Pfizer changes non-GAAP measure to include IPR&D costs; Q1 adj. income seen down ~$275M

PFIZER INC

Starting Q1 2022, acquired IPR&D costs (upfront/milestone payments, asset acquisitions) included in Adjusted income; prior periods recast.
Expected Q1 2022 impact: Adjusted income reduced by ~$275M, Adjusted diluted EPS by ~$0.05.
Acquired IPR&D expenses will appear as a separate income-statement line item going forward.
FY guidance will include IPR&D costs for signed transactions through a defined date; excludes potential future deals.
Recast GAAP-to-non-GAAP reconciliations for 2020 and 2021 to be posted on or before April 30, 2022.

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