Pfizer Inc. (PFE): Business Model Canvas [Dec-2025 Updated]

You're digging into Pfizer Inc. (PFE) now that the massive COVID-19 revenue surge is fading, and honestly, the strategy is crystal clear: it's all about oncology and aggressive efficiency. As a former head analyst, I see them betting big on the Seagen acquisition to fuel growth, aiming for 2025 revenues between $\mathbf{\$61.0}$ billion and $\mathbf{\$64.0}$ billion, but that requires serious investment-we're talking up to $\mathbf{\$11.7}$ billion in R&D alone. To understand how they are funding this pivot while cutting costs across the board, you need to see the nuts and bolts of their new operating model; check out the full Business Model Canvas below to see the key resources and revenue streams driving this next phase.

Pfizer Inc. (PFE) - Canvas Business Model: Key Partnerships

You're looking at the essential external relationships Pfizer Inc. relies on to get its products from the lab to the patient, so let's lay out the hard numbers on those key alliances.

Global network of Contract Manufacturing Organizations (CMOs) for production scale

Pfizer Inc. maintains a vast global manufacturing footprint, supplemented by external partners to ensure supply resilience and scale. The company's global infrastructure includes over 30+ Manufacturing Sites and relies on 300+ External Suppliers to minimize risk of supply interruptions for essential medicines. This network supported reaching more than 414 million patients worldwide with medicines and vaccines in 2024. The manufacturing strategy for the SSGJ-707 program, for instance, leverages internal sites, with drug substance planned for Sanford, North Carolina, and drug product in McPherson, Kansas, showing how internal capacity is integrated with the broader supply chain.

BioNTech for the Comirnaty (COVID-19 vaccine) development and commercialization

The collaboration with BioNTech SE, which began in 2018 focusing on mRNA-based influenza vaccines before pivoting to COVID-19 in early 2020, remains a cornerstone. BioNTech is the Marketing Authorization Holder for COMIRNATY® in the United States, the European Union, and the United Kingdom. As of September 2025, a total of 5 billion doses of the Pfizer-BioNTech COVID-19 vaccine have been distributed globally. While the vaccine generated peak annual sales of $37.8 billion in 2022, Pfizer executed a strategic shift in November 2025 by selling 54.7% of its stake in BioNTech.

Strategic licensing deals, like the ex-China agreement with 3SBio

Pfizer Inc. actively uses licensing to bolster its pipeline, as seen with the SSGJ-707 agreement completed in July 2025. This deal grants Pfizer exclusive global, ex-China rights for the development, manufacturing, and commercialization of the bispecific antibody.

Here are the key financial figures from that specific oncology deal:

The agreement also includes tiered double-digit royalties on future sales if the drug receives approval.

Wholesalers and distributors (e.g., McKesson, Cardinal Health) for global logistics

Pfizer Inc.'s distribution network is designed for global reach, serving 200 Countries. The company requires its designated Pfizer distributors (PDs) to comply with the Drug Supply Chain Security Act and maintain their wholesale distributor license in good standing in each state/territory of operation. In the United States, wholesalers like McKesson and Cardinal Health (evidenced by their listed locations) are part of this network, which ensures products reach licensed providers.

For a specific market example, Pfizer Limited in India operates a robust system:

• 20 Contract Fulfillment Agencies (CFAs)
• 1 HUB facility
• Overseeing supplies to approximately 7500 stockists
• Overseeing supplies to 2100 institutions

Academic research institutions for early-stage drug discovery and trials

Pfizer Inc. partners with academia through various models, including research collaborations, venture capital investments, and establishing incubators. The company engages with academic medical centers and leading research universities for Pfizer-sponsored clinical research, where partners help design studies, recruit patients, and monitor progress. Investigator-initiated research is supported via medical research grants or fellowships and investigational compounds.

Past and ongoing academic engagement examples include:

• The CTI (Centers for Therapeutic Innovation) partnership model with university clusters.
• A prior partnership with UCSF established for 5 years with an $85 million commitment for joint discovery projects.
• Pfizer is interested in partnering for therapeutics in rare renal, cardiac, neurologic, and metabolic diseases, including Genetic-based approaches.

Pfizer Inc. (PFE) - Canvas Business Model: Key Activities

High-risk, high-reward Pharmaceutical Research and Development (R&D).

Pfizer Inc. projected its Adjusted R&D expenses for the full year 2025 to be in the range of $10.7 to $11.7 billion. For the twelve months ending September 30, 2025, the actual R&D expenses were reported at $10.266B. The company invested $7.2 billion into internal R&D in the first nine months of 2025. The R&D organization is undergoing efficiency drives, with anticipated cost savings of approximately $500 million by the end of 2026, which are planned to be reinvested into the pipeline. The 2025 R&D milestones focus on propelling the engine forward with:

• 13 Phase 3 program starts.
• 8 late-stage readouts.
• 4 regulatory decisions.

Integrating the $43 billion Seagen acquisition into oncology operations.

The acquisition of Seagen Inc. was completed in late 2023 for a total enterprise value of approximately $43 billion. Prior to the deal, Pfizer Oncology had 24 approved cancer medicines generating $12.1 billion in revenue in 2022. Seagen is projected to contribute more than $10 billion in risk-adjusted revenues by 2030. In the third quarter of 2025, Pfizer enhanced its Oncology portfolio through an in-licensing agreement with 3SBio.

Global manufacturing and complex cold-chain logistics for vaccines.

Pfizer Inc.'s Global Supply (PGS) network operates 58 Manufacturing Sites Worldwide. This expansive network enables the annual supply of more than 50 billion doses of medicine across 180 countries. The company has built-in flexibility, including purposeful overproduction and multiple suppliers, to support supply reallocation across borders. The logistics activity involves advanced cold chain technology, including ultra-low temperature logistics necessary for products like mRNA vaccines. Furthermore, Pfizer announced an agreement with the U.S. government in September 2025 to strengthen investment in U.S.-based innovation and manufacturing capacity.

Commercial excellence and marketing for key therapeutic areas.

Commercial execution in key areas showed solid operational growth for non-COVID products, which grew 4% operationally in the third quarter of 2025 versus the same period last year. Specific product performance included:

Executing the multi-year $4.5 billion cost-realignment and efficiency program.

Pfizer Inc. is executing an enterprise-wide cost realignment program targeting overall net cost savings of approximately $4.5 billion by the end of 2025. Through the end of 2024, the company achieved approximately $4.0 billion in net operating expense savings from this program. An additional $500 million in savings was anticipated for 2025. The total anticipated overall net cost savings from previously announced cost improvement initiatives is $7.7 billion by the end of 2027. The 2025 Adjusted Selling, General and Administrative (SI&A) expense guidance is set between $13.3 to $14.3 billion, with SI&A expenses expected to be about $500 million lower in 2025 than in 2024. As part of the realignment, $2.2 billion was reinvested into internal R&D projects as of Q1 2025.

Pfizer Inc. (PFE) - Canvas Business Model: Key Resources

You're looking at the core assets that power Pfizer Inc.'s operations right now, late in 2025. These aren't just line items; they are the engine room of the business.

The deep intellectual property portfolio is anchored by transformative acquisitions, most notably the pioneer in Antibody-Drug Conjugate (ADC) technology, Seagen, which Pfizer acquired for a total enterprise value of approximately $43 billion. This move immediately doubled Pfizer's early-stage oncology clinical pipeline, which now includes 60 programs spanning multiple modalities. The integration of Seagen's proprietary ADC technology is key to accelerating next-generation cancer breakthroughs. The acquired portfolio, which includes four in-line medicines like ADCETRIS and PADCEV, is projected to contribute more than $10 billion in risk-adjusted revenues by 2030.

The scale of the blockbuster drug portfolio dictates significant revenue streams, even as the company navigates the impact of the Inflation Reduction Act changes taking effect in 2025. The value of these assets is clear from recent performance, which underpins the 2025 revenue guidance of $61.0 billion to $64.0 billion.

Pfizer maintains a massive global manufacturing footprint, which is a critical resource for supply chain reliability. This network spans six continents and is supported by an annual investment exceeding $1 billion into the global manufacturing infrastructure. Specifically within the U.S., Pfizer operates 11 manufacturing sites and two distribution centers across nine states. For specialized assets like ADCs, the Pearl River, NY site dedicates approximately 24,000 square feet of manufacturing space for highly potent and cytotoxic drug processing.

Research and development capability is quantified by the planned investment level for the current fiscal year. Pfizer anticipates full-year 2025 Adjusted R&D expenses to fall within the range of $10.7 billion to $11.7 billion. This investment is strategically focused, targeting 13 Phase 3 program starts and 8 late-stage readouts in 2025 alone, including potential mega-blockbuster treatments in oncology, vaccines, and obesity.

The human capital supporting this enterprise is substantial, representing the highly skilled scientific and clinical trial personnel base. As of 2024, the total number of employees stood at approximately 88,000. This workforce underpins the company's ability to execute on its complex R&D milestones and manage its global operations.

• Total 2025 Adjusted R&D Expense Range: $10.7 billion to $11.7 billion.
• Seagen Acquisition Cost: $43 billion.
• U.S. Manufacturing Sites: 11.
• Global Manufacturing Investment: Over $1 billion annually.
• 2024 Total Employees: Circa 88,000.

Finance: draft 13-week cash view by Friday.

Pfizer Inc. (PFE) - Canvas Business Model: Value Propositions

You're looking at the core value Pfizer Inc. brings to its customers and stakeholders as of late 2025. It's a mix of high-science innovation and practical patient support, which is key as the company navigates the post-pandemic revenue normalization.

Innovative, breakthrough medicines in high-growth areas like Oncology and Vaccines.

Pfizer Inc. is delivering on its commitment to Oncology, which comprised around 25% of the company's revenues. For the first half of 2025, the Oncology segment brought in $8.145 billion. This growth is supported by key assets, including the Antibody-Drug Conjugate (ADC) portfolio from the Seagen acquisition, which generated approximately $1.518 billion in H1 2025. You can see the performance of some of these specialty oncology products in the table below:

The broader oncology market is expected to grow at a compound annual growth rate of 8.1% from 2025 to 2030.

Financial assistance and co-pay savings via Pfizer RxPathways for eligible patients.

Pfizer Inc. offers support through Pfizer RxPathways®, connecting eligible U.S. patients to assistance programs. For context on the scale of this support, in 2023, Pfizer helped more than 58,000 patients receive over 467,000 Pfizer prescriptions for free or at a savings. For 2025, new requirements for Medicare Part D/Medicare Advantage patients are in effect due to the Inflation Reduction Act (IRA). To be eligible for free medicine through the Pfizer Patient Assistance Program, patients must generally be at or below 300% of the Federal Poverty Level (FPL), adjusted for family size.

Reliable, large-scale supply of critical public health products (e.g., COVID-19 products).

While the revenue from COVID-19 products is normalizing, Pfizer Inc. still projects 2025 sales for its COVID-19 vaccine and drug to be largely consistent with 2024 levels, after excluding approximately $1.2 billion of non-recurring revenue for Paxlovid in 2024. For the second quarter of 2025, the Comirnaty vaccine generated $381 million in sales, and Paxlovid generated $427 million. The company's full-year 2025 revenue guidance is set in the range of $61.0 to $64.0 billion.

Treating rare diseases and unmet medical needs with specialty therapies.

Specialty Care, which includes treatments for rare diseases, is a growing area. The Specialty Care unit recorded sales of $8.364 billion in H1 2025, up 6% year-over-year, or $4.38 billion in Q2 2025, up 7%. The Vyndaqel family, a key specialty product, saw sales rise in the second quarter of 2025.

Oral obesity drug candidate (danuglipron) for patient convenience.

Pfizer Inc. had been developing danuglipron as a once-daily oral option to compete in the obesity market, which is forecast to expand at a 22.3% compound annual growth rate from 2025 to 2030. However, the company made a significant strategic pivot. Pfizer announced the decision to discontinue development of danuglipron in April 2025 due to concerns over potential drug-induced liver injury in a trial participant. This means the value proposition for an oral obesity drug is currently being addressed through other pipeline programs, as stated by Pfizer's Chief Scientific Officer.

Here are the key financial expectations for the year:

• Full-Year 2025 Revenue Guidance: $61.0 billion to $64.0 billion.
• Full-Year 2025 Adjusted Diluted EPS Guidance Range: $2.80 to $3.00 or the raised range of $3.00 to $3.15.
• Anticipated net unfavorable revenue impact from the IRA in 2025: Approximately $1 billion.
• Anticipated additional cost savings from the Cost Realignment Program in 2025: An additional $500 million.

Finance: draft 13-week cash view by Friday.

Pfizer Inc. (PFE) - Canvas Business Model: Customer Relationships

You're looking at how Pfizer Inc. manages its relationships with the diverse groups it serves, from individual patients to massive government bodies. It's a complex web of support programs and high-stakes contracts, especially as regulatory changes hit in 2025.

Dedicated, personalized support through programs like Pfizer Oncology Together.

For patients needing specialized support, the Pfizer Oncology Together program connects them with a dedicated Care Champion. This program integrates several components, including the Pfizer Oncology Together Co-Pay Savings Program and the Pfizer Patient Assistance Program (PAP) for specific oncology medications. Uninsured patients enrolled in the PAP may receive free medication for up to 1 calendar year. The program also helps patients understand their insurance benefits, regardless of their coverage type. The Care Champion Program offers personalized support for day-to-day needs for patients who opt in. You can reach this support line at 877-744-5675. This level of dedicated support is crucial when dealing with complex cancer treatments.

Automated co-pay and savings card offers for commercially insured patients.

For patients with commercial insurance prescribed certain Pfizer medications, automated savings programs are key to affordability. For instance, the PAXCESS Co-Pay Savings Program for PAXLOVID allows eligible commercially insured patients to save up to $1,500 per prescription, with a maximum annual saving capped at $1,500. This is a direct, transactional relationship focused on reducing the point-of-sale cost for those with private coverage. Commercially-insured patients are explicitly not eligible for the broader Pfizer Patient Assistance Program (PAP). This distinction shows a clear segmentation in their support model.

High-level, long-term contractual relationships with governments and NGOs.

These relationships are defined by large-scale agreements, often involving significant pricing concessions in exchange for market access or regulatory certainty. In late 2025, Pfizer entered an agreement with the U.S. Government to lower drug costs, offering savings on most primary care treatments that range as high as 85% and average 50%. This was tied to a three-year grace period from potential tariffs, provided Pfizer invests further in U.S. manufacturing. The company anticipates its full-year 2025 revenues to be between $61.0 billion and $64.0 billion, and the Medicare Part D redesign is expected to create a net $1 billion negative impact on the topline, despite an estimated $500 million in increased revenue from higher utilization due to the new out-of-pocket cap. These contracts form the bedrock of volume-based revenue streams.

Assisted relationship model for uninsured patients via the Patient Assistance Program (PAP).

The Pfizer Patient Assistance Program (PAP) is the primary channel for providing free medication to uninsured or government-insured patients who cannot afford their co-payment. For Medicare Part D/Medicare Advantage patients seeking PAP assistance in 2025, there are new hurdles: they must enroll in the voluntary Medicare Prescription Payment Plan (MPPP) and attest that they have not yet met the annual out-of-pocket maximum, which is set at $2,000 for most such patients. Eligibility for PAP generally requires an annual pre-tax household income at or below 300% of the Federal Poverty Level (FPL). For the U.S. Government Patient Assistance Program specifically for PAXLOVID, free access is guaranteed through December 31, 2025, for eligible Medicare, Medicaid, TRICARE, VA Community Care Network, and uninsured patients.

Here's a quick look at how some of these patient access mechanisms are structured as of late 2025:

Digital engagement and educational resources for healthcare providers and patients.

Pfizer is focused on winning the digital race in pharma, aiming to enhance the customer experience with digital companions for new breakthroughs. The challenge is significant; a 2024 study indicated that HCP engagement with pharma field force and online channels had fallen to 53%, and of those still engaging, 62% interact with only three or fewer companies. This suggests that generic digital communication is not cutting through the noise. Pfizer's strategy, as discussed in the Pharma 2025 framework, leans into AI-powered, insight-driven tools for hyper-personalization. For patients, resources are often channeled through specific hubs like Pfizer Oncology Together, which provides downloadable resources and connections. The company's overall digital mission is foundational to its goal of delivering breakthroughs faster and making work easier through automation.

The structure of support is definitely tiered. Finance: draft 13-week cash view by Friday.

Pfizer Inc. (PFE) - Canvas Business Model: Channels

You're looking at the hard numbers for how Pfizer Inc. gets its products to the end-user as of late 2025. It's a mix of direct relationships and massive logistical networks. Here's the quick math on the scale we're dealing with, based on the latest figures.

The channels Pfizer uses reflect this scale and the complexity of its portfolio, which includes everything from mass-market vaccines to highly specialized oncology treatments.

• Direct sales force to hospitals, clinics, and specialized treatment centers.
• Global network of pharmaceutical wholesalers and distributors.
• Direct-to-patient programs for specialty and rare disease medications.
• Government procurement channels for large-volume vaccine and antiviral contracts.
• Retail and specialty pharmacies for prescription fulfillment.

Focusing on the government side, you saw that in 2024, there was a $442 million revenue recognition from fulfilling an obligated delivery of Paxlovid to the U.S. Strategic National Stockpile. Any disruption with government customers, which account for a substantial portion of revenues, remains a noted risk.

For specialty and rare disease medications, the distribution is highly controlled. For example, the VYNDA Network for Vyndamax and Vyndaqel uses the 340B ESP™ platform, where covered entities designate specialty contract pharmacies, effective April 1, 2025. Also, for certain oncology products, access is restricted; for instance, ELREXFIO is available through Onco360 only, and TUKYSA is available through Onco360 and Biologics only.

The wholesaler channel saw a specific event in Q2 2025, where the transition to a wholesaler distribution model in the U.S. provided a one-time favorable impact to Padcev revenue. This highlights the importance of managing relationships with these large-volume partners, as issues with the largest wholesale distributors are a known risk factor.

When you look at the broader retail fulfillment landscape, the entire pharmacy market in 2025 is estimated at USD 1.7 trillion globally. Pfizer's oncology portfolio relies on a National Specialty Pharmacy Distribution Network involving entities like Accredo, CVS Specialty, and others. Finance: draft 13-week cash view by Friday.

Pfizer Inc. (PFE) - Canvas Business Model: Customer Segments

You're looking at the core groups Pfizer Inc. (PFE) directs its commercial and access efforts toward as of late 2025. Honestly, for a company this large, the segments are vast, spanning from individual patients to massive government payers.

Global patient populations in core therapeutic areas: Oncology, Vaccines, Internal Medicine.

Pfizer Inc. targets patient populations across its key therapeutic areas, with significant financial indicators reflecting the scale of these segments. The company impacted 618 million patients in 2023 and has a goal to impact one billion lives annually by 2027. Pfizer is executing a strategy to double the number of patients treated with its oncology medicines by 2030.

The financial scale of these patient segments can be inferred from key product revenues:

Healthcare providers (HCPs), including oncologists, cardiologists, and primary care physicians.

Pfizer Inc. commercial teams focus on bringing therapies to market, which requires engagement with specialists and general practitioners. The company has 108 total pipeline candidates as of April 2025, requiring broad engagement across many specialties.

• Engaging oncologists for ADC and cancer franchise expansion, supported by the Seagen acquisition.
• Targeting primary care physicians for cardiovascular and metabolic treatments.
• Engaging specialists for specific indications like multiple myeloma (Elrexfio) and bladder cancer (Padcev).

Government health agencies (e.g., CDC, FDA, CMS) and national health services.

These entities are critical payors and regulators. The impact of U.S. policy on Pfizer Inc. revenue in 2025 is measurable:

• The Inflation Reduction Act (IRA) Part D redesign is anticipated to have a net unfavorable revenue impact of approximately $1 billion in 2025.
• The new Medicare Part D out-of-pocket cap is estimated to add $500 million in revenue due to higher utilization.
• Pfizer assumes no material U.S. vaccines policy changes in 2025.

Pharmacy Benefit Managers (PBMs) and private health insurance payors.

PBMs and private payors determine formulary placement and net pricing. The financial impact of the IRA on the payor side is reflected in Pfizer's guidance:

The shift from the Coverage Gap Discount Program sunsetting to new manufacturer discounts in Medicare Part D phases creates a $1.5 billion headwind for Pfizer in 2025. Pfizer's commercial teams negotiate access across these payor groups for products like Eliquis and Vyndaqel.

Uninsured and underinsured patients globally, a defintely important segment.

Pfizer Inc. addresses access for vulnerable populations through specific global commitments.

Pfizer Inc. committed to provide access to its full portfolio (patented and off-patent) on a not-for-profit basis to 1.2 billion people in 45 lower-income countries around the world through the Accord for a Healthier World.

Pfizer Inc. (PFE) - Canvas Business Model: Cost Structure

You're looking at the major drains on Pfizer Inc.'s balance sheet for 2025, which are heavily weighted toward future innovation and current operational scale. Honestly, the cost structure is dominated by two massive buckets: research and selling/admin.

Core Operating Expenses: R&D and SI&A

Pfizer Inc. continues to pour significant capital into its pipeline, which is the engine for future revenue replacement as older blockbusters face exclusivity losses. This commitment is reflected in the projected Research & Development (R&D) spend.

Selling, Information, and Administrative (SI&A) expenses remain high, covering global commercial efforts, marketing, and the general overhead required to run a company of this size. You can see the projections right here:

The company is actively managing these figures through cost realignment. They achieved $4.0 billion in net operating expense savings through the end of 2024 and anticipate an additional $500 million in savings during 2025.

Regulatory Headwinds: IRA Part D Redesign

A specific, non-discretionary cost pressure for 2025 comes from the Medicare Part D redesign under the Inflation Reduction Act (IRA). This policy shift creates a net negative impact on revenue, but it represents a direct increase in manufacturer cost-sharing.

The anticipated net impact on revenue for 2025 is a headwind of approximately $1 billion year-over-year. Here's the quick math on how that net figure breaks down:

• Favorable impact from the new $2,000 annual out-of-pocket cap: an additional $500 million in utilization/revenue.
• Unfavorable impact from increased manufacturer discounts in the catastrophic coverage phase: a $1.5 billion headwind.

This means Pfizer is taking on 20% of patient costs during the catastrophic phase for branded drugs, a significant shift from the prior structure.

Manufacturing and Supply Chain Scale

Maintaining a global manufacturing and supply chain infrastructure is a non-trivial cost. Pfizer operates 58 Manufacturing Sites Worldwide. The complexity is magnified by the need for specialized logistics, particularly for temperature-sensitive products, requiring robust cold-chain technology.

To manage this, Pfizer launched a multi-year Manufacturing Optimization Program. Phase 1 is on track to deliver initial savings in 2025, with a total expected saving of approximately $1.5 billion by the end of 2027, aimed at reducing the cost-of-goods sold through operational efficiencies.

Acquisition and Integration Costs

A major historical cost event influencing the current structure is the acquisition of Seagen Inc., which closed in late 2023 for a total enterprise value of approximately $43 billion in cash. While the upfront cash outlay is a sunk cost, the integration of Seagen's oncology portfolio into Pfizer's operations represents ongoing, significant integration and operational costs in 2025. The company is now focused on realizing the revenue potential from this investment, which is expected to contribute billions in revenue by 2030.

Finance: draft 13-week cash view by Friday.

Pfizer Inc. (PFE) - Canvas Business Model: Revenue Streams

You're looking at the core ways Pfizer Inc. brings in money as we move through late 2025. It's a mix of blockbuster legacy products, newer acquisitions, and the tail end of the pandemic-era revenue drivers. Honestly, the composition is shifting rapidly, which is key to understanding their current valuation.

The overall expectation for the top line remains quite firm, signaling management's confidence in the non-COVID portfolio to absorb the expected declines elsewhere. Pfizer anticipates full-year 2025 revenues to be in the range of $61.0 billion to $64.0 billion.

Patented, Innovative Medicines and Vaccines

Revenue from key innovative products, including the COVID-19 portfolio, still forms a significant chunk, though the mix is changing. You see the impact of lower infection rates and narrower recommendations on the COVID products.

• Comirnaty (COVID-19 vaccine) Q3 2025 sales were $1.15 billion.
• Paxlovid (COVID-19 therapeutic) Q3 2025 sales were $1.23 billion.
• The revenue share of Paxlovid dropped significantly, moving from 15.54% in Q3 2024 to just 7.35% in Q3 2025.

Oncology Product Sales

The integration of Seagen is clearly driving a pivot toward Oncology as a major revenue pillar. This segment is becoming central to Pfizer's future growth story, aiming to offset revenue losses from patent expirations.

Pfizer's oncology revenues grew 9% in the first half of 2025 (H125) and already comprised more than 25% of total company sales by that point. This aligns with the strategic expectation that Oncology will be a substantial contributor post-Seagen integration.

Here's a look at some specific oncology product performance, based on the latest available quarterly data:

Established Product Sales

The Vyndaqel family remains a durable specialty franchise, showing consistent growth even amid broader market headwinds like the Inflation Reduction Act (IRA) Part D redesign.

The Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) is a key driver here. For instance, in the third quarter of 2025, sales for this family increased to $1.59 billion, representing a 7% year-over-year growth. To give you a sense of its trajectory, global sales for the family in Q1 2025 were $1.49 billion.

Other established products also contribute significantly:

• Eliquis (alliance revenue and direct sales) Q3 2025 operational revenue rose 22%.
• Nurtec/Vydura contributed $248 million in Q1 2025, up 40% year over year.

Licensing and Collaboration Revenue

Revenue from partnerships, particularly the one with BioNTech for Comirnaty, is recognized through cost-of-sales adjustments and profit-sharing mechanisms, rather than a direct, large upfront licensing fee in 2025.

For example, Pfizer's Q3 2025 Cost of Sales calculation reflected the non-recurrence of a charge included in the 50% gross profit split with BioNTech related to Comirnaty. Furthermore, the market is watching Pfizer's reported move to offload its remaining equity stake in BioNTech, which could generate a one-time cash event of roughly $508 million at the top end of the expected range for that block trade.

Finance: draft 13-week cash view by Friday.