Short answer
Pfizer Inc (PFE) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $62.6B (−1.6% year over year) and net income of $7.8B.
- Top risk flagged: IRA Medicare Drug Price Negotiation Program: Eliquis, Ibrance, Xtandi, and Xeljanz selected for Maximum Fair Price; IRA Part D Redesign already hit 2025 revenues ~$1B
FY2025 key financial metrics · XBRL
- Revenue
- $62.6B
- −1.6% YoY
- Net income
- $7.8B
- −3.2% YoY
- EPS (diluted)
- $1.36
- −3.5% YoY
- ROE
- 9.0%
- −0.1 pp YoY
- Operating cash flow
- $11.7B
- −8.2% YoY
Source: XBRL data from the Pfizer Inc (PFE) FY2025 10-K on SEC EDGAR. USD.
Pfizer Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global pharma innovator generating 65% of revenues from 12 products >$1B each; Eliquis alone = 13% of total revenues in 2025
- Chantix returned to U.S. market in 2025 after 2021 recall; Oxbryta voluntarily withdrawn globally following negative benefit-risk assessment
- Voluntary MFN Agreement signed with Trump Administration in September 2025: three-year Section 232 tariff exemption contingent on increased U.S. manufacturing investment
- 41% of 2025 revenues from international operations (21% Europe, 12% China/Japan/Asia Pacific); intense generic competition in China cited as ongoing pressure
- OBBBA passed July 4, 2025 estimated to raise U.S. uninsured population by 10 million, directly threatening product demand
Management Discussion & Analysis
- Revenue $62.2B in 2025, up ~$0.7B (~1%) YoY from $63.6B in 2024; international ops $25.5B (41% of total)
- IRA Medicare Part D Redesign negatively impacted 2025 revenues by ~$1B; Eliquis alone = 13% of total revenues
- Oncology (Seagen-driven ADCs: Padcev, Adcetris, Tivdak) best-performing growth area; COVID products (Comirnaty, Paxlovid) continued multi-year revenue decline
- Capex included ~$125M environment-related; ~$500M R&D savings from cost-base realignment program to be reinvested in R&D in 2026; Metsera acquired November 2025
- Key risks: patent cliff 2026–2030 accelerating, MFN/TrumpRx pricing agreement with U.S. government, tariff exposure (3-year Section 232 grace period secured), IRA MDPNP expanding to Ibrance and Xtandi effective 2027
Risk Factors
- IRA Medicare Drug Price Negotiation Program: Eliquis, Ibrance, Xtandi, and Xeljanz selected for Maximum Fair Price; IRA Part D Redesign already hit 2025 revenues ~$1B
- OBBBA (enacted July 4, 2025) cuts Medicaid/ACA funding; CBO estimates 10M more uninsured, threatening product demand and pricing
- Revenue concentration risk: 12 products = 65% of total revenues in 2025; Eliquis alone = 13%, with patent expiry and IRA Maximum Fair Price effective January 1, 2026
- China VBP/QCE generic competition intensifying; China = 5% of total revenues with accelerating price cuts on off-patent products
- MFN Agreement with Trump Administration: discounts up to 85% on TrumpRx.gov platform, average ~50%, with binding final terms still being negotiated
Generated from the filing text; verify against the original. How to read a 10-K
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