Pfizer (PFE) 10-K Summary — Year Ended Dec 31, 2023
Pfizer Inc. filed its annual report for the most recent fiscal year. The filing describes the company's business, risk factors, financial condition, and liquidity position.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Pfizer Inc. filed its annual report for the most recent fiscal year. The filing describes the company's business, risk factors, financial condition, and liquidity position.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$59.6B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$2.1B
Net income reported for the year.
Operating cash flow
$8.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $73.6B | n/a |
| Dec 31, 2022 | $101.2B | +37.4% |
| Dec 31, 2023 | $59.6B | -41.1% |
Business overview
Pfizer operates as a global biopharmaceutical company, engaged in the discovery, development, manufacture, and sale of medicines and vaccines. The company's commercial operations are organized across multiple segments, with a focus on research and development, collaboration agreements, and international markets. It faces competition and pricing pressures from managed care organizations and government regulations.
Financial performance
Revenue for the reported period declined compared to the prior year. Net income and operating cash flow were both positive, though revenue was lower than the peak level seen two years earlier.
Material risks
The filing identifies risks including pricing pressures from managed care organizations, government regulation and price constraints, competition, and reliance on patents and intellectual property. Environmental matters and raw material availability are also noted as potential risk factors.
Liquidity and capital
The company believes it has sufficient liquidity from operating cash flows, financial assets, capital market access, and credit facilities to meet its needs. It maintains a conservative investment approach and focuses on working capital efficiencies.
What to watch
Monitor the trend in revenue and operating cash flow in the next filing to assess the trajectory of the business.