Pfizer's expenditure on research and development 2006-2020

Pfizer is a multinational pharmaceutical company that is headquartered in New York City, New York. Pfizer’s expenditures on research and development (R&D) have been variable in recent history. During 2020, Pfizer expended some 9.4 billion U.S. dollars on R&D efforts. This is a significant increase from the previous year, almost reaching the record-high from 2010 with some 9.5 billion dollars.

Pfizer’s company profile

Pfizer is one of the world’s largest pharmaceutical companies. The company has pharmaceuticals in a number of therapeutic areas including oncology, endocrinology, cardiology, and neurology. The Prevnar family of drugs is Pfizer’s top revenue-generating drug group. Prevnar is a vaccine used to prevent pneumococcal pneumonia. The company has undergone several mergers and acquisitions in recent history. In 1999 Pfizer and Warner-Lambert joined, forming one of the most valuable pharmaceutical mergers of all time.

Pharmaceutical research and development

Pharmaceutical R&D is crucial for finding and creating new drug compounds and agents that have the potential to save lives (or improve medical symptoms). Pharmaceutical R&D in the U.S. has become a booming industry and spending is increasing year-over-year. The number of federally registered clinical trials in the U.S. has been increasing significantly in recent years as well. One area of health that has been significantly impacted by R&D investment is oncology. There have never been more cancer drugs in development in the United States than in 2018.

Pfizer's expenditure on research and development from 2006 to 2020

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Source

Release date

February 2021

Region

Worldwide

Survey time period

2006 to 2020

Supplementary notes

This statistic was assembled from several editions of Pfizer's annual financial report.

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