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After US pharmaceutical multinational Pfizer suspended investment in the Russian market in 2022, its local subsidiary has been operating entirely on its own cash flow. "We receive revenue from importing medicines and selling them to distributors. The costly research and development is handled by the American divisions. So all our activities, from payroll to educational events, are funded by our own operating cash," Nikita Ivanov, head of Pfizer's Russian unit, said in an interview published by RBC on June 6. 

Despite the absence of new investment projects from the global headquarters, the Russian subsidiary has continued to localise production of its oncology drugs and is registering new innovative medicines in the country, Ivanov said. "Nothing has fundamentally changed in our work, and our relationship with the parent company has remained the same," he said, adding that the strategy — bringing innovative medicines to the Russian market — is also unchanged. 

Pfizer has no manufacturing facilities of its own in Russia; most of its drugs are imported, with a portion localised through Russian contract manufacturers. 

Revenue and net profit at the Russian subsidiary have grown for the past two years. In 2025, revenue rose 12.8% to 40 billion rubles ($550 million at the current exchange rate), while net profit increased 57% to 3 billion rubles ($42 million). 

Ivanov said Pfizer's global strategy has placed its bets on developing and launching new innovative drugs. "Once a patent expires and generics enter the market, a different type of business begins. Manufacturers engage in a price war, which is not the core business model for innovative companies," he added. Pfizer's current business is built around vaccines, oncology treatments and anticoagulants used in the prevention of strokes and heart attacks. Pfizer is pursuing the same portfolio strategy in Russia, the executive said.