Company file · PFE
Pfizer
Pfizer's revenue dipped in 2025 as Primary Care sales fell, while oncology grew
Revenue fell 1.6% to $62.6B, and net income fell 3.2% to $7.8B.
Key facts
Pfizer (NYSE: PFE) reported total revenues of $62.6B for fiscal 2025, the year ended Dec 31, 2025, down 1.6% from fiscal 2024. Net income to Pfizer was $7.8B, down 3.2%. In its latest 10-Q, for the quarter ended Jun 28, 2026, revenue was $15.0B, up 2.6% from the same quarter a year earlier, and net income was −$248M. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Jun 28, 2026 (filed Aug 4, 2026).
Source: 10-K FY2025, filed Feb 26, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026
How it makes money
Primary Care was 43% of 2025 revenue, Specialty Care 28% and Oncology 27%. The United States was 59% of revenue.
Biopharma revenue by category, FY2025
Share is of FY2025 total revenues; the items listed don't cover all of it. The last column is the change from FY2024.
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Pfizer 10-Q for the quarter ended Jun 28, 2026, filed Aug 4, 2026
By category
Source: Pfizer 10-Q for the quarter ended Jun 28, 2026, filed Aug 4, 2026
The bull case and the bear case
The bull case
- Oncology revenue grew 7.8% in 2025 to $16.8B. 10-K, FY2025
- Specialty Care revenue grew 5.4% in 2025. 10-K, FY2025
- Revenue in the quarter ended Jun 28, 2026 was $15.0B, up 2.6% on a year earlier. 10-Q, quarter ended Jun 28, 2026
The bear case
- Revenue fell 1.6% in 2025 to $62.6B, and Primary Care revenue fell 11.0%. 10-K, FY2025
- It posted a net loss of $248M in the quarter ended Jun 28, 2026. 10-Q, quarter ended Jun 28, 2026
- Total debt was $64.8B at the end of 2025, against $1.1B of cash. 10-K, FY2025
- The 10-K lists patent expirations, drug pricing, pipeline setbacks and regulation among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Pfizer develops and sells prescription medicines and vaccines, including Eliquis, the Prevnar vaccines, Vyndaqel and its cancer drugs.
Its Biopharma segment groups products into Primary Care (including Eliquis, Prevnar, Comirnaty and Paxlovid), Specialty Care (including Vyndaqel) and Oncology (including Padcev and Ibrance). Pfizer CentreOne makes medicines for other companies.
Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Pfizer's latest 10-K. Read the original for the full list.
- Patent expirationsSeveral large drugs lose patent protection in the next few years.
- Drug pricingUS pricing laws and pressure from insurers and governments can cut revenue.
- PipelineNew drugs can fail in trials or regulatory review.
- COVID-19 productsDemand for Comirnaty and Paxlovid has fallen and is hard to predict.
- RegulationProducts and manufacturing face strict oversight.
- LegalIt faces product liability, patent and other lawsuits.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues | $59.6B | $63.6B | $62.6B |
| Net income to Pfizer | $2.1B | $8.0B | $7.8B |
| Operating cash flow | $8.7B | $12.7B | $11.7B |
| Cash & equivalents (year end) | $2.9B | $1.0B | $1.1B |
| Total debt (year end) | $71.9B | $64.4B | $64.8B |
| Diluted shares | 5.71B | 5.70B | 5.71B |
- Total revenues: Sales of prescription medicines and vaccines, plus alliance and royalty revenue.
- Net income to Pfizer: Net income attributable to Pfizer common shareholders.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings, including the current portion of long-term debt, plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Category shares (Primary Care, Specialty Care, Oncology) are of total revenue; Pfizer CentreOne and other revenue make up the rest.
- Regional figures are revenue by region as reported, which add up to total revenue.
Recent filings
Latest filings
- Oct 166:52 PM ET
Form 4
Pfizer Chairman & CEO Albert Bourla reports an award of 20 phantom stock units SSP
The filing reports 20 phantom stock units SSP in a grant or award (code A).
- Oct 144:48 PM ET
Form 4
Pfizer Chairman & CEO Albert Bourla reports an award of 71 phantom stock units SSP
The filing reports 71 phantom stock units SSP in a grant or award (code A).
- Oct 12:04 PM ET
Form 4
Pfizer Chairman & CEO Albert Bourla reports an award of 21 phantom stock units SSP
The filing reports 21 phantom stock units SSP in a grant or award (code A).
- Sep 292:26 PM ET
Form 4
Pfizer director Mortimer J. Buckley reports an award of about 1,308 phantom stock units
The filing reports about 1,308 phantom stock units in a grant or award (code A).
- Sep 292:26 PM ET
Form 4
Pfizer director Joseph Echevarria reports an award of about 1,613 phantom stock units
The filing reports about 1,613 phantom stock units in a grant or award (code A).
Common questions about Pfizer
How does Pfizer make money?
Pfizer's total revenues were $62.6B in fiscal 2025. Primary Care was 43% of 2025 revenue, Specialty Care 28% and Oncology 27%. The United States was 59% of revenue. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What was Pfizer's revenue in fiscal 2025?
$62.6B of total revenues for the fiscal year ended Dec 31, 2025, down 1.6% from $63.6B in fiscal 2024. Fiscal 2023 was $59.6B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
Is Pfizer profitable?
Pfizer reported net income to Pfizer of $7.8B for fiscal 2025, down 3.2% from $8.0B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 28, 2026, net income was −$248M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What did Pfizer report in its latest quarterly filing?
Revenue was $15.0B in the quarter ended Jun 28, 2026, up 2.6% from $14.7B a year earlier. Net income was −$248M, compared with $2.9B from $2.9B. Source: 10-Q for the quarter ended Jun 28, 2026, filed Aug 4, 2026.
How much cash and debt does Pfizer have?
Pfizer had $976M in cash and cash equivalents and $63.2B of total debt on Jun 28, 2026. Total debt here is short-term borrowings, including the current portion of long-term debt, plus long-term debt, at carrying value. Source: 10-Q filed Aug 4, 2026.
What are the main risks Pfizer lists?
Pfizer's 10-K for fiscal 2025, filed Feb 26, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Patent expirations; drug pricing; pipeline; COVID-19 products; regulation; legal. The first: Several large drugs lose patent protection in the next few years. Source: 10-K, Item 1A Risk Factors.
Where do these Pfizer numbers come from?
From Pfizer's own SEC filings: the 10-K for fiscal 2025 (filed Feb 26, 2026) and the 10-Q for the quarter ended Jun 28, 2026 (filed Aug 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in PFE
- The editor holds no position in Pfizer (PFE). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell PFE from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PFE, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| PfizerPFE | FY2025 | $62.6B | −1.6% | $7.8B |
| MerckMRK | FY2025 | $65.0B | +1.3% | $18.3B |
| Johnson & JohnsonJNJ | FY2025 | $94.2B | +6.0% | $26.8B |
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.