Pfizer Inc., balance sheet: debt

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Short-term borrowings, including current portion of long-term debt	6,946)	10,350)	2,945)	2,241)	2,703)
Long-term debt, excluding current portion	57,405)	61,538)	32,884)	36,195)	37,133)
Total debt (carrying amount)	64,351)	71,888)	35,829)	38,436)	39,836)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Pfizer Inc. total debt increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

	Dec 31, 2024
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt	6,946)
Long-term debt, excluding current portion	54,000)
Total debt (fair value)	60,946)
Financial Ratio
Debt, fair value to carrying amount ratio	0.95

Weighted-average interest rate on debt: 4.49%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.94%	2,453)	121)
3.70%	6,000)	222)
2.20%	980)	22)
4.60%	5,660)	260)
3.50%	1,750)	61)
3.60%	5,250)	189)
4.50%	6,750)	304)
5.40%	9,534)	515)
4.30%	6,474)	278)
3.70%	4,750)	176)
5.30%	10,000)	530)
Total	59,601)	2,678)
4.49%

¹ US$ in millions

² Weighted-average interest rate = 100 × 2,678 ÷ 59,601 = 4.49%

Pfizer Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest expense	3,091)	2,209)	1,238)	1,291)	1,449)
Capitalized interest	182)	160)	124)	108)	96)
Interest costs incurred	3,273)	2,369)	1,362)	1,399)	1,545)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Pfizer Inc. interest expense increased from 2022 to 2023 and from 2023 to 2024.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Pfizer Inc. capitalized interest increased from 2022 to 2023 and from 2023 to 2024.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Pfizer Inc. interest costs incurred increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. common shareholders	8,031)	2,119)	31,372)	21,979)	9,616)
Add: Net income attributable to noncontrolling interest	31)	39)	35)	46)	36)
Less: Discontinued operations, net of tax	11)	(14)	6)	(434)	2,631)
Add: Income tax expense	(28)	(1,114)	3,328)	1,852)	476)
Add: Interest expense	3,091)	2,209)	1,238)	1,291)	1,449)
Earnings before interest and tax (EBIT)	11,114)	3,267)	35,967)	25,602)	8,946)

Interest costs incurred	3,273)	2,369)	1,362)	1,399)	1,545)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	3.60	1.48	29.05	19.83	6.17
Adjusted interest coverage ratio (with capitalized interest)²	3.40	1.38	26.41	18.30	5.79

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 11,114 ÷ 3,091 = 3.60

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 11,114 ÷ 3,273 = 3.40

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Pfizer Inc. adjusted interest coverage ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Pfizer Inc. (NYSE:PFE)

Analysis of Debt