Analysis of Geographic Areas
Pfizer Inc. operates in 3 regions: United States; Developed Markets; and Emerging Markets.
Area Asset Turnover
Pfizer Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 3.83 | 3.97 | 2.64 | 4.63 | 3.55 |
| Developed Markets | 1.98 | 2.23 | 3.11 | 6.65 | 5.67 |
| Emerging Markets | 6.39 | 6.09 | 6.76 | 14.22 | 19.60 |
Based on: 10-K (reporting date: 2025-12-31), 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).
Asset turnover ratios across the reported geographic areas demonstrate varied performance between 2021 and 2025. Significant fluctuations are observed in each region, indicating differing operational efficiencies and investment strategies.
- United States
- The asset turnover ratio for the United States initially increased from 3.55 in 2021 to 4.63 in 2022, suggesting improved asset utilization. However, a substantial decline to 2.64 was recorded in 2023. A partial recovery to 3.97 occurred in 2024, followed by a slight decrease to 3.83 in 2025. This pattern suggests potential volatility in sales relative to assets within this region.
- Developed Markets
- Developed Markets exhibited an initial increase in asset turnover from 5.67 in 2021 to 6.65 in 2022. Subsequently, a consistent downward trend was observed, with the ratio decreasing to 3.11 in 2023, 2.23 in 2024, and further to 1.98 in 2025. This sustained decline indicates a decreasing efficiency in generating sales from assets in these markets, potentially due to increased investment in assets without corresponding sales growth or asset disposals.
- Emerging Markets
- Emerging Markets consistently reported the highest asset turnover ratios among the three areas. The ratio decreased from a high of 19.60 in 2021 to 14.22 in 2022, followed by a more pronounced decline to 6.76 in 2023. The ratio stabilized somewhat in the subsequent years, at 6.09 in 2024 and 6.39 in 2025. While still comparatively high, the decreasing trend suggests a potential convergence with asset turnover ratios observed in more developed markets, possibly reflecting increased investment and capacity building.
Overall, the asset turnover ratios indicate a shift in operational efficiency across the geographic areas. While Emerging Markets continue to demonstrate relatively high asset utilization, both the United States and Developed Markets experienced declines, warranting further investigation into the underlying causes of these trends.
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Area Asset Turnover: United States
Pfizer Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 37,078) | 38,691) | 28,145) | 42,473) | 29,746) |
| Long-lived assets | 9,680) | 9,748) | 10,673) | 9,179) | 8,385) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 3.83 | 3.97 | 2.64 | 4.63 | 3.55 |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 37,078 ÷ 9,680 = 3.83
The financial performance related to asset utilization within the United States demonstrates fluctuating efficiency over the five-year period. Revenues exhibited volatility, while long-lived assets generally increased before stabilizing. Consequently, the area asset turnover ratio, a key indicator of how effectively assets are being used to generate sales, showed corresponding variations.
- Revenues
- Revenues increased significantly from 2021 to 2022, rising from US$29,746 million to US$42,473 million. A subsequent decrease was observed in 2023, with revenues falling to US$28,145 million. Revenues partially recovered in 2024, reaching US$38,691 million, and remained relatively stable in 2025 at US$37,078 million.
- Long-lived Assets
- Long-lived assets experienced a consistent increase from 2021 to 2023, moving from US$8,385 million to US$10,673 million. In 2024, these assets decreased slightly to US$9,748 million, and this trend continued with a further reduction to US$9,680 million in 2025, indicating a potential stabilization or optimization of the asset base.
- Area Asset Turnover
- The area asset turnover ratio peaked in 2022 at 4.63, coinciding with the highest revenue figures. A substantial decline to 2.64 was recorded in 2023, likely attributable to the decrease in revenues coupled with continued growth in long-lived assets. The ratio recovered to 3.97 in 2024, aligning with the revenue increase, and settled at 3.83 in 2025. This suggests a return towards more efficient asset utilization, although not reaching the levels observed in 2022. The ratio in 2025 represents a moderate decrease from 2024, potentially indicating a slight reduction in efficiency despite relatively stable revenues.
Overall, the asset turnover ratio’s movements are closely tied to revenue fluctuations. While asset levels increased initially, their stabilization in later years, combined with revenue recovery, contributed to an improved, though not maximized, asset turnover ratio.
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Area Asset Turnover: Developed Markets
Pfizer Inc.; Developed Markets; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 16,188) | 16,057) | 20,910) | 37,760) | 30,842) |
| Long-lived assets | 8,180) | 7,187) | 6,713) | 5,682) | 5,441) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.98 | 2.23 | 3.11 | 6.65 | 5.67 |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 16,188 ÷ 8,180 = 1.98
The financial performance of the specified geographic area reveals notable shifts in revenue generation and asset utilization over the five-year period. Revenues experienced initial growth followed by a substantial decline, while long-lived assets consistently increased. Consequently, the area asset turnover ratio demonstrates a marked downward trend.
- Revenues
- Revenues increased from US$30.842 billion in 2021 to US$37.760 billion in 2022, representing a significant expansion. However, a considerable decrease occurred in 2023, with revenues falling to US$20.910 billion. This downward trajectory continued into 2024 and 2025, reaching US$16.057 billion and US$16.188 billion respectively, indicating a sustained period of revenue contraction.
- Long-lived Assets
- Long-lived assets exhibited a consistent upward trend throughout the period. Starting at US$5.441 billion in 2021, they increased to US$5.682 billion in 2022, US$6.713 billion in 2023, US$7.187 billion in 2024, and reached US$8.180 billion in 2025. This continuous growth suggests ongoing investment in long-term assets despite declining revenue.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset utilization in generating revenue, declined substantially. It began at 5.67 in 2021 and increased to 6.65 in 2022, coinciding with the revenue increase. However, the ratio then decreased to 3.11 in 2023, 2.23 in 2024, and further to 1.98 in 2025. This consistent decline indicates a decreasing ability to generate revenue from the existing asset base, potentially due to the revenue contraction and continued asset investment.
The combination of declining revenues and increasing long-lived assets has resulted in a significant reduction in asset turnover. This suggests a potential need to evaluate asset utilization strategies and revenue-generating capabilities within this geographic area.
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Area Asset Turnover: Emerging Markets
Pfizer Inc.; Emerging Markets; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 9,313) | 8,879) | 10,498) | 20,097) | 20,701) |
| Long-lived assets | 1,457) | 1,458) | 1,554) | 1,413) | 1,056) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 6.39 | 6.09 | 6.76 | 14.22 | 19.60 |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 9,313 ÷ 1,457 = 6.39
The financial performance of this geographic area reveals a significant shift in asset utilization over the five-year period. Revenues experienced a substantial decline from 2021 through 2023, followed by a period of relative stabilization with a slight increase in 2025. Simultaneously, long-lived assets remained relatively stable, with a moderate increase in 2022 before decreasing slightly in subsequent years. This interplay between revenue and asset levels directly impacts the area asset turnover ratio, which demonstrates a clear downward trend.
- Revenue Trend
- Revenues began at US$20,701 million in 2021 and decreased to US$10,498 million in 2023, representing a nearly 50% reduction. A modest recovery was observed in 2024 and 2025, reaching US$8,879 million and US$9,313 million respectively. This suggests potential challenges in revenue generation within this geographic area during the 2022-2023 timeframe.
- Long-Lived Asset Trend
- Long-lived assets increased from US$1,056 million in 2021 to US$1,413 million in 2022. Following this increase, asset levels experienced a slight decline to US$1,554 million in 2023, then further decreased to US$1,458 million in 2024 and remained stable at US$1,457 million in 2025. The relative stability of these assets, contrasted with the revenue decline, contributes to the observed changes in asset turnover.
- Area Asset Turnover
- The area asset turnover ratio decreased consistently from 19.60 in 2021 to 6.09 in 2024. A slight improvement was noted in 2025, with the ratio increasing to 6.39. This indicates a diminishing ability to generate revenue from the existing asset base. The substantial decline suggests reduced operational efficiency or a shift in business strategy within the area. The stabilization in 2025, while minimal, may indicate a potential bottoming out of this trend.
In summary, the area experienced a significant revenue decrease coupled with relatively stable asset levels, resulting in a substantial decline in asset turnover. While a slight recovery in revenue is observed in the later years, the asset turnover ratio remains considerably lower than its initial value, suggesting ongoing challenges in efficiently utilizing assets to generate revenue.
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Long-lived assets
Pfizer Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 9,680) | 9,748) | 10,673) | 9,179) | 8,385) |
| Developed Markets | 8,180) | 7,187) | 6,713) | 5,682) | 5,441) |
| Emerging Markets | 1,457) | 1,458) | 1,554) | 1,413) | 1,056) |
| International | 9,637) | 8,645) | 8,267) | 7,095) | 6,497) |
| Total | 19,317) | 18,393) | 18,940) | 16,274) | 14,882) |
Based on: 10-K (reporting date: 2025-12-31), 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).
The value of long-lived assets demonstrates a generally increasing trend across all reported geographic areas between 2021 and 2025. However, the rate of increase varies significantly by region, and a slight decrease is observed in the United States towards the end of the period.
- United States
- Long-lived assets in the United States increased from US$8,385 million in 2021 to US$9,179 million in 2022, representing substantial growth. This upward trend continued to US$10,673 million in 2023, the highest value recorded. A subsequent decrease to US$9,748 million in 2024 and a further slight decline to US$9,680 million in 2025 is noted, indicating a potential stabilization or reallocation of assets away from this region.
- Developed Markets
- Developed Markets exhibited consistent growth in long-lived assets throughout the five-year period. Starting at US$5,441 million in 2021, the value increased to US$5,682 million in 2022, US$6,713 million in 2023, US$7,187 million in 2024, and reached US$8,180 million in 2025. This represents a steady and significant expansion of assets within these markets.
- Emerging Markets
- Emerging Markets also showed growth, though at a more moderate pace than Developed Markets. The value rose from US$1,056 million in 2021 to US$1,413 million in 2022 and US$1,554 million in 2023. Growth slowed in 2024 to US$1,458 million, and remained relatively stable at US$1,457 million in 2025, suggesting a potential plateau in asset expansion within these markets.
- International
- The International segment demonstrated a consistent upward trend in long-lived assets. Beginning at US$6,497 million in 2021, the value increased to US$7,095 million in 2022, US$8,267 million in 2023, US$8,645 million in 2024, and culminated in US$9,637 million in 2025. This indicates a sustained investment and expansion of assets within the International region.
- Total
- Total long-lived assets increased from US$14,882 million in 2021 to US$16,274 million in 2022, US$18,940 million in 2023. A slight decrease to US$18,393 million occurred in 2024, followed by a recovery to US$19,317 million in 2025. The overall trend remains positive, although the dip in 2024 suggests potential company-wide adjustments or divestments that were subsequently offset.
The combined growth in Developed Markets and International areas appears to be offsetting the stabilization in the United States and the slower growth in Emerging Markets. The slight decrease in total assets in 2024 warrants further investigation to understand the underlying causes and potential implications.
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Revenues
Pfizer Inc., revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 37,078) | 38,691) | 28,145) | 42,473) | 29,746) |
| Developed Markets | 16,188) | 16,057) | 20,910) | 37,760) | 30,842) |
| Emerging Markets | 9,313) | 8,879) | 10,498) | 20,097) | 20,701) |
| International | 25,501) | 24,936) | 31,408) | 57,857) | 51,543) |
| Total | 62,579) | 63,627) | 59,553) | 100,330) | 81,289) |
Based on: 10-K (reporting date: 2025-12-31), 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).
Revenues exhibited significant fluctuations across geographic areas between 2021 and 2025. Total revenues peaked in 2022 before experiencing a substantial decline, followed by a period of relative stabilization. A detailed examination of regional performance reveals varying patterns.
- United States
- Revenue from the United States demonstrated a considerable increase from 2021 to 2022, rising from US$29,746 million to US$42,473 million. However, this was followed by a decrease to US$28,145 million in 2023. A subsequent recovery occurred in 2024, reaching US$38,691 million, but this growth plateaued in 2025 at US$37,078 million. The United States remains a significant contributor to overall revenue, though growth appears to have moderated in recent periods.
- Developed Markets (excluding US)
- Developed Markets, excluding the United States, experienced a decline in revenue throughout the analyzed period. Starting at US$30,842 million in 2021, revenue decreased to US$20,910 million in 2023 and continued to fall to US$16,057 million in 2024. A slight increase was observed in 2025, reaching US$16,188 million, but revenue remains substantially lower than in 2021. This suggests a weakening performance in these markets.
- Emerging Markets
- Revenue from Emerging Markets also showed a consistent downward trend. From US$20,701 million in 2021, revenue decreased to US$10,498 million in 2023, and further to US$8,879 million in 2024. A modest recovery to US$9,313 million occurred in 2025, but revenue remains significantly below the 2021 level. This indicates a challenging environment in emerging markets.
- International (Total excluding US)
- International revenue, encompassing Developed and Emerging Markets, mirrored the trends observed in those regions. A decline from US$51,543 million in 2021 to US$31,408 million in 2023 was followed by a slight increase to US$25,501 million in 2025. The overall trend indicates a contraction in international revenue.
The peak in total revenue in 2022 was largely driven by a substantial increase in United States revenue. The subsequent decline in total revenue from 2022 to 2023 is attributable to decreases across all geographic areas. While the United States revenue showed some recovery in 2024, the declines in Developed and Emerging Markets continued to exert downward pressure on overall performance. The stabilization observed in 2025 suggests a potential leveling off of these trends, but further monitoring is warranted.
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