Pfizer (PFE) 10-Q 12 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 04, 2021	Aug. 09, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 4, 2021
Document Transition Report	false
Entity File Number	1-3619
Entity Registrant Name	PFIZER INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-5315170
Entity Address, Address Line One	235 East 42nd Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	733-2323
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,606,688,356
Entity Central Index Key	0000078003
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $.05 par value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $.05 par value
Trading Symbol	PFE
Security Exchange Name	NYSE
0.250% Notes due 2022 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2022
Trading Symbol	PFE22
Security Exchange Name	NYSE
1.000% Notes due 2027 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.000% Notes due 2027
Trading Symbol	PFE27
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Income Statement [Abstract]
Revenues	[1]	$ 18,977	$ 9,864	$ 33,559	$ 19,947
Costs and expenses:
Cost of sales	[2]	7,049	1,826	11,259	3,766
Selling, informational and administrative expenses	[2]	2,928	2,659	5,712	5,200
Research and development expenses	[2]	2,459	2,078	4,473	3,750
Amortization of intangible assets		931	869	1,802	1,718
Restructuring charges and certain acquisition-related costs		(1)	360	22	414
(Gain) on completion of Consumer Healthcare JV transaction		0	0	0	(6)
Other (income)/deductions––net		(998)	(955)	(2,001)	(764)
Income from continuing operations before provision for taxes on income		6,609	3,026	12,291	5,868
Provision for taxes on income		1,043	422	1,849	782
Income from continuing operations		5,565	2,604	10,443	5,087
Income from discontinued operations––net of tax		24	893	32	1,774
Net income before allocation to noncontrolling interests		5,589	3,497	10,475	6,860
Less: Net income attributable to noncontrolling interests		26	8	35	17
Net income attributable to Pfizer Inc. common shareholders		$ 5,563	$ 3,489	$ 10,440	$ 6,843
Earnings per common share––basic:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)		$ 0.99	$ 0.47	$ 1.86	$ 0.91
Income from discontinued operations––net of tax (in dollars per share)		0	0.16	0.01	0.32
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)		0.99	0.63	1.87	1.23
Earnings per common share––diluted:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)		0.98	0.46	1.84	0.90
Income from discontinued operations––net of tax (in dollars per share)		0	0.16	0.01	0.32
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)		$ 0.98	$ 0.62	$ 1.84	$ 1.22
Weighted-average shares––basic		5,598	5,554	5,591	5,550
Weighted-average shares––diluted		5,678	5,619	5,670	5,616
[1]	On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. See Note 1A . Beginning in the fourth quarter of 2020, the results of our Meridian subsidiary, which was previously included in our former Upjohn operating segment, are reported in the Hospital therapeutic area for all periods presented.
[2]	Exclusive of amortization of intangible assets, except as disclosed in Note 9 in this Form 10-Q and Note 1L in our 2020 Form 10-K.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income before allocation to noncontrolling interests		$ 5,589	$ 3,497	$ 10,475	$ 6,860
Foreign currency translation adjustments, net		36	(173)	501	(1,430)
Unrealized holding gains/(losses) on derivative financial instruments, net		(248)	213	(35)	(288)
Reclassification adjustments for (gains)/losses included in net income	[1]	(21)	(186)	238	(167)
Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total		(270)	27	203	(455)
Unrealized holding gains/(losses) on available-for-sale securities, net		59	42	138	(9)
Reclassification adjustments for (gains)/losses included in net income	[2]	61	44	(181)	59
Other comprehensive income (loss), available-for-sale securities, before tax, total		120	87	(43)	50
Reclassification adjustments related to amortization of prior service costs and other, net		(39)	(45)	(79)	(89)
Other		(1)	5	(5)	4
Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax		(41)	(40)	(84)	(85)
Other comprehensive income/(loss), before tax		(155)	(100)	577	(1,920)
Tax provision/(benefit) on other comprehensive income/(loss)		(63)	87	21	(293)
Other comprehensive income/(loss) before allocation to noncontrolling interests		(92)	(187)	556	(1,628)
Comprehensive income/(loss) before allocation to noncontrolling interests		5,498	3,310	11,031	5,233
Less: Comprehensive income/(loss) attributable to noncontrolling interests		28	(4)	38	5
Comprehensive income/(loss) attributable to Pfizer Inc.		$ 5,469	$ 3,314	$ 10,992	$ 5,228
[1]	Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[2]	Reclassified into Other (income)/deductions—net.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 2,372	$ 1,784
Short-term investments		19,328	10,437
Trade accounts receivable, less allowance for doubtful accounts: 2021—$500; 2020—$508		10,587	7,930
Inventories	[1]	8,948	8,046
Current tax assets		3,761	3,264
Other current assets		3,818	3,605
Total current assets		48,814	35,067
Equity-method investments		16,608	16,856
Long-term investments		4,334	3,406
Property, plant and equipment, less accumulated depreciation: 2021—$15,328; 2020—$14,812		14,224	13,900
Identifiable intangible assets	[2]	27,323	28,471
Goodwill		49,867	49,577
Noncurrent deferred tax assets and other noncurrent tax assets		2,694	2,383
Other noncurrent assets		6,056	4,569
Total assets		169,920	154,229
Liabilities and Equity
Short-term borrowings, including current portion of long-term debt: 2021—$3,687; 2020—$2,002		3,888	2,703
Trade accounts payable		4,327	4,309
Dividends payable		2,184	2,162
Income taxes payable		1,742	1,049
Accrued compensation and related items		2,015	3,058
Deferred revenues		4,291	1,113
Other current liabilities		17,217	11,527
Total current liabilities		35,664	25,920
Long-term debt		35,354	37,133
Pension benefit obligations		4,305	4,766
Postretirement benefit obligations		634	645
Noncurrent deferred tax liabilities		4,161	4,063
Other taxes payable		11,259	11,560
Other noncurrent liabilities		8,228	6,669
Total liabilities		99,605	90,756
Commitments and Contingencies
Common stock		472	470
Additional paid-in capital		89,336	88,674
Treasury stock		(111,356)	(110,988)
Retained earnings		96,346	90,392
Accumulated other comprehensive loss		(4,758)	(5,310)
Total Pfizer Inc. shareholders’ equity		70,042	63,238
Equity attributable to noncontrolling interests		273	235
Total equity		70,315	63,473
Total liabilities and equity		$ 169,920	$ 154,229
[1]	The change from December 31, 2020 primarily reflects increases for certain products, including inventory build for new product launches (primarily BNT162b2), supply recovery and foreign exchange, partially offset by decreases due to market demand and network strategy.
[2]	The decrease is primarily due to amortization, partially offset by the capitalization of the BNT162b2 milestones described above.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 500	$ 508
Property, plant and equipment, accumulated depreciation	15,328	14,812
Current portion of long-term debt	$ 3,687	$ 2,002

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Shareholders' Equity [Member]	Preferred Stock [Member]	Common Stock [Member]	Add'l Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accum. Other Comp. Loss [Member]		Noncontrolling Interests [Member]
Beginning balance (in shares) at Dec. 31, 2019			431	9,369,000,000		3,835,000,000
Beginning balance at Dec. 31, 2019	$ 63,447	$ 63,143	$ 17	$ 468	$ 87,428	$ (110,801)	$ 91,397	$ (5,367)		$ 303
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,860	6,843					6,843			17
Other comprehensive income/(loss), net of tax	(1,628)	(1,616)						(1,616)		(12)
Cash dividends declared, per share
Common stock	(4,294)	(4,294)					(4,294)
Preferred stock	0
Noncontrolling interests	(80)									(80)
Share-based payment transactions (in shares)				25,000,000		6,000,000
Share-based payment transactions	266	266		$ 1	473	$ (208)
Purchases of common stock	0
Preferred stock conversions and redemptions (in shares)			(431)			1,000,000
Preferred stock conversions and redemptions	(1)	(1)	$ (17)		(15)	$ 31
Other	0
Ending balance (in shares) at Jun. 28, 2020			0	9,394,000,000		3,840,000,000
Ending balance at Jun. 28, 2020	64,570	64,342	$ 0	$ 470	87,886	$ (110,978)	93,946	(6,983)		228
Beginning balance (in shares) at Mar. 29, 2020			417	9,393,000,000		3,841,000,000
Beginning balance at Mar. 29, 2020	65,341	65,028	$ 17	$ 470	87,680	$ (111,010)	94,680	(6,808)		312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,497	3,489					3,489			8
Other comprehensive income/(loss), net of tax	(187)	(174)						(174)		(12)
Cash dividends declared, per share
Common stock	(4,223)	(4,223)					(4,223)
Preferred stock	0
Noncontrolling interests	(80)									(80)
Share-based payment transactions (in shares)				2,000,000
Share-based payment transactions	222	222			221	$ 1
Purchases of common stock	0
Preferred stock conversions and redemptions (in shares)			(417)			1,000,000
Preferred stock conversions and redemptions	0		$ (17)		(14)	$ 31
Other	0
Ending balance (in shares) at Jun. 28, 2020			0	9,394,000,000		3,840,000,000
Ending balance at Jun. 28, 2020	64,570	64,342	$ 0	$ 470	87,886	$ (110,978)	93,946	(6,983)		228
Beginning balance (in shares) at Dec. 31, 2020			0	9,407,000,000		3,840,000,000
Beginning balance at Dec. 31, 2020	63,473	63,238	$ 0	$ 470	88,674	$ (110,988)	90,392	(5,310)	[1]	235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,475	10,440					10,440			35
Other comprehensive income/(loss), net of tax	556	552						552	[2]	3
Cash dividends declared, per share
Common stock	(4,377)	(4,377)					(4,377)
Preferred stock	0
Noncontrolling interests	0
Share-based payment transactions (in shares)				43,000,000		11,000,000
Share-based payment transactions	221	221		$ 2	662	$ (368)	(76)
Purchases of common stock	0
Preferred stock conversions and redemptions	0
Other	(33)	(33)					(33)
Ending balance (in shares) at Jul. 04, 2021			0	9,450,000,000		3,851,000,000
Ending balance at Jul. 04, 2021	70,315	70,042	$ 0	$ 472	89,336	$ (111,356)	96,346	(4,758)		273
Beginning balance (in shares) at Apr. 04, 2021			0	9,445,000,000		3,851,000,000
Beginning balance at Apr. 04, 2021	68,865	68,620	$ 0	$ 472	89,002	$ (111,349)	95,158	(4,664)		245
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,589	5,563					5,563			26
Other comprehensive income/(loss), net of tax	(92)	(94)						(94)		2
Cash dividends declared, per share
Common stock	(4,293)	(4,293)					(4,293)
Preferred stock	0
Noncontrolling interests	0
Share-based payment transactions (in shares)				5,000,000
Share-based payment transactions	251	251			334	$ (7)	(76)
Purchases of common stock	0
Preferred stock conversions and redemptions	0
Other	(6)	(6)					(7)
Ending balance (in shares) at Jul. 04, 2021			0	9,450,000,000		3,851,000,000
Ending balance at Jul. 04, 2021	$ 70,315	$ 70,042	$ 0	$ 472	$ 89,336	$ (111,356)	$ 96,346	$ (4,758)		$ 273
[1]	Amounts include the impact of a change in accounting principle. See Note 1C.
[2]	Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests. Foreign currency translation adjustments primarily include gains from the strengthening of the U.K. pound, Canadian dollar and euro against the U.S. dollar, and net gains related to the impact of our net investment hedging program, partially offset by net losses from foreign currency translation adjustments related to our equity-method investment in the Consumer Healthcare JV (see Note 2B ).

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.78	$ 0.76	$ 0.78	$ 0.76

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Operating Activities
Net income before allocation to noncontrolling interests	$ 10,475	$ 6,860
Income from discontinued operations––net of tax	32	1,774
Net income from continuing operations before allocation to noncontrolling interests	10,443	5,087
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization	2,554	2,365
Asset write-offs and impairments	77	58
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed	0	(6)
Deferred taxes from continuing operations	47	33
Share-based compensation expense	394	244
Benefit plan contributions in excess of expense/income	(779)	(526)
Other adjustments, net	(1,305)	(370)
Other changes in assets and liabilities, net of acquisitions and divestitures	4,398	(2,056)
Net cash provided by operating activities from continuing operations	15,828	4,829
Net cash provided by operating activities from discontinued operations	9	1,860
Net cash provided by operating activities	15,837	6,688
Investing Activities
Purchases of property, plant and equipment	(1,094)	(906)
Purchases of short-term investments	(15,982)	(5,141)
Proceeds from redemptions/sales of short-term investments	7,572	4,595
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less	(505)	(537)
Purchases of long-term investments	(100)	(168)
Proceeds from redemptions/sales of long-term investments	297	536
Other investing activities, net	(72)	(9)
Net cash provided by/(used in) investing activities from continuing operations	(9,884)	(1,630)
Net cash provided by/(used in) investing activities from discontinued operations	0	(11,452)
Net cash provided by/(used in) investing activities	(9,884)	(13,082)
Financing Activities
Proceeds from short-term borrowings	0	12,352
Principal payments on short-term borrowings	0	(13,166)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less	(499)	(2,314)
Proceeds from issuance of long-term debt	0	5,194
Principal payments on long-term debt	0	(2,181)
Cash dividends paid	(4,355)	(4,216)
Other financing activities, net	(509)	(163)
Net cash provided by/(used in) financing activities from continuing operations	(5,364)	(4,493)
Net cash provided by/(used in) financing activities from discontinued operations	0	11,452
Net cash provided by/(used in) financing activities	(5,364)	6,959
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents	5	(70)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents	593	495
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period	1,825	1,350
Cash and cash equivalents and restricted cash and cash equivalents, at end of period	2,418	1,845
Cash paid/(received) during the period for:
Income taxes	2,188	1,290
Interest paid	798	910
Interest rate hedges	(67)	(66)
Non-cash transaction:
Right-of-use assets obtained in exchange for lease liabilities	$ 1,204	$ 74

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies A. Basis of Presentation We prepared these condensed consolidated financial statements in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2020 Form 10-K, except as disclosed in Note 1C . As permitted under the SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted. These financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods presented. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2020 Form 10-K . Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six months ended May 30, 2021 and May 24, 2020, and for U.S. subsidiaries is as of and for the three and six months ended July 4, 2021 and June 28, 2020. Business development activities impacted financial results in the periods presented. See Note 1A in our 2020 Form 10-K, and Note 2. On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. For additional information, see Note 2B in our 2020 Form 10-K. On December 21, 2020, which fell in Pfizer’s international first quarter of 2021, Pfizer and Viatris completed the termination of the Mylan-Japan collaboration pursuant to an agreement dated November 13, 2020 and we transferred related inventories and operations that were part of the Mylan-Japan collaboration to Viatris. As a result, the financial position and results of operations of the Upjohn Business and the Mylan-Japan collaboration are presented as discontinued operations. Prior-period information has been restated to reflect our current organization structure. B. New Accounting Standard Adopted in 2021 On January 1, 2021, we adopted a new accounting standard for income tax that eliminates certain exceptions to the guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. For information on new accounting standards adopted in 2020, see Note 1B in our 2020 Form 10-K. C. Change in Accounting Principle In the first quarter of 2021, we adopted a change in accounting principle to a more preferable policy under U.S. GAAP to immediately recognize actuarial gains and losses arising from the remeasurement of our pension and postretirement plans (MTM Accounting). Under the prior policy, we deferred recognition of these gains and losses in Accumulated other comprehensive loss . The accumulated actuarial gains/losses outside of a “corridor” were then amortized into net periodic benefit costs over the average remaining service period or the average life expectancy of participants. This change has been applied to all pension and postretirement plans on a retrospective basis for all prior periods presented, and as of January 1, 2020, resulted in a cumulative effect decrease to Retained earnings of $6.3 billion, with a corresponding offset to Accumulated other comprehensive loss . Each time a pension or postretirement plan is remeasured, the actuarial gain or loss is recognized immediately and classified as Other (income)/deductions––net . We believe that MTM Accounting is a more preferable policy as it provides improved transparency of results and performance, better alignment with fair value accounting principles and a better reflection of current economic and interest rate trends on plan investments and assumptions and the actuarial impact of plan remeasurements. The impacts of the adjustments on our condensed consolidated financial statements are summarized as follows: Three Months Ended July 4, 2021 June 28, 2020 (MILLIONS, EXCEPT PER COMMON SHARE DATA) Previous Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Statements of Income: Other (income)/deductions––net $ (916) $ (82) $ (998) $ (873) $ (82) $ (955) Income from continuing operations before provision for taxes on income 6,527 82 6,609 2,944 82 3,026 Provision for taxes on income 1,025 18 1,043 396 26 422 Income from discontinued operations––net of tax 24 — 24 887 6 893 Net income before allocation to noncontrolling interests 5,526 63 5,589 3,434 62 3,497 Net income attributable to Pfizer Inc. common shareholders 5,500 63 5,563 3,426 62 3,489 Earnings per common share––basic : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.98 $ 0.01 $ 0.99 $ 0.46 $ 0.01 $ 0.47 Income from discontinued operations––net of tax — — — 0.16 — 0.16 Net income attributable to Pfizer Inc. common shareholders 0.98 0.01 0.99 0.62 0.01 0.63 Earnings per common share––diluted : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.97 $ 0.01 $ 0.98 $ 0.45 $ 0.01 $ 0.46 Income from discontinued operations––net of tax — — — 0.16 — 0.16 Net income attributable to Pfizer Inc. common shareholders 0.97 0.01 0.98 0.61 0.01 0.62 Condensed Consolidated Statements of Comprehensive Income: Foreign currency translation adjustments, net $ 61 $ (25) $ 36 $ (242) $ 68 $ (173) Benefit plans: actuarial gains/(losses), net (2) 2 — 5 (5) — Reclassification adjustments related to amortization 74 (74) — 67 (67) — Reclassification adjustments related to settlements, net 3 (3) — 13 (13) — Other (25) 25 — 68 (68) — Tax provision/(benefit) on other comprehensive income/(loss) (4) (59) (63) 113 (26) 87 Six Months Ended July 4, 2021 June 28, 2020 (MILLIONS, EXCEPT PER COMMON SHARE DATA) Previous Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Statements of Income: Other (income)/deductions––net $ (1,773) $ (228) $ (2,001) $ (657) $ (107) $ (764) Income from continuing operations before provision for taxes on income 12,063 228 12,291 5,761 107 5,868 Provision for taxes on income 1,798 51 1,849 751 30 782 Income from discontinued operations––net of tax 32 — 32 1,835 (61) 1,774 Net income before allocation to noncontrolling interests 10,298 177 10,475 6,845 16 6,860 Net income attributable to Pfizer Inc. common shareholders 10,263 177 10,440 6,828 16 6,843 Earnings per common share––basic : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.83 $ 0.03 $ 1.86 $ 0.90 $ 0.01 $ 0.91 Income from discontinued operations––net of tax 0.01 — 0.01 0.33 (0.01) 0.32 Net income attributable to Pfizer Inc. common shareholders 1.84 0.03 1.87 1.23 — 1.23 Earnings per common share––diluted : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.81 $ 0.03 $ 1.84 $ 0.89 $ 0.01 $ 0.90 Income from discontinued operations––net of tax 0.01 — 0.01 0.33 (0.01) 0.32 Net income attributable to Pfizer Inc. common shareholders 1.81 0.03 1.84 1.22 — 1.22 Six Months Ended July 4, 2021 June 28, 2020 (MILLIONS) Previous Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Statements of Comprehensive Income: Foreign currency translation adjustments, net $ 607 $ (106) $ 501 $ (1,513) $ 84 $ (1,430) Benefit plans: actuarial gains/(losses), net 45 (45) — (160) 160 — Reclassification adjustments related to amortization 148 (148) — 133 (133) — Reclassification adjustments related to settlements, net 23 (23) — 66 (66) — Other (106) 106 — 84 (84) — Tax provision/(benefit) on other comprehensive income/(loss) 69 (47) 21 (265) (28) (293) Condensed Consolidated Statements of Cash Flows: Deferred taxes from continuing operations $ (4) $ 51 $ 47 $ 3 $ 30 $ 33 Benefit plan contributions in excess of expense/income (551) (228) (779) (419) (107) (526) July 4, 2021 December 31, 2020 (MILLIONS) Previous Accounting Principle Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Balance Sheets: Noncurrent deferred tax assets and other noncurrent tax assets $ 2,697 $ (3) $ 2,694 $ 2,383 $ — $ 2,383 Other noncurrent assets 6,044 12 6,056 4,569 — 4,569 Pension benefit obligations 4,305 (1) 4,305 4,766 — 4,766 Retained earnings 96,169 177 96,346 96,770 (6,378) 90,392 Accumulated other comprehensive loss (4,589) (168) (4,758) (11,688) 6,378 (5,310) D. Revenues and Trade Accounts Receivable Customers–– Our prescription pharmaceutical products are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. In the U.S., we primarily sell our vaccine products directly to the federal government, CDC, wholesalers, individual provider offices, retail pharmacies and integrated delivery networks. Outside the U.S., we primarily sell our vaccines to government and non-government institutions. Deductions from Revenues–– Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows: (MILLIONS) July 4, December 31, 2020 Reserve against Trade accounts receivable, less allowance for doubtful accounts $ 959 $ 861 Other current liabilities : Accrued rebates 3,301 3,017 Other accruals 443 436 Other noncurrent liabilities 384 399 Total accrued rebates and other sales-related accruals $ 5,087 $ 4,712 Trade Accounts Receivable–– Trade accounts receivable are stated at their net realizable value. The allowance for credit losses reflects our best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. In developing the estimate for expected credit losses, trade accounts receivables are segmented into pools of assets depending on market (U.S. versus international), delinquency status, and customer type (high risk versus low risk and government versus non-government), and fixed reserve percentages are established for each pool of trade accounts receivables. In determining the reserve percentages for each pool of trade accounts receivables, we considered our historical experience with certain customers and customer types, regulatory and legal environments, country and political risk, and other relevant current and future forecasted macroeconomic factors. These credit risk indicators are monitored on a quarterly basis to determine whether there have been any changes in the economic environment that would indicate the established reserve percentages should be adjusted, and are considered on a regional basis to reflect more geographic-specific metrics. Additionally, write-offs and recoveries of customer receivables are tracked against collections on a quarterly basis to determine whether the reserve percentages remain appropriate. When management becomes aware of certain customer-specific factors that impact credit risk, specific allowances for these known troubled accounts are recorded. Trade accounts receivable are written off after all reasonable means to collect the full amount (including litigation, where appropriate) have been exhausted. During the three and six months ended July 4, 2021 and June 28, 2020, additions to the allowance for credit losses, write-offs and recoveries of customer receivables were not material to our condensed consolidated financial statements. For additional information on our trade accounts receivable, see Note 1G in our 2020 Form 10-K.

Discontinued Operations and Equ

Discontinued Operations and Equity-Method Investment	6 Months Ended
	Jul. 04, 2021
Business Combinations, Disposal Groups, Including Discontinued Operations, Equity Method Investments And Research And Development Arrangement [Abstract]
Discontinued Operations and Equity-Method Investment	Discontinued Operations and Equity-Method Investment A. Discontinued Operations Upjohn Separation and Combination with Mylan On November 16, 2020, we completed the spin-off and the combination of the Upjohn Business with Mylan to form Viatris. See Note 1A. In connection with this transaction, Pfizer and Viatris entered into various agreements to effect the separation and combination to provide a framework for our relationship after the combination, including a separation and distribution agreement, interim operating models, including agency arrangements, manufacturing and supply agreements (MSAs), transition service agreements (TSAs), a tax matters agreement, and an employee matters agreement, among others. The interim agency operating model arrangements primarily include billings, collections and remittance of rebates that we are performing on a transitional basis on behalf of Viatris. Under the MSAs, Pfizer or Viatris, as the case may be, manufactures, labels and packages products for the other party. In the three and six months ended July 4, 2021, the amounts recorded under the above agreements were not material to our consolidated results of operations. Net amounts due from Viatris under the above agreements were approximately $434 million as of July 4, 2021 and $401 million as of December 31, 2020. The cash flows associated with the above agreements are included in Net cash provided by operating activities from continuing operations, except for a $277 million payment to Viatris made in the first quarter of 2021 pursuant to terms of the separation agreement, which is reported in Other financing activities, net, and was recorded as a payable to Viatris in Other current liabilities as of December 31, 2020. In addition, Pfizer and Mylan had pre-existing arms-length commercial agreements, which are continuing with Viatris and are not material to Pfizer’s consolidated financial statements. The operating results of the Upjohn Business and the Mylan-Japan collaboration are reported as Income from discontinued operations––net of tax. Components of Income from discontinued operations––net of tax : Three Months Ended (a) Six Months Ended (a) (MILLIONS) July 4, June 28, July 4, June 28, Revenues $ — $ 1,937 $ 27 $ 3,883 Costs and expenses: Cost of sales — 458 14 900 Selling, informational and administrative expenses 6 371 (2) 703 Research and development expenses — 54 1 105 Amortization of intangible assets — 36 — 72 Restructuring charges and certain acquisition-related costs — 2 — 17 Other (income)/deductions––net — 1 1 71 Pre-tax income/(loss) from discontinued operations (6) 1,015 13 2,015 Provision/(benefit) for taxes on income (30) 122 (19) 241 Income from discontinued operations––net of tax $ 24 $ 893 $ 32 $ 1,774 (a) In the second quarter of 2021, Income from discontinued operations—net of tax reflects post-closing adjustments directly related to our discontinued operations, including tax and benefits-related adjustments. In the first six months of 2021, Income from discontinued operations—net of tax also includes the operations of the Mylan-Japan collaboration, which terminated during Pfizer’s international first quarter of 2021, and a post-closing adjustment for a legal matter directly related to the discontinued Upjohn Business. In the three and six months ended June 28, 2020, Income from discontinued operations—net of tax relates to the Upjohn Business and the Mylan-Japan collaboration and includes the change in accounting principle in the first quarter of 2021 to MTM Accounting, which has been applied on a retrospective basis for all prior periods presented. See Note 1C . B. Equity-Method Investment Formation of Consumer Healthcare JV On July 31, 2019, we completed a transaction in which we and GSK combined our respective consumer healthcare businesses into a new JV that operates globally under the GSK Consumer Healthcare name. In exchange, we received a 32% equity stake in the new company and GSK owns the remaining 68%. We are accounting for our interest in the Consumer Healthcare JV as an equity-method investment. The carrying value of our investment in the Consumer Healthcare JV is $16.4 billion as of July 4, 2021 and $16.7 billion as of December 31, 2020 and is reported as a private equity investment in Equity-method investments as of July 4, 2021 and December 31, 2020. The Consumer Healthcare JV is a foreign investee whose reporting currency is the U.K. pound, and therefore we translate its financial statements into U.S. dollars and recognize the impact of foreign currency translation adjustments in the carrying value of our investment and in other comprehensive income. The decrease in the value of our investment from December 31, 2020 is primarily due to dividends totaling approximately $274 million, as well as $200 million in pre-tax foreign currency translation adjustments (see Note 6 ), partially offset by our share of the JV’s earnings. We record our share of earnings from the Consumer Healthcare JV on a quarterly basis on a one-quarter lag in Other (income)/deductions––net . Our total share of the JV’s earnings generated in the first quarter of 2021, which we recorded in our operating results in the second quarter of 2021, was $148 million. Our total share of the JV’s earnings generated in the fourth quarter of 2020 and first quarter of 2021, which we recorded in our operating results in the first six months of 2021, was $218 million. Our total share of the JV’s earnings generated in the first quarter of 2020, which we recorded in our operating results in the second quarter of 2020, was $129 million. Our total share of the JV’s earnings generated in the fourth quarter of 2019 and first quarter of 2020, which we recorded in our operating results in the first six months of 2020, was $140 million. See Note 4 . The total amortization and adjustment of basis differences resulting from the excess of the initial fair value of our investment over the underlying equity in the carrying value of the net assets of the JV is included in Other (income)/deductions––net and was not material to our results of operations in the periods presented. See Note 4. Summarized financial information for our equity method investee, the Consumer Healthcare JV, for the three and six months ending March 31, 2021, the most recent period available, and for the three and six months ending March 31, 2020, is as follows: Three Months Ended Six Months Ended (MILLIONS) March 31, March 31, March 31, March 31, Net sales $ 3,180 $ 3,503 $ 6,275 $ 6,691 Cost of sales (1,169) (1,394) (2,356) (3,205) Gross profit $ 2,011 $ 2,109 $ 3,919 $ 3,486 Income from continuing operations 483 425 716 471 Net income 483 425 716 471 Income attributable to shareholders 461 405 682 441

Restructuring Charges and Other

Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives	6 Months Ended
	Jul. 04, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives	Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives A. Transforming to a More Focused Company Program With the formation of the Consumer Healthcare JV in 2019 and the spin-off of our Upjohn Business in the fourth quarter of 2020, Pfizer has transformed into a focused, global leader in science-based innovative medicines and vaccines. We have undertaken efforts to ensure our cost base aligns appropriately with our new operating structure. While certain direct costs transferred to the Consumer Healthcare JV and to the Upjohn Business in connection with the spin-off, there are indirect costs which did not transfer. In addition, we are taking steps to restructure our corporate enabling functions to appropriately support and drive the purpose of our business and R&D and PGS platform functions. The program costs discussed below are expected to be incurred primarily from 2020 through 2022, and may be rounded and represent approximations . We expect costs for this program, primarily related to corporate enabling functions, to total $1.6 billion on a pre-tax basis, with substantially all costs to be cash expenditures. Actions include, among others, changes in location of certain activities, expanded use and co-location of centers of excellence and shared services, and increased use of digital technologies. The associated actions and the specific costs will primarily include severance and benefit plan impacts, exit costs as well as associated implementation costs. Also, as part of this program, we expect to incur costs related to manufacturing network optimization, including certain legacy cost-reduction initiatives, of $500 million, with approximately 20% of the costs to be non-cash. The costs for this effort include, among other things, implementation costs, product transfer costs, site exit costs, as well as accelerated depreciation. From the start of this program in the fourth quarter of 2019 through July 4, 2021, we incurred costs of $1.2 billion. B. Key Activities The following summarizes acquisitions and cost-reduction/productivity initiatives costs and credits, which are composed primarily of the Transforming to a More Focused Company program: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Restructuring charges/(credits): Employee terminations $ (4) $ 345 $ 19 $ 355 Asset impairments 2 (8) (2) 23 Exit costs/(credits) (3) 1 (3) 1 Restructuring charges/(credits) (a) (5) 338 14 379 Transaction costs (b) — 11 — 14 Integration costs and other (c) 4 11 8 21 Restructuring charges and certain acquisition-related costs (1) 360 22 414 Net periodic benefit costs recorded in Other (income)/deductions––net (d) 4 1 12 2 Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income as follows (e) : Cost of sales 31 4 41 10 Selling, informational and administrative expenses 16 — 16 — Research and development expenses — 2 — (3) Total additional depreciation––asset restructuring 47 6 56 6 Implementation costs recorded in our condensed consolidated statements of income as follows (f) : Cost of sales 10 9 21 17 Selling, informational and administrative expenses 80 63 144 78 Research and development expenses — 1 — 1 Total implementation costs 90 73 166 96 Total costs associated with acquisitions and cost-reduction/productivity initiatives $ 140 $ 441 $ 256 $ 518 (a) Primarily represents cost reduction initiatives. (b) Represents external costs for banking, legal, accounting and other similar services. (c) Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs. (d) Amounts for the three and six months ended June 28, 2020 include the impact of a change in accounting principle. See Note 1C. (e) Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions. (f) Represents external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives. The following summarizes the components and changes in restructuring accruals: (MILLIONS) Employee Asset Exit Costs Accrual Balance, December 31, 2020 (a) $ 782 $ — $ 15 $ 798 Provision 19 (2) (3) 14 Utilization and other (b) (215) 2 (1) (215) Balance, July 4, 2021 (c) $ 585 $ — $ 11 $ 596 (a) Included in Other current liabilities ($628 million) and Other noncurrent liabilities ($169 million). (b) Includes adjustments for foreign currency translation. (c) Included in Other current liabilities ($473 million) and Other noncurrent liabilities ($123 million).

Other (Income)_Deductions - Net

Other (Income)/Deductions - Net	6 Months Ended
	Jul. 04, 2021
Other Income and Expenses [Abstract]
Other (Income)/Deductions - Net	Other (Income)/Deductions—Net Components of Other (income)/deductions––net include: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Interest income $ (13) $ (19) $ (12) $ (53) Interest expense 316 367 651 757 Net interest expense 303 348 639 704 Royalty-related income (212) (191) (388) (310) Net (gains)/losses on asset disposals (58) 1 (98) 2 Net (gains)/losses recognized during the period on equity securities (a) (800) (732) (1,200) (478) Income from collaborations, out-licensing arrangements and sales of compound/product rights (b) (21) (100) (252) (215) Net periodic benefit costs/(credits) other than service costs (c) (237) (191) (503) (294) Certain legal matters, net (d) 369 14 420 22 Consumer Healthcare JV equity method (income)/loss (e) (140) (126) (202) (92) Other, net (201) 22 (417) (104) Other (income)/deductions––net $ (998) $ (955) $ (2,001) $ (764) (a) The gains in the second quarter and first six months of 2021 include, among other things, unrealized gains of $917 million and $1.0 billion, respectively, related to investments in BioNTech and Cerevel Therapeutics, LLC. The gains in the second quarter and first six months of 2020 included, among other things, unrealized gains of $568 million and $501 million, respectively, related to our investments in Allogene and BioNTech. (b) The first six months of 2021 includes, among other things, $188 million of net collaboration income from BioNTech in the first quarter of 2021 related to the COVID-19 vaccine. The second quarter and first six months of 2020 mainly included, among other things, $40 million of milestone income from Puma Biotechnology, Inc. related to Neratinib regulatory approvals in the EU, and $30 million of milestone income from Lilly related to the first commercial sale in the U.S. of LOXO-292 for the treatment of RET fusion-positive NSCLC. The first six months of 2020 also included an upfront payment to us of $75 million from our sale of our CK1 assets to Biogen, Inc. (c) Amounts include the impact of a change in accounting principle. See Notes 1C and 10 . (d) The second quarter and first six months of 2021 primarily include an amount to resolve a Multi-District Litigation relating to EpiPen pending against the Company in the U.S. District Court for the District of Kansas for $345 million, which remains subject to court approval. See Note 12A1 . (e) See Note 2B .

Tax Matters

Tax Matters	6 Months Ended
	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Tax Matters	Tax Matters A. Taxes on Income from Continuing Operations Our effective tax rate for continuing operations was 15.8% for the second quarter of 2021, compared to 14.0% for the second quarter of 2020, and was 15.0% for the first six months of 2021, compared to 13.3% for the first six months of 2020. The higher effective tax rate for the second quarter and first six months of 2021, compared to the second quarter and first six months of 2020, was due to a change in the jurisdictional mix of earnings primarily related to BNT162b2. We elected, with the filing of our 2018 U.S. Federal Consolidated Income Tax Return, to pay our initial estimated $15 billion repatriation tax liability on accumulated post-1986 foreign earnings over eight years through 2026. The third annual installment of this liability was paid by its April 15, 2021 due date. The fourth annual installment is due April 15, 2022 and is reported in current Income taxes payable as of July 4, 2021. The remaining liability is reported in noncurrent Other taxes payable. Our obligations may vary as a result of changes in our uncertain tax positions and/or availability of attributes such as foreign tax and other credit carryforwards. B. Tax Contingencies We are subject to income tax in many jurisdictions, and a certain degree of estimation is required in recording the assets and liabilities related to income taxes. All of our tax positions are subject to audit by the local taxing authorities in each tax jurisdiction. These tax audits can involve complex issues, interpretations and judgments and the resolution of matters may span multiple years, particularly if subject to negotiation or litigation. The U.S. is one of our major tax jurisdictions, and we are regularly audited by the IRS. With respect to Pfizer, the IRS has issued Revenue Agent’s Reports (RARs) for tax years 2011-2013 and 2014-2015. We are not in agreement with the RARs and are currently appealing certain disputed issues. Tax years 2016-2018 are currently under audit. Tax years 2019-2021 are open but not under audit. All other tax years are closed. In addition to the open audit years in the U.S., we have open audit years in certain major international tax jurisdictions dating back to 2010. For additional information, see Note 5D in our 2020 Form 10-K. C. Tax Provision/(Benefit) on Other Comprehensive Income/(Loss) Components of Tax provision/(benefit) on other comprehensive income/(loss) include: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Foreign currency translation adjustments, net (a) $ (19) $ 70 $ 2 $ (177) Unrealized holding gains/(losses) on derivative financial instruments, net (51) 51 7 (82) Reclassification adjustments for (gains)/losses included in net income 1 (35) 35 (20) (50) 16 43 (102) Unrealized holding gains/(losses) on available-for-sale securities, net 7 5 17 (1) Reclassification adjustments for (gains)/losses included in net income 8 6 (23) 7 15 11 (5) 6 Reclassification adjustments related to amortization of prior service costs and other, net (8) (11) (17) (21) Other (1) 1 (1) 1 (8) (9) (18) (20) Tax provision/(benefit) on other comprehensive income/(loss) $ (63) $ 87 $ 21 $ (293) (a) Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests	Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests The following summarizes the changes, net of tax, in Accumulated other comprehensive loss : Net Unrealized Gains/(Losses) Benefit Plans (MILLIONS) Foreign Currency Translation Adjustments Derivative Financial Instruments Available-For-Sale Securities Prior Service (Costs)/Credits and Other Accumulated Other Comprehensive Income/(Loss) Balance, December 31, 2020 (a) $ (5,450) $ (428) $ 116 $ 452 $ (5,310) Other comprehensive income/(loss) (b) 495 160 (37) (66) 552 Balance, July 4, 2021 $ (4,955) $ (268) $ 79 $ 386 $ (4,758) (a) Amounts include the impact of a change in accounting principle. See Note 1C. (b) Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests. Foreign currency translation adjustments primarily include gains from the strengthening of the U.K. pound, Canadian dollar and euro against the U.S. dollar, and net gains related to the impact of our net investment hedging program, partially offset by net losses from foreign currency translation adjustments related to our equity-method investment in the Consumer Healthcare JV (see Note 2B ).

Financial Instruments

Financial Instruments	6 Months Ended
	Jul. 04, 2021
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments A. Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy, using a Market Approach: July 4, 2021 December 31, 2020 (MILLIONS) Total Level 1 Level 2 Total Level 1 Level 2 Financial assets: Short-term investments Classified as equity securities with readily determinable fair values: Money market funds $ 2,284 $ — $ 2,284 $ 567 $ — $ 567 Classified as available-for-sale debt securities: Government and agency—non-U.S. 12,448 — 12,448 7,719 — 7,719 Government and agency—U.S. 260 — 260 982 — 982 Corporate and other 1,317 — 1,317 1,008 — 1,008 14,025 — 14,025 9,709 — 9,709 Total short-term investments 16,309 — 16,309 10,276 — 10,276 Other current assets Derivative assets: Interest rate contracts 2 — 2 18 — 18 Foreign exchange contracts 289 — 289 234 — 234 Total other current assets 290 — 290 251 — 251 Long-term investments Classified as equity securities with readily determinable fair values (a) 3,736 3,711 25 2,809 2,776 32 Classified as available-for-sale debt securities: Government and agency—non-U.S. 9 — 9 6 — 6 Government and agency—U.S. 54 — 54 121 — 121 Corporate and other — — — — — — 63 — 63 128 — 128 Total long-term investments 3,799 3,711 88 2,936 2,776 160 Other noncurrent assets Derivative assets: Interest rate contracts 23 — 23 117 — 117 Foreign exchange contracts 142 — 142 5 — 5 Total derivative assets 165 — 165 122 — 122 Insurance contracts (b) 767 — 767 693 — 693 Total other noncurrent assets 931 — 931 814 — 814 Total assets $ 21,330 $ 3,711 $ 17,618 $ 14,278 $ 2,776 $ 11,501 Financial liabilities: Other current liabilities Derivative liabilities: Foreign exchange contracts $ 308 $ — $ 308 $ 501 $ — $ 501 Total other current liabilities 308 — 308 501 — 501 Other noncurrent liabilities Derivative liabilities: Foreign exchange contracts 651 — 651 599 — 599 Total other noncurrent liabilities 651 — 651 599 — 599 Total liabilities $ 959 $ — $ 959 $ 1,100 $ — $ 1,100 (a) Long-term equity securities of $181 million as of July 4, 2021 and $190 million as of December 31, 2020 were held in restricted trusts for employee benefit plans. (b) Includes life insurance policies held in restricted trusts for U.S. non-qualified employee benefit plans. The underlying invested assets in these contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions—net (see Note 4 ). Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis Carrying values and estimated fair values using a market approach: July 4, 2021 December 31, 2020 (MILLIONS) Carrying Value Estimated Fair Value at Level 2 Carrying Value Estimated Fair Value at Level 2 Financial Liabilities Long-term debt, excluding the current portion $ 35,354 $ 41,725 $ 37,133 $ 45,533 The differences between the estimated fair values and carrying values of held-to-maturity debt securities, private equity securities, long-term receivables and short-term borrowings not measured at fair value on a recurring basis were not significant as of July 4, 2021 and December 31, 2020. The fair value measurements of our held-to-maturity debt securities and short-term borrowings are based on Level 2 inputs. The fair value measurements of our long-term receivables and private equity securities are based on Level 3 inputs. B. Investments Total Short-Term, Long-Term and Equity-Method Investments The following summarizes our investments by classification type: (MILLIONS) July 4, 2021 December 31, 2020 Short-term investments Equity securities with readily determinable fair values (a) $ 2,284 $ 567 Available-for-sale debt securities 14,025 9,709 Held-to-maturity debt securities 3,019 161 Total Short-term investments $ 19,328 $ 10,437 Long-term investments Equity securities with readily determinable fair values $ 3,736 $ 2,809 Available-for-sale debt securities 63 128 Held-to-maturity debt securities 35 37 Private equity securities at cost (b) 500 432 Total Long-term investments $ 4,334 $ 3,406 Equity-method investments 16,608 16,856 Total long-term investments and equity-method investments $ 20,942 $ 20,262 Held-to-maturity cash equivalents $ 567 $ 89 (a) As of July 4, 2021 and December 31, 2020, includes money market funds primarily invested in U.S. Treasury and government debt. (b) Represent investments in the life sciences sector. Debt Securities At July 4, 2021, our debt investment portfolio consisted of debt securities issued across diverse governments, corporate and financial institutions, which are investment-grade. The contractual or estimated maturities, are as follows: July 4, 2021 December 31, 2020 Gross Unrealized Maturities (in Years) Gross Unrealized (MILLIONS) Amortized Cost Gains Losses Fair Value Within 1 Over 1 Over 5 Amortized Cost Gains Losses Fair Value Available-for-sale debt securities Government and agency –– non-U.S. $ 12,371 $ 122 $ (35) $ 12,457 $ 12,448 $ 9 $ — $ 7,593 $ 136 $ (4) $ 7,725 Government and agency––U.S. 314 — (1) 314 260 54 — 1,104 — (1) 1,103 Corporate and other 1,312 5 — 1,317 1,317 — — 1,006 2 — 1,008 Held-to-maturity debt securities Time deposits and other 914 — — 914 884 19 11 283 — — 283 Government and agency –– non-U.S. 2,706 — — 2,706 2,701 4 1 5 — — 5 Total debt securities $ 17,618 $ 126 $ (36) $ 17,709 $ 17,611 $ 86 $ 12 $ 9,991 $ 138 $ (5) $ 10,124 Any expected credit losses to these portfolios would be immaterial to our financial statements. Equity Securities The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Net (gains)/losses recognized during the period on equity securities (a ) (800) $ (732) (1,200) $ (478) Less: Net (gains)/losses recognized during the period on equity securities sold during the period 24 1 (5) (18) Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date (b) $ (823) $ (733) $ (1,196) $ (459) (a) Reported in Other (income)/deductions –– net. See Note 4 . (b) Included in net unrealized gains are observable price changes on equity securities without readily determinable fair values. As of July 4, 2021, there were cumulative impairments and downward adjustments of $93 million and upward adjustments of $98 million. Impairments, downward and upward adjustments were not significant in the second quarters and first six months of 2021 and 2020. C. Short-Term Borrowings Short-term borrowings include: (MILLIONS) July 4, December 31, 2020 Commercial paper $ 100 $ 556 Current portion of long-term debt, principal amount 3,689 2,004 Other short-term borrowings, principal amount (a) 101 145 Total short-term borrowings, principal amount 3,890 2,705 Net unamortized discounts, premiums and debt issuance costs (2) (2) Total Short-term borrowings, including current portion of long-term debt , carried at historical proceeds, as adjusted $ 3,888 $ 2,703 (a) Includes cash collateral. See Note 7F . D. Long-Term Debt The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt: (MILLIONS) July 4, December 31, 2020 Total long-term debt, principal amount $ 34,038 $ 35,774 Net fair value adjustments related to hedging and purchase accounting 1,507 1,562 Net unamortized discounts, premiums and debt issuance costs (196) (207) Other long-term debt 5 4 Total long-term debt, carried at historical proceeds, as adjusted $ 35,354 $ 37,133 Current portion of long-term debt, carried at historical proceeds, as adjusted (not included above) $ 3,687 $ 2,002 E. Derivative Financial Instruments and Hedging Activities Foreign Exchange Risk A significant portion of our revenues, earnings and net investments in foreign affiliates is exposed to changes in foreign exchange rates. We manage our foreign exchange risk principally through the use of derivative financial instruments and foreign currency debt. These financial instruments serve to mitigate the impact on net income as a result of remeasurement into another currency, or against the impact of translation into U.S. dollars of certain foreign exchange-denominated transactions. The derivative financial instruments primarily hedge or offset exposures in the euro, U.K. pound, Japanese yen and Canadian dollar. We hedge a portion of our forecasted intercompany inventory sales denominated in euro, Japanese yen, Canadian dollar, Chinese renminbi, U.K. pound and Australian dollar for up to two years. Interest Rate Risk Our interest-bearing investments and borrowings are subject to interest rate risk. Depending on market conditions, we may change the profile of our outstanding debt or investments by entering into derivative financial instruments like interest rate swaps, either to hedge or offset the exposure to changes in the fair value of hedged items with fixed interest rates, or to convert variable rate debt or investments to fixed rates. The derivative financial instruments primarily hedge U.S. dollar fixed-rate debt. The following summarizes the fair value of the derivative financial instruments and notional amounts (including those reported as part of discontinued operations): July 4, 2021 December 31, 2020 Fair Value Fair Value (MILLIONS) Notional Asset Liability Notional Asset Liability Derivatives designated as hedging instruments : Foreign exchange contracts (a) $ 24,630 $ 340 $ 846 $ 24,369 $ 145 $ 1,005 Interest rate contracts 1,000 24 — 1,950 135 — 364 846 280 1,005 Derivatives not designated as hedging instruments : Foreign exchange contracts $ 17,085 91 113 $ 15,063 94 95 Total $ 455 $ 959 $ 373 $ 1,100 (a) The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.9 billion as of July 4, 2021 and $5.0 billion as of December 31, 2020. The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures (including those reported as part of discontinued operations): Gains/(Losses) (a) Gains/(Losses) (a) Gains/(Losses) Reclassified from OCI into OID and COS (a) Three Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Derivative Financial Instruments in Cash Flow Hedge Relationships: Foreign exchange contracts (b) $ — $ — $ (258) $ 187 $ 13 $ 172 Amount excluded from effectiveness testing and amortized into earnings (c) — — 9 13 8 14 Derivative Financial Instruments in Fair Value Hedge Relationships: Interest rate contracts 26 6 — — — — Hedged item (26) (6) — — — — Derivative Financial Instruments in Net Investment Hedge Relationships: Foreign exchange contracts — — 1 (144) — — The portion of foreign exchange contracts excluded from the assessment of hedge effectiveness (c) — — 36 29 26 42 Non-Derivative Financial Instruments in Net Investment Hedge Relationships: (d) Foreign currency short-term borrowings — — (11) — — — Foreign currency long-term debt — — (8) (42) — — Derivative Financial Instruments Not Designated as Hedges: Foreign exchange contracts (65) 8 — — — — All other net (c) — — — 12 — — $ (65) $ 8 $ (230) $ 56 $ 47 $ 228 Gains/(Losses) Recognized in OID (a) Gains/(Losses) Recognized in OCI (a) Gains/(Losses) Reclassified from OCI into OID and COS (a) Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Derivative Financial Instruments in Cash Flow Hedge Relationships: Foreign exchange contracts (b) $ — $ — $ (56) $ (341) $ (255) $ 126 Amount excluded from effectiveness testing and amortized into earnings (c) — — 21 42 18 41 Derivative Financial Instruments in Fair Value Hedge Relationships: Interest rate contracts (1) 392 — — — — Hedged item 1 (392) — — — — Derivative Financial Instruments in Net Investment Hedge Relationships: Foreign exchange contracts — — 155 240 — — The portion of foreign exchange contracts excluded from the assessment of hedge effectiveness (c) — — 35 176 55 84 Non-Derivative Financial Instruments in Net Investment Hedge Relationships: (d) Foreign currency short-term borrowings — — 27 8 — — Foreign currency long-term debt — — 48 3 — — Derivative Financial Instruments Not Designated as Hedges: Foreign exchange contracts (23) (51) — — — — All other net (c) — — — 12 — (1) $ (23) $ (51) $ 230 $ 139 $ (182) $ 251 (a) OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income . COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income . (b) The amounts reclassified from OCI into COS were: • a net loss of $31 million in the second quarter of 2021; • a net loss of $76 million in the first six months of 2021; • a net gain of $80 million in the second quarter of 2020; and • a net gain of $150 million in the first six months of 2020. The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax loss of $128 million within the next 12 months into income . The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 22 years and relates to foreign currency debt. (c) The amounts reclassified from OCI were reclassified into OID. (d) Short-term borrowings and long-term debt include foreign currency borrowings which are used in net investment hedges. The short-term borrowings carrying value as of July 4, 2021 was $1.2 billion. The long-term debt carrying values as of July 4, 2021 and December 31, 2020 were $881 million and $2.1 billion, respectively. The following summarizes cumulative basis adjustments for fair value hedges to our long-term debt: July 4, 2021 December 31, 2020 Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to (MILLIONS) Carrying Amount of Hedged Assets/Liabilities (a) Active Hedging Relationships Discontinued Hedging Relationships Carrying Amount of Hedged Assets/Liabilities (a) Active Hedging Relationships Discontinued Hedging Relationships Long-term debt $ 993 $ 23 $ 1,202 $ 2,016 $ 117 $ 1,149 (a) Carrying amounts exclude the cumulative amount of fair value hedging adjustments. F. Credit Risk A significant portion of our trade accounts receivable balances are due from drug wholesalers. For additional information on our trade accounts receivables with significant customers, see Note 13B below and Note 17B in our 2020 Form 10-K. As of July 4, 2021, the largest investment exposures in our portfolio represent primarily sovereign debt instruments issued by Japan, Germany, U.K., Canada, France, Denmark, Australia and the Netherlands. With respect to our derivative financial instrument agreements with financial institutions, we do not expect to incur a significant loss from failure of any counterparty. Derivative financial instruments are executed under International Swaps and Derivatives Association (ISDA) master agreements with credit-support annexes that contain zero threshold provisions requiring collateral to be exchanged daily depending on levels of exposure. As a result, there are no significant concentrations of credit risk with any individual financial institution. As of July 4, 2021, the aggregate fair value of these derivative financial instruments that are in a net payable position was $618 million, for which we have posted collateral of $716 million with a corresponding amount reported in Short-term investments . As of July 4, 2021, the aggregate fair value of our derivative financial instruments that are in a net receivable position was $35 million, for which we have received collateral of $25 million with a corresponding amount reported in Short-term borrowings, including current portion of long-term debt.

Other Financial Information

Other Financial Information	6 Months Ended
	Jul. 04, 2021
Other Financial Information [Abstract]
Other Financial Information	Other Financial Information A. Inventories The following summarizes the components of Inventories : (MILLIONS) July 4, December 31, 2020 Finished goods $ 3,702 $ 2,878 Work-in-process 4,388 4,430 Raw materials and supplies 859 738 Inventories (a) $ 8,948 $ 8,046 Noncurrent inventories not included above (b) $ 981 $ 890 (a) The change from December 31, 2020 primarily reflects increases for certain products, including inventory build for new product launches (primarily BNT162b2), supply recovery and foreign exchange, partially offset by decreases due to market demand and network strategy. (b) Included in Other noncurrent assets . There are no recoverability issues for these amounts. B. Other Current Liabilities

Identifiable Intangible Assets

Identifiable Intangible Assets	6 Months Ended
	Jul. 04, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Identifiable Intangible Assets	Identifiable Intangible Assets The following summarizes the components of Identifiable intangible assets : July 4, 2021 December 31, 2020 (MILLIONS) Gross Accumulated Identifiable Gross Accumulated Identifiable Finite-lived intangible assets Developed technology rights (a) $ 74,370 $ (52,754) $ 21,616 $ 73,545 $ (50,902) $ 22,643 Brands 922 (791) 131 922 (774) 148 Licensing agreements and other 2,290 (1,248) 1,042 2,292 (1,186) 1,106 77,582 (54,793) 22,789 76,759 (52,862) 23,896 Indefinite-lived intangible assets Brands 827 827 827 827 IPR&D 3,134 3,134 3,175 3,175 Licensing agreements and other 573 573 573 573 4,535 4,535 4,575 4,575 Identifiable intangible assets (b) $ 82,116 $ (54,793) $ 27,323 $ 81,334 $ (52,862) $ 28,471 (a) The increase in the gross carrying amount primarily reflects $500 million of capitalized BNT162b2 sales milestones to BioNTech. (b) The decrease is primarily due to amortization, partially offset by the capitalization of the BNT162b2 milestones described above. Amortization Total amortization of finite-lived intangible assets was $942 million for the second quarter of 2021 and $880 million for the second quarter of 2020, and $1.8 billion for the first six months of 2021 and $1.7 billion for the first six months of 2020.

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	6 Months Ended
	Jul. 04, 2021
Retirement Benefits [Abstract]
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans As discussed in Note 1C , we adopted a change in accounting principle to a more preferable policy under U.S. GAAP to immediately recognize actuarial gains and losses arising from the remeasurement of pension and postretirement plans. This change has been applied to all pension and postretirement plans on a retrospective basis for all prior periods presented. The following summarizes the components of net periodic benefit cost/(credit), including in 2020 costs/(credits) reported as part of discontinued operations: Pension Plans U.S. International Postretirement Three Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Service cost $ — $ — $ 33 $ 36 $ 9 $ 10 Interest cost 114 138 37 40 7 13 Expected return on plan assets (261) (251) (82) (78) (10) (9) Amortization of prior service credits — (1) — (1) (39) (43) Curtailments — — (1) — — — Actuarial (gains)/losses 2 (6) — — — — Special termination benefits 4 — — — — — Net periodic benefit cost/(credit) reported in income $ (142) $ (119) $ (14) $ (3) $ (32) $ (30) Pension Plans U.S. International Postretirement Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Service cost $ — $ — $ 66 $ 72 $ 18 $ 19 Interest cost 227 280 73 82 14 25 Expected return on plan assets (521) (503) (164) (159) (20) (18) Amortization of prior service credits (1) (2) (1) (1) (77) (86) Curtailments — — (1) — — — Actuarial (gains)/losses (45) 158 — 3 — — Special termination benefits 12 1 — — 1 — Net periodic benefit cost/(credit) reported in income $ (329) $ (66) $ (26) $ (4) $ (64) $ (59) The components of net periodic benefit cost/(credit) other than the service cost component are included in Other (income)/deductions––net (see Note 4 ). For the six months ended July 4, 2021, we contributed $111 million, $217 million, and $31 million to our U.S. Pension Plans, International Pension Plans, and Postretirement Plans, respectively, from our general assets, which include direct employer benefit payments.

Earnings Per Common Share Attri

Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders	6 Months Ended
	Jul. 04, 2021
Earnings Per Share [Abstract]
Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders	Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders The following presents the detailed calculation of EPS : Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, EPS Numerator––Basic Income from continuing operations attributable to Pfizer Inc. $ 5,539 $ 2,596 $ 10,408 $ 5,070 Less: Preferred stock dividends––net of tax — — — — Income from continuing operations attributable to Pfizer Inc. common shareholders 5,539 2,596 10,408 5,070 Income from discontinued operations––net of tax 24 893 32 1,774 Net income attributable to Pfizer Inc. common shareholders $ 5,563 $ 3,489 $ 10,440 $ 6,843 EPS Numerator––Diluted Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions $ 5,539 $ 2,596 $ 10,408 $ 5,070 Income from discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders and assumed conversions 24 893 32 1,774 Net income attributable to Pfizer Inc. common shareholders and assumed conversions $ 5,563 $ 3,489 $ 10,440 $ 6,843 EPS Denominator Weighted-average number of common shares outstanding––Basic 5,598 5,554 5,591 5,550 Common-share equivalents: stock options, stock issuable under employee compensation plans, convertible preferred stock and accelerated share repurchase agreements 80 65 79 66 Weighted-average number of common shares outstanding––Diluted 5,678 5,619 5,670 5,616 Anti-dilutive common stock equivalents (a) 5 6 4 4 (a) These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.

Contingencies and Certain Commi

Contingencies and Certain Commitments	6 Months Ended
	Jul. 04, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Certain Commitments	Contingencies and Certain Commitments We and certain of our subsidiaries are subject to numerous contingencies arising in the ordinary course of business, including tax and legal contingencies. The following outlines our legal contingencies. For a discussion of our tax contingencies, see Note 5B. A. Legal Proceedings Our legal contingencies include, but are not limited to, the following: • Patent litigation, which typically involves challenges to the coverage and/or validity of patents on various products, processes or dosage forms. We are the plaintiff in the majority of these actions. An adverse outcome in actions in which we are the plaintiff could result in loss of patent protection for a drug, a significant loss of revenues from that drug or impairment of the value of associated assets. • Product liability and other product-related litigation, which can include personal injury, consumer, off-label promotion, securities, antitrust and breach of contract claims, among others, often involves highly complex issues relating to medical causation, label warnings and reliance on those warnings, scientific evidence and findings, actual, provable injury and other matters. • Commercial and other asserted or unasserted matters, which can include acquisition-, licensing-, intellectual property-, collaboration- or co-promotion-related and product-pricing claims and environmental claims and proceedings, can involve complexities that will vary from matter to matter. • Government investigations, which often are related to the extensive regulation of pharmaceutical companies by national, state and local government agencies in the U.S. and in other jurisdictions. Certain of these contingencies could result in increased expenses and/or losses, including damages, fines and/or civil penalties, which could be substantial, and/or criminal charges. We believe that our claims and defenses in matters in which we are a defendant are substantial, but litigation is inherently unpredictable and excessive verdicts do occur. We do not believe that any of these matters will have a material adverse effect on our financial position. However, we could incur judgments, enter into settlements or revise our expectations regarding the outcome of matters, which could have a material adverse effect on our results of operations and/or our cash flows in the period in which the amounts are accrued or paid. We have accrued for losses that are both probable and reasonably estimable. Substantially all of our contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex. Consequently, we are unable to estimate the range of reasonably possible loss in excess of amounts accrued. Our assessments, which result from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Amounts recorded for legal and environmental contingencies can result from a complex series of judgments about future events and uncertainties and can rely heavily on estimates and assumptions. For proceedings under environmental laws to which a governmental authority is a party, we have adopted a disclosure threshold of $1 million in potential or actual governmental monetary sanctions. The principal pending matters to which we are a party are discussed below. In determining whether a pending matter is a principal matter, we consider both quantitative and qualitative factors to assess materiality, such as, among others, the amount of damages and the nature of other relief sought, if specified; our view of the merits of the claims and of the strength of our defenses; whether the action purports to be, or is, a class action and, if not certified, our view of the likelihood that a class will be certified by the court; the jurisdiction in which the proceeding is pending; whether related actions have been transferred to multidistrict litigation; any experience that we or, to our knowledge, other companies have had in similar proceedings; whether disclosure of the action would be important to a reader of our financial statements, including whether disclosure might change a reader’s judgment about our financial statements in light of all of the information that is available to the reader; the potential impact of the proceeding on our reputation; and the extent of public interest in the matter. In addition, with respect to patent matters in which we are the plaintiff, we consider, among other things, the financial significance of the product protected by the patent(s) at issue. Some of the matters discussed below include those which management believes that the likelihood of possible loss in excess of amounts accrued is remote. A1. Legal Proceedings––Patent Litigation We are involved in suits relating to our patents, including but not limited to, those discussed below. Most involve claims by generic drug manufacturers that patents covering our products (or those of our collaboration/licensing partners), processes or dosage forms are invalid and/or do not cover the product of the generic drug manufacturer. Also, counterclaims, as well as various independent actions, have been filed alleging that our assertions of, or attempts to enforce, patent rights with respect to certain products constitute unfair competition and/or violations of antitrust laws. In addition to the challenges to the U.S. patents that are discussed below, patent rights to certain of our products or those of our collaboration/licensing partners are being challenged in various other jurisdictions. For example, some of our collaboration or licensing partners face challenges to the validity of their patent rights in non-U.S. jurisdictions. We are also party to patent damages suits in various jurisdictions pursuant to which generic drug manufacturers, payers, governments or other parties are seeking damages from us for allegedly causing delay of generic entry. Additionally, our licensing and collaboration partners face challenges by generic drug manufacturers to patents covering products for which we have licenses or co-promotion rights. We also are often involved in other proceedings, such as inter partes review, post-grant review, re-examination or opposition proceedings, before the U.S. Patent and Trademark Office, the European Patent Office, or other foreign counterparts relating to our intellectual property or the intellectual property rights of others. Also, if one of our patents is found to be invalid by such proceedings, generic or competitive products could be introduced into the market resulting in the erosion of sales of our existing products. For example, several of the patents in our pneumococcal vaccine portfolio were challenged in inter partes review and post-grant review proceedings in the U.S. In 2017, the Patent Trial and Appeal Board (PTAB) initiated proceedings, which remain pending, with respect to two of our pneumococcal vaccine patents. However, the PTAB declined to initiate proceedings as to two other pneumococcal vaccine patents; those two patents, and one other patent, are now being challenged in federal court in Delaware. Challenges to other pneumococcal vaccine patents remain pending outside the U.S. The invalidation of any of the patents in our pneumococcal portfolio could potentially allow a competitor’s vaccine into the marketplace. In the event that any of the patents are found valid and infringed, a competitor’s vaccine might be prohibited from entering the market or a competitor might be required to pay us a royalty. We are also subject to patent litigation pursuant to which one or more third parties seek damages and/or injunctive relief to compensate for alleged infringement of its patents by our commercial or other activities. For example, our Hospira subsidiaries are involved in patent and patent-related disputes over their attempts to bring generic pharmaceutical and biosimilar products to market. If one of our marketed products is found to infringe valid patent rights of a third party, such third party may be awarded significant damages, or we may be prevented from further sales of that product. Such damages may be enhanced as much as three-fold if we or one of our subsidiaries is found to have willfully infringed valid patent rights of a third party. Actions In Which We Are The Plaintiff EpiPen In 2010, King, which we acquired in 2011 and is a wholly-owned subsidiary, brought a patent-infringement action against Sandoz in the U.S. District Court for the District of New Jersey in connection with Sandoz’s abbreviated new drug application (ANDA) filed with the FDA seeking approval to market an epinephrine injectable product. Sandoz is challenging patents, which expire in 2025, covering the next-generation autoinjector for use with epinephrine that is sold under the EpiPen brand name. Xeljanz (tofacitinib) Beginning in 2017, we brought patent-infringement actions against several generic manufacturers that filed separate ANDAs with the FDA seeking approval to market their generic versions of tofacitinib tablets in one or both of 5 mg and 10 mg dosage strengths, and in both immediate and extended release forms. To date, we have settled actions with several manufacturers on terms not material to us. The remaining actions continue in the U.S. District Court for the District of Delaware as described below. In 2018, we brought a separate patent infringement action against Teva Pharmaceuticals USA, Inc. (Teva) asserting the infringement and validity of our patent covering extended release formulations of tofacitinib that was challenged by Teva in its ANDA seeking approval to market a generic version of tofacitinib 11 mg extended release tablets. In January 2021, we brought a separate patent-infringement action against Aurobindo Pharma Limited (Aurobindo) asserting the infringement and validity of the 2025 Patent and the 2023 Patent, which Aurobindo challenged in its ANDA seeking approval to market a generic version of tofacitinib 5 mg and 10 mg tablets. Inlyta (axitinib) In 2019, Glenmark Pharmaceuticals Limited (Glenmark) notified us that it had filed an ANDA with the FDA seeking approval to market a generic version of Inlyta. Glenmark asserts the invalidity and non-infringement of the crystalline form patent for Inlyta that expires in 2030. In 2019, we filed suit against Glenmark in the U.S. District Court for the District of Delaware, asserting the validity and infringement of the crystalline form patent for Inlyta. Ibrance (palbociclib) In 2019, several generic companies notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of Ibrance. The companies assert the invalidity and non-infringement of two composition of matter patents, one of which expires in 2023 and one of which expires in 2027, as a result of a U.S. Patent Term Extension certificate issued in January 2021, and a method of use patent covering palbociclib, which expires in 2023. In 2019, we brought patent infringement actions against each of the generic filers in various federal courts, asserting the validity and infringement of the patents challenged by the generic companies. Beginning in September 2020, we received correspondence from several generic companies notifying us that they would seek approval to market generic versions of Ibrance. The generic companies assert the invalidity and non-infringement of our crystalline form patent which expires in 2034. Beginning in October 2020, we brought patent infringement actions against each of these generic companies in various federal courts, asserting the validity and infringement of the crystalline form patent. Matter Involving Our Collaboration/Licensing Partners Eliquis In 2017, twenty-five generic companies sent BMS Paragraph-IV certification letters informing BMS that they had filed ANDAs seeking approval of generic versions of Eliquis, challenging the validity and infringement of one or more of the three patents listed in the Orange Book for Eliquis. One of the patents expired in December 2019 and the remaining patents currently are set to expire in 2026 and 2031. Eliquis has been jointly developed and is being commercialized by BMS and Pfizer. BMS and Pfizer filed patent-infringement actions against all generic filers in the U.S. District Court for the District of Delaware and the U.S. District Court for the District of West Virginia, asserting that each of the generic companies’ proposed products would infringe each of the patent(s) that each generic filer challenged. Some generic filers challenged only the 2031 patent, some challenged both the 2031 and 2026 patent, and one generic company challenged all three patents. In August 2020, the U.S. District Court for the District of Delaware ruled that both the 2026 patent and the 2031 patent are valid and infringed by the proposed generic products. In August and September 2020, the generic filers appealed the District Court’s decision to the U.S. Court of Appeals for the Federal Circuit. Prior to the August 2020 ruling, we and BMS settled with certain of the companies on terms not material to us, and we and BMS may settle with other generic companies in the future. A2. Legal Proceedings––Product Litigation We are defendants in numerous cases, including but not limited to those discussed below, related to our pharmaceutical and other products. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. Asbestos Between 1967 and 1982, Warner-Lambert owned American Optical Corporation (American Optical), which manufactured and sold respiratory protective devices and asbestos safety clothing. In connection with the sale of American Optical in 1982, Warner-Lambert agreed to indemnify the purchaser for certain liabilities, including certain asbestos-related and other claims. Warner-Lambert was acquired by Pfizer in 2000 and is a wholly owned subsidiary of Pfizer. Warner-Lambert is actively engaged in the defense of, and will continue to explore various means of resolving, these claims. Numerous lawsuits against American Optical, Pfizer and certain of its previously owned subsidiaries are pending in various federal and state courts seeking damages for alleged personal injury from exposure to products allegedly containing asbestos and other allegedly hazardous materials sold by Pfizer and certain of its previously owned subsidiaries. There also are a small number of lawsuits pending in various federal and state courts seeking damages for alleged exposure to asbestos in facilities owned or formerly owned by Pfizer or its subsidiaries. Effexor Beginning in 2011, actions, including purported class actions, were filed in various federal courts against Wyeth and, in certain of the actions, affiliates of Wyeth and certain other defendants relating to Effexor XR, which is the extended-release formulation of Effexor. The plaintiffs in each of the class actions seek to represent a class consisting of all persons in the U.S. and its territories who directly purchased, indirectly purchased or reimbursed patients for the purchase of Effexor XR or generic Effexor XR from any of the defendants from June 14, 2008 until the time the defendants’ allegedly unlawful conduct ceased. The plaintiffs in all of the actions allege delay in the launch of generic Effexor XR in the U.S. and its territories, in violation of federal antitrust laws and, in certain of the actions, the antitrust, consumer protection and various other laws of certain states, as the result of Wyeth fraudulently obtaining and improperly listing certain patents for Effexor XR in the Orange Book, enforcing certain patents for Effexor XR and entering into a litigation settlement agreement with a generic drug manufacturer with respect to Effexor XR. Each of the plaintiffs seeks treble damages (for itself in the individual actions or on behalf of the putative class in the purported class actions) for alleged price overcharges for Effexor XR or generic Effexor XR in the U.S. and its territories since June 14, 2008. All of these actions have been consolidated in the U.S. District Court for the District of New Jersey. In 2014, the District Court dismissed the direct purchaser plaintiffs’ claims based on the litigation settlement agreement, but declined to dismiss the other direct purchaser plaintiff claims. In 2015, the District Court entered partial final judgments as to all settlement agreement claims, including those asserted by direct purchasers and end-payer plaintiffs, which plaintiffs appealed to the U.S. Court of Appeals for the Third Circuit. In 2017, the U.S. Court of Appeals for the Third Circuit reversed the District Court’s decisions and remanded the claims to the District Court. Lipitor Beginning in 2011, purported class actions relating to Lipitor were filed in various federal courts against, among others, Pfizer, certain Pfizer affiliates, and, in most of the actions, Ranbaxy and certain Ranbaxy affiliates. The plaintiffs in these various actions seek to represent nationwide, multi-state or statewide classes consisting of persons or entities who directly purchased, indirectly purchased or reimbursed patients for the purchase of Lipitor (or, in certain of the actions, generic Lipitor) from any of the defendants from March 2010 until the cessation of the defendants’ allegedly unlawful conduct (the Class Period). The plaintiffs allege delay in the launch of generic Lipitor, in violation of federal antitrust laws and/or state antitrust, consumer protection and various other laws, resulting from (i) the 2008 agreement pursuant to which Pfizer and Ranbaxy settled certain patent litigation involving Lipitor and Pfizer granted Ranbaxy a license to sell a generic version of Lipitor in various markets beginning on varying dates, and (ii) in certain of the actions, the procurement and/or enforcement of certain patents for Lipitor. Each of the actions seeks, among other things, treble damages on behalf of the putative class for alleged price overcharges for Lipitor (or, in certain of the actions, generic Lipitor) during the Class Period. In addition, individual actions have been filed against Pfizer, Ranbaxy and certain of their affiliates, among others, that assert claims and seek relief for the plaintiffs that are substantially similar to the claims asserted and the relief sought in the purported class actions described above. These various actions have been consolidated for pre-trial proceedings in a Multi-District Litigation in the U.S. District Court for the District of New Jersey. In September 2013 and 2014, the District Court dismissed with prejudice the claims of the direct purchasers. In October and November 2014, the District Court dismissed with prejudice the claims of all other Multi-District Litigation plaintiffs. All plaintiffs have appealed the District Court’s orders dismissing their claims with prejudice to the U.S. Court of Appeals for the Third Circuit. In addition, the direct purchaser class plaintiffs appealed the order denying their motion to amend the judgment and for leave to amend their complaint to the Court of Appeals. In 2017, the Court of Appeals reversed the District Court’s decisions and remanded the claims to the District Court. Also, in 2013, the State of West Virginia filed an action in West Virginia state court against Pfizer and Ranbaxy, among others, that asserts claims and seeks relief on behalf of the State of West Virginia and residents of that state that are substantially similar to the claims asserted and the relief sought in the purported class actions described above. EpiPen Beginning in 2017, purported class actions were filed in various federal courts by indirect purchasers of EpiPen against Pfizer, and/or its affiliates King and Meridian, and/or various entities affiliated with Mylan, and Mylan former Chief Executive Officer, Heather Bresch. The plaintiffs in these actions seek to represent U.S. nationwide classes comprising persons or entities who paid for any portion of the end-user purchase price of an EpiPen between 2009 until the cessation of the defendants’ allegedly unlawful conduct. In 2020, a similar lawsuit was filed in the U.S. District Court for the District of Kansas against Pfizer, King, Meridian and the Mylan entities on behalf of a purported U.S. nationwide class of direct purchaser plaintiffs who purchased EpiPen devices directly from the defendants (the 2020 Lawsuit). Plaintiffs in these actions generally allege, against Pfizer and/or its affiliates, that Pfizer’s and/or its affiliates’ settlement of patent litigation regarding EpiPen delayed market entry of generic EpiPen in violation of federal and various state antitrust laws. At least one lawsuit also alleges that Pfizer and/or Mylan violated the federal Racketeer Influenced and Corrupt Organizations Act (RICO). Plaintiffs also filed various federal antitrust, state consumer protection and unjust enrichment claims against, and relating to conduct attributable solely to, Mylan and/or its affiliates regarding EpiPen. Plaintiffs seek treble damages for alleged overcharges for EpiPen since 2011. In 2017, all of these actions, except for the 2020 Lawsuit, were consolidated for coordinated pre-trial proceedings in a Multi-District Litigation in the U.S. District Court for the District of Kansas with other EpiPen-related actions against Mylan and/or its affiliates to which Pfizer, King and Meridian are not parties. In July 2021, Pfizer and plaintiffs filed a stipulation of settlement to resolve the Multi-District Litigation for $345 million. The settlement is subject to court approval, and the payment is being made in accordance with the terms of the settlement agreement. Separately, with respect to the 2020 Lawsuit, in July 2021, the District Court granted Pfizer’s motion to dismiss the direct purchaser complaint, without prejudice. In July 2020, a new lawsuit was filed in the U.S. District Court for the District of Colorado on behalf of indirect purchasers. Plaintiff represents a putative U.S. nationwide class of persons or entities who paid for any portion of the end-user purchase price of certain refill or replacement EpiPens since 2010. Plaintiff alleges that Pfizer and Meridian misrepresented the shelf-life and expiration date of EpiPen, in violation of the federal RICO statute. Plaintiff seeks treble damages for alleged unnecessary replacement or refill purchases of EpiPens by members of the putative class. Pfizer and plaintiff reached an agreement to settle the action on terms not material to Pfizer, and in July 2021, filed a joint stipulation of dismissal with prejudice. Nexium 24HR and Protonix A number of individual and multi-plaintiff lawsuits have been filed against Pfizer, certain of its subsidiaries and/or other pharmaceutical manufacturers in various federal and state courts alleging that the plaintiffs developed kidney-related injuries purportedly as a result of the ingestion of certain proton pump inhibitors. The cases against Pfizer involve Protonix and/or Nexium 24HR and seek compensatory and punitive damages and, in some cases, treble damages, restitution or disgorgement. In 2017, the federal actions were ordered transferred for coordinated pre-trial proceedings to a Multi-District Litigation in the U.S. District Court for the District of New Jersey. As part of our Consumer Healthcare JV transaction with GSK, the JV has agreed to assume, and to indemnify Pfizer for, liabilities arising out of such litigation to the extent related to Nexium 24HR. Docetaxel • Personal Injury Actions A number of lawsuits have been filed against Hospira and Pfizer in various federal and state courts alleging that plaintiffs who were treated with Docetaxel developed permanent hair loss. The significant majority of the cases also name other defendants, including the manufacturer of the branded product, Taxotere. Plaintiffs seek compensatory and punitive damages. In 2016, the federal cases were transferred for coordinated pre-trial proceedings to a Multi-District Litigation in the U.S. District Court for the Eastern District of Louisiana. • Mississippi Attorney General Government Action In 2018, the Attorney General of Mississippi filed a complaint in Mississippi state court against the manufacturer of the branded product and eight other manufacturers including Pfizer and Hospira, alleging, with respect to Pfizer and Hospira, a failure to warn about a risk of permanent hair loss in violation of the Mississippi Consumer Protection Act. The action seeks civil penalties and injunctive relief. Array Securities Litigation In 2017, two purported class actions were filed in the U.S. District Court for the District of Colorado alleging that Array, which we acquired in 2019 and is our wholly owned subsidiary, and certain of its former officers violated federal securities laws in connection with certain disclosures made, or omitted, by Array regarding the NRAS-mutant melanoma program. In 2018, the actions were consolidated into a single proceeding. In March 2021, the parties reached an agreement in principle to resolve the litigation on terms not material to Pfizer, which is subject to final Court approval. Zantac A number of lawsuits have been filed against Pfizer in various federal and state courts alleging that plaintiffs developed various types of cancer, or face an increased risk of developing cancer, purportedly as a result of the ingestion of Zantac. The significant majority of these cases also name other defendants that have historically manufactured and/or sold Zantac. Pfizer has not sold Zantac since 2006, and only sold an OTC version of the product. Plaintiffs seek compensatory and punitive damages. In February 2020, the federal actions were transferred for coordinated pre-trial proceedings to a Multi-District Litigation in the U.S. District Court for the Southern District of Florida. Plaintiffs in the Multi-District Litigation have filed against Pfizer and many other defendants a master personal injury complaint, a consolidated consumer class action complaint alleging, among other things, claims under consumer protection statutes of all 50 states, and a medical monitoring complaint seeking to certify medical monitoring classes under the laws of 13 states. Plaintiffs previously had filed a consolidated third-party payor class action complaint alleging violation of the RICO statute and seeking reimbursement for payments made for the prescription version of Zantac, but the Multi-District Litigation court dismissed that complaint; Plaintiffs have appealed the dismissal to the U.S. Court of Appeals for the Eleventh Circuit. In addition, (i) Pfizer has received service of two Canadian class action complaints naming Pfizer and other defendants, and seeking compensatory and punitive damages for personal injury and economic loss, allegedly arising from the defendants’ sale of Zantac in Canada; and (ii) the State of New Mexico and the Mayor and City Council of Baltimore separately filed civil actions against Pfizer and many other defendants in state court, alleging various state statutory and common law claims in connection with the defendants’ alleged sale of Zantac in those jurisdictions. In April 2021, a Judicial Council Coordinated Proceeding was created in the Superior Court of California in Alameda County to coordinate personal injury actions against Pfizer and other defendants filed in California state court. A3. Legal Proceedings––Commercial and Other Matters Monsanto-Related Matters In 1997, Monsanto Company (Former Monsanto) contributed certain chemical manufacturing operations and facilities to a newly formed corporation, Solutia Inc. (Solutia), and spun off the shares of Solutia. In 2000, Former Monsanto merged with Pharmacia & Upjohn Company to form Pharmacia. Pharmacia then transferred its agricultural operations to a newly created subsidiary, named Monsanto Company (New Monsanto), which it spun off in a two-stage process that was completed in 2002. Pharmacia was acquired by Pfizer in 2003 and is a wholly owned subsidiary of Pfizer. In connection with its spin-off that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities related to Pharmacia’s former agricultural business. New Monsanto has defended and/or is defending Pharmacia in connection with various claims and litigation arising out of, or related to, the agricultural business, and has been indemnifying Pharmacia when liability has been imposed or settlement has been reached regarding such claims and litigation. In connection with its spin-off in 1997, Solutia assumed, and agreed to indemnify Pharmacia for, liabilities related to Former Monsanto’s chemical businesses. As the result of its reorganization under Chapter 11 of the U.S. Bankruptcy Code, Solutia’s indemnification obligations relating to Former Monsanto’s chemical businesses are primarily limited to sites that Solutia has owned or operated. In addition, in connection with its spin-off that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities primarily related to Former Monsanto’s chemical businesses, including, but not limited to, any such liabilities that Solutia assumed. Solutia’s and New Monsanto’s assumption of, and agreement to indemnify Pharmacia for, these liabilities apply to pending actions and any future actions related to Former Monsanto’s chemical businesses in which Pharmacia is named as a defendant, including, without limitation, actions asserting environmental claims, including alleged exposure to polychlorinated biphenyls. Solutia and/or New Monsanto are defending Pharmacia in connection with various claims and litigation arising out of, or related to, Former Monsanto’s chemical businesses, and have been indemnifying Pharmacia when liability has been imposed or settlement has been reached regarding such claims and litigation. Environmental Matters In 2009, we submitted a revised site-wide feasibility study with regard to Wyeth Holdings Corporation’s (formerly, American Cyanamid Company) discontinued industrial chemical facility in Bound Brook, New Jersey. In 2011, Wyeth Holdings Corporation executed an Administrative Settlement Agreement and Order on Consent for Removal Action (the 2011 Administrative Settlement Agreement) with the EPA with regard to the Bound Brook facility. In accordance with the 2011 Administrative Settlement Agreement, we completed construction of an interim remedy to address the discharge of impacted groundwater from the facility to the Raritan River. In 2012, the EPA issued a final remediation plan for the Bound Brook facility’s main plant area, which is generally in accordance with one of the remedies evaluated in our revised site-wide feasibility study. In 2013, Wyeth Holdings Corporation (now Wyeth Holdings LLC) entered into an Administrative Settlement Agreement and Order on Consent with the EPA to allow us to undertake detailed engineering design of the remedy for the main plant area and to perform a focused feasibility study for two adjacent lagoons. In 2015, the U.S., on behalf of the EPA, filed a complaint and consent decree with the federal District Court for the District of New Jersey that allows Wyeth Holdings LLC to complete the design and to implement the remedy for the main plant area. The consent decree (which supersedes the 2011 Administrative Settlement Agreement) was entered by the District Court in 2015. In 2018, the EPA issued a final remediation plan for the two adjacent lagoons, which is generally in accordance with one of the remedies evaluated in our focused feasibility study, and, in 2019, Wyeth Holdings LLC entered into an Administrative Settlement Agreement and Order on Consent with the EPA to allow us to undertake detailed engineering design of the remedy for the lagoons. We have accrued for the estimated costs of the site remedies for the Bound Brook facility. We are a party to a number of other proceedings brought under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, and other state, local or foreign laws in which the primary relief sought is the cost of past and/or future remediation. Contracts with Iraqi Ministry of Health In 2017, a number of U.S. service members, civilians, and their families brought a complaint in the U.S. Distri

Product, Geographic and Other R

Product, Geographic and Other Revenue Information	6 Months Ended
	Jul. 04, 2021
Segment Reporting [Abstract]
Product, Geographic and Other Revenue Information	Product, Geographic and Other Revenue Information A. Geographic Information The following summarizes revenues by geographic area: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, % July 4, June 28, % United States $ 7,593 $ 5,113 48 $ 15,190 $ 10,403 46 Developed Europe 4,577 1,864 * 7,615 3,573 * Developed Rest of World 2,997 989 * 4,120 1,908 * Emerging Markets 3,810 1,897 * 6,634 4,063 63 Revenues $ 18,977 $ 9,864 92 $ 33,559 $ 19,947 68 * Indicates calculation not meaningful or results are equal to or greater than 100%. We and our collaboration partner, BioNTech, have entered into agreements to supply pre-specified doses of BNT162b2 with multiple developed and emerging nations around the world and are continuing to deliver doses of BNT162b2 under such agreements. We currently sell the BNT162b2 vaccine directly to government and government sponsored customers. This includes supply agreements entered into in November 2020 and February and May 2021 with the European Commission (EC) on behalf of the different EU member states and certain other countries. Each EU member state submits its own BNT162b2 vaccine order to us and is responsible for payment pursuant to terms of the supply agreements negotiated by the EC. B. Other Revenue Information Significant Customers For information on our significant wholesale customers, see Note 17B in our 2020 Form 10-K. Additionally, revenues from the U.S. government represented 12% and 14% of total revenues for the three and six months ended July 4, 2021, respectively, and primarily represent sales of BNT162b2. Accounts receivable from the U.S. government represented 9% of total trade accounts receivable as of July 4, 2021, and primarily relate to sales of BNT162b2. Significant Product Revenues The following provides detailed revenue information for several of our major products: (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS July 4, June 28, July 4, June 28, TOTAL REVENUES (a) $ 18,977 $ 9,864 $ 33,559 $ 19,947 Vaccines $ 9,234 $ 1,247 $ 14,127 $ 2,857 BNT162b2 direct sales and alliance revenues Active immunization to prevent COVID-19 7,838 — 11,300 — Prevnar 13/Prevenar 13 Pneumococcal disease 1,241 1,116 2,524 2,566 FSME/IMMUN-TicoVac Tick-borne encephalitis disease 61 45 114 93 Nimenrix Meningococcal disease 49 56 95 130 All other Vaccines Various 46 30 94 68 (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS July 4, June 28, July 4, June 28, Oncology $ 3,145 $ 2,647 $ 6,007 $ 5,082 Ibrance HR-positive/HER2-negative metastatic breast cancer 1,404 1,349 2,657 2,598 Xtandi alliance revenues mCRPC, nmCRPC, mCSPC 303 266 570 475 Inlyta Advanced RCC 257 195 486 364 Sutent Advanced and/or metastatic RCC, adjuvant RCC, refractory GIST (after disease progression on, or intolerance to, imatinib mesylate) and advanced pancreatic neuroendocrine tumor 194 209 394 414 Bosulif Philadelphia chromosome–positive chronic myelogenous leukemia 136 113 259 213 Xalkori ALK-positive and ROS1-positive advanced NSCLC 120 138 255 287 Ruxience (b) Non-hodgkin’s lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis (Wegener’s Granulomatosis) and microscopic polyangiitis 120 11 218 19 Zirabev (b) Treatment of mCRC; unresectable, locally advanced, recurrent or metastatic NSCLC; recurrent glioblastoma; metastatic RCC; and persistent, recurrent or metastatic cervical cancer 129 9 215 15 Retacrit (b) Anemia 103 87 212 176 Lorbrena ALK-positive metastatic NSCLC 66 46 126 88 Aromasin Post-menopausal early and advanced breast cancer 51 39 103 72 Besponsa Relapsed or refractory B-cell acute lymphoblastic leukemia 45 46 95 90 Braftovi In combination with Mektovi for metastatic melanoma in patients with a BRAF V600E/K mutation and, in combination with Erbitux ® (cetuximab), for the treatment of BRAF V600E -mutant mCRC after prior therapy 42 36 89 74 Mektovi In combination with Braftovi for metastatic melanoma in patients with a BRAF V600E/K mutation 36 32 71 69 All other Oncology Various 138 69 257 128 Internal Medicine $ 2,403 $ 2,279 $ 4,997 $ 4,610 Eliquis direct sales and alliance revenues Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism 1,481 1,272 3,124 2,572 Chantix/Champix An aid to smoking cessation treatment in adults 18 years of age or older 184 235 401 505 Premarin family Symptoms of menopause 128 152 271 304 Toviaz Overactive bladder 62 64 119 124 BMP2 Development of bone and cartilage 66 57 115 127 Pristiq Depression 42 43 101 84 All other Internal Medicine Various 440 455 865 894 Hospital (a) $ 2,259 $ 1,863 $ 4,602 $ 3,951 Sulperazon Bacterial infections 141 102 334 289 Medrol Anti-inflammatory glucocorticoid 112 78 211 207 Zavicefta Bacterial infections 104 46 198 95 Vfend Fungal infections 72 75 153 149 Fragmin Treatment/prevention of venous thromboembolism 77 58 149 118 EpiPen Epinephrine injection used in treatment of life-threatening allergic reactions 80 75 147 160 Zithromax Bacterial infections 43 55 132 193 Zyvox Bacterial infections 48 55 103 125 Precedex Sedation agent in surgery or intensive care 42 114 97 156 IVIg Products (c) Various 107 85 212 183 Pfizer CentreOne (d) Various 437 224 827 376 All other Anti-infectives Various 425 321 823 717 All other Hospital Various 569 574 1,217 1,183 Inflammation & Immunology (I&I) $ 1,041 $ 1,149 $ 2,107 $ 2,127 Xeljanz RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis 586 635 1,124 1,086 Enbrel (Outside the U.S. and Canada) RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis 286 337 605 684 (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS July 4, June 28, July 4, June 28, Inflectra/Remsima (b) Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis 136 150 313 308 All other I&I Various 33 26 65 48 Rare Disease $ 895 $ 681 $ 1,720 $ 1,319 Vyndaqel/Vyndamax ATTR-cardiomyopathy and polyneuropathy 501 277 953 508 BeneFIX Hemophilia B 112 109 225 230 Genotropin Replacement of human growth hormone 109 106 189 209 Refacto AF/Xyntha Hemophilia A 77 91 165 181 Somavert Acromegaly 68 67 133 131 All other Rare Disease Various 29 31 55 61 Total Alliance revenues $ 1,880 $ 1,404 $ 3,650 $ 2,786 Total Biosimilars (b) $ 559 $ 289 $ 1,089 $ 578 Total Sterile Injectable Pharmaceuticals (e) $ 1,381 $ 1,233 $ 2,863 $ 2,634 (a) On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. See Note 1A . Beginning in the fourth quarter of 2020, the results of our Meridian subsidiary, which was previously included in our former Upjohn operating segment, are reported in the Hospital therapeutic area for all periods presented. (b) Biosimilars are highly similar versions of approved and authorized biological medicines and primarily include revenues from Inflectra/Remsima, Ruxience, Zirabev and Retacrit. (c) Intravenous immunoglobulin (IVIg) products include the revenues from Panzyga, Octagam and Cutaquig. (d) Pfizer CentreOne includes revenues from our contract manufacturing and active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with former legacy Pfizer businesses/partnerships, including but not limited to, manufacturing and supply agreements with Viatris following the spin-off of the Upjohn Business. (e) Total Sterile Injectable Pharmaceuticals represents the total of all branded and generic injectable products in the Hospital therapeutic area, including anti-infective sterile injectable pharmaceuticals. Deferred Revenues Our deferred revenues primarily relate to advance payments received or receivable in connection with contracts that we entered into during 2021 and 2020 with various government or government sponsored customers in international markets for supply of BNT162b2. The deferred revenues associated with the advance payments related to BNT162b2 total $4.3 billion as of July 4, 2021 and $957 million as of December 31, 2020 and are recorded in current liabilities. The increase in the BNT162b2 deferred revenues during the first six months of 2021 was the result of additional advance payments received as we entered into new or amended contracts or as we invoiced customers in advance of vaccine deliveries less amounts recognized in Revenues as we delivered doses to our customers. During the second quarter and first six months of 2021, we recognized revenue of $622 million and $814 million, respectively, that was included in the balance of BNT162b2 deferred revenues as of December 31, 2020. The BNT162b2 deferred revenues as of July 4, 2021 will be recognized in Revenues proportionately as we deliver doses of the vaccine to our customers and satisfy our performance obligation under the contracts, which we expect to occur within the next 12 months.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation We prepared these condensed consolidated financial statements in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2020 Form 10-K, except as disclosed in Note 1C . As permitted under the SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted. These financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods presented. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2020 Form 10-K . Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. Pfizer’s fiscal quarter-end for subsidiaries operating outside the U.S. is as of and for the three and six months ended May 30, 2021 and May 24, 2020, and for U.S. subsidiaries is as of and for the three and six months ended July 4, 2021 and June 28, 2020. Business development activities impacted financial results in the periods presented. See Note 1A in our 2020 Form 10-K, and Note 2. On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. For additional information, see Note 2B in our 2020 Form 10-K. On December 21, 2020, which fell in Pfizer’s international first quarter of 2021, Pfizer and Viatris completed the termination of the Mylan-Japan collaboration pursuant to an agreement dated November 13, 2020 and we transferred related inventories and operations that were part of the Mylan-Japan collaboration to Viatris. As a result, the financial position and results of operations of the Upjohn Business and the Mylan-Japan collaboration are presented as discontinued operations. Prior-period information has been restated to reflect our current organization structure.
New Accounting Standard Adopted	New Accounting Standard Adopted in 2021On January 1, 2021, we adopted a new accounting standard for income tax that eliminates certain exceptions to the guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.
Change in Accounting Principle	Change in Accounting Principle In the first quarter of 2021, we adopted a change in accounting principle to a more preferable policy under U.S. GAAP to immediately recognize actuarial gains and losses arising from the remeasurement of our pension and postretirement plans (MTM Accounting). Under the prior policy, we deferred recognition of these gains and losses in Accumulated other comprehensive loss . The accumulated actuarial gains/losses outside of a “corridor” were then amortized into net periodic benefit costs over the average remaining service period or the average life expectancy of participants. This change has been applied to all pension and postretirement plans on a retrospective basis for all prior periods presented, and as of January 1, 2020, resulted in a cumulative effect decrease to Retained earnings of $6.3 billion, with a corresponding offset to Accumulated other comprehensive loss . Each time a pension or postretirement plan is remeasured, the actuarial gain or loss is recognized immediately and classified as Other (income)/deductions––net .
Revenues and Trade Accounts Receivable	Revenues and Trade Accounts Receivable Customers–– Our prescription pharmaceutical products are sold principally to wholesalers, but we also sell directly to retailers, hospitals, clinics, government agencies and pharmacies. In the U.S., we primarily sell our vaccine products directly to the federal government, CDC, wholesalers, individual provider offices, retail pharmacies and integrated delivery networks. Outside the U.S., we primarily sell our vaccines to government and non-government institutions. Deductions from Revenues–– Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows: (MILLIONS) July 4, December 31, 2020 Reserve against Trade accounts receivable, less allowance for doubtful accounts $ 959 $ 861 Other current liabilities : Accrued rebates 3,301 3,017 Other accruals 443 436 Other noncurrent liabilities 384 399 Total accrued rebates and other sales-related accruals $ 5,087 $ 4,712 Trade Accounts Receivable–– Trade accounts receivable are stated at their net realizable value. The allowance for credit losses reflects our best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. In developing the estimate for expected credit losses, trade accounts receivables are segmented into pools of assets depending on market (U.S. versus international), delinquency status, and customer type (high risk versus low risk and government versus non-government), and fixed reserve percentages are established for each pool of trade accounts receivables. In determining the reserve percentages for each pool of trade accounts receivables, we considered our historical experience with certain customers and customer types, regulatory and legal environments, country and political risk, and other relevant current and future forecasted macroeconomic factors. These credit risk indicators are monitored on a quarterly basis to determine whether there have been any changes in the economic environment that would indicate the established reserve percentages should be adjusted, and are considered on a regional basis to reflect more geographic-specific metrics. Additionally, write-offs and recoveries of customer receivables are tracked against collections on a quarterly basis to determine whether the reserve percentages remain appropriate. When management becomes aware of certain customer-specific factors that impact credit risk,

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Change in Accounting Principle	The impacts of the adjustments on our condensed consolidated financial statements are summarized as follows: Three Months Ended July 4, 2021 June 28, 2020 (MILLIONS, EXCEPT PER COMMON SHARE DATA) Previous Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Statements of Income: Other (income)/deductions––net $ (916) $ (82) $ (998) $ (873) $ (82) $ (955) Income from continuing operations before provision for taxes on income 6,527 82 6,609 2,944 82 3,026 Provision for taxes on income 1,025 18 1,043 396 26 422 Income from discontinued operations––net of tax 24 — 24 887 6 893 Net income before allocation to noncontrolling interests 5,526 63 5,589 3,434 62 3,497 Net income attributable to Pfizer Inc. common shareholders 5,500 63 5,563 3,426 62 3,489 Earnings per common share––basic : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.98 $ 0.01 $ 0.99 $ 0.46 $ 0.01 $ 0.47 Income from discontinued operations––net of tax — — — 0.16 — 0.16 Net income attributable to Pfizer Inc. common shareholders 0.98 0.01 0.99 0.62 0.01 0.63 Earnings per common share––diluted : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 0.97 $ 0.01 $ 0.98 $ 0.45 $ 0.01 $ 0.46 Income from discontinued operations––net of tax — — — 0.16 — 0.16 Net income attributable to Pfizer Inc. common shareholders 0.97 0.01 0.98 0.61 0.01 0.62 Condensed Consolidated Statements of Comprehensive Income: Foreign currency translation adjustments, net $ 61 $ (25) $ 36 $ (242) $ 68 $ (173) Benefit plans: actuarial gains/(losses), net (2) 2 — 5 (5) — Reclassification adjustments related to amortization 74 (74) — 67 (67) — Reclassification adjustments related to settlements, net 3 (3) — 13 (13) — Other (25) 25 — 68 (68) — Tax provision/(benefit) on other comprehensive income/(loss) (4) (59) (63) 113 (26) 87 Six Months Ended July 4, 2021 June 28, 2020 (MILLIONS, EXCEPT PER COMMON SHARE DATA) Previous Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Statements of Income: Other (income)/deductions––net $ (1,773) $ (228) $ (2,001) $ (657) $ (107) $ (764) Income from continuing operations before provision for taxes on income 12,063 228 12,291 5,761 107 5,868 Provision for taxes on income 1,798 51 1,849 751 30 782 Income from discontinued operations––net of tax 32 — 32 1,835 (61) 1,774 Net income before allocation to noncontrolling interests 10,298 177 10,475 6,845 16 6,860 Net income attributable to Pfizer Inc. common shareholders 10,263 177 10,440 6,828 16 6,843 Earnings per common share––basic : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.83 $ 0.03 $ 1.86 $ 0.90 $ 0.01 $ 0.91 Income from discontinued operations––net of tax 0.01 — 0.01 0.33 (0.01) 0.32 Net income attributable to Pfizer Inc. common shareholders 1.84 0.03 1.87 1.23 — 1.23 Earnings per common share––diluted : Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.81 $ 0.03 $ 1.84 $ 0.89 $ 0.01 $ 0.90 Income from discontinued operations––net of tax 0.01 — 0.01 0.33 (0.01) 0.32 Net income attributable to Pfizer Inc. common shareholders 1.81 0.03 1.84 1.22 — 1.22 Six Months Ended July 4, 2021 June 28, 2020 (MILLIONS) Previous Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Statements of Comprehensive Income: Foreign currency translation adjustments, net $ 607 $ (106) $ 501 $ (1,513) $ 84 $ (1,430) Benefit plans: actuarial gains/(losses), net 45 (45) — (160) 160 — Reclassification adjustments related to amortization 148 (148) — 133 (133) — Reclassification adjustments related to settlements, net 23 (23) — 66 (66) — Other (106) 106 — 84 (84) — Tax provision/(benefit) on other comprehensive income/(loss) 69 (47) 21 (265) (28) (293) Condensed Consolidated Statements of Cash Flows: Deferred taxes from continuing operations $ (4) $ 51 $ 47 $ 3 $ 30 $ 33 Benefit plan contributions in excess of expense/income (551) (228) (779) (419) (107) (526) July 4, 2021 December 31, 2020 (MILLIONS) Previous Accounting Principle Impact of Change As Reported Previous Accounting Principle Impact of Change As Adjusted Condensed Consolidated Balance Sheets: Noncurrent deferred tax assets and other noncurrent tax assets $ 2,697 $ (3) $ 2,694 $ 2,383 $ — $ 2,383 Other noncurrent assets 6,044 12 6,056 4,569 — 4,569 Pension benefit obligations 4,305 (1) 4,305 4,766 — 4,766 Retained earnings 96,169 177 96,346 96,770 (6,378) 90,392 Accumulated other comprehensive loss (4,589) (168) (4,758) (11,688) 6,378 (5,310)
Schedule of Balance Sheet Classification of Accruals	Our accruals for Medicare, Medicaid and related state program and performance-based contract rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows: (MILLIONS) July 4, December 31, 2020 Reserve against Trade accounts receivable, less allowance for doubtful accounts $ 959 $ 861 Other current liabilities : Accrued rebates 3,301 3,017 Other accruals 443 436 Other noncurrent liabilities 384 399 Total accrued rebates and other sales-related accruals $ 5,087 $ 4,712

Discontinued Operations and E_2

Discontinued Operations and Equity-Method Investment (Tables)	6 Months Ended
	Jul. 04, 2021
Business Combinations, Disposal Groups, Including Discontinued Operations, Equity Method Investments And Research And Development Arrangement [Abstract]
Summarized Financial Information of Discontinued Operations	Components of Income from discontinued operations––net of tax : Three Months Ended (a) Six Months Ended (a) (MILLIONS) July 4, June 28, July 4, June 28, Revenues $ — $ 1,937 $ 27 $ 3,883 Costs and expenses: Cost of sales — 458 14 900 Selling, informational and administrative expenses 6 371 (2) 703 Research and development expenses — 54 1 105 Amortization of intangible assets — 36 — 72 Restructuring charges and certain acquisition-related costs — 2 — 17 Other (income)/deductions––net — 1 1 71 Pre-tax income/(loss) from discontinued operations (6) 1,015 13 2,015 Provision/(benefit) for taxes on income (30) 122 (19) 241 Income from discontinued operations––net of tax $ 24 $ 893 $ 32 $ 1,774 (a) In the second quarter of 2021, Income from discontinued operations—net of tax reflects post-closing adjustments directly related to our discontinued operations, including tax and benefits-related adjustments. In the first six months of 2021, Income from discontinued operations—net of tax also includes the operations of the Mylan-Japan collaboration, which terminated during Pfizer’s international first quarter of 2021, and a post-closing adjustment for a legal matter directly related to the discontinued Upjohn Business. In the three and six months ended June 28, 2020, Income from discontinued operations—net of tax relates to the Upjohn Business and the Mylan-Japan collaboration and includes the change in accounting principle in the first quarter of 2021 to MTM Accounting, which has been applied on a retrospective basis for all prior periods presented. See Note 1C .
Equity Method Investment	Summarized financial information for our equity method investee, the Consumer Healthcare JV, for the three and six months ending March 31, 2021, the most recent period available, and for the three and six months ending March 31, 2020, is as follows: Three Months Ended Six Months Ended (MILLIONS) March 31, March 31, March 31, March 31, Net sales $ 3,180 $ 3,503 $ 6,275 $ 6,691 Cost of sales (1,169) (1,394) (2,356) (3,205) Gross profit $ 2,011 $ 2,109 $ 3,919 $ 3,486 Income from continuing operations 483 425 716 471 Net income 483 425 716 471 Income attributable to shareholders 461 405 682 441

Restructuring Charges and Oth_2

Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Tables)	6 Months Ended
	Jul. 04, 2021
Restructuring and Related Activities [Abstract]
Schedule of Acquisitions and Cost-Reduction/Productivity Initiatives	The following summarizes acquisitions and cost-reduction/productivity initiatives costs and credits, which are composed primarily of the Transforming to a More Focused Company program: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Restructuring charges/(credits): Employee terminations $ (4) $ 345 $ 19 $ 355 Asset impairments 2 (8) (2) 23 Exit costs/(credits) (3) 1 (3) 1 Restructuring charges/(credits) (a) (5) 338 14 379 Transaction costs (b) — 11 — 14 Integration costs and other (c) 4 11 8 21 Restructuring charges and certain acquisition-related costs (1) 360 22 414 Net periodic benefit costs recorded in Other (income)/deductions––net (d) 4 1 12 2 Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income as follows (e) : Cost of sales 31 4 41 10 Selling, informational and administrative expenses 16 — 16 — Research and development expenses — 2 — (3) Total additional depreciation––asset restructuring 47 6 56 6 Implementation costs recorded in our condensed consolidated statements of income as follows (f) : Cost of sales 10 9 21 17 Selling, informational and administrative expenses 80 63 144 78 Research and development expenses — 1 — 1 Total implementation costs 90 73 166 96 Total costs associated with acquisitions and cost-reduction/productivity initiatives $ 140 $ 441 $ 256 $ 518 (a) Primarily represents cost reduction initiatives. (b) Represents external costs for banking, legal, accounting and other similar services. (c) Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs. (d) Amounts for the three and six months ended June 28, 2020 include the impact of a change in accounting principle. See Note 1C. (e) Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions. (f) Represents external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.
Schedule of Components and Changes in Restructuring Accruals	The following summarizes the components and changes in restructuring accruals: (MILLIONS) Employee Asset Exit Costs Accrual Balance, December 31, 2020 (a) $ 782 $ — $ 15 $ 798 Provision 19 (2) (3) 14 Utilization and other (b) (215) 2 (1) (215) Balance, July 4, 2021 (c) $ 585 $ — $ 11 $ 596 (a) Included in Other current liabilities ($628 million) and Other noncurrent liabilities ($169 million). (b) Includes adjustments for foreign currency translation. (c) Included in Other current liabilities ($473 million) and Other noncurrent liabilities ($123 million).

Other (Income)_Deductions - N_2

Other (Income)/Deductions - Net (Tables)	6 Months Ended
	Jul. 04, 2021
Other Income and Expenses [Abstract]
Schedule of Other (Income)/Deductions - Net	Components of Other (income)/deductions––net include: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Interest income $ (13) $ (19) $ (12) $ (53) Interest expense 316 367 651 757 Net interest expense 303 348 639 704 Royalty-related income (212) (191) (388) (310) Net (gains)/losses on asset disposals (58) 1 (98) 2 Net (gains)/losses recognized during the period on equity securities (a) (800) (732) (1,200) (478) Income from collaborations, out-licensing arrangements and sales of compound/product rights (b) (21) (100) (252) (215) Net periodic benefit costs/(credits) other than service costs (c) (237) (191) (503) (294) Certain legal matters, net (d) 369 14 420 22 Consumer Healthcare JV equity method (income)/loss (e) (140) (126) (202) (92) Other, net (201) 22 (417) (104) Other (income)/deductions––net $ (998) $ (955) $ (2,001) $ (764) (a) The gains in the second quarter and first six months of 2021 include, among other things, unrealized gains of $917 million and $1.0 billion, respectively, related to investments in BioNTech and Cerevel Therapeutics, LLC. The gains in the second quarter and first six months of 2020 included, among other things, unrealized gains of $568 million and $501 million, respectively, related to our investments in Allogene and BioNTech. (b) The first six months of 2021 includes, among other things, $188 million of net collaboration income from BioNTech in the first quarter of 2021 related to the COVID-19 vaccine. The second quarter and first six months of 2020 mainly included, among other things, $40 million of milestone income from Puma Biotechnology, Inc. related to Neratinib regulatory approvals in the EU, and $30 million of milestone income from Lilly related to the first commercial sale in the U.S. of LOXO-292 for the treatment of RET fusion-positive NSCLC. The first six months of 2020 also included an upfront payment to us of $75 million from our sale of our CK1 assets to Biogen, Inc. (c) Amounts include the impact of a change in accounting principle. See Notes 1C and 10 . (d) The second quarter and first six months of 2021 primarily include an amount to resolve a Multi-District Litigation relating to EpiPen pending against the Company in the U.S. District Court for the District of Kansas for $345 million, which remains subject to court approval. See Note 12A1 . (e) See Note 2B .

Tax Matters (Tables)

Tax Matters (Tables)	6 Months Ended
	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Schedule of Tax Provision/(Benefit) on Other Comprehensive Income (Loss)	Components of Tax provision/(benefit) on other comprehensive income/(loss) include: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Foreign currency translation adjustments, net (a) $ (19) $ 70 $ 2 $ (177) Unrealized holding gains/(losses) on derivative financial instruments, net (51) 51 7 (82) Reclassification adjustments for (gains)/losses included in net income 1 (35) 35 (20) (50) 16 43 (102) Unrealized holding gains/(losses) on available-for-sale securities, net 7 5 17 (1) Reclassification adjustments for (gains)/losses included in net income 8 6 (23) 7 15 11 (5) 6 Reclassification adjustments related to amortization of prior service costs and other, net (8) (11) (17) (21) Other (1) 1 (1) 1 (8) (9) (18) (20) Tax provision/(benefit) on other comprehensive income/(loss) $ (63) $ 87 $ 21 $ (293) (a) Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests (Tables)	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following summarizes the changes, net of tax, in Accumulated other comprehensive loss : Net Unrealized Gains/(Losses) Benefit Plans (MILLIONS) Foreign Currency Translation Adjustments Derivative Financial Instruments Available-For-Sale Securities Prior Service (Costs)/Credits and Other Accumulated Other Comprehensive Income/(Loss) Balance, December 31, 2020 (a) $ (5,450) $ (428) $ 116 $ 452 $ (5,310) Other comprehensive income/(loss) (b) 495 160 (37) (66) 552 Balance, July 4, 2021 $ (4,955) $ (268) $ 79 $ 386 $ (4,758) (a) Amounts include the impact of a change in accounting principle. See Note 1C. (b) Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests. Foreign currency translation adjustments primarily include gains from the strengthening of the U.K. pound, Canadian dollar and euro against the U.S. dollar, and net gains related to the impact of our net investment hedging program, partially offset by net losses from foreign currency translation adjustments related to our equity-method investment in the Consumer Healthcare JV (see Note 2B ).

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jul. 04, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis	Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Fair Value Hierarchy, using a Market Approach: July 4, 2021 December 31, 2020 (MILLIONS) Total Level 1 Level 2 Total Level 1 Level 2 Financial assets: Short-term investments Classified as equity securities with readily determinable fair values: Money market funds $ 2,284 $ — $ 2,284 $ 567 $ — $ 567 Classified as available-for-sale debt securities: Government and agency—non-U.S. 12,448 — 12,448 7,719 — 7,719 Government and agency—U.S. 260 — 260 982 — 982 Corporate and other 1,317 — 1,317 1,008 — 1,008 14,025 — 14,025 9,709 — 9,709 Total short-term investments 16,309 — 16,309 10,276 — 10,276 Other current assets Derivative assets: Interest rate contracts 2 — 2 18 — 18 Foreign exchange contracts 289 — 289 234 — 234 Total other current assets 290 — 290 251 — 251 Long-term investments Classified as equity securities with readily determinable fair values (a) 3,736 3,711 25 2,809 2,776 32 Classified as available-for-sale debt securities: Government and agency—non-U.S. 9 — 9 6 — 6 Government and agency—U.S. 54 — 54 121 — 121 Corporate and other — — — — — — 63 — 63 128 — 128 Total long-term investments 3,799 3,711 88 2,936 2,776 160 Other noncurrent assets Derivative assets: Interest rate contracts 23 — 23 117 — 117 Foreign exchange contracts 142 — 142 5 — 5 Total derivative assets 165 — 165 122 — 122 Insurance contracts (b) 767 — 767 693 — 693 Total other noncurrent assets 931 — 931 814 — 814 Total assets $ 21,330 $ 3,711 $ 17,618 $ 14,278 $ 2,776 $ 11,501 Financial liabilities: Other current liabilities Derivative liabilities: Foreign exchange contracts $ 308 $ — $ 308 $ 501 $ — $ 501 Total other current liabilities 308 — 308 501 — 501 Other noncurrent liabilities Derivative liabilities: Foreign exchange contracts 651 — 651 599 — 599 Total other noncurrent liabilities 651 — 651 599 — 599 Total liabilities $ 959 $ — $ 959 $ 1,100 $ — $ 1,100 (a) Long-term equity securities of $181 million as of July 4, 2021 and $190 million as of December 31, 2020 were held in restricted trusts for employee benefit plans. (b) Includes life insurance policies held in restricted trusts for U.S. non-qualified employee benefit plans. The underlying invested assets in these contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions—net (see Note 4 ).
Schedule of Financial Liabilities Not Measured At Fair Value On a Recurring Basis	Carrying values and estimated fair values using a market approach: July 4, 2021 December 31, 2020 (MILLIONS) Carrying Value Estimated Fair Value at Level 2 Carrying Value Estimated Fair Value at Level 2 Financial Liabilities Long-term debt, excluding the current portion $ 35,354 $ 41,725 $ 37,133 $ 45,533
Investments by Classification Type	The following summarizes our investments by classification type: (MILLIONS) July 4, 2021 December 31, 2020 Short-term investments Equity securities with readily determinable fair values (a) $ 2,284 $ 567 Available-for-sale debt securities 14,025 9,709 Held-to-maturity debt securities 3,019 161 Total Short-term investments $ 19,328 $ 10,437 Long-term investments Equity securities with readily determinable fair values $ 3,736 $ 2,809 Available-for-sale debt securities 63 128 Held-to-maturity debt securities 35 37 Private equity securities at cost (b) 500 432 Total Long-term investments $ 4,334 $ 3,406 Equity-method investments 16,608 16,856 Total long-term investments and equity-method investments $ 20,942 $ 20,262 Held-to-maturity cash equivalents $ 567 $ 89 (a) As of July 4, 2021 and December 31, 2020, includes money market funds primarily invested in U.S. Treasury and government debt. (b) Represent investments in the life sciences sector.
Schedule of Held-to-maturity Securities	At July 4, 2021, our debt investment portfolio consisted of debt securities issued across diverse governments, corporate and financial institutions, which are investment-grade. The contractual or estimated maturities, are as follows: July 4, 2021 December 31, 2020 Gross Unrealized Maturities (in Years) Gross Unrealized (MILLIONS) Amortized Cost Gains Losses Fair Value Within 1 Over 1 Over 5 Amortized Cost Gains Losses Fair Value Available-for-sale debt securities Government and agency –– non-U.S. $ 12,371 $ 122 $ (35) $ 12,457 $ 12,448 $ 9 $ — $ 7,593 $ 136 $ (4) $ 7,725 Government and agency––U.S. 314 — (1) 314 260 54 — 1,104 — (1) 1,103 Corporate and other 1,312 5 — 1,317 1,317 — — 1,006 2 — 1,008 Held-to-maturity debt securities Time deposits and other 914 — — 914 884 19 11 283 — — 283 Government and agency –– non-U.S. 2,706 — — 2,706 2,701 4 1 5 — — 5 Total debt securities $ 17,618 $ 126 $ (36) $ 17,709 $ 17,611 $ 86 $ 12 $ 9,991 $ 138 $ (5) $ 10,124
Schedule of Available-for-sale Securities	At July 4, 2021, our debt investment portfolio consisted of debt securities issued across diverse governments, corporate and financial institutions, which are investment-grade. The contractual or estimated maturities, are as follows: July 4, 2021 December 31, 2020 Gross Unrealized Maturities (in Years) Gross Unrealized (MILLIONS) Amortized Cost Gains Losses Fair Value Within 1 Over 1 Over 5 Amortized Cost Gains Losses Fair Value Available-for-sale debt securities Government and agency –– non-U.S. $ 12,371 $ 122 $ (35) $ 12,457 $ 12,448 $ 9 $ — $ 7,593 $ 136 $ (4) $ 7,725 Government and agency––U.S. 314 — (1) 314 260 54 — 1,104 — (1) 1,103 Corporate and other 1,312 5 — 1,317 1,317 — — 1,006 2 — 1,008 Held-to-maturity debt securities Time deposits and other 914 — — 914 884 19 11 283 — — 283 Government and agency –– non-U.S. 2,706 — — 2,706 2,701 4 1 5 — — 5 Total debt securities $ 17,618 $ 126 $ (36) $ 17,709 $ 17,611 $ 86 $ 12 $ 9,991 $ 138 $ (5) $ 10,124
Contractual Maturities of Available-for-sale and Held-to-maturity Debt Securities	At July 4, 2021, our debt investment portfolio consisted of debt securities issued across diverse governments, corporate and financial institutions, which are investment-grade. The contractual or estimated maturities, are as follows: July 4, 2021 December 31, 2020 Gross Unrealized Maturities (in Years) Gross Unrealized (MILLIONS) Amortized Cost Gains Losses Fair Value Within 1 Over 1 Over 5 Amortized Cost Gains Losses Fair Value Available-for-sale debt securities Government and agency –– non-U.S. $ 12,371 $ 122 $ (35) $ 12,457 $ 12,448 $ 9 $ — $ 7,593 $ 136 $ (4) $ 7,725 Government and agency––U.S. 314 — (1) 314 260 54 — 1,104 — (1) 1,103 Corporate and other 1,312 5 — 1,317 1,317 — — 1,006 2 — 1,008 Held-to-maturity debt securities Time deposits and other 914 — — 914 884 19 11 283 — — 283 Government and agency –– non-U.S. 2,706 — — 2,706 2,701 4 1 5 — — 5 Total debt securities $ 17,618 $ 126 $ (36) $ 17,709 $ 17,611 $ 86 $ 12 $ 9,991 $ 138 $ (5) $ 10,124
Schedule of Gains and Losses on Investment Securities	The following presents the calculation of the portion of unrealized (gains)/losses that relates to equity securities, excluding equity-method investments, held at the reporting date: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, Net (gains)/losses recognized during the period on equity securities (a ) (800) $ (732) (1,200) $ (478) Less: Net (gains)/losses recognized during the period on equity securities sold during the period 24 1 (5) (18) Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date (b) $ (823) $ (733) $ (1,196) $ (459) (a) Reported in Other (income)/deductions –– net. See Note 4 . (b) Included in net unrealized gains are observable price changes on equity securities without readily determinable fair values. As of July 4, 2021, there were cumulative impairments and downward adjustments of $93 million and upward adjustments of $98 million. Impairments, downward and upward adjustments were not significant in the second quarters and first six months of 2021 and 2020.
Schedule of Short-term Borrowings	Short-term borrowings include: (MILLIONS) July 4, December 31, 2020 Commercial paper $ 100 $ 556 Current portion of long-term debt, principal amount 3,689 2,004 Other short-term borrowings, principal amount (a) 101 145 Total short-term borrowings, principal amount 3,890 2,705 Net unamortized discounts, premiums and debt issuance costs (2) (2) Total Short-term borrowings, including current portion of long-term debt , carried at historical proceeds, as adjusted $ 3,888 $ 2,703 (a) Includes cash collateral. See Note 7F .
Schedule of Principal Amounts of Senior Unsecured Long-Term Debt and Adjustments	The following summarizes the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt: (MILLIONS) July 4, December 31, 2020 Total long-term debt, principal amount $ 34,038 $ 35,774 Net fair value adjustments related to hedging and purchase accounting 1,507 1,562 Net unamortized discounts, premiums and debt issuance costs (196) (207) Other long-term debt 5 4 Total long-term debt, carried at historical proceeds, as adjusted $ 35,354 $ 37,133 Current portion of long-term debt, carried at historical proceeds, as adjusted (not included above) $ 3,687 $ 2,002
Schedule of Derivative Instruments	The following summarizes the fair value of the derivative financial instruments and notional amounts (including those reported as part of discontinued operations): July 4, 2021 December 31, 2020 Fair Value Fair Value (MILLIONS) Notional Asset Liability Notional Asset Liability Derivatives designated as hedging instruments : Foreign exchange contracts (a) $ 24,630 $ 340 $ 846 $ 24,369 $ 145 $ 1,005 Interest rate contracts 1,000 24 — 1,950 135 — 364 846 280 1,005 Derivatives not designated as hedging instruments : Foreign exchange contracts $ 17,085 91 113 $ 15,063 94 95 Total $ 455 $ 959 $ 373 $ 1,100 (a) The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.9 billion as of July 4, 2021 and $5.0 billion as of December 31, 2020.
Schedule of Derivative Assets	The following summarizes the fair value of the derivative financial instruments and notional amounts (including those reported as part of discontinued operations): July 4, 2021 December 31, 2020 Fair Value Fair Value (MILLIONS) Notional Asset Liability Notional Asset Liability Derivatives designated as hedging instruments : Foreign exchange contracts (a) $ 24,630 $ 340 $ 846 $ 24,369 $ 145 $ 1,005 Interest rate contracts 1,000 24 — 1,950 135 — 364 846 280 1,005 Derivatives not designated as hedging instruments : Foreign exchange contracts $ 17,085 91 113 $ 15,063 94 95 Total $ 455 $ 959 $ 373 $ 1,100 (a) The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.9 billion as of July 4, 2021 and $5.0 billion as of December 31, 2020.
Schedule of Derivative Liabilities	The following summarizes the fair value of the derivative financial instruments and notional amounts (including those reported as part of discontinued operations): July 4, 2021 December 31, 2020 Fair Value Fair Value (MILLIONS) Notional Asset Liability Notional Asset Liability Derivatives designated as hedging instruments : Foreign exchange contracts (a) $ 24,630 $ 340 $ 846 $ 24,369 $ 145 $ 1,005 Interest rate contracts 1,000 24 — 1,950 135 — 364 846 280 1,005 Derivatives not designated as hedging instruments : Foreign exchange contracts $ 17,085 91 113 $ 15,063 94 95 Total $ 455 $ 959 $ 373 $ 1,100 (a) The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.9 billion as of July 4, 2021 and $5.0 billion as of December 31, 2020.
Information about Gains/(Losses) Incurred to Hedge or Offset Operational Foreign Exchange or Interest Rate Risk	The following summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk exposures (including those reported as part of discontinued operations): Gains/(Losses) (a) Gains/(Losses) (a) Gains/(Losses) Reclassified from OCI into OID and COS (a) Three Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Derivative Financial Instruments in Cash Flow Hedge Relationships: Foreign exchange contracts (b) $ — $ — $ (258) $ 187 $ 13 $ 172 Amount excluded from effectiveness testing and amortized into earnings (c) — — 9 13 8 14 Derivative Financial Instruments in Fair Value Hedge Relationships: Interest rate contracts 26 6 — — — — Hedged item (26) (6) — — — — Derivative Financial Instruments in Net Investment Hedge Relationships: Foreign exchange contracts — — 1 (144) — — The portion of foreign exchange contracts excluded from the assessment of hedge effectiveness (c) — — 36 29 26 42 Non-Derivative Financial Instruments in Net Investment Hedge Relationships: (d) Foreign currency short-term borrowings — — (11) — — — Foreign currency long-term debt — — (8) (42) — — Derivative Financial Instruments Not Designated as Hedges: Foreign exchange contracts (65) 8 — — — — All other net (c) — — — 12 — — $ (65) $ 8 $ (230) $ 56 $ 47 $ 228 Gains/(Losses) Recognized in OID (a) Gains/(Losses) Recognized in OCI (a) Gains/(Losses) Reclassified from OCI into OID and COS (a) Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Derivative Financial Instruments in Cash Flow Hedge Relationships: Foreign exchange contracts (b) $ — $ — $ (56) $ (341) $ (255) $ 126 Amount excluded from effectiveness testing and amortized into earnings (c) — — 21 42 18 41 Derivative Financial Instruments in Fair Value Hedge Relationships: Interest rate contracts (1) 392 — — — — Hedged item 1 (392) — — — — Derivative Financial Instruments in Net Investment Hedge Relationships: Foreign exchange contracts — — 155 240 — — The portion of foreign exchange contracts excluded from the assessment of hedge effectiveness (c) — — 35 176 55 84 Non-Derivative Financial Instruments in Net Investment Hedge Relationships: (d) Foreign currency short-term borrowings — — 27 8 — — Foreign currency long-term debt — — 48 3 — — Derivative Financial Instruments Not Designated as Hedges: Foreign exchange contracts (23) (51) — — — — All other net (c) — — — 12 — (1) $ (23) $ (51) $ 230 $ 139 $ (182) $ 251 (a) OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income . COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income . (b) The amounts reclassified from OCI into COS were: • a net loss of $31 million in the second quarter of 2021; • a net loss of $76 million in the first six months of 2021; • a net gain of $80 million in the second quarter of 2020; and • a net gain of $150 million in the first six months of 2020. The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax loss of $128 million within the next 12 months into income . The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 22 years and relates to foreign currency debt. (c) The amounts reclassified from OCI were reclassified into OID. (d) Short-term borrowings and long-term debt include foreign currency borrowings which are used in net investment hedges. The short-term borrowings carrying value as of July 4, 2021 was $1.2 billion. The long-term debt carrying values as of July 4, 2021 and December 31, 2020 were $881 million and $2.1 billion, respectively.
Schedule of Total Amount of Each Income and Expense Line in which Results of Fair Value Hedges are Recorded	The following summarizes cumulative basis adjustments for fair value hedges to our long-term debt: July 4, 2021 December 31, 2020 Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to (MILLIONS) Carrying Amount of Hedged Assets/Liabilities (a) Active Hedging Relationships Discontinued Hedging Relationships Carrying Amount of Hedged Assets/Liabilities (a) Active Hedging Relationships Discontinued Hedging Relationships Long-term debt $ 993 $ 23 $ 1,202 $ 2,016 $ 117 $ 1,149 (a) Carrying amounts exclude the cumulative amount of fair value hedging adjustments.

Other Financial Information (Ta

Other Financial Information (Tables)	6 Months Ended
	Jul. 04, 2021
Other Financial Information [Abstract]
Schedule of Components of Inventories, Current	The following summarizes the components of Inventories : (MILLIONS) July 4, December 31, 2020 Finished goods $ 3,702 $ 2,878 Work-in-process 4,388 4,430 Raw materials and supplies 859 738 Inventories (a) $ 8,948 $ 8,046 Noncurrent inventories not included above (b) $ 981 $ 890 (a) The change from December 31, 2020 primarily reflects increases for certain products, including inventory build for new product launches (primarily BNT162b2), supply recovery and foreign exchange, partially offset by decreases due to market demand and network strategy. (b) Included in Other noncurrent assets . There are no recoverability issues for these amounts.
Schedule of Components of Inventories, Noncurrent	The following summarizes the components of Inventories : (MILLIONS) July 4, December 31, 2020 Finished goods $ 3,702 $ 2,878 Work-in-process 4,388 4,430 Raw materials and supplies 859 738 Inventories (a) $ 8,948 $ 8,046 Noncurrent inventories not included above (b) $ 981 $ 890 (a) The change from December 31, 2020 primarily reflects increases for certain products, including inventory build for new product launches (primarily BNT162b2), supply recovery and foreign exchange, partially offset by decreases due to market demand and network strategy. (b) Included in Other noncurrent assets . There are no recoverability issues for these amounts.

Identifiable Intangible Assets

Identifiable Intangible Assets (Tables)	6 Months Ended
	Jul. 04, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following summarizes the components of Identifiable intangible assets : July 4, 2021 December 31, 2020 (MILLIONS) Gross Accumulated Identifiable Gross Accumulated Identifiable Finite-lived intangible assets Developed technology rights (a) $ 74,370 $ (52,754) $ 21,616 $ 73,545 $ (50,902) $ 22,643 Brands 922 (791) 131 922 (774) 148 Licensing agreements and other 2,290 (1,248) 1,042 2,292 (1,186) 1,106 77,582 (54,793) 22,789 76,759 (52,862) 23,896 Indefinite-lived intangible assets Brands 827 827 827 827 IPR&D 3,134 3,134 3,175 3,175 Licensing agreements and other 573 573 573 573 4,535 4,535 4,575 4,575 Identifiable intangible assets (b) $ 82,116 $ (54,793) $ 27,323 $ 81,334 $ (52,862) $ 28,471 (a) The increase in the gross carrying amount primarily reflects $500 million of capitalized BNT162b2 sales milestones to BioNTech. (b) The decrease is primarily due to amortization, partially offset by the capitalization of the BNT162b2 milestones described above.
Schedule of Indefinite Lived Intangible Assets	The following summarizes the components of Identifiable intangible assets : July 4, 2021 December 31, 2020 (MILLIONS) Gross Accumulated Identifiable Gross Accumulated Identifiable Finite-lived intangible assets Developed technology rights (a) $ 74,370 $ (52,754) $ 21,616 $ 73,545 $ (50,902) $ 22,643 Brands 922 (791) 131 922 (774) 148 Licensing agreements and other 2,290 (1,248) 1,042 2,292 (1,186) 1,106 77,582 (54,793) 22,789 76,759 (52,862) 23,896 Indefinite-lived intangible assets Brands 827 827 827 827 IPR&D 3,134 3,134 3,175 3,175 Licensing agreements and other 573 573 573 573 4,535 4,535 4,575 4,575 Identifiable intangible assets (b) $ 82,116 $ (54,793) $ 27,323 $ 81,334 $ (52,862) $ 28,471 (a) The increase in the gross carrying amount primarily reflects $500 million of capitalized BNT162b2 sales milestones to BioNTech. (b) The decrease is primarily due to amortization, partially offset by the capitalization of the BNT162b2 milestones described above.

Pension and Postretirement Be_2

Pension and Postretirement Benefit Plans (Tables)	6 Months Ended
	Jul. 04, 2021
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Costs	The following summarizes the components of net periodic benefit cost/(credit), including in 2020 costs/(credits) reported as part of discontinued operations: Pension Plans U.S. International Postretirement Three Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Service cost $ — $ — $ 33 $ 36 $ 9 $ 10 Interest cost 114 138 37 40 7 13 Expected return on plan assets (261) (251) (82) (78) (10) (9) Amortization of prior service credits — (1) — (1) (39) (43) Curtailments — — (1) — — — Actuarial (gains)/losses 2 (6) — — — — Special termination benefits 4 — — — — — Net periodic benefit cost/(credit) reported in income $ (142) $ (119) $ (14) $ (3) $ (32) $ (30) Pension Plans U.S. International Postretirement Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, July 4, June 28, Service cost $ — $ — $ 66 $ 72 $ 18 $ 19 Interest cost 227 280 73 82 14 25 Expected return on plan assets (521) (503) (164) (159) (20) (18) Amortization of prior service credits (1) (2) (1) (1) (77) (86) Curtailments — — (1) — — — Actuarial (gains)/losses (45) 158 — 3 — — Special termination benefits 12 1 — — 1 — Net periodic benefit cost/(credit) reported in income $ (329) $ (66) $ (26) $ (4) $ (64) $ (59)

Earnings Per Common Share Att_2

Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders (Tables)	6 Months Ended
	Jul. 04, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earning Per Share	The following presents the detailed calculation of EPS : Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, July 4, June 28, EPS Numerator––Basic Income from continuing operations attributable to Pfizer Inc. $ 5,539 $ 2,596 $ 10,408 $ 5,070 Less: Preferred stock dividends––net of tax — — — — Income from continuing operations attributable to Pfizer Inc. common shareholders 5,539 2,596 10,408 5,070 Income from discontinued operations––net of tax 24 893 32 1,774 Net income attributable to Pfizer Inc. common shareholders $ 5,563 $ 3,489 $ 10,440 $ 6,843 EPS Numerator––Diluted Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions $ 5,539 $ 2,596 $ 10,408 $ 5,070 Income from discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders and assumed conversions 24 893 32 1,774 Net income attributable to Pfizer Inc. common shareholders and assumed conversions $ 5,563 $ 3,489 $ 10,440 $ 6,843 EPS Denominator Weighted-average number of common shares outstanding––Basic 5,598 5,554 5,591 5,550 Common-share equivalents: stock options, stock issuable under employee compensation plans, convertible preferred stock and accelerated share repurchase agreements 80 65 79 66 Weighted-average number of common shares outstanding––Diluted 5,678 5,619 5,670 5,616 Anti-dilutive common stock equivalents (a) 5 6 4 4 (a) These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.

Product, Geographic and Other_2

Product, Geographic and Other Revenue Information (Tables)	6 Months Ended
	Jul. 04, 2021
Segment Reporting [Abstract]
Schedule of Revenues by Geographic Region	The following summarizes revenues by geographic area: Three Months Ended Six Months Ended (MILLIONS) July 4, June 28, % July 4, June 28, % United States $ 7,593 $ 5,113 48 $ 15,190 $ 10,403 46 Developed Europe 4,577 1,864 * 7,615 3,573 * Developed Rest of World 2,997 989 * 4,120 1,908 * Emerging Markets 3,810 1,897 * 6,634 4,063 63 Revenues $ 18,977 $ 9,864 92 $ 33,559 $ 19,947 68 * Indicates calculation not meaningful or results are equal to or greater than 100%.
Schedule of Significant Product Revenues	The following provides detailed revenue information for several of our major products: (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS July 4, June 28, July 4, June 28, TOTAL REVENUES (a) $ 18,977 $ 9,864 $ 33,559 $ 19,947 Vaccines $ 9,234 $ 1,247 $ 14,127 $ 2,857 BNT162b2 direct sales and alliance revenues Active immunization to prevent COVID-19 7,838 — 11,300 — Prevnar 13/Prevenar 13 Pneumococcal disease 1,241 1,116 2,524 2,566 FSME/IMMUN-TicoVac Tick-borne encephalitis disease 61 45 114 93 Nimenrix Meningococcal disease 49 56 95 130 All other Vaccines Various 46 30 94 68 (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS July 4, June 28, July 4, June 28, Oncology $ 3,145 $ 2,647 $ 6,007 $ 5,082 Ibrance HR-positive/HER2-negative metastatic breast cancer 1,404 1,349 2,657 2,598 Xtandi alliance revenues mCRPC, nmCRPC, mCSPC 303 266 570 475 Inlyta Advanced RCC 257 195 486 364 Sutent Advanced and/or metastatic RCC, adjuvant RCC, refractory GIST (after disease progression on, or intolerance to, imatinib mesylate) and advanced pancreatic neuroendocrine tumor 194 209 394 414 Bosulif Philadelphia chromosome–positive chronic myelogenous leukemia 136 113 259 213 Xalkori ALK-positive and ROS1-positive advanced NSCLC 120 138 255 287 Ruxience (b) Non-hodgkin’s lymphoma, chronic lymphocytic leukemia, granulomatosis with polyangiitis (Wegener’s Granulomatosis) and microscopic polyangiitis 120 11 218 19 Zirabev (b) Treatment of mCRC; unresectable, locally advanced, recurrent or metastatic NSCLC; recurrent glioblastoma; metastatic RCC; and persistent, recurrent or metastatic cervical cancer 129 9 215 15 Retacrit (b) Anemia 103 87 212 176 Lorbrena ALK-positive metastatic NSCLC 66 46 126 88 Aromasin Post-menopausal early and advanced breast cancer 51 39 103 72 Besponsa Relapsed or refractory B-cell acute lymphoblastic leukemia 45 46 95 90 Braftovi In combination with Mektovi for metastatic melanoma in patients with a BRAF V600E/K mutation and, in combination with Erbitux ® (cetuximab), for the treatment of BRAF V600E -mutant mCRC after prior therapy 42 36 89 74 Mektovi In combination with Braftovi for metastatic melanoma in patients with a BRAF V600E/K mutation 36 32 71 69 All other Oncology Various 138 69 257 128 Internal Medicine $ 2,403 $ 2,279 $ 4,997 $ 4,610 Eliquis direct sales and alliance revenues Nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism 1,481 1,272 3,124 2,572 Chantix/Champix An aid to smoking cessation treatment in adults 18 years of age or older 184 235 401 505 Premarin family Symptoms of menopause 128 152 271 304 Toviaz Overactive bladder 62 64 119 124 BMP2 Development of bone and cartilage 66 57 115 127 Pristiq Depression 42 43 101 84 All other Internal Medicine Various 440 455 865 894 Hospital (a) $ 2,259 $ 1,863 $ 4,602 $ 3,951 Sulperazon Bacterial infections 141 102 334 289 Medrol Anti-inflammatory glucocorticoid 112 78 211 207 Zavicefta Bacterial infections 104 46 198 95 Vfend Fungal infections 72 75 153 149 Fragmin Treatment/prevention of venous thromboembolism 77 58 149 118 EpiPen Epinephrine injection used in treatment of life-threatening allergic reactions 80 75 147 160 Zithromax Bacterial infections 43 55 132 193 Zyvox Bacterial infections 48 55 103 125 Precedex Sedation agent in surgery or intensive care 42 114 97 156 IVIg Products (c) Various 107 85 212 183 Pfizer CentreOne (d) Various 437 224 827 376 All other Anti-infectives Various 425 321 823 717 All other Hospital Various 569 574 1,217 1,183 Inflammation & Immunology (I&I) $ 1,041 $ 1,149 $ 2,107 $ 2,127 Xeljanz RA, PsA, UC, active polyarticular course juvenile idiopathic arthritis 586 635 1,124 1,086 Enbrel (Outside the U.S. and Canada) RA, juvenile idiopathic arthritis, PsA, plaque psoriasis, pediatric plaque psoriasis, ankylosing spondylitis and nonradiographic axial spondyloarthritis 286 337 605 684 (MILLIONS) Three Months Ended Six Months Ended PRODUCT PRIMARY INDICATION OR CLASS July 4, June 28, July 4, June 28, Inflectra/Remsima (b) Crohn’s disease, pediatric Crohn’s disease, UC, pediatric UC, RA in combination with methotrexate, ankylosing spondylitis, PsA and plaque psoriasis 136 150 313 308 All other I&I Various 33 26 65 48 Rare Disease $ 895 $ 681 $ 1,720 $ 1,319 Vyndaqel/Vyndamax ATTR-cardiomyopathy and polyneuropathy 501 277 953 508 BeneFIX Hemophilia B 112 109 225 230 Genotropin Replacement of human growth hormone 109 106 189 209 Refacto AF/Xyntha Hemophilia A 77 91 165 181 Somavert Acromegaly 68 67 133 131 All other Rare Disease Various 29 31 55 61 Total Alliance revenues $ 1,880 $ 1,404 $ 3,650 $ 2,786 Total Biosimilars (b) $ 559 $ 289 $ 1,089 $ 578 Total Sterile Injectable Pharmaceuticals (e) $ 1,381 $ 1,233 $ 2,863 $ 2,634 (a) On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. See Note 1A . Beginning in the fourth quarter of 2020, the results of our Meridian subsidiary, which was previously included in our former Upjohn operating segment, are reported in the Hospital therapeutic area for all periods presented. (b) Biosimilars are highly similar versions of approved and authorized biological medicines and primarily include revenues from Inflectra/Remsima, Ruxience, Zirabev and Retacrit. (c) Intravenous immunoglobulin (IVIg) products include the revenues from Panzyga, Octagam and Cutaquig. (d) Pfizer CentreOne includes revenues from our contract manufacturing and active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with former legacy Pfizer businesses/partnerships, including but not limited to, manufacturing and supply agreements with Viatris following the spin-off of the Upjohn Business. (e) Total Sterile Injectable Pharmaceuticals represents the total of all branded and generic injectable products in the Hospital therapeutic area, including anti-infective sterile injectable pharmaceuticals.

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings	$ (96,346)	$ (90,392)
Increase to AOCI	$ (4,758)	$ (5,310)
Change in Accounting Principle, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings			$ 6,300
Increase to AOCI			$ 6,300

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Summary of Change in Accounting Principle (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Condensed Consolidated Statements of Income:
Other (income)/deductions––net	$ (998)	$ (955)	$ (2,001)	$ (764)
Income from continuing operations before provision for taxes on income	6,609	3,026	12,291	5,868
Provision for taxes on income	1,043	422	1,849	782
Income from discontinued operations––net of tax	24	893	32	1,774
Net income before allocation to noncontrolling interests	5,589	3,497	10,475	6,860
Net income attributable to Pfizer Inc. common shareholders	$ 5,563	$ 3,489	$ 10,440	$ 6,843
Earnings per common share––basic:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)	$ 0.99	$ 0.47	$ 1.86	$ 0.91
Income from discontinued operations––net of tax (in dollars per share)	0	0.16	0.01	0.32
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)	0.99	0.63	1.87	1.23
Earnings per common share––diluted:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)	0.98	0.46	1.84	0.90
Income from discontinued operations––net of tax (in dollars per share)	0	0.16	0.01	0.32
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)	$ 0.98	$ 0.62	$ 1.84	$ 1.22
Condensed Consolidated Statements of Comprehensive Income:
Foreign currency translation adjustments, net	$ 36	$ (173)	$ 501	$ (1,430)
Benefit plans: actuarial gains/(losses), net	0	0	0	0
Reclassification adjustments related to amortization	0	0	0	0
Reclassification adjustments related to settlements, net	0	0	0	0
Other	0	0	0	0
Tax provision/(benefit) on other comprehensive income/(loss)	(63)	87	21	(293)
Condensed Consolidated Statements of Cash Flows:
Deferred taxes from continuing operations			47	33
Benefit plan contributions in excess of expense/income			(779)	(526)
Condensed Consolidated Balance Sheets:
Noncurrent deferred tax assets and other noncurrent tax assets	2,694		2,694		$ 2,383
Other noncurrent assets	6,056		6,056		4,569
Pension benefit obligations	4,305		4,305		4,766
Retained earnings	96,346		96,346		90,392
Accumulated other comprehensive loss	(4,758)		(4,758)		(5,310)
Previous Accounting Principle [Member]
Condensed Consolidated Statements of Income:
Other (income)/deductions––net	(916)	(873)	(1,773)	(657)
Income from continuing operations before provision for taxes on income	6,527	2,944	12,063	5,761
Provision for taxes on income	1,025	396	1,798	751
Income from discontinued operations––net of tax	24	887	32	1,835
Net income before allocation to noncontrolling interests	5,526	3,434	10,298	6,845
Net income attributable to Pfizer Inc. common shareholders	$ 5,500	$ 3,426	$ 10,263	$ 6,828
Earnings per common share––basic:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)	$ 0.98	$ 0.46	$ 1.83	$ 0.90
Income from discontinued operations––net of tax (in dollars per share)	0	0.16	0.01	0.33
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)	0.98	0.62	1.84	1.23
Earnings per common share––diluted:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)	0.97	0.45	1.81	0.89
Income from discontinued operations––net of tax (in dollars per share)	0	0.16	0.01	0.33
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)	$ 0.97	$ 0.61	$ 1.81	$ 1.22
Condensed Consolidated Statements of Comprehensive Income:
Foreign currency translation adjustments, net	$ 61	$ (242)	$ 607	$ (1,513)
Benefit plans: actuarial gains/(losses), net	(2)	5	45	(160)
Reclassification adjustments related to amortization	74	67	148	133
Reclassification adjustments related to settlements, net	3	13	23	66
Other	(25)	68	(106)	84
Tax provision/(benefit) on other comprehensive income/(loss)	(4)	113	69	(265)
Condensed Consolidated Statements of Cash Flows:
Deferred taxes from continuing operations			(4)	3
Benefit plan contributions in excess of expense/income			(551)	(419)
Condensed Consolidated Balance Sheets:
Noncurrent deferred tax assets and other noncurrent tax assets	2,697		2,697		2,383
Other noncurrent assets	6,044		6,044		4,569
Pension benefit obligations	4,305		4,305		4,766
Retained earnings	96,169		96,169		96,770
Accumulated other comprehensive loss	(4,589)		(4,589)		(11,688)
Impact of Change [Member]
Condensed Consolidated Statements of Income:
Other (income)/deductions––net	(82)	(82)	(228)	(107)
Income from continuing operations before provision for taxes on income	82	82	228	107
Provision for taxes on income	18	26	51	30
Income from discontinued operations––net of tax	0	6	0	(61)
Net income before allocation to noncontrolling interests	63	62	177	16
Net income attributable to Pfizer Inc. common shareholders	$ 63	$ 62	$ 177	$ 16
Earnings per common share––basic:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)	$ 0.01	$ 0.01	$ 0.03	$ 0.01
Income from discontinued operations––net of tax (in dollars per share)	0	0	0	(0.01)
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)	0.01	0.01	0.03	0
Earnings per common share––diluted:
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)	0.01	0.01	0.03	0.01
Income from discontinued operations––net of tax (in dollars per share)	0	0	0	(0.01)
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)	$ 0.01	$ 0.01	$ 0.03	$ 0
Condensed Consolidated Statements of Comprehensive Income:
Foreign currency translation adjustments, net	$ (25)	$ 68	$ (106)	$ 84
Benefit plans: actuarial gains/(losses), net	2	(5)	(45)	160
Reclassification adjustments related to amortization	(74)	(67)	(148)	(133)
Reclassification adjustments related to settlements, net	(3)	(13)	(23)	(66)
Other	25	(68)	106	(84)
Tax provision/(benefit) on other comprehensive income/(loss)	(59)	$ (26)	(47)	(28)
Condensed Consolidated Statements of Cash Flows:
Deferred taxes from continuing operations			51	30
Benefit plan contributions in excess of expense/income			(228)	$ (107)
Condensed Consolidated Balance Sheets:
Noncurrent deferred tax assets and other noncurrent tax assets	(3)		(3)		0
Other noncurrent assets	12		12		0
Pension benefit obligations	(1)		(1)		0
Retained earnings	177		177		(6,378)
Accumulated other comprehensive loss	$ (168)		$ (168)		$ 6,378

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Schedule of Balance Sheet Classification of Accruals (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Schedule Of Accrued Liabilities [Line Items]
Total accrued rebates and other sales-related accruals	$ 5,087	$ 4,712
Trade accounts receivable, less allowance for doubtful accounts [Member]
Schedule Of Accrued Liabilities [Line Items]
Total accrued rebates and other sales-related accruals	959	861
Other current liabilities [Member]
Schedule Of Accrued Liabilities [Line Items]
Accrued rebates	3,301	3,017
Other accruals	443	436
Other noncurrent liabilities [Member]
Schedule Of Accrued Liabilities [Line Items]
Total accrued rebates and other sales-related accruals	$ 384	$ 399

Discontinued Operations and E_3

Discontinued Operations and Equity-Method Investment - Discontinued Operations Narrative (Details) - Viatris [Member] - USD ($) $ in Millions	3 Months Ended
	Apr. 04, 2021	Jul. 04, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Nontrade receivables		$ 434	$ 401
Payment pursuant to terms of the separation agreement	$ 277

Discontinued Operations and E_4

Discontinued Operations and Equity-Method Investment - Summarized Financial Information of Discontinued Operations (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Costs and expenses:
Income from discontinued operations––net of tax		$ 24	$ 893	$ 32	$ 1,774
Discontinued Operations [Member]
Income Statement Disclosures
Revenues	[1]	0	1,937	27	3,883
Costs and expenses:
Cost of sales	[1]	0	458	14	900
Selling, informational and administrative expenses	[1]	6	371	(2)	703
Research and development expenses	[1]	0	54	1	105
Amortization of intangible assets	[1]	0	36	0	72
Restructuring charges and certain acquisition-related costs	[1]	0	2	0	17
Other (income)/deductions––net	[1]	0	1	1	71
Pre-tax income/(loss) from discontinued operations	[1]	(6)	1,015	13	2,015
Provision/(benefit) for taxes on income	[1]	(30)	122	(19)	241
Income from discontinued operations––net of tax	[1]	$ 24	$ 893	$ 32	$ 1,774
[1]	In the second quarter of 2021, Income from discontinued operations—net of tax reflects post-closing adjustments directly related to our discontinued operations, including tax and benefits-related adjustments. In the first six months of 2021, Income from discontinued operations—net of tax also includes the operations of the Mylan-Japan collaboration, which terminated during Pfizer’s international first quarter of 2021, and a post-closing adjustment for a legal matter directly related to the discontinued Upjohn Business. In the three and six months ended June 28, 2020, Income from discontinued operations—net of tax relates to the Upjohn Business and the Mylan-Japan collaboration and includes the change in accounting principle in the first quarter of 2021 to MTM Accounting, which has been applied on a retrospective basis for all prior periods presented. See Note 1C .

Discontinued Operations and E_5

Discontinued Operations and Equity-Method Investment - Equity Method Investment Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020	Jul. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 16,608		$ 16,608		$ 16,856
Consumer Healthcare JV [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						32.00%
Equity-method investments	16,400		16,400		$ 16,700
Dividend received			274
Decrease due to foreign currency translation			200
Equity method investment earnings	$ 148	$ 129	$ 218	$ 140
GSK [Member] | Consumer Healthcare JV [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						68.00%

Discontinued Operations and E_6

Discontinued Operations and Equity-Method Investment - Schedule of Equity-Method Investment (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jul. 04, 2021	Mar. 31, 2021	Jun. 28, 2020	Mar. 31, 2020	Jul. 04, 2021	Mar. 31, 2021	Jun. 28, 2020	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income from continuing operations	$ 5,565		$ 2,604		$ 10,443		$ 5,087
Net income	5,589		3,497		10,475		6,860
Income attributable to shareholders	$ 5,563		$ 3,489		$ 10,440		$ 6,843
Consumer Healthcare JV [Member]
Schedule of Equity Method Investments [Line Items]
Net sales		$ 3,180		$ 3,503		$ 6,275		$ 6,691
Cost of sales		(1,169)		(1,394)		(2,356)		(3,205)
Gross profit		2,011		2,109		3,919		3,486
Income from continuing operations		483		425		716		471
Net income		483		425		716		471
Income attributable to shareholders		$ 461		$ 405		$ 682		$ 441

Restructuring Charges and Oth_3

Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Narrative (Details) - Focused Company Plan [Member] $ in Millions	6 Months Ended	21 Months Ended
	Jul. 04, 2021USD ($)	Jul. 04, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost	$ 1,600	$ 1,600
Restructuring costs incurred		1,200
Manufacturing optimization [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost	$ 500	$ 500
Percentage of expected costs to be non-cash	20.00%

Restructuring Charges and Oth_4

Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Schedule of Acquisitions and Cost-Reduction/Productivity Initiatives (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Restructuring charges/(credits):
Employee terminations		$ (4)	$ 345	$ 19	$ 355
Asset impairments		2	(8)	(2)	23
Exit costs/(credits)		(3)	1	(3)	1
Restructuring charges/(credits)	[1]	(5)	338	14	379
Transaction costs	[2]	0	11	0	14
Integration costs and other	[3]	4	11	8	21
Restructuring charges and certain acquisition-related costs		(1)	360	22	414
Additional depreciation––asset restructuring	[4]	47	6	56	6
Implementation costs	[5]	90	73	166	96
Total costs associated with acquisitions and cost-reduction/productivity initiatives		140	441	256	518
Other (income)/deductions––net [Member]
Restructuring charges/(credits):
Net periodic benefit costs recorded in Other (income)/deductions––net	[6]	4	1	12	2
Cost of sales [Member]
Restructuring charges/(credits):
Additional depreciation––asset restructuring	[4]	31	4	41	10
Implementation costs	[5]	10	9	21	17
Selling, informational and administrative expenses [Member]
Restructuring charges/(credits):
Additional depreciation––asset restructuring	[4]	16	0	16	0
Implementation costs	[5]	80	63	144	78
Research and development expenses [Member]
Restructuring charges/(credits):
Additional depreciation––asset restructuring	[4]	0	2	0	(3)
Implementation costs	[5]	$ 0	$ 1	$ 0	$ 1
[1]	Primarily represents cost reduction initiatives.
[2]	Represents external costs for banking, legal, accounting and other similar services.
[3]	Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs.
[4]	Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions.
[5]	Represents external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.
[6]	(d) Amounts for the three and six months ended June 28, 2020 include the impact of a change in accounting principle. See Note 1C.

Restructuring Charges and Oth_5

Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Schedule of Components and Changes in Restructuring Accruals (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Restructuring Reserve [Roll Forward]
Balance, beginning	[1]			$ 798
Provision	[2]	$ (5)	$ 338	14	$ 379
Utilization and other	[3]			(215)
Balance, ending	[4]	596		596
Other Current Liabilities [Member]
Restructuring Reserve [Roll Forward]
Balance, beginning				628
Balance, ending		473		473
Other Noncurrent Liabilities [Member]
Restructuring Reserve [Roll Forward]
Balance, beginning				169
Balance, ending		123		123
Employee Termination Costs [Member]
Restructuring Reserve [Roll Forward]
Balance, beginning	[1]			782
Provision				19
Utilization and other	[3]			(215)
Balance, ending	[4]	585		585
Asset Impairment Charges [Member]
Restructuring Reserve [Roll Forward]
Balance, beginning	[1]			0
Provision				(2)
Utilization and other	[3]			2
Balance, ending	[4]	0		0
Exit Costs [Member]
Restructuring Reserve [Roll Forward]
Balance, beginning	[1]			15
Provision				(3)
Utilization and other	[3]			(1)
Balance, ending	[4]	$ 11		$ 11
[1]	Included in Other current liabilities ($628 million) and Other noncurrent liabilities ($169 million).
[2]	Primarily represents cost reduction initiatives.
[3]	Includes adjustments for foreign currency translation.
[4]	Included in Other current liabilities ($473 million) and Other noncurrent liabilities ($123 million).

Other (Income)_Deductions - N_3

Other (Income)/Deductions - Net - Schedule of Other (Income)/Deductions - Net (Detail) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020		Jul. 04, 2021	Jun. 28, 2020
Other Income and Expenses [Abstract]
Interest income		$ (13)	$ (19)		$ (12)	$ (53)
Interest expense		316	367		651	757
Net interest expense		303	348		639	704
Royalty-related income		(212)	(191)		(388)	(310)
Net (gains)/losses on asset disposals		(58)	1		(98)	2
Net (gains)/losses recognized during the period on equity securities	[1]	(800)	(732)	[2]	(1,200)	(478)	[2]
Income from collaborations, out-licensing arrangements and sales of compound/product rights	[3]	(21)	(100)		(252)	(215)
Net periodic benefit costs/(credits) other than service costs	[4]	(237)	(191)		(503)	(294)
Certain legal matters, net	[5]	369	14		420	22
Consumer Healthcare JV equity method (income)/loss	[6]	(140)	(126)		(202)	(92)
Other, net		(201)	22		(417)	(104)
Other (income)/deductions––net		$ (998)	$ (955)		$ (2,001)	$ (764)
[1]	The gains in the second quarter and first six months of 2021 include, among other things, unrealized gains of $917 million and $1.0 billion, respectively, related to investments in BioNTech and Cerevel Therapeutics, LLC. The gains in the second quarter and first six months of 2020 included, among other things, unrealized gains of $568 million and $501 million, respectively, related to our investments in Allogene and BioNTech.
[2]	Reported in Other (income)/deductions –– net. See Note 4 .
[3]	The first six months of 2021 includes, among other things, $188 million of net collaboration income from BioNTech in the first quarter of 2021 related to the COVID-19 vaccine. The second quarter and first six months of 2020 mainly included, among other things, $40 million of milestone income from Puma Biotechnology, Inc. related to Neratinib regulatory approvals in the EU, and $30 million of milestone income from Lilly related to the first commercial sale in the U.S. of LOXO-292 for the treatment of RET fusion-positive NSCLC. The first six months of 2020 also included an upfront payment to us of $75 million from our sale of our CK1 assets to Biogen, Inc.
[4]	Amounts include the impact of a change in accounting principle. See Notes 1C and 10 .
[5]	The second quarter and first six months of 2021 primarily include an amount to resolve a Multi-District Litigation relating to EpiPen pending against the Company in the U.S. District Court for the District of Kansas for $345 million, which remains subject to court approval. See Note 12A1 .
[6]	See Note 2B

Other (Income)_Deductions - N_4

Other (Income)/Deductions - Net - Footnotes (Detail) - USD ($) $ in Millions		Jul. 04, 2021	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Loss Contingencies [Line Items]
Unrealized gain (loss) on equity securities	[1]		$ 823	$ 733	$ 1,196	$ 459
Certain legal matters, net	[2]		369	14	420	22
EpiPen [Member]
Loss Contingencies [Line Items]
Certain legal matters, net		$ 345	345		345
BioNTech and Cerevel Therapeutics, LLC [Member]
Loss Contingencies [Line Items]
Unrealized gain (loss) on equity securities			$ 917		1,000
Allogene and BioNTech [Member]
Loss Contingencies [Line Items]
Unrealized gain (loss) on equity securities				568		501
BioNTech [Member] | Collaborative Arrangement [Member]
Loss Contingencies [Line Items]
Proceeds from collaborators					$ 188
Puma Technologies [Member] | Collaborative Arrangement [Member]
Loss Contingencies [Line Items]
Proceeds from collaborators				40		40
Eli Lilly & Company [Member] | Collaborative Arrangement [Member]
Loss Contingencies [Line Items]
Proceeds from collaborators				30		30
Disposed of by Sale [Member] | CK1 assets sold to Biogen, Inc [Member]
Loss Contingencies [Line Items]
Consideration transferred				$ 75		$ 75
[1]	Included in net unrealized gains are observable price changes on equity securities without readily determinable fair values. As of July 4, 2021, there were cumulative impairments and downward adjustments of $93 million and upward adjustments of $98 million. Impairments, downward and upward adjustments were not significant in the second quarters and first six months of 2021 and 2020.
[2]	The second quarter and first six months of 2021 primarily include an amount to resolve a Multi-District Litigation relating to EpiPen pending against the Company in the U.S. District Court for the District of Kansas for $345 million, which remains subject to court approval. See Note 12A1 .

Tax Matters - Narrative (Detail

Tax Matters - Narrative (Detail) - USD ($) $ in Billions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Effective tax rate for income from continuing operations	15.80%	14.00%	15.00%	13.30%
Repatriation tax liability	$ 15		$ 15

Tax Matters - Schedule of Tax P

Tax Matters - Schedule of Tax Provision/(Benefit) on Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Foreign currency translation adjustments, net	[1]	$ (19)	$ 70	$ 2	$ (177)
Unrealized holding gains/(losses) on derivative financial instruments, net		(51)	51	7	(82)
Reclassification adjustments for (gains)/losses included in net income		1	(35)	35	(20)
Derivatives qualifying as hedges, tax, total		(50)	16	43	(102)
Unrealized holding gains/(losses) on available-for-sale securities, net		7	5	17	(1)
Reclassification adjustments for (gains)/losses included in net income		8	6	(23)	7
Available-for-sale securities, tax, total		15	11	(5)	6
Reclassification adjustments related to amortization of prior service costs and other, net		(8)	(11)	(17)	(21)
Other		(1)	1	(1)	1
Pension and other postretirement benefit plans, net prior service cost (credit), tax		(8)	(9)	(18)	(20)
Tax provision/(benefit) on other comprehensive income/(loss)		$ (63)	$ 87	$ 21	$ (293)
[1]	Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that we intend to hold indefinitely.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss, Excluding Noncontrolling Interests (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021		Jun. 28, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 68,865	$ 65,341	$ 63,473		$ 63,447
Other comprehensive income/(loss)		(92)	(187)	556		(1,628)
Ending balance		70,315	64,570	70,315		64,570
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(4,664)	(6,808)	(5,310)	[1]	(5,367)
Other comprehensive income/(loss)		(94)	(174)	552	[2]	(1,616)
Ending balance		(4,758)	$ (6,983)	(4,758)		$ (6,983)
Foreign Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]			(5,450)
Other comprehensive income/(loss)	[2]			495
Ending balance		(4,955)		(4,955)
Derivative Financial Instruments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]			(428)
Other comprehensive income/(loss)	[2]			160
Ending balance		(268)		(268)
Available-For-Sale Securities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]			116
Other comprehensive income/(loss)	[2]			(37)
Ending balance		79		79
Prior Service (Costs)/Credits and Other [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]			452
Other comprehensive income/(loss)	[2]			(66)
Ending balance		$ 386		$ 386
[1]	Amounts include the impact of a change in accounting principle. See Note 1C.
[2]	Amounts do not include foreign currency translation adjustments attributable to noncontrolling interests. Foreign currency translation adjustments primarily include gains from the strengthening of the U.K. pound, Canadian dollar and euro against the U.S. dollar, and net gains related to the impact of our net investment hedging program, partially offset by net losses from foreign currency translation adjustments related to our equity-method investment in the Consumer Healthcare JV (see Note 2B ).

Financial Instruments - Financi

Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities with readily determinable fair values	[1]	$ 2,284	$ 567
Total other noncurrent assets		6,056	4,569
Total assets		169,920	154,229
Total liabilities		959	1,100
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		21,330	14,278
Total liabilities		959	1,100
Long-term equity securities held in trust		181	190
Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		14,025	9,709
Total short-term investments		16,309	10,276
Other Current Assets [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		290	251
Other Current Assets [Member] | Recurring [Member] | Interest rate contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		2	18
Other Current Assets [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		289	234
Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities with readily determinable fair values	[2]	3,736	2,809
Available-for-sale debt securities		63	128
Total long-term investments		3,799	2,936
Other Noncurrent Assets [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		165	122
Insurance contracts	[3]	767	693
Total other noncurrent assets		931	814
Other Noncurrent Assets [Member] | Recurring [Member] | Interest rate contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		23	117
Other Noncurrent Assets [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		142	5
Other Current Liabilities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liabilities		308	501
Other Current Liabilities [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liabilities		308	501
Other Noncurrent Liabilities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative liabilities		651	599
Other Noncurrent Liabilities [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative liabilities		651	599
Level 1 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		3,711	2,776
Total liabilities		0	0
Level 1 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Total short-term investments		0	0
Level 1 [Member] | Other Current Assets [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		0	0
Level 1 [Member] | Other Current Assets [Member] | Recurring [Member] | Interest rate contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		0	0
Level 1 [Member] | Other Current Assets [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		0	0
Level 1 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities with readily determinable fair values	[2]	3,711	2,776
Available-for-sale debt securities		0	0
Total long-term investments		3,711	2,776
Level 1 [Member] | Other Noncurrent Assets [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		0	0
Insurance contracts	[3]	0	0
Total other noncurrent assets		0	0
Level 1 [Member] | Other Noncurrent Assets [Member] | Recurring [Member] | Interest rate contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		0	0
Level 1 [Member] | Other Noncurrent Assets [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		0	0
Level 1 [Member] | Other Current Liabilities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liabilities		0	0
Level 1 [Member] | Other Current Liabilities [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liabilities		0	0
Level 1 [Member] | Other Noncurrent Liabilities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative liabilities		0	0
Level 1 [Member] | Other Noncurrent Liabilities [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative liabilities		0	0
Level 2 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		17,618	11,501
Total liabilities		959	1,100
Level 2 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		14,025	9,709
Total short-term investments		16,309	10,276
Level 2 [Member] | Other Current Assets [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		290	251
Level 2 [Member] | Other Current Assets [Member] | Recurring [Member] | Interest rate contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		2	18
Level 2 [Member] | Other Current Assets [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative assets		289	234
Level 2 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities with readily determinable fair values	[2]	25	32
Available-for-sale debt securities		63	128
Total long-term investments		88	160
Level 2 [Member] | Other Noncurrent Assets [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		165	122
Insurance contracts	[3]	767	693
Total other noncurrent assets		931	814
Level 2 [Member] | Other Noncurrent Assets [Member] | Recurring [Member] | Interest rate contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		23	117
Level 2 [Member] | Other Noncurrent Assets [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative assets		142	5
Level 2 [Member] | Other Current Liabilities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liabilities		308	501
Level 2 [Member] | Other Current Liabilities [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liabilities		308	501
Level 2 [Member] | Other Noncurrent Liabilities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative liabilities		651	599
Level 2 [Member] | Other Noncurrent Liabilities [Member] | Recurring [Member] | Foreign exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent derivative liabilities		651	599
Money market funds [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities with readily determinable fair values		2,284	567
Money market funds [Member] | Level 1 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities with readily determinable fair values		0	0
Money market funds [Member] | Level 2 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities with readily determinable fair values		2,284	567
Government and agency - non U.S. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		12,457	7,725
Government and agency - non U.S. [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		12,448	7,719
Government and agency - non U.S. [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		9	6
Government and agency - non U.S. [Member] | Level 1 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Government and agency - non U.S. [Member] | Level 1 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Government and agency - non U.S. [Member] | Level 2 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		12,448	7,719
Government and agency - non U.S. [Member] | Level 2 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		9	6
Government and agency - U.S. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		314	1,103
Government and agency - U.S. [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		260	982
Government and agency - U.S. [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		54	121
Government and agency - U.S. [Member] | Level 1 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Government and agency - U.S. [Member] | Level 1 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Government and agency - U.S. [Member] | Level 2 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		260	982
Government and agency - U.S. [Member] | Level 2 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		54	121
Corporate and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		1,317	1,008
Corporate and other [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		1,317	1,008
Corporate and other [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Corporate and other [Member] | Level 1 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Corporate and other [Member] | Level 1 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0	0
Corporate and other [Member] | Level 2 [Member] | Short-term investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		1,317	1,008
Corporate and other [Member] | Level 2 [Member] | Long-term Investments [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		$ 0	$ 0
[1]	As of July 4, 2021 and December 31, 2020, includes money market funds primarily invested in U.S. Treasury and government debt.
[2]	Long-term equity securities of $181 million as of July 4, 2021 and $190 million as of December 31, 2020 were held in restricted trusts for employee benefit plans.
[3]	Includes life insurance policies held in restricted trusts for U.S. non-qualified employee benefit plans. The underlying invested assets in these contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions—net (see Note 4 ).

Financial Instruments - Finan_2

Financial Instruments - Financial Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, excluding the current portion	$ 35,354	$ 37,133
Estimated Fair Value [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, excluding the current portion	$ 41,725	$ 45,533

Financial Instruments - Investm

Financial Instruments - Investments by Classification Type (Details) - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Short-term investments
Equity securities with readily determinable fair values	[1]	$ 2,284	$ 567
Available-for-sale debt securities		14,025	9,709
Held-to-maturity debt securities		3,019	161
Total Short-term investments		19,328	10,437
Long-term investments
Equity securities with readily determinable fair values		3,736	2,809
Available-for-sale debt securities		63	128
Held-to-maturity debt securities		35	37
Private equity securities at cost	[2]	500	432
Total Long-term investments		4,334	3,406
Equity-method investments		16,608	16,856
Total long-term investments and equity-method investments		20,942	20,262
Held-to-maturity cash equivalents		$ 567	$ 89
[1]	As of July 4, 2021 and December 31, 2020, includes money market funds primarily invested in U.S. Treasury and government debt.
[2]	Represent investments in the life sciences sector

Financial Instruments - Schedul

Financial Instruments - Schedule of Investment Securities (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]
Debt securities, amortized cost	$ 17,618	$ 9,991
Debt securities, gross unrealized gains	126	138
Debt securities, gross unrealized losses	(36)	(5)
Debt securities, fair value	17,709	10,124
Debt securities maturities, within 1 year, fair value	17,611
Debt securities maturities, over 1 to 5 years, fair value	86
Debt securities maturities, over 5 years, fair value	12
Time deposits and other [Member]
Debt Securities, Held-to-maturity, Maturity [Abstract]
Held-to-maturity securities, amortized cost	914	283
Held-to-maturity securities, gross unrealized gains	0	0
Held-to-maturity securities, gross unrealized losses	0	0
Held-to-maturity securities, fair value	914	283
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]
Held-to-maturity securities, debt maturities, within 1 year, fair value	884
Held-to-maturity securities, debt maturities, over 1 to 5 years, fair value	19
Held-to-maturity securities, debt maturities, over 5 years, fair value	11
Held-to-maturity securities, amortized cost	914	283
Government and agency - non U.S. [Member]
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Available-for-sale debt securities, amortized cost	12,371	7,593
Available-for-sale debt securities, gross unrealized gains	122	136
Available-for-sale debt securities, gross unrealized losses	(35)	(4)
Available-for-sale debt securities	12,457	7,725
Available-for-sale Securities, Debt Maturities [Abstract]
Available-for-sale securities, debt maturities, within 1 year, fair value	12,448
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value	9
Available-for-sale securities, debt maturities, over 5 years, fair value	0
Available-for-sale debt securities, fair value	12,457	7,725
Debt Securities, Held-to-maturity, Maturity [Abstract]
Held-to-maturity securities, amortized cost	2,706	5
Held-to-maturity securities, gross unrealized gains	0	0
Held-to-maturity securities, gross unrealized losses	0	0
Held-to-maturity securities, fair value	2,706	5
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]
Held-to-maturity securities, debt maturities, within 1 year, fair value	2,701
Held-to-maturity securities, debt maturities, over 1 to 5 years, fair value	4
Held-to-maturity securities, debt maturities, over 5 years, fair value	1
Held-to-maturity securities, amortized cost	2,706	5
Government and agency - U.S. [Member]
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Available-for-sale debt securities, amortized cost	314	1,104
Available-for-sale debt securities, gross unrealized gains	0	0
Available-for-sale debt securities, gross unrealized losses	(1)	(1)
Available-for-sale debt securities	314	1,103
Available-for-sale Securities, Debt Maturities [Abstract]
Available-for-sale securities, debt maturities, within 1 year, fair value	260
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value	54
Available-for-sale securities, debt maturities, over 5 years, fair value	0
Available-for-sale debt securities, fair value	314	1,103
Corporate and other [Member]
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Available-for-sale debt securities, amortized cost	1,312	1,006
Available-for-sale debt securities, gross unrealized gains	5	2
Available-for-sale debt securities, gross unrealized losses	0	0
Available-for-sale debt securities	1,317	1,008
Available-for-sale Securities, Debt Maturities [Abstract]
Available-for-sale securities, debt maturities, within 1 year, fair value	1,317
Available-for-sale securities, debt maturities, over 1 to 5 years, fair value	0
Available-for-sale securities, debt maturities, over 5 years, fair value	0
Available-for-sale debt securities, fair value	$ 1,317	$ 1,008

Financial Instruments - Inves_2

Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020		Jul. 04, 2021	Jun. 28, 2020
Fair Value Disclosures [Abstract]
Net (gains)/losses recognized during the period on equity securities	[1]	$ (800)	$ (732)	[2]	$ (1,200)	$ (478)	[2]
Less: Net (gains)/losses recognized during the period on equity securities sold during the period		24	1		(5)	(18)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date	[3]	$ (823)	$ (733)		$ (1,196)	$ (459)
[1]	The gains in the second quarter and first six months of 2021 include, among other things, unrealized gains of $917 million and $1.0 billion, respectively, related to investments in BioNTech and Cerevel Therapeutics, LLC. The gains in the second quarter and first six months of 2020 included, among other things, unrealized gains of $568 million and $501 million, respectively, related to our investments in Allogene and BioNTech.
[2]	Reported in Other (income)/deductions –– net. See Note 4 .
[3]	Included in net unrealized gains are observable price changes on equity securities without readily determinable fair values. As of July 4, 2021, there were cumulative impairments and downward adjustments of $93 million and upward adjustments of $98 million. Impairments, downward and upward adjustments were not significant in the second quarters and first six months of 2021 and 2020.

Financial Instruments - Inves_3

Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities - Footnotes (Details) $ in Millions	Jul. 04, 2021USD ($)
Fair Value Disclosures [Abstract]
Cumulative impairment losses and downward price adjustments on equity securities	$ 93
Cumulative upward price adjustments on equity securities	$ 98

Financial Instruments - Short-t

Financial Instruments - Short-term Borrowings (Details) - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Commercial paper		$ 100	$ 556
Current portion of long-term debt, principal amount		3,689	2,004
Other short-term borrowings, principal amount	[1]	101	145
Total short-term borrowings, principal amount		3,890	2,705
Net unamortized discounts, premiums and debt issuance costs		(2)	(2)
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted		$ 3,888	$ 2,703
[1]	Includes cash collateral. See Note 7F .

Financial Instruments - Long-Te

Financial Instruments - Long-Term Debt (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net unamortized discounts, premiums and debt issuance costs	$ (2)	$ (2)
Total long-term debt, carried at historical proceeds, as adjusted	35,354	37,133
Current portion of long-term debt, carried at historical proceeds, as adjusted (not included above)	3,687	2,002
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total long-term debt, principal amount	34,038	35,774
Net fair value adjustments related to hedging and purchase accounting	1,507	1,562
Net unamortized discounts, premiums and debt issuance costs	(196)	(207)
Other long-term debt	5	4
Total long-term debt, carried at historical proceeds, as adjusted	35,354	37,133
Current portion of long-term debt, carried at historical proceeds, as adjusted (not included above)	$ 3,687	$ 2,002

Financial Instruments - Derivat

Financial Instruments - Derivative Narrative (Details)	6 Months Ended
	Jul. 04, 2021
Foreign exchange contracts [Member]
Derivative [Line Items]
Derivative term of contract	2 years

Financial Instruments - Fair Va

Financial Instruments - Fair Value of Derivative Financial Instruments and Related Notional Amounts (Details) - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Derivative [Line Items]
Asset		$ 455	$ 373
Liability		959	1,100
Derivatives designated as hedging instruments [Member]
Derivative [Line Items]
Asset		364	280
Liability		846	1,005
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Notional	[1]	24,630	24,369
Asset	[1]	340	145
Liability	[1]	846	1,005
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member]
Derivative [Line Items]
Notional		1,000	1,950
Asset		24	135
Liability		0	0
Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Notional		17,085	15,063
Asset		91	94
Liability		113	95
Inventory sales [Member] | Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Notional	[1]	$ 4,900	$ 5,000
[1]	The notional amount of outstanding foreign exchange contracts hedging our intercompany forecasted inventory sales was $4.9 billion as of July 4, 2021 and $5.0 billion as of December 31, 2020.

Financial Instruments - Deriv_2

Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Derivative [Line Items]
Amount of Gains/(Losses) Recognized in OCI		$ (248)	$ 213	$ (35)	$ (288)
All other, net - Amount of Gains/(Losses) Recognized in OCI	[1],[2]	0	12	0	12
Amount of Gains/(Losses) Recognized in OCI	[1]	(230)	56	230	139
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[3]	21	186	(238)	167
OID [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Recognized in OID	[1]	(65)	8	(23)	(51)
Other (Income) Deductions And Cost Of Sales [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[1],[2]	0	0	0	(1)
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[1]	47	228	(182)	251
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Recognized in OCI	[1],[4]	(258)	187	(56)	(341)
Amount of Gains/(Losses) Recognized in OCI	[1]	1	(144)	155	240
Designated as Hedging Instrument [Member] | Foreign currency short-term borrowings [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Recognized in OCI	[1],[5]	(11)	0	27	8
Designated as Hedging Instrument [Member] | Foreign currency debt [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Recognized in OCI	[1],[5]	(8)	(42)	48	3
Designated as Hedging Instrument [Member] | OID [Member] | Interest rate contracts [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Recognized in OID	[1]	26	6	(1)	392
Hedged item	[1]	(26)	(6)	1	(392)
Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[1],[4]	13	172	(255)	126
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[1]	0	0	0	0
Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign currency short-term borrowings [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[1],[5]	0	0	0	0
Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign currency debt [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[1],[5]	0	0	0	0
Derivative Financial Instruments Not Designated as Hedges [Member] | OID [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Recognized in OID	[1]	(65)	8	(23)	(51)
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount excluded from effectiveness testing and amortized into earnings	[1],[2]	9	13	21	42
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount excluded from effectiveness testing	[1],[2]	8	14	18	41
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount excluded from effectiveness testing and amortized into earnings	[1],[2]	36	29	35	176
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount excluded from effectiveness testing	[1],[2]	$ 26	$ 42	$ 55	$ 84
[1]	OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income . COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income
[2]	The amounts reclassified from OCI were reclassified into OID.
[3]	Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[4]	The amounts reclassified from OCI into COS were: • a net loss of $31 million in the second quarter of 2021; • a net loss of $76 million in the first six months of 2021; • a net gain of $80 million in the second quarter of 2020; and • a net gain of $150 million in the first six months of 2020. The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax loss of $128 million within the next 12 months into income . The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 22 years and relates to foreign currency debt.
[5]	Short-term borrowings and long-term debt include foreign currency borrowings which are used in net investment hedges. The short-term borrowings carrying value as of July 4, 2021 was $1.2 billion. The long-term debt carrying values as of July 4, 2021 and December 31, 2020 were $881 million and $2.1 billion, respectively.

Financial Instruments - Deriv_3

Financial Instruments - Derivative Financial Instruments and Hedging Activities - Footnotes (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Derivative [Line Items]
Amount of Gains/(Losses) Reclassified from OCI into OID and COS	[1]	$ 21	$ 186	$ (238)	$ 167
Pre-tax loss expected to be reclassified within the next 12 months		128		128
Short-term borrowings		3,888		3,888		$ 2,703
Foreign currency debt [Member]
Derivative [Line Items]
Short-term borrowings		1,200		1,200
Long-term debt		881		$ 881		$ 2,100
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Remaining period of hedging exposure				22 years
Designated as Hedging Instrument [Member] | Cost of sales [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Amount of Gains/(Losses) Reclassified from OCI into OID and COS		$ (31)	$ 80	$ (76)	$ 150
[1]	Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.

Financial Instruments - Cumulat

Financial Instruments - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Long-term debt [Member] - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Derivative [Line Items]
Carrying Amount of Actively Hedged Liabilities	[1]	$ 993	$ 2,016
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount, Active Hedging Relationships, Liability		23	117
Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount, Discontinued Hedging Relationships, Liability		$ 1,202	$ 1,149
[1]	Carrying amounts exclude the cumulative amount of fair value hedging adjustments.

Financial Instruments - Credit

Financial Instruments - Credit Risk (Details) $ in Millions	Jul. 04, 2021USD ($)
Financial Instruments [Abstract]
Derivatives in a net liability position	$ 618
Collateral posted	716
Derivatives in a net receivable position	35
Collateral received	$ 25

Other Financial Information - I

Other Financial Information - Inventories (Details) - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Other Financial Information [Abstract]
Finished goods		$ 3,702	$ 2,878
Work-in-process		4,388	4,430
Raw materials and supplies		859	738
Inventories	[1]	8,948	8,046
Noncurrent inventories not included above	[2]	$ 981	$ 890
[1]	The change from December 31, 2020 primarily reflects increases for certain products, including inventory build for new product launches (primarily BNT162b2), supply recovery and foreign exchange, partially offset by decreases due to market demand and network strategy.
[2]	Included in Other noncurrent assets . There are no recoverability issues for these amounts.

Other Financial Information - O

Other Financial Information - Other Current Liabilities (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other current liabilities	$ 17,217	$ 11,527
BioNTech [Member] | BNT162b2 direct sales and alliance revenues [Member] | Collaborative Arrangement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other current liabilities	$ 4,500	$ 25

Identifiable Intangible Asset_2

Identifiable Intangible Assets - Finite-lived and Indefinite-lived Intangible Assets (Detail) - USD ($) $ in Millions		6 Months Ended
		Jul. 04, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount		$ 77,582	$ 76,759
Finite-lived intangible assets, accumulated amortization	[1]	(54,793)	(52,862)
Finite-lived intangible assets, net		22,789	23,896
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		4,535	4,575
Intangible assets, gross carrying amount	[1]	82,116	81,334
Finite-lived intangible assets, accumulated amortization	[1]	(54,793)	(52,862)
Identifiable Intangible Assets, less Accumulated Amortization	[1]	27,323	28,471
Brands [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		827	827
IPR&D [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		3,134	3,175
License Agreements and Other [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		573	573
Developed technology rights [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	[2]	74,370	73,545
Finite-lived intangible assets, accumulated amortization	[2]	(52,754)	(50,902)
Finite-lived intangible assets, net	[2]	21,616	22,643
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	[2]	(52,754)	(50,902)
Developed technology rights [Member] | BioNTech [Member] | BNT162b2 direct sales and alliance revenues [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, period increase		500
Brands [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount		922	922
Finite-lived intangible assets, accumulated amortization		(791)	(774)
Finite-lived intangible assets, net		131	148
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization		(791)	(774)
License Agreements and Other [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount		2,290	2,292
Finite-lived intangible assets, accumulated amortization		(1,248)	(1,186)
Finite-lived intangible assets, net		1,042	1,106
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization		$ (1,248)	$ (1,186)
[1]	The decrease is primarily due to amortization, partially offset by the capitalization of the BNT162b2 milestones described above.
[2]	The increase in the gross carrying amount primarily reflects $500 million of capitalized BNT162b2 sales milestones to BioNTech.

Identifiable Intangible Asset_3

Identifiable Intangible Assets - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Finite-Lived Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for finite-lived intangible assets	$ (942)	$ 880	$ 1,800	$ 1,700

Pension and Postretirement Be_3

Pension and Postretirement Benefit Plans - Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Pension Plan [Member] | U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	114	138	227	280
Expected return on plan assets	(261)	(251)	(521)	(503)
Amortization of prior service credits	0	(1)	(1)	(2)
Curtailments	0	0	0	0
Actuarial (gains)/losses	2	(6)	(45)	158
Special termination benefits	4	0	12	1
Net periodic benefit cost/(credit) reported in income	(142)	(119)	(329)	(66)
Pension Plan [Member] | International [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	33	36	66	72
Interest cost	37	40	73	82
Expected return on plan assets	(82)	(78)	(164)	(159)
Amortization of prior service credits	0	(1)	(1)	(1)
Curtailments	(1)	0	(1)	0
Actuarial (gains)/losses	0	0	0	3
Special termination benefits	0	0	0	0
Net periodic benefit cost/(credit) reported in income	(14)	(3)	(26)	(4)
Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	9	10	18	19
Interest cost	7	13	14	25
Expected return on plan assets	(10)	(9)	(20)	(18)
Amortization of prior service credits	(39)	(43)	(77)	(86)
Curtailments	0	0	0	0
Actuarial (gains)/losses	0	0	0	0
Special termination benefits	0	0	1	0
Net periodic benefit cost/(credit) reported in income	$ (32)	$ (30)	$ (64)	$ (59)

Pension and Postretirement Be_4

Pension and Postretirement Benefit Plans - Narrative (Detail) $ in Millions	6 Months Ended
	Jul. 04, 2021USD ($)
Pension Plan [Member] | U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 111
Pension Plan [Member] | International [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	217
Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 31

Earnings Per Common Share Att_3

Earnings Per Common Share Attributable to Pfizer Inc. Common Shareholders (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
EPS Numerator––Basic
Income from continuing operations attributable to Pfizer Inc.		$ 5,539	$ 2,596	$ 10,408	$ 5,070
Less: Preferred stock dividends––net of tax		0	0	0	0
Income from continuing operations attributable to Pfizer Inc. common shareholders		5,539	2,596	10,408	5,070
Income from discontinued operations––net of tax		24	893	32	1,774
Net income attributable to Pfizer Inc. common shareholders		5,563	3,489	10,440	6,843
EPS Numerator––Diluted
Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions		5,539	2,596	10,408	5,070
Income from discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders and assumed conversions		24	893	32	1,774
Net income attributable to Pfizer Inc. common shareholders and assumed conversions		$ 5,563	$ 3,489	$ 10,440	$ 6,843
EPS Denominator
Weighted-average number of common shares outstanding––Basic		5,598	5,554	5,591	5,550
Common-share equivalents: stock options, stock issuable under employee compensation plans, convertible preferred stock and accelerated share repurchase agreements (in shares)		80	65	79	66
Weighted-average number of common shares outstanding––Diluted		5,678	5,619	5,670	5,616
Anti-dilutive common stock equivalents (in shares)	[1]	5	6	4	4
[1]	These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.

Contingencies and Certain Com_2

Contingencies and Certain Commitments (Patent Litigation) (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 04, 2021USD ($)patent	Dec. 31, 2019patent	Dec. 31, 2017patentdefendant
Gain Contingencies [Line Items]
Threshold for disclosure of proceedings under environmental laws | $	$ 1
Pneumococcal Vaccine Patent Infringement [Member]
Gain Contingencies [Line Items]
Number of patents without court proceedings			2
Number of patents allegedly infringed upon	2
Other Patent Infringement [Member]
Gain Contingencies [Line Items]
Number of patents allegedly infringed upon	1
Pfizer Versus Generic Companies [Member] | Patent Infringement [Member] | Pending Litigation [Member]
Gain Contingencies [Line Items]
Number of patents allegedly infringed upon		2
Eliquis [Member] | Pfizer and BMS Versus Several Generic Manufacturers [Member] | Patent Infringement [Member] | Pending Litigation [Member]
Gain Contingencies [Line Items]
Number of patents allegedly infringed upon			3
Number of defendants | defendant			25
Number of patents allegedly infringed upon, expired December 2019			1

Contingencies and Certain Com_3

Contingencies and Certain Commitments (Product Litigation, Commercial and Other Matters, Resolved Matters) (Details) $ in Millions		Jul. 04, 2021USD ($)lawsuit	Feb. 29, 2020classAction	Jul. 04, 2021USD ($)lawsuit	Jun. 28, 2020USD ($)	Jul. 04, 2021USD ($)lawsuit	Jun. 28, 2020USD ($)	Dec. 31, 2018manufacturerlagoon	Dec. 31, 2017classAction	Dec. 31, 2013lagoon
Loss Contingencies [Line Items]
Certain legal matters, net | $	[1]			$ 369	$ 14	$ 420	$ 22
EpiPen [Member]
Loss Contingencies [Line Items]
Certain legal matters, net | $		$ 345		$ 345		$ 345
Pfizer And Hospira And Various Other Manufacturers Versus Mississippi Attorney General [Member] | Docetaxel [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of defendants other than main defendant | manufacturer								8
Array Securities Litigation [Member]
Loss Contingencies [Line Items]
Number of class actions filed | classAction									2
Zantac Litigation [Member]
Loss Contingencies [Line Items]
Number of class actions filed | classAction			2
Environmental Remediation Litigation [Member]
Loss Contingencies [Line Items]
Feasibility study, number of lagoons | lagoon								2		2
Minimum [Member] | EpiPen [Member]
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit		1		1		1
[1]	The second quarter and first six months of 2021 primarily include an amount to resolve a Multi-District Litigation relating to EpiPen pending against the Company in the U.S. District Court for the District of Kansas for $345 million, which remains subject to court approval. See Note 12A1 .

Product, Geographic and Other_3

Product, Geographic and Other Revenue Information - Revenues By Geographic Area (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]	$ 18,977	$ 9,864	$ 33,559	$ 19,947
Percentage Change In Revenue		92.00%		68.00%
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		$ 7,593	5,113	$ 15,190	10,403
Percentage Change In Revenue		48.00%		46.00%
Developed Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		$ 4,577	1,864	$ 7,615	3,573
Developed Rest Of World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		2,997	989	4,120	1,908
Emerging Markets [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		$ 3,810	$ 1,897	$ 6,634	$ 4,063
Percentage Change In Revenue				63.00%
[1]	On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. See Note 1A . Beginning in the fourth quarter of 2020, the results of our Meridian subsidiary, which was previously included in our former Upjohn operating segment, are reported in the Hospital therapeutic area for all periods presented.

Product, Geographic and Other_4

Product, Geographic and Other Revenue Information - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 04, 2021	Jul. 04, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Deferred revenues	$ 4,291	$ 4,291	$ 1,113
U.S. Government [Member] | BNT162b2 direct sales and alliance revenues [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Deferred revenues	4,300	4,300	$ 957
Deferred revenue recognized	$ 622	$ 814
U.S. Government [Member] | BNT162b2 direct sales and alliance revenues [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk	12.00%	14.00%
U.S. Government [Member] | BNT162b2 direct sales and alliance revenues [Member] | Trade Accounts Receivable [Member] | Credit Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk		9.00%

Product, Geographic and Other_5

Product, Geographic and Other Revenue Information - Revenues By Products (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue from External Customer [Line Items]
Revenues	[1]	$ 18,977	$ 9,864	$ 33,559	$ 19,947
Total Alliance revenues [Member]
Revenue from External Customer [Line Items]
Revenues		1,880	1,404	3,650	2,786
Total Biosimilars [Member]
Revenue from External Customer [Line Items]
Revenues	[2]	559	289	1,089	578
Total Sterile Injectable Pharmaceuticals [Member]
Revenue from External Customer [Line Items]
Revenues	[3]	1,381	1,233	2,863	2,634
Vaccines [Member]
Revenue from External Customer [Line Items]
Revenues		9,234	1,247	14,127	2,857
Vaccines [Member] | BNT162b2 direct sales and alliance revenues [Member]
Revenue from External Customer [Line Items]
Revenues		7,838	0	11,300	0
Vaccines [Member] | Prevnar 13/Prevenar 13 [Member]
Revenue from External Customer [Line Items]
Revenues		1,241	1,116	2,524	2,566
Vaccines [Member] | FSME/IMMUN-TicoVac [Member]
Revenue from External Customer [Line Items]
Revenues		61	45	114	93
Vaccines [Member] | Nimenrix [Member]
Revenue from External Customer [Line Items]
Revenues		49	56	95	130
Vaccines [Member] | All other Vaccines [Member]
Revenue from External Customer [Line Items]
Revenues		46	30	94	68
Oncology [Member]
Revenue from External Customer [Line Items]
Revenues		3,145	2,647	6,007	5,082
Oncology [Member] | Ibrance [Member]
Revenue from External Customer [Line Items]
Revenues		1,404	1,349	2,657	2,598
Oncology [Member] | Xtandi alliance revenues [Member]
Revenue from External Customer [Line Items]
Revenues		303	266	570	475
Oncology [Member] | Inlyta [Member]
Revenue from External Customer [Line Items]
Revenues		257	195	486	364
Oncology [Member] | Sutent [Member]
Revenue from External Customer [Line Items]
Revenues		194	209	394	414
Oncology [Member] | Bosulif [Member]
Revenue from External Customer [Line Items]
Revenues		136	113	259	213
Oncology [Member] | Xalkori [Member]
Revenue from External Customer [Line Items]
Revenues		120	138	255	287
Oncology [Member] | Ruxience [Member]
Revenue from External Customer [Line Items]
Revenues	[2]	120	11	218	19
Oncology [Member] | Zirabev [Member]
Revenue from External Customer [Line Items]
Revenues	[2]	129	9	215	15
Oncology [Member] | Retacrit [Member]
Revenue from External Customer [Line Items]
Revenues	[2]	103	87	212	176
Oncology [Member] | Lorbrena [Member]
Revenue from External Customer [Line Items]
Revenues		66	46	126	88
Oncology [Member] | Aromasin [Member]
Revenue from External Customer [Line Items]
Revenues		51	39	103	72
Oncology [Member] | Besponsa [Member]
Revenue from External Customer [Line Items]
Revenues		45	46	95	90
Oncology [Member] | Braftovi [Member]
Revenue from External Customer [Line Items]
Revenues		42	36	89	74
Oncology [Member] | Mektovi [Member]
Revenue from External Customer [Line Items]
Revenues		36	32	71	69
Oncology [Member] | All other Oncology [Member]
Revenue from External Customer [Line Items]
Revenues		138	69	257	128
Internal Medicine [Member]
Revenue from External Customer [Line Items]
Revenues		2,403	2,279	4,997	4,610
Internal Medicine [Member] | Eliquis [Member]
Revenue from External Customer [Line Items]
Revenues		1,481	1,272	3,124	2,572
Internal Medicine [Member] | Chantix / Champix [Member]
Revenue from External Customer [Line Items]
Revenues		184	235	401	505
Internal Medicine [Member] | Premarin family [Member]
Revenue from External Customer [Line Items]
Revenues		128	152	271	304
Internal Medicine [Member] | Toviaz [Member]
Revenue from External Customer [Line Items]
Revenues		62	64	119	124
Internal Medicine [Member] | BMP2 [Member]
Revenue from External Customer [Line Items]
Revenues		66	57	115	127
Internal Medicine [Member] | Pristiq [Member]
Revenue from External Customer [Line Items]
Revenues		42	43	101	84
Internal Medicine [Member] | All other Internal Medicine [Member]
Revenue from External Customer [Line Items]
Revenues		440	455	865	894
Hospital [Member]
Revenue from External Customer [Line Items]
Revenues	[1]	2,259	1,863	4,602	3,951
Hospital [Member] | Sulperazon [Member]
Revenue from External Customer [Line Items]
Revenues		141	102	334	289
Hospital [Member] | Medrol [Member]
Revenue from External Customer [Line Items]
Revenues		112	78	211	207
Hospital [Member] | Zavicefta [Member]
Revenue from External Customer [Line Items]
Revenues		104	46	198	95
Hospital [Member] | Vfend [Member]
Revenue from External Customer [Line Items]
Revenues		72	75	153	149
Hospital [Member] | Fragmin [Member]
Revenue from External Customer [Line Items]
Revenues		77	58	149	118
Hospital [Member] | EpiPen [Member]
Revenue from External Customer [Line Items]
Revenues		80	75	147	160
Hospital [Member] | Zithromax [Member]
Revenue from External Customer [Line Items]
Revenues		43	55	132	193
Hospital [Member] | Zyvox [Member]
Revenue from External Customer [Line Items]
Revenues		48	55	103	125
Hospital [Member] | Precedex [Member]
Revenue from External Customer [Line Items]
Revenues		42	114	97	156
Hospital [Member] | IVIg Products [Member]
Revenue from External Customer [Line Items]
Revenues	[4]	107	85	212	183
Hospital [Member] | Pfizer CentreOne [Member]
Revenue from External Customer [Line Items]
Revenues	[5]	437	224	827	376
Hospital [Member] | All other Anti-infectives [Member]
Revenue from External Customer [Line Items]
Revenues		425	321	823	717
Hospital [Member] | All other Hospital [Member]
Revenue from External Customer [Line Items]
Revenues		569	574	1,217	1,183
Inflammation and Immunology (I&I) [Member]
Revenue from External Customer [Line Items]
Revenues		1,041	1,149	2,107	2,127
Inflammation and Immunology (I&I) [Member] | Xeljanz [Member]
Revenue from External Customer [Line Items]
Revenues		586	635	1,124	1,086
Inflammation and Immunology (I&I) [Member] | Enbrel (Outside the U.S. and Canada) [Member]
Revenue from External Customer [Line Items]
Revenues		286	337	605	684
Inflammation and Immunology (I&I) [Member] | Inflectra/Remsima [Member]
Revenue from External Customer [Line Items]
Revenues	[2]	136	150	313	308
Inflammation and Immunology (I&I) [Member] | All other I & I [Member]
Revenue from External Customer [Line Items]
Revenues		33	26	65	48
Rare Disease [Member]
Revenue from External Customer [Line Items]
Revenues		895	681	1,720	1,319
Rare Disease [Member] | Vyndaqel/Vyndamax [Member]
Revenue from External Customer [Line Items]
Revenues		501	277	953	508
Rare Disease [Member] | BeneFIX [Member]
Revenue from External Customer [Line Items]
Revenues		112	109	225	230
Rare Disease [Member] | Genotropin [Member]
Revenue from External Customer [Line Items]
Revenues		109	106	189	209
Rare Disease [Member] | ReFacto AF/Xyntha [Member]
Revenue from External Customer [Line Items]
Revenues		77	91	165	181
Rare Disease [Member] | Somavert [Member]
Revenue from External Customer [Line Items]
Revenues		68	67	133	131
Rare Disease [Member] | All other Rare Disease [Member]
Revenue from External Customer [Line Items]
Revenues		$ 29	$ 31	$ 55	$ 61
[1]	On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. See Note 1A . Beginning in the fourth quarter of 2020, the results of our Meridian subsidiary, which was previously included in our former Upjohn operating segment, are reported in the Hospital therapeutic area for all periods presented.
[2]	Biosimilars are highly similar versions of approved and authorized biological medicines and primarily include revenues from Inflectra/Remsima, Ruxience, Zirabev and Retacrit
[3]	Total Sterile Injectable Pharmaceuticals represents the total of all branded and generic injectable products in the Hospital therapeutic area, including anti-infective sterile injectable pharmaceuticals.
[4]	Intravenous immunoglobulin (IVIg) products include the revenues from Panzyga, Octagam and Cutaquig.
[5]	Pfizer CentreOne includes revenues from our contract manufacturing and active pharmaceutical ingredient sales operation, as well as revenues related to our manufacturing and supply agreements with former legacy Pfizer businesses/partnerships, including but not limited to, manufacturing and supply agreements with Viatris following the spin-off of the Upjohn Business.