Published
{
"ticker": "PFE",
"cik": "0000078003",
"company": "Pfizer Inc.",
"business_type": "pharmaceutical",
"schema_template": "standard operating company (revenues, cost of sales, margins, balance sheet, cash flow), extended with the revenue-by-product and revenue-by-geography disaggregations Pfizer publishes, because for a large-cap pharmaceutical the product mix and its patent exposure are what the business actually is",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions); share counts in actual shares; per-share amounts in dollars",
"units_notes_seen": {
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"FY2025 10-K consolidated balance sheets": "(MILLIONS, EXCEPT PER SHARE DATA)",
"FY2025 10-K consolidated statements of cash flows": "(MILLIONS)",
"FY2025 10-K consolidated statements of equity": "(MILLIONS, EXCEPT PER SHARE DATA)",
"FY2025 10-K geographic revenue note": "(MILLIONS)",
"FY2025 10-K significant revenues by product": "(MILLIONS)",
"Q2 2026 10-Q condensed consolidated statements of operations": "(MILLIONS, EXCEPT PER SHARE DATA)",
"Q2 2026 10-Q condensed consolidated balance sheets": "(MILLIONS)",
"Q2 2026 10-Q condensed consolidated statements of cash flows": "(MILLIONS)",
"Q2 2026 10-Q geographic and product revenue note": "(MILLIONS)"
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"adjustments": {
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"fx": "None applied. Pfizer reports in U.S. dollars."
},
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"trailing_twelve_months": {
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"source_accession": "derived from 0000078003-26-000026 and 0000078003-26-000095",
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},
"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."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 28, 2026",
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},
{
"label": "R&D expenses",
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},
{
"label": "Eliquis revenue",
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"yoy": "up 21.1%",
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],
"summary": "Pfizer reported $15.03 billion in total revenues for Q2 FY2026, the quarter ended June 28, 2026, up 2.6% from a year earlier. The company posted a net loss of $248 million, or $0.04 per diluted share, against net income of $2.91 billion in the same quarter a year earlier; the swing came from charges rather than from the underlying business, chiefly intangible asset impairments tied to a failed late-stage lung cancer study and to the withdrawal of Oxbryta in the United States, plus charges for certain legal matters, only partly offset by a gain on the sale of Pfizer's ViiV investment. Eliquis remained the largest single product at $2.42 billion, up 21.1%, while research and development spending rose to $2.81 billion, up 13.2%, on oncology and obesity candidates.",
"qa": [
{
"q": "How much revenue did Pfizer report in Q2 FY2026?",
"a": "Pfizer reported $15.03 billion in total revenues for Q2 FY2026, the quarter ended June 28, 2026. That is up 2.6% from $14.65 billion in the same quarter a year earlier."
},
{
"q": "Did Pfizer make a profit in Q2 FY2026?",
"a": "No. Pfizer posted a net loss attributable to common shareholders of $248 million in Q2 FY2026, the quarter ended June 28, 2026, against net income of $2.91 billion in the same quarter a year earlier. Loss per diluted share was $0.04, against earnings of $0.51 a share in the year-ago quarter."
},
{
"q": "Why did Pfizer report a loss in Q2 FY2026?",
"a": "Pfizer's loss in Q2 FY2026 came from charges rather than from a decline in the business: total revenues were $15.03 billion, up 2.6% from a year earlier, but the quarter carried large intangible asset impairments, most of them against in-process research after a Phase 3 study of sigvotatug vedotin in previously treated advanced non-squamous non-small cell lung cancer missed its primary endpoint, together with a write-down of Oxbryta rights and charges for certain legal matters. A gain on the sale of Pfizer's ViiV investment offset part of that."
},
{
"q": "How much did Eliquis make for Pfizer in Q2 FY2026?",
"a": "Eliquis generated $2.42 billion of revenue for Pfizer in Q2 FY2026, the quarter ended June 28, 2026, up 21.1% from $2.00 billion a year earlier. It is Pfizer's largest single product and faces United States generic entry later this decade."
},
{
"q": "How much does Pfizer spend on research and development?",
"a": "Pfizer recorded $2.81 billion of research and development expenses in Q2 FY2026, the quarter ended June 28, 2026, up 13.2% from $2.48 billion a year earlier, with the increase driven by spending on certain oncology and obesity candidates."
}
]
},
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"Office": "Life Sciences",
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