What is Pfizer's R&D?

Pfizer (PFE) reported R&D of $3.21B in Q4 2025.

How has Pfizer's R&D changed year-over-year?

Pfizer's R&D increased by 5.6% year-over-year, from $3.04B to $3.21B.

What is the long-term trend for Pfizer's R&D?

Over 4 years (2021 to 2025), Pfizer's R&D has grown at a 0.2% compound annual growth rate (CAGR), from $10.36B to $10.44B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Pfizer PFE R&D

Discontinued — last reported Q4 '25

R&D at other companies

Bristol-Myers SquibbBMY

$2.65B+17.4%

Eli LillyLLY

$3.51B+28.4%

Merck & Co.MRK

$12.59B+248%

AmgenAMGN

$1.72B+15.7%

Ionis PharmaceuticalsIONS

$228.9M+1.6%

IncyteINCY

$515.9M+18.0%

Segments

By segment

See full

Biopharma$2.14B+10.1%

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

See full

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

See full

Operating cash flow$2.6B+12.0%

CapEx$436.0M-22.7%

Free cash flow$2.2B+23.0%

Valuation

See full

Market cap$143.68B+11.1%

Enterprise value$206.35B+9.2%

P/E11.9×—

P/S2.3×+0.2×

Profitability

See full

Gross margin73.5%+1.2pp

Net margin15.7%—

FCF margin18%+8.8pp

Returns & leverage

See full

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-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Pfizer's R&D?: Pfizer (PFE) reported R&D of $3.21B in Q4 2025.
How has Pfizer's R&D changed year-over-year?: Pfizer's R&D increased by 5.6% year-over-year, from $3.04B to $3.21B.
What is the long-term trend for Pfizer's R&D?: Over 4 years (2021 to 2025), Pfizer's R&D has grown at a 0.2% compound annual growth rate (CAGR), from $10.36B to $10.44B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.