PFE · 10-Q · 2026Q3 · Full report

Research and Development Expense

PFIZER INC · 2026-11-03 · Importance 32 · Surprise 24

Research and development expense increased $469 million in the third quarter and $1.1 billion in the first nine months of 2026. Spending on certain oncology and obesity candidates rose $230 million in the quarter and $610 million year to date, as anticipated. Compensation-related R&D expense increased $240 million in the quarter and $300 million in the nine-month period. Reported R&D expense was $3.016 billion for the quarter and $8.315 billion for nine months, compared with $2.546 billion and $7.231 billion, respectively, in 2025.

Key facts

• Pfizer's first-nine-months 2026 research and development expenses increased $1.1 billion, including $610 million of increased spending on certain oncology and obesity candidates and $300 million of increased compensation-related expenses. source
• Pfizer's third-quarter 2026 research and development expenses increased $469 million, primarily including $230 million of increased spending on certain oncology and obesity candidates and $240 million of increased compensation-related expenses. source