Common-Size Income Statement
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Pfizer Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Pfizer Inc., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-12-31).
- Revenue Composition Trends
- Product revenues consistently represent the majority of total revenues, ranging from 85.5% in 2020 to a peak of 90.73% in 2022, followed by a decline to 84.58% in 2024. Alliance revenues, conversely, showed a decrease through 2022 to 8.44%, then rebounded to 13.18% in 2024. Royalty revenues maintain a minor yet increasing share, rising from 1.8% in 2020 to 2.24% in 2024.
- Cost of Sales and Gross Profit
- The cost of sales exhibited volatility, increasing markedly from -20.37% in 2020 to a peak of -41.9% in 2023 before improving to -28.06% in 2024. Correspondingly, gross profit margins declined significantly to a low of 58.1% in 2023 from 79.63% in 2020 but recovered to 71.94% in 2024, indicating improving operational efficiency or product mix changes.
- Operating Expenses
- Selling, informational, and administrative expenses decreased sharply in relative terms from -27.22% in 2020 to -13.52% in 2022 but increased afterward, reaching -23.15% in 2024. Research and development expenses followed a similar pattern with a reduction from -22.04% in 2020 to -11.3% in 2022, then rising to -17.01% in 2024. Amortization and restructuring costs fluctuated, with restructuring charges notably increasing to -4.94% in 2023 before moderating.
- Profitability Indicators
- Operating income as a percentage of revenues was relatively robust through 2022, peaking at 35.37%, but sharply declined to 2.15% in 2023, before partially recovering to 19.51% in 2024. Income from continuing operations followed a similar trajectory, declining markedly in 2023 and rebounding somewhat in 2024.
- Interest and Other Income/Expense
- Net interest expense improved from -3.22% in 2020 to a low of -0.98% in 2022 and 2023 but worsened again to -4% in 2024. Other income and expenses showed volatility, with certain asset impairments becoming more significant in 2023 and 2024 (-5.08% and -5.18%), while net gains/losses on equity securities varied without a clear trend.
- Taxation and Net Income
- The effective tax provision fluctuated, turning positive in 2023, which temporarily increased income from continuing operations. Net income attributable to common shareholders experienced substantial variation, rising to 31.01% in 2022 but dropping steeply to 3.56% in 2023 before recovering to 12.62% in 2024.
- Other Notable Observations
- The amortization of intangible assets and restructuring charges indicate ongoing costs related to acquisitions or operational realignment. Income from collaborations and net periodic benefit credits show minor contributions, with some periods of decline. Overall, the data suggest a period of financial pressure in 2023 with recovery trends emerging in 2024, albeit with lingering elevated costs and impairments.