Pfizer reports $3.24 billion net income for Q3 2026

Cover page 2 changes

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For the quarterly period ended June 28, September 27, 2026

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At July 29, October 28, 2026, 5,699,673,589 5,699,853,733 shares of the issuer's voting common stock were outstanding.

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Exhibits 8 changes

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Unless the context requires otherwise, references to "Pfizer," "the Company," "we," "us" or "our" in this Form 10-Q (defined below) refer to Pfizer Inc. and its subsidiaries. Pfizer's fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six nine months ended May 24, August 23, 2026 and May 25, August 24, 2025, and for U.S. subsidiaries is as of and for the three and six nine months ended June 28, September 27, 2026 and June 29, September 28, 2025. References to "Notes" in this Form 10-Q are to the Notes to the Condensed or Consolidated Financial Statements in this Form 10-Q or in our 2025 Form 10-K. We also have used several other terms in this Form 10-Q, most of which are explained or defined below:

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Comirnaty Unless otherwise noted, refers to, as applicable, the current formulation of Comirnaty (COVID-19 Vaccine, mRNA) 2026-2027 (a) Formula as well as all prior authorized or approved formulations of the vaccine, which was first authorized in the U.S. during December 2020 pursuant to an EUA

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Developed Markets Includes, but is not limited to, the following markets: Western Europe, Japan, Central Europe, Canada, Australia, Nordic countries, Australia, certain Eastern European countries, South Korea and New Zealand

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Form 10-Q This Quarterly Report on Form 10-Q for the quarterly period ended June 28, September 27, 2026

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YaoPharma YaoPharma Co., Ltd.

(a) Approved by the European Commission and pending approval in the U.S.

YTD Year-to-date or six nine months ended

(b) (a) Paxlovid has not been approved, but has been authorized for emergency use by the FDA under an EUA for the treatment of mild-to-moderate COVID-19 in pediatric patients (12 years of age and older weighing at least 40 kg) who are at high risk for progression to severe COVID-19, including hospitalization or death. The emergency use of Paxlovid in the relevant pediatric population is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of the medical product during the COVID-19 pandemic under Section 564(b)(1) of the U.S. Federal Food, Drug and Cosmetics Act, 21 U.S.C. § 360bbb-3(b)(1). On June 30, 2026, the U.S. Department of Health and Human Services announced the termination of the COVID-19 EUA declarations for drugs and biological products, effective June 29, 2027. Please see the EUA Fact Sheet at www.covid19oralrx.com.

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Note A: Basis of Presentation 1 change

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Pfizer's fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six nine months ended May 24, August 23, 2026 and May 25, August 24, 2025, and for U.S. subsidiaries is as of and for the three and six nine months ended June 28, September 27, 2026 and June 29, September 28, 2025.

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Note B: Revenues and Trade Accounts Receivable 7 changes

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(MILLIONS) September 27,

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Other accruals 763 750

Accrued rebates 9,293 9,801 7,909

Other accruals 779 750

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Total accrued rebates and other sales-related accruals $ 12,128 13,155 $ 11,666

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During the three and six nine months ended June 28, September 27, 2026 and June 29, September 28, 2025, additions to the allowance for credit losses, write-offs and recoveries of customer receivables were not material to our condensed consolidated financial statements.

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Note 2. Acquisition, In-Licensing Arrangement, Sale of Investment, Research and Development Arrangement and Collaborative Arrangement

Note A: Acquisition 1 change

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 agonist 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

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Note B: In-Licensing Arrangement 1 change

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 sales-based milestone payments.

Note C: Sale of Investment 1 change

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Dividend income from our investment in ViiV, recorded in Other (income)/deductions—net , was $ 98 58 million and $ 73 72 million for the three months ended June 28, September 27, 2026 and June 29, September 28, 2025, respectively, and $ 180 239 million and $ 111 184 million for the six nine months ended June 28, September 27, 2026 and June 29, September 28, 2025, respectively. The third-quarter 2026 dividend was the final dividend we received from ViiV following the exit of our investment (see Note 4 ).

Note D: Research and Development Arrangement 2 changes

Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives

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 third quarter and first nine months of 2026 was $ 26 19 million and $ 45 million, respectively. 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 A: Realigning Our Cost Base Program 5 changes

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PFIZER INC. AND SUBSIDIARY COMPANIES

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 expenditures for severance, implementation and digital enablement 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 our Biopharma segment.

From the start of this program through September 27, 2026, we incurred total costs of $ 5.7 billion, of which $ 4.3 billion is associated with our Biopharma segment (including $ 3.7 billion of restructuring charges).

Note B: Manufacturing Optimization Program 3 changes

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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 representing non-cash expenditures for accelerated depreciation and asset write-downs and 40 % of representing 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 our Biopharma segment.

From the start of this program through June 28, September 27, 2026, we incurred total costs of $ 1.1 1.2 billion, substantially all of which relates to our Biopharma segment (including $ 824 889 million of restructuring charges). The These costs were recorded primarily through 2025, with cash outlays expected primarily through 2029.

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Note C: Key Activities 25 changes

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Three Months Ended Six Nine Months Ended

(MILLIONS) September 27,

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Employee terminations $ 354 $ ( 148 ) $ 369 $ 236

Asset impairments 54 44 82 217

Employee terminations $ 702 $ 124 $ 1,071 $ 360

Asset impairments 30 111 112 328

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Transaction costs 2 — 2 —

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Restructuring charges and certain acquisition-related costs 457 ( 18 ) 557 660 791 286 1,347 945

Net periodic benefit costs/(credits) recorded in Other (income)/deductions––net ( 5 1 ) ( 9 6 ) ( 2 3 ) ( 68 74 )

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Additional depreciation––asset restructuring recorded in Cost of sales (c)

Additional depreciation––asset restructuring recorded in our condensed consolidated statements of operations as follows (c) :

Cost of sales 14 3 27 10

Research and development expenses — 1 — 1

Total additional depreciation––asset restructuring 14 4 28 11

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Cost of sales 25 26 40 46

Research and development expenses 63 39 102 62

Total implementation costs 144 78 233 128

Cost of sales 21 26 61 72

Selling, informational and administrative expenses 56 14 91 20 50 26 142 46

Research and development expenses 60 53 162 116

Total implementation costs 131 105 364 234

Total costs associated with acquisitions and cost-reduction/productivity initiatives $ 653 940 $ 54 423 $ 848 1,788 $ 727 1,150 (a) Primarily represents cost-reduction initiatives. Amounts associated with our Biopharma segment: (i) charges of $ 390 461 million for the three months ended June 28, September 27, 2026 (including charges of $ 417 385 million for our Realigning our Cost Base Program and credits charges of $ 29 65 million for our Manufacturing Optimization Program), (ii) charges of $ 421 882 million for the six nine months ended June 28, September 27, 2026 (including charges of $ 464 849 million for our Realigning our Cost Base Program and credits charges of $ 52 14 million for our Manufacturing Optimization Program), (iii) credits charges of $ 406 240 million for the three months ended June 29, September 28, 2025 (including credits charges of $ 408 117 million for our Manufacturing Optimization Program and charges of $ 25 107 million for our Realigning our Cost Base Program) and (iv) charges of $ 211 451 million for the six nine months ended June 29, September 28, 2025 (including charges of $ 562 669 million for our Realigning our Cost Base Program and credits of $ 412 295 million for our Manufacturing Optimization Program). For the nine months ended September 28, 2025, Employee terminations included revisions of estimates of previously recorded accruals for severance benefits, driven in large part by higher-than-expected voluntary attrition.

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Balance, June 28, 2026 (c)

Balance, September 27, 2026 (c)

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(c) Included in Other current liabilities ($ 972 million) 1.2 billion) and Other noncurrent liabilities ($ 710 972 million).

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Note 4: Other (Income)/Deductions—Net 14 changes

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Interest income $ ( 113 ) $ ( 156 ) $ ( 228 ) $ ( 299 )

Interest expense 667 654 1,336 1,308

Three Months Ended Six Nine Months Ended

(MILLIONS) September 27,

Interest income $ ( 108 ) $ ( 138 ) $ ( 336 ) $ ( 437 )

Interest expense 662 652 1,998 1,960

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Net (gains)/losses on asset disposals ( 132 ) ( 2 ) ( 150 ) ( 91 )

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Income from collaborations, out-licensing arrangements and sales of compound/product rights ( 111 ) ( 45 ) ( 165 ) ( 82 )

Net periodic benefit costs/(credits) other than service costs ( 83 103 ) ( 101 73 ) ( 155 258 ) ( 260 333 )

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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.

Other (income)/deductions––net $ 288 $ 517 $ 4,866 $ 2,210

(a) The amount for the first nine months of 2026 primarily includes certain product liability and other legal expenses. The amount for the third quarter of 2025 primarily included certain product liability expenses. The amount for the first nine months of 2025 primarily included certain product liability and other legal expenses.

(b) The amounts amount for the second quarter and first six nine months of 2026 represent represents 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 amounts for the third quarter and first nine months of 2025 included an intangible asset impairment charge associated with our Biopharma segment of $ 260 million related to IPR&D associated with a Phase 3 study for inclacumab for the treatment of SCD, which reflected unfavorable clinical trial results. The amount for the first six nine months of 2025 primarily also 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.

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(e) The amounts for the second third quarter and first six nine months of 2026 include, among other things, dividend income of $ 98 58 million and $ 180 239 million, respectively, from our previous investment in ViiV. The amounts for the second third quarter and first six nine months of 2025 included, among other things, dividend income of $ 73 72 million and $ 111 184 million, respectively, from our previous investment in ViiV.

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Note C: Tax Provision/(Benefit) on Other Comprehensive Income/(Loss) 9 changes

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Three Months Ended Six Nine Months Ended

(MILLIONS) September 27,

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Unrealized holding gains/(losses) on derivative financial instruments, net 21 24 ( 48 2 ) 16 40 ( 82 84 )

Reclassification adjustments for (gains)/losses included in net income/(loss) 1 income ( 8 ) 32 ( 7 1 ) 87 ( 55 )

Unrealized holding gains/(losses) on available-for-sale securities, net 1 ( 7 1 ) 21 ( 2 1 ) 17 16

Reclassification adjustments for (gains)/losses included in net income/(loss) 3 ( 10 income 2 ( 5 9 12 ) 4 7 ( 10 3 26 )

Reclassification adjustments related to amortization of prior service costs and other, net ( 2 ) ( 6 4 ) ( 3 5 ) ( 13 17 )

Reclassification adjustments related to curtailments of prior service costs and other, net — 1 ( 1 ) ( 1 ) ( 10 11 )

Tax provision/(benefit) on other comprehensive income/(loss) $ 53 23 $ ( 347 ) 45 $ 134 156 $ ( 538 492 )

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Note 6: Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests 2 changes

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Balance, June 28, 2026 $ ( 7,011 ) $ ( 261 ) $ ( 7 ) $ 62 $ ( 7,218 )

Balance, September 27, 2026 $ ( 6,822 ) $ ( 215 ) $ 14 $ 55 $ ( 6,969 )

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Note A: Fair Value Measurements 14 changes

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June 28, September 27, 2026 December 31, 2025

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Total short-term investments 8,911 10,768 — 8,911 10,768 — 11,779 — 11,779 —

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Total other current assets 471 488 — 471 488 — 416 — 416 —

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Total long-term investments 551 551 484 484 — — 642 642 1 —

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Total derivative assets 185 148 — 185 148 — 116 — 116 —

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Total assets $ 11,191 $ 551 $ 10,640 $ — $ 13,953 $ 642 $ 13,311 $ —

Total other noncurrent assets 1,258 1,251 — 1,258 1,251 — 1,115 — 1,115 —

Total assets $ 12,992 $ 484 $ 12,508 $ — $ 13,953 $ 642 $ 13,311 $ —

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Interest rate contracts $ 9 — $ — $ 9 — $ — $ 16 $ — $ 16 $ —

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Total other current liabilities 330 313 — 234 96 240 73 523 — 428 95

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Interest rate contracts 277 737 — 277 737 — 215 — 215 —

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Total other noncurrent liabilities 3,211 3,697 — 1,048 2,163 1,389 2,308 2,725 — 1,030 1,695

Total liabilities $ 3,541 4,010 $ — $ 1,281 1,629 $ 2,259 2,381 $ 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 $ 120 122 million as of June 28, September 27, 2026 and $ 146 million as of December 31, 2025 were held in restricted trusts for U.S. non-qualified employee benefit plans.

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Note B: Investments 11 changes

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(MILLIONS) September 27,

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Available-for-sale debt securities 7,281 9,118 9,183

Held-to-maturity debt securities 1,811 1,680 675

Total Short-term investments $ 10,723 12,448 $ 12,454

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Held-to-maturity debt securities 49 53 48

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Equity-method investments 241 262 235

Total Long-term investments $ 1,559 1,453 $ 1,621

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June 28, September 27, 2026 December 31, 2025

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Corporate and other 1,383 2,067 1 — 1,384 1,384 2,068 2,068 — — 1,295 — ( 1 ) 1,294

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Total debt securities $ 9,150 $ 5 $ ( 13 ) $ 9,142 $ 9,093 $ 9 $ 40 $ 9,938 $ 3 $ ( 35 ) $ 9,906

Total debt securities $ 10,834 $ 19 $ ( 3 ) $ 10,851 $ 10,798 $ 13 $ 40 $ 9,938 $ 3 $ ( 35 ) $ 9,906

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Note C: Short-Term Borrowings 3 changes

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(MILLIONS) September 27,

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Current portion of long-term debt, principal amount $ 2,607 2,605 $ 3,000

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Net unamortized discounts, premiums and debt issuance costs ( 2 1 ) ( 3 )

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Note D: Long-Term Debt 5 changes

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(MILLIONS) September 27,

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Total long-term debt, principal amount $ 60,265 60,263 $ 61,293

Net fair value adjustments related to hedging and purchase accounting 695 191 834

Net unamortized discounts, premiums and debt issuance costs ( 465 457 ) ( 486 )

Total long-term debt, carried at historical proceeds, as adjusted $ 60,495 59,997 $ 61,641

Note E: Derivative Financial Instruments and Hedging Activities 1 change

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The derivative financial instruments primarily hedge or offset exposures in the euro, U.K. pound, Chinese renminbi, Japanese yen, Canadian dollar, Japanese yen, 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.

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Note F: Credit Risk 1 change

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As of June 28, September 27, 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. the U.K.

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Note A: Inventories 4 changes

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(MILLIONS) September 27,

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Finished goods $ 3,887 3,868 $ 4,113

Work-in-process 5,160 5,341 5,634

Raw materials and supplies 898 814 907

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Note B: Supplier Finance Program Obligation 1 change

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, September 27, 2026 and December 31, 2025, respectively, $ 545 523 million and $ 574 million of our trade payables to suppliers who participate in these financing arrangements were outstanding.

Note A: Identifiable Intangible Assets 3 changes

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June 28, September 27, 2026 December 31, 2025

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Licensing agreements and other 2,364 2,396 ( 1,378 1,424 ) 986 972 2,341 ( 1,289 ) 1,052

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$ 121,978 122,019 $ ( 74,925 76,063 ) $ 47,053 45,956 $ 126,227 $ ( 72,496 ) $ 53,731 (a) The gross carrying amounts a s of June 28, September 27, 2026 reflect impairments recorded during the first nine months of 2026 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) .

Note B: Goodwill 1 change

As a result of the organizational changes to the commercial structure within the our 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 our Biopharma reportable segment.

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Note 10: Pension and Postretirement Benefit Plans 22 changes

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Service cost $ — $ — $ 24 $ 26 $ 4 $ 4

(MILLIONS) Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025

Service cost $ — $ — $ 23 $ 27 $ 4 $ 4

Interest cost 126 133 75 72 74 76 7 6

Expected return on plan assets ( 186 187 ) ( 184 ) ( 82 81 ) ( 81 85 ) ( 16 ) ( 14 )

Amortization of prior service cost/(credit) — — 1 1 ( 7 ) ( 25 17 )

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Curtailments — — ( 6 ) — ( 2 ) ( 9 )

Curtailments — — — — ( 3 ) ( 6 )

Special termination benefits — — 4 — 1 1 — —

Net periodic benefit cost/(credit) reported in income $ ( 56 81 ) $ ( 51 40 ) $ 16 19 $ 18 24 $ ( 14 15 ) $ ( 38 27 )

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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 )

(MILLIONS) Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025

Service cost $ — $ — $ 72 $ 77 $ 13 $ 13

Interest cost 380 398 223 218 21 19

Expected return on plan assets ( 560 ) ( 551 ) ( 244 ) ( 246 ) ( 47 ) ( 43 )

Amortization of prior service cost/(credit) — — 2 2 3 3 ( 16 23 ) ( 57 74 )

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Curtailments — — ( 3 ) ( 9 ) ( 7 10 ) ( 59 65 )

Special termination benefits — — 9 — 10 1 — —

Net periodic benefit cost/(credit) reported in income $ ( 116 198 ) $ ( 102 142 ) $ 50 69 $ 26 50 $ ( 32 47 ) $ ( 123 150 )

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For the six nine months ended June 28, September 27, 2026, we contributed $ 84 95 million to our U.S. Pension Plans and $ 100 141 million to our International Pension Plans from our general assets, which include direct employer benefit payments.

Note A: Legal Proceedings 3 changes

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• 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 cases in which Pfizer is a defendant, an adverse outcome could result in a potential injunction against the majority sale of these actions. a product or a process related to the product or both.

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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

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Notes to the financial statements 8 changes

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 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.

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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

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 Nine 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.

In September 2026, Zenara Pharma Private Limited (Zenara) notified us that they had filed an ANDA with the FDA seeking approval to market a generic version of tafamidis tablets (61 mg), challenging our polymorph patent for Vyndamax. In October 2026, we brought a patent infringement action against Zenara in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the polymorph patent.

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. In September 2026, the cases were dismissed.

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Note B: Guarantees and Indemnifications 3 changes

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, September 27, 2026, the estimated fair value of these indemnification obligations is not material to Pfizer.

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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.

PFIZER INC. AND SUBSIDIARY COMPANIES

Note A: Segment Information 5 changes

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• 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 U.S. Market Access & Value, and Pfizer Patient Services, Global Chief Marketing Office and Primary Care and Specialty Care U.S. Medical Affairs organizations.

• 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 $ 205 billion as of September 27, 2026 and $ 208 billion as of December 31, 2025.

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Note B: Geographic Information 6 changes

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United States $ 8,857 $ 8,894 $ 17,588 $ 17,268

Emerging Markets 2,434 2,366 4,727 4,529

Three Months Ended Six Nine Months Ended

(MILLIONS) September 27,

United States $ 10,602 $ 10,691 $ 28,191 $ 27,959

Emerging Markets 2,337 2,267 7,064 6,796

Note C: Other Revenue Information 35 changes

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TOTAL REVENUES $ 15,034 $ 14,653 $ 29,484 $ 28,367

(MILLIONS) Three Months Ended Six Nine Months Ended

PRODUCT PRIMARY INDICATION OR CLASS June Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025

TOTAL REVENUES $ 16,583 $ 16,654 $ 46,067 $ 45,022

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Primary Care $ 5,503 $ 5,535 $ 11,046 $ 11,226

Primary Care $ 6,971 $ 7,642 $ 18,017 $ 18,869

Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism 2,425 2,003 4,591 3,926 2,523 2,015 7,114 5,941

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Nurtec ODT/Vydura Acute treatment of migraine and prevention of episodic migraine 421 359 774 607 547 412 1,321 1,019

Comirnaty Active immunization to prevent COVID-19 261 381 493 945 808 1,151 1,301 2,097

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All other Primary Care Various 699 731 1,353 1,340

Oncology $ 4,165 $ 4,034 $ 7,991 $ 7,528

Locally advanced or metastatic urothelial cancer and cisplatin-ineligible/decline MIBC 667 542 1,258 967 mCRPC, nmCRPC, mCSPC, nmCSPC 534 566 978 1,023

COVID-19 in certain high-risk patients 21 427 207 918 449 1,225 656 2,144

FSME-IMMUN/TicoVac Active immunization to prevent tick-borne encephalitis disease 132 109 213 172 104 100 317 272

All other Primary Care Various 674 718 2,027 2,058

Oncology $ 4,327 $ 3,938 $ 12,318 $ 11,467

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 1,082 1,057 3,148 3,083

Locally advanced or metastatic urothelial cancer and MIBC 720 464 1,979 1,432 mCRPC, nmCRPC, mCSPC, nmCSPC 541 578 1,519 1,602

Lorbrena ALK-positive metastatic NSCLC 354 251 659 473 387 268 1,046 741

Inlyta Advanced renal cell carcinoma 232 226 665 688

Metastatic melanoma in patients with a BRAF V600E/K mutation and for metastatic NSCLC in patients with a BRAF V600E mutation; and, for Braftovi for the treatment of BRAF V600E - mutant mCRC, in combination with Erbitux ® (cetuximab) (d) (after prior therapy) or cetuximab and fluorouracil-based chemotherapy

Certain lymphomas including classical Hodgkin lymphoma, T-cell lymphoma and relapsed/refractory diffuse large B-cell lymphoma

Advanced prostate cancer

Tukysa Unresectable or metastatic HER2-positive breast cancer; RAS wild-type, HER2-positive unresectable or metastatic colorectal cancer 142 110 402 344

Bosulif Philadelphia chromosome–positive chronic myelogenous leukemia 71 150 313 450

Relapsed or refractory multiple myeloma

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

Recurrent or mCC with disease progression on or after chemotherapy

Various 341 386 1,054 1,157

Specialty Care $ 3,349 $ 3,130 $ 9,641 $ 8,834

Vyndaqel family ATTR-CM and polyneuropathy 1,773 1,591 5,136 4,692

Xeljanz RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis, ankylosing spondylitis 213 313 643 763

Zavicefta (Outside the U.S. and Canada) Bacterial infections 179 158 528 457

Enbrel (Outside the U.S. and Canada) RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis 151 154 431 448

Primary humoral immunodeficiency, chronic immune thrombocytopenic purpura in adults, and dermatomyositis in adults

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MD&A 321 changes

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Manufacturing Optimization Program ––In the third quarter of 2026, we announced the next phase of our multi-year program designed to reduce our cost of goods sold focused on network structure changes, product portfolio enhancements and additional operational efficiencies which is expected to deliver additional anticipated savings of approximately $1.5 billion from 2027 through 2029. some of which is expected to begin being realized in 2027. The one-time costs to achieve the savings associated with this phase of the program are expected to be approximately $4.0 billion, with approximately 60% of representing non-cash expenditures. The costs to achieve these savings are expected to be incurred through 2029.

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Collaboration Agreement with Innovent–– In May 2026, we entered into a strategic global licensing and collaboration agreement with Innovent, a Chinese biopharmaceutical company, for the research and development of 12 early-stage and de novo cancer medicines. The partnership includes licensing, co-development, and co-commercialization opportunities across a diverse portfolio of antibody-drug conjugates (ADCs) with novel differentiated payloads and multi-specific antibodies. Under the terms of the agreement, Innovent received a $650 million upfront payment and is eligible for up to $9.85 billion in development, regulatory and commercial milestone payments. Additionally, Innovent will receive up to double-digit royalties on sales of each licensed product if approved. For the four programs to be co-developed and co-commercialized by Pfizer and Innovent, the two companies will share the profits in the U.S., the U.K., and the European Union. The transaction closed on July 10, 2026.

Our Business Development Initiatives ––We are committed to strategically capitalizing on growth opportunities, primarily by advancing our own product pipeline and maximizing the value of our existing products, but also through various business development activities. For a description of the more significant recent transactions through February 26, 2026, the filing date of our 2025 Form 10-K, see Note 2 in our 2025 Form 10-K. In addition, for a discussion of our acquisition of Metsera in November 2025 and other recent business development initiatives, see Note 2 . as well as the following:

Our Second Third Quarter and First Six Nine Months of 2026 Performance

Total Revenues –– Total revenues increased $381 decreased $71 million or 3%, in the second third quarter of 2026 to $15.0 $16.6 billion from $14.7 $16.7 billion in the second third quarter of 2025, or relatively flat on a percentage basis, reflecting an operational increase decrease of $164 $57 million, or 1%, as well as a favorable an unfavorable impact of foreign exchange of $217 $15 million. or 1%. The operational increase decrease was driven by an increase a decline in revenues for Eliquis, Padcev, from COVID-19 products, the Vyndaqel Prevnar family, Lorbrena and several other products across categories, partially largely offset by a decline an increase in COVID-19 product revenues for Eliquis, Padcev, the Vyndaqel family, Nurtec ODT/Vydura, Lorbrena and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 5% 7% operationally.

Total revenues increased $1.1 $1.0 billion, or 4%, 2%, in the first six nine months of 2026 to $29.5 $46.1 billion from $28.4 $45.0 billion in the first six nine months of 2025, reflecting an operational increase of $469 $412 million, or 2%, 1%, as well as a favorable impact of foreign exchange of $648 $634 million, or 2%. 1%. The operational increase was driven by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Lorbrena, Nurtec ODT/Vydura, Lorbrena, Oncology biosimilars and several other products across categories, partially offset by a decline in COVID-19 product revenues from COVID-19 products, the Prevnar family and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 6% 7% operationally.

See the Total Revenues by Geography and Total Revenues––Selected Product Discussion sections within MD&A for more information, including a discussion of key drivers of our revenue performance for certain products, and Note 13C for additional information on our operating segments and products, including product revenues.

Income from Continuing Operations Before Provision/(Benefit) for Taxes on Income –– The decrease increase in Income from continuing operations before provision/(benefit) for taxes on income of $3.3 billion, $51 million, to $2.5 $3.4 billion in the first six months third quarter of 2026 from $5.8 $3.3 billion in the first six months third quarter of 2025, was primarily due to (i) charges for decreases in Acquired in-process research and development expenses and Cost of sales , (ii) the non-recurrence of an intangible asset impairments impairment charge recorded in the third quarter of 2025, and (iii) lower charges for certain legal matters (both (ii) and increases in the fair value of our contingent consideration liabilities (all (iii) recorded in Other (income)/deductions––net ), and (ii) partially offset by (iv) increases in Cost of sales Restructuring charges and certain acquisition-related costs and Research and development expenses , partially offset by (iii) a (v) net gain losses on equity securities in the third quarter of 2026 from versus net gains on equity securities in the sale third quarter of our previous investment 2025, and (vi) increases in ViiV the fair value of our contingent consideration liabilities (both (v) and (vi) recorded in Other (income)/deductions––net ), and (iv) higher revenues ).

Income/(Loss) from Continuing Operations Before Provision/(Benefit) for Taxes on Income/(Loss) –– Loss The decrease in Income from continuing operations before provision/(benefit) for taxes on income/(loss) income of $3.3 billion, to $5.9 billion in the second quarter first nine months of 2026 was $653 million, compared to income of $3.0 from $9.2 billion in the second quarter first nine months of 2025, was primarily due to (i) charges for intangible asset impairments and certain legal matters, (both and increases in the fair value of our contingent consideration liabilities (all recorded in Other (income)/deductions––net ), and (ii) increases in Restructuring charges and certain acquisition-related costs, Research and development expenses and , Cost of sales and Restructuring charges and certain acquisition-related costs , partially offset by (iii) a net gain in 2026 from the sale of our previous investment in ViiV (recorded in Other (income)/deductions––net ), and (iv) higher revenues, . and (v) a decrease in Acquired in-process research and development expenses.

See the Analysis of the Condensed Consolidated Statements of Operations section within MD&A and Notes 3 and 4 . For information on our tax provision and effective tax rate, see the Provision/(Benefit) for Taxes on Income L oss) section within MD&A and Note 5 .

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Intellectual Property Rights and Collaboration/Licensing Rights ––The loss, expiration or invalidation of intellectual property rights, patent litigation settlements and judgments, and the expiration of co-promotion and licensing rights can have a material adverse effect on our revenues. We anticipate a significant reduction of revenue from patent-based or regulatory exclusivity expiries in 2026 through 2030 as several of our in-line products experience these expirations, with the rate of the reduction of revenues from patent-based or regulatory exclusivity expiries expected to significantly accelerate over the next few years. In 2026, we now expect an unfavorable revenue impact from patent-based or regulatory exclusivity expiries of approximately $1.1 billion.

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Part D benefit design (IRA Medicare Part D Redesign), which took effect beginning in 2025. We do not expect a material, incremental impact from the IRA Medicare Part D Redesign in 2026 versus the baseline set in 2025. In addition, changes to the Medicaid Drug Rebate Program or the 340B Program, including legal or legislative developments at the federal or state level with respect to the 340B Program, could have a material impact on our business. See the Item 1. Business –– Pricing Pressures and Managed Care Organizations and –– Government Regulation and Price Constraints and the Item 1A. Risk Factors––Pricing and Reimbursement sections, and the Overview of Our Performance, Operating Environment, Strategy and Outlook––Our Operating Environment section of the MD&A of our 2025 Form 10-K and The Global Economic Environment––Global Trade Environment section below .

Regulatory Environment/Pricing and Access––Government and Other Payor Group Pressures ––Pricing and access pressures from governments globally, as well as private third-party payors in the U.S., continue to impact our global operations. With respect to the U.S., we expect to see continued focus by the U.S. government and states on regulating drug pricing and access to medicine, including but not limited to, international reference pricing, including Most-Favored-Nation (MFN) drug pricing. We continue to monitor and evaluate the implementation of the IRA, including the Medicare Drug Price Negotiation Program (MDPNP) and its government-set Maximum Fair Price (MFP) which became effective for Eliquis on January 1, 2026. Negotiated prices for Ibrance and Xtandi are effective in 2027. While Xeljanz remains a selected drug through 2028, the Centers for Medicare and Medicaid Services has determined that bona fide marketing of a generic version of Xeljanz still exists. Accordingly, no MFP for Xeljanz will be finalized or take effect. The IRA also made significant changes to the Medicare Part D benefit design (IRA Medicare Part D Redesign), which took effect beginning in 2025. We do not expect a material, incremental impact from the IRA Medicare Part D Redesign in 2026 versus the baseline set in 2025. In addition, changes to the Medicaid Drug Rebate Program or the 340B Program, including legal or legislative developments at the federal or state level with respect to the 340B Program, could have a material impact on our business. The Department of Health and Human Services (HHS) has announced a 340B pilot program, expected to begin in January 2027, that is expected to include Eliquis, Ibrance and Xtandi. The 340B pilot program is subject to ongoing litigation. We are evaluating the potential impact. See the Item 1. Business –– Pricing Pressures and Managed Care Organizations and –– Government Regulation and Price Constraints and the Item 1A. Risk Factors––Pricing and Reimbursement sections, and the Overview of Our Performance, Operating Environment, Strategy and Outlook––Our Operating Environment section of the MD&A of our 2025 Form 10-K and The Global Economic Environment––Global Trade Environment section below .

Policy/Regulatory Environment ––New, proposed and potential policy, regulatory or other changes from the U.S. Presidential administration, Congress and states, including, among others, increased, decreased, withdrawn or new regulatory requirements, including changes in requirements for licensure, changes, delays or failure to receive recommendations, reimbursement and regulatory approvals and coverage for our vaccines and medicines, as well as potential impacts on our activities in markets outside of the U.S., could have a material adverse effect on our business, earnings, cash flows, liquidity and financial guidance.

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We have not seen experienced a significant disruption of our supply chain in the first six nine months of 2026 and or through the date of filing of this Form 10-Q, and substantially all of our manufacturing sites globally have continued to operate at or near normal levels. We continue to monitor potential supply chain impacts from geopolitical and trade developments. We do not currently anticipate the availability of raw materials to have a significant impact on our operations in 2026, but are monitoring potential supply chain disruptions as a result of ongoing geopolitical and trade negotiations, which could, among other things, impact costs. For information on risks related to product manufacturing, see the Item 1A. Risk Factors––Product Manufacturing, Sales and Marketing Risks section of our 2025 Form 10-K.

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Global Trade Environment ––Issued or future executive orders or other new or changes in laws, regulations or policies regarding tariffs or other trade or foreign policy, could have a material adverse effect on our business, earnings, cash flow, liquidity and financial guidance. While The U.S. Supreme Court's February 2026 decision related to executive authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA) did not have a material impact on our consolidated financial statements, the regulatory landscape continues to evolve, Specifically, and on April 2, 2026, the U.S. Government announced Section 232 tariffs on imported patented pharmaceuticals and their ingredients, up to a 100% duty to address national security concerns regarding supply chain reliance (the April 2, 2026 Section 232 Executive Order). These measures, featuring exemptions for commitments to onshore and invest in U.S. manufacturing, became effective for Pfizer on July 31, 2026. We have reached final binding agreements with the U.S. Government, ratifying the arrangements first announced in September 2025. Under these agreements, we have voluntarily committed to implement measures designed to make certain drug prices for U.S. patients more comparable to those in other developed countries, allow U.S. patients to purchase certain medicines at significant discounts to current retail prices and further invest in our U.S. manufacturing. Pursuant to the agreements, the applicable tariff rate under the April 2, 2026 Section 232 Executive Order for Pfizer products will be zero until January 20, 2029. We will continue to monitor developments and any potential impacts on our future financial results and business. However, there can be no assurance that the U.S. Government will not modify, or adopt new tariff or trade measures that could affect our products. For additional information on risks related to our global operations and changes in laws, see the Item 1A. Risk Factors—Global Operations and –– Changes in Laws and Accounting Standards sections of our 2025 Form 10-K.

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Biopharma $ 14,661 $ 14,305 $ 8,790 $ 8,793 $ 5,871 $ 5,512 2 — 7

(MILLIONS) Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025 % Change

Biopharma $ 16,283 $ 16,310 $ 10,546 $ 10,599 $ 5,736 $ 5,711 — — —

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Total revenues $ 15,034 $ 14,653 $ 8,857 $ 8,894 $ 6,177 $ 5,759 3 — 7

Total revenues $ 16,583 $ 16,654 $ 10,602 $ 10,691 $ 5,981 $ 5,963 — (1) —

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Biopharma $ 28,822 $ 27,746 $ 17,416 $ 17,078 $ 11,406 $ 10,668 4 2 7

(MILLIONS) Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025 Sept. 27, 2026 Sept. 28, 2025 % Change

Biopharma $ 45,105 $ 44,056 $ 27,963 $ 27,677 $ 17,142 $ 16,379 2 1 5

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Total revenues $ 29,484 46,067 $ 28,367 45,022 $ 17,588 28,191 $ 17,268 27,959 $ 11,896 17,877 $ 11,100 4 17,063 2 7 1 5 (a) 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.

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Performance-based contract rebates 1,748 1,663 3,410 3,274

Chargebacks 3,581 3,204 6,782 6,143

Sales allowances 1,700 1,773 3,413 3,555

Three Months Ended Six Nine Months Ended

(MILLIONS) September 27,

Medicaid and related state program rebates 434 390 792 787 371 522 1,164 1,309

Performance-based contract rebates 1,730 1,948 5,140 5,222

Chargebacks 4,533 4,125 11,315 10,268

Sales allowances 1,837 1,851 5,250 5,406

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Total $ 9,022 $ 8,436 $ 17,280 $ 16,569

Total $ 10,063 $ 10,151 $ 27,343 $ 26,720

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Revenues Region June 28,

Worldwide $ 2,425 $ 2,003 21 19

Int'l. 1,504 1,305 15 6

Worldwide $ 4,591 $ 3,926 17 14

Revenues Region Sept. 27, 2026 Sept. 28, 2025 Total Oper. Operational Results Commentary (operationally)

U.S. $ 1,651 1,808 $ 1,322 25 1,292 40 QTD and YTD growth primarily driven by higher net price in the U.S. primarily due to pricing dynamics, including lower rebates and channel mix favorability, as well as higher demand globally, partially offset by declines due to generic entry and price erosion in certain international markets.

Int'l. 715 723 (1) —

Worldwide $ 2,523 $ 2,015 25 25

Int'l. 2,219 2,028 9 4

Worldwide $ 7,114 $ 5,941 20 18

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Revenues Region June 28,

Vyndaqel family QTD $1,762

U.S. $ 1,064 $ 990 7 Growth primarily driven by:

Worldwide $ 1,762 $ 1,615 9 8

Int'l. 1,389 1,125 23 16

Worldwide $ 3,364 $ 3,101 8 6

U.S. $ 748 $ 860 (13) QTD and YTD declines primarily driven by:

• growth in certain international markets primarily driven by continued increased demand in both the adult and pediatric indications.

The YTD decline was also partially offset by favorable timing of deliveries related to the pediatric indication, primarily in the U.S.

Int'l. 589 523 13 10

Worldwide $ 1,337 $ 1,383 (3) (4)

Int'l. 1,226 1,013 21 15

Worldwide $ 3,027 $ 3,043 (1) (2)

U.S. $ 707 $ 696 2 QTD performance primarily driven by higher demand mostly in the U.S. and developed markets, offset by unfavorable buying patterns in the U.S., competitive pressure in certain emerging markets and timing of shipments in certain international markets.

Int'l. 351 353 (1) (4)

Worldwide $ 1,058 $ 1,049 1 —

Worldwide $ 2,066 $ 2,026 2 —

Worldwide $ 667 $ 542 23 23

Worldwide $ 1,258 $ 967 30 30

Worldwide $ 534 $ 566 (6) (6)

Worldwide $ 978 $ 1,023 (4) (4)

QTD growth was partially offset by lower net price in the U.S. due to higher returns and rebates.

Worldwide $ 421 $ 359 18 17

Worldwide $ 774 $ 607 28 27

Int'l. 221 151 46 40

Worldwide $ 354 $ 251 41 37

Int'l. 410 281 46 39

Worldwide $ 659 $ 473 39 35

The YTD decline was also driven by lower contractual deliveries in certain international markets.

Worldwide $ 261 $ 381 (32) (34)

Int'l. 324 540 (40) (43)

Worldwide $ 493 $ 945 (48) (49)

Revenues Region Sept. 27, 2026 Sept. 28, 2025 Total Oper. Operational Results Commentary (operationally)

• U.S. $ 1,086 $ 948 14 QTD and YTD growth primarily driven by continued market expansion in the U.S., as well as strong demand with continuing uptake in patient diagnosis across international markets and improved access in certain international markets. partially offset by:

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and 241 more changes in the filing

Financial statements 9 changes

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These statements may be identified by using words such as "will," "may," "could," "likely," "ongoing," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "assume," "target," "forecast," "guidance," "goal," "objective,"

These statements may be identified by using words such as "will," "may," "could," "likely," "ongoing," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "assume," "target," "forecast," "guidance," "goal," "objective," "aim," "seek," "potential," "hope" and other words and terms of similar meaning or by using future dates; however, the absence of the foregoing words or expressions does not mean that a statement is not forward-looking.

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In particular, forward-looking information in this Form 10-Q includes statements relating to specific future actions, performance and effects, including, among others, the expected benefits of the organizational changes to our operations; our anticipated operating and financial performance; our expectations regarding the impact of COVID-19 on our business, operations and financial results; the expected revenue, seasonality of demand and phasing for certain of our products; expected patent terms; the expected impact of patent expiries and generic and biosimilar competition; the expected pricing pressures on our products and the anticipated impact to our business; the expected impact of the IRA Medicare Part D Redesign; the benefits expected from our business development transactions; including, among others, our acquisitions of Metsera and Seagen and our agreements with 3SBio, YaoPharma and Innovent; the availability of raw materials; our efforts to mitigate the impact, and potential impact, of tariffs and pricing dynamics on our business and operations; global economic and/or geopolitical instability, foreign exchange rate fluctuations and inflationary pressures; our anticipated cash flows and liquidity position; the anticipated costs, savings and potential benefits from certain of our initiatives, including our enterprise-wide Realigning Our Cost Base Program and our Manufacturing Optimization Program designed to reduce our cost of goods sold; our voluntary agreements with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer's plans to further invest in U.S. manufacturing and potential tariff impacts; our expectations regarding product supply; our expectations regarding AI and our ability to successfully integrate and scale our AI initiatives; our planned capital spending; our capital allocation framework; our expectations regarding leverage; and expectations regarding legal proceedings and compliance with existing and anticipated laws and regulations.

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• the outcome of R&D activities, including the ability to meet anticipated pre-clinical or clinical endpoints, commencement and/or completion dates for our pre-clinical or clinical trials, regulatory submission dates, and/or regulatory approval and/or launch dates; the possibility of unfavorable pre-clinical and clinical trial results, including the possibility of unfavorable new pre-clinical or clinical data and further analyses of existing pre-clinical or clinical data; risks associated with preliminary, early stage or interim data; the risk that pre-clinical and clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when additional data from our pipeline programs will be published in scientific journal publications, and if so, when and with what modifications and interpretations; and uncertainties regarding the future development of our product candidates, including whether or when our product candidates will advance to future studies or phases of development or whether or when regulatory applications may be filed for any of our product candidates, including as a result of clinical trial data or regulatory decisions or feedback that could impact the future development of our product candidates, including our vaccine candidates such as our next generation pneumococcal conjugate vaccine candidate; candidates;

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• competition, including from new product entrants, in-line branded products, generic products, private label products, biosimilars and product candidates that treat or prevent diseases and conditions similar to those treated or intended to be prevented by our in-line products and product candidates, including as a result of competitor contracts with customers;

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Risks Related to Government Regulation, and Legal Proceedings, and Changes in Laws and Accounting Standards

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• U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, pharmaceutical product pricing, including international reference pricing (including Most-Favored-Nation drug pricing), intellectual property, product research, development and approval processes and pathways, reimbursement or access to or recommendations for our medicines and vaccines, tax changes or other restrictions on U.S. direct-to-consumer advertising; limitations on interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for our products as a result of highly competitive biopharmaceutical markets;

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• governmental laws, regulations, and policies and accounting standards affecting our operations, including, without limitation, the IRA, as well as new or changes in such laws, regulations, or policies or accounting standards or their interpretation, including, among others, new or changes in tariffs, tax laws and regulations internationally and in the U.S., including the OBBBA, which was enacted on July 4, 2025, and is still subject to further guidance; the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024, government cost-cutting measures and related impacts on, among other matters, government staffing, resources and ability to timely review and process regulatory or other submissions; restrictions related to certain data transfers, including data security, data localization and cross border data transfer regulations, and transactions involving certain countries; and potential changes to existing tax laws, tariffs, or changes to other laws, regulations or policies in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries;

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• risks and challenges related to the use of proprietary or third-party software, systems and services (including cloud services) that include AI-based functionality and other emerging technologies, such as the risk of inaccurate, biased or otherwise flawed outputs of AI tools and models; risks related to the protection of proprietary data and confidential information used in or generated by AI systems; reputational risks related to the use of AI in drug discovery, clinical development, manufacturing, commercial operations or patient-facing applications; and the risk that anticipated cost savings or benefits from AI, automation and digital enablement efforts may not be realized in the expected amounts or within expected timeframes.

Unregistered sales of stock 10 changes

The following summarizes purchases of our common stock during the second third quarter of 2026:

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March 30 through April 26, 2026

April 27 through May 24, 2026

May 25 through June 28, 2026

Total 135,804 $ 26.89 —

June 29 through July 26, 2026

July 27 through August 23, 2026

August 24 through September 27, 2026

Total 55,222 $ 26.18 —

(a) Represents (i) 134,760 54,453 shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of awards under our long-term incentive programs and (ii) the open market purchase by the trustee of 1,044 769 shares of common stock in connection with the reinvestment of dividends paid on common stock held in trust for employees who deferred receipt of performance share awards.

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Other information 9 changes

Trading Arrangements

Restructuring Programs

Realigning Our Cost Base Program

On August 4, 2026, Pfizer announced $1 billion of additional anticipated net cost savings associated with its ongoing cost realignment program (the "Realigning Our Cost Base Program") driven by further productivity enhancements from technology and simplification efforts across our commercial, R&D and enabling functions. These additional net savings are expected to further reduce costs in SI&A and be realized from 2027 through 2029. Pfizer expects one-time costs to achieve the additional savings to be incurred through 2029 and to total approximately $2 billion, primarily representing cash expenditures for digital enablement, implementation and severance. Pfizer previously announced that it remains on track to deliver anticipated net cost savings of approximately $5.7 billion by the end of 2026 and, with the additional anticipated savings, Pfizer now expects total net cost savings of approximately $6.7 billion from the Realigning our Cost Base Program through 2029.

Manufacturing Optimization Program

On August 4, 2026, Pfizer also announced the next phase of its multi-year Manufacturing Optimization Program designed to reduce our cost of goods sold. This phase of the program is focused on network structure changes, product portfolio enhancements and additional operational efficiencies and is expected to deliver additional anticipated savings of approximately $1.5 billion through 2029, some of which is expected to begin being realized in 2027. The one-time costs to achieve the savings associated with this phase of the program are expected to be approximately $4.0 billion, 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. Pfizer previously announced that it remains on track to deliver anticipated net cost savings from the first phase of this program of approximately $1.5 billion by the end of 2027 and, with the additional targeted savings from this phase, Pfizer now expects total net cost savings of approximately $3.0 billion from the Manufacturing Optimization Program through 2029.

The estimate of costs that Pfizer expects to incur and savings that Pfizer expects to achieve, and the timing thereof, are subject to a number of assumptions and actual results may differ from current expectations. Pfizer may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Realigning our Cost Base Program and the Manufacturing Optimization Program as well as for potential future phases.

For the anticipated and actual costs of these programs, see Note 3 .

During the three months ended June 28, September 27, 2026, none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.