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.

Pfizer Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Product revenues	53,816)	50,914)	91,793)	73,636)	36,490)
Alliance revenues	8,388)	7,582)	8,537)	7,652)	5,418)
Royalty revenues	1,423)	1,057)	845)	857)	770)
Revenues	63,627)	59,553)	101,175)	82,145)	42,678)
Cost of sales	(17,851)	(24,954)	(34,344)	(30,821)	(8,692)
Gross profit	45,776)	34,599)	66,831)	51,324)	33,986)
Selling, informational and administrative expenses	(14,730)	(14,771)	(13,677)	(12,703)	(11,615)
Research and development expenses	(10,822)	(10,679)	(11,428)	(10,360)	(9,405)
Acquired in-process research and development expenses	(108)	(194)	(953)	(3,469)	—)
Amortization of intangible assets	(5,286)	(4,733)	(3,609)	(3,700)	(3,436)
Restructuring charges and certain acquisition-related costs	(2,419)	(2,943)	(1,375)	(802)	(600)
Operating income	12,411)	1,279)	35,789)	20,290)	8,930)
Gain on completion of Consumer Healthcare JV transaction	—)	—)	—)	—)	6)
Interest income	545)	1,624)	251)	36)	73)
Interest expense	(3,091)	(2,209)	(1,238)	(1,291)	(1,449)
Net interest expense	(2,546)	(585)	(987)	(1,255)	(1,376)
Net gains (losses) on asset disposals	—)	—)	—)	99)	(237)
Net gains (losses) recognized during the period on equity securities	1,008)	1,590)	(1,273)	1,344)	540)
Income from collaborations, out-licensing arrangements and sales of compound/product rights	42)	154)	188)	396)	326)
Net periodic benefit credits (costs) other than service costs	(154)	610)	849)	2,547)	236)
Certain legal matters, net	(567)	(474)	(230)	(182)	(28)
Certain asset impairments	(3,295)	(3,024)	(421)	(86)	(1,691)
Haleon equity method income	102)	505)	436)	471)	298)
Other, net	1,022)	1,003)	378)	687)	493)
Other income (deductions), net	(4,388)	(221)	(1,060)	4,021)	(1,439)
Income from continuing operations before provision for taxes on income	8,023)	1,058)	34,729)	24,311)	7,497)
(Provision) benefit for taxes on income	28)	1,114)	(3,328)	(1,852)	(476)
Income from continuing operations	8,051)	2,172)	31,401)	22,459)	7,021)
Discontinued operations, net of tax	11)	(14)	6)	(434)	2,631)
Net income before allocation to noncontrolling interests	8,062)	2,158)	31,407)	22,025)	9,652)
Net income attributable to noncontrolling interests	(31)	(39)	(35)	(46)	(36)
Net income attributable to Pfizer Inc. common shareholders	8,031)	2,119)	31,372)	21,979)	9,616)

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).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Pfizer Inc. revenues decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Pfizer Inc. operating income decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Income from continuing operations before provision for taxes on income	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Pfizer Inc. income from continuing operations before provision for taxes on income decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Net income attributable to Pfizer Inc. common shareholders	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Pfizer Inc. net income attributable to Pfizer Inc. common shareholders decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Pfizer Inc. (NYSE:PFE)

Income Statement