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Pfizer — Recasted Reconciliations of GAAP Reported to Non-GAAP Adjusted Information Presentation deck (company IR deck)
Pfizer (PFE) · 6 slides · Filed Oct 21, 2026
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Slide 1 — Beginning in the first quarter of 2022, Pfizer will be changing the treatment of certain items for purposes of its non-GAAP reporting. As communicated in our April 20, 2022 Current Report on Form 8-K,
Beginning in the first quarter of 2022, Pfizer will be changing the treatment of certain items for purposes of its non-GAAP reporting. As communicated in our April 20, 2022 Current Report on Form 8-K, we will begin including the following expenses in our non-GAAP Adjusted income: (a) all acquired in-process research and development costs incurred in connection with upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities, and (b) asset acquisitions of acquired in-process research and development. Prior to this change, certain of these items were excluded from our non-GAAP adjusted results. In addition, as communicated in our fourth quarter 2021 Earnings Release, we will begin excluding all amortization of intangibles from Adjusted income compared to excluding only amortization of intangibles related to large mergers or acquisitions under the prior methodology. The attached recasted unaudited GAAP to non-GAAP reconciliations for each quarter and the full-year of 2021, and the full-year of 2020, reflect how these changes impacted our previously reported non- GAAP results in each respective reporting period. For additional details, including introductory narrative explanations and complete footnotes covering all non-GAAP adjustments, please refer to the original non-GAAP reconciliations included in each respective Form 10-Q or Form 10-K filing. As discussed in the Non-GAAP Financial Measure: Adjusted Income section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2021 Annual Report on Form 10-K, non-GAAP Adjusted income is an alternative measure of performance used by Pfizer Inc. management to evaluate our overall performance as a supplement to our GAAP Reported performance measures. We use Adjusted income, certain components of Adjusted income and Adjusted diluted EPS to present the results of our major operations––the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide––prior to considering certain income statement elements. The Adjusted income and its components and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and diluted EPS, have no standardized meaning prescribed by U.S. GAAP and may not be comparable to the calculation of similar measures of other companies. See the Non-GAAP Financial Measure: Adjusted Income section of Management's Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2021 Annual Report on Form 10-K for additional information. PFIZER INC. AND SUBSIDIARY COMPANIES RECASTED RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION SUPPLEMENTAL INFORMATION
Slide 2 — (millions of dollars, except per common share data)
Data presented will not (in all cases) aggregate to totals. Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/ deductions––net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 9,736 $ 4,104 $ 5,915 $ 957 $ (835) $ 3,393 $ 0.59 Purchase accounting adjustments 7 (1) 1 (790) (83) 866 Acquisition-related items - - - - - 49 Discontinued operations - - - - - 232 Certain significant items: (33) (162) (2,413) - 191 2,502 Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (26) (140) (0) - - 252 Certain asset impairments - - - - (86) 86 Upfront and milestone payments on collaborative and licensing arrangements - - (350) - - 350 (Gains)/losses on equity securities - - - - (259) 259 Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - 669 (669) Asset acquisitions of IPR&D - - (2,053) - - 2,053 Other (7) (22) (9) - (134) 172 Income tax provision - Non-GAAP items (804) Non-GAAP adjusted (as previously reported) 9,710 3,941 3,503 167 (728) 6,239 1.08 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements 350 (350) Asset acquisitions of IPR&D 2,053 (2,053) Amortization of intangible assets(2) (0) (10) (1) (167) (1) 178 Income tax provision on adjustments 530 Non-GAAP adjusted (recasted) $ 9,710 $ 3,932 $ 5,905 $ (0) $ (728) $ 4,543 $ 0.79 Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/ deductions––net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 30,821 $ 12,703 $ 13,829 $ 3,700 $ (4,878) $ 21,979 $ 3.85 Purchase accounting adjustments 25 (3) 6 (3,088) (114) 3,175 Acquisition-related items - - - - - 52 Discontinued operations - - - - - 585 Certain significant items: (160) (590) (3,311) - 2,520 2,292 Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (108) (450) (1) - - 1,309 Certain asset impairments - - - - (86) 86 Upfront and milestone payments on collaborative and licensing arrangements - - (1,056) - - 1,056 (Gains)/losses on equity securities - - - - 1,338 (1,338) Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - 1,601 (1,601) Asset acquisitions of IPR&D - - (2,240) - - 2,240 Other (52) (141) (15) - (334) 542 Income tax provision - Non-GAAP items (2,848) Non-GAAP adjusted (as previously reported) 30,685 12,110 10,523 613 (2,473) 25,236 4.42 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements 1,056 (1,056) Asset acquisitions of IPR&D 2,240 (2,240) Amortization of intangible assets(2) (0) (38) (5) (613) (2) 658 Income tax provision on adjustments 598 Non-GAAP adjusted (recasted) $ 30,685 $ 12,071 $ 13,813 $ - $ (2,475) $ 23,196 $ 4.06 (1) Beginning in Q1 2022 we will include in our Non-GAAP financial measures expenses for (a) all acquired in-process research and development costs incurred in connection with upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset acquisitions of acquired in-process research and development. This adjustment includes these expenses in prior comparative periods to conform to this new presentation. (2) As communicated in our Q4 2021 Earnings Release, beginning in Q1 2022 we will change our policy for intangible amortization expense and will begin excluding all amortization of intangibles from Adjusted income compared to excluding only amortization of intangibles related to large mergers or acquisitions under the prior methodology. This adjustment removes all remaining intangible amortization expense in prior comparative periods to conform to this new presentation. PFIZER INC. AND SUBSIDIARY COMPANIES RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (millions of dollars, except per common share data) Fourth-Quarter 2021 Full-Year Ended December 31, 2021 CERTAIN LINE ITEMS - (UNAUDITED)
Slide 3 — (millions of dollars, except per common share data)
Data presented will not (in all cases) aggregate to totals. Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/ deductions––net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 9,932 $ 2,899 $ 3,443 $ 968 $ (1,696) $ 8,146 $ 1.42 Purchase accounting adjustments 6 (1) 1 (799) (47) 839 Acquisition-related items - - - - - 1 Discontinued operations - - - - - 17 Certain significant items: (39) (170) (708) - 1,174 388 Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (28) (150) (0) - - 823 Certain asset impairments - - - - - - Upfront and milestone payments on collaborative and licensing arrangements - - (706) - - 706 (Gains)/losses on equity securities - - - - 400 (400) Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - 899 (899) Asset acquisitions of IPR&D - - - - - - Other (11) (20) (2) - (126) 159 Income tax provision - Non-GAAP items (1,715) Non-GAAP adjusted 9,899 2,728 2,737 169 (569) 7,676 1.34 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements 706 (706) Asset acquisitions of IPR&D - - Amortization of intangible assets(2) (0) (9) (1) (169) (1) 180 Income tax provision on adjustments 129 Non-GAAP adjusted (recasted) $ 9,899 $ 2,719 $ 3,441 $ - $ (570) $ 7,279 $ 1.27 Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/deductions– –net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 21,085 $ 8,599 $ 7,914 $ 2,743 $ (4,043) $ 18,586 $ 3.27 Purchase accounting adjustments 17 (2) 4 (2,297) (31) 2,309 Acquisition-related items - - - - - 3 Discontinued operations - - - - - 353 Certain significant items: (128) (429) (899) - 2,329 (210) Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (82) (310) (1) - - 1,057 Certain asset impairments - - - - - - Upfront and milestone payments on collaborative and licensing arrangements - - (706) - - 706 (Gains)/losses on equity securities - - - - 1,597 (1,597) Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - 932 (932) Asset acquisitions of IPR&D - - (186) - - 186 Other (45) (119) (6) - (200) 370 Income tax provision - Non-GAAP items (2,044) Non-GAAP adjusted 20,975 8,168 7,020 446 (1,745) 18,997 3.34 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements 706 (706) Asset acquisitions of IPR&D 186 (186) Amortization of intangible assets(2) (0) (29) (4) (446) (2) 480 Income tax provision on adjustments 68 Non-GAAP adjusted (recasted) $ 20,975 $ 8,140 $ 7,908 $ - $ (1,747) $ 18,653 $ 3.28 * Amounts have been restated to remove the financial statement impact of Meridian’s operations, and include them, in total, as discontinued operations. (1) Beginning in Q1 2022 we will include in our Non-GAAP financial measures expenses for (a) all acquired in-process research and development costs incurred in connection with upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset acquisitions of acquired in-process research and development. This adjustment includes these expenses in prior comparative periods to conform to this new presentation. (2) As communicated in our Q4 2021 Earnings Release, beginning in Q1 2022 we will change our policy for intangible amortization expense and will begin excluding all amortization of intangibles from Adjusted income compared to excluding only amortization of intangibles related to large mergers or acquisitions under the prior methodology. This adjustment removes all remaining intangible amortization expense in prior comparative periods to conform to this new presentation. PFIZER INC. AND SUBSIDIARY COMPANIES RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (millions of dollars, except per common share data) Third-Quarter 2021* Nine Months Ended October 3, 2021* CERTAIN LINE ITEMS - (UNAUDITED)
Slide 4 — (millions of dollars, except per common share data)
Data presented will not (in all cases) aggregate to totals. Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/ deductions––net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 6,996 $ 2,923 $ 2,458 $ 917 $ (1,343) $ 5,563 $ 0.98 Purchase accounting adjustments 6 (1) 1 (749) (37) 779 Acquisition-related items - - - - - 3 Discontinued operations - - - - - 346 Certain significant items: (54) (135) (188) - 805 (432) Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (37) (96) (0) - - 129 Certain asset impairments - - - - - - Upfront and milestone payments on collaborative and licensing arrangements - - - - - - (Gains)/losses on equity securities - - - - 798 (798) Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - (6) 6 Asset acquisitions of IPR&D - - (186) - - 186 Other (16) (39) (2) - 13 44 Income tax provision - Non-GAAP items (193) Non-GAAP adjusted 6,949 2,787 2,271 169 (575) 6,066 1.07 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements - - Asset acquisitions of IPR&D 186 (186) Amortization of intangible assets(2) (0) (10) (1) (169) (0) 180 Income tax provision on adjustments (37) Non-GAAP adjusted (recasted) $ 6,949 $ 2,778 $ 2,456 $ (0) $ (576) $ 6,023 $ 1.06 Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/ deductions––net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 11,153 $ 5,700 $ 4,471 $ 1,776 $ (2,347) $ 10,440 $ 1.84 Purchase accounting adjustments 11 (1) 3 (1,498) 16 1,470 Acquisition-related items - - - - - 2 Discontinued operations - - - - - 337 Certain significant items: (89) (259) (190) - 1,155 (598) Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (55) (160) (0) - - 234 Certain asset impairments - - - - - - Upfront and milestone payments on collaborative and licensing arrangements - - - - - - (Gains)/losses on equity securities - - - - 1,197 (1,197) Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - 33 (33) Asset acquisitions of IPR&D - - (186) - - 186 Other (34) (99) (4) - (74) 211 Income tax provision - Non-GAAP items (329) Non-GAAP adjusted 11,076 5,440 4,283 277 (1,176) 11,321 2.00 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements - - Asset acquisitions of IPR&D 186 (186) Amortization of intangible assets(2) (0) (19) (2) (277) (1) 300 Income tax provision on adjustments (61) Non-GAAP adjusted (recasted) $ 11,076 $ 5,421 $ 4,467 $ 0 $ (1,177) $ 11,375 $ 2.01 * Amounts have been restated to remove the financial statement impact of Meridian’s operations, and include them, in total, as discontinued operations. (1) Beginning in Q1 2022 we will include in our Non-GAAP financial measures expenses for (a) all acquired in-process research and development costs incurred in connection with upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset acquisitions of acquired in-process research and development. This adjustment includes these expenses in prior comparative periods to conform to this new presentation. (2) As communicated in our Q4 2021 Earnings Release, beginning in Q1 2022 we will change our policy for intangible amortization expense and will begin excluding all amortization of intangibles from Adjusted income compared to excluding only amortization of intangibles related to large mergers or acquisitions under the prior methodology. This adjustment removes all remaining intangible amortization expense in prior comparative periods to conform to this new presentation. PFIZER INC. AND SUBSIDIARY COMPANIES RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (millions of dollars, except per common share data) Second-Quarter 2021* Six Months Ended July 4, 2021* CERTAIN LINE ITEMS - (UNAUDITED)
Slide 5 — (millions of dollars, except per common share data)
Data presented will not (in all cases) aggregate to totals. Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/ deductions––net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 4,157 $ 2,777 $ 2,013 $ 858 $ (1,004) $ 4,877 $ 0.86 Purchase accounting adjustments 5 (1) 1 (750) 53 691 Acquisition-related items - - - - - (2) Discontinued operations - - - - - (9) Certain significant items: (35) (123) (3) - 350 (166) Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (17) (64) (0) - - 105 Certain asset impairments - - - - - - Upfront and milestone payments on collaborative and licensing arrangements - - - - - - (Gains)/losses on equity securities - - - - 399 (399) Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - 39 (39) Asset acquisitions of IPR&D - - - - - - Other (18) (59) (2) - (87) 167 Income tax provision - Non-GAAP items (136) Non-GAAP adjusted 4,127 2,653 2,012 109 (601) 5,255 0.93 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements - - Asset acquisitions of IPR&D - - Amortization of intangible assets(2) (0) (10) (1) (109) (1) 120 Income tax provision on adjustments (23) Non-GAAP adjusted (recasted) $ 4,127 $ 2,643 $ 2,011 $ 0 $ (601) $ 5,351 $ 0.95 * Amounts have been restated to remove the financial statement impact of Meridian’s operations, and include them, in total, as discontinued operations. (1) Beginning in Q1 2022 we will include in our Non-GAAP financial measures expenses for (a) all acquired in-process research and development costs incurred in connection with upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset acquisitions of acquired in-process research and development. This adjustment includes these expenses in prior comparative periods to conform to this new presentation. (2) As communicated in our Q4 2021 Earnings Release, beginning in Q1 2022 we will change our policy for intangible amortization expense and will begin excluding all amortization of intangibles from Adjusted income compared to excluding only amortization of intangibles related to large mergers or acquisitions under the prior methodology. This adjustment removes all remaining intangible amortization expense in prior comparative periods to conform to this new presentation. PFIZER INC. AND SUBSIDIARY COMPANIES RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (millions of dollars, except per common share data) First-Quarter 2021* CERTAIN LINE ITEMS - (UNAUDITED)
Slide 6 — (millions of dollars, except per common share data)
Data presented will not (in all cases) aggregate to totals. Cost of sales Selling, informational and administrative expenses Research and development expenses Amortization of intangible assets Other (income)/ deductions––net Net income attributable to Pfizer Inc. common shareholders Earnings per common share attributable to Pfizer Inc. common shareholders––diluted GAAP reported $ 8,484 $ 11,597 $ 9,393 $ 3,348 $ 1,219 $ 9,159 $ 1.63 Purchase accounting adjustments 18 (2) 5 (3,064) (75) 3,117 Acquisition-related items (0) 0 - - - 44 Discontinued operations - - - - - (2,879) Certain significant items: (117) (489) (526) - (2,923) 4,584 Restructuring charges/(credits) and implementation costs and additional depreciation—asset restructuring (61) (197) 2 - - 791 Certain asset impairments - - - - (1,691) 1,691 Upfront and milestone payments on collaborative and licensing arrangements - - (454) - - 454 (Gains)/losses on equity securities - - - - 557 (557) Actuarial valuation and other pension and postretirement plan (gains)/losses - - - - (1,092) 1,092 Asset acquisitions of IPR&D - - (50) - - 50 Other (56) (292) (24) - (697) 1,063 Income tax provision - Non-GAAP items (1,299) Non-GAAP adjusted (as previously reported) 8,386 11,106 8,872 284 (1,779) 12,727 2.26 Acquired in-process research and development(1): Upfront and milestone payments on collaborative and licensing arrangements 454 (454) Asset acquisitions of IPR&D 50 (50) Amortization of intangible assets(2) (0) (38) (6) (284) (3) 331 Income tax provision on adjustments 48 Non-GAAP adjusted (recasted) $ 8,386 $ 11,068 $ 9,370 $ (0) $ (1,781) $ 12,601 $ 2.24 (1) Beginning in Q1 2022 we will include in our Non-GAAP financial measures expenses for (a) all acquired in-process research and development costs incurred in connection with upfront and milestone payments on collaboration and in-license agreements, including premiums on equity securities and (b) asset acquisitions of acquired in-process research and development. This adjustment includes these expenses in prior comparative periods to conform to this new presentation. (2) As communicated in our Q4 2021 Earnings Release, beginning in Q1 2022 we will change our policy for intangible amortization expense and will begin excluding all amortization of intangibles from Adjusted income compared to excluding only amortization of intangibles related to large mergers or acquisitions under the prior methodology. This adjustment removes all remaining intangible amortization expense in prior comparative periods to conform to this new presentation. PFIZER INC. AND SUBSIDIARY COMPANIES RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (millions of dollars, except per common share data) Full-Year Ended December 31, 2020 CERTAIN LINE ITEMS - (UNAUDITED)