Pfizer valuation

Pfizer Inc (NYSE: PFE) · April 2026 · University of Utah MSF

What is Pfizer worth when COVID-era normalization, patent pressure, and capital cost are modeled together? I link operating assumptions, discounted cash flow, trading comparables, precedent transactions, WACC, and valuation-range reconciliation across downside, central, and upside cases.

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1
2		Pfizer Inc - Summary Financials Tear Sheet
3		Sources: Statement tabs, Bloomberg pulls, and FMP stable API cross-checks.
4
5	x	Company Name:	Pfizer Inc
6	x	Latest FYE	Dec 31, 2022
7
8			Dec 31, 2017	Dec 31, 2018	Dec 31, 2019	Dec 31, 2020	Dec 31, 2021	Dec 31, 2022	Pulled From
9	x	Selected Market data
10
11		Current share price	$40.18
12		Basic shares outstanding (m)	5,608						IS - GAAP
13		Shares under employee options	35.28						BS - Standardized
14		Weighted avg. exercise price of options	3147.0%						BS - As Reported
15
16	x	Income Statement
17		In Millions, USD
18
19		Sales	52,546	53,647	40,905	41,651	81,288	100,330	IS - GAAP
20		Cost of Goods Sold	(11,228)	(11,248)	(8,054)	(8,484)	(30,821)	(34,344)	IS - GAAP
21		Gross Profit	41,318	42,399	32,851	33,167	50,467	65,986
22
23		Selling, General & Administrative	(21,327)	(22,014)	(12,279)	4,681	(25,843)	(25,978)	IS - GAAP
24		Depreciation & Amortization	(6,269)	(6,384)	(5,755)	(4,681)	(5,191)	(5,064)	CF
25		Operating Income	13,722	14,001	14,817	33,167	19,433	34,944
26
27		Other Non-Operating Expenses	(538)	(1,133)	(2,148)	156	6,133	772	IS - GAAP
28		Interest Income/(Expense)	(879)	(983)	(1,348)	(1,376)	(1,255)	(987)	IS - GAAP
29		Income Before Taxes	12,305	11,885	11,321	31,947	24,311	34,729
30		Taxes	9,048	(706)	(583)	(370)	(1,852)	(3,328)	IS - GAAP
31		Consolidated Net Income/(Loss)	21,353	11,179	10,738	31,577	22,459	31,401
32
33		Net Extraordinary Losses (Gains)	2	10	5,318	2,529	(434)	6	IS - GAAP
34		Preferred Dividends	(1)	(1)					IS - GAAP
35		NCI share in income	(47)	(36)	(30)	(36)	(46)	(35)	IS - GAAP
36		Net Income/(Loss) to Company	21,307	11,152	16,026	34,070	21,979	31,372
37
38		Basic EPS	$3.57	$1.90	$2.88	$1.65	$3.92	$5.59	IS - GAAP
39		Diluted EPS	$3.52	$1.87	$2.82	$1.63	$3.85	$5.47	IS - GAAP
40
41	x	Balance Sheet
42		In Millions, USD
43
44		Assets
45		Cash	19,992	18,833	9,646	12,223	31,069	22,732	BS - Standardized
46		Accounts Receivables, net	8,221	8,025	6,772	7,913	11,479	10,952	BS - Standardized
47		Inventories	7,579	7,509	7,068	8,019	9,059	8,981	BS - Standardized
48		Prepaids and Other Current Assets	5,349	15,559	9,317	6,912	8,086	8,594	BS - Standardized
49		Total Current Assets	41,141	49,926	32,803	35,067	59,693	51,259
50		Fixed Assets	13,865	13,385	14,257	15,131	17,721	19,275	BS - Standardized
51		LT Investments	7,015	2,767	20,147	20,262	21,526	15,069	BS - Standardized
52		Other LT Assets	109,776	93,344	100,387	83,769	82,536	111,602	BS - Standardized
53		Total Non-Current Assets	130,656	109,496	134,791	119,162	121,783	145,946
54		Total Assets	171,797	159,422	167,594	154,229	181,476	197,205
55
56		Liabilities
57		Short term debt	9,953	8,831	16,464	3,023	2,690	3,565	BS - Standardized
58		Accounts Payable	4,656	4,674	3,887	4,283	5,578	6,809	BS - Standardized
59		Accrued Liabilities	4,702	5,709	5,474	6,260	6,847	7,297	BS - Standardized
60		Other Current Liabilities	11,116	12,644	11,479	12,354	27,557	24,467	BS - Standardized
61		Total Current Liabilities	30,427	31,858	37,304	25,920	42,672	42,138
62		Long term Debt	33,538	32,909	36,985	38,241	38,705	35,481	BS - Standardized
63		Other LT Liabilities	36,176	30,897	29,859	26,595	22,637	23,669	BS - Standardized
64		Total Non-Current Liabilities	69,714	63,806	66,844	64,836	61,342	59,150
65		Total Liabilities	100,141	95,664	104,148	90,756	104,014	101,288
66
67		Equity
68		Common Stockholders' Equity	71,308	63,407	63,143	63,238	77,200	95,661	BS - Standardized
69		Non-controlling interest	348	351	303	235	262	256	BS - Standardized
70		Total Equity	71,656	63,758	63,446	63,473	77,462	95,917
71		Total Liabilities and Equity	171,797	159,422	167,594	154,229	181,476	197,205
72
73	x	Cash Flows: Selected Data
74		In Millions, USD
75
76		Net Income	21,307	11,152	16,026	34,070	21,979	31,372
77		Add back: Depreciation & Amort.	(6,269)	(6,384)	(5,755)	(4,681)	(5,191)	(5,064)
78		(Increase) / Decrease in NWC	(675)	(7,391)	5,749	2,370	11,305	(1,312)
79		Cash Flow from Operations	14,363	(2,623)	16,020	31,759	28,093	24,996
80		Capital Expenditures	(2,217)	(2,196)	(2,046)	(2,226)	(2,711)	(3,236)	CF
81
82	x	Ratios and checks
83
84		Sales growth		2.1%	(23.8%)	1.8%	95.2%	23.4%
85		Gross margin	78.6%	79.0%	80.3%	79.6%	62.1%	65.8%
86		SG&A as % of sales	(40.6%)	(41.0%)	(30.0%)	11.2%	(31.8%)	(25.9%)
87		Net margin	40.5%	20.8%	39.2%	81.8%	27.0%	31.3%
88		Net working capital	675	8,066	2,317	(53)	(11,358)	(10,046)
89		Change in NWC as % of sales	1.3%	15.0%	5.7%	(0.1%)	(14.0%)	(10.0%)
90		Return on Equity	29.7%	16.6%	25.3%	53.9%	31.3%	36.3%
91	x	Balance sheet check