Compare · Health Care
Eli Lilly vs. Pfizer: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Eli Lilly
1 · What it sells
Eli Lilly sells medicines in about 90 countries, and two brands, Mounjaro and Zepbound, were 56% of its $65.2 billion of FY2025 revenue.
Sources and detail on the Eli Lilly page2 · Who pays it
Lilly does not report revenue by final payer and three US wholesalers each bought 16 to 24 percent; by location, in FY2025 the US paid 66.7% of revenue, Europe 17.7%, Japan 3.3%, China 3.0% and the rest of the world 9.3%.
Sources and detail on the Eli Lilly page3 · What it keeps from $100
Of every $100 of FY2025 revenue, Lilly kept $31.7 as net income, after $0.9 of net non-operating costs and $4.5 of acquired research, a deal cost that reached $17.1 in Q3 FY2026; operating income, stated in its earnings release, was $40.4.
Sources and detail on the Eli Lilly page4 · Where the operating profit comes from
Lilly reports one segment and no profit by product, so its $26.3 billion of FY2025 operating income has no official split, though cardiometabolic medicines brought in 74.0% of revenue.
Sources and detail on the Eli Lilly page5 · The one thing to watch
In Q3 FY2026 higher volume added 53% to Lilly's revenue while lower prices took off 15%, with price down 7% in the US and 29% outside it.
Sources and detail on the Eli Lilly page
Pfizer
1 · What it sells
Pfizer sells medicines and vaccines worldwide, and 12 products of more than $1 billion each were 65% of its $62.6 billion of FY2025 revenue.
Sources and detail on the Pfizer page2 · Who pays it
Pfizer reports no revenue by final payer and three US wholesalers bought 54 percent; by location, in FY2025 the US paid 59.2% of revenue, other developed markets 25.9% and emerging markets 14.9%.
Sources and detail on the Pfizer page3 · What it keeps from $100
Of every $100 of FY2025 revenue, Pfizer kept $12.4 as net income, after $10.7 of other deductions that included $7.8 of impairment charges, and with a $0.4 tax benefit; operating income, a Cityfort calculation from the FY2025 10-K, was $22.8.
Sources and detail on the Pfizer page4 · Where the operating profit comes from
Biopharma, Pfizer's one reportable segment, earned $29.3 billion in FY2025 before amortization and other items, other activities lost $8.2 billion, and Pfizer gives no earnings by product group.
Sources and detail on the Pfizer page5 · The one thing to watch
Settled generic companies may launch Eliquis, Pfizer's largest product at $8.0 billion of FY2025 revenue, in the US from Apr 1, 2028, and Pfizer said on Nov 3, 2026 that it expects generic and biosimilar competition to cost about $1.1 billion of 2026 revenue.
Sources and detail on the Pfizer page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Eli Lilly
Where $100 went · FY2025
| Research and development | $20.5 |
|---|---|
| Research bought from others (acquired IPR&D) | $4.5 |
| Cost of making medicines | $17.0 |
| Marketing, selling and admin | $17.0 |
| Special charges and net other costs | $1.6 |
| Income tax | $7.8 |
| Kept as net income | $31.7 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 of revenue in FY2025: each line = line ÷ $65.2 billion × 100. Net other items were a cost, so no other income is added. Rounded lines add to $100.1.
Pfizer
Where $100 went · FY2025
| Research and development | $16.7 |
|---|---|
| Research bought from others (acquired IPR&D) | $2.6 |
| Cost of making products | $25.7 |
| Selling, informational and admin | $22.0 |
| Other deductions (impairments, interest, legal) | $10.7 |
| Amortization of bought rights | $7.8 |
| Restructuring and deal costs | $2.5 |
| Tax benefit and small items (adds) | −$0.4 |
| Kept as net income | $12.4 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 of revenue in FY2025: each line = line ÷ $62.6 billion × 100. Net other items were a cost, so no other income is added. Other deductions include $7.8 of intangible asset impairments ($4.9 billion). The tax line is a benefit, so it adds $0.4.
Line items differ because each company groups its costs its own way in its filings. Only on Eli Lilly's receipt: Cost of making medicines; Marketing, selling and admin; Special charges and net other costs; Income tax. Only on Pfizer's receipt: Cost of making products; Selling, informational and admin; Other deductions (impairments, interest, legal); Amortization of bought rights; Restructuring and deal costs; Tax benefit and small items (adds).
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Eli Lilly
Pfizer
See the numbers
Net income
Eli Lilly
Pfizer
See the numbers
Free cash flow
Eli Lilly
Pfizer
See the numbers
Who pays each company
Eli Lilly
- Customers in the US · 66.7% of revenue66.7% of FY2025 revenue ($43.5 billion). Most products reach pharmacies, doctors and hospitals through wholesalers. Benefit managers, insurers, employers and government programs negotiate rebates. Shares here are by location, because Lilly does not report revenue by final payer.
- Customers in Europe · 17.7% of revenue17.7% of FY2025 revenue ($11.6 billion).
- Customers in Japan · 3.3% of revenue3.3% of FY2025 revenue ($2.1 billion).
- Customers in China · 3.0% of revenue3.0% of FY2025 revenue ($2.0 billion).
- Customers in the rest of the world · 9.3% of revenue9.3% of FY2025 revenue ($6.1 billion).
Pfizer
- Customers in the US · 59.2% of revenue59.2% of FY2025 revenue ($37.1 billion). Most US sales go through wholesalers, while Medicare, Medicaid and contract payers take rebates. Shares here are by location, because Pfizer does not report revenue by final payer.
- Customers in other developed markets · 25.9% of revenue25.9% of FY2025 revenue ($16.2 billion).
- Customers in emerging markets · 14.9% of revenue14.9% of FY2025 revenue ($9.3 billion). China, the largest country outside the US, was 5% of total revenue.
Revenue by segment
Eli Lilly
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Cardiometabolic health | $48.2B | 74.0% |
| Oncology | $9.4B | 14.4% |
| Immunology | $5.2B | 8.1% |
| Neuroscience | $1.4B | 2.1% |
| Other | $943M | 1.4% |
Pfizer
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Primary Care | $26.8B | 42.9% |
| Specialty Care | $17.5B | 28.0% |
| Oncology | $16.8B | 26.9% |
| Other business activities | $1.4B | 2.2% |
Debt and cash
Eli Lilly
- Debt
- $49.5B
- Cash and investments
- $4.9B
On Sep 30, 2026.
At Sep 30, 2026 Lilly's debt exceeded its cash by $44.6 billion, up from $35.2 billion at Dec 31, 2025. That is about 1.2 times EBITDA over the last four quarters.
Pfizer
- Debt
- $62.7B
- Cash and investments
- $14.3B
On Sep 27, 2026.
At Sep 27, 2026 Pfizer's debt exceeded its cash and short-term investments by $48.4 billion, down from $51.2 billion at Dec 31, 2025. That is about 3.4 times operating cash flow over the last four quarters (Cityfort calculation from the FY2025 10-K, Q3 FY2025 10-Q and Q3 FY2026 10-Q).
Sources: Eli Lilly S6, S1, S25, S12, S13, S14, S15 · Pfizer S6, S1, S9, S3, S4
Who owns each company
Eli Lilly
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Feb 25, 2026).
- Lilly Endowment Inc.: 9.6% (as of Oct 19, 2026).
- BlackRock, Inc.: 6.8% (as of Jan 29, 2024).
- Vanguard Capital Management: 6.5% (as of May 1, 2026).
- 2 more holders on the Eli Lilly page.
Pfizer
- One class of shares.
- Officers and directors as a group: 0.0% of shares (as of Jan 31, 2026).
- BlackRock, Inc.: 7.7% (as of Jan 26, 2024).
- Vanguard Capital Management: 7.5% (as of May 1, 2026).
- State Street Corporation: 5.1% (as of Jan 29, 2024).
- 1 more holders on the Pfizer page.
Sources: Eli Lilly S20, S1, S6, S21, S22, S23 · Pfizer S20, S1, S6, S21
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: customer or supplier concentration, pricing, competition, execution, debt, legal cases. Every risk is on each company's page.
Eli Lilly
Every risk type on the Eli Lilly page also appears on the other page.
Pfizer
- COVID-19 revenue has fallen (demand)Comirnaty and Paxlovid fell from 56.1% of revenue in FY2022 to 10.8% in FY2025. They were $2.0 billion in the first nine months of 2026, against $4.2 billion a year earlier.
Key facts
- How does Eli Lilly make money compared with Pfizer?
- Eli Lilly's revenue by segment in FY2025: Cardiometabolic health 74.0%, Oncology 14.4%, Immunology 8.1%, Neuroscience 2.1%, Other 1.4%. Pfizer's revenue by segment in FY2025: Primary Care 42.9%, Specialty Care 28.0%, Oncology 26.9%, Other business activities 2.2%.
- Which is bigger by revenue, Eli Lilly or Pfizer?
- Eli Lilly reported $65.2B of revenue in FY2025, and Pfizer reported $62.6B in FY2025.
- How much net income did Eli Lilly and Pfizer report?
- Eli Lilly reported net income of $20.6B in FY2025, and Pfizer reported $7.8B in FY2025.
- How much of every $100 did Eli Lilly and Pfizer keep as net income?
- Eli Lilly kept $31.7 of every $100 that came in during FY2025, and Pfizer kept $12.4 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Eli Lilly and Pfizer have?
- Eli Lilly had $49.5B of debt and $4.9B of cash and investments on Sep 30, 2026. Pfizer had $62.7B of debt and $14.3B of cash and investments on Sep 27, 2026.
- When do Eli Lilly's and Pfizer's fiscal years end?
- Eli Lilly: December 31. Pfizer: December 31 for US subsidiaries and November 30 for those abroad, so Q3 FY2026 ended Sep 27, 2026 in the US and Aug 23, 2026 abroad.
Sources: Eli Lilly S3, S1, S19, S15, S6, S25, S12, S13, S14 · Pfizer S3, S2, S1, S6, S9, S4
Built from each company's page. Eli Lilly updated Nov 1, 2026; Pfizer updated Nov 6, 2026.
Sources
Eli Lilly
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025), Eli Lilly and Company (SEC EDGAR), Feb 12, 2026
- S3Form 10-K for fiscal year 2023, Eli Lilly and Company (SEC EDGAR), Feb 21, 2024
- S6Form 10-Q for Q3 FY2026 (ended Sep 30, 2026), Eli Lilly and Company (SEC EDGAR), Oct 29, 2026
- S12Earnings release, Q3 FY2026 (8-K Ex. 99.1), Eli Lilly and Company (SEC EDGAR), Oct 29, 2026
- S13Earnings release, Q2 FY2026 (8-K Ex. 99.1), Eli Lilly and Company (SEC EDGAR), Aug 5, 2026
- S14Earnings release, Q1 FY2026 (8-K Ex. 99.1), Eli Lilly and Company (SEC EDGAR), Apr 30, 2026
- S15Earnings release, Q4 FY2025 (8-K Ex. 99.1), Eli Lilly and Company (SEC EDGAR), Feb 4, 2026
- S19Earnings release, Q4 FY2024 (8-K Ex. 99.1), Eli Lilly and Company (SEC EDGAR), Feb 6, 2025
- S20Proxy statement (DEF 14A) for the 2026 annual meeting, Eli Lilly and Company (SEC EDGAR), Mar 20, 2026
- S21Schedule 13G/A, Lilly Endowment Inc., event Sep 30, 2026, Lilly Endowment Inc. (SEC EDGAR), Oct 19, 2026
- S22Schedule 13G, Vanguard Capital Management, event Mar 31, 2026, Vanguard Capital Management (SEC EDGAR), May 1, 2026
- S23Schedule 13G/A, The Vanguard Group, event Mar 13, 2026, The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S25Form 8-K Item 8.01, senior notes offering completed May 20, 2026, Eli Lilly and Company (SEC EDGAR), May 20, 2026
Pfizer
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025), Pfizer Inc. (SEC EDGAR), Feb 26, 2026
- S2Form 10-K for fiscal year 2024, Pfizer Inc. (SEC EDGAR), Feb 27, 2025
- S3Form 10-K for fiscal year 2023, Pfizer Inc. (SEC EDGAR), Feb 22, 2024
- S4Form 10-K for fiscal year 2022, Pfizer Inc. (SEC EDGAR), Feb 23, 2023
- S6Form 10-Q for Q3 FY2026 (ended Sep 27, 2026), Pfizer Inc. (SEC EDGAR), Nov 3, 2026
- S9Form 10-Q for Q3 FY2025 (ended Sep 28, 2025), Pfizer Inc. (SEC EDGAR), Nov 4, 2025
- S13Earnings release for Q2 FY2026 (8-K Exhibit 99), Pfizer Inc. (SEC EDGAR), Aug 4, 2026
- S202026 proxy statement (DEF 14A), Pfizer Inc. (SEC EDGAR), Mar 12, 2026
- S21Schedule 13G, Vanguard Capital Management (event Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), May 1, 2026
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