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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Revenues $ 100,330 $ 81,288 $ 41,651
Costs and expenses:      
Cost of sales [1] 34,344 30,821 8,484
Selling, informational and administrative expenses [1] 13,677 12,703 11,597
Research and development expenses [1] 11,428 10,360 8,709
Acquired in-process research and development expenses [2] 953 3,469 684
Amortization of intangible assets 3,609 3,700 3,348
Restructuring charges and certain acquisition-related costs 1,375 802 579
Other (income)/deductions––net 217 (4,878) 1,213
Income from continuing operations before provision/(benefit) for taxes on income [3],[4],[5] 34,729 24,311 7,036
Provision/(benefit) for taxes on income 3,328 1,852 370
Income from continuing operations 31,401 22,459 6,666
Discontinued operations––net of tax 6 (434) 2,529
Net income before allocation to noncontrolling interests 31,407 22,025 9,195
Less: Net income attributable to noncontrolling interests 35 45 36
Net income attributable to Pfizer Inc. common shareholders $ 31,372 $ 21,979 $ 9,159
Earnings per common share––basic:      
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) $ 5.59 $ 4.00 $ 1.19
Discontinued operations––net of tax (in dollars per share) 0 (0.08) 0.46
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) 5.59 3.92 1.65
Earnings per common share––diluted:      
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) 5.47 3.93 1.18
Discontinued operations––net of tax (in dollars per share) 0 (0.08) 0.45
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) $ 5.47 $ 3.85 $ 1.63
Weighted-average shares––basic 5,608 5,601 5,555
Weighted-average shares––diluted 5,733 5,708 5,632
[1] Exclusive of amortization of intangible assets.
[2] See Note 1L.
[3] Income from continuing operations before provision/(benefit) for taxes on income. Biopharma’s earnings include dividend income from our investment in ViiV of $314 million in 2022, $166 million in 2021 and $278 million in 2020. In connection with the organizational changes effective in the third quarter of 2022, certain functions transferred between Biopharma and corporate enabling functions and certain activities were realigned within the GPD organization. We have reclassified $231 million of costs in 2021 and $222 million of costs in 2020 from corporate enabling functions, which are included in Other business activities, to Biopharma to conform to the current period presentation. Amortization of intangible assets is not allocated to our operating segments for all periods presented.
[4] 2021 v. 2020––The domestic income in 2021 versus domestic loss in 2020 was mainly related to Comirnaty income, lower asset impairment charges, net periodic benefit credits in 2021 versus net periodic benefit costs in 2020 and higher net gains from equity securities, partially offset by higher R&D expenses. The increase in the international income was primarily related to Comirnaty income, net periodic benefit credits in 2021 versus net periodic benefit costs in 2020 and lower asset impairment charges.
[5] 2022 v. 2021––The decrease in domestic income is primarily related to net losses on equity securities in 2022 versus net gains on equity securities in 2021, lower net periodic benefit credits and higher restructuring charges and certain acquisition-related costs, partially offset by Paxlovid income and lower acquired IPR&D expenses. The increase in the international income is primarily related to Paxlovid and Comirnaty income partially offset by lower net periodic benefit credits.