Pfizer Inc. (PFE)

Business

From the FY2025 Form 10-K, accession 0000078003-26-000026.

Pfizer is a research-based global biopharmaceutical company that discovers, develops, manufactures, markets, sells and distributes prescription medicines and vaccines in approximately 200 countries and territories. Most of its revenues come from the manufacture and sale of biopharmaceutical products. Total revenues were $62.6 billion in 2025, of which $25.5 billion, 41%, came from operations outside the U.S. (39% in 2024, 53% in 2023). Twelve products each generated more than $1 billion of revenue in 2025 and together accounted for 65% of total revenues; Eliquis alone was 13%. Revenues exceeded $500 million in each of 12 countries outside the U.S. in 2025, and China was the largest non-U.S. market at 5% of total revenues. The company was incorporated in Delaware on June 2, 1942.

Segments. In 2025 Pfizer managed commercial operations through three operating segments, Biopharma, Pfizer CentreOne (PC1) and Pfizer Ignite, with Biopharma the only reportable segment. Biopharma is the innovative, science-based biopharmaceutical business. PC1 is the contract development and manufacturing organization and a supplier of specialty active pharmaceutical ingredients. Pfizer Ignite, which sold R&D services to biotech companies, was discontinued in 2025 and is being wound down; beginning in the first quarter of 2026 the structure consists of two operating segments, Biopharma and PC1, with Biopharma again the only reportable segment.

Commercial structure. Effective January 1, 2026 the Biopharma commercial organization comprises Pfizer U.S. Commercial, Pfizer International Commercial, and a new Global Hospital and Biosimilars organization, into which certain off-patent branded and generic sterile injectables and biosimilars were transitioned out of the Specialty Care and Oncology portfolios.

Portfolio. Primary Care spans internal medicine and cardiovascular metabolic disease (Eliquis and brands past exclusivity), migraine (Nurtec ODT/Vydura, Zavzpret), the all-ages vaccine portfolio (the Prevnar family, Comirnaty, Abrysvo, FSME/IMMUN-TicoVac, Nimenrix, Trumenba) and Paxlovid for COVID-19. Specialty Care spans inflammation and immunology (Xeljanz, Enbrel outside the U.S. and Canada, Cibinqo, Litfulo, Eucrisa, Velsipity), rare disease including amyloidosis, hemophilia and endocrine disease (the Vyndaqel family, Genotropin, BeneFIX, Xyntha, Somavert, Ngenla, Hympavzi) and certain anti-infectives and immunoglobulins (Zavicefta outside the U.S. and Canada, Octagam, Panzyga). Oncology includes Ibrance, Xtandi, Padcev, Adcetris, Tivdak, Lorbrena, Braftovi/Mektovi, Talzenna, Tukysa and Elrexfio.

How the economics are shared. A material part of the portfolio runs through collaborations, so reported revenue is not the whole economics:

• Comirnaty, jointly developed and commercialized with BioNTech; development costs and commercialization gross profits are shared equally (excluding mainland China, Hong Kong, Macau and Taiwan, where Pfizer has no rights).
• Eliquis, jointly developed and commercialized with BMS; Pfizer funds 50%–60% of development costs depending on the study, and profits and losses are shared equally except in certain countries where Pfizer commercializes and pays BMS a percentage of net sales.
• Xtandi, with Astellas, which holds exclusive ex-U.S. rights; U.S. gross profits, losses and commercialization costs shared equally, with tiered royalties on international sales.
• Padcev, co-developed and jointly commercialized with Astellas; Pfizer records U.S. net sales and handles U.S. distribution, with costs and profits shared; ex-U.S., Pfizer has North and South America and Astellas the rest of the world, with profit-sharing and royalty mechanisms intended to approximate an equal split.
• Adcetris (Takeda), Tivdak (Genmab), Orgovyx (SMPS), territory splits with royalty or profit-share arrangements.

Revenues from these arrangements are generally reported in Alliance revenues, except where Pfizer sells directly and except for most Comirnaty and Padcev revenue, which sits in Product revenues.

Exclusivity. Pfizer states plainly that it anticipates a significant reduction of revenue from patent-based or regulatory exclusivity expiries from 2026 through 2030, with the rate of reduction expected to accelerate. The Eliquis position is the most consequential: in the U.S., Pfizer and BMS settled with a number of generic filers permitting launch of a generic on April 1, 2028, and after resolving litigation against three remaining generics in Pfizer's favor those parties cannot launch until the 2031 expiry of the formulation patent. Both the composition-of-matter patent expiring November 2026 and the 2031 formulation patent may face future challenge; if the formulation patent were held invalid or not infringed on appeal, settled generics could launch on November 21, 2026, and if both patents fell, launch could be immediate. The apixaban basic patent and associated SPC were invalidated in the U.K. Elsewhere, Vyndaqel's Japanese polyneuropathy patent expires August 2026 (Vynmac has Japanese regulatory exclusivity to March 2029), and interim patent-term extensions are in place or pending for Xtandi and Mektovi.

Pricing and the U.S. government. In September 2025 Pfizer announced a voluntary agreement with the Trump Administration to make certain U.S. drug prices more comparable to those in other developed countries, and to participate in the TrumpRx.gov platform, where most of its primary care treatments and some specialty brands are offered at discounts averaging 50% and ranging as high as 85%. The agreement also provided a three-year grace period from Section 232 tariffs conditioned on further U.S. manufacturing investment. Separately, under the Inflation Reduction Act, CMS selected Eliquis in the first Medicare price-negotiation cohort (Maximum Fair Price effective January 1, 2026), Ibrance and Xtandi for prices effective January 1, 2027, and Xeljanz on January 27, 2026 for prices effective January 1, 2028. The IRA Medicare Part D redesign reduced 2025 revenues by approximately $1 billion, with no material incremental impact expected in 2026 against that baseline.

Strategy. Pfizer's stated 2026 priorities are to maximize the value of key transactions, deliver on critical R&D milestones, invest to maximize post-2028 growth, and scale AI across the business. Capital allocation rests on three pillars: reinvesting in the business, maintaining and over the long term growing the dividend, and the potential to resume share repurchases after de-levering.

Risk factors

From the FY2025 Form 10-K, accession 0000078003-26-000026.

Loss of exclusivity and generic/biosimilar entry. The single dominant risk. Pfizer expects a significant revenue reduction from patent and regulatory exclusivity expiries across 2026–2030, accelerating over the next few years, and its patents on best-selling products are repeatedly challenged. Generic competitors can launch "at risk" while litigation is pending; a finding of invalidity can end market exclusivity abruptly. In China, quality consistency evaluation and volume-based procurement continue to drive price cuts and volume loss on off-patent products.

Concentration. Twelve products were 65% of 2025 revenues and Eliquis alone 13%. Business development has also been concentrated by therapeutic area, the Metsera and Seagen acquisitions are large bets on obesity and oncology, both intensely competitive. A significant customer's difficulty, or continued consolidation of pharmacy chains, wholesalers and PBMs, is itself a revenue risk.

Pricing and reimbursement. Price controls, international reference pricing including most-favored-nation pricing, mandatory rebates, CMMI pilots (HHS issued proposed rules for mandatory pilots in December 2025), ACA subsidy and state Medicaid cuts, and further IRA selections could each lower revenue. Pfizer also flags risks in the MFN Agreement itself, unfavorable impacts to pricing and access, and effects on competitive positioning across global markets.

Managed care. Consolidated MCOs and PBMs increasingly place branded products on higher tiers or non-preferred status, demand rebates for formulary placement, direct patients to third-party assistance programs, and disallow manufacturer copay assistance from counting toward deductibles.

Development and regulatory approval. Candidates fail at every stage; endpoints, submission dates and launch dates can slip; the company notes increasing inconsistency and unexpected changes in FDA determinations tied to workforce reductions, personnel movement and policy change. Advisory-committee and recommendation risk is called out specifically: in January 2026 the CDC unilaterally reduced the number of immunizations routinely recommended for all children in the U.S., and Pfizer describes the vaccine landscape as becoming more challenging.

Post-approval data. Post-marketing studies can force label changes or loss of approval. The named case is Oxbryta, voluntarily withdrawn from all markets in September 2024; in October 2025 the EMA adopted a negative benefit-risk opinion recommending the marketing authorization remain suspended.

Research and development. Product lines must be replenished to offset exclusivity losses; costs of development keep rising; balancing current growth, investment for future growth and shareholder return is described by the company as a major challenge.

Global operations. Currency and interest-rate movement, trade tensions and tariffs, capital controls, emerging-market instability, and political or military conflict. In 2025, 41% of revenues came from international operations, including 21% from Europe and 12% from China, Japan and the rest of Asia Pacific.

Manufacturing and supply. Regulatory inspection failures, recalls, shortages and third-party manufacturer failures. The industry-wide nitrosamine review is ongoing; the 2021 Chantix recall over N-nitroso-varenicline is cited, with Chantix returning to market in 2025 after updated acceptable-intake guidance.

Collaborations and third parties. Heavy dependence on collaborators, contract research organizations and outsourced providers whose activities Pfizer does not control, with substantial upfront payments that can depress earnings or cash flow.

Business development, leverage and integration. Transactions may fail to deliver anticipated revenue or synergies; Pfizer financed portions of the Seagen and Metsera acquisitions with long-term debt plus short-term borrowings, and notes the debt reduces operating and financial flexibility and could pressure credit ratings.

Intangible assets and goodwill. IPR&D of approximately $21.8 billion at December 31, 2025 is called out as high-risk and most exposed to impairment, alongside newly acquired or recently impaired indefinite-lived brand assets, where even small declines in outlook can force a charge.

Cost control and unusual events. Risk that the enterprise-wide cost realignment and manufacturing optimization programs fail to deliver projected benefits, with loss of accumulated knowledge, morale damage and key-employee attrition during transitions.

Legal matters. Patent litigation, product liability, consumer fraud, off-label promotion, securities, antitrust, environmental and tax proceedings, plus government investigations that can bring criminal and civil fines, corporate integrity or deferred prosecution agreements, and reputational harm.

Intellectual property and technology. Failure to obtain or maintain protection; third-party infringement claims with treble damages for willful infringement; heavy reliance on IT and cloud systems that are the target of frequent, increasingly sophisticated cyber-attacks, including adversarial AI techniques. For the fiscal year ended December 31, 2025 Pfizer reported no cybersecurity incidents that materially affected, or were reasonably likely to materially affect, the company.

AI. Regulatory frameworks for AI remain uncertain; outputs can be false, misleading or non-reproducible; performance can degrade; anticipated cost savings from AI, automation and digital enablement may not be realized in the expected amounts or timeframes.

COVID-19 products, pandemics, climate and market risk. Comirnaty and Paxlovid demand is endemic, seasonal and hard to forecast; equity investment fair-value changes flow through net income; pension plans carry investment and discount-rate volatility; physical and transitional climate risks touch both Pfizer's operations and its supply chain.

Management's discussion, fiscal 2025

From the FY2025 Form 10-K, accession 0000078003-26-000026.

Headline. Total revenues of $62.6 billion, down 2% against 2024; net cash flow from operations of $11.7 billion, down 8%; reported diluted EPS of $1.36, down 3%; adjusted diluted EPS (a non-GAAP measure) of $3.22, up 4%.

Revenue. Total revenues fell $1.0 billion from $63.6 billion, an operational decline of $1.3 billion (2%) partly offset by $247 million of favorable foreign exchange. The operational decline was driven by COVID-19 products, partly offset by growth in the Vyndaqel family, Eliquis, Padcev, Lorbrena, Abrysvo and oncology biosimilars. Among the larger movers on an operational basis: Eliquis up 7%, Prevnar family up 1%, Vyndaqel family up 16%, Xtandi up 8%, Padcev up 22%, Nurtec ODT/Vydura up 13%, Abrysvo up 36%, Ibrance down 6%, Xeljanz down 7%, Comirnaty down 20% and Paxlovid down 59%.

Costs and charges. Income from continuing operations before taxes fell $503 million to $7.5 billion from $8.0 billion. Research and development expenses decreased $385 million, driven by a $490 million net reduction from pipeline focus and optimization initiatives including expanded digital capabilities, plus lower compensation-related expense. Acquired in-process R&D expenses rose $1.5 billion, driven by a $1.35 billion charge on an in-licensing agreement with 3SBio and $150 million on an agreement with YaoPharma. Amortization of intangible assets fell $413 million. Other (income)/deductions, net moved $2.3 billion unfavorably, driven by $1.6 billion of higher intangible asset impairments, a $1.1 billion swing to net losses on equity securities, the non-recurrence of $945 million of realized gains on the partial Haleon sale in 2024, and $490 million of higher legal charges; offsets included an $832 million favorable pension and postretirement swing, $478 million of lower net interest expense on reduced commercial paper, and the non-recurrence of a $420 million charge tied to the discontinued DMD program.

Cost programs. The Realigning Our Cost Base program, launched in the fourth quarter of 2023 and twice expanded in 2025, was expected to deliver approximately $5.7 billion of total net cost savings through 2026, $5.1 billion achieved through 2025 with roughly $600 million remaining, primarily in SI&A. Pfizer first set that $5.7 billion target in April 2025 on a through-2027 horizon and now expects it to be complete by the end of 2026. A further approximately $500 million of savings from pipeline focus and optimization initiatives is being reinvested into R&D programs by the end of 2026. The first phase of the Manufacturing Optimization program, launched in the second quarter of 2024, was on track for approximately $1.5 billion of net cost savings by the end of 2027, with about $600 million realized by year-end 2025. Pfizer expects about $1 billion of annual synergies from Seagen by the end of 2026 (about $800 million achieved by year-end 2025, one-time costs about $1.7 billion) and about $600 million of annual synergies from Metsera by the end of 2026 (one-time costs about $700 million, incurred primarily 2025 through 2027). Management states that long-term improvement in gross margin remains a key focus over the next few years.

Cash flow. Investing activity reflected $6.9 billion of cash paid for Metsera net of cash acquired and $0.7 billion lower Haleon proceeds than in 2024, partly offset by a $3.8 billion increase in net proceeds from short-term investments. Financing reflected $9.7 billion of long-term debt issuance proceeds and a $1.9 billion decrease in net short-term repayments, against a $4.5 billion increase in long-term debt repayments.

Balance sheet and capital allocation. Pfizer's long-term debt is rated A2 by Moody's and A by S&P, both stable. On December 12, 2025 the board declared a first-quarter 2026 dividend of $0.43 per share, payable March 6, 2026, the 349th consecutive quarterly dividend. The remaining share-purchase authorization was $3.3 billion at December 31, 2025, with no repurchases during 2025. Pfizer sold its remaining Haleon stake for $6.3 billion in the first quarter of 2025 and, in January 2026, announced an agreement to sell its ViiV investment for $1.9 billion subject to regulatory clearances. The eighth and final TCJA repatriation tax payment of $2.6 billion was due April 15, 2026. Other commitments totaled $5.0 billion ($1.6 billion within twelve months), and Pfizer expected to spend approximately $2.5 billion on property, plant and equipment in 2026.

Operating environment. Pfizer flagged the U.S. Supreme Court's February 2026 decision on executive authority to impose tariffs under the International Emergency Economic Powers Act as not expected to be material to its consolidated financial statements, while noting it does not reach the Section 232 pharmaceutical investigation. On COVID-19, it expected 2026 Comirnaty commercial-market share and revenue phasing similar to 2025, concentrated in the second half, while acknowledging vaccination rates could continue to decline on further recommendation changes, with that expectation already built into 2026 guidance. Paxlovid revenues were likewise expected to skew to the second half and to move with infection rates, with lower demand built into guidance.

Current quarter, Q2 2026 (quarter ended June 28, 2026)

From the Form 10-Q for the quarter ended June 28, 2026, accession 0000078003-26-000095, and the second-quarter earnings release furnished on Form 8-K, accession 0000078003-26-000094.

Revenue. Total revenues rose $381 million, or 3%, to $15.0 billion from $14.7 billion, an operational increase of $164 million (1%) plus $217 million of favorable foreign exchange. Excluding Comirnaty and Paxlovid, revenues grew 5% operationally; revenues of launched and acquired products grew 18% operationally. For the first six months, total revenues rose $1.1 billion, or 4%, to $29.5 billion, an operational increase of 2% and 6% excluding the COVID-19 products. By segment for the quarter, Biopharma was $14,661 million (up 2%) and Pfizer CentreOne $373 million (up 7%); U.S. revenue was flat at $8,857 million while international rose 7% to $6,177 million.

Product detail for the quarter (worldwide, with operational growth): Eliquis $2,425 million, up 19%, on higher U.S. net price from lower rebates and channel mix plus higher global demand, against generic entry and price erosion in certain international markets; Vyndaqel family $1,762 million, up 8%; Prevnar family $1,337 million, down 4%, on lower U.S. pediatric and adult vaccination rates and adult market-share erosion; Ibrance $1,058 million, flat; Padcev $667 million, up 23%, on first-line la/mUC share and launch uptake in cisplatin-ineligible MIBC; Xtandi $534 million, down 6% on lower U.S. net price; Nurtec ODT/Vydura $421 million, up 17%; Lorbrena $354 million, up 37%; Comirnaty $261 million, down 34%, with U.S. revenue of $38 million against $176 million, reflecting a narrower vaccination recommendation; Abrysvo $208 million, up 43%; and Paxlovid $21 million, down 95%, with no U.S. revenue against $328 million a year earlier.

Earnings. The quarter produced a loss from continuing operations before taxes of $653 million, against income of $3.0 billion a year earlier. Reported net loss was $248 million and reported loss per share $(0.04), against net income of $2,910 million and diluted EPS of $0.51. Adjusted income was $4,440 million and adjusted diluted EPS $0.77, essentially flat against $4,434 million and $0.78. For the six months, reported net income was $2,440 million ($0.43 per diluted share) against $5,877 million ($1.03), and adjusted diluted EPS was $1.52 against $1.69, down 10%.

What drove the swing. Other (income)/deductions, net moved $3.0 billion unfavorably in the quarter to a $3,716 million deduction. Within it: $4,325 million of intangible asset impairments, composed of $3.8 billion against IPR&D tied to the Phase 3 study of sigvotatug vedotin in second-line metastatic non-squamous NSCLC after unfavorable clinical trial results, and $525 million against Oxbryta (voxelotor) developed technology rights after July 2026 engagement with the FDA established no viable pathway to return the product to the U.S. market; $842 million of charges for certain legal matters; and $255 million from changes in the fair value of contingent consideration. Offsetting these was a $1,870 million net gain on the sale of the ViiV investment. Restructuring charges and certain acquisition-related costs were $457 million against a $18 million credit a year earlier. Research and development expenses rose $327 million in the quarter and $614 million in the six months, driven by roughly $240 million and $420 million respectively of anticipated spending on certain oncology and obesity candidates. Selling, informational and administrative expenses were roughly flat in the quarter and down $74 million in the six months. The effective tax rate was 62.4% for the quarter (a $407 million benefit on a pre-tax loss) and 2.1% for the six months.

Cash and capital. Operating cash flow for the six months was $3,450 million against $1,753 million. Investing provided $2,891 million against $7,225 million, the decline reflecting the non-recurrence of $6.3 billion of Haleon proceeds partly offset by $1.9 billion from the ViiV sale. Financing used $6,519 million against $8,423 million. Pfizer invested $5.3 billion in internal R&D and approximately $170 million in business development transactions in the first half, and returned $4.9 billion to shareholders as dividends ($0.86 per share). Dividends of $0.43 per share were declared in April 2026 (paid June 12, 2026) and in June 2026 (payable September 1, 2026). No repurchases have been made in 2026 and the remaining authorization stands at $3.3 billion, with guidance assuming none for the year. Pfizer had a $7.0 billion committed revolving credit facility maturing October 2030 plus $226 million of additional lines of credit, essentially all unused. Ratings remained P-1/A2 (Moody's) and A-1/A (S&P), both stable. Management notes that given the anticipated unfavorable impact from exclusivity expiries over the next few years, leverage is expected to remain around current levels, or modestly higher, through the transition.

Deals and arrangements in the period. Metsera, acquired November 13, 2025, was recorded at total consideration fair value of $8.0 billion ($7.8 billion net of cash acquired), $65.60 per share in cash plus a contingent value right of up to $20.65 per share (up to $2.3 billion) across three milestones: $4.60 per share on the Phase 3 start of the MET-097i plus MET-233i combination, $6.40 per share on FDA approval of monthly MET-097i monotherapy and $9.65 per share on FDA approval of the monthly combination. Provisionally recorded were $7.9 billion of IPR&D intangibles, $2.1 billion of goodwill, $1.6 billion of net deferred tax liabilities and $643 million of assumed contingent consideration; the allocation is not final. In February 2026 Pfizer and Sciwind Biosciences announced a commercialization collaboration giving Pfizer exclusive rights to the GLP-1 receptor agonist ecnoglutide in Mainland China, with Sciwind eligible for up to $495 million in upfront, regulatory and sales milestones. On March 31, 2026, which fell in Pfizer's second fiscal quarter of 2026 (the first quarter having ended March 29, 2026), Pfizer completed the exit of its 11.7% ViiV investment for $1.875 billion in cash; the resulting gain is therefore a second-quarter item. In May 2026 Pfizer signed a global licensing and collaboration agreement with Innovent covering 12 early-stage and de novo cancer medicines, antibody-drug conjugates with novel payloads and multi-specific antibodies, with a $650 million upfront payment, up to $9.85 billion in development, regulatory and commercial milestones, up to double-digit royalties, and U.S./U.K./EU profit sharing on four co-developed programs. In June 2026 Pfizer entered a development funding arrangement with Abingworth for up to $300 million across 2026–2029 to co-fund development of a specified treatment, with up to $180 million of approval-based and up to $420 million of sales-based milestones payable to Abingworth and mid-single-digit royalties subject to an annual cap.

Guidance. Pfizer raised full-year 2026 revenue guidance by $500 million at the midpoint to a range of $60.5 to $62.5 billion, from $59.5 to $62.5 billion, reflecting approximately $1.5 billion of better-than-expected non-COVID performance against a cut in expected COVID-19 product revenue to approximately $4 billion from approximately $5 billion. Adjusted diluted EPS guidance was reaffirmed at $2.80 to $3.00, absorbing an approximately $0.10 impact from a $650 million acquired IPR&D charge for the Innovent agreement to be recorded in the third quarter. Adjusted SI&A expense guidance is $12.5 to $13.5 billion, adjusted R&D $10.5 to $11.5 billion, and the effective tax rate on adjusted income approximately 15.0%, assuming roughly 5.74 billion diluted weighted-average shares and no repurchases.

Exclusivity and policy in the period. Pfizer now expects an unfavorable 2026 revenue impact from patent-based or regulatory exclusivity expiries of approximately $1.1 billion. On the IRA, the Eliquis Maximum Fair Price took effect January 1, 2026 and negotiated prices for Ibrance and Xtandi are effective in 2027; for Xeljanz, CMS determined that bona fide marketing of a generic still exists, so no Maximum Fair Price will be finalized or take effect. On trade, the U.S. Government announced Section 232 tariffs on imported patented pharmaceuticals and their ingredients on April 2, 2026, with duties up to 100% and exemptions for onshoring commitments.

Pipeline in the period. Approvals since the 10-K include Veppanu (vepdegestrant) in ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer (U.S., May 2026, commercialization rights subsequently out-licensed by Arvinas and Pfizer to Rigel Pharmaceuticals); Hympavzi in inhibitor patients (EU May 2026, U.S. June 2026) and in pediatric patients 6 to under 12 (U.S., June 2026); Braftovi with cetuximab and FOLFOX in first-line BRAF V600E mCRC (EU, June 2026); Ibrance in HR+/HER2+ maintenance (U.S., June 2026); and Padcev with pembrolizumab in perioperative MIBC (EU, June 2026). In June 2026 the Phase 3 SigVie-002 study of sigvotatug vedotin in previously treated advanced non-squamous NSCLC missed its primary endpoint of a statistically significant overall survival improvement against docetaxel, the trigger for the $3.8 billion impairment. Enrollment in osivelotor studies resumed in the first quarter of 2026 after the FDA permitted initiation outside sub-Saharan Africa.

Subsequent events

Post-period developments disclosed in the Form 10-Q for the quarter ended June 28, 2026, accession 0000078003-26-000095, and the earnings release furnished on Form 8-K, accession 0000078003-26-000094. The quarter ended June 28, 2026; the report was filed August 4, 2026.

• Innovent collaboration closed July 10, 2026. The global licensing and collaboration agreement with Innovent Biologics, Inc., signed in May 2026 and covering 12 early-stage and de novo cancer medicines, closed after quarter end. Its terms and its third-quarter accounting effect are described above.

• Additional cost-program savings announced in the third quarter of 2026. Under the Realigning Our Cost Base program, Pfizer announced $1.0 billion of additional anticipated net cost savings from further productivity enhancements across commercial, R&D and enabling functions, to be realized in SI&A from 2027 through 2029, with approximately $2.0 billion of one-time costs through 2029 (of which $800 million relates to Biopharma). Total expected net savings from that program rise to approximately $6.7 billion through 2029, and total expected program costs to approximately $7.3 billion. Under the Manufacturing Optimization program, Pfizer announced the next phase, network structure changes, product portfolio enhancements and additional operational efficiencies, expected to deliver approximately $1.5 billion of additional savings through 2029, some beginning in 2027, with one-time costs of approximately $4.0 billion (roughly 60% non-cash accelerated depreciation and write-downs, 40% cash severance, implementation and exit costs) incurred through 2029. Total expected savings from that program rise to approximately $3.0 billion, against total expected costs of approximately $5.4 billion. Together the announcements represent approximately $2.5 billion of additional anticipated savings to be realized from 2027 through 2029.

• Section 232 tariffs and the final U.S. Government agreements. The Section 232 tariffs announced April 2, 2026 on imported patented pharmaceuticals and their ingredients became effective for Pfizer on July 31, 2026. Pfizer reached final binding agreements with the U.S. Government ratifying the arrangements first announced in September 2025, voluntarily committing to measures to bring certain U.S. drug prices closer to those in other developed countries, to allow U.S. patients to buy certain medicines at significant discounts, and to invest further in U.S. manufacturing. Under those agreements, the applicable Section 232 tariff rate for Pfizer products is zero until January 20, 2029.

• Oxbryta withdrawn in the U.S. In July 2026 Pfizer engaged with the FDA on its assessment of the voxelotor data and it was determined there is no viable pathway to return Oxbryta to the U.S. market. Consistent with the FDA's recommendation, on July 31, 2026 Pfizer notified the FDA that it is voluntarily withdrawing the Oxbryta new drug applications.

• New Comirnaty patent litigation. In July 2026 Translate Bio, Inc., Translate Bio MA, Inc., Sanofi Vaccines US Inc. and VaxServe, Inc. filed a complaint in the U.S. District Court for the District of New Jersey against Pfizer and Pharmacia & Upjohn Co. LLC alleging that Comirnaty infringes eight U.S. patents, seeking unspecified monetary damages. This adds to the Comirnaty patent action the GSK Group brought in the U.S. District Court for the District of Delaware in April 2024 and expanded in August 2024, which alleges infringement of eight U.S. patents and remains pending.

• Promosome patent case decided in Pfizer's favor. In July 2026 the Unified Patent Court, Local Division Munich, issued a decision finding the Promosome LLC patent not infringed and invalid. Promosome had sued in January 2025 alleging that Comirnaty infringed a European patent in force only in France, Germany and Sweden.

• Post-period regulatory actions. Padcev with pembrolizumab was approved in the U.S. in July 2026 as neoadjuvant treatment continued after cystectomy as adjuvant treatment for MIBC. The Comirnaty 2026-2027 formula (JN.1) was approved in the EU in July 2026 for individuals 6 months and older. The FDA accepted a filing in July 2026 for Talzenna in combination with Xtandi in DNA damage repair-deficient mCSPC.

• Dividend. The $0.43 per share dividend declared in June 2026 was payable September 1, 2026 to shareholders of record at the close of business on July 24, 2026.

Filings that contain financial statements

• 8-K dated August 4, 2026 (accession 0000078003-26-000094), Exhibit 99, second-quarter and first-six-months 2026 unaudited condensed consolidated statements of operations, revenue-by-product tables, and GAAP-to-Adjusted reconciliations.
• 8-K dated May 5, 2026 (accession 0000078003-26-000053), Exhibit 99, first-quarter 2026 unaudited condensed consolidated statements of operations, revenue-by-product tables, and GAAP-to-Adjusted reconciliations.
• 8-K dated February 3, 2026 (accession 0000078003-26-000005), Exhibit 99, fourth-quarter and full-year 2025 unaudited condensed consolidated statements of operations, revenue-by-product tables, and GAAP-to-Adjusted reconciliations.
• 8-K dated November 4, 2025 (accession 0000078003-25-000149), Exhibit 99, third-quarter and first-nine-months 2025 unaudited condensed consolidated statements of operations, revenue-by-product tables, and GAAP-to-Adjusted reconciliations.
• 8-K dated August 5, 2025 (accession 0000078003-25-000136), Exhibit 99, second-quarter and first-six-months 2025 unaudited condensed consolidated statements of operations, revenue-by-product tables, and GAAP-to-Adjusted reconciliations.
• 8-K dated April 29, 2025 (accession 0000078003-25-000111), Exhibit 99, first-quarter 2025 unaudited condensed consolidated statements of operations, revenue-by-product tables, and GAAP-to-Adjusted reconciliations.
• 8-K dated February 4, 2025 (accession 0000078003-25-000017), Exhibit 99, fourth-quarter and full-year 2024 unaudited condensed consolidated statements of operations, revenue-by-product tables, and GAAP-to-Adjusted reconciliations.

Earnings and guidance

August 4, 2026, Second-quarter 2026 results (8-K, accession 0000078003-26-000094). Revenues of $15.0 billion, up 3% (1% operationally). Reported loss per share of $(0.04) versus reported EPS of $0.51 a year earlier, driven by $4.3 billion of non-cash intangible-asset impairments (including a $3.8 billion IPR&D impairment tied to unfavorable sigvotatug vedotin trial results and a $525 million Oxbryta developed-technology impairment after Pfizer concluded there was no viable pathway to return the product to the U.S. market). Adjusted diluted EPS was $0.77, roughly flat year over year. Pfizer raised full-year 2026 revenue guidance by $500 million at the midpoint to $60.5–$62.5 billion (from $59.5–$62.5 billion) and reaffirmed Adjusted diluted EPS guidance of $2.80–$3.00, which now absorbs an approximately $0.10 per-share charge tied to the Innovent Biologics licensing transaction that closed July 10, 2026. Pfizer also announced additional productivity-savings initiatives: roughly $1.0 billion of added net cost savings under its cost-realignment program (bringing the cumulative target to about $6.7 billion through 2029) and a new phase of its Manufacturing Optimization Program targeting roughly $1.5 billion of additional savings through 2029.

May 5, 2026, First-quarter 2026 results (8-K, accession 0000078003-26-000053). Revenues of $14.5 billion, up 5% (2% operationally). Reported diluted EPS of $0.47 versus $0.52 a year earlier; Adjusted diluted EPS of $0.75 versus $0.92. Pfizer reaffirmed all components of full-year 2026 guidance, including revenue of $59.5–$62.5 billion and Adjusted diluted EPS of $2.80–$3.00.

February 3, 2026, Fourth-quarter and full-year 2025 results (8-K, accession 0000078003-26-000005). Full-year 2025 revenues of $62.6 billion (down 2% operationally); full-year reported diluted EPS of $1.36 and Adjusted diluted EPS of $3.22. Fourth-quarter 2025 revenues of $17.6 billion; reported diluted loss per share of $(0.29), reflecting $4.4 billion of intangible-asset impairment charges (primarily $1.6 billion for disitamab vedotin, $820 million for Tukysa, and $820 million for osivelotor); Adjusted diluted EPS of $0.66. Pfizer reaffirmed the full-year 2026 guidance it had issued on December 16, 2025 (revenue $59.5–$62.5 billion; Adjusted diluted EPS $2.80–$3.00).

December 16, 2025, Full-year 2026 guidance issued; 2025 revenue guidance revised (8-K, accession 0000078003-25-000167). Pfizer issued initial full-year 2026 guidance (revenue $59.5–$62.5 billion; Adjusted diluted EPS $2.80–$3.00) and narrowed/revised full-year 2025 revenue guidance to approximately $62.0 billion (from $61.0–$64.0 billion previously) while reaffirming other 2025 guidance components.

November 4, 2025, Third-quarter 2025 results (8-K, accession 0000078003-25-000149). Revenues of $16.7 billion, down 6% (7% operationally), driven by declining COVID-19 product sales; non-COVID portfolio grew 4% operationally. Reported diluted EPS of $0.62; Adjusted diluted EPS of $0.87. Pfizer reaffirmed full-year 2025 revenue guidance ($61.0–$64.0 billion) and raised and narrowed Adjusted diluted EPS guidance to $3.00–$3.15 (from $2.90–$3.10 previously); per the release, the updated guidance "takes into consideration our solid year-to-date performance, continued confidence in our business, progress with ongoing cost improvement initiatives, and improvement in our effective tax rate," and it includes (i.e., already absorbs) a one-time $1.35 billion Acquired IPR&D charge related to the in-licensing agreement with 3SBio, Inc., recorded in the third quarter of 2025 with an unfavorable impact of approximately $0.20 per share.

August 5, 2025, Second-quarter 2025 results (8-K, accession 0000078003-25-000136). Revenues of $14.7 billion, up 10% operationally. Reported diluted EPS of $0.51 versus $0.01 a year earlier; Adjusted diluted EPS of $0.78 versus $0.60. Pfizer reaffirmed full-year 2025 revenue guidance ($61.0–$64.0 billion) and raised Adjusted diluted EPS guidance by $0.10 at the midpoint to $2.90–$3.10, which the release states already absorbs a one-time impact of approximately $0.20 per share related to the 3SBio transaction, whose completion Pfizer announced in July 2025 (with the associated $1.35 billion Acquired IPR&D charge to be recorded in the third quarter of 2025).

February 4, 2025, Fourth-quarter and full-year 2024 results (8-K, accession 0000078003-25-000017). Full-year 2024 revenues of $63.6 billion, up 7% operationally; full-year reported diluted EPS of $1.41 and Adjusted diluted EPS of $3.11. Fourth-quarter 2024 revenues of $17.8 billion, up 21% operationally; reported diluted EPS of $0.07 and Adjusted diluted EPS of $0.63. Pfizer reaffirmed all components of full-year 2025 financial guidance provided on December 17, 2024, including revenue of $61.0–$64.0 billion and Adjusted diluted EPS of $2.80–$3.00.

Mergers, acquisitions and licensing

November 13, 2025, Completed acquisition of Metsera, Inc. (8-K, accession 0000078003-25-000159). Pfizer completed its previously announced acquisition of Metsera, a clinical-stage obesity/cardiometabolic biopharmaceutical company. Under the amended merger agreement (as amended November 7, 2025), Metsera shareholders received $65.60 per share in cash at closing, an enterprise value of approximately $7.0 billion, plus a non-transferable contingent value right of up to $20.65 per share tied to three clinical/regulatory milestones for Metsera's GLP-1/amylin combination programs. The original agreement (September 21, 2025) had valued the deal at $47.50 per share (~$4.9 billion enterprise value); the price was raised amid a competing proposal from Novo Nordisk, which Pfizer contested in Delaware courts before the deal closed on the raised terms.

July 10, 2026, Innovent Biologics licensing and collaboration agreement closed (disclosed in the August 4, 2026 earnings release, accession 0000078003-26-000094). Pfizer and Innovent Biologics entered a global licensing and collaboration agreement covering 12 early-stage oncology programs (antibody-drug conjugates and multi-specific antibodies). Innovent received a $650 million upfront payment and is eligible for up to $9.85 billion in milestone payments plus royalties; the transaction closed July 10, 2026, with an approximately $650 million Acquired IPR&D charge and roughly $0.10 per-share EPS impact expected in the third quarter of 2026.

December 2025, YaoPharma in-licensing agreement. Pfizer announced an exclusive global collaboration and in-license agreement with YaoPharma for YP05002, a Phase 1 oral GLP-1 receptor agonist for chronic weight management, for a $150 million upfront payment plus up to $1.935 billion in milestones and tiered royalties (disclosed in the February 3, 2026 earnings release, accession 0000078003-26-000005).

Management changes

June 18, 2026, Chief Financial Officer transition (8-K, accession 0000078003-26-000085). Dave Denton notified Pfizer he would step down as CFO effective August 15, 2026, for an opportunity outside the pharmaceutical industry; the company stated the departure was not related to Pfizer's financial or operating results or any disagreement over financial, operational, accounting or reporting matters. Cecile Guegan, previously Senior Vice President, Finance for the Global Biopharmaceutical Business, was named Interim CFO effective August 16, 2026, while Pfizer conducts an internal and external search for a permanent successor. A same-day 8-K (accession 0000078003-26-000087) confirmed Pfizer was reaffirming all components of its full-year 2026 financial guidance following the announcement.

Capital markets and capital allocation

November 18–21, 2025, Senior notes offering (8-K, accession 0001193125-25-291406). Pfizer completed a U.S. dollar-denominated public offering totaling roughly $6.0 billion aggregate principal across seven tranches: Floating Rate Notes due 2027 ($500 million), 3.875% Notes due 2027 ($1.0 billion), 4.200% Notes due 2030 ($1.0 billion), 4.500% Notes due 2032 ($1.25 billion), 4.875% Notes due 2035 ($1.25 billion), 5.600% Notes due 2055 ($500 million) and 5.700% Notes due 2065 ($500 million).

May 14–19, 2025, Euro-denominated notes offering (8-K, accession 0001193125-25-122480). Pfizer Netherlands International Finance B.V., a wholly owned Pfizer subsidiary, completed a euro-denominated offering totaling roughly €3.3 billion across four tranches: 2.875% Notes due 2029 (€750 million), 3.250% Notes due 2032 (€1.0 billion), 3.875% Notes due 2037 (€750 million) and 4.250% Notes due 2045 (€800 million), fully and unconditionally guaranteed by Pfizer Inc.

Capital deployment (per quarterly earnings releases). Pfizer has not repurchased any shares in 2025 or through the first half of 2026; its remaining share-repurchase authorization stood at $3.3 billion as of August 4, 2026, and current guidance does not anticipate buybacks in 2026. Full-year 2025 capital deployment included approximately $10.4 billion of internal R&D investment and approximately $8.8 billion of business-development spending (primarily the Metsera acquisition and the 3SBio in-licensing deal), alongside $9.8 billion of cash dividends ($1.72 per share). First-half 2026 deployment included $5.3 billion of internal R&D investment and $4.9 billion of cash dividends ($0.86 per share).

March 2026, ViiV Healthcare exit. Pfizer completed the exit of its 11.7% investment in ViiV Healthcare Limited, receiving $1.875 billion in proceeds (approximately $1.65 billion net of taxes and fees); the transaction, including a related $1.870 billion net gain, was recorded in the second quarter of 2026 (disclosed in the May 5, 2026 and August 4, 2026 earnings releases).

Restructuring and cost programs

April 29, 2025, Cost-realignment program expansion (8-K, accession 0000078003-25-000111). Pfizer announced approximately $1.2 billion of additional anticipated savings under its "Realigning Our Cost Base Program," expected by the end of 2027, with roughly $1.6 billion of one-time implementation costs. Combined with prior targets, Pfizer expected total net cost savings of approximately $5.7 billion through 2027. Pfizer separately identified about $500 million of additional R&D-organization savings, to be reinvested in R&D programs, with about $600 million of related one-time implementation costs through 2026. Subsequent earnings releases (November 2025, February 2026, August 2026) layered on further phases, most recently an additional $1.0 billion of net savings under the cost-realignment program (bringing the cumulative target to about $6.7 billion through 2029) and a new $1.5 billion Manufacturing Optimization Program phase, both announced with the August 4, 2026 results.

Governance

Annual shareholder meetings (8-K, accessions 0000078003-25-000109 and 0000078003-26-000044). At the April 24, 2025 and April 23, 2026 annual meetings, shareholders re-elected all director nominees, ratified KPMG LLP as independent auditor, and approved executive compensation on an advisory basis. At the 2026 meeting shareholders also approved an amendment to the 2019 Stock Plan; a shareholder proposal to adopt an independent board chair policy was not approved. At the 2025 meeting, shareholder proposals on golden-parachute votes and a religious-discrimination risk report were not approved.

Note on coverage

No SEC filing in this record discloses a resolution to Pfizer's litigation against Metsera, Novo Nordisk A/S and related parties over the competing acquisition proposal for Metsera (filed October–November 2025); the dispute appears to have been resolved by Pfizer's amended, higher-priced offer that closed on November 13, 2025, but no filing describes a settlement or court ruling.

About this file

PFE annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

PFE quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

PFE year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

PFE trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

Adjustments

Notes

• Every figure here comes from two filings: Pfizer's 2025 Form 10-K (accession 0000078003-26-000026, filed February 26, 2026) and its Form 10-Q for the second quarter of 2026 (accession 0000078003-26-000095, filed August 4, 2026). The 10-K's statements of operations and cash flows present 2025, 2024 and 2023; its balance sheet presents December 31, 2025 and December 31, 2024. The 10-Q presents the three and six months ended June 28, 2026 and June 29, 2025, a balance sheet at June 28, 2026, and cash flows for the six-month periods only.
• Pfizer's fiscal year ends December 31. Its quarters end on a Sunday, so the second quarter of 2026 ran from March 30 to June 28, 2026 and the second quarter of 2025 from March 31 to June 29, 2025. As stated in Note 1A of the 10-Q, subsidiaries operating outside the United States report on a period ending roughly a month earlier -- May 24, 2026 and May 25, 2025 for these second quarters -- while U.S. subsidiaries report to the quarter-end dates above.
• Pfizer does not print a gross profit or an operating income line. Gross profit shown here is total revenues less cost of sales, exactly as the statement prints those two lines. Cost of sales is stated exclusive of amortization of intangible assets, which Pfizer reports as its own expense line ($4.87 billion in 2025, $1.19 billion in the second quarter of 2026); gross margin on this basis is therefore wider than it would be for a company that carries that amortization inside cost of sales. In place of operating income the record carries Pfizer's own subtotal, income from continuing operations before taxes.
• Total debt is short-term borrowings including the current portion of long-term debt, plus long-term debt, both taken from the face of the balance sheet. It was $63.19 billion at June 28, 2026, against $64.80 billion at December 31, 2025 and $64.35 billion at December 31, 2024.
• The second quarter of 2026 produced a net loss of $248 million on revenues of $15.03 billion. The 10-Q's segment note attributes the swing to items inside Other (income)/deductions--net: roughly $4.3 billion of asset impairments and $842 million of charges for certain legal matters, partly offset by a $1.870 billion net gain on the sale of Pfizer's investment in ViiV. Identifiable intangible assets fell from $53.73 billion at December 31, 2025 to $47.05 billion at June 28, 2026.
• The 10-Q presents cash flows for the six months only, so no quarterly cash flow, capital expenditure or free cash flow figures are reported here. The six-month figures are in the year-to-date block.
• The trailing-twelve-month block is derived, not filed: it is the 2025 fiscal year plus the six months ended June 28, 2026 less the six months ended June 29, 2025, line by line. Its diluted earnings per share ($0.76) is the same combination of the reported per-share amounts ($1.36 + $0.43 - $1.03). No weighted-average share count is shown for that block because no filing presents a twelve-month weighted average ending June 28, 2026.
• No balance sheet is reported for the second quarter of 2025: the 10-Q's balance sheet columns are June 28, 2026 and December 31, 2025 only. Likewise no balance sheet is reported for 2023, because the 10-K's balance sheet presents only the two most recent year-ends.
• The 10-Q's December 31, 2025 balance sheet column combines deferred revenues into other current liabilities ($19.43 billion), where the 10-K shows deferred revenues of $784 million separately from other current liabilities of $18.65 billion. This is a presentation difference between the two filings, not a restatement; the totals agree, and the annual periods here follow the 10-K's own breakdown.
• Segment presentation changed at the start of 2026. Pfizer now manages two operating segments, Biopharma and PC1, of which Biopharma is the only reportable segment, and it moved certain off-patent branded and generic sterile injectables and biosimilars into a new Global Hospital and Biosimilars division. Because of that, the division-level revenue subtotals in the 10-Q (Primary Care, Oncology, Specialty Care, Hospital and Biosimilars) are not on the same basis as the 10-K's (Primary Care, Specialty Care, Oncology). Only product-level revenue and the Biopharma total, which are on a consistent basis, are carried here. The 10-K also notes that certain corporate-affairs selling, informational and administrative expenses were moved into Biopharma's segment results effective in the third quarter of 2025, with prior-period segment amounts recast; consolidated results are unaffected.
• The revenue-by-product block lists Pfizer's largest products as the filings disclose them; it is a selection, not a complete breakdown, and it does not sum to total revenues. The Biopharma line is the reportable segment's total revenues, which was $61.20 billion of the $62.58 billion reported for 2025 and $14.66 billion of the $15.03 billion reported for the second quarter of 2026. Revenue by geography does sum to total revenues, and is attributed primarily by the location of the customer.
• No adjustments were applied. Pfizer reports in U.S. dollars, is not an American depositary receipt issuer, and no share split affects any period presented here, so per-share figures are the ones the filings print.

Uncertainties

• No cash flow, capital expenditure or free cash flow figure is reported for either quarter. Pfizer's 10-Q presents cash flows on a six-month basis only, and the second quarter cannot be isolated from it without a first-quarter statement, which is not in these filings.
• The trailing-twelve-month block is arithmetic on three filed periods rather than a figure Pfizer published, and is shown for the earnings picture only. No filing states these amounts.
• The trailing-twelve-month block carries no weighted-average share counts, so its per-share amounts cannot be recomputed from a share count within this record.
• The 10-Q's equity statement shows total equity of $89.01 billion at June 29, 2025, but the quarter carries no balance sheet here because the filing presents no full balance sheet at that date.
• Gross profit is a derived figure, not a line Pfizer prints, and depends on cost of sales being read exclusive of intangible amortization, as the statement's own footnote states.

Company details

Fiscal period

Source filings