Analysis of Revenues
Revenues as Reported
Pfizer Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenues exhibited significant fluctuation between 2021 and 2025. Initial growth was followed by a substantial decline, with a period of stabilization towards the end of the observed timeframe. A detailed examination of individual revenue streams reveals varying performance patterns.
- Primary Care
- Primary Care revenue demonstrated a considerable increase from 2021 to 2022, rising from US$52,029 million to US$73,181 million. However, this was followed by a marked and consistent decline through 2025, ultimately reaching US$26,820 million. This represents a substantial contraction over the four-year period following the peak.
- Specialty Care
- Specialty Care revenue experienced a slight decrease between 2021 and 2022, moving from US$15,194 million to US$13,851 million. Subsequently, it showed a gradual upward trend, increasing to US$17,546 million by 2025. This segment demonstrates relative stability and modest growth.
- Oncology
- Oncology revenue remained relatively stable between 2021 and 2023, fluctuating around US$12.3 to US$12.8 billion. A noticeable increase occurred between 2023 and 2025, with revenue reaching US$16,834 million. This indicates accelerating growth in the Oncology segment.
- Global Biopharmaceuticals Business (Biopharma)
- Biopharma revenue mirrored the overall revenue trend, with a significant increase from US$79,556 million in 2021 to US$99,826 million in 2022. This was followed by a substantial decrease to US$58,237 million in 2023, and a slower recovery to US$61,200 million by 2025. The Biopharma segment appears to be a major driver of overall revenue fluctuations.
- Pfizer Centreone & Pfizer Ignite
- Pfizer Centreone revenue consistently decreased from US$2,589 million in 2021 to US$1,146 million in 2024, before a slight increase to US$1,338 million in 2025. Pfizer Ignite, a newer revenue stream, began generating revenue in 2022, reaching US$44 million in 2023 and US$82 million in 2024, before decreasing to US$41 million in 2025. These segments represent a smaller portion of overall revenue but demonstrate differing trajectories.
The overall revenue pattern is heavily influenced by the performance of Primary Care and Biopharma. While Specialty Care and Oncology demonstrate more consistent, albeit slower, growth, the significant decline in Primary Care revenue following 2022 contributed substantially to the overall revenue decrease observed between 2022 and 2023. The stabilization in overall revenue between 2024 and 2025 suggests a potential leveling off after the initial period of volatility.