Pfizer Inc.

06/16/2026 | Press release | Distributed by Public on 06/16/2026 13:49

Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
__ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
COMMISSION FILE NUMBER 1-3619
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
PFIZER SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
PFIZER INC.
66 HUDSON BOULEVARD EAST
NEW YORK, NEW YORK 10001-2192
PFIZER SAVINGS PLAN
Table of Contents
Page
Report of Independent Registered Public Accounting Firm
1
Financial Statements
Statements of Net Assets Available for Plan Benefits as of December 31, 2025 and 2024
3
Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 2025
4
Notes to Financial Statements
Beginning on page 5
Supplemental Schedule*
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
Beginning on page 12
Exhibit Index
16
Signature
17
*Note: Other schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Plan Participants and Savings Plan Committee
Pfizer Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for plan benefits of Pfizer Savings Plan (the Plan) as of December 31, 2025 and 2024, the related statement of changes in net assets available for plan benefits for the year ended December 31, 2025, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for plan benefits for the year ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Accompanying Supplemental Information
The Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure
1
under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ KPMG LLP
We have not been able to determine the specific year that we or our predecessor firms began serving as the Plan's auditor; however, we are aware that we or our predecessor firms have served as the Plan's auditor since at least 1977.
Memphis, Tennessee
June 16, 2026
2
PFIZER SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
As of December 31,
(THOUSANDS OF DOLLARS)
2025 2024
Assets
Investments, at fair value
Pfizer Inc. common stock
$ 938,916 $ 1,058,778
Common/collective trust funds
18,660,013 16,252,996
Mutual funds
566,228 838,470
Self-directed brokerage account
487,501 408,798
Separate account
1,857,953 1,742,802
Total investments, at fair value
22,510,611 20,301,844
Investments, at contract value
T. Rowe Price Stable Value Fund
1,202,651 1,277,792
Total investments
23,713,262 21,579,635
Receivables
Company contributions
380,090 386,799
Notes receivable from participants
101,255 107,179
Securities sold
1,970 -
Interest and other
3,030 2,727
Total receivables
486,345 496,705
Total assets
24,199,607 22,076,340
Liabilities
Investment management fees payable
2,231 4,641
Payable to Plan Sponsor
302 4,072
Total liabilities
2,533 8,713
Net assets available for plan benefits
$ 24,197,074 $ 22,067,627
Amounts may not add due to rounding.
See accompanying Notes to Financial Statements.
3
PFIZER SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
(THOUSANDS OF DOLLARS)
Year Ended December 31, 2025
Additions/(reductions) to net assets attributed to:
Investment gain
Net appreciation in investments
$ 3,274,729
Pfizer Inc. common stock dividends
67,031
Interest income
65,577
Dividend income from other investments
12,043
Total investment gain
3,419,380
Interest income from notes receivable from participants
8,117
Less: Investment management, redemption and loan fees
(4,732)
Net investment and interest gain
3,422,766
Contributions
Participant
619,781
Company
560,572
Rollovers into the Plan
77,723
Total contributions
1,258,075
Total additions
4,680,841
Deductions from net assets attributed to:
Benefits paid to participants
2,551,092
Administrative expenses
302
Total deductions
2,551,395
Net increase
2,129,447
Net assets available for plan benefits
Beginning of year
22,067,627
End of year
$ 24,197,074
Amounts may not add due to rounding.
See accompanying Notes to Financial Statements.
4
PFIZER SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan and Recent Transactions and Events
The following description of the Pfizer Savings Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan. Participation in the Plan is open to any employee of Pfizer Inc. (the Company or Plan Sponsor) or an affiliate which has, with the consent of the Plan Sponsor, adopted the Plan and who is included within a group or class designated by the Plan Sponsor as set forth in the Plan document. The Plan excludes any employees covered by another Company-sponsored defined contribution plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (the Code).
Recent Transactions and Events Impacting the Plan
On December 14, 2023, the Company acquired Seagen Inc. (Seagen) and adopted and assumed sponsorship of the Seagen Inc. 401(k) Plan (Seagen Plan). On January 1, 2024, former Seagen employees, who became employees of the Company, became eligible for participation in the Plan. All account balances totaling $564.9 million (including $2.4 million in loans) were transferred over and the Seagen Plan was merged into the Plan on February 27, 2024.
Effective November 21, 2024, the Plan was amended to implement certain optional withdrawal provisions of the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act), which expands and modifies changes to the laws brought about by the Bipartisan Budget Act of 2018 and the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019).
Effective January 1, 2025, the Plan was amended to accept rollovers from certain group annuity contracts with Metropolitan Life Insurance Company which the Company had entered into in relation to certain pension benefits provided through other Company sponsored pension plans, and also to provide that the mandatory small benefit cashout amount be increased to $7,000 for Plan participants and be eliminated for surviving spouses and alternate payees.
Plan Administration
The Plan is administered by the Savings Plan Committee of the Company (the Plan Administrator), the named fiduciary of the Plan. The Plan Administrator monitors and reports on (i) the selection and termination of the trustee, custodian, investment managers and other service providers to the Plan and (ii) the investment activity and performance of the Plan, with the exclusion of the Company stock funds, which are monitored by State Street Global Advisors (SSGA), an independent fiduciary appointed by the Plan Administrator.
Administrative Costs
Plan participants pay quarterly fees from their account balances. These fees include general plan administrative fees and expenses, such as recordkeeping, trustee and independent fiduciary fees. The quarterly fee deductions take place on the first business day following the end of each quarter (and are deducted from any full account distribution occurring during a quarter). In addition, certain transaction fees such as check fees, loan fees and qualified domestic relations order fees are paid by Plan participants.
Contributions
Participants may contribute up to 30% of their eligible compensation as before-tax, after-tax, Roth or a combination of these subject to annual IRS limits. For all participants, contributions of up to 3% of eligible compensation are matched 100% by the Company and the next 3% are matched 50% by the Company. Participant contributions in excess of 6% are not matched. Participants who have attained age 50 before the end of the Plan's year are eligible to make catch-up contributions; however, these contributions are not matched.
Company matching contributions are deposited into the Plan each quarter, rather than with each pay date. In addition, participants generally must be actively employed on the last business day of the quarter to receive the match; however, if the participant separates from the Company prior to the last business day of the quarter due to retirement (defined, as at least age 62 with at least 5 years of service, at least age 55 with at least 10 years of service, or age 65), death or disability, such
5
PFIZER SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
participant will receive the matching contribution. In January 2025, the Company funded the fourth quarter 2024 Company matching contributions in the amount of approximately $45.7 million. In January 2026, the Company funded the fourth quarter 2025 Company matching contributions in the amount of approximately $37.8 million. These contributions are reported in the Company contributions receivable in the accompanying statements of net assets available for plan benefits.
Under the Code, salary deferral contributions, total annual contributions and the amount of compensation that may be included for Plan purposes are subject to annual limitations. Any excess contributions are refunded to participants in the following year, as applicable.
The Plan includes a Roth 401(k) in-plan conversion option, which allows participants to transfer after-tax dollars into the Roth account within the Plan and allows for tax-free earnings on those contributions. If subsequent distributions are considered "qualified Roth distributions" under the Code, such distributions are not subject to taxes.
The Plan also includes a Retirement Savings Contribution (RSC), which is an additional annual Company-provided contribution based on age and years of service. With the exception of certain participants who are specifically excluded by the Plan terms, participants generally are eligible to receive the RSC. The RSC contributions are deposited into the Plan annually, following the close of the Plan year, usually in February. In general, participants must be actively employed on the last business day of the year to receive the RSC; however, if the participant separates from the Company prior to the last day of the year due to retirement (defined, as at least age 62 with at least 5 years of service, at least age 55 with at least 10 years of service, or age 65), death or disability, such participant will receive the RSC. In February 2025, the Company funded the RSC for Plan year 2024 in the amount of approximately $341.1 million. In February 2026, the Company funded the RSC for Plan year 2025 in the amount of approximately $342.3 million. These contributions are reported in the Company contributions receivable in the accompanying statements of net assets available for plan benefits.
Participant Accounts
Each participant's account is credited with the participant's contributions, the Company's contributions and an allocation of Plan earnings/(losses). Allocations are based on participants' account balances, as defined in the Plan document.
Vesting
Participants are immediately 100% vested in their contributions and the Company matching contributions. However, for the RSC, participants are 100% vested after three years of credited service.
Forfeited Amounts
Forfeited amounts of terminated participants are generally used to reduce future Company contributions. At December 31, 2025 and 2024, the market value of forfeitures available for use totaled approximately $2.5 million and $2.2 million, respectively. In 2025, Company contributions were reduced by approximately $12.0 million from forfeited amounts.
Rollovers into the Plan
Participants may elect to roll over one or more account balances from Company-sponsored or other qualified plans (including defined benefit plans) into the Plan. Rollovers from other sources are permitted based on contractual agreements.
Investment Options
Each participant in the Plan elects to have his or her contributions and Company contributions invested in any one or a combination of investment funds in the Plan, including a self-directed brokerage account. Transfers between funds must be made in whole percentages or dollar amounts. Based on the investment option, certain short-term redemption fees or restrictions may apply. Any contributions for which the participant does not provide investment direction are invested in the participant's Qualified Default Investment Alternative (QDIA), which is the Vanguard Target Retirement Fund based on the participant's year of birth.
6
PFIZER SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Eligibility
Generally, all U.S.-based employees of the Company are eligible to enroll in the Plan on their date of hire, except for certain employees who (i) are covered by a collective bargaining agreement and have not negotiated to participate in the Plan, (ii) are employed by an employee group not designated for participation in the Plan, (iii) are covered by a collective bargaining agreement and have negotiated a different eligibility date or (iv) are otherwise eligible for another Company-sponsored savings plan.
Newly eligible participants who do not affirmatively enroll in the Plan within 31 days of hire or transfer into eligible employment are automatically enrolled at a 6% before-tax contribution rate. Contributions are invested in the Plan's QDIA fund based on the participant's year of birth.
Notes Receivable from Participants
Participants may borrow from their account balances with the interest rate set at 1% above the prime rate. The minimum loan is $1,000 and the maximum loan is the lesser of (i) 50% of the vested account balance reduced by any current outstanding loan balance or (ii) $50,000, reduced by the current outstanding loan balance. Loans must be repaid within five years, unless the funds are used to purchase a primary residence. Primary residence loans must be repaid within 15 years. Loans transferred to the Plan due to the merger of legacy plans into the Plan maintain the terms of the original loan. Interest rates on outstanding loans ranged from 3.25% to 10.50% at December 31, 2025 and 2024.
Interest paid by the participant is credited to the participant's account. Interest income from notes receivable from participants is recorded by the trustee as earned in the investment funds in the same proportion as the original loan issuance. Repayments may not necessarily be made to the same fund from which the amounts were borrowed. Repayments are credited to the applicable funds based on the participant's investment elections at the time of repayment.
In the event of termination of employment, participants will have 90 days to repay the outstanding loan balance or set up recurring monthly payments before it is considered a distribution and subject to ordinary income tax in the year it is considered distributed. In addition, a 10% excise tax will generally apply if the participant is younger than age 59½ at the time the distribution occurs.
Payment of Benefits
Participants are entitled to receive distributions upon termination and may be able to take voluntary, in-service withdrawals, which include hardship withdrawals. Mandatory distributions are made in accordance with Plan provisions.
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.
The statements of net assets available for plan benefits present the fair value of the Plan's investments, except for the fully benefit-responsive investment contracts, which are reported at contract value (see Note 4). The statement of changes in net assets available for plan benefits is prepared on a contract value basis for the fully benefit-responsive investment contracts. All other assets are measured at fair value.
Some amounts in the financial statements, notes to financial statements and supplemental schedule of the Plan may not add due to rounding.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
7
PFIZER SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Investment Valuation and Income Recognition
Common stock, American Depositary Receipts (ADRs), New York Registry Shares (NY Reg Shs) and self-directed brokerage accounts are valued at the closing market price on the last business day of the year. Mutual funds are recorded at fair value based on the published net asset value (NAV) per share of the funds as of the last business day of the year, which is derived from the fair value of the underlying investments held by the funds. Common/collective trust funds (CCTs) are stated at redemption value as determined by the trustees of such funds based upon the underlying securities stated at fair value on the last business day of the year. The Plan generally has the ability to redeem its investments at the NAV at the valuation date. There are no significant restrictions, redemption terms or holding periods that would limit the ability of the Plan or the participants to transact at the NAV. The Alliance Bernstein Large Cap Growth Equity Separate Account (Separate Account) primarily holds common stock and CCTs. The T. Rowe Price Stable Value Fund represents direct investments in Synthetic Investment Contracts (SICs) that are fully benefit-responsive and reported at contract value as contract value is the relevant measurement. See Note 4 for additional information.
See Note 5 for additional information regarding the fair value of the Plan's investments.
Purchases and sales of securities are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. The net appreciation/(depreciation) in the fair value of investments consists of the realized gains or losses on the sales of investments and the net unrealized appreciation/(depreciation) of investments.
Notes Receivable from Participants
Notes receivable from participants, which are subject to various interest rates, are recorded at amortized cost.
Payment of Benefits
Benefits are recorded when paid.
3. Tax Status
The Internal Revenue Service (IRS) has determined and informed the Plan Sponsor by letter dated April 18, 2018 that the Plan and related trust are designed in accordance with the applicable sections of the Code. The Plan has been amended since receiving the determination letter. However, the Company's counsel believes the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Accordingly, no provision has been made for U.S. federal income taxes in the accompanying financial statements.
U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Company's counsel has confirmed there are no uncertain positions taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes the Plan is generally no longer subject to income tax examinations for years prior to 2022.
4. Investment Contracts
Participants in the Plan have a stable value investment option that invests in the T. Rowe Price Stable Value Fund, which is composed of fully benefit-responsive SICs held directly. The contract value of the investment contracts represents contributions made under the contract and related earnings offset by participant withdrawals. There are no reserves against contract value for credit risk of the contract issuers or otherwise. The value of SICs held by the Plan totaled approximately $1.2 billion and $1.3 billion as of December 31, 2025 and 2024, respectively.
Investments underlying a synthetic structure are owned by a benefit plan or collective trust fund. SICs consist of a portfolio of underlying assets (which may include units of fixed income commingled or common trust funds) owned by a benefit plan or collective trust fund and a wrap contract issued by a financially responsible third party, typically an insurance company, bank or other financial services institution. The issuer of the wrap contract provides for unscheduled withdrawals from the contract at contract value, regardless of the value of the underlying assets, in order to fund routine permitted participant-initiated withdrawals from a stable value fund. SICs provide for a variable crediting rate, which typically resets at least quarterly, and the issuer of the wrap contract provides assurance that future adjustments to the crediting rate cannot result in a crediting rate less than zero.
8
PFIZER SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
The crediting rate is based, in part, on the relationship between the contract value and the market value of the underlying assets, as well as previously realized gains and losses on underlying assets. The crediting rate will generally reflect, over time, movements in prevailing interest rates. However, at times the crediting rate may be more or less than prevailing rates or the actual income earned on the underlying assets. In most cases, realized and unrealized gains and losses on the underlying investments are not reflected immediately in the net assets of a stable value fund, but rather are amortized either over the time to maturity or the duration of the underlying investments, through adjustments to the future interest crediting rate.
The existence of certain conditions can limit a benefit plan's or collective trust fund's ability to transact at contract value with the issuers of its investment contracts. Specifically, any event outside the normal operation of a benefit plan or collective trust which causes a withdrawal from an investment contract may result in a contract value adjustment with respect to such withdrawal. Examples of such events include, but are not limited to, partial or complete legal termination of the plan or collective trust fund, tax disqualification, certain plan or trust amendments if issuer consent is not obtained, improper communications to participants, group terminations, group layoffs, early retirement programs, mergers, sales, spin-offs and bankruptcy. The Plan Sponsor does not believe the occurrence of any such event is probable.
In addition to the limitations noted above, issuers of investment contracts have certain rights to terminate a contract and settle at an amount that differs from contract value. For example, certain breaches by a benefit plan or the investment manager of their obligations, representations or warranties under the terms of an investment contract can result in its termination at market value, which may differ from contract value. Investment contracts may also provide for termination with no payment obligation from the issuer if the performance of the contract constitutes a prohibited transaction under ERISA or other applicable law. SICs may also provide issuers with the right to reduce contract value in the event an underlying security suffers a credit event or terminate the contract in the event certain investment guidelines are materially breached and not cured.
5. Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to fair value measurements - Level 1 meaning the use of quoted prices for identical instruments in active markets; Level 2 meaning the use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; and Level 3 meaning the use of unobservable inputs.
See Note 2 for information regarding the methods used to determine the fair value of the Plan's investments. These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables set forth by level, within the fair value hierarchy, the Plan's investments at fair value:
Fair Value as of December 31, 2025
(THOUSANDS OF DOLLARS)
Level 1
Level 2
Total
Pfizer Inc. common stock
$ 938,916 $ - $ 938,916
Common/collective trust funds
- 18,660,013 18,660,013
Mutual funds
566,228 - 566,228
Self-directed brokerage account
487,501 - 487,501
Separate account:
Common stock
1,761,828 - 1,761,828
Common/collective trust funds
- 38,734 38,734
Other
57,391 - 57,391
Total
$ 3,811,864 $ 18,698,747 $ 22,510,611
9
PFIZER SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Fair Value as of December 31, 2024
(THOUSANDS OF DOLLARS)
Level 1
Level 2
Total
Pfizer Inc. common stock
$ 1,058,778 $ - $ 1,058,778
Common/collective trust funds
- 16,252,996 16,252,996
Mutual funds
838,470 - 838,470
Self-directed brokerage account
408,798 - 408,798
Separate account:
Common stock
1,686,294 - 1,686,294
Common/collective trust funds
- 24,669 24,669
Other 31,839 - 31,839
Total
$ 4,024,179 $ 16,277,664 $ 20,301,844
Amounts may not add due to rounding.
6. Related Party Transactions and Party-In-Interest Transactions
Northern Trust, the trustee of the Plan, manages certain Plan investments and, therefore, is deemed a party-in-interest. Fidelity, the recordkeeper of the Plan, manages investments in its sponsored funds and, therefore, is deemed a party-in-interest. SSGA acts as an investment manager and independent fiduciary for the Plan Sponsor's common stock and, therefore, is deemed a party-in-interest and a related party. The Plan also invests in shares of the Plan Sponsor; therefore, these transactions qualify as related party and party-in-interest transactions.
The Plan reimburses the Plan Sponsor for administrative expenses paid on behalf of the Plan. At December 31, 2025 and 2024, the Plan had payables to the Plan Sponsor of $0.3 million and $4.1 million, respectively, related to these administrative expenses.
7. Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination of the Plan, each participant shall be entitled to the full value of his or her account balance as though he or she had retired as of the date of such termination. No part of the invested assets established pursuant to the Plan will at any time revert to the Company, except as otherwise permitted under ERISA.
8. Risks and Uncertainties
Investment securities, including Pfizer Inc. common stock, are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in their fair values will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for plan benefits.
9. Subsequent Events
Effective January 1, 2026, in accordance with the SECURE 2.0 ACT, catch-up contributions for participants who have attained, or will attain, age 50 by the end of the Plan year and whose prior-year FICA wages exceeded $150,000 (indexed) are required to be designated as Roth (after-tax) catch-up contributions.
Effective January 1, 2026, the Plan was amended to make former Metsera employees who were employees of the Company on the effective date, eligible for participation in the Plan.
The Plan Sponsor has evaluated subsequent events from the statement of net assets available for plan benefits date through June 16, 2026, the date at which the financial statements were issued, and no additional events were noted which warrant adjustments to, or disclosure in, the financial statements.
10. Reconciliation of Financial Statements to Form 5500
Amounts allocated to withdrawing participants are recorded as benefits paid on Form 5500 for benefit claims processed and approved for payment prior to December 31st but not yet paid as of that date. Deemed distributions, representing withdrawing participants with outstanding loan balances for which no post-default payment activity has occurred, are not reported on Form 5500 in net assets available for plan benefits. Additionally, investments in the T. Rowe Price Stable Value
10
PFIZER SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Fund representing fully benefit-responsive investment contracts are reported on Form 5500 at fair value, whereas the net assets available for plan benefits in the financial statements report such investments at contract value.
The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:
December 31,
(THOUSANDS OF DOLLARS)
2025 2024
Net assets available for plan benefits per the financial statements $ 24,197,074 $ 22,067,627
Adjustment of T. Rowe Price Stable Value Fund from contract value to fair value (42,289) (85,505)
Amounts allocated to withdrawing participants (2,970) (5,360)
Deemed distributions (3,465) (3,682)
Net assets available for plan benefits per Form 5500 $ 24,148,350 $ 21,973,080
The following is a reconciliation of benefits paid, including rollovers, to participants per the financial statements to the Form 5500:
(THOUSANDS OF DOLLARS)
Year Ended December 31, 2025
Benefits paid to participants, including rollovers, per the financial statements $ 2,551,092
Amounts allocated to withdrawing participants and deemed distributions at end of year
6,435
Amounts allocated to withdrawing participants and deemed distributions at beginning of year
(9,042)
Benefits paid to participants, including rollovers, per Form 5500 $ 2,548,485
The following is a reconciliation of net appreciation in investments per the financial statements to the Form 5500:
(THOUSANDS OF DOLLARS)
Year Ended December 31, 2025
Net appreciation in investments per the financial statements
$ 3,274,729
Adjustment of T. Rowe Price Stable Value Fund from contract value to fair value at end of year
(42,289)
Adjustment of T. Rowe Price Stable Value Fund from contract value to fair value at beginning of year
85,505
Net appreciation in investments per Form 5500
$ 3,317,945
11
PFIZER SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2025
(THOUSANDS OF DOLLARS)
Identity of Issuer, Borrower, Lessor
or Similar Party 		Description of Investment Rate of Interest Maturity
Date 		Cost**** Current Value
*
Pfizer Inc.
Common stock $ 938,916
* NTGI Collective Government Short-Term
Investment Fund
Collective trust fund 46,488
*
Fidelity Large Cap Growth Fund
Collective trust fund
1,857,329
Boston Partners Large Cap Value Fund Collective trust fund 828,386
* SSGA S&P 500 Index Fund Collective trust fund 3,924,098
* SSGA International Equity Index Fund Collective trust fund 267,765
*
SSGA Small-Mid Cap Equity Index Fund
Collective trust fund
1,158,604
Wellington International Equity Fund
Collective trust fund
476,081
Jennison Small-Mid Cap Equity Fund
Collective trust fund
181,232
Acadian International Equity Fund
Collective trust fund
476,703
*
SSGA Bond Index Fund
Collective trust fund
161,178
Vanguard Target Retirement Income Trust Select
Collective trust fund 365,509
Vanguard Target Retirement 2020 Trust Select Collective trust fund 369,665
Vanguard Target Retirement 2025 Trust Select Collective trust fund 615,470
Vanguard Target Retirement 2030 Trust Select Collective trust fund 1,641,291
Vanguard Target Retirement 2035 Trust Select Collective trust fund 1,425,624
Vanguard Target Retirement 2040 Trust Select Collective trust fund 1,737,376
Vanguard Target Retirement 2045 Trust Select Collective trust fund 1,101,550
Vanguard Target Retirement 2050 Trust Select Collective trust fund 729,856
Vanguard Target Retirement 2055 Trust Select Collective trust fund 538,223
Vanguard Target Retirement 2060 Trust Select Collective trust fund 328,733
Vanguard Target Retirement 2065 Trust Select Collective trust fund 61,099
Vanguard Target Retirement 2070 Trust Select
Collective trust fund 4,746
Columbia Trust U.S. Smaller Companies Fund Collective trust fund 181,776
Nuveen Quant Small-Mid Cap Equity Fund Collective trust fund 181,232
Total common/collective trust funds
18,660,013
SEI Diversified Bond Fund - Core
Mutual fund 509,605
SEI Diversified Bond Fund - High Yield
Mutual fund 14,156
SEI Diversified Bond Fund - Emerging Markets
Mutual fund 28,311
SEI Diversified Bond Fund - Opportunities Income
Mutual fund
14,156
Total mutual funds 566,228
Self-Directed Brokerage Account Self-directed brokerage account 487,501
12
PFIZER SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2025
(THOUSANDS OF DOLLARS)
(continued)
Identity of Issuer, Borrower, Lessor
or Similar Party 		Description of Investment Rate of Interest Maturity
Date 		Cost**** Current Value
Separate Account -
Abbott Laboratories
Common stock
14,368
Alphabet Inc.
Common stock
149,197
Amazon.com Inc.
Common stock
137,812
Apple Inc.
Common stock
73,464
Applied Materials Inc.
Common stock
11,156
Applovin Corp - Class A
Common stock
19,160
Argenx SE
Common stock
4,886
Astera Labs Inc.
Common stock
6,107
Broadcom Inc.
Common stock
104,078
Broadridge Financial Solutions Inc.
Common stock
9,735
Cadence Design Sys Inc.
Common stock
13,991
Cava Group Inc.
Common stock
7,149
CBOE Global Markets Inc.
Common stock
17,195
Celsius Holdings Inc.
Common stock
14,560
Chipotle Mexican Grill Inc.
Common stock
18,060
Copart Inc.
Common stock
7,709
Costco Wholesale Corp.
Common stock
32,026
Dexcom Inc.
Common stock
6,701
Eli Lilly and Company
Common stock
60,271
Ferrari NV
Common stock
13,336
Garmin Ltd.
Common stock
4,848
Home Depot Inc.
Common stock
26,909
Intuit Inc.
Common stock
14,355
Intuitive Surgical Inc.
Common stock
30,675
Manhattan Associates Inc.
Common stock
8,790
McKesson Corp.
Common stock
23,653
Meta Platforms Inc. - Class A
Common stock
97,435
Mettler-Toledo International Inc.
Common stock
15,697
Microsoft Corp.
Common stock
158,106
Monster Beverage Corp.
Common stock
35,861
Motorola Solutions Inc.
Common stock
5,365
Netflix Inc.
Common stock
53,106
Nvidia Corp.
Common stock
180,721
On Holding AG Class A
Common stock
8,406
Otis Worldwide Corp.
Common stock
8,412
Procore Technologies Inc.
Common stock
8,084
Progressive Corp.
Common stock
13,771
Qualcomm Inc.
Common stock
14,900
Reddit Inc. - Class A
Common stock
9,840
SAIA Inc.
Common stock
11,928
Servicenow Inc.
Common stock
12,900
Sherwin-Williams Co. / The
Common stock
17,998
13
PFIZER SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2025
(THOUSANDS OF DOLLARS)
(continued)
Identity of Issuer, Borrower, Lessor, or Similar Party Description of Investment Rate of Interest Maturity Date Cost**** Current Value
Spotify Inc.
Common stock
11,901
Stryker Corp.
Common stock
23,998
Texas Instruments Inc.
Common stock
19,185
Texas Roadhouse Inc.
Common stock
8,648
TJX Companies Inc.
Common stock
22,143
Toast Inc.
Common stock
6,016
Tractor Supply Co.
Common stock
13,061
Trex Co Inc.
Common stock
3,642
United Rentals Inc.
Common stock
10,049
Unitedhealth Group Inc.
Common stock
10,840
Veeva Sys Inc. - Class A
Common stock
21,793
Verisk Analytics Inc.
Common stock
20,037
Vertex Pharmaceuticals Inc.
Common stock
23,861
Visa Inc. - Class A Shares
Common stock
74,673
Waters Corp.
Common stock
9,258
Total common stock 1,761,828
*
NTGI Collective Government Short-Term
Investment Fund
Collective trust fund
38,734
ASML Holding NV - NY Reg Shs
New York registry shares
12,033
Taiwan Semiconductor SP ADR
American depositary receipt
39,572
Genmab A/S - SP ADR
American depositary receipt
5,786
Total other
57,391
Total separate account
1,857,953
14
PFIZER SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2025
(THOUSANDS OF DOLLARS)
(continued)
Identity of Issuer, Borrower, Lessor, or Similar Party Description of Investment Rate of Interest Maturity Date Cost**** Current Value
T. Rowe Price Stable Value Fund -
***
American General Life Insurance Company
Contract #GA-IM-266-1658155
Synthetic investment contract 3.24 % ** 106,822
***
JPMorgan Chase Bank, N.A.
Contract #ATRPPFIZER 01
Synthetic investment contract 3.15 % ** 116,878
***
New York Life Insurance and Annuity Corporation Contract #GA-29352
Synthetic investment contract 3.05 % ** 129,613
***
The Prudential Insurance Company of
America Contract #GA-63191
Synthetic investment contract 3.06 % ** 142,603
***
Royal Bank of Canada Contract
#TRPPFIZER01
Synthetic investment contract 3.25 % ** 94,123
***
State Street Bank and Trust Company
Contract #96028
Synthetic investment contract 3.11 % ** 111,656
***
Massachusetts Mutual Life Insurance
Company Contract #30011
Synthetic investment contract 3.03 % ** 132,189
***
Metropolitan Tower Life Insurance Company
Contract #38127
Synthetic investment contract 3.20 % ** 153,042
***
Pacific Life Insurance Company
Contract #G-27852.01.001
Synthetic investment contract 3.07 % ** 119,769
***
Citibank N.A.
Contract #TR24-100
Synthetic investment contract 3.06 % ** 95,956
Total T. Rowe Price Stable Value Fund
1,202,651
Total investments
23,713,262
* Notes receivable from participants
Interest Rates: 3.25% - 10.50%
101,255
Maturity Dates: 2026 - 2041
Total $ 23,814,517
*
Party-in-interest as defined by ERISA
** Open-ended maturity
*** Current value represents contract value
**** Cost information omitted as all investments are fully participant-directed. This information is not required by ERISA or the Department of Labor to be reported for participant-directed investments.
Amounts may not add due to rounding.
See accompanying Report of Independent Registered Public Accounting Firm.
15
Exhibit Index
Exhibit 23.1
-
Consent of Independent Registered Public Accounting Firm
16
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Savings Plan Committee have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
PFIZER SAVINGS PLAN
By: /s/ Colum Lane
Colum Lane
Member, Savings Plan Committee
Date: June 16, 2026
17
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