Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Pfizer Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The statement of comprehensive income reveals significant fluctuations in comprehensive income over the five-year period. While net income before allocation to noncontrolling interests demonstrated substantial growth from 2021 to 2022, it experienced a dramatic decline in 2023 and a partial recovery in subsequent years. The components of other comprehensive income contribute significantly to the overall comprehensive income picture, exhibiting considerable volatility.
- Net Income Trend
- Net income before allocation to noncontrolling interests increased markedly from US$22,025 million in 2021 to US$31,407 million in 2022. However, a substantial decrease occurred in 2023, falling to US$2,158 million. A recovery was observed in 2024 and 2025, reaching US$8,062 million and US$7,812 million respectively, but remained significantly below the 2022 peak.
- Foreign Currency Translation Adjustments
- Foreign currency translation adjustments were negative in 2021, 2022, and 2024, indicating unfavorable impacts from currency exchange rate movements. The largest negative adjustment occurred in 2022 at US$-2,204 million. Positive adjustments were recorded in 2023 and 2025, at US$485 million and US$176 million respectively, suggesting a reversal of these effects in those years.
- Derivative Financial Instruments
- Unrealized holding gains (losses) on derivative financial instruments were positive in 2021, 2022, and 2023, but negative in 2025. Reclassification adjustments for gains/losses included in net income were negative in 2022, 2023, 2024, and 2025, with the largest negative adjustment in 2022 at US$-1,792 million. The net impact of derivative financial instruments fluctuated, with a positive contribution in 2021 and 2022, followed by a negative contribution in 2023, 2024, and 2025.
- Available-for-Sale Securities
- Similar to derivatives, available-for-sale securities experienced fluctuating unrealized gains and losses. Negative impacts were observed in 2021, 2022, and 2023, while positive impacts were seen in 2025. Reclassification adjustments were largely positive in 2022, but negative in other years. The overall impact of available-for-sale securities was negative in 2021, 2022, and 2023, and slightly positive in 2025.
- Benefit Plans
- Prior service costs and credits, along with related reclassification adjustments, consistently resulted in negative impacts on other comprehensive income from 2021 to 2023. A positive impact was observed in 2024, but this reversed to a negative impact in 2025. The overall impact of benefit plans was negative throughout the period.
- Other Comprehensive Income and Comprehensive Income
- Other comprehensive income (loss) exhibited significant volatility, mirroring the fluctuations in its components. It was negative in 2021, 2022, and 2025, and positive in 2023 and 2024. Comprehensive income before allocation to noncontrolling interests followed a similar pattern to net income, with a peak in 2022, a decline in 2023, and a partial recovery in 2024 and 2025. The allocation to noncontrolling interests remained relatively stable across all periods.
In summary, the period was characterized by substantial volatility in comprehensive income, driven primarily by fluctuations in net income and the components of other comprehensive income. The impact of foreign currency translation adjustments, derivative financial instruments, and available-for-sale securities were particularly noteworthy, contributing to the overall variability in financial performance.
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