infringes a European patent that is in force only in France, Germany and Sweden, and seeking unspecified monetary damages in connection with the manufacture and sale of Comirnaty in France, Germany and Sweden. In July 2026, the Court issued a decision finding the Promosome LLC patent not infringed and invalid. In January 2026, Bayer Cropscience LLC, Monsanto Company and Monsanto Technology, LLC filed a complaint in the U.S. District Court for the District of Delaware against Pfizer and BioNTech, BioNTech Manufacturing GmbH and BioNTech US Inc, alleging that Comirnaty infringes one U.S. patent and seeking unspecified monetary damages. In July 2026, Translate Bio, Inc., Translate Bio MA, Inc., Sanofi Vaccines US Inc., and VaxServe, Inc. (collectively, Sanofi) filed a complaint in the U.S. District Court for the District of New Jersey against Pfizer and Pharmacia & Upjohn Co. LLC, alleging that Comirnaty infringes eight U.S. patents and seeking unspecified monetary damages. Paxlovid In 2022, Enanta Pharmaceuticals, Inc. (Enanta) filed a complaint in the U.S. District Court for the District of Massachusetts against Pfizer alleging that the active ingredient in Paxlovid, nirmatrelvir, infringes a U.S. patent issued in 2022, and seeking unspecified monetary damages. In 2024, the District Court issued an order granting Pfizer’s motion for summary judgment, finding Enanta’s patent invalid. In June 2026, the U.S. Court of Appeals for the Federal Circuit affirmed the District Court’s decision. In August 2025, Enanta filed a patent infringement complaint in the Unified Patent Court, Local Division Munich, against Pfizer alleging that the active ingredient in Paxlovid, nirmatrelvir, infringes a European patent issued in August 2025, and seeking unspecified monetary damages. 25 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Matters Involving Pfizer and its Collaboration/Licensing Partners Orgovyx (relugolix) Beginning in January 2025, several generic companies notified us that they had filed ANDAs with the FDA seeking approval to sell a generic form of relugolix (Orgovyx), and challenging one or more patents listed in the FDA’s Orange Book for Orgovyx which are licensed to Pfizer. In March 2025, we, along with Sumitomo Pharma Switzerland GBBH, Sumitomo Pharma America, Inc., Takeda and Takeda Pharmaceuticals International AG jointly filed separate patent infringement actions in the U.S. District Court for the District of Delaware against the generic companies, asserting the infringement and validity of the patents in suit. Eliquis (apixaban) In December 2025, BMS and Pfizer filed a patent infringement action in the U.S. District Court for the District of Delaware against Azurity Pharmaceuticals, Inc. (Azurity), alleging that Azurity’s proposed generic apixaban product would infringe a formulation patent expiring in 2031. A2. Legal Proceedings––Product Litigation We are defendants in numerous cases, including but not limited to those discussed below, related to our pharmaceutical and other products. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. Asbestos Numerous lawsuits against Pfizer and certain of its previously owned subsidiaries are pending in various federal and state courts seeking damages for alleged personal injury from exposure to products allegedly containing asbestos and other allegedly hazardous materials sold by Pfizer and certain of its previously owned subsidiaries. In addition, between 1967 and 1982, Warner-Lambert owned American Optical Corporation (American Optical), which manufactured and sold respiratory protective devices and asbestos safety clothing. In connection with the sale of American Optical in 1982, Warner-Lambert agreed to indemnify the purchaser for certain liabilities, including certain asbestos-related and other claims. Warner-Lambert was acquired by Pfizer in 2000 and is a wholly owned subsidiary of Pfizer. Warner-Lambert is actively engaged in the defense of, and will continue to explore various means of resolving, these claims. There also are a small number of lawsuits pending in various federal and state courts seeking damages for alleged exposure to asbestos in facilities owned or formerly owned by Pfizer or its subsidiaries. Zantac A number of lawsuits have been filed against Pfizer in various federal and state courts alleging that plaintiffs developed various types of cancer, or face an increased risk of developing cancer, purportedly as a result of the ingestion of Zantac. The significant majority of these cases also name other defendants that have historically manufactured and/or sold Zantac. Pfizer has not sold Zantac since 2006, and only sold an OTC version of the product. In 2006, Pfizer sold the consumer business that included its Zantac OTC rights to Johnson & Johnson and transferred the assets and liabilities related to Zantac OTC to Johnson & Johnson in connection with the sale. Plaintiffs in these cases seek compensatory and punitive damages. In February 2020, the federal actions were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Southern District of Florida (the Federal MDL Court). Plaintiffs in the MDL filed against Pfizer and many other defendants a master personal injury complaint, a consolidated consumer class action complaint alleging, among other things, claims under consumer protection statutes of all 50 states, and a medical monitoring complaint seeking to certify medical monitoring classes under the laws of 13 states. In December 2022, the Federal MDL Court granted defendants’ Daubert motions to exclude plaintiffs’ expert testimony and motion for summary judgment on general causation, which has resulted in the dismissal of all complaints in the litigation. Plaintiffs have appealed the Federal MDL Court’s rulings. In addition, Pfizer has received service of Canadian class action complaints naming Pfizer and other defendants, and seeking compensatory and punitive damages for personal injury and economic loss, allegedly arising from the defendants’ sale of Zantac in Canada. In April 2021, a Judicial Council Coordinated Proceeding was created in the Superior Court of California in Alameda County to coordinate personal injury actions against Pfizer and other defendants filed in California state court. Coordinated proceedings have also been created in other state courts. The large majority of the state court cases have been filed in the Superior Court of Delaware in New Castle County. Many of these Zantac-related cases have been outstanding for a number of years. From time to time, Pfizer has explored and will continue to explore opportunistic settlements of these matters. As of May 2026, Pfizer had settled, or entered into definitive agreements or agreements-in-principle to settle, subject to certain conditions, a substantial majority of the cases filed in state 26 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) courts in which the plaintiff alleges use of a Pfizer product. The remaining unresolved state court cases continue in various state courts. Chantix Beginning in August 2021, a number of putative class actions have been filed against Pfizer in various U.S. federal courts following Pfizer’s voluntary recall of Chantix due to the presence of a nitrosamine, N-nitroso-varenicline. Plaintiffs assert that they suffered economic harm purportedly as a result of purchasing Chantix or generic varenicline medicines sold by Pfizer. Plaintiffs seek to represent nationwide and state-specific classes and seek various remedies, including damages and medical monitoring. In December 2022, the federal actions were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Southern District of New York. In March 2026, the parties reached an agreement in principle to resolve the litigation on terms not material to Pfizer. The agreement is subject to final court approval. Depo-Provera A number of lawsuits have been filed against Pfizer and certain subsidiaries in various federal and state courts alleging that plaintiffs who used the injectable version of Depo-Provera (active ingredient medroxyprogesterone acetate, or MPA) for contraception developed meningioma. Some cases also name other defendants, including the manufacturers of generic versions of injectable MPA for contraception. Plaintiffs assert claims against Pfizer relating to both Depo-Provera and generic MPA products, and seek compensatory and punitive damages. In February 2025, the federal cases were transferred for coordinated pre-trial proceedings to an MDL in the U.S. District Court for the Northern District of Florida. In June 2026, we reached an agreement-in-principle with plaintiff leadership in the Depo-Provera MDL that we expect to resolve a substantial majority of the pending MDL cases on terms that are not material to the Company’s liquidity or financial condition. Also, in 2025, coordinated proceedings were established in several U.S. state jurisdictions, including California, Connecticut, Delaware, and New York. A3. Legal Proceedings––Commercial and Other Matters Monsanto-Related Matters In 1997, Monsanto Company (Former Monsanto) contributed certain chemical manufacturing operations and facilities to a newly formed corporation, Solutia Inc. (Solutia), and spun off the shares of Solutia. In 2000, Former Monsanto merged with Pharmacia & Upjohn Company to form Pharmacia. Pharmacia then transferred its agricultural operations to a newly created subsidiary, named Monsanto Company (New Monsanto), which it spun off in a two-stage process that was completed in 2002. Pharmacia was acquired by Pfizer in 2003 and is a wholly owned subsidiary of Pfizer. In connection with its spin-off that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities related to Pharmacia’s former agricultural business. New Monsanto has defended and/or is defending Pharmacia in connection with various claims and litigation arising out of, or related to, the agricultural business, and has been indemnifying Pharmacia when liability has been imposed or settlement has been reached regarding such claims and litigation. In connection with its spin-off in 1997, Solutia assumed, and agreed to indemnify Pharmacia for, liabilities related to Former Monsanto’s chemical businesses. As the result of its reorganization under Chapter 11 of the U.S. Bankruptcy Code, Solutia’s indemnification obligations relating to Former Monsanto’s chemical businesses are primarily limited to sites that Solutia has owned or operated. In addition, in connection with its spin-off that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities primarily related to Former Monsanto’s chemical businesses, including, but not limited to, any such liabilities that Solutia assumed. Solutia’s and New Monsanto’s assumption of, and agreement to indemnify Pharmacia for, these liabilities apply to pending actions and any future actions related to Former Monsanto’s chemical businesses in which Pharmacia is named as a defendant, including, without limitation, actions asserting environmental claims, including alleged exposure to polychlorinated biphenyls. Solutia and/or New Monsanto are defending Pharmacia in connection with various claims and litigation arising out of, or related to, Former Monsanto’s chemical businesses, and have been indemnifying Pharmacia when liability has been imposed or settlement has been reached regarding such claims and litigation. In 2018, Bayer AG acquired Monsanto Company (New Monsanto), which is now a subsidiary of Bayer AG. Since the acquisition, New Monsanto has continued to defend and indemnify Pharmacia for these liabilities. Environmental Matters In 2009, as part of our acquisition of Wyeth, we assumed responsibility for environmental remediation at the Wyeth Holdings LLC (formerly known as Wyeth Holdings Corporation and American Cyanamid Company) discontinued industrial chemical facility in Bound Brook, New Jersey. Since that time, we have executed or have become a party to a number of administrative settlement agreements, orders on consent, and/or judicial consent decrees, with the U.S. Environmental Protection Agency, the New Jersey Department of Environmental Protection and/or federal and state natural resource trustees to perform remedial design, removal and remedial actions, and related environmental remediation activities, and to resolve alleged damages to natural resources, at the Bound Brook facility. We have accrued for the currently estimated costs of these activities. 27 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) We are also party to a number of other proceedings brought under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, and other state, local or foreign laws in which the primary relief sought is the cost of past and/or future remediation. Contracts with Iraqi Ministry of Health In 2017, a number of U.S. service members, civilians, and their families brought a complaint in the U.S. District Court for the District of Columbia against a number of pharmaceutical and medical devices companies, including Pfizer and certain of its subsidiaries, alleging that the defendants violated the U.S. Anti-Terrorism Act. The complaint alleges that the defendants provided funding for terrorist organizations through their sales practices pursuant to pharmaceutical and medical device contracts with the Iraqi Ministry of Health and seeks monetary relief. In July 2020, the District Court granted defendants’ motions to dismiss and dismissed all of plaintiffs’ claims. In January 2022, the Court of Appeals reversed the District Court’s decision. In June 2024, the U.S. Supreme Court issued an order granting certiorari, vacating the Court of Appeals’ decision, and remanding the case to the Court of Appeals. In January 2026, the Court of Appeals reversed the District Court’s decision and, in February 2026, the defendants filed a petition seeking reconsideration by the Court of Appeals, which was denied. Allergan Complaint for Indemnity In 2019, Pfizer was named as a defendant in a complaint, along with King, filed by Allergan Finance LLC (Allergan) in the Supreme Court of the State of New York, asserting claims for indemnity related to Kadian, which was owned for a short period by King in 2008, prior to Pfizer’s acquisition of King in 2010. This suit was voluntarily discontinued without prejudice in January 2021. Breach of Contract – Comirnaty In 2023, Pfizer and BioNTech Manufacturing GmbH initiated separate formal proceedings against the Republic of Poland, the Republic of Romania and Hungary in Belgium’s Court of First Instance of Brussels, seeking to hold those countries to their commitments for COVID-19 vaccine orders, which were placed as part of their contracts signed in 2021. In April 2026, the Court of First Instance of Brussels issued a judgment in favor of Pfizer and BioNTech against the Republic of Poland and the Republic of Romania. The proceedings against Hungary are continuing separately. A4. Legal Proceedings––Government Investigations Like other multi-national pharmaceutical companies, we are subject to extensive regulation by government agencies in the U.S., other developed markets and multiple emerging markets in which we operate. Criminal charges, substantial fines and/or civil penalties, limitations on our ability to conduct business in applicable jurisdictions, corporate integrity or deferred prosecution agreements, as well as reputational harm and increased public interest in the matter could result from government investigations in the U.S. and other jurisdictions in which we do business. These matters often involve government requests for information on a voluntary basis or through subpoenas after which the government may seek additional information through follow-up requests or additional subpoenas. In addition, in a qui tam lawsuit in which the government declines to intervene, the relator may still pursue a suit for the recovery of civil damages and penalties on behalf of the government. Among the investigations by government agencies are the matters discussed below. Greenstone Antitrust Litigation In 2019 and 2020, Attorneys General of more than 50 states and territories filed two complaints in the U.S. District Court for the District of Connecticut against a number of pharmaceutical companies, including Pfizer and Greenstone—a former Pfizer subsidiary that sold generic drugs. As to Greenstone and Pfizer, the complaints allege anticompetitive conduct in violation of federal and state antitrust laws and state consumer protection laws. The State Attorney General complaints were initially transferred to an MDL in the U.S. District Court for the Eastern District of Pennsylvania for coordinated pre-trial proceedings but were transferred back to the District of Connecticut in April 2024. The Greenstone antitrust litigation also includes civil complaints filed in federal and state court by private and governmental plaintiffs against Pfizer, Greenstone, and a number of other defendants. These related civil lawsuits assert allegations that generally overlap with those asserted by the State Attorneys General. All of the related federal lawsuits are part of the MDL pending in Pennsylvania. U.S. Department of Justice Inquiries relating to India Operations In March 2020, we received an informal request from the U.S. Department of Justice’s Consumer Protection Branch seeking documents relating to our manufacturing operations in India, including at our former facility located at Irrungattukottai in India. In April 2020, we received a similar request from the U.S. Attorney’s Office for the SDNY regarding a civil investigation concerning operations at our facilities in India. We have produced records pursuant to these requests. A5. Legal Proceedings––Matters Resolved During the First Six Months of 2026 During the first six months of 2026, certain matters, including the matter discussed below, were resolved or became the subject of definitive settlement agreements or settlement agreements-in-principle. 28 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Vyndaqel-Vyndamax (tafamidis/tafamidis meglumine) Beginning in June 2023, several generic companies notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of tafamidis capsules (61 mg) or tafamidis meglumine capsules (20 mg), challenging some or all of the patents listed in the FDA’s Orange Book for Vyndamax (tafamidis) and Vyndaqel (tafamidis meglumine). Scripps Research Institute (Scripps) owns the composition of matter patent and the method of treatment patents covering the products, and Pfizer is the exclusive licensee. Pfizer separately owns the crystalline form patent. Beginning in August 2023, we and Scripps brought patent infringement actions against the generic filers in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the patents in suit. Pfizer was the sole plaintiff in actions that assert only the infringement and validity of the crystalline form patent. In March 2026, we settled the case involving Vyndaqel on terms not material to the Company. In April 2026, we settled three cases involving Vyndamax. Under the terms of the settlements, the generic companies will be permitted to launch generic versions of Vyndamax capsules on June 1, 2031, subject to the outcome of other litigation relating to Vyndamax. B. Guarantees and Indemnifications In the ordinary course of business and in connection with the sale of assets and businesses and other transactions, we often indemnify our counterparties against certain liabilities that may arise in connection with the transaction or that are related to events and activities prior to or following a transaction. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we may be required to reimburse the loss. These indemnifications are generally subject to various restrictions and limitations. Historically, we have not paid significant amounts under these provisions and, as of June 28, 2026, the estimated fair value of these indemnification obligations is not material to Pfizer. In addition, in connection with our entry into certain agreements and other transactions, our counterparties may be obligated to indemnify us. For example, our global agreement with BioNTech to co-develop a mRNA-based coronavirus vaccine program aimed at preventing COVID-19 infection includes certain indemnity provisions pursuant to which each of BioNTech and Pfizer has agreed to indemnify the other for certain liabilities that may arise in connection with certain third-party claims relating to Comirnaty. See Note 7D in our 2025 Form 10-K for information on Pfizer Inc.’s guarantee of the debt issued by Pfizer Netherlands International Finance B.V. (a wholly-owned finance subsidiary of Pfizer) in May 2025 and the debt issued by Pfizer Investment Enterprises Pte. Ltd. (a wholly-owned finance subsidiary of Pfizer) in May 2023. We have also guaranteed the long-term debt of certain subsidiaries of Pfizer and certain companies that we acquired and that now are subsidiaries of Pfizer. C. Contingent Consideration for Acquisitions We may be required to make contingent consideration payments to sellers for certain prior Pfizer business combinations that are contingent on future events or outcomes. We also have assumed certain contingent consideration liabilities that were previously promised to sellers by a company subsequently acquired by Pfizer. See Notes 1D and 16D in our 2025 Form 10-K and Notes 2A and 7A. Note 13. Segment, Geographic and Other Revenue Information A. Segment Information Beginning in the first quarter of 2026, we manage our commercial operations through two operating segments, each led by a single manager: Biopharma and PC1. This structure reflects our current operating model following the wind-down in 2025 of the Pfizer Ignite operating segment. Biopharma 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. Biopharma is the only reportable segment. We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. Within our Biopharma reportable segment, 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. Each operating segment is supported by our global corporate enabling functions and other corporate functions. At the beginning of 2026, we made changes in our commercial organization, which included the transition of certain off-patent branded and generic sterile injectables and biosimilars primarily from the Specialty Care and Oncology product portfolios to a new Global Hospital and Biosimilars Division within our Biopharma reportable segment to support our continued focus on commercial execution. Effective January 1, 2026, the commercial structure within our Biopharma reportable segment is as follows: •Pfizer U.S. Commercial Division includes the U.S. commercial organization covering Pfizer’s entire product portfolio except for the Global Hospital and Biosimilars organization, as well as the Global Access & Value, Global Chief Marketing Office and Primary Care and Specialty Care U.S. Medical Affairs organizations. 29 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) •Pfizer International Commercial Division includes the ex-U.S. commercial and medical affairs organizations covering Pfizer’s entire product portfolio in all international markets except for the Global Hospital and Biosimilars organization in certain international markets. •Global Hospital and Biosimilars Division includes the commercial organization covering Pfizer’s Hospital and Biosimilars product portfolio of off-patent branded and generic sterile injectables and biosimilars except in China, Hong Kong, and certain other international markets, which are part of the Pfizer International Commercial Division. Other Business Activities and Reconciling Items––Other business activities include the operating results of PC1, as well as certain pre-tax costs not allocated to our operating segment results, such as costs associated with corporate enabling functions and other corporate costs. Reconciling items include the following items, transactions and events that are not allocated to our operating segments: (i) all amortization of intangible assets; (ii) acquisition-related items; and (iii) certain significant items, representing substantive and/or unusual, and in some cases recurring, items that are evaluated on an individual basis by management and that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Segment Assets––We manage our assets on a total company basis, not by operating segment, as our operating assets are shared or commingled. Therefore, our CODM does not regularly review any asset information by operating segment and, accordingly, we do not report asset information by operating segment. Total assets were $201 billion as of June 28, 2026 and $208 billion as of December 31, 2025. Selected Statement of Operations Information The following provides selected information by reportable segment: Three Months Ended Total Revenues Earnings(a) Depreciation and Amortization(b) (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Reportable Segment: Biopharma(c) $ 14,661 $ 14,305 $ 6,887 $ 6,891 $ 324 $ 339 Other business activities(d) 373 348 (1,708) (1,762) 105 73 Reconciling Items: Amortization of intangible assets (1,185) (1,211) 1,185 1,211 Acquisition-related items (669) (338) (2) (2) Certain significant items(e) (3,978) (537) 10 3 $ 15,034 $ 14,653 $ (653) $ 3,044 $ 1,622 $ 1,625 Six Months Ended Total Revenues Earnings(a) Depreciation and Amortization(b) (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Reportable Segment: Biopharma(c) $ 28,822 $ 27,746 $ 13,725 $ 13,960 $ 672 $ 671 Other business activities(d) 662 622 (3,376) (3,146) 183 147 Reconciling Items: Amortization of intangible assets (2,368) (2,421) 2,368 2,421 Acquisition-related items (1,173) (620) (2) (3) Certain significant items(e) (4,291) (1,944) 14 7 $ 29,484 $ 28,367 $ 2,517 $ 5,828 $ 3,235 $ 3,243 (a)Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss). Effective in the third quarter of 2025, certain expenses for corporate affairs, which were previously reported in the operating results of corporate enabling functions, are reported in the operating results of our Biopharma reportable segment. In connection with this reporting change, we reclassified Selling, informational and administrative expenses of approximately $38 million in the second quarter of 2025 and $74 million in the first six months of 2025 from Other business activities to Biopharma to conform to the current period presentation. (b)Certain production facilities are shared. Depreciation is allocated based on estimates of physical production. (c)Biopharma’s earnings include dividend income from our previous investment in ViiV of $98 million in the second quarter of 2026 and $73 million in the second quarter of 2025, and $180 million in the first six months of 2026 and $111 million in the first six months of 2025 recorded in Other (income)/deductions––net. Biopharma’s earnings in the first six months of 2025 also reflected a credit to Cost of Sales representing a favorable revision of our estimate of accrued royalties. (d)Other business activities include revenues and costs associated with PC1 and our former operating segment, Pfizer Ignite, as well as costs that we do not allocate to our operating segments, per above. 30 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (e)Earnings in the second quarter and the first six months of 2026 includes, among other things, (i) certain asset impairments of $4.3 billion recognized in the second quarter of 2026 and (ii) charges for certain legal matters of $842 million and $1.0 billion for the second quarter and the first six months of 2026, respectively, partially offset by (iii) a net gain of $1.870 billion from the sale of our previous investment in ViiV recognized in the second quarter of 2026 (items (i) through (iii) recorded in Other (income)/deductions––net) and (iv) restructuring charges/(credits), inventory write-offs, implementation costs and additional depreciation—asset restructuring of $591 million and $717 million for the second quarter and the first six months of 2026, respectively (primarily recorded in Restructuring charges and certain acquisition-related costs). Earnings in the first six months of 2025 included, among other items, (i) restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring of $670 million (primarily recorded in Restructuring charges and certain acquisition-related costs) and (ii) charges for certain legal matters of $564 million recorded in Other (income)/deductions––net. See Notes 3 and 4. The following provides Biopharma reportable segment information regularly provided to the CODM: Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Biopharma reportable segment: Biopharma total revenues $ 14,661 $ 14,305 $ 28,822 $ 27,746 Less: Cost of sales 3,188 3,075 6,222 5,389 Selling, informational and administrative expenses 2,344 2,343 4,475 4,529 Research and development expenses 2,376 2,109 4,513 4,050 Acquired in-process research and development expenses 16 2 153 11 Other (income)/deductions––net (151) (115) (267) (193) Biopharma earnings $ 6,887 $ 6,891 $ 13,725 $ 13,960 B. Geographic Information The following summarizes revenues by geographic area: Three Months Ended Six Months Ended (MILLIONS) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 United States $ 8,857 $ 8,894 $ 17,588 $ 17,268 International: Developed Markets 3,743 3,393 7,169 6,571 Emerging Markets 2,434 2,366 4,727 4,529 Total revenues $ 15,034 $ 14,653 $ 29,484 $ 28,367 C. Other Revenue Information Significant Revenues by Product The following provides additional revenue information for several of our major products: (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 TOTAL REVENUES $ 15,034 $ 14,653 $ 29,484 $ 28,367 GLOBAL BIOPHARMACEUTICALS BUSINESS (BIOPHARMA)(a) $ 14,661 $ 14,305 $ 28,822 $ 27,746 Primary Care $ 5,503 $ 5,535 $ 11,046 $ 11,226 Eliquis(b) Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism 2,425 2,003 4,591 3,926 Prevnar family Active immunization to prevent pneumonia, invasive disease and otitis media caused by Streptococcus pneumoniae 1,337 1,383 3,027 3,043 Nurtec ODT/Vydura Acute treatment of migraine and prevention of episodic migraine 421 359 774 607 Comirnaty Active immunization to prevent COVID-19 261 381 493 945 Abrysvo Active immunization to prevent RSV infection 208 143 388 274 FSME-IMMUN/TicoVac Active immunization to prevent tick-borne encephalitis disease 132 109 213 172 Paxlovid COVID-19 in certain high-risk patients 21 427 207 918 All other Primary Care Various 699 731 1,353 1,340 Oncology $ 4,165 $ 4,034 $ 7,991 $ 7,528 Ibrance HR-positive/HER2-negative metastatic breast cancer and first-line maintenance treatment for adults with HR+, HER2+ locally advanced or metastatic breast cancer 1,058 1,049 2,066 2,026 Padcev Locally advanced or metastatic urothelial cancer and cisplatin-ineligible/decline MIBC 667 542 1,258 967 Xtandi(c) mCRPC, nmCRPC, mCSPC, nmCSPC 534 566 978 1,023 Lorbrena ALK-positive metastatic NSCLC 354 251 659 473 31 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Inlyta Advanced renal cell carcinoma 218 243 433 462 Braftovi/Mektovi Metastatic melanoma in patients with a BRAFV600E/K mutation and for metastatic NSCLC in patients with a BRAFV600E mutation; and, for Braftovi for the treatment of BRAFV600E-mutant mCRC, in combination with Erbitux® (cetuximab)(d) (after prior therapy) or cetuximab and fluorouracil-based chemotherapy 223 182 398 317 Adcetris(e) Certain lymphomas including classical Hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma 196 255 386 472 Tukysa Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer 138 132 259 234 Orgovyx(f) Advanced prostate cancer 146 97 255 173 Bosulif Philadelphia chromosome–positive chronic myelogenous leukemia 113 149 242 300 Elrexfio Relapsed or refractory multiple myeloma 89 85 169 145 Talzenna Treatment of BRCA gene-mutated, HER2-negative, inoperable or recurrent breast cancer; and, in combination with Xtandi (enzalutamide), of adult patients with HRR gene-mutated mCRPC 57 46 107 86 Tivdak Recurrent or mCC with disease progression on or after chemotherapy 34 46 67 79 All other Oncology Various 338 394 713 771 Specialty Care $ 3,353 $ 3,089 $ 6,292 $ 5,705 Vyndaqel family ATTR-CM and polyneuropathy 1,762 1,615 3,364 3,101 Xeljanz RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis 251 322 431 450 Zavicefta (Outside the U.S. and Canada) Bacterial infections 199 163 350 299 Enbrel (Outside the U.S. and Canada) RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis 142 154 280 294 Octagam Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults 138 96 260 184 Cresemba Invasive aspergillosis and mucormycosis 106 111 194 184 Genotropin Replacement of human growth hormone 94 106 187 201 Cibinqo Atopic dermatitis 94 69 171 127 All other Specialty Care Various 566 453 1,056 866 Hospital and Biosimilars(a) $ 1,640 $ 1,647 $ 3,494 $ 3,286 Oncology biosimilars(g) Various 359 353 768 617 Inflectra Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis 171 139 353 291 Sulperazon (Outside the U.S. and Canada) Bacterial infections 116 166 315 330 Zithromax Bacterial infections 42 56 154 213 All other Hospital and Biosimilars Various 952 934 1,905 1,835 PFIZER CENTREONE(h) $ 373 $ 348 $ 662 $ 622 BIOPHARMA(a) $ 14,661 $ 14,305 $ 28,822 $ 27,746 PFIZER U.S. COMMERCIAL DIVISION 7,956 8,011 15,642 15,583 PFIZER INTERNATIONAL COMMERCIAL DIVISION 5,544 5,178 10,777 10,027 GLOBAL HOSPITAL AND BIOSIMILARS DIVISION(i) 1,161 1,116 2,403 2,136 Total Alliance revenues included above $ 2,697 $ 2,273 $ 5,036 $ 4,386 Total Royalty revenues included above $ 474 $ 426 $ 870 $ 734 (a)In the first quarter of 2026, we made changes in our commercial structure, which included the transition of certain off-patent branded and generic sterile injectables and biosimilars primarily from the Specialty Care and Oncology product portfolios to a new Hospital and Biosimilars product portfolio within our Biopharma reportable segment. See Note 13A above. We reclassified prior period amounts to conform to the current period presentation. (b)Reflects alliance revenues and product revenues. (c)Primarily reflects alliance revenues and royalty revenues. (d)Erbitux® is a registered trademark of ImClone LLC. (e)Reflects product revenues and royalty revenues. (f)Reflects alliance revenues. (g)Biosimilars are highly similar versions of approved and authorized biological medicines. Oncology biosimilars primarily include Ruxience, Zirabev, Retacrit, Trazimera and Nivestym. (h)PC1 includes revenues from our contract manufacturing and our active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with legacy Pfizer businesses/partnerships. Also includes revenues associated with the wind-down of our former Pfizer Ignite operating segment, which were not material in all periods presented. We reclassified prior period amounts to conform to the current period presentation. (i)See Note 13A above. Remaining Performance Obligations––Contracted revenue expected to be recognized from remaining performance obligations for firm orders in long-term contracts to supply Comirnaty and Paxlovid to our customers totaled approximately $2.0 billion 32 PFIZER INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) and $965 million, respectively, as of June 28, 2026, which includes amounts received in advance and deferred, as well as amounts that will be invoiced as we deliver these products to our customers in future periods. Of these amounts, current contract terms provide for expected delivery of product with contracted revenue primarily from 2026 through 2028, the timing of which may be renegotiated. Remaining performance obligations are based on foreign exchange rates as of the end of our fiscal second quarter of 2026 and exclude arrangements with an original expected contract duration of less than one year. Remaining performance obligations associated with contracts for other products and services were not significant as of June 28, 2026 or December 31, 2025. Deferred Revenues––Our deferred revenues primarily relate to advance payments received or receivable from various government or government sponsored customers for supply of Paxlovid and Comirnaty. The deferred revenues related to Paxlovid and Comirnaty totaled $1.4 billion as of June 28, 2026, with $521 million and $855 million recorded in current liabilities and noncurrent liabilities, respectively. The deferred revenues related to Paxlovid and Comirnaty totaled $1.5 billion as of December 31, 2025, with $689 million and $826 million recorded in current liabilities and noncurrent liabilities, respectively. The decrease in Paxlovid and Comirnaty deferred revenues during the first six months of 2026 was primarily driven by amounts recognized in Product revenues as we delivered the products to our customers. During the second quarter and the first six months of 2026, we recognized revenue of approximately $75 million and $133 million, respectively, that was included in the balance of Comirnaty and Paxlovid deferred revenues as of December 31, 2025. The Paxlovid and Comirnaty deferred revenues as of June 28, 2026 will be recognized in Product revenues proportionately as we transfer control of the products to our customers and satisfy our performance obligations under the contracts, with the amounts included in current liabilities expected to be recognized in Product revenues within the next 12 months, and the amounts included in noncurrent liabilities expected to be recognized in Product revenues primarily from 2027 through 2028. Deferred revenues associated with contracts for other products were not significant as of June 28, 2026 or December 31, 2025. 33