Pfizer disclosed $4.4 billion in impairment charges tied to recent portfolio adjustments and announced multiple early‑stage program discontinuations as part of a broader pipeline pruning exercise. The company cut six early‑stage assets, including three ulcerative colitis candidates, and shelved select oncology ADC projects while saying remaining investments reflect its strategic priorities. Management framed the moves as a focused reallocation of capital toward higher‑value, later‑stage programs and stated that most pruning is complete. The actions accompany other corporate items, including the Metsera acquisition integration and signaling increased near‑term R&D concentration on prioritized assets. Portfolio rationalization is a common mid‑cycle response to changing clinical risk/reward; stakeholders will track how the write‑downs and program terminations affect future revenues, M&A appetite, and R&D productivity metrics. The market reaction highlighted investor sensitivity to both near‑term charges and long‑term pipeline implications. Key actors: Pfizer executives (Albert Bourla, David Denton), analysts (Evercore, Leerink); reporting from earnings call and Fierce/STAT summaries.