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In the first quarter of 2026, Pfizer reported revenue of **** billion U.S. dollars. This was a decrease in comparison to the previous quarter. 

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 around **** billion U.S. dollars in 2025. 

Why did Pfizer’s revenues decrease until 2020?

Pfizer averaged quarterly revenues of around **** billion U.S. dollars in the four years from the start of 2016 to the end of 2019 – this is considerably lower than the **** 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 for 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.