Health Care · NYSE: PFE
Pfizer: how the business works
Pfizer discovers, makes and sells medicines and vaccines worldwide, with revenue of $62.6 billion in FY2025, down from $101.2 billion in FY2022 as COVID-19 product sales fell.
By Hardik Bhandare · Checked against filings:
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Pfizer Inc. · New York, New York
Last updated
- Revenue, FY2025
- $62.6B
- Operating income, FY2025 (Cityfort calculation from the FY2025 10-K)
- $14.2B
- Net income, FY2025
- $7.8B
- Employees, end of 2025
- About 75,000
- Incorporated in Delaware
- 1942
The short version
Pfizer in 5 points
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.
2 · 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%.
3 · 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.
4 · 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.
5 · 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: From Pfizer's FY2025 10-K, Q3 FY2026 10-Q and earnings releases · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Pfizer's money go?
Pfizer · FY2025
Receipt for every $100
| Cost of making products | $25.7 |
|---|---|
| Selling, informational and admin | $22.0 |
| Research and development | $16.7 |
| 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 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
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.
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02The business in one line
What does Pfizer do?
Wholesalers, governments and other buyers pay Pfizer for medicines and vaccines; most of the money goes on making, marketing and researching them, and what is left is profit.
- In FY2025 customers in the US were 59.2% of revenue. Twelve products of more than $1 billion each were 65%, and Eliquis alone was 13%.
- Comirnaty and Paxlovid, its COVID-19 products, fell from $56.7 billion in FY2022 to $6.7 billion in FY2025. Biopharma revenue without them rose from $45.7 billion in FY2023 to $54.5 billion in FY2025.
03Who pays it
Who pays Pfizer?
Customers in the US
59%
of revenue
59.2% 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
26%
of revenue
25.9% of FY2025 revenue ($16.2 billion).
Customers in emerging markets
15%
of revenue
14.9% of FY2025 revenue ($9.3 billion). China, the largest country outside the US, was 5% of total revenue.
- Customers in the US59%
- Customers in other developed markets26%
- Customers in emerging markets15%
Customer concentration
McKesson (25%), Cencora (16%) and Cardinal Health (13%) bought 54% of FY2025 revenue (Cityfort calculation from the FY2025 10-K) and were 40% of receivables at Dec 31, 2025. They are distributors, not final payers. Rebates, chargebacks and other deductions took $27.3 billion off gross product sales in the first nine months of 2026, including $3.0 billion of Medicare rebates and $1.2 billion of Medicaid rebates. Pfizer gives no split of revenue by insurer, Medicare, Medicaid or cash.
- Largest customer
- 25%
04Why it makes money
Why does Pfizer make money?
Patented medicines cost far less to make than they bring in, but each patent ends, so Pfizer must keep replacing products.
Pfizer kept $74.3 of gross profit per $100 of FY2025 revenue, up from $58.1 in FY2023, a year with $6.2 billion of COVID-19 inventory write-offs. That margin pays for research and deals. Debt-funded deals then add amortization, interest and sometimes impairments below the gross profit line.
Gross profit per $100 of revenue (Cityfort calculation from the FY2025 10-K)
$58.1$74.3
FY2023 to FY2025
- Pfizer discovers, licenses or buys a medicine
- Patents limit direct copies for years
- Sales run through wholesalers and governments
- Cost of sales was $25.7 per $100 of revenue in FY2025
- Cash pays for research, deals and dividends
- Generics arrive and new products must replace old ones
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Pfizer?
Primary Care
43%Eliquis, vaccines, COVID-19 products and migraine medicines. Pfizer gives no profit figure for any product group.
Revenue $26.8B
Specialty Care
28%Rare disease and inflammation medicines, led by the Vyndaqel family. Groups changed on Jan 1, 2026, so these 2025 totals do not compare with 2026 totals.
Revenue $17.5B
Oncology
27%Cancer medicines, including those from the Seagen deal. In Q3 FY2026 this group had $4.3 billion, against $3.9 billion a year earlier on the new grouping.
Revenue $16.8B
Other business activities
2%Mostly Pfizer CentreOne contract manufacturing ($1.3 billion). These activities had an $8.2 billion loss in FY2025, against Biopharma segment earnings of $29.3 billion, before amortization and other items.
Revenue $1.4B
How the mix changed
- Primary Care
- Specialty Care
- Oncology
- Other business activities
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Pfizer done?
Revenue
$62.6BFY2025
Revenue reached $101.2 billion in FY2022 on COVID-19 products, fell to $59.6 billion in FY2023 and was $62.6 billion in FY2025; Q3 FY2026 revenue of $16.6 billion was about flat from a year earlier, and FY2021 leaves out $857 million of royalties that later years count in revenue.
US$
See the numbers
Net profit
$7.8BFY2025
Net income was $7.8 billion in FY2025, after $4.9 billion of impairments, and Q4 FY2025 and Q2 FY2026 were net losses of $1.6 billion and $248 million, mainly because of impairment charges.
US$
See the numbers
Profit kept per $100 of revenue
$12.4FY2025
Net income per $100 of revenue was $12.4 in FY2025, helped by a $266 million tax benefit, and operating income per $100 was $22.8, up from $19.5 in FY2024; Pfizer reports no operating income line, so operating income and EBITDA are a Cityfort calculation from the FY2023 to FY2025 10-Ks.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$9.1BFY2025
Free cash flow here is cash from operations minus purchases of property and equipment; it was $9.1 billion in FY2025, when Pfizer paid $9.8 billion of dividends, against $29.9 billion in FY2021.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (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). Net profit is the share belonging to the company's owners.
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (17)
- Form 10-K for fiscal year 2023
- Form 10-K for fiscal year 2024
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Earnings release for Q4 FY2024 (8-K Exhibit 99)
- Form 10-Q for Q3 FY2025 (ended Sep 28, 2025)
- Earnings release for Q1 FY2025 (8-K Exhibit 99)
- Form 10-Q for Q1 FY2025 (ended Mar 30, 2025)
- Earnings release for Q2 FY2025 (8-K Exhibit 99)
- Form 10-Q for Q2 FY2025 (ended Jun 29, 2025)
- Earnings release for Q3 FY2025 (8-K Exhibit 99)
- Earnings release for Q4 FY2025 (8-K Exhibit 99)
- Earnings release for Q1 FY2026 (8-K Exhibit 99)
- Form 10-Q for Q1 FY2026 (ended Mar 29, 2026)
- Earnings release for Q2 FY2026 (8-K Exhibit 99)
- Form 10-Q for Q2 FY2026 (ended Jun 28, 2026)
- Earnings release for Q3 FY2026 (8-K Exhibit 99)
- Form 10-Q for Q3 FY2026 (ended Sep 27, 2026)
07Who runs it
Who runs Pfizer, and did they deliver?
Albert Bourla
Chairman and CEO · since 2019
CEO since January 2019 and chairman since January 2020. FY2025 total pay was $27,585,301, or 277 times the median employee's $99,631.
Cecile Guegan
Chief Financial Officer · since 2026
Elected CFO effective Nov 1, 2026, after serving as interim CFO from Aug 16, 2026. She followed David Denton, who stepped down on Aug 15, 2026.
What they said, and what happened
1 delivered · 5 too early to tell
Said on Feb 4, 2025
FY2025 revenue of $61.0 billion to $64.0 billion.
DeliveredWhat happened
FY2025 revenue was $62.6 billion.
Said on Dec 16, 2025
FY2026 revenue of $59.5 billion to $62.5 billion.
Too early to tellWhat happened
Pfizer raised the range to $62.0 billion to $64.0 billion on Nov 3, 2026. Revenue was $46.1 billion for nine months.
Said on Feb 3, 2026
About $5 billion of FY2026 revenue from COVID-19 products.
Too early to tellWhat happened
Pfizer lowered this to about $4 billion on Aug 4, 2026. Comirnaty and Paxlovid brought in $2.0 billion in nine months.
Said on Feb 26, 2026
About $5.7 billion of net cost savings from its cost-base program through 2026.
Too early to tellWhat happened
Pfizer said $5.1 billion had been achieved through 2025.
Said on Feb 26, 2026
About $1.5 billion of net savings from the first phase of its manufacturing program by the end of 2027.
Too early to tellWhat happened
Pfizer said about $600 million had been achieved by the end of 2025.
Said on Aug 4, 2026
10 Phase 3 studies of berobenatide, its obesity candidate, in 2026.
Too early to tellWhat happened
The year has not ended.
Sources (10)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- 8-K filed Nov 3, 2026: CFO election (Item 5.02)
- 8-K filed Jun 18, 2026: CFO departure (Item 5.02)
- Earnings release for Q4 FY2024 (8-K Exhibit 99)
- Earnings release for Q4 FY2025 (8-K Exhibit 99)
- 8-K filed Dec 16, 2025: 2026 guidance release (Exhibit 99)
- Earnings release for Q3 FY2026 (8-K Exhibit 99)
- Form 10-Q for Q3 FY2026 (ended Sep 27, 2026)
- Earnings release for Q2 FY2026 (8-K Exhibit 99)
08What could go wrong
What could go wrong for Pfizer?
- Competition
Patents on major medicines are running out
Pfizer's Feb 26, 2026 10-K anticipates "a significant reduction of revenue" from expiries in 2026 through 2030, and gives no total. Basic US patents on Ibrance and Xtandi run to 2027, and settled generic companies may launch Eliquis from Apr 1, 2028.
Watch Generic launch dates, and the expected 2026 effect, about $1.1 billion as of Nov 3, 2026.
- Pricing
US drug pricing rules
Medicare's negotiated Eliquis price began Jan 1, 2026; Ibrance and Xtandi follow in 2027. Binding agreements with the US government aim to make certain US prices more comparable to other developed countries.
Watch The 340B pilot, which Pfizer's Nov 3, 2026 10-Q says is expected to begin in January 2027 and is in litigation.
- Demand
COVID-19 revenue has fallen
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.
Watch Pfizer's FY2026 COVID-19 revenue statement, about $4 billion on Aug 4, 2026.
- Concentration
A few wholesalers and products
Three US wholesalers bought 54% of FY2025 revenue. Twelve products were 65% of revenue, and Eliquis alone was 13%.
Watch The wholesaler percentages and product table in each 10-K.
- Execution
Failed trials can erase bought assets
A failed Phase 3 lung cancer study led to a $3.8 billion write-down in 2026. FY2025 impairments were $4.9 billion. Goodwill and intangible assets were $117.4 billion at Sep 27, 2026.
Watch Impairment lines in other deductions, and results from Metsera's obesity programs.
- Debt
Debt, with dividends above free cash flow
Total debt was $62.7 billion at Sep 27, 2026. Pfizer paid $9.8 billion of dividends in FY2025 against $9.1 billion of free cash flowCash from operations minus spending on buildings and equipment. Learn more, and FY2023 dividends also exceeded free cash flow.
Watch Net debt and full-year free cash flow in the FY2026 10-K.
- Legal
Product liability lawsuits
Plaintiffs allege harm from products including Zantac and Depo-Provera. Certain legal matters cost $1.0 billion in the first nine months of 2026, against $755 million a year earlier. Pfizer says it cannot estimate the range of further loss.
Watch The legal note in each 10-Q.
- Execution
Reliance on partners
Pfizer shares Eliquis with Bristol Myers Squibb, Comirnaty with BioNTech, and Xtandi and Padcev with Astellas. The 10-K names partner issues as a risk.
Watch Alliance revenues, $9.3 billion in FY2025.
09Both sides
What do supporters and critics point to?
What supporters point to
- Biopharma revenue without Comirnaty and Paxlovid rose from $45.7 billion in FY2023 to $54.5 billion in FY2025.
- Gross profit per $100 of revenue rose from $58.1 in FY2023 to $74.3 in FY2025.
- Eliquis, the Vyndaqel family and Padcev rose 25%, 11% and 55% in Q3 FY2026 from a year earlier.
- Pfizer raised its FY2026 revenue range to $62.0 billion to $64.0 billion on Nov 3, 2026.
- The first-quarter 2026 dividend was Pfizer's 349th in a row.
What critics point to
- Pfizer's Nov 3, 2026 10-Q anticipates a significant revenue reduction from patent and exclusivity expiries in 2026 through 2030.
- Comirnaty and Paxlovid fell from $56.7 billion in FY2022 to $6.7 billion in FY2025.
- Dividends paid of $9.8 billion exceeded free cash flow of $9.1 billion in FY2025.
- Debt exceeded cash and short-term investments by $48.4 billion at Sep 27, 2026.
- Impairments were $4.9 billion in FY2025 and $4.3 billion in the first nine months of 2026.
10What to watch next
What should you watch next at Pfizer?
Next event
Q4 FY2026 results
Date not announced yet.
Eliquis prices and generics
Eliquis brought in $2.5 billion in Q3 FY2026, under a Medicare negotiated price since Jan 1, 2026. Settled generic companies may launch in the US from Apr 1, 2028, or earlier if patents fall in litigation.
COVID-19 products
Pfizer said on Aug 4, 2026 that it expects about $4 billion in FY2026, down from about $5 billion on Feb 3. The two products brought in $2.0 billion in nine months.
Obesity trials and research spending
Pfizer said on Aug 4, 2026 that it plans 10 Phase 3 studies of berobenatide in 2026. Research and development cost $3.0 billion in Q3 FY2026, up from $2.5 billion a year earlier.
11Key dates
What are the key dates for Pfizer?
| Event | Date | Source |
|---|---|---|
| Possible earlier US generic Eliquis launchOnly if the formulation patent is held invalid or not infringed in future litigation, through appeal. If both patents fall, launch could come upon that decision. | Form 10-K for fiscal year 2025 (ended Dec 31, 2025) | |
| Settled generic companies may launch Eliquis in the USUnder patent settlements. Three other generic companies must wait for the formulation patent to expire in 2031. | Form 10-K for fiscal year 2025 (ended Dec 31, 2025) | |
| Section 232 tariff rate on Pfizer products is zero untilPfizer's Nov 3, 2026 10-Q says this applies under its agreements with the US government and the April 2, 2026 Section 232 order, and that there is no assurance the government will not modify these measures or adopt new ones. | Form 10-Q for Q3 FY2026 (ended Sep 27, 2026) | |
| Generic Vyndamax may launch under 2026 settlementsSubject to other litigation. Pfizer settled with all earlier generic filers except Apotex in 2026. That case continues, and Pfizer sued a later filer, Zenara, in October 2026. | Form 10-Q for Q3 FY2026 (ended Sep 27, 2026) |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Pfizer
- What does Pfizer do?
- Pfizer discovers, develops, makes and sells medicines and vaccines worldwide from New York. Pfizer's revenue was $62.6 billion in FY2025 (calendar 2025) and $16.6 billion in Q3 FY2026.
- How does Pfizer make money?
- Pfizer makes money mainly by selling medicines and vaccines. In FY2025 Pfizer had $51.7 billion of product revenues (82.6%), $9.3 billion of alliance revenues from products sold with partners (14.8%) and $1.7 billion of royalty revenues (2.6%).
- What is Pfizer's business model?
- Pfizer's business model is to discover, license or buy medicines, protect them with patents and sell them while that protection lasts. In FY2025 Pfizer kept $74.3 of gross profit per $100 of revenue and spent $16.7 per $100 on research and development.
- Is Pfizer profitable?
- Yes, on a full-year basis. Pfizer reported net income of $7.8 billion in FY2025 and $5.7 billion in the first nine months of 2026, though Q4 FY2025 and Q2 FY2026 were net losses after impairment charges.
- What is Pfizer's revenue by segment?
- Pfizer's one reportable segment, Biopharma, had $61.2 billion of its $62.6 billion FY2025 revenue. By product group, Pfizer reported FY2025 revenue of $26.8 billion in Primary Care, $17.5 billion in Specialty Care and $16.8 billion in Oncology, with $1.4 billion in other business activities.
- Who are Pfizer's customers?
- Pfizer's largest direct customers are three US wholesalers: McKesson (25%), Cencora (16%) and Cardinal Health (13%) of FY2025 revenue. By location, customers in the US were 59.2% of Pfizer's FY2025 revenue. Pfizer gives no split by insurer, Medicare, Medicaid or cash.
- Who owns Pfizer?
- Pfizer is widely held, with one class of stock and one vote per share. BlackRock reported 7.70% in a January 2024 filing and Vanguard Capital Management 7.51% in a May 2026 filing. Pfizer's directors and executive officers together held less than 1% on Jan 31, 2026.
- How much does Pfizer earn from primary care medicines and vaccines?
- Pfizer's Primary Care group had revenue of $26.8 billion in FY2025. It includes Eliquis ($8.0 billion), the Prevnar family of vaccines ($6.5 billion), Comirnaty ($4.4 billion) and Paxlovid ($2.4 billion).
- How much does Pfizer earn from cancer medicines?
- Pfizer's Oncology group had revenue of $16.8 billion in FY2025, up from $12.5 billion in FY2023. It includes Ibrance ($4.1 billion), Xtandi ($2.2 billion) and Padcev ($1.9 billion).
- How much does Pfizer earn from specialty care and hospital products?
- Pfizer's Specialty Care group had revenue of $17.5 billion in FY2025, led by the Vyndaqel family at $6.4 billion. Pfizer's Hospital and Biosimilars group, created on Jan 1, 2026 from parts of other groups, had $5.1 billion in the first nine months of 2026.
Sources (8)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Earnings release for Q3 FY2026 (8-K Exhibit 99)
- Earnings release for Q2 FY2026 (8-K Exhibit 99)
- Earnings release for Q1 FY2026 (8-K Exhibit 99)
- Earnings release for Q4 FY2025 (8-K Exhibit 99)
- 2026 proxy statement (DEF 14A)
- Schedule 13G, Vanguard Capital Management (event Mar 31, 2026)
- Form 10-Q for Q3 FY2026 (ended Sep 27, 2026)
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Pfizer sell?
Primary Care ($26.8B in FY2025)
Eliquis for blood clots ($8.0 billion), the Prevnar family of pneumococcal vaccines ($6.5 billion), the COVID-19 vaccine Comirnaty ($4.4 billion), the COVID-19 pill Paxlovid ($2.4 billion) and Nurtec for migraine ($1.4 billion).
Specialty Care ($17.5B in FY2025)
The Vyndaqel family for a rare heart disease called ATTR-CM ($6.4 billion), Xeljanz for rheumatoid arthritis ($1.1 billion), and medicines for hemophilia and inflammation.
Oncology ($16.8B in FY2025)
Cancer medicines: Ibrance for breast cancer ($4.1 billion), Xtandi for prostate cancer ($2.2 billion), Padcev for urothelial cancer ($1.9 billion) and Lorbrena for a type of lung cancer ($1.0 billion).
Hospital and Biosimilars (new group, $5.1B in nine months of 2026)
Off-patent injectable drugs and biosimilars, which are close copies of biologic drugs. Pfizer created this group on Jan 1, 2026, mostly from Specialty Care and Oncology products.
Pfizer CentreOne ($1.3B in FY2025)
Contract work: developing and making drugs and drug ingredients for other companies.
What it does
- Does: Researches, makes and sells its own medicines and vaccines
- Does: Sells major products with partners: Eliquis with Bristol Myers Squibb, Comirnaty with BioNTech, Xtandi and Padcev with Astellas
- Does: Buys or licenses drugs in development, such as Metsera's obesity programs and Innovent's cancer programs
What it does not do
- Does not: Does not own a consumer health business: it sold its last Haleon shares in Q1 2025 for $6.3 billion
- Does not: Does not own its old off-patent brands such as Lipitor and Viagra: they went into Viatris in a Nov 16, 2020 spin-off
- Does not: Does not report an obesity medicine among its products: berobenatide, from Metsera, was still in trials on Aug 4, 2026
14How the money flows
14How the money flows · FY2025
How does money flow through Pfizer?
Money in
- Product revenues$51.7B
- Alliance revenues (products sold with partners)$9.3B
- Royalty revenues$1.7B
The company
Pfizer
$62.6B came in
Money out
- Cost of making products (cost of sales)$16.1B
- Selling, informational and admin$13.8B
- Research and development$10.4B
- Amortization, acquired research and restructuring$8.0B
- Other deductions (impairments, interest, legal)$6.7B
- Income tax (a benefit), discontinued operations and noncontrolling interests−$250M
- Net income$7.8B
- Buyers paid Pfizer $62.6 billion in FY2025: $51.7 billion for products, $9.3 billion through alliances and $1.7 billion in royalties.
- Making the products cost $16.1 billion, selling and admin took $13.8 billion, and research took $10.4 billion.
- Amortization (spreading the cost of bought rights over time), acquired research and restructuring took $8.0 billion.
- Other deductions took $6.7 billion, including $4.9 billion of impairments, which are write-downs of assets worth less than recorded.
- A $266 million tax benefit added to what was left, and $7.8 billion became net income. Pfizer still paid $4.7 billion of cash taxes.
15What it needs to run
15What it needs to run
What does Pfizer need to run?
Research
Research and development cost $10.4 billion in FY2025, plus $1.6 billion for research bought from others. Trials can fail: a June 2026 Phase 3 lung cancer miss led to a $3.8 billion write-down.
Patents
Basic US patents run to 2027 for Ibrance and Xtandi, 2033 for Padcev and Lorbrena, 2034 for Nurtec and 2035 for Prevnar 20. Settled generic companies may launch Eliquis from Apr 1, 2028.
Factories and people
Property, plant and equipment was $19.3 billion at Dec 31, 2025. Pfizer had about 75,000 employees then, down from 88,000 in 2023.
Partners
Bristol Myers Squibb, BioNTech and Astellas share major products. Alliance revenues were $9.3 billion in FY2025.
16Where it sells
16Where it sells · FY2025
Where does Pfizer sell?
- United States59%
- Other developed markets26%
- Emerging markets15%
17Competitors and what protects it
17Competitors and what protects it
Who does Pfizer compete with?
Moderna
Its 10-K says COVID vaccine competition comes largely from Pfizer and BioNTech. Moderna's total FY2025 revenue was $1.9 billion, against $4.4 billion for Comirnaty.
GlaxoSmithKline
Moderna's 10-K says GSK and Pfizer both sell RSV vaccines and entered the US market first. Pfizer's RSV vaccine, Abrysvo, had $1.0 billion of FY2025 revenue.
Sanofi and Novavax
Moderna's 10-K also names both as COVID vaccine competitors.
Apotex
A generic drug maker seeking to sell tafamidis, the drug in Vyndamax. Pfizer settled with all earlier generic filers except Apotex in 2026. That case continues, and Pfizer sued a later filer, Zenara, in October 2026.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Range of products4 of 5
Twelve products each brought in more than $1 billion in FY2025 and were 65% of revenue. The largest, Eliquis, was 13%.
- Research spending4 of 5
Pfizer spent $10.4 billion on research and development in FY2025, 16.7% of revenue, plus $1.6 billion on acquired research.
- Global reach4 of 5
Revenue exceeded $500 million in each of 12 countries outside the US in 2025, and 40.8% of FY2025 revenue came from outside the US.
- Patents on the main medicines3 of 5
Basic US patents on Padcev and Lorbrena run to 2033 and Prevnar 20 to 2035. Those on Ibrance and Xtandi run to 2027, and settled generic companies may launch Eliquis from Apr 1, 2028.
- Pricing power2 of 5
Medicare set a negotiated Eliquis price from Jan 1, 2026, with Ibrance and Xtandi following in 2027. Pfizer also agreed with the US government to make certain prices more comparable to other developed countries.
Weak spot
Patent expiries
Pfizer's Nov 3, 2026 10-Q anticipates a significant revenue reduction from patent and exclusivity expiries in 2026 through 2030, with the rate of reduction expected to accelerate. It gives no total for those years.
18Where growth could come from
18Where growth could come from
Where could Pfizer's growth come from?
Pfizer said in its Q3 FY2026 earnings release (Nov 3, 2026) that it expects FY2026 revenue of $62.0 billion to $64.0 billion. On Dec 16, 2025 it had said $59.5 billion to $62.5 billion.
Eliquis
Mixed$2.5B in Q3 FY2026, up 25%
Pfizer ties the rise mainly to higher US net price from lower rebates and channel mix. A Medicare negotiated price began Jan 1, 2026, and generics may launch from Apr 1, 2028 under settlements.
Status: Mixed, partly on track.
Vyndaqel family
Working$1.8B in Q3 FY2026, up 11%
Revenue rose from $5.5 billion in FY2024 to $6.4 billion in FY2025. Pfizer says new US payer contracts have lowered net price in 2026.
Status: Working, on track against what the company said.
Padcev
Working$720M in Q3 FY2026, up 55%
A cancer medicine sold with Astellas, gained through the Seagen deal. The FDA approved a new bladder cancer use in July 2026.
Status: Working, on track against what the company said.
Nurtec
Working$547M in Q3 FY2026, up 33%
A migraine medicine Pfizer gained by buying Biohaven in October 2022. FY2025 revenue was $1.4 billion.
Status: Working, on track against what the company said.
Obesity programs from Metsera
Early10 Phase 3 studies planned in 2026
Pfizer said on Aug 4, 2026 that it plans these for berobenatide, a monthly injection candidate. It bought Metsera on Nov 13, 2025, and recorded $8.0 billion of consideration for the deal.
Status: Early, too early to judge.
Licensed-in cancer programs
New$650M paid to Innovent in 2026
This May 2026 deal covers 12 early-stage programs, with up to $9.85 billion of milestones. Pfizer paid 3SBio $1.35 billion upfront in 2025.
Status: New, recently announced.
Cost programs
Working$5.1B saved through 2025
Pfizer's statement against its goal of about $5.7 billion through 2026. In Q3 FY2026 it added about $1.0 billion for 2027 to 2029, at a one-time cost of about $2.0 billion.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (8)
- Earnings release for Q3 FY2026 (8-K Exhibit 99)
- 8-K filed Dec 16, 2025: 2026 guidance release (Exhibit 99)
- Form 10-Q for Q3 FY2026 (ended Sep 27, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Earnings release for Q2 FY2026 (8-K Exhibit 99)
- Form 10-K for fiscal year 2023
- Form 10-K for fiscal year 2022
- 8-K filed Nov 13, 2025: Metsera acquisition completed (Item 8.01)
19The company's own measures (non-GAAP)
19The company's own measures · FY2021 to FY2025, Q3 FY2026 and the nine months to Sep 27, 2026
What do Pfizer's own measures show?
Official (GAAP): Net income, FY2025
$7.8B
Company's own measure: Adjusted income, FY2025
$18.4B
Pfizer leaves out amortization of intangibles, certain acquisition-related items, discontinued operations and certain significant items such as impairments and restructuring. It keeps acquired research in.
Official (GAAP): Diluted EPS, FY2025
$1.36
Company's own measure: Adjusted diluted EPS, FY2025
$3.22
Same exclusions, per share. On Feb 4, 2025 Pfizer had said it expected $2.80 to $3.00 for FY2025.
Official (GAAP): Diluted EPS, FY2024
$1.41
Company's own measure: Adjusted diluted EPS, FY2024
$3.11
Same type of exclusions, per share.
Official (GAAP): Diluted EPS, FY2023
$0.37
Company's own measure: Adjusted diluted EPS, FY2023
$1.84
Same type of exclusions, per share.
Official (GAAP): Diluted EPS, FY2022
$5.47
Company's own measure: Adjusted diluted EPS, FY2022
$6.58
Same type of exclusions, per share.
Official (GAAP): Diluted EPS, FY2021
$3.85
Company's own measure: Adjusted diluted EPS, FY2021
$4.06
First reported as $4.42, then recast to $4.06 after Pfizer began keeping acquired research in this measure.
Official (GAAP): Net income, Q3 FY2026
$3.2B
Company's own measure: Adjusted income, Q3 FY2026
$5.0B
The bridge adds back $1.1 billion of amortization and $893 million of restructuring-type costs, among other items.
Official (GAAP): Diluted EPS, Q3 FY2026
$0.56
Company's own measure: Adjusted diluted EPS, Q3 FY2026
$0.87
It keeps in the $650 million Innovent research charge, about $0.10 a share.
Official (GAAP): Diluted EPS, nine months to Sep 27, 2026
$0.99
Company's own measure: Adjusted diluted EPS, nine months to Sep 27, 2026
$2.39
On Nov 3, 2026 Pfizer said it expects FY2026 adjusted diluted EPS of $2.95 to $3.05, up from $2.80 to $3.00 on Dec 16, 2025. It gives no GAAP EPS guidance.
Official (GAAP): Total revenue growth, Q3 FY2026 (Cityfort calculation from the Q3 FY2026 earnings release)
−0.4%
Company's own measure: Revenue growth excluding Comirnaty, Paxlovid and currency moves, Q3 FY2026
7%
Pfizer removes its two COVID-19 products and the effect of exchange-rate moves.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
20Financial strength and debt
20Financial strength · Sep 27, 2026
How much debt does Pfizer have?
- Total debt$62.7B
- Cash and investments$14.3B
- Net debt (debt minus cash)$48.4B
- Net worth (shareholders' money)$89.0B
- Debt to equity
- 0.7×
- $ of debt for every $1 of shareholders' money
- Debt excludes leases ($2.6 billion of operating lease liabilities at Dec 31, 2025). Net debt counts cash and short-term investments; counting cash alone gives $60.8 billion. Net debt is a Cityfort calculation from the Q3 FY2026 10-Q.
- Total debt doubled from $35.8 billion at the end of FY2022 to $71.9 billion at the end of FY2023, when Pfizer financed the Seagen deal.
- Goodwill and intangible assets were $117.4 billion, 57% of total assets of $204.5 billion (Cityfort calculation from the Q3 FY2026 10-Q). Intangibles fell $7.8 billion in nine months, mostly from impairments and amortization.
- Pfizer's 10-Q states credit ratings of A2 from Moody's and A from S&P, both with a stable outlook, on Nov 3, 2026. It has a $7.0 billion bank credit line maturing in October 2031.
- Pfizer says the range of possible legal losses beyond its accruals cannot be estimated.
21Who owns it
21Who owns it · ownership as of Jan 31, 2026
Who owns Pfizer?
- Officers and directors (as a group), shares
- 0.0%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
22What it does with profit
22What it does with profit
What does Pfizer do with its profit?
Dividend per share
$1.72FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2022
Bought $2.0 billion of its own shares in Q1 2022, its last buyback. $3.3 billion of authorization remained on Nov 3, 2026, and Pfizer's 2026 guidance assumes no buybacks.
$2.0B
Money raised · Dec 31, 2023
Issued $31 billion of long-term debt in May 2023 and $8 billion of commercial paper in Q4 2023 to help pay for Seagen.
$39.0B
Money raised · Nov 21, 2025
Completed a public offering of seven series of notes due 2027 to 2065, totaling $6.0 billion (Cityfort calculation from the 8-K filed Nov 21, 2025).
$6.0B
23Governance signals
23Governance signals
What do Pfizer's governance filings show?
- Auditor
- KPMG LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Pfizer's 2026 proxy says a sister-in-law of Albert Bourla and a daughter of Chief Legal Officer Douglas Lankler hold non-executive jobs at Pfizer. Each earned no more than $250,000 for fiscal 2025, and the Governance Committee approved the arrangements.
- Credit rating
- Moody's and S&P, as stated in Pfizer's 10-Q A2 and A (Stable), Nov 3, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other
Chairman and CEO are one person
Albert Bourla holds both roles, and Shantanu Narayen is lead independent director.
other · Nov 3, 2026
CFO change in 2026
David Denton stepped down on Aug 15, 2026 for a job outside the drug industry. Pfizer's 8-K says this was not related to results or disagreements. Cecile Guegan became CFO on Nov 1, 2026.
other
What the auditor flagged
KPMG's critical audit matters for FY2025 are the US rebates accrual, gross unrecognized tax benefits and product liability litigation. Its opinion was unqualified. KPMG says it cannot determine the year it began as auditor.
disclosure
No payer split, operating income line or product profit
Pfizer gives no revenue by final payer, no operating income line and no earnings by product group.
other · Nov 3, 2026
Product lawsuits
Lawsuits allege harm from Zantac and from Depo-Provera. Pfizer's Nov 3, 2026 10-Q says it has settled or agreed to settle, subject to certain conditions, a substantial majority of state court Zantac cases alleging use of a Pfizer product. It also says it expects a July 2026 agreement to resolve a substantial majority of pending federal Depo-Provera cases, on terms not material to its liquidity or financial condition.
other
Insider share rules
Pfizer's policies bar directors from hedging its stock or using it as collateral for personal loans. The proxy says none of them has used it that way.
24What the market paid
24What the market paid · price as of Nov 4, 2026
What did the market pay for Pfizer on Nov 4, 2026?
Price as of Nov 4, 2026 (shown for education; prices change daily).
Price as of Nov 4, 2026: Pfizer closed at $30.79, from Nasdaq's historical price table; Pfizer's shares are listed on the NYSE. The market value of about $175.5 billion (Cityfort calculation from the Nov 4, 2026 closing price and the Q3 FY2026 10-Q) uses the 5,699.9 million shares on the 10-Q cover (Oct 28, 2026). P/E is price ÷ earnings per share: 22.6 on FY2025 diluted EPS of $1.36, and 44.0 on $0.70 for the four quarters to Q3 FY2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). Pfizer's $0.43 quarterly dividend is $1.72 over four quarters, or 5.59% of that price.
- Share price
- $30.79
- Market value (market cap)
- $175.5B
- P/E
- 22.6×
Source: Nasdaq historical quotes for PFE (closing price Nov 4, 2026); Form 10-Q for Q3 FY2026 (ended Sep 27, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
Sources (7)
- Nasdaq historical quotes for PFE (closing price Nov 4, 2026)
- Form 10-Q for Q3 FY2026 (ended Sep 27, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Earnings release for Q3 FY2026 (8-K Exhibit 99)
- Earnings release for Q2 FY2026 (8-K Exhibit 99)
- Earnings release for Q1 FY2026 (8-K Exhibit 99)
- Earnings release for Q4 FY2025 (8-K Exhibit 99)
25How it got here
25How it got here
How did Pfizer get here?
1942
Milestone
Incorporated in Delaware
Pfizer Inc. was incorporated on June 2, 1942.
2020
Business-model change
Off-patent brands spun off
On Nov 16, 2020 Pfizer spun off its Upjohn business, with brands such as Lipitor and Viagra. It combined with Mylan to form Viatris.
2021
Business-model change
Comirnaty changes the scale
The COVID-19 vaccine brought in $36.8 billion of Pfizer's $81.3 billion revenue in FY2021.
2022
Milestone
Peak revenue and new deals
Revenue reached $101.2 billion, with $56.7 billion from COVID-19 products. Pfizer spent $23.0 billion on acquisitions, including Arena, Biohaven and GBT.
2023
Crisis
COVID-19 revenue falls
Revenue fell 41.1% to $59.6 billion. Pfizer wrote off $6.2 billion of COVID-19 inventory and reversed $3.5 billion of Paxlovid revenue.
2023
Business-model change
Seagen deal
Pfizer completed the purchase on Dec 14, 2023, paying $43.4 billion for acquisitions that year, net of cash. It added cancer medicines such as Padcev.
2025
Business-model change
Exit from Haleon, entry into obesity
Pfizer sold its last Haleon shares for $6.3 billion in Q1 2025. It bought Metsera, an obesity drug developer, on Nov 13, 2025.
2026
Crisis
A $3.8 billion trial write-down
A Phase 3 lung cancer study failed its main goal in June 2026. With other charges, Q2 FY2026 ended in a $248 million net loss, despite a $1.9 billion gain on selling its ViiV stake.
Sources (7)
26Sources and changes
Where every number on this page comes from
Sources (29 documents)
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S2Form 10-K for fiscal year 2024 · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
- S3Form 10-K for fiscal year 2023 · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2024
- S4Form 10-K for fiscal year 2022 · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2023
- S5Form 10-K for fiscal year 2021 · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2022
- S6Form 10-Q for Q3 FY2026 (ended Sep 27, 2026) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S7Form 10-Q for Q2 FY2026 (ended Jun 28, 2026) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
- S8Form 10-Q for Q1 FY2026 (ended Mar 29, 2026) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
- S9Form 10-Q for Q3 FY2025 (ended Sep 28, 2025) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
- S10Form 10-Q for Q2 FY2025 (ended Jun 29, 2025) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2025
- S11Form 10-Q for Q1 FY2025 (ended Mar 30, 2025) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2025
- S12Earnings release for Q3 FY2026 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S13Earnings release for Q2 FY2026 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
- S14Earnings release for Q1 FY2026 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
- S15Earnings release for Q4 FY2025 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
- S16Earnings release for Q3 FY2025 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
- S17Earnings release for Q2 FY2025 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2025
- S18Earnings release for Q1 FY2025 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
- S19Earnings release for Q4 FY2024 (8-K Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2025
- S202026 proxy statement (DEF 14A) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
- S21Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S22Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S238-K filed Nov 3, 2026: CFO election (Item 5.02) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S248-K filed Jun 18, 2026: CFO departure (Item 5.02) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 18, 2026
- S268-K filed Dec 16, 2025: 2026 guidance release (Exhibit 99) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 16, 2025
- S278-K filed Nov 13, 2025: Metsera acquisition completed (Item 8.01) · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 13, 2025
- S288-K filed Nov 21, 2025: notes offering · Pfizer Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 21, 2025
- S29Nasdaq historical quotes for PFE (closing price Nov 4, 2026) · Nasdaq · Tier 1: company or exchange filing · Nov 4, 2026
- S32Moderna Form 10-K for fiscal 2025 (year ended December 31, 2025) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2026
Changes to this page (v1 · Nov 5, 2026)
- v1 · Nov 5, 2026First version. (first version)
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