PFIZER INC (PFE)

Pfizer Inc. is a research-based global biopharmaceutical company, incorporated in Delaware in 1942. It discovers, develops, manufactures, markets, sells and distributes medicines and vaccines worldwide, and most of its revenues come from the manufacture and sale of biopharmaceutical products. Its stated 2026 priorities are to maximize the value of key transactions (including the Metsera and Seagen acquisitions and in-licensing agreements with YaoPharma and 3SBio), deliver on critical R&D milestones, invest for post-2028 growth, and scale AI across the business.

The company manages its commercial operations through three operating segments: Biopharma, PC1 and Pfizer Ignite. Biopharma, the innovative biopharmaceutical business, is the only reportable segment. PC1 is a contract development and manufacturing organization and a supplier of specialty active pharmaceutical ingredients. Pfizer Ignite provided R&D services to select biotech companies and is being wound down after a 2025 decision to discontinue it. From January 2026, Biopharma has three commercial units: Pfizer U.S. Commercial, Pfizer International Commercial, and a new Global Hospital and Biosimilars organization. The product portfolio spans several areas: - Internal medicine, including Eliquis, plus migraine products (Nurtec ODT/Vydura, Zavzpret). - Vaccines, including the Prevnar family, Comirnaty, Abrysvo and Trumenba, plus the COVID-19 treatment Paxlovid. - Inflammation and immunology, including Xeljanz, Cibinqo, Litfulo and Velsipity. - Rare disease, including the Vyndaqel family, Genotropin, BeneFIX and Hympavzi. - Oncology, including Ibrance, Xtandi, Padcev, Adcetris, Lorbrena and Elrexfio. - Hospital and biosimilars, including Inflectra, Retacrit, Ruxience, Zirabev and sterile injectables such as Solu Medrol and Fragmin.

R&D focuses on oncology, internal medicine (cardiometabolic, weight management and migraine), vaccines and inflammation and immunology. It is run as a single organization under the Chief Scientific Officer and supplemented by collaborations, licenses, acquisitions and investments. Key partnerships include BioNTech (Comirnaty), BMS (Eliquis), Astellas (Xtandi and Padcev), Takeda (Adcetris), Genmab (Tivdak) and SMPS (Orgovyx).

Pfizer supplies products to about 200 countries and territories. Revenues outside the U.S. were $25.5 billion, or 41% of total revenues, in 2025, and China was the largest market outside the U.S. at 5% of revenues. Prescription products are sold mainly to wholesalers, and also directly to retailers, hospitals, clinics, government agencies and pharmacies. U.S. vaccines are sold mainly to the federal government (including the CDC), wholesalers, provider offices, retail pharmacies and integrated delivery systems, and vaccines outside the U.S. are sold mainly to government and non-government institutions. The company seeks formulary access with insurers and pharmacy benefit managers, markets to healthcare providers, managed care organizations and, in some markets, directly to consumers, and participates in the TrumpRx.gov platform. Pfizer relies on patents and regulatory exclusivity to protect key products, several of which have U.S. basic patent expirations between 2026 and 2027, including Xeljanz, Eliquis, Ibrance and Xtandi.