Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Pfizer Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Developed technology rights	99,396)	99,266)	85,604)	73,346)	73,545)
Brands	1,277)	922)	922)	922)	922)
Licensing agreements and other	2,724)	2,756)	2,237)	2,284)	2,292)
Finite-lived intangible assets, gross carrying amount	103,397)	102,944)	88,763)	76,552)	76,759)
Accumulated amortization	(67,549)	(62,828)	(58,548)	(55,838)	(52,863)
Finite-lived intangible assets, net	35,848)	40,116)	30,215)	20,714)	23,896)
Brands	—)	827)	827)	827)	827)
IPR&D	18,893)	23,193)	11,357)	3,092)	3,175)
Licensing agreements and other	670)	764)	971)	513)	573)
Indefinite-lived intangible assets	19,563)	24,784)	13,155)	4,432)	4,575)
Identifiable intangible assets	55,411)	64,900)	43,370)	25,146)	28,471)
Goodwill	68,527)	67,783)	51,375)	49,208)	49,577)
Identifiable intangible assets and goodwill	123,938)	132,683)	94,745)	74,354)	78,048)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Identifiable intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Pfizer Inc. identifiable intangible assets increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Pfizer Inc. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Identifiable intangible assets and goodwill	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Pfizer Inc. identifiable intangible assets and goodwill increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Pfizer Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	213,396)	226,501)	197,205)	181,476)	154,229)
Less: Goodwill	68,527)	67,783)	51,375)	49,208)	49,577)
Total assets (adjusted)	144,869)	158,718)	145,830)	132,268)	104,652)
Adjustment to Total Pfizer Inc. Shareholders’ Equity
Total Pfizer Inc. shareholders’ equity (as reported)	88,203)	89,014)	95,661)	77,201)	63,238)
Less: Goodwill	68,527)	67,783)	51,375)	49,208)	49,577)
Total Pfizer Inc. shareholders’ equity (adjusted)	19,676)	21,231)	44,286)	27,993)	13,661)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Pfizer Inc., Financial Data: Reported vs. Adjusted

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Pfizer Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	0.30	0.26	0.51	0.45	0.28
Adjusted total asset turnover	0.44	0.38	0.69	0.62	0.41
Financial Leverage
Reported financial leverage	2.42	2.54	2.06	2.35	2.44
Adjusted financial leverage	7.36	7.48	3.29	4.73	7.66
Return on Equity (ROE)
Reported ROE	9.11%	2.38%	32.79%	28.47%	15.21%
Adjusted ROE	40.82%	9.98%	70.84%	78.52%	70.39%
Return on Assets (ROA)
Reported ROA	3.76%	0.94%	15.91%	12.11%	6.23%
Adjusted ROA	5.54%	1.34%	21.51%	16.62%	9.19%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Pfizer Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Pfizer Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Pfizer Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Pfizer Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Pfizer Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues	63,627)	59,553)	101,175)	82,145)	42,678)
Total assets	213,396)	226,501)	197,205)	181,476)	154,229)
Activity Ratio
Total asset turnover¹	0.30	0.26	0.51	0.45	0.28
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues	63,627)	59,553)	101,175)	82,145)	42,678)
Adjusted total assets	144,869)	158,718)	145,830)	132,268)	104,652)
Activity Ratio
Adjusted total asset turnover²	0.44	0.38	0.69	0.62	0.41

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 63,627 ÷ 213,396 = 0.30

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 63,627 ÷ 144,869 = 0.44

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Pfizer Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	213,396)	226,501)	197,205)	181,476)	154,229)
Total Pfizer Inc. shareholders’ equity	88,203)	89,014)	95,661)	77,201)	63,238)
Solvency Ratio
Financial leverage¹	2.42	2.54	2.06	2.35	2.44
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	144,869)	158,718)	145,830)	132,268)	104,652)
Adjusted total Pfizer Inc. shareholders’ equity	19,676)	21,231)	44,286)	27,993)	13,661)
Solvency Ratio
Adjusted financial leverage²	7.36	7.48	3.29	4.73	7.66

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Pfizer Inc. shareholders’ equity
= 213,396 ÷ 88,203 = 2.42

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Pfizer Inc. shareholders’ equity
= 144,869 ÷ 19,676 = 7.36

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Pfizer Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. common shareholders	8,031)	2,119)	31,372)	21,979)	9,616)
Total Pfizer Inc. shareholders’ equity	88,203)	89,014)	95,661)	77,201)	63,238)
Profitability Ratio
ROE¹	9.11%	2.38%	32.79%	28.47%	15.21%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. common shareholders	8,031)	2,119)	31,372)	21,979)	9,616)
Adjusted total Pfizer Inc. shareholders’ equity	19,676)	21,231)	44,286)	27,993)	13,661)
Profitability Ratio
Adjusted ROE²	40.82%	9.98%	70.84%	78.52%	70.39%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 8,031 ÷ 88,203 = 9.11%

² Adjusted ROE = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Adjusted total Pfizer Inc. shareholders’ equity
= 100 × 8,031 ÷ 19,676 = 40.82%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Pfizer Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. common shareholders	8,031)	2,119)	31,372)	21,979)	9,616)
Total assets	213,396)	226,501)	197,205)	181,476)	154,229)
Profitability Ratio
ROA¹	3.76%	0.94%	15.91%	12.11%	6.23%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. common shareholders	8,031)	2,119)	31,372)	21,979)	9,616)
Adjusted total assets	144,869)	158,718)	145,830)	132,268)	104,652)
Profitability Ratio
Adjusted ROA²	5.54%	1.34%	21.51%	16.62%	9.19%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Total assets
= 100 × 8,031 ÷ 213,396 = 3.76%

² Adjusted ROA = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Adjusted total assets
= 100 × 8,031 ÷ 144,869 = 5.54%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Pfizer Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Pfizer Inc. (NYSE:PFE)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Pfizer Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Pfizer Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)