PFE · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

PFIZER INC · 2026-11-03 · Importance 64 · Surprise 56 · From source text

Operating cash flow for the nine months ended September 27, 2026 increased to $8.825 billion from $6.356 billion in the prior-year period, a 39% increase. Pfizer attributed the increase mainly to the timing of ordinary-course receipts and payments. Lower net income adjusted for non-cash items partially offset the increase; net income reflected higher non-cash intangible-asset impairments, lower upfront in-licensing payments, and a gain on the ViiV investment sale. Upfront in-licensing payments were $650 million to Innovent in 2026, compared with $1.35 billion to 3SBio in 2025.

Key facts

• Pfizer's operating cash flow for the nine months ended September 27, 2026 was $8.825 billion, compared with $6.356 billion for the nine months ended September 28, 2025. source
• The increase in Pfizer's operating cash flow was partly driven by lower upfront in-licensing payments, including $650 million to Innovent in 2026 compared with $1.35 billion to 3SBio in 2025. source

Impact estimates