Pfizer Inc.

NYSE-PFE

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jul '23	Dec '22
Net Income	5,876	4,892	3,159	-5,722	7,895	13,646
Net Income Before Allocation to Noncontrolling Interests
Discontinued Operations-Net of Tax
Income from Discontinued Operations-Net of Tax
Depreciation & Amortization	3,243	3,546	3,467	3,230	3,060	2,702
Depreciation and Amortization
Share-Based Compensation Expense	373	451	426	272	253	499
Share-Based Compensation Expense
Other Adjustments	-832	739	-871	3,669	-1,783	-152
Asset Write-Offs and Impairments
Foreign Currency Gain Related to Venezuela
Loss on Sale of HIS Net Assets
TCJA Impact
Gain on Completion of Consumer Healthcare JV Transaction, Net of Cash Conveyed
Deferred Taxes
Benefit Plan Contributions in Excess of Expense/Income
Inventory Write-Offs and Related Charges Associated with COVID-19 Products
Other Adjustments, Net
Income from Discontinued Operations-Net of Tax
Changes in Trade Receivables	—	-109	—	347	—	261
Trade Accounts Receivable
Changes in Inventories	—	-854	—	-1,169	—	-591
Change in Inventories
Changes in Accounts Payable	—	-1,023	—	-300	—	1,191
Trade Accounts Payable
Changes in Income Taxes Payable	—	-1,345	—	-982	—	-545
Other Tax Accounts, Net
Changes in Other Operating Activities	-6,908	7,136	-6,871	9,355	-9,423	-2,454
Change in Other Assets
Other Liabilities
Other Changes in Assets and Liabilities, Net of Acquisitions and Divestitures
Net Cash Provided by Operating Activities from Discontinued Operations
Cash from Operating Activities	1,753	13,435	-691	8,696	4	14,556
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jul '23	Dec '22
Capital Expenditure	-1,182	-1,568	-1,341	-1,854	-2,053	-1,842
Purchases of Property, Plant and Equipment
Purchases of Intangible Assets	—	—	—	—	—	—
Acquisitions of Intangible Assets
Purchases of Investments	-6,171	-8,951	-1,362	-10,080	-21,098	-18,036
Purchases of Short-Term Investments
Purchases of Long-Term Investments
Proceeds from Sale of Investments	14,288	6,821	9,053	44,868	1,549	27,755
Proceeds from Redemptions/Sales of Short-Term Investments
Proceeds from Redemptions/Sales of Long-Term Investments
Proceeds from Sales of Investment in Haleon
Net Proceeds from Redemptions/Sales of Short-Term Investments with Original Maturities of Three Months or Less
Payments for Business Acquisitions	—	—	—	-43,405	-25	-16,772
Acquisitions of Businesses, Net of Cash Acquired
Other Investing Activities	-2,380	-382	3,520	16,755	-11,760	6,529
Dividend Received from the Consumer Healthcare JV
Other Investing Activities, Net
Net Cash Provided by Investing Activities from Discontinued Operations
Net Proceeds from Redemptions/Sales of Short-Term Investments with Original Maturities of Three Months or Less
Cash from Investing Activities	7,225	-3,680	6,332	-10,108	-22,170	-5,037
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jul '23	Dec '22
Issuance of Short-Term Debt	—	2,893	6,014	4,511	14	-121
Proceeds from Short-Term Borrowings
Repayments of Short-Term Debt	-3,102	-7,863	-5,953	3,136	22	-4,488
Payments on Short-Term Borrowings
Net Proceeds from Short-Term Borrowings with Original Maturities of Three Months or Less
Net Issuance / (Repayments) of Short-Term Debt	-3,102	-4,970	61	7,647	36	-4,609
Issuance of Long-Term Debt	3,687	—	—	—	30,831	—
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	-3,750	—	-2,250	-1,300	-1,269	-1,689
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-63	—	-2,250	-1,300	29,562	-1,689
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	—	—	—	—	—	—
Purchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	—	—
Common Share Dividends Paid	-4,882	-4,760	-4,752	-4,629	-4,618	-4,490
Cash Dividends Paid
Other Financing Activities	-1,280	-1,509	-1,550	3,084	-554	-589
Other Financing Activities, Net
Net Cash Provided by Financing Activities from Discontinued Operations
Net Proceeds from Short-Term Borrowings with Original Maturities of Three Months or Less
Cash from Financing Activities	-8,423	-9,750	-7,390	1,663	24,403	-10,776
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jul '23	Dec '22
Free Cash Flow	571	11,867	-2,032	6,842	-2,049	12,714
NOPAT	5,876	4,893	3,159	-5,723	7,895	13,645
Levered Free Cash Flow	-2,135	5,797	-3,778	8,876	29,052	5,766
Unlevered Free Cash Flow	1,029	10,785	-1,586	2,557	-521	12,106
Net Change in Cash	555	5	-1,749	251	2,237	-1,257