Pfizer (PFE) FY2025 results: revenue $62.6 billion, down 1.6% on the year

Pfizer is a research-based global biopharmaceutical company, discovering, developing, manufacturing, marketing, selling and distributing biopharmaceutical products worldwide. It was incorporated in Delaware on 2 June 1942. Most of what it earns comes from making and selling those products. At the end of 2025 it employed approximately 75,000 people worldwide.

Commercial operations run through three operating segments. Biopharma is the science-based medicines business and is the only reportable segment. PC1 is the contract development and manufacturing organisation and a supplier of specialty active pharmaceutical ingredients. Pfizer Ignite provided strategic advice and end-to-end research and development services to selected biotech companies; during 2025 Pfizer decided to discontinue it and is winding it down while transitioning the work with its partners.

How the selling is organised

Inside Biopharma, commercial divisions market, sell and distribute the products while global operating functions handle research, development, manufacturing and supply. Through 2025 there were two divisions: Pfizer U.S. Commercial, covering the whole portfolio in the United States, and Pfizer International Commercial, covering it everywhere else. Effective 1 January 2026 a third was created. Global Hospital and Biosimilars took the off-patent branded and generic sterile injectables and biosimilars out of the Specialty Care and Oncology portfolios, covering them everywhere except China, Hong Kong and certain other international markets.

What it sells

Primary Care holds the internal medicine portfolio in cardiovascular metabolic diseases, including Eliquis and brands that have already passed patent expiry or lost regulatory exclusivity; the migraine products Nurtec ODT, sold as Vydura in some markets, and Zavzpret; the vaccines portfolio across all ages, including the Prevnar family, Comirnaty, Abrysvo, FSME/IMMUN-TicoVac, Nimenrix and Trumenba; and Paxlovid for COVID-19.

Specialty Care holds inflammation and immunology, including Xeljanz, Enbrel outside the United States and Canada, Cibinqo, Litfulo, Eucrisa and Velsipity; rare disease across amyloidosis, hemophilia and endocrine diseases, including the Vyndaqel family, Genotropin, BeneFIX, Xyntha, Somavert, Ngenla and Hympavzi; and certain anti-infective and immunoglobulin medicines, including Zavicefta outside the United States and Canada, Octagam and Panzyga.

Oncology covers antibody-drug conjugates, small molecules, bispecifics and other immunotherapies across breast, genitourinary, hematologic, melanoma, gastrointestinal, gynecological and lung cancers, with Ibrance, Xtandi, Padcev, Adcetris, Inlyta, Lorbrena, Bosulif, Tukysa, Braftovi, Mektovi, Orgovyx, Elrexfio, Tivdak and Talzenna among the named products.

Hospital and Biosimilars covers off-patent branded and generic sterile injectables together with oncology biosimilars and biosimilars for chronic immune and inflammatory diseases. Named products include the biosimilar Inflectra, the oncology biosimilars Retacrit, Ruxience, Zirabev, Trazimera and Nivestym, and the sterile injectables Sulperazon outside the United States and Canada, Atgam, Fragmin, Solu Medrol, Solu Cortef and Bicillin.

How a product reaches a patient

Prescription products are sold principally to wholesalers, and also directly to retailers, hospitals, clinics, government agencies and pharmacies. Vaccines follow a different route: in the United States they go primarily direct to the federal government, including the CDC, and to wholesalers, individual provider offices, retail pharmacies and integrated delivery systems, while outside the United States they go primarily to government and non-government institutions, under contracts a government entity may renegotiate or terminate at its discretion.

Beyond the sale itself the work is getting on a formulary, the list of approved medicines available to members of a healthcare programme or a pharmacy benefit manager. Insurers and the benefit managers who negotiate on their behalf use devices such as tiered co-payments to push volume towards preferred positions, typically in exchange for a discount off the price in the form of a rebate agreement. The company promotes to healthcare providers and, in the United States, to managed care organisations, hospitals, integrated delivery systems, benefit managers, health plans, employers and government agencies. It advertises directly to consumers in the United States and selected international markets, and sponsors general advertising on disease awareness and prevention. Under a voluntary agreement with the United States government it also participates in the TrumpRx.gov platform, which lets patients there buy certain medicines at discounts to current retail prices.

From Pfizer's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.