Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Pfizer Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Federal	1,321)	2,744)	3,342)	371)	(1,641)
State and local	(135)	(20)	34)	58)	(166)
TCJA	—)	—)	—)	—)	(136)
International	1,142)	4,368)	2,769)	1,516)	2,900)
Current income taxes	2,328)	7,092)	6,145)	1,945)	957)
Federal	(2,607)	(3,271)	(3,850)	(1,061)	1,258)
State and local	(184)	(310)	(491)	(115)	275)
TCJA	—)	—)	—)	—)	(187)
International	(652)	(183)	48)	(292)	(919)
Deferred income taxes	(3,443)	(3,764)	(4,293)	(1,468)	427)
Provision for taxes on income	(1,115)	3,328)	1,852)	477)	1,384)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Current income taxes	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Pfizer Inc. current income taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Deferred income taxes	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Pfizer Inc. deferred income taxes increased from 2021 to 2022 and from 2022 to 2023.
Provision for taxes on income	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Pfizer Inc. provision for taxes on income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Pfizer Inc., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Taxation of non-U.S. operations	-21.10%	-5.00%	-4.30%	-9.60%	-5.70%
Tax settlements and resolution of certain tax positions	-40.30%	-3.00%	-0.40%	-2.50%	-9.00%
Foreign-Derived Intangible Income deduction	-33.10%	-1.90%	-0.60%	0.00%	0.00%
State & local taxes	-22.40%	0.00%	-0.50%	0.00%	0.00%
Charitable contributions	-7.30%	-0.50%	-0.60%	0.00%	0.00%
Completion of Consumer Healthcare JV transaction	0.00%	0.00%	0.00%	0.00%	5.30%
Certain Consumer Healthcare JV initiatives	0.00%	0.00%	-6.00%	0.00%	0.00%
U.S. Healthcare Legislation	0.00%	0.00%	0.00%	0.10%	0.00%
U.S. R&D tax credit	-15.80%	-0.60%	-0.50%	-1.30%	-0.50%
Interest	13.50%	0.20%	0.40%	1.10%	0.00%
All other, net	0.10%	-0.60%	-0.90%	-2.40%	-1.50%
Effective tax rate for income from continuing operations, before TCJA impact	-105.40%	9.60%	7.60%	6.40%	9.60%
TCJA impact	0.00%	0.00%	0.00%	0.00%	-1.80%
Effective tax rate for income from continuing operations	-105.40%	9.60%	7.60%	6.40%	7.80%

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Effective tax rate for income from continuing operations, before TCJA impact	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Pfizer Inc. effective tax rate for income from continuing operations, before TCJA impact increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Pfizer Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Prepaid/deferred items	2,658)	1,673)	1,889)	3,094)	2,195)
Accrued/deferred royalties	1,655)	2,127)	777)	—)	—)
Deferred revenues	471)	95)	—)	—)	—)
Inventories	1,210)	672)	408)	276)	373)
Intangible assets	1,526)	1,445)	1,542)	793)	743)
Property, plant and equipment	168)	112)	117)	211)	179)
Employee benefits	1,085)	1,314)	1,594)	1,981)	2,217)
Restructurings and other charges	537)	302)	303)	291)	225)
Legal and product liability reserves	430)	385)	373)	382)	496)
Research and development	6,275)	4,137)	1,656)	—)	—)
Net operating loss/tax credit carryforwards	2,708)	2,224)	1,431)	1,761)	2,427)
State and local tax adjustments	119)	151)	197)	171)	152)
Investments	133)	91)	70)	128)	11)
All other	62)	78)	89)	101)	197)
Gross deferred tax assets	19,037)	14,806)	10,446)	9,189)	9,215)
Valuation allowances	(1,738)	(1,541)	(1,463)	(1,586)	(1,927)
Deferred tax assets	17,299)	13,265)	8,983)	7,603)	7,288)
Prepaid/deferred items	(654)	(533)	(456)	(352)	(204)
Inventories	(1,060)	(262)	(56)	(25)	(14)
Intangible assets	(11,605)	(6,288)	(4,577)	(5,355)	(7,099)
Property, plant and equipment	(2,039)	(1,845)	(1,647)	(1,219)	(1,226)
Employee benefits	(287)	(276)	(178)	(127)	(39)
Unremitted earnings	(60)	(51)	(45)	(46)	(79)
Investments	(395)	(208)	(689)	(3,545)	(3,318)
All other	(71)	(56)	(66)	(57)	(9)
Deferred tax liabilities	(16,171)	(9,519)	(7,714)	(10,726)	(11,988)
Net deferred tax asset (liability)	1,128)	3,746)	1,269)	(3,123)	(4,700)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Pfizer Inc. gross deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Pfizer Inc. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Pfizer Inc. net deferred tax asset (liability) increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Pfizer Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Noncurrent deferred tax assets (included in Noncurrent deferred tax assets and other noncurrent tax assets)	1,768)	4,769)	1,618)	940)	878)
	Noncurrent deferred tax liabilities	640)	1,023)	349)	4,063)	5,578)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Noncurrent deferred tax assets (included in Noncurrent deferred tax assets and other noncurrent tax assets)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Pfizer Inc. noncurrent deferred tax assets (included in Noncurrent deferred tax assets and other noncurrent tax assets) increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Noncurrent deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Pfizer Inc. noncurrent deferred tax liabilities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Pfizer Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	226,501)	197,205)	181,476)	154,229)	167,489)
Less: Noncurrent deferred tax assets, net	1,768)	4,769)	1,618)	940)	878)
Total assets (adjusted)	224,733)	192,436)	179,858)	153,289)	166,611)
Adjustment to Total Liabilities
Total liabilities (as reported)	137,213)	101,288)	104,013)	90,756)	104,042)
Less: Noncurrent deferred tax liabilities, net	640)	1,023)	349)	4,063)	5,578)
Total liabilities (adjusted)	136,573)	100,265)	103,664)	86,693)	98,464)
Adjustment to Total Pfizer Inc. Shareholders’ Equity
Total Pfizer Inc. shareholders’ equity (as reported)	89,014)	95,661)	77,201)	63,238)	63,143)
Less: Net deferred tax assets (liabilities)	1,128)	3,746)	1,269)	(3,123)	(4,700)
Total Pfizer Inc. shareholders’ equity (adjusted)	87,886)	91,915)	75,932)	66,361)	67,843)
Adjustment to Net Income Attributable To Pfizer Inc.
Net income attributable to Pfizer Inc. (as reported)	2,119)	31,372)	21,979)	9,616)	16,273)
Add: Deferred income tax expense (benefit)	(3,443)	(3,764)	(4,293)	(1,468)	427)
Net income attributable to Pfizer Inc. (adjusted)	(1,324)	27,608)	17,686)	8,148)	16,700)

Based on: 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), 10-K (reporting date: 2019-12-31).

Pfizer Inc., Financial Data: Reported vs. Adjusted

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Pfizer Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	3.62%	31.27%	27.04%	22.95%	31.45%
Adjusted net profit margin	-2.26%	27.52%	21.76%	19.44%	32.27%
Total Asset Turnover
Reported total asset turnover	0.26	0.51	0.45	0.27	0.31
Adjusted total asset turnover	0.26	0.52	0.45	0.27	0.31
Financial Leverage
Reported financial leverage	2.54	2.06	2.35	2.44	2.65
Adjusted financial leverage	2.56	2.09	2.37	2.31	2.46
Return on Equity (ROE)
Reported ROE	2.38%	32.79%	28.47%	15.21%	25.77%
Adjusted ROE	-1.51%	30.04%	23.29%	12.28%	24.62%
Return on Assets (ROA)
Reported ROA	0.94%	15.91%	12.11%	6.23%	9.72%
Adjusted ROA	-0.59%	14.35%	9.83%	5.32%	10.02%

Based on: 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), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Pfizer Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Pfizer Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Pfizer Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Pfizer Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Pfizer Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Revenues	58,496)	100,330)	81,288)	41,908)	51,750)
Profitability Ratio
Net profit margin¹	3.62%	31.27%	27.04%	22.95%	31.45%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Pfizer Inc.	(1,324)	27,608)	17,686)	8,148)	16,700)
Revenues	58,496)	100,330)	81,288)	41,908)	51,750)
Profitability Ratio
Adjusted net profit margin²	-2.26%	27.52%	21.76%	19.44%	32.27%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Pfizer Inc. ÷ Revenues
= 100 × 2,119 ÷ 58,496 = 3.62%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Revenues
= 100 × -1,324 ÷ 58,496 = -2.26%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Pfizer Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues	58,496)	100,330)	81,288)	41,908)	51,750)
Total assets	226,501)	197,205)	181,476)	154,229)	167,489)
Activity Ratio
Total asset turnover¹	0.26	0.51	0.45	0.27	0.31
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues	58,496)	100,330)	81,288)	41,908)	51,750)
Adjusted total assets	224,733)	192,436)	179,858)	153,289)	166,611)
Activity Ratio
Adjusted total asset turnover²	0.26	0.52	0.45	0.27	0.31

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 58,496 ÷ 226,501 = 0.26

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 58,496 ÷ 224,733 = 0.26

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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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	226,501)	197,205)	181,476)	154,229)	167,489)
Total Pfizer Inc. shareholders’ equity	89,014)	95,661)	77,201)	63,238)	63,143)
Solvency Ratio
Financial leverage¹	2.54	2.06	2.35	2.44	2.65
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	224,733)	192,436)	179,858)	153,289)	166,611)
Adjusted total Pfizer Inc. shareholders’ equity	87,886)	91,915)	75,932)	66,361)	67,843)
Solvency Ratio
Adjusted financial leverage²	2.56	2.09	2.37	2.31	2.46

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total Pfizer Inc. shareholders’ equity
= 226,501 ÷ 89,014 = 2.54

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Pfizer Inc. shareholders’ equity
= 224,733 ÷ 87,886 = 2.56

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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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Total Pfizer Inc. shareholders’ equity	89,014)	95,661)	77,201)	63,238)	63,143)
Profitability Ratio
ROE¹	2.38%	32.79%	28.47%	15.21%	25.77%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Pfizer Inc.	(1,324)	27,608)	17,686)	8,148)	16,700)
Adjusted total Pfizer Inc. shareholders’ equity	87,886)	91,915)	75,932)	66,361)	67,843)
Profitability Ratio
Adjusted ROE²	-1.51%	30.04%	23.29%	12.28%	24.62%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income attributable to Pfizer Inc. ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 2,119 ÷ 89,014 = 2.38%

² Adjusted ROE = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Adjusted total Pfizer Inc. shareholders’ equity
= 100 × -1,324 ÷ 87,886 = -1.51%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Pfizer Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Total assets	226,501)	197,205)	181,476)	154,229)	167,489)
Profitability Ratio
ROA¹	0.94%	15.91%	12.11%	6.23%	9.72%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Pfizer Inc.	(1,324)	27,608)	17,686)	8,148)	16,700)
Adjusted total assets	224,733)	192,436)	179,858)	153,289)	166,611)
Profitability Ratio
Adjusted ROA²	-0.59%	14.35%	9.83%	5.32%	10.02%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income attributable to Pfizer Inc. ÷ Total assets
= 100 × 2,119 ÷ 226,501 = 0.94%

² Adjusted ROA = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Adjusted total assets
= 100 × -1,324 ÷ 224,733 = -0.59%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Pfizer Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Pfizer Inc. (NYSE:PFE)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Pfizer Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Pfizer Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)