Common-Size Balance Sheet: Assets
Quarterly Data
Pfizer Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
The asset composition exhibits a strategic shift from high liquidity and financial investments toward a heavier concentration of noncurrent assets, specifically intangible assets and goodwill. A notable contraction in current assets is observed starting in late 2023, coinciding with a significant increase in the weight of noncurrent assets.
- Liquidity and Current Asset Trends
- Current assets experienced a period of expansion, peaking at 36.22% of total assets in October 2022, before declining sharply to approximately 19-23% from December 2023 through June 2026. This trend is primarily driven by the volatility in short-term investments, which reached a peak of 19.15% in July 2023 but subsequently compressed to a range between 4% and 9% in the following periods. Cash and cash equivalents have remained consistently low, generally staying below 1.5% of total assets throughout the analyzed timeframe.
- Intangible Assets and Goodwill
- There is a marked increase in the proportion of the balance sheet dedicated to acquired assets. Goodwill has shown a steady upward trajectory, rising from 31.35% in April 2021 to 35.51% by June 2026. Identifiable intangible assets also saw a substantial increase, climbing from 17.61% in April 2021 to a peak of 28.65% in December 2023, before settling around 23.39% by mid-2026. Collectively, goodwill and intangibles now constitute the dominant portion of the total asset base, exceeding 58% of total assets in the final reporting period.
- Long-term Investment and Fixed Asset Dynamics
- A significant divestment or reallocation of long-term investments is evident, as their share of total assets plummeted from 12.74% in April 2021 to less than 1% from December 2024 through June 2026. Conversely, property, plant, and equipment have remained relatively stable, with a slight upward trend from 8.82% in early 2021 to 9.46% by June 2026, indicating a consistent level of investment in physical infrastructure relative to the total asset growth.
- Tax Assets and Other Noncurrent Items
- Noncurrent deferred tax assets and other noncurrent tax assets have increased steadily, moving from 1.60% in April 2021 to 5.36% in June 2026. Other noncurrent assets have remained relatively flat, fluctuating between 2.99% and 6.68%, while current tax assets showed a gradual decline from 2.15% to approximately 1.84% over the total period.
The overall trend indicates a transition from a liquid-heavy asset structure to one dominated by noncurrent, non-physical assets. The sharp reduction in both short-term and long-term investments, paired with the growth in goodwill and intangibles, suggests an aggressive shift toward inorganic growth and the capitalization of intellectual property.
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