Pfizer (PFE) Operating Expenses (2009 - 2026)
Pfizer (PFE) posted quarterly Operating Expenses of $5.5 billion for Q1 2026, down 6.06% year-over-year from $5.9 billion in Q1 2025, and down 28.35% quarter-over-quarter from $7.7 billion in Q4 2025.
Pfizer (PFE) Operating Expenses (2009 - 2026) Analysis & Trends
Pfizer (PFE) has reported Operating Expenses for 18 consecutive years, with $5.5 billion the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses fell 6.06% year-over-year to $5.5 billion; the TTM figure through Mar 2026 stood at $25.0 billion (down 24.82% YoY), while the FY2025 annual figure was $25.3 billion, down 9.47% from the prior year.
- Operating Expenses retreated to $5.5 billion in Q1 2026 per PFE's latest filing, from $7.7 billion in the prior quarter.
- Across five years, Operating Expenses topped out at $19.9 billion in Q3 2024 and bottomed at $5.1 billion in Q2 2022.
- Historically, Operating Expenses has averaged $7.5 billion across 5 years, with a median of $6.1 billion in 2022.
- Annual changes were most pronounced in 2024 — Operating Expenses grew 19.64% — and 2025, when it plunged 70.02%.
- Pfizer's Operating Expenses stood at $6.1 billion in 2022, then jumped by 64.51% to $10.0 billion in 2023, then surged by 100.0% to $19.9 billion in 2024, then tumbled by 61.45% to $7.7 billion in 2025, then slipped by 28.35% to $5.5 billion in 2026.
- Business Quant data shows PFE's Operating Expenses at $5.5 billion in Q1 2026, $7.7 billion in Q4 2025, and $6.0 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 645.88 Bn | 625.12 Bn | 17.26 Bn | 10.12 Bn |
| 2 | AbbVie | 463.46 Bn | 456.89 Bn | 12.70 Bn | 10.56 Bn |
| 3 | Merck | 367.92 Bn | 360.78 Bn | 12.21 Bn | 12.80 Bn |
| 4 | Novartis Ag | 297.71 Bn | 290.02 Bn | 11.24 Bn | 6.09 Bn |
| 5 | Astrazeneca | 255.55 Bn | 250.65 Bn | 12.86 Bn | 9.70 Bn |
| 6 | Amgen | 234.52 Bn | 220.53 Bn | 7.24 Bn | 6.54 Bn |
| 7 | Gilead Sciences | 178.22 Bn | 175.04 Bn | 6.22 Bn | 18.20 Bn |
| 8 | Pfizer | 158.57 Bn | 146.88 Bn | 10.94 Bn | 6.68 Bn |
| 9 | Gsk | 105.32 Bn | 101.15 Bn | 8.24 Bn | -7.60 Bn |
| 10 | Sanofi | 54.20 Bn | 46.82 Bn | 10.79 Bn | -5.98 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 28, 2026 | 6.68 Bn |
| Mar 29, 2026 | 5.50 Bn |
| Dec 31, 2025 | 7.68 Bn |
| Sep 28, 2025 | 5.97 Bn |
| Jun 29, 2025 | 5.88 Bn |
| Mar 30, 2025 | 5.86 Bn |
| Sep 29, 2024 | 19.91 Bn |
| Jun 30, 2024 | 7.52 Bn |
| Mar 31, 2024 | 6.09 Bn |
| Dec 31, 2023 | 9.96 Bn |
| Jul 2, 2023 | 6.28 Bn |
| Apr 2, 2023 | 5.88 Bn |
| Jul 3, 2022 | 6.05 Bn |
| Apr 3, 2022 | 5.09 Bn |
| Oct 3, 2021 | 16.17 Bn |
| Jul 4, 2021 | 5.16 Bn |
| Apr 4, 2021 | 4.79 Bn |
| Sep 27, 2020 | 14.28 Bn |
| Jun 28, 2020 | 5.08 Bn |
| Mar 29, 2020 | 4.27 Bn |