Pfizer Inc.
pfizer.comWhat Do They Do?
Develops, manufactures and sells biopharmaceutical medicines and vaccines to wholesalers, healthcare providers and government buyers worldwide.
10-K for FY2025, filed Feb 26, 2026Pfizer Inc. is a research-based, global biopharmaceutical company. We apply science and our global resources to bring therapies to people…View ↗
Most of our revenues come from the manufacture and sale of biopharmaceutical products. We believe that our medicines and vaccines provide…View ↗
Our prescription biopharmaceutical products are sold principally to wholesalers, but we also sell directly to retailers, hospitals…View ↗
How Do They Make Money?
Pfizer mainly earns money by selling medicines and vaccines to wholesalers and other buyers. Sales are generally on short-term credit, with payment collected on market schedules; products ship or are delivered to customers.
10-K for FY2025, filed Feb 26, 2026Most of our revenues come from the manufacture and sale of biopharmaceutical products. We believe that our medicines and vaccines provide…View ↗
Our prescription biopharmaceutical products are sold principally to wholesalers, but we also sell directly to retailers, hospitals…View ↗
Revenue Recognition––We record revenues from product sales when there is a transfer of control of the product from us to the customer. We…View ↗
Our Sales Contracts––Sales on credit are typically under short-term contracts. Collections are based on market payment cycles common in…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$62.6B
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10-K for FY2025, filed Feb 26, 2026
$62.6B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Pfizer CentreOne
|
2.1%
FY2022: 1.3%
|
Pfizer CentreOne, FY2025
$1.3B Sources
|
|
Pfizer Ignite
|
0.1%
FY2022: <0.1%
|
Pfizer Ignite, FY2025
$41M Sources
|
Who Are Their Customers?
Prescription medicines are sold mainly through wholesalers, with some direct sales to healthcare providers, pharmacies and government agencies. Vaccines are sold to governments and healthcare institutions, as well as wholesalers and providers.
10-K for FY2025, filed Feb 26, 2026Our prescription biopharmaceutical products are sold principally to wholesalers, but we also sell directly to retailers, hospitals…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$22.3BView ↗
10-K for FY2025, filed Feb 26, 2026
$7.8BView ↗
10-K for FY2025, filed Feb 26, 2026
$9.1BView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$248MView ↗
- ▼ Now a loss
- vs $2.9B in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Raises midpoint of full-year revenue guidance
Raised 2026 revenue guidance midpoint by $500 million, to $60.5 to $62.5 billion, and reaffirmed adjusted diluted EPS guidance.
Sources
8-K, filed Aug 4, 2026
■Raises full-year 2026 Revenue guidance(2) by $500 million at the midpoint to a range of $60.5 to $62.5 billion, from $59.5 to $62.5…View ↗
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Jun 18, 2026
CFO to step down; interim CFO named
Dave Denton will leave August 15, 2026, and Cecile Guegan will become interim CFO on August 16, 2026.
Sources
8-K, filed Jun 18, 2026
On June 16, 2026, Dave Denton notified Pfizer Inc. (the “Company”) that he will step down from his current position as Chief Financial…View ↗
Shrinking. Revenue fell 23% in 4 years, from $81.3B in FY2021 to $62.6B in FY2025, about 6% a year.
Paxlovid sales channels
Paxlovid sales shifted from government agencies toward commercial channels: the earlier business described sales mainly to government agencies, while sales later moved to commercial markets in the U.S. and mostly commercial channels internationally.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026Our prescription biopharmaceutical products, with the exception of Paxlovid, are sold principally to wholesalers, but we also sell directly…View ↗
In 2022 and 2023, we had entered into agreements to supply pre-specified treatment courses of Paxlovid with government and government…View ↗
Biotech R&D services
The business added Pfizer Ignite, an end-to-end R&D service for selected biotech companies, then decided to discontinue and wind it down.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026In the fourth quarter of 2021, we began managing our commercial operations through a global structure consisting of two operating segments…View ↗
We manage our commercial operations through a global structure consisting of three operating segments, each led by a single manager…View ↗
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