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 Solvency Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Pfizer Inc., consolidated income statement (quarterly data)
US$ in millions
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.