Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

$24.99

Income Statement
Quarterly Data

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Pfizer Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
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)
Gain on completion of Consumer Healthcare JV transaction
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: 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).


Revenues
The overall revenue pattern reveals significant volatility over the periods observed. "Revenues (legacy)" initially increased strongly from 10,083 million USD in Q1 2020 to a peak nearing 27,742 million USD in Q2 2022 before data is discontinued for this line. The total reported revenues reflect a declining trend beginning Q1 2023, falling from 18,486 million USD to as low as 13,715 million USD by Q4 2024, then rising again to 17,702 million USD in Q1 2025. Product revenues, recorded from Q1 2023 onward, show fluctuations with notable drops and recoveries, indicating variability in core product sales. Alliance and royalty revenues exhibit relative stability with moderate oscillations, supporting supplemental income streams.
Cost of Sales and Gross Profit
Cost of sales demonstrates considerable instability, ranging from modest negative values early in 2020 to peaks near -9,932 million USD in late 2020, reflecting potentially increased production or supply costs. Following a pronounced reduction mid-2023, costs again spike and fluctuate, with an unusual sharp drop in Q4 2024 and Q1 2025. Gross profit generally traces these changes, with highs reaching over 19,000 million USD in mid-2022 before declining significantly into 2023 and partially recovering late in the series. This pattern suggests challenges in cost control impacting profitability.
Operating and Administrative Expenses
Selling, informational, and administrative expenses consistently reveal substantial quarterly expenditures, frequently nearing or exceeding 3,000 million USD, with peaks near 4,575 million USD in Q4 2021 and Q4 2023. Research and development expenses also show significant outlays with quarterly values largely ranging between approximately 2,000 to 3,500 million USD, consistent with ongoing innovation and development efforts. Amortization and restructuring charges fluctuate but present periodic escalations, peaking in Q4 2023. The acquired in-process R&D expenses show intermittent peaks, notably in 2020 and 2021, related to acquisition activities.
Operating Income
Operating income experienced large volatility, with initial moderate figures in early 2020, surging to over 12,000 million USD in Q2 2022 before sharply declining and turning negative in late 2023. Notably, Q4 2023 registers a negative operating income near -3,170 million USD. The subsequent quarters demonstrate partial recovery, pointing to an unstable operating environment impacted by revenue and cost fluctuations.
Other Income and Net Income
Other income (deductions) appear highly variable, with alternating positive and negative values, indicating inconsistent gains or losses beyond core operations. Income from continuing operations before taxes and related taxes follow similar variable trends, with strong gains mid-series and weakened results in late 2023. Net income attributable to common shareholders aligns closely with these trends, peaking near 9,906 million USD in mid-2022, contracting sharply into negative territory by late 2023, and then recovering partially by early 2025. This reflects the overall earnings volatility.
Summary Insights
The data indicates a period marked by strong revenue growth and high profitability through mid-2022, followed by significant financial stress including declining revenue, rising costs, and negative operating income in parts of 2023. Recovery signs appear toward the end of the series. The fluctuations in research, development, amortization, and restructuring expenses suggest ongoing strategic adjustments and investment cycles. The net income variability underscores exposure to operational and possibly market or external factors influencing financial outcomes substantially.