Pfizer's quarterly revenue 2010-2023

In 2022, Pfizer generated total revenues of over 100 billion U.S. dollars. For Q1 2023, the company reported revenues of 18.3 billion U.S. dollars. That was significantly lower than 25.7 billion dollars in Q1 2022.

Why Pfizer’s revenues decreased until 2020?

Pfizer averaged quarterly revenues of around 13.2 billion U.S. dollars in the four years from the start of 2016 to the end of 2019 – this is considerably lower than the 16.7 billion U.S. dollars the company averaged per quarter in 2010. One reason for the decline was competition from generic drugs that entered the market when key patents expired. Pfizer lost the market exclusivity to its Lipitor product at the end of 2011, and revenues were greatly affected as a consequence. Additionally, following a review of its product portfolio, Pfizer’s revenues were also impacted by the decision to spin off some of its business segments, such as its animal health division in 2013 and its Upjohn business in 2020.

By failing to prepare, you are preparing to fail

The majority of Pfizer’s revenue comes from the manufacture and sale of its products. Pharmaceutical companies are always planning for the future, looking for ways to offset the impact felt when those products start to lose market exclusivity. The development of products is essential for the continued growth of the company, and investing in research and development (R&D) is one way of identifying new, innovative medicines. Pfizer’s R&D expenditure stood at 11.4 billion U.S. dollars in 2022.