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Pfizer Inc. (NYSE:PFE)

$24.99

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

Microsoft Excel
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
Alliance revenues
Royalty revenues
Revenues (legacy)
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 (loss)
Other income (deductions), net
Income (loss) from continuing operations before (provision) benefit for taxes on income (loss)
(Provision) benefit for taxes on income (loss)
Income (loss) from continuing operations
Discontinued operations, net of tax
Net income (loss) before allocation to noncontrolling interests
Net income attributable to noncontrolling interests
Net income (loss) attributable to Pfizer Inc. common shareholders

Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 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).

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.