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Pfizer PFE Biopharma — Research and development expenses

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Other financials

Income statement

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Revenue$14.5B+5.4%
Gross profit$10.9B+0.3%
Net income$2.7B-9.4%
EPS (diluted)$0.47-9.6%

Balance sheet

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Cash & equivalents$1.8B+18.8%
Total debt$64.4B+4.9%
Total equity$90.1B-0.3%
Total assets$207.62B-0.2%

Cash flow

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Operating cash flow$2.6B+12.0%
CapEx$436.0M-22.7%
Free cash flow$2.2B+23.0%

Valuation

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Market cap$143.68B+11.1%
Enterprise value$206.35B+9.2%
P/E11.9×—
P/S2.3×+0.2×

Profitability

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Gross margin73.5%+1.2pp
Net margin15.7%—
FCF margin18%+8.8pp

Returns & leverage

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Return on equity10.6%—
Debt / equity0.7×0.0×
Current ratio1.2×0.0×

Where this comes from

Reported directly by Pfizer in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost.

The official record: Pfizer’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Pfizer's biopharma — research and development expenses?
Pfizer (PFE) reported biopharma — research and development expenses of $2.14B in Q1 2026.
How has Pfizer's biopharma — research and development expenses changed year-over-year?
Pfizer's biopharma — research and development expenses increased by 10.1% year-over-year, from $1.94B to $2.14B.
What is the long-term trend for Pfizer's biopharma — research and development expenses?
Over 3 years (2022 to 2025), Pfizer's biopharma — research and development expenses has grown at a -3.8% compound annual growth rate (CAGR), from $10.32B to $9.18B.
What does biopharma — research and development expenses mean?
Expenditures dedicated to the discovery, clinical testing, and regulatory approval of new pharmaceutical products within the biopharma segment. This is a critical investment for long-term pipeline growth and future revenue sustainability.