10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2011 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenues | $ 67,425 [1] | 67,057 | 49,269 |
| Costs and expenses: | |||
| Cost of sales | 15,085 [2] | 15,838 | 8,459 |
| Selling, informational and administrative expenses | 19,468 | 19,480 | 14,752 |
| Research and development expenses | 9,112 | 9,392 | 7,824 |
| Amortization of intangible assets | 5,585 | 5,403 | 2,877 |
| Acquisition-related in-process research and development charges | 125 | 68 | |
| Restructuring charges and certain acquisition-related costs | 2,934 [3] | 3,201 | 4,330 |
| Other deductions-net | 2,479 | 4,336 | 285 |
| Income from continuing operations before provision for taxes on income | 12,762 [4] | 9,282 | 10,674 |
| Provision for taxes on income | 4,023 [5] | 1,071 | 2,145 |
| Income from continuing operations | 8,739 | 8,211 | 8,529 |
| Discontinued operations: | |||
| Income from discontinued operations-net of tax | 8 | 88 | 97 |
| Gain/(loss) on sale of discontinued operations-net of tax | 1,304 | (11) | 17 |
| Discontinued operations-net of tax | 1,312 | 77 | 114 |
| Net income before allocation to noncontrolling interests | 10,051 | 8,288 | 8,643 |
| Less: Net income attributable to noncontrolling interests | 42 | 31 | 8 |
| Net income attributable to Pfizer Inc. | 10,009 | 8,257 | 8,635 |
| Earnings per common share-basic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.11 | 1.02 | 1.22 |
| Discontinued operations-net of tax | 0.17 | 0.01 | 0.02 |
| Net income attributable to Pfizer Inc. common shareholders | 1.28 [6] | 1.03 | 1.23 |
| Earnings per common share-diluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.11 | 1.01 | 1.21 |
| Discontinued operations-net of tax | 0.17 | 0.01 | 0.02 |
| Net income attributable to Pfizer Inc. common shareholders | 1.27 | 1.02 | 1.23 |
| Weighted-average shares-basic | 7,817 | 8,036 | 7,007 |
| Weighted-average shares-diluted | 7,870 | 8,074 | 7,045 |
| [3] From the beginning of our cost-reduction and productivity initiatives in 2005 through December 31, 2011, Employee termination costs represent the expected reduction of the workforce by approximately 57,400 employees, mainly in manufacturing and sales and research, of which approximately 42,800 employees have been terminated as of December 31, 2011. Employee termination costs are generally recorded when the actions are probable and estimable and include accrued severance benefits, pension and postretirement | |||
| [4] 2010 vs. 2009 - The decrease in the domestic loss was due to revenues from legacy Wyeth products and a reduction in domestic restructuring charges partially offset by increased amortization charges primarily related to identifiable intangibles in connection with our acquisition of Wyeth and litigation charges primarily related to our wholly owned subsidiary Quigley Company, Inc. The decrease in international income was due primarily to an increase in international restructuring and amortization charges plus | |||
| [5] In 2011, federal, state and international net tax liabilities assumed or established on the date of the acquisition primarily of King are excluded. In 2010 and 2009, federal, state and international net tax liabilities assumed or established on the date of the acquisition primarily of Wyeth are excluded. (See Note 2A. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Acquisition of Wyeth and Note 2B. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method | |||
| [6] EPS amounts may not add due to rounding. | |||
| [1] For 2011, includes King commencing on the acquisition date of January 31, 2011. For 2009, includes Wyeth commencing on the acquisition date of October 15, 2009. | |||
| [2] Exclusive of amortization of intangible assets, except as disclosed in Note 1K. Significant Accounting Policies: Amortization of Intangible Assets, Depreciation and Certain Long-Lived Assets. | |||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2011 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |