Common-Size Income Statement
Quarterly Data
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Pfizer Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Analysis of Revenues
- Analysis of Debt
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Pfizer Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Revenue Composition Trends
- Product revenues have exhibited variability in their percentage of total revenues since April 2023, ranging mostly between 81.58% and 87.10%. Alliance revenues, in contrast, show an increasing trend during the same period, often ranging above 10% and reaching up to 15.56%, suggesting growing collaboration or partnership income. Royalty revenues, while a smaller portion overall, have generally increased modestly, peaking near 2.91% of revenues by mid-2025. Legacy revenues consistently accounted for 100% in earlier periods but did not have values reported in later quarters.
- Cost of Sales and Gross Profit
- Cost of sales as a percentage of revenues has demonstrated significant fluctuations, with a low near -68.7% in late 2023 followed by a notable improvement to approximately -20.74% by mid-2025. Correspondingly, gross profit margins have mirrored these changes. Gross profit peaked above 79% during mid-2025, contrasting with a sharp dip to around 31.3% in late 2023, indicating periods of cost volatility impacting profitability.
- Operating Expense Patterns
- Selling, informational, and administrative expenses have generally decreased as a percentage of revenues from early 2021 through mid-2025, with occasional spikes. Expenses dropped from over -25% in early 2020 to a range mostly between -10% and -26% in later periods. Research and development expenses have also fluctuated but generally declined slightly, stabilizing near -16% in recent quarters. Acquired in-process research and development expenses are sporadic but have shown occasional minor charges, indicating some acquisition-related research costs.
- Amortization and Restructuring Costs
- Amortization of intangible assets has trended moderately downward over time, from roughly -8.4% to values near -8%, with some variability observed. Restructuring charges and acquisition-related costs have been inconsistent, with prominent spikes such as a significant charge around -17.6% in late 2023, impacting operating income in that period.
- Operating Income and Profitability
- Operating income has varied widely, with early 2020 peaks exceeding 30%, then declining and fluctuating through the periods. Sharp declines producing negative operating income occurred in late 2023, followed by recoveries to positive territory by mid-2025. Income from continuing operations before taxes reflects a similar pattern, showing volatility with some notable quarter-to-quarter variation.
- Tax Provision and Net Income
- Tax provisions have fluctuated both positively and negatively, occasionally reducing overall profitability. Net income attributable to common shareholders tracked operating income trends, with strong positive margins exceeding 30% in some quarters, notably during early 2021 and mid-2025, but also experiencing negative values in late 2023. Overall, the data reveal periods of earnings volatility but with recovery signs toward the most recent quarters.
- Other Income and Special Items
- Other income (deductions), net, has experienced periods of both positive and negative impact on earnings, occasionally adding volatility to net results. The gain from completion of the Consumer Healthcare JV transaction appeared as a minor positive impact in early 2020, without recurrence in later quarters.