LLY and PFE present starkly divergent profitability trajectories over the 2022–2025 period. LLY has been on a steep growth curve, with revenues rising from $28.5B in FY2022 [LLY:Q0] to $65.2B in FY2025 [LLY:Q3], while net income—after dipping to $5.2B in FY2023 [LLY:Q5] before rebounding sharply—reached $20.6B in FY2025 [LLY:Q7], implying a net margin of roughly 32%, driven largely by the commercial success of its GLP-1 and diabetes franchises. PFE, by contrast, experienced a sharp post-COVID normalization: revenues collapsed from a pandemic-peak $101.2B in FY2022 to $59.6B in FY2023 [PFE:Q1] before edging back up to approximately $63.6B in FY2024 [PFE:Q2] and then contracting modestly to approximately $62.6B in FY2025 [PFE:Q3]—a mild year-over-year decline rather than a plateau. Net income followed a similarly volatile path, cratering from $31.4B in FY2022 to just $2.1B in FY2023 [PFE:Q5] before partially recovering to $8.0B in FY2024 [PFE:Q6] and $7.8B in FY2025 [PFE:Q7], yielding a net margin of roughly 12%—well below LLY's. The contrast is clear: LLY is in an accelerating growth phase with expanding margins, while PFE is in a post-peak normalization phase with structurally lower profitability relative to its 2022 highs.
Note: PFE revenue and net income figures cited in the comparison are drawn from the analytical inputs but carry limited independent citation grounding in the underlying source record; the PFE figures should be treated with corresponding caution.
LLY: LLY has delivered exceptional profitability growth, with revenues more than doubling from $28.5B in FY2022 [LLY:Q0] to $65.2B in FY2025 [LLY:Q3]. Net income followed a non-linear path—expanding from $6.2B in FY2022 [LLY:Q4], dipping to $5.2B in FY2023 [LLY:Q5], then rebounding sharply to $20.6B in FY2025 [LLY:Q7]—reflecting a net margin of approximately 32% that underscores the high-value, high-demand nature of its GLP-1 and diabetes portfolio.
PFE: PFE's profitability has been heavily distorted by the COVID-19 product cycle: the FY2022 net income of $31.4B was an anomaly driven by Paxlovid and vaccine revenues that have since normalized sharply. Net income collapsed to just $2.1B in FY2023 [PFE:Q5] as those revenues fell away, before partially recovering to $8.0B in FY2024 [PFE:Q6] and $7.8B in FY2025 [PFE:Q7]. With revenues edging down from roughly $63.6B in FY2024 [PFE:Q2] to $62.6B in FY2025 [PFE:Q3], PFE's current ~12% net margin reflects a business still working through the post-pandemic reset and the integration of the Seagen acquisition.