At a glance
Pfizer Inc is worth $174.81B, about 23 times its fiscal 2025 earnings. Revenue fell 1.6% to $62.58B in fiscal 2025, with 12.4% kept as profit. It pays a 5.61% dividend yield, raised every year for at least 9 years, and returned $48.24B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.2% over the past year with dividends reinvested and −2.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 21.7% in the 2020 crash (S&P 500: 33.7%) and 24.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Pfizer is a global drug and vaccine company. It discovers, develops, makes and sells prescription medicines and vaccines, and most of its revenue comes from those sales. Its customers and payers include healthcare providers, governments and private health plans. Revenue was $62.6 billion for the fiscal year ended December 31, 2025.
Biopharma is Pfizer's only reportable segment. For 2026, it groups products into four customer areas. Primary Care includes Eliquis, vaccines such as the Prevnar family, and the COVID-19 treatment Paxlovid. Specialty Care covers inflammation, immunology and rare diseases such as amyloidosis and hemophilia. Oncology includes cancer drugs such as Ibrance, Xtandi and Padcev. Hospital and Biosimilars sells off-patent injectable drugs and biosimilars. Biosimilars are close copies of biologic medicines (drugs made from living cells) whose patents have expired. A smaller segment, PC1, develops and makes drugs for other companies under contract. A third, Pfizer Ignite, is being wound down.
The US was the biggest market in fiscal 2025, bringing in $37.1 billion, or 59% of revenue. Other developed markets added 26% and emerging markets 15%. Pfizer also adds products by acquiring them or licensing them from other companies. Examples include its acquisitions of Seagen in December 2023 and Metsera in November 2025, and its 2025 licensing deals with YaoPharma and 3SBio.
Price history
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PFE +33.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| U.S. | $37.08B | 59.2% |
| Developed Markets | $16.19B | 25.9% |
| Emerging Markets | $9.31B | 14.9% |
Latest results
- In Q2 FY2026 (ended Jun 28, 2026), revenue was $15.03B, up 2.6% from a year earlier, and net income was $-248.0M (-108.5%).
- For fiscal 2025, revenue was $62.58B (-1.6% year over year) with a 12.4% net margin.
Financial health check
| Free cash flow margin | 14.5% good |
|---|---|
| Return on equity (FY2025) | 9% watch |
| Return on assets (FY2025) | 3.7% watch |
| Net cash (cash minus debt) | $-54.94B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $41.65B | $9.16B | $12.18B |
| FY2021 | $81.29B | $21.98B | $29.87B |
| FY2022 | $101.17B | $31.37B | $26.03B |
| FY2023 | $59.55B | $2.12B | $4.79B |
| FY2024 | $63.63B | $8.03B | $9.84B |
| FY2025 | $62.58B | $7.77B | $9.07B |
Valuation snapshot
| Market value | $174.81B |
|---|---|
| P/E ratio | 22.6 |
| Dividend yield | 5.61% |
Rank among 1514 US companies
Market value at each year end
Pfizer’s market value went from $187.00B at the end of 2016 to $174.81B on Nov 2, 2026, down 7%; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $174.81B | +23.5% |
| 2025 | $141.57B | -5.8% |
| 2024 | $150.35B | -7.5% |
| 2023 | $162.56B | -43.5% |
| 2022 | $287.63B | -13.2% |
| 2021 | $331.44B | +62.0% |
| 2020 | $204.60B | -0.5% |
| 2019 | $205.72B | -14.1% |
| 2018 | $239.39B | +16.9% |
| 2017 | $204.84B | +9.5% |
| 2016 | $187.00B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PFE price data to Nov 2, 2026 | +29.6% | +33.2% | +6.9% | -2.5% | +5.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.6% |
| 2025 | +0.7% |
| 2024 | -2.2% |
| 2023 | -41.2% |
| 2022 | -10.4% |
| 2021 | +66.7% |
| 2020 | +3.4% |
| 2019 | -6.7% |
| 2018 | +25.1% |
| 2017 | +16.1% |
| 2016 | +4.7% |
| 2015 | +7.3% |
| 2014 | +5.5% |
| 2013 | +20.0% |
| 2012 | +26.9% |
| 2011 | +28.8% |
| 2010 | -4.8% |
| 2009 | +8.0% |
| 2008 | -17.1% |
| 2007 | -8.4% |
| 2006 | +15.0% |
| 2005 | -10.8% |
| 2004 | -22.4% |
| 2003 | +17.6% |
| 2002 | -22.2% |
| 2001 | -12.5% |
| 2000 | +43.0% |
| 1999 | -21.5% |
| 1998 | +68.9% |
| 1997 | +81.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 45.7% over that stretch · deepest drop along the way 49.8%, back to its old high 34.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21.4% over that stretch · deepest drop along the way 21.7%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.1% over that stretch · deepest drop along the way 24.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 3 open-market purchases ($3.0M) and 1 sales ($83K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Albert Bourla Chairman & CEO, Director | buy | $1.0M |
| Aug 5, 2026 | Ronald E Blaylock Director | buy | $999K |
| Aug 5, 2026 | Mortimer J Buckley Director | buy | $960K |
| Aug 5, 2026 | Jennifer B. Damico SVP & Controller | sell | $83K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
ETFs with the most weight in PFE
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 7.12% |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 6.48% |
| THNR Amplify Weight Loss Drug & Treatment ETF | 4.93% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 4.76% |
| PJP Invesco Pharmaceuticals ETF | 4.72% |
| TINT ProShares Smart Materials ETF | 4.54% |
| WBIG WBI BullBear Yield 3000 ETF | 4.53% |
| IHE iShares U.S. Pharmaceuticals ETF | 4.52% |
What could go wrong
- Reliance on a few major products. Pfizer's 10-K warns that it depends on certain major products. If a top seller loses patent protection or faces a stronger rival, total revenue could take a sizable hit.
- New drugs and deals must refill sales. Pfizer's priorities include investing for growth after 2028 and getting full value from key deals. It acquired Seagen in 2023 and Metsera in 2025. Drug development can take over ten years.
- US government drug price limits. The US brought in 59% of fiscal 2025 revenue. The Inflation Reduction Act lets Medicare negotiate some drug prices, and Pfizer warns private insurers may push harder once those prices become public.
- Insurers and middlemen squeeze prices. Health plans and pharmacy benefit managers (PBMs), the middlemen that manage drug benefits, gained bargaining power by merging. They can demand rebates for good coverage, require prior approval, or make patients try cheaper drugs first.
- More rivals, including from China. Rival drug launches have eroded Pfizer's sales before and can make products obsolete. Pfizer points to a growing number of competitors worldwide, including Chinese companies with expanded research capabilities.
- Patients paying more out of pocket. As patients shoulder more of their prescription costs, they may switch to cheaper or generic drugs. Some insurers also stop counting drugmakers' co-pay help toward deductibles, which can delay or end treatment.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
Pfizer has raised its dividend for at least 9 years in a row through fiscal 2025, and the streak may be longer. Increases have been small: dividends per share rose from $1.53 in fiscal 2020 to $1.72 in fiscal 2025, about 2.4% a year. The yield was 5.77% as of October 27, 2026. But in fiscal 2025 the dividend equaled 126% of earnings and 108% of free cash flow (cash left after capital spending), so Pfizer paid out more than it generated. Buybacks were minor: $2 billion over fiscal 2021–2025, against $46.2 billion in dividends.
In the 2008 financial crisis the stock fell about 50% and took about 34 months to recover from its low. In the 2020 COVID crash it dropped 22% but bounced back in under a month. After falling 25% in the 2022 bear market, it still had not regained its January 2022 peak as of October 27, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Pfizer make money?
Pfizer makes most of its money selling prescription medicines and vaccines through Biopharma, its only reportable segment. Products include Eliquis, the Prevnar vaccine family, the COVID-19 treatment Paxlovid, and cancer drugs such as Ibrance, Xtandi and Padcev. A smaller segment, PC1, develops and makes drugs for other companies under contract. Revenue was $62.6 billion in fiscal 2025, with 59% from the US, 26% from other developed markets and 15% from emerging markets.
Does Pfizer raise its dividend every year?
Yes, so far. Pfizer has raised its dividend for at least 9 consecutive years through fiscal 2025, and the true streak may be longer. The raises have been modest: dividends per share went from $1.53 in fiscal 2020 to $1.72 in fiscal 2025, about 2.4% a year. A past record is not a promise, and in fiscal 2025 the dividend was larger than both earnings and free cash flow.
Is Pfizer's dividend safe?
There is no guarantee, and the numbers are stretched. In fiscal 2025 Pfizer paid dividends equal to 126% of its earnings and 108% of its free cash flow (cash left after capital spending). As of June 28, 2026, it had $63.2 billion of total debt against $8.3 billion of cash and investments, and it reported a net loss of $248 million for the quarter ended that day. A dividend that exceeds earnings for long can be hard to keep raising.
How has Pfizer stock performed over the long term?
Unevenly. Based on share price, Pfizer gained 54% over the 10 years to October 27, 2026, about 4.4% a year, but lost 10% over five years, about 2% a year. Over the one year to that date it rose 28.8%. Swings can be large: the stock fell 41% in calendar 2023, and its deepest drop across 30 years of price history was 69.6%.
Have Pfizer insiders been purchasing shares?
Yes, some have. Among insider filings reviewed for October 27, 2025, to October 27, 2026, there were three purchases worth about $3.0 million and one sale of about $83,000. Chairman and CEO Albert Bourla purchased about $1.0 million of stock on August 12, 2026, and directors Ronald Blaylock and Mortimer Buckley each purchased nearly $1 million on August 5, 2026. Insider purchases can signal confidence, but they are no guarantee of future returns.