Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Pfizer Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Product revenues	50,914)	91,793)	73,636)	36,490)	47,102)
Alliance revenues	7,582)	8,537)	7,652)	5,418)	4,648)
Revenues	58,496)	100,330)	81,288)	41,908)	51,750)
Cost of sales	(24,954)	(34,344)	(30,821)	(8,692)	(10,219)
Gross profit	33,542)	65,986)	50,467)	33,216)	41,531)
Selling, informational and administrative expenses	(14,771)	(13,677)	(12,703)	(11,615)	(14,350)
Research and development expenses	(10,679)	(11,428)	(10,360)	(9,405)	(8,650)
Acquired in-process research and development expenses	(194)	(953)	(3,469)	—)	—)
Amortization of intangible assets	(4,733)	(3,609)	(3,700)	(3,436)	(4,610)
Restructuring charges and certain acquisition-related costs	(2,943)	(1,375)	(802)	(600)	(747)
Operating income	222)	34,944)	19,433)	8,160)	13,174)
Gain on completion of Consumer Healthcare JV transaction	—)	—)	—)	6)	8,086)
Interest income	1,624)	251)	36)	73)	226)
Interest expense	(2,209)	(1,238)	(1,291)	(1,449)	(1,574)
Net interest expense	(585)	(987)	(1,255)	(1,376)	(1,348)
Royalty-related income	1,058)	845)	857)	770)	648)
Net gains (losses) on asset disposals	—)	—)	99)	(237)	31)
Net gains (losses) recognized during the period on equity securities	1,590)	(1,273)	1,344)	540)	454)
Income from collaborations, out-licensing arrangements and sales of compound/product rights	154)	188)	396)	326)	168)
Net periodic benefit credits (costs) other than service costs	610)	849)	2,547)	236)	(64)
Certain legal matters, net	(474)	(230)	(182)	(28)	(554)
Certain asset impairments	(3,024)	(421)	(86)	(1,691)	(2,843)
Business and legal entity alignment costs	—)	—)	—)	—)	(338)
Net losses on early retirement of debt	—)	—)	—)	—)	(138)
Haleon/Consumer Healthcare JV equity method income	505)	436)	471)	298)	17)
Other, net	1,002)	378)	687)	493)	389)
Other income (deductions), net	836)	(215)	4,878)	(669)	(3,578)
Income from continuing operations before provision for taxes on income	1,058)	34,729)	24,311)	7,497)	17,682)
(Provision) benefit for taxes on income	1,114)	(3,328)	(1,852)	(476)	(1,384)
Income from continuing operations	2,172)	31,401)	22,459)	7,021)	16,298)
Discontinued operations, net of tax	(14)	6)	(434)	2,631)	4)
Net income before allocation to noncontrolling interests	2,158)	31,407)	22,025)	9,652)	16,302)
Net income attributable to noncontrolling interests	(39)	(35)	(46)	(36)	(29)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Preferred stock dividends, net of tax	—)	—)	—)	—)	(1)
Net income attributable to Pfizer Inc. common shareholders	2,119)	31,372)	21,979)	9,616)	16,272)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Pfizer Inc. revenues increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Pfizer Inc. operating income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income from continuing operations before provision for taxes on income	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Pfizer Inc. income from continuing operations before provision for taxes on income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net income attributable to Pfizer Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Pfizer Inc. net income attributable to Pfizer Inc. increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Pfizer Inc. (NYSE:PFE)

Income Statement