Pfizer Inc. (NYSE:PFE)

The composition of inventories exhibits distinct trends over the five-year period. Finished goods, work-in-process, raw materials, and total inventories all demonstrate fluctuating values, with notable shifts occurring between periods.

Finished Goods

Finished goods inventory decreased from US$3,641 million in 2021 to US$2,603 million in 2022, representing a substantial decline. This was followed by a recovery, increasing to US$3,495 million in 2023 and further to US$3,775 million in 2024. The upward trend continued into 2025, reaching US$4,113 million. This suggests a potential increase in completed product availability or a shift in production strategies towards finalizing goods.

Work-in-Process

Work-in-process inventory showed a consistent increase from US$4,424 million in 2021 to US$5,519 million in 2022 and US$5,687 million in 2023. This growth continued into 2024, reaching US$6,100 million, before experiencing a slight decrease to US$5,634 million in 2025. The sustained increase from 2021 to 2024 indicates a potential expansion in ongoing production activities, while the 2025 decrease could reflect improved production efficiency or a change in the volume of products under development.

Raw Materials and Supplies

Raw materials and supplies inventory decreased from US$994 million in 2021 to US$859 million in 2022. A modest recovery occurred in 2023, with the value rising to US$1,007 million, followed by a slight decrease to US$976 million in 2024 and a further decrease to US$907 million in 2025. This suggests a generally stable, but slightly declining, level of raw material holdings, potentially indicating efficient supply chain management or a shift in sourcing strategies.

Total Inventories

Total inventories experienced a slight decrease from US$9,059 million in 2021 to US$8,981 million in 2022. A subsequent increase was observed, reaching US$10,189 million in 2023 and US$10,851 million in 2024. The value decreased slightly in 2025 to US$10,654 million. The overall trend indicates a growth in total inventory levels, particularly between 2022 and 2024, potentially reflecting increased production volume or strategic inventory building.

The interplay between these inventory components suggests a dynamic production environment. The increase in work-in-process, coupled with the growth in finished goods, indicates a potential expansion of manufacturing output. The relatively stable raw materials inventory suggests effective management of input costs and supply chain logistics.