Company profile
SEC EDGAR ↗- Industry
- Pharmaceutical Preparations
- Listed
- NYSE: PFE
- Incorporated
- DE
- Headquarters
- New York, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $62.6B
- Net income
- $7.77B
- Total assets
- $208.2B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $62.6B | $7.77B | $208.2B |
| FY2024 | $63.6B | $8.03B | $213.4B |
| FY2023 | $50.9B | $2.12B | $226.5B |
| FY2022 | $91.8B | $31.4B | $197.2B |
| FY2021 | $73.6B | $22.0B | $181.5B |
| FY2020 | $41.7B | $9.16B | $154.2B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Records on Pfizer, and the casebook each one belongs to.
| Fork date | Decision type | What Pfizer chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2019 | Cannibalization Choice | Reverse Morris Trust to shareholders | Pfizer stockholders received roughly 0.124079 Viatris shares per Pfizer share and held about 57% on a fully diluted basis at close (2020-11) | Read the story → | Cannibalization Choice Casebook → |
| 2023 | Adjacency Expansion | Acquire Seagen's ADC platform | Pfizer agreed to irrevocably hand its U.S. Bavencio royalty rights to the American Association for Cancer Research to clear the FTC (2023) | Read the story → | Adjacency Expansion Casebook → |
| 2023 | Adjacency Expansion | Buy Seagen on debt | Long-term debt rose from $32.9 billion to $61.5 billion at end-2023 (2023) | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions Pfizer faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Decision ForksThe All-In BetHow much does this bet commit before anybody outside the company acts on it?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Pfizer Spent Two Decades Buying Its Way Out of Its Core. Then It Bought Its Way Back.
Pfizer's animal health, consumer health, and generics arms were sold as diversification. They came attached to pharma megadeals as cargo — and by 2020 Pfizer had spun off all of it to become, by its own 10-K's words, 'a more focused' drugmaker again.
8 min
The Adjacency Expansion · Growth & Portfolio
Pfizer Spent $43 Billion on a $2 Billion Company. It Wasn't Buying Revenue.
Pfizer paid a 33% premium for Seagen, a cancer-drug maker with under $2B in revenue, to plug a $17B patent-cliff hole. The catch: the $10B-by-2030 payoff is Pfizer's own risk-adjusted forecast, not anyone else's math.
7 min
The Adjacency Expansion · Growth & Portfolio
Pfizer Made $57 Billion From COVID. Then It Spent $43 Billion to Replace Itself.
In 2022 COVID products were 57% of Pfizer's revenue. By 2023 they had collapsed 78%, total sales fell 42%, and EPS dropped 93% to $0.37. The acquisition spree that followed wasn't strategy. It was a company outrunning its own cliff.
8 min
The Cannibalization Choice · Growth & Portfolio
Pfizer Shed Zoetis, Consumer, Then Upjohn — a Tax-Free Escape Driven by EPS Math
Over a decade Pfizer shed Zoetis, its consumer business, and finally Upjohn — $2.2B raised here, an $8.1B gain there. The story was 'focus on innovation.' The real driver was the EPS math, and a tax-free escape from a declining asset it could not sell clean.
8 min
The Bet · Decision Forks
Pfizer Locked In $5.97 Billion of Vaccine Orders Before Shipping a Single Dose
Pfizer is celebrated for taking $2 billion of pure private risk and turning it into a $100 billion year. But it locked in $5.97 billion of guaranteed orders before a single dose shipped — and then watched the windfall fall 42% in twelve months.
8 min