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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Price to Earnings (P/E) since 2005
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Pfizer Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
The financial data for the analyzed periods demonstrates several notable trends and fluctuations across key performance indicators.
- Revenues
- Overall revenues displayed significant growth from early periods, rising from approximately $10 billion to over $27 billion by mid-2022. This peak was followed by a notable decline in subsequent quarters, with revenues falling to the $13-18 billion range in later periods.
- Product revenues showed considerable volatility but remained strong in recent quarters, fluctuating between approximately $11 billion and $15 billion.
- Alliance and royalty revenues maintained a relatively stable trajectory with slight periodic variations. Alliance revenues generally ranged between $1.6 billion to $2.3 billion, while royalty revenues varied from roughly $200 million to $430 million over the latest reporting periods.
- Cost of Sales and Gross Profit
- Cost of sales exhibited noticeable volatility with wide swings, including some significant decreases and increases across quarters. This variability resulted in fluctuating gross profits correspondingly.
- Gross profit reached peaks exceeding $19 billion but experienced sharp decreases in later quarters, dipping below $5 billion at one point before recovering to around $12 billion toward the most recent quarter. This indicates challenges in managing cost structure alongside revenue changes.
- Operating Expenses
- Selling, informational, and administrative expenses showed inconsistent patterns, with spikes occurring intermittently. Expenses occasionally exceeded $4 billion but generally fluctuated between $2.5 billion and $3.5 billion.
- Research and development expenses remained relatively stable, usually oscillating between $2 billion and $3.5 billion, indicating consistent investment in development activities.
- Amortization of intangible assets remained fairly steady, generally around $800 million to $1.3 billion per quarter, reflecting ongoing amortization costs related to acquired intangibles.
- Charges related to restructuring and acquisitions varied sharply, with major spikes such as a $2.5 billion charge in one quarter. These expenses contributed material volatility to operating results.
- Profitability
- Operating income fluctuated widely, peaking around $12 billion at times but also showing quarters with operating losses nearing $3 billion. This variability appears linked to large one-time charges and revenue instability.
- Other income and deductions were inconsistent, with large positive and negative swings, influencing pre-tax income volatility significantly.
- Income before taxes demonstrated a pattern of volatility similar to operating income, with quarters of strong profit exceeding $7 billion contrasted by quarters with minimal or negative pre-tax income.
- Tax provisions showed both benefit and cost periods, reflecting the underlying volatility in income before tax. These swings influenced net income outcomes.
- Net income attributable to common shareholders showed similar divergence, with peaks over $9 billion and troughs below breakeven levels. This pattern again suggests the effect of fluctuating revenues, extraordinary items, and restructuring charges.
- Additional observations
- The legacy revenues data is only present for early periods and shows a substantial increase from about $10 billion to over $24 billion before ceasing to be reported, suggesting a possible reclassification or discontinuation.
- Discontinued operations do not present a material impact on overall profitability, remaining near zero or slightly negative throughout most periods.
In summary, the company faced considerable revenue growth until mid-2022, followed by significant revenue decline that, coupled with volatile costs and irregular large charges, produced wide swings in profitability. Operating expenses were generally stable except for occasional large restructuring and acquisition-related costs. The volatility in gross profit and operating income illustrates pressures on margin sustainability amid changing revenue and cost bases. Overall, the financial performance highlights the impact of operational risks and the challenges of managing a dynamic business landscape.