Pfizer's expenditure on research and development 2006-2023

Pfizer is a multinational pharmaceutical company that is headquartered in New York City, New York. Pfizer’s expenditures on research and development (R&D) have been variable in recent history. During 2023, Pfizer spent some 10.7 billion U.S. dollars on R&D efforts. This is a decrease of around 800 million dollars compared to the previous year.

Pfizer’s company profile

Pfizer is one of the world’s largest pharmaceutical companies. The company has pharmaceuticals in a number of therapeutic areas including oncology, endocrinology, cardiology, and neurology. The Prevnar family of drugs is Pfizer’s top revenue-generating drug group. Prevnar is a vaccine used to prevent pneumococcal pneumonia. The company has undergone several mergers and acquisitions in recent history. In 1999 Pfizer and Warner-Lambert joined, forming one of the most valuable pharmaceutical mergers of all time.

Pharmaceutical research and development

Pharmaceutical R&D is crucial for finding and creating new drug compounds and agents that have the potential to save lives (or improve medical symptoms). Pharmaceutical R&D in the U.S. has become a booming industry and spending is increasing year-over-year. The number of federally registered clinical trials in the U.S. has been increasing significantly in recent years as well. One area of health that has been significantly impacted by R&D investment is oncology.