Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

$24.99

Common-Size Income Statement

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Pfizer Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Product revenues
Alliance revenues
Royalty revenues
Revenues
Cost of sales
Gross profit
Selling, informational and administrative expenses
Research and development expenses
Acquired in-process research and development expenses
Amortization of intangible assets
Restructuring charges and certain acquisition-related costs
Operating income
Gain on completion of Consumer Healthcare JV transaction
Interest income
Interest expense
Net interest expense
Net gains (losses) on asset disposals
Net gains (losses) recognized during the period on equity securities
Income from collaborations, out-licensing arrangements and sales of compound/product rights
Net periodic benefit credits (costs) other than service costs
Certain legal matters, net
Certain asset impairments
Haleon equity method income
Other, net
Other income (deductions), net
Income from continuing operations before provision for taxes on income
(Provision) benefit for taxes on income
Income from continuing operations
Discontinued operations, net of tax
Net income before allocation to noncontrolling interests
Net income attributable to noncontrolling interests
Net income attributable to Pfizer Inc. common shareholders

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.