Name: Pfizer Inc. (NYSE:PFE) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	Jun 28, 2026	Mar 29, 2026	Dec 31, 2025	Sep 28, 2025	Jun 29, 2025	Mar 30, 2025	Dec 31, 2024	Sep 29, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Oct 1, 2023	Jul 2, 2023	Apr 2, 2023	Dec 31, 2022	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Dec 31, 2021	Oct 3, 2021	Jul 4, 2021	Apr 4, 2021
Product revenues	11,863)	11,716)	14,495)	13,920)	11,954)	11,294)	15,083)	15,418)	10,871)	12,444)	12,338)	11,587)	10,767)	16,222)	—)	—)	—)	—)	—)	—)	—)	—)
Alliance revenues	2,697)	2,339)	2,582)	2,298)	2,273)	2,113)	2,249)	1,900)	2,067)	2,172)	1,910)	1,645)	1,967)	2,060)	—)	—)	—)	—)	—)	—)	—)	—)
Royalty revenues	474)	396)	480)	436)	426)	308)	431)	384)	345)	263)	320)	260)	273)	204)	—)	—)	—)	—)	—)	—)	—)	—)
Revenues (legacy)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	24,289)	22,638)	27,742)	25,661)	23,838)	24,035)	18,899)	14,516)
Revenues	15,034)	14,451)	17,557)	16,654)	14,653)	13,715)	17,763)	17,702)	13,283)	14,879)	14,568)	13,492)	13,007)	18,486)	24,289)	22,638)	27,742)	25,661)	23,838)	24,035)	18,899)	14,516)
Cost of sales	(4,092)	(3,548)	(5,272)	(4,172)	(3,778)	(2,845)	(5,909)	(5,263)	(3,300)	(3,379)	(7,562)	(9,269)	(3,237)	(4,886)	(9,649)	(6,063)	(8,648)	(9,984)	(9,736)	(9,932)	(6,996)	(4,157)
Gross profit	10,942)	10,903)	12,285)	12,482)	10,875)	10,870)	11,854)	12,439)	9,983)	11,500)	7,006)	4,223)	9,770)	13,600)	14,640)	16,575)	19,094)	15,677)	14,102)	14,103)	11,903)	10,359)
Selling, informational and administrative expenses	(3,411)	(2,961)	(4,162)	(3,186)	(3,415)	(3,031)	(4,274)	(3,244)	(3,717)	(3,495)	(4,575)	(3,281)	(3,497)	(3,418)	(4,645)	(3,391)	(3,048)	(2,593)	(4,104)	(2,899)	(2,923)	(2,777)
Research and development expenses	(2,809)	(2,490)	(3,206)	(2,546)	(2,482)	(2,203)	(3,035)	(2,598)	(2,696)	(2,493)	(2,815)	(2,711)	(2,648)	(2,505)	(3,616)	(2,696)	(2,815)	(2,301)	(3,446)	(2,681)	(2,239)	(1,994)
Acquired in-process research and development expenses	(16)	(137)	(212)	(1,390)	(2)	(9)	(89)	(13)	(6)	—)	(73)	(67)	(33)	(21)	(73)	(524)	(1)	(355)	(2,469)	(762)	(219)	(19)
Amortization of intangible assets	(1,185)	(1,183)	(1,229)	(1,223)	(1,211)	(1,211)	(1,359)	(1,312)	(1,307)	(1,308)	(1,267)	(1,179)	(1,184)	(1,103)	(1,130)	(822)	(822)	(835)	(957)	(968)	(917)	(858)
Restructuring charges and certain acquisition-related costs	(457)	(100)	(604)	(286)	18)	(678)	(750)	(313)	(1,254)	(102)	(2,565)	(155)	(214)	(9)	(795)	(199)	(189)	(192)	(135)	(646)	1)	(22)
Operating income (loss)	3,064)	4,032)	2,872)	3,851)	3,783)	3,738)	2,347)	4,959)	1,003)	4,102)	(4,289)	(3,170)	2,194)	6,544)	4,381)	8,943)	12,219)	9,401)	2,991)	6,147)	5,606)	4,689)
Other income (deductions), net	(3,717)	(862)	(4,515)	(517)	(739)	(953)	(2,357)	(244)	(1,106)	(681)	160)	(182)	75)	(274)	849)	58)	(772)	(350)	836)	1,696)	1,342)	1,004)
Income (loss) from continuing operations before (provision) benefit for taxes on income (loss)	(653)	3,170)	(1,643)	3,334)	3,044)	2,785)	(10)	4,715)	(103)	3,421)	(4,129)	(3,352)	2,269)	6,270)	5,230)	9,001)	11,447)	9,051)	3,827)	7,843)	6,948)	5,693)
(Provision) benefit for taxes on income (loss)	407)	(461)	4)	216)	(141)	188)	421)	(234)	134)	(293)	794)	964)	71)	(715)	(230)	(356)	(1,570)	(1,172)	(249)	328)	(1,123)	(808)
Income (loss) from continuing operations	(246)	2,709)	(1,639)	3,550)	2,903)	2,973)	411)	4,481)	31)	3,128)	(3,335)	(2,388)	2,340)	5,555)	5,000)	8,645)	9,877)	7,879)	3,578)	8,171)	5,825)	4,885)
Discontinued operations, net of tax	9)	(13)	—)	—)	25)	—)	7)	(8)	17)	(5)	(25)	12)	(2)	1)	3)	(22)	34)	(9)	(187)	(12)	(236)	1)
Net income (loss) before allocation to noncontrolling interests	(237)	2,696)	(1,639)	3,550)	2,928)	2,973)	418)	4,473)	48)	3,123)	(3,360)	(2,376)	2,338)	5,556)	5,003)	8,623)	9,911)	7,870)	3,391)	8,159)	5,589)	4,886)
Net income attributable to noncontrolling interests	(11)	(9)	(8)	(9)	(18)	(6)	(8)	(8)	(7)	(8)	(9)	(6)	(11)	(13)	(9)	(15)	(5)	(6)	2)	(13)	(26)	(9)
Net income (loss) attributable to Pfizer Inc. common shareholders	(248)	2,687)	(1,647)	3,541)	2,910)	2,967)	410)	4,465)	41)	3,115)	(3,369)	(2,382)	2,327)	5,543)	4,994)	8,608)	9,906)	7,864)	3,393)	8,146)	5,563)	4,877)

A comprehensive analysis of the financial results reveals a significant transition period characterized by a peak in revenues during 2021 and 2022, followed by a contraction and subsequent volatility through 2026. The financial performance exhibits a clear shift from the high-growth phase of the early 2020s to a more unstable operational environment marked by periodic losses and heavy restructuring costs.

Revenue Trends and Composition: Total revenues peaked in July 2022 at 27,742 million USD before experiencing a notable decline. Starting in April 2023, a shift in reporting is evident, with revenues broken down into product, alliance, and royalty streams. Product revenues, the primary driver, show significant quarterly fluctuations, ranging from a low of 10,767 million USD in July 2023 to a high of 16,222 million USD in April 2023. Alliance and royalty revenues have remained relatively stable, with royalty revenues showing a gradual upward trend, peaking at 480 million USD in December 2025.
Gross Profitability and Cost Structure: Gross profit margins faced severe pressure in the latter half of 2023. A critical inflection point occurred in October 2023, where gross profit dropped to 4,223 million USD due to a sharp increase in the cost of sales to 9,269 million USD. Following this period, gross profit stabilized between 10,000 million USD and 12,000 million USD from 2024 through 2026, indicating a recovery in production efficiency or pricing adjustments.
Operating Expense Analysis: Research and development (R&D) expenses remained consistently high, generally fluctuating between 2,200 million USD and 3,400 million USD per quarter, underscoring a sustained commitment to pipeline investment. Selling, informational, and administrative expenses showed higher volatility, peaking at 4,645 million USD in December 2022. The operational profile is further impacted by non-recurring items; specifically, a substantial restructuring charge of 2,565 million USD in December 2023 and a significant acquired in-process R&D expense of 1,390 million USD in September 2025.
Operating and Net Income Volatility: Operating income transitioned from strong positives in 2021 and 2022 to deep losses in late 2023, with a low of -4,289 million USD in December 2023. While operating income recovered to a range of 2,800 million USD to 4,000 million USD between 2024 and 2026, the bottom line was heavily influenced by "Other income (deductions), net." Massive deductions in December 2025 (-4,515 million USD) and June 2026 (-3,717 million USD) resulted in net losses of 1,647 million USD and 248 million USD, respectively, despite positive operating results.

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Pfizer Inc. (NYSE:PFE)

Income StatementQuarterly Data

Income Statement
Quarterly Data