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Analysis

PFE 10-K Analysis: The Dual Depletion Hiding in Pfizer's Balance Sheet

Pfizer reported $1.36 in GAAP earnings per share for FY2025 — while paying a negative effective tax rate for the third consecutive year. Strip the tax distortion and EPS falls to $1.04. But the Biopharma segment quietly earned $29.3 billion at a 47.9% margin, up 3.1 percentage points. The 10-K reveals two depletion clocks running simultaneously: $4.68B/year in intangible amortization mechanically lifting GAAP EPS, and $18.5B in patent cliff exposure destroying revenue — with the curves crossing in 2027-2028.

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15 min

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