Q3 FY26 · Ended Sep 27, 2026 · View SEC filing
Taxes, not the business, cut net profit
Pre-tax income rose 1.53%, but a tax benefit a year earlier became a charge, so net income fell.
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Alliance revenue rose to 17.2% of revenues from 13.8% as product revenue fell, so partners now share more of Pfizer's growth.
Research rose 18.5% on flat revenue, so a larger share of each sales dollar now funds the next products.
Amortization of bought products, a charge that uses no cash, helps explain why operating cash flow reached 1.66 times net income.
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Business Lens describes Pfizer from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
