Review of Pfizer’s 2015 integrated report

Pfizer is a global pharmaceutical company.  It publishes what it calls its “Annual Review” which presents an integrated view of the company that is the primary download on the investor relations homepage.

The document is positioned as an integrated report:

This integrated Annual Review discusses many dimensions of our performance — financial, social and environmental — in one review. It demonstrates the integral relationship between our responsibilities as an enterprise and our core business strategies and their execution. We produce this review to give all of our stakeholders an overall picture of how we are doing and the progress we are making.

Mixed throughout the report are 24 separate videos featuring Pfizer employees talking about what they are working on.


The report is available for download as a whole or through individual segments. The basic characteristics are as follows:

Corporate Status Public
Year 2015
Title Annual Review
Theme A Transformational Year
Report Type Annual Report
Location on Website Investor Relations
Media Web and Doc
Number of Pages 137
Stakeholders Identify stakeholders
Value Creation Narrative
Standards GRI, UN Global Goals
Assurance N/A

There is a graphic representation of the company’s stakeholders and extensive discussion of the role of the company’s products in patients’ lives.

Pfizer collaboration ecosystem


The overall organization of the report is around four strategic goals:

Pfizer strategic imperatives in their integrated report


The report includes financial data but the company’s full financial package is available in a number of separate downloads in the reporting section.

It also includes a graphic of the 17 UN Sustainable Development Goals and says that the company is actively embracing the SDG and sees health as an underlying focus of the entire effort.

The Capitals

One of the core concepts of integrated reporting is the inclusion of information about the six key categories of capital.  Pfizer provides multi-year metrics for all the capitals except for intellectual capital.

Coverage of the Capitals None Narrative Single Year




Financial Capital X
Fixed Capital X
Intellectual Capital X
Human Capital X
Relationship Capital X
Natural Capital X

Drug designs and development are key to Pfizer’s business so it’s interesting that the metrics for intellectual capital were for a single year. Common metrics measures development activities and awarding of patents.  An example is this pipeline summary:

Pfizer pipeline


Value Creation

The report includes numerous graphics that explain strategic value creation in specific parts of the business such as the one below on making tablets.

Pfizer tablet strategic plan


However, there is no graphic(s) that attempts to pull all the elements of the company together (hence the narrative only score in the value creation category above).

I’ve been on a journey exploring the integrated reports of a number of U.S.-based entities. You can read the reviews of ten integrated reports here: