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Pfizer Inc develops, manufactures and sells medicines and vaccines. Patients use the products, while payers—the organizations financing healthcare—shape access through pricing and coverage. Product revenue supports today's business; research supplies potential future medicines. Older products can face cheaper competitors as patent protection ends, so Pfizer must keep renewing its portfolio. New medicines need to earn enough after research and commercialization costs, while manufacturing and commercial operations leave resources for the next round of development.
Revenue increased from $28.4 billion in the first half of 2025 to $29.5 billion in the first half of 2026. Income from continuing operations fell from $5,876 million to $2,463 million across those same periods. Higher manufacturing and research expenses and larger other net deductions accompanied the decline; the weaker earnings cannot all be attributed to operating execution.
In the third quarter of 2026, management announced $1.0 billion of additional expected net savings in selling, informational and administrative costs from 2027 through 2029, with approximately $2.0 billion of one-time costs through 2029. A manufacturing phase targets approximately $1.5 billion of cost-of-goods-sold savings through 2029, some starting in 2027, with approximately $4.0 billion of one-time costs through 2029, about 60% noncash. These are expectations with implementation costs, rather than savings already earned.
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