Pfizer
31 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Centers for Disease Control and Prevention (CDC)
earns fromnamed as a riskOur vaccines in the U.S. are primarily sold directly to the federal government (including the CDC), wholesalers, individual provider offices, retail pharmacies and integrated delivery systems.Business (Item 1)
Wholesalers
concentrated innamed as a riskIf one of our significant customers should encounter financial or other difficulties, it might decrease the amount of business such customer does with us and/or we might be unable to timely collect all the amounts that such customer owes us or at all, which could negatively impact our results of operations.Risk factors (Item 1A)
Partners and platforms
TrumpRx.gov
earns from · as high as 85% and on average 50%named as a riskWe are also participating in the TrumpRx.gov platform, which allows U.S. patients to purchase certain medicines at significant discounts to current retail prices, where the large majority of the Company’s primary care treatments and some select specialty brands will be offered at savings that will range as high as 85% and on average 50%.Business (Item 1)
Bristol-Myers Squibb (BMS)
depends on · 13% of Total revenuesEliquis (apixaban) is part of the novel oral anticoagulant market and was jointly developed and is commercialized with BMS as an alternative treatment option to warfarin in appropriate patients.Business (Item 1)
Also named by EXEL
BioNTech
depends onComirnaty is an mRNA-based coronavirus vaccine to help prevent COVID-19, which is jointly developed and commercialized with BioNTech.Business (Item 1)
Takeda
earns fromTakeda has commercialization rights in the rest of the world and pays Pfizer a royalty based on a percentage of Takeda’s net sales of Adcetris in its licensed territories, based on annual net sales tiers.Business (Item 1)
Astellas
depends onXtandi (enzalutamide) is an androgen receptor inhibitor that blocks multiple steps in the androgen receptor signaling pathway within tumor cells that is being developed and commercialized in collaboration with Astellas, which has exclusive commercialization rights for Xtandi outside the U.S.Business (Item 1)
Genmab
depends onTivdak (tisotumab vedotin-tftv) is commercialized in collaboration with Genmab.Business (Item 1)
Sumitomo Pharma (SMPS)
depends onOrgovyx (relugolix) is an oral gonadotropin-releasing hormone (GnRH) receptor antagonist for the treatment of adult patients with advanced prostate cancer that is being developed and commercialized with SMPS.Business (Item 1)
Pierre Fabre
earns fromPfizer receives royalties from Pierre Fabre and Ono on sales of Braftovi and Mektovi.Business (Item 1)
OPKO Health
depends onNgenla is licensed from OPKO Health, Inc., and is developed and commercialized by Pfizer, including in the U.S., Latin America, Europe, Africa, and Asia.Business (Item 1)
Other companies
Eliquis
concentrated in · 13% of Total revenuesnamed as a riskFor example, Eliquis accounted for 13% of Total revenues in 2025.Risk factors (Item 1A)
Also named by BMY
Metsera
named as a riskFurthermore, our recent business development initiatives have been concentrated in certain therapeutic areas — for example, our acquisitions of Metsera and Seagen represent significant investments in obesity and oncology, respectively, which are extremely competitive therapeutic areas.Risk factors (Item 1A)
Comirnaty and Paxlovid (COVID-19 products)
concentrated innamed as a riskIn addition, revenues from Comirnaty and Paxlovid have decreased substantially over time and could continue to decrease.Risk factors (Item 1A)
Oxbryta
named as a riskFollowing a comprehensive process, in October 2025, the EMA adopted a negative opinion on benefit-risk for Oxbryta for the treatment of hemolytic anemia due to SCD, recommending that the marketing authorization for the product remain suspended.Risk factors (Item 1A)
Places
China
earns from · 5% of total revenuesnamed as a riskAs a percentage of Total revenues, China was our largest market outside the U.S. in 2025 and 2024 (representing 5% and 4% of total revenues, respectively), and Japan was our largest market in 2023 (representing 6% of total revenues).Business (Item 1)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Hazards
Nitrosamines
named as a riskFor example, in 2021, Pfizer recalled Chantix due to the presence of a nitrosamine, N-nitroso-varenicline, at or above acceptable intake limits communicated by various regulatory authorities.Risk factors (Item 1A)
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskWe may experience increasing inconsistencies and unexpected changes in the evaluations and determinations made by the FDA during the process of applying for marketing approvals of our products due to reductions in workforce, personnel movements, and policy changes.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
Advisory Committee on Immunization Practices (ACIP)
subject tonamed as a riskWe may not be able to receive or maintain favorable recommendations by technical or advisory committees, such as the ACIP or an FDA Advisory Committee, which may impact the availability or commercial potential, or insurance coverage of our products and product candidates.Risk factors (Item 1A)
Also named by MRNA
Laws and programs
One Big Beautiful Bill Act (OBBBA)
subject to · 10 million increase in the U.S. uninsured populationnamed as a riskThe Congressional Budget Office (CBO) estimates the OBBBA will reduce federal healthcare spending and lead to a 10 million increase in the U.S. uninsured population, all of which could lead to increased pricing controls and lower demand for our products.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
U.S. Section 232 pharmaceutical tariffs
subject to · three-year grace periodnamed as a riskAs discussed above, in September 2025, Pfizer entered into a voluntary agreement with the Trump Administration and will receive a three-year grace period during which time Pfizer products will not face Section 232 tariffs, provided we further invest in manufacturing in the U.S.Risk factors (Item 1A)
Medicare Part D Redesign (Inflation Reduction Act)
subject to · approximately $1 billionnamed as a riskThe IRA also made significant changes to the Medicare Part D benefit design (IRA Medicare Part D Redesign), which took effect beginning in 2025 and negatively impacted our 2025 revenues by approximately $1 billion.Business (Item 1)
China Volume-Based Procurement (VBP)
subject tonamed as a riskPfizer, along with most off-patent originators, has mostly not been successful in the VBP bidding process.Business (Item 1)
Medicaid Drug Rebate Program
subject tonamed as a riskChanges to the MDRP or the 340B Program also could have a material impact on our business.Business (Item 1)
Medicare Drug Price Negotiation Program
subject tonamed as a riskIn August 2023, CMS published the first ten medicines subject to the MDPNP, which included Eliquis.Business (Item 1)
340B Program
subject tonamed as a riskThe 340B Program continues to be a subject of congressional scrutiny and inquiries, litigation, and other developments, any or all of which could affect the scope of the 340B Program and Pfizer’s obligation to offer the 340B price to 340B Program-covered entities under the 340B Program.Business (Item 1)
Also named by AMGN
MFN Agreement with Trump Administration
subject tonamed as a riskFurther, we face risks and uncertainties associated with the MFN Agreement, including the possibility of, among other things, unfavorable impacts to pricing and access.Risk factors (Item 1A)
EU Pharma Package
subject tonamed as a riskOnce implemented, certain provisions of the reform could potentially have an adverse impact on our business.Business (Item 1)
EU Health Technology Assessment Regulation (EU HTA-R)
subject tonamed as a riskIn addition, the European Regulation on Health Technology Assessment (EU HTA-R) took effect in January 2025, introducing a single EU-level submission file for joint clinical assessments for oncology medicines and advanced therapy medicinal products.Risk factors (Item 1A)
Medicare Part B Average Sales Price
subject tonamed as a riskThese changes could impact our revenues for such products if Part B reimbursement amounts are negatively impacted.Business (Item 1)