Pfizer recorded a $4.4 billion non‑cash charge tied in part to underperforming recent acquisitions and said it removed several early‑stage programs from development. Management said the company has completed a substantial round of pipeline pruning and will concentrate investment on higher‑conviction assets. CEO Albert Bourla and finance leaders framed the writedown as part of portfolio optimization after a busy acquisition period. The company also identified six early‑stage candidates discontinued during the quarter and outlined plans to reallocate capital to later‑stage, higher‑probability programs. Why it matters: The charge and public comments mark a strategic inflection point for Pfizer, signaling a shift from acquisition volume toward focused organic investment and potentially changing M&A activity and partnering dynamics across oncology and autoimmune franchises.