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: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Pfizer Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue Trends
- Overall revenues demonstrate significant volatility with a peak observed in the period ending July 2021, reaching near 28 billion USD, followed by a sharp decline in subsequent quarters. Product revenues notably surged beginning from the period ending April 2023, exhibiting variability including a low around July 2023 and a recovery by year-end 2024. Alliance and royalty revenues generally show a gradual increase over recent quarters, indicating diversification and growth in non-product revenue streams.
- Cost of Sales and Gross Profit
- Cost of sales follows a fluctuating downward trend in absolute terms after mid-2022, with a pronounced decrease beginning April 2023, leading to a contraction in gross profit in the same timeframe. Gross profit, while peaking around mid-2022, experiences a marked decline in early 2023 but partially recovers towards the end of 2024. This pattern suggests cost management challenges or alterations in sales mix impacting profitability.
- Operating Expenses
- Selling, informational, and administrative expenses exhibit cyclical increases and decreases but generally trend downward from late 2021 through 2024, which could reflect cost-containment efforts. Research and development expenses also decline moderately over the later periods, albeit with irregular fluctuations, possibly reflecting shifting investment priorities. Acquired in-process R&D expenses are sporadic but include notably high charges during certain quarters, impacting total R&D spend.
- Amortization and Restructuring Costs
- Amortization of intangible assets remains relatively stable over the periods with slight increases towards 2024, indicating ongoing capitalized asset amortization. Restructuring charges and acquisition-related costs are variable, with some large spikes in certain quarters that distort operating expense totals and imply periodic restructuring activities or integration costs.
- Profitability and Income Measures
- Operating income shows substantial volatility with strong peaks through 2021 and 2022, followed by periods of loss notably in late 2023 and early 2024, before recovering again into positive territory by late 2024. Income from continuing operations follows a similar pattern, with net income before allocation showing analogous fluctuations. The tax provision exhibits variability consistent with pretax income swings, sometimes contributing positively or negatively to net income.
- Net Income Attribution
- Net income attributable to the company’s common shareholders mirrors overall net income trends, highlighting significant earnings variability including loss periods around late 2023. The presence of noncontrolling interests is minor and has minimal impact on consolidated net income figures.
- Summary
- The data reflect a period of substantial operational and financial variability, characterized by rapid revenue growth to mid-2021 followed by a sharp contraction, particularly in product revenues. Expense management shows some improvement post-2021, but earnings remain highly variable with significant losses in part of 2023. The resurgence of revenues and profit in late 2024 signals potential recovery. The company’s financial performance may be influenced by external market factors, portfolio adjustments, or strategic initiatives affecting revenue streams, costs, and investment expenses.