Pfizer (PFE) risk factors, FY2024 10-K

Pfizer's FY2024 10-K, filed Feb 27, 2025, lists 16 risk factors in 4 groups. There is no earlier 10-K to compare against, so the most company-specific risks are listed below.

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Risk factors listed
164 groups
Section length
11k wordsItem 1A

Pfizer's biggest risks in the FY2024 10-K

  • Pfizer faces heavy exposure to pricing pressure from biosimilars and government price controls under U.S. and international regulations.
  • The company relies heavily on third-party collaborators and complex supply chains for manufacturing and distribution.
  • Pipeline development carries high clinical trial risks alongside substantial intangible asset and intellectual property exposures.

The risks most specific to Pfizer

  • RISKS RELATED TO OUR BUSINESS, INDUSTRY AND OPERATIONS

    We may become subject to competition from biosimilars referencing our biologic products if competitors are able to obtain marketing approval for such biosimilars

    We face increasing pricing pressures and competition from biosimilars referencing our biologic products, amplified by Medicare reimbursement methodologies.

  • RISKS RELATED TO OUR BUSINESS, INDUSTRY AND OPERATIONS

    PRODUCT MANUFACTURING, SALES AND MARKETING RISKS

    Supply chain disruptions, manufacturing shut-outs, or distribution delays at our or third-party facilities could harm our product sales.

  • RISKS RELATED TO OUR BUSINESS, INDUSTRY AND OPERATIONS

    COLLABORATIONS AND OTHER RELATIONSHIPS WITH THIRD PARTIES

    We depend heavily on third-party collaborators and joint ventures for the research, development, manufacturing, and commercialization of our products.

  • RISKS RELATED TO GOVERNMENT REGULATION AND LEGAL PROCEEDINGS

    PRICING AND REIMBURSEMENT

    U.S. and international price controls and coverage criteria expansions could adversely affect our future results and patient access.

  • RISKS RELATED TO GOVERNMENT REGULATION AND LEGAL PROCEEDINGS

    DEVELOPMENT, REGULATORY APPROVAL AND MARKETING OF PRODUCTS

    The discovery, clinical trials, and regulatory approval of drugs, vaccines, and biological products are costly, lengthy, and highly unpredictable.

  • GENERAL RISKS

    RESPONSIBLE BUSINESS GROWTH

    Climate change transition and physical risks, such as carbon pricing and energy cost increases, could impact our operations.

  • GENERAL RISKS

    INTANGIBLE ASSETS, GOODWILL AND EQUITY-METHOD INVESTMENTS

    Our balance sheet contains significant intangible assets and IPR&D, which carry a high risk of failure to yield successful products.

  • GENERAL RISKS

    CHANGES IN LAWS AND ACCOUNTING STANDARDS

    Changes in international and U.S. laws, including the IRA and global minimum taxation requirements, could adversely affect our financial results.

All 16 risk factors

Headings as the filing states them, in filing order.

RISKS RELATED TO OUR BUSINESS, INDUSTRY AND OPERATIONS

  1. 01We may become subject to competition from biosimilars referencing our biologic products if competitors are able to obtain marketing approval for such biosimilars
  2. 02PRODUCT MANUFACTURING, SALES AND MARKETING RISKS
  3. 03COLLABORATIONS AND OTHER RELATIONSHIPS WITH THIRD PARTIES

RISKS RELATED TO GOVERNMENT REGULATION AND LEGAL PROCEEDINGS

  1. 04PRICING AND REIMBURSEMENT
  2. 05U.S. HEALTHCARE REGULATION
  3. 06DEVELOPMENT, REGULATORY APPROVAL AND MARKETING OF PRODUCTS
  4. 07POST-AUTHORIZATION/APPROVAL DATA

RISKS RELATED TO INTELLECTUAL PROPERTY, TECHNOLOGY AND SECURITY

  1. 08INTELLECTUAL PROPERTY PROTECTION
  2. 09THIRD-PARTY INTELLECTUAL PROPERTY CLAIMS
  3. 10INFORMATION TECHNOLOGY AND SECURITY

GENERAL RISKS

  1. 11BUSINESS DEVELOPMENT ACTIVITIES AND STRATEGIC GOALS
  2. 12RESPONSIBLE BUSINESS GROWTH
  3. 13Changes in the fair value of certain equity investments that are recognized in net income may result in increased volatility of our income. See Note 4 and the Analysis of Financial Condition, Liquidity, Capital Resources and Market Risk section within MD&A
  4. 14COST AND EXPENSE CONTROL AND UNUSUAL EVENTS
  5. 15INTANGIBLE ASSETS, GOODWILL AND EQUITY-METHOD INVESTMENTS
  6. 16CHANGES IN LAWS AND ACCOUNTING STANDARDS

Other Pfizer 10-Ks

  • FY2025 10-K risk factors
    18 risks3 new1 dropped11 reworded

    OBBBA healthcare funding cuts could increase pricing controls and reduce demand, with CBO estimating 10 million more uninsured people.

    Filed Feb 26, 2026

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.