Pfizer Inc. (NYSE: PFE) develops, manufactures and commercializes medicines and vaccines worldwide. Revenue includes product sales, alliance income and royalties, alongside contract manufacturing and active pharmaceutical ingredients.
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Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000078003-24-000039 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000078003-25-000054 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000078003-26-000026 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Pfizer is rebuilding growth after the exceptional COVID-19 revenue cycle while financing acquisitions, research and dividends. In 2025, growth outside Comirnaty and Paxlovid did not prevent revenue from declining to $62.579 billion. Cost reductions supported adjusted earnings, but impairments and acquired research weighed on GAAP profit. First-half 2026 revenue increased, yet pipeline impairments sharply reduced reported earnings. Operating cash flow improved but remained below capital expenditure plus dividends. Oncology approvals, obesity development and collaborations offer potential offsets to approaching patent losses, not assured replacements. On August 4, Pfizer raised its revenue outlook while retaining adjusted EPS guidance. That is the latest supplied operating disclosure, not confirmation of developments through October 24. The supplied releases establish first-quarter figures and reporting endpoints but not exact start dates; those amounts are described with that limitation rather than treated as fully dated quarterly comparisons.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-28 · EX-99 · 2026-08-04 · EX-99 · 2026-05-05
Biopharma is Pfizer's only reportable segment. Its medicines span oncology, cardiovascular disease, rare diseases, inflammation and other conditions, alongside vaccines and COVID-19 treatments. Pfizer CentreOne provides contract manufacturing, development services and active ingredients; Pfizer Ignite was wound down in 2025. In 2025, twelve products each exceeded $1 billion and represented 65% of revenue, with Eliquis contributing 13%. International markets supplied 41% of revenue. Distribution is concentrated: McKesson, Cencora and Cardinal Health represented 25%, 16% and 13%, respectively.
Revenue is not a uniform measure of Pfizer's retained economics. Some collaborations produce gross product sales with partner payments in costs; others contribute Pfizer's alliance share or royalties. Comirnaty gross profits are shared equally with BioNTech. Consequently, declining vaccine sales can reduce revenue while improving the cost-of-sales ratio. Commercial divisions and product portfolios are not additional reportable segments or amounts to add to consolidated revenue.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-28 · 10-K · 2024-12-31
The latest annual report, filed February 26, 2026, reported 2025 revenue of $62.579 billion, versus $63.627 billion in 2024. Revenue excluding Comirnaty and Paxlovid grew 6% operationally, supported by Eliquis, Vyndaqel and Padcev. Lower infections, government purchases and vaccination activity reduced COVID revenue; Paxlovid also faced comparison with favorable noncash items in 2024. Operational growth excludes currency, not acquisitions or one-time pricing effects. GAAP attributable income was $7.771 billion, while company-defined adjusted income was $18.406 billion.
After that annual filing, first-half 2026 revenue rose 4% reported and 2% operationally to $29.484 billion. GAAP attributable income nevertheless fell 58% to $2.440 billion. Q2 produced a $248 million loss, principally reflecting $4.325 billion of intangible impairments, partly offset by a $1.870 billion ViiV disposal gain. Q2 adjusted income was approximately unchanged at $4.440 billion. Adjusted results exclude amortization and selected acquisition, restructuring, legal and impairment items, including costs that can recur; acquired in-process R&D remains included. Neither adjusted income nor the disposal gain measures operating cash generation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-28 · EX-99 · 2026-08-04
In 2025, operating cash flow of $11.704 billion did not cover both $2.629 billion of capital expenditure and $9.771 billion of dividends. The same was true in first-half 2026: operating cash flow improved to $3.450 billion, versus $969 million of capital expenditure and $4.896 billion of dividends. Receipt and payment timing and noncash adjustments explain why cash flow improved despite lower profit. These period-specific funding gaps do not by themselves establish a full-year dividend outcome. Pfizer paid its eighth and final TCJA repatriation-tax installment by the April 15, 2026 due date. At December 31, 2025, the estimated obligation was $2.6 billion and remained subject to adjustments, including available tax attributes. The subsequent filing confirms payment by the deadline, not that the final paid amount was exactly $2.6 billion. This was a one-time funding demand; it is not added again to reported cash outflows or used to forecast a future cash-flow increase.
At June 28, 2026, cash was $976 million, separate from $10.723 billion of short-term investments, including $935 million of posted derivative collateral. Noncurrent debt was $60.495 billion and short-term borrowings including current maturities were $2.699 billion. The $7 billion revolver maturing October 2030 is borrowing capacity, not cash; essentially all credit lines were unused at filing. Pfizer expects leverage around current levels or modestly higher during the patent-expiry transition. No public-program buybacks had occurred in 2026 through August 4.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-28 · EX-99 · 2026-08-04
Pfizer expects significant exclusivity-related erosion during 2026–2030, with its August estimate for 2026 reduced to approximately $1.1 billion. New approvals and acquired pipelines provide opportunities, but failed trials and repeated impairments demonstrate the risk of paying for assets whose expected value subsequently falls. Pricing, reimbursement, vaccine recommendations, manufacturing quality and product-liability litigation add constraints. Reasonably possible legal losses above accruals cannot be quantified from the disclosures.
On August 4, Pfizer raised 2026 revenue guidance to $60.5–$62.5 billion while retaining adjusted EPS of $2.80–$3.00. Better expected non-COVID performance outweighed a $1 billion reduction in expected COVID revenue. The outlook absorbs a third-quarter $650 million Innovent acquired-research charge and assumes no share repurchases or business-development transactions uncompleted at the guidance date. No GAAP earnings forecast was supplied. Forecast savings, clinical plans and scheduled leadership changes remain distinct from completed outcomes.
Sources: 10-Q · 2026-06-28 · 10-K · 2025-12-31 · EX-99 · 2026-08-04
USD 59.553 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · foreign subsidiary year end: 2023-11-30
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 59.553 bn | — |
Consolidated product, alliance and royalty revenues; includes Seagen only after its December 14, 2023 acquisition.
Sources: 10-K · 2025-12-31
USD 63.627 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · foreign subsidiary year end: 2024-11-30
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 63.627 bn | — |
Consolidated product, alliance and royalty revenues; not total end-market sales of collaboration products.
Sources: 10-K · 2025-12-31
USD 62.579 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · foreign subsidiary year end: 2025-11-30
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 62.579 bn | — |
Consolidated product, alliance and royalty revenues; not total end-market sales of collaboration products.
Sources: 10-K · 2025-12-31
USD 7.771 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 7.771 bn | -3.2% |
| 2024 | USD 8.031 bn | 279.0% |
| 2023 | USD 2.119 bn | — |
Net income after noncontrolling interests, including discontinued operations.
Sources: 10-K · 2025-12-31
USD 11.704 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.704 bn | -8.2% |
| 2024 | USD 12.744 bn | 46.5% |
| 2023 | USD 8.7 bn | — |
Consolidated net operating cash flow, including working-capital movements and expensed in-license payments.
Sources: 10-K · 2025-12-31
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