Analysis of Geographic Areas
Pfizer Inc. operates in 3 regions: United States; Developed Markets; and Emerging Markets.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Area Asset Turnover
Pfizer Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Developed Markets | |||||
| Emerging Markets |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the annual geographic area asset turnover ratios reveals distinct trends and fluctuations across the United States, Developed Markets, and Emerging Markets over the five-year period.
- United States
- The asset turnover ratio for the United States started at 2.78 in 2020, followed by a steady increase peaking at 4.63 in 2022. However, there was a notable decline to 2.64 in 2023 before rising again to 3.97 in 2024. This indicates variability in asset efficiency, with a strong performance in the early years, a dip in the latter part of the period, and partial recovery subsequent to 2023.
- Developed Markets
- Developed Markets exhibited a rapid increase from 2.28 in 2020 to a high of 6.65 in 2022, denoting a significant improvement in asset turnover. After 2022, the ratio sharply declined to 3.11 in 2023 and further decreased to 2.23 by 2024. This pattern suggests a peak in asset turnover efficiency mid-period, followed by substantial decreases that raise concerns about sustained asset utilization in these regions.
- Emerging Markets
- Emerging Markets showed the highest asset turnover ratios throughout the analyzed years, starting at 9.41 in 2020 and increasing markedly to 19.6 in 2021. Post-2021, there is a declining trend with ratios reducing to 14.22 in 2022, then dropping sharply to 6.76 in 2023 and slightly further to 6.09 in 2024. Despite the decline, Emerging Markets maintained relatively higher ratios compared to other regions, indicating more efficient asset use but with diminishing momentum after an initial surge.
Overall, the data reveal that Emerging Markets consistently hold the greatest asset turnover efficiency, though with a downward trend after a peak in 2021. The United States demonstrates moderate volatility but retention of improved ratios compared to its 2020 baseline. Developed Markets experienced a rapid rise followed by a pronounced slump, suggesting challenges in maintaining asset efficiency.
Area Asset Turnover: United States
Pfizer Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- The revenues exhibit considerable variability over the five-year period. Starting at 21,712 million US dollars in 2020, the figure rises substantially to 29,746 million in 2021 and then surges to 42,473 million in 2022. However, there is a notable decline in 2023, with revenues falling to 28,145 million, followed by a recovery to 38,691 million in 2024. This pattern indicates periods of significant growth interrupted by a sharp decrease before rebounding.
- Long-lived assets
- The value of long-lived assets displays a steady upward trend from 7,821 million US dollars in 2020 to 10,673 million in 2023. In 2024, however, there is a slight decrease to 9,748 million. Overall, the long-lived assets generally increase over the period, suggesting ongoing investment or asset acquisition with a minor reduction towards the end.
- Area asset turnover
- The area asset turnover ratio shows fluctuating behavior across the years. It begins at 2.78 in 2020, increases notably to 3.55 in 2021 and peaks at 4.63 in 2022. This is followed by a marked decline to 2.64 in 2023 and then a rise again to 3.97 in 2024. These changes reflect variations in efficiency in generating revenues from assets in the United States geographic area, with the highest efficiency recorded in 2022 and lower utilization in 2023.
Area Asset Turnover: Developed Markets
Pfizer Inc.; Developed Markets; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- The revenues experienced significant volatility over the five-year period. Starting at $11,824 million in 2020, there was a dramatic increase to $30,842 million in 2021, followed by a further rise to $37,760 million in 2022. However, revenues declined sharply afterwards, dropping to $20,910 million in 2023 and then further decreasing to $16,057 million in 2024. This pattern indicates a period of rapid growth followed by a substantial contraction in revenue.
- Long-lived assets
- The value of long-lived assets showed a steady upward trajectory across the years. From $5,188 million in 2020, the assets consistently increased each year to reach $7,187 million in 2024. This steady asset growth suggests continued investment in or accumulation of long-term assets throughout the period.
- Area asset turnover
- The asset turnover ratio, which measures the efficiency of generating revenue from assets, showed considerable fluctuation. It started at 2.28 in 2020, peaked sharply at 6.65 in 2022, indicating high efficiency that year, but then decreased substantially to 2.23 by 2024. The initial rise corresponds with the surge in revenues, while the subsequent decline aligns with falling revenues despite increasing asset values, reflecting reduced efficiency in asset usage in the later years.
Area Asset Turnover: Emerging Markets
Pfizer Inc.; Emerging Markets; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- Revenues exhibited significant fluctuation over the analyzed period. Starting at 8,372 million US dollars in 2020, revenues sharply increased to a peak of 20,701 million US dollars in 2021. This peak was followed by a slight decline to 20,097 million in 2022, then a more pronounced decrease to 10,498 million in 2023 and further down to 8,879 million in 2024. Overall, the trend shows initial strong growth followed by a rapid contraction, ending with revenues close to the initial 2020 level.
- Long-lived assets
- The value of long-lived assets showed consistent growth from 890 million US dollars in 2020 to a high of 1,554 million in 2023. In 2024, there was a slight reduction to 1,458 million. This indicates ongoing investment and asset accumulation through 2023, with a minor contraction thereafter.
- Area asset turnover
- The area asset turnover ratio, reflecting the efficiency of asset use to generate revenues, revealed notable volatility. It nearly doubled from 9.41 in 2020 to 19.6 in 2021, implying enhanced asset productivity during that year. However, it subsequently declined to 14.22 in 2022 and dropped sharply to 6.76 in 2023 and 6.09 in 2024. This downward trend in later years indicates decreasing efficiency in generating revenue per unit of asset in the emerging markets.
- Summary Insights
- The data depict a business environment in which revenues surged notably in the early part of the period, accompanied by increased asset levels and improved asset turnover efficiency. However, after 2021, revenues declined precipitously, even as long-lived assets continued to grow until 2023, suggesting a decoupling of revenue growth from asset accumulation. This is further underscored by the falling asset turnover ratio, which indicates that the assets deployed in the emerging markets have become less effective at generating revenue over time. The combination of shrinking revenues and declining asset efficiency may be indicative of market challenges or operational issues in this geographic area during the latter years of the period.
Long-lived assets
Pfizer Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Developed Markets | |||||
| Emerging Markets | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the annual geographic area long-lived assets reveals distinct trends in asset values across different regions over the five-year period.
- United States
- The value of long-lived assets in the United States shows an overall upward trend from 2020 to 2023, increasing from 7,821 million US dollars to a peak of 10,673 million US dollars. However, there is a noticeable decline in 2024 to 9,748 million US dollars, indicating a potential reduction or revaluation of assets in that year.
- Developed Markets
- Developed Markets exhibit a consistent growth in long-lived assets across the entire period. Starting at 5,188 million US dollars in 2020, the asset base expands steadily each year, reaching 7,187 million US dollars by 2024. This steady increase suggests continuous investment or acquisition of assets in established markets outside the United States.
- Emerging Markets
- In Emerging Markets, the asset values increase significantly from 890 million US dollars in 2020 to 1,554 million US dollars in 2023. However, similar to the United States, a slight decrease occurs in 2024, bringing the asset total down to 1,458 million US dollars. This pattern reflects heightened asset accumulation through 2023, followed by a modest contraction or adjustment in the subsequent year.
- Total Long-Lived Assets
- The aggregate long-lived assets of the company present a clear upward trajectory from 13,899 million US dollars in 2020 to a peak of 18,940 million US dollars in 2023. In 2024, there is a minor decline to 18,393 million US dollars, consistent with reductions observed in the United States and Emerging Markets segments. Overall, the total asset base demonstrates growth, primarily driven by increases in developed and emerging market assets until the slight pullback in the final year.
Revenues
Pfizer Inc., revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Developed Markets | |||||
| Emerging Markets | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- United States Revenue
- The revenue generated from the United States shows a fluctuating pattern over the five-year period. There is a significant increase from 21,712 million US dollars in 2020 to a peak of 42,473 million in 2022. However, this is followed by a notable decline to 28,145 million in 2023, before rising again to 38,691 million in 2024. This indicates a volatile but overall upward trend when comparing the start and end years.
- Developed Markets Revenue
- Revenues from Developed Markets display an initial strong growth, increasing sharply from 11,824 million US dollars in 2020 to a high of 37,760 million in 2022. Post-2022, the revenue sharply decreases to 20,910 million in 2023 and further declines to 16,057 million in 2024. This reveals a significant drop-off after a period of robust expansion, resulting in a net decrease when comparing 2020 to 2024.
- Emerging Markets Revenue
- The revenue from Emerging Markets grows substantially from 8,372 million US dollars in 2020 to 20,701 million in 2021, slightly decreases to 20,097 million in 2022, and then declines more sharply to 10,498 million in 2023 and 8,879 million in 2024. The figures suggest a peak in 2021 followed by a consistent decrease, ending near the initial level seen in 2020.
- Total Revenue
- Total revenue shows a pronounced upward trend from 41,908 million US dollars in 2020 to 100,330 million in 2022, representing more than a twofold increase. After this peak, a significant decline occurs, with total revenue decreasing to 59,553 million in 2023 and slightly rising to 63,627 million in 2024. Despite the decline in the latter years, the total revenue at the end of the period remains higher than in 2020, reflecting overall growth with pronounced volatility in recent years.
- Overall Insights
- The data reveals a strong growth phase across all geographic segments from 2020 through 2022, likely driven by favorable market or company-specific factors. This is succeeded by a marked contraction in revenues in 2023, with some recovery observable in 2024 primarily in the United States segment. Developed and Emerging Markets show more pronounced and sustained declines after their respective peaks compared to the U.S. The fluctuations suggest possible external impacts affecting global operations or shifts in market dynamics after 2022.