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• the risk and impact of tariffs on our business, which is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs or other retaliatory actions imposed by other countries;
Read in the filing ↗ Also in 8-K of Aug 5, 2025, 10-Q of Aug 5, 2025, 10-Q of Nov 4, 2025, 8-K of Dec 16, 2025, 8-K of Feb 3, 2026, 10-K of Feb 26, 2026, 8-K of May 5, 2026, 10-Q of May 5, 2026, 8-K of Jun 18, 2026, 8-K of Aug 4, 2026, 10-Q of Aug 4, 2026, 8-K of Nov 3, 2026, 10-Q of Nov 3, 2026
• risks and uncertainties related to issued or future executive orders or other new, or changes in, laws, regulations or policy regarding tariffs or other trade policy and/or the impact of any U.S. Governmental shutdowns, including impacts on governmental agencies due to the shutdown; - 25 - • the risk and impact of tariffs on our business, which is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs or other retaliatory actions imposed by other countries;
Read in the filing ↗ Also in 8-K of Apr 29, 2025, 8-K of Aug 5, 2025, 10-Q of Aug 5, 2025, 10-Q of Nov 4, 2025, 8-K of Dec 16, 2025, 10-K of Feb 26, 2026, 10-Q of May 5, 2026, 8-K of Jun 18, 2026, 10-Q of Aug 4, 2026, 10-Q of Nov 3, 2026
Global Trade Environment - - Issued or future executive orders or other new or changes in laws, regulations or policy regarding tariffs or other trade policy, could have a material adverse effect on our business, earnings, cash flows, liquidity and financial guidance. The actual impact of new tariffs on our business would be subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs or other retaliatory actions imposed by other countries. Strategies intended to help mitigate the potential impacts on our business in the short-term have been implemented. We are continuing to evaluate opportunities and developing plans which are intended to help mitigate the potential long-term impact of tariffs on our business and operations. See the Item 1A. Risk Factors - Global Operations section of our 2024 Form 10-K.
Read in the filing ↗ Also in 10-Q of Nov 4, 2025, 10-Q of May 5, 2026, 10-Q of Nov 3, 2026, 10-Q of Aug 4, 2026
We continue to monitor the global trade environment and potential trade conflicts, sanctions and impediments that could impact our business. If trade restrictions or tariffs reduce global economic activity, potential impacts could include declining sales; increased costs; volatility in foreign exchange rates; a decline in the value of our financial assets and pension plan investments; required increases of our pension funding obligations; increased government cost control efforts; delays or failures in the performance of customers, suppliers and other third parties on whom we may depend for the performance of our business; and the risk that our allowance for doubtful accounts may not be adequate. In addition, issued or future executive orders or other new or changes in laws, regulations or policy regarding tariffs, could have a material adverse effect on our business, earnings and financial guidance. The actual impact of the new tariffs on our business is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs imposed by other countries.
Read in the filing ↗ Also in 10-K of Feb 26, 2026
Our future results could be adversely affected by changes in laws, regulations or policies, or their interpretation, including, among others, changes in accounting standards, tariffs, tax laws and regulations internationally and in the U.S., including, without limitation, the IRA, the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024 …
Read in the filing ↗ Also in 10-K of Feb 26, 2026
■ The company’s guidance includes the anticipated impact of currently imposed tariffs.
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existing tax laws, tariffs, competition laws, privacy laws and environmental laws or changes to other laws, regulations or policies in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries. For example, issued or future executive orders or other new or changes in laws, regulations or policy regarding tariffs or other trade …
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■ The company’s guidance absorbs the impact of the currently imposed tariffs from China, Canada, and Mexico.
Read in the filing ↗ Also in 8-K of Nov 4, 2025
potential impact, of tariffs and pricing dynamics on our business and operations; our anticipated cash flows and liquidity position; the anticipated costs, savings and potential benefits from certain of our initiatives, including our enterprise-wide Realigning Our Cost Base Program and our Manufacturing Optimization Program to reduce our cost of goods sold; our voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts, including our ability to enter into a binding tariff agreement with the U.S. Government prior to the phase-in of Section 232 tariffs; our expectations regarding product supply; our planned capital spending; our capital allocation framework; and expectations regarding legal proceedings and compliance with existing and anticipated laws and regulations.
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… The actual impact of the new tariffs on our business is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs imposed by other countries. We are evaluating opportunities and developing plans …
Read in the filing ↗ Also in 10-K of Feb 26, 2026
▪ Does not currently include any potential impact related to future tariffs and trade policy changes, which we are unable to predict at this time.
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• risks and uncertainties related to the impact of Pfizer’s voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts, including risks relating to entering into binding final agreements with the U.S. Government and its impact on the applicability of Section 232 tariffs;
Read in the filing ↗ Also in 10-Q of May 5, 2026, 8-K of Jun 18, 2026, 10-K of Feb 26, 2026, 8-K of Feb 3, 2026, 8-K of Nov 4, 2025, 10-Q of Nov 4, 2025, 8-K of Dec 16, 2025
• the exposure of our operations globally to possible capital and exchange controls, economic conditions, expropriation, sanctions, tariffs and/or other restrictive government actions, changes in intellectual property legal protections and remedies, unstable governments and legal systems and inter- governmental disputes; - 25 - • risks and uncertainties related to issued or future executive orders or other new, or changes in, laws, regulations or policy regarding tariffs or other trade or foreign policy and/or the impact of any potential U.S. Governmental shutdowns, including impacts on governmental agencies due to a shutdown;
Read in the filing ↗ Also in 8-K of May 5, 2026, 8-K of Aug 4, 2026, 8-K of Nov 3, 2026, 8-K of Feb 4, 2025, 10-K of Feb 27, 2025, 8-K of Apr 29, 2025, 8-K of Aug 5, 2025, 10-Q of Aug 5, 2025, 8-K of Nov 4, 2025, 10-Q of Nov 4, 2025, 8-K of Dec 16, 2025, 10-K of Feb 26, 2026, 10-Q of May 5, 2026, 8-K of Jun 18, 2026, 10-Q of Aug 4, 2026, 10-Q of Nov 3, 2026
• governmental laws and regulations affecting our operations, including, without limitation, the Inflation Reduction Act of 2022, changes in laws and regulations or their interpretation, including, among others, changes in tariffs, tax laws and regulations internationally and in the U.S., the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024, and potential changes to existing tax laws, tariffs, or changes to other laws and regulations in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries;
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• governmental laws, regulations and policies affecting our operations, including, without limitation, the IRA, as well as changes in such laws, regulations or policies, or their interpretation, including, among others, changes in tariffs, tax laws and regulations internationally and in the U.S., the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024 and potential changes to existing tax laws, tariffs, or changes to other laws, regulations or policies in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries;
Read in the filing ↗ Also in 8-K of Apr 29, 2025, 10-Q of Aug 5, 2025, 10-Q of Nov 4, 2025, 8-K of Aug 5, 2025, 8-K of Dec 16, 2025, 8-K of Nov 4, 2025, 10-K of Feb 26, 2026, 10-Q of May 5, 2026, 10-Q of Aug 4, 2026, 8-K of Feb 3, 2026, 8-K of May 5, 2026, 8-K of Aug 4, 2026, 8-K of Jun 18, 2026
■ The company’s guidance absorbs the impact of the currently imposed tariffs from China, Canada, and Mexico, as well as potential price changes this year based on the letter received on July 31, 2025 from President Trump.
Read in the filing ↗ Also in 8-K of Aug 5, 2025
• risks and uncertainties related to the impact of Pfizer’s voluntary agreements with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts;
Read in the filing ↗ Also in 10-Q of Aug 4, 2026, 8-K of Nov 3, 2026, 10-Q of Nov 3, 2026
will range as high as 85% and on average 50%. The agreements also provide a three-year grace period during which time our products under a Section 232 investigation will not face tariffs, provided the Company further invests in manufacturing in the U.S. Pfizer is now in the process of negotiating definitive agreements to implement these arrangements.
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■ Reaffirms All Components of Full-Year 2025 Financial Guidance (1) , including Revenues in a Range of $61.0 to $64.0 Billion and Adjusted (3) Diluted EPS in a Range of $2.80 to $3.00. The company’s reaffirmed guidance does not currently include any potential impact related to future tariffs and trade policy changes, which we are unable to predict at this time.
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potential impact, of tariffs and pricing dynamics on our business and operations; global economic and/or geopolitical instability, foreign exchange rate fluctuations and inflationary pressures; our anticipated cash flows and liquidity position; the anticipated costs, savings and potential benefits from certain of our initiatives, including our enterprise-wide Realigning Our Cost Base Program and our Manufacturing Optimization Program designed to reduce our cost of goods sold; our voluntary agreements with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts; our expectations regarding product supply; our expectations regarding AI and our ability to successfully integrate and scale our AI initiatives; our planned capital spending; our capital allocation framework; our expectations regarding leverage; and expectations regarding legal proceedings and compliance with existing and anticipated laws and regulations.
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• governmental laws, regulations, policies and accounting standards affecting our operations, including, without limitation, the IRA, as well as new or changes in such laws, regulations, policies or accounting standards or their interpretation, including, among others, new or changes in tariffs, tax laws and regulations internationally and in the U.S., including the OBBBA, which was enacted on July 4, 2025, and is still subject to further guidance; the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024, government cost-cutting measures and related impacts on, among other matters, government staffing, resources and ability to timely review and process regulatory or other submissions; restrictions related to certain data transfers, including data security, data localization and cross border data transfer regulations, and transactions involving certain countries; and potential changes to existing tax laws, tariffs, or changes to other laws, regulations or policies in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries;
Read in the filing ↗ Also in 8-K of Nov 3, 2026
… manufacturing and potential tariff impacts, including our ability to enter into a binding tariff agreement with the U.S. Government prior to the phase-in of Section 232 tariffs; manufacturing and product supply; our expectations regarding the impact of COVID-19 on our business, operations and financial results; and the expected seasonality of demand for certain of our products. Given …
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We operate on a global scale and could be affected by currency and interest rate fluctuations; capital and exchange controls; local and global economic conditions including inflation, recession, volatility and/or lack of liquidity in capital markets; expropriation and other restrictive government actions; changes in intellectual property; legal protections and remedies; trade regulations; tariffs; tax laws and regulations; and procedures and actions affecting approval, production, pricing, and marketing of, reimbursement for and access to our products, as well as impacts of political or civil unrest or military action, including the ongoing conflicts between Russia and Ukraine and in the Middle East and their economic consequences, geopolitical instability, terrorist activity, unstable governments and legal systems, inter-governmental disputes, public health outbreaks, epidemics, pandemics, natural disasters or disruptions related to climate change.
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Agreement with the U.S. Government - - In September 2025, we announced an agreement with the Trump Administration in which we voluntarily agreed to implement measures designed to make certain drug prices for U.S. patients more comparable to those in other developed countries and also allow U.S. patients to purchase certain medicines at significant discounts to current retail prices. The September 2025 agreement also provides a three-year grace period during which time our products will not face Section 232 tariffs, provided the Company further invests in manufacturing in the U.S. Pfizer is now in the process of entering into binding final agreements to implement these arrangements. See the Item 1. Business - - Pricing Pressures and Managed Care Organizations and - - G overnment Regulation an d Price Cons traints sections for additional information.
Read in the filing ↗ Also in 10-K of Feb 26, 2026
We operate on a global scale and could be affected by currency and interest rate fluctuations; global trade tensions; capital and exchange controls; local and global economic conditions including inflation, recession, volatility and/or lack of liquidity in capital markets; expropriation and other restrictive government actions; changes in intellectual property; legal protections and remedies; trade regulations; tariffs; tax laws and regulations; and procedures and actions affecting approval, production, pricing, and marketing of, reimbursement for and access to our products, as well as impacts of political or civil unrest or military action, including, without limitation, the conflicts between Russia and Ukraine and in the Middle East and their economic consequences, geopolitical instability, terrorist activity, unstable governments and legal systems, inter-governmental disputes, public health outbreaks, epidemics, pandemics, natural disasters or disruptions related to climate change.
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… manufacturing and potential tariff impacts; our expectations regarding product supply; our greenhouse gas reduction goals and our expectations regarding environmental costs and expenditures; our planned capital spending; our capital allocation framework; expectations regarding our pension plans; and expectations regarding legal proceedings and compliance with existing and anticipated laws and regulations.
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… manufacturing and potential tariff impacts; our expectations regarding product supply; our expectations regarding AI and our ability to successfully integrate and scale our AI initiatives; our planned capital spending; our capital allocation framework; our expectations regarding leverage; and expectations regarding legal proceedings and compliance with existing and anticipated laws and regulations.
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