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.

Pfizer Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	11,716)	14,495)	13,920)	11,954)	11,294)	15,083)	15,418)	10,871)	12,444)	12,338)	11,587)	10,767)	16,222)	—)	—)	—)	—)	—)	—)	—)	—)
Alliance revenues	2,339)	2,582)	2,298)	2,273)	2,113)	2,249)	1,900)	2,067)	2,172)	1,910)	1,645)	1,967)	2,060)	—)	—)	—)	—)	—)	—)	—)	—)
Royalty revenues	396)	480)	436)	426)	308)	431)	384)	345)	263)	320)	260)	273)	204)	—)	—)	—)	—)	—)	—)	—)	—)
Revenues (legacy)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	24,289)	22,638)	27,742)	25,661)	23,838)	24,035)	18,899)	14,516)
Revenues	14,451)	17,557)	16,654)	14,653)	13,715)	17,763)	17,702)	13,283)	14,879)	14,568)	13,492)	13,007)	18,486)	24,289)	22,638)	27,742)	25,661)	23,838)	24,035)	18,899)	14,516)
Cost of sales	(3,548)	(5,272)	(4,172)	(3,778)	(2,845)	(5,909)	(5,263)	(3,300)	(3,379)	(7,562)	(9,269)	(3,237)	(4,886)	(9,649)	(6,063)	(8,648)	(9,984)	(9,736)	(9,932)	(6,996)	(4,157)
Gross profit	10,903)	12,285)	12,482)	10,875)	10,870)	11,854)	12,439)	9,983)	11,500)	7,006)	4,223)	9,770)	13,600)	14,640)	16,575)	19,094)	15,677)	14,102)	14,103)	11,903)	10,359)
Selling, informational and administrative expenses	(2,961)	(4,162)	(3,186)	(3,415)	(3,031)	(4,274)	(3,244)	(3,717)	(3,495)	(4,575)	(3,281)	(3,497)	(3,418)	(4,645)	(3,391)	(3,048)	(2,593)	(4,104)	(2,899)	(2,923)	(2,777)
Research and development expenses	(2,490)	(3,206)	(2,546)	(2,482)	(2,203)	(3,035)	(2,598)	(2,696)	(2,493)	(2,815)	(2,711)	(2,648)	(2,505)	(3,616)	(2,696)	(2,815)	(2,301)	(3,446)	(2,681)	(2,239)	(1,994)
Acquired in-process research and development expenses	(137)	(212)	(1,390)	(2)	(9)	(89)	(13)	(6)	—)	(73)	(67)	(33)	(21)	(73)	(524)	(1)	(355)	(2,469)	(762)	(219)	(19)
Amortization of intangible assets	(1,183)	(1,229)	(1,223)	(1,211)	(1,211)	(1,359)	(1,312)	(1,307)	(1,308)	(1,267)	(1,179)	(1,184)	(1,103)	(1,130)	(822)	(822)	(835)	(957)	(968)	(917)	(858)
Restructuring charges and certain acquisition-related costs	(100)	(604)	(286)	18)	(678)	(750)	(313)	(1,254)	(102)	(2,565)	(155)	(214)	(9)	(795)	(199)	(189)	(192)	(135)	(646)	1)	(22)
Operating income (loss)	4,032)	2,872)	3,851)	3,783)	3,738)	2,347)	4,959)	1,003)	4,102)	(4,289)	(3,170)	2,194)	6,544)	4,381)	8,943)	12,219)	9,401)	2,991)	6,147)	5,606)	4,689)
Other income (deductions), net	(862)	(4,515)	(517)	(739)	(953)	(2,357)	(244)	(1,106)	(681)	160)	(182)	75)	(274)	849)	58)	(772)	(350)	836)	1,696)	1,342)	1,004)
Income (loss) from continuing operations before (provision) benefit for taxes on income (loss)	3,170)	(1,643)	3,334)	3,044)	2,785)	(10)	4,715)	(103)	3,421)	(4,129)	(3,352)	2,269)	6,270)	5,230)	9,001)	11,447)	9,051)	3,827)	7,843)	6,948)	5,693)
(Provision) benefit for taxes on income (loss)	(461)	4)	216)	(141)	188)	421)	(234)	134)	(293)	794)	964)	71)	(715)	(230)	(356)	(1,570)	(1,172)	(249)	328)	(1,123)	(808)
Income (loss) from continuing operations	2,709)	(1,639)	3,550)	2,903)	2,973)	411)	4,481)	31)	3,128)	(3,335)	(2,388)	2,340)	5,555)	5,000)	8,645)	9,877)	7,879)	3,578)	8,171)	5,825)	4,885)
Discontinued operations, net of tax	(13)	—)	—)	25)	—)	7)	(8)	17)	(5)	(25)	12)	(2)	1)	3)	(22)	34)	(9)	(187)	(12)	(236)	1)
Net income (loss) before allocation to noncontrolling interests	2,696)	(1,639)	3,550)	2,928)	2,973)	418)	4,473)	48)	3,123)	(3,360)	(2,376)	2,338)	5,556)	5,003)	8,623)	9,911)	7,870)	3,391)	8,159)	5,589)	4,886)
Net income attributable to noncontrolling interests	(9)	(8)	(9)	(18)	(6)	(8)	(8)	(7)	(8)	(9)	(6)	(11)	(13)	(9)	(15)	(5)	(6)	2)	(13)	(26)	(9)
Net income (loss) attributable to Pfizer Inc. common shareholders	2,687)	(1,647)	3,541)	2,910)	2,967)	410)	4,465)	41)	3,115)	(3,369)	(2,382)	2,327)	5,543)	4,994)	8,608)	9,906)	7,864)	3,393)	8,146)	5,563)	4,877)

Revenue patterns exhibit significant volatility over the analyzed period, characterized by a peak in mid-2022 followed by a sharp contraction and subsequent partial recovery. Total revenues reached a high of 27,742 million USD in July 2022 before declining to 13,007 million USD by July 2023. While there was a recovery trend throughout 2024, peaking again at 17,763 million USD in December 2024, the figures remained below the 2022 highs, ending the period at 14,451 million USD in March 2026.

Revenue Stream Composition: Product revenues serve as the primary driver of total turnover, showing the most significant fluctuations. Alliance revenues remained relatively stable, generally oscillating between 1.6 billion and 2.6 billion USD. Royalty revenues demonstrated a gradual upward trend, growing from 204 million USD in April 2023 to a peak of 480 million USD in December 2025, indicating a diversifying income base.
Gross Profitability and Cost Management: Gross profit mirrored the volatility of total revenues, peaking at 19,094 million USD in July 2022. A critical decline was observed in October 2023, where gross profit fell to 4,223 million USD due to a spike in the cost of sales. However, gross profit margins stabilized in the 10 billion to 12 billion USD range throughout 2024 and 2025.
Operating Expense Analysis: Selling, informational, and administrative expenses show periodic spikes, particularly at year-end closures, with peaks exceeding 4.5 billion USD in December 2022 and December 2023. Research and development (R&D) spending remained a consistent operational commitment, typically ranging between 2.2 billion and 3.6 billion USD per quarter. Acquired in-process R&D expenses were highly irregular, with a notable surge to 1.39 billion USD in September 2025, suggesting strategic acquisition activity.
Operating Income and Profitability Trends: Operating income experienced a severe downturn in late 2023, recording losses of 3,170 million USD in October and 4,289 million USD in December. This period of instability was preceded by high profitability in mid-2022, where operating income reached 12,219 million USD. While operating income recovered to a steady range of 2.8 billion to 4.0 billion USD between March 2024 and March 2026, overall profitability remained sensitive to restructuring charges and acquisition-related costs.
Net Income and Bottom Line Performance: Net income attributable to common shareholders reflects the combined impact of operating volatility and non-operating items. After peak earnings in 2022, the company faced significant net losses in the second half of 2023, reaching -3,369 million USD in December 2023. A notable net loss of 1,647 million USD occurred in December 2025, largely driven by a substantial decrease in other income/deductions, which fell to -4,515 million USD in that same quarter.

AI Ask an analyst for more

Download chart

Pfizer Inc. (NYSE:PFE)

Income Statement Quarterly Data

Income Statement
Quarterly Data