Pfizer Inc.

08/04/2026 | Press release | Distributed by Public on 08/04/2026 05:05

Quarterly Report for Quarter Ending June 28, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
GENERAL
The following MD&A is intended to assist the reader in understanding our financial condition and results of operations, including an evaluation of the amounts and certainty of cash flows from operations and from outside sources, and is provided as a supplement to and should be read in conjunction with the condensed consolidated financial statements and related notes in Item 1. Financial Statements in this Form 10-Q.
References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate changes are part of our business, they are not within our control and because they can mask positive or negative trends in the business, we believe presenting operational variances excluding these foreign exchange changes provides useful information to evaluate our results.
OVERVIEW OF OUR PERFORMANCE, OPERATING AND GLOBAL ECONOMIC ENVIRONMENT
Our Business--Pfizer Inc. is a research-based, global biopharmaceutical company. We apply science and our global resources to bring therapies to people that extend and significantly improve their lives through the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide.
Segments--Beginning in the first quarter of 2026, we manage our commercial operations through a global structure consisting of two operating segments: Biopharma and PC1. Biopharma is the only reportable segment. See Note 13A.
For additional information about our business, strategy and operating environment, see the Item 1. Business section and the Overview of Our Performance, Operating Environment, Strategy and Outlook section within MD&A of our 2025 Form 10-K.
Restructuring Programs
Realigning Our Cost Base Program--In the third quarter of 2026, we announced $1.0 billion of additional anticipated net cost savings associated with this 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. We expect one-time costs to achieve the additional savings to be incurred through 2029 and to total approximately $2.0 billion.
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 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. The costs to achieve these savings are expected to be incurred through 2029.
For a description of anticipated savings related to these programs, see the Costs and Expenses--Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives section within MD&A and Note 3 for the anticipated and actual costs of these programs.
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:
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 Second Quarter and First Six Months of 2026 Performance
Total Revenues--Total revenues increased $381 million, or 3%, in the second quarter of 2026 to $15.0 billion from $14.7 billion in the second quarter of 2025, reflecting an operational increase of $164 million, or 1%, as well as a favorable impact of foreign exchange of $217 million, or 1%. The operational increase was driven by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Lorbrena and several other products across categories, partially offset by a decline in COVID-19 product revenues and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 5% operationally.
Total revenues increased $1.1 billion, or 4%, in the first six months of 2026 to $29.5 billion from $28.4 billion in the first six months of 2025, reflecting an operational increase of $469 million, or 2%, as well as a favorable impact of foreign exchange of $648 million, or 2%. The operational increase was driven by an increase in revenues for Eliquis, Padcev, the Vyndaqel family, Lorbrena, Nurtec ODT/Vydura, Oncology biosimilars and several other products across categories, partially offset by a decline in COVID-19 product revenues and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, Total revenues increased 6% 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.
Income/(Loss) from Continuing Operations Before Provision/(Benefit) for Taxes on Income/(Loss)-- Loss from continuing operations before provision/(benefit) for taxes on income/(loss) in the second quarter of 2026 was $653 million, compared to income of $3.0 billion in the second quarter of 2025, primarily due to (i) charges for intangible asset impairments and certain legal matters (both 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, 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.
The decrease in Income from continuing operations before provision/(benefit) for taxes on income of $3.3 billion, to $2.5 billion in the first six months of 2026 from $5.8 billion in the first six months of 2025, was primarily due to (i) charges for intangible asset impairments and certain legal matters, and increases in the fair value of our contingent consideration liabilities (all recorded in Other (income)/deductions--net) and (ii) increases in Cost of sales and Research and development expenses, 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.
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/(Loss) section within MD&A and Note 5.
Our Operating Environment--We, like other businesses in our industry, are subject to certain industry-specific challenges. These include, among others, the topics listed below. See also the Item 1. Business--Government Regulation and Price Constraints and Item 1A. Risk Factors 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.
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.
For additional information on patent rights we consider most significant to our business as a whole, including U.S., major Europe and Japan basic product patent expiration years, see the Item 1. Business--Patents and Other Intellectual Property Rights section of our 2025 Form 10-K. For a discussion of recent developments with respect to patent litigation involving certain of our products, see Notes 12A1 and 12A5.
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. 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 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.
Product Supply--We periodically encounter supply delays, disruptions and shortages, including due to voluntary product recalls and natural or man-made disasters.
We have not seen a significant disruption of our supply chain in the first six months of 2026 and through the date of filing of this Form 10-Q, and 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 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.
The Global Economic Environment--In addition to the industry-specific factors discussed above, we, like other businesses of our size and global extent of activities, are exposed to economic cycles as well as broader geopolitical and regulatory developments. See the Item 1A. Risk Factors-Global Operations section of our 2025 Form 10-K, as well as the Overview of Our Performance, Operating Environment, Strategy and Outlook--The Global Economic Environment section of the MD&A of our 2025 Form 10-K.
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, 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. 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.
SIGNIFICANT ACCOUNTING POLICIES AND APPLICATION OF CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
For a description of our significant accounting policies, see Note 1 in our 2025 Form 10-K. Of these policies, the following are considered critical to an understanding of our consolidated financial statements as they require the application of the most subjective and the most complex judgments: Acquisitions (Note 1D); Fair Value (Note 1E); Revenues (Note 1G); Long-Lived Assets (Note 1M); Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Note 1N); Income Taxes (Note 1Q); Pension and Postretirement Benefit Plans (Note 1R); and Legal and Environmental Contingencies (Note 1S).
For a discussion about the critical accounting estimates and assumptions impacting our consolidated financial statements, see the Significant Accounting Policies and Application of Critical Accounting Estimates and Assumptions section within MD&A of our 2025 Form 10-K. See also Note 1C in our 2025 Form 10-K for a discussion about the risks associated with estimates and assumptions.
ANALYSIS OF THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Total Revenues by Geography
The following presents worldwide Total revenues by geography:
Three Months Ended
Worldwide U.S. International World-wide U.S. Inter-national
(MILLIONS) June 28,
2026 		June 29,
2025 		June 28,
2026 		June 29,
2025 		June 28,
2026 		June 29,
2025 		% Change
Operating segments:
Biopharma $ 14,661 $ 14,305 $ 8,790 $ 8,793 $ 5,871 $ 5,512 2 - 7
Pfizer CentreOne(a)
373 348 67 101 306 247 7 (34) 24
Total revenues $ 15,034 $ 14,653 $ 8,857 $ 8,894 $ 6,177 $ 5,759 3 - 7
Six Months Ended
Worldwide U.S. International World-wide U.S. Inter-national
(MILLIONS) June 28,
2026 		June 29,
2025 		June 28,
2026 		June 29,
2025 		June 28,
2026 		June 29,
2025 		% Change
Operating segments:
Biopharma $ 28,822 $ 27,746 $ 17,416 $ 17,078 $ 11,406 $ 10,668 4 2 7
Pfizer CentreOne(a)
662 622 172 190 490 432 7 (10) 14
Total revenues $ 29,484 $ 28,367 $ 17,588 $ 17,268 $ 11,896 $ 11,100 4 2 7
(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.
Product Revenue Deductions--Our gross product revenues are subject to a variety of deductions, which generally are estimated and recorded in the same period that the revenues are recognized. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these product revenue deductions on gross sales for a reporting period. Historically, adjustments to these estimates to reflect actual results or updated expectations, have not been material to our overall business and generally have been less than 1% of revenues. Product-specific rebates, however, can have a significant impact on year-over-year individual product revenue growth trends.
The following presents information about product revenue deductions:
Three Months Ended Six Months Ended
(MILLIONS) June 28,
2026 		June 29,
2025 		June 28,
2026 		June 29,
2025
Medicare rebates
$ 965 $ 1,103 $ 1,964 $ 2,171
Medicaid and related state program rebates 434 390 792 787
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
Sales returns and cash discounts
594 304 919 639
Total $ 9,022 $ 8,436 $ 17,280 $ 16,569
Product revenue deductions are primarily a function of product sales volume, mix of products sold, contractual or legislative discounts and rebates.
For information on our accruals for product revenue deductions, including the balance sheet classification of these accruals, see Note 1B.
Total Revenues--Selected Product Discussion
Biopharma
(MILLIONS) Revenue % Change
Product Period Global
Revenues 		Region June 28,
2026 		June 29,
2025 		Total Oper. Operational Results Commentary
Eliquis QTD
$2,425
Up 19%
(operationally)
U.S. $ 1,651 $ 1,322 25 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. 773 681 14 8
Worldwide $ 2,425 $ 2,003 21 19
YTD
$4,591
Up 14%
(operationally)
U.S. $ 3,087 $ 2,621 18
Int'l. 1,504 1,305 15 6
Worldwide $ 4,591 $ 3,926 17 14
(MILLIONS) Revenue % Change
Product Period Global
Revenues 		Region June 28,
2026 		June 29,
2025 		Total Oper. Operational Results Commentary
Vyndaqel family QTD
$1,762
Up 8%
(operationally)
U.S. $ 1,064 $ 990 7
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:
•net price erosion in the U.S. as a result of new payer contracts.
Int'l. 698 626 12 8
Worldwide $ 1,762 $ 1,615 9 8
YTD
$3,364
Up 6%
(operationally)
U.S. $ 1,975 $ 1,976 -
Int'l. 1,389 1,125 23 16
Worldwide $ 3,364 $ 3,101 8 6
Prevnar family QTD
$1,337
Down 4%
(operationally)
U.S. $ 748 $ 860 (13)
QTD and YTD declines primarily driven by:
•lower vaccination rates in the pediatric and adult indications in the U.S., as well as market share erosion for the adult indication in the U.S.,
partially offset 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)
YTD
$3,027
Down 2%
(operationally)
U.S. $ 1,801 $ 2,030 (11)
Int'l. 1,226 1,013 21 15
Worldwide $ 3,027 $ 3,043 (1) (2)
Ibrance QTD
$1,058
Flat
(operationally)
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.
YTD performance primarily driven by higher demand in the U.S. and developed markets and a favorable adjustment of rebate accruals for international markets related to prior periods, offset by lower net price in the U.S. primarily due to chargebacks, as well as unfavorable buying patterns and competitive pressure in certain emerging markets.
Int'l. 351 353 (1) (4)
Worldwide $ 1,058 $ 1,049 1 -
YTD
$2,066
Flat
(operationally)
U.S. $ 1,339 $ 1,354 (1)
Int'l. 728 671 8 1
Worldwide $ 2,066 $ 2,026 2 -
Padcev QTD
$667
Up 23%
(operationally)
U.S. $ 648 $ 534 21 Growth primarily driven by increased market share in first-line locally advanced or metastatic urothelial cancer (la/mUC), as well as launch uptake in the cisplatin-ineligible indication for muscle-invasive bladder cancer, partially offset by a one-time favorable impact associated with transition to a wholesaler distribution model in the U.S. in the prior year.
Int'l. 19 7 * *
Worldwide $ 667 $ 542 23 23
YTD
$1,258
Up 30%
(operationally)
U.S. $ 1,233 $ 953 29
Int'l. 26 14 78 68
Worldwide $ 1,258 $ 967 30 30
Xtandi QTD
$534
Down 6%
(operationally)
U.S. $ 534 $ 566 (6) Declines mainly driven by lower net price in the U.S., partially offset by higher demand.
Int'l. - - - -
Worldwide $ 534 $ 566 (6) (6)
YTD
$978
Down 4%
(operationally)
U.S. $ 978 $ 1,023 (4)
Int'l. - - - -
Worldwide $ 978 $ 1,023 (4) (4)
Nurtec ODT/Vydura QTD
$421
Up 17%
(operationally)
U.S. $ 365 $ 333 10
QTD and YTD growth primarily driven by strong demand in the U.S., as well as launch uptake in certain international markets.
QTD growth was partially offset by lower net price in the U.S. due to higher returns and rebates.
Int'l. 56 25 * *
Worldwide $ 421 $ 359 18 17
YTD
$774
Up 27%
(operationally)
U.S. $ 677 $ 561 21
Int'l. 97 46 * *
Worldwide $ 774 $ 607 28 27
Lorbrena QTD
$354
Up 37%
(operationally)
U.S. $ 133 $ 100 33
Growth primarily driven by increased patient share in the first-line ALK+ metastatic NSCLC treatment setting in the U.S., China and certain other international markets.
Int'l. 221 151 46 40
Worldwide $ 354 $ 251 41 37
YTD
$659
Up 35%
(operationally)
U.S. $ 248 $ 192 30
Int'l. 410 281 46 39
Worldwide $ 659 $ 473 39 35
Comirnaty
QTD
$261
Down 34%
(operationally)
U.S. $ 38 $ 176 (79)
QTD and YTD declines primarily driven by a lower favorable adjustment to the returns provision, as well as lower utilization in the U.S. primarily resulting from a narrower recommendation for vaccination.
The YTD decline was also driven by lower contractual deliveries in certain international markets.
Int'l. 223 205 9 4
Worldwide $ 261 $ 381 (32) (34)
YTD
$493
Down 49%
(operationally)
U.S. $ 169 $ 406 (58)
Int'l. 324 540 (40) (43)
Worldwide $ 493 $ 945 (48) (49)
(MILLIONS) Revenue % Change
Product Period Global
Revenues 		Region June 28,
2026 		June 29,
2025 		Total Oper. Operational Results Commentary
Abrysvo QTD
$208
Up 43%
(operationally)
U.S. $ 55 $ 101 (46)
QTD growth primarily driven by:
•launch uptake in certain international markets,
•favorable timing of deliveries for the maternal indication in certain international markets; and
•favorable buying patterns in the U.S.,
partially offset by:
•a favorable adjustment to the returns provision in the second quarter of 2025; and
•lower vaccination rates in the U.S.
YTD growth primarily driven by launch uptake in certain international markets and favorable buying patterns in the U.S., partially offset by lower vaccination rates and lower market share in the U.S.
Int'l. 153 42 * *
Worldwide $ 208 $ 143 46 43
YTD
$388
Up 38%
(operationally)
U.S. $ 139 $ 164 (15)
Int'l. 249 110 * *
Worldwide $ 388 $ 274 42 38
Paxlovid QTD
$21
Down 95%
(operationally)
U.S. $ - $ 328 (100) Declines primarily driven by lower COVID-19 infections across the U.S. and international markets and lower government purchases in certain international markets.
Int'l. 20 99 (80) (81)
Worldwide $ 21 $ 427 (95) (95)
YTD
$207
Down 78%
(operationally)
U.S. $ 136 $ 675 (80)
Int'l. 71 244 (71) (73)
Worldwide $ 207 $ 918 (77) (78)
Pfizer CentreOne
(MILLIONS) Revenue % Change
Operating Segment Period Global
Revenues 		Region June 28, 2026 June 29, 2025 Total Oper. Operational Results Commentary
PC1 QTD
$373
Up 5%
(operationally)
U.S. $ 67 $ 101 (34) Growth driven by higher manufacturing of third-party products under manufacturing and supply agreements and higher active pharmaceutical ingredient sales.
Int'l. 306 247 24 21
Worldwide $ 373 $ 348 7 5
YTD
$662
Up 3%
(operationally)
U.S. $ 172 $ 190 (10)
Int'l. 490 432 14 9
Worldwide $ 662 $ 622 7 3
See the Item 1. Business-Patents and Other Intellectual Property Rights section of our 2025 Form 10-K for information regarding the expiration of various patent rights, Note 12 for a discussion of recent developments concerning patent and product litigation relating to certain of the products discussed above and Note 13C for the primary indications or class of the selected products discussed above.
Costs and Expenses
Three Months Ended Six Months Ended
(MILLIONS) June 28,
2026 		June 29,
2025 		%
Change 		June 28,
2026 		June 29,
2025 		%
Change
Cost of sales $ 4,092 $ 3,778 8 $ 7,640 $ 6,624 15
Percentage of Total revenues
27.2 % 25.8 % 25.9 % 23.4 %
Selling, informational and administrative expenses 3,411 3,415 - 6,372 6,446 (1)
Research and development expenses 2,809 2,482 13 5,299 4,685 13
Acquired in-process research and development expenses 16 2 * 153 11 *
Amortization of intangible assets 1,185 1,211 (2) 2,368 2,421 (2)
Restructuring charges and certain acquisition-related costs 457 (18) * 557 660 (16)
Other (income)/deductions-net 3,716 739 * 4,577 1,692 *
Second Quarter of 2026 vs. Second Quarter of 2025 and First Six Months of 2026 vs. First Six Months of 2025
Cost of Sales
Cost of sales increased $314 million in the second quarter of 2026, primarily due to:
•a $130 million unfavorable change in sales mix;
•an increase of $90 million, due to higher amortization of the fair value step-up of acquired inventory, driven primarily by the Oxbryta impairment; and
•a $60 million unfavorable impact of foreign exchange.
The increase in Cost of sales as a percentage of revenues in the second quarter of 2026 was primarily driven by an unfavorable change in sales mix and higher amortization of the fair value step-up of acquired inventory, primarily driven by the Oxbryta impairment.
Cost of sales increased $1.0 billion in the first six months of 2026, primarily due to:
•the non-recurrence of a favorable revision of our estimate of accrued royalties in the first quarter of 2025;
•a $350 million unfavorable impact of foreign exchange; and
•a $100 million unfavorable change in sales mix.
The increase in Cost of sales as a percentage of revenues in the first six months of 2026 was primarily due to the non-recurrence of a favorable revision of our estimate of accrued royalties in the first quarter of 2025, and an unfavorable impact of foreign exchange.
Certain of our vaccines, including Comirnaty, are subject to seasonality of demand, with a greater portion of revenues and related cost of sales anticipated in the fall and winter seasons.
Selling, Informational and Administrative Expenses
Selling, informational and administrative expenses were relatively flat in the second quarter of 2026, primarily reflecting:
•lower spending of $70 million in corporate enabling functions,
offset by:
•an increase of $40 million in implementation costs associated with our cost realignment program; and
•a $35 million unfavorable impact of foreign exchange.
Selling, informational and administrative expenses decreased $74 million in the first six months of 2026, primarily reflecting:
•lower spending of $130 million in corporate enabling functions; and
•a decrease of $100 million in marketing and promotional spend on various products from more targeted investments and ongoing productivity improvements,
partially offset by:
•a $90 million unfavorable impact of foreign exchange; and
•an increase of $70 million in implementation costs associated with our cost realignment program.
Research and Development Expenses
Research and development expenses increased $327 million in the second quarter and $614 million in the first six months of 2026, driven primarily by an increase in spending of $240 million and $420 million, respectively, in certain oncology and obesity product candidates, which was anticipated.
Acquired In-Process Research and Development Expenses
Acquired in-process research and development expenses increased $14 million in the second quarter and $142 million in the first six months of 2026, reflecting upfront and milestone payments on certain in-licensing agreements.
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives
Realigning Our Cost Base Program--In the third quarter of 2026, we announced $1.0 billion of additional anticipated net cost savings associated with this 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. We previously announced that this program remains on track to deliver anticipated net cost savings of approximately $5.7 billion through 2026 ($5.1 billion achieved through 2025, and the remaining anticipated savings of $600 million, which are expected to be achieved by the end of 2026). With the additional anticipated savings, we now expect total net cost savings of approximately $6.7 billion from the program through 2029.
In addition, we have also achieved cost savings of approximately $500 million from our pipeline focus and optimization initiatives including the expansion of our digital capabilities, with the savings expected to be reinvested in R&D programs by the end of 2026.
Manufacturing Optimization Program--In the third quarter of 2026, we announced the next phase of this program designed to reduce our cost of goods sold. This phase is focused on network structure changes, product portfolio enhancements and additional operational efficiencies, and is expected to deliver additional savings of approximately $1.5 billion through 2029, some of which is expected to begin being realized in 2027. We previously announced that we remain 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 (with approximately $1.3 billion of these net cost savings expected to be realized by the end of 2026). With the additional anticipated savings, we now expect total net cost savings of approximately $3.0 billion from the program through 2029.
Certain qualifying costs for these programs in all periods since inception were recorded and reflected as Certain Significant Items and excluded from our non-GAAP measure of Adjusted Income. See the Non-GAAP Financial Measure: Adjusted Income section within MD&A.
For a description of our programs, as well as the anticipated and actual costs, see Notes 3A and 3B. The program savings discussed above may be rounded and represent approximations. In addition to these programs, we continuously monitor our operations for cost reduction and/or productivity opportunities, especially in light of patent-based and regulatory exclusivity expiries as well as the expiration of collaborative arrangements for various products. Long-term improvement in gross margin will remain a key focus for the Company over the next few years.
Metsera acquisition--In connection with our acquisition of Metsera, we are focusing our efforts on achieving an appropriate cost structure for the combined company. We expect to generate approximately $600 million of annual cost synergies, to be achieved by the end of 2026. The one-time costs to generate these synergies are expected to be approximately $700 million, incurred primarily from 2025 through 2027.
Other (Income)/Deductions-Net
The unfavorable period-over-period changes of $3.0 billion in the second quarter of 2026 and $2.9 billion for the first six months of 2026 were primarily driven by (i) intangible asset impairment charges, (ii) charges for certain legal matters, and (iii) increases in fair value of our contingent consideration liabilities, partially offset by (iv) a net gain in 2026 from the sale of our previous investment in ViiV. See Notes 4 and 7A.
Provision/(Benefit) for Taxes on Income/(Loss)
Three Months Ended Six Months Ended
(MILLIONS) June 28,
2026 		June 29,
2025 		%
Change 		June 28,
2026 		June 29,
2025 		%
Change
Provision/(benefit) for taxes on income/(loss) $ (407) $ 141 * $ 54 $ (48) *
Effective tax rate on continuing operations 62.4 % 4.6 % 2.1 % (0.8) %
For information about our effective tax rate and the events and circumstances contributing to the changes between periods, as well as details about discrete elements that impacted our tax provisions, see Note 5. See Note 5A in our 2025 Form 10-K for information on our income taxes paid (net of refunds received).
Changes in Tax Laws--Many countries outside the U.S. have enacted legislation for global minimum taxation resulting from the Organization for Economic Co-operation and Development's (OECD) Base Erosion and Profit Shifting "Pillar 2" project. The provisions are generally effective for Pfizer since 2024, though significant details and guidance around the provisions are still pending. Income tax expense could be impacted as the legislation becomes effective in countries in which we do business, and such impact could be material to our results of operations. We continue to monitor pending OECD guidance and legislation enactment and implementation by individual countries.
On July 4, 2025, the OBBBA was enacted into law in the U.S. The OBBBA includes significant tax provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and modifications to the U.S. international tax framework. Among the favorable business provisions are the permanent expensing for domestic R&D costs, permanent bonus depreciation, full expensing of qualified production property, and the reduction of the tax rate applicable to foreign earnings as GILTI (now NCTI) effective in fiscal years 2026 and thereafter from 13.125% to 12.6%. The legislation includes various effective dates, with certain provisions effective in 2025 and the rest in 2026. We expect further guidance may be issued by the U.S. government with respect to certain OBBBA tax provisions.
See the Provision/(Benefit) for Taxes on Income section within MD&A of our 2025 Form 10-K for more information.
PRODUCT DEVELOPMENTS
A comprehensive update of Pfizer's development pipeline was published as of August 4, 2026 and is available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of our research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.
This section provides information as of the date of this report about significant marketing application-related regulatory actions by, and filings submitted to and accepted by the FDA and the EMA since the filing of our Annual Report on Form 10-K for the year ended December 31, 2025.
Approvals:
PRODUCT INDICATION DATE/MARKET
Veppanu
(vepdegestrant)(a)
Treatment of adults with ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer, as detected by an FDA-authorized test, with disease progression following at least one line of endocrine therapy May 2026 (U.S.)
Hympavzi (marstacimab-hncq) Adults and pediatric patients 12 years of age and older with hemophilia A with FVIII inhibitors or hemophilia B with FIX inhibitors May 2026 (EU)
June 2026 (U.S.)
Pediatric patients >6 to <12 years of age with hemophilia A with or without FVIII inhibitors or hemophilia B with or without FIX inhibitors
June 2026 (U.S.)
Braftovi (encorafenib)
In combination with Erbitux®, (b) (cetuximab) and FOLFOX for the first-line treatment of adult patients with mCRC with a BRAF V600E mutation
June 2026 (EU)
Ibrance (palbociclib)(c)
In combination with trastuzumab, with or without pertuzumab, and endocrine therapy for the maintenance treatment of adult patients with HR-positive, HER2-positive locally advanced or metastatic breast cancer following induction treatment June 2026 (U.S.)
Padcev
(enfortumab vedotin)(d)
In combination with pembrolizumab as neoadjuvant treatment and then continued after radical cystectomy as adjuvant treatment, for the treatment of adult patients with resectable MIBC who are ineligible for cisplatin-containing chemotherapy June 2026 (EU)
In combination with pembrolizumab as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment for the treatment of adult patients with MIBC July 2026 (U.S.)
Comirnaty (COVID-19 Vaccine, mRNA) 2026-2027 Formula, JN.1(e)
Active immunization to prevent COVID-19 caused by SARS-CoV-2 for individuals 6 months of age and older July 2026 (EU)
(a) Vepdegestrant is being developed in collaboration with Arvinas, Inc. In May 2026, Arvinas and Pfizer jointly agreed to out-license the commercialization rights to vepdegestrant to Rigel Pharmaceuticals, Inc.
(b) Erbitux® is a registered trademark of ImClone LLC. We have exclusive rights to Braftovi in the U.S., Canada and certain emerging markets. Pierre Fabre Medicament SAS has exclusive rights to commercialize Braftovi in Europe and Ono Pharmaceutical Co., Ltd. has exclusive rights to commercialize Braftovi in Japan.
(c) Ibrance for metastatic breast cancer is being developed in collaboration with Alliance Foundation Trials, LLC.
(d) Padcev is being jointly developed and commercialized with Astellas in the U.S. Outside the U.S., we have commercialization rights in all countries in North and South America, and Astellas has commercialization rights in the rest of the world.
(e) Comirnaty is being developed and commercialized with BioNTech.
Regulatory Filings:
PRODUCT
PROPOSED INDICATION
DATE^/MARKET
Tukysa
(tucatinib)
In combination with trastuzumab and pertuzumab for maintenance treatment of adult patients with unresectable locally advanced or metastatic HER2+ breast cancer February 2026 (U.S.)
April 2026 (EU)
Padcev
(enfortumab vedotin)(a)
In combination with pembrolizumab as perioperative treatment for adult patients with cisplatin-eligible MIBC March 2026 (EU)
Comirnaty (COVID-19 Vaccine, mRNA) 2026-2027 Formula, JN.1(b)
Active immunization to prevent COVID-19 caused by SARS-CoV-2 for individuals 65 years of age and older, or for individuals 5 years through 64 years of age with at least one underlying condition that puts them at high risk for severe outcomes from COVID-19 June 2026 (U.S.)
Talzenna (talazoparib) In combination with Xtandi (enzalutamide) for DNA Damage Repair-deficient mCSPC July 2026 (U.S.)
^ For the U.S., the filing date is the date on which the FDA accepted our submission. For the EU, the filing date is the date on which the EMA validated our submission.
(a) Padcev is being jointly developed and commercialized with Astellas in the U.S. Outside the U.S., we have commercialization rights in all countries in North and South America, and Astellas has commercialization rights in the rest of the world.
(b) Comirnaty is being developed and commercialized with BioNTech.
The following provides updates about additional indications and new drug candidates in late-stage development since the filing of our Annual Report on Form 10-K for the year-ended December 31, 2025:
PRODUCT/CANDIDATE PROPOSED DISEASE AREA
LATE-STAGE CLINICAL PROGRAMS FOR ADDITIONAL USES AND DOSAGE FORMS FOR IN-LINE AND IN-REGISTRATION PRODUCTS
Padcev
(enfortumab vedotin)(a)
MIBC bladder sparing
NEW DRUG CANDIDATES IN LATE-STAGE DEVELOPMENT
PF-07872412
Pneumococcal disease - Pediatrics
(a) Padcev is being jointly developed and commercialized with Astellas in the U.S. Outside the U.S., we have commercialization rights in all countries in North and South America, and Astellas has commercialization rights in the rest of the world.
As discussed in our 2025 Form 10-K, in September 2024, Pfizer announced a voluntary withdrawal of all lots of Oxbryta (voxelotor) for the treatment of SCD in all markets where it was approved. Pfizer also discontinued all active voxelotor clinical
trials and expanded access programs worldwide. Pfizer's decision was based on the totality of the clinical trial and registry data available at the time.
Following comprehensive review and analysis of the totality of the data, Pfizer submitted updated analyses to the EMA, FDA and other regulators. In the EU, the EMA's referral procedure concluded in October 2025, with the EMA adopting a negative opinion on benefit-risk for Oxbryta for the treatment of hemolytic anemia due to SCD, recommending that the marketing authorization for the product remain suspended. In July 2026, Pfizer engaged with the FDA to discuss the FDA's assessment of the data and it was determined that there is no viable pathway for returning Oxbryta to market in the U.S. Consistent with the FDA's recommendation, on July 31, 2026, Pfizer notified the FDA that it is voluntarily withdrawing the NDAs for Oxbryta.
In December 2024, the FDA issued a partial clinical hold for osivelotor, which prohibited Pfizer from enrolling new participants into osivelotor clinical studies. The FDA has since permitted initiation of osivelotor studies and confirmed enrollment may proceed outside of sub-Saharan Africa and for participants who have not relocated from sub-Saharan Africa within the last six months. Enrollment of new participants began in the first quarter of 2026.
In June 2026, we announced topline results from the Phase 3 SigVie-002 study evaluating sigvotatug vedotin, an investigational antibody-drug conjugate, in patients with previously treated, locally advanced, unresectable or metastatic non-squamous NSCLC. The study did not meet its primary endpoint of a statistically significant improvement in overall survival compared to docetaxel. The safety profile of sigvotatug vedotin was manageable and consistent with prior studies.
For additional information about our R&D organization, see Note 13 and the Item 1. Business-Research and Development section of our 2025 Form 10-K. For additional information regarding certain collaboration arrangements, see the Item 1. Business-Collaboration and Co-Promotion Agreements section of our 2025 Form 10-K. For additional information about additional indications and new drug candidates in late-stage development and filings pending with certain regulatory authorities, see the Product Developments section within MD&A of our 2025 Form 10-K.
NON-GAAP FINANCIAL MEASURE: ADJUSTED INCOME
Adjusted income is an alternative measure of performance used by management to evaluate our overall performance as a supplement to our GAAP Reported performance measures. As such, we believe that investors' understanding of our performance is enhanced by disclosing this measure. 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 as follows:
Measure Definition Relevance of Metrics to Our Business Performance
Adjusted income
Net income attributable to Pfizer Inc. common shareholders(a) before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items
•Provides investors useful information to:
◦evaluate the normal recurring operational activities, and their components, on a comparable year-over-year basis
◦assist in modeling expected future performance on a normalized basis
•Provides investors insight into the way we manage our budgeting and forecasting, how we evaluate and manage our recurring operations and how we reward and compensate our senior management(b)
Adjusted cost of sales, Adjusted selling, informational and administrative expenses, Adjusted research and development expenses and Adjusted other (income)/deductions--net
Cost of sales, Selling, informational and administrative expenses, Research and development expenses and Other (income)/deductions--net(a), each before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items, which are components of the Adjusted income measure
Adjusted diluted EPS
EPS attributable to Pfizer Inc. common shareholders--diluted(a) before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items
(a)Most directly comparable GAAP measure.
(b)The short-term incentive plans for substantially all non-sales-force employees worldwide are funded from a pool based on our performance, measured in significant part versus three budgeted financial metrics, as well as performance against certain of our non-financial pipeline metrics, and may be further modified by our Compensation Committee's assessment of other factors. One of the three financial metrics is Adjusted income (as defined for annual incentive compensation purposes), which accounts for 40% of the bonus pool funding tied to financial performance. Any expenses for acquired IPR&D are included in our non-GAAP Adjusted results but we exclude certain of these expenses for our financial results for annual incentive compensation purposes. Additionally, the payout for performance share awards is determined in part by Adjusted diluted EPS, which is derived from Adjusted income.
Adjusted income and its components and Adjusted diluted EPS are non-GAAP financial measures that have no standardized meaning prescribed by GAAP and, therefore, are limited in their usefulness to investors. Because of their non-standardized definitions, they may not be comparable to the calculation of similar measures of other companies and are presented to permit investors to more fully understand how management assesses performance. A limitation of these measures is that they provide a view of our operations without including all events during a period, and do not provide a comparable view of our performance to peers. These measures are not, and should not be viewed as, substitutes for their most directly comparable GAAP measures
of Net income attributable to Pfizer Inc. common shareholders, components of Net income attributable to Pfizer Inc. common shareholders and EPS attributable to Pfizer Inc. common shareholders-diluted, respectively.
We also recognize that, as internal measures of performance, these measures have limitations, and we do not restrict our performance-management process solely to these measures. We also use other tools designed to achieve the highest levels of performance. For example, our R&D organization has productivity targets, upon which its effectiveness is measured. In addition, total shareholder return, both on an absolute basis and relative to a publicly traded pharmaceutical index, plays a significant role in determining payouts under certain of our incentive compensation plans.
Adjusted Income and Adjusted Diluted EPS
Amortization of Intangible Assets-Adjusted income excludes all amortization of intangible assets.
Acquisition-Related Items-Adjusted income excludes certain acquisition-related items, which are composed of transaction, integration, restructuring charges and additional depreciation costs for business combinations because these costs are unique to each transaction and represent costs that were incurred to restructure and integrate businesses as a result of an acquisition. We have made no adjustments for resulting synergies. Acquisition-related items may include purchase accounting impacts such as the incremental charge to cost of sales from the sale of acquired inventory that was written up to fair value, depreciation related to the increase/decrease in fair value of acquired fixed assets, amortization related to the increase in fair value of acquired debt, and the fair value changes for contingent consideration.
Discontinued Operations-Adjusted income excludes the results of discontinued operations, as well as any related gains or losses on the disposal of such operations. We believe that this presentation is meaningful to investors because, while we review our product portfolio for strategic fit with our operations, we do not build or run our business with the intent to discontinue parts of our business. Restatements due to discontinued operations do not impact compensation or change the Adjusted income measure for the compensation in respect of the restated periods, but are presented for consistency across all periods.
Certain Significant Items-Adjusted income excludes certain significant items representing substantive and/or unusual items that are evaluated individually on a quantitative and qualitative basis. Certain significant items may be highly variable and difficult to predict. Furthermore, in some cases it is reasonably possible that they could reoccur in future periods. For example, although major non-acquisition-related cost-reduction programs are specific to an event or goal with a defined term, we may have subsequent programs based on reorganizations of the business, cost productivity or in response to generic or biosimilar entry or economic conditions. Legal charges to resolve litigation are also related to specific cases, which are facts and circumstances specific and, in some cases, may also be the result of litigation matters at acquired companies that were inestimable, not probable or unresolved at the date of acquisition, or legal matters generally related to divested products or businesses. Gains and losses on equity securities and pension and postretirement actuarial remeasurement gains and losses have a very high degree of inherent market volatility, which we do not control and cannot predict with any level of certainty, and we do not believe including these gains and losses assists investors in understanding our business or is reflective of our core operations and business. Unusual items represent items that are not part of our ongoing business; items that, either as a result of their nature or size, we would not expect to occur as part of our normal business on a regular basis; items that would be non-recurring; or items that relate to products we no longer sell. See the Reconciliations of GAAP Reported to Non-GAAP Adjusted information-Certain Line Items below for a non-inclusive list of certain significant items and the Non-GAAP Financial Measure: Adjusted Income section within MD&A of our 2025 Form 10-K.
Reconciliations of GAAP Reported to Non-GAAP Adjusted Information--Certain Line Items
Three Months Ended June 28, 2026
Data presented will not (in all cases) aggregate to totals.
(MILLIONS, EXCEPT PER SHARE DATA)
Cost of sales(a)
Selling, informational and administrative expenses(a)
Other (income)/deductions--net(a)
Net income/(loss) attributable to Pfizer Inc. common shareholders(a), (b)
Earnings/(loss) per common share attributable to Pfizer Inc. common shareholders--diluted(c)
GAAP Reported $ 4,092 $ 3,411 $ 3,716 $ (248) $ (0.04)
Amortization of intangible assets - - - 1,185
Acquisition-related items (336) (4) (250) 669
Discontinued operations - - - (29)
Certain significant items:
Restructuring charges/credits, inventory write-offs, implementation costs and additional depreciation-asset restructuring(d)
(81) (56) - 591
Certain asset impairments(e)
- - (4,325) 4,325
Gains/losses on equity securities
- - (37) 37
Actuarial valuation and other pension and postretirement plan gains/losses
- - - -
Other(f)
(20) (7) 1,003 (975)
Income tax provision-non-GAAP items (1,116)
Non-GAAP Adjusted $ 3,656 $ 3,344 $ 108 $ 4,440 $ 0.77
Six Months Ended June 28, 2026
Data presented will not (in all cases) aggregate to totals.
(MILLIONS, EXCEPT PER SHARE DATA)
Cost of sales(a)
Selling, informational and administrative expenses(a)
Other (income)/deductions--net(a)
Net income/(loss) attributable to Pfizer Inc. common shareholders(a), (b)
Earnings/(loss) per common share attributable to Pfizer Inc. common shareholders--diluted
GAAP Reported $ 7,640 $ 6,372 $ 4,577 $ 2,440 $ 0.43
Amortization of intangible assets - - - 2,368
Acquisition-related items (454) (10) (549) 1,173
Discontinued operations
- - - (16)
Certain significant items:
Restructuring charges/credits, inventory write-offs, implementation costs and additional depreciation-asset restructuring(d)
(99) (91) - 717
Certain asset impairments(e)
- - (4,325) 4,325
Gains/losses on equity securities - - (46) 46
Actuarial valuation and other pension and postretirement plan gains/losses - - (11) 11
Other(f)
(25) (11) 850 (809)
Income tax provision-non-GAAP items
(1,526)
Non-GAAP Adjusted $ 7,061 $ 6,259 $ 496 $ 8,730 $ 1.52
Three Months Ended June 29, 2025
Data presented will not (in all cases) aggregate to totals.
(MILLIONS, EXCEPT PER SHARE DATA)
Cost of sales(a)
Selling, informational and administrative expenses(a)
Other (income)/deductions--net(a)
Net income/(loss) attributable to Pfizer Inc. common shareholders(a), (b)
Earnings/(loss) per common share attributable to Pfizer Inc. common shareholders--diluted
GAAP Reported $ 3,778 $ 3,415 $ 739 $ 2,910 $ 0.51
Amortization of intangible assets - - - 1,211
Acquisition-related items (243) (1) (32) 338
Discontinued operations
- - - (25)
Certain significant items:
Restructuring charges/credits and implementation costs and additional depreciation-asset restructuring(d)
(29) (14) - 4
Certain asset impairments - - (93) 93
Gains/losses on equity securities
- - 75 (75)
Actuarial valuation and other pension and postretirement plan gains/losses
- - 9 (9)
Other(f)
(4) (5) (512) 523
Income tax provision-non-GAAP items (537)
Non-GAAP Adjusted $ 3,503 $ 3,395 $ 186 $ 4,434 $ 0.78
Six Months Ended June 29, 2025
Data presented will not (in all cases) aggregate to totals.
(MILLIONS, EXCEPT PER SHARE DATA)
Cost of sales(a)
Selling, informational and administrative expenses(a)
Other (income)/deductions--net(a)
Net income/(loss) attributable to Pfizer Inc. common shareholders(a), (b)
Earnings/(loss) per common share attributable to Pfizer Inc. common shareholders--diluted
GAAP Reported $ 6,624 $ 6,446 $ 1,692 $ 5,877 $ 1.03
Amortization of intangible assets - - - 2,421
Acquisition-related items (449) (1) (39) 620
Discontinued operations
- - - (25)
Certain significant items:
Restructuring charges/credits and implementation costs and additional depreciation-asset restructuring(d)
(53) (20) - 670
Certain asset impairments(e)
- - (317) 317
Gains/losses on equity securities - - (295) 295
Actuarial valuation and other pension and postretirement plan gains/losses - - 68 (68)
Other(f)
(26) (20) (678) 730
Income tax provision-non-GAAP items
(1,167)
Non-GAAP Adjusted $ 6,096 $ 6,404 $ 431 $ 9,671 $ 1.69
(a)Items that reconcile GAAP Reported to non-GAAP Adjusted balances are shown pre-tax. Our effective tax rates for GAAP Reported income/(loss) from continuing operations were: 62.4% and 2.1% for the three and six months ended June 28, 2026, respectively, and 4.6% and (0.8)% for the three and six months ended June 29, 2025, respectively. See Note 5. Our effective tax rates for non-GAAP Adjusted income were 14.1% and 15.5% for the three and six months ended June 28, 2026, respectively, and 13.2% and 10.3% for the three and six months ended June 29, 2025, respectively.
(b)Includes reconciling amounts for Research and development expenses that are not material to our non-GAAP consolidated results of operations.
(c)For the second quarter of 2026, basic weighted-average shares outstanding of 5,699 million (excluding common share equivalents) were used to calculate GAAP Reported Loss per common share attributable to Pfizer Inc. common shareholders--diluted.
(d)Includes employee termination costs, asset impairments and other exit costs related to our cost-reduction and productivity initiatives not associated with acquisitions. See Note 3.
(e)See Note 4.
(f)For the second quarter and first six months of 2026, the total Other (income)/deductions--net adjustments of $1.0 billion and $850 million, respectively, primarily include: (i) a net gain of $1.870 billion for the second quarter and the first six months from the sale of our previous investment in ViiV, partially offset by (ii) charges of $867 million for the second quarter and $1.0 billion for the first six months for certain legal matters, primarily representing certain product liability and other legal expenses. For the second quarter and first six months of 2025, the total Other (income)/deductions--net adjustments of $512 million and $678 million, respectively, primarily included charges of $422 million for the second quarter and $564 million for the first six months for certain legal matters, primarily representing certain product liability and other legal expenses.
ANALYSIS OF THE CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
(MILLIONS) June 28,
2026 		June 29,
2025 		Drivers of change
Cash provided by/(used in):
Operating activities $ 3,450 $ 1,753
The change was driven mainly by the timing of receipts and payments in the ordinary course of business and a change in net income adjusted for non-cash items, including the impact of intangible asset impairments, partially offset by a net gain on the sale of our investment in ViiV.
Investing activities $ 2,891 $ 7,225
The change was driven mainly by non-recurrence of $6.3 billion proceeds from the sale of the remaining portion of our previous investment in Haleon, partially offset by $1.9 billion proceeds from the sale of our investment in ViiV.
Financing activities $ (6,519) $ (8,423)
The change was driven mainly by a $3.0 billion decrease in net repayments of short-term borrowings and a $2.5 billion decrease in repayments of long-term debt, partially offset by non-recurrence of a $3.7 billion long term debt issuance.
ANALYSIS OF FINANCIAL CONDITION, LIQUIDITY, CAPITAL RESOURCES AND MARKET RISK
We believe that with our ongoing operating cash flows, together with our financial assets, access to capital markets, revolving credit agreement, and available lines of credit, we have and will maintain the ability to meet our liquidity needs to support ongoing operations, our capital allocation objectives, and our contractual and other obligations for the foreseeable future. For information about the sources and uses of our funds and capital resources, as well as our operating cash flows, see our Condensed Consolidated Statements of Cash Flows, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity, and the Analysis of the Condensed Consolidated Statements of Cash Flows section within MD&A. For information on our money market funds, available-for sale-debt securities and long-term debt, see Note 7.
For information about our diverse sources of funds, off-balance sheet arrangements, contractual and other obligations, global economic conditions and market risk, see the Analysis of Financial Condition, Liquidity, Capital Resources and Market Risk section within MD&A of our 2025 Form 10-K. For more information on guarantees and indemnifications, see Note 12B.
Credit Ratings--The cost and availability of financing are influenced by credit ratings, and an increase or decrease in our credit rating could have a beneficial or adverse effect on financing. Our long-term debt is rated high-quality by both S&P and Moody's.
As of the date of the filing of this Form 10-Q, the following ratings have been assigned to our commercial paper and senior unsecured long-term debt:
NAME OF RATING AGENCY Pfizer Short-Term Rating Pfizer Long-Term Rating Outlook/Watch
Moody's P-1
A2
Stable Outlook
S&P A-1
A
Stable Outlook
These ratings are not recommendations to buy, sell or hold securities and the ratings are subject to revision or withdrawal at any time by the rating organizations. Each rating should be evaluated independently of any other rating.
Debt Capacity--Lines of Credit--As of the date of the filing of this Form 10-Q, we had access to a $7.0 billion committed revolving credit facility maturing in October 2030, which may be used for general corporate purposes including to support our global commercial paper borrowings. In addition to the revolving credit facility, our lenders have provided us an additional $226 million in lines of credit, essentially all expiring within one year. Essentially all lines of credit were unused as of the date of the filing of this Form 10-Q.
Capital Allocation Framework--Our capital allocation framework is designed to enhance long-term shareholder value and is based on three core pillars: reinvesting in the business, maintaining and, over the long term, growing our dividend, and in the future, the potential to make share repurchases after de-levering our balance sheet. Given the anticipated unfavorable impact from patent-based or regulatory exclusivity expiries over the next few years, we expect leverage to remain around current levels, or modestly higher, through this transition period. Over time, we expect to continue to de-lever in a prudent manner in order to maintain a balanced capital allocation strategy.
Dividends--In April 2026, our BOD declared a dividend of $0.43 per share, paid on June 12, 2026, to shareholders of record at the close of business on May 8, 2026. In June 2026, our BOD declared a dividend of $0.43 per share, payable on September 1, 2026, to shareholders of record at the close of business on July 24, 2026.
Common Stock Purchases-As of June 28, 2026, our remaining share-purchase authorization was $3.3 billion, with no repurchases in first six months of 2026. See Note 12 in our 2025 Form 10-K for more information on our publicly announced share-purchase plan.
Sale of Investment-On March 31, 2026, which fell in our second fiscal quarter of 2026, Pfizer completed the exit of its 11.7% investment in ViiV and received $1.875 billion in cash proceeds. See Notes 2 and 4.
NEW ACCOUNTING STANDARDS
Recently Issued Accounting Standards, Not Adopted as of June 28, 2026
Standard/Description Effective Date Effect on the
Financial Statements
In November 2024, the FASB issued final guidance which requires disaggregated disclosures of certain categories of expenses that are included in expense line items on the face of the income statement. The disclosures are required on an annual and interim basis. The guidance also requires the total amount of selling expenses to be disclosed and, on an annual basis, the definition of selling expenses. The guidance may be applied on a prospective or a retrospective basis. 2027 for annual reports and 2028 for interim reports. Early adoption is permitted. This new guidance will result in increased disclosures in the notes to our financial statements.
In September 2025, the FASB issued final guidance to modernize the accounting for internal use software costs. The guidance requires entities to start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis.
January 1, 2028, with early adoption permitted.
We are assessing the impact but currently do not expect this new guidance to have a material impact on our consolidated financial statements.
FORWARD-LOOKING INFORMATION AND FACTORS THAT MAY AFFECT FUTURE RESULTS
This Form 10-Q contains forward-looking statements. We also provide forward-looking statements in other materials we release to the public, as well as public oral statements. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions.
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.
We include forward-looking information in our discussion of the following, among other topics:
•our anticipated operating and financial performance, including financial guidance and projections;
•reorganizations, business plans, strategy, goals and prospects;
•expectations for our product pipeline (including products from completed or anticipated acquisitions), in-line products and product candidates, including anticipated regulatory submissions, data read-outs, study starts, approvals, launches, clinical development plans, discontinuations, clinical trial results and other developing data; revenue contribution and projections; pricing and reimbursement; market dynamics, including demand, market size and utilization rates; and growth, performance, timing and duration of exclusivity and potential benefits;
•strategic reviews, leverage and capital allocation objectives, dividends and share repurchases;
•plans for and prospects of our acquisitions, dispositions and other business development activities, and our ability to successfully capitalize on growth opportunities and prospects;
•sales, expenses, interest rates, foreign exchange rates and the outcome of contingencies, such as legal proceedings;
•expectations regarding the impact of or changes to existing or new government regulations, laws or policies;
•our ability to anticipate and respond to and our expectations regarding the impact of macroeconomic, geopolitical, health and industry trends, pandemics, acts of war and other large-scale crises; and
•manufacturing and product supply.
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.
Given their nature, we cannot assure that any potential outcome expressed in these forward-looking statements will be realized in whole or in part. Actual outcomes may vary materially from past results and those anticipated, estimated, implied or projected. These forward-looking statements may be affected by underlying assumptions that may prove inaccurate or incomplete, or by known or unknown risks and uncertainties, including those described in this section, in MD&A or in the Item 1A. Risk Factors section in our 2025 Form 10-K.
Therefore, you are cautioned not to unduly rely on forward-looking statements, which speak only as of the date of this Form
10-Q. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. You are advised, however, to consult any further disclosures we make on related subjects.
Some of the factors that could cause actual results to differ are identified below, as well as those discussed in the Item 1A. Risk Factors section in our 2025 Form 10-K and within MD&A. We note these factors for investors as permitted by the Private Securities Litigation Reform Act of 1995. The occurrence of any of the risks identified below, in the Item 1A. Risk Factors section in our 2025 Form 10-K or within MD&A, or other risks currently unknown, could have a material adverse effect on our business, financial condition or results of operations, or we may be required to increase our accruals for contingencies. It is not possible to predict or identify all such factors. Consequently, you should not consider the following to be a complete discussion of all potential risks or uncertainties:
Risks Related to Our Business, Industry and Operations, and Business Development
•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;
•our ability to successfully address comments received from regulatory authorities such as the FDA or the EMA, or obtain approval for new products and indications from regulators on a timely basis or at all;
•regulatory decisions impacting labeling, approval or authorization, including the scope of indicated patient populations, product dosage, manufacturing processes, safety and/or other matters, including decisions relating to developments regarding potential product impurities; uncertainties regarding the ability to obtain or maintain, and the scope of, recommendations by technical or advisory committees, and the timing of, and ability to obtain, pricing/reimbursement, approvals and product launches, all of which could impact the availability or commercial potential of our products and product candidates;
•claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates, including claims and concerns that may arise from the conduct or outcome of post-approval clinical trials, pharmacovigilance or Risk Evaluation and Mitigation Strategies, which could impact marketing approval, product labeling, other in-line products and product candidates, and/or availability or commercial potential;
•the success and impact of external business development activities, as well as risks and uncertainties related to the ability to identify and execute on potential business development opportunities; the ability to satisfy the conditions to closing of any transactions in the anticipated time frame or at all, including the possibility that such transactions do not close; the ability to realize the anticipated benefits of any such transactions in the anticipated time frame or at all; the potential need for and impact of additional equity or debt financing to pursue these opportunities, which has in the past and could in the future result in increased leverage and/or a downgrade of our credit ratings and could limit our ability to obtain future financing; challenges integrating the businesses and operations; disruption to business or operations relationships; risks related to achieving or growing revenues for certain acquired or partnered products; significant transaction costs; and unknown liabilities;
•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;
•the ability to successfully market both new and existing products, including biosimilars;
•difficulties or delays in manufacturing, sales or marketing; supply disruptions, shortages or stock-outs at our facilities or third-party facilities that we rely on; and legal or regulatory actions;
•the impact of public health outbreaks, epidemics or pandemics on our business, operations and financial condition and results, including impacts on our employees, manufacturing, supply chain, sales and marketing, R&D and clinical trials;
•risks and uncertainties related to Comirnaty and Paxlovid or any potential future COVID-19 vaccines, treatments or combinations, including, among others, the risk that as the market for COVID-19 products remains endemic and seasonal and/or COVID-19 infection rates do not follow prior patterns, demand for our COVID-19 products has and may continue to be reduced or not meet expectations, which has in the past and may continue to lead to reduced revenues, excess inventory or other unanticipated charges; risks related to our ability to develop, receive regulatory approval for, and commercialize variant adapted vaccines, combinations and/or treatments; uncertainties related to recommendations and coverage for, and the public's adherence to, vaccines, boosters, treatments or combinations, including uncertainties related to the potential impact of narrowing recommended patient populations; whether our licenses will be terminated, revoked or modified; risks related to our ability to accurately predict or achieve our revenue forecasts for Comirnaty and Paxlovid or any potential future COVID-19 vaccines or treatments; and potential third-party royalties or other claims related to Comirnaty and Paxlovid;
•trends toward managed care and healthcare cost containment, and our ability to obtain or maintain timely or adequate pricing or favorable formulary placement for our products;
•interest rate and foreign currency exchange rate fluctuations, including the impact of global trade tensions, as well as currency devaluations and monetary policy actions in countries experiencing high inflation or deflation rates;
•any significant issues involving our largest wholesale distributors, which account for a substantial portion of our revenues;
•the impact of the increased presence of counterfeit medicines, vaccines or other products in the pharmaceutical supply chain;
•any significant issues related to the outsourcing of certain operational and staff functions to third parties;
•any significant issues related to our JVs and other third-party business arrangements, including modifications or disputes related to supply agreements or other contracts with customers including governments or other payors;
•uncertainties related to general economic, political, business, industry, regulatory and market conditions including, without limitation, uncertainties related to the impact on us, our customers, suppliers and lenders and counterparties to our foreign-exchange and interest-rate agreements of challenging global economic conditions, such as inflation or interest rate fluctuations, and changes in global financial markets;
•the exposure of our operations globally to possible capital and exchange controls, economic conditions, expropriation, sanctions, tariffs and/or other restrictive government actions, changes in intellectual property legal protections and remedies, unstable governments and legal systems and inter-governmental disputes;
•risks and uncertainties related to issued or future executive orders or other new, or changes in, laws, regulations or policy regarding tariffs or other trade or foreign policy and/or the impact of any potential U.S. Governmental shutdowns, including impacts on governmental agencies due to a shutdown;
•the risk and impact of tariffs on our business, which is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs or other retaliatory actions imposed by other countries;
•the impact of disruptions related to climate change and natural disasters;
•any changes in business, political and economic conditions due to actual or threatened terrorist activity, geopolitical instability, political or civil unrest or military action and the resulting economic or other consequences;
•the impact of product recalls, withdrawals and other unusual items, including uncertainties related to regulator-directed risk evaluations and assessments, such as our ongoing evaluation of our product portfolio for the potential presence or formation of nitrosamines;
•trade buying patterns;
•the risk of an impairment charge related to our intangible assets, goodwill or equity-method investments;
•the impact of, and risks and uncertainties related to, restructurings and internal reorganizations, as well as any other corporate strategic initiatives and growth strategies, and cost-reduction and productivity initiatives, including any potential future phases, each of which requires upfront costs but may fail to yield anticipated benefits and may result in unexpected costs, organizational disruption, adverse effects on employee morale, retention issues or other unintended consequences;
•the ability to successfully achieve our climate-related goals and progress our environmental and other sustainability priorities;
Risks Related to Government Regulation and Legal Proceedings
•the impact of any U.S. healthcare reform or legislation, including executive orders or other change in laws, regulations or policy, or any significant spending reduction or cost control efforts affecting Medicare, Medicaid, the 340B Program or other publicly funded or subsidized health programs, including the IRA and the IRA Medicare Part D Redesign, government cuts to Affordable Care Act (ACA) subsidies, or changes in the tax treatment of employer-sponsored health insurance that may be implemented;
•risks and uncertainties related to the impact of Pfizer's 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;
•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 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;
•U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, our activities in markets outside of the U.S., such as China, including, without limitation, clinical trial activities and our ability to enter into biotechnology investments or other transactions;
•risks and uncertainties related to changes to vaccine or other healthcare policy in the U.S., including: (i) risks and uncertainties relating to the evolving vaccine landscape and impacts on vaccine demand, market size and utilization rates; and (ii) the FDA's recently adopted policy of disclosing Complete Response Letters for unapproved drug candidates and the attendant risk of disclosure of trade secrets or confidential commercial information;
•legislation or regulatory action and/or policy efforts in markets outside of the U.S., such as China or Europe, including, without limitation, laws related to pharmaceutical product pricing, intellectual property, medical regulation, environmental protections, data protection and cybersecurity, reimbursement or access, including, in particular, continued government-mandated reductions in prices and access restrictions for certain products to control costs in those markets;
•legal defense costs, insurance expenses, settlement amounts, including related costs and contingencies, including without limitation, those related to legal proceedings and actual or alleged environmental contamination;
•the risk and impact of an adverse decision or settlement and risk related to the adequacy of reserves related to legal proceedings;
•the risk and impact of tax related litigation and investigations;
•governmental laws, regulations and policies affecting our operations, including, without limitation, the IRA, as well as changes in such laws, regulations or policies 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;
Risks Related to Intellectual Property, Technology and Cybersecurity
•the risk that our currently pending or future patent applications may not be granted on a timely basis or at all, or any patent-term extensions that we seek may not be granted on a timely basis, if at all;
•risks to our products, patents and other intellectual property, such as: (i) claims of invalidity that could result in loss of patent coverage; (ii) claims of patent infringement, including asserted and/or unasserted intellectual property claims; (iii) claims we may assert against intellectual property rights held by third parties; (iv) challenges faced by our collaboration or licensing partners to the validity of their patent rights; or (v) any pressure from, or legal or regulatory action by, various stakeholders or governments that could potentially result in us not seeking intellectual property protection or agreeing not to enforce or being restricted from enforcing intellectual property rights related to our products;
•any significant breakdown or interruption of our information technology systems and infrastructure (including cloud services);
•any business disruption, theft of confidential or proprietary information, security threats on facilities or infrastructure, extortion or integrity compromise resulting from a cyber-attack, which may include those using adversarial AI techniques, or other malfeasance by, but not limited to, nation states, employees, business partners or others; and
•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 from AI, automation and digital enablement efforts may not be realized in the expected amounts or within expected timeframes.
Pfizer Inc. published this content on August 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 04, 2026 at 11:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]