Pfizer Inc. (NYSE:PFE)

The financial metrics exhibit fluctuating trends over the observed periods, reflecting variations in profitability and efficiency.

Gross Profit Margin

There is a notable decline from the first quarter of 2021 through to early 2024, decreasing from approximately 76.46% to around 58.09%. After this low point, a recovery trend is evident, with the margin rising to above 72% by mid-2025. This suggests initial margin compression followed by improvement.

Operating Profit Margin

The margin increased from 21.2% in early 2021 to a peak of approximately 34.83% by the end of 2022, indicating improved operational efficiency. However, this was followed by a steep decline throughout 2023 and early 2024, reaching negative values in the first half of 2024. Subsequently, the margin rebounded to positive territory by the second quarter of 2024 and continued to rise, achieving above 23% by mid-2025. This pattern suggests periods of operational difficulty followed by recovery.

Net Profit Margin

Net profitability increased steadily until near the end of 2022, peaking at roughly 31.27%. Afterward, a sharp decline ensued during 2023 and early 2024, falling into negative percentages. The most recent quarters indicate a recovery trend, with net profit margin improving to nearly 17% by mid-2025, reflecting a turnaround after challenging periods.

Return on Equity (ROE)

This measure of shareholder return showed a strong upward trend until late 2022, reaching a high near 33.61%. A marked decrease followed through 2023 and early 2024, with ROE turning slightly negative before recovering modestly to above 12% by mid-2025. This indicates volatility in equity efficiency, paralleling the trends seen in profitability margins.

Return on Assets (ROA)

ROA improved steadily through 2022, peaking close to 15.91%, suggesting effective asset utilization. Similarly to other profitability ratios, ROA declined sharply in 2023 and early 2024, briefly becoming negative. Recovery is apparent from mid-2024 onward, with ROA reaching slightly above 5% by mid-2025, though still below earlier peak levels.

Overall, the data reflect a phase of growth and strong profitability through 2022, followed by significant challenges during 2023 and early 2024 that impacted margins and returns negatively. The most recent periods demonstrate signs of financial recovery and improvement in profitability and efficiency metrics, though some ratios have not yet reached their previous highs.

The financial data reveals notable fluctuations in both gross profit and revenues over the analyzed quarterly periods. Revenues initially exhibit an upward trajectory from approximately 14.5 billion to over 27.7 billion US dollars within the first eight quarters. This peak is followed by a pronounced decline to around 13 billion by mid-2023, with subsequent modest recovery and intermittent increases and decreases through to mid-2025.

Gross profit mirrors these movements in several respects, peaking early at around 19.1 billion before declining sharply to a low point near 4.2 billion in late 2023. Following this trough, there is a gradual recovery, with gross profit values oscillating and eventually stabilizing closer to the 10-12 billion range by mid-2025.

The gross profit margin exhibits a contrasting pattern with some initial decline, starting from approximately 76.5% and dropping to around 58-60% during 2022 and early 2023. Following this period, there is a discernible improvement in profit margins, climbing back above 70% toward the latter quarters of the data set.

Revenues

Experience a significant peak in mid-2022, followed by a steep decline through 2023, and then a variable pattern with partial recovery by mid-2025.

Gross profit

Follows a similar pattern to revenues, peaking early in the analysis period, dipping sharply in late 2023, and gradually recovering thereafter, but remaining below earlier peaks.

Gross profit margin

Shows an initial downward trend alongside revenue growth, indicating rising costs or pricing pressures, then a recovery suggesting improved cost management or pricing power in the latter periods.

Overall, the data suggests a period of strong financial performance initially, disrupted by significant contractions in revenue and profitability in the middle quarters, particularly throughout 2023. The recovery in gross profit margin alongside more stabilized gross profit figures toward the end of the series indicates effective strategic adjustments or market conditions improving profitability despite revenue volatility.

The quarterly financial analysis reveals notable fluctuations in operating income, revenues, and operating profit margin over the examined periods.

Operating Income (Loss)

Operating income displayed a fluctuating pattern with significant peaks and troughs. Initial quarters in 2021 show a positive and growing trend, reaching a peak of 12,219 million USD in July 2022. After this peak, there was a sharp decline, with operating income turning negative in October and December 2023, reaching losses of -3,170 million USD and -4,289 million USD, respectively. Subsequently, operating income recovered somewhat in 2024, showing positive yet variable results through to June 2025, fluctuating between approximately 1,000 and 5,000 million USD.

Revenues

Revenues exhibited an increasing trend until December 2021, reaching a high of around 27,742 million USD in July 2022, followed by a marked decrease over the next four quarters. Revenues fell significantly through 2023, hitting a low near 13,007 million USD in July 2023. From late 2023 onward, revenues partially rebounded, fluctuating between 13,000 and 17,000 million USD through mid-2025, but did not reach the previous highs of 2021 and early 2022.

Operating Profit Margin

The operating profit margin increased steadily from 21.2% in early 2021 to a peak of approximately 34.83% by the end of 2022, indicating improved operational efficiency during that period. However, the margin declined drastically during 2023, turning negative in the first quarter and remaining below zero in the second quarter, indicating operating losses despite the revenue stream. Into 2024 and mid-2025, the operating margin demonstrated recovery signs, rising to over 23% by the second quarter of 2025, suggesting improved profitability aligned with the partial revenue recovery and operating income stabilization.

In summary, the financial performance showed a strong growth phase in 2021 and early 2022, followed by a sharp decline in operating results and revenues throughout 2023. However, the company displayed signs of recovery in 2024 and into mid-2025, with operating margins and income improving although not yet fully returning to peak levels seen in earlier periods. The data points to cyclical or event-driven variability impacting profitability and revenues, necessitating close monitoring of operational efficiency and market conditions to sustain the recovery trajectory.

The analysis of quarterly financial performance reveals distinct trends in net income, revenues, and net profit margin over the observed periods.

Net Income (Loss) Attributable to Common Shareholders

The net income exhibited significant volatility. Initial quarters demonstrated strong profitability, with peaks notably around October 2021 and July 2022. However, a sharp decline was observed starting from July 2023, resulting in negative net income for two consecutive quarters (October and December 2023). Recovery efforts seem to take effect by March 2024, with net income fluctuating thereafter but remaining positive in most recent quarters, except for a modest dip in June 2024 and December 2024. Overall, the pattern reflects cyclical variability with intermittent losses impacting quarterly results.

Revenues

Revenue trends show a general rise from early 2021 through mid-2022, reaching a high point in July 2022. Following this peak, the figures experienced a decline, dropping significantly by July 2023. Despite some recovery attempts with increased revenues towards the end of 2024 and into 2025, the levels remained below the mid-2022 peak. This indicates potential challenges in maintaining growth momentum or possible market pressures affecting sales volumes or pricing.

Net Profit Margin

The net profit margin generally indicated strong profitability during the first half of the timeline, hovering above 24% and peaking just over 31% by December 2022. However, the margin experienced a dramatic contraction starting in the second half of 2023, with margins declining to nearly breakeven and eventually becoming negative in early 2024. Some recovery in profitability is evident later in 2024 and continuing into 2025, suggesting operational adjustments or cost management improvements. The fluctuations in net profit margin closely align with the variability seen in net income, emphasizing sensitivity to either revenue changes or expense dynamics.

In summary, the company’s quarterly financial data presents a fluctuating performance with notable peaks and troughs in net income and profit margins, alongside a revenue pattern that shows growth followed by a decline and partial recovery. The volatility observed suggests that external or internal factors significantly impacted profitability and revenue generation across the examined periods.

The analysis of the financial performance over the observed periods reveals several key trends related to net income, shareholders’ equity, and return on equity (ROE).

Net Income Attributable to Common Shareholders

Net income figures demonstrate significant volatility across the quarters. Initially, net income rose from 4,877 million USD in early April 2021 to a peak of 9,906 million USD by mid-2022. This increase was followed by a general declining trend, culminating in negative net income values toward the end of 2023, with recorded losses of -2,382 million USD in October 2023 and -3,369 million USD in December 2023. Subsequently, net income recovered slightly to positive values starting in the first quarter of 2024 but remained relatively subdued and fluctuated in the subsequent quarters, indicating instability in profitability.

Total Shareholders’ Equity

Shareholders’ equity showed a steady growth trend from 68,620 million USD in April 2021, increasing consistently to a peak of 100,970 million USD by April 2023. However, starting from mid-2023, a downward trend is observable, with equity declining and fluctuating around the 88,000–92,000 million USD range up through mid-2025. The general trajectory suggests accumulation of equity value until early 2023, followed by a period of relative contraction or capital restructuring.

Return on Equity (ROE)

ROE displayed notable variation, rising from 16.23% in early 2021 to a high of 33.61% in July 2022, indicating a period of strong profitability and efficient equity use. However, ROE declined sharply in late 2023, dropping to as low as -2.96% in mid-2024, corresponding with the net income losses during that period. From that low point, ROE showed signs of recovery through 2024 and into mid-2025, reaching up to 12.12%. The fluctuations in ROE closely mirror the trend in net income, reflecting the impact of profitability volatility on shareholder returns.

In summary, the company experienced a period of robust profitability and equity growth through the early part of the timeline, followed by a marked downturn in earnings and returns by late 2023. Although shareholders’ equity demonstrated resilience by maintaining relatively high levels despite recent declines, the return on equity reflects ongoing challenges in sustaining profits. The pattern suggests a phase of financial instability with indications of gradual recovery in profitability and efficiency in the most recent periods.

Net Income Trends

Net income attributable to common shareholders showed significant fluctuations across the periods. Initially, there was growth from 4,877 million US$ to a peak of 9,906 million US$ by mid-2022. Subsequently, the figures declined sharply towards the end of 2023, with negative values recorded in the last two quarters of that year (-2,382 and -3,369 million US$). The earliest quarters of 2024 reflected recovery signals, with positive net income gradually resuming and reaching up to 4,465 million US$. However, the trend exhibited volatility again through 2025, with values fluctuating around 400 to nearly 3,000 million US$.

Total Assets Development

Total assets demonstrated a generally upward trend up to early 2024, increasing from approximately 158,818 million US$ in early 2021 to a peak of 226,501 million US$ at the end of 2023. After this peak, total assets started to decline modestly, settling around 206,095 million US$ by mid-2025. This pattern indicates growth and accumulation of assets over time, followed by a mild reduction phase.

Return on Assets (ROA) Patterns

The ROA performance correlated to some extent with net income fluctuations. It improved steadily from 7.01% in early 2021 and peaked around 15.91% toward the end of 2022, reflecting strong profitability relative to asset base during that period. From early 2023, ROA declined sharply, turning negative (-0.14% and -1.2%) around the end of 2023 and beginning 2024, coinciding with net income losses. Recovery appeared through 2024 into 2025, with ROA gradually improving to 5.22%, although still below previous peak levels.

Summary Insights

The data illustrates a cycle of growth followed by contraction and recovery. The peak financial performance occurred around late 2021 to late 2022, supported by rising net income and strong asset utilization, as indicated by ROA. The sharp net income losses and corresponding ROA decline at the end of 2023 suggest a period of operational or market challenges. Meanwhile, total assets grew consistently until that period, indicating expansion or increased investment, before a slight contraction. The early 2024 to mid-2025 period shows signs of stabilization and gradual recovery both in profitability and asset base efficiency.