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PFE

Pfizer Inc.

PFE

Pfizer Inc. • NYSE
$25.77 ▲ 0.25% (+0.07)
Market Cap $146.55 B
52w High $27.69
52w Low $20.92
Dividend Yield 1.72%
P/E 14.99
Volume 20.45M
Outstanding Shares 5.69B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $16.654B ▲ $8.932B ▲ $3.541B ▲ 21.262% ▲ $0.62 ▲ $5.648B ▲
Q2-2025 $14.653B ▲ $5.845B ▲ $2.91B ▼ 19.859% ▼ $0.51 ▼ $5.323B ▲
Q1-2025 $13.715B ▼ $5.203B ▼ $2.967B ▲ 21.633% ▲ $0.523 ▲ $5.056B ▼
Q4-2024 $17.763B ▲ $7.243B ▲ $403M ▼ 2.269% ▼ $0.072 ▼ $5.143B ▼
Q3-2024 $17.702B $5.803B $4.473B 25.268% $0.789 $7.253B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.984B ▲ $208.731B ▲ $115.635B ▼ $92.801B ▲
Q2-2025 $13.249B ▼ $206.095B ▼ $117.083B ▼ $88.695B ▼
Q1-2025 $17.316B ▼ $208.028B ▼ $117.391B ▼ $90.338B ▲
Q4-2024 $20.477B ▲ $213.396B ▼ $124.899B ▼ $88.203B ▼
Q3-2024 $9.952B $219.476B $126.918B $92.286B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.551B ▲ $4.603B ▲ $-2.43B ▼ $-2.476B ▲ $-300M ▼ $4.001B ▲
Q2-2025 $2.928B ▼ $-582M ▼ $3.951B ▲ $-3.196B ▲ $213M ▼ $-1.2B ▼
Q1-2025 $2.973B ▲ $2.335B ▼ $3.274B ▲ $-5.227B ▼ $374M ▲ $1.771B ▼
Q4-2024 $411M ▼ $6.721B ▲ $-1.623B ▲ $-5.114B ▼ $-45M ▼ $5.804B ▼
Q3-2024 $4.481B $6.714B $-2.057B $-4.636B $40M $6.063B

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Biopharma Segment
Biopharma Segment
 $17.39Bn ▲$17.41Bn ▲$14.30Bn ▼$16.31Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Pfizer’s income statement shows a company coming down from an extraordinary pandemic boom toward a more normal, but still sizable, level of business. Revenue and profits surged in 2021–2022 on COVID products, then fell sharply as that demand normalized, with 2023 marking a particularly weak profit year. 2024 indicates a meaningful rebound in earnings versus 2023, but still well below the COVID peak, underscoring a transition period as legacy COVID sales decline and newer products ramp up. Overall, the business remains clearly profitable, but with more volatility and less momentum than during the pandemic years.

Balance Sheet

Balance Sheet The balance sheet is large and has grown over time, reflecting Pfizer’s scale and acquisitions, but also a heavier use of debt than a few years ago. Equity has steadily increased, which gives the company a solid capital base, yet the rise in borrowings means leverage and interest obligations matter more than before. Cash on hand is relatively modest compared with total debt, so liquidity is more about consistent cash generation and access to funding markets than about large cash reserves. In short, the balance sheet is robust but now more reliant on effective debt management.

Cash Flow

Cash Flow Pfizer generates solid cash flow from its operations, even after the comedown from the pandemic peak. Free cash flow has remained positive each year, even as earnings have swung, showing that the underlying business still throws off meaningful cash after investment needs. Capital spending is moderate relative to the size of the company, leaving room for dividends, debt service, and strategic deals. The key trend is that cash flow is normalizing at a lower, post‑COVID level but still provides a comfortable financial cushion.

Competitive Edge

Competitive Edge Pfizer remains one of the global leaders in pharmaceuticals, with scale, brand recognition, and a broad lineup of established drugs and vaccines. Its historic moat has narrowed somewhat due to looming patent expirations and growing pressure on drug prices, which makes it harder to rely on older blockbusters. Even so, its global sales network, manufacturing footprint, and experience in navigating regulation still provide important advantages against smaller rivals. The firm is in a strong but more contested position, needing new products to offset the erosion of older ones.

Innovation and R&D

Innovation and R&D Pfizer’s innovation engine is a major asset, spanning advanced technologies like mRNA, AI‑driven research, and a deep pipeline in oncology, vaccines, rare diseases, and obesity treatments. The Seagen acquisition materially expands its cancer portfolio and technology base, especially in targeted antibody‑drug conjugates. Heavy R&D and digital investments show a clear commitment to replenishing the portfolio as patents roll off, although success is inherently uncertain in drug development. Overall, Pfizer is clearly leaning into high‑growth therapeutic areas and new commercial models to shape its next decade of growth.

Summary

Pfizer is moving from an exceptional, COVID‑driven earnings spike to a more balanced and uncertain post‑pandemic profile. Financially, it remains profitable with strong cash generation and a sizable balance sheet, but with higher debt and more earnings volatility than in the past. Competitively, it is still a top‑tier pharma company, yet its once‑wide moat is being tested by patent cliffs and pricing pressure. The long‑term story hinges on whether its substantial R&D, acquisitions, and new technologies can successfully replace fading COVID and legacy revenues with a new wave of durable, high‑value medicines.

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November 13, 2025 · 11:26 AM UTC

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November 12, 2025 · 10:00 AM UTC

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November 11, 2025 · 1:57 PM UTC

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