Novartis vs Pfizer: Revenue, Profit and Business Model
Novartis had $56.7B of annual revenue in FY2025 and $14B of net income. Pfizer had $62.6B of annual revenue in FY2025 and $7.8B of net income.
Latest financial snapshot
Financial summary
Novartis
Novartis grew FY2025 net sales 8% to $54.5 billion with a core operating margin above 40% and free cash flow of $17.6 billion. 2026 is a reset year: US generics of Entresto and Promacta cut Q1 2026 net sales 5% at constant currencies to $13.1 billion and core operating income 14%. Q2 2026 net sales rose 1% cc to $14.4 billion with a 41.2% core margin, though net income fell 19%. Management guides for low single-digit sales growth and a low single-digit decline in core operating income for 2026 at constant currencies. Novartis is a Swiss multinational pharmaceutical corporation with a market valuation generally exceeding $200 billion.
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%. Pfizer ranks among the largest pharmaceutical companies in the world, carrying a market valuation typically exceeding $150 billion.
Revenue and profit by year
Novartis
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $56.7B | $14B | 24.7% | +9.6% | Source |
| FY2024 | $51.7B | $11.9B | 23.1% | +10.8% | Source |
| FY2023 | $46.7B | $14.8B | 31.8% | +7.4% | Source |
| FY2022 | $43.5B | $7B | 16.0% | -1.2% | Source |
| FY2021 | $44B | $24B | 54.6% | — | 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
Novartis
- Cardiovascular, Renal, And MetabolicMajor
Medicines such as Entresto and Leqvio sold through specialist and primary-care channels.
- OncologyMajor
Cancer medicines and radioligand therapies including Kisqali, Pluvicto, and Scemblix.
- ImmunologyMajor
Autoimmune and inflammatory disease products, including Cosentyx.
- NeuroscienceMaterial
Neurology products including Kesimpta and related pipeline programs.
- Established Brands And Other Medicines
Complementary
Remaining prescription medicines sold across global markets.
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
Novartis
How it makes money
Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries. FY2025 net sales of $54.5 billion came from four core areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology) plus established brands.
Growth strategy
Novartis concentrates on four therapeutic areas and on the US, its largest market. It pairs internal research with bolt-on acquisitions of late-stage or platform biotechs: Chinook (2023, kidney disease), MorphoSys (2024, myelofibrosis), Kate Therapeutics (2024, gene therapy capsids) and Avidity Biosciences (closed February 27, 2026, about $12 billion, neuromuscular RNA medicines).
Competitive advantage
Novartis's edge rests on scale in late-stage development and specialist platforms that are hard to copy. It owns the leading commercial radioligand therapy franchise (Pluvicto and Lutathera) along with dedicated isotope manufacturing sites in the US and Europe, an siRNA cardiovascular drug (Leqvio), and, since February 2026, Avidity Biosciences' antibody-oligonucleotide conjugate platform.
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 Novartis vs Pfizer
Which company has higher revenue — Novartis AG or Pfizer Inc.?
Novartis AG had $56.7B (FY2025), while Pfizer Inc. had $62.6B (FY2025). By latest annual revenue, Pfizer Inc. is the larger business, with Novartis AG showing a smaller revenue base.
What is the market cap of Novartis AG vs Pfizer Inc.?
Novartis AG's market capitalisation stands at $275.3B, while Pfizer Inc.'s is $160.3B. Novartis AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Pfizer Inc..
How does revenue per employee compare for Novartis AG and Pfizer Inc.?
Novartis AG has $753k / employee in revenue per employee, while Pfizer Inc. has $834k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Novartis AG and Pfizer Inc. make money?
Novartis AG and Pfizer Inc. generate revenue in fundamentally different ways. Novartis AG: Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries. 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 — Novartis AG or Pfizer Inc.?
On a price-to-sales (P/S) basis, Novartis AG trades at 4.9x P/S and Pfizer Inc. at 2.6x P/S. Novartis AG commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Pfizer Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Novartis AG bigger than Pfizer Inc.?
By last reported revenue, Pfizer Inc. ($62.6B (FY2025)) is the larger company compared to Novartis AG ($56.7B (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 Novartis vs Pfizer overview