Compare · Health Care
Merck 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
Merck
1 · What it sells
Merck sells prescription medicines, vaccines and animal health products, and Keytruda, a cancer medicine, brought in $31.6 billion of its $65.0 billion of FY2025 sales.
Sources and detail on the Merck page2 · Who pays it
Merck reports no sales by customer or final payer; by location, in FY2025 the US paid 56.2% of sales, Europe, the Middle East and Africa 22.4% and other regions 21.4%.
Sources and detail on the Merck page3 · What it keeps from $100
Of every $100 of FY2025 sales, Merck kept $28.1 as net income after $24.3 of research, and operating income, a Cityfort calculation from the FY2025 10-K, was $32.6.
Sources and detail on the Merck page4 · Where the operating profit comes from
Pharmaceutical segment profit was $45.8 billion in FY2025 and Animal Health's $2.1 billion, before $26.8 billion of costs Merck keeps outside its segments, such as most research and amortization.
Sources and detail on the Merck page5 · The one thing to watch
Keytruda was 49% of Merck's FY2025 sales, and Merck expects a Medicare set price for it from Jan 1, 2029, after its key US patent runs out in 2028.
Sources and detail on the Merck 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.
Merck
Where $100 went · FY2025
| Cost of making products | $25.2 |
|---|---|
| Research and development | $24.3 |
| Selling, general and administrative | $16.5 |
| Restructuring and other items | $1.6 |
| Income tax and small items | $4.3 |
| Kept as net income | $28.1 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 of sales in FY2025: each line = line ÷ $65.0 billion × 100. Other items were a net cost, so no other income is added. Lines are rounded and add to 100.
Pfizer
Where $100 went · FY2025
| Cost of making products | $25.7 |
|---|---|
| Research and development | $16.7 |
| Selling, informational and admin | $22.0 |
| Other deductions (impairments, interest, legal) | $10.7 |
| Amortization of bought rights | $7.8 |
| Research bought from others (acquired IPR&D) | $2.6 |
| 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 $0.4.
Line items differ because each company groups its costs its own way in its filings. Only on Merck's receipt: Selling, general and administrative; Restructuring and other items; Income tax and small items. Only on Pfizer's receipt: Selling, informational and admin; Other deductions (impairments, interest, legal); Amortization of bought rights; Research bought from others (acquired IPR&D); Restructuring and deal costs; Tax benefit and small items (adds).
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Merck
Pfizer
See the numbers
Net income
Merck
Pfizer
See the numbers
Free cash flow
Merck
Pfizer
See the numbers
Who pays each company
Merck
- Customers in the US · 56.2% of revenue56.2% of FY2025 sales ($36.5 billion). Most US sales go through wholesalers. Shares here are by location, because Merck does not report sales by customer or final payer.
- Europe, Middle East and Africa · 22.4% of revenue22.4% of FY2025 sales ($14.6 billion).
- Asia Pacific, including Japan and China · 11.7% of revenue11.7% of FY2025 sales: Japan $2.7 billion, China $1.9 billion and the rest of Asia Pacific $3.0 billion. China fell from $6.8 billion in FY2023.
- Latin America · 5.2% of revenue5.2% of FY2025 sales ($3.4 billion).
- Other · 4.4% of revenue4.4% of FY2025 sales ($2.9 billion), the remainder Merck does not assign to these regions.
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
Merck
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Pharmaceutical | $58.1B | 89.4% |
| Animal Health | $6.4B | 9.8% |
| Other | $515M | 0.8% |
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
Merck
- Debt
- $53.8B
- Cash and investments
- $9.6B
On Sep 30, 2026.
At Sep 30, 2026 Merck's debt exceeded its cash by $44.2 billion, up from $34.8 billion at Dec 31, 2025. That is about 2.4 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).
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: Merck S6, S1, S4, S9, S26, S27 · Pfizer S6, S1, S9, S3, S4
Who owns each company
Merck
- One class of shares.
- Officers and directors as a group: 0.2% of shares (as of Feb 28, 2026).
- BlackRock, Inc.: 8.2% (as of Jan 26, 2024).
- Vanguard Capital Management: 7.5% (as of Apr 30, 2026).
- The Vanguard Group: 0.0% (as of Mar 27, 2026).
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.
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, demand, competition, execution, debt, legal cases. Every risk is on each company's page.
Merck
Every risk type on the Merck page also appears on the other page.
Pfizer
Every risk type on the Pfizer page also appears on the other page.
Key facts
- How does Merck make money compared with Pfizer?
- Merck's revenue by segment in FY2025: Pharmaceutical 89.4%, Animal Health 9.8%, Other 0.8%. 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, Merck or Pfizer?
- Merck reported $65.0B of revenue in FY2025, and Pfizer reported $62.6B in FY2025.
- How much net income did Merck and Pfizer report?
- Merck reported net income of $18.3B in FY2025, and Pfizer reported $7.8B in FY2025.
- How much of every $100 did Merck and Pfizer keep as net income?
- Merck kept $28.1 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 Merck and Pfizer have?
- Merck had $53.8B of debt and $9.6B 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 Merck's and Pfizer's fiscal years end?
- Merck: 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: Merck S3, S1, S6, S4, S9, S26, S27 · Pfizer S3, S2, S1, S6, S9, S4
Built from each company's page. Merck updated Nov 6, 2026; Pfizer updated Nov 6, 2026.
Sources
Merck
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025), Merck & Co., Inc. (SEC EDGAR), Feb 24, 2026
- S3Form 10-K for fiscal year 2023, Merck & Co., Inc. (SEC EDGAR), Feb 26, 2024
- S4Form 10-K for fiscal year 2022, Merck & Co., Inc. (SEC EDGAR), Feb 24, 2023
- S6Form 10-Q for Q3 FY2026 (ended Sep 30, 2026), Merck & Co., Inc. (SEC EDGAR), Nov 4, 2026
- S9Form 10-Q for Q3 FY2025 (ended Sep 30, 2025), Merck & Co., Inc. (SEC EDGAR), Nov 5, 2025
- S22Proxy statement (DEF 14A) for the 2026 annual meeting, Merck & Co., Inc. (SEC EDGAR), Apr 8, 2026
- S23Schedule 13G, Vanguard Capital Management, event Mar 31, 2026, Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S24Schedule 13G/A, The Vanguard Group, event Mar 13, 2026, The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S26Pricing term sheet (FWP) for $6.0 billion senior notes, May 18, 2026, Merck & Co., Inc. (SEC EDGAR), May 19, 2026
- S27Form 8-K Item 8.01, senior notes offering closed May 22, 2026, Merck & Co., Inc. (SEC EDGAR), May 22, 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
- 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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