Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

$24.99

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Pfizer Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
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
Interest income
Interest expense
Net interest expense
Net gains 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) benefit 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: 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).

The financial performance presented demonstrates significant fluctuations over the five-year period. Revenues experienced substantial growth initially, followed by a marked decline, and then a period of relative stabilization. Profitability metrics exhibit a similar pattern of initial expansion, a sharp contraction, and subsequent modest recovery.

Revenue Analysis
Total revenues increased from US$82.145 billion in 2021 to US$101.175 billion in 2022, representing a significant gain. However, revenues then decreased substantially to US$59.553 billion in 2023. A slight recovery occurred in 2024 and 2025, reaching US$63.627 billion and US$62.579 billion respectively, but remained below the 2022 peak. Product revenues followed a similar trajectory, being the primary driver of these fluctuations. Alliance and Royalty revenues demonstrated more consistent, albeit smaller, growth throughout the period.
Profitability Analysis
Gross profit mirrored the revenue trend, peaking at US$66.831 billion in 2022 before declining to US$34.599 billion in 2023. It showed some improvement in 2024 and 2025, reaching US$45.776 billion and US$46.512 billion. Operating income experienced the most dramatic shift, falling from US$35.789 billion in 2022 to US$1.279 billion in 2023, then recovering to US$12.411 billion and US$14.244 billion in 2024 and 2025. Net income attributable to Pfizer Inc. common shareholders followed a similar pattern, decreasing from US$31.372 billion in 2022 to US$2.119 billion in 2023, and then increasing to US$8.031 billion and US$7.771 billion in 2024 and 2025.
Expense Analysis
Cost of sales decreased significantly in 2023 and 2024, and continued to decrease in 2025, potentially contributing to the stabilization of gross profit. Selling, informational and administrative expenses remained relatively stable throughout the period. Research and development expenses also exhibited relative stability, with minor fluctuations. However, Acquired in-process research and development expenses, Restructuring charges and certain acquisition-related costs, and Certain asset impairments experienced substantial increases in 2023 and 2024, contributing to the decline in operating income. Amortization of intangible assets also increased over the period.
Other Income and Expenses
Net interest expense increased from US$-1.255 billion in 2021 to US$-2.671 billion in 2025. Other income (deductions), net, experienced a significant negative swing, moving from a positive US$4.021 billion in 2021 to a negative US$-6.724 billion in 2025. Certain legal matters, net, also increased as a negative expense over the period. These factors contributed to the volatility in income from continuing operations before taxes.
Tax Impact
The provision for taxes on income fluctuated significantly, moving from a benefit in 2023 to a cost in other years. This variability impacted the final net income figures.

In summary, the period began with strong revenue and profit growth, followed by a substantial downturn in 2023, likely influenced by increased expenses and other deductions. The subsequent years show a partial recovery, but performance remains below the 2022 levels. The significant fluctuations in various expense categories and other income/expenses warrant further investigation to understand the underlying drivers of these changes.