GSK vs Pfizer: Revenue, Profit and Business Model
GSK reported ~$43.1B of revenue in FY2025 and ~$7.5B of net income. Pfizer reported $62.6B of revenue in FY2025 and $7.8B of net income.
Latest financial snapshot
Financial summary
GSK
GSK reported 2025 turnover of ~$43.2 billion (£32.7 billion) (+4% at actual rates, +7% at constant currency), operating profit of ~$10.4 billion (£7.9 billion), profit attributable to shareholders of ~$7.52 billion (£5.7 billion), and earnings per share of 141.1p. Cash generated from operations was ~$11.7 billion (£8.9 billion) and free cash flow ~$5.28 billion (£4.0 billion). In Q2 2026, sales rose 5% to ~$11.1 billion (£8.4 billion) and core operating profit rose 7% to ~$3.7 billion (£2.8 billion), beating consensus, while reported operating profit fell to ~$635 million (£481 million) because of the camlipixant impairment. H1 2026 turnover was ~$21.1 billion (£16.0 billion). GSK reaffirmed 2026 guidance of 3% to 5% turnover growth and 7% to 9% core operating profit growth, expects a 70p dividend for 2026, and launched a three-year plan targeting ~$2.51 billion (£1.9 billion) of annual savings by 2029.
Pfizer
Pfizer revenue rose from $41.7 billion in 2020 to $81.3 billion in 2021 and $101.2 billion in 2022 on Comirnaty and Paxlovid, then fell to $59.6 billion in 2023 as COVID demand collapsed. It recovered to $63.6 billion in 2024 and was $62.6 billion in 2025, with net income of $7.8 billion. In Q2 2026 revenue was $15.0 billion, up 1% operationally, or 5% excluding COVID products, and Pfizer raised the midpoint of its 2026 revenue guidance to $60.5 billion to $62.5 billion with adjusted EPS guidance of $2.80 to $3.00. The roughly $31 billion of debt raised for Seagen in 2023 and an ongoing cost-reduction program shape capital allocation alongside a dividend yield near 6%.
Revenue and profit by year
GSK
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$43.1B | ~$7.5B | 17.5% | +4.1% | Source |
| FY2024 | ~$41.4B | ~$3.4B | 8.2% | +3.5% | Source |
| FY2023 | ~$40B | ~$6.5B | 16.2% | +3.4% | Source |
| FY2022 | ~$38.7B | ~$19.7B | 51.0% | +18.7% | Source |
| FY2021 | ~$32.6B | ~$5.8B | 17.8% | +1.4% | Source |
| FY2020 | ~$32.1B | ~$7.6B | 23.6% | -27.8% | Source |
| FY2019 | ~$44.6B | ~$6.1B | 13.8% | +9.5% | Source |
| FY2018 | ~$40.7B | ~$4.8B | 11.8% | +2.1% | Source |
| FY2017 | ~$39.8B | ~$2B | 5.1% | +8.2% | Source |
| FY2016 | ~$36.8B | ~$1.2B | 3.3% | — | Source |
Pfizer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $62.6B | $7.8B | 12.4% | -1.6% | Source |
| FY2024 | $63.6B | $8B | 12.6% | +6.8% | Source |
| FY2023 | $59.6B | $2.1B | 3.6% | -41.1% | Source |
| FY2022 | $101.2B | $31.4B | 31.0% | +24.5% | Source |
| FY2021 | $81.3B | $22B | 27.0% | +95.2% | Source |
| FY2020 | $41.7B | $9.2B | 22.0% | +1.8% | Source |
| FY2019 | $40.9B | $16B | 39.2% | +0.2% | Source |
| FY2018 | $40.8B | $11.2B | 27.3% | -22.3% | Source |
| FY2017 | $52.5B | $21.3B | 40.6% | -0.5% | Source |
| FY2016 | $52.8B | $7.2B | 13.7% | — | Source |
Where the revenue comes from
GSK
- Specialty Medicines~41%
Specialty Medicines generated ~$17.8 billion (GBP 13.5 billion) in FY2025 sales, led by HIV, respiratory, immunology and inflammation, and oncology assets.
- Vaccines~28%
Vaccines generated ~$12.1 billion (GBP 9.2 billion) in FY2025 sales, including Shingrix, meningitis vaccines, Arexvy, and other infectious-disease products.
- General Medicines~31%
General Medicines generated ~$13.2 billion (GBP 10.0 billion) in FY2025 sales, with established respiratory, anti-infective, and other medicines providing cash flow and scale.
Pfizer
- Patented medicines
Core revenue
Prescription drugs protected by exclusivity and clinical differentiation.
- Vaccines
Major revenue contributor
Adult, pediatric, pneumococcal, RSV, and COVID-related vaccines.
- Oncology
Strategic growth driver
Cancer medicines, antibody-drug conjugates, and Seagen-related assets.
- Hospital and anti-infective products
Meaningful contributor
Sterile injectables, anti-infectives, and hospital therapies.
- Collaborations and alliances
Supplemental
Co-promoted products and partnered scientific platforms.
Business model and strategy
GSK
How it makes money
GSK makes money by discovering, manufacturing and selling prescription medicines and vaccines, mostly to health systems, insurers, pharmacies and governments. Its sales are reported in three groups.
Growth strategy
Under Luke Miels, GSK is combining targeted acquisitions with faster R&D. Deals since 2025 include IDRx (GIST, January 2025), efimosfermin from Boston Pharmaceuticals ($1.2 billion upfront, July 2025) and Nuvalent ($10.6 billion, completed July 2026).
Competitive advantage
GSK's advantages are scale in vaccine manufacturing, a long-acting HIV portfolio through ViiV Healthcare, and the AS01 adjuvant system used in Shingrix and Arexvy. Vaccines are hard to copy because they depend on biological manufacturing, cold-chain distribution and long-term government contracts.
Pfizer
How it makes money
Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market. Revenue is concentrated in large franchises such as Eliquis (co-commercialized with Bristol Myers Squibb), the Prevnar pneumococcal vaccines, the Vyndaqel tafamidis family, Ibrance, Xtandi and the Seagen antibody-drug conjugates.
Growth strategy
Pfizer's growth plan has three parts. Oncology: the $43 billion Seagen deal (closed December 2023) added Padcev, Adcetris, Tukysa and Tivdak, and Pfizer licensed 3SBio's PD-1xVEGF bispecific in 2025 and signed a 12-program cancer collaboration with Innovent Biologics in May 2026 ($650 million upfront, up to $10.5 billion total).
Competitive advantage
Pfizer's advantage is scale in late-stage development, regulatory filings, manufacturing and commercialization. The BioNTech partnership showed it: BioNTech supplied the mRNA science, while Pfizer ran the global Phase 3 trial with more than 40,000 participants, built ultra-cold distribution and manufactured billions of Comirnaty doses.
Questions about GSK vs Pfizer
Which company has higher revenue — GSK plc or Pfizer Inc.?
GSK plc reported ~$43.1B (FY2025), while Pfizer Inc. reported $62.6B (FY2025). By last reported revenue, Pfizer Inc. is the larger business, with GSK plc reporting a smaller revenue base.
What is the market cap of GSK plc vs Pfizer Inc.?
GSK plc's market capitalisation stands at $100.0B, while Pfizer Inc.'s is $160.3B. Pfizer Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to GSK plc.
Which is more financially efficient — GSK plc or Pfizer Inc.?
GSK plc generates $646k / employee in revenue per employee, while Pfizer Inc. generates $834k / employee. Pfizer Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do GSK plc and Pfizer Inc. make money?
GSK plc and Pfizer Inc. generate revenue in fundamentally different ways. GSK plc: GSK makes money by discovering, manufacturing and selling prescription medicines and vaccines, mostly to health systems, insurers, pharmacies and governments. Pfizer Inc.: Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market.
Which company is valued higher relative to revenue — GSK plc or Pfizer Inc.?
On a price-to-sales (P/S) basis, GSK plc trades at 2.3x P/S and Pfizer Inc. at 2.6x P/S. Pfizer Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to GSK plc. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is GSK plc bigger than Pfizer Inc.?
By last reported revenue, Pfizer Inc. ($62.6B (FY2025)) is the larger company compared to GSK plc (~$43.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the GSK vs Pfizer overview