0001792044 2019-02-14 2019-12-31 0001792044 2019-12-31 0001792044 2020-05-06 0001792044 2019-02-13 0001792044 ck0001792044:PfizerStockholdersMember 2019-07-29 0001792044 ck0001792044:MylanShareholdersMember 2019-07-29 0001792044 ck0001792044:PfizerStockholdersMember srt:ScenarioForecastMember 2020-07-01 2020-12-31 0001792044 ck0001792044:PfizerStockholdersMember srt:ScenarioForecastMember 2020-12-31 0001792044 us-gaap:CommonStockMember 2019-02-13 0001792044 us-gaap:AdditionalPaidInCapitalMember 2019-02-13 0001792044 ck0001792044:DueFromShareHolderMember 2019-02-13 0001792044 us-gaap:RetainedEarningsMember 2019-02-13 0001792044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-02-13 0001792044 us-gaap:CommonStockMember 2019-12-31 0001792044 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001792044 ck0001792044:DueFromShareHolderMember 2019-12-31 0001792044 us-gaap:RetainedEarningsMember 2019-12-31 0001792044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 iso4217:USD shares pure iso4217:USD shares false 2019 FY --12-31 Upjohn Inc 0001792044 true 10-K true 2019-12-31 false 000-56114 DE 83-4364296 235 East 42nd Street New York NY 10017 212 733-2323 No No No Yes Non-accelerated Filer false false true 0 100 0 0 0 0 0 0 0 100 0 0 0 0 0 0 0 0 0 0.01 1000 100 1 0 1 0 0 0 0 100 1 0 -1 0 0 0 0 0 0 0 100 1 0 -1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 <div style="text-align: left; font-family: Arial; font-size: 10pt; font-weight: normal; text-decoration: none; margin-top: 24pt; margin-bottom: 0px;"><div style="text-decoration:underline;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note 1. Organization and Basis of Presentation </div></div></div></div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 8pt; margin-bottom: 0px; margin-left: 0%;"><div style="text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">A. Organization</div></div></div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 8pt; margin-bottom: 0px; margin-left: 0%;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">Upjohn Inc. (the “Company” or “Upjohn”), a Delaware corporation, was formed on February 14, 2019, and is currently a wholly-owned subsidiary of Pfizer Inc. (“Pfizer”). The Company has two wholly-owned subsidiaries, Utah Acquisition Holdco Inc. and Utah Acquisition Sub Inc., both of which are Delaware corporations formed on July 25, 2019. The Company and its subsidiaries have not commenced operations, have no significant assets or liabilities and have not conducted any material activities other than those incidental to its formation from February 14, 2019, its date of incorporation, through December 31, 2019. </div></div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 0%;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">On February 13, 2020, the United States Securities and Exchange Commission (the “SEC”) declared effective the<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>Registration Statement on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">S-4,</div> as amended (the “Registration Statement”), of the Company to register shares of its common stock, par value $0.01 per share, that will be issued and distributed in connection with a series of agreements entered into by Pfizer, the Company, Mylan N.V. (“Mylan”) and certain of their affiliates to combine Pfizer’s global, primarily<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"> off-patent</div> branded and generic established medicines business (the “Upjohn Business”) with Mylan in an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">all-stock</div> Reverse Morris Trust transaction (the “Transaction”), creating a new global pharmaceutical company.</div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 9pt; margin-bottom: 0px; margin-left: 0%;">On July 29, 2019, Pfizer announced it had entered into a definitive agreement to combine the Company with Mylan. Under the terms of the Transaction, Pfizer will contribute the Upjohn Business, a business unit of Pfizer, to the Company. The Company will be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">spun-off</div> or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">split-off</div> to Pfizer’s stockholders and, immediately thereafter, combined with Mylan. The name of the new company to be formed by the planned combination of the Upjohn Business and Mylan will be “Viatris.” The voting common stock of the Company is expected to be listed for trading on the NASDAQ. Pfizer stockholders would own 57% of the combined new company, and former Mylan shareholders would own 43%. The Company will issue $12 billion of debt in connection with its separation from Pfizer and will make a cash payment to Pfizer equal to $12 billion as partial consideration for the contribution of the Upjohn Business from Pfizer to the Company. The Transaction is generally expected to be tax free to Pfizer and Pfizer stockholders and is expected to close in the second half of 2020, subject to Mylan shareholder approval and satisfaction of other customary closing conditions, including receipt of regulatory approvals.</div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 9pt; margin-bottom: 0px; margin-left: 0%;"><div style="text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">B. Basis of Presentation</div></div></div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 8pt; margin-bottom: 0px; margin-left: 0%;"><div style="display:inline;">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and present the consolidated balance sheet of the Company as of December 31, 2019 and the related consolidated statements of income, comprehensive income, equity and cash flows of the Company for the period from February 14, 2019 (date of incorporation) to December 31, 2019. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from these estimates. At December 31, 2019, <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Due from shareholder</div></div> represents a receivable from Pfizer </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">of </div><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> $</div>1<div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="display:inline;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">in connection with the issuance of the Company’s common stock (see Note 2). </div></div></div> 0.01 0.57 0.43 12000000000 12000000000 <div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 9pt; margin-bottom: 0px; margin-left: 0%;"><div style="text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">B. Basis of Presentation</div></div></div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 8pt; margin-bottom: 0px; margin-left: 0%;"><div style="display:inline;">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and present the consolidated balance sheet of the Company as of December 31, 2019 and the related consolidated statements of income, comprehensive income, equity and cash flows of the Company for the period from February 14, 2019 (date of incorporation) to December 31, 2019. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from these estimates. At December 31, 2019, <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Due from shareholder</div></div> represents a receivable from Pfizer </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">of </div><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> $</div>1<div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="display:inline;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">in connection with the issuance of the Company’s common stock (see Note 2). </div></div></div> 1 <div style="text-align: left; font-family: Arial; font-size: 10pt; font-weight: normal; margin-top: 20pt; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Note 2. Equity</div></div> </div></div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 8pt; margin-bottom: 0px; margin-left: 0%;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, the Company is authorized to issue 1,000 shares of common stock, par value $0.01 per share. </div></div><div style="text-align: left; text-indent: 0%; font-family: Arial; font-size: 9pt; margin-top: 6pt; margin-bottom: 0px; margin-left: 0%;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, there were 100 shares of common stock, par value of $0.01 per share, of the Company issued and outstanding. All such issued and outstanding shares of common stock were held by Pfizer. </div></div> 1000 0.01 100 100 0.01