Common-Size Income Statement
Quarterly Data
Pfizer Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
Analysis of the common-size income statement reveals significant volatility in profitability margins and a shifting cost structure over the observed periods.
- Revenue Composition
- Product revenues remain the primary source of income, although a gradual decline in their relative share is observed, moving from 87.75% in April 2023 to 78.91% by June 2026. This contraction is offset by a steady increase in Alliance revenues, which rose from 11.14% to 17.94%, and Royalty revenues, which trended upward from 1.10% to 3.15% over the same timeframe.
- Gross Margin Performance
- Gross profit margins exhibit substantial fluctuations. While margins frequently exceed 70%, a severe contraction occurred in October 2023, where gross profit fell to 31.30% due to a spike in the cost of sales to 68.70%. Following this trough, margins recovered and generally fluctuated between 66% and 79% through early 2026.
- Operating Expense Trends
- Selling, informational, and administrative expenses have shown increased volatility, peaking at 31.40% of revenues in December 2023. Research and development expenses demonstrate a structural increase in their relative weight, rising from lows of 8.97% in early 2022 to consistently remaining between 14% and 20% in later periods. Additionally, the amortization of intangible assets has increased its impact on revenues, rising from a 4-6% range in 2021 to approximately 8% by 2026.
- Operating and Net Profitability
- Operating income demonstrates extreme variability, alternating between high margins, peaking at 44.05%, and significant operating losses, reaching -29.44% in December 2023. Net income mirrors this instability, with a notable shift toward volatility in the final periods. A significant net loss of 9.38% was recorded in December 2025, largely driven by a sharp increase in other deductions, which reached 25.72% of revenues in that quarter and remained high at 24.72% in June 2026.
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